Start Writing that Essay and See It to Completion!

Begin Writing that Essay and See It to Completion! Begin Writing that Essay and See It to Completion! Composing aptitudes are a need in school and most people’s regular daily existence. In the event that you stress over composition, tend to delay, or are frightful about the task, here are a few hints to assist you with beginning composing a solid exposition and finish it by cutoff time. #1 Set a STRICT last cutoff time. Cutoff times are significant on the grounds that they urge an essayist to get the work in little lumps, inside a reasonable time span. On the off chance that you find that you experience issues considering yourself responsible, set PC schedule updates and ask a companion, parent, or another person to help you to remember your objectives. Set additional updates as the last due date draws near. #2 Set an every day portion. This will assist you with arriving at your cutoff time and (as referenced in thing #1) break the composing task into simpler, progressively sensible assignments. #3 Write each day. Composing each day will assist you with building up the propensity for speculation I get the opportunity to compose today, rather than â€Å"I need to compose today.† (And, if that psychological move doesn’t occur, at any rate it will be a normal that propels you to take care of business.) #4 Shut off electronic gadgets and discover a spot to compose easily. Free yourself of all interruptions which and become increasingly centered around composing an exposition that will gets the perusers consideration. #5 Visualize the completed piece. Be explicit in your point of view and picture precisely what your ideal exposition can (and will) resemble. Have your expositions edited by somebody qualified to give proper input and alters. Our group of composing experts at are prepared to help you. Converse with us at 1-800-573-0840.

Willy Loman as a Tragic Hero in Death of a Salesman Essay -- Death Sal

Willy Loman as Tragic Hero in Death of a Salesman Willy Loman, the upset dad and spouse in Arthur Miller's Death of a Salesman, can be delegated an unfortunate saint, as characterized by Aristotle in his work, Poetics. In Aristotle's Poetics, a disastrous legend was characterized as one who goes wrong into a condition of outrageous sadness. Willy, as we are acquainted with him, turns out to be progressively hopeless as he advances from a devoted, cherishing father, however not without defects, into a self-destructive, capricious man. The meaning of a grievous legend, as expressed in Poetics, additionally depicts an individual who is persuasive and is of centrality to other people. However, in fact, Willy Loman may not have these qualities, he sees himself as having them as he thinks about himself, his youngsters and his better half. A last qualification noted by Aristotle was that a heartbreaking saint is certainly not an awful individual meriting his approaching mishap, yet rather, has committed a progression of errors prompting his defeat. We can see that Willy doesn't deliberately make this hurtful circumstance for himself, he is just oblivious that specific activities of his aren't right, which add to his self-ruin. Willy Loman along these lines embodies the qualities of a lamentable legend as proposed by Aristotle. Â â â Willy, with a house, a vehicle, an occupation, two children whom he loves, and a strong, caring spouse, appears to have everything that any man would ever need. He oversees, in any case, to estrange himself from these things that he adores close to the finish of the play as he slips into a self-instigated condition of adjusted reality. Willy, being ...lonely...terribly desolate (Miller, page #) engages in extramarital relations with a lady during his union with Linda. Despite the fact that Linda doesn't know about this, or makes no notice of ... ...id not keep his business abilities honed, yet he never deliberately hurt the individuals throughout his life. Â â â â â â â â â â â Through the activities of Willy Loman, and the responses of everyone around him, we can see that his character follows the model of a deplorable saint introduced by Aristotle in his works, Poetics. Willy goes through life in a way that starts with flourishing, as prove by his assets and effective family, and closures with wretchedness, when he loses his employment and ends it all. Willy has without a doubt committed errors throughout his life, and we can perceive that they are botches and were never expected to hurt anybody, however rather to fulfill his own needs. These qualities at that point, by Aristotle's assurance, make him not a fiendish man (Aristotle, 1303), and not a temperate man, yet a man whose spot is between these limits; (Aristotle, 1303) by definition, the appalling legend.

The Best Ways for People With PTSD to Reduce Stigma

The Best Ways for People With PTSD to Reduce Stigma PTSD Coping Print The Best Ways for People With PTSD to Reduce Stigma Getting mental health treatment can help By Matthew Tull, PhD twitter Matthew Tull, PhD is a professor of psychology at the University of Toledo, specializing in post-traumatic stress disorder. Learn about our editorial policy Matthew Tull, PhD Updated on February 20, 2020 Post-Traumatic Stress Disorder Overview Symptoms & Diagnosis Causes & Risk Factors Treatment Living With In Children Tom Merton/OJO Images/Getty Images Many people experience stigma from post-traumatic stress disorder (PTSD). The condition can be debilitating since the symptoms can lead to tremendous emotional distress, and individuals with PTSD often experience problems with relationships, work or school. People with PTSD may also be more likely to develop other disorders, such as anxiety disorders, depression, or substance abuse problems. Effective treatment for PTSD and other disorders are available, but these treatments are only helpful if they are sought out by someone with the disorder. Unfortunately, this does not always occur. Is There a Cure for PTSD? Among a large group of people with a variety of diagnoses (for example, major depression, anxiety disorders, substance use disorders), fewer than 30 percent actually sought out treatment. People with PTSD may be particularly reluctant to seek help. Barriers to Getting Treatment In one study of 1,387 people with a psychiatric disorder, barriers to getting care included the severity of symptoms experienced, difficulties with daily routines, and abusing alcohol. The study found the most common reasons people did not get help for PTSD.28 percent did not think anyone could help them.28  percent thought their problem was one that they should be able to cope with.17  percent did not think it was necessary to contact a doctor.15  percent thought the problem would get better on its own.13  percent were too embarrassed to discuss the problem with anyone10  percent were afraid of the consequences of seeking help (for example, that they would be hospitalized) These findings suggest that, at least for some people, ?the  stigma associated with having a mental illness may prevent them from seeking treatment. How People With PTSD Can Reduce Stigma Stigma Stigma refers to associating negative qualities with having a mental illness. For example, a person with a mental illness may be wrongly viewed (and may even view themselves) as being weak or damaged. This perception leads to feelings of shame or embarrassment. Stigma may be particularly pronounced among military service members with a psychological disorder. For example, one study found that among United States service members returning from Bosnia, 61  percent strongly agreed with the idea that disclosing a mental illness would harm their career. Can You Serve in the Military if You Have a Mental Illness? In addition, 43  percent strongly believed that admitting to having a psychological condition would cause other people to not want to be around them. Service members were less likely to follow through on a referral for help with psychological problems compared to a referral for medical problems. Another study of U.S. service members deployed to Iraq and Afghanistan found that beliefs associated with being weak and fears of being treated or viewed differently by other people in their unit posed a barrier to seeking treatment for mental health conditions. What You Need to Remember Having a psychiatric disorder or a history of mental illness is not a sign of weakness or a reason to feel ashamed. Mental health conditions are common and many of the factors that cause a psychological disorder are completely out of a persons control. There is no evidence that disorders develop as a result of someone not being strong enough. There are many effective treatments available for mental illness and ways to learn how to cope with your symptoms. How to Cope With Stigma When You Have a Mental Illness

Risk Management And Regulation Challenges Faced By Businesses

Introduction Several literatures have derived theories to explain and measure the risk management and regulation challenges faced by businesses in their operations. According to Cox (2007), businesses are affected by diverse risks both in their internal and external environment. Among them include financial and marketing risks, violence crises, and natural disasters. Due to uncertainty of the consequences, several authors have described risk management as the counter measure to reduce impact. Risk is defined as events whose unfavorable consequences have a far reaching effect or are unacceptable. In recent studies, risk assessment is a critical topic for research, since risk occurrence is present in every business environment. Szylar†¦show more content†¦It describes behaviours that self-control can be exerted to. Among its main component is the behavioural intent, which is predisposed by the altitude on the probability that there will be expected results and risk evaluation, and benefits. In health sciences, the theory has been applied successfully in areas such as substance abuse, breastfeeding, drinking, utilization of health services, smoking among others to predict and clarify different behaviors and objectives (Graham In Rothstein, 2006). According to the theory, certain behaviour depends on the ability and motivation. Ability refers to behavioural controls, while motivation brings up the intended results. Theory of planned behaviour can also be applied to describe various business risk management and regulations challenges. Through the analysis of the past and current status of the business, the theory can offer solid information on the specific times in future. In risk management, almost certain predictions can be made on future occurrences using the information on the past challenges and the current capacity of the business (Szylar, 2013). Challenges posed by regulatory authorities can also be predicted, and where possible, be controlled throu gh the prediction of planned behaviour theory. Although there can be cases where new regulations can be legislated without the involvement of the business organization and thus unexpected, most

The Things They Carried And The Red Badge Of Courage

Sarah Carter Period 4 January 19th, 2016 Finding the Way The struggle between the standards of society and the desires of the individual are as old as the institution itself. The three main characters in the books The Adventures of Huckleberry Finn, The Things They Carried, and The Red Badge of Courage are all put into situations that are separate from normal, everyday life. This gives them a much needed outside perspective and reveals a lot about their own personal struggles with society. Their paths differ, but they arrive at the same point; it is far better to arrive at one’s own conclusions and decisions than to follow the crowd, no matter how hard it may be. In the beginning, Huckleberry Finn already has a pretty negative view of society. He has had terrible experiences with the number one societal structure in his time, family. His only known family is his father, a drunkard who constantly beats him and takes all of his money. Also, he seems to despise the Widows Douglas’s attempts to â€Å"sivilize† him. He says that â€Å"it was rough living in the house†¦ it was all dismal and regular† (1). In the very beginning, he leaves, puts on his old clothes, and only returns in order to get the opportunity of joining Tom Sawyer’s robber gang. Huck has very little experience of society, and the little he has had he find to be ridiculous or hypocritical. For example, the Widow ridicules him for smoking, yet she snuffs tobacco, which Huck says â€Å"was all right of course, because she done itShow MoreRelated The Transformation of Henry Fleming in The Red Badge of Courage1102 Words   |  5 PagesThe Transformation of Henry Fleming in The Red Badge of Courage        Ã‚  Ã‚  Ã‚   Stephen Cranes purpose in writing The Red Badge of Courage was to dictate the pressures faced by the prototypical American soldier in the Civil War.   His intent was accomplished by making known the horrors and atrocities seen by Unionist Henry Fleming during the Battle of Chancellorsville, and the conflicts within himself.    Among the death and repulsion of war, there exists a single refuge for the warrior--hisRead More Stephen Cranes The Red Badge of Courage Essay1596 Words   |  7 PagesStephen Cranes The Red Badge of Courage War forces young soldiers to grow up quickly. In Stephen Crane’s Civil War novel, The Red Badge of Courage, Henry Fleming is no exception. 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Therefore, the Boston Tea Party â€Å"was organized and carried out by a group of Patriots led by Samuel Adams known as the Sons of Liberty...who organized to defend their rights, and to protest and undermine British rule.† This was a protest fr om a group of American colonist who fought for their rights againstRead MoreThe Red Badge Of Courage By Stephen Crane1840 Words   |  8 PagesTraditions of War:      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The Red Badge of Courage as Satire   Ã‚  Ã‚   Stephen Crane once said â€Å"Let a thing become a tradition, and it becomes half a lie† (Maggie, A Girl of the Streets 230).   This sentiment proves true in how he describes the tradition of heroism in his novel The Red Badge of Courage.   While Crane writes what is considered to be one of the most important novels about the Civil War, his views on the war and the heroics of those fighting the war are mostly critical.   Like Ernest HemingwayRead More Essay on Fantasies and Realities in Red Badge Of Courage2491 Words   |  10 PagesFantasies and Realities in The Red Badge Of Courage      Ã‚  Ã‚  Ã‚  Ã‚      In The Red Badge of Courage by Stephen Crane the main character, Henry Fleming, thought he understood the war between the North and the South.   However, his understanding came â€Å"from his knowledge of fairy tales and mythology†(Gibson 21).   Henry thought that he was like the heroes that he read about in these stories.   He soon learned that real war was very different from his imaginative expectations.   Crane took Henry’s fantasiesRead MoreSignificance Of The Battle Of Chancellorsville2029 Words   |  9 PagesThere have been few battles throughout history that have held an esteemed position of being unprecedented. 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Analyzing The House on Mango Street Free Essays

Sandra Cisneros’ â€Å"The House on the Mango Street† weaves a thought-provoking, coming-of-age tale of a young girl. She is not only struggling to grow up to become a fine lady like usual American girls, but she is faced with shame, guilt and disappointment as her family is embarking on to acquire a new home in America. As the story comes to a full circle, the readers would inevitably commiserate with how the girl dealt with the scenarios she had faced. We will write a custom essay sample on Analyzing The House on Mango Street or any similar topic only for you Order Now She did not only have to go through the complicated journey with her family to their new home, but she has to deal with the big disappointment that their new house is not what she hoped for. These difficulties definitely fanned some fire inside her – to become more determined and strive harder in the future. In the end, readers could predict her utter frustration why things are always tough for immigrant people like them in America. Related essay: Shame is Worth a Try Point of View, Setting and Characters Sandra Cisnero’s â€Å"The House on Mango Street† has the ability to pinch one’s heart because the narrator’s point of view belongs to a young girl. Her family has to undergo an awkward transition of looking for a permanent place to live. Readers will immediately infer that the young girl’s family has Chicano roots because the girl enumerated the members of the family in beginning her story — Papa, Mama, Carlos, Kiki and Nenny. What’s admirable about Cisnero’s conversational style of story-writing is that everyone can relate to their experiences. At one point in anyone’s life, we all can identify with the travails of going through a house transfer. Anyone’s initial reaction will be to feel excited of how our new house will look like or who our new neighbors will be. Unfortunately, for the young girl, she is bound to be betrayed by her own expectations. The setting of the story takes place in a suburb where Chicanos are living in. We can assume that this community is filled with Mexicans, Puerto Ricans or any previous residents of South American countries. These people, like all other immigrants, will always want to stay close to people who would understand them. Since this community is not the usual American neighborhood with homes that have freshly-mown lawns and white picket fences, the narrator is still hoping for the best about the house her father got them in Mango Street. For the narrator, Mango Street is more than street sign; it is her marker that circumscribes the dream that she and her family had brought with them. Her father and mother challenged themselves to cross their country of origin to United States, just to be assured of a better future. This new house will simply be one aspect of attaining their dream — to have a more comfortable life in this new place, in this new country. At the start, we can almost smell her overflowing relief of receiving the news about the new house. The narrator justifies that finally they no longer have to pay the rent, â€Å"share the yard with the people downstairs† and there won’t be anymore â€Å"landlord banging in the ceiling with a broom†. However, when she saw the house in Mango Street, she was disappointed. She becomes aware of her own subjective perceptions as she begins to differentiate her family’s wonderful dreams and society’s ugly realities. Thus, she becomes conscious of her parents’ inability to fulfill their promises of the perfect house. She thought that â€Å"They always told us that one day we would move into a house, a real house† (p. 223). However, the â€Å"real house† the narrator expected would be â€Å"like the houses on TV†: Our house would be white with trees around it, a great big yard and grass growing without a fence. This was the house Papa talked about when he held a lottery ticket and this was the house Mama dreamed up in the stories she told us before we went to bed. But the house on Mango Street is not the way she told it at all (p. 224). Anyone could just imagine the look on her face when she saw their new house. The new house is just the opposite of what she expected. This fact also corresponds to the direct opposition to the words of her parents. This contrast between expectation and reality awakens her awareness of herself as a social being and provokes her own interpretations of the significance the house holds in her life. Theme Apparently, when the narrator saw the house on Mango Street, it transformed from being a symbol of hope to become a symbol of poverty. The narrator associates this realization with the humiliation she has felt in the past, when her family lived in similar places. She recollected back in Lonnis when a nun from her school accosted her: Where do you live? she asked. There, I said, pointing up to the third floor. You live there? There. I had to look to where she pointed–the third, the paint peeling, wooden bars Papa had nailed on the windows so we wouldn’t fall out. You live there? The way she said it made me feel like nothing. There. I lived there. I nodded (p. 224). We recognize that the society has been pushing the girl to feel ashamed of living in houses her family could afford to pay for. It is such a pity how people show obvious contempt to living spaces, when they should be more concerned how a young girl would feel in seeing their negative reactions. It is inevitable that the girl will be ashamed of her entire social and subjective position. Now, the narrator in the story sees the house as a symbol of the shame that threatens her own self-perception. For her, the house on Mango Street is an emblem of the oppressive socio-economic situation that circumscribes her life and is the source of her feelings of alienation. It is this alienation that becomes a catalyst for her desire to distance herself from this house she does not to be associated with. Unfortunately, the house also becomes the narrator’s first universe. She begins here because it is the beginning of her conscious narrative reflection. She describes the house from the outside; this external depiction is an unkempt and negative description of the house that would translate to her presentation of her own self: She said â€Å"I knew then I had to have a house. A real house. One I could point to† (p. 234). By pointing to this dilapidated house, she points to herself: the house and narrator become identified as one, thereby revealing an ideological perspective of poverty and shame. Consequently, she wants to point to another house and this means she desires to point at another self. And as she longs for this other house and self, she also longs for another name. The dilemma of having this perception is that she will never have an opportunity to inhabit a special house and to fit into and find comfort. This is because her name, origins and culture will never be erased inside her. Stories of immigrants, like this, reveal the difficulties faced by the Latino population as they move in America in search of employment or to be reunited with family. Stories of women staring out of windows or having too many babies, trapped indoors because of jealous husbands, and unable to speak English, reveal both their fear of the dominant culture and the oppression of the patriarchal system in society. Tone and Style The story is light to read because it is meant to be narrated by a young girl. It is deemed that she is between 9 to 11 years old. She is doing all the narration in the story and it is her point of view that is magnified. The narrative situation is a familiar one: a sensitive young girl’s reflections about her struggle between what she is and what she would like to be. She has voiced out that she wanted a new house where they can have their own room. However, because of their financial difficulties, she is bound to swallow her pride and just accept the dilapidated new house. Although deep inside her, she refuses to give up on her dreams and the hope that someday her family will have those houses she sees on TV. The frame of Cisnero’s short paragraphs is simple but highly effective. We could easily understand the whole story that the family has been wandering from place to place, always dreaming of the Promised Land, which is represented by having their own decent house. When they finally arrive at the house on Mango Street, which is at last their own house, it is not their promised dream home at all. The parents overcome their dejection by saying that this is not the end of their moving, that it is only a temporary stop before going on to the promised house. The narrator knows better. The conflict between the promised home and the harsh reality, which she always recognized, has been replaced by a full force of rejection, violence, fear and waste. Cisneros’ presented these emotions without compromise and without dramatization. This is just the way things are on Mango Street, but the narrator will not give up her dream of the promised house and she is determined to pursue it. The lesson she must learn is that the house she seeks is, in reality, her own individuality. Conclusion Growing up in a place where you do not belong can be a depressing experience. Especially children, they will never seriously attempt to dissect their feelings and attitudes about being different to the people they see on TV and people they see around them. Thus, we all know now that Cisnero’s story is not just about dilapidated houses and â€Å"dream homes†. It could be linked to the girl’s status of growing up in America. Can she still achieve her dreams when she is living in shame and disappointment? Would her family be able to rise up from poverty? As America has transformed to become a melting pot of cultures, people have to be aware of this diversity. Cisnero’s story is just one slice of life that most immigrants in the United States have experienced. Indeed, we can learn from all these disappointments, shame and challenges we face. However, it is through understanding, knowing and respecting the diverse culture of our country that we could somehow ease the difficulties of immigrant people who have chosen to achieve their dreams here. Thus, in this story, Cisneros created a narrator, a storyteller and a mythmaker who draws upon old tales and new experiences to create the dreams of the culturally diverse neighborhoods in America. How to cite Analyzing The House on Mango Street, Essay examples

Tall Grass Essay Research Paper Preservation of free essay sample

Tall Grass Essay, Research Paper Preservation of the Tallgrass Prairie Brief Review The tall-grass prairie ecosystem one time covered over 400,000 square stat mis in North America. This country extended from Canada due south to Texas and from the Rocky Mountains east to contemporary Ohio. Today, merely one per centum of this terrain remains in being in its natural province, much of which is located in the wild Flint Hills of eastern Kansas. There had been a motion for about 50 old ages in favour of some kind of preserve of the minimum resources of this huge prairie that were left. In 1994, the National Park Trust bought a big subdivision ( about 11,000 estates ) of land at the historic Z-Bar/Spring Hill Ranch in Chase County. This rekindled involvement for the undertaking, and a measure was introduced in 1996 to both the House of Representatives and the Senate. Sponsored by members of the Kansas congressional deputation, including Senators Nancy Landon Kassebaum and Bob Dole and Representatives Pat Roberts and Ann Meyers, the measure ended up go throughing through both houses of Congress. The newest United States National Park was born under the name of the Tallgrass Prairie National Preserve. The park is located 18 stat mis west of Emporia, or merely 2 stat mis north of Strong City on Highway 177. Description of Materials by Beginnings The scientific diary, of class, seems to concentrate entirely on the environment of the prairie itself. It describes in deepness the dirt fluctuations and topographic alleviation of the part of the new park. It presents factual information in about agonising item that can sometimes be hard to follow. Mentions are used, mentioning stuff from writers of other diaries, which allows for confirmation of anything. I have the uttermost religion in the writer of this piece and his huge array of cognition about the topography of the tall-grass prairie. The Popular Science article besides discusses the natural environment of the part. It is non about the modesty itself, but instead the Flint Hills part and assorted agricultural research undertakings that have been performed there for assistance in countries that were one time tallgrass prairie, but have since been transformed into farming lands. There is plentifulness of factual information, but non in nigh as much item as the diary gave, doing for an easier read for the most portion. The lone mention truly used was one reference of a related article, which makes it slightly hard to verify the facts. However, I have no jobs with any of the writer s information because of this, as it most likely means she merely did most of the research herself. The pieces from the St. Louis Post-Dispatch and Travel A ; Leisure magazine are both really soft articles that are aimed at possible visitants to the country. They possess small or no scientific fact and fail, for the most portion, to advert anything about the huge lessening in North America s tall-grass prairie lands. However, they do supply human-interest factoids about what to make to bask the country if you will be sing. There is no referencing, as the articles are presented from the writer s personal experiences. That being said, the writers holding been there themselves makes me swear that what they are composing is at least honest and truly is their sentiment, if non absolute fact, of the part. Finally, the two web sites both do an surprisingly good occupation of covering anyone s involvement in the country. For the devouring scientist, they provide good information about the natural characteristics of the land. The manque traveller to the park besides can derive a batch of information, including history and what to see while in the country. Maps are included for mention. My religion in the truth of the stuff here comes from the fact that one is from the National Park Trust, which owns the land, and the other is from the National Park Service, which maintains it. If anyone knows all there is to cognize about this land, it would be these two organisations. Summary and Evaluation In amount, I would hold to state that I truly am non all that surprised at what I found each peculiar beginning to be interested in. I besides am non surprised that I trust their information and the cogency of it, because they stuck to what they are good at. For case, if the travel magazine had tried to travel in deepness about the surface soils of the part, I would non hold trusted it. First of all, they are non scientists at all that would by and large cognize any of that, and secondly, they would hold been rolling from their audience in detailing things like that. Most of my cognition about environmental issues likely comes from the popular imperativeness. I am non much of a scientist, as I am a concern major, so I can t maintain interested in Smithsonian or American Scientist, much less any of the detail-heavy scientific diaries. However, I m besides non traveling to swear the tabloid imperativeness with truly informing me of anything of import, so I keep it in position. I besides am really active on the web, so I can larn a batch from that every bit good. In general, I think most people are likely like me in that most of what they know environmentally comes from what they read in newspapers or see on the eventide intelligence. Truly, I think that s how it should be besides, because that is the medium that reaches out to the most people. Bibliography National Park Service. Tallgrass Prairie National Preserve. 9 Feb. 2000. hypertext transfer protocol: //www.nps.gov/tapr/home.htm National Park Trust. Tallgrass Prairie National Preserve Frequently Asked Questions. 9 Feb. 2000. hypertext transfer protocol: //www.parktrust.org/zb-faq.html Penney, Cynthia. Range Rovers. Travel A ; Leisure. Sep. 1993: MW1-MW4. Schuman, Michael. Flint Hills Scenic Prairie Offers a Pleasant Contrast to the State s Flatland. St. Louis Post-Dispatch 28 Feb. 1999: T3. Stover, Dawn. Alternate Agriculture. Popular Science. Aug. 1997: 75-77. Turner, C.L. , et Al. Soil N and Plant Responses to Fire, Topography, and Supplemental N in Tallgrass Prairie. Ecology v78 n6 ( 1997 ) : 1832-1843. 31c

5 Common WordPress Myths Dispelled (Heres Why They Arent True!)

WordPress is the most popular way to build a website – in fact, it’s used by over 31% of websites. This means a lot of people are aware of the platform, even if they havent used it themselves, which has resulted in a number of common WordPress myths.While WordPress has an excellent reputation, there are those who make negative assumptions about its quality and features. Some people believe that it’s not secure, while others will tell you it’s difficult to use. In reality, these couldnt be further from the truth.In this post, we’re going to set the record straight. We’ll introduce five common WordPress myths and discuss their origins. Then, we’ll show you why theyre all false. Let’s get started! E-commerce is just one of the many applications WordPress is perfectly suited for.This is probably the most common of the WordPress myths. What’s more, it’s based on a kernel of truth.Back when WordPress was first developed in 2003, it was first and foremost a blogging platform. Its design and primary features were created with the needs of bloggers in mind, although  even then it was also used for a variety of different types of site.However, the platform has grown and developed a lot over the past 15 years. Today, it’s not primarily a blogging tool. Instead, it’s a fully-functioning Content Management System (CMS), which means you can use to create any type of website. This is partly thanks to the flexibility of the core platform, but also to the vast array of plugins available, which encompass just about every feature or functionality you could imagine.Of course, WordPress is still used to create blogs. But it’s also used for business sites, portfolios, e-commerce stores, forums, knowledge bases, and much more. If you don’t believe us, just check out one of the many roundups of sites running on WordPress today.Myth #2: WordPress is only for smaller sitesWordPress is use d for a lot of large, popular sites – such as the New Yorker.In a way, this myth is an extension of the previous one. It stems from the fact that most of the platform’s original adopters used it to create fairly simple personal blogs. Plus, WordPress’ popularity and accessibility means that it’s frequently used by first-time website builders, who tend to keep their creations fairly small-scale.Therefore, it’s not uncommon to hear people say that WordPress isn’t ‘scalable’. In other words, it’s fine for modest sites, but won’t ‘scale up’ to work with more ambitious projects. As you can probably guess, this is one of the WordPress myths thats far from true.WordPress may seem deceptively simple at first, but that’s only because it’s been designed to be easy to pick up. It’s actually incredibly scalable, and able to provide a solid foundation for even the largest sites.Some of the fact ors contributing to WordPress’ flexibility are:The platform is stable and designed to perform smoothly. As such, it isn’t going to experience problems when you get a lot of visitors (as long as you choose a quality hosting provider).WordPress is highly customizable, which means it can be shaped to meet the demands of complex sites.There are many plugins available to help you address the demands of a high-traffic site. For instance, you can add caching functionality to keep speeds high, and even improve the search feature.If you’re looking to create a high-traffic site, start up a thriving online store, or develop some other ambitious site, you don’t need to worry. WordPress will be able to keep up with your site’s growing needs just fine.Myth #3: WordPress is difficult to useYou can find plenty of help for all your WordPress questions in the official support forums.This may be the most inaccurate of all WordPress myths. It is understandable that so me people believe WordPress is a difficult platform. Terms like â€Å"content management system† and â€Å"open-source† can be intimidating, after all. The fact that WordPress is a self-hosted platform can also make it seem more complex than it really is.In reality, WordPress was designed from the start to be beginner-friendly. Remember that it was originally meant to help people create simple blogs. While it’s much more powerful these days, WordPress is still simple enough for just about anyone to use.You don’t have to know anything about web development or design, and you don’t need coding experience. Instead, you can accomplish almost anything with your site through a user-friendly dashboard:You can do a lot of things here, such as create content, add plugins and themes to your site, tweak its settings, and customize its appearance. It’s possible to set up an attractive, functional, and fairly complex site quickly.What’s more, when you do need help there are lots of ways to find it. You can check out the comprehensive WordPress Codex, the official support forums, online courses, and blogs like ours. The WordPress community is vast and welcoming, and help is right at your fingertips.Myth #4: WordPress isn’t secureSecurity plugins such as Wordfence will keep your site locked up tight.If you pay attention to the news on the latest security threats and hacks, it’s not uncommon to see stories that involve WordPress. There have also been a few highly-publicized attacks that have targeted WordPress sites. This has resulted in another of the most prevalent WordPress myths – the platform isn’t a secure way to build your site.In reality, the main reason you’ll see WordPress show up in these types of stories is simply that WordPress powers almost a third of all the websites on the Internet. So even though most WordPress sites never experience issues, the sheer number of WordPress sites that exist make them  a target for hackers and bots.Naturally, no software is immune from attacks. However, WordPress is incredibly safe, even for sites that deal with sensitive data. This is due to a number of reasons, including:The core platform is designed by a large team that’s committed to making it as secure as possible.Frequent updates  address the latest threats.There are plenty of excellent security-focused plugins that add additional protections to your site.If you have a WordPress site (or are thinking of creating one), we highly recommend installing one of the aforementioned security plugins, such as Wordfence or Sucuri Security. In addition, you’ll want to keep your site up-to-date at all times. These two steps are all you need to build a site that’s as secure as anything else on the web.Myth #5: WordPress websites all look the sameIn directories like ThemeForest, you can find themes to help you make your site look unique.The last of the WordPr ess myths on our list is a little different. That’s because it’s a belief more often held by those who are  somewhat familiar with WordPress.Those who know how approachable, beginner-friendly, and popular WordPress is might tell you that all WordPress sites look the same.However, anyone who knows the first thing about WordPress themes can tell you that this is not the case. Themes change the look and layout of your site, and there are tens of thousands available. You can find them in the official Theme Directory, or on sites like ThemeIsle  and  ThemeForest.In fact, one of the reasons this myth exists is that inexperienced users are likely to simply use the few default themes that are included with WordPress. This does result in some cookie-cutter sites – but yours doesn’t have to be one of them.What’s more, even individual themes tend to come with a lot of customization options. Therefore, sites built using the same theme can look very diffe rent. When you combine this fact with the sheer number of distinct themes and WordPress’ own flexibility, it makes it easy to create a site that is clearly different from any other built using the same platform.Dont be fooled by these WordPress myths!WordPress has only grown bigger and more popular over time. As such, it’s natural that such a common platform has attracted a number of easily-believed misconceptions.In this post, we’ve debunked five of the most prevalent WordPress myths. Contrary to what some may tell you:WordPress can be used to create nearly any type of site.The platform is suitable for small and large projects alike.Those with zero web development or coding knowledge can use WordPress easily.Security on WordPress sites is top-notch, especially with the right plugins installed.Websites built using WordPress can look radically different from one another.Are there any other things you’ve heard about WordPress that you want the true story on ? Let us know in the comments section below! Learn why these 5 common myths about #WordPress just aren't true

Prepaid Wireless Industry

Prepaid Wireless Industry Technology has totally revolutionalized the manner in which we carry our day-to-day activities. The communication industry seems to be one of the greatest beneficiaries of the advanced technology since there are so many changes that have taken place.Advertising We will write a custom research paper sample on Prepaid Wireless Industry specifically for you for only $16.05 $11/page Learn More Life has become easier and simpler with the technological advancements. The prepaid wireless industry is one of the industries that has emerged as a result of advancement in technology. This industry is highly competitive and this has seen many companies come up and stiff competition that is characteristic of this industry and has ensured that customers benefit greatly due to the high quality services being offered. The focus of this discussion will be on some of the key players in this dynamic and highly competitive industry. The companies in focus are epay worldwide.com. Emida.net and eurekarevenue.com. This discussion will also look at some of the advantages that each of these services has and which of the companies is stronger. Epay. Com is an international company whose main business is the distribution of payments solutions electronically. These services are instrumental in helping providers of various services reap maximally from the sales of their services as well as products. With more than half a million selling points in various countries of the world like Spain, Ireland, Italy, India and Germany, epay.com has continued to deliver highly innovative and specific tailored services as far as making of payment by electronic means in concerned (Epay 3). The advantage of the prepaid services provided by epay.com is that customers are able to access an array of gift cards which are branded. With this concept of prepaid, retailers are able to come up with categories and destinations that are fully supported by experts from epay. Retailers also hav e the advantage of being able to distribute their services throughout the network. Emida.net on the other hand is a company that operates globally whose main services include the making prepayments globally as well as value transfer market. This company operates in more than 30 counties in the whole American region and part of the African and Caribbean region.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The retail points supported by Emida.com are estimated to be about 46,000 with annual payment of the dollar being estimated to stand at $1.4 billion with estimates of transaction transacted by the company being estimated to stand at 180 million. Some of the advantages that emida.com has included allowing international as well as domestic distribution of various products which are prepaid in nature and services that involve payments. Retailers, ISOs, service providers a nd carriers using emida.net also have the advantage of getting robust revenues. Currently, emida.net is said to be leading as far as proving prepaid services is concerned. One issue that distinguishes emida.net from other companies is the fact Eureka has partnered with most of the well established carriers throughout the world and this has enabled eureka to a great extent to create a reliable network which has proven helpful to clients throughout the world. This company also caters for long distance prepaid services and this has brought about convenience and customers are able to get value and the revenue goes up. Any retailer or service provider who has subscribed with emida will also be in a position to offer all their customers, cost effective, convenient and safe options that they can implement to ensure that their financial needs are well managed. Under the financial services provided by emida, your clients will comfortably be able to purchase stored value cards as well as prep aid debit and also foot their bills. Through these services, it will also be possible for them to make transfers of money to family and friends in convenient hassle free manner. The kind of services that you will receive from Emida will ensure that the portfolio of your products is well built (Emida 2). It is common knowledge especially in the world today that payment of bills especially if they are hefty can prove to be very risky.Advertising We will write a custom research paper sample on Prepaid Wireless Industry specifically for you for only $16.05 $11/page Learn More Besides the risk, the hassle involves is nothing to write home about. Having paid full recognition to the challenges that consumers experience in payment of bills Emida has come up with a way of making it easy for clients to foot their bills which is not only easier but also more reliable and convenient. The payment solution provided by Emida ensures that you gain access to numerous biller s from telecommunication to providers of utilities, insurance among others. With this pay bill solution, all one needs to do is to make payments at a local shop and this helps eliminate the risk factor as well as one is saved the hassle of making the payments and also one is able to save time that would have been wasted in making queues. For those customers who have subscribed to AT T services, you can also make it easy for them through emida.com. Just like the bills, these customers subscribed to AT T can also make payments through the local shops. Eurekarevenue.com though it has been in the market for a fewer years compared to its competitors, it has managed to create a niche itself. This company is dedicated to making life easier for those who prefer the option of truncating using cash as opposed to using credit cards and cheques. The platform created by Eurekarevenue has made it simple for customers the world over to enjoy prepaid services through electronic means and with a w ell established and robust network. The company has managed to partner with different well established and this has ensured that clients get convenient services within their reach. Eureka revenue has various products that they offer which include the ERI web and the ERI terminal. The terminal is an effective simplifies of selling airtime of prepaid wireless. These terminals are used as they are provided by the company without the need to buy additional equipments (Eureka 1).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The only requirement is a telephone line and you will be good to go. The ERI web on the other hand works pretty similar with the ERI terminal just that in this case, one will require a computer with internet connectivity to enjoy this service Comparing epay.com and emida. Net, it is clear that emida is stronger than its counterpart. This is not only in terms of the number of years that this company has been in existence but also the robust network that it has managed to establish ad the numerous reliable partners that this company has. In addition, this company has managed to penetrate in more markets than epay thus making emida stronger in terms of popularity and client base. Prepaid wireless industry has without a doubt grown tremendously the world over. Emida. Prepaid Wireless. 2011. Web. https://www.emida.net/en/home/ Epay. Welcome to Epay. 2011. Web. http://epayworldwide.com/en-US/ Eureka. ERI helps retail stores increase their revenue and foot traffic through prepaidwireless solutions. 2011. Web.

Gender Difference In Exercise Addiction And the Possible Roles of Lab Report

Gender Difference In Exercise Addiction And the Possible Roles of Eating Behaviour, Anxiety And Reason for Execise In Undergraduate Students - Lab Report Example This paper stresses that existing studies do not clearly differentiate between primary exercise dependence and problem exercise addiction as an associated feature, so predictions for exercise addiction may be possible. In case of female students who exercise, if there were no associated comorbid psychologic disorders, the personality profile and psychological morbidities do not differ from healthy controls. This study will recruit free living adult volunteers as participants and they do not have any bond with the investigator. Further this study does not involve any medical treatments, restrictions or biological sample collection. Therefore participants will not carry any serious risk. Participants are briefed about the survey and their written consent is taken just before they are given the questionnaires. They will be asked to give a personal code for confidential reasons. Their personal data will be handled confidentially throughout the survey and the final outcome of the research is explained. The participants will be told of the deadline for which the data collected will be used and they will also be made aware of the fact that they are free to withdraw their data at any time for any reason. They will be given a debriefing form which will also contain information on support services or websites they can go to for help if they have been in anyway affected by this or need more inform ation. The form will also have the researcher and supervisors contact details if needed.

Volcanoes and Earthquakes Research Paper Example | Topics and Well Written Essays - 1000 words

Volcanoes and Earthquakes - Research Paper Example Earthquakes have caused widespread damage to human life over the years. There have been earthquakes that have wiped away generations, cities; only to be found later by geologists and historians. With the advanced technology, it has become easier to measure the magnitude and the origin of the earthquake with immense accuracy. Predicting earthquakes is still a mystery and they always catch the human race by surprise.Earthquakes are caused by the shifting of tectonic plates that are present under the Earth’s surface. The ground we consider rock solid, is made up of plates that constantly keep shifting, occasionally shifting rapidly, causing earthquakes in that region. This movement of plate’s releases stress along the geologic faults. These fault lines are considered the boundaries between two plates. It is along these fault lines that earthquakes occur. Interestingly, Earthquakes can also be caused by human activity such as mine blasts and nuclear testing. The epicenter b eing the exact point on the earth’s surface, under which at the hypocenter is present; hypocenter being the exact point where the movement took place (Caroll, 1997). The thought of volcanoes, brings a mountain with erupting lava in our minds. Volcanoes are almost always associated with fascinating destruction of nature and their blinding rage of destroying everything that comes in their way. However, geologically, a volcano is any opening on the planet’s surface, from which the molten lava can make its way to the surface. From fissure vents to submarine volcanoes; all openings in the earth crust the spew out lava are termed as volcanoes. There is classification based on the kind and composition of lava that comes out of the fissures or openings (Sengupta, 2007). Volcanoes are also classified on the basis of their activity; they are active, dormant or extinct. Active volcanoes erupt regularly with many eruptions scripted in the human history; these eruptions may be mont hs apart, years apart or centuries apart. Dormant volcanoes are the ones who have been quiet (no eruptions) for a long period of time, with no written records of their activity until the day the activity starts again. Extinct volcanoes, as the name implies, are the volcanoes that were active some time but have no activity happening as there is no lava supply (Carol, 1997). Volcanoes and Earthquakes: Relationship? The relationship between the volcanoes and earthquakes is pretty significant. On the face of it, there might not be enough evidence, however, when one studies closely it is evident that one of these surely can trigger the other (Rafferty, 2010). Earthquakes generally occur at tectonic plates and most of the eruptions occur in these volcanic regions only. The movement is caused by

Londons urban transport from the Victorian era

Londons urban transport from the Victorian era Over the past 200 years the geography of London has changed dramatically. No better has this change been reflected than in Londons urban transport systems. The Victorian era saw mass migration to the capital as industrial progress both at home and abroad, and by 1800 London was the grandest city in the West and probably the world, with almost a million inhabitants. By 1881 the population has soared to 4.5 million and by 1911 to over 7 million [Porter 1994, pp 220]. To deal with these patterns of population growth London has seen large changes within its urban transport systems, on both land and water, and some have even attributed the growth of London itself to increased migration promoted by changes to public transport [Roberts, 1996 pp 322]. London is a scattered city, its past not attributed to coherent Government led development (as with other global cities such as New York or Paris). Instead, the most significant technical development which affected the size and functioning of London was the development of mass public transport, which was dictated not only by technological advances, but also the ways in which firms invested in the new forms of conveyance and competed with each other and alternative forms of travel [Ball and Sunderland 2001, pp 227]. When looking at urban transport, it is important to consider that, during the 19th Century the most common form of travel remained on foot. A traffic survey of the city in 1854 showed that almost 70 per cent of people travelling in and out of the City daily were doing so on foot. Even as late as 1897, when extensive public transport systems had been developed, less than a quarter of South London trade unionists were regular users of these systems as prices remained fairly high for other forms of commuter transport [Ball and Sunderland, 2001, pp 228]. In a scattered and geographically condensed city (in 1825 the built up area of London still only stretched for four miles north to south and six miles east to west) it remained the best way to get quickly and efficiently from a to b. As today, traffic congestion was a problem for London during the Victorian era, and walking was often the most rapid form of travel. Pedestrian travel was also aided by new technologies that improved road safety for those travelling on foot. Road conditions began to show improvements (with drainage improved), street lighting was introduced through the 1830s, and the extension of the police force made travelling alone safer. The development of Londons road systems throughout the century also reduced journey times [Ball and Sunderland, 2001, pp 229]. Changes in Water Transport: At the start of the Victorian era, the River Thames provided a faster and often more desirable way to travel across the city with Watermen offering to taxi people in small rowing boats known as wherries. The development of paddle steamers would displace these wherries, and by 1850 they were carrying several million passengers a year. These steamboats began offering services down the River Thames in 1815, unburdened by mileage duty and able to carry hundreds of passengers at a time in 1830 a regular service operated between London and Gravesend, Woolwich and Richmond [Ball and Sunderland 2001, pp 234]. Despite this, they remained unable to operate in bad light or weather, difficult and dangerous to board and leave and were involved in regular collisions. Water transport thrived during this time, dependent on the influence of the powerful river-using industries, which had restricted river bridges. During the early part of the 19th Century, however, their influence began to decrease, and new bridge crossings were. Vauxhall (1816), Waterloo (1817), Southwark (1819) and London (1824-31) all reduced the need for river transport on a commuter level, and also stimulated further road constru ctions south of the river through the latter half of the century [Ball and Sunderland, 2001, pp 229]. By 1890, the development of the road and railway networks had all but decimated the steamboat trade. The Horse and Carriage The Horse and Carriage as a means of transport was indelible throughout the Victorian era, and despite growing congestion throughout the 19th Century (along with the escalating costs of keeping and feeding horses in London) there were still 23,000 private carriages travelling through the city in 1891 [Ball and Sunderland, 2001, pp 229]. Road network developments and improvements were implemented throughout the Victorian era, all of which had to take into account the very particular needs of horse and carriage transport. The avoidance of steep gradients and limitations in the manoeuvrability of the carriages may have contributed to the levels of congestion seen throughout London throughout the Victorian era, and perhaps even up to today (with the maintenance of many of the road networks from the past century). This reliance on forms of horse drawn transport, not only encouraged walking in the lower classes (who couldnt afford the maintenance of a horse and carriage), but was also perhaps responsible for maintaining the compactness of London and restraining the outward movement of industry. Though gradually replaced by other means of public transport up to the First World War, the horse and carriage has remained the dominant means of road transport for a very long time. The upper classes had their own carriages, hackney carriages The rich had their own carriages, hackneys were available, and hansom cabs were introduced in 1834. Some got to work by short-stage coaches (four or six passengers inside and a handful outside). Horse and Carriage also remained the main form of transport in the movement of good around London (on the eve of the First World War most of Londons good vechicles were still horse drawn) [Ball and Sunderland, 2001, pp 229]. The Omnibus and Commuter Transport One thing that has defined patterns of social change within a transport context in London over the past two centuries has been the establishment and growth of the commuter and associated public transport. The very term commuter came into being during the 1850s as more and more people were able to travel to work from greater distances, and the average Londoners journeys on public transport increased from 20 in the late 1860s to almost 140 in 1902 [Ball and Sunderland 2001, pp 230]. In the early 18th Century, short-distance stagecoaches, known as short-stagers appeared throughout Londons streets. These coaches carried four to six passengers inside and up to seven outside on the roof, and were used to provide regular services from the centre of London to the outskirts. This means of transport was introduced to serve the better-off when they moved out to the then desirable suburbs. By 1825, stagers had become commonplace, with probably around 600 such vehicles making around 1,800 journey s a day [Ball and Sunderland 2001, pp 233]. These most popular of these coaches was the Hackney Carriage, which had a monopoly on the central areas of London up to 1832. Another idea developing at the time was the idea of the omnibus, which many believe single handed began the commuter revolution. The service was first established in July 1829 by George Shillibeer, running from the Stingo public house, Paddington, to the Bank, along to the New Road. Shillibeers omnibuses were long three-horse vehicles with benches for twenty passengers [Porter 1994, pp 237]. The idea was to increase the numbers of passengers that were able to travel by stage-coach, thus lowering the fares for the daily commuter. Because of the Hackney carriage monopoly of the central areas of London, however, the venture failed by 1831. This stimulated the Stage Carriages Act of 1832 which allowed the omnibuses and all other types of vehicle into the central areas, freely plying the streets for trade. The Stage Carriages Act also stimulated the advent of the omnibus back into the world of commuter travel as they could now access the central areas. The cheaper fares (they were nearly half the price of the Hackney Carriages) and their increased speed made them more convenient for the middle class commuter. There were also considerable negative impacts associated with the development of Londons public transport during this period. A paradox quickly arose as thousands of extra vehicles took to the streets improving public transport, whilst simultaneously exacerbating congestion issues in the city. It should also be noted that despite this rise in use of these services, the fares of public transport remained fairly high and prohibitive for most working-class people until the introduction of subsidised services towards the end of the century [Ball and Sunderland, 2001, pp 228]. As a result of this, combined with the service hours (they generally ran from eight in the morning when the majority of the working class workers were in work), the service remained, like the stagers before them, a largely middle class service. They proved effective, however, in permitting suburban living among tradesmen and clerks, and gave the inner suburbs a crucial boost during the 1830s and 1840s [Porter 1994, pp 240]. The success of the omnibus continued and was encouraged by low taxation (taxes on public transport were cut by up to a half in 1839) and competition and 1851, the year of the great exhibition, omnibuses carried around 20,000 passengers daily [Ball and Sunderland 2001, pp 236]. The closure of this however brought rapid growth to an end and fares plummeted as many firms went bankrupt. One success story however was the London General Omnibus Company, which, by 1900 owned nearly half of the 3,000 horse-drawn buses and trams, carrying some 500 million passengers a year [Porter 1994, pp 240] stimulated by rising incomes and a suburban migration during the late 1800s. The loss of monopoly during the 1832 Act had also led to a doubling of the number of hackneys and investment in new equipment and innovations, with the hansom cab eventually becoming the norm [Ball and Sunderland 2001, pp 234]. Eventually competition from other means of transport put an end to the days of horse drawn public tr ansport with the last known service in 1914. Railways The great material transformations of the 1800s, combined with the physical and social geographies of the city led to a major transformation in the railways of London. From the 1830s the cuttings ploughed into the northern suburban areas on their routes into Euston, then Kings Cross and St Pancreas [Porter 1994, pp 230]. These developments reinforced east/west social divides, devastating some areas while bettering others, however Londons traffic problems were becoming ominous, as a result of the vast increase of traffic and the absence of any policy. For these reasons, the coming of rail transport, overground and underground was critical in keeping the metropolis moving and in permitting the city to expand. But if the railways brought benefits these were purchased at a high cost. The downwards shift of some of these neighbourhoods is mainly attributable to later railway building that destroyed many inner-urban neighbourhood environments and made it possible for their more prosperous residents to move further out [Ball and Sunderland 2001, pp 233]. Underground Road Improvements In 1800 Londons road infrastructure was generally main thoroughfares running from east to west above the River Thames. These were often narrow, poorly maintained and blocked by street markets and other local activity, and little inner city road improvement was undertaken before the Commercial Road development in 1810 which sped transport to the dockland areas [Porter, 1994, pp 235], which seemed to stimulate a spurt of road networks. Major developments in the central area included Regent Street (1817-23) and Moorgate, cutting north-south thoroughfares through the traditional east- west pattern, and the major trunk routes constructed to the north of the built-up area including New North Road (1812), Archway Road (1813), Caledonian Road (1826) and Finchley Road (1826-35) [Ball and Sunderland, 2001, pp 231]. There were also a number of new river crossings introduced during this period including Vauxhall (1816), Waterloo (1817), Southwark (1819) and London (1824-31). This period also saw road conditions beginning to be improved via increased expenditure on widening, paving and drainage, and on new routes [Ball and Sunderland, 2001, pp 240]. Cycling Cars and Buses As previously discussed, the horse and carriage remained the dominant form of road transport throughout the Victorian era. Despite the many drawbacks of motorised transport, it has been rightly quipped that the invention of the motor car saved large cities in the nick of time from being engulfed in mountains of horse dung [Ball and Sunderland, 2001 pp 229]. Hackney motor cabs were first introduced in 1903 and proved immensely popular, particularly after the 1907 introduction of the taximeter. Ball pp 233. The growth of the bus use amongst the middle classes preceded the major change in motive power, from the horse to the petrol engine and the emergence of underground and electrified tram services and it was the petrol-driven motor buses that were to revolutionise public transport from their first introduction in 1899. The first bus service was operated by Motor Traction Co, who, for a short while ran two double-deckers between Kensington and Victoria. Cumberson, uncomfortable and generally unreliable they were initially unsuccessful. However, their advantages quickly became apparent they had greater carrying capacity than their horse-driven counterparts and travelled at somewhat higher speeds (though these were restricted by legislation), enabling routes to be longer. Running costs were lower and less variable and their success encouraged further investment in 1905 with the establishment of the London Motor Omnibus Company and Vanguard [Ball and Sunderland 2001, pp 239]. In the 1900s competition grew (from 1906 to 1907 the number of buses nearly quadrupled from 242 to 808) and many services saw a period of consolidation as congestion grew. New regulations lead to the development of the B-type bus in 1910 and by 1914 the public had taken the new motorised bus to heart with 757 million passengers. Today cities are designed on the premise of the car, on an autologic which underlines policy and planning in large parts of the world [Brudett, 2008]. Overview of Victorian Era: After centuries that had brought little alteration in ways of getting about, the Victorians created a transport revolution that changed not just the face of the town but the status map of the metropolis [Porter 1994, pp 235].

The Unabomber: Is He Serious? Essay -- essays research papers

The Unabomber: Is He Serious?   Ã‚  Ã‚  Ã‚  Ã‚  There comes a time when everyone has something to say. The next step would be to find someone to listen. If that doesn't work, I suppose you just have to make them listen.   Ã‚  Ã‚  Ã‚  Ã‚  The Unabomber's Manifesto was probably one of the most interesting and thought provoking points of view that I have read in a while. It's just too bad that every time he made a point that I could relate with, he would contradict himself before I was finished with the paragraph. In my opinion, the entire manifesto and every viewpoint expressed therein, was a strange mix of confusion, fact and storytelling. Although written with an abundance of detail and many strong convictions, I finished reading the selection without being able to see the purpose behind it all and what he stood to gain. I'm sure that wasn't exactly his intentions when he wrote it.   Ã‚  Ã‚  Ã‚  Ã‚  I feel there is one thing the author deserves credit for right from the start; his uncanny ability to set a pessimistic mood. From the minute you glance at the introduction, he, assuming the author is male, begins to paint a picture of destruction and demise of the world in which we live. What could cause such a catastrophe? According to the author, it would have to be industry and technology of all things. He was convinced that due to the industrial- technological system in which we live, ultimately humans are going to be subjected to world wide suffering and inevitably a total shut down of humanity. Now at this moment I felt a little disbelief. I had heard he was actually an intelligent person, but I was starting to wonder.   Ã‚  Ã‚  Ã‚  Ã‚   His whole theory was based on the fact, that at one point or another, the human race will be taken to the point of complete break down. He feels that if it's bound to happen, we should make it happen now. The longer we wait, the more people will suffer. Now, I know our sun will eventually burn out, so does that mean that it should be the concern of everyone on the planet to devise a method to destroy it immediately and save us the trouble of having to do it later? I guess I wasn't too surprised when I read how he intended to induce an early break down with a revolution, but the next thing I read left me a little confused. I was interested in how and when he planned to d... ...here who actually make a difference.   Ã‚  Ã‚  Ã‚  Ã‚   Technology was a turning point in man's struggle in life. When we were first learning to use it, we used it for the wrong reasons. I believe we're moving past that now. We don't fear technology like he does any more. More and more people, including older generations are learning to use it. Not because they have to, but it's only natural for the majority of us to try something new. When everyone begins to use it, working together, that's what advances us into tomorrow. If everyone was as pessimistic as he, where would we be? Sometimes it takes someone like him to remind us what we used to be and how we used to think. It helps us all stay on track. In the long run, he just becomes someone who wouldn't change and society will forget him. It's ironic to think that we already have. People don't want war, revolution, or violence. We don't need to be the aggressor and more. Our survival isn't assured, but at least we have the means to provide it, to really harvest it when that need arises. People like the Unibomber only give us the motivation to keep on going. And what do we have to thank for our advancement? Technology.

Developing yourself as an effective Human Resources practitioner Essay

Briefly summarise the HRPM and comment on the activities and knowledge specified within any one professional area, at band two, identifying those you consider most essential to your own HR role The HRPM is a working tool that underlines behaviours, knowledge and skills that the CIPD understand are needed for the personal and workplace development on all levels of the HR profession, and how it will add value to yourself and your organisation. It looks at improving things not just at the present time but looks forward at how improvements can be made in the future. It has been created to be of use to all levels of professionals in all sectors in any part of the world. The HRPM is set out over ten professional areas; there are 8 specialist Professional areas that specify the activities and knowledge that are needed to provide HR support to your organisation. They are Service delivery and HR, employee relations, performance and reward, employee engagement, learning and development, resourcing and talent planning, organisation development and organisation design. There are also two core professional areas, ‘insights, strategy and Solution’ and ‘Leading HR’, they are at the centre of the map and are professional areas that are considered relevant to all HR Professionals at any stage in their career. The ten professional areas cover what you need to do and what you need to know at all four bands and the behaviours you will need to carry out your activities. The eight behaviours identify how professionals should be carrying out their daily work activities to ensure that they achieve success for themselves and their organisation . The eight behaviours are Role model, Curious, Decisive thinker, skilled influencer, courage to challenge, driven to deliver, collaborative and personally credible. The behaviours are all about helping you to identify how to carry out your professional activities in order to benefit your organisation; each behaviour comes with a contra behaviour which outlines the negative impact. The behaviours are then split out into four bands, (The relationship between professional and customer, where they spend their time, the focus of the activity what services are provided, how  their contribution and how their success is measured) they set out the competencies you need at each level of the HR career, and it also has guidelines to help move from one level to the next. I have chosen the professional area of resourcing and talent planning at band two. I believe that the most essential activities and knowledge of my role within band two is advising and managing individuals or teams based on HR issues and problems. I help managers to identify the skills and capabilities they need to deliver current and future work and support them in making the right choices to fill the need. I manage and resource talent, ensuring they are fit for purpose and can deliver required out comes. I have the knowledge on how to execute a recruitment plan to agreed standards and deadlines and I know how to deliver effective talent and succession solutions whilst working with managers needs. I can also use a variety of induction and transitional tools as an outlined below. I have just finished a module on Resourcing talent in my CIPD level three; I have used the knowledge gained to improve the recruitment and talent management process in my organisation. I arranged meetings with directors and managers to discuss a more effective way of recruiting, and suggested ways to train and develop the staff that we already have. I also created more effective exit interview and appraisal forms, improved the induction process and brought in sifting tools and interview documents. Outline how an HR practitioner should ensure the services they provide are timely and effective As the sole HR practitioner in my company, I deal with many varied customers. I need to ensure that I deal with them in a fair, timely and efficient manner at all times. I have given three examples of customers as per below; Payroll/finance I assist the Payroll/finance department in many ways but mainly I provide them with reports on sickness and absences or changes to pay/salary due to overtime, pay rise or a promotion as an when required. Managers/Line managers I assist Mangers and Line mangers to support their staff and help keep them informed of any changes to policies and procedures. They also require my assistance when the need arises to take on new staff. Recruitment Agencies I assist recruitment agencies when managers/line managers inform me that they are looking for new staff. I will prove the agencies with a good brief of the job and all necessary information they will need. Then keep an open communication with them regarding interviewees. Prioritising conflicting needs Often customers will need help information or reports from me at the same time. As I am the sole HR practitioner in my work place it is important for me manage my time effectively. I will make a list of the jobs I need to get done and then check the deadline for each and prioritise in order, often there are conflicting needs, when this happens I contact the customers involved and let them know that I have other jobs that need doing with equal importance often talking this over resolves the problem and deadlines are moved or I am able to send parts of reports over and send the rest at a later date. Effective communication in my workplace In my organisation I tend to use the following methods of communication; I have given examples below:- Verbal – Telephone or face to face This method of communication works well for me when I need to inform a manager if I am unable to meet a deadline or if there is a delay with  sending a report, speaking to them face to face or over the phone I will be able to get much better feedback with regards to rescheduling the deadlines and what they require of me. The disadvantage of this is that I would have no record of the conversation and details can be forgotten, with this in mind I always follow up any conversation with an email to reiterate. Written- Email I find that in my organisation an email is best for communication when you need to give managers or staff information or reports as you can ensure that all the information is passed across and none is missed as could be the case if you were to tell them face to face. The disadvantage of this method is that sometimes emails go missing, so I will always call and check the managers have received the email and also use a read receipt on the email. I would also use email to invite attendees to interview; I will be able to send them a list of documents required and information of the date and time. I would also call and speak to them to get confirmation of attendance in case they do not check their emails regular or do not have a lot of access to a computer. The company intranet The company intranet is great for letting staff know about up and coming changes in the work place or staff social functions as it is open to view but all members of staff. The disadvantage of using the intranet is that not everybody may use it, or check it regularly. I would always send a backup email with updates via email or make sure that it is communicated to staff through their line managers. Effective Service delivery Delivering services on time It is important in my job that I respond to all requests from customers in a timely and efficient manner, I am the sole HR Practitioner in our  organisation and I cannot delicate or ask advice. With this in mind I need to spot problems early, isolate and solve before it becomes an issue. I also need to prioritise my work load and deal with each job as efficiently as possible, it is important for me to communicate clearly with each person requesting work from me regarding the urgency of the job, sometimes line managers will issue a job as a priority when in actual fact they do not need the requested report until next week. Delivering services on budget I am not asked to comply to a budget, but I am always aware of funds and I make a conscious effort to keep costs low where possible. Dealing with difficult customers I have to deal with negative employees in my organisation; I deal with this by listening to the employees’ complaint. Sometimes that is all it takes to resolve the issue, as they feel that their grievance is being listened to. I always make sure to ask relevant questions, this lets them know that I am listening and helps me to decide if they have a valid complaint, or if they are just sounding off. I will always follow this on by asking if they would like my help or support in the matter. Most of the time they just wanted somebody to listens to them. Handling and resolving complaints I don’t see complaints as a bad thing in my organisation; I think that I can learn from them so that things can be done better or I can put in place things that are missing. Feedback is a good thing regardless of whether it is positive or negative. I have set up a suggestion box in the kitchen so that employees can give feedback or complain anonymous. If an employee makes a serious complaint I will always defer to the directors and line managers.

Foreign Exchange Financial

Sample details Pages: 16 Words: 4863 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Chapter 1 Introduction This chapter will introduce the reader to the subject at hand and why the chosen research area is of interest and relevance for further development. Finally, the chapter includes a problem discussion, which in turn ends up in the research purpose of the thesis. 1.1 Background of the Study The deepening of globalization process has led to an increase in foreign exchange transactions in international financial markets. This has determined a higher volatility of exchange rates, and, implicitly, an increased foreign exchange risk. There are many types of risks, but only few of them can bring losses as large as foreign exchange risk. In these conditions, the development of new modern and effective methods for managing foreign exchange risk becomes a great necessity for the players in international financial activity. Foreign exchange risk management is crucial for companies frequently trading in the international market. Empirical research shows that profits of multinational companies are affected by volatile floating foreign exchange rates. Nevertheless, small firms trading exclusively on their domestic markets also become increasingly exposed to foreign currency fluctuations. Actually, small firms depend on the volatility of the main currencies because many of th em out-source their production to foreign countries. This means that they incur costs in a foreign currency (wages, taxes, material, etc.) and they also need to manage this exposure. Other small firms are exposed indirectly given that their strategic position can be affected by volatile FX rates. By definition, all entrepreneurial activities incur risks, and coping with risk has therefore always been an important managerial function. In recent years, however, risk management has received increasing attention in both corporate practice and the literature. This is particularly true for the management of financial risks, i.e. the management of foreign exchange risk, interest rate risk and other financial market risks. A major reason for this is the development of markets for derivative financial instruments. Forward contracts, futures, options, swaps and other, more complex financial instruments today allow firms to transfer risks to other economic agents who are better able, or mor e willing, to bear them. In 1971, the Bretton Woods system of administering fixed foreign exchange rates was abolished in favour of market-determination of foreign exchange rates; a regime of fluctuating exchange rates was introduced. Besides market-determined fluctuations, there was a lot of volatility in other markets around the world owing to increased inflation and the oil shock. Corporates struggled to cope with the uncertainty in profits, cash flows and future costs. It was then that financial derivatives foreign currency, interest rate, and commodity derivatives emerged as means of managing risks facing corporations. The interest in the potential vulnerability of multinational firms to foreign exchange rate risk is heightened by the wide currency fluctuations experienced during the last few decades and this issue has engendered a considerable amount of research (Muller, A., Verschoor, W.F.C. 2006). In India, exchange rates were deregulated and were allowed to be determ ined by markets in 1993. The economic liberalization of the early nineties facilitated the introduction of derivatives based on interest rates and foreign exchange. However derivative use is still a highly regulated area due to the partial convertibility of the rupee. Currently forwards, swaps and options are available in India and the use of foreign currency derivatives is permitted for hedging purposes only (Giddy et.al. 1992). Don’t waste time! Our writers will create an original "Foreign Exchange Financial | Finance Dissertations" essay for you Create order 1.2 Problem Statement Transaction exposure to foreign exchange risk results from the effect of (unanticipated) changes in the spot exchange rate on the base currency value of foreign currency cash flows (contractual payables and receivables). Financial hedging of transaction exposure is implemented by taking an opposite position (to the spot position) on a currency derivate (such as forwards, futures and options) or by using money market hedging. In some cases, however, financial hedging may not be possible or it may be too expensive. For example, forwards, futures, and options may not be available for some currencies or for long maturities, and it may not be possible to obtain credit lines in certain currencies (which precludes money market hedging). This observation is particularly valid for countries where financial markets are rudimentary. If a firm facing (transaction) exposure to foreign exchange risk cannot indulge in financial hedging, it may resort to the operational hedging techniques of risk sharing and currency collars, which can be implemented by using customised hedge contracts embedded in the underlying trade contracts. Under a risk sharing arrangement, the benefits accruing to one party of a transaction as a result of a favourable change in the exchange rate (which is necessarily an unfavourable change for the other party) are shared by the two parties. A currency collar, on the other hand, is used to set a minimum value for the base currency value of cash flows at the expense of setting a maximum value. Thus, it involves a trade-off between potential loss and potential gain. The unpredictability of forex market may erode or even eliminate the profit margin built into an international sale at the time the sale was carried out, when selling on terms of weeks and even months. Foreign exchange rate keeps on fluctuating and they depend upon the market forces of demand and supply (Platt, G. 2007). Hedging refers to managing risk to an extent that makes it be arable. In international trade and dealings foreign exchange play an important role. Fluctuations in the foreign exchange rate can have significant impact on business decisions and outcomes. Many international trade and business dealings are shelved or become unworthy due to significant exchange rate risk embedded in them. Historically, the foremost instrument used for exchange rate risk management is the forward contract. Forward contracts are customized agreements between two parties to fix the exchange rate for a future transaction. This simple arrangement would easily eliminate exchange rate risk, but it has some shortcomings, particularly getting a counter party who would agree to fix the future rate for the amount and time period in question may not be easy. In India many businesses are not even aware that some banks do provide forward rate arrangements as a service to their customers. By entering into a forward rate agreement with a bank, the businessman simply transfers t he risk to the bank, which will now have to bear this risk. Of course the bank in turn may have to do some kind of arrangement to manage this risk. Forward contracts are somewhat less familiar, probably because there exists no formal trading facilities, building or even regulating body. 1.3 Research Objectives and Questions There is a need to identify, quantify, and evaluate a firms risk exposure and to choose appropriate procurement strategies. The general objective of this study is to incorporate procurement and marketing decisions into a single hedging model, considering risk factors typically faced by firms in the textiles and garment industry. There are several reasons to explain why foreign risk management has gained in popularity over the last decades. The most important reason lies in the increased volatility of exchange rates, interest rates, and commodity prices, causing firms cash flows to become more uncertain. Secondly, firms tend to focus more on their core business, which makes them less diversified. As a consequence, the volatility of firms cash flows may increase. A third reason for the growing importance of foreign risk management can be found in the globalization of business activities, in which competition has increased and profit margins have declined. A final explanation we of fer is the growing number of opportunities to manage risks. Based on the problem discussion our research objectives are formulated as follows: To review and critically analyse the practices adopt by the Indian exporters to hedge the forex risk. To evaluate the impact of foreign exchange risk on exporters and exports of a country like India To critically compile the issues faced by the Indian exporters in hedging foreign exchange risk. Based on the above stated research objectives the following research questions have been developed: RQ 1: How the export company determines foreign exchange risk? RQ 2: Which level the company can actively manage foreign exchange risk? RQ 3: How it can hedge the forex risk? RQ 4: What techniques are preferred by company in its forex risk management? 1.4 Relevance of Research Currently there is a scarcity of research papers about currency exposure management in companies in emerging markets. Theoretical studies like that of Copeland and Copeland (1999) are usually supported by the findings from developed countries (the USA, Canada, the UK). Therefore, the application of such studies might be complicated in developing markets. Researchers that analyze the foreign exposure management in companies often use large samples and questionnaires to evaluate the derivate use, and are successful in describing countries with well-developed markets. For emerging markets like India such quantitative approaches are extremely rare. Most often the situation with currency exposure management and application of derivatives by non-financial institutions is reflected in the newspapers. Yet, these articles are not academic papers and serve only as descriptions of the situation. Therefore, this study will be distinctive in several areas. First, it concentrates on India and will contribute to the increase in the number of academic studies about emerging markets. Second, it will contribute to the business community , as it will analyze the application of derivatives by exporting companies for hedging currency exposure and reveal the causes higher or lower popularity of derivatives. Third, it will apply the theoretical model which was developed based on the practice in developed countries, and test if the results from model application match the empirical findings in reality in India. 1.5 Outline of the Study This dissertation consists of five chapters (see Figure 1.1). In chapter one, a relative broad description is given in the beginning, providing the reader with a background and discussion of issues related to the problem area. This discussion lands in a specific research problem, which has been broken down into research questions. Chapter two gives a presentation of theories relevant for the research problem. Continuously, a description and justification of the methodological approaches chosen in this thesis is given in Chapter three. In chapter four the received empirical data is presented and contains an analysis of the collected data against the theory. Finally, conclusions and implications are presented in chapter five. Literature Review This chapter reviews the literature theory of foreign exchange risk management include the concepts of foreign exchange risks, its characteristics by different types, and hedge theory of foreign exchange risks. 2.1 Foreign exchange risk Whenever a company is running overseas business, the company is exposed to different categories of risk including commercial risk, financial risk, country risk and foreign exchange risk (Oxelheim 1984). Country Risk Foreign Exchange Risk Financial Risk Commercial Risk Figure2.1 The company risk Source: Oxelheim 1984, p14 Foreign exchange risk is commonly defined as the additional variability experienced by a multinational corporation in its worldwide consolidated earnings that results from unexpected currency fluctuations. It is generally understood that this considerable earnings variability can be eliminated-partially or fully-at a cost, the cost of Foreign Exchange Risk Management. (Jacques, 1981). According to Shapiro (2006), foreign exchange rate exposure can be defined as a measure of the potential changes in a firms profitability, net cash flow and market value because of a change in exchange rates. 2.2 The existing classifications of foreign exchange risks In the recent literature of foreign exchange exposure management, the types of exposures are usually summarized and simplified into three categories, translation, transaction, and economic ( Cowdell, 1993; Girnblatt and Titamn, 1998; Eitman et. al.,1998 and Shapiro, 2006). It is conventionally stated that the exposure to currency risk is categorized into three factors; seen below in figure 2.2. Figure 2.2 Types of currency risk exposure Source: Eun et al.,2007 Transaction Exposure The transaction exposure concept concentrates on contractual commitments which involve the actual conversion of currencies. A firms transaction exposure thus consists of its foreign currency accounts receivables and payables, its longer-term foreign currency investments and debt, as well as those of its foreign currency cash positions which are to be exchanged into other currencies. Until these positions are settled, their home currency value may be impaired by unfavorable parity changes. There exist four possibilities by which transaction exposure may arise (Eiteman 2007): When prices are stated in foreign currencies and the firm decides to purchase or sell goods or services. When borrowing or lending funds while contractual agreements on repayment are to be make in a foreign currency. When becoming a party to an unimplemented foreign exchange forward contract. When incurring liabilities or acquiring assets which are denominated in foreign currencies. The total transaction exposure consists of quotation exposure, backlog exposure and billing exposure, see figure 2.3: Figure 2.3 The life span of a transaction exposure Source: Eiteman et al., 2007 2.2.2 Economic Exposure The economic exposure, also called the operating exposure, measures any change in the present value of a company resulting from changes in future operating cash flows caused by unexpected changes in currency exchange rates. The analysis of economic exposure assesses the result of changing exchange rates on a companys own operations over coming months and years and on its competitive position in comparison with other companies. By measuring the effects on future cash flows related to economic exposure, the goal is to identify strategic moves or operating techniques that a company might wish to adopt in order to enhance its value in the face of unexpected exchange rate changes (Eiteman et al., 2007). Loderer and Pichler (2002) assert that firms often manage economic exposure by lending and borrowing in foreign currencies. He cites the following reasons for not hedging economic exposure: firms are unable to measure the size and the currency of future expected cash flows with muc h confidence, firms already hedge transaction exposure, firms consider that in the long term currency fluctuations offset each others. Surprisingly, the cost of hedging economic exposure is not an obstacle. 2.2.3 Translation exposure By consolidating its financial statements, a parent company with foreign operations must translate the assets and liabilities of its foreign subsidiaries, which are stated in a foreign currency, into the reporting currency of the parent firm. Basically, foreign subsidiaries must restate their local currency into the main reporting currency so the foreign values can be added to the parents reporting currency denominated balance sheet and income statement. The translation is usually used for measuring a subsidiarys performance(McInnes, 1971), providing accurate information for decision makers and investors (Ross, 1992; Bartov, 1995), and for both internal and external users (Sercu and Uppal, 1995). The common reason for translation from a foreign currency into the home currency is to meet the requirements of accounting regulations of home countries. External Hedging Methods As it is shown, the exposure to currency risk may involve current business transactions, future business transactions as well as financial statement translations. However, as there are factors or risk, so are there strategies for dealing with them. For companies, there are a number of external methods to use for the management of currency risk, namely the use of financial derivatives. The name derivative arises from the fact that the value of these instruments is derived from an underlying asset like a stock or a currency. By using these instruments it is possible to reduce the risks associated with the management of corporate cash flow, a method known as hedging. Financial market hedging instruments include (Butler, 2004): Fig 2.4: External Hedging Techniques 2.3.1 Foreign Exchange Forwards A foreign exchange forward is an agreement to buy or sell one currency at a certain future date for a certain price with a specific amount. It is the most common instrument used to hedge currency risk. The predetermined exchange rate is the forward exchange rate. The amount of the transaction, the transaction date, and the exchange rate are all determined in advance where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a pre-determined date in the future. In major currencies, forward contracts can be available daily with maturities of up to 30, 90 or 180 days (Bodie Marcus 2008). A survey by Belk and Glaum (1990) indicates that the most common method used to hedge exchange rate risk is the forward contract. An empirical study of Pramborg (2002), also demonstrates that firms can be fully hedged with forward contracts. 2.3.2 Currency Futures In principle, a futures contract can be arranged for any product or commodity, including financial instruments and currencies. A currency futures contract is a commitment to deliver a specific amount of a specified currency at a specified date for an agreed price incorporated in the contract. The futures perform a similar function to a forward contract, but it has some major differences. Fig 2.5 Currency Futures The specific characteristics of currency futures include (Pike et.al., 1992): They are marketable instruments traded on organized futures markets. Futures can be completed (liquidated) before the contracted date, whereas a forward contract has to run to maturity. They are relatively inflexible, being available for only a limited range of currencies and for standardized maturity dates. The dealings occur in standard lot sizes, or contracts. They require a down-payment of margin of about 5 percent of the contract value, whereas forward contracts involve a single payment at maturity. Futures are usually cheaper than forwards contracts, requiring a small commission payment rather than a buy / sell spread. Table 2.1 provides a clearer summary of the major differences between forward and futures contracts. Table 2.1: Major Differences between Forward and Futures Contracts Forward Contracts Futures Contracts Customized contracts in terms of size and delivery dates Standardized contracts in terms of size and delivery dates Private contracts between two parties Standardized contracts between a customer and a clearing house Difficult to reverse a contract Contract may be freely traded on the market Profit and loss on a position is realized only on the delivery date All contracts are marked to market- the profit and loss are realized immediately. No explicit collateral, but standard bank relationship necessary Collateral (margins) must be maintained to reflect price movements Delivery or final cash settlement usually takes place. Contract is usually closed out prior to Maturity Source: Hull (2006), Moffett et al (2006) and Solnik and McLeavey (2004). 2.3.3 Currency options A foreign exchange option which is different from currency forward contracts and currency futures is to give the holder of the contract the right to buy or sell a certain amount of a certain currency at a predetermined price (also called strike or exercise price) until or on a specified date, but he is not obliged to do so. The seller of a currency option has obligation to perform the contract. The right to buy is a call; the right to sell, a put. There is option premium needed to pay by those who obtain such a right. The holder of a call option can benefit from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to excise when the price decreases (locked in loss of the option premium). Vice versa is for the holder of a put option. For the advantages of simplicity, flexibility, lower cost than the forward, and the predicted maximum losswhich is the premium, the currency option has become increasing popular as a hedging devise to protect firms against the exchange movements. Whenever there is uncertainty in the size of cash flows and the timing of cash flows, currency option contracts would be superior to traditional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) examined the extent of derivative use and the reasons for their use by carried out surveys in 250 large UK companies, found that a widespread use of both forwards and options(respectively 96% and 59%). The pointed that comparing to the primary reasons for the use of forwards were company policy, commercial reasons and risk aversion, a good understanding of instrument, and price were prominent while the primary reasons to use option for company management. 2.3.4 Currency Swaps Currency swaps are a hedging instrument for which two parties agree to swap a debt denominated in one currency for that in another currency. For example, an agreement between two firms to swap their debts of which one is denominated in Euro and that in US dollar (Leger and Fortin, 1994). In order to explain the use of currency of swaps, a Japanese firm that has exports to Australia is given as an example. The Japanese firm wants to protect its Australian-dollar receivables by using currency swap to match inflows in one currency with outflows in a foreign currency (natural hedging). Assuming the Japanese firm is not well recognized in the US financial markets, it may obtain funds from a domestic bank to swap with another firm that has dollar-denominated debt. This process is carried out by the swap dealers (usually banks) as an intermediary. The common objective of this type of transaction is that firms want to alter various future currency cash flows in its schedules into a p articular currency for which its future revenues will be generated (Eiteman et.al 1998). The preference of particular currency is caused by several factors, such as, capital market segmentation, differences in regulation governing investment by institutional investors and asymmetry in the tax treatment of interest income and capital gains/losses (Jacque 1996). Although there are other types of swaps involving foreign currencies, such as, foreign currency forward swaps, plain vanilla, and a three-way back-to-back currency swap, they are designated primarily for hedging interest rate exposure. 2.4 Internal hedging methods For the reason that external hedging techniques with derivatives to manage foreign exchange exposure are often costly, many multinational firms would rather turn to consider using internal hedging devices such as Michael (2006): Currency matching, which involves pairing suitably a multinational firms foreign currency inflows and outflows with respect to amount and timing Currency netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a multinational firm Invoicing in domestic currency, which reduces transaction risk primarily related to exports and imports. 2.5 Fundamental Philosophy behind Hedging We have presented that authors embrace hedging as insurance, and hedging as a value-enhancing tool. We believe the common view of hedging can be summarized as follows: Hedging is one of the three most fundamental reasons for the existence of the financial market, alongside speculative and arbitrage activities (JÃÆ'Â ¼ttner, 2000). The hedging industry is evolving just like the rest of the business world. In fact, there is no definite set of tools or technique that can define hedging. As the world changes, new hedging mechanisms are derived; and as time passes, these mechanisms are refined and evolve into something new that can be better applied to the contemporary commercial marketplace (Batten et al, 1993; Faff and Chan, 1998; Alster, 2003;). Hedging is not a way of making money, but to assist management in better managing corporate revenue through reducing the corporate exposure to volatility in the foreign currency markets (Nguyen and Faff, 2002, 2003a; Anac and Gozen , 2003; Alster, 2003; De Roon et al., 2003; and Dinwoodie and Morris 2003). When used prudently, hedging can be effective insurance as well as a value-enhancing exercise for corporations. Effective hedging programs have been proven to allow corporations to minimize or transfer their foreign currency exposure. The diminished exposure to foreign currency fluctuations allows more stable and predictable cash-flows, notably in terms of revenue. As a result, firms are then capable of making more comprehensive financial plans, including more reliable estimations on tax, income after tax and dividends payable to shareholders. It is believed that a dividend payout is often of significant appeal to long-term, current or prospective shareholders (Nguyen and Faff, 2002, 2003b; Alster, 2003; Anac and Gozen, 2003; De Roon et al., 2003; and Dinwoodie and Morris, 2003). The three main questions surrounding hedging: when, what and how to hedge are shown in Figure 2.2 below as a decision tree. How to Hedge? Hedge Ratio 10% 50% 100% OR Any Ratio between 0.1%-99.9% What to Hedge? When to Hedge? Financial Tools Forward Futures Options Swap Hedge Under Currency Risk Exposure Non-Financial Tools Leading Lagging Fully participating market movements No Hedge Fig 2.7 Generic Hedging Decision Tree The question to hedge or not to hedge is a complex and controversial one in financial risk management. Natural hedges carry no explicit out of pocket cost and intrinsically form a better offset to economic exposures and so generally are preferred to synthetic hedges. Synthetic hedging can be likened to insurance, where the company incurs an explicit cost to reduce the risk or volatility inherent in its business results. The cost must be weighed against the risk-reducing benefits of the transactions, taking into account their precision and effectiveness. The real drivers of any hedging decision are 1) what is the risk tolerance of the company; and 2) what cost is acceptable for entering into transactions to reduce or eliminate the risk. Foreign currency-denominated activities engaged by Indian Exporters Expected payments of foreign exchange from trade Expected receipts of foreign exchange from trade Liabilities Assets Debt Debt Equity Net trade foreign exc hange exposure (before derivates) Net balance sheet foreign exchange exposure (before derivatives) Foreign exchange Derivatives Net foreign exchange exposure (after derivatives) Fig 2.8: Decision to Hedge Foreign Currency Exposures Some managers feel strongly that hedging either should always be done or never done, and their approaches vary tremendously. Indeed, there is an academic perspective that hedging is never appropriate since risks like FX exposure represent diversifiable risks from the shareholder perspective, and thus, the cost is wasted effort for shareholders. Some managers share this view, but most multinational businesses of significant size engage in some financial hedging transactions. Major arguments for and against hedging are displayed in Table 2.2 Table 2.2: Theoretical Arguments on Hedging For Against Managing earnings volatility for FX risk can reduce a firms potential cost of financial distress. PPP and CIP imply compensating levels of FX rates and prices. Firms in financial distress face higher contracting costs with customers, suppliers, and employees. FX rates even out over time. Firms that hedge and reduce their earnings volatility pay less taxes over the long run if tax rates increase the income levels. With transactions costs, hedging is a losing bet on average. Managing FX risk and smoothing earnings volatility has a positive effect on stock price and shareholder value. Shareholders can diversify their own portfolios to compensate for FX risk. Certainty may create administrative benefits such as more accurate performance evaluation or improved employee morale. Investors may choose a stock precisely because they want exposure to a particular currency for diversification. Source: Davis and Militello,1995 2.6 Determinants of Hedging Decisions The management of foreign exchange risk, as has been established so far, is a fairly complicated process. A firm, exposed to foreign exchange risk, needs to formulate a strategy to manage it, choosing from multiple alternatives. This section explores what factors firms take into consideration when formulating these strategies. 2.6.1 Production and Trade vs. Hedging Decisions An important issue for multinational firms is the allocation of capital among different countries production and sales and at the same time hedging their exposure to the varying exchange rates. Research in this area suggests that the elements of exchange rate uncertainty and the attitude toward risk are irrelevant to the multinational firms sales and production decisions (Broll,1993). Only the revenue function and cost of production are to be assessed, and, the production and trade decisions in multiple countries are independent of the hedging decision. The implication of this independence is that the presence of markets for hedging instruments greatly reduces the complexity involved in a firms decision making as it can separate production and sales functions from the finance function. The firm avoids the need to form expectations about future exchange rates and formulation of risk preferences which entails high information costs. 2.6.2 Cost of Hedging Hedging can be done through the derivatives market or through money markets (foreign debt). In either case the cost of hedging should be the difference between value received from a hedged position and the value received if the firm did not hedge. In the presence of efficient markets, the cost of hedging in the forward market is the difference between the future spot rate and current forward rate plus any transactions cost associated with the forward contract. Similarly, the expected costs of hedging in the money market are the transactions cost plus the difference between the interest rate differential and the expected value of the difference between the current and future spot rates. In efficient markets, both types of hedging should produce similar results at the same costs, because interest rates and forward and spot exchange rates are determined simultaneously. The costs of hedging, assuming efficiency in foreign exchange markets result in pure transaction costs. The three main elements of these transaction costs are brokerage or service fees charged by dealers, information costs such as subscription to Reuter reports and news channels and administrative costs of exposure management (Soenon, 1979). 2.6.3 Factors affecting the decision to hedge foreign currency risk Research in the area of determinants of hedging separates the decision of a firm to hedge from that of how much to hedge. There is conclusive evidence to suggest that firms with larger size, RD expenditure and exposure to exchange rates through foreign sales and foreign trade are more likely to use derivatives. (Allayanis and Ofek, 2001) First, the following section describes the factors that affect the decision to hedge and then the factors affecting the degree of hedging are considered. (Woochan and Sung, 2005).