COMZ Group Assignment Example | Topics and Well Written Essays - 1000 words

COMZ Group - Assignment Example He further emphasizes on relationship building skills among his employees by holding a ten-minute conversation with each staff member to give them an insight on the importance of listening effectively to customers. Listening skills among staff are viewed as a necessity towards dealing with clients and understanding their needs for better service provision. More so, listening skills go a long way in establishing good relationships with clients, which is in itself more important than making profits. Pedersen refers to profitability as a by-product of doing a good job rather than chasing on making profits and not having an impact on the needs of clients. Staff, suppliers, and the community are equally important to the organization, and thus, the business responsibility of Comz Group is that which is solution-oriented to widespread needs. Comz Group organization’s culture is focused towards such tendencies of business solutions through creativity, positive relationships, and mento ring employees towards self-actualization in their contribution to the organization. It seeks to not only empower employees through mentoring, teamwork, and positive relationships, but also to empower the society through its corporate social responsibility. QUESTION 2 2a] Comz Group places its corporate social responsibility as a primary concern of its operations and overlooks shareholders concern of profits as a by-product to satisfaction of its clients. Comz Group has a popular attitude towards the environment that has been clearly indicated by its use of recycle-oriented waste management companies in their outdoor events. The company’s environmental policies are also subjected to continuous improvement by staff assigned such responsibility, and thus promoting its contribution to the local community and environment at large. This has had a huge effect on the Company’s societal image and successes of outstanding creativity and teamwork of their staff, which has been i ndicated by the creative communications award it received. Through this, the company has received recognition and excellence reports for its business responsibility and primary concern contributing to the society. More so, an environmental factor such as recycling goes a long way in promoting Comz Group popular attitude towards the environment using waste management companies in its outdoor events. 2b] According to Pedersen, the organization’s role in the community is more important than other aspects such as profitability, thus rendering its participation in the community as a necessity towards building a popular attitude towards the environment. The company has raised substantial amounts of funds to assist in Voluntary Services Overseas and other community enhancement activities such as the MacMillan Cancer Trust, Youth unemployment, and Springboard. The company has been able to enhance its popular attitude towards the environment through its participation in community proj ects. The company’s goals of establishing positive relations and empowering the unemployed youths preclude success to the Comz Group in general. Local community projects involvement would help in enhancing corporate image and brand name. A good reputable image and brand name would help the organization in not only drawing more clients, but also increasing its goodwill and corporate value, and thus stock prices. QUESTION 3 3a] Comz Group’

Trash Management and Environment Health Essay Example | Topics and Well Written Essays - 750 words

Trash Management and Environment Health - Essay Example Some wastes are hazardous not only because they contain harmful substances but because they may contain pathogenic microorganism. Wastes containing pathogenic microorganisms are referred to as infectious wastes. Infectious wastes are particularly dangerous since the pathogens can gain access inside the body using various routes. Health care waste can transmit human immunodeficiency virus (HIV) through improperly disposed contaminated syringe and needles. Improperly disposed sharps can also becomes sources of pathogen as the pathogens can temporarily harbor in sharps. When someone is injured by sharps it can potentially cause diseases. Another types of hazardous waste associated with health care is the genotoxic waste. They can be extremely irritating and harmful effects can be felt immediately after direct contact with skin or eyes. Antineoplastics such as alkylating agents can be considered cytotoxic at any point in the cell cycle (World Health Organization, 2008). Another hazardous waste are the chemicals and radioactive substances. Case studies in various states from 2001 to 2005, revealed the negative effects of improper disposal of hazardous wastes. In August 2001 in Wisconsin, an improperly disposed hydrochloric acid caused chemical burns to the sanitation truck driver. More than that, the residential area was also exposed to the chemical since 1 gallon of the hazardous substance was released. Similar incident took place in New York in June 2004. In June 2002 in Washington, an illegitimate methampetamine laboratory disposed of a hydrochloric acid in an apartment building dumpster. A sanitation worker who got exposed to the hazardous substance sustained a respiratory irritation when they dumped the hydrochloric acid back into the truck. In March 2003 in Colorado, an unknown quantity of a radioactive waste was disposed of by a hospital employee in a dumpster. When it was later picked up by a garbage truck, the contents activated radiation d etectors at the landfill. No one was injured in the incident but restrictions were placed in the landfill until the radioactive waste was removed (Morbidity and Mortality Weekly Report, 2005). Nitrate is another chemical which should be avoided however the worse part is that it can still get access to homes via drinking water. Although we are constantly exposed to nitrates because it is usually present in foods and our body requires a certain amount of nitrate. Aside from food however, nitrates are main components of most fertilizers hence there is a huge possibility that it may come in contact with the ground water should leakage of the chemical occurs. Since we may be exposed to this chemical through our drinking water, the United States Environmental Protection Agency (USEPA) has set an allowable limit of nitrates in the drinking water for it to be rendered safe for public consumption. When nitrate level is higher than 10 mg/L it can pose a serious health threat particularly to infants, pregnant and nursing mothers. The reason why excessive amount of nitrate should be avoided is that it has the ability to interfere with blood's function as supplier of oxygen to vital t issues in the body. This is especially harmful to infants as it can cause a blue baby syndrome. Gastric and bladder cancer are also risks that can be developed by

Standardization And Adaptation In Television Advertising

Standardization And Adaptation In Television Advertising Still in this 21st century television continues to be a prevailing media. Due to the increase in the globalization this world is shrinking at a rapid rate, companies doing business overseas must find new and innovative ways to communicate their brands to the market. Thus, the decision of standardization or adaptation of the advertisements between various nations is of much importance to these companies competing in the international market. The purpose of this paper is to develop a better understanding as to how the multi-national companies standardize and adapt their television advertising. For reaching the conclusion, questions based on the elements of television ads, along with the factors affecting the decision whether to standardize or adapt were identified. On the basis of these questions, analysis of related literature was conducted to form a conceptual framework, which was further utilized to guide this papers data collection. Qualitative case study approach was rendered to c ollect the data, based on the interviews and observing the television commercials of multi-national brands. The conclusion derived shows that there are various appeals that are efficient. For e.g. Emotional appeals are more efficient on young target market, whereas the rational appeals work more efficiently on the older target market. Cost is the key factor which influences the companys decision to adapt a commercial. Whereas regarding the standardization of a television commercial the companys main focus should be the non-geographical elements such as the family culture and humour. Contents 1 Introduction The following chapter will be providing the reader with some background of the area being researched. Problem statement regarding the standardization and adaptation in television ads will be followed by the research. The overall purpose and the related research questions will be concluding this chapter. 1.1 Background Marketing communication is based solely on the method of sharing of the perceptions. The intended message can be successfully communicated only if the senders perceptual field or what we can define as his experience of that brand is in congruence with the perceptual field of the intended market. Thus a message which lands outside the receivers perceptual field has no effect on the receiver. According to Root (1994) the perceptual gaps as well as the encoding and decoding gaps resulting arising due to the cultural differences between the sender and the receiver hinders the communication. Moreover, as a reason of the unawareness of cultures regarding the existence of such gaps the level of communication hindrance increases additionally. In the below figure 1.1, it has been demonstrated by Czinkota and Ronkainen (2004) that efficient communication depends on three main factors: the sender, the receiver and the message. These three factors are interconnected with a message channel. Figure 1: Marketing Communication Process It was also stated by Root (1994) that communication process between the people of the same culture derives an advantage from a high level of congruence in their perceptual fields as well as the similarity between their communication codes. The communication process can be therefore be affected by the cultural hindrance which is justified by Root (1994) saying that many times the sender as well as the receiver of the same culture believe that the message has been clearly understood by them even though it is not the case. Advertising has been defined by Root (1994) as a process of non-personal communication which is sponsored in monetary form to promote a product, a brand or even a company. Advertising has also been recognized as a tool for mass promotion (ibid). According to Laroche and Teng (2006) cultural values are vital for any ad message and it is also a deciding factor for the success of any ad. They have also stated that the people are finding commonalities between then and the ads when their cultural values are embodied in those ads. The vice versa happens when their values are not matching the ad. The assignment of delivering the message to the people is given to the advertising media. Radio, print, television, cinema, hoardings and other outdoors are the leading media considerable for this task. The advertisers are able to demonstrate the service or the product in motion using a number of choices of elements available for this task. The right combination of these elements during the making of the television ad so as to give the message a strong probability of catching the attention of the consumer and getting the message to him is vital to achieve the desired impression on the mind of the consumer. 1.2 Problem Discussion Television ads can also be used to boost the image of the product by showing the product in motion along with the ability to use colour and sound for constructing a desirable environment surrounding the product. The centre of this paper will be television commercials, due to the various factors of television such as vision, colour, sound and motion which are very crucial in presenting the message. Moreover, the study of Brassington and Pettitt (2000) showing that motion ads are considered superior for the generation of emotional appeals also is a factor for the concentration of this paper towards television commercials. The decision of the standardization or adoption of television ad at an international level resides mainly to the manager and his manipulations towards the promotional mix elements. People who support standardization argue by saying that the current trend in the marketing world is of creating the products and marketing them in the same way in all the nations without considering the differences in the various cultures. But when manager sees much higher level of differences in the lifestyles as well as economies of the target market population he renders a higher level of adaption instead of going for the standardization. On the other hand supporters of standardization justifies themselves by saying that using same ads in the overseas markets would help them to achieve lower costs as well as establish a corporate image on a global level. Again the people in support of adaptation say that this wont help them in entrenching themselves into the local markets. According to Root (1994) nations vary widely in quality, availability, cost of marketing, etc. Thus, marketers should thoroughly embody the various cultural variables into their ads as it seems to have a great impact on influencing the consumer as well his buying decision. The research conducted by Chandra (2002) shows that various adaptations in an ads slogan, jingle, theme as well as idiomatic symbols, expressions and colours make the adaption in an ad mandatory. He also stated that it is vital for firm to adapt their marketing campaigns to the regional market targeted in order to realize the profits. Bottom lining this standardization vs. adaptation debate are the factors of economic savings in case of using standardized marketing strategies and the maximum realization of profits in case of adaptation of the strategies so to fit into the local target market. Bradley and Sousa (2005) concluded in their studies non-regional population is likely to be less reactive to the ads which dont match to their cultures. Thus it is mandatory for successful marketing in other nations that the marketers to understand the target populations cultural traits. According to Melewar and Vemmervik (2004) products and brands can, for a time, sustain the cultural difference and homogenization, but this is not the case with ads as they are much more dependent on influencing the consumers through the marketing elements which are closely tied to the culture of those consumers. Due to the use of such verbal and visual factors such as the scenes, regional language and models the ad tends to be effective and hence deriving profits. 1.3 Purpose and Research Question Based on the discussion in the previous section, the purpose of this seminar paper is to provide a better understanding of how the companies standardize or adapt their television commercials in the international markets. Two problem questions are formulated for the reason of helping us to acquire the knowledge required to accomplish the stated purpose. PQ 1. How the elements of television ads that are standardized or adapted can be described? PQ 2. How the factors influencing the decision to standardize or adapt be described? 2 Literature Review This chapter presents an overview of the researches related to the questions stated. This chapter will be starting with studying the elements of television ads. Then studies relating to the factors influencing the choice of standardize or to adapt will be discussed. In the end, a conceptual framework for this paper will be presented. 2.1 Elements In Television Advertising It is concluded in the research of Melewar and Vemmervik (2004) that particularly the Visual and Verbal elements embedded in the ads are more dependent on the differences among cultures. They further stated that the dependence of the effectiveness of the ad is directly proportional to the use of local scenes, models as well as the regional language. Another element Appeal was added by Laroche and Teng (2006). APPEALS Ad Appeals can be defined as a message communicated to the consumers so as to motivate them to buy the related product/service. The choice of the Appeal is the key factor associated with the ads. Kelley and Turley classified them into two categories: Rational Appeal and Emotional Appeal. Rational ads rise from the traditional communication model where the recipient is assumed to make reasonable rational decision. Such ads show the benefits of the product by demonstrating its quality, value, performance and economy and generate self-interest in the mind of the target customer. In contrast to Rational Appeal, Emotional Appeals rely on the emotional perceptions of the consumer. These ads, generally being experimental, generally tend to make the recipient feel good about the relevant product/service generating a likeliness or friendliness towards the brand. Emotional Appeals tend to bring up the negative and positive emotions in the mind of the recipient in order to motivate them for a buying. The negative emotions may include fear, shame or guilt appeals making people do things they should or stopping them for doing things they shouldnt. Whereas, positive emotions include appeals like love, humour, pride or joy. (Albers-Miller and Stafford, 1999) Laroche and Teng (2006) in their recent study have stated that there exists different appeals among different cultures which are able to impact the target consumer in the most efficient manner. And the ad wont be able to achieve the desired result if the target consumer fails to find similarities between themselves and the ads characteristics. Furthermore it is also observed that these variances in the Appeals between the West and the East date back to the ancient times. The reason behind this is thought to be the influence of the Greek philosophers on the culture of the west, emphasizing on Verbal communication. (Muller, 1992) The experimentation on marketing campaigns using violence and shocking appeals were reviewed by Anderson, Hedelin and Nilsson (2004). During the review they concluded that the use of sex as well as violence produced negative impacts on both male as well as the female recipients making it difficult for them to interpret the same message that was tried to be conveyed through that ad. They also found out that there exists a difference among the sexes in the interpretation of the messages. The females were able to relate themselves with the commercials when children are displayed. VERBAL ELEMENTS It has been stated by Nelson and Paek (2007) that the language used in the ad is of much more importance than most marketers realize. Stewart (1994) also supported this thesis by saying that the importance of the use of the regional language becomes a vital factor when the ad is using a dramatized plot approach. The only thing that should be taken care of is that the use of dialects and vernaculars may be interpreted as stereotyping which may not be consumed positively by the local population. Chart : Ducan and Ramprasads (1995) survey illustrating majority of brands opting for adoption of regional language in their ads VISUAL ELEMENTS According to Hewett, Madden and Roth (1999) colour being and significant part of the products, their logos and their packaging is a powerful tool in positioning the brand into the minds of the consumer. It has been stated in the studies conducted by Greenberg and Solomon (1993) it requires a great effort on the part of the directors as well as set creators and many others to choose a scenery and location and numerous other factors like the tone as well as the nuance of the print on which the ad is supposed to be executed. These experts in their respective fields strive to create a compelling environment that will be executed on the ad agencys vision of a way to reinforce the targeted products intended brand image into the mind of the recipient. An influential and persuasive message can be delivered by the product if the ad is well-crafted and presented in a manner which is sensible to the recipient and reinforce the intended message in his mind. OTHERS Cho (1999) argues that a message conveyed by an ad should be in congruence with the values of the local culture. He also supported this statement by saying that the cultural values embodied in the ads are the core of these ads. Most of the time ads endorse, embellish as well as reinforce the cultural values. Moreover, it has been shown with the help of empirical studies that ads which reflect regional cultural values are more persuasive than the ads which dont incorporate them. 2.2 Influencing Factors This part will be analysing various factors that impact the decision to standardize or adapt based on various researches conducted. These will be stated along with explanation through this whole chapter. COST It is stated by Darmon (1999) that one of the reason leading to standardization is cost considerations. Ducan and Ramprasad (1995) also stated that economic gains along with convenience being a key factor leading to standardization. However, they were much amazed when the data of their survey stated cost savings as one of the least priority item. THE ROLE OF HEADQUATERS AND SUBSIDARIES SALE LEVEL In their research Ducan and Ramprasad (1995) that the marketing strategy as well as the follow up are more probable to be changed in the more well-off markets where the holdings of the firm as well as the profit margins are comparatively higher. Still the power of making important decisions of the regional offices depends completely on the level of freedom offered by its parent company. MACRO FACTORS According to Chandra (2002), these factors vary considerably from nation to nation and affect the decision making process very much based on the nations legal, political and economic factors along with the marketing scenarios. For e.g. in south Korea, only the nations models are allowed to be featured in the ads. SINGLE BRAND IMAGE Ducan and Ramprasad (1995) concluded in their studies that the single brand image is the most influencing reason for standardization. It is also suggested by Vrontis (2003) that through the use of single brand image a company can significantly establish its global brand image. And due to the global broadcasting by the media as well as consumer mobility standardization is much favoured as compared to earlier times. PRODUCT CATEGORY As compared to the products/services which are likely to be purchased on the basis of the regional cultures, products/services which show uniform consumer buying habits are more likely to employ a standardized marketing strategy. For e.g. electronic goods are used the same way across different cultures in contrast to food items which are more likely to be consumed in the traditional fashion. DEMOGRAPHIC, PSYCHORGAPHIC AND CULTURAL CHARACTERISTICS It is stated by Chandra (2003) that the use of standardization depends on the existence of the homogeneous market segments. If such market exists than the consumers are more likely to behave in the same manner across the markets and share a common buying habit. EXPLOITING A SUCCESSFUL IDEA Ducan and Ramprasad (1995) stated that when an effective idea or strategy have taken a great time in its development and is successfully producing positive results, the firms are very keen on using this idea across different markets so as to reap the costs incurred in the production of that strategy. NOT INVENTED HERE When the multinational agencies are trying to use standardization, their regional subsidies are often uncomfortable with the imposition of their ideas and often defend their reasoning by tagging it as not invented here and hence lacking creativity. 2.3 Conceptual Framework The conceptual framework is defined by Miles and Huberman (1994) as a visual, graphical or audible description of a study explaining it. They can be constructs, factors, elements or variables and the relationship links between them. They also state that if the research questions have been stated first than it is much easy to form the conceptual framework. Thus for answering the research questions we have to first state on what basis we have collected the data. First, the relevant theories for the first question will be stated followed by the relevant for the second question. 2.3 Conceptualization Elements of Television Advertising Laroche and Teng (2006) found out the various appeal elements of ads, whereas Melewar and Vemmervik (2004) have classified them into visual and verbal elements. Appeals Rational Culture Emotional Speech elements Sound National Language Visual elements Scenery Models 2.3.2 Conceptualization Influencing Factors There are various different factors influencing the decision of going for standardization or adaptation for the television ads. The related theories will be analysed and equated with data collected: Cost Demographic, psychographic and cultural characteristics Macro factors Single brand image Product category 3. Methodology In this chapter the methodology used in the research will be presented. This chapter begins with the purpose, approach and Strategy used in the research followed by data collection and selection of sample. This chapter will be concluding with the problems faced during the methodology study. 3.1 Purpose of Research List of references dAstous, A. Chartier, F. (2000, Fall). A Study of Factors Affecting Consumer Evaluations and Memory of Product Placement in Movies. Journal of Current Issues and Research in Advertising, 22, 31-40. dAstous, A. Sà ©guin, N. (1999). Consumer Reactions to Product Placement Strategies in Television Sponsorship. European Journal of Marketing, 33, 896-910. Avery, R. J. Ferraro, R. (2000). Verisimilitude or Advertising? Brand Appearance on Prime-Time Television. The Journal of Consumer Affairs, 34, 217-244. Bloor, M., Frankland, J., Thomas, M., Robson, K. (2001). Focus Groups in Social Research. London: Sage Publication Ltd. Denscombe, M. (2000). Forskningshandboken. Lund: Studentlitteratur. Eriksson, L. T. Wiedersheim-Paul, F. (2001). Att Utreda Forska och Rapportera. Malmà ¶: Liber Ekonomi. Graser, M. (2006, February). TVs Savior? Advertising Age, 77, ps1-S2. Gupta, P. B., Balasubramanian, S. K. Klassen, M. L. (2000, Fall). Viewers Evaluations of Product Placements in Movies: Public Policy Issues and Managerial Implications. Journal of Current Issues and Research in Advertising, 22, 41-52. Paying to Avoid Ads. (2004, 7 August). Economist, 372. Russell, C. A. (2002, December). Investigating the Effectiveness of Product Placements in Television Shows: The Role of Modality and Plot Connection Congruence on Brand Memory and Attitude. Journal of Consumer Research. 29, 306-318. http://www.tv.com/american-idol/show/11307/summary.html?full_summary=1 [2006, May 21]. Wenner, L. A. (2004). On the Ethics of Product Placement in Media Entertainment. Journal of Promotion Management, 10, 101-132. You be the Judge. (2004, 17 May). Brandweek, 45, pSR40-SR42.

Importance of Philosophy in the Modern World :: Philosophy Religion Essays

The Importance of Philosophy in the Modern World Many of the philosophers we have been reading in class seem to me to be hopelessly dated (although some of them express useful ideas and/or make good points). Of course, it's easy to become trapped in writing only for the period a person lives in, and a philosophy is necessarily dependant on the historical situation and the extent of man's knowledge. And many of the philosophers who have existed over the course of the centuries have necessarily had to worry about governmental, church, or societal disapproval, censorship, or punishment. (Socrates, for instance, was sentenced to death by a court for the crime of explaining his ideas.) However, Victor Hugo said that if he were writing for his own time only, he would have to break his pen and throw it away (or something like that). As so it seems that, in order for a philosopher to be relevant for the future as well as the present, he must take into account all of the objections to his philosophy which can be anticipated at the present time. (Since we are not omnipotent, that's the best we can do.) And it seems to me that the most frequent objections to modern and premodern (but not postmodern) philosophers come from the incompatibility of their philosophies with what is considered to be established scientific fact. For instance, Plato's theory of forms does not, to me, seem to jibe with modern physics and cosmology. And although I can only vaguely glimpse the psychology which underlies Kant, it seems to be highly questionable. (In my view, application of Kant's epistemology and metaphysics could never produce an artificial intelligence capable of passing a Turing t est.) And so, it seems to me, the best way that a philosopher can keep from being dated (not in the romantic sense; many seem to have no problem with that) is to be aware of scientific knowledge, and integrate it into philosophy. Of course, this necessitates an independent evaluation of the merits and drawbacks of a given scientific idea, which necessitates, in turn, a thorough knowledge of that theory. After all, physics can (it seems to me) give us insights into metaphysics, since both seek different ways to do the same thing; psychology, sociology, anthropology, and archeology can give us insights into epistemology; various "soft" sciences dealing with comparative cultures can provide food for thought in ethics, and so on.

Flag of the United States and U.s. Car Maker Essay

1. In your opinion, what were the most important design considerations for BMW when redesigning the Mini for the U.S. car market? As for U.S. car maker, the first place that they should redesign the image and the style of the BMW. As to suit the market, BMW should make the car a little larger; add some modern bits inside of the car. As I know, they highlighted the British theme by adding extras like the flag on the roof, therefore, as for the U.S. car maker, they also can add the extras like American flag on the roof, and even they can design the car cover of the American flag. 2. What would be the most important benefits to design into this car for the targeted market segment(s)? The targeted market segments for Mini are people who are 24-32, young white-collar, urban professionals who owned their â€Å"first car†, which is adventurous, extraverted and car for personal users. As we know the Mini’s target market are people who are 24-32 years old, who just graduate from university or have their first job. Therefore, the social media is very important to them. Company can insert the social app like Twitter and Facebook to and Web Radio to the car, which you can receive the status updates and tune into online radio stations via iphone and to listen to them in Mini. Create a Mini website which let car owner customize their own outfits of the car. 3. What would be the key points of discussion between design and other functional areas within BMW in order to deliver a car with the desired benefits? As my point of view, between design and functional areas, the key points of discussion are cost, environmental problems and ethical issues. In order to deliver a car with the desired benefits, company should consider about the cost of product. Even though the design may increase the sales, but reasonable cost will determined by the management of company. In addition, increasingly people pay attention to the environmental problem, except build a designable car with other functions, company also should take care of the environment, such as the emission issue. As for ethical issue, when find out the small pitfall of a BMW, company should recall it immediately, cannot do like Ford Company’s Pinto case, should assume the responsibility. 4. More broadly, when a car such as the Beetle or Thunderbird is redesigned or given a facelift for the modern car buyer, what are the design pitfalls and concerns, and specifically, what kind of market research should be conducted to ensure that the pitfalls are avoided? When a car such as the Beetle or Thunderbird is redesigned for the modern car buyers, the most concerned issue is safety. Some of the redesigns want to satisfy the demands of consumers, however ignore the safety issues. In my opinion, the Primary research is research that design and conduct by ourselves. Several tools are available to the market researcher—e.g., mail questionnaires, phone surveys, observation, and focus groups. Research will often help us reduce risks associated with a new product, but it cannot take the risk away entirely. It is also important to ascertain whether the research has been complete.

Physical and Mental Effect of Teenage Pregnancy Essay

One of the most traumatic and devastating effect of teenage pregnancy is making it difficult for the girl to continue her education. And this is verily alarming especially here in the Philippines. It is a major contributor to poverty, single parenthood, and limited futures for adolescents and their children that is why it is so significant to attend to the problem now and not later. We must help young parents rise above what the statistics forecast. We can no longer look the other way when it comes to the issues our youth face today whether it is drugs or alcohol abuse, crime, sexual orientation, sexually transmitted infections or pregnancy. Our community must work together to empower, educate and encourage these individuals. We can address these issues by offering workshops on life skills such as budgeting, parenting, and financial planning. Young parents need access to resources in terms of rehabilitation, communication, parenting classes, relationship counseling and training. Successful intervention methods must be established to resolve teenage pregnancy issues and teenage mother’s predicaments The sexual revolution has ushered in a period in which the average adolescent experiences tremendous pressures to have sexual experiences of all kinds. Filipino teens get a higher exposure to sex from the Internet, magazines, TV shows, movies and other media than decades ago, yet without any corresponding increase in information on how to handle the input. So kids are pretty much left to other kids for opinions and value formation when it comes to sex. Sexual misinformation is therefore equally shared in the group. Parents at home and teachers in school feel equally inadequate or uneasy to discuss the topic of sex with youngsters. The problem mounts because theirpeers has a more profound influence than parents do and they exert pressure and expect the adolescent to conform to the rest of them. Teen pregnancy has become known to be one of the most serious social problems in thewhole world. The youths today is at high risk of becoming an early and immature parent who areexpose to a malevolent behaviors. This issue is a severe family stressor that may quickly lead toa family crisis. The main objective of this research is to consider the physical and mental health ofapregnantteenager. As well as the cause and effect of pregnancy to the teenager and their social interaction. The heart of a mother is a deep abyss at the bottom of which you will always find  forgiveness†. Teenage pregnancy in the Philippines Teenage pregnancy in the Philippines is increasingly becoming a major cause of concern. There is a rising trend of young women becoming mothers and majority of whom are unmarried. Young pregnant women are more vulnerable to death during pregnancy while childbirth and huge number are not physically and emotionally prepared for motherhood. This is a direct reflection that there is inadequate and inaccurate information on adolescent pregnancy and not enough priority is given to maternal and child health care. If pregnancy occurs, teenagers and their families deserve honest and sensitive counseling about options available to them, from abortion to adoption. Special support systems, including consultation with a child and adolescent psychiatrist when needed, should be available to help the teenager throughout the pregnancy, the birth, and the decision about whether to keep the infant or give it up for adoption. The ability to talk openly about problems is one of the most important aspects of the  parent and child relationship. Developing this relationship  and open communication takes time,  persistence, and understanding. The relationship develops gradually  by spending time with the child. Meal times, storytelling, reading, playing games, outings, vacations, and celebrations are important opportunities for parents to spend time with their child. Parents should also try to spend some individual time with each child, particularly when talking about difficult or upsetting things. This relationship creates the foundation for talking with the child when struggles and conflicts  emerge  during  adolescence. Whatever feelings you’re experiencing, this is likely to be a difficult time for your family. The important thing to realize is that your teen needs you now more than ever. Being able to communicate with each other – especially when emotions are running high – is essential. Teens that are carrying a baby to term have special health concerns, and your child will have a healthier pregnancy – emotionally and physically – if she knows she doesn’t have to go it alone.

Killer Submarine essays

Killer Submarine essays Submarine Secrets in the Cold War is about sleek, black killing machines called submarines. For forty years submarines lived in the lines of the Cold War between the United States and the Soviet Union. There are always secrets and questions to what really took place. The U.S. had pushed technology as had as they could. The U.S. had created the ultimate submarine called the killer shark. This submarine was equipped with a computerized system, five control sub missiles and sonar range. The killer shark can dive deeper and more silently than ever before, it was considered the most advanced submarine. But something tragic had suddenly happened. Then, five years later it happened again but this time with a submarine called the Scorpion. No one likes to talk about it. Secrets were kept for twenty- five years. Under water microphones were also created and used by the U.S Navy. This was a device to detect multiple code- books, missiles, and torpedoes 17,000 feet below. They then used what was called Glomar Explorer, a ship used to lift old submarines off the oceans floor. This ship had a claw attached that weighed 15 million pounds and was the size of a football field. The device called the Deep Submergents rescue vehicles (DSRVS) was built to be buried on the Russians territory and detecting over 1200 miles. Recently, there was a collision between the USS Greeneville and a Japanese fishing trawler. This accident leaves 9 civilians dead. Submarines are weapons of all weapons of the Cold War and they still ...

Taylor and Nagel Both Represent Absurdity As A Function of Perspective †Theology Essay

Taylor and Nagel Both Represent Absurdity As A Function of Perspective – Theology Essay Free Online Research Papers Taylor and Nagel Both Represent Absurdity As A Function of Perspective Theology Essay Taylor describes the absurdity of life as represented my the myth of Sisyphus, condemned by the gods to eternally roll a rock up the mountain side only to have it roll back down just before it reaches the top. This endless, meaningless activity is his doom, and an ideal illustration of the absurdity of life. Taylor further analyses the situation of Sisyphus. Would the situation be less absurd were he to ever accomplish his task? No, it would not; for then he would be left in infinite boredom for all eternity. Would it be less absurd if he was attempting to accomplish some larger task such as building a temple? That would provide meaning, but if he finished then he would, in some respect, be left in the previous situation of boredom. He could avoid this by continuing to build temples, but does that not leave him in ultimately the same absurd situation? However, what if he enjoyed it? Then life would not be absurd to him, it would be a kind of paradise: to be allowed to do forever that which is the greatest desire of his heart to do. This is Taylor’s conclusion: a life is meaningful, and therefore not absurd to the creature, so long as the living being takes pleasure in the activity. Meaning can only be understood from within. Looked down upon from the outside, anything can be considered meaningless and absurd. It only comes from within, where the being has a purpose and desires to accomplish his task. Ultimately, that is where all meaning must lie. Nagel holds much the same view. He realizes that anything we do can in some way be regarded as absurd. Humans have a unique ability to view ourselves and our situation from an outside perspective. We can be spectators of our own lives. Yet it is precisely at that moment when we see our lives as absurd: when there is a conflict between the way we view our lives while living in them, *Actually his point is more that we dont view our lives while living them, we just live them. The contrast is between the seriousness with we take our life, and its objective meaninglessness and the way we view our lives when looking upon them from an outsider’s perspective. So long as we take our lives seriously, and avoid the spectator perspective, our lives seem full of meaning. But the moment we step outside of ourselves at look down on our lives from above, we become like the philosopher who steps outside himself and can therefore doubt whether he can really know anything at all. But just as the philosopher must assume that he does in fact know something in order to function or to carry on a discussion. In the same way, we must assume that there is in fact purpose to our existence in order to function in the universe. Nagel’s conclusion, therefore, is similar to Taylor’s. If nothing matters, then the very fact itself that nothing matters does not matter. And so, we can approach our lives with a sense of irony, and need give little attention to the spectator’s position, which does not in the least help us to enjoy or appreciate anything in our lives. Research Papers on Taylor and Nagel Both Represent Absurdity As A Function of Perspective - Theology EssayMind TravelEffects of Television Violence on ChildrenIncorporating Risk and Uncertainty Factor in CapitalBionic Assembly System: A New Concept of SelfAnalysis Of A Cosmetics AdvertisementLifes What IfsCanaanite Influence on the Early Israelite ReligionCapital PunishmentTrailblazing by Eric Anderson19 Century Society: A Deeply Divided Era

Case

Telefonica de Espana. Does your analysis lead to the same conclusions as Telefonicas managers? The textbook explains SWOT as an acronym for â€Å"Strengths, Weaknesses, Opportunities, and Threats†. Strengths; Telefonica is a monopoly at this time because it is state owned and this is a major strength for them. The fact that Spain’s culture and language is similar to the market in South America is a major advantage as well. Weaknesses; According to the textbook the prices associated with Telefonica’s service was high. Competitors were looking to exploit this by offering cheaper service with better technology. Companies who could lower their profit margin are a major concern for Telefonica. Opportunities; The deregulation of telecommunications in South America (with the cultural similarities as I mentioned before) seemed to be the perfect opportunity to enter this market and be successful. Threats; Due to the many complaints from their customers Telefonica faces many threats from competitors in this â€Å"new market†. There is a chance that they may not survive in this market if they do not provide better service and technology. 2. How would you characterize the corporate strategy adopted by Telefonica? 3. Minority investors in Telefonicas South American subsidiaries are unhappy with the parent corporation. Suppose you are a senior manager at the parent corporation. How would you handle the problem with the minority investors? What would you recommend to the CEO should be done about the minority investors? 4. The Latin American telecommunications market is growing much faster (12. 6 percent in 2007) than that of Spain or Europe, both of which grew at a 4. 9 percent rate in 2007. Should Telefonica have continued to focus on the Latin American market, rather than acquire O2 and Cseky? What about its purchase of a minority position in China Netcom?

Play response paper assingment Essay Example | Topics and Well Written Essays - 250 words

Play response paper assingment - Essay Example e of play is entirely different, the ability of the actors to provide a sense of entertainment and interest through the use of their voice and the movements they perform is reminiscent of Jean Paul Sartre’s â€Å"No Exit†. The intrigue and central plot devices of this particular story revolve around two mischievous servants who have gorge themselves on the succulent sugary feast that their master has left behind. Aware of the fact that what they have done is inherently wrong, the servants try, unsuccessfully, to cover up their act. The manner in which the servants use their voice and movement is central is relaying to the audience the confusion, idiocy, and comedic ways in which the servants try to hide the evidence of what they have just done. Furthermore, without the availability of elaborate set design and/or complex costumes, the weight of the performance is solely rooted in the actor’s ability to express themselves through these mechanisms to their audience. Likewise, without such a performance, the comedic device of the play would not be related to the

Yiddish Literature Essay Example | Topics and Well Written Essays - 1000 words

Yiddish Literature - Essay Example ‘Joy’ is the story of a Rabbi who loses faith in his God with the adversities in his life. The Rabbi loses his children to death through sickness. His wife’s nagging and the tragedy makes him to question the existence of God. His faith trembles and he talks of shifting his belief to religion that believe in idol worship (Singer 32). He realizes that everything exist because his body makes him to feel the existence. Through the touch of the Berries and the cold water, he understands that the existence is momentary and so he does not have to worry about anything as he can’t do anything about it (Singer 33). This is the fact of life. When you experience difficulties that goes beyond your capacity of suffering, you start losing faith in your religious beliefs and question the existence of God. The absurdity of the situation is realized by the Rabbi in his deathbed. He sees the figures of his four sons, two daughters, grandfather and his father in the form of light and realizes that even when they are trying to come close to him, there is a restraint exercised on them which looks like fence. He becomes enlightened and just before dying tells Reb Abraham Moshe that one should always be joyous (Singer 37). The grotesque element makes him realize there is no point in missing the opportunity of being joyous on earth in hope of getting the joy or freedom after death in heaven. Vasil is a boy who hates and fears violence in his childhood but grows to be a soldier who resorts to violence and kills hundreds of his enemies himself. As a child he suppresses his fears

Environmental Managent Annotated Bibliography Example | Topics and Well Written Essays - 500 words

Environmental Managent - Annotated Bibliography Example mping them to the bottom of the ocean has been captured vividly on camera which provides proof of the project known as â€Å"The Next Stop Atlantic (Zolfagharifard, 2015).† The article discusses about different environmental management issue the first being recycling. Recycling is being encouraged in order to save the environment from harmful effects associated with wrongful disposal of the used products (Wehrmeyer, 2011). The other issue in discussion is that of prevention of pollution. Pollution and especially air pollution is known and documented to destroy the environment as well as the ozone layer (Uberoi, 2004). With the used subway cars being dumped in the floor of the ocean instead of burning them, then massive air pollution has been prevented. Lastly is the issue of saving aquatic life and providing them with a longer life span as well as a chance at reproduction. The ocean just like land is full of predatory animals and fish which hunt the fish species and eats them or live off eating their spawn once laid. There are not enough corals to hide all the aquatic life and hence the subway cars provide other artificial corals where the fish can hide and reproduce without danger (Hill & Gale, 2009). The project uses very minimal resources but the resultant environmental impact is very great and positively encouraged (Thomas, 2005). Literature on environmental management impact indicates that recycling is among one of the cheapest form of management. This is compared against the resources used to destroy the recycled materials (Ghosh, 2003). The increased campaign of this project not only in New York and US but the whole world in general should be encouraged. It is guaranteed to reduce the negative impact of pollution as well as ensure the used cars are properly disposed. According to Figueroa & De Chile (2008), environmental management is a very simple thing if only people start thinking outside the box. Once the human beings assist the marine life increase

IOM Assignment Example | Topics and Well Written Essays - 250 words

IOM - Assignment Example When the country is equipped with such a big number of professionals, it becomes much easier to satisfy the diverse needs of clients throughout the nation (DeWit 322). The acquisition of a baccalaureate degree is of great value because it can improve the standard of healthcare in the country. Therefore, it should be implemented by bringing the public and private sector together. First, the health care organizations within the country should urge all the nurses with diploma and associate degree qualifications to enroll for a baccalaureate degree program upon the completion of their courses (DeWit 319). Besides, both the public and private funders should be ready to work as a team. They should allocate enough funds to support bac ­calaureate programs. This would enable many nurses to enroll for it. Last, but not least, the U.S. Secretary of Education, Health Resources and Services Administration and other agencies should avail loans and grants for the nursing students who are willing to pursue baccalaureate degree programs. These would make it much accessible to them whenever they need

Professional Development for Elementary Teachers, Team Building for Essay

Professional Development for Elementary Teachers, Team Building for Elementary Teachers and Teachers as Mentors in Elementary Schools - Essay Example One might conclude that under these circumstances, it would be nearly impossible for students to succeed in a Baltimore City Public School. However, the question of how educators can enhance student performance (specifically student test scores and attendance) in public schools has been widely discussed and explored by educational practitioners. In fact, educational reformers have developed different strategies to enhance student performance in public city schools. Empowering teachers both inside and outside the classroom seems to be at the forefront as a key intervention for teachers in public elementary education today (Supovitz, p. 1591). Educational practitioners and researchers alike agreed that teachers can best empower themselves by engaging in different activities like professional development, team-building, mentoring. Such activities would not only empower teachers but they would also improve student performance. Education is a life long process, especially for those who are educators. In the field of education there are always new developments, and for a teacher it's important to be up to date on the knowledge concerning a subject, as well as the most effective teaching methods to ensure that students have the best chance possible to succeed in school. It's important that teachers continue their education to better serve incoming students' needs. Professional development is viewed as a vital part of being a teacher. The most prominent form of professional development is traditional one, but there is also a technology-enhanced one that is becoming more readily available. Team building process of teaching community is to improve the educational system. According to G. Maeroff (1993), 'the nucleus or team would assume ownership of new ideas and learn strategies for implementing them and for winning adherents among their colleagues in the school community' (p. 513). Researchers suggest that education might be improved by the formation of school teams of committed people who are prepared to take risks inside and outside their own classrooms. And Maeroff concludes that 'the greatest value of teams will be as vehicles for bringing improvements to teaching and learning' (p. 519). 'Existing' teachers mentoring other teachers is also an important point to take into consideration. This mentoring uses experienced master teachers who support and assist both novice and experienced teachers new to the district or a particular school. In team frame mentors should be team leaders, committed to professional growth, be confident and caring people. Only in this case it will bring the best results for both educators and students. The teaching environment should follow collaborative scheme, thus providing opportunities for discussion, reflection, and follow-up. Professional development for teachers in public elementary schools Elementary children learning is of strategic importance for both their future and that of the nation. Elementary teachers must be prepared with the knowledge, skills, values and techniques to interact successfully with children, parents, colleagues, administrators, and others who affect children's lives. They must adapt to the interests, learning styles and needs of individual children in a complex, rapidly changing and culturally diverse society.

Writing to solve Essay Example | Topics and Well Written Essays - 1750 words

Writing to solve - Essay Example Increased exercise and workout can result in reducing critical health issues such as obesity. Herein, it should be noted that United States is well-known all around the world as an obese nation. A large budget is spend every year for spreading awareness concerning obesity. Access to public parks can allow the government to cut down on the cost that is being accounted because of the increased prevalence of obesity in United States. Furthermore, as per the recent evaluation, it was observed by the American Journal of Preventive Medicine that if people are given access to areas and activities for physical exercise then the rate of obese people can be reduced to a high extent. At the same time, there were other results noted as well. It was observed that people who had access to public parks were able to regain their energy and remained active in their daily routine. Similarly, various researches found out that children who live closer to Public Parks are more inclined towards making physical activity their routine activity that allows them to maintain their weight right from the early age (Garvin, 2011). However, the critical aspect is that despite increased awareness concerning access to public parks and its impact of health, very few communities in United States have access to the parks. As per the statistical underpinning, the issue of lack of public parks is evident in urban areas of United States. Talking in general about New York City, less than 1.5 public parks are available per 1000 citizens. It is due to this condition that people ignore the significance of undertaking daily exercise. Also, low-income citizens are not able to afford expensive memberships of gyms (Maron, 2013). The major issue or barrier that has been noticed in the planning of public parks is the increased parking lots that take up a lot of area in urban areas such as New York City. Therefore, it is suggested that the high towers such as Corrigan

Professional Development for Elementary Teachers, Team Building for Essay

Professional Development for Elementary Teachers, Team Building for Elementary Teachers and Teachers as Mentors in Elementary Schools - Essay Example One might conclude that under these circumstances, it would be nearly impossible for students to succeed in a Baltimore City Public School. However, the question of how educators can enhance student performance (specifically student test scores and attendance) in public schools has been widely discussed and explored by educational practitioners. In fact, educational reformers have developed different strategies to enhance student performance in public city schools. Empowering teachers both inside and outside the classroom seems to be at the forefront as a key intervention for teachers in public elementary education today (Supovitz, p. 1591). Educational practitioners and researchers alike agreed that teachers can best empower themselves by engaging in different activities like professional development, team-building, mentoring. Such activities would not only empower teachers but they would also improve student performance. Education is a life long process, especially for those who are educators. In the field of education there are always new developments, and for a teacher it's important to be up to date on the knowledge concerning a subject, as well as the most effective teaching methods to ensure that students have the best chance possible to succeed in school. It's important that teachers continue their education to better serve incoming students' needs. Professional development is viewed as a vital part of being a teacher. The most prominent form of professional development is traditional one, but there is also a technology-enhanced one that is becoming more readily available. Team building process of teaching community is to improve the educational system. According to G. Maeroff (1993), 'the nucleus or team would assume ownership of new ideas and learn strategies for implementing them and for winning adherents among their colleagues in the school community' (p. 513). Researchers suggest that education might be improved by the formation of school teams of committed people who are prepared to take risks inside and outside their own classrooms. And Maeroff concludes that 'the greatest value of teams will be as vehicles for bringing improvements to teaching and learning' (p. 519). 'Existing' teachers mentoring other teachers is also an important point to take into consideration. This mentoring uses experienced master teachers who support and assist both novice and experienced teachers new to the district or a particular school. In team frame mentors should be team leaders, committed to professional growth, be confident and caring people. Only in this case it will bring the best results for both educators and students. The teaching environment should follow collaborative scheme, thus providing opportunities for discussion, reflection, and follow-up. Professional development for teachers in public elementary schools Elementary children learning is of strategic importance for both their future and that of the nation. Elementary teachers must be prepared with the knowledge, skills, values and techniques to interact successfully with children, parents, colleagues, administrators, and others who affect children's lives. They must adapt to the interests, learning styles and needs of individual children in a complex, rapidly changing and culturally diverse society.

American Interventions Since World War Ii Essay Example for Free

American Interventions Since World War Ii Essay Since 1940, the United States has a long history of foreign interventions, long since leaving behind its former isolationism. Its motives have included the urge to fight fascist aggression, the desire to contain communism’s spread (and protect American economic interests), and preserving American access to plentiful Middle Eastern oil. Before December 1941, much of the American public favored isolation from world affairs, especially in the wake of World War I, to many a pointless conflict. However, others looked warily at the spread of fascism and militarism in Europe and eastern Asia. President Franklin Roosevelt believed by 1938 that the conflict would eventually draw in the United States, and he wanted to assist the United Kingdom in its war against Germany (which it fought with virtually no help beyond American aid programs like Lend-Lease). Roosevelt, aware that many Americans were wary of another futile war, framed the conflict in moral terms, presenting Hitler’s fascism and Japan’s militarism as evils that needed eradication by the forces of democracy. He cautiously began preparing the nation for war by expanding the armed forces and defense economy, aiding the British, and imposing embargoes on oil and metal sales to Japan, vainly hoping that Japan’s military-run government would desist from its aggressive expansion throughout eastern Asia. The Cold War began almost immediately after World War II, giving the United States no real opportunity to revert to isolationism. By mid-1945, the Soviet army had already occupied much of eastern and central Europe, claiming its right to â€Å"buffer nations† and using a dying Roosevelt’s agreement at Yalta to justify their domination of Poland, Hungary, Czechoslovakia, and much of the Balkan region. Very quickly, the Soviet Union began expanding its assisting communist rebels in various nations, and the United States saw a threat not only to its own dominance but also to capitalist economies abroad (many tied to American economic interests). Aware that much of Europe was devastated and impoverished by the war (and thus vulnerable to Soviet influence), the Truman administration actively intervened in European affairs with aid packages like the Marshall Plan, the Truman doctrine (which led to American intervention in Greece and Turkey, where communist insurgents actively sought control and the British were unable to cope), and the creation of NATO as a military response to the Soviets. The Cold War also drove the United States to intervene further in Asia, after the communist takeover in China in 1949 and the outbreak of hostilities between North and South Korea in 1950 (which turned into a sort of proxy war between the United States and China). After a cease-fire halted the Korean conflict in 1953 (indeed, it has not officially ended and American troops remain there in large numbers), the United States followed the policy of containment, initially outlined in 1946 by George Kennan NSC-68 document. Accepting the existence of both the Soviet Union and China, American policy aimed to prevent communist expansion into other nations, particularly the newly-independent Third World nations that had been European colonies before 1945. This often involved behind-the-scenes support of various regimes (sometimes democratic, often authoritarian and repressive) Though Lyndon Johnson framed the Vietnam War in Cold War terms, using the â€Å"domino theory† to argue that halting communism in southeast Asia was pivotally important, the conflict’s roots lay in the mid-1940s, when the Vietnamese declared independence from France and fought an eight-year war for liberation, ending with France’s defeat at Dien Bien Phu in 1954. The United States, which began providing aid to France as early as 1950, increasingly viewed Vietnam’s fight to reunify under Ho Chi Minh through the lens of Cold War thinking, and Johnson approached the war as a battle against communist expansion, rather than as a guerrilla war for national liberation and unity. In the Middle East, American interventions generally concerned both the region’s rich oil supplies and the nation of Israel, whose independence the United States recognized within minutes of its declaration in 1948. American support for Israel was motivated in part by Truman’s sympathy for the Jews, given their horrific experiences under Nazism) complicated relations with Arab states and incurred long-lasting Arab mistrust of the United States. In addition, the United States (being the world’s largest oil consumer) was eager to protect the region’s vast oil fields from the Soviets and drove the United States to support dictators such as the Shah of Iran and later Iraq’s Saddam Hussein – with negative consequences in both cases. When communism ended as an international threat, American leadership increasingly viewed Arab extremism as the new threat to its hegemony. The Gulf War of 1990-1991 grew from Iraq’s invasion of Kuwait, which upset the region’s political status quo and jeopardized the West’s access to Kuwaiti oil. The current conflict in Iraq is a continuation of this, as well as an effort to assert American authority in a region which has long regarded the United States with suspicion and disdain. Economic and geopolitical motives were the chief factors behind American interventions abroad after 1940. The United States entered World War II to fight fascist aggression and expansion, while the Cold War was a struggle against both growing communist influence and the resulting threats to global capitalism and Vietnam transformed from efforts to help a colonial power to a Cold War fight. Finally, American activity in the Middle East has been motivated by a desire to keep the region a stable and dependable source of oil, as well as a desire to combat Muslim extremists aiming to undermine American domination. REFERENCES Boyer, Paul S. et al. The Enduring Vision. Third edition. Boston: Houghton Mifflin, 1998. Goldfield, David et al. The American Journey. Third edition. Upper Saddle River NJ: Prentice Hall, 2005.

Balance Of Payment And Exchange Rate In Egypt Economics Essay

Balance Of Payment And Exchange Rate In Egypt Economics Essay Is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Thereby, Egypt is a transcontinental country, and is considered to be a major power in North Africa, Mediterranean Region, African continent, Nile Basin, Islamic World and the Red Sea. Covering an area of about 1,010,000  square kilometers (390,000  sq  mi), Egypt is bordered by the Mediterranean Sea to the north, the Gaza Strip and Israel to the northeast, the Red Sea to the east, Sudan to the south and Libya to the west. Egypt is famous for its ancient civilization and some of the worlds most famous monuments, including the Giza pyramid complex and its Great Sphinx. The southern city of Luxor contains many ancient artifacts, such as the Karnack Temple and the Valley of the Kings. Egypt is widely regarded as an important political and cultural nation of the Middle East. Part 1 Balance of payment and Exchange Rate in Egypt: Balance of payments transactions are usually tabulated under two broad categories, current account and capital account. Current account includes visible (merchandise) trade as well as invisible items, such as tourism, shipping, and profits and other moneys earned overseas. Here is the results of studying an annual report for balance of payment and exchange rate in Egypt : The Year Balance of Payment (BOP) Exchange Rate The Comment 2005 5.5 billion 1$ = Selling price:1$ =5.77 Egyptian pound Purchasing price:1$=5.23 Egyptian pound Thats mean that the export rate will be greater than the import rate. So, the income of Egypt in this year is in good situation and it was the best situation in the last 5 years 2006 2.7 billion 1$ = Selling price:1$ =4.34 Egyptian pound Purchasing price:1$=5.99 Egyptian pound Thats mean that the export rate less than the import rate. So, the income of Egypt in this year is decrease and it was the worst situation in the last 5 years. 2007 3.1 billion 1$ = Selling price:1$ =4.76 Egyptian pound Purchasing price:1$= 5.00 Egyptian pound Thats mean that the export rate more than the import rate. So, the income of Egypt in this year is start increase again 2008 4.1 billion 1$ = Selling price:1$ =5.3 Egyptian pound Purchasing price:1$= 4.33 Egyptian pound Thats mean that the export rate more than the import rate. So, the income of Egypt in this year is still increasing 2009 5.38 billion Selling price:1$ =5.5 Egyptian pound Purchasing price:1$=5.23 Egyptian pound Thats mean that the export rate will be greater than the import rate. So, the income of Egypt in this year is increased Part 2: Economic reform in Egypt In The Political Economy of Reform in Egypt: Understanding the Role of Institutions, Carnegie Middle East Centers Sufyan Alissa finds that economic reform, considered a priority by the Egyptian government, has not been fully effective for three reasons: it lacks public support, Egypt has failed to foster a competitive business environment, and the lack of dynamic and transparent institutions.   Alissa argues that Egypt lacks the institutional capacity to implement better-coordinated reform programs that address its socioeconomic realities, including widespread poverty and unemployment, high inflation, and a soaring public debt. Reform is needed to improve the efficiency of Egypts bureaucracy, increase the accountability and transparency of politicians, and widen political participation for Egyptian citizens. Key Findings: à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Egypt has failed to create a healthy and competitive environment for business development. Despite the passage of many laws to organize the business environment, the government has not developed an effective enforcement process for these new laws, and little progress has been made in the fight against corruption. à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Economic reform lacks popular support in Egypt as reforms are perceived to cause more harm than good as previous reforms have consistently failed to address socioeconomic problems. Furthermore, future reforms are predicted to increase the gap between the Egyptian rich and poor before the masses can feel the positive effects. à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  The majority of the private sector and civil society is excluded from the debate over Egypts economic reform strategy. Public participation is crucial for advancing civil society institutions and promoting an effective role in designing and implementing comprehensive economic reform. Given the nature of the Egyptian state and the main actors in the market and civil society, developing the necessary institutions and, most important, making them function properly within a short period of time seems unrealistic. Hence, Egypt should make the choice: Either start developing these institutions soon or lag behind. Building these institutions is the responsibility not only of the Egyptian state but also of the private sector and civil society, contends Alissa. Part 3: Monetary Policy in Egypt: Egypts Monetary Policy Objective: Law No. 88 of 2003 of the Central Bank, Banking Sector and Monetary System entrusts the Central Bank of Egypt (CBE) with the formulation and implementation of monetary policy, with price stability being the primary and overriding objective. The CBE is committed to achieving, over the medium term, low rates of inflation which it believes are essential for maintaining confidence and for sustaining high rates of investment and economic growth. The Governments commitment to fiscal discipline is important to achieve this objective. Fiscal Policy in Egypt: Fiscal policy is the use of Egyptian government spending and taxation to influence the economy. When Egyptian government decides on the goods and services it purchases, the transfer payments it distributes, or the taxes it collects, it is engaging in fiscal policy. The primary Egyptian economic impact of any change in the government budget is felt by particular groups-a tax cut for families with children, for example, raises their disposable income. Discussions of fiscal policy, however, generally focus on the effect of changes in the government budget on the overall economy. Although changes in taxes or spending that are revenue neutral may be construed as fiscal policy-and may affect the aggregate level of output by changing the incentives that firms or individuals face-the term fiscal policy is usually used to describe the effect on the aggregate economy of the overall levels of spending and taxation, and more particularly, the gap between them. Conclusion: Egyptian economy is one of the most attractive economies in the world that is because it faced mane ups and downs, also the large number of population in Egypt affects the economy in a very observing way. Thats why the economics ministry in Egypt must take care for its behavior.

Matewan and Norma Rae Essay -- Capitalism Feudalism Economics Essays

Matewan and Norma Rae Theoretically, the characters of both Matewan, and Norma Rae take part in a capitalistic society. In both situations the people are partaking in a form of labor market, where they are selling their time and energy. However, the town of Matewan, governed by the Stone Mountain Coal Companies' monopoly on the land and businesses, and isolated by distance and limited technology, as fallen into a feudalistic condition. Despite the fact that Norma Rae's small hometown of Alabama bears a great resemblance to the town of Matewan, their economic situation remains a form of capitalism. Though the Henely Mill is a dominating force in the small town, with a strong financial hold over the citizens, it is not as dictatorial of the society as the Stone Mountain Coal Company is over Matewan. In signing the Stone Mountain Coal Company's contract the coal miners did not simply agree to sell the company their time and labor; they signed away their lives. In a capitalistic society one goes to work in an industry of their choosing, is compensated with a fair wage. In such a society the business one works for has no authority over where their workers eat, sleep, or spend their leisure hours. However, the town of Matewan is trapped under the hegemonic power of the coal company. The coal company has a monopoly over the predominant natural resources in the area. Their ownership is not only limited to the coalmines, but to the general store, and the much of the town's housing. Within the bonding contract of the mine workers are forbidden to buy their supplies from anywhere other than the general store, and are forced to reside in the coal company's housing. The coal company enforces this by paying their workers in company script... ... were not only forced to reside in company housing and buy for the company store, but were also forbidden to launch a union. Norma Rae, and her fellow workers, were not under a binding contract to the Henely Mill; and were tied to the organization only when working on the grounds. Due to their contractual agreement, or lack thereof, the Henely Mill workers held the legal rights to form a union, where the coal miners were banned from us and undertaking. A union formation was possible in Norma Rae's town due to one essential element: the legal rights, and government support. This was made possible by the time frame, and the geographical location of the small Alabama town. Rupert's odyssey to begin a union was fully supported by the U.S. government; he held the rights to inspect the mill, put up notices, and converse with the workers on their off hours and breaks.

Microbiology Essay -- Cryptobiosis, NASA

The study of microbiology is an intense endeavor, requiring students to have a great deal of focus, and sometimes a bit of imagination. When observing things under a microscope, they often look entirely different than what is seen with the naked eye. This is fascinating, yet frustrating, as trying to make associations to one's inherent knowledge becomes challenging. Hypsibius dujardini is a microscopic animal from the phylum Tardigrada that is commonly called a water bear (Mach, 2011). When viewed microscopically, this eight-legged, water dwelling animal appears to be walking slowly, like a bear that we are familiar with on a macroscopic level (Piper, 2007). Despite their cute and cuddly name, water bears, like Hypsibius dujardini are true extremophiles, surviving in some of the harshest conditions that exist (Mobjerg, et al., 2011). From temperatures near absolute zero to the vacuum of space, these astounding microorganisms are almost invincible (Mach, 2011). The state which allows a tardigrade to withstand extreme conditions is termed cryptobiosis (Gabriel, et al., 2007). When the outside environment is unfavorable, the tardigrade willingly submits to this inactive metabolic form, and is termed a â€Å"tun (Mobjerg et al., 2011).† There are five types of cryptobiosis, all of which are in response to a particular environmental inadequacy (Wharton, 2002). Anhydrobiosis takes place when there is a lack of water, Anoxybiosis occurs when there is limited oxygen, Chemobiosis is the response to excessive environmental toxins, Cryobiosis is a result of decreased temperature, and lastly, Osmobiosis happens when an increased solute concentration occurs in the organisms environment (Wharton, 2002). Although many organisms can enter a sing... ... storage, without destruction, at a low temperature, which allows future observation. The Goldstein Lab at UNC Chapel Hill has certainly proven that Hypsibius dujardini is a useful laboratory species. Although reference to tardigrades root back to Anton van Leeuwenhok, a father of microbiological studies, there is a powerful modern-day following that continues to exist today (Mach, 2011). Microbiologists around the world have grown fond of the water bear and it's amazing survival skills. Beyond that, the appearance of the microorganism captivates people's hearts. I believe that with further research by NASA and other institutions, like The Goldstein Lab, Hypsibius dujardini can make a lasting impact on our society. Whether that be by proving evolution, or providing tools for human preservation, we can certainly utilize these great microorganisms to our advantage.

Hildegard of Bingen

Hildegard of Bingen date of birth is uncertain; it was concluded that she may have been was born in 1098 at Bermersheim bei Alzey (Bockelheim, Germany) in the diocese of Mainz. She was raised in a family of free noble; her parents were Hildebert and Mechtilide who came from a Germany education. Hildegard was born the tenth child (a tithe) to a noble family. As was customary with the tenth child, whom the family could not count on feeding, she was dedicated at birth to the church to serve the church, to be a medieval prophet, a healer, an artist and a composer. Hildegard explains that from a very young age she had experienced visions. At the age of eight Hildegard was sent to a convent and was raised and educated at Disibodenberg. Some scholars speculate that because of her visions, she was placed in the care of Jutta, the daughter of Count Stephan II of Sponheim. Hildegard says that she first saw â€Å"The Shade of the Living Light† at the age of three and by the age five she began to understand that she was experiencing visions. In Hildegard’s youth, she referred to her visionary gift as her viso. She explained that she saw all things in the light of God through the five senses: sight, hearing, taste, smell, and touch. Hildegard was hesitant to share her visions, confiding only to Jutta, who in turn told Volmar Hildegard's tutor and, later, secretary. During the twenty four years when Jutta and Hildegard were in the convent together, there is no written record of what happened during these times. It is possible that Hildegard could have been a chantress and a worker in the herbarium. Hildegard also tells us that Jutta taught her to read and write, but that she was unlearned and therefore incapable of teaching Hildegard Biblical interpretation. Hildegard and Jutta most likely prayed, meditated, read scriptures such as the Psalter, and did some sort of handwork during the hours of the Divine Office. This also might have been a time when Hildegard learned how to play the ten-stringed psaltery. Volmar, a frequent visitor, may have taught Hildegard simple psalm notation. The time she studied music could also have been the beginnings of the compositions she would later create. Illuminations of Hildegard of Bingen – Sante Fe: Bear and Company, 1985) Upon Jutta's death in 1136, Hildegard was unanimously elected as â€Å"magistra† of her sister community by her fellow nuns. Abbot Kuno, the Abbot of Disibodenberg, also asked Hildegard to be Prioress. Hildegard, however, wanted more independence for herself and her nuns and asked Abbot Kuno to allow them to move to Rupertsberg. When the abbot declined Hildegard's proposition, Hildegard went over his head and received the approval of Archbishop Henry I of Mainz. Abbot Kuno did not relent, however, until Hildegard was stricken by an illness that kept her paralyzed and unable to move from her bed, an event that she attributed to God's unhappiness at her not following his orders to move her nuns to Rupertsberg. It was only when the Abbot himself could not move Hildegard that he decided to grant the nuns their own monastery. Hildegard and about twenty nuns thus moved to the St. Rupertsberg monastery in 1150, where Volmar served as provost, as well as Hildegard's confessor and scribe. In 1165 Hildegard founded a second convent for her nuns at Eibingen. (Illuminations of Hildegard of Bingen – Sante Fe: Bear and Company, 1985) Hildegard did not manifest the visions until when she was in her early forties. The church did not allow women to sing; however, women were permitted to compose music for convents. Hildegard of Bingen was one such woman who wrote sacred music for choirs in convents. Not only did Hildegard compose music for church choirs, but she also wrote pieces of music that could be performed outside of the church, otherwise known as secular music. She began to have the symbolic and didactic visions for which she became famous. At first she did not write any of her visions down but then when she fell gravely ill she blamed it on the fact that she was not revealing her visions. After consulting with the Pope and St Bernard of Clairvaux she began to write her visions down, in the Scivas. Archbishop Heinrich convinced Hildegard to share her visions and believed them to be a gift from God. Pope Eugenis III sent a commission to investigate Hildegard’s vision and obtain a copy of her writings. Pope Eugenis III read Hildegard’s visions in front of the synod that all believed them to be true. The Pope sent Hildegard a letter of approval, authorizing her to continue transcribing her visions. The result of this was to ratify Hildegard’s visionary gift. Hildegard was not just restricted to religious life but she was also an abbess, mystic, poet, musician and scientist. (German Mysticism-Albany: State University of New York Press, 1993) She had a very hard and productive life. She become very well known and wrote many songs and books, many of which are still read today. She made a large contribution to society at her time overcoming whatever problems faced her. Hildegard used a large variety of parables, metaphors, symbols, visionary imagery and non-verbal means to make her work reach out to many who are totally deaf to more standard approaches. She felt that everyone deserved the right to learn about her work, especially the visions she was receiving from God, even though they may have physical or mental disadvantages. Throughout her life, she continued to have many visions, and in 1141, at the age of 42, Hildegard received a vision she believed to be an instruction from God, to â€Å"write down that which you see and hear. † Still hesitant to record her visions, Hildegard became physically ill. The illustrations recorded in the book of Scivias were visions that Hildegard experienced, causing her great suffering and tribulations. In her first theological text, â€Å"Know the Ways†. (The letters of Hildegard of Bingen – Oxford University Press, 1994) Hildegard describes her struggle within. But I, though I saw and heard these things, refused to write for a long time through doubt and bad opinion and the diversity of human words, not with stubbornness but in the exercise of humility, until, laid low by the scourge of God, I fell upon a bed of sickness; then, compelled at last by many illnesses, and by the witness of a certain noble maiden of good conduct the nun Richardis von Stade and of that man whom I had secretly sought and found, as mentioned above, I set my hand to the writing. While I was doing it, I sensed, as I mentioned before, the deep profundity of scriptural exposition; and, raising myself from illness by the strength I received, I brought this work to a close though just barely in ten years. (Hildegard von Bingen, Mystical Visions) And I spoke and wrote these things not by the invention of my heart or that of any other person, but as by the secret mysteries of God I heard and received them in the heavenly places. And again I heard a voice from Heaven saying to me, ‘Cry out therefore, and write thus Hildegard's vivid description of the physical sensations which accompanied her visions has led neurologist (and popular author) Oliver Sacks to speculate that they were symptoms of migraine, in particular because of her description of light. Sacks argue that the illuminations that appear in Hildegard's manuscripts confirm that Hildegard suffered from negative scotoma. (Hildegard von Bingen- Mystical Visions) After taking up her role as Superior of the community of nuns, Hildegard became convinced she should no longer remain silent about what she experienced in the Living Light. She heard a voice that addressed her: â€Å"0 frail human formed from the dust of the earth, ashes from ashes, cry out and proclaim the beginning of undefiled salvation! Let those who see the inner meaning of Scripture, yet do not wish to proclaim or preach it, take instruction, for they are lukewarm and sluggish†¦. Therefore pour out a fountain of abundance, over-flow with mysterious learning, so that those who want you to be despicable on account of Eve's transgression may be overwhelmed by the flood of your profusion. † (Hildegard von Bingen-Mystical Visions) Matthew Fox, the founder of creation spirituality, while he examined her writings and explored some of her teachings through a series of meditations. He described her as being a strong, feminine figure, revered by the New Age, who are attracted by her theology, with its emphasis on the harmony of the created world and its relation to God. At about the same time musicologists and historians of science and religion began to study her and the past ten years have seen a proliferation of books and academic studies on her life and work. There are films and videos about her, societies, colloquia and conferences in her name. She is also taken seriously as a musician, and the New Grove Dictionary of Music and Musicians gives her nearly six pages.

Cornell University Johnson Graduate School Of Management

Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7 Cornell University Johnson Graduate School Of Management Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7