Consumer Culture - Research Paper Essay Example | Topics and Well Written Essays - 2500 words

Purchaser Culture - Research Paper - Essay Example The TV, be that as it may, in itself has carried incredible drawback to the human culture. In the twenty-first century, the TV is a significant supporter of industrialism. A theory on the start of American commercialization works from the setting of the mid 1940’s to the 1950’s. The Keynesian recreation standards and the prodded financial development conveyed new items conveyed expanded per capita pay to families. Occupations were rich, compensation flooded, and the Americans saw a promising nation that would convey recently choked out guarantees. Individuals wedded and bore kids at unheard of rates. Likewise, individuals purchased homes as rural areas quickly extended. From the mid 1940’s to the 1950’s, utilization was a type of energy. In this sense, people didn't forlorn enjoy unreasonable material want however saw such a conduct as conveying the objectives of the American country. It is theorized that this view is inferable from the Keynesian financial aspects which proposed utilization as the main method of raising the American economy out of the downturn. Family life and the house was the focal point of commercializati on. This clarifies the significant level acquisition of things, for example, clothes washers, fridges, vacuum cleaners, vehicles, and the TV. The American mind accepted that such machines would infuse innovation in their homes. For example, somewhere in the range of 1945 and 1959, Americans purchased 21.4 million vehicles and 20 million fridges (The Tupperware 1). The TV, particularly, turned into a key image of advancement and lives of individuals started relying upon the then great contraption (Gray 23). Such gratification would not have been conceivable without a mind-boggling impact, the TV. TV has the feelings that prod a decadent culture whereby people profoundly react to visual driving forces. In such a setting, people continually dream about items that can fill their lives. The American business scene

CSR in Nokia Company Essay Example

CSR in Nokia Company Essay Over the most recent couple of years, more associations are spending a fortune on their corporate social duty. This is expanding developing because of client relationship and intrigue appeared by the buyers in the two items and administration. Customers are having a brand devotion as well as are observing the organization in places where are working to check whether they will be ecological neighborly. In other to effectively examine the firm, the administrators of this organization are assessing their Impact on the individuals and the earth. Monika has done sensibly well and as yet setting objective or future year in other to completely actualize proposals and research result. Corporate Social Responsibility is of the most ideal approach to screen the advancement and face the difficulties going up against them. Each wealthy association has a task to carry out to support or increase the value of the economy where they work. Each organization that plans to develop and succeed must think about the individuals and the general public, e. G Must be socially mindful. This is the reason an organization like Monika, Invested such a great amount in other to see changes reflected In the manner in which they work together in the network where they works and changes In the versatile business. The change is perceptible as Monika has carried a great deal of Innovation to the portable Industry and during the time spent Investing and Influencing this change, there are explicit regions where the organization will consistently confront Issues and the level of difficulties concedes relying upon the locale where its being worked. We will compose a custom paper test on CSR in Nokia Company explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on CSR in Nokia Company explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on CSR in Nokia Company explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer A portion of the difficulties looked by Monika during the time spent working included yet not restricted to the accompanying:- Energy Conservation Monika has reliably diminished the power it produced to work additional time. In like manner 40% of the power utilized by Monika originates from sustainable power source sourcesl . Squander Management Monika has diminished the landfill squander by the greater part since 2008 and the organization has accomplished 98% decrease as at 2012. Material The organization is moving in the direction of supporting the utilization of reused materials. As at 2012, It Is utilizing about 66% reused materials on bundling and moving in the direction of expanding to 100%. Alcoves, 201 2) Other elements influencing Monika are In the zone of wellbeing security, item use, strategic and providers. This Is not impossible to miss to Monika but rather to each association where they esteem the Corporate social Responsibility (CARS). In other to comprehend the elemen ts and the difficulties looked by Monika, it is basic to SE the outer factors, for example, the Political, legitimate, social and the innovation to recognize and comprehend the economic situations where the organization is restricted, and therefore work out modalities that could help or continues Monika worldwide brand. POLITICAL Even however the center fundamental part of Ionians business Is interfacing individuals by means of versatile information correspondence, it is significant for Monika to see every territory where their organization Is domiciled. Considering this, It Is appropriate for Monika to comprehend the political scene of the economy as the administration must not be halfway In the dealings with corporate organizations. On the off chance that there Is a decent political structure in an economy, there is an inclination for Monika to develop yet where nature is This is probably the greatest part of versatile information Communication Company. The legitimate framework contrasts from one nation to the next and therefore Monika needs to comprehend the idea doing things right. It might be difficult to evade lawful issues in as much as agreements, exchange, understandings and tax assessment issues are include, however Monika can concentrate every nation method of activities better before adding contract, defaulting on charge issue. As appropriately put We go past current legitimate consistence, not only taking it a saline however as a beginning stage for additional improvement. Our objective is for our gadgets to contain no substances of concern. We consistently audit and update our substance rundown to conform to any new prerequisites or limitations. Besides, we consistently investigate and present new ecologically inviting materials. (Monika, Report 2012). SOCIAL The social factor is a significant determinant perspective to an effective Ionians activity. This will decide the ability of individuals to have the option to stand to purchase Ionians telephone. The division of the populace will figure out which age bunch folks what? This will be impacted by the buying intensity of the individuals. E. G. N Africa, greater part of the adolescent want to possess around three (3) telephones, one of which is the Ionians telephone because of the toughness of the telephone battery as most places don't have capacity to create power all alone, others will lean toward the state of the telephones while others are more worry with the substance of the telephone. Be that as it may, going to the Middle East, greater part of the young don't have more than one telephone yet will lean toward a work of art or sharp telephones. Individuals per capital pay will likewise show their buying ewer, regardless of whether more individuals can bear to purchase another Monika telephone or not. All these are a piece of the social elements influencing Ionians activity and development extension. Mechanical FACTORS Monika accepts such a great amount in speculation into portable innovation and the organization has spent huge measure of cash on mechanical headway. Without a proceeded with advancement and research, an organization can't endure and this is the place business condition esteems development. Individuals want to have a telephone with across the board versatile usefulness. It is one of such interest in innovation that is shown n the New Monika Lamina with 42 camera MSP. End For Monika to have endure this far implies that the organization comprehend the difficulties being confronted and therefore needs to persistently examine the political landscape of where they are working, comprehend the legitimate perspective and endeavor to improve the social standard of the individuals while putting more in versatile innovation. As expressed in the Monika report, manageability is tied in with releasing the capability of portable innovation to assist individuals with building better lives and a superior planet. Furthermore, its about limiting conceivable negative effects of our exercises. (Monika Report, 2012).

Tips for Coping With the Life-Changing Loss of a Spouse

Tips for Coping With the Life-Changing Loss of a Spouse Relationships Spouses & Partners Print Tips for Coping With the Death of a Spouse By Sheri Stritof Sheri Stritof has written about marriage and relationships for 20 years. Shes the co-author of The Everything Great Marriage Book. Learn about our editorial policy Sheri Stritof Reviewed by Reviewed by Amy Morin, LCSW on January 24, 2020 facebook twitter instagram Amy Morin, LCSW, is a psychotherapist, author of the bestselling book 13 Things Mentally Strong People Dont Do, and a highly sought-after speaker. Learn about our Wellness Board Amy Morin, LCSW on January 24, 2020 altrendo images / Stockbyte / Getty Images More in Relationships Spouses & Partners Marital Problems LGBTQ Violence and Abuse Losing a spouse can be devastating, whether the death is sudden or following a long illness. One day you are married; the next day you are single, alone, and grieving. Between the intense emotions, the lifestyle changes, and the many practical considerations that accompany the death of your spouse, you probably feel overwhelmed and anxious about your future. Advice for Dealing With Grief That Comes With the Loss of a Spouse Over time, the grief will likely subside and you will build a new life for yourself. In the meantime, here are some tips to help you cope. Go Easy on Yourself There is no right way to feel after losing your spouse. So many variables contribute to your reaction, including how long and happy your marriage was, how your spouse died, how old your children are (if you have them), and how dependent you were on one another. You may feel numb, shocked, brokenhearted, or anxious. You may feel guilty for being the one who is still alive or relieved that your spouse is no longer suffering if he or she was ill for a long time. You might even feel angry at your spouse for leaving you. You may cry a lot, or you may not. How you grieve is unique to you.?? Be prepared for friends and family who may not know what to say, avoid you, or try to comfort you with cliches (such as hes in a better place). Often, well-meaning people are uncomfortable talking about death, but it doesnt mean they dont care. If you can, tell those close to you what you need (or dont need). If people avoid mentioning your spouse, for example, and you actually want to talk about him, let them know. Keep in mind that your friends and family are also grieving and may find it comforting to share memories of your spouse. Take Care of Your Physical Health Grieving can take a toll on your body as well as your emotions. You may have no appetite or trouble sleeping. It may be easier said than done, but try to take care of yourself by eating well, exercising, and getting enough sleep. Try to avoid drowning your sorrows by drinking excessively, as that can actually exacerbate your pain. One study found that the risk of death for the surviving spouse goes up, particularly in the first three months of bereavement.??  Taking care of your physical health in the months after your loss is essential. Be sure to let your healthcare provider know if you are having trouble following through on everyday activities, like getting dressed or fixing meals for yourself. Seek Support Coping with the aftermath of loss is often extremely lonely and confusing, and it is not unusual to feel depressed. The loss of a spouse is also associated with an elevated risk of the onset of a number of different psychiatric disorders. Studies suggest that a lack of social support after an unexpected loss is a key predictor of depression.?? For this reason, it is important to reach out to other people in your life for help.  You may be inclined to turn inward, but youll probably fare better if you seek support from family, friends, your religious community (if you have one), or a counselor. Joining a support group with other people who are grieving can also be very comforting. Your healthcare provider, therapist, or local hospital can usually provide information on locating such groups. Numerous bereavement groups are available online as well. The 8 Best Online Therapy Programs Sort Your Social Life Navigating your social life as a single person can be complicated. If you and your spouse socialized with other couples regularly, you may not know how to fit in now. You may feel awkward going to parties and other events solo. Tell your friends how you feel and explain that you may need to avoid couples dinner parties and get-togethers for a while and see friends one-on-one instead. However, being single can also provide a welcome opportunity to seek out new friends. Consider volunteering or taking a class to motivate you to get out of the house and pursue something meaningful.?? Signs of Complicated Grief Losing a spouse is life-changing and profound grief is a normal reaction. Sometimes, though, grief is so profound that it interferes with your ability to move forward with your own life. This is known as complicated grief and it affects an estimated 7% of bereaved people. Signs include:?? Feeling as if you have no purpose anymoreHaving difficulty performing everyday activitiesExperiencing continued feelings of guilt, or blaming yourself for your loved one’s deathWishing you had died as wellLosing the desire to socialize If you cant get past these feelings, talk to your doctor or a therapist, who can recommend treatment options. A Word From Verywell As hard as losing a spouse is, it is possible to create a new and fulfilling life for yourself while still cherishing the memories of your relationship.

The Lesson Plan Is Centered Around The Students Learning...

The lesson plan is centered around the students learning more about animal adaptations. The lesson begins with the teacher reviewing on what animal adaptation means and what some animal adaptations are. After everyone understands what animal adaptations are, they begin a game. The students are to name six creative adaptions along with the names of six real animals. After they have on 12 items listed the students are to roll a dice twice and match the number with the adaptation the first time, and the animal matched with the number of the second dice rolled. After Everyone has played the game, they will draw a picture of their new animal and write a paragraph about the â€Å"new† animal and how the adaptations help it. The lesson is learner-centered because there is not a lot of direct instruction, the students are doing a lot of the learning with little bits of guidance. From the Annotated list of teaching techniques, I would say that this game is in the category of â€Å"dis covery learning†. The students have to rely on some of their prior knowledge to be successful in this activity. During the activity, the students are leading the activity more than the teacher because everyone should be actively involved in rolling the dice and creating animals with â€Å"new† adaptations. 3. Critique †¢ The first strength in this lesson is that the objectives are listed clearly and they fit nicely with the entire lesson. None of the objectives seem out of place or placed to fill the objectivesShow MoreRelatedThe Mother Tongue Language as the Medium of Instruction from Kinder to Grade 33204 Words   |  13 PagesAbstract This study analyzes the perception of BEED students of Taguig City University towards Mother Tongue Language as the medium of instruction from kinder to Grade 3. Through this study, it will identify if the students believe that the utilization of mother tongue in teaching Math and Science can elevate the competitiveness of every student. Based from the result of this study, it was found out that the BEED students prefer Mother tongue based education system in Math and Science. But theyRead MoreDynamic Learning Program3987 Words   |  16 PagesDynamic Learning Program â€Å"Learning by doing† and † Road map and a compass for learning†. The Dynamic Learning Program works on the principle of â€Å"learning is by doing†, it is student-centered, it’s a system of teaching that focuses on student activity rather than on traditional classroom lectures. The set-up is 70% student activity–30% lecture/discussion, and usually national experts do the majority of the lectures via video. 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All members of the board must take part in an Examiner Preparation Course. In addition to reviewing applications, board members play a significant role in sharing information about the Program. Their membership in hundreds of professional, trade, communityRead MoreEssay on Silent Spring - Rachel Carson30092 Words   |  121 Pagesoffprint from Gales For Students Series: Presenting Analysis, Context, and Criticism on Commonly Studied Works: Introduction, Author Biography, Plot Summary, Characters, Themes, Style, Historical Context , Critical Overview, Criticism and Critical Essays, Media Adaptations, Topics for Further Study, Compare Contrast, What Do I Read Next?, For Further Study, and Sources.  ©1998-2002;  ©2002 by Gale. Gale is an imprint of The Gale Group, Inc., a division of Thomson Learning, Inc. Gale and Design ® andRead MoreDrug Abuse in Hk8526 Words   |  35 Pagesescaping from reality? Recently, the upward trend of young drug users has been witnessed. More and more people are concerned about the misuse of drug because of its side effects. As drug abuse can be a suicidal behavior leading to the death of human and create serious addiction, it is not a matter that can be ignored or delayed. Other than seeking solutions for solving the problem of drug abuses, we are more interested in investigating the motivations hindered behind. For this reason, this paperRead Morepreschool Essay46149 Words   |  185 PagesCalifornia Preschool Learning Foundations Volume 2 CALIFORNIA DEPAR TMENT OF EDUCATION †¢ SACRAMENTO, 2010 California Preschool Learning Foundations Volume 2 Visual and Performing Arts Physical Development Health Publishing Information The California Preschool Learning Foundations (Volume 2) was developed by the Child Development Division, California Department of Education. This publication was edited by Faye Ong, working in cooperation with Laura Bridges and DesireeRead MoreOverview of Hrm93778 Words   |  376 PagesHuman Resource Management (MGT501) VU MGT - 501 T his subject/course is designed to teach the basic principles of Human Resource Management (HRM) to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of HRM whether you intend to work in HRM or not, most of these elements will affect you at some point in your career. Either you will be working with some organizationsRead MoreDefinition of Adolescent Development14194 Words   |  57 Pagesdevelop the ability to: †¢ Understand abstract ideas, such as higher math concepts, and develop moral philosophies, including rights and privileges †¢ Establish and maintain satisfying relationships by learning to share intimacy without feeling worried or inhibited †¢ Move toward a more mature sense of themselves and their purpose †¢ Question old values without losing their identity World Health Organization: WHO defines adolescence both in terms of age (10-19 years) and in terms of a phase

The Rhetorical Analysis Of Mary Crow Dog And Graduation By...

The rhetorical situation helps the audience understand all aspects of which the rhetor writes. When an audience understands the rhetorical situation, they are able to make a judgment on whether they believe the author to be credible or not, or their writing to be effective or not. Mary Crow Dog and Maya Angelou are both effective rhetors because their rhetorical situations work together to make their essays compelling. â€Å"Civilize Them with a Stick† by Mary Crow Dog and â€Å"Graduation† by Maya Angelou each introduce effective rhetorical situations as they establish their individual identity through their educational experiences. â€Å"Civilize Them with a Stick† by Mary Crow Dog and â€Å"Graduation† by Maya Angelou are each experts of autobiographies written about their own personal experience in school during the 1960s. Each author presents a specific argument that adds to their effectiveness as a rhetor. Crow Dog gives the argument that â€Å"ra cism breeds racism in reverse† (79); when we do not look at people as people, it gives us an excuse to treat them badly. The author explains that they are like animals and savages; the Indians being the animals, and the nuns and priests being the savages. Her argument is effective because it still applies in society today. The rhetor’s essay is kairotic because racism has always been a pressing issue and when Crow Dog went to St. Francis Mission School, it was during the time of the Civil Rights Movement. She was treated poorly there, and began to

Origins and Significance Free Essays

Among the elements of theatre, the costume is perhaps the actor’s most intimate physical tool during his performance. It completes the actor’s character, depicting his age, gender role, profession, social class, personality, from which he could draw more depth into his performance. And without the actor or narrator verbalizing it, the costume gives information as to the period/era, geographic location, season or weather, and time of day of the performance, thus making the costume an integral part of an entire production. We will write a custom essay sample on Origins and Significance or any similar topic only for you Order Now In addition, the costume helps establish relationships between characters (mother and daughter, or servant and master, for example) and illustrate a character’s emotional state, as in Chekov’s The Seagull where Masha wears black to reflect her melancholy (Baranger, 2006). Sceno:graphy, a theatre design website, expounds on costumes in theatre as â€Å"the final jigsaw in a complex character,† further detailing that it â€Å"is the personal expression of a character and within the world of a story it can also be used to create the collage that becomes theatrical design. The role of costume takes on greater meanings depending on the performance†¦ but also becomes part of the theatrical ‘picture. ’† The idea of using costumes in theatre can be traced from the ancient Greek times, with only the actor, manager, director, or wardrobe person was responsible for clothing worn on stage giving little attention to the unity of visual elements (Baranger, 2006). The use of costumes did not originate in just one place, however. In the different parts of the world where theatre is a significant part of the culture, costumes were used to identify the good from the evil, the human from the spirit or animal. Often, masks completed the costumes. In Ancient Greek drama, the actors wore large masks with exaggerated expressions. These masks fell into two general categories: tragic and comic. In Rome, masks were used in comedy and pantomime. During Renaissance, the commedia dell’arte made extravagant use of half masks covering the eyes and nose were used (Encarta, 2006). In old Asia, where the traditional pageants employed shiny and colorful costumes to portray the royalty, masks were required to represent the kings, princesses and grotesque characters. Japan has various and unique types of costumes, sometimes depending on the kind of theatre. In the No theatre, the costumes were intricate, formal and imaginative, usually bold in color and design, and made for a certain actor, and each had specific rules to follow. Kabuki costumes, on the other hand used big wigs and many different types of mask styles to match the character (Thinkquest, 2006). In Japanese theatre, color was used a lot to depict the emotions of a character: red for passion and super human power, blue for jealousy and fearfulness (Thinkquest, 2006), and so on. In Peking Opera, the actors wear long cuffs called water sleeves which they flick about to express emotions; warriors are identified by their heavily embroidered satin coats (Fisher, 2007). In India, several types of dance-dramas exist, the most popular of which is the kathakali, of which plots come from the Sanskrit epics Ramayana and Mahabharata. The performers wear brightly colored makeup in symbolic patterns and beards made of paper, and costumes comprised of layered wide skirts and disk-shaped headdresses (Fisher, 2007). Ancient Roman actors, on the other hand, developed a kind of code that would tell the audience about the character just by looking at them: a black wig meant the character was a young man, gray meant he was an old man, red wig meant the character was slave; a white robe meant the character was an old man, a purple robe meant he was a young man. Color, in the modern theatre, is also used to illustrate moods: black means depressing or evil’ white is purity, red is passion or anger, blue is cool and tranquil, magenta means royalty, green is peace and hope (Richardson, 1996). The role of costume in the modern theatre has not changed so much in the overall impact of a production. References Barranger, M. S. (2006). Theater. Microsoft ® Encarta ® 2007 [DVD]. Redmond, WA: Microsoft Corporation. Mask. (2006). Microsoft ® Encarta ® 2007 [DVD]. Redmond, WA: Microsoft Corporation. Richardson, S. (1996). WPI Technical Theatre Handbook. Retrieved November 9, 2008, from http://www. gweep. net/~prefect/pubs/iqp/technical_theatre_handbook. pdf. Scenography. Costume Design. Retrieved November 9, 2008, from http://www. sceno. org/articles/costume-design/ Sorgenfrei, C. F. (2006). Asian Theater. Microsoft ® Encarta ® 2007 [DVD]. Redmond, WA: Microsoft Corporation. Theatrical Costume. (2006). Microsoft ® Encarta ® 2007 [DVD]. Redmond, WA: Microsoft Corporation. Thinkquest. (2006). Japanese Theatre Costumes. Retrieved November 8, from http://library. thinkquest. org/05aug/00717/pages/costumes. html Wikipedia. Costumes. Retrieved November 9, 2008, from http://en. wikipedia. org/wiki/Costumes. Wikipedia. Costume Design. Retrieved November 9, 2008, from http://en. wikipedia. org/wiki/Costume_designer Wikipedia. History of Theatre. Retrieved November 9, 2008, from http://en. wikipedia. org/wiki/History_of_theatre How to cite Origins and Significance, Papers

International Business Theory Practice OFDI from India and China

The economic role of China and India has changed in recent decade. These countries have been usually regarded mostly suppliers of labor force by many foreign companies (Chang and Kartic, 166).Advertising We will write a custom proposal sample on International Business Theory Practice: OFDI from India and China specifically for you for only $16.05 $11/page Learn More Yet, now China and India begin to act as influential investors that bring capital to the economies of many developed countries, including Australia (United Nations, 9). Thus, it is necessary to understand how these investors will act in Australian economic environment and what their major strategies will be. First, it should be noted that there are different factors that contributed to the growth of outward investment from these countries. In this case, international business theory can provide some valuable explanations. First, one can speak about the liberalization of international trade a nd willingness of governments to establish partnerships that can be mutually beneficial. Yet, this question can be answered by applying the theory of comparative advantage. China and India try to invest in those areas in which foreign countries such as Australia are more productive or have more expertise (Wall and Minocha, 82). This strategy will enable China and India to exert more economic influence. According to the World Investment Report, in 2011 China was the firth largest FDI investor in the world (United Nations, 9). In 2007, Chinese investors brought more that $24 billion to Australian Economy (OECD Investment Committee, 2). India plays a less prominent role, but this country has become a more active OFDI investor (United Nations, 9). This numerical data indicate that the role of China and India in OFDI investment will grow, and Australia should be ready for this change. The FDI from China and India may take different forms. First, FDI from China is likely to take form of f orward integration, which means that Chinese investors will try to take control over those activities which are directly related to the distribution of products and services. The thing is that Chinese companies have access to cheap and qualified labor force, but they cannot control the marketing of goods or services.Advertising Looking for proposal on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Yet, one should not forget that Chinese investors are also interested in resource-seeking. In particular, they may be willing to invest in mining industry of Australia (International Business Publication, 68). The thing is that China’s economy is very much dependent on continuous supply or coal, natural gas, and iron oar. Thus, in this way, they try to gain access to cheap natural resources, and OFDI investment from China to Australia will be oriented toward this sector of economy (Voss, 16). Thus, one of their objective s can be backward integration. The strategies of Indian investors will also vary. On the one hand, the objective can be backward integration. India is not rich in natural resources, and Australian mining industry can be very attractive to the investors from this country. Secondly, they certainly wish to gain access to Australian customers. It should be noted that India exports clothing and textiles to Australia. Hence, they may invest in the major retailing companies of Australia. This discussion shows that Chinese and Indian investors pursue several objectives, such as resource seeking and entrance of new markets. Overall, the strategies of these investors will rely on the principle of comparative and absolute advantage. This means that they will try to invest in those areas in which Australia is more efficient and productive. Overall, their primary interest will be backward integration. Works Cited Chai, Chang and Roy Kartic. Economic reform in China and India: development  expe rience in a comparative perspective. London: Edward Elgar Publishing. International Business Publication. Australia Mineral and Mining Sector Investment  and Business Guide. Melbourne: IBP, 2005. Print.Advertising We will write a custom proposal sample on International Business Theory Practice: OFDI from India and China specifically for you for only $16.05 $11/page Learn More OECD Investment Committee. China’s Outward Foreign Direct Investment. New York: OECD, 2008. Web.http://www.oecd.org/investment/investmentfordevelopment/40283257.pdf United Nations. United Nations Conference on Trade and Development World  Investment Report. New York: United Nation Publishing, 2011. Web. Voss, Hinrich. The Determinants of Chinese Outward Direct Investment. New York: Edward Elgar Publishing, 2011. Print. Wall, Stuart and Minocha Sonal. International Business. London: Pearson Education, 2009. Print. This proposal on International Business Theory Practice: OFDI from India and China was written and submitted by user Elle Q. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

US Federal Court System Primer

US Federal Court System Primer Often called the guardians of the Constitution, the U.S. federal court system exists to fairly and impartially interpret and apply the law, resolve disputes and, perhaps most importantly, to protect the rights and liberties guaranteed by the Constitution. The courts do not make the laws. The Constitution delegates making, amending and repealing federal laws to the U.S. Congress. Federal Judges Under the Constitution, judges of all federal courts are appointed for life by the president of the United States, with the approval of the Senate. Federal judges can be removed from office only through impeachment and conviction by Congress. The Constitution also provides that the pay of federal judges shall not be diminished during their Continuance in Office. Through these stipulations, the Founding Fathers hoped to promote the independence of the judicial branch from the executive and legislative branches. Composition of the Federal Judiciary The very first bill considered by the U.S. Senate the Judiciary Act of 1789 divided the country into 12 judicial districts or circuits. The court system is further divided into 94 eastern, central and southern districts geographically across the country. Within each district, one court of appeals, regional district courts and bankruptcy courts are established. The Supreme Court Created in Article III of the Constitution, the Chief Justice and eight associate justices of the Supreme Court hear and decide cases involving important questions about the interpretation and fair application of the Constitution and federal law. Cases typically come to the Supreme Court as appeals to decisions of lower federal and state courts. The Courts of Appeals Each of the 12 regional circuits has one U.S. court of Appeals that hears appeals to decisions of the district courts located within its circuit and appeals to decisions of federal regulatory agencies. The Court of Appeals for the Federal Circuit has nationwide jurisdiction and hears specialized cases like patent and international trade cases. The District Courts Considered the trial courts of the federal judicial system, the 94 district courts, located within the 12 regional circuits, hear practically all cases involving federal civil and criminal laws. Decisions of the district courts are typically appealed to the districts court of appeals. The Bankruptcy Courts The federal courts have jurisdiction over all bankruptcy cases. Bankruptcy cannot be filed in state courts. The primary purposes of the law of bankruptcy are: (1) to give an honest debtor a fresh start in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has property available for payment. Special Courts Two special courts have nationwide jurisdiction over special types of cases: U.S. Court of International Trade - hears cases involving U.S. trade with foreign countries and customs issues U.S. Court of Federal Claims - considers claims for monetary damages made against the U.S. government, federal contract disputes and disputed takings or claiming of land by the federal government Other special courts include: Court of Appeals for Veterans ClaimsU.S. Court of Appeals for the Armed Forces

Slave Revolts in Ancient Italy

Slave Revolts in Ancient Italy According to Barry Strauss in * prisoners of war enslaved at the end of the Second Punic War rebelled in 198 B.C. This slave uprising in central Italy is the first reliable report of one, although it was surely not the first actual slave uprising. There were other slave uprisings in the 180s. These were small; however, there were 3 major slave revolts in Italy between 140 and 70 B.C. These 3 uprisings are called the Servile Wars since the Latin for slave is servus. First Sicilian Slave Revolt One leader of the slave revolt in 135 B.C., was a freeborn slave named Eunus, who adopted a name familiar from the region of his birth- Syria. Styling himself King Antiochus, Eunus was reputed to be a magician and led the slaves of the eastern section of Sicily. His followers wielded farm implements until they could capture decent Roman weapons. At the same time, in the western part of Sicily, a slave manager or vilicus named Kleon, also credited with religious and mystical powers, gathered slave troops under him. It was only when a slow-moving Roman senate dispatched the Roman army, that it was able to end the long slave war. The Roman consul who succeeded against the slaves was Publius Rupilius. By the 1st century B.C., roughly 20% of the people in Italy were slaves- mostly agricultural and rural, according to Barry Strauss. The sources for such a large number of slaves were military conquest, slave traders, and pirates who were particularly active in the Greek-speaking Mediterranean from c. 100 B.C. Second Sicilian Slave Revolt A slave named Salvius led slaves in the east of Sicily; while Athenion led the western slaves. Strauss says a source on this revolt claims the slaves were joined in their lawlessness by impoverished freeman. Slow action on the part of Rome again permitted the movement to last four years. The Revolt of Spartacus 73-71 B.C. While Spartacus was a slave, as were the other leaders of the earlier slave revolts, he was also a gladiator, and while the revolt centered in Campania, in southern Italy, rather than Sicily, many of the slaves who joined the movement were much like the slaves of the Sicilian revolts. Most of the southern Italian and Sicilian slaves worked in the latifundia plantations as agricultural and pastoral slaves. Again, local government was inadequate to handle the revolt. Strauss says Spartacus defeated nine Roman armies before Crassus defeated him.

3short questions Assignment Example | Topics and Well Written Essays - 500 words

3short questions - Assignment Example In addition, any government has a responsibility of protecting the rights and freedoms of her citizens which organizations tend to overlook so as to maximize their profitability. It is the duty of government agencies to ensure that workers’ rights and freedoms such as working conditions, salary and remunerations as well as working hours are observed. Government interference with business operations is also justified by the fact that this is one of the few ways in which business organizations can be forced to engage in operations that are legitimate (Macdonald 72). Such interference ensures that organizations restrict their operations as stipulated in the memorandum of association and article of association and do not engage in acts of lawlessness Businesses participate in politics through various strategies such as through the use of lobby groups and other business professionals. Business organizations sponsor lobbyists and professionals who act on their behalf to ensure that their organizations have made adequate contacts for with the politicians. Though there are rules and regulations that are made to prevent fraud and corruption, businesses through lobbyists end up breaking these rules particularly in the corrupt countries to bribe politicians (law makers) so that they can pass bills that favor their operations. The primary goals as to why business organizations involve themselves in politics are to get contact and to ensure that the elected political leaders are of their choice or are persons whom they share similar business ideologies. Politicians, who are in most countries law and policy makers can create a good business environment/climate that would make business organizations flourish or a hostile environment that would make it collapse (Macdonald 56). Government policies are some of the main factors that

The Marketing Planning Process Essay Example | Topics and Well Written Essays - 5000 words

The Marketing Planning Process - Essay Example Brick game developed by Lego is an ideal example of healthy toy that leads to develop creativity of children. However, this game is at its declining stage due to decreasing popularity among the emerging consumers. The word ‘Lego’ is a Danish word that means ‘play well’. The company was founded by the Ole Kirk Kristiansen who was also the inventor of world famous brick game. Since last 80 years, the company is operating and it has expanded its business in entire Europe, USA and some countries of Asia-Pacific region (Lego-b, 2010). Primarily, the company has developed its four objectives to meet its overall corporate objectives. These are â€Å"play promise – joy of building pride of creation†, â€Å"people promise – succeed together†, â€Å"partner promise – mutual value creation† and â€Å"planet promise – positive impact† (Lego-c, 2009). The progress report of the company distinctly describes specific areas of objectives. However, consumer satisfaction and safety is the first priority for the company and it is able to meet higher level of consumer satisfaction that makes it world’s fifth largest toy manu facturing company (Lego-d, 2010). Michael Porter developed the concept of value chain that includes entire activities of a business for improving firm’s overall value. â€Å"He referred to the internal chain of work process that deliver value to the immediate customer of the company, whereas the deliver value to the end customer was termed value system† (Andersen, Fagerhaug and Onsoyen, 2008, p.39). The following figure shows a model of value chain that is fit for toy manufacturing business of Lego. Lego has developed its entire value chain to meet its long-run and short-run objectives. Lego has developed its new â€Å"radical value chain management framework† (Valcon, n.d.). For manufacturing high quality and innovative games, the company has set up its plants in Denmark, Czech Republic, Mexico and Hungary. Many products and

The February 1917 Revolution

The February 1917 Revolution The two revolutions of 1905 and 1917 were both different in their own ways. The 1905 revolution was ultimately crushed but it was crucial and necessary in succeeding to overthrow the Tsar in the February revolution of 1917. Key factors that played a part in the 1905 revolution were exploited by Bolshevik leaders such as Lenin, Trotsky and Stalin in the 1917 revolution. These Bolsheviks who were exiled learned from the 1905 revolution and capitalized on this in the 1917 revolution. The 1905 revolution was caused by a numerous amount of reasons. Discontentment with living conditions in Russia amongst the people was the main instigator of the revolution. While Russias labor force grew, the living conditions of the workers diminished. This saw a need for a better way of life for the workers. The Russo Japanese War between 1904 1905 caused even more discontent between the workers and peasants because of the inflation the war had caused. The workers who just had enough to eat before the war now starved. On January 9 1905, Priest Father Gabon led a unarmed and peaceful march to the Winter Palace in St. Petersburg to present a petition to the Tsar demanding the end of the war, industrial reform, a constituent assembly and more civil liberties for the Russian masses. The petition does not blame the Tsar for all the problems that have been caused rather than blaming those who come between the Tsar and his people. According to Nelson this petition reflects continuing confidence in the Tsar as the source of initiative and change in the system.  [1]  However, the Russian guard unprovoked opened fire on the people killing and injuring many of them. This dramatic event ultimately lead to the erosion of the popular image of the Tsar and the major sustaining myth of the Tsarist structure.  [2]   These two events were the ultimate reasons for revolution in 1905. However, we must examine as to why the 1905 revolution failed to overthrow Tsar. The political parties that were involved in the 1905 revolution shared the same goal of overthrowing the Tsar but they were divided rather than united. Each of the political parties had their own way of tackling Tsardom. Because of this it allowed the monarchy to crush any form of resistance against Tsardom. The political parties also had discontent amongst themselves: the Mensheviks disagreed with the Bolsheviks and also the moderate Socialist Revolutionaries disagreed with the radical Socialist revolutionaries. This also lead to the internal structure of the parties being weak and struggling to overthrow the monarchy. The propaganda programs led by the political parties failed to secure the support from the masses. Their ideas did not represent the wishes of the masses for social and economic reforms. The social democrats promoted the creation of a Socialist State through a class struggle. However, many of the workers failed to understand the revolutionaries ideas and only wanted an improved economic livelihood. The Socialist revolutionaries campaigned for the government takeover of land , even though the peasants wanted just the land to be divided amongst themselves. The 1905 revolution was momentous as it was the first time in Russia millions of people took part in a revolutionary movement. In and around Russia, Soviets were formed and acted as a somewhat government and ordered the workers not to pay taxes and to go on strikes. The peasants also formed a peasant union which was replicated along with the Soviets in the 1917 revolution. According to Lenin, the 1905 revolution was the Great dress rehearsal for the February revolution of 1917.  [3]  These new forms of worker organizations would later be the centerpiece of the successful revolution of 1917. After Tsar Nicholas II signed the October Manifesto in 1905, it seemed as though the needs of the workers and peasants were met. This manifesto gave the people certain civil rights, introduced the Duma and turned Russia into a constitutional monarchy. Even though Tsar Nicholas II promised certain civil rights and the Duma in the October Manifesto, he abused it shortly after the 1905 revolution. This infringement of the October Manifesto also led to the beginning of the February revolution. World War I impacted the February revolution the same way the Russo Japanese War had impacted in 1905. Defeat and causalities in the war disheartened the Russian population and wanted the Tsar to withdraw from the war. Following on in March 1917, workers in Petrograd went on strike demanding food: whereas in 1905 the workers were striking for civil rights. The war had inflated the price of bread and the Russians were unable to afford it. In spite of the strikes, Tsar Nicholas II ordered the army to take care of the strikers but unlike in 1905 on Bloody Sunday were the troops opened fire, this time they teamed up with the people. Unlike what happened in the 1905 revolution, this saw the Duma set up a provisional government to rule the country and consequently the workers and troops followed setting up their own branches of Soviets. The provisional governments ruled as long as it obeyed by the wishes of the Soviets. At this stage in Russia, it created the opportunity for a political party to form and take control of Russia. Lenin who had been in exile, along with Trotsky comprised the Bolshevik party and began to win the support of the masses. Their main slogans were Peace, Land and bread and All power to the Soviets. This attracted the masses which promised them a sustainable way of life: unlike in 1905 were this was not seen. The Mensheviks and the Socialist Revolutionary party lost the support of the people as decided to continue fighting in World War I. Lenin, backed by the Red Guard soon took control over Petrograd and by October the Bolsheviks had complete control of Russia. The revolutions of 1905 and 1917 differed in their own individual way. In 1905, the workers and peasants revolted on their own and even though political parties had tried to seize control of Russia, they failed in each respect to have the organization and support to do so. However, as we see in 1917, the Bolshevik party was far more organized and structured which lead to them taking complete control. While Lenin and other leaders were in exile, they had learned from the 1905 revolution and this knowledge proved invaluable in how to gain support of the masses and the importance of propaganda. Propaganda had made a significant difference from both revolutions. In 1905, the political parties did not promise anything to the people. However, as we see in the 1917 revolution, slogans such as Peace, Land and bread proved pivotal and unquestionably made the revolution successful.

Ethics and Religion

ABSTRACT. Although it seems that ethics and religion should be related, past research suggests mixed conclusions on the relationship. We argue that such mixed results are mostly due to methodological and conceptual limitations. We develop hypotheses linking Cornwall et al.
s (1986, Review of Religious Research, 27(3): 266–244) religious components to individuals
willingness to justify ethically suspect behaviors. Using data on 63,087 individuals from 44 countries, we find support for three hypotheses: the cognitive, one affective, and the behavioral component of religion are negatively related to thics. Surprisingly, one aspect of the cognitive component (i. e. , belief in religion) shows no relationship. Implications for research and practice are discussed. KEY WORDS: religion, ethics, cross-national study Introduction The link between religion and ethics seems obvious (Tittle and Wlech, 1983; Weaver and Agle, 2002). Religions, through the values they embody, often build th e basis for what is considered right and wrong (Turner, 1997). Religion produces both formal and informal norms and provides people with a freedom/constraint duality by prescribing behaviors ithin some acceptable boundaries (Fararo and Skvoretz, 1986). Such norms, values, and beliefs are often codified into a religious code such as the Bible or the Koran. In Christian religions, for instance, the Ten Commandments provide a broad basis of codified ethical rules that believing Christians must K. Praveen Parboteeah (Ph. D. Washington State University) is an Associate Professor of International Management in the Department of Management, University of Wisconsin – Whitewater. Parboteeah
s research interests include international management, ethics, religion and technology and nnovation management. He has published articles in numerous academic journals including Academy of Management Journal, Organization Science, Decision Sciences, Small Group Research, Journal of Business Ethics , Journal of World Business, Management International Review, International Journal of Human Resource Management, R&D Management and Journal of Engineering and Technology Management. Martin Hoegl (Ph. D. University of Karlsruhe, Germany) is Professor at WHU – Otto Beisheim School of Management, where he holds the Chair of Leadership and Human Resource Management. Before joining WHU, he served on the faculties of Washington State University and Bocconi University (Milan, Italy). His research interests include leadership and collaboration in organizations, management of R&D personnel, knowledge creation in innovation processes, and the management of geographically dispersed collaboration. He has published in leading international journals, including the Academy of Management Journal, Organization Science, the Journal of Management, Decision Sciences, and others. John B. Cullen is Professor of Management at Washington State University. He has also served on the faculties of the University of Nebraska, the University of Rhode Island, Waseda and Keio Universities in Japan (as a Fulbright lecturer), and the Catholic University of Lille in France. Professor Cullen is the past president of the Western Academy of Management. Professor Cullen is the author or co-author of four books and over 60 journal articles. His publications have appeared in journals such as Administrative Science Quarterly, Academy of Management Journal, Journal of International Business Studies, Journal of Management, Organizational Studies, Management International Review, Journal of Vocational Behavior, American Journal of Sociology, Organizational Dynamics, and the Journal of World Business. He currently serves on the editorial board of the Journal of Leadership and Organizational Studies and has served on the editorial boards of the Academy of Management Journal and Advances in International Comparative Management Journal. Journal of Business Ethics (2008) 80:387–398
Springer 2007 DOI 10. 1007/s10551-007-9439-8 follow in order to actualize what they believe in (e. g. , salvation). In turn, through daily exposure to orms, customs, laws, scripts, and practices, religions impart societal members with values and produce expectational bonds or ‘‘reciprocal expectations of predictability’’ (Field, 1979) that eventually become taken for granted. Such values often provide guides for what are considered ethical behaviors for most of the world
s religions (Fisher, 2001). Furthermore, in societies where one or few rel igions are dominant, the overarching core values of these religions are likely to be mirrored in secular values of society (codified law or non-codified social norms), which regulate everyday activity and thical behavior. However, despite the above conceptual tie between religions and ethics, research has provided mixed conclusions on the relationship (Tittle and Welch, 1983; Weaver and Agle, 2002). For instance, some studies have found no difference between religious and non-religious individuals on unethical behaviors such as dishonesty and cheating (e. g. , Hood et al. , 1996; Smith et al. , 1975), while a negative relationship was found between use of illegal substances and individual religiousness (Khavari and Harmon, 1982). The results are no more definitive for studies linking religions to usiness ethics. For instance, Kidwell et al. (1987) found no relationship between religiosity and ethical judgments of managers while Agle and Van Buren (1999) found a small positive relati onship between religious beliefs and corporate social responsibility. Furthermore, even studies linking marketing ethics with religiousness have found insignificant results (Vitell and Paolillo, 2003), whereby religiosity was found unrelated to consumer ethics. Taken together, the above supports Hood et al.
s (1996: 341) view of research between religion and ethics as ‘‘something f a roller coaster ride’’ and the difficulty to reach definitive conclusions about the relationship (Weaver and Agle, 2002). We, however, believe that the mixed results are mostly due to the following conceptual and methodological issues. First, most studies tend to consider only unidimensional conceptualizations of religion, such as church attendance or religious affiliations (e. g. , Agle and Van Buren, 1999; Schwartz and Huisman, 1995). However, De Jong et al.
s (1976) empirical test of the multidimensional view of religion clearly shows that ‘‘religion seems far t oo complex an arena of human behavior – as iverse and heterogeneous as human behavior – not to include many different and unrelated types of variables’’ (Dittes, 1969: 618). Therefore, it seems important to consider more multidimensional measures of religiosity to get a richer understanding of the relationship between ethics and religiosity. Second, even those studies that have considered multiple dimensions have done so without regard for conceptual support for the choice of their dimensions (e. g. , Agle and Van Buren, 1999). In addition, some studies have even included numerous dimensions and chosen those dimensions hat fit their results (e. g. , Conroy and Emerson, 2004). We believe that it is crucial to consider theoretical models that guide the choice of dimensions. Third, most studies have considered only one religion (e. g. , Angelidis and Ibrahim, 2004; Conroy and Emerson, 2004). Given the similarities of what is considered ethical behavior by th e major world religions (Fisher, 2001), we suggest considering cognitive, affective, and behavioral components of religiosity (rather than specific religious denominations) as predictors of ethics. Fourth, Weaver and Agle (2002) argue that many f the ethical measures have been attitudinal and may thus suffer from social desirability biases. It is therefore important to consider measures that do not elicit socially desirable responses. Finally, many studies have emphasized narrow, and for this subject matter, peculiar samples of undergraduate and MBA students (e. g. , Angelidis and Ibrahim, 2004; Conroy and Emerson, 2004; Kidwell et al. , 1987). Thus, in addition to issues of generalizability to wider populations, Tittle and Welch (1983) have also warned that student samples should be viewed with skepticism given the role of eligion at such ages. Research is needed using more comprehensive samples that target representative populations in terms of age and culture. Given the above, we investigate the relationships between multiple dimensions of religion and ethics. We use data from the World Values Survey (WVS) (2000) to examine how specific dimensions of religion (Weaver and Agle, 2002) are related to ethics and thus incorporate multiple religious denominations and multiple facets of the Kidwell, J. M. , R. E. Stevens and A. L. Bethke: 1987, Differences in the Ethical Perceptions Between Male

Secret Answers to Parcc Lal Essay Samples Grade 8 Uncovered

Secret Answers to Parcc Lal Essay Samples Grade 8 Uncovered How to Find Parcc Lal Essay Samples Grade 8 Online If PARCC is the best way to move forward, it is critical that schools offer you the choice of taking the test on paper, a plan that a number of districts have implemented. The group will stick to the specific same process as before. If you are able to use the provided information in a smart way, you are going to be in a position to create your efficient study program. Summary Hiring a low-cost essay service may be a perfect option for students at one time crunch. You don't need to return to school to prepare for the GED test. If your aim is to pass the GED, then you have to learn about test-taking strategies. There are times some teachers aren't professional or don't explain a number of the lessons well. These practice tests permit students and educators to become more acquainted with the sorts of items that show up on the NJSLA assessments. 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The Pros and Cons of Hedging in Finance - Free Essay Example

Sample details Pages: 13 Words: 4029 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This paper compares a number of strategies for managing foreign exchange exposures. Never hedging, hedging every exposure in our strategies is using a forward exchange contract and hedging on alternative occasions using a forward exchange contract. According to the selective hedging, whether to hedge or not is a very important decision which depends on the future spot exchange rate, which is determined by a number of forecasting techniques. Don’t waste time! Our writers will create an original "The Pros and Cons of Hedging in Finance" essay for you Create order The techniques include the random walk, the large premia model and a volatility model. The paper takes the China RMB verses the USD and JPY into consideration. This research shows the United States exporter those using hedging always perform better than China and Japanese exporters who are not or never hedging. We will use Sharpes model and the minimum variance model to compare a variety of strategies. Foreign Exchange transaction exposure exists when firms have financial obligations due to be settled in foreign currencies. For example, a firm may be due to be paid foreign currency (FC) in 3 months for some goods it exported. When the FC is received, they will need to be converted into the firms home currency (HC). If during the 3 month period the value of the HC has appreciated against the FC, the firm will receive less HC for each unit of FC. Depending on the magnitude of the HC appreciation, this can be costly for the firm. In this case, the firm can protect itself against this outcome by managing the exposure utilizing any of a large choice of alternatives. The first purpose of this research is to test the hedging effectiveness of FECs. In accordance with existing literature, we will compare the hedged position and fully unhedged position to examine the performance of FECs. For those companies who have hedged, they will realize a good hedge may be one that reduces risk to some degree with nil or minimal impact on return. Those others may prepare to accept a significant reduction in expected return in exchange for complete certainty. As a result, any research, like this research, the objective of identification of the better decision, must be made apparently that defines at the outset what is best. In this paper, we used two methods. First, from the traditional finance utility maximization framework the risk/return tradeoff is considered. Drawing on the thread of literature with regard to equity portfolios and diversification and hedging, the Sharpe-ra tio model of Howard and DAntonio (1984, 1987) is used. Secondly, taking a narrower view of hedging, assuming that it is only concerned with risk reduction, the minimum-variance model of Ederington (1979) is used. The second purpose of this paper is to expand on the exposure management analysis above, by introducing selective hedging strategies that are implemented as a result of forecasts of the future spot rate. In the case above the hedger was passive. That is, the decision was between the two polar extremes of hedging every exposure with a FEC or remaining unhedged; there was no middle ground. In contrast, a selective hedger makes a judgment on each exposure. The forecasts will determine whether a particular exposure should be hedged with an FEC or remain unhedged. Part II: Literature Review Literature Review A number of streams of literature can be identified in the area of FX exposure management/hedging. Most fundamental is the debate as to whether firms should hedge. This debate has been well covered in the literature and finance texts, such as Smith, Smithson and Wilford (1990). The accepted wisdom is that the firm can add value by hedging due to market imperfections and economies of scale. Another stream of literature uses surveys to investigate whether firms hedge and why, characteristics of firms that hedge, and what methods/instruments are used to hedge. A particular stream of relevance to this paper concerns passive and selective hedging. The finance literature is rich with papers that preach the benefits to investors of international equity and debt investment. Eun and Resnick (1994) extended this work by considering the impact on the investment results when exchange rate risk is hedged with FECs. While the results were mixed for various asset classes, the study did show impro vement of the risk-return outcome when the international investments were hedged. Glen and Jorion (1993) concurred, though when they extended the analysis to include the use of Blacks (1990) universal hedge ratio found hedging added little improvement. Eun and Resnick (1997) next introduced the distinction between passive and selective hedging. They discuss the literature concerning the forward rate being an unbiased predictor of the future spot and the subsequent literature identifying the risk premium in the forward rate that makes them in fact biased estimators. Eun and Resnick identify Messe and Rogoffs (1983) work on the efficiency of the random walk that showed it superior to or at least the equal to any forecasting technique as offering a selective hedge indicator. The implication being that the current spot is the best indicator of the future spot. For an exporter receiving a foreign currency, the random walk would suggest only hedging by locking in the forward rate when it is higher (that is, a more favourable rate for the exporter) than the expected spot. Eaker and Grant (1990) used this strategy and found it produced superior results to always hedging. Up to the work by Eun and Resnick (1997) the evidence was mixed in that most studies found some improvement though the results ranged from large improvements to minimal (and in some cases none) for various portfolios. For example, Glen and Jorion (1993) found that selective strategies offered no improvement over a fully hedged strategy for a portfolio of the world bond or world stock index. Morey and Simpson (2001) have recently extended this work by considering different data and expanding the set of selective hedging strategies. They consider hedging only when the forward premium is historically large and when a relative purchasing power parity model indicates an incorrectly priced bilateral exchange rate. Using ex post efficiency frontiers and return per unit of risk to compare the strategies th ey find that for a 12 month time period the large premia strategy (by the terminology used so far in the current paper this is a selective strategy) gives the best result, superior to the selective strategy based upon the random walk. In addition, they note that in all cases the unhedged strategy performs better than the always hedge strategy. Part III: Hedging Strategies Evaluated and Date Hedging and Foreign Exchange Market Hedging is defined here as risk trading carried out in financial markets. Businesses do not want market-wide risk considerations which they cannot control to interfere with their economic activities. They are, therefore, willing to trade the risks that arise from their daily conduct of business. Whether in industrial, commercial or financial businesses, the financial assets loans, bonds, shares, stocks, derivatives they trade allow them to hedge the risks that accumulate in their balance sheets in the course of business. From the point of view of the corporates and other firms trading in these risks has been also very much at the centre of financial developments. Investors holdings of securities or long positions in shares and stocks, bonds or loans expose them to the sort of risks with which the securities are associated. Part of this risk stems from the unique features of the security, but part is related to more common characteristics shared across securities. Two common macroeconomic risks are those associated with the exchange rate and the interest rate risk in a given economy. These risks can often be traded separately (see below). Pooling securities together in portfolios takes advantages of the idiosyncratic nature of the risks they bear to reduce the overall risk that investors face. For example, including the shares of exporting companies and non-tradable services in an equity portfolio helps to reduce the overall risk of the portfolio to a fall in external demand. From the economys point of view, portfolio pooling spreads risk across investors. Overview of Transaction Exposures for Export A variety of exchange rate risk in the literature differ somewhat. There is broad agreement, however, that the relevant dimensions are: i) certain versus uncertain transactions, ii) long run versus short run and iii) risks concerning the value of cash flows versus risk concerning the valuation of assets. For the purpose of this paper: -Transaction risk refers to the impact of exchange rate changes on the value of committed cash flows (cash flows that lie in the future, but the nominal value of which is known). These are mostly receivables (payables) from export (import) contracts and repatriation of dividends. Usually, the time frame for committed transactions (the time between contracting and payment) is relatively short. However, it can in some cases reach several years, where deliveries are committed a long time in advance (e.g. US dollar-denominated forward sales of planes or building contracts). -Economic risk refers to the impact of exchange rate movements on the pre sent value of uncertain future cash flows. It comprises the impact of exchange rate variation on future revenues and expenses through both variations in price and volume. -Translation risk refers to the impact of exchange rate changes on the valuation of foreign assets (mainly foreign subsidiaries) and liabilities on a multinational companys consolidated balance sheet. Usually, translation risk is measured in net terms, i.e. net foreign assets minus net foreign liabilities. It is clear that importing firms also face exchange rate risk. Transaction risk arises from foreign-currency denominated imports in the same way as from foreign-currency denominated exports. The economic risk to which an importing firm is subject concerns the variation of its costs induced by exchange rate fluctuations. As in practice most multinational firms are at the same time importers and exporters, their exposure to exchange rate risk is limited to net cash flows in a particular currency. Finally, tra nslation risk arises from the holding of foreign assets irrespective of the net direction of trade flows. A gauge of the actual relevance of exchange rate risk for firms can be found in the literature. Muller and Verschoor (2006) use a sample of 817 multinational firms that are exchange-listed and have their headquarters in the euro area to estimate their exposure to exchange rate variations. They follow a widespread empirical approach by estimating the impact of exchange rate variations on the firms stock market returns, controlling for the returns of the entire market. Over the entire period 1988-2002, 22% of firms had significant exposure to the China RMB exchange rate, 14% to the USD and 13% to the JPY. The exposure takes a different sign depending on whether the firm is a net exporter or a net importer. Interestingly, the majority of firms in the sample with an exchange rate exposure are net importers, i.e. euro appreciation increases their share value. The exposure of net e xporters is as follows: 3% of firms have exposures to the Chinese RMB, 6.5% to the USD and 3% to the JPY. The exposure increases over the time horizon under consideration. Only 14% of firms in the sample have significant exchange rate exposure as measured over a one-week period, but 67% of the sample firms have exchange rate exposures when measured over a 54-week horizon. The authors suggest that short-term exposures are more effectively hedged than longer-term exposures. Geographically, the authors note a concentration of firms with significant exposures in China, Japan, the United States and Singapore. Methodology and Data In this paper, I choose 100companies in each country, which are China, United States, and Japan. The data we need is found from DataStream. The following data are the variables Im going to use in the analysis: Foreign Exchange Spot Rate in China, United States and Japan from 2001 to 2009. Foreign Exchange Forward Rate in China, United States and Japan from 2001 to 2009. Return of Stock in 300 sample companies in China, United States and Japan from 2001 to 2009. Variance of Return in this 300 sample companies in China, United States and Japan. The Risk Free Rate in the financial market of China, United States and Japan from 2001 to 2009. The Market Return in the financial market of China, United States and Japan from 2001 to 2009. A variant of the volatility model of McCarthy (2002) is used that recommends hedging when the spot rate displays excessive volatility. Excessive volatility always exists when the short term volatility of mean exchange rates is higher t han the mean exchange rates in long term volatility. We gauge the short term volatility by using the moving mean of the previous 6 months exchange rate versus 12 months for the long term. Equation 1 shows the model and the application for the short run calculation: Equation 1: Two measurements of better are employed. First, the minimum variance model of Ederington (1979) is used. This model, equation 2, compares the variance of the unhedged returns to the variances of the various hedged returns. The basis of the measure is that less volatility, as measured by the variance, is preferred to more volatility. From equation 3 it follows that a positive outcome indicates that the hedge has a lower variance and under this decision rule would be preferred. A negative outcome indicates that the hedge increases the volatility of the returns and therefore the firm would have been better off remaining unhedged. Equation 2: Secondly, the Sharpe-ratio model of Howard and DAntonio (1984, 1987) is used. In its standard form the Sharpe ratio provides a risk adjusted performance measure as shown in equation 3: Equation 3: It can be used as in equation 4 to measure the improvement in performance that hedging offers, (if any), over remaining unhedged. Equation 4: When hedged with a FEC, the real cost of the hedge is an opportunity cost. This is because when the contract is entered, the firm receiving the FC would immediately enter the FEC and hence forgo the opportunity to benefit from a favourable spot rate movement. That is, if the FC appreciates, the firm would have been better off without the hedge. Thus, the true cost of the FEC per HC worth of FC sold forward is represented by equation 5 and from these the mean and variance of each alternative is calculated for input into equation 4. Equation 5: The above rules we used in this paper is the monthly FX data from 2001 to 2009. Specifically, we considered the bilateral foreign exchange rates are the USD and the Chinese RMB, the Japanese yen (JPY) and the Chinese USD. To calculate the volatility model, we need the Foreign Exchange data for every month date in 12 months in the last 9 years. Because of some limitation of data, the Japanese Yen analysis takes the period December 2001 to December 2009 into account. If the consideration of large period has been given to us and the Subprime crisis in 2007 which seriously impacted on each of these economies in our 3 sample countries and the foreign exchange volatile in a large range, we also need to create two sub-periods. The foreign exchange rates we used in analysis are received from DataStream and its the mean exchange rates at the end of day. The RMB / USD rate is in American terms where the Chinese is the unit. The JPY / USD quotes are in Japan terms, thus the USD is the unit . Its important to distinct each other when the results are being translated. If we make an assumption that the analysis takes a Chinese firm exporting and receiving USD into consideration, the Japan exporter had better anticipate the Japanese Yen depreciated, when the Japanese and Chinese exporters would like to see the value of USD climb up. As what I have mentioned in part I, introduction, comparisons would be made between the hedging strategies and the unhedged option in each sample companies in each country. Hence we could conclude which one is better, hedging or remaining unhedged. Because in any scenario it has equal possibility that the actual future spot rate will turn out to be more or less than the locked in forward rate, intuitively we could expected that the alternatives methods should be shown as a better choice. We could always use a FEC, whether I would happen will rely on the accurate forecast on future foreign exchange spot rate. Part IV: Finding and Results I will present the results in two sections: the Sharpe ratio effectiveness and the minimum variance model effectiveness. Table 1 shows the Sharpe ratio effectiveness and table 2 displays the minimum variance model effectiveness. Therere separate sub-tables in 3 bilateral rates each other. As what we discussed above, because of the conventional method in quoting the foreign exchange rate price, a passive answer for the RMB/USD rate gives us an indication when we compare superior outcomes with the unhedged position, while for the other two quotes, a negative number tells us that its an inferior outcome if we compare it to the unhedged position. As mentioned in the previous parts, the unhedged value of a companies and these companies always use an FEC hedge, which will be representative of the extreme values, the remaining hedges could form a combination of these two and hence the value will always volatile within this range. A value of 0 is an indication that the hedge have the sa me outcome with remaining unhedged. Table 1 Minimum Variance model (All by 100) Chinese RMB 6 months: 1 2 3 4 5 6 7 8 9 Full 7.322 2.154 0.205 -0.009 -7.678 0.44 0.366 0.312 0.301 Period1 -4.072 1.378 -6.567 -7.023 -4.012 -5.321 -1.764 -1.685 -1.498 Period2 -6.341 -1.435 3.768 3.805 -6.789 0.012 -0.207 -0.301 -0.207 Chinese RMB 12 months: 1 2 3 4 5 6 7 8 9 Full -39.178 -14.091 -16.031 -15.987 -12.456 -2.943 -0.992 1.907 -1.112 Period1 -20.147 -6.908 -38.709 -8.976 -31.003 -20.965 -20.147 6.666 37.598 Period2 -36.668 -15.413 -10.056 -10.789 -10.123 2.069 1.509 1.509 1.760 USD 6 months: 1 2 3 4 5 6 7 8 9 Full -9.076 -0.701 1.778 3.588 0.668 -3.901 0.106 0.218 0.226 Period1 -3 5.098 -14.087 -10.668 -5.512 -7.418 4.508 -0.166 7.588 -0.203 Period2 -5.034 -1.995 0.106 0.851 1.287 -8.806 1.246 1.457 3.057 USD 12 months: 1 2 3 4 5 6 7 8 9 Full -68.687 -10.607 5.146 7.098 -0.769 -30.407 1.000 4.509 8.267 Period1 -98.098 -15.041 -9.908 -10.168 -4.009 -41.387 -0.186 5.969 -0.206 Period2 -6.032 -2.318 0.287 0.951 0.107 -8.145 -1.256 0.025 -1.287 Japanese Yen 6 months: 1 2 3 4 5 6 7 8 9 Full -5.988 0.315 0.456 0.379 0.654 -3.082 0.000 0.000 0.001 Period1 -12.097 0.987 0.965 0.957 0.998 -3.590 0.000 0.000 0.146 Period2 -2.033 1.809 1.967 1.478 1.889 -4.067 0.000 0.000 0.147 Japanese Yen 12 months 1 2 3 4 5 6 7 8 9 Full -40.345 1.235 1.7 98 1.113 1.356 -25.097 0.000 0.000 0.209 Period1 -55.413 1.376 1.132 1.111 1.985 -25.908 0.000 0.000 0.276 Period2 -20.137 1.965 1.065 1.478 1.259 -24.075 0.000 0.000 0.301 For the Chinese RMB, the results for Minimum Variance model has shown that the data in full period calculation was using FEC formula in both periods of 6 and 12 month, the results can always hedge alternative offers superior outcomes than the unhedged position performed. By calculating the data for period 1, we found that for both period 1 and period 2 are inferior. Be subject to some other alternatives, FEC calculation for the 6 month, and only the 6 combinations proved that its a poorer result for the full period. In period 1, all alternatives that use hedging always performed better than remaining unhedged. Period 2 shows a combination of results. For the 12 month FEC, in the full period, hedging choices significantly were better than remaining unhedged. This pattern is the same for period 1. Period 2 shows less effective results for hedging. By summarizing the results, they remain consistent between the 3 month and 12 month. The majority of outcomes (70%) show no matter they chose full hedging or selective hedging with FECs, it can perform better than remaining unhedged. An interesting result is the strong performance of the random walk model. For both the full period and for period 1, the random walk model provides a large group of outcomes with us research, which the best hedge is indicated. We have discussed the above that the random walk theory tells us that todays spot rate have the best impact on forecast of the future spot rate. We could learn from this study, which if the forward rate is a better rate than the current spot rate, we could use an FEC. If the current spot is more appropriate than the forward rate, we could choose to remain the position unhedged. For the USD, in period 1, it has the most positive results (a superior result to remaining unhedged) for both the 6 and 12 month about FECs. For the 6 month FEC within period 1, some of the volatility and combination 2 are much better than those who still remained unhedged. The one who always perform stronger than others would always choose to do the hedging then the random walk. For the full period and period 2, we dont even spot any improvement from hedging. It is difficult for us to make it stable to conclude that for the Chinese RMB any remaining unhedged choices cannot catch up with the performance of hedging alternatives, but we can realize that the FEC in the 12 month and random walk can provide us with some outstanding outcomes. For the JPY, we cannot totally prove tht hedging could provide better performance. For the 3 month FEC, however, we have figured out a group of positive outcomes and some consistent relationship with the USD in period 1. To summarize the Sharpe measure, for both the USD (always hedge ) and the Japanese Yen (random walk), the results do tell us something that hedging could always provide companies with a better performance. Minimum variance model effectiveness Table 2 displays a relationship with the Sharpe ratio; the minimum variance model for the USD shows a strong outcome in the scenario of hedging, whether it is always with an FEC or selectively. For both periods of the 6 and 12 months, hedging could always produce a superior result to those who is still remaining unhedged. Totally, 72% of the companies who used hedging can perform superior to those are remaining unhedged. Table 2 Sharpe Ratio effectiveness (All by 100) Chinese RMB 6 months 1 2 3 4 5 6 7 8 9 Full -0.588 -20.154 0.205 -18.007 -0.678 1.146 3.909 4.156 5.607 Period1 -45.072 -19.378 -16.532 -17.023 -47.012 -15.321 -3.764 -1.685 -1.498 Period2 16.341 -10.435 -23.768 23.805 16.789 6.012 6.207 6.301 6.207 Chinese RMB 12 months 1 2 3 4 5 6 7 8 9 Full -19.076 -50.701 -41.778 -23.588 -50.668 -3.901 -0.238 5.218 -0.226 Period1 -85.098 -84.087 -34.668 -5.512 -70.418 -24.508 -20.166 -17.588 -50.203 Period2 8.039 -21.995 -30.106 -30.851 -31.287 6.797 6.643 6.382 6.664 USD 6 months 1 2 3 4 5 6 7 8 9 Full -29.076 -0.701 -10.778 -3.678 2.668 -13.901 0.106 -1.218 0.226 Period1 37.021 24.087 10.668 15.512 -17.418 0.513 1.166 -7.588 -0.203 Period2 -50.034 -6.995 -10.106 -11.851 1.287 -18.806 1.246 1.457 3.057 USD 12 months 1 2 3 4 5 6 7 8 9 Full -42.684 -12.603 -15.143 -27.098 -0.769 -30.407 1.000 4.509 8.267 Period1 -89.012 -12.045 -15.348 -10.234 -4.009 -41.387 -0.186 5.969 -0.206 Period2 -26.032 -29.318 1.897 1.097 0.107 -8.145 -1.256 0.025 -1.287 Japanese Yen 6 months 1 2 3 4 5 6 7 8 9 Full -55.988 -0.315 0.563 1.232 1.321 -3.082 0.000 0.000 0.001 Period1 -27.097 -0.987 0.567 1.468 0.998 -3.590 0.000 0.000 0.146 Period2 -32.033 -1.809 1.897 20.786 1.889 -4.067 0.000 0.000 0.147 Japanese Yen 12 months 1 2 3 4 5 6 7 8 9 Full -47.346 10.235 1.798 1.113 1.356 -25.097 0.000 0.000 0.209 Period1 -60.466 21.376 1.132 1.111 1.985 -25.908 0.000 0.000 0.276 Period2 -30.186 17.965 1.065 1.478 1.259 -24.075 0.000 0.000 0.301 Between the USD and JPY, the results from table 2 indicate that theres no doubt that using alternative hedging could always produce a superior outcome to remaining unhedged. In fact, we still can not find any proof that can prove the usage of hedging alternatives would consistently perform better than those are not using hedging, but at the same time, there did exists some better outcomes received from hedging, After all, we cannot draw any conclusion that remaining unhedged is the better choice. Part V: Conclusion I will make this conclusion from the outcomes of the research. The general conclusion that can be drawn from the results is that over the period considered, always those who use hedging always perform better than those dont use for an exporter with an Chinese RMB exposure,at the same time those who is remaining unhedged dont have appearent advantages compared with hedging for both the USD and JPY. The only thing we concerned about is that the Chinese RMB is supportive of those who argue that firms confronting an foreign exchange exposure should always use hedging to act as their shield in predicting exchange rate movements. In accordance with the selective hedging alternatives, the random walk model could always do their work better, it is especially shown in Chinese RMB exposures. I made this conclusions from the findings, we wouldnt generally introduce USD and the JPY to a firm. In a short-term period, this is probably extremely dangerous, because substantial financial damage wou ld be occurred by the volatility of foreign exchange, but the results suggest that for firms that have exposures repeatedly over a long period of time that hedging offers no benefit. It seems that the method of comparing the outcomes, either Sharpe or minimum variance, does not significantly impact on the findings. In terms of further research, it would be of interest to extend the study to consider other currencies though it does become difficult in this region with fixed or at least pegged exchange rates. A case study or some survey work may also be of interest to discover what firms are actually doing, if anything, about this issue. The issue will continue to be an important one, as many of these countries do experience volatile exchange rate movements. At the time of writing the Chinese RMB is reaching a six year high vis a vis the USD.