tag:blogger.com,1999:blog-74429584122233551882024-03-08T16:45:30.533-08:00Nyu college essayTitle Engvernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.comBlogger29125tag:blogger.com,1999:blog-7442958412223355188.post-87043162368689951692020-08-24T10:33:00.001-07:002020-08-24T10:33:04.582-07:00Pythagorean Theorm Essays - Triangles, Triangle GeometryPythagorean Theorm The Pythagorean Theorem is a geometrical articulation utilized frequently in math and material science. It used to 2 locate the obscure side of a correct triangle. The exponential type of this hypothesis a + b = c . That is the condition you use when you are searching for the obscure side of a correct triangle, and it is the thing that I'll show on the connected display. The topsy turvy capital L in the base of the left hand corner shows that sides An and B are the legs of the triangle. Since we know side A = 5 inches and B = 3 inches we may fill that in to 2 or on the other hand condition for stage one. (1) 5 + 3 = c What the hypothesis will assist us with finding is the c side of this triangle. 2. 25 + 9 = c All we do is disperse 5 to the subsequent force and 3 to the subsequent force as observed is stage two. Next, we add these two numbers together to get 34, 25+9=34, in sync three. 3. 25+9=34 Then, in sync four we locate the square foundation of 34. 4. 34 In sync five we see that 5.83 is the obscure side of the correct triangle. 5. c= 5.83 We discovered this answer by utilizing the Pythagorean Theorem as instructed in geometrical structure. This hypothesis may likewise be summarized by saying that the territory of the square on the hypotenuse, or inverse side of the correct point, of a correct triangle is equivalent to total of the territories of the squared on the legs. The Pythagorean Theorem was a concentrated by numerous individuals and gatherings. One of those individuals being Euclid. Now and then the Pythagorean Theorem is likewise alluded to as the 47th Problem of Euclid. It is called this since it is incorporated by Euclid in a book of numbered geometric issues. In the difficult Euclid contemplated he would consistently utilize 3, 4, and 5 as the sides of the correct triangle. He did this since 5 x 5 = 3 x 3 + 4 x 4. The edge inverse the side of the legs was the correct edge, it had a length of 5. The 3:4:5 in the correct triangle was known as a Pythagorean triple or a three digits that could be placed in a correct triangle effectively. These three numbers were likewise entire numbers and were utilized in the Egyptian string stunt, which I will discuss later. This Pythagorean triple, 3:4:5, are the littlest whole number arrangement to have been shaped, and the main back to back numbers in that bunch that is significant. These numbers can be, and frequently were, concentrated from a philosophical viewpoint. The representative implications of the 3:4:5 triple told by current scholars, for example, Manly P. Lobby say 3 represents soul, 4 represents matter, and 5 represents man. Utilizing Hall's investigation the imagery of this course of action is as per the following: ?Matter? (4) lays upon the plane of Earth and ?Spirit? (3) comes to up to the Heaven and they are associated by ?Man? (5) who takes in the two characteristics. A procedure like that of Euclid's 47th Problem was the Egyptian string stunt. Egyptians were said to have designed the word geometry (geo = earth, metry = estimating.) The Egyptians utilized the 3:4:5 right triangle to make right triangles when estimating there fields after the Nile floods cleaned out there old limit markers. The Egyptians utilized a similar hypothesis of Euclid, 5 x 5 = 3 x 3 + 4 x 4, to arrive limits stamped accurately. Despite the fact that Euclid and the Ancient Egyptians considered the hypothesis, the genuine innovator of it ( or the individual a great many people accepted designed it first ) was Pythagoras of Samos and his gathering the Pythagoreans. Pythagoras was a man conceived in 580 B.C. on the island of Samos, in the Aegean Sea. It is said Pythagoras was a man that went through his time on earth venturing to the far corners of the planet looking for intelligence. This quest for knowledge drove him to settle in Corona, a Greek province in southern Italy, in around 530 B.C. Here Pythagoras increased well known status for his gathering known as the Brotherhood of Pythagoreans. This gathering committed there lives vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-38795197679146101022020-08-22T01:08:00.001-07:002020-08-22T01:08:17.792-07:00The Role of External Auditing in Public Sector free essay sampleAs a matter of first importance I need to stretch out my essential commitment to the Lord Almighty for the quality He offered me to continue on with this task as to be sure ââ¬Å"the going got toughâ⬠however inside Him nothing is outlandish. I might likewise want to recognize each one of the individuals who helped me make this venture a triumph, much obliged to my administrator Mr. A. Mpofu . much thanks for your significant direction and your difficult work you were persistent with me from the initiation of this venture to its ebb and flow state I wouldnââ¬â¢t have created this artful culmination without your help, Thank You!!!!!Special Appreciation goes to each one of those experts who pushed me with my essential research exceptional notice to the Deloitte Bulawayo Audit group your help was vital to the achievement of this undertaking. I might likewise want to offer my earnest thanks to my family ,without the your money related help and empowering bolster I wouldnââ¬â¢t have gotten this far. We will compose a custom exposition test on The Role of External Auditing in Public Sector or then again any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page A unique note of gratefulness likewise goes out to the accompanying people for their immovable help all through the planning of this task Mr. P. T . Nyamuvhurudza Mr. T Mukono Takudzwa Nyuke Tapiwa Magunda Mildred PepukaiYou gave me invaluable help folks May the Lord keep on gift you and your families. We are living in a powerful world described by unconstrained changes occurring in the twinkle of the eye realized chiefly by changes in Information Technology. Data Technology is gradually changing the way of our every day living and our occupations. This exploration was decided to recognize the progressions that Information Technology has realized explicitly on the reviewing calling. The examination was provoked principally by the perceptions that the analyst saw during their mechanical connection experience inside a review firm.The decision to concentrate on the suggestions on the inspecting calling was because of the way that the specialist has enthusiasm for the progressions that are happening in the review calling in the previous decade because of Information Technology. A survey of writing with data relating to changes that have happened to the bookkeeping procedure which influence examining was done broadly this helped to recognize the general pattern in the progressions occurring in the calling. The discoveries featured that they was an extreme change in the way wherein examiners execute their obligations because of Information technology.Information was accumulated from both essential and optional sources and it was investigated so as to give the analyst a comprehension of what precisely is going on the ground I. e. inside the business. The examination showed that the Information Technology brought such a large number of preferences to the calling contrasted with the conventional way of completing reviews. Part one of this examination venture is a short rundown featuring the reason for the investigation just as the methodology taken by the analyst to address the exploration questions, it likewise incorporates the point by point meaning of terms t hat were utilized in the exploration venture. Part two is the writing survey which features what different writers have composed relating to Information Technology and evaluating. The data assembled was gathered from a wide scope of creators, the perceptions that these creators made are featured in the subsequent section. Section three shows the examination technique and how the data utilized was gathered; it likewise features the downsides looked by the different strategies for gathering data that were utilized. An examination of the data that was gathered was then done in Chapter 4. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-42762241184797045412020-07-19T21:56:00.001-07:002020-07-19T21:56:02.592-07:006 Books About Net Neutrality An Unfortunately Necessary Reading List6 Books About Net Neutrality An Unfortunately Necessary Reading List If youve been paying attention, you know that on December 14, the FCC (under Ajit Pais leadership) dismantled net neutrality regulations that prohibited internet service providers (ISPs) from altering the way consumers connect to the internet. Net neutrality is the way your internet has always worked. In as simple terms as possible, net neutrality regulations prohibit companies (like Verizon or ATT) from blocking or slowing down your access to certain websites, or forcing companies to pay to stay competitive. Ill be linking to further net neutrality resources and an overview video at the end of this post, but as a book lover, I know that I can most fully understand the world through books. Books about net neutrality help me better grasp the very real issues, its nuances, and the freedoms at stake with this regulatory change. To that end, Ive compiled a list of six books about net neutralityâ"a starting reading list. These books all come to the discussion from a different angle and with different view points, with some tackling our current governance of the internet, how the internet works to begin with, how big telecom companies formed, and predictions for the future of the internet in terms of social change. But, I also know that our current world moves faster than publishing, and net neutrality books can only go so far. Ive also included more information about each of the authors, along with links to their Twitter accounts where youll find more up-to-date information and developments about net neutrality changes and challenges. *Note: Book descriptions come from publishers Amazon descriptions. Captive Audience: The Telecom Industry and Monopoly Power in the New Gilded Age by Susan Crawford Ten years ago, the United States stood at the forefront of the Internet revolution. With some of the fastest speeds and lowest prices in the world for high-speed Internet access, the nation was poised to be the global leader in the new knowledge-based economy. Today that global competitive advantage has all but vanished because of a series of government decisions and resulting monopolies that have allowed dozens of countries, including Japan and South Korea, to pass us in both speed and price of broadband. This steady slide backward not only deprives consumers of vital services needed in a competitive employment and business marketâ"it also threatens the economic future of the nation. Susan P. Crawford is the John A. Reilly Clinical Professor of Law at Harvard Law School. She served as President Barack Obamas Special Assistant for Science, Technology, and Innovation Policy (2009) and is a columnist for WIRED. She is a former Board Member of ICANN, the founder of OneWebDay, and a legal scholar. | Twitter Code: And Other Laws of Cyberspace, Version 2.0 by Lawrence Lessig Under the influence of commerce, cyberspace is becoming a highly regulable space, where behavior is much more tightly controlled than in real space. But thats not inevitable either. We can-we must-choose what kind of cyberspace we want and what freedoms we will guarantee. These choices are all about architecture: about what kind of code will govern cyberspace, and who will control it. In this realm, code is the most significant form of law, and it is up to lawyers, policymakers, and especially citizens to decide what values that code embodies. Lawrence Lessig is the Roy L. Furman Professor of Law and Leadership at Harvard Law School. He was also a professor at Stanford Law School, where he founded the schoolâs Center for Internet and Society, and at the University of Chicago. | Twitter Consent of the Networked: The Worldwide Struggle For Internet Freedom by Rebecca MacKinnon A clarion call to action, Consent of the Networked shows that it is time to stop arguing over whether the Internet empowers people, and address the urgent question of how technology should be governed to support the rights and liberties of users around the world. Rebecca MacKinnon is a Bernard L. Schwartz Senior Fellow at the New America Foundation, and cofounder of Global Voices, an international citizen media network. She also serves on the Boards of Directors of the Committee to Protect Journalists and the Global Network Initiative. | Twitter The Master Switch: The Rise and Fall of Information Empires by Tim Wu It is easy to forget that every development in the history of the American information industryâ"from the telephone to radio to filmâ"once existed in an open and chaotic marketplace inhabited by entrepreneurs and utopians, just as the Internet does today. Each of these, however, grew to be dominated by a monopolist or cartel. In this pathbreaking book, Tim Wu asks: will the Internet follow the same fate? Could the Webâ"the entire flow of American informationâ"come to be ruled by a corporate leviathan in possession of the master switch? Here, Tim Wu shows how a battle royale for Internetâs future is brewing, and this is one war we dare not tune out. See also Tim Wus book co-written with Jack Goldsmith, Who Controls the Internet: Illusions of a Borderless World. Tim Wu is a professor at Columbia Law School and the director of the Poliak Center for the First Amendment at the Columbia Journalism School. | Twitter Twitter and Tear Gas: The Power and Fragility of Networked Protest by Zeynep Tufekci Zeynep Tufekci explains in this accessible and compelling book the nuanced trajectories of modern protestsâ"how they form, how they operate differently from past protests, and why they have difficulty persisting in their long-term quests for change. Tufekci speaks from direct experience, combining on-the-ground interviews with insightful analysis. She describes how the internet helped the Zapatista uprisings in Mexico, the necessity of remote Twitter users to organize medical supplies during Arab Spring, the refusal to use bullhorns in the Occupy Movement that started in New York, and the empowering effect of tear gas in Istanbulâs Gezi Park. These details from life inside social movements complete a moving investigation of authority, technology, and cultureâ"and offer essential insights into the future of governance. Tufekci is an associate professor at the School of Information and Library Science at the University of North Carolina and a faculty associate at the Berkman Center for Internet and Society at Harvard University. | Twitter Tubes: A Journey to the Center of the Internet by Andrew Blum Takes us on an engaging, utterly fascinating tour behind the scenes of our everyday lives and reveals the dark beating heart of the Internet itself. A remarkable journey through the brave new technological world we live in, Tubes is to the early twenty-first century what Soul of a New Machineâ"Tracy Kidderâs classic story of the creation of a new computerâ"was to the late twentieth. Since 1999, Blums articles and essays have appeared in Popular Science, Metropolis, Vanity Fair, Wired, The New York Times, The New Yorker, Bloomberg Business Week, Gizmodo, The Atlantic Online, Architectural Record, Slate, and many more. | Twitter Reading these books about net neutrality can only go so far. As were finding over and over again in 2017 (and as we journey into 2018), collective action is an important component of being an engaged and responsible citizen today. The following video gives a one-minute overview of net neutrality, and why its so important. Organizations like Free Press have committed themselves to challenging the most recent dismantling of regulations. Find ways to get involved (either by donating to their action fund or calling your government representatives) here. Net neutrality regulations protect everyoneâ"from classrooms, to libraries, to small businesses. Read these books about net neutrality, gear up, and then find a way to take action to protect continued, unfettered access to the internet. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-56776135350648854142020-05-21T21:39:00.001-07:002020-05-21T21:39:04.974-07:00Conclusion And Evaluation Of Osmosis Potato Lab - 889 Words Saam Baharmand Period 5 11 October 2014 Conclusion and Evaluation of Osmosis Potato Lab Hypothesis: I believe that the O Molar (M) solution of sugar and distilled water will be isotonic because there is no sugar in the solution. This Hypothesis was not supported by the results of the lab. 1) The line graph of the data collected shows the least amount of change in mass (1.8%) in the potato soaked in the 0.2M sugar solution. This means that the potatoes soaked in the 0.2M solution were the most isotonic of all the potatoes. 2) The beginning mass of the potato soaked in 0.2M solution was 10.6g and the ending mass was 10.8g. This data collection proves that there was no significant loss or gain of mass in the potato (soaked in 0.2M sol.) thus making it isotonic. 3) The percent (%) change in mass of the potato in the 0.0M sugar solution was recorded on the graph at 31.8%. This means that there was a significant increase in mass of the potato thus making the solution hypertonic and the potato cells hypotonic. Variables Independent: 5 interval sugar solutions of 0.0M, 0.2M, 0.4M, 0.6M, and 0.8M (mixed with distilled water) Dependent: % Mass Change of potato after 24 hours in solution Quantitative Relationship: When the intervals of sugar solution change, the % mass of the potato changes as a result. The 0.2M solution proved to the most isotonic while the 0.0M and 0.6M potatos proved to be the most hypotonic and hypetonic respectively. The potato of the 0.2M sol.Show MoreRelatedPotato Cubes Mass Lab Report1117 Words à |à 5 Pages 2. Research Question: How will a potato cubeââ¬â¢s mass change if put in a mixture of Glucose and Salient together vs a potato cube just being put into a solution with Glucose or Salient. 3. Background Information: Diffusion is where particles move from areas of higher concentration to areas of lower concentration. Osmosis is the diffusion of water. Glucose (sugar) will not diffuse as much as Salient because there is already sugar inside of the potato so not as much water be affected by diffusionRead MoreEffect of Different Concentrations of Salt on Potato Cell Mass1461 Words à |à 6 Pages Aim To investigate the effects of increasing salinity on potato cell mass. Background Information This experiment is based upon osmosis. Osmosis can be defined as the net movement of water molecules from a region with high concentration to a region with low concentration. This movement must take place across a partially permeable membrane such as a cell wall, which lets smaller molecules such as water through but does not allow bigger molecules to pass through. This processRead MoreMicroscopy, Cell Structure And Function1208 Words à |à 5 Pagescell structure and function TASK 3 Write a scientific report on osmosis experiment showing the: Aim, Introduction, and Hypothesis. Risk assessment, Procedure, Results, Analysis and conclusion, Evaluation, Sources or error, Anomalous results, Biological or industrial significance, Health and safety. A.C.2.2 AIM: Investigating the effect of Different concentration of Sucrose on Osmosis in potato chips. INTRODUCTION: First of all, Osmosis is the net movement of water molecules from an area of high waterRead MoreThe Effect of Solution Concentration on Osmosis1491 Words à |à 6 PagesThe Effect of Solution Concentration on Osmosis The aim of my experiment is to find out the effect of sucrose solution concentration on osmosis in potato cylinders. To do this I will conduct an experiment. Introduction To carry out my experiment, I will place the potato tubes into a solution containing part sucrose and part water. The potato tubes will all be cut out of the potato using a cork borer and will all be cut to the length of 25mm. This will remainRead More Investigate the Osmosis of Potato Cells in Various Salt Solutions2525 Words à |à 11 PagesInvestigate the Osmosis of Potato Cells in Various Salt Solutions Introduction I have been asked to investigate the effect of changing the concentration of a solution on the movement of water into and out of potato cells. I will be able to change the input of my experiment. The input variable will be the concentration of the solution. The 100% solution is sodium chloride dissolved in water (salt water). This will be referred to as the 100% solution from now on. But the type of solution is notRead MoreOsmosis Internal Assessment - Biology Higher Level3984 Words à |à 16 Pages| The effect of salinity on osmosis of solanum tuberosum L.(potatoes) | Biology HL Internal Assessment ââ¬â Year 10 | | Teresa Nguyen | | Table of Contents 1 DESIGN 2 1.1 Defining the problem 2 FOCUS QUESTION 2 HYPOTHESIS 2 BACKGROUND INFORMATION 2 INVESTIGATION VARIABLES 3 1.2 Controlling Variables 3 TREATMENT OF THE CONTROLLED VARIABLES 3 CONTROL EXPERIMENT 4 1.3 Experimental Method 4 MATERIALS 4 RISK ASSESSMENT 5 METHOD 5 2 DATA COLLECTION and PROCESSING 7 2.1 Recording RawRead MoreOsmosis in Different Concentrations2449 Words à |à 10 PagesI am going to investigate osmosis when potato is placed in differentà concentrations of sucrose. I am aiming to witness osmosis in 5à different concentrations of sucrose. I will use 5 varyingà concentrations so that I have a wider spread to compare the results,à and check that I donââ¬â¢t have any anomaliesà Predictionà Osmosisà is the process of diffusion of water molecules from a weakerà solution into a stronger solution, through a semià permeable membrane.à The tiny pores in the membraneRead MoreThe Four Main Types Of Tissues2505 Words à |à 11 Pagescell structure and function TASK 3 Write a scientific report on osmosis experiment showing the: Aim, Introduction, and Hypothesis. Risk assessment, Procedure, Results, Analysis and conclusion, Evaluation, Sources or error, Anomalous results, Biological or industrial significance, Health and safety. A.C.2.2 AIM: Investigating the effect of Different concentration of Sucrose on Osmosis in potato chips. INTRODUCTION: First of all, Osmosis is the net movement of water molecules from an area of high waterRead MoreDiffusion And Osmosis And The Cell Membrane2124 Words à |à 9 Pagessolute concentrations on both sides of the membrane are equal. The diffusion of free water across a selectively permeable membrane, whether artificial or cellular, is called osmosis. The movement of water across cell membranes and the balance of water between the cell and its environment are crucial to organisms. (Diffusion And Osmosis - Difference And Comparison | Diffen). A semi-permeable membrane known as the cell membrane surrounds the living cells of both plants and animals. Both solute concentrationRead More The effect of osmosis in potato cells with different concentrations of sucrose solution1887 Words à |à 8 PagesThe effect of osmosis in potato cells with different concentrations of sucrose solution Aim: To test the effect of different concentrations of sucrose solution to osmosis in a potato cells by putting potato pieces in test tubes of water containing different concentrations of sucrose solution. Scientific Theory: Osmosis is defined as the movement of water molecules across a partially permeable membrane from a region of high water concentration to a region of low water concentration vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-31483971769618482882020-05-06T08:42:00.001-07:002020-05-06T08:42:04.051-07:00Diabetes in Developing Countries Free Essays Diabetes in developing countries Deaths from diabetes, which has two primary forms including type1 and type2 diabetes, have become a significant problem in the world. Nowadays, diabetes is still a disease not having precise method to cure. As a result of surplus blood sugar, it has a negative effect on the human body and leads to several complications, such as vision problems, kidney damage, nerve damage and heart and circulation problems (Pollock, 2006). We will write a custom essay sample on Diabetes in Developing Countries or any similar topic only for you Order Now Consequently, the increased risk of these diseases makes it become one of the major causes of deaths. For example, according to the WHO (2011), more than 346 million people were diagnosed with it worldwide and between 50% and 80% of them died from CVD. With the development of health care, the mortality in developed countries was decrease, while the situation in developing countries is so serious that 80% of diabetes deaths exist in low and middle income countries (WHO, 2011). For instance, such countries in The Middle East, Pacific Islands and Southeast Asia had 115million diabetic patients in 2000 and the WHO (2011) predicts that the number will double between 2005 and 2030. To mitigate the effects of diabetes, the causes of it need to be detected. Type 1 diabetes, which is known by lacking insulin production, results from several causes and possible factors. First, genes attribute mainly to it. More than 18 genetic locations related to it have been discovered by researchers and they have found that people with an especially HLA complex which means human leukocyte antigen, are more likely to develop it. A good illustration of it is other autoimmune disorders may caused by such complexes, such as rheumatoid arthritis, ankylosing spondylitis, or juvenile rheumatoid arthritis (Smith, 2010). The second factor is a viral infection which may affects the disease by attacking immune system. For instance, Kamiah (2010) states that a series of diseases from gastrointestinal problems to myocarditis can created by the coxsackie B virus. In addition, there are some special conditions which may attribute to it. For example, certain drugs including corticosteroids, beta blockers, and phenytoin, rare genetic disorders such as Klinefelter syndrome and Wolfram syndrome, and hormonal disorders such as acromegaly and hyperthyroidism all raise the possibility of it (Simon, 2009). It has been one of the most increased diseases worldwide, however, type 2 diabetes is more common. Unlike type 1 diabetes, causes of type 2 diabetes, which results from the ineffective use of insulin (WHO,2011), usually are multifactorial. First, being overweight or obese is a primary reason for it. The increased risk of it may bring several complications including heart disease, stroke and some cancers. A good illustration of this is 82% of people with it are caused by overweight or obese and such complications (Vann,2009). The second is genetic factors which have been found more than 10 genic material associated with it. For example, there are more possibilities for people to get it if they have close relatives having it, such as parents and siblings. Thirdly, ethnic origin also plays a part in it. For instance, NHS (2010) points out that people with it from South Asian, African, and Middle Eastern are six times likely than people in the UK. In addition, incorrect living styles such as poor eating habits, too much TV time and physical inactivity also have a negative effect on it. It is often not a single factor but two or more causes above combined to lead to it. According to the CDC (2010), such combinations give rise to approximately 95% of it in the U. S. As can be seen from data, diabetes in developing countries has become a huge problem and the mortality from it has a continued increase worldwide. Not only government, but people should change their attitudes and aware the importance in order to prevent it. How to cite Diabetes in Developing Countries, Essay examples vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-49144903947969971012020-04-26T11:29:00.001-07:002020-04-26T11:29:02.799-07:00Reconstruction to Industrialization in the Western United States free essay sample The Freedmans Bureau bill, helped with recognizing free labor, schools for the newly freed persons were being highly oversee, making ere that the newly free were being treated with justice and having the same rights as anyone else. When President Lincoln proposed a plan in this Reconstruction time, this plan was the plan. This meant that about 10% of those who voted would have to pledge to the Union their loyalty. Of course this plan was not much of a success and the radicals (Republicans) did not like this. Soon after there was a bill created by congress that was called the Wade Davis Bill.This bill made many (majority) of the southern states take an oath hat would have them say they never had any support towards the confederacy. This bill never really made it out because Lincoln vetoed the bill, and soon after also did his assassination (Franklin, 1970). If Lincoln was not assassinated, I think the process of Reconstruction would have been smother and with much more success. We will write a custom essay sample on Reconstruction to Industrialization in the Western United States or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He would have pushed for more plans and bills that would help the freed people and help them get recognized for their rights.For example, once President Johnson had power his Black Codes was not beneficial to all freed people. If Lincoln was still alive, he Black Codes would probably not have even been thought of, not right away any. Ways or even vetoed. The Black codes were a way to restrict freed people of many justices, something Lincoln would not have agreed on. This bump in the road during Reconstruction would have never happened, and if it wouldnt have, perhaps this period would have been much more successful for the former slaves.Industrialization and arbitration affected the life of the average working Americans in many ways. Arbitration at these times had its ups and down (positives and negatives). The affect arbitration had on the average American in the urban areas was overcrowding disease and crime (Stuntman, 1973). For those in the new metropolitan centers, the problems began with pollution and sewage. With all these negative impacts, help was needed from local leaders in order to live correctly and fix these problems, improvements were much needed.Just like arbitration, industrialization had its pros and cons. On the pros list would lay railroads in the west. This would not only allow for goods and services to be transported quicker, but this allowed people to go on further journeys in a shorter amount of time then they would before. Since everyone now had the freedom to open their own business, there was now much more options in order to buy products. Since people were now looking for the best place to buy their products, competition and working to have the best product, service and price in town was very important.On the other end when industrialization happened, the classes between the rich and poor changed. There was now added types of class, like the middle working class for example. New jobs were created for this middle lass and the new upper class (rich) were not leading their lives in a different way. For example they were making sure that their money and class would stay the same and therefore would now classify arrange marriages for their children in order to have this happen (Stuntman, 1973). As described before, when President Johnson went into power, he created the Black Codes.These codes did not allow former slaves the right to vote, it limited the right to testify against whites, or sit in jury. Once the 14th amendment was approved in 1867, this gave the blacks the right to vote. Even though non whites were given more rights, there were still much more injustices going on for them. Once they became free, their former owners would try to keep them in order to pay the minimal amount for the cheapest labor. Some nonwhites would agree to this because they did not know any better and others would not go for that deal and go off to find their families (if they were not already together). Many of these newly freed slaves were illiterate and had a very low set of education. It was not convenient for the whites to allow nonwhites and immigrants to have more education than what they had because it would allow the nonwhites to realize what was really going on. They would realize that there is much more injustice than what they thought and being able to be a little more education would allow them to realize and process what they could do in order to fix that. Thanks to the Freedmans Bureau education was possible for those who are nonwhite, but unfortunately lasted for a few years.During the gap of reconstruction to industrialization in western United States, there have been many changes politically and economically (Franklin, 1970). Politically, major changes were really obvious during the reconstruction period. Politically when Lincoln was assassinated, president Johnson tried to change what was around him. He tried changed the thoughts that Lincoln had, such as wanted the nonwhites to stay without rights. Ultimately although many wanted him impeached, it came down to two votes and at the end, he was not impeached.Economically during the time of industrialization, farmers had hard times making money, having their rights in place and had trouble getting good eels. Farmers were not making as much money as they used to. The most trouble they had was during the winter season, nothing was growing and not much was selling. Farmers had to think of what to do quickly in order to survive. Therefore, farmers would have to work twice as hard during all other season before/after winter season in order to make up the profits they missed (Augustan, 1973). Overall the period between 1865 and 1 900, were very intense and had a lot of important events going on. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-47988713928160614542020-03-18T20:33:00.001-07:002020-03-18T20:33:05.287-07:00Design Trends in the 21st CenturyDesign Trends in the 21st Century The most exciting thing about the course Among the variety of courses offered to the students, it is hard to define the one that excites the most because each subject has its own positive and negative aspects. However, talking this particular course, it is possible to identify several aspects which turn out to be rather interesting and education. First of all, this course helps students understand that the role of history is integral indeed, and the way of how people perceive their backgrounds and their roots defines their present and future. In addition, with the help of this course, students realize how to learn their past and what spheres become more important for people.Advertising We will write a custom essay sample on Design Trends in the 21st Century specifically for you for only $16.05 $11/page Learn More Still, the most exciting thing that has been learnt so far in this course is all about the works of art, their diversity, and importance to society . One the one hand, all buildings and other pieces of art may be considered as the required things for living. However, on the other hand, each building helps to comprehend the history of the whole community. For example, Frieze, Tempietto that is San Pietro in Montorio, Rome was created by Bramante between 1502 and 1503. Bramanteââ¬â¢s main purpose was to create a kind of fusion of humanism and Christianity essentials. It is not the only another rotunda building, it is an attempt to help people improve their lives and beliefs. Looking at the Hardwick Hall that is Derbyshire, England, people could not help but think about the power of English will. This magnificent building was created by Robert Smythson in later 16th century. This hall is a perfect union of stability, order, and aristocratism that were inherent to English people during that period. This is what excites the most about the subject: the possibility to learn more about the nature of other people, their interests, an d preferences. Three important trends in the 21st century How does each trend relate to a specific historical design trend? The peculiar feature of all the 21st design trends is that all of them are based on a variety of technological innovations, flexibility, profuseness of colors, and lighting (Browne 7). It is not always that easy to identify the most important trends in designs which are inherent to the 21st century, still, it is always possible to think about the most captivating and influential values which change human perception of the reality.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Taking into consideration personal preferences and the number of works analyzed, the three most important trends of the 21st century are involving people to art works by means of new technologies like optics which define new perspectives of environment, encouragement of movement and continu ity between the outside and the inside, and virtual and hyperspace repetitions that serve as a bright evidence of a technological revolution. Each trend relates to some historical design trends which were popular during the period of Renaissance and the 17th-18th centuries. For example, the use of optics was not inherent to 16th-18th centuries, and this trend may be regarded as the new one due to the development of the technologies (Figure 1). The trend to involve people to the scenarios offered by the designer seems to be a new achievement that has to be recognized within a short period of time. New technologies help not only to present a work to public but also to make them become a part of the idea. The work by Jeppe Hein in Bristol is one of the best examples of how optics may influence human perception of the reality. However, similar traits and effects on people are observed in the works by Etienne-Louis Boullee (Design for a National Library in 1784). This designer supported the picturesque mode and the idea of sensation in architecture that will involve public to his works. The Rococo period was characterized by the appearance of new technologies which helped to create huge buildings and organize each detail of the building in a unique way, this is why it seems to be possible to relate the works by Hein and Boullee as those where the role of new technologies regarding the century influence publicââ¬â¢s perception of the art work. The encouragement of movement and continuity related to the interior and exterior is another trend to be identified. It relates to the Renaissance trend of vertical openings and movements supported by Andre le Notre. Shigeru Ban (Figure 3) introduced his Centre Pompidou-Metzs (2004 ââ¬â 2010) to prove how it is possible to relate the outside and the inside. His work looks like the work of an artist who put the lines slightly and playfully taking into consideration the things around. His attempt is similar to the histori cal design trend offered by Le Notre in 1657 where an emphasis was made on dramatic vistas. This historical trend shows that it is possible to define the sequence of spaces that may move from public to private sectors (Figure 8). Finally, the trend to benefit from repetitions in white colors (Figure 6) has to be mentioned. The similarities to this trend may be observed in the works by John Soane Home (Office to the Dome Exhibition Space).Advertising We will write a custom essay sample on Design Trends in the 21st Century specifically for you for only $16.05 $11/page Learn More The designer made an attempt to repeat the elements of the room in order to prove that the chosen art work was worth attention and recognition. It was not enough to enter the room but follow a kind of map offered by the designer in the form of constantly repeated huge columns which were inherent to the style of Rococo (Figure 9). The pros of the trends identified The point is that the trends identified have a number of pros which make many designers choose them and improve by means of the technology available. For example, the work by Electric Dreams, Pleasant Bar that is in Stockholm, Sweden from 2007 (Figure 2) shows how several optic elements may change the reality and involve people into a new world, full of mystery and pleasure. It is not enough to create some visual elements but define each element in a proper way to introduce a true masterpiece. Another pros of the trend based on movement and continuity is that the designers are free to use the space available to its full extend. For example, the bathroom (Figure 4) in the Spanish Hotel Puerta America proves that it is possible to use several massive elements of furniture in a small room and create comfortable apartments. Continuity is not always easy to create, still, if the designer succeeds in the chosen activity, the results may be amazing. The trend of repetition is the key point of many exhibitions around the whole world due its main pros ââ¬â compactness. The designers find this trend rather beneficial for meeting their purposes: they repeat their thoughts to involve the public into their worlds and their ideas. Though it is not an easy task to repeat the ideas and objects and remain to be logical and comprehensive. This is why some misunderstandings may take place. Still, the designersââ¬â¢ main task is to choose the most appropriate ways and achieve success. The cons of the trends identified Talking about the cons of the trends identified, it is necessary to admit that not all these trends may be understood by the public. For example, the idea to use optics in design is quite new, and many people are at loss when the time to observe the creation comes. So, the main con of the three trends discussed in this paper is designersââ¬â¢ inability to interpret their ideas and intentions to all people in a proper way. In spite of the fact that the trends relate to the hist orical design trends in some ways, failures to meet publicââ¬â¢s expectations may take place. Conclusion In general, each trend identified in this paper is worth attention and recognition. Repetition and white objects, encouragement of movement and continuity, and choice of optical technologies have their own pros and cons in the sphere of design. The works chosen for this papers show that the designers are able to use their skills, ideas, and technologies available to attract more people to art.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More They are successful and they are unique for the 21st century. This is why the chosen trends may be regarded as ones of the most important ideas which are supported and developed in a variety of ways in the 21st century. Browne, Beth. 21st Century Interiors. Mulgrave, Victoria: Images Publishing, 2010. Appendixes Figure 1 Follow Me. Jeppe Hein. Bristol, England. 2008. Figure 2 Pleasant Bar. Stockholm, Sweden. Electric Dreams. 2007. Figure 3 Centre Pompidou-Metz. Metz, France. Shigeru Ban. 2004-2010. Figure 4 Bathroom. 7th Floor. Hotel Puerta America. Madrid, Spain. Ron Arad. 2002 ââ¬â 2005. Figure 5 Non-Standard Architecture Exhibition. Pompidou Center. Paris, France. 2004. Figure 6 Ascension of Polka Dots. Yayoi Kusama. Singapore Biennale Exhibit. Singapore, 2006. Figure 7 Design for a National Library. Etienne-Louis Boullee. France. C. 1784. Figure 8 Gardens. Chateau Vaux-le-Vicomte. Andre le Notre. Begun 1657. Figure 9 Office to the Dome Exhibition Space. John Soane Home. Lincolnââ¬â¢s Inn Fields, London. Soane. 1812-1835. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-82124600485812791652020-03-02T12:20:00.001-08:002020-03-02T12:20:03.455-08:00Class of 2017 New SAT or Old SAT (Updated)Class of 2017 New SAT or Old SAT (Updated) SAT / ACT Prep Online Guides and Tips The Class of 2017 is in a tough spot on the SAT. Should you take the new SAT or old SAT? If you take the new SAT, you would be the guinea pigs for a totally new system; if you take the old one, you have a tighter schedule. How does it break down? Important Note: This article has been updated as of January 25th 2016. If you are reading this, thenat least for official testings, it is too late to choose the old SAT. This article was for historical SAT test-takers registering before January 2016. However, the advice below is still useful for any future test version changes, whether SAT or ACT. Aside: Not in the Class of 2017? Find out whether you should take the new or old SAT here! The answer, according to multiple experts, is to definitely take the old SAT (though there are a few exceptions, see below). Fred Zhang, cofounder of PrepScholar, went through the last SAT transition in 2005, and saw tremendous advantages for the takers of the old SAT. Admittedly, the schedule is less than optimal. The final chance you have to take the SAT will be January 2016, according to the College Board. This is only the middle of your junior year, which gives you less slack than your older classmates, but has huge advantages. You know what the current SAT looks like. There is almost a decade of history with the current SAT. Everyone knows what the old SAT looks like, how to effectively prepare for it, and what's on it. You can do real practice tests that have actually been given in the past. This advantage cannot be overstated. If you are the studying type, taking a test with no history will greatly lower your relative advantage. Here are all of the extra resources you get access to with the old SAT: You can ask older classmates for their best tips and strategies. SAT prep companies and study guides will have perfected prepping for the old SAT. More than 20 real practice SATshave been released by the College Board, and practicing using real tests is so important. You can take a real administration early on to get a feel for timing and the tests. Almost all free advice you can find online about the SAT applies best to the old SAT. They may still hold for the new SAT, but there's a chance the diametric opposite is true. The January 2016 Deadline Is Not That Bad Yes, it does restrict some backup options for you, but really, you don't want to bestudying junior summer, or worse, senior fall. If you study for the SAT too late, it will interfere with your extracurriculars and college application process. Ideally, you want junior summer, and certainly senior fall, to be free from the distraction of taking SATs. Also, if you plan correctly, you'll actually have more opportunties to take the SAT with a schedule that puts your test in January or before, rather than March or later. The January 2016 deadline is really not that bad with just a bit of earlier study. You Get to Take Two Bites at the Apple You follow the old SAT timeline. Suppose you do great on the old SAT, blowing it out of the water great, you don't need to take the SAT anymore! Now assume the reverse: you royally mess up on the old SAT, its style isn't for you. Is it over? Not if you're taking the old SAT you get to pick from the best of two tests! Just take the New SAT, and if it's a better fit for you, you're golden! But the reverse scenario? If you plan to take the new SAT, and then bomb it and figure out you're actually better at the old SAT? Sorry pal, but you can't turn back time you're stuck! Avoid Being a Guinea Pig In first few administrations of the new SAT, you'll be a guinea pig for the College Board. They don't yet have experience in designing flawless problems, calibrating their scale, and perfecting the proctoring instructions. I personally would not be surprised at more than a few hiccups. Exceptions: If you just want to wing the SAT There are a few exceptions to the advice that the Class of 2017 should take the old SAT. The primary oneis if you're going to wing the SAT. For the same reason that studiers benefit from the old SAT, if you're going to totally wing it anyway, the new SAT is better for you since studiers won't have as large of a relative advantage. What if you don't have enough time to study for the January 2016 SAT? Say it's three weeks before, is it still worth signing up? I would say if you are a serious SAT taker yes for sure! Even if you don't study much, if you're naturally better at the old SAT, you could do better on the old SAT naturally compared to the new SAT. If you've got an extra four hours, and don't mind retaking the new SAT again, it is definitely worth it to strategically just try the old SAT even with minimal study in case you're naturally better at it! What to Do Next: Now that you know which SAT to take, you'll probably want to know how to study for it. We've researched hundreds of student stories and academic studies and found the 5 principles you need to follow to improve your score. Click the link below and enter your email address to get the best SAT prep advice you can get anywhere. Follow these 5 strategies to improve your SAT score by 160 points or more. Long story short: if you can manage it, aiming for the old SAT would be advantageous. Don't wait for the new SAT to take it! Also, check back here for a complete timeline guide for the Class of 2017 taking the SAT. Other Posts You May Like: Not in the Class of 2017? Should you take the new or old SAT? What should your SAT target be? Get Started Improving Your SAT Score Today: Have friends who also need help with test prep? Share this article! Tweet Dr. Fred Zhang About the Author Fred is co-founder of PrepScholar. He scored a perfect score on the SAT and is passionate about sharing information with aspiring students. Fred graduated from Harvard University with a Bachelor's in Mathematics and a PhD in Economics. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. 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Check out our top-rated graduate blogs here: GRE Online Prep Blog GMAT Online Prep Blog TOEFL Online Prep Blog vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-50487986727326961112020-02-15T03:46:00.001-08:002020-02-15T03:46:02.788-08:00Major project Research Paper Example | Topics and Well Written Essays - 3750 wordsMajor project - Research Paper Example Both these organizations advocate rules and policies favoring workers in the US, and play an active political role, mostly favoring the Democratic Party. The recent Economic Crisis of 2008 that shook the economic basis of the US found the Labor Unions a burden. According to some people, the three major automakers of US found it difficult to cope with the changing situations and to compete with their global opponents as a result of the costly labor agreements including pension and health plan. As a result of this poor economic condition, states, especially the ones led by Republican Party like Wisconsin, Ohio, Tennessee, Michigan, and Illinois have introduced bills that would result in salary cuts, and some are planning to restrict the collective bargaining rights the workers enjoyed in the US for about a century. Thus, it becomes evident that the labor unions, despite decades of struggle and violence, seemed to have gained little as the new developments take away most of the freedom they gained over a century. Though polls reveal that most people are against this governmental step, the Democratic Party seems strong in its decision. ... However, it faced eventual collapse due to poor organization. Though there were labor protests even before 1800s, they were poorly coordinated and localized. The first recorded labor union strike took place in 1786 in Philadelphia. It was conducted by printers opposing a wage cut. However, the first major strike that brought the idea of the never ending conflict between workers and business owners was the railway strike in 1877. It was against the Baltimore and Ohio railroad and it spread to the whole of northeast. To curb the violence, troops were called out and using considerable amount of force, the strike was crushed. Throughout their history, the labor unions used ideologies ranging from intimidation, threats, vandalism, and violence, and their history was never peaceful. Another important incident (cited in Foner, 27-37) that deserves to be mentioned is the Haymarket Riot that eventually led to the development of AFL. On 4 May 1886, a labor rally was conducted at the Haymarket Square in Chicago in support of the eight-hour workday. However, the rally turned violent leading to bloody clashes between the agitators and police. The courts had a rough time dealing with the legal status of labor unions. The question was and still is whether these cartels of laborers lawful or not? Do they amount to criminal conspiracies against trade? Are the strikes an expression of the individual right to bargain for lawful employment? One can find a lot of disparity in the issue from the very beginning. To illustrate, as Tomlins (p.128) reports, in the 1806 Commonwealth v. Pullis, the jury convicted the accused unionists of criminal conspiracy. However, as Bennett, Heard and Holland (235) write, in Commonwealth v. Hunt (1842), the Massachusetts vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-15740422688842115182020-02-02T04:14:00.001-08:002020-02-02T04:14:02.819-08:00Competitors Analysis Critical Review Essay Example | Topics and Well Written Essays - 2000 wordsCompetitors Analysis Critical Review - Essay Example A way in which this can be done is through competitor analysis. This review attempts to find the common ground or differences in approach between the authors and checks them against the background of the strategic needs of organisations for sustaining competitive advantage. maintaining and improving profitability targets. In the face of fierce competition, the market place is merciless in changing the fortunes of companies. If firms ignore or neglect strategic moves by competitors, they can find their market share and profitability disappear in quick time. Competition can be in many forms such as new entrants, new products / services, more economical processes that offer cheaper alternatives to customers, new marketing or distribution channels, newer strategic associations or markets, etc. While the challenge of keeping track of so many variables may be daunting, it is comforting to remember that generally each business has its own limited set of rivals. Largely, this depends upon its own profile of size & operations. It is this universe of potential rivals that is important to a firmââ¬â¢s competitive position. According to Porter, ââ¬Å"Strategy is an internally consistent configuration of activities that distinguishes a firm from its rivalsâ⬠(Porter, M E. 2004, p.vi). Porterââ¬â¢s theory identifies a firm as one based on activities and points out that it is these activities that create opportunities for a firm to offer value to a customer (Porter, M E. 2004). To this extent, analysis of a firmââ¬â¢s own or its rivalââ¬â¢s activities can be considered as essential as strategic to a firmââ¬â¢s competitive advantage. The question then is ââ¬Ëwhen or how often should one conduct such an analysis?ââ¬â¢ and the answer should be that it must be an on-going process in view of the constantly emerging competitorsââ¬â¢ challenges. Competitor analysis is the management vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-11848097602552306352020-01-25T00:38:00.001-08:002020-01-25T00:38:03.749-08:00Essay --Describe the role and functions of the PCI security standards council ââ¬Å"The PCI Security Standards Council is an organization created by the major credit card companies in an effort to better protect credit card holder data.â⬠(Rouse, 2012) The council was formed in response to the increase in data security breaches that not only affected customers but also credit card companies cost. With PCI Security Standards Council being a open global forum, The five founding credit card companies ââ¬â American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. ââ¬â are responsible for carrying out the organizationââ¬â¢s work. Functions of the council include coming up with a framework of specifications, measurements, and support resources to help organizations ensure the safe handling of cardholder information at every step. This is done by managing the Payment Card Industry Security Standard (PCI DSS) and the Payment Application Data Security Standard. Identify/describe key requirements for data security standards The key requirements for the Data Security ... vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-54437468948030065162020-01-16T21:00:00.001-08:002020-01-16T21:00:04.864-08:00Accrual SwapsACCRUAL SWAPS AND RANGE NOTES PATRICK S. HAGAN BLOOMBERG LP 499 PARK AVENUE NEW YORK, NY 10022 [emailà protected] NET 212-893-4231 Abstract. Here we present the standard methodology for pricing accrual swaps, range notes, and callable accrual swaps and range notes. Key words. range notes, time swaps, accrual notes 1. Introduction. 1. 1. Notation. In our notation today is always t = 0, and (1. 1a) D(T ) = todayââ¬â¢s discount factor for maturity T. For any date t in the future, let Z(t; T ) be the value of $1 to be delivered at a later date T : (1. 1b) Z(t; T ) = zero coupon bond, maturity T , as seen at t. These discount factors and zero coupon bonds are the ones obtained from the currencyââ¬â¢s swap curve. Clearly D(T ) = Z(0; T ). We use distinct notation for discount factors and zero coupon bonds to remind ourselves that discount factors D(T ) are not random; we can always obtain the current discount factors from the stripper. Zero coupon bonds Z(t; T ) are random, at least until time catches up to date t. Let (1. 2a) (1. 2b) These are de? ned via (1. 2c) D(T ) = e? T 0 f0 (T ) = todayââ¬â¢s instantaneous forward rate for date T, f (t; T ) = instantaneous forward rate for date T , as seen at t. f0 (T 0 )dT 0 Z(t; T ) = e? T t f (t,T 0 )dT 0 . 1. 2. Accrual swaps (? xed). ?j t0 t1 t2 â⬠¦ tj-1 tj â⬠¦ tn-1 tn period j Coupon leg schedule Fixed coupon accrual swaps (aka time swaps) consist of a coupon leg swapped against a funding leg. Suppose that the agreed upon reference rate is, say, k month Libor. Let (1. 3) t0 < t1 < t2 à · à · à · < tn? 1 < tn 1 Rfix Rmin Rmax L( ? ) Fig. 1. 1. Daily coupon rate be the schedule of the coupon leg, and let the nominal ? xed rate be Rf ix . Also let L(? st ) represent the k month Libor rate ? xed for the interval starting at ? st and ending at ? end (? st ) = ? t + k months. Then the coupon paid for period j is (1. 4a) where (1. 4b) and (1. 4c) ? j = #days ? st in the interval with Rmin ? L(? st ) ? Rmax . Mj ? j = cvg(tj? 1 , tj ) = day count fraction for tj? 1 to tj , Cj = ? j Rf ix ? j paid at tj , Here Mj is the total number of days in interval j, and Rmin ? L(? st ) ? Rmax is the agreed-upon accrual range. Said another way, each day ? st in the j th period contibutes the amount ? ?j Rf ix 1 if Rmin ? L(? st ) ? Rmax (1. 5) 0 otherwise Mj to the coupon paid on date tj . For a standard deal, the legââ¬â¢s schedule is contructed like a standard swap schedule. The theoretical dates (aka nominal dates) are constructed monthly, quarterly, semi-annually, or annually (depending on the contract terms) backwards from the ââ¬Å"theoretical end date. â⬠Any odd coupon is a stub (short period) at the front, unless the contract explicitly states long ? rst, short last, or long last. The modi? ed following business day convention is used to obtain the actual dates tj from the theoretical dates. The coverage (day count fraction) is adjusted, that is, the day count fraction for period j is calculated from the actual dates tj? 1 and tj , not the theoretical dates. Also, L(? t ) is the ? xing that pertains to periods starting on date ? st , regardless of whether ? st is a good business day or not. I. e. , the rate L(? st ) set for a Friday start also pertains for the following Saturday and Sunday. Like all ? xed legs, there are many variants of these coupon legs. The only variations that do not make sense for coupon legs are ââ¬Å"set-in-arrearsâ ⬠and ââ¬Å"compounded. â⬠There are three variants that occur relatively frequently: Floating rate accrual swaps. Minimal coupon accrual swaps. Floating rate accrual swaps are like ordinary accrual swaps except that at the start of each period, a ? ating rate is set, and this rate plus a margin is 2 used in place of the ? xed rate Rf ix . Minimal coupon accrual swaps receive one rate each day Libor sets within the range and a second, usually lower rate, when Libor sets outside the range ? j Mj ? Rf ix Rf loor if Rmin ? L(? st ) ? Rmax . otherwise (A standard accrual swap has Rf loor = 0. These deals are analyzed in Appendix B. Range notes. In the above deals, the funding leg is a standard ?oating leg plus a margin. A range note is a bond which pays the coupon leg on top of the principle repayments; there is no ? oating leg. For these deals, the counterpartyââ¬â¢s credit-worthiness is a key concern. To determine the correct value of a range note, one needs to use an option adjusted spread (OAS) to re? ect the extra discounting re? ecting the counterpartyââ¬â¢s credit spread, bond liquidity, etc. See section 3. Other indices. CMS and CMT accrual swaps. Accrual swaps are most commonly written using 1m, 3m, 6m, or 12m Libor for the reference rate L(? st ). However, some accrual swaps use swap or treasury rates, such as the 10y swap rate or the 10y treasury rate, for the reference rate L(? st ). These CMS or CMT accrual swaps are not analyzed here (yet). There is also no reason why the coupon cannot set on other widely published indices, such as 3m BMA rates, the FF index, or the OIN rates. These too will not be analyzed here. 2. Valuation. We value the coupon leg by replicating the payo? in terms of vanilla caps and ? oors. Consider the j th period of a coupon leg, and suppose the underlying indice is k-month Libor. Let L(? st ) be the k-month Libor rate which is ? xed for the period starting on date ? st and ending on ? end (? st ) = ? st +k months. The Libor rate will be ? xed on a date ? f ix , which is on or a few days before ? st , depending on currency. On this date, the value of the contibution from day ? st is clearly ? ? ? j Rf ix V (? f ix ; ? st ) = payo? = Z(? f ix ; tj ) Mj ? 0 if Rmin ? L(? st ) ? Rmax otherwise (2. 1) , where ? f ix the ? xing date for ? st . We value coupon j by replicating each dayââ¬â¢s contribution in terms of vanilla caplets/? oorlets, and then summing over all days ? st in the period. Let Fdig (t; ? st , K) be the value at date t of a digital ? oorlet on the ? oating rate L(? st ) with strike K. If the Libor rate L(? st ) is at or below the strike K, the digital ? oorlet pays 1 unit of currency on the end date ? end (? st ) of the k-month interval. Otherwise the digital pays nothing. So on the ? xing date ? f ix the payo? is known to be ? 1 if L(? st ) ? K , (2. 2) Fdig (? f ix ; ? st , K) = Z(? f ix ; ? end ) 0 otherwise We can replicate the range noteââ¬â¢s payo? for date ? st by going long and short digitals struck at Rmax and Rmin . This yields, (2. 3) (2. 4) ? j Rf ix [Fdig (? f ix ; ? st , Rmax ) ? Fdig (? f ix ; ? st , Rmin )] Mj ? ?j Rf ix 1 = Z(? f ix ; ? end ) 0 Mj 3 if Rmin ? L(? st ) ? Rmax . otherwise This is the same payo? as the range note, except that the digitals pay o? on ? end (? st ) instead of tj . 2. 1. Hedging considerations. Before ? ing the date mismatch, we note that digital ? oorlets are considered vanilla instruments. This is because they can be replicated to arbitrary accuracy by a bullish spread of ? oorlets. Let F (t, ? st , K) be the value on date t of a standard ? oorlet with strike K on the ? oating + rate L(? st ). This ? oorlet pays ? [K ? L(? st )] on the end date ? end (? st ) of the k-m onth interval. So on the ? xing date, the payo? is known to be (2. 5a) F (? f ix ; ? st , K) = ? [K ? L(? st )] Z(? f ix ; ? end ). + Here, ? is the day count fraction of the period ? st to ? end , (2. 5b) ? = cvg(? st , ? end ). 1 ? oors struck at K + 1 ? nd short the same number struck 2 The bullish spread is constructed by going long at K ? 1 ?. This yields the payo? 2 (2. 6) which goes to the digital payo? as ? > 0. Clearly the value of the digital ? oorlet is the limit as ? > 0 of (2. 7a) Fcen (t; ? st , K, ? ) = ? 1 à © F (t; ? st , K + 1 ? ) ? F (t; ? st , K ? 1 ? ) . 2 2 ? 1 à © F (? f ix ; ? st , K + 1 ? ) ? F (? f ix ; ? st , K ? 1 ? ) 2 2 ? ? ? ? 1 ? 1 = Z(? f ix ; ? end ) K + 1 ? ? L(? st ) 2 ? ? ? 0 if K ? 1 ? < L(? st ) < K + 1 ? , 2 2 if K + 1 ? < L(? st ) 2 if L(? st ) < K ? 1 ? 2 Thus the bullish spread, and its limit, the digitial ? orlet, are directly determined by the market prices of vanilla ? oors on L(? st ). Digital ? oorlets may develop an unbounded ? - risk as the ? xing date is approached. To avoid this di? culty, most ? rms book, price, and hedge digital options as bullish ? oorlet spreads. I. e. , they book and hedge the digital ? oorlet as if it were the spread in eq. 2. 7a with ? set to 5bps or 10bps, depending on the aggressiveness of the ? rm. Alternatively, some banks choose to super-replicate or sub-replicate the digital, by booking and hedging it as (2. 7b) or (2. 7c) Fsub (t; ? st , K, ? ) = 1 {F (t; ? st , K) ? F (t; ? st , K ? ?)} Fsup (t; ? st , K, ? ) = 1 {F (t; ? st , K + ? ) ? F (t; ? st , K)} depending on which side they own. One should price accrual swaps in accordance with a deskââ¬â¢s policy for using central- or super- and sub-replicating payo? s for other digital caplets and ? oorlets. 2. 2. Handling the date mismatch. We re-write the coupon legââ¬â¢s contribution from day ? st as ? ?j Rf ix Z(? f ix ; tj ) ? V (? f ix ; ? st ) = Z(? f ix ; ? end ) Mj Z(? f ix ; ? end ) ? 0 4 (2. 8) if Rmin ? L(? st ) ? Rmax otherwise . f(t,T) L(? ) tj-1 ? tj ? end T Fig. 2. 1. Date mismatch is corrected assuming only parallel shifts in the forward curve The ratio Z(? ix ; tj )/Z(? f ix ; ? end ) is the manifestation of the date mismatch. To handle this mismatch, we approximate the ratio by assuming that the yield curve makes only parallel shifts over the relevent interval. See ?gure 2. 1. So suppose we are at date t0 . Then we assume that (2. 9a) Z(? f ix ; tj ) Z(t0 ; tj ) ? [L(? st )? Lf (t0 ,? st )](tj en d ) = e Z(? f ix ; ? end ) Z(t0 ; ? end ) Z(t0 ; tj ) = {1 + [L(? st ) ? Lf (t0 , ? st )](? end ? tj ) + à · à · à · } . Z(t0 ; ? end ) Z(t0 ; ? st ) ? Z(t0 ; ? end ) + bs(? st ), ? Z(t0 ; ? end ) Here (2. 9b) Lf (t0 , ? st ) ? is the forward rate for the k-month period starting at ? t , as seen at the current date t0 , bs(? st ) is the ? oating rateââ¬â¢s basis spread, and (2. 9c) ? = cvg(? st , ? end ), is the day count fraction for ? st to ? end . Since L(? st ) = Lf (? f ix , ? st ) represents the ? oating rate which is actually ? xed on the ? xing date ? ex , 2. 9a just assumes that any change in the yield curve between tj and ? end is the same as the change Lf (? f ix , ? st ) ? Lf (t0 , ? st ) in the reference rate between the observation date t0 , and the ? xing date ? f ix . See ? gure 2. 1. We actually use a slightly di? erent approximation, (2. 10a) where (2. 10b) ? = ? end ? tj . ? end ? ? st Z(? ix ; tj ) Z(t0 ; tj ) 1 + L(? st ) ? Z(? f ix ; ? end ) Z(t0 ; ? end ) 1 + Lf (t0 , ? st ) We prefer this approximation because it is the only linear approximation which accounts for the day count basis correctly, is exact for both ? st = tj? 1 and ? st = tj , and is centerred around the current forward value for the range note. 5 Rfix Rmin L0 Rmax L(? ) Fig. 2. 2. E? ective contribution from a single day ? , after accounting for the date mis-match. With this approximation, the payo? from day ? st is ? 1 + L(? st ) (2. 11a) V (? f ix ; ? ) = A(t0 , ? st )Z(? f ix ; ? end ) 0 as seen at date t0 . Here the e? ctive notional is (2. 11b) A(t0 , ? st ) = if Rmin ? L(? st ) ? Rmax otherwise 1 ? j Rf ix Z(t0 ; tj ) . Mj Z(t0 ; ? end ) 1 + Lf (t0 , ? st ) We can replicate this digital-linear-digital payo? by using a combination of two digital ? oorlets and two standard ? oorlets. Consider the combination (2. 12) V (t; ? st ) ? A(t0 , ? st ) {(1 + Rmax )Fdig (t, ? st ; Rmax ) ? (1 + ? Rmin )Fdig (t, ? st ; Rmin ) F (t, ? st ; Rmax ) + ? F (t, ? st ; Rmi n ). Setting t to the ? xing date ? f ix shows that this combination matches the contribution from day ? st in eq. 2. 11a. Therefore, this formula gives the value of the contribution of day ? t for all earlier dates t0 ? t ? ? f ix as well. Alternatively, one can replicate the payo? as close as one wishes by going long and short ? oorlet spreads centerred around Rmax and Rmin . Consider the portfolio (2. 13a) A(t0 , ? st ) à © ? V (t; ? st , ? ) = a1 (? st )F (t; ? st , Rmax + 1 ? ) ? a2 (? st )F (t; ? st , Rmax ? 1 ? ) 2 2 ? 1 ? a3 (? st )F (t; ? st , Rmin + 2 ? )+ a4 (? st )F (t; ? st , Rmin ? 1 ? ) 2 a1 (? st ) = 1 + (Rmax ? 1 ? ), 2 a3 (? st ) = 1 + (Rmin ? 1 ? ), 2 ? ? a2 (? st ) = 1 + (Rmax + 1 ? ), 2 a4 (? st ) = 1 + (Rmin + 1 ? ). 2 with (2. 13b) (2. 13c) Setting t to ? ix yields (2. 14) ? V = A(t0 , ? st )Z(? f ix ; ? end ) 0 if L(? st ) < Rmin ? 1 ? 2 1 + L(? st ) if Rmin + 1 ? < L(? st ) < Rmax ? 1 ? , 2 2 ? 0 if Rmax + 1 ? < L(? st ) 2 6 with linear ramps between Rmin ? 1 ? < L(? st ) < Rmin + 1 ? and Rmax ? 1 ? < L(? st ) < Rmax + 1 ?. As 2 2 2 2 above, most banks would choose to use the ? oorlet spreads (with ? being 5bps or 10bps) instead of using the more troublesome digitals. For a bank insisting on using exact digital options, one can take ? to be 0. 5bps to replicate the digital accurately.. We now just need to sum over all days ? t in period j and all periods j in the coupon leg, (2. 15) Vcpn (t) = n X This formula replicates the value of the range note in terms of vanilla ? oorlets. These ? oorlet prices should be obtained directly from the marketplace using market quotes for the implied volatilities at the relevent strikes. Of course the centerred spreads could be replaced by super-replicating or sub-replicating ? oorlet spreads, bringing the pricing in line with the bankââ¬â¢s policies. Finally, we need to value the funding leg of the accrual swap. For most accrual swaps, the funding leg ? ? pays ? oating plus a margin. Let th e funding leg dates be t0 , t1 , . . , tn . Then the funding leg payments are (2. 16) f ? ? cvg(ti? 1 , ti )[Ri lt + mi ] à ¤ A(t0 , ? st ) à ©? 1 + (Rmax ? 1 ? ) F (t; ? st , Rmax + 1 ? ) 2 2 j=1 ? st =tj? 1 +1 ? à ¤ ? 1 + (Rmax + 1 ? ) F (t; ? st , Rmax ? 1 ? ) 2 2 ? à ¤ ? 1 + (Rmin ? 1 ? ) F (t; ? st , Rmin + 1 ? ) 2 2 ? à ¤ ? + 1 + (Rmin + 1 ? ) F (t; ? st , Rmin ? 1 ? ) . 2 2 tj X ? paid at ti , i = 1, 2, â⬠¦ , n, ? f ? ? where Ri lt is the ? oating rateââ¬â¢s ? xing for the period ti? 1 < t < ti , and the mi is the margin. The value of the funding leg is just n ? X i=1 (2. 17a) Vf und (t) = ? ? ? cvg(ti? 1 , ti )(ri + mi )Z(t; ti ), ? ? where, by de? ition, ri is the forward value of the ? oating rate for period ti? 1 < t < ti : (2. 17b) ri = ? ? Z(t; ti? 1 ) ? Z(t; ti ) true + bs0 . + bs0 = ri i i ? ? ? cvg(ti? 1 , ti )Z(t; ti ) true is the true (cash) rate. This sum Here bs0 is the basis spread for the funding legââ¬â¢s ? oating rate, and ri i collapses t o n ? X i=1 (2. 18a) Vf und (t) = Z(t; t0 ) ? Z(t; tn ) + ? ? ? ? cvg(ti? 1 , ti )(bs0 +mi )Z(t; ti ). i If we include only the funding leg payments for i = i0 to n, the value is ? (2. 18b) ? Vf und (t) = Z(t; ti0 ? 1 ) ? Z(t; tn ) + ? n ? X ? ? ? cvg(ti? 1 , ti )(bs0 +mi )Z(t; ti ). i i=i0 2. 2. 1. Pricing notes. Caplet/? oorlet prices are normally quoted in terms of Black vols. Suppose that on date t, a ? oorlet with ? xing date tf ix , start date ? st , end date ? end , and strike K has an implied vol of ? imp (K) ? ? imp (? st , K). Then its market price is (2. 19a) F (t, ? st , K) = ? Z(t; ? end ) {KN (d1 ) ? L(t, ? )N (d2 )} , 7 where (2. 19b) Here (2. 19c) d1,2 = log K/L(t, ? st ) à ± 1 ? 2 (K)(tf ix ? t) 2 imp , v ? imp (K) tf ix ? t Z(t; ? st ) ? Z(t; ? end ) + bs(? st ) ? Z(t; ? end ) L(t, ? st ) = is ? oorletââ¬â¢s forward rate as seen at date t. Todayââ¬â¢s ? oorlet value is simply (2. 20a) where (2. 20b) d1,2 = log K/L0 (? st ) à ± 1 ? (K)tf ix 2 imp , v ? imp (K) tf ix D(? st ) ? D(? end ) + bs(? st ). ?D(? end ) ? j Rf ix D(tj ) 1 . Mj D(? end ) 1 + L0 (? st ) F (0, ? st , K) = ? D(? end ) {KN (d1 ) ? L0 (? )N (d2 )} , and where todayââ¬â¢s forward Libor rate is (2. 20c) L0 (? st ) = To obtain todayââ¬â¢s price of the accrual swap, note that the e? ective notional for period j is (2. 21) A(0, ? st ) = as seem today. See 2. 11b. Putting this together with 2. 13a shows that todayââ¬â¢s price is Vcpn (0) ? Vf und (0), where (2. 22a) Vcpn (0) = n X ? j Rf ix D(tj ) j=1 Mj à ¤ ? à ¤ ? 1 + (Rmax ? 1 ? ) B1 (? st ) ? 1 + (Rmax + 1 ? ) B2 (? st ) 2 2 ? [1 + L0 (? st )] ? t =tj? 1 +1 à ¤ ? à ¤ ? 1 + (Rmin ? 1 ? ) B3 (? st ) ? 1 + (Rmin + 1 ? ) B4 (? st ) 2 2 ? , ? [1 + L0 (? st )] tj X n ? X i=1 (2. 22b) Vf und (0) = D(t0 ) ? D(tn ) + ? ? ? ? cvg(ti? 1 , ti )(bs0 +mi )D(ti ). i Here B? are Blackââ¬â¢s formula at strikes around the boundaries: (2. 22c) (2. 22d) with (2. 22e) K1,2 = Rmax à ± 1 ? , 2 K3,4 = Rmin à ± 1 ?. 2 B? (? st ) = K? N (d? ) ? L0 (? st )N (d? ) 1 2 d? = 1,2 log K? /L0 (? st ) à ± 1 ? 2 (K? )tf ix 2 imp v ? imp (K? ) tf ix Calculating the sum of each dayââ¬â¢s contribution is very tedious. Normally, one calculates each dayââ¬â¢s contribution for the current period and two or three months afterward. After that, one usually replaces the sum over dates ? with an integral, and samples the contribution from dates ? one week apart for the next year, and one month apart for subsequent years. 8 3. Callable accrual swaps. A callable accrual swap is an accrual swap in which the party paying the coupon leg has the right to cancel on any coupon date after a lock-out period expires. For example, a 10NC3 with 5 business days notice can be called on any coupon date, starting on the third anniversary, provided the appropriate notice is given 5 days before the coupon date. We will value the accrual swap from the viewpoint of the receiver, who would price the callable accrual swap as the full accrual swap (coupon leg minus funding leg) minus the Bermudan option to enter into the receiver accrual swap. So a 10NC3 cancellable quarterly accrual swap would be priced as the 10 year bullet quarterly receiver accrual swap minus the Bermudan option ââ¬â with quarterly exercise dates starting in year 3 ââ¬â to receive the remainder of the coupon leg and pay the remainder of the funding leg. Accordingly, here we price Bermudan options into receiver accrual swaps. Bermudan options on payer accrual swaps can be priced similarly. There are two key requirements in pricing Bermudan accrual swaps. First, as Rmin decreases and Rmax increases, the value of the Bermudan accrual swap should reduce to the value of an ordinary Bermudan swaption with strike Rf ix . Besides the obvious theoretical appeal, meeting this requirement allows one to hedge the callability of the accrual swap by selling an o? setting Bermudan swaption. This criterion requires using the same the interest rate model and calibration method for Bermudan accrual notes as would be used for Bermudan swaptions. Following standard practice, one would calibrate the Bermudan accrual note to the ââ¬Å"diagonal swaptionsâ⬠struck at the accrual noteââ¬â¢s ââ¬Å"e? ective strikes. â⬠For example, a 10NC3 accrual swap which is callable quarterly starting in year 3 would be calibrated to the 3 into 7, the 3. 25 into 6. 75, â⬠¦ , the i 8. 75 into 1. 25, and the 9 into 1 swaptions. The strike Ref f for each of these ââ¬Å"reference swaptionsâ⬠would be chosen so that for swaption i, (3. 1) value of the ? xed leg value of all accrual swap coupons j ? i = value of the ? oating leg value of the accrual swapââ¬â¢s funding leg ? i This usually results in strikes Ref f that are not too far from the money. In the preceding section we showed that each coupon of the accrual swap can be written as a combination of vanilla ? oorlets, and therefore the market value of each coupon is known exactly. The second requirement is that the valuation procedure should reproduce todayââ¬â¢s m arket value of each coupon exactly. In fact, if there is a 25% chance of exercising into the accrual swap on or before the j th exercise date, the pricing methodology should yield 25% of the vega risk of the ? oorlets that make up the j th coupon payment. E? ectively this means that the pricing methodology needs to use the correct market volatilities for ? oorlets struck at Rmin and Rmax . This is a fairly sti? requirement, since we now need to match swaptions struck at i Ref f and ? oorlets struck at Rmin and Rmax . This is why callable range notes are considered heavily skew depedent products. 3. 1. Hull-White model. Meeting these requirements would seem to require using a model that is sophisticated enough to match the ? oorlet smiles exactly, as well as the diagonal swaption volatilities. Such a model would be complex, calibration would be di? ult, and most likely the procedure would yield unstable hedges. An alternative approach is to use a much simpler model to match the diagonal swaption prices, and then use ââ¬Å"internal adjustersâ⬠to match the ? oorlet volatilities. Here we follow this approach, using the 1 factor linear Gauss Markov (LGM) model with internal adjusters to price Bermudan options on accrual swaps. Speci ? cally, we ? nd explicit formulas for the LGM modelââ¬â¢s prices of standard ? oorlets. This enables us to compose the accrual swap ââ¬Å"payo? sâ⬠(the value recieved at each node in the tree if the Bermudan is exercised) as a linear combination of the vanilla ? orlets. With the payo? s known, the Bermudan can be evaluated via a standard rollback. The last step is to note that the LGM model misprices the ? oorlets that make up the accrual swap coupons, and use internal adjusters to correct this mis-pricing. Internal adjusters can be used with other models, but the mathematics is more complex. 3. 1. 1. LGM. The 1 factor LGM model is exactly the Hull-White model expressed as an HJM model. The 1 factor LGM model has a single state variable x that determines the entire yield curve at any time t. 9 This model can be summarized in three equations. The ? st is the Martingale valuation formula: At any date t and state x, the value of any deal is given by the formula, Z V (t, x) V (T, X) (3. 2a) = p(t, x; T, X) dX for any T > t. N (t, x) N (T, X) Here p(t, x; T, X) is the probability that the state variable is in state X at date T , given that it is in state x at date t. For the LGM model, the transition density is Gaussian 2 1 e? (X? x) /2[? (T ) (t)] , p(t, x; T, X) = p 2? [? (T ) ? ?(t)] (3. 2b) with a variance of ? (T ) ? ?(t). The numeraire is (3. 2c) N (t, x) = 1 h(t)x+ 1 h2 (t)? (t) 2 , e D(t) for reasons that will soon become apparent. Without loss of generality, one sets x = 0 at t = 0, and todayââ¬â¢s variance is zero: ? (0) = 0. The ratio (3. 3a) V (t, x) ? V (t, x) ? N (t, x) is usually called the reduced value of the deal. Since N (0, 0) = 1, todayââ¬â¢s value coincides with todayââ¬â¢s reduced value: (3. 3b) V (0, 0) ? V (0, 0) = V (0, 0) ? . N (0, 0) So we only have to work with reduced values to get todayââ¬â¢s prices.. De? ne Z(t, x; T ) to be the value of a zero coupon bond with maturity T , as seen at t, x. Itââ¬â¢s value can be found by substituting 1 for V (T, X) in the Martingale valuation formula. This yields (3. 4a) 1 2 Z(t, x; T ) ? Z(t, x; T ) ? = D(T )e? (T )x? 2 h (T )? (t) . N (t, x) Since the forward rates are de? ned through (3. 4b) Z(t, x; T ) ? e? T t f (t,x;T 0 )dT 0 , ? taking ? ?T log Z shows that the forward rates are (3. 4c) f (t, x; T ) = f0 (T ) + h0 (T )x + h0 (T )h(T )? (t). This last equation captures the LGM model in a nutshell. The curves h(T ) and ? (t) are model parameters that need to be set by calibration or by a priori reasoning. The above formula shows that at any date t, the forward rate curve is given by todayââ¬â¢s forward rate curve f0 (T ) plus x times a second curve h0 (T ), where x is a Gaussian random variable with mean zero and variance ? (t). Thus h0 (T ) determines possible shapes of the forward curve and ? (t) determines the width of the distribution of forward curves. The last term h0 (T )h(T )? (t) is a much smaller convexity correction. 10 3. 1. 2. Vanilla prices under LGM. Let L(t, x; ? st ) be the forward value of the k month Libor rate for the period ? st to ? end , as seen at t, x. Regardless of model, the forward value of the Libor rate is given by (3. 5a) where (3. 5b) ? = cvg(? st , ? end ) L(t, x; ? st ) = Z(t, x; ? st ) ? Z(t, x; ? end ) + bs(? st ) = Ltrue (t, x; ? st ) + bs(? st ), ? Z(t, x; ? end ) is the day count fraction of the interval. Here Ltrue is the forward ââ¬Å"true rateâ⬠for the interval and bs(? ) is the Libor rateââ¬â¢s basis spread for the period starting at ? . Let F (t, x; ? st , K) be the value at t, x of a ? oorlet with strike K on the Libor rate L(t, x; ? st ). On the ? xing date ? f ix the payo? is (3. 6) ? à ¤+ F (? f ix , xf ix ; ? st , K) = ? K ? L(? f ix , xf ix ; ? st ) Z(? f ix , xf ix ; ? end ), where xf ix is the state variable on the ? xing date. Substituting for L(? ex , xex ; ? st ), the payo? becomes (3. 7a) à · ? + F (? f ix , xf ix ; ? st , K) Z(? f ix , xf ix ; ? st ) Z(? f ix , xf ix ; ? end ) . = 1 + ? (K ? bs(? st )) ? N (? ix , xf ix ) N (? f ix , xf ix ) Z(? f ix , xf ix ; ? end ) Knowing the value of the ? oorlet on the ? xing date, we can use the Martingale valuation formula to ? nd the value on any earlier date t: Z 2 1 F (t, x; ? st , K) F (? f ix , xf ix ; ? st , K) e? (xf ix ? x) /2[? f ix ] =q dxf ix , (3. 7b) N (t, x) N (? f ix , xf ix ) 2? [? f ix ? ?] where ? f ix = ? (? f ix ) and ? = ? (t). Substituting the zero coupon bond formula 3. 4a and the payo? 3. 7a into the integral yields (3. 8a) where log (3. 8b) ? 1,2 = à µ 1 + ? (K ? bs) 1 + ? (L ? bs) à ¤ ? à ± 1 (hend ? hst )2 ? f ix ? ?(t) 2 q , (hend ? hst ) ? f ix ? (t) à ¶ F (t, x; ? st , K) = Z(t, x; ? end ) {[1 + ? (K ? bs)]N (? 1 ) ? [1 + ? (L ? bs)]N (? 2 )} , and where L ? L(t, x; ? st ) = (3. 8c) à µ à ¶ 1 Z(t, x; ? st ) ? 1 + bs(? st ) ? Z(t, x; ? end ) à ¶ à µ 1 Dst (hend ? hst )x? 1 (h2 ? h2 )? end st 2 = e ? 1 + bs(? st ) ? Dend 11 is the forward Libor rate for the period ? st to ? end , as seen at t, x. Here hst = h(? st ) and hend = h(? end ). For future reference, it is convenient to split o? the zero coupon bond value Z(t, x; ? end ). So de? ne the forwarded ? oorlet value by (3. 9) Ff (t, x; ? st , K) = F (t, x; ? st , K) Z(t, x; ? end ) = [1 + ? (K ? bs)]N (? 1 ) ? [1 + ? L(t, x; ? st ) ? bs)]N (? 2 ). Equations 3. 8a and 3. 9 are just Blackââ¬â¢s formul as for the value of a European put option on a log normal asset, provided we identify (3. 10a) (3. 10b) (3. 10c) (3. 10d) 1 + ? (L ? bs) = assetââ¬â¢s forward value, 1 + ? (K ? bs) = strike, ? end = settlement date, and p ? f ix ? ? (hend ? hst ) v = ? = asset volatility, tf ix ? t where tf ix ? t is the time-to-exercise. One should not confuse ? , which is the ? oorletââ¬â¢s ââ¬Å"price volatility,â⬠with the commonly quoted ââ¬Å"rate volatility. â⬠3. 1. 3. Rollback. Obtaining the value of the Bermudan is straightforward, given the explicit formulas for the ? orlets, . Suppose that the LGM model has been calibrated, so the ââ¬Å"model parametersâ⬠h(t) and ? (t) are known. (In Appendix A we show one popular calibration method). Let the Bermudanââ¬â¢s noti? cation dates be tex , tex+1 , . . . , tex . Suppose that if we exercise on date tex , we receive all coupon payments for the K k0 k0 k intervals k + 1, . . . , n and recieve all funding leg payments f or intervals ik , ik + 1, . . . , n. ? The rollback works by induction. Assume that in the previous rollback steps, we have calculated the reduced value (3. 11a) V + (tex , x) k = value at tex of all remaining exercises tex , tex . . . , tex k k+1 k+2 K N (tex , x) k at each x. We show how to take one more step backwards, ? nding the value which includes the exercise tex k at the preceding exercise date: (3. 11b) V + (tex , x) k? 1 = value at tex of all remaining exercises tex , tex , tex . . . . , tex . k? 1 k k+1 k+2 K N (tex , x) k? 1 Let Pk (x)/N (tex , x) be the (reduced) value of the payo? obtained if the Bermudan is exercised at tex . k k As seen at the exercise date tex the e? ective notional for date ? st is k (3. 12a) where we recall that (3. 12b) ? = ? end (? st ) ? tj , ? end (? st ) ? ? st ? = cvg(? st , ? end (? st )). 12 A(tex , x, ? t ) = k ?j Rf ix Z(tex , x; tj ) 1 k , Mj Z(tex , x; ? end ) 1 + Lf (tex , x; ? st ) k k Reconstructing the reduced value of the payo? (see equation 2. 15) yields (3. 13a) Pk (x) = N (tex , x) k n X ? j Rf ix Z(tex , x; tj ) k Mj N (tex , x) ? k tj X j=k+1 st =tj? 1 +1 ? 1 + (Rmax ? 1 ? ) 2 Ff (tex , x; ? st , Rmax + 1 ? ) k 2 1 + Lf (tex , x; ? st ) k ? ? 1 + (Rmax + 1 ? ) 2 Ff (tex , x; ? st , Rmax ? 1 ? ) k 2 1 + Lf (tex , x; ? st ) k 1 + (Rmin ? 1 ? ) 2 Ff (tex , x; ? st , Rmin + 1 ? ) k 2 1 + Lf (tex , x; ? st ) k 1 + (Rmin + 1 ? ) 2 + Ff (tex , x; ? st , Rmin ? 1 ? ) k 2 1 + Lf (tex , x; ? st ) k ? n ? X ? ? Z(tex , x, tik ? 1 ) ? Z(tex , x, tn ) Z(tex , x, ti ) k k k ? ? cvg(ti? 1 , ti )(bsi +mi ) ? ex , x) ex , x) . N (tk N (tk i=i +1 k ? This payo? includes only zero coupon bonds and ? oorlets, so we can calculate this reduced payo? explicitly using the previously derived formula 3. 9. The reduced valued including the kth exercise is clearly ? ? Pk (x) V + (tex , x) V (tex , x) k k = max , at each x. (3. 13b) N (tex , x) N (tex , x) N (tex , x) k k k Using the Martingale valuation formula we can ââ¬Å"roll di? erences, trees, convolution, or direct integration to Z V + (tex , x) 1 k? 1 (3. 3c) =p N (tex , x) 2? [? k ? ? k? 1 ] k? 1 backâ⬠to the preceding exercise date by using ? nite compute the integral V (tex , X) ? (X? x)2 /2[? k k? 1 ] k dX e N (tex , X) k at each x. Here ? k = ? (tex ) and ? k? 1 = ? (tex ). k k? 1 At this point we have moved from tex to the preceding exercise date tex . We now repeat the procedure: k k? 1 at each x we t ake the max of V + (tex , x)/N (tex , x) and the payo? Pk? 1 (x)/N (tex , x) for tex , and then k? 1 k? 1 k? 1 k? 1 use the valuation formula to roll-back to the preceding exercise date tex , etc. Eventually we work our way k? 2 througn the ? rst exercise V (tex , x). Then todayââ¬â¢s value is found by a ? nal integration: k0 Z V (tex , X) ? X 2 /2? V (0, 0) 1 k0 k0 dX. (3. 14) V (0, 0) = =p e N (0, 0) N (tex , X) 2 k0 k0 3. 2. Using internal adjusters. The above pricing methodology satis? es the ? rst criterion: Provided we use LGM (Hull-White) to price our Bermudan swaptions, and provided we use the same calibration method for accrual swaps as for Bermudan swaptions, the above procedure will yield prices that reduce to the Bermudan prices as Rmin goes to zero and Rmax becomes large. However the LGM model yields the following formulas for todayââ¬â¢s values of the standard ? orlets: F (0, 0; ? st , K) = D(? end ) {[1 + ? (K ? bs)]N (? 1 ) ? [1 + ? (L0 ? bs)]N (? 2 )} log à µ à ¶ 1 + ? (K ? bs) à ± 1 ? 2 tf ix 2 mod 1 + ? (L0 ? bs) . v ? mod tf ix 13 (3. 15a) where (3. 15b) ?1,2 = Here (3. 15c) L0 = Dst ? Dend + bs(? st ) ? Dend is todayââ¬â¢s forward value for the Libor rate, and (3. 15d) q ? mod = (hend ? hst ) ? f ix /tf ix 3. 2. 1. Obtaining the market vol. Floorlets are quoted in terms of the ordinary (rate) vol. Suppose the rate vol is quoted as ? imp (K). Then todayââ¬â¢s market price of the ? oorlet is is the assetââ¬â¢s log normal volatility according to the LGM model. We did not calibrate the LGM model to these ? oorlets. It is virtually certain that matching todayââ¬â¢s market prices for the ? oorlets will require using q an implied (price) volatility ? mkt which di? ers from ? mod = (hend ? hst ) ? f ix /tf ix . (3. 16a) where (3. 16b) Fmkt (? st , K) = ? D(? end ) {KN (d1 ) ? L0 N (d2 )} d1,2 = log K/L0 à ± 1 ? 2 (K)tf ix 2 imp v ? imp (K) tf ix The price vol ? mkt is the volatility that equates the LGM ? oorlet value to this market value. It is de? ned implicitly by (3. 17a) with log (3. 17b) ? 1,2 = à µ à ¶ 1 + ? (K ? bs) à ± 1 ? 2 tf ix 2 mkt 1 + ? (L0 ? bs) v ? kt tf ix [1 + ? (K ? bs)]N (? 1 ) ? [1 + ? (L0 ? bs)]N (? 2 ) = ? KN (d1 ) ? ?L0 N (d2 ), (3. 17c) d1,2 = log K/L0 à ± 1 ? 2 (K)tf ix 2 imp v ? imp (K) tf ix Equivalent vol techniques can be used to ? nd the price vol ? mkt (K) which corresponds to the market-quoted implied rate vol ? imp (K) : (3. 18) ? imp (K) = 1 + 5760 ? 4 t2 ix + à · à · à · 1+ imp f ? mkt (K) 1 2 1 4 2 24 ? mkt tf ix + 5760 ? mkt tf ix à µ log L0 /K à ¶ 1 + ? (L0 ? bs) 1 + ? (K ? bs) 1+ 1 2 24 ? imp tf ix log If this approximation is not su? ciently accurate, we can use a single Newton step to attain any reasonable accuracy. 14 igital floorlet value ? mod ? mkt L0/K Fig. 3. 1. Unadjusted and adjusted digital payo? L/K 3. 2. 2. Adjusting the price vol. The price vol ? mkt obtained from the market price will not match the q LGM modelââ¬â¢s price vol ? mod = (hend ? hst ) ? f ix /tf ix . This is easily remedied using an internal adjuster. All one does is multiply the model volatility with the factor needed to bring it into line with the actual market volatility, and use this factor when calculating the payo? s. Speci? cally, in calculating each payo? Pk (x)/N (tex , x) in the rollback (see eq. 3. 13a), one makes the replacement k (3. 9) (3. 20) (hend ? hst ) q q ? mkt ? f ix ? ?(tex ) =? (hend ? hst ) ? f ix ? ?(t) k ? mod q p = 1 ? ?(tex )/? (tf ix )? mkt tf ix . k With the internal adjusters, the pricing methodology now satis? es the second criteria: it agrees with all the vanilla prices that make up the range note coupons. Essentially, all the adjuster does is to slightly ââ¬Å"sharpen upâ⬠or ââ¬Å"smear outâ⬠the digital ? oorletââ¬â¢s payo? to match todayââ¬â¢s value at L0 /K. This results in slightly positive or negative price corrections at various values of L/K, but these corrections average out to zero when averaged over all L/K. Making this volatility adjustment is vastly superior to the other commonly used adjustment method, which is to add in a ? ctitious ââ¬Å"exercise feeâ⬠to match todayââ¬â¢s coupon value. Adding a fee gives a positive or negative bias to the payo? for all L/K, even far from the money, where the payo? was certain to have been correct. Meeting the second criterion forced us to go outside the model. It is possible that there is a subtle arbitrage to our pricing methodology. (There may or may not be an arbitrage free model in which extra factors ââ¬â positively or negatively correlated with x ââ¬â enable us to obtain exactly these ? orlet prices while leaving our Gaussian rollback una? ected). However, not matching todayââ¬â¢s price of the underlying accrual swap would be a direct and immediate arbitrage. 15 4. Range notes and callable range notes. In an accrual swap, the coupon leg is exchanged for a funding leg, which is normally a standard Libor leg plus a margin. U nlike a bond, there is no principle at risk. The only credit risk is for the di? erence in value between the coupon leg and the ? oating leg payments; even this di? erence is usually collateralized through various inter-dealer arrangements. Since swaps are indivisible, liquidity is not an issue: they can be unwound by transferring a payment of the accrual swapââ¬â¢s mark-to-market value. For these reasons, there is no detectable OAS in pricing accrual swaps. A range note is an actual bond which pays the coupon leg on top of the principle repayments; there is no funding leg. For these deals, the issuerââ¬â¢s credit-worthiness is a key concern. One needs to use an option adjusted spread (OAS) to obtain the extra discounting re? ecting the counterpartyââ¬â¢s credit spread and liquidity. Here we analyze bullet range notes, both uncallable and callable. The coupons Cj of these notes are set by the number of days an index (usually Libor) sets in a speci? ed range, just like accrual swaps: ? tj X ? j Rf ix 1 if Rmin ? L(? st ) ? Rmax (4. 1a) Cj = , 0 otherwise Mj ? =t +1 st j? 1 where L(? st ) is k month Libor for the interval ? st to ? end (? st ), and where ? j and Mj are the day count fraction and the total number of days in the j th coupon interval tj? 1 to tj . In addition, these range notes repay the principle on the ? nal pay date, so the (bullet) range note payments are: (4. 1b) (4. 1c) Cj 1 + Cn paid on tj , paid on tn . j = 1, 2, . . . n ? 1, For callable range notes, let the noti? ation on dates be tex for k = k0 , k0 + 1, . . . , K ? 1, K with K < n. k Assume that if the range note is called on tex , then the strike price Kk is paid on coupon date tk and the k payments Cj are cancelled for j = k + 1, . . . , n. 4. 1. Modeling option adjusted spreads. Suppose a range note is issued by issuer A. ZA (t, x; T ) to be the value of a dollar paid by the note on date T , as seen at t, x. We assume that (4. 2) ZA (t, x; T ) = Z(t, x; T ) ? (T ) , ? (t) De? ne where Z(t, x; T ) is the value according to the Libor curve, and (4. 3) ? (? ) = DA (? ) . e D(? ) Here ? is the OAS of the range note. The choice of the discount curve DA (? ) depends on what we wish the OAS to measure. If one wishes to ? nd the range noteââ¬â¢s value relative to the issuerââ¬â¢s other bonds, then one should use the issuerââ¬â¢s discount curve for DA (? ); the OAS then measures the noteââ¬â¢s richness or cheapness compared to the other bonds of issuer A. If one wishes to ? nd the noteââ¬â¢s value relative to its credit risk, then the OAS calculation should use the issuerââ¬â¢s ââ¬Å"risky discount curveâ⬠or for the issuerââ¬â¢s credit ratingââ¬â¢s risky discount curve for DA (? ). If one wishes to ? nd the absolute OAS, then one should use the swap marketââ¬â¢s discount curve D(? , so that ? (? ) is just e . When valuing a non-callable range note, we are just determining which OAS ? is needed to match the current price. I. e. , the OAS needed to match the marketââ¬â¢s idiosyncratic preference or adversion of the bond. When valuing a callable range note, we are ma king a much more powerful assumption. By assuming that the same ? can be used in evaluating the calls, we are assuming that (1) the issuer would re-issue the bonds if it could do so more cheaply, and (2) on each exercise date in the future, the issuer could issue debt at the same OAS that prevails on todayââ¬â¢s bond. 16 4. 2. Non-callable range notes. Range note coupons are ? xed by Libor settings and other issuerindependent criteria. Thus the value of a range note is obtained by leaving the coupon calculations alone, and replacing the couponââ¬â¢s discount factors D(tj ) with the bond-appropriate DA (tj )e tj : (4. 4a) VA (0) = n X j=1 ?j Rf ix DA (tj )e tj Mj à ¤ ? à ¤ ? 1 + (Rmax ? 1 ? ) B1 (? st ) ? 1 + (Rmax + 1 ? ) B2 (? st ) 2 2 ? [1 + L0 (? st )] ? st =tj? 1 +1 à ¤ ? à ¤ ? 1 + (Rmin ? 1 ? ) B3 (? st ) ? 1 + (Rmin + 1 ? ) B4 (? st ) 2 2 ? ? [1 + L0 (? st )] +DA (tn )e tn . tj X Here the last term DA (tn )e n is the value of the notional repaid at maturity. As before, the B? are Blackââ¬â¢s formulas, (4. 4b) B? (? st ) = Kj N (d? ) ? L0 (? st )N (d? ) 1 2 (4. 4c) d? = 1,2 log K? /L0 (? st ) à ± 1 ? 2 (K? )tf ix 2 imp v ? imp (K? ) tf ix (4. 4d) K1,2 = Rmax à ± 1 ? , 2 K3,4 = Rmin à ± 1 ? , 2 and L0 (? ) is todayââ¬â¢s forward rate: (4. 4e) Finally, (4. 4f) ? = ? end ? tj . ? en d ? ? st L0 (? st ) = D(? st ) ? D(? end ) ? D(? end ) 4. 3. Callable range notes. We price the callable range notes via the same Hull-White model as used to price the cancelable accrual swap. We just need to adjust the coupon discounting in the payo? function. Clearly the value of the callable range note is the value of the non-callable range note minus the value of the call: (4. 5) callable bullet Berm VA (0) = VA (0) ? VA (0). bullet Berm (0) is the todayââ¬â¢s value of the non-callable range note in 4. 4a, and VA (0) is todayââ¬â¢s value of Here VA the Bermudan option. This Bermudan option is valued using exactly the same rollback procedure as before, 17 except that now the payo? is (4. 6a) (4. 6b) Pk (x) = N (tex , x) k ? tj X st =tj? 1 +1 j=k+1 n X ? j Rf ix ZA (tex , x; tj ) k Mj N (tex , x) ? k 1 + (Rmax ? 1 ? ) 2 Ff (tex , x; ? st , Rmax + 1 ? ) k 2 1 + Lf (tex , x; ? st ) k ? ? + (Rmax + 1 ? ) 2 Ff (tex , x; ? st , Rmax ? 1 ? ) k 2 1 + Lf (tex , x; ? st ) k 1 + (Rmin ? 1 ? ) 2 Ff (tex , x; ? st , Rmin + 1 ? ) k 2 1 + Lf (tex , x; ? st ) k 1 + (Rmin + 1 ? ) 2 + Ff (tex , x; ? st , Rmin ? 1 ? ) k 2 1 + Lf (tex , x; ? st ) k ZA (tex , x, tn ) ZA (tex , x, tk ) k k + ? Kk ex , x) N (tk N (tex , x) k Here the bond speci? c reduced zero coupon bond value is (4. 6c) ex ex 1 2 ZA (tex , x, T ) D(tex ) k k = DA (T )e (T ? tk ) e? h(T )x? 2 h (T )? k , ex , x) N (tk DA (tex ) k ? the (adjusted) forwarded ? oorlet value is Ff (tex , x; ? st , K) = [1 + ? (K ? bs)]N (? 1 ) ? [1 + ? (L(tex , x; ? t ) ? bs)]N (? 2 ) k k log (4. 6d) ? 1,2 = à µ à ¶ 1 + ? (K ? bs) à ± 1 [1 ? ?(tex )/? (tf ix )]? 2 tf ix k mkt 2 1 + ? (L ? bs) p , v 1 ? ?(tex )/? (tf ix )? mkt tf ix k à ¶ Z(tex , x; ? st ) k ? 1 + bs(? st ) Z(tex , x; ? end ) k à ¶ (hend ? hst )x? 1 (h2 ? h2 )? ex end st k ? 1 + bs(? 2 e st ) 1 = ? à µ and the forward Libor value is (4. 6e) (4. 6f) L? L (tex , x; ? st ) k à µ Dst Dend 1 = ? The only remaining issue is calibration. For range notes, we should use constant mean reversion and calibrate along the diagonal, exactly as we did for the cancelable accrual swaps. We only need to specify the strikes of the reference swaptions. A good method is to transfer the basis spreads and margin to the coupon leg, and then match the ratio of the coupon leg to the ? oating leg. For exercise on date tk , this ratio yields (4. 7a) n X ?k = ? j Rf ix DA (tj )e (tj ? tk ) Mj Kk DA (tk ) j=k+1 (? à ¤ ? à ¤ 1 + (Rmax ? 1 ? ) B1 (? st ) ? 1 + (Rmax + 1 ? ) B1 (? st ) 2 2 ? [1 + L0 (? st )] ? st =tj? 1 +1 ) à ¤ ? à ¤ ? 1 + (Rmin ? 1 ? ) B3 (? st ) ? 1 + (Rmin + 1 ? ) B3 (? st ) 2 2 ? 1 + Lf (tex , x; ? st ) k tj X + DA (tn )e (tn ? tk ) Kk DA (tk ) 18 As before, the Bj are dimensionless Black formulas, (4. 7b) B? (? st ) = K? N (d? ) ? L0 (? st )N (d? ) 1 2 d? = 1,2 log K? /L0 (? st ) à ± 1 ? 2 (K? )tf ix 2 imp v ? imp (K? ) tf ix K3,4 = Rmin à ± 1 ? , 2 (4. 7c) (4. 7d) K1,2 = Rmax à ± 1 ? , 2 and L0 (? st ) is todayââ¬â¢s forward rate: Appendix A. Calibrating the LGM model. The are several methods of calibrating the LGM model for pricing a Bermudan swaption. The most popular method is to choose a constant mean reversion ? , and then calibrate on the diagonal European swaptions making up the Bermudan. In the LGM model, a ââ¬Å"constant mean reversion ? â⬠means that the model function h(t) is given by (A. 1) h(t) = 1 ? e t . ? Usually the value of ? s selected from a table of values that are known to yield the correct market prices of liquid Bermudans; It is known empirically that the needed mean reversion parameters are very, very stable, changing little from year to year. ? 1M 3M 6M 1Y 3Y 5Y 7Y 10Y 1Y -1. 00% -0. 75% -0. 50% 0. 00% 0. 25% 0. 50% 1. 00% 1. 50% 2Y -0. 50% -0. 25% 0. 00% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 3Y -0. 25% 0. 00% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 1. 75% 4Y -0. 25% 0. 00% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 1. 75% 5Y -0. 25% 0. 00% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 1. 75% 7Y -0. 25% 0. 00% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 1. 75% 10Y -0. 25% 0. 0% 0. 25% 0. 50% 1. 00% 1. 25% 1. 50% 1. 75% Table A. 1 Mean reverssion ? for Bermudan swaptions. Rows are time-to-? rst exercise; columns are tenor of the longest underlying swap obtained upon exercise. With h(t) known, we only need determine ? (t) by calibrating to European swaptions. Consider a European swaption with noti? cation date tex . Suppose that if one exercises the option, one recieves a ? xed leg worth (A. 2a) Vf ix (t, x) = n X i=1 Rf ix cvg(ti? 1 , ti , dcbf ix )Z(t, x; ti ), and pays a ? oating leg worth (A. 2b) Vf lt (t, x) = Z(t, x; t0 ) ? Z(t, x; tn ) + n X i=1 cvg(ti? 1 , ti , dcbf lt ) bsi Z(t, x; ti ). 9 Here cvg(ti? 1 , ti , dcbf ix ) and cvg(ti? 1 , ti , dcbf lt ) are the day count fraction s for interval i using the ? xed leg and ? oating leg day count bases. (For simplicity, we are cheating slightly by applying the ? oating legââ¬â¢s basis spread at the frequency of the ? xed leg. Mea culpa). Adjusting the basis spread for the di? erence in the day count bases (A. 3) bsnew = i cvg(ti? 1 , ti , dcbf lt ) bsi cvg(ti? 1 , ti , dcbf ix ) allows us to write the value of the swap as (A. 4) Vswap (t, x) = Vf ix (t, x) ? Vf lt (t, x) n X = (Rf ix ? bsi ) cvg(ti? 1 , ti , dcbf ix )Z(t, x; ti ) + Z(t, x; tn ) ? Z(t, x; t0 ) i=1 Under the LGM model, todayââ¬â¢s value of the swaption is (A. 5) 1 Vswptn (0, 0) = p 2 (tex ) Z e? xex /2? (tex ) 2 [Vswap (tex , xex )]+ dxex N (tex , xex ) Substituting the explicit formulas for the zero coupon bonds and working out the integral yields (A. 6a) n X (Rf ix ? bsi ) cvg(ti? 1 , ti , dcbf ix )D(ti )N Vswptn (0, 0) = where y is determined implicitly via (A. 6b) y + [h(ti ) ? h(t0 )] ? ex p ? ex i=1 A A ! ! y + [h(tn ) ? h(t0 )] ? ex y p ? D(t0 )N p , +D(tn )N ? ex ? ex A ! n X 2 1 (Rf ix ? bsi ) cvg(ti? 1 , ti , dcbf ix )e? [h(ti )? h(t0 )]y? 2 [h(ti )? h(t0 )] ? ex i=1 +D(tn )e? [h(tn )? h(t0 )]y? [h(tn )? h(t0 )] 1 2 ? ex = D(t0 ). The values of h(t) are known for all t, so the only unknown parameter in this price is ? (tex ). One can show that the value of the swaption is an increasing function of ? (tex ), so there is exactly one ? (tex ) which matches the LGM value of the swaption to its market price. This solution is easily found via a global Newton iteration. T o price a Bermudan swaption, one typcially calibrates on the component Europeans. For, say, a 10NC3 Bermudan swaption struck at 8. 2% and callable quarterly, one would calibrate to the 3 into 7 swaption struck at 8. 2%, the 3. 25 into 6. 5 swaption struck at 8. 2%, â⬠¦ , then 8. 75 into 1. 25 swaption struck at 8. 25%, and ? nally the 9 into 1 swaption struck at 8. 2%. Calibrating each swaption gives the value of ? (t) on the swaptionââ¬â¢s exercise date. One generally uses piecewise linear interpolation to obtain ? (t) at dates between the exercise dates. The remaining problem is to pick the strike of the reference swaptions. A good method is to transfer the basis spreads and margin to the coupon leg, and then match the ratio of the coupon leg to the funding leg to the equivalent ratio for a swaption. For the exercise on date tk , this ratio is de? ed to be 20 n X ? j D(tj ) (A. 7a) ? k = Mj D(tk ) ? j=k+1 D(tn ) X D(ti ) + cvg(ti? 1 , ti )(bs0 +mi ) ? i D(tk ) i=1 D(tk ) n à ¤ ? à ¤ 1 + (Rmax ? 1 ? ) B1 (? st ) ? 1 + (Rmax + 1 ? ) B2 (? st ) 2 2 ? [1 + L0 (? st )] st =tj? 1 +1 à ¤ ? à ¤ ? 1 + (Rmin ? 1 ? ) B3 (? st ) ? 1 + (Rmin + 1 ? ) B4 (? st ) 2 2 ? ? [1 + L0 (? st )] tj X ? where B? are Blackââ¬â¢s formula at strikes around the boundaries: (A. 7b) B? (? st ) = ? D(? end ) {K? N (d? ) ? L0 (? st )N (d? )} 1 2 d? = 1,2 log K? /L0 (? st ) à ± 1 ? 2 (K? )tf ix 2 imp v ? imp (K? ) tf ix (A. 7c) with (A. 7d) K1,2 = Rmax à ± 1 ? , 2 K3,4 = Rmin à ± 1 ?. 2 This is to be matched to the swaption whose swap starts on tk and ends on tn , with the strike Rf ix chosen so that the equivalent ratio matches the ? k de? ned above: (A. 7e) ? k = n X i=k+1 (Rf ix ? bsi ) cvg(ti? 1 , ti , dcbf ix ) D(ti ) D(tn ) + D(tk ) D(tk ) The above methodology works well for deals that are similar to bullet swaptions. For some exotics, such as amortizing deals or zero coupon callables, one may wish to choose both the tenor of the and the strike of the reference swaptions. This allows one to match the exotic dealââ¬â¢s duration as well as its moneyness. Appendix B. Floating rate accrual notes. 21 vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-71324961554304193812020-01-08T17:23:00.001-08:002020-01-08T17:23:03.674-08:00. Summarise the Historical Changes in Childhood Experience... There is little evidence of what it was really like in the past so it is difficult for a lot of people to re-construct the life of a child, however from what I have researched, and in my own opinion I am going to summarise the historical changes in childhood experience and relate these changes to childhood development and rights. In the 19th century I think children missed out on most of their childhood as most of them took on jobs such as chimney sweepers, street sellers and farms for example. These were mainly children from poor families who were seen as extra farm hands and were exploited by receiving low pay for long hours and working in poor conditions. Families did not look at how the children were treated and the possible impactâ⬠¦show more contentâ⬠¦Also from what my grandad has told me, back then they werenââ¬â¢t allowed to express themselves as they would get emotional and physical abuse towards them, so they just carried on with everyday life. They was wealthy families and was a lot easier from them as they had the money to attend a private school or was home-schooled. They were also encouraged to donate money and goods to the poor. Kerry Woolford Even though a legislation was drawn up and improved childhood education, healthcare and welfare, children were and even now in modern society around the world are being taken advantage of for monetary gain. Modern society now especially since 1997 have tried putting children first such as committing to meeting childrenââ¬â¢s needs. There are still problems such as school truancy, adolescents not in education or training and also child protection as there have been tragic deaths including baby P and Victoria climbie, which her death was largely responsible for the formation of every child matters inactive plus a lot of other changes in different systems, 2. Discuss how family systems are influential in child development processes and include challenges to meeting a childââ¬â¢s needs, such as conflicts and poor parenting practices. Family systems can influence in a childââ¬â¢sShow MoreRelatedTo What Extent Can Childhood Be Considered a Social Construction?1489 Words à |à 6 PagesTo what extent can childhood be considered a social construction? This essay will analyse the major experiences by which childhood is constructed: one determined by the society and the other examined personally. Following this approach will be explained socially constructed childhood that asserts childrenââ¬â¢s attitudes, expectations and understandings that are defined by a certain society or culture. Furthermore various aspects of childhoods will be taken into account in relation to social, economicRead MoreThe Importance Of Teaching And Learning Processes1867 Words à |à 8 Pages For educators, evaluating what is being taught and why can be a somewhat elusive and subjective task. The amount of theoretical research in regards to teaching and learning processes is immense as there is no particular ââ¬Ëright answerââ¬â¢, allowing much room for interpretation (Elmborg, 2006). It is therefore of importance that educators understand what they are teaching and why, by deepening their knowledge on various theoretical standpoints. Furthermore, discussion of these standpoints, particularlyRead MoreScientific Method and Children4906 Words à |à 20 Pagesuniversally valid; in other words, it is a natural law. The laws of nature cannot change. Every technical construction and measuring apparatus is a practical application of the laws of nature. If the laws of nature changed, bridges and tower blocks, for example, calculated correctly taking the laws of nature into account, could collapse. As all physiological processes are also dependent on the laws of nature, a change in these laws would have catastrophic consequences. For these reasons no patent officeRead MoreClient Presentation And Service Delivery10192 Words à |à 41 PagesLife 6 Stages of Human Development 7 Physical Developmentâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦....8 Psychological Development Social Development Cognitive Development Affective Development Theories that Inform Community Services Practice 10 Attachment Theory Trauma Trauma Theory Identify Relevant Support for Clients 12 Outcomes Measurement Tools 15 ABAS-II ââ¬â Adaptive Behaviour Assessment System The Griffith Mental Development Scales (GMDS) The Bayley Scales of Infant Development (Bayley-III) Sensory ProfileRead MoreCase Study148348 Words à |à 594 Pages---------------------------------This edition published 2011 à © Pearson Education Limited 2011 The rights of Gerry Johnson, Richard Whittington and Kevan Scholes to be identified as the authors of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. Pearson Education is not responsible for the content of third party internet sites. ISBN: 978-0-273-73557-1 (printed) ISBN: 978-0-273-73552-6 (web) All rights reserved. Permission is hereby given for the material in this publicationRead MoreGsk Annual Report 2010135604 Words à |à 543 Pageslive longer GlaxoSmithKline Annual Report 2010 Contents Business review P08ââ¬âP57 Governance and remuneration P58ââ¬âP101 Financial statements P102ââ¬âP191 Shareholder information P192ââ¬âP212 Business review 2010 Performance overview Research and development Pipeline summary Products, competition and intellectual property Regulation Manufacturing and supply World market GSK sales performance Segment reviews Responsible business Financial review 2010 Financial position and resources Financial reviewRead MoreExploring Corporate Strategy - Case164366 Words à |à 658 Pagesresponsibility Culture Competitive strategy Strategic options: directions Corporate-level strategy International strategy Innovation and Entrepreneurship Strategic options: methods Strategy evaluation Strategic management process Organising Resourcing Managing change Strategic leadership Strategy in practice Public sector/not-for-proï ¬ t management Small business strategy ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" ââ" Read MoreMonsanto: Better Living Through Genetic Engineering96204 Words à |à 385 Pagessuch a course. The ââ¬Ëfull storyââ¬â¢ that follows this summary gives you considerable detail about how to go about a case analysis, but for now here is a brief account. Before we start, a word about attitude ââ¬â make it a real exercise. You have a set of historical facts; use a rigorous system to work out what strategies shoul d be followed. All the cases are about real companies, and one of the entertaining bits of the analysis process is to compare what you have said they should do with what they really have vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-45902885336610097772019-12-31T13:49:00.001-08:002019-12-31T13:49:03.452-08:00ACT Format What to Expect on the ACT Exam Students who take the ACT are really taking tests in four subject areas: mathematics, English, reading, and science. The ACT also has an optional writing test. The number of questions and time allocation varies by subject area: ACT Section Number of Questions Time Allowed English 75 45 minutes Mathematics 60 1 hour Reading 40 35 minutes Science 40 35 minutes Writing (optional) 1 essay 40 minutes The total exam time is 2 hours and 55 minutes, although the actual exam will take ten minutes longer because of a break after the math section. If you take the ACT Plus Writing, the exam isà 3 hours and 35 minutes long plus the 10 minute break after the math section and a 5 minute break before you begin the essay. The ACT English Test With 75 questions to complete in 45 minutes, youll need to work quicklyà to complete the English section of the ACT. Youllà be asked to answer questions about five short passages and essays. The questionsà cover several different aspects of English language and writing: Production of Writing. This content area represents 29-32% of the English test. These questions will be focused on the big picture of the passage. What is the passages purpose? What is the tone? What literary strategies is the author employing? Has the text achieved its goal? Is an underlined part of the text relevant to the overall goal of the passage?Knowledge of Language. This part of the English sectionà focuses on issues of language use, such as style, tone, conciseness, and precision. Questions from this category account for 13-19% of the English test.Conventions of Standard English. This content area is the largest part of the English test. These questions focus on correctness in grammar, syntax, punctuation, and word usage. This content area makes up 51-56% of the English Test. The ACT Mathematics Test At 60 minutes long, the math section of the ACT is the most time-consuming part of the exam. There are 60 questions in this section, so youll have one minute per question. While a calculator is not necessary to complete the math section, you are allowed to use one of the permitted calculators, which will save you precious time during the exam. Theà ACT Mathematics Test covers standard high school math conceptsà beforeà calculus: Preparing for Higher Mathematics. This content area represents 57-60% of the math questions broken down into several sub-categories.Number and Quantity. Students must understand real and complex number systems, vectors, matrices, and expressions with integer and rational exponents. (7-10% of the Mathematics Test)Algebra. This section requires test-takers to know how to solve and graph several kinds of expressions as well as understand linear, polynomial, radical, and exponential relationships. (12-15% of the Mathematics Test)Functions. Students need to understand both the representation and application of functions. Coverage includes linear, radical, polynomial, and logarithmic functions. (12-15% of the Mathematics Test)Geometry. This section focuses on shapes and solids, and students need to be able to calculate area and volume of different objects. Test-takers must be prepared to solve for missing values in triangles, circles, and other shapes. (12-15% of the Mathematics Test)Stati stics and Probability. Students need to be able to understand and analyze distributions of data, data collection methods, and probabilities related to a data sample. (8-12% of the Mathematics Test)Integrating Essential Skills. This content area accounts for 40-43% of the questions on the math section. The questions here draw on the information covered in the Preparing for Higher Mathematics section, but students will be asked to synthesize and apply their knowledge to solve more complex problems. Subjects covered here include percentages, surface area, volume, average, median, proportional relationships, and different ways to express numbers. You may need to work through multiple steps to solve these problems. The ACT Reading Test Whereas the English Test focuses primarily on grammar and usage, the ACT reading test assesses your ability to understand, analyze, interpret, and draw conclusions from a passage. The reading part of the ACT has four sections. Three of those sections ask questions about a single passage, and the fourth asks you to answer questions related to a pair of passages. Note that these passages can be from any discipline, not just English literature. Your close-reading and critical-thinking skills are essential for the reading part of the ACT. The questions can be broken down into three categories: Key Ideas and Details. These questions require you to identify the central ideas and themes in the passage. Youll also need to understand how passages develop their ideas. Is it through sequential relationships, comparisons, or cause and effect? These questions make up 55-60% of the reading questions.Craft and Structure. With these questions, youll analyze meanings of specific words and phrases, rhetorical strategies, and narrative points of view. You might be asked about the authors purpose and perspective, or you might need to identify shifts in perspective. These questions account for 25-30% of the reading questions.Integration and Knowledge of Ideas. Questions in this category ask you to differentiate between facts and an authors opinions, and you may be asked to use evidence to make links between different texts. These questions represent 13-18% of the reading section of the exam. The ACT Science Test The ACT science test questions draw from the four common fields of high school science: biology, earth science, chemistry, and physics. However, the questions do not demand advanced knowledge in any of the subject areas. The science portion of the ACT tests your ability to interpretà graphs, analyze data, and structure an experiment,à notà your ability to memorize facts. With 40 questions and 35 minutes, youll have just over 50 seconds per question.à Calculators are not allowed on this section. The ACT science questions can be broken down into three broad categories: Data Representation. With these questions, youll need to be able to read tables and graphs, and youll be asked to draw conclusions from them. You may also be asked to work in the opposite direction and translate data into graphs. These questions account for 30-40% of the science portion of the ACT.Research Summaries. If given the description of one or more experiments, can you answer questions related to the design of the experiments and the interpretation of the experimental results? These questions represent about half of the science test (45-55% of the questions).Conflicting Viewpoints. Given a single scientific phenomena, these questions ask you to explore how different conclusions might be drawn. Issues such as incomplete data and differing premises are central to this category of question. 15-20% of the Science Test focuses on this topic area. The ACT Writing Test Few colleges require the ACT writing test, but many still recommend the essay portion of the exam. Thus, it is oftenà a good idea to take the ACT Plus Writing.à The optional writing portion of the ACT asks you to write a single essay in 40 minutes. Youll be provided an essay question as well as three different perspectives related to the question. Youll then craft an essay that takes a position on the topic while engaging at least one of the perspectives presented in the prompt. The essay will be scored in four areas: Ideas and Analysis. Does the essay develop meaningful ideas related to the situation presented in the prompt, and have you engaged successfully with other perspectives on the issue?Development and Support. Has your essay succeeded in backing up your ideas with a discussion of the implications, and have you backed up your main points with well chosen examples?Organization. Do your ideas flow smoothly and clearly from one to the next? Is there a clear relationship between your ideas? Have you guided your reader through your argument effectively?Language Use and Conventions. This area focuses on the nuts and bolts of proper English usage. Is your language clear, and have you used proper grammar, punctuation, and syntax? Is the style and tone engaging and appropriate? A Final Word on the ACT Format While the ACT is broken down into four distinct test subjects, realize that there is a lot of overlap between sections. Whether youre reading a literary passage or a scientific graph, youll be asked to use your analytical skills to understand the information and draw conclusions. The ACT is not an exam that requires a remarkable vocabulary and advanced calculus skills. If youve done well in high school in core subject areas, you should earn a good score on theà ACT. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-89968542310446493652019-12-23T09:36:00.001-08:002019-12-23T09:36:03.244-08:00The Overcrowding of Prisons Essays - 1786 Words According to Mark Early, president of the Prison Fellowship International, the Bureau of Justice Statistics report shows that there are 19 states that have prisons operating at 100 percent capacity and another 20 are falling right behind them. There is no wonder why the overcrowding of prisons is being discussed everywhere. Not to mention how serious this predicament is and how serious it can get. Many of the United States citizens donââ¬â¢t understand why this is such a serious matter due to the fact that some of them believe itââ¬â¢s not their problem. Therefore they just donââ¬â¢t care about it. Also, some Americans may say that they donââ¬â¢t care about what could happen to the inmates due to repercussions of overcrowding, because itââ¬â¢s their ownâ⬠¦show more contentâ⬠¦That was two years ago and the prison population have continued to grow since then, so can you imagine what it is now? Now, think of what the prisoners have to go through. Andrea Caumont sh ared some of the problems prisoners are having, because of prison overcrowding. She says that in California the United States Supreme Court told the state to reduce its prison population, because overcrowded conditions are amounting to cruel and unusual punishment. Can you imagine what must be happening for the Supreme Court to rule it as cruel and unusual punishment? Not only are they being punished cruelly, the prisoners are also losing their opportunities to participate in the prisons self-improvement programs and the vocational training, because there is less of everything to go around. Therefore all resources, even food, are being stretched to the max. (John Howard goes into more detail on this issue in his paper The Effects of Prison Overcrowding on the P.A.T.R.I.C.K Crusade website.) The prisoners are not the only ones being affected by this problem, this problem is affecting everyone. The overcrowding of prisons can date back to the 1850ââ¬â¢s, when they imprisoned debtors, delinquent juveniles, minor misdemeanants and felons all together with no separation. The King Edwards Public School students created their own websiteShow MoreRelatedPrison Overcrowding1187 Words à |à 5 PagesAbstract This paper will discuss prison overcrowding and what type of numbers have come about over the years when it comes to inmates being imprisoned. It will discuss the cost of a prisoner annually as well as the decision to add verses build when it comes to new facilities. The overcrowding in one particular prison will be touched on as well as whose responsibility it is for upkeep. It will discuss how funding plays a role in overcrowding as well as the ââ¬Å"three strikesâ⬠rule in California andRead MorePrison Overcrowding953 Words à |à 4 PagesPrison Overcrowding Sherita Bowens American Intercontinental University April 24, 2010 Abstract Prison overcrowding is one of the many different problems throughout the world that law enforcement faces. Prison overcrowding not only affects those in law enforcement, it also affects the taxpayers in the community as well. The problem of overcrowded prisons is being handled in many different ways. Some of these ways have been proven to be sufficient and successful while others have not beenRead MorePrison Overcrowding2966 Words à |à 12 Pagesââ¬Å"Prison Overcrowding: Using Proposals from Nevada and California to Recommend an Alternative Answerâ⬠By: Casey Apao For: Dr. Sarri CSN Fall 2010 Dedication: ââ¬Å"I, the undersigned, Casey Apao hereby certify that without the assistance of Henry Apao this Critical Thinking Scientific Paper wouldnââ¬â¢t be done.â⬠Signed , Casey Apao Disclaimer: ââ¬Å"I, Casey Apao hereby certify that this Critical Thinking Scientific Paper is the result of my sole intellectualRead MoreOvercrowding Prisons And The Prisons Essay1785 Words à |à 8 PagesAlma Gonzalez Professor Shaw SOC 474OL 11 August 2016 Overcrowding Prisons Prisons were essentially built to accommodate a number of prisoners, but over the years, it has reached over capacity. Today in the United States, there are approximately 193,468 federal inmates that consist of the Bureau of Prisons Custody, private managed facilities and other facilities. The inmates ages range from 18- 65 with the median age being in their late 30ââ¬â¢s. This number is counting both male and female populationRead MoreArticle Report On Overcrowding Of Prison Overcrowding1074 Words à |à 5 Pages Clark, Charles S. Prison Overcrowding. CQ Researcher 4 Feb. 1994: 97-120. Web. 26 Mar. 2016. This article discusses overcrowding in the United States prison system, due in part to mandatory prison sentences. Additionally, this article also discusses the challenges in managing the overpopulation of prisons and gives an objective look at solutions, to include building more prisons, to combat overcrowding. While the author does not include information about himself and his qualifications, hisRead MoreEffects Of Prison Overcrowding1345 Words à |à 6 Pagesa few of the effects that prison overcrowding causes towards the inmates and the guards. I will first address the issue of violence that prison overcrowding causes. My next point will be the health of the inmates discussing both their physical and mental while in overcrowded prisons. Lastly I will discuss the physical and mental health of the correctional officers and how the job could lead to correctional officers having issues in their private life. Prison Overcrowding has become a major issueRead MoreThe Problem Of Prison Overcrowding1572 Words à |à 7 Pagesthe past 30 odd years, Californiaââ¬â¢s prison population has grown by 750 percent (ââ¬Å"Californiaââ¬â¢s Perpetuating Prison Crisisâ⬠). As this percentage perpetuates to make substantial gains, inmates are suffering in confinement cells, officials are negotiating over the issue, and the public is protesting to make their opinions count. The prison crisis has continued to grow over the years, causing a great uproar among all of Californiaââ¬â¢s 32 state prisons. Prison overcrowding has been an increasingly vital issueRead MoreThe Overcrowding Of Prison And Massachusetts1261 Words à |à 6 PagesAfter exploring options of which states had the most overcrowding in prisons, the best option to go with was California because states like Alabama and Massachusetts did not have current statistics. If anything, their statistics were from 2016 or 2013, making data harder to collect. Therefore, according to the California Department of Corrections and Rehabilitation website, the most recent report they have of the total population is as of midnight February 8, 2017. The total population is 180,885Read MoreThe Problem Of Prison Overcrowding1166 Words à |à 5 PagesBlackboard #1: Realignment Prison overcrowding has always been a problem in California prisons. It has been growing over the year and has now lead the United States Supreme Court to take part in trying to find a solution to this problem. Because of this issue, Plata litigation came through and had a significant impact on the way we see community corrections. The ruling in the Plata litigation in turn lead to AB 109 or The Public Safety Realignment Act to be implemented as a solution to Californiaââ¬â¢sRead MorePrison Overcrowding Essay1184 Words à |à 5 Pages Prison Overcrowding Nicole Neal American Intercontinental University Abstract This research paper is to explore the impact of prison overcrowding. The United States has a, what seems to be everlasting, prison overcrowding problem. Not only does the United States have this dilemma, but also many other countries have overcrowded prisons as well. Many issues need to be addressed; ways to reduce the prison populations and how to effectively reduce prison cost without vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-67001299927196299722019-12-15T06:06:00.001-08:002019-12-15T06:06:04.217-08:00Sociology Essay Impact of Globalization Trends Free Essays Introduction Globalization is a widely discussed and contested topic. The process of globalization has profound impacts on the capacity of a nation to formulate its policies. It is accompanied by a seemingly endless process of change within education (Peters, 1992). We will write a custom essay sample on Sociology Essay: Impact of Globalization Trends or any similar topic only for you Order Now Globalization is one main issue that is increasingly attracting the attention of most academicians, researchers and policy makers. It has gained relevance in the context of higher education. Education is an important driver of growth and poverty reduction. Education policies have been in existence for quite some time and have played an important role in the development policy. The most recent wave of globalization is likely to have profound effects on education structures and policies across the world. What is globalization? ââ¬ËGlobalisationââ¬â¢ is a term that describes the process of integrating societies by removing legal, political and geographical constraints (Trowler, 1998). Vulliamy (2004) describes it as a process which is rapidly integrating the world into one economic space via an increasingly networked global telecommunication system. A study by Tikly (2003), suggest globalization as an inevitable and largely irresistible phenomenon that contains opportunities and threats for national development. Globalization is therefore seen to be concerned principally with integration into global and regional markets underpinned by technologies Although internationalization is not new to education policies, the forces and tensions under the umbrella concept of globalization constitute dramatically different environment in which education institutions and policy makers operate in (Marginson, 1999). The changes to which education structures inUKand around the globe is exposed are complex and varied (Marginson, 1999). Nonetheless, the globalization concept indicates that these changes are somehow interrelated. For the purpose of this analysis, we will stress the following tendencies within the overall force of globalization: Restructuring of the economic world system due to rapid integration of the world economy resulting from a transformation to a post industrial knowledge economy and increasingly liberalized trade and commerce. Rise of network society due to technological advancements and the expansion of the internet Increasing virtual mobility of people, knowledge and capital resulting from the development of new transport facilities, expansion of the internet and increasingly world integrated community Complex cultural developments whereby we have an increasing cultural exchange and multicultural reality on the one hand of homogeneity and cultural differentiation and segregation on the other hand. Erosion of the nation state and a widening of the gap between socio-political regulation and economic activity. Such is the nature and complexities of forces associated with globalization. These forces define the social environment in which education structures and policies operate in (Green, 1999). Further, these forces condition the context in which education policies and structures have to operate and profoundly alter peopleââ¬â¢s experience of both formal and informal education (Green, 1995). For example, most institutions are transformed to become targets of corporate expansion and sites for branding. A more detailed explanation will be discussed below. Impact of globalization on education structures and policies Globalisation has profound impacts on education structures and policies. The impact is profound but also diverse, depending on the locality within the global arena. While there is often a danger of oversimplification and generalisation when dealing with globalisation, diversity has to be recognised and promoted to a certain extent. Various views have been expressed in literature with regard to the impact of contemporary globalization on the processes and structure of education worldwide. 1. Direct impacts on both the curriculum and pedagogy Carnoy (1999) suggests direct impacts on both the curriculum and pedagogy. There is little evidence however to support such an assessment. Whilst attempts have been made to inject global awareness on school curricula in western industrialized countries, these have generally remained very low status add-ons. Carnoy (1999) continues to argue that whilst the direct impacts on pedagogy and curriculum are limited, the more general influences of economic restructuring and political ideologies are immense. For instance, globalization is putting considerable premium on highly skilled and flexible workers in an organisation hence increasing the demand for university education. 2. Emerging ââ¬Ëbordelessââ¬â¢ higher education market The most visible manifestation of globalisation in the education sector is the emerging ââ¬Ëbordelessââ¬â¢higher education market. Globalization leads to huge increases in worldwide demand for higher education through opportunities created by the internet and new communication technologies which in turn shape an environment in which providers can expand their supply of educational facilities (Breier, 2001). Universities fromAustralia, North America, Europe andEnglandare reaching out their educational provisions to the international market by actively recruiting international students through establishing branch campuses or via distance education, e-learning and other transnational activities (Breier, 2001). These increasing demands bring new providers into the market. The business of borderless education comprises various forms and developments including the emergence of corporate universities, professional association that are directly active in higher education, and media companies delivering educational programmes among others (Alao Kayode, 2005). These new providers extensively use the Internet and ICT as a delivery channel. 3. Erosion of national regulatory and policy framework Globalization is also associated with the erosion of national regulatory and policy frameworks in which institutions are embedded (Slattery, 1995). The policy framework is subject to erosion in an increasingly international environment marked by globalizing professions, liberalized market place, mobility of skilled labour, and international competition between institutions (Slattery, 1995). Most institutions acknowledge this and thus develop consortia, partnerships and networks to strengthen their position in the global arena. Schemes such as the European Credit transfer system and mobility programmes such as UMAP and SOCRATES can be developed to stimulate internationalization in higher education with respect to the various national policy frameworks (Dearden et al, 2002). There is need for an international regulatory framework that transcends the eroded national policy framework and steer to some extent the global integration of higher education system. 4. Create new and tremendously important demands and exigencies towards universities as knowledge centreââ¬â¢s Consequently, globalization creates new and tremendously important demands and exigencies towards universities as knowledge centers (Dearden et al, 2005). Research and development is crucial in any knowledge and information driven society. Globalization of research and development leads to a more mobile and highly competitive international market of researchers. Moreover, universities are called upon to take up responsibilities in the society, deepen democracy, act as mediators and to function as centreââ¬â¢s of critical debate. These higher demands placed upon them create tensions in institutions and stimulate other organizations to engage in such kind of activities. 5.Increasing demand for higher education worldwide Finally, the continuing trend of globalization is expected to increase the demand for higher education worldwide. In the developed world, the society will always ask for highly qualified and flexible workers. Modernization, economic development and demographic pressure increase the demand for higher education in most parts of the world (Blanden Machin, 2004). Governments and local institutions generally lack enough resources to deal with the increasing demand hence leaving an unmet demand to the international and virtual providers. This demand not only grows quantitatively but also becomes more diverse. The internet together with new technologies are increasingly providing new opportunities for more flexible delivery of higher education, thus increasing demand in some countries and meeting demands in others where traditional institutions have failed. These developments brought by globalization underpin the assertion that higher education will emerge as one of the booming markets in future (Blanden Machin, 2004). The need for an international regulatory framework There is a big difference in the way countries deal with private universities and transnational higher education.GreeceandIsrael, for instance, rarely recognize their diplomas and degrees (Blanden, Gregg Machin, 2005). While other countries residing in the developing world such asMalaysiarecognize their incapacity to meet the increasing demand and thus welcome foreign providers (Blanden, Gregg Machin, 2005). Principally, there is no reason to oppose a positive and open attitude towards transnational higher education and private universities. In modern policy approach, it must be recognized that private and transnational institutions are also capable of fulfilling public functions. Despite the fact that traditional higher education institutions have a specific tradition and academic culture to defend, it should be amenable to competitors from diverse backgrounds. It therefore becomes imperative to have in place international and sustainable policy framework that deals with private and transnational providers. Conclusion The globalization trends are leading to a wide spread changes that are impacting on education worldwide. Nation states acknowledge this and have developed reforms to their educational systems in response to modernizing ideas and international trends. It should be noted that globalization represents a new and distinct shift in the relationship between states and supranational forces and that its impact on education is profound in a range of ways. Whilst this analysis does not present an exhaustive listing of the impact of globalization on education, it does bring out key dynamics and highlight important areas of action for academicians and policy makers with respect to globalization. (1557 words) Reference Alao Kayode (2005), Emerging Perspectives on Educational Assessment in an Era of Postmodernism, Commissioned paper presented at 31st Annual conference on International Association for Educational Assessment. Blanden.J.P., Gregg Machin.S (2005), Educational inequality and intergenerational mobility, The economics of education in theUnited Kingdom, Princeton,PrincetonUniversitypress. Blanden.J Machin.S (2004), Educational inequality and the expansion ofUKhigher education, Scottish Journal of political economy, Vol 54, PP.230-49 Breier.M (2001), Curriculum Restructuring in Higher Education in Post-ApartheidSouth Africa,Pretoria Carnoy (1999), Education, globalization and nation state,Oxford,Oxforduniversity press Dearden.L, Emmerson.C, Frayne Meghir.C (2005), Education subsidies and school drop-out rates Dearden.L, Mcintosh.C, Myck.M Vignoles.A (2002), The returns to academic and vocational qualifications inBritain, Bulletin of economic research, Vol 54, PP. 249-75 Green.A (1999), Education and globalization in Europe andEast Asia: convergent and divergent trends, Journal of education policy, Vol 14, pp.55-71 Green.M.F (1995), Transforming British higher education: a view from across theAtlantic, Higher Education, Vol 29, pp.225-239 Marginson.S (1999), After globalization: emerging politics of education, Journal of Education Policy, Vol 14, pp.19-31. Peters M (1992), Performance and Accountability in ââ¬ËPost-industrial Societyââ¬â¢: the crisis of the British universities, Studies in Higher Education, Vol 17, PP.123-139. Slattery, P. (1995) Curriculum development in the post modern era,New York, Garland Publishing Tikly (2003), Globalisation, knowledge economy and comparative education, vol 41, pp. 117-149 Trowler P.R (1998), Academics responding to change: new higher education frameworks and academic cultures, Buckingham, Open University Press. Vulliamy.G (2004), the impact of globalization on qualitative research in comparative and international education, journal of comparative and international education, Vol 34, pp.261-284 How to cite Sociology Essay: Impact of Globalization Trends, Essay examples vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-67051633583072636402019-12-07T02:50:00.001-08:002019-12-07T02:50:03.256-08:00Matrix the movie Essay Example For Students Matrix the movie Essay Here is the essay I think the uploader strung the sentences together so the paragraphs are in one long line: As the worlds technological capabilities reach increasingly impressive new heights, we are faced with new problems caused by these new technological capabilities. Along with these newfound problems, such as the now infamous Y2K, come the latest futuristic prophecies about the worlds damnation due to the new technologies. Thus is the need for, and theory behind the movie Matrix. The Matrix explores unthinkable realms of computer world omination, human cultivation, and a specious reality so profoundly using exceptional writing by brothers Andy and Larry Wachowski. This thought provoking screenplay is based on the premise that cyberspace is becoming far too much the center of our existence. Additionally the Wachowski brothers play on the idea that the line between reality and virtual reality is getting a little too thin. These ideas are so farfetched and mind-boggling that they lead one to stop for a second to question ones own sense of reality. This questioning of reality is a yproduct of the brilliant filmmaking used to captivate the audience for an incredible two and a quarter hour journey. While watching The Matrix, the pulse is quickened, the eyes are dazzled, and the brain is twisted beyond recognition several times over. Ones eyes are dazzled incessantly by numerous computer-generated special effects. Among these aesthetically pleasing scenes are the action packed martial arts scenes featuring the always lovable Keanu Reeves. Although one is predetermined to question Reeves comic book-like kung fu sequences, on must sit back and be amazed by the rothers Wachowski filming methods. The Wachowskis filming methods allow them to slow down sequences to show moves and actions normally made impossible by the laws of physics. Additional scenes depict bullets as they are slowed down to a crawl while the audience takes the vantage of the depth-defying characters dodging these bullets. The audience watches as characters leap buildings and virtually fly in hair- trigger quick movements that Hollywood was incapable of depicting just two or three years ago. Simply put the visual display is indescribable. The Matrixs visual barrage should propel the art of filmmaking into the next millennium. In addition to the exceptional writing and visual depiction, the Matrix offers commendable acting. As an action movie, the Matrix is not asked to have any dramatic performances. Its simply expected to have explosions, disastrous chases, and gun-driven violence, yet many of the actors give surprising performances. The before mentioned Keanu Reeves, gives an excellent performance as the geek-gone superhero, Neo, considering his resume` of painful performances. Additionally, Carrie-Anne Moss gave a respectable erformance as Trinity, the behind kicking beauty. Also Lawrence Fishburne, cast intelligently as Morpheus, brilliantly plays role of a futuristic Yoda trying to get Neo to realize his potential as humanitys savior. These performances coupled with a career- defining performance from Hugo Weaving, the dark suited Men in Black detective-type, add a dramatic flair to this already promising movie. In conclusion, Andy and Larry Wachowski combine ingenious writing, innovative filming, and good performances from a well-selected cast, to make The Matrix more than just a movie, but rather an experience. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-12963887954708025952019-11-29T14:31:00.001-08:002019-11-29T14:31:04.295-08:00Pablo casals Essays (135 words) - Pablo Casals, Casals, Pablo casals Pablo Casals was born on December 29, 1876, in Vendrell, in the Catalonian region of Spain. He was the second of eleven children of Carlos Casals and Pilar Defillo de Casals. Casals's father, the local church organist, would play the piano while the infant Casals rested his head against it and sang along. By the age of four Casals was playing the piano, and at five he joined the church choir. At six he was composing songs with his father, and by the age of nine he could play the violin and organ. From the age of ten Casals began each day with a walk, taking inspiration from nature. He would then play two Johann Sebastian Bach (16851750) pieces on the piano when he returned home. Read more: http://www.notablebiographies.com/Ca-Ch/Casals-Pablo.html#ixzz3L9GxdEWH vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-73765076046328744502019-11-25T17:29:00.001-08:002019-11-25T17:29:03.248-08:00Free Essays on Management Accounting - Measue Of Qualitive Plans And ControlsSynopsis Accounting for the qualitative aspects of managerââ¬â¢s plans and controls are vital to the overall assessment of any organisation. A method of measuring the qualitative aspects of a managerââ¬â¢s performance is known as ââ¬Å"responsibility accountingâ⬠. Most organisations are divided into smaller sub units or departments. Responsibility accounting refers to ââ¬Ëtools and concepts used to measure the performance of an organisationââ¬â¢s people and sub units.ââ¬â¢ To begin with, each department is assigned a responsibility center. There are four main types of responsibility centers being cost, revenue, profit and investment centers. Once a department is assigned a responsibility center, performance reports can be composed to assess the quality of the managerââ¬â¢s plans and controls. Responsibility accounting can also be used to motivate the managers of the organisations. Management Accounting II Essay Three ââ¬Å"Quantitative models and qualitative models of revenues and costs for evaluation are important for measurement of managerial performance. Given that the ââ¬Ëtraditionalââ¬â¢ cost accounting measures are quantitative, how can cost and management accounting begin to assess and ââ¬Ëmeasureââ¬â¢ qualitative plans and controls?â⬠In any organisation, the measurement of both the quantitative and qualitative aspects of plans and controls are vital in the process of making management decisions. As stated in the question, traditional approaches to cost and management accounting measure the quantitative aspects of plans and controls. To measure the qualitative aspects of management performance, different approaches must be looked at to assess the plans and controls that the management puts in place. Generally most organisations are divided into smaller units or departments. All of the separate units are assigned distinct responsibilities and each department is made up of individuals who are responsible for different tasks and ... Free Essays on Management Accounting - Measue Of Qualitive Plans And Controls Free Essays on Management Accounting - Measue Of Qualitive Plans And Controls Synopsis Accounting for the qualitative aspects of managerââ¬â¢s plans and controls are vital to the overall assessment of any organisation. A method of measuring the qualitative aspects of a managerââ¬â¢s performance is known as ââ¬Å"responsibility accountingâ⬠. Most organisations are divided into smaller sub units or departments. Responsibility accounting refers to ââ¬Ëtools and concepts used to measure the performance of an organisationââ¬â¢s people and sub units.ââ¬â¢ To begin with, each department is assigned a responsibility center. There are four main types of responsibility centers being cost, revenue, profit and investment centers. Once a department is assigned a responsibility center, performance reports can be composed to assess the quality of the managerââ¬â¢s plans and controls. Responsibility accounting can also be used to motivate the managers of the organisations. Management Accounting II Essay Three ââ¬Å"Quantitative models and qualitative models of revenues and costs for evaluation are important for measurement of managerial performance. Given that the ââ¬Ëtraditionalââ¬â¢ cost accounting measures are quantitative, how can cost and management accounting begin to assess and ââ¬Ëmeasureââ¬â¢ qualitative plans and controls?â⬠In any organisation, the measurement of both the quantitative and qualitative aspects of plans and controls are vital in the process of making management decisions. As stated in the question, traditional approaches to cost and management accounting measure the quantitative aspects of plans and controls. To measure the qualitative aspects of management performance, different approaches must be looked at to assess the plans and controls that the management puts in place. Generally most organisations are divided into smaller units or departments. All of the separate units are assigned distinct responsibilities and each department is made up of individuals who are responsible for different tasks and ... vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-60138506540555158092019-11-22T00:53:00.001-08:002019-11-22T00:53:02.914-08:00Antibiotics resistant superbugs Research Paper Example | Topics and Well Written Essays - 1000 wordsAntibiotics resistant superbugs - Research Paper Example For example, there are approximately 2 million cases of antibiotic resistant infections and about 23, 000 deaths in the United Sates every year (Trossman, 2014, p.1). This implies that antibiotic resistance is an imminent problem that requires to be addressed. However, not all superbugs have ties to hospital medication and some actually have ties and are spread in the community. Nevertheless, the most common superbugs are related to hospital medications hence necessitating the need for further research in relation to medication related superbugs. Once bacteria develop resistance to antibiotics, there is imminent need to develop better antibiotics that are seemingly stronger in order to get rid of these bacteria. Antibiotics in use for the first time are referred to as first-line antibiotics while the newly developed antibiotics are second-line agents and depending on the severity of the bacteria, the agents can be developed further even to third-line and fourth-line antibiotics. For example, MRSA has proven resistant to a number of antibiotics thereby necessitating the need to develop antibiotics further third-line and in some environments fourth-line antibiotics. For example, studies by National Nosocomial Infections Surveillance in 2003 showed that 60% of Staphylococcus aureus related infections were resistant to methicillin (Capriotti, 2007, p.1). However, all antibiotics developed after the first line antibiotics are not keen to such factors as safety, availability and cost as compared to the first line antibiotics. This implies that predecessors of first-line antibiotics may not be readily available in all areas thereby further increasing the problem of superbugs. Superbugs are mainly formed through genetic mutations or procurement of new genes from the continued interactions between bacteria. Gene transfer between bacteria is facilitated by the fact that they mostly vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-43732454537940011532019-11-20T18:52:00.001-08:002019-11-20T18:52:06.564-08:00Advertising Journal #3 Essay Example | Topics and Well Written Essays - 500 wordsAdvertising Journal #3 - Essay Example While Bruce is chewing, the person watching the advert is asked to decide if Bruce should be ââ¬Ëdeepââ¬â¢ or ââ¬Ëshallowââ¬â¢. In this ad, Twix is being advertised as a snack at break-time which people can eat while they reflect on life. This type of innovative advertising style appeals to a young target market, ranging from late teens to late twenties, who enjoy the interaction and use computers. Indeed, the characters in the advert are all in their late twenties, so this is clearly the market sector that Twix is aiming to appeal to. On TV this concept was extended over a number of different ads. Although the interactive element was taken away, the tag line ââ¬ËNeed a moment? Chew it over with Twixââ¬â¢ remained the same. As well as Bruce trying to win over his girl, there was the Bookzone ad, in which two guys are reading a book on ââ¬ËHow to Score a Hottieââ¬â¢. A beautiful woman approaches them and one of the guys pulls out a Twix in order pause time and decide how to impress her. He turns to his friend, tells him heââ¬â¢s pathetic, and gets to go for a coffee with the woman. In all the TV advertisements, the recognisable tag line was repeated. The ads focused on situations where men, usually in their late-teens or twenties, were attempting to impress women. This style of advertising clearly appeals to the younger audience. It is a fun-loving, goofy approach to advertising, showing that Twix is the candy bar for people with a sense of humour. In this particular campaign, Twix made very little use of print advertising as a way of promoting their message. This is perhaps because the point of the ad campaign is that the Twix bar can stop time and allow the eater to chew things over and this is difficult to portray with a non-moving medium. However, on other campaigns, Twix have made use of the print media. On their ââ¬Ëtwo for me, none for youââ¬â¢ campaign, Twix actually inserted speaking advertisements in Rolling vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-51759541508819965472019-11-18T20:05:00.001-08:002019-11-18T20:05:03.851-08:00Religion Journal Essay Example | Topics and Well Written Essays - 1000 words - 4Religion Journal - Essay Example Rituals in case of Confucianism varied from being semi religious routines to the way people met and interacted with each other. As per Confucianism, the construction of a moral society depended on the extent to each individual affiliated to and abided by the salient morals. It does come out as being strange that one of the most ancient world religions like Confucianism does remain silent about the notion or concept of a higher power. It is really interesting to note that the crux of Confucian thought does tend to focus on the creation of a social moral order. However, one does wonder as to the moral order that Confucianism talks about does mean subservience to the existent order, or did it allow for original and individualistic thought and action? It is indeed interesting to note that Confucian virtues do aspire for the creation of a society where people respected one another and cared for each other. Does it leave a scope for competitiveness and personal ambition? Taoism did originate in China about two thousand years ago. Taoism does regard Tao to be the quintessential source of and the principle underlying all order in the universe. Taoism is a religion marked by both a profound sense of unity symbolized by Tao as well as the interplay of opposites marked by Yin and Yang. As far as morality is concerned, Taoism does affiliate to a relativistic view in the sense that it does belief that there do not happen to be and sacrosanct moral values, and that the morality imminent in a situation did depend on the circumstances attendant on that situation. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-48119263866477509122019-11-16T08:38:00.001-08:002019-11-16T08:38:09.760-08:00Effect of Politics on Airlines and BreweriesEffect of Politics on Airlines and Breweries The Effect of Political Factors on the Airline Industry and the Brewing Industry, 2005 Politics has a huge impact on all businesses, and the range of its influence is broad. Political factors include statutes which may be implemented because of a UK governmental decision or a decision in Europe, or by the UK being a signatory to an international agreement. Other legislation arises in response to issues such as terrorist threats. Other political influences include trade agreements, restrictions and opportunities arising from foreign governmentsââ¬â¢ policies or opposition groups in the form of political parties or pressure groups formed by the public to address specific issues, who may challenge, delay or obstruct government plans. This essay looks at the impact of recent political factors on the airline and brewing industries. The Airline Industry In a speech delivered in June 2005, Derek Twigg, the Transport Minister outlined progress on the Aviation White Paper. He recognised issues with capacity, particularly with recent increases in demand for low-cost flights (Twigg 2005). A fifth terminal at Heathrow Airport is being constructed, and additional runways are planned at Stansted and Heathrow. However, there is opposition, focused on noise pollution, fuel pollution, the strain on roads and rail links to airports, and the destruction of countryside to accommodate airport expansion. The governmentââ¬â¢s pursuit of its policies depends, stated Twigg, on the ability to meet strict environmental standards, and airlinesââ¬â¢ increased expansion depends on successful implementation of these policies. Energy Policy The UK government has secured a commitment from airlines to improve fuel efficiency and reduce emissions, but this will require investment from the airlines. The industry must strike a balance, spending on initiatives to become more ââ¬Ëgreenââ¬â¢ in return for an infrastructure development policy from the government. Terrorism The 9/11 terrorist attack on the US had immediate consequences, with a drop in demand. This has had particular impact in the US, where a number of airlines have survived only because of Chapter 11 of US bankruptcy laws, which allows continued trading with protection from creditors until profitability is achieved. United Airlines has been operating under Chapter 11 for 3 years. Delta and Northwest are entering Chapter 11, and will probably follow a similar policy to United, focusing on international flights and disposing of smaller planes used for domestic flights (Field 2005). They will therefore continue to compete in the international market with protection: UK airlines would probably be forced out of business if they were to find themselves in a similar position. US anti-terror legislation requires foreign operators to undergo an audit by the Federal Aviation Administration, and to have a Part 129 Licence. Demand for transatlantic charters has been difficult to meet at times, due to many carriers not having the necessary authorisation (Wastnage 2005). Meeting new legislative demands has an economic effect on businesses due to the additional financial and human resources required. Terrorist attacks in holiday resorts are considered by many to be a response to foreign policy, particularly that of the UK and US. Consumer response is to book a holiday in an area considered safe, rather than to forego the holiday altogether, suggesting that airlines carrying holidaymakers should consider a portfolio of varied destinations. The instability of the market due to international politics has encouraged some airlines to carry out work through contractors (for example, Air Atlanta), who will provide aircraft and crew without the demand for the level of commitment required with an airlineââ¬â¢s own staff and aircraft investment. The Influence of Europe The UK is required to adhere to European laws which may affect airlines. For example, UK legislation is being broadened to encompass an EC directive on Age Discrimination. From October 2006, one of its effects will be to outlaw forced retirement before age 65 unless it can be justified (www.agepositive.gov.uk). Current practice at British Airways is to retire pilots at 55: as many transfer to other airlines, it would appear unjustified. Salaries are much higher for pilots with long service at BA and the effect of having to keep them rather than employing cheaper new pilots could affect profits. Iraq War The Iraq war has impacted on oil prices. It has been argued that the agenda behind the US/UK decision to go to war was oil-influenced, with the US increasingly reliant on Gulf oil and hence having a particular interest in control of oilfields in the region (Cable 2003). Airlines are particularly sensitive to changes in oil prices due to their large amount of fuel consumption, and all airlines have recently had to choose between reflecting rising fuel costs in ticket prices or accepting reduced profits. Global Change The ââ¬ËBRICââ¬â¢ nations ââ¬â Brazil, Russia, India and China ââ¬â are set to become more economically influential in coming decades. China has recently removed the barriers to private airline companies. Domestic flights in China have increased by 20% over a year, which equates to 17,000 extra flights per month (Brown 2005), as planes replace trains as the preferred method of domestic transport. This generates business for aeroplane manufacturers but places additional demands on the world oil supply. It is also part of a larger trend of China engaging more with the global economy, with the consequence of boosting wealth and consumption among its population. The Brewing Industry Environmental Issues Brewing, as with airlines, is affected by green issues. In July 2005, the British Beer and Pub Association reported a continuing fall in the energy used to produce a pint of beer to achieve double the industryââ¬â¢s target, reducing CO2 emissions by 13.9% (www.beerandpub.com, press release 16/2005). Although reducing emissions requires investment, meeting targets qualifies the industry for a rebate on the Climate Change Levy. Changes in Student Funding The student market is important to the brewing industry. Changes to student finances over the last 15 years have seen a switch from non-repayable grants to repayable loans to support study, with tuition fees added to student costs. This has not reduced student spending as might be expected. The average student spends à £7000 per year and 70% of students have part-time jobs (Turner 2005). Debt is accepted as the norm to meet study and living costs, with a wide range of lending sources available. Money for drinking is hence readily available, and Reachstudents, an independent marketing consultancy, claims that 29% of student spending is on entertainment (www.reachstudents.co.uk), including drinking. Extension of Licensing Hours The UK Government has proposed extended licensing hours in England and Wales: however, legislation is being opposed by the Conservatives and LibDems as well as medical bodies and organisations working to reduce alcohol problems. Implementation in November is threatened which could affect permissions granted for Christmas and New Year and reduce takings during the most profitable trading period of the year (Wintour 2005). Smoking Ban Initial plans to implement a smoking ban only in pubs where food is served have been changed in favour of an outright ban on smoking in all pubs (e.g. Carr-Brown 2005). Spirit is the UKââ¬â¢s largest pub chain and owns brands including Chef and Brewer. It suggests a gradual transition to pubs becoming non-smoking, anticipating that an immediate implementation could result in 5000 pub closures and 75,000 job losses across all pub companies. The chain JD Wetherspoon has already begun introducing a complete ban on smoking in a number of its pubs. However, it has recently reported a 4% drop in profits, with an even higher figure of 7% among its non-smoking pubs (Anon 2005). Binge drinking Binge drinking is somewhat double-edged for the brewing industry. On the surface, the increase in drinking to excess would appear to bode well for brewing industry profits. However, drinking large volumes often takes place in conjunction with drinks promotions, where lower prices mean a higher quantity must be consumed to give the same profit. JD Wetherspoon, responding to a recent drop in profits, suggested that the proliferation of binge drinking was keeping many consumers away from town centres and pubs (Anon 2005). Government policy on binge drinking has been criticised for its reluctance to take more extreme measures (e.g Plant 2004): however, there is pressure on the government to take steps to tackle binge drinking and the consequences for the brewing industry are uncertain. Could it open up a more profitable market by creating a more pleasant drinking atmosphere, encouraging more people to drink moderately? Or could the amount drunk in the UK drop significantly, or measures be too little to impact on the current situation? Fuel Prices The brewing industry is affected by the increase in fuel prices caused in part by the Iraq conflict, discussed previously. Transport and distribution costs have been increased by the rise in fuel costs, and consumer spending is also impacted by increased petrol and diesel costs reducing disposable income. While world oil prices affect fuel costs to some extent, a far greater proportion of the cost of a litre of petrol or diesel is the tax ââ¬â both fuel duty and VAT ââ¬â which are set by the Chancellor: domestic policy is having more effect than global oil price trends. Conclusion From the above, it can be seen that politics both in the UK and around the world impact on the airline and brewing industries in many different ways. While the industries can have some impact through lobbying the government, or by encouraging public support for industry-friendly policies, a significant proportion of political influences cannot be impacted by the industry, and potential threats and opportunities must therefore be addressed in each organisationââ¬â¢s business strategy. Bibliography Anon (2005) Wetherspoon presses on with no-smoking pubs (Press Association) in The Guardian September 3 2005 Brown C (2005) Air travel recovers to spread its wings above 9/11 clouds in The Scotsman 11 April 2005 Cable V (2003) Saddamââ¬â¢s other weapon of mass destruction: the potential economic fallout from a war in Iraq (from January 2003 lecture) www.lse.ac.uk/collections/globalDimensions/research/vcable.htm Cambridge Marketing College (1999) Marketing Operations (BPP Publishing, UK) Carr-Brown J (2005) Total ban on smoking in pubs and clubs a step nearer in The Sunday Times, 9 October 2005 Diageo plc (2005) Press release 1 September 2005: Preliminary results for the year ended 30 June 2005 at www.diageo.co.uk Field D (2005) Delta and Northwest shelter from creditors in Flight International 20-26 September 2005 (Reed Businss Information, UK) p10 Hall W (2005) British Drinking: A Suitable Case for Treatment? Editorial in The British Medical Journal2005;331:527-528(10September) Meikle J (2005) Pub firm changes tack on smoking ban in The Guardian September 5 2005 Plant M (2004) The alcohol harm reduction strategy for England in British Medical Journal 328 pp905-6 (17th April 2004) Turner S (2005) Drink in the Atmosphere in The Guardian, July 12 2005 Twigg (2005) Speech on UK government aviation policy, 28 June, by Derek Twigg, Transport Minister www.dft.gov.uk/stellent/groups/dft_aviation/documents/page/dft_aviation_038580.hcsp Wastnage J (2005) Brokers split on effects of tighter US security in Flight International 13-19 September 2005 (Reed Businss Information, UK) p35 Wintour P (2005) Minister cites support of police chiefs to head off licensing rebellion in The Guardian October 11 2005 Websites Brewers continue to lead battle on emissions British Beer and Pub Association 28 July 2005 Download Ref: 16/2005 www.beerandpub.com/download.asp?id_Doc=2121 www.agepositive.gov.uk (Government website devoted to Age Discrimination Legislation issues). www.reachstudents.co.uk Student statistics and profile vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-42918876609319772462019-11-13T21:09:00.001-08:002019-11-13T21:09:04.570-08:00Abraham Lincoln Through Many Lenses Essay -- essays research papers http://www.kkk.bz/kidspart5.htm 4)Who said, "I have no purpose, directly or indirectly, to interfere with the institution of slavery in the states where it exists. I believe I have no lawful right to do so, and I have no inclination to do so." Abraham Lincoln, President of the United States or Jefferson Davis, President , President of the Confederate States of America? Answer: Abraham Lincoln - First Inaugural Address - March 4, 1861. 6) What was the major emphasis of the Emancipation Proclamation? Answer: The Emancipation Proclamation is 540 words long. of those, 400 words limit the proclamation to the states in rebellion - it defines the states in rebellion and states that it is directed ONLY to the states in rebellion. It further says that if those states in rebellion would cease and return to the union within 100 days then they would keep slavery intact. There is always a big fuss made over Lincoln being "the great emancipator." He is continually held up as an example of how this great president fought against the evils of slavery and worked on behalf of racial equality. But is the picture painted of Lincoln by egalitarians the real Abraham Lincoln? One of the most important events in Lincoln's career was the debate with Stephen Douglas. The Lincoln-Douglas debate was actually seven debates held throughout Illinois during the 1858 senatorial campaign. Most people being ignorant of the debate think the debate was about racial equality - that is Douglas favored slavery and thus white supremacy and Lincoln opposed slavery and favored equality. The fact is that many of those who opposed slavery did so not because of their belief in racial equality but because they did not want the import of Negroes into their communities - via slavery. Part of this reason was because of the economic harm that is created for poor whites who were not able to find employment in face of the huge slave population. We find the same problem today due to illegal immigration even though they aren't slaves. Douglas supported what was known as "popular sovereignty." That is, he held to the doctrine that each state had the constitutionally protected right to decide for its self whether it would be a slave or free state. the decision would be as a result of a general election. The debates clearly show Lincoln's position on slavery - he was against it. He... ...as a segregationist. Joseph Sobran Archive Table of Contents Current Column Return to the SOBRANââ¬â¢S home page SOBRANââ¬â¢S continues because of your generous donations! Your purchase of products or subscriptions or your donation to SOBRANââ¬â¢S will be processed by PayPal,à ® one of the most widely used and secure Internet-payment sources available. -------------------------------------------------------------------------------- Search This Site Essays and Articles | Syndicated Columns Wanderer column (ââ¬Å"Washington Watchâ⬠) | Sobranââ¬â¢s Cynosure The Shakespeare Library | The Hive | Current and Back Issues Whatââ¬â¢s New? | WebLinks | Scheduled Appearances Biography of Joe Sobran | How to Subscribe or Renew Contact Us | Products and Gift Ideas | Books by Joe Griffin Internet Syndicate/Griffin Communications Notes from the Webmaster | Lagniappes Page Back to the home page | How to Subscribe or Renew Griffin Internet Syndicate/Griffin Communications Contact Us | Products and Gift Ideas Reprinted with permission Copyright à © 2000 by the Griffin Internet Syndicate, a division of Griffin Communications http://www.sobran.com/columns/1999-2001/001219.shtml vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0tag:blogger.com,1999:blog-7442958412223355188.post-60252852583946162612019-11-11T09:41:00.001-08:002019-11-11T09:41:09.415-08:00Law of ContractThe issue is whether the transfer of house is acceptable and valid under Sec 26 of CA 1950. The law applicable are Sec 26 of CA has stated that agreement made without consideration is void. According to Sec 2(d) of CA, consideration is an act or abstinence or promise by the promisee or any other person as required by the promisor in return for his promise. Literally, it means something that is given in return for something else. On the other hand, there was an exceptions under Sec 26 of CA which is an agreement without consideration is void unless the contract made on account of natural love and effection that is stated in Sec 26(a) of CA. There are several requirements under Sec 26(a) of CA which is the contract must be expressed in writting, must be registered if required by law and made on account of natural love and affection and between parties standing in near relation to each other. Sec 26 of CA further illustrate that ââ¬ËAââ¬â¢, for natural love and affection, promises to give his son ââ¬ËBââ¬â¢, RM1000. ââ¬ËAââ¬â¢ puts his promise to ââ¬ËBââ¬â¢ into writing and registers it under a law for the time being in force for the registration of such documents. This is contract. Additional, the meaning of the words ââ¬Ënear relationââ¬â¢ varies from one social group to another as it depends on the customs and practice of such groups. For example, Case of Re Tan Soh Sim. The deceased, Tan Soh Sim, had three sisters. Their mother was firstly married to one Tan Ah Thai and had four children. When Tan Ah Thai died, she married one Khoo Kim Huat and had seven children. The Tan and Khoo children maintained social and friendly relations with one another. Tan Soh Sim married, but having no issue, adopted four children. The husband, one Chan, married a second wife, Tan Boey Kee. When Tan Soh Sim was on her death bed, to ill to make a will, all the Khoo and Tan children signed a document drawn up by a solicitor renouncing all claims to Tanââ¬â¢s estate in favour of the four adopted children and Tan Boey Kee. They were told by Tan Boey Kee that this was the intentions of Tan Soh Sim. Tan Soh Sim died without having recovered consciousness. The question arose in the distribution of Tanââ¬â¢s estate whether the instrument signed was valid. It was held, Chinese adopted children are related to the adoptive parents nd brothers, however they are not ââ¬Ënearly relatedââ¬â¢ to the family of their adoptive mother. Hence, uncles and aunties do not stand in near relation to their nephews and nieces. In this case, there was no natural love and affection between the signatories and donees. To apply these law to the facts of question, there is no consideration given by Milah to Pak Mail to complete val idate the transfer of house as required by Sec 2(d) of CA. However, Sec 26 of CA has laid down a few exceptions where a construct is considered valid eventhough without a consideration. That is the contract must be expressed in writing, must be registered if required by law and made an acount of natural love and affection between parties standing in near relation to each other. Refer back to requirement in Sec 26 of CA, Pak Mail based on love and affection could transfer the house to Milah, without Milah giving any consideration as Milah his daughter is standing in near relation to him and Pak Mail need to put in writing or contractual agreement and it need to registered by law to valid the transfer. In case of Re Tan Soh Sim was faced with a case whose facts were essentially identical to those in this problem. In that case there was no natural love and effection between the signatories and donees because they are not ââ¬Ënearly relatedââ¬â¢ to the family of their adoptive mother eventhough in Chinese adopted children are related to the adoptive parents and brothers. Although the Pak Mailââ¬â¢s problem is same to that in Re Tan Soh Simââ¬â¢s case, it is suggested that the result is not same between in both cases. In saying that, Milah as Pak Mailââ¬â¢s daughter is standing near relation to him. So, there was natural love and affection between Pak Mail and Milah that can valid the transfer of house. The conclusion, the transfer is acceptable and valid under Sec 26 of CA 1950 as there is a valid contract which binding both of them. vernaharper146http://www.blogger.com/profile/17339213306273836095noreply@blogger.com0