3.4 Case Study Example | Topics and Well Written Essays - 1500 words

3.4 - Case Study Example This calls for cautious and judicious credit arrangements, to maintain a strategic distance from misfortunes when customers become bankrupt. The business worked gainfully from 1985 to 1988, yet a significant downturn that hit the economy in 1989 caused flimsiness. Thus, the shipping organizations lost incomes as producers were lessening their transportation prerequisites as they chop down their activities. Truth be told, a large portion of the shipping organizations got bankrupt and the not many that endure the circumstance brought down their costs to stay serious. Despite the fact that the business recouped from the downturn in 1990s, the transportation business in southern Ontario stayed testing as there were such a large number of organizations vieing for hardly any customers. By 2003, yet the business encountering generous development, the overall revenues stayed exceptionally low since the costs were still extremely low. To make due with low costs, the organizations are compelled to search for credits so they can work at high volumes to build their benefits. In addition, the shipping organizations amplify the time they spend making a course for increment deals so they can have the option to reimburse the credits and their working costs. The Ministry of Transportation of Ontario (MTO) had presented enactment that necessary all vehicles utilized by shipping organizations to follow severe security gauges. The service seized any vehicle that neglected to conform to these security measures. Business Equipment Financing (CEF) cautiously investigations its borrowers before affirming credits, with the point of expanding the recuperation rate. This is especially significant in light of the fact that the business is experiencing exceptionally extreme financial conditions and the possibility of an organization neglecting to reimburse the credit is high. What CEF searches for can be summed up as far as ‘4 C’s of Credit’ as investigated beneath. The money related History of the borrower is alluded to as

Arab Spring and the French Revolution free essay sample

Succeed (Reap the prizes of your readiness and execution) The article must incorporate the accompanying: Introduction passage (5 focuses) * First sentence is a statement used to â€Å"hook† the peruser * You have to â€Å"in-content cite† the wellspring of the statement * Then in any event three sentences of French Revolution, Arab Spring foundation/recorded setting that sets up the proposition * Utilize realities from the French Revolution and Arab Spring * (Meaning: don’t react to the brief in the initial four sentences) Thesis (15 focuses) A complex, astute, completely clear postulation that expresses your contention and â€Å"drives† your exposition * Thesis makes a case that is systematic noting â€Å"why† or â€Å"How† (Hint: utilize the word â€Å"because†) * The theory is the last sentence of the Introduction however is connected to each body passage theme (Claim) sentence Body Paragraphs Claim/Evidence (10 focuses) * Each subject (Claim) sentence must connect to the Thesis else I won’t read the section; accordingly no checks! * Each point sentence must be bolstered with proof from assets (using subtleties/factsâ€Characters, Setting, Plot, Quotes†¦Do Not Generalize!!! * A decent general guideline is that every theme sentence (body section) is bolstered with three confirmations. We will compose a custom exposition test on Middle Easterner Spring and the French Revolution or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Body Warrant/Analysis (10 focuses) * Include innovative and keen examination * Make feeling of FR/Prompt by expressing something intriguing and special * Utilize â€Å"Big Idea† terms in your sections (Analogy, Cause and Effect, Compare and Contrast, Foreshadowing, Irony, â€Å"Nothing New Under the Sun†, Paradox, â€Å"Turning Points†) * Explain the â€Å"Big Ideas† astutely and totally Conclusion passage (5 focuses) Wrap the exposition up with an end that repeats the primary concerns of your paper * Do exclude another contention to the end * Say something fascinating: Leave me in stunningness, dazzled; move my heart and psyche! Mechanics/MLA Requirements (10 focuses) * Excellent sentence structure, syntax and accentuation * The paper satisfies all MLA prerequisites (see agenda) * The Works Cited page is appropriately organized (see agenda) * All of the necessary sources (3) are refered to appropriately in the paper * The paper was submitted to turnitin. com by the cutoff time * The paper must be 850 1000 words Exposition Rubric Unique/Original Strong Useful Basic Lacking Introduction (5/55)ExemplaryCommendable Capable Fair Poor 5 4. 5 4 3. 5 3 Proper Introduction†¦ * First sentence used to â€Å"hook† the peruser * You have to â€Å"in-content cite† the wellspring of the statement * Then in any event three sentences of FR, Arab Spring foundation/chronicled setting that sets up the postulation Exceptional/Original Strong Useful Basic Lacking Thesis (15/55)ExemplaryCommendable Capable Fair Poor 15 14 13 12 11 10 * A complex, adroit, perfectly clear proposition expresses your contention and â€Å"drives† your paper * Thesis makes a case that is diagnostic noting â€Å"why† or â€Å"How† (Hint: utilize the word â€Å"because†) * The theory is the last sentence of the Introduction however is connected to each body section point (Claim) sentence 2+ 21 20 19 17 16 13 12 11 Body: Claim/Evidence (10/55)ExemplaryCommendable Capable Fair Poor 10 pts 9 pts. 8 pts. 7 pts. 6 pts. * Each subject (Claim) sentence must connect to the Thesis else I won’t read the passage; subsequently no checks! * Each theme (Claim) sentence must be upheld with proof from assets (using subtleties/realities People, Setting, Quotes†¦Do Not Generalize!!! ) * Each detail/reality will be checked (). Checks should () as much as possible! Remarkable/Original Strong Useful Basic Lacking Body: Warrant/Analysis (10/55) ExemplaryCommendable Capable Fair Poor 10 pts 9 pts. 8 pts. 7 pts. 6 pts. * Include imaginative and keen investigation * Say something intriguing and one of a kind * Utilize â€Å"Big Idea† terms in your sentences (Analogy, Cause and Effect, Compare and Contrast, Foreshadowing, Irony, â€Å"Nothing New Under the Sun†, Paradox, â€Å"Turning Points†) * Explain the â€Å"Big Ideas† astutely and totally The thoughts of the paper stream legitimately and are extraordinarily expressed One of a kind/Original Strong Useful Basic Lacking Conclusion (5/55)ExemplaryCommendable Capable Fair Poor 5 4. 5 4 3. 5 3 * Wrap the article up with an end that rehashes the central matters of your paper * Do exclude another contention to the end * Say something intriguing: Leave me in wonderment, dazzled; move my heart and brain! Superb Strong Useful Basic Lacking ExemplaryCommendable Capable Fair Poor 0 pts 9 pts. 8 pts. 7 pts. 6 pts. Mechanics/MLA (10/55) * Excellent sentence structure, language and accentuation * The paper satisfies all MLA prerequisites (see agenda) * The Works Cited page is appropriately organized (see agenda)

What Book Rioters Are Reading This Week

What Book Rioters Are Reading This Week In this  feature at Book Riot, we give you a glimpse of what we are reading  this very moment. Here is what the Rioters are reading today (as in  literally  today). This is what’s on their bedside table (or the floor, work bag, desk, whatevskis). See a Rioter who is reading your favorite book? I’ve included the link that will take you to their author archives (meaning, that magical place that organizes what they’ve written for the site). Gird your loins â€" this list combined with all of those archived posts will make your TBR list EXPLODE. We’ve shown you ours, now show us yours; let us know what you’re reading (right this very moment) in the comment section below! Rachel Smalter Hall The Secret History of Wonder Woman by Jill Lepore: because a friend heard a pitch for it and thought it would be right in my wheelhouse. (Hardcover, library) Yellow Crocus by Laila Ibrahim: not something I would have usually picked up, but I heard it was good on audio and am giving it a spin! (Audio) Rachel Manwill Welcome to Braggsville by T. Geronimo Johnson (Feb. 17, 2015, William Morrow): The description alone was enough for me. But add in the great cover and the fact that there’s already been buzz? Count me in. (eGalley) The Distance by Helen Gitrow: Over the holidays, I asked other Rioters for recommendations to get for my dad for Christmas. I liked this suggestion so much, I bought it for myself too. (Audio) Chris Arnone Small Favor by Jim Butcher: The Dresden Files are my happy place, the book series I’ve grown to adore after the rocky first book. They’re always good for a fun read. (library ebook) Stone Mattress by Margaret Atwood: Hello, Read Harder Challenge! I’m doing a read-along of this book with my wife, best friend, and his wife. (hardcover) Liberty Hardy The Scarlet Gospels by Clive Barker: Hello, darkness, my old friend: After years of its rumored existence, it’s finally here. (Galley) Mosquitoland by David Arnold: This book has been getting great buzz, and it’s one of the Indies Introduce titles, which I wholly support. (eGalley) The Small Backs of Children by Lidia Yuknavitch: Big fan of her previous books. (Readthemrightnow.) She’s pretty kick-ass. (eGalley) Purple Hibiscus by Chimamanda Ngozi Adichie: Rebecca loved this one, which is all the recommendation I need. (Paperback) David Abrams Peter Pan by J. M. Barrie: Because it’s part of my Five-Year Reading Plan of the Essentials, and because it’s on my shelf of beloved Penguin Classics, and because I believe in fairies (claps hands).  (Paperback) Nicole Perrin Runaway Horses by Yukio Mishima: It took me over a decade to read beyond Spring Snow, the first volume of Mishima’s Sea of Fertility Tetralogy, but I don’t think finishing it will take nearly as long. Runaway Horses is a completely fascinating continuation of the story, and with two more books remaining I expect Mishima will demonstrate his mastery not just of the novel, but of this longer, epic form. Jeremy Anderberg Les Miserables by Victor Hugo: Because it was damn time. (Kindle; it’s far too big to lug around) The Innovators by Walter Isaacson: I’ve enjoyed every other book of his, so my wife smartly bought this for me for Christmas. Slow going, but excellent. (Hardcover) The Heart Is a Lonely Hunter by Carson McCullers: For BR’s Read Harder Challenge; she was under 25 when this was published. (Oyster) Amanda Nelson When Beauty Tamed the Beast by Eloisa James: One of my New Year’s reading resolutions was to read lots more romance, and I’ve read (and loved) James’s work before. So when I saw this on Oyster, I immediately started it! (ebook, Oyster) A Little Life by Hanya Yanigahara: People I trust won’t stop raving about it, so I’m gettin’ while the gettin’ is good. (ARC) Re Jane by Patricia Park: A modern-day re-telling of Jane Eyre set in Queens, with a Korean protagonist? I’m on it like a bonnet. (ARC) Marty Cahill The Price of Spring by Daniel Abraham: The last book of the Long Price Quartet, I’m rereading this for a series of essays for Tor.com. Heartbreak! Magic! Ideas of Mass Destruction! Forgot how devastating this series was. (Hardcover) Gemini Cell by Myke Cole: Myke’s fourth book, taking place in the early days of his Shadow Ops series, this lean, mean, writing machine just gets better and better with each novel. So far, Gemini Cell is no exception! (Mass market) Get In Trouble by Kelly Link: I mean, it’s Kelly Link. It should be a war crime to not read her work. (galley) Ancillary Sword by Ann Leckie: Been chipping away at this for a few months now, but hoping to devour it and finish it up. Sentient ships with feeeeeeeelings, yay! (paperback). Jeanette Solomon Unravel Me by Tahereh Mafi: I really love the voice in this trilogy. (Oyster) The Fair Fight by Anna Freeman: Sarah Waters/The Crimson Petal the White/Fight Club; so badass. (egalley) Nikki Steele Hieroglyph: Stories Visions for a Better Future edited by Ed Finn and Kathryn Cramer: I am getting all the mental juice going with this collection of fantastic “techno-optimisic” science fiction stories, from authors like Elizabeth Bear, Neal Stephenson, Vandana Singh, and Cory Doctorow. (hardcover) Flawless: Inside the Largest Diamond Heist in History by Scott Andrew Selby and Greg Campbell: I just finished this audiobook and it was a great readwell-researched, entertaining, and so interesting. (audiobook) Jessica Woodbury Apollo’s Angels: A History of Ballet by Jennifer Homans. I have a ballet book problem. I heard this was the only real definitive history of ballet and I’m hooked. Fascinating. (audiobook) The Royal We by Heather Cocks and Jessica Morgan. I’ve read the Fug Girls for YEARS but this is my first foray into their fiction. So far it’s fluffy and witty and a great diversion. (e-galley) Jessi Lewis A Guide To Being Born by Ramona Ausubel. I just can’t seem to turn down collections of magical realism these days and Ausubel was a new contender. And, I like to take on fresh, new collections like this one something that takes the genre in a different direction. There’s a story here about grandmothers on a boat awaiting death that’s so interesting to pause and muse over. (e-book) Between Wrecks by George Singleton. He came to the local university to speak and I missed him. I can believe I missed him. So I’m catching up and wishing more and more that I didn’t let this speaker get past me. The book begins bizarrely with a dream and junkyard, which is exactly how it should be. (paperback) EH Kern Warped Passages: Unraveling the Mysteries of the Universe’s Hidden Dimensions by Lisa Randall. This book is amazing. The latest research in theoretical physics explained in a way that someone like me with a liberal arts education can understand. Reading this book, I wouldn’t be surprised if it one day will be revealed that some theoretical physicists dabble in other things than science to reach their results. Because this is far out, man. (Paperback) Kim Ukura Hammer Head: The Making of a Carpenter by Nina MacLaughlin: A couple of other Rioters raved about this memoir, the story of a journalist turned carpenter that’s also a lovely meditation on the idea of work. (Galley) Dana Staves Bon Appetempt by Amelia Morris:  Food memoirs are my genre kryptonite, and I’ve been excited for Amelia Morris’s coming of age story (told through food) for awhile now. She opens the first chapter with toasted oat cereal, and I was like, I need to eat that. (eGalley) Imagine This:  Creating the Work You Love by Maxine Clair:  I heard Tayari Jones sing this book’s praises on Facebook and on the Reading Lives podcast, so I had to check it out, and I’m glad I have. This book approaches creativity (and the creative endeavor) with love, gentleness, and an eye towards the spiritual. In this, Maxine Clair is giving me much more than I expected, and I’m having to take it slowly and let her words sink in fully. (Paperback) Tasha Brandstatter The Secret of Pembrooke Park by Julie Klassen: For a blog tour. (eGalley) Northanger Abbey by Jane Austen: Every year I like to read, or reread, at least one novel by Austen. (audiobook) Greg Zimmerman The Storied Life of A.J. Fikry  by Gabrielle Zevin, ‘cause I work in a bookstore now. Holla! (hardcover, library) To Kill a Mockingbird, by Harper Lee. If you have to ask, you’ll never know. (ebook) Derek Attig A God in Ruins by Kate Atkinson: Because Life After Life is one of my favorites, and this is a “companion” booka definite no-brainer. (ARC) Emily Gatlin Queen Sugar by Natalie Baszile: I think at least 14 people recommended it to me, and I tend to listen. It’s as wonderful as everyone said, if not more. (Paperback) Christy Childers This Side of Home by Renee Watson: I’m reading this on the recommendation of my sister, who has excellent taste in books. (Galley) Eric Smith My Heart and Other Black Holes by Jasmine Warga: This was one of my most anticipated releases of 2015, and I picked it up the day it came out. As of this post, I’m halfway through, and adoring every minute of this book so far. There…there are going to be some tears, you guys. I can feel it. (Hardcover) The Girl at Midnight by Melissa Gray: Another book I was really excited for, I was thrilled to find a galley in the mail the other day. A YA fantasy about an ancient race of people living under the streets of New York City, full of magic and danger. Aw. Yes. (Galley) James Crossley The Sasquatch Hunter’s Almanac by Sharma Shields: My native Northwest is always real to me, but not always magical. Shields’s new slipstream novel makes it both. (paperback) Edd McCracken The First Bad Man by Miranda July: With commendations from Dave Eggers and Lena Dunham dripping off its pared back cover, this could easily sink beneath the weight of its hipsterdom. Luckily it’s shaping up to be that rarest of things: a comedy novel that is actually funny. I seldom laugh out loud while reading. Fifty pages in and a few guffaws have already snuck out. (ARC) Jessica Pryde Blood and Thunder: An Epic of the American West by Hampton Sides. I’ve been on a serious run of the Westward Expansion period of history, and this one is well spoken of. (audiobook) As for  Me… Fifty  Shades of Grey  by EL James: Because Ive tried three times and failed, and Im determined to finish before the movie comes out. This is a pop culture phenomenon and Id like to know what the big deal is and have read it so I can have a valid opinion about it. ____________________ Expand your literary horizons with New Books!, a weekly newsletter spotlighting 3-5 exciting new releases, hand-picked by our very own Liberty Hardy.  Sign up now!   Save

The Case Of Fatim Health Psychology Analysis - 1104 Words

The Case of Fatima Health Psychology Analysis University of the People The Case of Fatima – Health Psychology Analysis To analyze the case of Fatima it is best to break it down to stages. Fatima started as a healthy individual, she was able to conceive twice, carry 2 children to term, and deliver successfully. To support her family she works 50 hours a week which is more than a regular work week (40 hours). Because of her work schedule she does not have time for herself. She has a fairly healthy lifestyle since she does not smoke, but her choices of food for her family and herself are not healthy, and the reason is attributed to a small budget. Fatima started showing signs of illness; she was tired, and had chest pain from a time†¦show more content†¦Along the line of the continuum she wasn’t able to change those factors and those brought the onset of illness. In the biopsychosocial model (Ogden, 2017) it can farther show the health-psychology of this case as it brings a combination of social/environmental elements (work many hours, can’t afford healthy food), psychological elements (not going to the doctor to take care of herself, not able to relax), and biological elements (genetically pre disposed to having high pressure, missing some vitamins, and overworked body physically). This case as an example of the complexity of health-psychology where one thing leads to antoherr (Borrell-Carrià ³, F., Suchman, A. L., Epstein, R. M. ,2004). In this case the limited funds leads to purchase of unhealthy food, leading to fatigue and unhealthy state of body, which may lead to hypertension. Another element that can be observed in the case of Fatima is a combination of something that directly leads to unhealthy situation (eating unhealthy, and missing crucial vitamins to support healthy functioning body), and indirect elements (like working many hours, and feeling guilty about the food being served to her family). The combination of direct and indirect pathways are leading to outcomes that the health psychology field is addressing (Ogden, 2017). Although not part of the details in this case it is important to mention another element of health psychology: variability (Ogden, 2017). Many people work 50

Antrhopology A Social Science - 754 Words

Every individual is born being part of a specific society, and as part of which he learn the beliefs, customs and values shared by his society. This process called enculturation is the assimilation of an individual’s culture. The concept of culture has been described many times over the human existence; however, it is much more complex and complete of what it seems. To understand the concept of culture is necessary look at it as multidimensional, in which every element is fundamental to it, and because of it has great importance in the understanding of the human race. The term â€Å"culture† was used for the first time in the English vocabulary by Edward Tylor in his book Primitive Culture where he introduced his popular definition of the word, which would become the most-quoted description since then. Yet, the concept of culture was utilized long before it was finally defined for Tylor. Aristotle, in the ancient Rome, used to use the term polis to refer to a concept that in the actuality take the name of â€Å"culture† and that in a general manner represented the people belonging to the society. Thus, it can be inferred that men has always had the notion of the differences between societies and how each possessed its own characteristic elements. Anthropology, as the science that study essentially men, must study culture like a fundamental result of human societies. In fact, culture should be studied not only as a result but also as component, because it cannot exist one without theShow MoreRelated Reflexivity: Crossing That Line1036 Words   |  5 PagesReflexivity: Crossing That Line Traditionally, ethnographic works had always been about objective studies of the â€Å"other.† The discipline attempts to use non-biased methods to research of our subjects to qualify anthropology into the category of science. However, an increasing number of anthropologists begin to question the existence of objectivity in fieldwork. More recently, some anthropologists advocate the incorporation of the self, or the use of reflexivity, in the research to acknowledgeRead MoreHofstede Cultural Difference Critiques2337 Words   |  10 PagesMcSweeney’s criticism (2002a:92), â€Å"culture treated as a mere epiphenomenon, completely casual†, as conceptualized by Hofstede, it would look like something which moves along the history â€Å"enduring†, yet it is not subject to radical changes due to fluctuating social, economic and institutional trends (Tab.3). [Tab.3] Questionnaire and Dimensions Arguably, the questionnaire itself

Monsoon Wedding And East Is East Film Studies Essay Free Essays

The ‘ethics of regard ‘ in both movies was coming from different positions. Monsoon Wedding, the regard was an insider and East is East the regard was an foreigner. The professor in the talk spoke about how Monsoon Wedding was about a Punjabi household and the scene was in New Delhi, India, which is a familiar district for Mira Nair, the manager of the movie. We will write a custom essay sample on Monsoon Wedding And East Is East Film Studies Essay or any similar topic only for you Order Now This may besides be one of the grounds why Monsoon Wedding has an insider ‘s position to the Indian Punjabi civilization. An illustration of the insider ‘s position is when the nuptials planner/decorator Mr. Dubey fell in love with the artlessness of the amah and the simpleness of her character. This was a small hard for me as a spectator to understand because the construct explored much traditional Indian civilization which a western audience may non be familiar with. This movie shows the positions of secondary characters and the viewing audiences as the others. An illustration of this is, when Aditi ‘s cousin who has come from a Western state to go to the nuptials, he is shown as ‘out of topographic point ‘ in footings of civilization and ethnicity, which this movie captures attractively through music, linguistic communication, nutrient, idiosyncrasy, and apparels. The film showed many struggles through the emotions of the characters. An illustration of this is when Aditi was acquiring engaged, it was a happy juncture but her facial looks gave away her emotions of unhappiness. This directs the spectator ‘s understandings towards the characters and forces us to mime the emotions by acquiring the audience ‘s empathy. Many of the emotions of the characters are expressed through lighting and camera work. An first-class illustration of this is the scene where Aditi ‘s male parent and female parent go into her room where she is kiping and look at their girl, how grown up she has gotten. This scene was shot at dark, but the lighting and camera captures the male parent and the female parent ‘s facial look in such a elusive manner that the viewing audiences might non detect, but they are emotionally sympathizing with the male parent. East is East on the other manus was filmed through an foreigner ‘s position. I surely felt that when watching the film because foremost the scene of this film was in England in the seventiess. Second, the secret plan showed the Muslim Pakistani civilization in a satirical manner which I believe may do the position of the film as the foreigner. The professor mentioned in the talk that the construct of ‘the other ‘ is shown as alien and beautiful in East is East. The regard in this movie is of the other and hence all characters are shown as being invariably measured by the viewing audiences. This movie touches upon many sensitive issues such as ethnicity, faith and marginalisation of civilizations. As an immigrant myself in Canada, this film aroused my emotions for all the characters including the male parent. At first when watching the movie, it seemed that the male parent was shown as a negative character, but subsequently on in the film I sympathized with the male parent. That is, he is shown to be torn between two civilizations and keeping on really tightly to each. Issues of individuality are profoundly explored in this movie and are shown a small through each character. The character of the female parent is shown to be really loving and lovingness, this I believe is the lone character which is shown to be impersonal and non in struggle in footings of civilization. An illustration of this is throughout the film, the female parent ‘s character did non confront any personal cultural struggle. Her kids were called ‘half strains ‘ but she was ne’er faced with any direct cultural struggle since she had assimilated in the Pakistani civilization ‘s unhappiness. This in bend directs the spectator ‘s understandings with her and makes her a character that the audience hand clapping for. The camera work, music, costumes and sound effects emphasized the secret plan and helped the audience to the full understand the characters emotions. I peculiarly liked the costumes and music in the scene, when the girl is dancing with the broom. She is have oning the saree but in a manner that is western and listening to an Indian vocal and dance. The audience can non assist but smile because the facial looks of the girl are extracted towards the audience. The camera work and make-up are done attractively for the amusing scene when a household had come to run into the two boies for their girl ‘s matrimony. The girls near ups were nicely shot ; that full scene had good camera work capturing everyone ‘s uncomfortable emotions unusually. To reason, both movies Monsoon Wedding and East is East have showed different positions. The regard in both movies directs the viewing audiences ‘ attending to characters and their emotions. The camera work and proficient facets of the movie helped both Monsoon Wedding and East is East gaining control the narrative and emotions of each character. Mention Page Helfield, Gillian. â€Å" Week 1 – East is East / Monsoon Wedding. † 06-01-2010. Web. 1 Feb 2011. lt ; hypertext transfer protocol: //webct.yorku.ca/SCRIPT/2010_FA_FILM_W_1701__3_M_EN_A_INTR_01/scripts/serve_home gt ; . Mira, Nair, Dir. Monsoon Wedding. 2001, Film. O’Donnell, Damien, Dir. East Is East. 1999, Film. How to cite Monsoon Wedding And East Is East Film Studies Essay, Essay examples

Violence And Television Essays - Dispute Resolution, Crime, Ethics

Violence and Television Boink! Boom! Crack! The sounds of the fight scene rage on. Many have fallen in this particularly bloody battle. The good guys have taken their losses but struggle on to what is seemingly a victory. Their aggression is fierce and helps them. Fires consume the background; men and women lie on the ground in pain. Even if it weren't for the bombs, missiles, bullets, etc. that are flying around, hand-to-hand combat would have got the better of them. It was a classic battle scene when looking back at it, a true testament of blood, hell, and gore. This may sound like a heroic made-for-TV movie shown only on primetime in the hopes of recruiting a mature audience. But it is not. In fact, it is just another Saturday-morning special of GI Joe, ?The Real American Hero,? that I watched with my brother and cousins. We were religious followers of the show, tuning in every week to see how Sergeant Slaughter, Duke and the rest of the gang would handle the likes of King Cobra and his cronies. GI Joe's early morning time slot encouraged kids, like us, to tune in every weekend. While eating our CheeriosTM and Frosted FlakesTM we got a dose of some real fightin' action, in excess of fifty violent scenes for the morning: there is more than enough to fill the appetite. The truth is, violence on television is on every single day. It takes its toll on society, especially children. The damage done by violence on television is detrimental and confirmed by statistics, case studies, and personal experiences. Fistfights, shootouts, car crashes, rapes... Take your pick. Violence is everywhere on television, sometimes gory and gruesome, other times clean and remote. It is not just the Saturday morning cartoons; clips from action-adventure series, the nightly news and MTV are interwoven with violence and extremely mature content. Prime-time programs can average eight hostile acts per hour; children's shows four times as much (Bajpai, 1996, ps. 45-52). To television Programmers, violence is depicted as a normal, justified response to conflict and threat. They will encourage identification with the aggressor; domination and submission, to them, are often equated with pleasure and worth. Yet numerous researchers have put much time into discovering why children are so attached by the television and the action that takes place within it. They prove that it is definitely a major source of violent behavior in children. Their research proves time and time again that aggression and television viewing do go hand in hand. The truth about television violence and children has been shown. Many people and critics try to ignore it and hope that it will go away. Others do not even seem to care and try to attack these ideas. However, the facts are undeniable and all the results point to one conclusion: Television violence causes children to be violent and the effects can be life-long. The effects of the television are first visible even at the most basic level of life, children and adolescents. The modern-day extent of viewing by humans, especially Americans, is astronomical. Children begin to watch television at very early ages, often when they are newborns. At this time they are obviously not able to follow along or be influenced by it, but they are subjected to it nevertheless. This early start will lead most childhood viewers into a cult-like trance by the time they reach the age of three. In between breakfast and lunch, playtime and naptime, class and dinner, all children find a way to watch the tube. The typical American household has the television set on for more than seven hours each day and children ages two to eleven spend an average of twenty-eight hours per week viewing (Murray, 1996, p. 1). Some research has also estimated that by the time a child or teen of today's generation reaches the age of seventy, he will have spent nearly seven years of his l ife watching television. That is nearly ten percent of one's life lives watching television. That is insane; to say that you and I will spend years upon years, watching television. There is so much that people, even we, could do in a seven-year period.

Chemical Element Facts

Chemical Element Facts A chemical element is a form of matter that cant be broken into smaller pieces by any chemical reaction. Essentially, this means elements are like different building blocks used to construct matter.   At present, every element in the  periodic table  has been discovered or created  in a lab. There are 118 known elements. If another element, with a higher atomic number (more protons) is discovered, another row will need to be added to the periodic table. Elements and Atoms A sample of a pure element consists of one type of atom, which means each atom contains the same number of protons as every other atom in the specimen. The number of electrons in each atom can vary (different ions), as can the number of neutrons (different isotopes). Two samples of the exact same element may look completely different and exhibit different chemical and physical properties. This is because the atoms of the element can bond and stack in multiple ways, forming what are called allotropes of an element. Two examples of allotropes of carbon are diamond and graphite. The Heaviest Element The heaviest element, in terms of mass per atom, is element 118. However, the heaviest element in terms of density is either osmium (theoretically  22.61 g/cm3) or iridium (theoretically  22.65 g/cm3). Under experimental conditions, osmium is almost always more dense than iridium, but the values are so close and dependent on so many factors, it really makes no difference. Both osmium and iridium are about two times heavier than lead! The Most Abundant Elements The most abundant element in the universe is hydrogen, accounting for about 3/4 of the ordinary matter scientists have observed. The most abundant element in the human body is oxygen, in terms of mass, or hydrogen, in terms of atoms of an element present in the highest quantity. The Most Electronegative Element Fluorine is best at attracting an electron to form a chemical bond, so it readily forms compounds and participates in chemical reactions. This makes it the most electronegative element.  At the opposite end of the scale is the most electropositive element, which is the one with the lowest electronegativity. This is the element francium, which does not attract bonding electrons. Like fluorine, the element is extremely reactive, too, because compounds most readily form between atoms that have different electronegativity values. The Most Expensive Elements Its difficult to name the most expensive element because any of the elements from francium and higher atomic number (the transuranium elements) decay so quickly they cant be collected to be sold. These elements are unimaginably expensive because they are produced in a nuclear laboratory or reactor. The most expensive natural element you could actually buy would probably be lutetium, which would run  around $10,000 for 100 grams. Conductive and Radioactive Elements Conductive elements transfer heat and electricity. Most metals are excellent conductors, however, the most conductive metals are silver, followed by copper and gold. Radioactive elements  release energy and particles via radioactive decay. Its hard to say which element is the most radioactive, as all elements higher than atomic number 84 are unstable. The highest measured radioactivity comes from the element polonium. Just one milligram of polonium emits as many alpha particles as 5 grams of radium, another highly radioactive element. Metallic Elements The most metallic element is the one which displays traits of metals to the highest extent. These include the ability to be reduced in a chemical reaction, the capacity to form chlorides and oxides, and the ability to displace hydrogen from dilute acids. Francium is technically the most metallic element, but since there are only a few atoms of it on Earth at any given time, cesium deserves the title.

French Noun Endings Can Be a Telltale Sign of Gender

French Noun Endings Can Be a Telltale Sign of Gender French gender  is a headache for many students of French. Why is manteau masculine and montre feminine? Why is  tà ©moin  always masculine and  victime  always feminine? As vexing as this subject is for nonnative speakers, we simply have to accept that French gender is here to stay. In fact, consider yourself lucky that youre studying French; in German and Latin, for instance, youd have to learn three genders (masculine, feminine and neuter), and in still other languages, it gets even more complicated. It might help to know that grammatical  gender (what were discussing here) has nothing to do with natural gender, which is actual, physical gender of living beings. Linguist Andrew Livingston tells us grammatical gender is a way of classing nouns thats older than recorded history. Its deeply embedded in the DNA of an array of Indo-European languages that trace their lineage to a common ancestor, which probably needed to differentiate between the animate and the inanimate. In French, theres simply no way to know the gender of every single noun other than by memorizing the gender of each. There are, however, certain patterns in suffixes and word endings that are a tip-off. As you can see by the number of exceptions here, these gender patterns are not foolproof indicators, but they can help. Before we begin, a couple of notes: We try to list the most common and, thus, most useful exceptions; we avoid obscure exceptions. Also, to avoid confusion, we do not list  dual-gender nouns.   French Masculine Nouns Here are some suffixes that usually indicate masculine nouns, as well as some important exceptions. -ageExceptions: la cage, une image, la nage, la page, la plage, la rage -b -bleExceptions: une cible, une à ©table, une fable, une table -cException: la fac (apocope of la facultà ©) -cleException: une boucle -d -deExceptions: la bride, la merde, la mà ©thode, la pinà ¨de; -ade, -nde, -ude endings -à ©Exceptions: la clà ©, la psychà ©; sà ©, tà ©, and tià © endings -eauExceptions: leau, la peau -à ¨geException: la Norvà ¨ge -et -eurNote:  This applies mainly to names of professions and mechanical or scientific things; also see -eur in the list of feminine endings. -fExceptions: la soif, la clef, la nef -iExceptions: la foi, la fourmi, la loi, la paroi -ing -isme -k -lException: une roseval -mException: la faim -meExceptions: une alarme, une à ¢me, une arme, la cime, la coutume, la crà ¨me, là ©cume, une à ©nigme, une estime, une ferme, une firme, une forme, une larme, une plume, une rame, une rime, -mme ending -mentException: une jument -nExceptions: la faà §on, la fin, la leà §on, la main, la maman, la ranà §on; -son and -ion endings -oExceptions: la dactylo, la dynamo, la libido, la mà ©tà ©o, la moto, la steno (most of these are apocopes of longer feminine words) -oir -one -ou -p -rExceptions: la chair, la cour, la cuiller, la mer, la tour (see feminine -eur) -sExceptions: la brebis, la fois, une oasis, la souris, la vis -steExceptions: la liste, la modiste, la piste; names for people like un(e) artiste, un(e) nudiste, etc. -tExceptions: la burlat, la dent, la dot, la forà ªt, la jument, la mort, la nuit, la part, la plupart, la ziggourat -treExceptions: la fenà ªtre, une huà ®tre, la lettre, la montre, la rencontre, la vitre -uExceptions: leau, la peau, la tribu, la vertu -xExceptions: la croix, la noix, la paix, la toux, la voix Feminine Noun Endings Here are some suffixes that usually indicate feminine nouns, as well as some important exceptions. Remember, we list here the most common endings, because these will be the most useful for you to know. -aceExceptions: un ace, un palace -adeExceptions: le grade, le jade, le stade -aleExceptions: un chà ¢le, un pà ©tale, un scandale -ance -beExceptions: un cube, un globe, un microbe, un tube, un verbe -ceExceptions: un artifice, un armistice, un appendice, le bà ©nà ©fice, le caprice, le commerce, le dentifrice, le divorce, un exercice, un office, un orifice, un prà ©cipice, un prince, un sacrifice, un service, le silence, le solstice, le supplice, un vice -cà ©Exception: un crustacà © -eNote:  Most countries and names that end in e are feminine. -eeException: un pedigree -à ©eExceptions: un apogà ©e, un lycà ©e, un musà ©e, un pà ©rigà ©e, un trophà ©e -esse -eurNote: This applies mainly to abstract qualities and emotions, except le bonheur, lextà ©rieur, lhonneur, lintà ©rieur, le malheur, le meilleur. Also see -eur  on the list of masculine endings. -feException: le golfe -ieExceptions: un incendie, le foie, le gà ©nie, le parapluie, le sosie -ià ¨reExceptions: larrià ¨re, le cimetià ¨re, le derrià ¨re -ineExceptions: le capitaine, le domaine, le moine, le magazine, le patrimoine -ionExceptions: un avion, un bastion, un billion, un camion, un cation, un dominion, un espion, un ion, un lampion, un lion, un million, le morpion, un pion, un scion, un scorpion, un trillion -iqueExceptions: un graphique, un pà ©riphà ©rique -ireExceptions: un auditoire, un commentaire, un dictionnaire, un directoire, un horaire, un itinà ©raire, livoire, un laboratoire, un navire, un pourboire, le purgatoire, le rà ©pertoire, le salaire, le sommaire, le sourire, le territoire, le vocabulaire -ise -iteExceptions: lanthracite, un ermite, le granite, le graphite, le mà ©rite, lopposite, le plà ©biscite, un rite, un satellite, un site, un termite -lleExceptions: le braille, un gorille, un intervalle, un mille, un portefeuille, le vaudeville, le vermicelle, le violoncelle -mmeExceptions: un dilemme, un gramme, un programme -ndeException: le monde -nne -oleExceptions: le contrà ´le, le monopole, le rà ´le, le symbole -rreExceptions: le beurre, le parterre, le tonnerre, le verre -seExceptions: un carosse, un colosse, le gypse, linverse, un malaise, un pamplemousse, un parebrise, le suspense -sà ©Exceptions: un exposà ©, un opposà © -sion -sonExceptions: un blason, un blouson -tà ©Exceptions: un arrà ªtà ©, le comità ©, le comtà ©, le cà ´tà ©, un dà ©putà ©, un à ©tà ©, le pà ¢tà ©, le traità © -tià © -tionException: le bastion -udeExceptions: le coude, un interlude, le prà ©lude -ueException: un abaque -uleExceptions: le prà ©ambule, le scrupule, le tentacule, le testicule, le và ©hicule, le ventricule, le vestibule ï » ¿-ureExceptions: le centaure, le cyanure, le dinosaure, le murmure

Article Summaries Research Paper Example | Topics and Well Written Essays - 500 words

Article Summaries - Research Paper Example The Board of Regents also wanted to revitalize their education system to fill in the many job openings available in the state which needed certain educational attainments, which in turn could be potential in increasing economic growth in the state. The university plan has just started on July 1, 2012, so the article has no full list of results yet. The Board of Regents of the University System of Ohio made the change in the educational system so that their graduates would become more productive and also to fill the need for professionals in the state of Ohio, both in the business and education sector. Because the plan just started on July 1, 2012, not many results are out yet, but the prevention of high tuition fee increase, faster educational track, saving in school constructions, and inviting investors to generate funding in the universities were already started. The Board of Regents expects that when the changes have all started, there would be an economic growth in the state, more jobs will be filled in, and more students will become productive and better at their careers. The implications of the plan would be that more students can go to universities because the tuition fees are lower, and more will graduate on time and have jobs because the curricula would be more fitted to application in the real world and taught at a faster and more effective rate. The schools can also increase their funding because of additional investors, and their potential of being an economic strength can be released. It is recommended that the results of the changes be checked after one or more years of implementing so that the Board of Regents can see whether the changes made an impact on the labor forces of businesses in Ohio, in the universities’ school standards, and also of the students that graduate from Ohio

H.W Assignment Example | Topics and Well Written Essays - 500 words

H.W - Assignment Example Key stakeholders in this case include, Merck shareholders, decision makers with regard to research and development, other individuals that suffer from debilitating conditions that further research and development by Merck might otherwise cure, and those that are or might potentially become infected with River Blindness in the future. The costs of this decision would be that a potential cure would be knowingly passed over by the decision makers at Merck. The benefits would be that other potential remedies could be developed that might otherwise positively impact upon a much larger group of stakeholders. A strict utilitarian would seek to promote the greatest utility in this particular case. As the plight of new potential research would be unknown and there is a small percentage chance of the animal drugs to work well with regard to curing or addressing River Blindness, the utilitarian would ultimately choose the River Blindness research over the other alternatives. By means of contrast and comparison, the universalist would recognize the fact that there is a larger potential for the money to more effectively be used elsewhere; thereby encouraging one to prefer to pass over the River Blindness research. One of the ways that managers can encourage stakeholders to take back injuries more seriously is to provide an emotional appeal based on the individuals that have already been injured in the line of work. Whereas the employee might not think that the employer has their best interests in mind, by showing that the health, happiness, and safety of the employees is something that effects everyone is something that can be done as a means of engaging a further level of understanding throughout the firm. Advanced appreciation would be one extremely useful technique that the professor could use as a function of engaging participation.

Does Life Have a Meaning? Essays -- Philosophy Philosophical Essays

Does Life Have a Meaning? Life, it might be argued, is the distinguishing feature of all organisms and may most usefully be thought of as involving various kinds of complex systems of organization providing individual organisms with the ability to make use of those energy sources available to them for both self maintenance and reproduction. Underlying this deceptively persuasive definition, however, lie those persistent traditional problems inherent in the search for an essential, distinctive substance characteristic of all forms of life. Additionally, as evolution theory makes clear, there is the problem of borderline instances, organisms of which it is not easy to say whether or not they may be defined as being alive. One such case is that of the virus. Viruses are the smallest, simplest living things, smaller than bacteria, and the cause of some of the deadliest diseases known to humanity. They are composed chiefly of nucleic acid wrapped in a coat of protein and are able to multiply only from within living cells. As with all other organisms, the virus depends for its ability to obtain energy and carry out the other processes necessary to sustain life, upon its stock of DNA, the hereditary material that makes up the genes, the "instructions" that determine the traits of every living organism. What is interesting about viruses, however, is that their genetic stock is very meagre indeed, so much so that reliance upon it alone cannot enable them to survive. Nonetheless, viruses do persist from one generation to the next, as if they were alive. How this is managed, as it clearly is in both plants, animals and human beings, bears importantly upon the ways in which "life", at least in the case of viruses, may legitimately b... ... our ability not only to understand our human limitations, but also to appreciate their unimportance in our situation: "If sub specie aeternitatis there is no reason to believe that anything matters, then that doesn't matter either, and we can approach our absurd lives with irony instead of heroism or despair." Bibliography: Brian, Denis Einstein: A Life John Wiley and Sons, Inc., 1996 Hanfling, Oswald (ed.) Life and Meaning: A Reader Blackwell F, Open University, 1987 Mill, John Stuart Utilitarianism Dent Dutton (Everyman), 1962 Plato Gorgias trans. Hamilton, W., Penguin, 1960 Russell, Bertrand History of Western Philosophy Allen and Unwin, 1962 Works consulted following initial assessment of essay: Murdoch, Iris The Sovereignty of Good Routledge, 1991 Nagel, Thomas The Possibility of Altruism Princeton Paperback, 1978 Does Life Have a Meaning? Essays -- Philosophy Philosophical Essays Does Life Have a Meaning? Life, it might be argued, is the distinguishing feature of all organisms and may most usefully be thought of as involving various kinds of complex systems of organization providing individual organisms with the ability to make use of those energy sources available to them for both self maintenance and reproduction. Underlying this deceptively persuasive definition, however, lie those persistent traditional problems inherent in the search for an essential, distinctive substance characteristic of all forms of life. Additionally, as evolution theory makes clear, there is the problem of borderline instances, organisms of which it is not easy to say whether or not they may be defined as being alive. One such case is that of the virus. Viruses are the smallest, simplest living things, smaller than bacteria, and the cause of some of the deadliest diseases known to humanity. They are composed chiefly of nucleic acid wrapped in a coat of protein and are able to multiply only from within living cells. As with all other organisms, the virus depends for its ability to obtain energy and carry out the other processes necessary to sustain life, upon its stock of DNA, the hereditary material that makes up the genes, the "instructions" that determine the traits of every living organism. What is interesting about viruses, however, is that their genetic stock is very meagre indeed, so much so that reliance upon it alone cannot enable them to survive. Nonetheless, viruses do persist from one generation to the next, as if they were alive. How this is managed, as it clearly is in both plants, animals and human beings, bears importantly upon the ways in which "life", at least in the case of viruses, may legitimately b... ... our ability not only to understand our human limitations, but also to appreciate their unimportance in our situation: "If sub specie aeternitatis there is no reason to believe that anything matters, then that doesn't matter either, and we can approach our absurd lives with irony instead of heroism or despair." Bibliography: Brian, Denis Einstein: A Life John Wiley and Sons, Inc., 1996 Hanfling, Oswald (ed.) Life and Meaning: A Reader Blackwell F, Open University, 1987 Mill, John Stuart Utilitarianism Dent Dutton (Everyman), 1962 Plato Gorgias trans. Hamilton, W., Penguin, 1960 Russell, Bertrand History of Western Philosophy Allen and Unwin, 1962 Works consulted following initial assessment of essay: Murdoch, Iris The Sovereignty of Good Routledge, 1991 Nagel, Thomas The Possibility of Altruism Princeton Paperback, 1978

Alfred Adler and His Personality Theory

Alfred Adler was born in the suburbs of Vienna to a grain merchant and his wife on the 7th February 1870. He was the third child and second son of his parents. He could not walk until the age of four due to his lingering rickets. At the age of five, he went down with a chronic pneumonia which nearly took his life, and on recovery, resolved to become a medical doctor, even at the very young age.He retained this ambition throughout his school years, although he was merely an averagely clever student who, due to a period of lack of seriousness with and loss of commitment to his studies, tended towards becoming a dullard. This tendency made his teacher write him off as one not cut out for academic success— and his woeful performance at Mathematics seemed to testify to this pronouncement. However, his father’s belief in his abilities and his own self-assurance and self-esteem spurred him on to renewed commitment and revival.He proved his teacher’s pronouncement wrong: Not only did he rise to become the best Mathematics student, he pursued his medical ambition to the University of Vienna where he achieved his medical degree. During his schooling years, Adler was â€Å"quite outgoing, popular and active† (Boeree, George, 2006).He had a strong personality and firm resolution (qualities which explain why he could sustain and realize his medical ambition in the face of his teacher’s despise and pessimism). Adler began his medical career as an opthamologist, but later turned to general medical practice.He established his office somewhere in the lower class part of Vienna, across from an amusement park-cum-circus. Most of his clients and patients were circus performers. This fact gave him the opportunity to observe, study and investigate their unusual strengths and weaknesses, which they demonstrated through their relative physiological resistances and tolerance, leading him to the formulation of a theory he termed â€Å"organic inferior ities and compensations†. He later switched to psychiatry and joined Freud’s discussion group.In this group, he got the opportunity to develop and articulate his organic theory, to which Freud agreed; however, his subsequent theory of the aggression instinct were against Frend’s beliefs, just as was his suggestion that the sexual notions which Freud upheld should be taken figuratively rather than literally.Alfred Adler sought to investigate the human personality and behaviour: what fundamentally made up the human personality and what made all human beings behave the way they did, irrespective of their backgrounds, individualities, privileges or lack of them.His conclusions, he formulated as a theory of personality In the course of the Second World War, Alfred became a Physician for the Austrian army, first serving on the Russian front before moving to the children’s hospital. This change gave him the opportunity for a first-hand observation of the war vict ims and causalities.It probably was the shock and horror from these direct observations that made him develop an interest in the concept of social interest, coming to the conclusion that â€Å"if humanity was to survive, it had to change its ways. † (George B, 2006).In 1926, he went to the United States to work as a lecturer. He died of heart attack in 1937 in the course of his lecturing.ALFRED ADLER’S PERSONALITY THEORYAlfred Adler’s theory of personality offers the underlying motivation not only of all human behavior but also for the development of the human personality. He postulated ‘a single â€Å"drive† or motivating force behind all our behavior and experience’ (Boeree, 2006). He believed that every human action, rational or irrational, arises out of an urge for perfection, out of an underlying desire for the attainment of some ideal.However, because he believed no two human beings are exactly alike, even in their responses to this â⠂¬Å"single† drive, he called this theory â€Å"Individual Psychology. † The â€Å"ideal†, also termed â€Å"perfection†, however, points to an ultimate image of himself that every individual often unconsciously harbors as the goal to which he or she must attain.Adler termed this ultimate image â€Å"fictional finalism† (Alfred Adler (1870-1937), 2007). Thus, every human action or behavior, according to Adler, is an attempt to draw nearer to the realization of his or her potentials and, ultimately, to realization of the â€Å"fictional finalism†.This attempt, which he called â€Å"striving for perfection†, is sometimes referred to as â€Å"striving for superiority† (Alfred Adler (1870-1937), 2007) ,to give it the suggestion of something attainable and realizable, and to distinguish it from the impracticality of idealism and perfectionism (â€Å"in psychology, [idealism and perfectionism]) are often given a rather negative connot ation. Perfection and ideals are, practically by definition, things you can't reach. Many people, in fact, live very sad and painful lives trying to be perfect!† ([Boeree, 2006]).â€Å"Superiority† in the above context refers to a state or situation towards which every human action is directed—be it the satisfaction of a physical instinct, meeting financial or cultural obligations or working towards the realization of a political objective.A â€Å"superiority† or â€Å"betterment† is always in view, motivating the action. ‘According to Adler â€Å"We all wish to overcome difficulties. We all strive to reach a goal by the attainment of which we shall feel strong, superior, and complete. â€Å"’ (Alfred Adler (1870-1937), 2007).The striving towards â€Å"superiority† is therefore driven by the fundamental and all-inspiring striving towards the realization of â€Å"fictional finalism†. The â€Å"fictional finalism† i s the hidden force that drives, motivates, informs and decides. It induces the urge for self-improvement. It is the spirit of all actions, however commonplace or ordinary, the heart of every aspiration, determining the range of all material or immaterial acquisitions— of all â€Å"treasures†: it defines them and â€Å"draws them to itself† in an attempt towards self-fulfillment and self- realization. Thus, â€Å"Where your treasure is, there will your heart also be† (Mathew 6:21).ASPECTS OF ALFRED ALDER’S THEORYFour aspects of Alder Alfred’s theory have been identified: The development of personality, striving towards superiority, psychological health and unity of personality (Fisher, 2001).THE DEVELOPMENT OF PERSONALITYThe development of personality begins in childhood, with the â€Å"striving for superiority† referred to above and the at-first unconscious attempts towards the realization of potentials: â€Å"children observe more c ompetent elders around them and this motivates them to acquire new skills and develop new talents (Weiten, 1992, p. 484). † (Alfred Adler (1870-1937), 2007).These attempts at acquisition of new skills and development of new talents, Adler attributes to a healthy feeling of inferiority – inferiority to the elders who have cultivated and now exhibit such skills and talents, and who now stand to be â€Å"looked up to† ( being â€Å"superior†) by the children. With time, as the potentials develop, and age and physical maturity advance, fictional finalism in the developing child makes itself increasingly felt, with such fundamental accompanying manifestations as the urge for self-assertion and the associated desire to have to control over one’s life, enjoying freedom of individuality.â€Å"People [become] focused on maintaining control over their lives. † (Fisher, 2001). These manifestations are perhaps better recognized in such phenomena later in the child’s life as: an uncompromising choice of career or life partner; inflexible pursuits of a political or sport ambition, or the devotion to some preoccupying or obsessing religious or even recreational cause.Interference or intrusion in the pursuit of these individual assertions of personality are naturally resisted by the man or woman in question, because hand in hand with the self-assertive realizations of the fictional- finalism urges goes a desire to retain control over one’s life. Acquiescing to such interferences is, therefore, unnatural for a personality.STRIVING TOWARDS SUPERIORITYSuperiority, according to Adler Alfred, is not â€Å"superior over, not competition† (Adler Alfred’s â€Å"individual Psychology†).It is, rather, a healthy urge towards self-fulfillment and self-actualization.. Every endeavor, every attempt to achieve or merely to do something is, consequently, an attempt to attain to higher or â€Å"superior† levels of personality development—an â€Å"upward movement† or â€Å"ascent† to a better situation or condition of physical, mental or psychological state. Striving towards superiority is, thus, an integral part of living; it is â€Å"innate in the sense that it is a part of life.Trhoughout [sic] a person's life, Adler believed [a person] is motivated by the need to overcome the sense of inferiority and strive for ever higher levels of development. † (Adler Alfred’s â€Å"individual Psychology†). The striving for superiority begins with the spirit of the following Biblical recommendation: Thorns and snares are in the way of the froward: he that doth keep his soul [as well as his mind, drives and impulses] shall be far from them.Train up a child in the way he should go: and when he is old he will not depart from it. (Proverbs 22: 5-6). In the first sentence, â€Å"keeping† of the soul – and by implication, the mind, drives and impulse s – suggests the significance of early childhood upbringing to the development of the personality. â€Å"The froward† is deducibly the individual of an unhealthy personality, one who does not â€Å"keep†, i. e. , pay attention to and take care of, the nature and promptings of his or her inherent fictional finalism.The next sentence contains a practical, resolving recommendation: â€Å"Train up a child in the way he should go: and when he is old he will not depart from it† Two suggestions are perhaps apparent from this recommendation: one, that the social, educational and moral upbringing of the child is fundamental to the health of its drives and impulses (to its â€Å"soul†), and, consequently, to the direction of its fictional finalism (the entirety of its pursuits, habits, peculiarities and voluntary socialization); two, that the image of the fictional finalism is composed essentially of the childhood orientation, which more or less â€Å"compe ls† the child to keep to paths of this image later in life, that is, â€Å"prevents† the child from â€Å"departing from it when he is old†.This deduction does not, however, lessen the force of Adler’s assertion of individuality of personality; for the quite observable fact that no two children are exactly alike suggests that the individuality of the child plays a role in its adaptation to and development through its childhood orientation. Identical twins under identical childhood upbringing will therefore never develop identically.While they might demonstrate similar good or bad upbringing, they will certainly not behave or think alike, nor will they aspire towards identical self-realizations. Therefore, â€Å"striving towards superiority† depends more on the individuality of the child and its upbringing than on the social, educational or cultural influences to which the child may be later subjected.PSYCHOLOGICAL HEALTHThe psychological health of a personality depends on a number of factors suggested by the concept of â€Å"striving towards superiority† and by the fact that â€Å"Everyone feels inferior to a degree, which motivates us to get better†¦Ã¢â‚¬  (Alfred Adler (1870-1937), 2007). These factors include:(i) Healthy inferiority feelings.(ii) Positive fictional finalism.(iii) Absence of idealism and perfectionism.In the light of the preceding subsections, these factors indicate the relevance of the assertion that â€Å"Good understanding giveth favour; but the way of transgressors is hard. † (Proverbs 13:15). Ensuring health of inferiority feelings, helping the development of a positive fictional finalism and working towards the absence of idealism and perfectionism, all naturally require â€Å"good understanding† of the workings of the personality . Such an understanding will prevent the development of a â€Å"hard†, â€Å"transgressing† personality—a personality overste pping all limits of rationality and propriety in the urges and the actualization of its self-image.(i) Healthy Inferiority feelings: Adler was said (Fisher, M. 2001) to describe inferiority feelings as â€Å"feelings of lack of worth†, which he believed to motivate the individual towards striving for superiority. However, as with everything, there are healthy and unhealthy inferiority feelings.These two kinds are naturally to be differentiated through the nature of the psychological and impulsive effects each induces. Healthy inferiority feelings, as is shown above, are progressive; unhealthy inferiority feelings, retrogressive. Unhealthy inferiority feelings can be named apart from healthy inferiority feelings by terming them â€Å"inferiority complex†, which Oxford Talking Dictionary (1998) defines as â€Å"an unrealistic feeling of general inadequacy caused by actual or supposed inferiority in one sphere†¦Ã¢â‚¬ The lack of â€Å"reality† in these feeli ngs already marks them as undesirable and counter-productive. Further in support of their undesirableness is the statement from Brainmeta (2007): People might cope with an inferiority complex by becoming tentative, helpless, and lazy, or by engaging in behavior, called overcompensation.Overcompensation involves trying to hide one's sense of inferiority from others and even from oneself. People who overcompensate might be vocal about their successes and qualities and exaggerate them. Also, they tend to get wrapped up in status, power, and materialism. They believe all of these things give the appearance of superiority (Weiten, 1992, p. 484). †The fostering and the sustenance of healthy inferiority feelings, as is suggested by the excerpt from the Book of Proverbs above, demand knowledge or â€Å"good understanding† of personality psychology—knowledge of such social and familial conditions as might cause psychological and personality irregularities. One source of s uch good knowledge is the implications or ramifications of Adler Alfred’s theories of personality and his assertions in the process of formulating these theories. For instance, Adler was said (Fisher, 2001) to maintain â€Å"that personality difficulties are rooted in a feeling of inferiority deriving from restrictions on the individual's need for self-assertion. † This statement clearly recommends freedom of self-assertion for children and adults alike.However, marrying this suggested recommendation to that of the Book of Proverbs excerpted above (which is another source of â€Å"good understanding†) modifies this recommendation and keeps it within limits: it suggests that freedom of assertion must be within the limits of a sound upbringing and realistic self-discipline.(ii) Positive fictional finalism and (iii) Absence of Idealism and Perfectionism are both clearly dependent on the existence of healthy inferiority feelings. The soul of all aspirations resides as much in the impulses of inferiority feelings as it does in those of fictional finalism. In other words, an individual’s fictional finalism determines the nature (and, therefore, the health) of his or her inferiority feelings.Idealism and perfectionism, as has been suggested above, can lead to tormenting self-criticisms due to the high expectations their bearer has of him or herself. It is understandable that both can derive from an attempt to overcompensate for inferiority complex— to make up for the unhealthy inferiority feelings that have developed from an unhealthy personality.UNITY OF PERSONALITYWith his postulates that there is ‘a single â€Å"drive† or motivating force behind all our behavior and experience’ (Boeree, 2006), and that â€Å"the conscious and unconscious worked together to achieve the goals of self-improvement and fictional finalism† (Alfred Adler (1870-1937), 2007), Alfred Adler suggested the existence of unity of pers onality.First, if the conscious and the unconscious work towards the common goal of self-improvement and fictional finalism, then every conscious feeling, thought, or emotion of a human being, be they pleasant or unpleasant, unite with his or her every unconscious feeling or emotion towards the fulfillment of these goals. The goal, however, is always striven towards, since it is the â€Å"motivating force behind all †¦ behaviour and experience† (Boeree, 2006).Consequently, every conscious feeling and thought is unceasingly in union and co-operation with every unconscious feeling and thought towards the attainment of the common goal of self-actualization. Second, if the conscious and the unconscious are, consequently, unceasingly united, it follows that the goals of self-improvement and of fictional finalism are in a ceaseless union.However, â€Å"Adler postulated that, beyond general [self-] improvement, each person has an ideal image they are trying to achieve†¦. This image of the perfect self is called the fictional finalism (Elverud, 1997). † † (Alfred Adler (1870-1937), 2007). Consequently, standing â€Å"beyond† the goal of â€Å"general improvement† (and connected with this goal), fictional finalism unites the urge for self-improvement, the conscious and the unconscious for a common purpose, and therefore forms the centerpiece of every drive and impulse of the personality. Therefore, unity of personality is the joint striving of every conscious and unconscious emotion, thought, feeling and action towards ultimate self-actualization.Adler therefore believed that there is an agreement among every aspiring, desiring, thinking, and acting of a human being: that unhealthy feelings of inferiority indicate the existence of unhealthy fictional finalism; that a restricted self-assertion and incomplete control of ones life can be recognized through the restricted thinking, feeling and acting of the individual in question ; that the extent of the realization of potentials is reflected in the extent of freedom of thought, opinion, speech and action of an individual†¦These deductions find support in a figurative appreciation of the following Biblical excerpt: â€Å"Every man is brutish in his knowledge: every founder is confounded by the graven image: for his molten image is falsehood, and there is no breath in them. † (Jeremiah 10:14). If the â€Å"graven image† is taken as the image of a dead, i. e. unrealistic fictional finalism, then the personality harboring such an image is bound to be â€Å"confounded† in his aspirations and his opinions, â€Å"brutish† in his outlook and expectations, and â€Å"false† in his interactions with fellow human beings.A practical example of such a person is a maniacal perfectionist whom no one could ever please or satisfy.ReferencesALFRED ADLER'S â€Å"INDIVIDUAL PSYCHOLOGY†. Retrieved April 10th, 2007 from http://www. s onoma. edu/users/d/daniels/adler. html.ALFRED ADLER. Retrieved 10th April 2007 from http://www. muskingum. edu/~psych/psycweb/history/adler. htm#Theory Alfred Adler (1870-1937). Retrieved 11th April 2007 from http://brainmeta. com/personality/adler. php.BIOGRAPHICAL SKETCH OF ALFRED ADLER. Retrieved April 11, 2007 from http://ourworld. compuserve. com/homepages/hstein/adler. htm In Cambridge Advanced learner’s Dictionary. Retrieved 11th April, 2007 from http://dictionary. cambridge. org/results. asp? searchword=opthamologist&x=12&y=8.In Encyclopedia Britannica. Retrieved April 3, 2007, from Encyclop? dia Britannica Online: http://www. britannica. com/eb/article-9003744.North American Society of Adlerian Psychology. NASAP : . Retrieved April 12th, 2007 from http://www. alfredadler. org/.Personality Theory, Alfred Adler. Retrieved April 12, 2007, from http://webspace. ship. edu/cgboer/adler. html.Psychography : Alfred Adler. Psychography. Retrieved April 9th 2007, from http://f aculty. frostburg. edu/mbradley/psyography/alfredadler. html.The Holy Bible, King James Version. THOMAS NELSON, PUBLISHERS. Nashville. Camden. Newyork. The Oxford Talking Dictionary, 1998 Edition.

Foreign exchange rish in financial institutions in Pakistan - Free Essay Example

Sample details Pages: 15 Words: 4567 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Abstract Companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. Don’t waste time! Our writers will create an original "Foreign exchange rish in financial institutions in Pakistan" essay for you Create order These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutionà ¢Ã¢â€š ¬Ã¢â€ž ¢s foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70à ¢Ã¢â€š ¬Ã¢â€ž ¢s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a dayà ¢Ã¢â€š ¬Ã¢â€ž ¢s money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importanc e in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ https://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has no t managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that al ready exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abro ad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified by each organization for basic economic environment and selected for each of the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holderà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity. Whereas if the functional currency is the parentà ¢Ã¢â€š ¬Ã¢â€ž ¢s company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleyà ¢Ã¢â€š ¬Ã¢â€ž ¢s book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). https://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assetà ¢Ã¢â€š ¬Ã¢â€ž ¢s value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations involved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to ta ke suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum ( 1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizationà ¢Ã¢â€ š ¬Ã¢â€ž ¢s operating exposure is attributed to distinguish a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hed ging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effectiveà ¢Ã¢â€š ¬Ã¢â€ž ¢. Another operational process used to hedge operating exposure is financial management, which are formating the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets and liabilities. One option is to funding the portion of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets used to create export profits so that changes in foreign assets values caused by an exchange ra te change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s treasurers to dea l in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contr acts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their s urvey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lo ssà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.