History of Automatic Teller Machines or ATM

An automatic teller machine or ATM allows a bank customer to conduct their banking transactions from almost every other ATM machine in the world. As is often the case with inventions, many inventors contribute to the history of an invention, as is the case with the ATM. Keep reading to learn about the many inventors behind the automatic teller machine or ATM. Hole in the Wall Luther Simjian came up with the idea of creating a hole-in-the-wall machine that would allow customers to make financial transactions. In 1939, Luther Simjian applied for 20 patents related to his ATM invention and field tested his ATM machine in what is now Citicorp. After six months, the bank reported that there was little demand for the new invention and discontinued its use. Modern Prototypes Some experts have the opinion that James Goodfellow of Scotland holds the earliest patent date of 1966 for a modern ATM, and John D White (also of Docutel) in the US is often credited with inventing the first free-standing ATM design. In 1967, John Shepherd-Barron invented and installed an ATM in a Barclays Bank in London. Don Wetzel invented an American made ATM in 1968. However, it wasnt until the mid to late 1980s that ATMs became part of mainstream banking. Luther Simjian Luther Simjian is best known for his invention of the Bankmatic automatic teller machine or ATM. Born in Turkey on January 28, 1905, he studied medicine at school but had a life-long passion for photography. Simjians first big commercial invention was a self-posing and self-focusing portrait camera. The subject was able to look a mirror and see what the camera was seeing before the picture was taken. Simjian also invented a flight speed indicator for airplanes, an automatic postage metering machine, a colored x-ray machine, and a teleprompter. Combining his knowledge of medicine and photography, he invented a way to project images from microscopes and methods of photographing specimens under water. He moved to New York in 1934 started his own company called Reflectone to further develop his inventions. John  Shepherd Barron According to BBC News, the worlds first ATM was installed in a branch of Barclays in Enfield, North London. John  Shepherd Barron, who worked for the printing firm De La Rue was the chief inventor. In a Barclays press release, the bank stated that comedy actor Reg Varney, star of TV sitcom On the Buses, became the first person in the country to use a cash machine at Barclays Enfield on June  27, 1967. The ATMs were at that time called DACS for De La Rue Automatic Cash System. John  Shepherd Barron  was the managing director of De La Rue Instruments, the company which made the first ATMs. At that time plastic ATM cards did not exist. John Shepherd Barrons ATM machine took checks that were impregnated with carbon 14, a slightly radioactive substance. The ATM machine would detect the carbon 14 mark and match it against a personal identification number (PIN). The idea of a PIN was thought up by John  Shepherd Barron  and refined by his wife Caroline, who changed John’s six-digit number to four as it was easier to remember. John  Shepherd Barron  never patented his ATM invention instead he decided to try to keep his technology a trade secret. John  Shepherd Barron  stated that after consulting with Barclays lawyers, we were advised that applying for a patent would have involved disclosing the coding system, which in turn would have enabled criminals to work the code out. In 1967, a bankers conference was held in Miami with 2,000 members in attendance. John  Shepherd Barron  had just installed the first ATMs in  England and was invited to talk at the conference. As a result, the first American order for a John  Shepherd Barron  ATM was placed. Six ATMs were installed at the First Pennsylvania Bank in Philadelphia.   Don Wetzel Don Wetzel was the co-patentee and chief conceptualist of an automated teller machine, an idea he said he thought of while waiting in line at a Dallas bank. At the time (1968) Don Wetzel was the Vice President of Product Planning at Docutel, the company that developed automated baggage-handling equipment. The other two inventors listed on the Don Wetzel patent were Tom Barnes, the chief mechanical  engineer  and George Chastain, the electrical engineer. It took five million dollars to develop the ATM. The concept first began in 1968,  a working prototype  came about in 1969 and Docutel  was issued  a patent in 1973. The first Don Wetzel ATM was installed in a New  York-based  Chemical Bank. Note: There are different claims to which bank had the first Don Wetzel ATM, I have used Don Wetzels own reference. Don Wetzel on the first ATM installed at the Rockville Center, New York Chemical Bank from  a NMAH  interview: No, it wasnt in a lobby, it was actually in the wall of the bank, out on the street. They put a canopy over it to protect it from the rain and the weather of all sorts.  Unfortunately, they put the canopy too high and the rain came under it. One time we had water in the machine and we had to do some extensive repairs. It was a walkup on the outside of the bank. That was the first one. And it was a cash dispenser only, not a full ATM... We had a cash dispenser, and then the next version was going to be the total teller (created in 1971), which is the ATM we all know today -- takes deposits, transfers money from checking to savings, savings to checking, cash advances to your  credit card, takes payments; things like that. So they didnt want just a cash dispenser alone. ATM Cards The first ATMs were  off-line  machines, meaning money was not automatically withdrawn from an account, as bank accounts were not then connected by a computer network to the ATM. Banks were at first very exclusive about who they gave ATM privileges to. Giving them only to  credit card  holders with good banking records. Don Wetzel, Tom  Barnes, and George Chastain developed the first ATM cards to have a magnetic strip and a personal ID number to get cash. ATM cards had to be different from  credit cards  (then without magnetic strips) so account information could be included.

.Describe the Social, Economic and Cultural Factors That...

1.describe the social, economic and cultural factors that will impact on the lives of children and young people (unit 7) There are many social, economic and cultural factors that will impact on the lives of the children and young people that we may work with. Personal choice – Some families decide that they do not wish to live or act in away in which is viewed as outside the social norm , for example such as being travellers or a child having same genders parents. The outcome of this factor is that there are people which may not be able to relate to the child or young persons families views. If a Child is from a travelling family there is a possibility that their development at school may be delayed due to being transferred†¦show more content†¦Offending or anti-social behaviour - Some families that display offending or challenging anti social behaviour families may end up with their children being taken into care. Health status - A child with poor health may have to have the support that they receive at home and whilst in education adjusted to meet the needs of them. Parents that rely on their children to be Child carers may suffer if their children become ill. Disability - if there is a parent or a child in the family that has a disability, this could affect the family especially if the child is used as a carer for their parents. In some cases respite care may be needed for families with family members that are disabled and this can cause family disruptions and inconsistency in a young persons care especially if the respite care is for overnight visits away from home. Health support - whilst a child or family member is receiving support for a health issue this could possibly affect continuity of care, education, development and income. Addictions – Children that live with adults that are addicts may be relied upon by the adults at times to be their main carers. At times these young people may feel isolated and unable to tell people what they are experiencing at home, they may experience stressful situations and may be living in the poverty thatShow MoreRelatedThe Effects Of Violent Music On The Youth Culture1316 Words   |  6 Pagestowards African American men, women, and children. The articles also provides information that will support the reason how Hip-hop has such an impact on the youth culture, how Hip-hop is valued, and how the music and its lyrics are interpreted. Changing Images of Violence Rap music lyrics: 1979-1997 Hip- hop has both a negative and positive impact on African American lives. Over the past three decades, Hip-hop has arisen as a cultural and artistic aspect, influencing youthRead MoreLevel 3 Diploma998 Words   |  4 PagesUnit 030 Outcome 1: . 1.1. Describe the social, economic and cultural factors that will impact on the lives of children Look at the factors below how will could they affect a child’s life; * Education; poor education could effect future goals and aspirations * Disability; unable to access certain services or activities * Poverty; poor health and hygiene, lack of activities and experiences being accessed * Housing; poor health, unable to develop fully. * Offending behaviour;Read MoreThe World Of The Xxi Century Associated With The United States1326 Words   |  6 Pages For most people, the XXI century associated with the development of technology, economics, and science, everything that people should have to make their life easier. People are happy using the newest car, living in beautiful home, or going on the vacation, but world hold many suppresses. There are also people who live in poverty, which become the most significant problem in today s world. In addition, after 1960 government start became serious about poverty in the United States. The officialRead MoreAldous Huxleys Brave New World Essay1423 Words   |  6 Pagesmorals of modern society do not entirely rely on social issues such as love, family, and success but rather on industrial progress and social development. According to Huxley, technological improvement and growth are critical factors that shape the operation and activities in modern society. So far, community members need to observe the world as technologically oriented and collective social setting. Instead of being interested in individual social development, modern society is focusing its attentionRead MoreAnalysis Of Rudyard Kipling s The White Man s Burden / Send Forth The Best Ye Breed1132 Words   |  5 Pagesimperialism in India, and was a strong advocate for America’s involvement in the Philippines. Kipling earnestly believed that foreign peoples would benefit from the forceful introduction of American culture. This position has, of course, proven to be heavily misguided, and the damaging effects of colonialism are still being felt today in the Global South. The cultural conversion advocated by Kipling, however, did not end as colonized nations gained their political independence. Through Western mediaRead MoreImpact of Internet on Modern Youth1616 Words   |  7 Pages   Impact Of Internet On Modern Youth The content of the current media culture is often blind to a young person’s cultural,economic and educational background. The concept of a media culture has evolvedowing to the increased volume, variety and importance of mediated signs and messagesand the interplay of interlaced meanings. In the world of young people, the media are saturated by popular cultureRead MoreThe Health Of Poor People1292 Words   |  6 Pages The health of poor people is affected most around the world. Studies suggest that the health of any individual is badly imfluenced by low socioeconomic status of that person. There is a social gradient in health that runs from top to bottom of the socioeconomic spectrum. The social gradient in health means that health inequities affect everyone (WHO 2014). Psychosocial: Neo material: Measurements of poverty: Poverty is defined as the pronounced deprivation of well-being, or the inabilityRead MoreInfluences consumer behavior1461 Words   |  6 Pagesï » ¿VINAMILK GROUP Describe and analyze consumer behavior of Vinamilk’ customers. I. Purchase decision process: 1. Problem recognition: The demand for milk is a biological need. They arise from a state of physiological of stress such as starvation. 2. Information search: Internal search: Recovering and searching the knowledge; understanding in memory. External search: + Customers can get information from the sellers fully, particularly and exactly. + Nowadays, with modern information technology, supermarketsRead MoreDropping Out Of High School1696 Words   |  7 Pagesattitudes. Young people were considered as restless and needing the freedom to explore new interests. If schools did not meet their needs, there was the likelihood that these teenagers will drop out (Christle, Jolivette, and Nelson, 2007). Today, dropping out of high school early is a major problem for both young people and the society. Recent reviews and empirical evidence have shown that there is no simple cause of early school leaving, but it seems to relate to factors such as personal factors, socialRead MoreThe Decline Of Fertility Rates1364 Words   |  6 Pagesclassical theory of demographic transition postulates that changes in social life from industrialization and urbanization would cause first a decline in mortality followed by a decline in fertility (Notestein, 1953; Mason, 1997). Since the early 20th century, the world has undergone major demographi c changes. In the first decade of the 21st century for the first time, the old outnumbered the young, and the median number of children per woman fell below replacement levels (Cohen, 2005). These major changes

Greatest Good for the Greatest Number Free Essays

Michael Sandel lectures on justice throughout two episodes. Episode 1 Part one â€Å"The Moral Side of the Murder† has three cases that demonstrate how to recognize moral selflessness and cope with consequences. These cases also show us how they move us to act and the opportunities that exist from those actions. We will write a custom essay sample on Greatest Good for the Greatest Number or any similar topic only for you Order Now The moral rightness of these cases can maximize consequentiality moral reasoning and can also locate morality in certain duties and rights which is categorical reasoning. In the first case driving the trolley and killing one worker rather than five is not considered an act of murder according to students from Sandels discussions. The majority expressed consequentialist moral reasoning. As an onlooker on a bridge looking at the trolley, some students would not push a fat man over the bridge to save the five workers, they said that the act would be committing murder; therefore the consequences are complex and categorical. When asked about a surgeon removing five organs from one healthy individual to save the lives of five other individuals, the majority of the students did not agree to be morally correct. In this example the greatest number was compromised because of moral reasoning. Episode 1 Part two, â€Å"The Case for Cannibalism† is a real life story that asks the question if the four survivors of the Mignonette ship were morally justified. Brooks, Dudley, Stevens and Parker had been on a life boat for 19 days. Parker’s decision to drink the salt water put him in a vulnerable position that ended his life by cannibalism to save the rest. By day twenty-four, Brooks, Dudley and Stevens were rescued and arrested. The majority of the students agreed to try them while the minority asked the question to what degree of necessity would exonerate them. It was discussed if the three survivors would benefit the community or be a danger to society for being cannibalistic. The key point by Sandel and the students was that adding consent would make a difference in the trial. Kantian ethics was preferred instead of Bentham’s utilitarianism theory. Jeremy Bentham and John Stuart Mill have different proposals on utilitarianism. â€Å"Jeremy Bentham identified good consequences with pleasure, which is measured in terms of intensity, duration, certainty, propinquity, fecundity, purity, and extent. John Stuart Mill argued that pleasures differ in quality as well as quantity and that the highest good involves the highest quality as well as quantity of pleasure. † There is no agreement on which theories count as consequentiality under this definition therefore skepticism will always exist. Episode 2 Part One â€Å"Putting a Price Tag on Life† was focused on Bentham’s theory of act-utilitarian. Cost benefit analysis was a huge focus on this topic. This analysis involves placing a dollar value to stand for utility. The first case took place in Czech Republic encouraging the citizens to smoke. The company Philip Morris conducted a cost benefit analysis and had the highest gain which included early death from smoking to benefit the government or other people. Decision to smoke was a qualitative risk factor since there was known probabilities. This objection to utilitarianism fails to respect individual and minority rights and is not possible to total a dollar value on human life. Another study that examined placing a dollar value on human life, was done by psychologist Edward Thorndike. He conducted a survey in the 1930’s for the purpose of placing a dollar amount with various scenarios. The choices of living in a farm in Kansas, pulling off a front tooth, cutting off a toe and eating a worm all had a value. The majority favored as the highest pleasure to live in a farm in Kansas. Episode 2 Part Two â€Å"How to Measure Pleasure† discusses the levels of pleasure. The examples of choosing the highest pleasure between Shakespeare, Simpsons or Fear Factor were based on culture and education. Students reasoned that Shakespeare voted the highest because this is presented throughout the school years. But if given a choice between Shakespeare, seasons of the Simpsons as the only pleasure for life, majority ruled I favor of Shakespeare for intellect purposes. The Simpsons for entertaining purposes were voted second and Fear Factor last. To test the highest pleasure, people would have to experience all to pick the very best. John Stuart Mill said that utility is the only standard of morality therefore you must experience both pleasures. The similarities between Episode 1 and 2, was that categorical moral reasoning was preferred. Circumstances dictated those whom decided that the greatest good was for the greatest number. In contrast, more utilitarian and consequential moral reasoning emphasis was found in Episode 1 than in episode 2. The moral of the story that philosopher Bentham suggested was that â€Å"Here in life and in death is a man who adhered to the principals of his philosophy. † References http://www. questia. com/read/1E1-utilitar/utilitarianism http://onbiostatistics. blogspot. com/2010/02/cost-benefit-analysis-put-dollar-value. html How to cite Greatest Good for the Greatest Number, Essay examples

Death Penalty Essay Example For Students

Death Penalty Essay During this class period today, seven adult men will be falsely accused ofcommitting a serious crime, carrying a penalty of capital punishment. This meansapproximately 51,000 adult men are falsely accused of committing serious crimeseach year. This figure is roughly the number of people who attended SuperBowl-Thirty-Three. Currently, there are 3,500 people on death row inthirty-eight states that support and carry out the death penalty while onlytwelve states have outlawed it. At the same time, more than half the countriesin the world have abolished the death penalty in law or practice. Capitalpunishment is very relevant to each member of society. It is not just a maleonly issue. Every single one of us in this room has a father, brother, orsignificant others who could be affected. Capital punishment in America ismorally unjust and should be eliminated because it is cruel and unusual; itkills innocent people; and it is used in a discriminatory manner. Sometimescriminals suffer more dur ing their executions than is anticipated or planned. Though there isnt much evidence that proves the death penalty deters crime, there is plenty of evidence and studies that prove it does not. The latest FBI Uniform Crime Report shows that in 2000, the national murder rate decreased 3.1 % from 1999, with the smallest decline in the South. The South remains the region with the highest murder rate, 6.8 victims per 100,000, compared to 5.1 in the West and Midwest, and 4.0 in the Northeast. Since the death penalty was reinstated, over 80% of all executions have occurred in the South, the region with the highest murder rate. The Northeast, the region with the lowest murder rate, has accounted for less than 1% of the executions. A survey done by the New York Times also found that states without the death penalty have lower homicide rates than states with the death penalty. The Times report states that ten of the twelve states without the death penalty have homicide rates below the national average, whereas half of the states with the death p enalty have homicide rates above (New York Times, 2/19/00). During the last 20 years, the homicide rate in states with the death penalty has been 48%-101% higher than in states without the death penalty. There are many more studies that show where the death penalty exists, there is a higher murder rate. According to statistics from the latest FBI Uniform Crime Report, regions of the country that use the death penalty the least are the safest for police officers. Police are most in danger in the South, which accounts for 80% of all executions (90% in 2000). From 1989-1998, 292 law enforcement officers were feloniously killed in the South, 125 in the West, 121 in the Midwest, and 80 in the Northeast, the region with the fewest executions. The three leading states where law enforcement officers were feloniously killed in 1998 were California, the state with the highest population; Texas, the state with the most executions since 1976; and Florida, the state that is third highest in exec utions and in death row population. Finally, in comparing the rate of death by handguns in eight industrialized countries, the United States stands out with a rate of death by handguns that is much higher than the rate of other countries. The other seven countries are Switzerland, Sweden, Canada, Germany, Australia, New Zealand, and Britain. The United States is also the only country of the eight to retain use of the death penalty. In most foreign countries, gun control laws are more restrictive and gun owners are assigned more responsibility. According to Robert Mauro (a professor at the University of Oregon) it all comes down to one thing, and that is brutality. Many sources supported his idea when he says we are encouraging more murder by executing criminals. By killing a criminal we are stooping to their level. We are solving a problem by killing it. We are resorting to greater amounts of violence with our system. Mauro says it all in once sentence: So, as they say, an eye for an eye policy will leave us all blind. The fact still remainsWords/ Pages : 651 / 24

The Operations of Apple Inc in the United States of America and China

Apple Inc. is an American multinational corporation that designs, develops and markets consumer electronics, computer software and personal computers. It has a wide range of products both software and hardware; the hardware include, iPod, iPhone and the iPad while software includes; iTune, iLife suite of multimedia and creativity software and iWork suite of productivity software.Advertising We will write a custom essay sample on The Operations of Apple Inc in the United States of America and China specifically for you for only $16.05 $11/page Learn More Owing to its emphasis on the philosophy of comprehensive aesthetic design and its distinctive advertising campaigns, the company not only endeared itself to consumers globally but also confirmed its status as a major player in the consumer electronics industry. The fact that the Apple App store can be found in 96 countries globally underpins its scope (Chesbrough Henry, 2003). Apple’s mission stat ement sums what the company is all about. ‘Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and internet offerings. Apple Inc. deploy Apple brand to compete across various competitive markets. These markets include computer industry, the electronics industry and the advertising market. Apple’s product strategy has been instrumental in helping the company to launch and maintain a formidable campaign against its rivals. Apple’s product strategy entails developing innovative products and services that are in sync with a digital hub strategy. Apple Macintosh computer products serve as digital hub for the various Apple digital devices such as the iPod, digital video and still cameras, cellular phones, personal digital assistants and other digital devices. The most recent brand strategy by Apple lays a lot of emphasis on customer experience. It took Apple a long time to penetrate the China market. When iPhone was released in the year 2007, it did not get a positive reception. It was deemed to be unnecessarily overpriced. Apple did not also have an official Chinese distributor. Nevertheless, the product became popular with the affluent Chinese who had more disposable income. Apple eventually got an official distributor for its merchandise. China Unicom, the second largest mobile phone operator in China, obtained the rights to distribute the iPhone in China. A lot of factors are responsible for Apple’s success in China. Apple had an extremely strong series of products starting with the iPod in 2001 to the iPhone in 2007. The level of product differentiation by Apple was unprecedented. It was superior to the ones that existed in the market at the time. Their superb design appealed to a wider audience (Chandler Alfred, 2001).Advertising Looking for essay on business economics? Let's see if we can h elp you! Get your first paper with 15% OFF Learn More Apple Inc. in America added to its distribution channels to shore up sales. They opted for distribution channels with high sales volumes such as ATT, Best Buy, and Wal- Mart. These allowed Apple to reach to a wider audience. Apple has also opened retail stores in various major cities around the world in high-end shopping malls in an effort to shore up its sales volumes. In China, Apple teamed up with China Unicom to distribute Apple’s products and services. The formation of strategic alliances is applied in other countries as well. Apple opened its first store in Beijing in the year 2008. It has plans to open twenty five more stores around China in future. The Apple brand is referred to as a premium brand because its competitiveness is not centered on the price of its products and services. Apple does not have to slash the prices of its products and services for it to be competitive. This is because the reduction in prices will not only lead to reduced profits but will also erode the value of the company’s shares (Carlton Jim, 1997). The reduction of prices is unhealthy for premium brands such as Apple because of price elasticity. Price elasticity is the change in demand for a product in response to the change in price of that product. Premium brands have low price elasticity; change in price of premium products or will not significantly alter the demand for those particular products. Therefore, reducing the prices of premium products is of little consequence if any to its demand. Apple’s price strategy is anchored on the human psychology. Human beings are interesting in that if a product is out of their reach with regard to its price, they will attach more value to it. Affluent consumers will ‘break their banks’ so to speak just to acquire what they intensely desire. This informs Apples price strategy (Grindley Peter, 1995). In the States, Apple’s origina l iPhone recorded obscene sales despite it costing more than its closest competitor. In China, instead of manufacturing affordable products for the Chinese market, Apple opted to wait until the disposable incomes of their target market increased to a level which they could afford to purchase Apple’s core products. A global business environment refers to factors within any business environment that should be considered as they will have a bearing on the performance of a business in that environment. They include, the economic outlook of the region in which the business will operate in, political and social developments, availability of skilled labor, consumer buying behavior, physical infrastructure and the competitive strength of potential rivals.Advertising We will write a custom essay sample on The Operations of Apple Inc in the United States of America and China specifically for you for only $16.05 $11/page Learn More In our countries of choic e, United States and China, the global business environments differ. The United States is a nation that subscribes to capitalism while China subscribes to social communism. The United States has for a long time now has had the largest economy globally. It is only recently that China’s economy has grown exponentially to be the second largest economy in the world. The United States boasts of population with more disposable income which they freely to spend. The governance structures of the two countries are diametrically opposite; hence their respective formal institutions impose statutory rules, regulations and laws which differ (Philip Tushman, 1990). The competitive environment for Apple in the United States favors Apple’s. Nokia found the going hard when Apple’s iPhone superseded Nokia’s Smartphone in sales. Nokia consequently lay off 7000 employees to cut costs. Apple officially became the largest mobile phone company in terms of revenue leaving Nokia with the unenviable title of the largest handset maker in terms of volume. In China the case was no different. Many tabs had flooded the market with better features than those of iPad 2. None challenged Apple’s supremacy. The sleek design together with the app support in the Apple store put the iPad in a class of its own. It is all the rage among affluent consumers in China. Other tablet makers in China are looking to launch tablets that will challenge iPad 2’s dominance. Apple does not target markets. Therein lays the gem that turned the fortunes of this company around for the better. Apple realized that it was the individuals who worked for the companies that Apple was trying to target rather than the company itself who ultimately rejected or accepted a product. Apple targets the end user and allows them to decide where and how they are going to use Apple’s products. Apple focuses on the end user, develops superb products for them, and let’s them decid e on the best way to put the technology to use. Apple uses all forms of media to communicate to its prospective consumers. In the year 2007, Apple’s advertising budget was approximately $467 million to specifically market the iPhone. Apple used all modes of advertising to bring purchasers to its point of sale. These include television, radio, print and digital media. Culture has impacted the operations of Apple in the United States and China. Since the United States has a free and vibrant society, it follows that the consumers will spend freely leading to increase in revenue as a result of increased sales. Apple is free to do whatever it wants to so long as its activities are legal. In America, Apple’s options are endless as it can engage in whatever activity it wishes to (Grant Robert, 1991).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In China, liberal spending is abhorred. This leads low sales Apple’s part considering its products are expensive. Every activity that goes on within the borders of China is monitored by the State. This can be costly to Apple since it has to always confer with the authorities if it wants to engage in any activity hence curtailing its flexibility. Lastly, the only undoing of Apple is the fact that all the power lies with one person, the CEO Steve Jobs. This is risky to the interest of the company. Other managers ought to have jobs delegated to them so that they can learn the ropes of management gradually. If they make any mistakes they are corrected immediately hence if Steve Jobs leaves, the company will be able to run without any hitches. References Carlton, K., Jim, A. (1997). Apple: The Inside Story of Intrigue, Egomania, and Business Blunder. New York: Times Business. Chandler, F., Alfred, D. (2001). Inventing the Electronic Century. The Epic Story of the Consumer Electr onics and Computer Industries. New York, NY: Free Press. Chesbrough, P., Henry, J. (2003). Open Innovation. Boston, MA: Harvard University Press. Grant, L., Robert M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33, (3), 4-22. Grindley, A., Peter, M. (1995). Standards, Strategy, and Policy: Cases and Stories. Oxford: Oxford University Press. Philip, R., Tushman, M. (1990). Technological Discontinuities and Dominant Designs: A Cyclical Model of Technological Change. Administrative Science Quarterly, 35, (4), 604-633. This essay on The Operations of Apple Inc in the United States of America and China was written and submitted by user Haylee Y. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

To Kill A Mockingbird Essays (559 words) - To Kill A Mockingbird

To Kill A Mockingbird Essays (559 words) - To Kill A Mockingbird To Kill A Mockingbird Interviewer: How do you feel about the way you were portrayed in this book? Scout: I think that I was portrayed very well and I enjoyed the character very much. I think my character was very daring and also exciting. Through the many adventures I had I liked my character even more than I thought it would be. Interviewer: What was your most difficult moment in the book? What was going through your mind at that time? Scout: That is kind of a hard question but I thought the most adventurous yet exciting part of my part was when I dared Jem to touch the house of Radley, the man that is known to suck the blood of kids. A very well known man in town. Interviewer: If you could change any of your actions in the book, what would you do differently? Scout: I think that in the story there wasn't much that I would like to change but one thing that I would have liked my character to do was to show to the people in my town to know that not every black man is bad. Many people in my town happen to stereotype people that are black, but I should have taught them that they are not at all bad. Interviewer: How did you really feel about the other main characters in the book? Scout: I really enjoyed the other main characters. One character I liked what Jem, because no matter what you tell him he tries to act big. In the beginning when we dared him to touch Boo Radley's house, he didn't show any emotion. Even though he was scared he was acting like he was big. Interviewer: Describe your strengths and weaknesses to me. Scout: My strengths are that everytime I get into something, I never let go. My weakness is that whatever rumor I hear I always believe it. For the case of Boo Radley I judge him by what people said about him without really meeting him. Interviewer: What would you like us to know about you that wasn't covered in the book? Scout: My other characteristics is that I often like to chat and share rumors with others. I often like to share rumors but sometimes it becomes a habit of me. Interviewer: What are your feelings about the way your author ended the book? Scout: I felt really good about the ending because I learned a lesson by playing this part in the book. I learned that you should never judge a person on their looks or any rumors that go around. By listening to the rumors lead by others in my town I have learned that Boo Radley also known as Mr. Authur Radley is a nice and kind gentlemen. Interviewer: Now that you have everyone's attention, is there anything else that you'd like to say? Scout: I would just like to say to everyone listening out there to also get to know the person better before you spread any rumors. Like they say "It is easy to spread the rumor, but replacing the rumor to the truth is hard." Just get to know the person and you may find that person very nice and kind. Don't judge by looks, judge by the heart. You are hear on this earth to love one another.

By Invitation Marketing Dissertation Example | Topics and Well Written Essays - 12750 words

By Invitation Marketing - Dissertation Example A luxury brand is a lifestyle concept hence to enhance its market share and augment its brand image the marketing strategies are designed to be exclusive and aimed at a niche society. ‘By Invitation, Only Marketing’ is the absolute endeavour towards building brand name amongst renowned celebrities and revered heroes – thus making the brand presence symbolic of luxury, splendour, indulgence and opulence with the supreme object to gratify and foster the intense desire of conspicuous consumption of the consumers. Aim: The prime aim of this dissertation is to sustain an intensive research study especially in the field of marketing through exclusive invitation which is vogue in practice amongst the niche-selling trends of the luxury brands and delve deep into consumer minds analyzing the cause and effect, the influence and impact of the innate zeal towards indulgence in conspicuous consumption. Realization and Results: In the process of the extensive research study it is gradually observed and assessed that the exclusivity marketing trend in effect is evolving the consumer perceptions and preferences towards a universal, more globalized outlook. In reality, the luxury brands which strategizes on specialized and more personalized marketing orientation – they not only identify and establish the permutations and combinations of developing a successful brand but also connect the celebrities with the people from around the world and reduce a global cultural unity unified with the brand image. This chapter scrutinizes and surveys the entire analysis and inspection in addition to assessing the background in regards to the impact of exclusive marketing strategies with the help of both secondary and primary data, which is elaborated in details in the Analysis section. This chapter expands on the ‘Invitation Only Marketing’ exploring on the consumer conception on conspicuous consumption – in the process finalizing on the driving force and critically pointing out the advantages of luxury branding and marketing strategies.  Ã‚  

Installation Art as the Newest Form of Expression Essay

Installation Art as the Newest Form of Expression - Essay Example The essay "Installation Art as the Newest Form of Expression" analyzes the form of expression in contemporary art, the Installation Art. The sublime element is, by its very nature, shapeless and indefinable and therefore cannot be placed within a specific visual form, the visual form, by its very nature, must suggest some element of the sublime. Every visible form is capable of suggesting some deeper meaning to an audience at varying levels of meaning regardless of the intentions of the artist. This is because art is not the static element it was once perceived to be. Instead, it is a constant interaction between the artist and the viewer, between what the artist created on the canvas and how the viewer interprets these forms based on his or her own experiences, understandings and context. The postmodern movement, with its emphasis on illuminating the sublime, brought these ideas to the forefront leading eventually to today’s trend to engage more of the viewer’s senses in this interaction. â€Å"The political and the aesthetic are inseparable, simultaneously present, faces of the postmodern problematic. Understanding this concept of the eternal relationships between content and sublime, artist and audience, is essential to understanding today’s movement toward installation art through artists such as Damien Hirst, Jenny Holzer and Sarah Lucas. One of the charges to today’s artists is to discover how to produce ‘incommunicable statements’ to modern society without resorting to the conformism.

Book Report on Three Books Essay Example | Topics and Well Written Essays - 1750 words

Book Report on Three Books - Essay Example After reading the author's story and confronting his notions, the reader finds that they stick in his mind just like the way a delicious meal's aroma engulfs and settles with a person. Charles Fourier is amongst the extra obscure individuals among chief utopian thinkers. This is not on grounds that we know remarkably little of him, but since for a majority of academicians his identity amasses a stock illustration of long standing. By reference to Frank Manuel’s preface of 1971 to choosing from the writings of Charles Fourier, nearly all the scholars of Utopia are conversant with the slender, droning subsistence. The writings are centered on the poorly paid clerk, roomer in monotonous boarding residences and the pitiful return home each mealtime to wait for the affluent sponsor who would sponsor the founding of Harmony. His area’s general secretary, refused to edit one of Fourier’s exertions because, the appraisal of such bizarre paradoxes shows too many complexit ies ever becoming too hazardous. Most ensuing judgment faced with such notions as sexual appeals, amid extraterrestrial bodies and oceans finally becoming lemonade, adjusts this verdict only by totaling or be taken sincerely. Jonathan Beecher takes apart this typical representation and discloses Fourier as an additional wholly rounded individual and rationally logical intellectual. Beecher has dedicated over 20 years of powerful analysis to the author, who, he thinks of all socialist intellectuals appeared to tender the broadest, most liberal revelation of human likelihood. The consequence is a merge of individual and scholar memoirs that can position as ultimate; no basis, serious or minor, appears to have fled the writer, who incorporates them into a complete, sensible, and extremely decipherable study (Goodwin, Barbara, and Keith 56). Nietzsche "Beyond Good and Evil" Beyond Good and Evil, is a complete general idea of Nietzsche's way of established thinking. The volume comprises of 296 sayings, ranging in extent from a handful sentences to some pages. These sayings are thematically clustered into nine dissimilar sections and are concluded by a foreword and a verse. Whereas every saying can position individually, there is the existence of a linear development amid sayings within sections and from one section to the next. However, each saying gives a characteristic viewpoint and still the section conclusions leave out a grand deal. The preface indicts theorists of rigidity, and the initial section surveys this allege. Every grand viewpoint, Nietzsche declares, is modest surplus to the confession. Theorists build up intricate structures of thought to validate their individual suppositions and chauvinism. If we could excavate these, we could perceive what these theorists treasure most profoundly, and so achieve analysis into their temperament. Nietzsche compares their rigidity with the "liberated spirit" that is not detained in a meticulous viewpoint. He antici pates that the future theorists will be typified by such an untried technique, eager to attempt out whichever supposition, and trail every dispute all through to its end. After a debate, of the spiritual spirit, which he asserts is a type of rigidity; Nietzsche get on a sequence of axioms, the majority of which emphasize

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies 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. 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 institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s 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 days 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 importance 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. ________________________________________________________________________ http://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 firms 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 not 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 already 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 companys 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 abroad. 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 firms 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 organizations 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 b y each organization for basic economic environment and selected for each of the organizations 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 holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://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 assets 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 managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys 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 companies 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 invo lved 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 take 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 organizations 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 organizations 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 organizations operating exposure is attributed to distinguish a companys 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 hedging. 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-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate 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 firms 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 Firms treasurers to deal 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 contracts 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 survey 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 lossà ¢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 1980s, 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.

To Be Legal :: essays research papers

To Be Legal   Ã‚  Ã‚  Ã‚  Ã‚  Marijuana smokers are generally mildly intoxicated, giggle, laugh, bother no one, and have a good time. They do not stagger or fall, and wouldn’t ordinarily attempt to harm anyone. It has not been proven that smoking marijuana leads to crimes of a violent nature or to crimes of a sexual nature. Smoking marijuana has no unpleasant after-affects, no dependence is developed on the drug, and the practice can easily be stopped at any time. So why is marijuana illegal? Although marijuana usage is frowned upon by society, marijuana can be used for industrial, recreational, and even medical purposes.   Ã‚  Ã‚  Ã‚  Ã‚  The industry could certainly benefit from marijuana. Hemp (processed marijuana) is among the oldest of industries on the planet, going back more than 10,000 years to the beginning of pottery. Surprisingly, Hemp can replace many of the elements used in products today. One acre of hemp in annual rotation will produce as much pulp for paper as 4.1 acres of trees during the same twenty-year period. Hemp can be grown and harvested every year, unlike trees that take a lasting fifty to one hundred years to grow back. Also, making paper from trees creates over five times more pollution than making paper from hemp. Hemp could also have an effect on the clothing industry producing three times as much fiber per acre as cotton. While cotton is grown on only 3% of the world’s farmland, it uses a devastating 26% of the world’s pesticides per year. Hemp requires no pesticides or herbicides to grow.   Ã‚  Ã‚  Ã‚  Ã‚  In regards to recreational use, marijuana is about as benign as you can get. It is not addictive. It does not cause violence. It creates no hangovers and no one has ever died from an overdose. Marijuana serves as a natural relaxant, unlike alcohol, which produces more hyper emotions. Personally, I noticed that people attending college parties based around the consumption of alcohol tend to be more aggressive than those under the influence of marijuana. Marijuana users tend to be more jovial in a social atmosphere such as a party/club and do not pursue things that involve large amounts of energy. Although there are some that claim marijuana usage is harmful to the body, impairing the normal flow of thought, causing loss of coordination, and even brain damage, it can also be a way of enjoying yourself, socializing with friends, and escaping the troubled reality of the world.

Melba Essay

Throughout Mà ªlà ©e's journey to fight segregation, her grandmother and faith n God were her greatest weapons. In 1 957, Melba Poetical was extensionally and preparing for her integration I to Little Rock Central High School, an all white school. She was continuously tormenter d by teachers and students while attending but her grandmother's words and her faith in God I s what keeps her going. An instance in which her grandma's words were very influential, was w hen Melba reminded herself of her grandma's advice when faced with a barrage of nasty words. I squared my shoulders and tried to remember what Grandma had said: ‘God loves you, child; no matter what, he sees you as his precious idea. â€Å"‘ As a result of remembering those woo rd, Melba went rigorously to her next class and ignored the nasty words shouted at her by classmates. Melba writes in her journal, â€Å"There seems to be no space for me at Central Hi ugh. I don't want integration to be like the neuros urgeon. Please, God, make space for m e. Melba was becoming discouraged and was realizing that integration was far more difficult t than she originally thought, yet she still had a strong faith in the Lord and asked for his help, knowing that he will provide for her. Me Lie 2 Another time where her grandma helps her, was when Melba was in gym class s, where her classmates taunted and jeered her. She ignores them, but as it continued, SSH e struggled to ignore it and to escape the cruelty of the nature.Soon the gym teacher tells her to g et inside, so she ran away, she was soon chased by some angry students and was tripped by one o f them. From falling down, she ends up getting scraped up and, more and more students SST rated to taunt her, she gets up and runs inside the school hoping to find the office. After opening g many doors, having no luck in finding the office, she was in tears and ready to give up. But then her grandma's voice comes into her head, â€Å"God never loses one of his flock.

External factors upon the activities of a business Essay

Introduction In this assignment, I will describe how external factors (political, legal, and social) are impacting upon the activities of a business. My chosen business is McDonalds and I will be explaining how the issues affect in both UK and India. McDonalds – is the world’s largest chain of fast food restaurants. They mainly serve hamburgers, cheeseburgers, chicken products, French fries, breakfast items, soft drinks, milkshakes and desserts. They also have options such as salads, apples, milk, and Snack Wraps on the menu. Legal Factors These are the laws and regulations affecting the business. Some of the other factors may include: freedom of information, data protection, employment law and copyright etc. UK and India’s Legal Factors Health and safety – In the UK and India, the health and safety law is very important for each individual or employees especially in the workplace, to prevent injury, death and illness. This affects some businesses especially in India because they need to have all equipment for health and safety which will cost them a lot to fill it up. Food Hygiene – In both countries, McDonalds has to be very hygienic in order for the business to stay open and successful. The impact of an unhygienic restaurant would be catastrophic for the company’s image. Recruitment and Selection Law – All workers must be treated equally. For example In UK, you cannot dismiss a worker for being pregnant. There should be proper warning before dismissing a worker otherwise it will be treated as unfair dismissal. The Government makes it mandatory to have a written contract of employment. It contains the details of the wage rate; working  hours, and other necessary details regarding working conditions. The National Minimum Wage in UK is currently  £6.31 while in India; the minimum wage is 118 rupees per day or about  £1.50 which is very low compare to UK. In contrast to the UK, India can employ individuals aged fewer than 16 and the child labour in India has a poor image as children are often left unpaid. Social Factors These are the aspects of population like for example; immigration, age of population, taste and fashion, belief, individual’s personality, attitudes and lifestyle. UK Social Factors Immigration – This has negative impact upon the social factors in UK. A long time ago, there wasn’t that many people living in the UK, however, in the 21st century, a lot of people from different part of the world started to migrate and live in UK. The major impact is on population. It has an advantage such as a lot of people are skilled to be employed in the business. However, some migrants might be illegal entrants or maybe visa over stayers. Ageing Population – The demographics in UK illustrate that the numbers of older people are increasing. McDonalds can benefit from this ageing population as they can increase the range of their hot drink products in order to target and meet the needs of older people. McDonalds can sell more healthy products such as fruits and salads. Lifestyle – Businesses are always affected by the lifestyle as people have different fashions, tastes, ethics, beliefs etc. As UK is a multi-cultural country, McDonalds needs to provide different selections of foods from different cultures such as in India McDonalds do not sell any beef products as it is prohibited in their religion. India Social Factors High population growth – In India, due to high population, people have a hard  time to find a job, as a result of this people don’t have enough funding for their daily expenses. High degree of corruption level – Corruption is a major issue that adversely affects its economy in India. The causes of corruption in India include excessive regulations, complicated taxes and licensing systems so they add extra cost to the business. Bollywood popularity – Bollywood is the nickname for the Indian film industry. It became very popular as Indians are in love with movies. Political Factors Political factors are factors that deal with the public. For example; EU membership, taxation government support for business, infrastructure (roads), skills, business ethics (corruption). UK Political Factors EU membership – McDonalds will need to act in accordance to the European regulations. One of the regulations is the working hours where workers must only work for no more than 48 hours. Taxation – McDonalds is affected by the government taxes, such as income taxes and business rates as it is a large business, meaning that a lot of tax is taken away from their profits. And McDonalds will have to pay tax. Tax has an impact on McDonalds as it will be taken off their annual profit which will result in less diligence for shareholders. India Political Factors Infrastructure – India isn’t modernized unlike UK; the technology systems are much less advanced which could affect the business ability to produce, to sell, expand, and demand. The roads are not well established. And if McDonalds in India have poor machinery, poor buildings and facilities, then  it won’t benefit the business and won’t be able to expand.

Free Essays on Weather And Climate

A moment’s view of the atmosphere is considered weather. Weather is determined by the temperature, wind, and precipitation when recorded at a specific moment in time. The climate is considered over many moments in time. Climate is dependant on the changes in the weather over a period in time. Weather and Climate don’t differ as much as they play a part in how the other is determined. Air temperature plays a major part in how weather and climate counteract. The intensity and duration of radiation from the sun is how temperature is determined. Those factors along with the amount of water vapor in the air, the degree of cloud cover, nature of the earths’ surface and elevation above sea level together make up the temperature at any given location. The temperature today is what the weather is like, but the varying temperatures throughout the year in one location is one of the factors that determine the climate. Barometric readings are a normal part, along with the recorded temperature of every weather report. Air Attempts to achieve equilibrium by evening out measure imbalances which results from heating and cooling. The greater the differences in air pressure between places the greater the wind. Wind can play a major part in the climate of the area. Ascending air can expand easily because less pressure is on it causing precipitation. Precipitation is any form of water particles as in rain, sleet, snow or hail, that fall from the atmosphere to the earth’s surface. When heat from the lower air spreads through a larger volume, the mass of air becomes cooler. Cool air is less able to hold water vapor than warm air. Causes of weather changes that occur as hair from high-pressure zones flows toward low pressure areas, fronts pass and waves develop, dew points are reached, and sea breezes arise. Parts of the world experience these changes more rapidly and more often than do other parts. Day-to-day weather condi... Free Essays on Weather And Climate Free Essays on Weather And Climate A moment’s view of the atmosphere is considered weather. Weather is determined by the temperature, wind, and precipitation when recorded at a specific moment in time. The climate is considered over many moments in time. Climate is dependant on the changes in the weather over a period in time. Weather and Climate don’t differ as much as they play a part in how the other is determined. Air temperature plays a major part in how weather and climate counteract. The intensity and duration of radiation from the sun is how temperature is determined. Those factors along with the amount of water vapor in the air, the degree of cloud cover, nature of the earths’ surface and elevation above sea level together make up the temperature at any given location. The temperature today is what the weather is like, but the varying temperatures throughout the year in one location is one of the factors that determine the climate. Barometric readings are a normal part, along with the recorded temperature of every weather report. Air Attempts to achieve equilibrium by evening out measure imbalances which results from heating and cooling. The greater the differences in air pressure between places the greater the wind. Wind can play a major part in the climate of the area. Ascending air can expand easily because less pressure is on it causing precipitation. Precipitation is any form of water particles as in rain, sleet, snow or hail, that fall from the atmosphere to the earth’s surface. When heat from the lower air spreads through a larger volume, the mass of air becomes cooler. Cool air is less able to hold water vapor than warm air. Causes of weather changes that occur as hair from high-pressure zones flows toward low pressure areas, fronts pass and waves develop, dew points are reached, and sea breezes arise. Parts of the world experience these changes more rapidly and more often than do other parts. Day-to-day weather condi...

Constitutional Law Research Paper Example | Topics and Well Written Essays - 500 words

Constitutional Law - Research Paper Example The legislative branch of the United States federal government is the framer of Article One of the United States Constituency. This article is comprised of various sections and sub-sections that deals with structure, composition and functional ability of the government (See Touby vs. United States, 191). However, the way this article is written, the language seems to more be favorable to the Congress and not others. As it says all the legislative powers should be vested in a Congress of United States. What if there is some other government gets the opportunity to form government. Then it would look like they will amend this section in favor of them and it would go on like that (Mistretta vs United States, 1989). Though Sections 9 and 10 deals with the limits of both Congress and States it would have been more impactful if the framer of the constitution would not get influenced while framing the Article. This article constitutes the executive branch of the government. This includes President, Vice President and other executive officers and staffs that are appointed by the President. In this article it is mentioned that the executive powers of the federal government is vested in the President (Woods, 2013). The language of this article is more impactful as it clearly states what are the roles and responsibilities of the President without confronting Congress or Republican Presidential Candidate. This article looks like the framer does not get influenced by any party or the government and the article clearly mentions that the President should hold the Office for four years along with the Vice President post which the election of the new President would be held according to the constitutional procedure (Vasan & Sidak, 2002). Unlike Articles I and II, Article III has only three sections. This section deals with federal courts and judicial powers of the States. This article establishes the judicial branch of the

Pros and Cons of Various HRIS Systems Research Paper

Pros and Cons of Various HRIS Systems - Research Paper Example Traditionally, HRIS is considered as an automated record keeping of employees and computerization of the payroll. However, it is now well established that HR managers with information system can greater role beyond the administrative jobs. Today the organizations are besieged with the cost burden. With increased cost competition, the companies have no option but to transfer the cost burden to the customers. Therefore, to maintain stability in the price of the products, the only option is to look within, i.e. cost minimization. Cost minimization without technology support is difficult (Walker, 2001, p. 135). Background of the report Big Boss Security Limited is a company that provides personal security for business executives and high ranking officials. The company has 150 employees. The human resource department has two HR staffs; one HR manager and one part-time employee. The company is facing some problems due to the small number of staffs in the HR department. However, the company does not have any plans to recruit HR personnel at this point in time. Therefore the company has decided to go for IT enablement of the Hr department by introducing HRIS. The system needs to be installed keeping the company objective and budget constraints in mind.   Therefore there is an existence of budget constraint. However, the company has got plans for future expansion. Therefore it is very important for the company to retain the talent and increase efficiency. HRIS Concepts HRIS is the systems to acquire, store, manipulate, analyze and interpret relevant information on human resources. It is not mere computer hardware or some customized standard HR software. It broadly includes people, policies and procedures and of course data. It does not limit the focus on automation of manual HR jobs like record keeping or payroll preparation. It is a service in the form of information. The nature of the information depends upon the user's needs. Users may not be limited to the HR depa rtment; it may even be an MD/President of an organization. For example, the finance manager of a company has to prepare an annual budget. Hence data on the aggregate compensation cost may be required. However, merely depending upon the headcounts may give an inaccurate result. But simulating this with factors like attrition rate, likely DA increase or decrease, absenteeism, man-days lost due to the IT related problems, increments, incentive, promotion, redundancy, etc. will most certainly ensure better projection. Similarly, even HR people may need that information for different purposes. There are different HRIS modules that are in the product profile of all HRIS vendors. There are products on recruitment and management, training and development, attendance, etc. Different HRIS Modules In this section several HRIS modules would be analyzed. Even though all major HRIS vendors provide manpower planning solutions, there are vendors providing exclusive solutions for the overall human r esource management functions. Based on the key organizational issues and objective some modules have been analyzed.