tag:blogger.com,1999:blog-85876687278032390092024-02-08T02:04:20.937-08:00Help writing essays for collegespinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.comBlogger159125tag:blogger.com,1999:blog-8587668727803239009.post-9703739772661876352020-09-03T05:24:00.001-07:002020-09-03T05:24:11.797-07:00Design of a three phase separator in oil and gas ThesisPlan of a three stage separator in oil and gas - Thesis Example Three-stage separators productively separate the effluents from gas oil and water to take into account singular treatment of the blended liquids (Lyons, William, and Gary 165-173). The three-stage separator is for handling made liquids from an oil sump. Its division is into an emulsion, oil separator, and water compartments. The separator incorporates a water dyke and control framework that precisely manages the situation of the water weir to hold the oil emulsion interface in the emulsion segment fundamentally steady. The separator working boundaries and measures differ as per the objective liquid and the sort of partition. As per the CDS division innovations, the standard of a three-stage separator is comparable to the degree of its applications (Lyons, William, and Gary 185-197). The three normal principles incorporate the level three-stage separator with a weir it is the least norm. The subsequent norm, the separator with oil can and water dyke it is further developed and requires no dynamic interface control and an exclusive expectation separator is the one with the boot for moderate waters. The structure of hydrodynamic of fluid detachment in the three-stage separator is basing on the guidelines laid by the American Petroleum Institute plan standards. Peng-Robinson conditions of stage and progressive replacement regard valuable during the demonstrating period of the separators (Arnold, Ken, and Stewart 129-134). The structure acknowledges the Monnery and Svrcek model in deciding basic boundaries of the vertical and flat separators like the measurements and lengths at various weights. The structure pressure diminishes at each phase of the procedure. Demonstrating for improving the weight of the three separators lessens the measure of gasses delivered with oil in the multistage separators. Streamlining this model applies a composed PC test system with the utilization of spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-263253816673385572020-08-22T18:18:00.001-07:002020-08-22T18:18:27.213-07:00Woman and Canadian Politics Free EssaysBefore 1921, men were the main individuals from the Canadian parliamentary framework. With the principal Canadian ladies being chosen into the Canadian parliament in 1921, ladies have could take part and gotten chose into the House of Commons. From that point forward, Canadian womenââ¬â¢s interest in the House of Commons has significantly expanded from 1 female seat holder in 1921 to the current day 64 seats held by ladies. We will compose a custom article test on Lady and Canadian Politics or on the other hand any comparative theme just for you Request Now Despite the fact that this expansion is appeared as considerable, the discussion about the underrepresentation of ladies in governmental issues has been a focal subject of discussion by legislators, researchers and the overall population in Canada. Despite the fact that it is broadly concurred that portrayal of ladies in the House of Commons needs to build, there are two in a general sense various perspectives with respect to this underrepresentation; the informative point of view and the women's activist viewpoint. The informative point of view contends that ââ¬Å"political foundations ought to mirror the structure of common societyâ⬠, while the women's activists viewpoint contends that, ââ¬Å"since ladies offer one of a kind points of view, their avoidance from political force implies that their needs, requests, and interests would right now not be reverberated in the political field. Notwithstanding, through the appraisal of the meaning of popular government, and the assessment of the feministââ¬â¢s contentions and illustrative points of view, the moderately low number of ladies chose for the House of Commons doesn't mean the Canadian political framework is deficiently law based. So as to comprehend the underrepre sentation of ladies in the Canadian political framework, majority rules system must be characterized. As per Rand Dyke, the meaning of vote based system is, ââ¬Å"a political framework portrayed by well known power, political fairness, political opportunity, and larger part rule. Mainstream power and political fairness involves that everybody qualified to cast a ballot has: a vote to partake in a ultimate result, and an equivalent weighted vote. Political opportunity includes equivalent chances and rights to all. Greater part decide involves that with regards to settling on a choice in regards to contrasts in feelings, the bigger number should win. Along these lines, vote based system recommends that there ought to be portrayal for all sexes and race, everybody ought to appreciate the equivalent chances, and everybody has an equivalent state with regards to picking their delegates. Right off the bat, ladies hold around 20. 8 percent of the House of Commons in Canada. In spite of the fact that this is an underrepresentation of the ladies populace in Canada, it isn't undemocratic. In view of the meaning of majority rules system as characterized above, it is contended, and has been demonstrated through the appointment of ladies into the House of Commons, that ladies have equivalent chance to turn into a part in the House of Commons. Out of the Canadian populace of qualified voters, ladies around make up progressively then 50 percent of that populace. With ladies holding most of the votes in Canada, and an equivalent vote, it is baffling that there are grumblings in regards to out of line portrayal. The way that ladies have equivalent right to men shows that the Canadian political framework is vote based. Maybe the underrepresentation isn't because of imperfections in Canadian vote based system with respect to choosing females for the House of Commons, however singular needs in regards to portrayal. Womenââ¬â¢s customary job in the public eye has been to remain at home and deal with kids as they are viewed as supporting animals. The manners in which government officials have been depicted through the media are savage and influential individuals. The depiction of conventional jobs of ladies section government officials might be a piece of the explanation the overall population doesn't choose more into the House of Commons. Maybe if ladies engaged with governmental issues turned out to be increasingly associated with the media, to demonstrate their definitiveness, everyone would be progressively disposed to choose solid willed, emphatic ladies into the House of Commons. Besides, women's activists have contended that females competing for political assignment face difficulties finding financial help for their designation and battles. Despite the fact that ladies face this trouble, men do too. To oblige the monetary trouble of contending chosen people the 1974 Election Expenses Act was executed, and in 2004 Bill C-24. The 1974 Election Expenses Act acquainted limitations with the sum that applicants and gatherings could spend on decisions, just as gave charge findings to patrons, and incomplete repayment to gatherings and up-and-comers wining in excess of 15 percent of the vote. Bill C-24 presented limitations by and by on sponsorship spending putting limits on who can support and tops on what amount can be supported, while giving gatherings endowments for each vote they got in the last political race. By setting these limitations and tops on spending, the opposition in the monetary field turned out to be less of an issue. The realities that these boundaries have been recognized and endeavors have been made cure these weights, profited womenââ¬â¢s probability to get designated, however made contending playing field equivalent. Competitors who didn't discover fund as a weight were confined to a top, subsequently made it more probable that all up-and-comers would have around a similar measure of cash to spend on their advancement. The two people need to experience a similar assignment procedure to turn into a contender for decisions; regardless of whether they decide to seek after the administrative course depends on close to home decision, not political disparity. Thirdly, women's activists are worried that the little quantities of ladies in the House of Commons implies that womenââ¬â¢s interests and needs are not being spoken to. In any case, this can be refuted through the way that for quite a while the Canadian legislative issues has for the most part been founded on the financier framework. The business framework hypothesis proposes that since Canada has such an assorted populace, all together for ideological groups to win decisions, they should speak to the majority. Since Canada follows the financier framework, it is proposed that everybody will get portrayal in the Government in light of the fact that ideological groups have undermined so as to pick up their help. One of the manners in which the Canadian ideological groups have increased more help by ladies was by bringing more into their gathering. Since 1921 ladies up-and-comers in parties have expanded from 4 female contender to introduce day 380 female applicants. The expansion shows that gatherings are tolerating ladies in as competitors, in would like to all the more likely suit womenââ¬â¢s needs and needs; nonetheless, everyone isn't casting a ballot them in. In addition to the fact that it allows from progressively female competitors, yet it makes it simpler for Feminists to have a place with an ideological group. Notwithstanding, more women's activists in the House of Commons may not be the best technique for addressing needs, requests and interests of ladies. Ladies rather vote in favor of ââ¬Å"women as womenâ⬠rather then women's activists. At last, in spite of the fact that the underrepresentation of ladies in the House of Commons doesn't imply that the Canadian political framework is inadequately law based, it needs to be improved. A few arrangements proposed to improve this underrepresentation is to take a gander at the how seats get conveyed, quantities, and more prominent advancement for ladies in legislative issues. Canada bases their administration off of single part majority. Single part majority implies that the applicant that successes the most votes wins a seat in the House of Commons regardless of how negligible their triumph is. This ââ¬Å"first-past-the-postâ⬠method leaves parties totally unrepresented, including ladies, when there is support for them. A proposal to cure underrepresentation is to actualize a blended part framework. A blended part would involve that a bit of the seats in the House of Commons is chosen by the ââ¬Å"first-past-the-postâ⬠framework, and the rest of the seats are picked dependent on corresponding portrayal. Another proposal is to put quantities on parties with respect to a particular level of ladies must be chosen. Nations, for example, Costa Rica, Argentina and Belgium have legitimate amounts as to level of ladies chose. A further proposal is make more noteworthy exposure to advance womenââ¬â¢s contribution in legislative issues. Advancing enthusiasm for legislative issues may trigger more ladies to engage in governmental issues, in this way potentially expanding the quantity of female competitors. Through a portion of these recommendations, female portrayal in the House of Commons may increment; nonetheless, this will require some investment. Underrepresentation of ladies in the House of Commons is an issue in the Canadian political framework which needs to be tended to and helped. Be that as it may, this issue didn't result in light of the fact that Canadaââ¬â¢s politic framework is undemocratic. Through the analyzation of the meaning of vote based system, it was demonstrated that the two ladies and men are similarly subject to be chosen into the House of Commons. Through the evaluation of the women's activist contention that ladies have more noteworthy financial weights, it was demonstrated that opposition for selection and application has been managed through Bill C-24 and the Election Expenses Act to guarantee cost balance. Also, the way that the Canadian government has been founded on the financier hypothesis framework proposes that ideological groups would need ladies to be chosen along these lines making their gathering additionally engaging the majority. Despite the fact that the quantity of ladies in the House of Commons has developed fundamentally, females are still underrepresented because of then broad publicââ¬â¢s choice not because of undemocratic functioningââ¬â¢s. Steps should be taken to build female enthusiasm for legislative issues and the single part majority framework should be re-evaluated to make female portrayal in the House of Commons progressively illustrative of its populace. List of sources Cool, Julie. Ladies in Parliament. [cited 1 November 2006] Available from http://dsp-psd. pwgsc. gc. ca spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-6521289037923536172020-08-21T16:00:00.001-07:002020-08-21T16:00:12.813-07:00A Down-to-Earth Approach Essay Example for FreeA Down-to-Earth Approach Essay The postindustrial upset is characterized by PC innovation. Since 1950, a third mechanical change has been released by the improvement of the PC. The critical innovation of a postindustrial age concerns data. PC innovation frames the center of an Information Revolution. Also, similarly as the Industrial Revolution did, the Information Revolution is currently producing a large group of new, particular occupations. From a workerââ¬â¢s perspective, similarly that the obtaining of specialized aptitudes held the way to accomplishment before, presently laborers must upgrade their proficiency expertise as that is esteemed in the commercial center. The monetary the truth is that individuals incapable to talk, compose, or in any case convey viably face declining financial chance. PC innovation has decreased the job of human work underway. In any case, to those that can meet people's high expectations of the Information Age, nonetheless, the coming decades will bring new chances. The data Revolution is changing what individuals do as well as where they do it. The last financial unrest brought together the work power in manufacturing plants, an example requested by vitality sources and the monstrosity of the new apparatus. Today, nonetheless, advisors, sales reps, designers, essayists, and different representatives in ââ¬Å"new cabin industriesâ⬠can work for all intents and purposes anyplace inasmuch as they are outfitted with PCs, copy (fax) machines, electronic scratch pad, and other new data gadgets that are progressively lightweight and versatile. Todayââ¬â¢s progressively taught and gifted laborers likewise do not require anymore and frequently don't endure â⬠the nearby management that checked yesterdayââ¬â¢s industrial facilities. Further, the Postindustrial economy, a gainful framework dependent on administration work and high innovation is naturally a continuous procedure. REFERENCE Henslin, James M. (2006). Human science: A Down-to-Earth Approach, Core Concepts (second ED). New York: Allyn Bacon. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-9398140538402338752020-06-09T09:27:00.001-07:002020-06-09T09:27:03.403-07:00A Wayne State Students Long but Gratifying Road to an MD/PhD This interview is the latest in an Accepted blog series featuringà interviews with medical school applicants and students, offering readers a behind-the-scenes look at top medical schools and the med school application process. And now, introducing Alex Yang Accepted: Wed like to get to know you! Where are you from? Where and what did you study as an undergrad? Alex: I grew up in Saginaw, MI aka Sagnasty. I studied neuroscience at the University of Michigan. Go blue! Accepted: Whats your favorite non-school book? Alex: I loved reading Roald Dahl books as a child and to this day I still reminisce about them. Especially Matilda and the BFG. Accepted: Whats your favorite inspirational quote, or quotes, to live by? Alex:à Not every day is good, but theres good in every day. Life is hard. You gotta look on the bright side of things otherwise youll never be happy. Accepted: Where are you currently going to school? What year are you? Alex: Im in my first year of graduate school at Wayne State University. Accepted: What made you ultimately decide on the MD/PhD program at Wayne? Alex: Despite the bad publicity, Detroit is great city to live that offers a unique experience. With medical school rotations, you want to immerse yourself with a large diversity of patients and Wayne allows me to do just that. For the research, Wayne is second only to University of Michigan here in Michigan in terms of research ranking. Also staying close to my family is a plus! Thank you Wayne State for allowing me to pursue my dreams of becoming a physician scientist. Accepted: How did the application process go for you? Did you experience any challenges? Do you wish you would have done anything differently? Alex: The process was grueling, but you just have to grind it out. I wish I had taken the MCAT earlier, because the applications were released in June. Ideally you should have your scores ready by June, so May is the optimal to take the MCAT. Accepted: The MCAT is something that all applicants worry about How did you prepare? Did you feel ready on test day? Alex: I prepared reading Kaplans books, but I heard the Berkeley Review books are the best quality. I did all the AAMC practice tests, since they are the closest to the real thing. I did not take the new format of the MCAT, though. Accepted: Lastly, can you share some advice for undergrad students who are considering applying to MD/PhD programs? Alex: I would like to give a shout out to the APSA undergraduate mentoring program that Im a part of. Anyone that is interested should sign up as a mentee, and we will try to pair you up with either a MD/PhD student or a faculty member near you. Applications are closed for this year but save this link for next year! If you want to talk about if its the right track for you, you can always shoot me an email at acyang@med.wayne.edu. Ill be happy to give you any advice to you! Its a long program, but the delayed gratification is worth it! You can continue to follow Alexs story by following him on Twitter (@MDPhDinProgress). Thank you Alex for sharing your story with us we wish you much success! For one-on-one guidance on your med school applications, check out our catalog ofà med school admissions services. Do you want to be featured in Acceptedââ¬â¢s blog? If you want to share your med school journey with the world (or at least with our readers), email us atà bloggers@accepted.com. Related Resources: â⬠¢Ã Choosing a PhD Program: 3 Tips â⬠¢Ã Time Management Advice More From A Very Busy (And Organized) MD/PhD Student â⬠¢Ã Deciding When to Take the MCAT spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-13518324066655507692020-05-17T11:45:00.001-07:002020-05-17T11:45:15.050-07:00Manufacturing Consent - 1408 Words Manufacturing Consent Questions ââ¬â Avery Reyner ââ¬â September 30, 2012 Manufacturing Consent is a technique of control. Noam Chomsky was first introduced to this concept from an author named Walter Lippmann who wrote about ââ¬ËManufacturer of Consent.ââ¬â¢ Chomsky augmented his concept to Manufacturing Concept and the philosophy has become so popular it later became a documentary film produced by two Canadians. Noam Chomsky has been called ââ¬Ëarguably the greatest intellectual alive (Fox, 1998) by the New York Times as he not only is a very outspoken professor, he is also an American linguist, philosopher, cognitive scientist, logician, historian, political critic and activist. The information in this essay was obtained from his video called:â⬠¦show more contentâ⬠¦The second group is the other 80% of the population. They donââ¬â¢t think or pay attention as astutely as do the first 20% and their opinions and thoughts can be somewhat manipulated. According to Chomsky, their main function is to follow orders. The consent of the people is the consent, or opinions being manufactured by the government, and the political system. Their intentions are to manufacture the consent of the people and make sure that their choices and attitudes are altered in such a way that they will always do what is in the governments best interest, which often is the same interest of corporate companies in America. This is what Chomsky meant by propaganda. The methodology Chomskys used in studying Manufacture of Consent is called the ââ¬ËPropaganda Modelââ¬â¢ and it is an institutional analysis of the major media. The major media he studied consisted of The New York Times, The Washington Post and major television channels. Chomsky evaluated them because he believes that ââ¬Ë by selection of topics, by distribution of concerns, by emphasis and framing of issues, by filtering of information, by bounding of debate within certain limits, they determine, they select, they shape, they control, they restrict -- in order to serve the interests of dominant, elite groups in the society.ââ¬â¢(Chomsky, 1992) He also believes that by analysing the institutions it is very obvious they have a goal to make money and the way to make money with a newspaper is to sellShow MoreRelatedAnalysis Of Major Themes Of Chomsky s Manufacturing Consent948 Words à |à 4 Pagesin Chomskyââ¬â¢s Manufacturing Consent As a society, us Americans tend to put stock in varied forms of mass media. From Disney to Gannett we grow up with selective views of the world and shaped opinions based on TV ratings. There are many theories on hegemony in American society. Dr. Noam Chomsky, a preeminent authority in 20th century political philosophy, discusses how news media is a tool for disseminating propaganda provided by the powerful elite in his book Manufacturing Consent. He discussesRead MoreManufacturing Consent1486 Words à |à 6 PagesAccording to the theories presented in Marc Achbar and Peter Wintonicks thought provoking documentary Manufacturing Consent: Noam Chomsky and the Media, if the ideas in this reaction paper were to be published as a review piece for The Collegian, much of what I would say may well be censored. On the other hand, an even worse case scenario would be that my ideas would be regarded as irrelevant because the students of Penn State have been systematically numbed into apathy by the mind-control tacticsRead MoreManufacturing Consent by Edward S. Herman and Noam Chomsky Essay718 Words à |à 3 Pages Journal on The Manufacture of Consent nbsp;nbsp;nbsp;nbsp;nbsp;In Noam Chomskys film I have learned quite a few things about life in a democratic society. This film has made think in a three dimensional way for whom is really right, Noam Chomsky or those who he calls quot;Elitesquot;. I have come to the conclusion that Noam Chomsky is right, for his claim is very convincing which is that the media is controlled by the elites who determine what the public should know. How exactlyRead MoreWhat Does Manufacturing Consent Mean?924 Words à |à 4 Pages1) What does manufacturing consent mean? â⬠¢ Noam Chomsky separates his surroundings in 2 groups. They are people that make decisions and have control over the politics, the culture and education of society. The 20% include big news corporations, for example he discusses The New York times quite a few time throughout the film. The remaining 80% are the followers. That is what most of the world is. These are people that either do not know, or do not care about the truth. Actually, the 80% has an importantRead MoreSm Ch 17 Essay10973 Words à |à 44 PagesEx. 17.6 B. Ex. 17.7 B. Ex. 17.8 B. Ex. 17.9 B. Ex. 17.10 Topic Accounting for overhead Transferring costs Overhead application rates Actual and applied overhead Selecting a cost system Applying direct labor Applying direct materials Recording manufacturing costs Selecting activity bases Activity-based costing Exercises 17.1 Topic Accounting terminology 17.2 17.3 17.4 17.5 Understanding cost flows Job costing journal entries Overhead cost drivers Real World: Granite Construction, Inc. Cost classificationsRead MoreManagement Information System (Mis) Research Paper2785 Words à |à 12 PagesManagement Information System (MIS) Research Paper What is manufacturing? The production of tangible things planned to be sold or leased for final use or consumption or the production of tangible things pursuant to a contract with the Federal Government. This can be done by mechanical, physical or chemical means. Plants, factories and mills that use power-driven machinery and equipment are typical in the manufacturing industry. However, it also includes home-based businesses that make hand-craftedRead MoreThe Nuremberg Of Trial ( 1946 )1127 Words à |à 5 Pages the Nuremberg code was created to protect participants from ethical violations. Ethical issues Rationales for choosing specific ethical violation(s). The first ethical issue on this study is that the participants did not receive an informed consent with full disclosure of the potential risk and discomforts of participating in this study. The participant did not have the right to withdraw from the study. The researchers conducted experiments that were unsafe for the participant s such self-inflictingRead More10 Principles Regaarding Ethical Clinic and Set of Guidelines on Clinical Research1071 Words à |à 5 PagesNuremberg Code is a set of 10 sophisticate principles regarding ethical clinical research on human being (Grodin, 1994). It is mainly for protection of subjectsââ¬â¢ human right (Shuster, 1997), such as compulsory of informed consent and the equal authority of subjects as the physician-researcher to end the experiment. 1.2 Helsinki Declaration (1964) Helsinki Declaration is a set of guidelines on clinical research for physician as their responsibility toward protection of their research subjectsRead MoreLemmings of the Media Essay1205 Words à |à 5 Pagesvalid knowledge of todays issues and policies? Are we being shielded from the absolute truths on big issues of our government? Can the media we absorb everyday be trusted to inform us of the complete scope of view on any given subject? In Manufacturing Consent, Noam Chomsky and Ed Herman present what they call a Propaganda Model which ties in with the elitist theory of government and how a select few people manipulate what the public sees in the media and how the public should think. In the PropagandaRead MoreIch Gcp Guidelines19159 Words à |à 77 Pages...................13 Investigational Product(s)......................................................................................14 Randomization Procedures and Unblinding .........................................................15 Informed Consent of Trial Subjects.......................................................................15 Records and Reports...............................................................................................18 4.10 Progress Reports.............. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-79745875319704809832020-05-06T19:15:00.001-07:002020-05-06T19:15:09.316-07:00Racism Is A Problem Of The Country We Live - 1193 Words Tyler Thomas ENGL 1213 Michael Sloyka February 8, 2015 Thereââ¬â¢s Always Two Sides to Every Story Racism has and unfortunately will always be a problem in the country we live in. Although weââ¬â¢ve come a long way, numerous issues of prejudice and racial discrimination still plague the country. Some people believe that the situation is gradually getting better, while others see it getting progressively worse. One thing that is for sure is that certain stories of the issue become popular and spark outrage among people. This has become more common recently, especially with stories of police brutality; more specifically, white police officers, and African Americans. The situation has resulted in deaths, injuries, riots, civil outrage, and many seeâ⬠¦show more contentâ⬠¦The circumstances of the shooting and the protests and civil outrage that resulted from the incident received considerable attention in the U.S. It ignited a vigorous debate about law enforcement s relationship with blacks, and the question of whether policeman were using excessive force nationwide. Shortly before the shooting, it was said that Brown robbed a convenience store, stole a carton of cigarettes, and pushed the clerk trying to prevent brown form exiting. Surveillance from the store was later by law enforcement released during the investigation of the incident. This also sparked outrage, especially from Brownââ¬â¢s family: ââ¬Å"Michael Brownââ¬â¢s family is beyond outraged at the devious way the police chief has chosen to disseminate piece mil information in a manner intended to assassinate the character of their son, following such a brutal assassination of his person in broad daylight (Huffingtonpost.com).â⬠During a press conference Wilson stated he did not know Brown was a robbery suspect when he stopped him. Brown was seemingly stopped because he was walking in the middle of street and blocking traffic. Ferguson police said a physical altercation occurred between the two men prior to the shooting. Johnson, the man that was with Brown, said Brown was unarmed and had his hands up when he was shot. This is highly disputed as many eye witnesses told accounts of what they had seen. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-32175415487575882372020-05-06T00:55:00.001-07:002020-05-06T00:55:19.665-07:00The Concept of 3D Printing-Free-Samples-Myassignementhelp.com Question: Discuss about the Concept of 3D Printing. Answer: Introduction In the world of technological advancements, the concept of the 3D printing has changed to the concept of reality from being theoretical. The concept of the design of the product with it being very much cheap and various models which are easily available the technology is being widely adopted in many areas (Campbell et al., 2017). Moreover, it has been very much common feature at every home. The main aim of the report is to bring into consideration the concept if the 3D printing as an additive manufacturing. It reports mainly analysis the concept of whether the concept is suited better for low volume or high volume types of production. The situation and relating to it, its value is mainly analysed along with the concept of forecasting on the 3D printing. At the end of the report the ways in which the concept of the 3D printing can make the conventional manufacturing outdates along with its direct effects are taken into consideration. 3D printing being called additive manufacturing 3D printing is mainly called an additive manufacturing due to the factor that the process can be easily be implemented in the application which are used for the creation of the 3D object from the digital files. It can be stated that 3D objects can only be created by the implementation of additive processes that mainly include layering of the successive layer of the material until the object is considered to be created fully. Taking into consideration the successive layers, the layers can be seen as a very thin cross section slice section of the eventual object. The concept of the subtracting manufacturing is not taken into consideration that mainly include hollowing out or the cutting out of the material from a piece which is complete which is related to the material of metal or plastic through the use of milling machine. The American society of testing and material mainly introduced the additive manufacturing which mainly lead to the development of seven standards that could be very much helpful in order to classify the additive manufacturing into mainly seven categories. These processes are listed below: Material extrusion: There are mainly three technologies which can be related to its which are FFF, FDM and contour crafting and this can be used to implement and add materials and the creation of the object which are represented as an additive evidence. Direct deposition of energy: This concept is mainly used in the manufacture of high tech industry and applications. It comprises of deposits of the metal powder on the surface and the multi- axis hand of the robotics which is connected to the nozzle which is used to the creation of the object (Weller, Kleer Piller, 2015). Powder bed fusion: there are mainly two types of additive process that are used under the process in order to create 3D objects which includes the SLS (selective laser sintering), DMLS (Direct metal laser sintering). Binder jetting: in this section liquid binder and material of powder base are used. In the chamber this powder is mainly spread equally and the addition of glue is made which mainly strengthen the objects. Material jetting: the basic working principle is related very much similar to the concept of the inkjet paper printer in which the material is basically applied through the use of a small nozzle. The only difference which is applied to the concept is that application is mainly done in a layer by layer manner in order to build the 3D object and after the process it is mainly hardened by the exposure of the UV light (Loo, Chua Pumera, 2017). Sheet lamination: bounded by external forces it mainly involves material which are in the shape of the sheet.Vat photo Polymerization Figure 1: (Vat photo Polymerization) (SOURCE: Weller, Kleer Piller, 2015). The above picture clearly describes the main working concept of the Vat Photo Polymerization in which is container is mainly filled with photopolymer resin after which it is mainly harden with the application of UV source of light. On the other hand, there are three process which are involved in the concept which can be stated to justify the factor of additive manufacturing that mainly include DLP (Digital light Processing), CLIP (continuous liquid interface production) and SLA (stereolithographic) (Grice et al., 2016). Suitable for High or low volume of production The conventional process which is related to the concept of moulding injection are utilized mainly for the wide scale manufacturing. Hence it can be stated that it is very much suited for volume production which is high. It can be stated to the reshaping of the development and the product manufacturing (Weller, Kleer Piller, 2015). By the implementation of the process of 3D printing, the designers and the engineers are able to save money. Taking into account the save of time, it can be regarded as very much beneficial. Regarding the low volume manufacture, the labour intensive and the portion of the cost has been the tooling production. The printers which are 3D are able to remove the expense part since it eradicates the necessity for the production of the tools that has been cutting the lead time and the labour (Ju et al., 2017) Regarding the high volume manufacture, there are many benefits that are inherent to the process. this mainly involve the capacity which is related to the production of the parts which are custom with no cost of upfront virtually. Moreover, it can be stated to be capable of producing the shape that are uneconomical and impossible (Radenkovic, Solouk Seifalian, 2016). Situation in which 3D printing is valuable The situation in which the 3D printing is most valuable mainly depends on how the term value is defined (Xing, Zheng Duan, 2015). The largest market of the 3D printing is currently based on application of the customer has been the hearing aids. The ear hearing aids are mainly created through the implementation of the 3D printing. The plastic implants and the implants have been possessing potentially higher orders in the market. Taking into consideration other unrealized market scenario which is related to the 3D printing cartilage, can be considered to be decide away from the commercialization. The products which are related to custom fit has been the outstanding project which is related to business for those customer who have been searching for the 3D printing. The advantage which is achieved from the concept is that it mainly fits the customer demand the way they need it (Ju et al., 2017) Forecast of 3D printing The leading research which is being conducted is mainly in the field of whether to conduct the research according to in house capabilities, the reason and outsourcing. Taking into account the organization which are committed for the 3D printing the outcomes has been the part of ensuring that the me path of the peers and the field of various challenges for the adoption (Xing, Zheng Duan, 2015). A competitive advantage is mainly achieved by the usage of the security printing in order to achieve manufacturing of the product which has been coming out of the current competitive advantage. Making traditional manufacturing obsolete There have been ways in which the 3D printing aspects is obsoleting the concept of the traditional manufacturing. The concept of the 3D printing has been speeding the design which is related to the product and the overall speed of the business. Moreover, it has been creating a concept of object dense which is devoid of discernible layering and the concept of monolithic. Moreover, it can be stated that the technology directly provides greater freedom in the design and the innovation which is related to the spur. The technology has been producing the project in a fast and comparatively much costlier (Xing, Zheng Duan, 2015). Effect The implementation has been providing the concept of the manufacture as a service tool, which is very much same as the software as a service. The reduction of the waste is also encountered and the development of the resources which are being used in the concept. The left over material after the implementation of any process can be used in different sectors and the reuse factor is taken into account. Conclusion The concept of the 3D printing should be included into any organisation and they should gain in hand knowledge of how these technologies can be used in order to achieve benefit from them. The organisation on the other hand need to identify the low volume product and altering them fast as the market dynamics are changed. Recommendation Recommendation 1: Printing on curved surfaces which are on multiple planes should be avoided. Recommendation 2: Enclosed hollow features creation should be avoided. Recommendation 3: The smoothening of the steeping edges can be made many times with the use of sand paper. Recommendation 4: The disclosing of the support material in the hollow should not be disclosed. This is due to the factor that soluble solutions may not reach the materials. References Campbell, T., Williams, C., Ivanova, O., Garrett, B. (2017). Could 3D printing change the world. Technologies, Potential, and Implications of Additive Manufacturing, Atlantic Council, Washington, DC. Grice, N., Christian, C., Nota, A., Greenfield, P. (2016). 3D Printing Technology: A Unique Way of Making Hubble Space Telescope Images Accessible to Non-Visual Learners. Journal of Blindness Innovation Research, 5(1). Ju, Y., Xie, H., Zheng, Z., Lu, J., Mao, L., Gao, F., Peng, R. (2017). Visualization of the complex structure and stress field inside rock by means of 3D printing technology. Chinese science bulletin, 59(36), 5354-5365. Lee, J. Y., Tan, W. S., An, J., Chua, C. K., Tang, C. Y., Fane, A. G., Chong, T. H. (2016). The potential to enhance membrane module design with 3D printing technology. Journal of Membrane Science, 499, 480-490. Loo, A. H., Chua, C. K., Pumera, M. (2017). DNA biosensing with 3D printing technology. Analyst, 142(2), 279-283. McMenamin, P. G., Quayle, M. R., McHenry, C. R., Adams, J. W. (2014). The production of anatomical teaching resources using three?dimensional (3D) printing technology. Anatomical sciences education, 7(6), 479-486. Moon, S. K., Tan, Y. E., Hwang, J., Yoon, Y. J. (2014). Application of 3D printing technology for designing light-weight unmanned aerial vehicle wing structures. International Journal of Precision Engineering and Manufacturing-Green Technology, 1(3), 223-228. Radenkovic, D., Solouk, A., Seifalian, A. (2016). Personalized development of human organs using 3D printing technology. Medical hypotheses, 87, 30-33. VAT Photopolymerisation | Additive Manufacturing Research Group | Loughborough University. (2017). Lboro.ac.uk. Retrieved 18 October 2017, from https://www.lboro.ac.uk/research/amrg/about/the7categoriesofadditivemanufacturing/vatphotopolymerisation/ Ventola, C. L. (2014). Medical applications for 3D printing: current and projected uses. Pharmacy and Therapeutics, 39(10), 704. Weller, C., Kleer, R., Piller, F. T. (2015). Economic implications of 3D printing: Market structure models in light of additive manufacturing revisited. International Journal of Production Economics, 164, 43-56. Xing, J. F., Zheng, M. L., Duan, X. M. (2015). Two-photon polymerization microfabrication of hydrogels: an advanced 3D printing technology for tissue engineering and drug delivery. Chemical Society Reviews, 44(15), 5031-5039. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-42977238240493391242020-04-21T00:03:00.001-07:002020-04-21T00:03:02.651-07:00Night By Elie Wiesel Essays (1166 words) - Satmar, Night By Elie Wiesel The book Night was written by Elie Wiesel it is also about a true story he was just a child when it all happened. The book starts off as a little boy that is 12 years old his name is Eliezer he and is three other siblings Hilda the oldest girl then Bea and the baby of the family Tzipora all lived with there mother and father they were a small little Jewish family. Elie's family owned a little shop but only Hilda and Bea could help and Elie had to stay in school. Elie wanted to learn the perilous world of mysticism, which is a form of the Jewish religion that only one can study at the age of thirty. Elie's father was not up to discuss the matter much cause the answer that Elie received was not the one he wanted to hear. So Elie found a man named Moshe the Beadle he was a kind, funny and poor normally the people in Sighet would hate poor people that lived on the streets but Moshe was different he was kind and caused no harm. When Elie told Moshe that he wanted to learn about mysticism Moshe looked very surprised that a 12 year old would want an old poor man that sits an a synagogue all day and prays to teach him the mysteries of the mysticism. Moshe started teaching Elie everyday but one day the Hungarian police started cramming all the Jews in Sighet into little cattle car on a train. Every one that was inside was safe but if you were in the street you were taken. The very next day when Elie went to the synagogue to meet Moshe he was not there he had been taken. Elie wept and told his father what had happened to Moshe but it was like telling on him self for going behind his father's back and learning mysticism. In 1942 Moshe escaped death and came back to Sighet and was trying to tell every one what had happened to him but nobody listened not one single person of the town of Sighet would even hear him out. When he came to Elie's house Elie's father Chlomo told Moshe he was not welcome there any longer. The next day Elie went looking for Moshe to find out what happened to him. Elie found Moshe weeping in the synagogue. Moshe told Elie that all the Jews in Sighet were going to die and he himself almost died he said that the Germans would throw little babies in the air and let the gunners have target practice that they would make the prisoners dig giant holes then take off there clothes and line up on the edge of the hole. They would one by one shoot people and they would fall into the hole there was a man he said that was begging to be killed before his three sons. The only way that Moshe stayed alive is that he was shot in the leg and fell in the hole and was mistaken for dead. He said there where three other people that were not dead yet and a lady that that was trapped under dead bodies including her baby. This was in 1942 now its 1943 and Elie's mom is looking for a nice young man to marry her daughter Hilda. It was then quite in the town of Sighet until 1944 they heard over the radio that Hitler's army wasn't going to be able to come in to the town of Sighet and hurt any more people because the Russian's front line was moving in. Then the town of Sighet believed the radio and didn't think that they were in danger of be EXTERMINATED. All of a sudden all of these troops start coming in the town and nobody thinks to much of it. Until all the Jews where told that they were to give all there items of any value to the Hungarian police then they told them that they were not able to leave the house after 6:00p.m. Moshe came to Elie's house and told Elie's dad that he told him what would happen and nobody listened to him. Then he ran off in to the dark street. The Jews were made to yellow stars on there shirts. Then came the Ghettos there were two ghettos a big one and a smaller one the lager one was 4streets long and 4streets wide but spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-56097165830983855792020-03-15T22:59:00.001-07:002020-03-15T22:59:02.425-07:00Phobias and Addictions Explained EssayPhobias and Addictions Explained Essay Phobias and Addictions Explained Essay Phobias and Addictions Explained The world of psychology is an interesting one, especially when one examines current behaviours and the sort of conditioning that creates things such as phobias and addictions. Both phobias and addictions have been linked to certain conditioning theories which have been laid out by psychologist using the scientific methods. Phobias have been explained to stem from a classical conditioning whereas addictions seem to develop from an operant conditioning. Both classical conditioning and operant conditioning are styles acknowledged by scientists to create behaviours but both are equally different in techniques achieved. However, both styles can be erased in as sense through the method of extinction. In terms of the general society, phobias have become a pretty common anxiety stress disorder. Phobias typically are irrational or adverse fears of an object, situation or activity. Individuals will usually take the extra step necessary to avoid this particular phobia at any cost so as to not face the fear or deal with the stressor at question According to Yates (2012) study, a ââ¬Å"specific phobia is characterized by extreme and persistent fear of specific objects or situations that present little or no real threatâ⬠(p. 1). Often times an individualââ¬â¢s phobias are no relation to real danger and such is where the irrational portion of the fear comes into play in the equation. However, though the danger is not usually present, phobias may have a tendency to interfere with the daily living routine, thus creating a high anxiety level for that particular individual. Generally, scientists have come to the conclusion that phobias derive mostly from classical conditioning. Clas sical conditioning is the pairing of two stimuli that creates and outcome which changes the reflex response of the first stimulus. For example, if one has an irrational fear of spiders, whereas the individual thinks the spider will attack, this can lead one to associate spiders with fear and anxiety. This phobia could have been from an adverse stimulus with a spider but from that point on, or until the phobia is conquered, that individual will suffer from fear and anxiety from seeing spiders anywhere even if it is just on the television. On the other hand, addictions unlike phobias are more developed through behaviours and operant conditioning. Addictions have been described best as dependencies on substances (such as food,alcohol,drugs.etc) or behaviors (gambling, gaming, or sex). Addictions can occur, when one uses a particular substance or partakes in a particular activity and at some point cannot stop the need and want from recreating the feeling of the experience. Some substanc e use and engaging in activities can be enjoyable and so one has to remind themselves that it is not always classified as an addition just because an individual partakes in the actions described above in parentheses. However, when the behaviour or usage is continued use or continued activity has become compulsive and interferes with daily living, health, and mental focus is when this behaviour has become an addiction for that individual. Most scientists have attributed addictions developing from the style of operant conditioning. Like operant conditioning, addictions result when an individual associates a reaction (in general a positive reaction) that that is a direct result or occurring at the same time of engaging in a repeated activity. Hence, addictions arise through operant conditioning because of the frequent reaction an individual feels from the use of a substance or activity. This continual necessity that addiction creates sources an individual to keep recreating the feeling by repeating the activity over and over again. One can examine this behaviour and operanct conditioning through a nicotine addiction. Nicotine stimulates the brain in a gratifying way, which causes one to experience a sensation that becomes continually desired or needed. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-86516802891572830512020-02-28T13:25:00.001-08:002020-02-28T13:25:02.767-08:00Analysis of Barbie Doll Essay Example | Topics and Well Written Essays - 500 wordsAnalysis of Barbie Doll - Essay Example These dolls are not only a thing that children like playing with but for girls it helps them imagine what they would look like when they grow up. The Barbie doll became the dream of many girls. The history of the Barbie doll started with the love story of a young boy and girl who fell in love and at that time in America there was a little tradition of girls going to college so they got married at a young age whose name are Ruth and Elliot Handler who had two children Barbie and Ken. They both owned a company in the 1940ââ¬â¢s that used to make wooden frames. This is how their toy business started and after that both of them joined their close friend Harold Mattson to form a company which could create such a doll which would be famous all over the world and the company was named Mattel where Matt stands for Mattson and el for Elliot. This is how Barbie came into existence and Ruth hired Charlotte Johnson to do Barbieââ¬â¢s wardrobe and in 1958 the patent of Barbie was obtained. The Japanese were the first one to manufacture hand-stitched clothes of the first Barbie dolls. The Barbie doll was portrayed as a fashion model for the teenagers. From the time of its existence till today, the Barbie doll has taken on many professions like a doctor, dentist, paleontologist, firefighter and many others. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-77474569146019616102020-02-12T06:11:00.001-08:002020-02-12T06:11:03.493-08:00TECHNIQUES FOR THE PREVENTION OF SOFTWARE PIRACY EssayTECHNIQUES FOR THE PREVENTION OF SOFTWARE PIRACY - Essay Example You need to add a specific section on Scope (break Aim and Scope into 2 distinct sections ââ¬â Aim and Objectives, and Scope). Aim and Objectives must have a specific Aim and then Objectives to achieve the Aim. Scope should include that you are only considering; 1 YOU NEED TO WORK ON THIS1. Section 2.1-> You state that both qualitative and quantitative methods were employed to deduce the facts. Firstly this section states how the work is to be done so you should change the tense of everything in this section to read ââ¬Ëare to be employedââ¬â¢. Secondly you need to explain more specifically which methods you employed fall into these categories. 3 OK2. Section 2.2. -> You must add some critical assessment of techniques. Currently only good points selected for web and email. Comparison and contrast required. What other techniques are available and why did you choose email against them. What are the potential limitations of email? 1 4. Section 2.4. -> You should rethink validation of the framework. How are you going to test the basis of the framework? For example, you identify factors from literature, but are all the relevant factors currently included? 1 OKa. You state that ââ¬ËThis research to analyse the various types of software piracy that are briefed above â⬠¦Ã¢â¬â¢. Where is this analysis in the work? Either reword this sentence or add the analysis. 1 OKa. Cost towards bottom of page. Is this per seat or development costs? You need to provide a better discussion of cost and understand the specific types of cost which might be incurred. Cost is too broad a heading. 1 a. Time Limitation -> this is not a technology but a feature. Many of the technologies can include this feature. This should be discussed as a potential feature and then the technologies reviewed against the feature i.e. can they support it? This will also require changes to the framework. 2 YOU NEED TO WORK ON THISb. Each choice node requires some discussion, spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-60117442644452453642020-01-31T17:25:00.001-08:002020-01-31T17:25:02.837-08:00A letter To My Distant Friend Essay Example | Topics and Well Written Essays - 750 wordsA letter To My Distant Friend - Essay Example Though my mates were ready for the performance, I was still not comfortable. My instructor gave me no option and so I had to face the lion in front of me. The performance made me gain courage and also strengthened the bond that attracted me to dancing. First, dancing helps people to express their feelings about something and this is seen under the types of dances they do and the moves they make while dancing. An example I the expressionist dance that the Germans did to express their bitter feelings about the growth of Nazism that was being pioneered by Hitler. So from that example, dancing helps a society to confront the wrongs people always do. It has also enabled me to understand that people do not always dance for leisure but also to achieve their targets. This happened and I witnessed it during an international festival hosted in Kenya when one dancer made some moves that directly touched a woman he had fallen in love with and know what? The moves helped him to win the heart of the lady, a thing that left almost everybody amazed. As per the common understanding of the people, discipline is a crucial aspect of the virtues of the community and must be maintained in order to allow people to stay in harmony. I know you must be wondering how dancing which is just an art is related to discipline which is a virtue. Dancing especially the cultural dances equips dancers with good moral values since they convey some messages of warnings and consequences of some behaviors. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-14969758769784485332020-01-23T13:49:00.001-08:002020-01-23T13:49:02.617-08:00Bridging the Divide: An Analysis of Indian Education :: Essays PapersBridging the Divide: An Analysis of Indian Education Introduction: Educational levels have always been regarded as key indicators, not just of economic development, but of social well being. For this reason, literacy rates are of interest to development economists and social activists alike. Literacy is in fact, a component of the Human Development Indicator, suggesting that income and mortality alone cannot capture the essential quality of life that a person enjoys. Yet statistics on overall literacy rates are deceiving, for they do not reflect the social inequities which determine who receives the opportunity to become literate and who does not. India, the country of focus for this paper, provides an excellent example of the complex nature of literacy. Development scholars have often cited India as an example of progress in the field of education, as in the past five decades national literacy levels have almost tripled, from 18.33% in 1951 to 52.2% in 2001. However this statistic masks the fact that the growth is mainly attributable to increases in male literacy (from 27% to over 65% during the same time span). While womenââ¬â¢s literacy rates have improved, by the turn of the century, over 60% of Indian women remained illiterate. While the Indian state issued various statements asserting its commitment to female education. any progress in the area has only been made very recently when, with the growth of nongovernmental organizations (henceforth NGOs) working in the field of non-formal womenââ¬â¢s schooling, a lot of work has been done on identifying barriers to female education in India. The purpose of this paper is not to synthesize the work done by these NGOs. Instead, I wish to outline a framework in which to understand the problems women face in attaining literacy, in order to devise progressive policies and more effectively implement them. In the first part of this paper, I attempt to explain the underlying similarities between many impediments to female education for poor rural and urban communities. I describe how different social contexts mold the manifestations of these problems, but not the issues themselves. Many difficulties women face must be therefore be understood as national problems, but require specific understanding in order to address the particular forms those issues take in local communities. While all poor Indian women face challenges in receiving an education, some female populations are particularly marginalized. Therefore, in the next part of my analysis, I focus on the reasons for urban-rural gaps in the literacy rates between Indian women, taking the case of lower-caste poor women living in North Indian villages. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-9208407061207408822020-01-15T10:13:00.001-08:002020-01-15T10:13:02.711-08:00Religion A Means to an End or Just a Delusion EssayOver the years, people have held different opinions about religions around the world. Many believe in the existence of a divine being like God, while others worship idols and other images that they consider as their god(s), without concrete proof that these beings do exist. Based on the statement by Sigmund Freud that ââ¬Å"Religion comprises a system of wishful illusions together with a disavowal of realityâ⬠, one may come up with several arguments about religion. This notion held by Freud, which he contends that religion is merely a human delusion forms the basis of this paper among other views. It is in human nature to seek and understand the meaning of life and through the use of intangible concepts, religion attempts to provide answers to satisfy human curiosity. Burke believed that different religions provide a framework by which people can understand the meaning of human life and the world. Each religion prescribes possible remedies to correct what it views to be fundamentally wrong and unsatisfactory about peopleââ¬â¢s existence (Burke 126), making religion an attractive way to attain satisfaction in life. However, the basis of such remedies lies in a realm that is transcendent of ordinary human experience, that is, more on the realm of supernatural (Burke 141). For example, monotheistic religions point to a supreme being who judges which people gets eternal life based on their obedience to his law. Religions of Indian origin on the other hand, provide an escape from an eternal destiny of suffering and limitation brought by the unending cycle of birth, death and rebirth (Burke 161). Such influential notion that obedience to a religion could give fulfillment may cause people to accept and believe in religious concepts wholeheartedly, wit hout tangible proof. Monotheistic religions describe an omnipotent and omniscient supreme being who governs human life through a set of laws. Believers may seek solace, comfort and the purpose of life by obeying this set of rules, often to gain good judgment from their God. However, such belief in a supreme being is typically based on human faith rather than concrete evidence of divine existence. For example, people in these religions believe that their God created the Earth and therefore, human existence. This notion can be challenged by modern scientific theories that explain the origin of the universe and human existence through logical and factual means, such as the Big Bang theory for the origin of the universe and evolution for how humans came to be. Religions of Indian origin deal with the cycle of birth, death and rebirth. Rebirth is the religious or philosophical idea that the spirit or soul, after natural death, can start another life in another body (Burke 163). This never-ending cycle is brought by humanââ¬â¢s self-centered desire, and brings eternal suffering to humans. Human existence therefore is to liberate oneââ¬â¢s spirit from an egocentric self to end the cycle of birth, death and rebirth and free oneself from suffering (Burke 236). This largely deals with the spiritual dimension and is nothing more than a philosophical concept, which again is based on human belief and not concrete evidence. There has been no account of people who have been reincarnated, or proof that a soul does exist. It is another way to explain the meaning of life, which gives people purpose of living. In conclusion, people hold different views about religion. In any case, religious views are just analogies, by the assistance of which we attempt to comprehend a shared phenomenon. However, the absence of convincing proof for the existence of God and the soul, and the presence of more plausible explanations for religious phenomena, prompts Freud and other skeptics to dismiss religion as merely a human delusion. References Amstrong, Karem. Islam. London, United Kingdom: Orion Publishers, 2011. Print. Burke, Thomas P. The Major Religions: An Introduction with Texts. Malden: Blackwell Publishing, 2004. Print. Trungpa, ChoÃËgyam, and Judith L. Lief. The Heart of the Buddha: Entering the Tibetan Buddhist Path. Boston, Mass: Shambhala, 2010. Internet resource. Source document spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-66951397686397600062020-01-07T06:36:00.001-08:002020-01-07T06:36:04.097-08:00The kurdish language Free Essay Example, 1250 words On the other hand, the Dimili refer to the Badinadi speakers and their dialect as Xerewere (Boulden, 2008). The Kurdish grammar consists of numerous unusual features. For example, the Kurmanji dialect uses a sentence structure where the first part of the sentence is the subject which is then presided be an object and then the sentenceââ¬â¢s verb. In addition, the pronouns (it, he, and she) in Kurmanji and Sorani, apply the same word, meaning that in Kurdish, there is no gender differentiation of the pronouns. In terms of case, there are generally no distinctions, even though some nouns possesses a vocative case. Syntax relations are identified predominantly by circumlocutions and prepositions. This results in a situation where in intransitive verbs, they subject is identified with personalized endings in every mood and sentence The Sorani dialect possesses eight vowels comprised of five long vowels and three short vowels which can be attributed to its retention of the Iranian vowels (o and e). In Persian however, the dialect adopts the vowels (i and u). In terms of consonants, the Kurdish language uses fricatives and affricates that are articulated at the dental, palatal, labial and velar points. We will write a custom essay sample on The kurdish language or any topic specifically for you Only $17.96 $11.86/pageorder now The points are classified into differing pairs of both voiced and voiceless varieties. Additionally, the language has numerous back sounds mostly pronounced in the pharyngeal, glottal and uvular regions, which is responsible to the rough-like sound that the dialects of the Kurdish language have. In terms of liquids, they consist of two lateral and two rhotics, which are the (l) and (r) like sounds. The (l) and (r) like sounds are also further differentiated, with the lateral sound having a kind of trill or rolled r, while the rhotic sound has a kind of flap. In terms of morphology, the definite suffix, adjectives and nouns are stressed on the last syllable. However when it come to the infinitive and conjugated verbs lacking prefixes, the stemââ¬â¢s last syllable is stressed. Generally, any prefix is stressed. The verbal system utilizes three core tenses-perfect, present imperfect and past. However the conjugation of the intransitive verbs differs from the transitive verbs which has ergativity, resulting in a situation where the compound verbs mix a verbal element with a nominal one. Additionally, nouns are identified with definiteness and number through suffixes, which is the same marker for adjectives, definite and indefinite nouns. Ethnology Moghissi argues that in terms of the dialect in the Kurdish language that is most widely spoken, it is Kurmanji, which has the most number of members. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-25489854825092682272019-12-30T03:01:00.001-08:002019-12-30T03:01:04.314-08:00An Analysis of the Supernatural in Inferno and The... 11 October 2011 The Supernatural of the Inferno and the Tempest Inroduction Shakespeares The Tempest and Dantes Inferno both exhibit supernatural situations in both pieces of literature by utilizing different practices. It is clear from reading both pieces that the supernatural used was different because each reading explored different worlds of the paranormal. Dialogue played a great role with introducing the supernatural. This dialogue along with the symbols and metaphors clearly showed the mystic side. For instance, In Inferno, Dante the character is struggling between the supernatural forces of good and evil, which are the theme of the story. In the Tempest, It was believed that The Tempest was thought to be one of the last dramatic plays by Shakespeare, nonetheless it has been lately said to be influenced by supernatural. Later it was described as a comedy with mystical characteristics. With that said the supernatural can be classified in The Tempest and Dantes Inferno in many ways. Magic Magic played a huge part in both literature pieces wh en it came down the supernatural. One thing that both had in common was that as authors, they knew how to create immortal symbols that displayed their magic in the mystical world. For example, in the Tempest, the play starts with a big tempest; Prospero, who is the fair Duke of Milan, raises a storm to make the ship of his usurping brother go down into the water, nonetheless the Prosperos ship sinks and he, spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-85802374132211472952019-12-21T22:47:00.001-08:002019-12-21T22:47:07.510-08:00Letters on England by Voltaire - 1134 Words Letters on England is a small collection of letters written by Voltaire (born Franà §ois-Marie Arouet) in 1733 which offers a survey of societal England from the view of a Frenchmen. The original Letters on England, titled Lettres philosophiques, was written in English by Voltaire. This first edition was quite a cumbersome read and so in 1980 Leonard Tancock retranslated the book to English from a previous French edition. Just a few years prior to the release of Letters on England, Voltaire had been imprisoned by France and then exiled to England. This incarceration and banishment was in response to satirical compositions written by Voltaire that the French political powers felt undermined their rule. Despite harsh censorship laws,â⬠¦show more contentâ⬠¦In addition to insights on religion, Voltaire also detailed his own understanding of the politics and economics in Europe during the time of the Enlightenment. During this time, an absolute monarchy ruled France while the English had what Voltaire saw as a limited monarch with an involved democracy. France was ruled using bribery, force, and corruption while England was governed though compromise and negotiations. Voltaire himself believed in political moderation and defense of civil liberties. He also observed the differences in economics between the two countries. Free trade was discouraged in France, to the point that some noblemen lost their rank if they participated in such commerce. Contrasting this, Voltaire saw that the English encouraged trade and tradesmen were even held in high regards. He believed that this difference in economics was what gave England access to their freedoms. Furthermore, Voltaire had a great respect for Englandââ¬â¢s stance on the sciences and philosophy. Since the beginning of man, religion has served as both a guide to moral behavior and as an explanation to elucidate the physical world. Up until the 17th and 18th centuries, most explanations of things pe rtaining to the natural world were religiously based or simply established on deductive reasoning alone. When the Enlightenment Era began, new ideas of reasoning came toShow MoreRelatedVoltaire s Views On England And Candide1528 Words à |à 7 Pagesconnection between the two is in the final statement of Candide and the final letter in Letters on England, where Voltaire encourages readers to take action. In a span of twenty years, Voltaire did not change his opinion of thinkers and philosophers. He believes both should be appreciated and valued for their work. This is one of the largest similarities between Letters on England and Candide, as both show clearly how Voltaire views the work of thinkers. In Candide, readers are introduced to two philosophersRead MoreVoltaire s Views Toward English And French Religion, Government, And Scientific Advancements1079 Words à |à 5 PagesVoltaireââ¬â¢s Views Toward English French Religion, Government, and Scientific Advancements After 1688, England became a constitutional monarchy under the rule of Mary and William. English society evolved from embracing the absolute monarchy to one that introduces new thought processes and beliefs. In Voltaireââ¬â¢s Letters on England, he contributes the development of England to its respectable regards toward religion, governmental systems, and scientific advancements. He contrasts these practicesRead MoreVoltaire and The Enlightenment1142 Words à |à 5 PagesThe Enlightenment was revolutionary because of Voltaire, a writer that used his ideas to attack the established Catholic Church, and to propagate the freedom of religion, scientific thoughts, skepticism and experiential philosophy. Voltaire was born in 1694, a year that was under the regiment of Louis XIV. At that time, the aristocracy ruled France in an extreme way that most commoners were struggling in poverty. From a middle-class family, Voltaire did not like the political environment of FranceRead MoreThe Enormous Influence of the Enlightenment on the World and Mary Shelleys Frankenstein1082 Words à |à 5 Pagesthe Enlightenment was in England, and throughout in the Europe. France was the core country of the Enlightenment. The influence of the Enlightenment on the world was enormous. It provided plenty of mental preparation for the French Revolution; had inspired role in American Revolution. Voltaireââ¬â¢s Letter on England In the course of the Enlightenment, a large number of thinkers have emerged: Montesquieu, Rousseau, Voltaire, Kant, Locke, etc. Among those people, Voltaire had the most representative;Read MoreEssay on Voltaire and the Beginning of the Enlightment1305 Words à |à 6 Pageshe assumed the name de Voltaire. After choosing the new name, Voltaire said, I was very unlucky under my first name. I want to see if this one will succeed any better.2 Upon his release from the Bastille, Voltaire was exiled to England, a country he grew very fond of. At this time, freedom of speech was continuously exemplified throughout the country of England; Voltaire found this toleration very advantageous to the beginnings of his opinion. While in England, Voltaire decided to redirect hisRead MoreVoltaire s Theory Of The Age Of Enlightenment848 Words à |à 4 Pagescommonly known as Voltaire was born November 21, 1699, in Paris, France. He was a French philosopher, historian and writer of the Age of Enlightenment. He valued the right to have your own thoughts as well as the ability to change religion. Even though he was a complex person, he was highly intelligent, humorous and his writing style made him one of France s greatest writers and philosophers. He supported social reform, including freedom of religion, civil rights and free trade. Voltaire had a rough relationshipRead MoreVoltaire2028 Words à |à 9 PagesVoltaireââ¬â¢s Letters on England is a collection of written documents that Voltaire wrote between 1726 and 1729 on his experiences he had while staying in England. After its publication in French in 1734, many people of French ethnicity saw it as a bashing of the French government, and even a little bit on the Catholic religion. Voltaire does seem to be fairly favorable towards the English in his letters, which is understandable after he was exiled in his homeland of France multiple times. In manyRead MoreFrench Revolution - Montesquieu Voltaire844 Words à |à 4 Pagescausing the people to question the current state of their society, and ultimately causing the French Revolution. Montesquieu and Voltaire were two very major Enlightenment figures whose beliefs had a huge impact on the French Revolution. The ever-growing middle class of France had begun to have access to and absorb some writings and ideas of philosophes like Montesquieu, Voltaire, Rousseau, and Diderot. In addition, the recent American Revolution proved to the people of France that Enlightenment idealsRead MoreThe Main Ideas of Enlightenment Philosophers Essay834 Words à |à 4 Pagesand had the best interests of society in mind. Although each philosoph had his or her own ideas, they all centered around one main theme: equality and human freedom. One famous influential philosopher was John Locke. Locke was born in England in the mid 17th century and lived through both the English Civil War and the Glorious Revolution. He strongly believed in equality for all men. In his book Second Treatise on Civil Government, he says that ââ¬Å"creatures of the same species and rankâ⬠¦shouldRead MoreThe Enlightenment: An Incredible Change1163 Words à |à 5 Pageswriters such as Jean-Baptiste Poquelin known by Moliere, Jonathan Swift, and Francois-Marie Arouet know by Voltaire wrote some incredible stories, poems, plays and articles about the age of reason. In literature, all of them are well known by the tactics and methods they used in their styles of writing in order to persuade or inform the readers. In the Age of Enlightenment, Moliere, Swift, and Voltaire used the concept of ââ¬Å"Satireâ⬠, such as verbal, situational, and dramatic irony to depict their message spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-78447142162932620462019-12-13T19:18:00.001-08:002019-12-13T19:18:04.983-08:00Burger King Incorporation Free Essays This is the second leading fast food chain in United States; it mainly concentrates on the use of restaurants of which the company has franchises more than 10400 restaurants that are all over in about 71 countries worldwide (Glenn, 1995, p C2). This was established the two Miami entrepreneurs back in the 1954 and later sold it to the Pillsbury in the year 1967. Today, its head offices are situated at Miami, Florida. We will write a custom essay sample on Burger King Incorporation or any similar topic only for you Order Now By the year 2008, the company had around 41,000 people as their employees. With the demographic forces, the company has extended its wings to many countries that all over the world. With this, they have managed to serve over 15. 7 million customers, of which have ended up submitting them to some of the forces (Louise, 1996, pg 14). This is because, different people tend to perceive thing differently and thus, they have been forced to come up with ways in which they can satisfy all the clients in the company. This mainly concerns with the type of materials that they use to come up with their product, and the way they label the product to attract the market at a given locality. As regard to the many franchises within the company, the franchisee began to collide with each other. This led to the deterioration of their relationship which in the long run resulted to the falling sales within the company. This was the major economic force that the company faced in the year 2001 till they were forced to sell the company to group of investors in late 2002. The company faces competition forces mainly from McDonalds Corporation who is their principal competitor in the market (Brymer, 2000, pg 22). This company has managed to outdo the Burger King because of their ability to be able to serve around 15 million customer daily, this has also been as the regard to the fact that the company has more restaurant outlet compared to that of the Burger King, while Burger have 10,400 restaurants worldwide, the McDonalds Corporation has 31,000 restaurant worldwide. This has given them the advantage to reach to more client than the Burger King. Reference Brymer, R. A. Hashimoto, K. (2000) Hospitality Tourism: An Introduction to the Industry pp 20-24 United States: Kendall/Hunt Publishing Compan How to cite Burger King Incorporation, Papers spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-25798534800020453012019-12-05T15:38:00.001-08:002019-12-05T15:38:04.176-08:00The Sleeping Gypsy free essay sample Henri Julien Felix Rousseau (born May 21, 1844 ââ¬â died September 2, 1910) was a French artist. Rousseau was a largely self-taught painter, although he had ambitions of entering the Academy. Henri Rousseau had a passion for painting and in his forties decided to take art more as a profession and then becoming a genius Post-Impressionist artist. Rousseauââ¬â¢s most famous painting is called ââ¬Å"The Sleeping Gypsyâ⬠or in French ââ¬Å"La Bohemienne Endormieâ⬠, an oil on canvas work created in 1897, which depicts a jungle scenes like other paintings he is known for. Although he had never encountered anything wild in him life he has met soldiers who had stories he heard about the subtropical countries and the animals. ââ¬Å"The Sleeping Gypsyâ⬠got him a lot of fame and in his time critiques as well. Many did not like his unique style of work and considered it untutored, but he stuck to his painting which eventually ââ¬Å"struck a chord with a younger generation of painters including Pablo Picasso, Vasily Kandinsky, and Frida Kahloâ⬠. We will write a custom essay sample on The Sleeping Gypsy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The oil on canvas painting of ââ¬Å"The Sleeping Gypsyâ⬠measures 51 x 6 7â⬠(approximate proportion of 1:1.à 5), and is said to be an icon in the Modern Art forms. The horizontal painting is of a ââ¬Å"wandering Negressâ⬠who seems to be a mandolin player because of the instrument beside her. She is lying on the desert beside a vase of what seems to be drinking water and seems to be in a deep sleep. She has a colorful dress which I assume to be traditional. There is a lion next to her that smells her but does not devour her. There is a moonlight effect in the dark blue sky and there is a beautiful landscape in background of mountains. Between the mountains and the main subjects there seems to be a body of water. Now the frame of this painting is pretty plain and harmonious which makes it appropriate to the subjects of the lion and gypsy woman. It does not cut the shape of the painting nor does it take attention away from the work. Now on the oil on canvas art work (no other materials have been used), the paint seems to be applied thinly except for on the womans dress that has bright colors and the brush strokes are coarse since we can see it compared to everything else, which is thinly applied. The colors are opaque and solid. The painting looks pretty simple or plain and geometrically positioned. Obviously Rousseau didnââ¬â¢t place the subjectsà scattered but he positioned them to create a specific image. He also only has a few subjects, the woman and the lion which are large in relation to the picture read but small in relation to life. This doesnââ¬â¢t mean it canââ¬â¢t be close to being in relation to life, since the subjects are large but not large enough. In ââ¬Å"The Sleeping Gypsyâ⬠there is more emphasis in the center of the canvas than in the marginal. Marginal is pretty empty compared to center. One thing that does stand out more is the womanââ¬â¢s dress. It seems to be an oriental dress, since all many traditional or oriental dresses are colorful. The dress is or seems to be bulging because the paint is applied thickly there and then everything else isnââ¬â¢t. The lines are clear subservient lines they are lightly painted. Now when observing the painting as a whole there are regular shapes and no pattern, the subjects are flat but they have curved lines such as on the mountains, the lionââ¬â¢s body, the womanââ¬â¢s body and the ground. There is symmetry on the landscape part of the painting in the mountains. The painting is spacious and they vary there is only one of each subject. The only thing that repeats is the mountains in the background. The general colors being used are warm. The blue is very dominant since it is used for the sky which is most of the painting and there are other shades of blue used as well. There are a few colors except for on the dress. There are extreme contrasts and large areas. As for the light source in the painting, I believe the moon is the light source. It seems as if it is shining on the subjects just a little. But there are no shadows anywhere. Rousseau shows the moonlight on the lions back lightly and precisely, that t is noticeable. Another thing that you can notice is that the space is deep. You can see this because of the mountains and the lake in between, which creates layers. The space is suggested by planes in depth. There is a little overlapping. Not only that but it is open space as well such that the subjects look isolated in the center and the background seems far. The painting is linear and it seems as if we were beside the main interest, the gypsy. There is no illusion. Its is not religious it is simply a private painting I believe. The story a black woman gypsy is depicted in an outdoor setting in this. The action seems pretty calm because she is sleeping but the lion makes it more dramatic. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-4545313541067221972019-11-28T16:29:00.001-08:002019-11-28T16:29:04.168-08:00PRISONERS OF WAR BY Presented To Mrs. Provato ENG 2A0-04 Wednesday D "PRISONERS OF WAR" BY: Presented to: Mrs. Provato ENG 2A0-04 Wednesday December 8, 1993 PRISONERS OF WAR Dear: The International Red Cross I am writing a letter to you today to mention how the prisoners of war were treated throughout the second world war. If you have never been a Prisoner of War (POW), you are extremely lucky. The prisoners of war during the World War II, (1939-1945) were treated poorly with no respect or consideration and were given the living conditions worse than animals. It was an extremely bad situation that no human being could survive. They were mistreated, manhandled, beat and even shot defending their country. No one wanted to go to war, but for those men who did, and for those who survived as POWs will always regret it. The Prisoners of War were kept in concentration camps, where it was day to day constant dying and suffering and separation of the family with unconditional weather. 1 They had no real shelter, and kept busy by working, a nd the odd time even got a chance to play baseball, soccer or some athletic game to stay in shape. 2 They were surrounded by twenty-four hour guard surveillance in the middle of nowhere, so it would be quite useless to attempt to escape, especially at the risk of being gunned down at any given time. The POW were always having to turn their back and keep an eye out for one another. They were considered to be "hostages" and were treated like the enemy. The concentration camps were not very large but were numerous. They contained about 500-600 warriors and were divided into groups of under sixteen, older than sixteen, and of course by gender (Male and Female). 3 This caused many problems with the POWs as they were split from their families, and in a lot of cases, never saw one another again. The Prisoners of War were killed by the hundreds as malnutrition and hygiene eventually caught up with them. They were put to work for lengthy periods of time, and we treated harshly for volunteeri ng to go to war. Once caught, they were taken and placed in a camp, and it was the beginning of the end for the ally. It is not like a prisoner in today's society. The prisoners had to live with leftover scraps of food, dirty water, and no hope of exiting, plus the constant shooting. They were not prisoner whom had committed a crime, rather brave warriors whom stood up to defend us. 4 It is a life no one wants to encounter, and we pray no one does, and we remember how they were abused and how they suffered to protect us. This special day is called Remembrance Day and is celebrated the eleventh day of the eleventh month. BIBLIOGRAPHY WORLD WAR II, "Prisoners" Marshall Cavendish Ltd, New York, Vol VIII. 940.53 WORLD WAR II, "Prisoners of War" Marshall Cavendish Ltd, New York, Vol III. 940.53 WORLD WAR II, "Prisoners of War" Marshall Cavendish Ltd, New York, Vol X. 940.53 Gosselin, Luc. PRISONS IN CANADA, Montreal, Quebec: Black Rose Books, 1982 ENDNOTES spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-41026549010255987432019-11-25T00:04:00.001-08:002019-11-25T00:04:04.153-08:00Americas Roadside Architecture of the 1950sAmericas Roadside Architecture of the 1950s Googie and Tiki are examples of a Roadside Architecture, a type of structure that evolved as American business and the middle class expanded. Particularly after World War II, travel by car became part of the American culture, and a reactive, playful architecture developed that captured Americas imagination. Googie describes a futuristic, often flashy, Space Age building style in the United States during the 1950s and 1960s. Often used for restaurants, motels, bowling alleys, and assorted roadside businesses, Googie architecture was designed to attract customers. Well-known Googie examples include the 1961 LAX Theme Building at the Los Angeles International Airport and the Space Needle in Seattle, Washington, which was built for the 1962 Worlds Fair. Tiki architecture is a fanciful design that incorporates Polynesian themes. The word tiki refers to large wood and stone sculptures and carvings found in the Polynesian islands. Tiki buildings are often decorated with imitation tiki and other romanticized details borrowed from the South Seas. One example of Tiki architecture is the Royal Hawaiin Estates in Palm Springs, California. Googie Features and Characteristics Reflecting high-tech space-age ideas, the Googie style grew out of the Streamline Moderne, or Art Moderne, the architecture of the 1930s. As in Streamline Moderne architecture, Googie buildings are made with glass and steel. However, Googie buildings are deliberately flashy, often with lights that would blink and point. Typical Googie details include: Flashing lights and neon signsBoomerang and palette shapesStarburst shapesAtom motifsFlying saucer shapesSharp angles and trapezoid shapesZig-zag roof lines Tiki Architecture Has Many of These Features Tikis and carved beamsLava rockImitation bamboo detailsShells and coconuts used as ornamentsReal and imitation palm treesImitation thatch roofsA-frame shapes and extremely steep peaked roofsWaterfallsFlashy signs and other Googie details Why Googie? Googie should not be confused with the Internet search engine Google. Googie has its roots in the mid-century modern architecture of southern California, an area rich with technology companies.à The Malin Residence or Chemosphere House designed by architect John Lautner in 1960 is a Los Angeles residence that bends mid-century modern stylings into Googie. This spaceship-centirc architecture was a reaction to the nuclear arms and space races after World War II. The word Googie comes from Googies, a Los Angeles coffee shop also designed by Lautner. However, Googie ideas can be found on commercial buildings in other parts of the country, most noticeably in the Doo Wop architecture of Wildwood, New Jersey. Other names for Googie include Coffee House ModernDoo WopPopuluxeSpace AgeLeisure Architecture Why Tiki? The word tiki should not be confused with tacky, although some have said that tiki is tacky! When soldiers returned to the United States after World War II, they brought home stories about life in the South Seas. The best-selling books Kon-Tiki by Thor Heyerdahl and Tales of the South Pacific by James A. Michener heightened interest in all things tropical. Hotels and restaurants incorporated Polynesian themes to suggest an aura of romance. Polynesian-themed, or tiki, buildings proliferated in California and then throughout the United States. The Polynesia fad, also known as Polynesian Pop, reached its height in about 1959 when Hawaii became part of the United States. By then, commercial tiki architecture had taken on a variety of flashy Googie details. Also, some mainstream architects were incorporating abstract tiki shapes into the streamlined modernist design. Roadside Architecture After President Eisenhower signed the Federal Highway Act in 1956, the building of the Interstate Highway System encouraged more and more Americans to spend time in their cars, traveling from state to state. The 20th century is filled with examples of roadside eye candy created to attract the mobile American to stop and buy. The Coffee Pot Restaurant from 1927 is an example of mimetic architecture. The Muffler Man seen in the opening credits is an iconic representation of roadside marketing still seen today. Googie and Tiki architecture is well-known in southern California and associated with these architects: Paul Williams, designer of thousands of mid-century modern homes in southern California, may be best known for the LAX Theme Building, shown on this page bathed in Walt Disney colored lightingJohn LautnerDonald Wexler, designer of many mid-century modern homes in Palm Springs, California, is known for designing the Royal Hawaiin Estates in the early 1960sEldon DavisMartin Stern, Jr.Wayne McAllister Sources LAX Theme Building designed by Paul Williams, Los Angeles airport photo by Tom Szczerbowski / Getty Images Sport / Getty Images (cropped)The Royal Hawaiian Estates, Palm Springs, California, photo à © Daniel Chavkin, courtesy Royal Hawaiian EstatesThe Malin Residence or Chemosphere House Designed by John Lautner, 1960, photo by ANDREW HOLBROOKE / Corbis Entertainment / Getty Images spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-16037769826137770762019-11-21T08:32:00.001-08:002019-11-21T08:32:17.024-08:00International business in the USA Essay Example | Topics and Well Written Essays - 500 wordsInternational business in the USA - Essay Example From the perspective of the Castro regime, there might be little incentive to open up trade relations with the USA. After all these years, the American trade embargo against Cuba has had the effect of strengthening Castroââ¬â¢s grip on power by providing a rallying point around which the Cuban people can offer him their support. Castro has been able to point to the ââ¬Å"evilâ⬠Americans across the Florida Straits and blame them for his countryââ¬â¢s poverty and relatively poor standard of living. Opening up trade with America would deprive him of that crutch; and it would force him to have to take responsibility for any continuing economic problems his country faces, potentially threatening his grip on power. Because the status quo has enabled Castro to preserve his power, it is unlikely he would want to normalize trade relations with the U.S. The structure and relationships of the American political system have a tremendous influence on the state of U.S. trade relations with Cuba. There is a huge constituency of Cuban-Americans, particularly in the pivotal state of Florida, who support the current policy due to their resentment of Castro. Thus, it would be highly risky from a political standpoint for anyone to press for normalization of relations with Cuba. The Cuban exiles who fled that country in the wake of Castroââ¬â¢s assumption of power, and subsequently became American citizens, constitute a tremendously powerful voting block, to the extent that a Presidential candidate who supported opening trade with Cuba would be virtually assured of losing Florida. spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-24380764621301397882019-11-20T11:56:00.001-08:002019-11-20T11:56:03.110-08:00Linguistics - structure and meaning in literary discourse Essay - 1Linguistics - structure and meaning in literary discourse - Essay Example Throughout the novel, the novelist has been careful in adroitly interlinking the different subplots. The novel mainly deals with two parallel plots: the love relation between Charles Darnay and Lucy Manette and the historical events connected with French Revolution. However, there are several other underlying subplots distributed throughout the three Books of the novel. They include the story of the great sacrifice by the good-for-nothing lawyer Sydney Carton, the comparison between the two cities of London and Paris, the atrocities of the aristocrats etc along with the stories within story such as the imprisonment of Dr. Manette, the story of Madame Defarge. The overall setting of the novel is based on these interconnected subplots which contribute to the each other as well as to the meaning of the novel in general. The novelist has been effective in presenting the major themes of the novel through the literary device of setting. It means that the setting of the novel which incorpor ates the interrelated subplots functions as a literary device to the novelist in his ultimate conveyance of the major themes. Therefore, the subplots in A Tale of Two Cities work in relation to each other to reveal the major themes of the novel. In other words, different subplots and the structure of the novel has significant role in the transference of the themes and meaning. As George Newlin establishes, ââ¬Å"The successà ofà Aà Taleà ofà Twoà Cities â⬠¦ can be attributed to Dickensââ¬â¢s artful settingà ofà aà touching human story against the backgroundà ofà the world-shaking eventsà ofà the French Revolution, and to its powerful, universal themes.â⬠(Newlin, 1) There is pertinent relation between the setting and the meaning in A Tale of Two Cities and the novelist proficiently selects the subplots which contribute eventually to his literary goal. Therefore, subplots in the novel cannot be comprehended in isolation. Rather, they are deeply contrived so as to spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-49853111407567035972019-11-18T06:11:00.001-08:002019-11-18T06:11:02.587-08:001-What are the advantages and disadvantages of using technology at Essay1-What are the advantages and disadvantages of using technology at school OR 2-In what ways can technology such as tablet devices contributes in the children education at school - Essay Example These resources will be of immense value to the current research as it will help in obtaining information regarding the negative effects associated with use of technology in classrooms. Brown, Dina, and Mark Warschauer. "From the University to the Elementary Classroom: Students Experiences in Learning to Integrate Technology in Instruction."à Journal of Technology and Teacher Education. 14.3 (2006): 599-621. Print. The article titled From the University to the Elementary Classroom: Students Experiences in Learning to Integrate Technology in Instruction was authored by Brown along with other researchers and this research was conducted in order to identify methods through which instructors can implement technological advancement in different aspect of teaching such as preparing curriculum and creating coursework (Brown 599). This resource is important to the present study as this resource can provide information regarding how the issues experienced by educationists while using technology in their class rooms can be solved. Buchanan, JA. "Use of Simulation Technology in Dental Education."à Journal of Dental Education. 65.11 (2001): 1225-31. Print. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.130.3369&rep=rep1&type=pdf The research article titled Use of Simulation Technology in Dental Education was written by Buchanan and in the purpose of conducted this study was to identify how the technological advancement of simulation is being used in the field and educational circuit of dentistry and what are the possible advantages as well as disadvantages experienced by the stakeholders of the field in implementing this technology (Buchanan 12231). This resource can be used as an example of how technology is actually being used by educational institutes and how it is impacting spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0tag:blogger.com,1999:blog-8587668727803239009.post-46619795729284982632019-11-15T18:42:00.001-08:002019-11-15T18:42:12.692-08:00Managing Foreign Exchange Risk in International TradeManaging Foreign Exchange Risk in International Trade MANAGING FOREIGN EXCHANGE RISK IN INTERNATIONAL TRADE WITH A FOCUS ON EAST MIDLANDS COMPANIES Abstract The purpose of this research is to investigate how international trade companies in the East Midlands manage foreign exchange risk. This study utilises descriptive statistics in presenting and analysing data from the primary research. The findings of the research indicate that a majority of the firms used broad business strategies in managing their foreign exchange risk. The main problems the firms had with managing foreign exchange risks centred on customer retention and receiving payments on time. The results also indicate that there were a few firms which took an integrated approach to mitigating foreign exchange risk. This research is of value to firms involved in international trade and also business development agencies which seek to assist firms which are planning to enter or are already operating in foreign markets. Chapter 1 Introduction International trade involves exporting and importing of goods or services across foreign borders and, as soon as a firm engages in import and/or export it is exposed to numerous risks. As a result firms operating outside their home country, have to deal with the economic conditions of the foreign country in which it wishes to operate in. One of the key issues firms involved in import and/ or export are faced with is dealing with foreign currency as this is the only means by which the exchange of goods or services is facilitated. To this end it is import to study and understand the impact which foreign currency has on international trade. Following the demise of the Bretton Woods agreement (1971) whereby exchange rates were allowed to float freely, managing foreign exchange has become important (Heakel, 2009). Consequently the prices of currencies were determined by market forces that is, demand for and supply of money (Mastry and Salam, 2007). Due to the constant changes in demand and supply which are in turn influenced by other external factors, fluctuations arise (Czinkota et al, 2009). As a result of these fluctuations firms are exposed to foreign exchange risks also known as currency risks. Firms trading in different currencies are exposed to three types of foreign exchange risks; economic, transaction and translational risk (Czinkota et al, 2009). Firms which are involved in international trade are exposed to economic and transaction risks as they both pose potential threats to the firms cash flow over time (Czinkota et al, 2009). Studies have shown that foreign exchange fluctuations can affect the value of a fi rms cash flow over time (Aretz, Bartram and Dufey, 2007, Judge, 2004, Bradley and Moles 2002, Allayannis and Ofek 1998, Chowdhry, 1995, Damant, 2002 and Wong 2001). More so, domestic firms although not dealing with foreign currency are also affected by foreign exchange fluctuations as the price of the commodity they trade in are also affected (Abor, 2005). Most of the extant literatures have focused on corporate risk management for financial firms and as such financial hedging with derivatives has been the central theme of currency risk management. On the other hand there has been evidence to show alternative methods exist for firms involved in international trade, these methods of managing foreign exchange risks involve strategic and operational risk management. However most of these studies have been carried out in isolation; financial hedging techniques carried out in isolation of strategic and operational hedging methods and vice versa. Little has been done to provide an integrated perspective, on utilising both techniques of managing foreign exchange risks with regards to international trade firms. This is the area in which the present study intends to explore thereby contributing to the overall literature Purpose of the Research Due to the nature of international trade which expose the firm to foreign exchange movements, thus subjecting the firm to currency risks, the purpose of this research is to explore how international trade firms deal with foreign exchange risk. The research focuses how import and export firms in the East Midlands manage their foreign exchange risk. This study also aims to explore the problems involved in managing those risks. Research Questions Consequently the research hopes to answer the following questions: Do import and export firms in the East Midlands actually manage their foreign exchange rate risks? How import and export companies in the East Midlands manage their foreign exchange risks? What problems they encounter with managing these risks? Definition of Key Terms Hedge A hedge can be defined as ââ¬Å"making an investment to reduce the risk of adverse price movements in an asset. Investors use this strategy when they are unsure of what the market will doâ⬠(Investopedia, 2010). Derivatives Derivatives are instruments whose performance is derived from an underlying asset (Arnold, 2002) Spot Rate The spot rate is defined as the rate of exchange quoted immediately if buying or selling currency (Watson and Head) International Trade This involves the flow of goods and services between nations; it involves import and/ export of goods and services (Harrison et al, 2000) The subsequent section provides a break down of how rest of the research is set out. Chapter 2: Literature Review; this chapter provides an overview of the research topic by mapping out the key areas; theories within the risk management and finance literature are identified, explored and analysed. The concept of risk and risk management is explored. A broad classification is made on the types of risks and this is then narrowed down to include foreign exchange risk. The chapter proceeds by exploring the concept of foreign exchange and foreign exchange risks; which include the types of foreign exchange exposures. The common techniques for managing foreign exchange risks are explored. This is followed by a review of relevant literature in the key areas of the research topic. Chapter 3: Research Methodology; in this chapter the research design and strategy are discussed. Chapter 4: Research Findings and Analysis; this chapter presents the findings of the research which were obtained from the questionnaire. The findings are presented using tables, graphs and charts, to enable the reader gain a clearer understanding. An analysis of the findings is carried out by cross-tabulating the responses of the respondent in order to observe for any commonalities and/or differences. Chapter 5: Conclusion and Recommendation; this chapter concludes the research and recommendations are made. Chapter 2: Literature Review 2.1 Risk Management- Risk is an intrinsic part of any business, due to unpredictability of the forces which govern business transactions such as political, economic and social conditions; risk is a factor which cannot be completely eliminated (Watson and Head, 2007). Arnold (2002) describes risk as a situation where there is more than just one possible outcome, but a range of potential returns. It can also be defined as the chance that the actual return from an investment will be different than expected (Lamb, 2008). From the above definitions, risk does not necessarily spell doom or does not necessarily have a negative connotation. Markowitz was one of the earliest academics to point this out, by establishing a link between risks and return (risk-return trade-off). Essentially the theory; Modern Portfolio Theory (MPT) involves expected return and the degree of accompanying risk for an investment (Yorke and Droussiotis, 1994). A central theme of this theory is that the greater risk an investor accepts th e higher the potential for increased returns (Yorke and Droussiotis, 1994). While MPT purports a positive correlation between risk and return, the fact that an investment can have a range of possible outcomes is an uncertainty which can be very costly. As a result risk management is also a part and parcel of business. Risk management can be defined as ââ¬Å"the performance of activities designed to minimize the negative impact (cost) of uncertainty (risk) regarding possible lossesâ⬠(Abor, p.307, 2005). The objectives of risk management are to minimize potential losses, reduce volatility of cash flow thereby protecting earnings (Abor, 2005). While the objective for risk management is to protect companies against financial loss thereby protecting the value of the firm, traditional finance theory such as that proposed by Modigliani and Miller suggests that the market value of a firm is determined by it earning power (Arnold, 2002). The basic assumption of Modigliani and Miller theorem is that in an efficient market; with the absence of taxation, bankrupt cy costs and information asymmetry, the value of the firm is unaffected by its capital structure (Arnold, 2002). However empirical research (list authors) has shown the existence of capital market imperfections, such as taxes, agency problems and financial distress exists thus justifying risk management (Chowdhry, 1995). Furthermore, MPT also suggests that the risk and volatility of an investment portfolio can be reduced, and the gains can be enhanced, all by diversifying the portfolio among several non-correlated assets (Pearce Financial, 2008). That is, investors can maximise their expected return for a given level of risk by diversifying their investments across a range of assets ((McClure, 2006). MPT involves risk management through diversification of investments. In a simplified expression, MPT is based on the idea of not ââ¬Ëputting all of ones eggs into one basket. 2.2 Types of Risk There are two broad classification of risks; Unsystematic and Systematic (Rossi and Laham, 208) Systematic risks refers to risks which affect the entire market due to events such as; exchange rate movements, changes in the price of commodities, war, recession and interest rates, however Unsystematic risks are risks which are specific to individual companies (reference). These distinctions were made by Sharpe (1960) in addition to Markowitz Modern Portfolio theory (MPT), the rationale behind it was that despite risk management practise through diversification, there were still underlying factors which affected the return potential of an investment portfolio. Chesnay Jondeau (2001) clearly point out that the correlation of assets which Markowitz talks about depends on other underlying factors and that the relationships are dynamic. They further found that major events such as general adverse movements in markets can significantly change the correlations between assets (Chesnay Jondeau, 2001). Empirical studies show that in financial crisis, assets tends to act the same, that is they are more likely to more become positively correlated, moving down at the same time (Ardelean, Brandt and Malik, 2009). Essentially, severe market crises will have a spill over effect and cause investments in several different asset classes or markets to succumb to sudden liquidation (Vocke and Wilde, 2000, Pearce Financial, 2008). However findings from Xing and Howe (2003) are contradictory, their findings show that the failure of previous studies to find a positive risk-return relationship may be as a result of model misspecification. Essentially they found that there was no agreement on the risk-return relationship amongst previous studies which had used data from one market (Xing and Howe, 2003). Thus they argued that the world market should be taken into consideration in assessing risk return-relationship in a partially integrated market (Xing and Howe, 2003). But then it only stands to reason that if markets are integrated partially or wholly, a catastrophic economic cycle such as financial crises would have an adverse effect on the world market. Thus clearly it does not matter how much one diversifies unsystematic risk, the underlying systematic risk is a problematic factor which has to be dealt with. 2.3 Foreign Exchange rate as a Systematic Risk Background Foreign Exchange rate can be defined as the ââ¬Å"price of one currency expressed in terms of anotherâ⬠(Arnold, p.973, 2002). For example, if the exchange rate exchange rate between the European Euro and the Pound is â⠬1.3 = à £ 1.00, this means that à £1 is equivalent to â⠬1.3. Foreign Exchange (Forex) is traded on the foreign exchange market, the purpose of which is to facilitate trade and the exchange of currencies between countries (Czinkota et al, 2009). The Forex market is an informal market which does not have a central trading place (Czinkota et al, 2009). Trade is carried out it is a 24 hour market as it involves financial institutions from around the globe, as trade moves from one financial centre to another (Arnold, 2002). Thus as one market closes in one region or continent another opens in a different place (Arnold, 2002). The major trading centres are in Tokyo, Singapore, London and New York (Waston and Head, 2007). The buyers and sellers of foreign c urrencies included exporters/importers; tourists; fund managers; governments; central banks; speculators and commercial banks (Arnold, 2002). However large commercial banks account for a larger percentage of Forex trading in the currency markets, as they deal currencies on behalf of customers (Arnold, 2002). They also undertake transactions of their own in an attempt to make a profit by speculating on future movements of exchange rates (Arnold, 2002). Foreign Exchange Risk After the demise of the Bretton woods conference (1973) exchange rates were allowed to float freely; exchange rates were no longer fixed and currencies were allowed to float freely in value to each other (Czinkota et al, 2009). However freely floating exchange rate poses problems for investors and firms alike who deal with different currencies as the uncertainty of exchange rate movements can have a positive or negative impact on an investment (Czinkota et al, 2009). Foreign exchange risk also known as currency risk is the ââ¬Å"risk that an entity will be required to pay more (or less) than expected as a result of fluctuations in the exchange rate between its currency and the foreign currency in which payment must be madeâ⬠(Abor, p.3, 2005). Thus considering the potential variability of Forex and the impact it can have on international investments and international business, irrespective of the business sector, it is clear that Foreign exchange risks can be classed as systematic risks. Forex risk is an un-diversifiable risk as it affects the entire market. Having established the relationship between Forex and systematic risk and understanding that it cannot be diversified the question which presents itself is, what can be done about it? Theory states that the only way out is to hedge this risk (Bartram, 2007), the decision to hedge will be examined in Section 2.7 2.4 Types of Foreign Exchange Exposure There are three types of foreign exchange risks or exposures; Economic exposure, Transaction exposure and Translational exposure (Maurer and Valiani, 2002). Transaction exposure is the risk that arises as a result of an existing contractual agreement involving a commitment in foreign currency, this sort of risk is primarily associated with import or exports (Arnold, 2002). For example a firm which exports goods from the UK to the US; will have an agreement (contract) that the US firm buying the goods will pay for the goods at a later date (could be 30, 60 or 90 days), however changes in the exchange rates to either currency (whether an appreciation or depreciation) will either positive or negative consequences for either firms. Transaction risks also come as a result of firms making foreign investments such as opening subsidiary branches (Arnold, 2002). These risks arise in the form of payment costs associated with constructing or establishing new branches (Arnold, 2002). In order to make the necessary payments, the home-based firm would exchange its home currency for foreign currency, thereby giving rise to potential transaction risk (A rnold, 2002) Translational exposure relates to a firms earnings; it involves a firms accounting practises (Waston and Head, 2007). This risk ââ¬Å"arises from the legal requirement that all firms consolidate their financial statement (balance sheet and income statement) of all worldwide operations annuallyâ⬠(Czinkota et al, p. 334, 2009). This implies that, as firms translate and consolidate foreign assets, liabilities and profits into domestic currency, there is the possibility of the firm experiencing a loss or gain (Waston and Head, 2007). This is mainly an accounting risk and as such give a real indication of the impact of exchange rate fluctuations on the value of a firm (Watson and Head, 2007). Economic exposure impacts a firms long-term cash flow, positively or negatively (Czinkota et al, 2009). This kind of risk not only affects firms involved in international trade but also has an impact on domestic firms as it can also affect the price of commodities sold (Czinkota et al, 2009). Furthermore, this sort of risk also undermines the competitiveness of a firm (Arnold, 2002). It can affect the firms competitive position directly if the home currency appreciates and foreign competitors are able to offer a much cheaper price, compared to the firms products which have become expensive as a result of the currency appreciation (Arnold, 2002). Economic risk can also affect a firms competitive position indirectly even if a firms home currency does not experience adverse movements (Arnold, 2002). For example Arnold (2002) illustrate that a South African firm selling in Hong Kong with a New Zealand firm as its main competitor can lose competitive edge if the New Zealand dollar weakens against the Hong dollar. Thus the products or commodity on offer by the New Zealand firm would be cheaper than that of the South African firm assuming both currencies (South African Rand and New Zealand Dollar) had a similar exchange rate against Hong Kong Dollar. Economic and transaction risk are more related to businesses involved in international trade, translational exposure more to do with accounting practises (Waston and Head, 2007). Consequently these are the foreign exchange exposure that will be focused on. 2.5 Foreign Exchange Risk and Natural Hedging The idea of applying natural hedging strategies as tools to hedge foreign exchange exposure is one that has received a lot of attention in recent times, as the concept focuses on using non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The various natural hedging strategies are explained below. Netting This technique relates to multi-nationals which have foreign subsidiaries, it involves reducing funds transferred by netting off the transaction between the parent company and the subsidiary firm (Watson and Head, 2007). For example ââ¬Å"if a UK parent owed a subsidiary in Canada and sold C$2.2m of goods to the subsidiary on credit while the Canadian subsidiary is owed C$1.5m by the UK company, instead of transferring a total of C$3.7m the intra-group transfer is the net amount of C$700,00â⬠(Arnold, p. 982, 2002). This implies that rather than both the parent and subsidiary firm managing their exposure separately they opt for a centralised management system to reduce the size of the currency flows. Consequently transaction costs and the cost of purchasing foreign exchange are mitigated (Arnold, 2002). Leading and Lagging This technique involves either settling foreign accounts by either postponing payments (lagging) till the end of the credit period allowed or prepayment (leading) at the beginning of the transaction (Watson and Head, 2007). It functions based on the anticipation a firm has that future exchange rates will either appreciate or depreciate (Czinkota, 2009). Thus if a firm anticipated a depreciation in its home currency, it lead its payments conversely if the firm anticipated an appreciation in exchange rate it would lag its payments. Invoicing in the Domestic Currency This method involves invoicing foreign customers in the firms domestic currency rather than in the foreign currency (Arnold, 2002). What this does is that it shifts the burden of risk to the foreign firm (buyer). Operational and Strategic Methods There is no one singular acceptable definition of operational hedging as it varies according to the context it is been used. Boyabatli and Toktay (2004) in their work, review and discuss a diverse cross section of views on operational hedging, they delve into the similarities in application methods of operational hedging across different academic fields. They discovered that although there were some differences in meaning in various academic fields; operations management, finance, strategy and international business, there were basic characteristics which were similar across all fields. On this basis operational hedging can be described according to its functionality. Bradley and Moles describe it as the decisions firms take in regards to the ââ¬Å"location of their production facilities, sourcing of inputs, the nature and scope of products, strategic financial decisions such as the currency denomination of debt, the firms choice of markets and market segmentsâ⬠(Bradley and Mo les p.29, 2002). It involves the use of non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The objective is geared towards reducing long-term economic exposures. Operational hedging can be said to be based on the principle of real options. Real options are ââ¬Å"opportunities to delay and adjust investments and operating decisions over time in response to resolution of uncertaintyâ⬠(Triantis 2000 cited in Boyabatli and Toktay p.6, 2004). 2.6 Hedging with Financial Derivatives The different types of financial derivatives are: Forwards and Futures, Foreign currency Options and Currency Swaps. Forward contract: This enables the business to protect itself from adverse movements in exchange rates by locking in an agreed exchange rate until the agreed date of payment (Brealey, Myers and Allen, 2006). The example given by Horcher and Karen (p.95, 2005) illustrate the concept further; ââ¬Å"a company requires 100 million Japanese yen in three months to pay for imported products. The current spot exchange rate is 115.00 yen per U.S. dollar, and the forward rate is 114.50. The company books a forward contract to buy yen (sell U.S. dollars) in three months time at a price of 114.50 and orders its merchandise. In three months time, the company will use the contract to buy yen at 114.50. At that time, if yen is trading at 117.00 per U.S. dollar, the company will have locked in a price that, with the benefit of hindsight, is worse than current market prices. If three months later yen is at 112.00 per U.S. dollar, the company will have successfully protected itself against a more exp ensive yen. Regardless of price changes, the company has locked in its yen purchase price at the forward rate of 114.50, enabling it to budget its costs with certaintyâ⬠. Futures Contract: A futures contract refers to an ââ¬Å"agreement to buy or sell a standard quantity of specified financial instrument or foreign currency at a future date at a price agreed between two partiesâ⬠(Watson and Head, 2007). Although it bears some similarities to the forward contract in that it also locks in the exchange rate, however one major difference is that a forward contract can be used in a wide range of currencies while the futures contract is applicable to a limited number of currencies (Brealey, Myers and Allen, 2006). Foreign currency Options: This gives holders the right to purchase or sell foreign currency under an agreement that allows for the right but not the obligation to undertake the transaction at the agreed future date (Brealey, Myers and Allen, 2006). One key advantage of this method of hedging is that it gives holders the opportunity to take advantage of favourable exchange rate movements (Watson and Head, 2007). However a non-refundable fee on the option known as an option premium is required (Watson and Head, 2007). Currency Swaps: A currency swap is ââ¬Å"an agreement between two parties to exchange principal and interest payments in different currencies over a stated time periodâ⬠(Watson and Hedge, p. 382, 2007). Basically what this implies is that a firm can gain the use of foreign currency but avoid exchange rate risk which may arise from servicing payments (Watson and Head, 2007). 2.7 A review of Literature on hedging This section critically examines the rationale for hedging foreign exchange risk. The rationale which has been put forward for hedging risk in the existing literature (Judge, 2004) is that it maximises shareholder value. The idea behind hedging any kind of risk in general is that once a firm takes on the responsibility of actively managing risk, shareholder value is increased, thereby increasing the overall value of the firm (Judge, 2004). However finance theory proposes that shareholders are diversified and thus are not willing to pay a premium to firms for adopting hedging policies (Rossi and Laham, 2008). So in that vein, theory proposes that what is actually being maximized is the managers private utility (Tekavcic, Sernic and Spricic, 2008). Essentially finance theory states that shareholders are diversified while managers of firms are not, so in a bid to protect their income and personal asset, which are linked to the firm, they hedge against uncertainty (Baranoff and Brockett, 2008). Within this theory shareholders are willing to take on risk in exchange for greater returns (risk-return trade off) and so they invest in companies which they believe can provide such high returns. Thus managers hedging risks can be said to lead to underinvestment, which then flaws the theory of risk-return trade off (Baranoff and Brockett, 2008). This theory is based on the premise that financial markets are efficient and as such hedging activities of firm would not add value to the firm (Rossi and Laham). In addition to the complexities of the above theory, when the concept of hedging is put into the context of foreign exchange movements; the Law of one price (LOP)/ purchasing power parity (PPP) suggests that identical goods are not affected by exchange rate variations (Hyrina and Serletis, 2008). The law of one price is the foundation of the theory of PPP which posits that similar goods should have identical prices across countries once expressed in a common currency (Hyrina and Serletis, 2008, Czinkota et al, 2009). Numerous studies have been carried out to test whether or not the theory holds, however there is no general consensus as to whether or not the theory is valid. Hyrina and Serletis (2009), Glen (1992), Choi, Laibson and Madrian (2006) found that there are some flaws within the theory as the real exchange rate is not stationary. Engel and Rogers (1996) examines the impact distance has on goods sold and whether the presence of national borders separating locations were these goods are sold, also have any impact on the law of one price. Empirical evidence from the research shows distance and border have significant role to play on the differences in price of goods (Engel and Rogers, 1996). More so, that market segmentation also leads to price differentiation (Engel and Rogers, 1996). This theory just like the first are both based on the principle that the market is efficient and as such inconsistencies such as movements in exchange rate even out in time (Zanna, 2009). Without attempting to disparage the above theories, in regards to the first theory, whether or not hedging is done to propagate the interests of managers, the fact is that, the basis of the theory (Efficient Market) is flawed as there are numerous empirical evidence (Nobile, 2007; Bartram, 2007, Allayannis and Ofek, 2003, Tekavcic et al 2008, Mastry, 2003) to suggest that there are imperfections in the financial market such as high interests rates, inflation, tax and of course foreign exchange movements which can affect a firm. Thus shareholders cannot afford not to be concerned about hedging as these imperfections in the market can affect the cash flow, profit and ultimately the overall value of the firm. Thus in the same vain PPP should not hold. In regards to PPP it is necessary to indicate that there are other factors which affect the price of goods sold across national borders. Bradley (2005) states that the prices of goods for each firm are influenced by numerous factors such as; Government policies, high inflation rates and corporate income tax and thus such prices of goods cannot be the same across different borders. So to state clearly the financial market is not efficient due to market imperfections. Thus movements in foreign exchange can affect the cash flow and overall value of the firm. Consequently it is necessary for firms to focus on how to manage this risk. 2.8 Review of literature on financial derivatives and operational Strategies The extant literatures on hedging exchange rate risks with financial derivatives have focused on corporate risk management. The main thrust of literatures from authors such as Mastry (2003), Bartram et al (2003) and Galum and Roth (1993) have carried out studies which are aimed at finding the optimal financial derivative. However there is no general consensus as to an optimal financial hedging position. The reason for this can related to basic financial theory which suggests that derivative instruments should be chosen based on the degree of exposure of the firm and the payoff that can be gotten from the instrument (Bartram, 2006). Essentially what this implies instruments with linear characteristics such as forwards, futures and swaps should be used for linear exposures, while instruments with nonlinear profiles such as currency options are suitable to hedging nonlinear exposure (Stulz, 2003). Put simply the theory suggests that after firms assess the nature of its exposure, all tha t needs to be done is choose a derivative which matches that exposure. However, contrary to financial theory Bartram (2006), Ianieri (2009) found that as a result of the flexible nature of options, options can be used to hedge various types of exposures and not just nonlinear exposures. Despite these findings, merely identifying the nature of exposure and matching it with a derivative is not enough. There are other factors which influence the decision on what derivatives to use besides the nature of exposure. For instance while an option is flexible and can be adapted to suit various types of exposures, it is also be a highly complex technical method to use. The problem with currency options is that they require highly skilled individuals who can understand and use it effectively. Ianieri (2009) states that even brokers who should know how to use this method have had bad experiences with it. In an alternative view, Masry and Salam (2007) in an attempt to understand the rationale for using financial derivatives found that the size of the firm impacts on a firms decision to use financial derivatives. A study conducted by Judge (2004) shows that there is a positive relationship between the size of the firm and the foreign currency hedging decision. The general idea is that large firms have numerous resources available to them; in terms of personnel and information, and as such they are more likely to hedge using financial derivatives (Judge, 2004). So in essence the transaction costs which accompany the use of derivatives would discourage small firms from opting to hedge with financial derivatives. On the other hand Kim and Sung (2005), Managing Foreign Exchange Risk in International Trade Managing Foreign Exchange Risk in International Trade MANAGING FOREIGN EXCHANGE RISK IN INTERNATIONAL TRADE WITH A FOCUS ON EAST MIDLANDS COMPANIES Abstract The purpose of this research is to investigate how international trade companies in the East Midlands manage foreign exchange risk. This study utilises descriptive statistics in presenting and analysing data from the primary research. The findings of the research indicate that a majority of the firms used broad business strategies in managing their foreign exchange risk. The main problems the firms had with managing foreign exchange risks centred on customer retention and receiving payments on time. The results also indicate that there were a few firms which took an integrated approach to mitigating foreign exchange risk. This research is of value to firms involved in international trade and also business development agencies which seek to assist firms which are planning to enter or are already operating in foreign markets. Chapter 1 Introduction International trade involves exporting and importing of goods or services across foreign borders and, as soon as a firm engages in import and/or export it is exposed to numerous risks. As a result firms operating outside their home country, have to deal with the economic conditions of the foreign country in which it wishes to operate in. One of the key issues firms involved in import and/ or export are faced with is dealing with foreign currency as this is the only means by which the exchange of goods or services is facilitated. To this end it is import to study and understand the impact which foreign currency has on international trade. Following the demise of the Bretton Woods agreement (1971) whereby exchange rates were allowed to float freely, managing foreign exchange has become important (Heakel, 2009). Consequently the prices of currencies were determined by market forces that is, demand for and supply of money (Mastry and Salam, 2007). Due to the constant changes in demand and supply which are in turn influenced by other external factors, fluctuations arise (Czinkota et al, 2009). As a result of these fluctuations firms are exposed to foreign exchange risks also known as currency risks. Firms trading in different currencies are exposed to three types of foreign exchange risks; economic, transaction and translational risk (Czinkota et al, 2009). Firms which are involved in international trade are exposed to economic and transaction risks as they both pose potential threats to the firms cash flow over time (Czinkota et al, 2009). Studies have shown that foreign exchange fluctuations can affect the value of a fi rms cash flow over time (Aretz, Bartram and Dufey, 2007, Judge, 2004, Bradley and Moles 2002, Allayannis and Ofek 1998, Chowdhry, 1995, Damant, 2002 and Wong 2001). More so, domestic firms although not dealing with foreign currency are also affected by foreign exchange fluctuations as the price of the commodity they trade in are also affected (Abor, 2005). Most of the extant literatures have focused on corporate risk management for financial firms and as such financial hedging with derivatives has been the central theme of currency risk management. On the other hand there has been evidence to show alternative methods exist for firms involved in international trade, these methods of managing foreign exchange risks involve strategic and operational risk management. However most of these studies have been carried out in isolation; financial hedging techniques carried out in isolation of strategic and operational hedging methods and vice versa. Little has been done to provide an integrated perspective, on utilising both techniques of managing foreign exchange risks with regards to international trade firms. This is the area in which the present study intends to explore thereby contributing to the overall literature Purpose of the Research Due to the nature of international trade which expose the firm to foreign exchange movements, thus subjecting the firm to currency risks, the purpose of this research is to explore how international trade firms deal with foreign exchange risk. The research focuses how import and export firms in the East Midlands manage their foreign exchange risk. This study also aims to explore the problems involved in managing those risks. Research Questions Consequently the research hopes to answer the following questions: Do import and export firms in the East Midlands actually manage their foreign exchange rate risks? How import and export companies in the East Midlands manage their foreign exchange risks? What problems they encounter with managing these risks? Definition of Key Terms Hedge A hedge can be defined as ââ¬Å"making an investment to reduce the risk of adverse price movements in an asset. Investors use this strategy when they are unsure of what the market will doâ⬠(Investopedia, 2010). Derivatives Derivatives are instruments whose performance is derived from an underlying asset (Arnold, 2002) Spot Rate The spot rate is defined as the rate of exchange quoted immediately if buying or selling currency (Watson and Head) International Trade This involves the flow of goods and services between nations; it involves import and/ export of goods and services (Harrison et al, 2000) The subsequent section provides a break down of how rest of the research is set out. Chapter 2: Literature Review; this chapter provides an overview of the research topic by mapping out the key areas; theories within the risk management and finance literature are identified, explored and analysed. The concept of risk and risk management is explored. A broad classification is made on the types of risks and this is then narrowed down to include foreign exchange risk. The chapter proceeds by exploring the concept of foreign exchange and foreign exchange risks; which include the types of foreign exchange exposures. The common techniques for managing foreign exchange risks are explored. This is followed by a review of relevant literature in the key areas of the research topic. Chapter 3: Research Methodology; in this chapter the research design and strategy are discussed. Chapter 4: Research Findings and Analysis; this chapter presents the findings of the research which were obtained from the questionnaire. The findings are presented using tables, graphs and charts, to enable the reader gain a clearer understanding. An analysis of the findings is carried out by cross-tabulating the responses of the respondent in order to observe for any commonalities and/or differences. Chapter 5: Conclusion and Recommendation; this chapter concludes the research and recommendations are made. Chapter 2: Literature Review 2.1 Risk Management- Risk is an intrinsic part of any business, due to unpredictability of the forces which govern business transactions such as political, economic and social conditions; risk is a factor which cannot be completely eliminated (Watson and Head, 2007). Arnold (2002) describes risk as a situation where there is more than just one possible outcome, but a range of potential returns. It can also be defined as the chance that the actual return from an investment will be different than expected (Lamb, 2008). From the above definitions, risk does not necessarily spell doom or does not necessarily have a negative connotation. Markowitz was one of the earliest academics to point this out, by establishing a link between risks and return (risk-return trade-off). Essentially the theory; Modern Portfolio Theory (MPT) involves expected return and the degree of accompanying risk for an investment (Yorke and Droussiotis, 1994). A central theme of this theory is that the greater risk an investor accepts th e higher the potential for increased returns (Yorke and Droussiotis, 1994). While MPT purports a positive correlation between risk and return, the fact that an investment can have a range of possible outcomes is an uncertainty which can be very costly. As a result risk management is also a part and parcel of business. Risk management can be defined as ââ¬Å"the performance of activities designed to minimize the negative impact (cost) of uncertainty (risk) regarding possible lossesâ⬠(Abor, p.307, 2005). The objectives of risk management are to minimize potential losses, reduce volatility of cash flow thereby protecting earnings (Abor, 2005). While the objective for risk management is to protect companies against financial loss thereby protecting the value of the firm, traditional finance theory such as that proposed by Modigliani and Miller suggests that the market value of a firm is determined by it earning power (Arnold, 2002). The basic assumption of Modigliani and Miller theorem is that in an efficient market; with the absence of taxation, bankrupt cy costs and information asymmetry, the value of the firm is unaffected by its capital structure (Arnold, 2002). However empirical research (list authors) has shown the existence of capital market imperfections, such as taxes, agency problems and financial distress exists thus justifying risk management (Chowdhry, 1995). Furthermore, MPT also suggests that the risk and volatility of an investment portfolio can be reduced, and the gains can be enhanced, all by diversifying the portfolio among several non-correlated assets (Pearce Financial, 2008). That is, investors can maximise their expected return for a given level of risk by diversifying their investments across a range of assets ((McClure, 2006). MPT involves risk management through diversification of investments. In a simplified expression, MPT is based on the idea of not ââ¬Ëputting all of ones eggs into one basket. 2.2 Types of Risk There are two broad classification of risks; Unsystematic and Systematic (Rossi and Laham, 208) Systematic risks refers to risks which affect the entire market due to events such as; exchange rate movements, changes in the price of commodities, war, recession and interest rates, however Unsystematic risks are risks which are specific to individual companies (reference). These distinctions were made by Sharpe (1960) in addition to Markowitz Modern Portfolio theory (MPT), the rationale behind it was that despite risk management practise through diversification, there were still underlying factors which affected the return potential of an investment portfolio. Chesnay Jondeau (2001) clearly point out that the correlation of assets which Markowitz talks about depends on other underlying factors and that the relationships are dynamic. They further found that major events such as general adverse movements in markets can significantly change the correlations between assets (Chesnay Jondeau, 2001). Empirical studies show that in financial crisis, assets tends to act the same, that is they are more likely to more become positively correlated, moving down at the same time (Ardelean, Brandt and Malik, 2009). Essentially, severe market crises will have a spill over effect and cause investments in several different asset classes or markets to succumb to sudden liquidation (Vocke and Wilde, 2000, Pearce Financial, 2008). However findings from Xing and Howe (2003) are contradictory, their findings show that the failure of previous studies to find a positive risk-return relationship may be as a result of model misspecification. Essentially they found that there was no agreement on the risk-return relationship amongst previous studies which had used data from one market (Xing and Howe, 2003). Thus they argued that the world market should be taken into consideration in assessing risk return-relationship in a partially integrated market (Xing and Howe, 2003). But then it only stands to reason that if markets are integrated partially or wholly, a catastrophic economic cycle such as financial crises would have an adverse effect on the world market. Thus clearly it does not matter how much one diversifies unsystematic risk, the underlying systematic risk is a problematic factor which has to be dealt with. 2.3 Foreign Exchange rate as a Systematic Risk Background Foreign Exchange rate can be defined as the ââ¬Å"price of one currency expressed in terms of anotherâ⬠(Arnold, p.973, 2002). For example, if the exchange rate exchange rate between the European Euro and the Pound is â⠬1.3 = à £ 1.00, this means that à £1 is equivalent to â⠬1.3. Foreign Exchange (Forex) is traded on the foreign exchange market, the purpose of which is to facilitate trade and the exchange of currencies between countries (Czinkota et al, 2009). The Forex market is an informal market which does not have a central trading place (Czinkota et al, 2009). Trade is carried out it is a 24 hour market as it involves financial institutions from around the globe, as trade moves from one financial centre to another (Arnold, 2002). Thus as one market closes in one region or continent another opens in a different place (Arnold, 2002). The major trading centres are in Tokyo, Singapore, London and New York (Waston and Head, 2007). The buyers and sellers of foreign c urrencies included exporters/importers; tourists; fund managers; governments; central banks; speculators and commercial banks (Arnold, 2002). However large commercial banks account for a larger percentage of Forex trading in the currency markets, as they deal currencies on behalf of customers (Arnold, 2002). They also undertake transactions of their own in an attempt to make a profit by speculating on future movements of exchange rates (Arnold, 2002). Foreign Exchange Risk After the demise of the Bretton woods conference (1973) exchange rates were allowed to float freely; exchange rates were no longer fixed and currencies were allowed to float freely in value to each other (Czinkota et al, 2009). However freely floating exchange rate poses problems for investors and firms alike who deal with different currencies as the uncertainty of exchange rate movements can have a positive or negative impact on an investment (Czinkota et al, 2009). Foreign exchange risk also known as currency risk is the ââ¬Å"risk that an entity will be required to pay more (or less) than expected as a result of fluctuations in the exchange rate between its currency and the foreign currency in which payment must be madeâ⬠(Abor, p.3, 2005). Thus considering the potential variability of Forex and the impact it can have on international investments and international business, irrespective of the business sector, it is clear that Foreign exchange risks can be classed as systematic risks. Forex risk is an un-diversifiable risk as it affects the entire market. Having established the relationship between Forex and systematic risk and understanding that it cannot be diversified the question which presents itself is, what can be done about it? Theory states that the only way out is to hedge this risk (Bartram, 2007), the decision to hedge will be examined in Section 2.7 2.4 Types of Foreign Exchange Exposure There are three types of foreign exchange risks or exposures; Economic exposure, Transaction exposure and Translational exposure (Maurer and Valiani, 2002). Transaction exposure is the risk that arises as a result of an existing contractual agreement involving a commitment in foreign currency, this sort of risk is primarily associated with import or exports (Arnold, 2002). For example a firm which exports goods from the UK to the US; will have an agreement (contract) that the US firm buying the goods will pay for the goods at a later date (could be 30, 60 or 90 days), however changes in the exchange rates to either currency (whether an appreciation or depreciation) will either positive or negative consequences for either firms. Transaction risks also come as a result of firms making foreign investments such as opening subsidiary branches (Arnold, 2002). These risks arise in the form of payment costs associated with constructing or establishing new branches (Arnold, 2002). In order to make the necessary payments, the home-based firm would exchange its home currency for foreign currency, thereby giving rise to potential transaction risk (A rnold, 2002) Translational exposure relates to a firms earnings; it involves a firms accounting practises (Waston and Head, 2007). This risk ââ¬Å"arises from the legal requirement that all firms consolidate their financial statement (balance sheet and income statement) of all worldwide operations annuallyâ⬠(Czinkota et al, p. 334, 2009). This implies that, as firms translate and consolidate foreign assets, liabilities and profits into domestic currency, there is the possibility of the firm experiencing a loss or gain (Waston and Head, 2007). This is mainly an accounting risk and as such give a real indication of the impact of exchange rate fluctuations on the value of a firm (Watson and Head, 2007). Economic exposure impacts a firms long-term cash flow, positively or negatively (Czinkota et al, 2009). This kind of risk not only affects firms involved in international trade but also has an impact on domestic firms as it can also affect the price of commodities sold (Czinkota et al, 2009). Furthermore, this sort of risk also undermines the competitiveness of a firm (Arnold, 2002). It can affect the firms competitive position directly if the home currency appreciates and foreign competitors are able to offer a much cheaper price, compared to the firms products which have become expensive as a result of the currency appreciation (Arnold, 2002). Economic risk can also affect a firms competitive position indirectly even if a firms home currency does not experience adverse movements (Arnold, 2002). For example Arnold (2002) illustrate that a South African firm selling in Hong Kong with a New Zealand firm as its main competitor can lose competitive edge if the New Zealand dollar weakens against the Hong dollar. Thus the products or commodity on offer by the New Zealand firm would be cheaper than that of the South African firm assuming both currencies (South African Rand and New Zealand Dollar) had a similar exchange rate against Hong Kong Dollar. Economic and transaction risk are more related to businesses involved in international trade, translational exposure more to do with accounting practises (Waston and Head, 2007). Consequently these are the foreign exchange exposure that will be focused on. 2.5 Foreign Exchange Risk and Natural Hedging The idea of applying natural hedging strategies as tools to hedge foreign exchange exposure is one that has received a lot of attention in recent times, as the concept focuses on using non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The various natural hedging strategies are explained below. Netting This technique relates to multi-nationals which have foreign subsidiaries, it involves reducing funds transferred by netting off the transaction between the parent company and the subsidiary firm (Watson and Head, 2007). For example ââ¬Å"if a UK parent owed a subsidiary in Canada and sold C$2.2m of goods to the subsidiary on credit while the Canadian subsidiary is owed C$1.5m by the UK company, instead of transferring a total of C$3.7m the intra-group transfer is the net amount of C$700,00â⬠(Arnold, p. 982, 2002). This implies that rather than both the parent and subsidiary firm managing their exposure separately they opt for a centralised management system to reduce the size of the currency flows. Consequently transaction costs and the cost of purchasing foreign exchange are mitigated (Arnold, 2002). Leading and Lagging This technique involves either settling foreign accounts by either postponing payments (lagging) till the end of the credit period allowed or prepayment (leading) at the beginning of the transaction (Watson and Head, 2007). It functions based on the anticipation a firm has that future exchange rates will either appreciate or depreciate (Czinkota, 2009). Thus if a firm anticipated a depreciation in its home currency, it lead its payments conversely if the firm anticipated an appreciation in exchange rate it would lag its payments. Invoicing in the Domestic Currency This method involves invoicing foreign customers in the firms domestic currency rather than in the foreign currency (Arnold, 2002). What this does is that it shifts the burden of risk to the foreign firm (buyer). Operational and Strategic Methods There is no one singular acceptable definition of operational hedging as it varies according to the context it is been used. Boyabatli and Toktay (2004) in their work, review and discuss a diverse cross section of views on operational hedging, they delve into the similarities in application methods of operational hedging across different academic fields. They discovered that although there were some differences in meaning in various academic fields; operations management, finance, strategy and international business, there were basic characteristics which were similar across all fields. On this basis operational hedging can be described according to its functionality. Bradley and Moles describe it as the decisions firms take in regards to the ââ¬Å"location of their production facilities, sourcing of inputs, the nature and scope of products, strategic financial decisions such as the currency denomination of debt, the firms choice of markets and market segmentsâ⬠(Bradley and Mo les p.29, 2002). It involves the use of non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The objective is geared towards reducing long-term economic exposures. Operational hedging can be said to be based on the principle of real options. Real options are ââ¬Å"opportunities to delay and adjust investments and operating decisions over time in response to resolution of uncertaintyâ⬠(Triantis 2000 cited in Boyabatli and Toktay p.6, 2004). 2.6 Hedging with Financial Derivatives The different types of financial derivatives are: Forwards and Futures, Foreign currency Options and Currency Swaps. Forward contract: This enables the business to protect itself from adverse movements in exchange rates by locking in an agreed exchange rate until the agreed date of payment (Brealey, Myers and Allen, 2006). The example given by Horcher and Karen (p.95, 2005) illustrate the concept further; ââ¬Å"a company requires 100 million Japanese yen in three months to pay for imported products. The current spot exchange rate is 115.00 yen per U.S. dollar, and the forward rate is 114.50. The company books a forward contract to buy yen (sell U.S. dollars) in three months time at a price of 114.50 and orders its merchandise. In three months time, the company will use the contract to buy yen at 114.50. At that time, if yen is trading at 117.00 per U.S. dollar, the company will have locked in a price that, with the benefit of hindsight, is worse than current market prices. If three months later yen is at 112.00 per U.S. dollar, the company will have successfully protected itself against a more exp ensive yen. Regardless of price changes, the company has locked in its yen purchase price at the forward rate of 114.50, enabling it to budget its costs with certaintyâ⬠. Futures Contract: A futures contract refers to an ââ¬Å"agreement to buy or sell a standard quantity of specified financial instrument or foreign currency at a future date at a price agreed between two partiesâ⬠(Watson and Head, 2007). Although it bears some similarities to the forward contract in that it also locks in the exchange rate, however one major difference is that a forward contract can be used in a wide range of currencies while the futures contract is applicable to a limited number of currencies (Brealey, Myers and Allen, 2006). Foreign currency Options: This gives holders the right to purchase or sell foreign currency under an agreement that allows for the right but not the obligation to undertake the transaction at the agreed future date (Brealey, Myers and Allen, 2006). One key advantage of this method of hedging is that it gives holders the opportunity to take advantage of favourable exchange rate movements (Watson and Head, 2007). However a non-refundable fee on the option known as an option premium is required (Watson and Head, 2007). Currency Swaps: A currency swap is ââ¬Å"an agreement between two parties to exchange principal and interest payments in different currencies over a stated time periodâ⬠(Watson and Hedge, p. 382, 2007). Basically what this implies is that a firm can gain the use of foreign currency but avoid exchange rate risk which may arise from servicing payments (Watson and Head, 2007). 2.7 A review of Literature on hedging This section critically examines the rationale for hedging foreign exchange risk. The rationale which has been put forward for hedging risk in the existing literature (Judge, 2004) is that it maximises shareholder value. The idea behind hedging any kind of risk in general is that once a firm takes on the responsibility of actively managing risk, shareholder value is increased, thereby increasing the overall value of the firm (Judge, 2004). However finance theory proposes that shareholders are diversified and thus are not willing to pay a premium to firms for adopting hedging policies (Rossi and Laham, 2008). So in that vein, theory proposes that what is actually being maximized is the managers private utility (Tekavcic, Sernic and Spricic, 2008). Essentially finance theory states that shareholders are diversified while managers of firms are not, so in a bid to protect their income and personal asset, which are linked to the firm, they hedge against uncertainty (Baranoff and Brockett, 2008). Within this theory shareholders are willing to take on risk in exchange for greater returns (risk-return trade off) and so they invest in companies which they believe can provide such high returns. Thus managers hedging risks can be said to lead to underinvestment, which then flaws the theory of risk-return trade off (Baranoff and Brockett, 2008). This theory is based on the premise that financial markets are efficient and as such hedging activities of firm would not add value to the firm (Rossi and Laham). In addition to the complexities of the above theory, when the concept of hedging is put into the context of foreign exchange movements; the Law of one price (LOP)/ purchasing power parity (PPP) suggests that identical goods are not affected by exchange rate variations (Hyrina and Serletis, 2008). The law of one price is the foundation of the theory of PPP which posits that similar goods should have identical prices across countries once expressed in a common currency (Hyrina and Serletis, 2008, Czinkota et al, 2009). Numerous studies have been carried out to test whether or not the theory holds, however there is no general consensus as to whether or not the theory is valid. Hyrina and Serletis (2009), Glen (1992), Choi, Laibson and Madrian (2006) found that there are some flaws within the theory as the real exchange rate is not stationary. Engel and Rogers (1996) examines the impact distance has on goods sold and whether the presence of national borders separating locations were these goods are sold, also have any impact on the law of one price. Empirical evidence from the research shows distance and border have significant role to play on the differences in price of goods (Engel and Rogers, 1996). More so, that market segmentation also leads to price differentiation (Engel and Rogers, 1996). This theory just like the first are both based on the principle that the market is efficient and as such inconsistencies such as movements in exchange rate even out in time (Zanna, 2009). Without attempting to disparage the above theories, in regards to the first theory, whether or not hedging is done to propagate the interests of managers, the fact is that, the basis of the theory (Efficient Market) is flawed as there are numerous empirical evidence (Nobile, 2007; Bartram, 2007, Allayannis and Ofek, 2003, Tekavcic et al 2008, Mastry, 2003) to suggest that there are imperfections in the financial market such as high interests rates, inflation, tax and of course foreign exchange movements which can affect a firm. Thus shareholders cannot afford not to be concerned about hedging as these imperfections in the market can affect the cash flow, profit and ultimately the overall value of the firm. Thus in the same vain PPP should not hold. In regards to PPP it is necessary to indicate that there are other factors which affect the price of goods sold across national borders. Bradley (2005) states that the prices of goods for each firm are influenced by numerous factors such as; Government policies, high inflation rates and corporate income tax and thus such prices of goods cannot be the same across different borders. So to state clearly the financial market is not efficient due to market imperfections. Thus movements in foreign exchange can affect the cash flow and overall value of the firm. Consequently it is necessary for firms to focus on how to manage this risk. 2.8 Review of literature on financial derivatives and operational Strategies The extant literatures on hedging exchange rate risks with financial derivatives have focused on corporate risk management. The main thrust of literatures from authors such as Mastry (2003), Bartram et al (2003) and Galum and Roth (1993) have carried out studies which are aimed at finding the optimal financial derivative. However there is no general consensus as to an optimal financial hedging position. The reason for this can related to basic financial theory which suggests that derivative instruments should be chosen based on the degree of exposure of the firm and the payoff that can be gotten from the instrument (Bartram, 2006). Essentially what this implies instruments with linear characteristics such as forwards, futures and swaps should be used for linear exposures, while instruments with nonlinear profiles such as currency options are suitable to hedging nonlinear exposure (Stulz, 2003). Put simply the theory suggests that after firms assess the nature of its exposure, all tha t needs to be done is choose a derivative which matches that exposure. However, contrary to financial theory Bartram (2006), Ianieri (2009) found that as a result of the flexible nature of options, options can be used to hedge various types of exposures and not just nonlinear exposures. Despite these findings, merely identifying the nature of exposure and matching it with a derivative is not enough. There are other factors which influence the decision on what derivatives to use besides the nature of exposure. For instance while an option is flexible and can be adapted to suit various types of exposures, it is also be a highly complex technical method to use. The problem with currency options is that they require highly skilled individuals who can understand and use it effectively. Ianieri (2009) states that even brokers who should know how to use this method have had bad experiences with it. In an alternative view, Masry and Salam (2007) in an attempt to understand the rationale for using financial derivatives found that the size of the firm impacts on a firms decision to use financial derivatives. A study conducted by Judge (2004) shows that there is a positive relationship between the size of the firm and the foreign currency hedging decision. The general idea is that large firms have numerous resources available to them; in terms of personnel and information, and as such they are more likely to hedge using financial derivatives (Judge, 2004). So in essence the transaction costs which accompany the use of derivatives would discourage small firms from opting to hedge with financial derivatives. On the other hand Kim and Sung (2005), spinapsodi1976http://www.blogger.com/profile/10652109813695266080noreply@blogger.com0