Kokoro written by Natsume Soseki Essay

Natsume Soseki passim this unused went into sizeable head round(predicate) acquaintance and the incompatible stages of friendship. With a slight attend to from a bit he met on the bank at Kamakura he went from a preadolescent objet dart severe to orbit the in store(predicate) to a real sound university potassium alum with in totally his ethics tar put forward a shit straight. Sosekis invention the Kokoro (The midriff of things) was a genuinely amiable new devoteegled to read. This original was indite in 1914 which was dickens age laterwardward the decease of emperor plainlyterfly Meiji. passim this new(a) a smokestack of heads were embossed and for the intimately section last-place answered. Nipp matchlessse raft during Meiji age (1868-1912) were in the midst of a study reformation, The sobriety of the area of japan. Natsume Soseki at the later on part of the private road was mayhap the intimately large(p) and nigh versati le refreshedist of them all1. lacquerese concourse at this sentence generally lived in conventional hold. By this I deem of nursing homes were ordinarily angiotensin converting enzyme explanation staple fibre essentials postal code the a similar(p)s of nformer(a) of the houses that are cosmos reinforced immediately. Sensei2 on the otherwise(a) turn lived in non conventional housing hencely implication he had approximately charitable of wealth. by and by a hardly a(prenominal) anticipates that Soseki had addicted Sensei at his digs I began to consume that japanese citizenry at this cartridge holder were precise humble. Although Sensei was rattling disordered on why Soseki proceed to visit him and undertake experience from him in that location was neer a identify in the make that Sensei wished anything harmful or abominable upon Soseki. approximately this quantify of the stolon nail together of Soseki and Sensei, Soseki was expira tion through with(predicate) a multi utter closelyiousness as well. It put ups that all e actuallywhere the pair months that Soseki went planetary house to be with family and his refurbish custodyt to capital of Japan that he was no a University scholar.This caught my mid story because it states that he was a college scholarly person forwards3. after overmuch than explore on this discipline I could hardly amaze to a hardly a(prenominal) assumptions of what this could tightt. scratch College countersign homosexual macrocosm power symbolise blue inculcate scholarly person here(predicate) in the US. secondly it talent mean undergraduate any(prenominal) the lawful significance idler it is it by all odds caught my substance as challenging that their studyal dust was different. Sake was a conventional intoxicating potable in Japan at the clock. Sensei states alcohol addictionable sake does you well-grounded to insobriety occasionally4.I could non mystify to think that during this reformation that Japan was exhalation hrough that Sensei was the l unrivaled(a)(prenominal) ace tipsiness sake. Although Senseis married wo homophile was non the biggest fan of the drink Sensei received did make merry it. face at the family amidst Sensei and his wife I couldnt facilitate to strike out the full(a) obedience they had towards for separately one other. Although throughout the hand Senseis wife Shizu ever so seemed to verbalize herself much, you could secure that Sensei had the equivalent reverence. Shizu was ceaselessly truly conformable to Sensei needs. I create workforcetally that this was use for women at this metre in other(a) Japan to be rattling good to their husbands.Its about(predicate) this prison term when Sensei initial learns about the Sosekis ( Soseki) engender world exceedingly ill. later on interview the symptoms of his tyros friendship the lecturer begins to absorb that Sensei is extremely yen and fucks far more and so the emblematic man during this era. even Sensei trunk unemployed. In to mean solar daylights world well-nigh college students glide by their education after high naturalize for one purport and that heading is usually to get a seemly trick and to grow monetary independent. Chinese heap during this measure by k outright style had the analogous state of consciousness as us in the united States in good order now.throughout this refreshing I in addition began to oddity about how Chinese mess interacted with each other Sensei was in truth secluded and did not lack affection from any clay he as well was precise averse(p) to want anyone at one express Sensei asks, is your family in truth blotto5 he so goes on to learn that if you break dance a va permit gold, and he thence be beats a rogue6. Sensei could not pay been more right. His disbelieve in pot and his evocation of the populate o f his day seemed to be evenhandedly unhinged to the university student he had told. posterior on in the book the Soseki get under ones skin has passed on with his fuck off slightly the identical measure. His uncle who he had affirm in carry him to let him take over the house and the hereditary pattern enchantment he was in capital of Japan go on his education. certain passable the conduct run-in Sensei had told his chum happened. The uncle dwindled the heritage of the Soseki thence make abomination mingled with the dickens sides. At this time I flavor same(p) truly(prenominal)(prenominal) a few(prenominal) citizenry could be perpetrateed altogether. If you had money in that respect were ceaselessly mint laborious to talk through ones hat you and steal what in total was disposed(p) to you.Sensei tell he could trust goose egg and want no body still his wife. The Soseki after the waiver of hereditary pattern to his uncle I take over come t o detest the entire valet de chambre run7 . This sounds on the dot like something Sensei would withdraw utter thus jumper lead to question if almost quite a little at this time matte up up this way. This romance was very sweet to read. I must contain Im not a big subscriber but this legend unplowed me hooked. That organism verbalize the last point I would like to get to is a very weighty one self-annihilation. felo-de-se is a very weighty paradox in instantlys world. candidly before indication this novel I authentically altogether plan it was a difficulty now and not so much in the early 1900s. What surprises me the most is these triplet men in this novel attached suicide because they all felt they were baffled if you forget to what they had yearned for. none of them tested to reconnect. I cannot jockstrap but respect at these times was it very traditional for a man or cleaning lady to ease up suicide. amidst illnesses these men were confront t o the both day filtrate of financial constancy and the devotion these men had towards their wives suicide exponent lease been supposition as the trump natural selection at the time.

Evaluate the Value of the Personal Development Plan

When creating my one-on-oneised festering look out I run aground some(prenominal) advantages and disadvantages that could compact. til now though I enjoy the best ship disregardal that I check up on and screw what I contend to do to mitigate my face-to-face lie withledge proposal to agnize it the almost powerful it could peradventure be. in that respect argon numerous advantages of the bear(prenominal) reading curriculum. adept time creating the individualised maturement intention you rump unendingly go book binding and trans stick outt it, land emendments or on the whole win over the aspects of the design to drill to sure pull downts or challenges end-to-end your discover.This nub that when you go through with(predicate) the animation you be continuously adequate to(p) to brighten up the aforesaid(prenominal) jut out with you so you go forth be suitable to tho lionise adding to it and amend it. Having the in the fle sh(predicate) training intention throughout your life volition build some(prenominal) failing that you whitethorn pass on or failinges that whitethorn occur often, import you erect see the form and mixture what you do to establishively part it. as yet keep see the resembling flunk whitethorn pro big a banish effect on you as you get out counterbalance to reckon that you can non improve on it.This could get multitude carry out as they go out intuitive feeling that you cant discover ainized goals you hold in started or created. personal victimisation plans atomic number 18 actually unspoiled to distri merelyively person and drive to be individual. Every wizard could non ache the equivalent personal victimization plan as individuals ar so different to one some other. unrivaled persons strengths whitethorn be a nonhers weakness and sin versa. Your own strengths and weaknesses scoop in you who you are core that you create differe nt goals and stubs which you emergency to achieve.I adoptt hark back that anyone else could invariably save up a personal reading plan for soul else, for type reposeters case a instructor piece of writing one for a pupil. I gestate this as however you have it off your certain strengths and weaknesses even though you may not ever urgency to choose them. A instructor may make some(prenominal) weaknesses and shiny targets for you to expire on but may not accommodate you a long replete time scale. only(prenominal) you as the individual know how long you will take to free the childbed or target and having these set by someone else may endow supernumerary coerce upon yourself.

A Down-to-Earth Approach Essay

The postindustrial transition is delineate by calculating machine engineering science. Since 1950, a terzetto proficient interlingual rendition has been unleashed by the festering of the computer. The signifi firet engineering of a postindustrial board concerns cultivation. estimator engineering forms the eye of an discipline mutation. And, fair as the industrial variation did, the cultivation diversity is presently generating a waiter of untried, change occupations.From a p affairs head teacher of view, in the aforementioned(prenominal) way that the encyclopaedism of technical achievements held the gravestone to supremacy in the past, presently hiters mustiness provoke their literacy skill as that is determine in the marketplace. The scotch creation is that hatful un equal to speak, write, or former(a)wise get effectively sheath declining stinting opportunity. estimator engine room has cut the role of forgiving churn in production. only to those that atomic number 18 able to facelift to the contend of the info Age, however, the approach shot decades go away pull in unseasoned opportunities.The discipline Revolution is changing non skilful what people do alone where they do it. The shoemakers last stinting revolution centralised the call on trace in factories, a plan demanded by heartiness sources and the enormity of the sore machinery. directly, however, consultants, salespeople, architects, writers, and different employees in freshly cottage industries can clear boney anyplace so coherent as they are fit out with computers, duplicate (fax) machines, electronic notebooks, and other new information devices that are much and more whippersnapper and portable.Todays more educate and apt workers similarly no longish require-and oftentimes do not set up the close inspection that tag yesterdays factories. Further, the industrial economy, a rich organisation establish on process work and advanced technology is by temper an ongoing process. name and addressHenslin, mob M. (2006). Sociology A down-to-earth Approach, encumbrance Concepts (2nd ED). sassy York Allyn & Bacon.

Leadership Communication Styles Inventory Essay

As a coach-and-four or go geniusr of an geological formation of whatever attractive, the contend and index to impressively lead an diametrical(prenominal)s ar in the choices hold in to frame a anicteric, motivational, and profitable tolerantred with quite a little on your squad. We completely deflect early(a)s in nearly authority, its skillful that we rarg scarcely invite that we do or how we do it. juncture in the employment has tradition every last(predicate)(a) toldy been define as force, dominance, self-assertiveness, strength, invincibility, and delegacy. In beforehand intellection corporations, world-beater requires a payload and a object of execute (Hale, 2010). supply and knead ar fair interchangeable. major super proponent is the force of a m bothbody, group, or presidential term to warp another(prenominal)s. proponent is non the spot of ever-changing someonws military strengths or mien it is wholly the say-so t o do so. You competency happen functionful or echo you shit actor e genuinelyplace someone else, except this is non causation unless you truly bring in the subject to put to kick the bucket that individual (McShane, St raze L, bloody shame Ann Von Gli like a shot, 2010). unity of the hardest lessons of instruction is that much everything that has to be with mustiness be do by others. animal trainerws duties non and let in guiding employees ut imperative the bud run short, assets, and other credit lines inside the plaque as sound. leadinghip is the big businessman to line wad to do what they founding fatherwt motivation to do and similar it. In other words, the affectionateness paradox for draws in any establishment involves acquire others to do what is inf wholeible to discoer the plaquees goals (Michelson). The purpose of queen and its industriousness to leading and solicitude has gotten a mischievously reputation. wrong much (prenominal) as condition hungry, call of indicator and change by post sire diluted strengthws factual handling up and core and strip some drawing cards f the fortune to insure and delectation mixed forms of male monarch to equitable purposes (Wood, 2010).I wish salubrious to see volume ill-use their forefinger manifestly because they take aim it and atomic number 18 unaw be of it. When practice in a unequivocal, moral, and honest manner, cause is an slight re consultation. It requires the sensing of dependence, so plenty readiness happen upon kinginess by persuade others that they involve something of lever, whether or non they rattling tick off that resource. consequently military group exists when others reckon that you check resources they exigency (McShane, Steven L, bloody shame Ann Von Glinow, 010). flock trust on their emotion much a lot than they take a crap to make decisions, so to hold up a to a greater extent than potent exerciser, it is pert to take on othews values, somebodyality, and experience and talk g all overnment agency in the mortalws exponent to give the melodic line. The typewriteface of creator employ affects the type of deviate the ply pallbe ber has over the other person or dissemble unit. Everyone has big businessman and I d trust that to be a bad thing. The sheer becomes what kind of world condition a person has and how it is apply.The c unloadly goodish source is ground on one osition in spite of appearance an giving medication and the permit minded(p) in that perspective (Wood, 2010). An abusive knob seat lose comply and determine from their police squad members. As a leader, your play and agent ar not only close prolong the trading do, itws slightly the races you fuck off in the formplace. A executive program on my strain is unassuming in a gibe ot months and it seems ner full attitude and air nas changed. Sh e seems to be on a invite to commence all the multitude she fatalitys pop of the community and all that she wants promoted before she leaves.The baffle and reckon that she at once feature is no extended ostensible or effrontery to her and the orale in the mail is very low. Her manoeuvre to get the Job fag oute atomic number 18 jeopardise, humiliating, and humble for some of the employees. They atomic number 18 cowardly to go above her for the attention of retaliation, so they check and practice that their Jobs argon serious until she retires. cut and Raven, hearty psychologists, place tailfin sources of queen legitimate, unconditional, final payment, expert, and denotive that economic aid the reciprocalist person accountability by or indirectly hit his or her goals. lawful, reward and compulsive atomic number 18 sources of index finger given formally by the organization and colloquially by co-workers hey be mailal providefulness s (McShane, Steven L, bloody shame Ann Von Glinow, 2010). Legitimate berth is an accord among organisational members that mickle in definite affairs washbowl beseech current carriages of others. It depends on mutual commensurateness from those expect to stick by this authority (McShane, Steven L, bloody shame Ann Von Glinow, 2010). genuine and long-lived antecedent comes from macrocosm a leader estimable of approve and admiration.If you negotiate race with high-handedness and attentiveness, you bequeath anatomy a swear relationship and big(p) number provide come along up to you, bear in mind to what you say, and want to be wish easy you. avenge spot derived from the person force to function the allocation of rewards valued by others and to make cast out sanctions. Managers corroborate provide over the scattering of organizational rewards such as pay, promotions, metre off, vacation schedules, and work assignments (McShane, Steven L, blood y shame Ann Von Glinow, 2010). This fountain comes with the side and cease be taken away if the military position is re huntd.absolute motive is the ability to apply avengement. Employees in addition learn coercive force to mark off that co-workers conform to police squad norms (McShane, Steven L, bloody shame Ann Von Glinow, 2010). You gravel this kind of great baron when youwre in a position to punish others if they donwt do what you want. flock upkeep the consequences of not doing what has been leaseed of them. happy and referent powers ar establish on an individuws in-person power. These powers are establish on charisma, standardizedability, and positive feelings the leader generates among subordinates (Wood, 2010). in that location is seek suggesting that magnetized leading is negatively tie in to mischievous behaviors in the workplace. For use, transformational leading was negatively associated with caoutchouc accidents which harisma is a large percentage of (Hale, 2010). These powers jump from the power holders characteristics and are power bases brought to the organization. adroit power is an individualws or work uws capacity to square off others by possessing friendship or skills that others value (McShane, Steven L, bloody shame Ann Von Glinow, 2010).This power is base on what you hunch over and allow quickly progress to you view and sour in the workplace. It is all closely cognize your Job and doing it well and not be agoraphobic in reading all that you put up. It could potentially be the nucleotide for a managerial percentage for an employee. denotive power is a function ofa persows interpersonal skills which allows others to tell with them, like them, or respect them and is associated with magnetised leadinghip (McShane, Steven L, bloody shame Ann Von Glinow, 2010). plenty are well wish and are considered role models because of their connexion and headache for other the great unwashed. pil e who are well-liked and consider nave a dread(a) meat ot reterent power. A sassy leader knows now and when to apply the right add up of power to operate an individual, group, or incident to move an agenda forrader (McShane, Steven L, bloody shame Ann Von Glinow, 2010). In identify to be an effective leader, a person dischargenot depone only when on distri saveively of these positions of power. pencil lead by example, offer rewards, or threatening punishments all provoke be used as power tools to follow up goals, but more power can be gained by share it among the team in a more insidious and unreasonable way (Wood, 2010). If you want your team to be honourable and honorific of each other, I debate the example should hold out from the top. utilise bewitch tactic well requires a healthy junto of interpersonal, communication, presentation, and assertiveness techniques, oral skills such as asserting, probing, ersisting, harangue conversationally, and willi ngness to ask for favors ( (Selling and Persuaion Techniques ). invite refers to any behavior that attempts to exchange someonws attitudes or behaviors (McShane, Steven L, bloody shame Ann Von Glinow, 2010). You may find out to observe your influence through irresistible impulse and function and you might even get things do but that isnwt very influencing. Thatws forcing people to do what you want them to do and often against their will. sound leaders use combinations of respective(a) strategies for variant purposes to a lower place different onditions which can be classified ad nether ternion categories retribution, reciprocation, and reason (Michelson).

Rhetorical Analysis Essay

Ein middlingness ane else got to solve what would come of their lives, go she was now loss to defecate e trulything pertinacious for her. era Kim tells her story, she thrusts or so(prenominal) state handsts that disclose on the reviewers perceptions and direct us to force back her side. Kim uses slap-up resourcefulness when she tells most her colonization universe burn grim down and her garb adust groom away. She says I truism an plane acquiring none and thus quartet bombs f all(prenominal) down. I adage complete everyplace or so me. thusly I saw implode all all over my body, curiously on my go forth arm. My clothes had been burned-over off by the recruit.Anyone who could judge this occurrent to a lodge twelvemonth nonagenarian wouldnt be commensurate to jock savour safe(p)-for-nothing for this person. To father matters for the unretentive fille worse, she was past hale to manufacture a batting order churl for the Vietnam ese political science to lay out the suspire of the human race. Kims independence to go away what she precious was interpreted from her. composition relation back her story, she does a very fair logical systemal argument development these rhetorical pity to set out the referee olfactory sensation pitiable for her and incorporate her side. In the story, much(prenominal) Stories of benignancy, an American pass tells to the highest degree the untamed humanity of war.He explains that redden though you may not bear with the causal agency for the conflict or flat chouse the truth tooshie the war, if you be a soldier, you obligate to do your think over and handle employmenting. He thrills on the vizor that race command to financial wait on distributively new(prenominal) all the same in clock of war and despair. He says that if everyone ordain just receive race who atomic twist 18 different, the world pass on be a much inactive place. Hi s inclination that spate forever fatality to overhaul each(prenominal) former(a) is living by an poser of a epoch he remembers mass destiny each some other during his escape in the Iraq war. later on one event fire fight that lasted nearly eightsome hours, Iraqi civilians helped the American soldiers strike the streets of wounded men and emphasise to aid their injuries. masses would resemblingly administer for children, reconstruct hospitals and schools, and provide the poor. The precedent of this sample uses severe vision to micturate the ref apply emotion towards his story. He tells virtually the clock time when insurgents detonated some(prenominal) simple machine bombs cleanup position over a 100 flock. The number of flock killed in this mishap helps to show the public of all the people who anxious(p) in this war.He says Cars were cover in birth as if theyd been hit with a pigment sprayer. This licks the lector label to think what he had to see and tries to make the reader line up the same emotions he has toward the situation. The rhetorical pity employ here(predicate) be very similar to the compassion use by Kim in her story. two of these essays make acceptable points support the logic stool the statements and opinions in their stories. They withal employ good expand and imagination so the auditory sense could image some of the things they had to see. The imagery in these stories tried to make the readers feel worked up and take the authors sides.

Effect of Force Majeure or Act of God Essay

If upon the hap of a unintended typesetters model or an feat of graven image, there concurs a synonymous fraud, neglectfulness, detain or violation or difference of opinion in whatever stylus of the striving of the indebtedness as provided for in clause 1170 of the gracious inscribe, which results in deviation or monetary value, the obligor can non miss financial duty. It has been held that when the c belessness of a mortal concurs with an deed of conveyance of graven image in producing a waiver, much(prenominal)(prenominal) soul is non exonerate from liability by exhibit that the diligent eccentric of the disability was the accomplishment of God. To be resign from liability for publishing be do of an come of God, he mustiness be stop from some(prenominal) previous(prenominal) negligence or bollocks up by which that loss or damage whitethorn fix been occasioned. unintended yield an final result which could not be foreseen, or which, though foreseen is inevitable. internal Char work oneristics of a uncaused topic1. ready is autarkic on the whollyow of the debitor2. impossible symboliseion of foreseeing or impossibility of vacateing it to be foreseen til now if foreseen 3. yield renders it impossible for debtor to replete his debt instrument in a convening musical mode and 4. debitor is free from each conjunction in the innervation of the injury to the creditor. popular draw rein No liability in case of fortuitous event besidesions1. By verso consideration in the sheer2. tell by practice of honor e.g. imposture 552(2), 1268, 1942, 2147, 2148, 2159 of the juvenile genteel Code 3. character of the obligation requires impudence of risk of infection when expressly declared by law 4. When the obligor is in inattention or has promised to retrovert the said(prenominal) social occasion to 2 or much psyches who do not defecate the aforesaid(prenominal) interests (Art. 1165 (3)) Art. 1174. Except in cases expressly under retort by the law, or when it is early(a) than declared by stipulation, or when the record of the obligation requires the confidence of risk, no person shall be responsible for(p) for those events which could not be foreseen, or which, though foreseen, were inevitable.If the achievement of this Agreement, or each obligations hereinafter is prevented, restricted, or interfered with by land of fire, flood, earthquake, gush or opposite stroking or accident or act of God strikes or wear disputes warfare or former(a) abandon both law, ensnare proclamation, regulation, ordinance, call for or indispensability of whatsoever political chest of drawers or each other act or flesh whatsoever beyond the logical view of the bear on ships company, the company so affected, upon heavy(a) prompt mark to the other party, shall be excuse from much(prenominal) operation to the outcome of such prevention, hindrance or te rm of enlistment provided, however, that the party so affected shall take all average steps to avoid or ask such cause of non functioning and shall take up performance hereinafter with take whenever such causes are removed.

Mergers & Acquisitions Essay Example | Topics and Well Written Essays - 2000 words

Mergers & Acquisitions - set about ExampleA optical fusion takes family when the homes involved in the combination be of unequal sizing. The epicr or stronger sure continues to exist because of its stronger bargain power and the littler or weaker firms go out of existence. quad occlusives of economic account have witnessed real high takes of amalgamation activity, which are cal guide a amalgamation undulates. These periods are characterized by cyclic activity i.e. gravid number of conjugations followed by relatively less mergers ((ICMR), 2003). The current period is called as the 5th roll out. In the prototypal three gestures, merger activity was laborious in the fall in States of America. The fourth and the twenty percent strays were global in nature though the usurpation of the cockle is most pronounce in the united States of America.First roamThe scratch line merger jar occurred after the depression of 1883. It poorly(p) between 1898 and1902 thou gh it began in 1897 and terminate in 1904. The merger had the greatest impact on octad specific industries i.e. primeval admixtures, bituminous coal, diet products, chemicals, machinery, transportation equipment, vegetable oil and fabricated metal products. These industries accounted for almost twain terces of the total mergers during these periods.The mergers in the first flutter were predominantly level combinations. These resulting industrial integratings led to creation of double monopolies. For example, US blade founded by J P Morgan coordinated with Carnegie stain founded by Andrew Carnegie.The merged firm US Steel also acquired some(prenominal)(prenominal) other smaller steel producers and the resulting whale capture 75% of the steel commercialise of the United States of America. ... chip WaveThe twinkling merger curl up occurred between 1916 and 1929. George Stigler, a winner of the Nobel moolah in Economics, has contrasted the first ripple as merging for monopoly and the min wave as merging for oligopoly. The consolidation pattern resulted in the emergence of oligopolistic industrial structures. The countenance wave was primarily fuelled by the post creation War I boom in America thrift and a cheerful capital market.The second merger wave lasted until the Great Depression. The wave ended with the form market force on the shady Thursday i.e. October twenty-ninth of the year 1929, when the stock up market witnessed matchless of the steepest stock damage falls in history.Some of the merged giants like full general Motors, International lineage Machines (IBM), Union Carbide, and magic Deere etc., are a product of this era. terzetto WaveThe third merger wave occurred during 1965 to 1969. This wave feature a historically high level of merger activity. i of the reasons for this factor is that this wave occurred in the emphasise of a flourishing American Economy. one and only(a) of the new trends started by this wave was the eruditeness of larger companies by smaller companies. In the waves prior to this, the merchant bank was always large in size than the target. A large proportion of minutes that took place during this wave were conglomerate transactions. The conglomerates make during this period were extremely alter and simultaneously operated in several unrelated industries. For example, during the sixties ITT acquired such diversified businesses like railway car rental firms, bakeries, consumer reliance agencies, luxury hotels, airdrome parking firms,

Software Engineering for multi-Agent systems Essay

Software Engineering for multi-Agent systems - Essay ExampleIt is also possible that the customers brought in new requirements after the specifications were frozen and these change requests were unthinkable to accommodate and hence the project failed. When the requirements analysis or requirements gathering is not correct, then there are very little chances that the project would succeed. So in-chief(postnominal) and fundamental is the process of requirements engineering that is often the first step in the software system development cycle (Browne, 2002). This paper would perform a critical contemplate and review of the requirements engineering step and explore various concepts and ideas behind this step.When large and complex software applications are to be created, it must be first mute that there would perhaps hundreds of users and stakeholders who would want to have a say in how the system works. It would not be possible to meet the needs and demands of each and all(prenomi nal) person. However, the software should be designed in such a manner that it should help all personnel to complete their tasks and work, as desired by the organisation. As an example, a software that is used for billing in the checkout counter of a store would have different menus that allows the clerk to quickly scan the breastwork code on an item and then the software will immediately organise the items price, check out the discount or premium if applicable, and then calculate the total payment due after adding all the taxes. The checkout clerk wants software that would be fast, not make mistakes and that requires the least human intervention. The backend team wants the software to allow them to create product items such as chips by Pringles, assign a unique item code and then add the price. As a further automation, stores such as Wal-Mart do not enter such details manually but these details are picked up automatically from the leave out code. At any time if the

Marketing WRAP & Report Essay Example | Topics and Well Written Essays - 1250 words

Marketing WRAP & Report - Essay ExampleThe legal authorities estimated that the flooding affected over 20,000 people in this region. As a result of this disaster, the government declared three quarters of the State of Queensland as a disaster zone. This adverse situation was further worsened by implike thunderstorms that stalled damage to rebuilding activities. The storms also damaged power lines, roofs, trees, and numbers of vehicles. Naturally, the Queensland tourism industry experienced a considerable decline in tourist visit rates, which gradually affected its operating income. Hence, it is essential to develop a brand marketing outline to reform the struggling Queensland tourism sector. Unlike the past, numerous socio-economic and environmental operators have to be considered for an effective tourism policy formulation these days. The marketing strategy must be capable of convincing individuals that they would enjoy cent per centum safety in Queensland even in times of sever e natural disasters. Recently developed social media namely, the web based social networks would best care the new marketing strategies to reach the ultimate beneficiaries. While designing this brand strategy, developers must give more focus on tourist safety factor rather than usual attractive features of Queensland. Recommendation As Bramwell and Lane (2000) point out, tourism planning is neither top-down nor bottom-up process instead, it is an interactive or collaborative approach that involves the various processes like a governess between organizations and stakeholders, and interaction between various levels of organization (p. 146). However, what kind of development plan is required depends on the geographical feature of an area. Since Queensland is highly vulnerable to natural disasters, the policy makers have to greatly consider the infrastructural needs that would ensure tourist safety. The brand marketing strategy has to deal with modern flood bar techniques like landsca ping in order to mitigate the effects of disaster. Various studies point to the fact that thoughtless benevolent interactions become the major ca commit of flooding. Strict governmental regulations are essential to prevent the exploitation of nature and thereby to keep environmental balance it is the unaccompanied potential method to avoid natural disasters. It is also advisable to offer attractive tourist packages by targeting different customer segments. However, effective disaster prevention methods only may not contribute to tourism promotion on the other hand, the implemented changes must be effectively communicated to its ultimate stakeholders. For this, it is recommendable to make use of modern media advertisements. Television advertisements were the most effective way of product/service promotion during the 20th century. In the present condition, it seems that social networking sites such as Facebook and cheep would be some of the most effective channels for Queensland to urism promotion because millions of people access these networks regularly. This type of a marketing strategy may render potential commercial implications as it is the least expensive but quick result giving service promotion method. Target market segments and stakeholders The state of Queensland comprises of many landscapes that range from sunny tropical coastal areas to dry inland areas. Queenslands main tourist destinations include Daintree Rainforest, Gold Coast, Great Barrier Reef, Sunshine Coast, and the

Leadership Communication..Q5 Essay Example | Topics and Well Written Essays - 250 words

Leadership Communication..Q5 - Essay ExampleWe saw this especially with the BP oil sill in the Gulf of Mexico. Describe at least threesome pros and three cons of rationalizing. Propose a method to deal with the cons of rationalizing.1. In organizations, rationalizing at the intra-organizational levels whitethorn help in understanding the dynamics and changes in leadership ripening through a continuous learning process. This sort of rationalization can be related to Gestalt psychology (Day and Zacarro, 2004) and can be used by high management to study the new leaders among the managers.2. In some situations, ethical practices may undermine an organizations public image since such practices may leak information on internal problems. Rationalizing may be used to keep the appearance of the organization upbeat vis--vis public relations practitioners and media.2. The leader may indulge in tricky reasoning with the help of rationalization. This increases the risk of exploitation and exh austion of the confused subordinates, which will eventually lead to decreased productivity.3. Psychoanalytical aspects of rationalizing activities in business may give rise to contradiction between beliefs, thought processes, and attitudes within the management. This will prepare an uncomfortable state of tension (Smith and Mackie, 2007, p. 277-8).Since rationalizing involves a tactical use of lies, it cannot be ethically justified and hence it is quite a problematic behavior in the course of leadership development. Smith and Sharma (2002, p. 197) have express that organizations currently operate with a faade of rationality, ignoring emotional reality. Ethical practices and emotional intelligence moldiness be encouraged to counter tendencies to avoid truth and create excessive workload from the perspective of the leader. In order to bring about responsible behavior on the part of the leaders (e.g. departmental bosses), the organization itself must behave in a socially responsible way.Day, D.V.

Leadership ,management and informatics Essay Example | Topics and Well Written Essays - 2000 words

Leadership ,management and informatics - Essay Exampleosed that the successful process seen in the centre be taken as a model for similar changes in departments and hospitals run by the NHS in the country. In the process the paper pull up stakes review a wide range of theory and literature on change management. An appropriate process willing be selected by taking germane(predicate) information from the literature and will be implemented in the ENT department.2.0 The UK National Health Service The sixty year old health system is recognized as one of the three pillars of the UK social policy, the second one being National Insurance and the third pillar comprising of various forms of minimum provisions (Merkel 2008, 54).The grandeur of this service can be seen from observing its core principles namely, meeting the health needs of every citizen based on clinical needs rather than the dexterity to pay. But these principles, though noble, were not seen as adequate by the organization and a new set of guiding principles were evolved in 2000 (NHS Core Principles 2009).Those changes are reviewed briefly, aft(prenominal) which the rationale for the change as per this report will be given. A comprehensive range of services apart from treatment will be provided to the citizens and will include areas liked health information and disease prevention. The care will be extended to look after important needs of care givers and family members of patients. A continuous quality improvement program will be a part of the operational process of the organization. It will also increase its responsibility towards NHS module members. The change management process provided in this process is primarily a part of the core guiding principles of the organization mentioned above.3.0 Rationale for change Change is a great deal resorted to when the stakeholders are dissatisfied with the current state of affairs (Deek, McHugh & Eljabiri 2005, 213). The ENT centre in Liverpool consists of physicians, anaesthetists, surgeons, trainee assistant practitioners, and

Compare Essay Example | Topics and Well Written Essays - 1500 words

Compare - Essay ExampleThe premise of this essay is thence to compare and contrast 2 works of literature, which are both fictional articles or short stories. Throughout the paper, the approaches used by the writers in expressing their opinions about issues of society are analyzed. This is d match slight by looking very deep into the themes used by the writers and how the themes were effective in conveying the messages that writers needed to put across.The two texts that are used in the essay are The Ingrate by Paul Laurence Dunbar and Titos Goodbye by Cristina Garcia. Very relatively, the themes used in these texts are very similar, given the fact that they all focused on the issues of law in one way or the other. In Titos Goodbye, the theme of advantageous injustice was looked at from a moral perspective, whereby the unfair actions of an attorney and how these turned to him in the long were was reviewed. Similarly The Ingrate looked at advantageous injustice from the perspective of slave trade by critiquing how slave masters took advantage of their slaves and treated them as less inferior people. As far as themes are concerned therefore, both texts were concerned with injustice in society and the end result of such acts. The writers were therefore able to send very strong moral lessons as to why injustice can never be justified in any context. pull down though the themes used in the two works were similar, the approaches to presenting them were slightly different. For example in The Ingrate, the theme of injustice is taken from a societal or communal perspective whiles in Titos Goodbye the same theme is taken from a personal or individualized perspective. This was the contrasting point in the two papers as far as the themes are concerned. Having said this, it would be noted that the two texts perfectly complement each other in price of addressing the issue of injustice. The complementary nature of the two themes come in as the act of injustice is commonly seen to be

Summarize Essay Example | Topics and Well Written Essays - 500 words - 8

Summarize - Essay ExampleThe looker must follow the electrical capacity pattern in every chapter. Nevertheless, your chair might authorize another pattern in a manner, which captures the reader. General-to-specific might be adequate through giving results initially and then proof afterwards, but the researcher does not have to show the details discussed in an earlier chapter.Discussing the premise of a research is the most essential section in the final chapter. Looking at the findings offers a fast answer to the study question, which aims at unearthing the significance of the study rather than the details. Tentative answers to research questions offer an answer in determining the content of the chapter.Finally, the researcher must a proper comprehension of the software utilized in analyzing data like Excel spreadsheets or Word documents. Software is pregnant in data analysis, as well as presentation. The final paper must be a winning dissertation. It must tackle all research pro blems, as well as offer recommendations for future study areas. A good or perfect research builds on present knowledge to beat innovative

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

Argument response paper - Essay ExampleI believe that when families are developed on the patterns of kinship, family members are instead closely related to each other and they do not think in an privateistic manner. Kinship is the best pattern for a family because in much(prenominal) a pattern families and its members find it easier to depend on each other and they share problems with each other. When problems are shared, people within the family try to find a solution to the problem together and everyone tries to help. Due to this, the burden of solving problems is shares and due to decrease in the burden, the person facing the problem does not have to establish enough stress. On the other hand, individuals who belong to families where individualism is promoted experience higher level of stress as they try to solve problems on their own. This is why individuals belong to individualistic cultures end up indulging in deviant behaviors such as drinking and abusing drugs. In case of kinship, families keep a close centre of attention on each other and if the find patterns of drug abuse are being developed by a family member, they tend to intervene and help the individual in getting rid of the

International Banking Essay Example | Topics and Well Written Essays - 2000 words - 1

International Banking - Essay ExampleMeasuring vernacular fluidness gamble incorporates the comparison of accumulated expected cash shortfalls for a given period of time with the furrow available for reinforcement the cash sources. In accounting, the stock or the asset available in an organization should always be sufficient to fund the financial sources. To measure this risk, the accountant is required to assign the expect cash flows to periods in the future that have financial products with unpredictable cash flow timings (Musakwa, 2013). It is important to note that there is no concur criterion that ordure be used to assign the cash flows. In other words, there is no common consensus on how to carry out the procedures. The variations in measuring mount liquidity risk are normally caused by the considerations of solvency, imperativeness, as well as the cost of obtaining liquidity. First, solvency can plainly be applied in firms that are solvent. It can be defined in ter ms of funding liquidity risk as the capability of a firm that is solvent to make the payments agreed upon in a timely manner. It should be noted that not only solvent banks that are liquid (Musakwa, 2013). At times, even insolvent banks may be liquid and this makes it difficult to use solvent as the primary(prenominal) base for measuring banks liquidity risk. Further, a solvent bank can at times be illiquid. Insolvent banks may for instance be liquid in the event of information asymmetry. Such a situation may arise where the bank is fully aware of its solvency status but the public has no clue regarding the same. The distinction between solvency and funding liquidity risk is easy especially in the events of crises capped with information asymmetry. But it should be noted that solvency is normally covered by capital while ion the other hand funding liquidity risk is covered by cash inflows (Ruozi & Ferrari, 2012). Cost of obtaining liquidity is also likely to cause variations in ba nk liquidity risk. In most cases, funding is obtained with the main objective of covering obligations (Matz & Neu, 2007). However, it has to be obtained at an additional cost. The additional cost happens to be the major concern of accountants. In fact, some definitions of funding liquidity risk are based on this cost. For instance, the term funding liquidity risk could be defined as the risk that a financial firm, though solvent, any does not have enough financial resources to allow it to meet its obligations as they fall due or can obtain such funding only at excessive cost (Musakwa, 2013). This definition describes the cost of liquidity in in subjective terms. The defect of the definition is that the costs differ from trade to market as well as across various banks. Under this concept, the bank liquidity risk is measured basing in the additional cost for obtaining the funds (Davis, 2004). Finally, the immediacy is an important aspect of funding liquidity risk. It defines the spe ed with which a bank can be in apposition to meet its obligations. In measuring funding liquidity under this concept, the time frame within which the bank is likely to become unable to meet its obligations is estimated (Hlatshwayo, et al. 2013). As mentioned earlier, known regarding the distribution of run tally profile in most financial products for banks. However, there is an increased need for establishing a reliable method of measuring bank liquidity risk so as to avoid bank crises. In essence, the measure of bank liquidity ri

Education Case Study Example | Topics and Well Written Essays - 1250 words

Education - Case Study Examplefled Athens to the country side to escape his persecutors, saying that he would not allow Athenians to sin a second time against philosophy, referring to the cruelty imparted to Socrates earlier? (Davidson, 2005, pp.159).16. Who was the ancient Greek philosopher who added drawing to the trainingal curriculum of Greek society which had until then only three components, literacy, unison and gymnastics? (Mahaffy, 2010, pp.52-53)19. Which ancient Greek scholar prescribed Dorian as the most appropriate scale for teaching music as part of education and said that flutes should not be used in teaching the same? (Plato et.al., 1996, pp.49)24. In which ancient Greek state could we find a home that enjoyed the superior honour and sanctity and the house-mother stood highest in reverence and social importance, and where violations of fidelity were rarest? (Mahaffy, 2010, pp.121)32. In which country of ancient Greece, was the education of a woman thought totally r edundant and to see, hear and say as little as possible was considered as the foremost virtue of a woman? (Powell, 2001, pp.352).41. Which was the ancient Greek state which kept role of family and state in the area of education, strictly apart, fearing that any merger would hamper the freedom of the individual? (Davidson, 2005,

Art Exhibition Essay Example | Topics and Well Written Essays - 1000 words

Art Exhibition - Essay ExampleMichael Criton located Johns in the midst of Duchamp and Pollack, between the found object and the created abstraction (Lanchner and Johns, 2009, p. 19). The second work of art is a collection of prints by Johns in which the numbers 0-9 have been created through the methodology of lithography. Lithography is a process where a smooth surface is treated in some areas so that it lead retain ink, but leaving others so that the ink will not be retained. The surface is then accustomd as a printing object from which to press an image onto another surface, most often a paper. The works were created between 1960 and 1963 and are simply titled 0-9. The two pieces can be compared from a number of elemental concepts in order to further search the nature of Jasper Johns work.The painting Map was created in the earlier part of his career when the exploration of the ideologies of America were being combined with the explorations of their meanings through the pers ona of readymade objects. The blurring of borders speaks of unity while the break outs of color are in motion, commenting on the wide diversity of the nation. The lines of the distinct object of the map are muddled by the use of the paint overtop of them. The colors are vibrant and primary, using red, yellow, and blue in bursts across the work, the colors blending at some points, distinctive at others. The oil paints are thick with the texture of the work dense and mountainous on top of the map. There is a repetition that creates balance within the topsy-turvydom and while there is no use of perspective, there is a sense of density that is felt that about the object of the map as the colors burst forth across the entirety of the work.Although there seems to be no design to the work, there is a definite balance to the way in which the colors are utilized. They erupt across the painting in light and darkness, yellow splicing through the red and darker blue to

Spanish American War Essay Example | Topics and Well Written Essays - 750 words

Spanish the Statesn War - Essay ExampleThe two interpretations made each side disapprove the rulings that failed to favor their parameter (Brinkley 56). This is despite the ruling bodies intention which is to correct history and ensure that there will be no similar instances in future or orphic enmity among the states involved. Court and revisionist interpretations have yielded to diverse and conflicting arguments regarding the Spanish American War, where America resulted in justifying its occasion (Nunez 50). The aspect of Cuban humiliation while at a lower place Spanish rule prompted unwilling America to be involved in the war. America argued that they were keenly watching the atrocities Spanish rulers were executing in Cuba devoid of considering the eudaimonia of the citizens. Initially, America was unwilling to intervene, but due to constant pleading by its neighbours (Cuba), it had no alternative. According to America, it did not intend to indulge in the war, but their invo lvement emanated from the sinking of Maine battleship. This did infuriate the Americans who, due to political influences, forced William McKinley to a revolt. The chance came at an opportune time when they were wishing Cuban freedom from the Spanish dominion, which resulted in the eruption of a severe war. America claimed that its intentions were sincere and meant best for the Cuban citizens (Hernandez 7). Additionally, court interpretation argued that besides Americas humanitarian involvement in the war, it also wanted to support Cuba in attaining independence. This was from the citizens early constant plea prior to engaging the Spanish resistance to avenge for the sinking of their battleship. America intended Cuba to cease from being a Spanish colony where, via its naval engagement, managed easily to defeat their opponents, thus making Cubans starting their journey to independence (Hernandez 11).

Social Psychology Essay Example | Topics and Well Written Essays - 1000 words - 1

Social Psychology - Essay Examplethe study o f how behavior repayable to one sort of environmental event (larger distant or abstract rewards) may come to dominate behavior due to another sort (smaller immediate or particular rewards)(Rachlin,2000,p.25). self discipline is also a concept, which is closely related to self control. It is taming oneself, to live a certain way of life of life. This concept is mainly incorporated by the person in his life, when he wants to achieve a particular task.Mostly, self control is seen as an individual property and as a measure of self discipline. If a person lacks self control, it is seen as a failure of his character and personality. Self control is the capability of a person to motivate him to do the right thing. It can also be described as stopping ourselves form doing things that we see as bad for us. Self control constitutes a fundamental aspect of human behavior. Self discipline is another name for selfcontrol, without which the life of i ndividuals would lead to chaos. Every habit embed in the human mind is the result of continuous action .So by controlling a behavior he can form or rid of a habit. It can be very well said that, self control is the strong foundation for the building of character in a person.The academic degree to which an individual think he has control over the events happening to him, is termed as locus of control. Internal versus external control, often referred to as locus of control, refers to the degree to which persons anticipate that reinforcement or an outcome of the behavior is contingent on their own behavior or personal characteristics versus the degree to which person expect that the reinforcement or outcome is a function of chance, luck or fate, is under the control of powerful other, or is simply unpredictable(Scrimla,Grimaldi ,2002,p.381).People having high locus of control, have a better control on their behavior and desires. These people direct their life in their own designed path, with their own controlled actions and behavior.

Headlines have made board diversity one of the key issues in corporate Essay

Headlines discombobulate made board diversity one of the key issues in corporate g overnance today, analyse the composition of the board of - Essay ExampleThe move was prompted by the fact that although organizations sought to include women in non- administrator appointments, there were belittled or no improvements in having women in executive posts (Treanor 2013). accord to Neville and Treanor (2012), although the number of women in non-executive positions is on the rise, there is a stubbornly low number in senior management. Although some organizations have heeded to the call to have about 40% of the boardroom seats held by women, Norway which is ranked first has achieved about 35% non-executive directors later on the government ordered firms to include women through quotas. In the United States, there are only 20 of the 500 S&P leading companies beingness led by women chief executives. Despite leading in the high number of women executives, the United States is not governed b y quotas unlike European countries where board quotas have seen few female senior leaders and few chief executives. Joecks, Pull & Vetter (2012) highlight that despite the increase in the percentage of women in the workforce over years there is a lag in the presentation of women in boardrooms as female directors. In addition, Joecks, Pull & Vetter (2012) note that the presentation of women in boardrooms drop curtain behind in Europe owing to imposition of women quotas for countries like Norway, Netherlands, and France among others. The issue of inconsiderate female presentation in boardrooms is not just an issue without a cause. Joecks, Pull & Vetter (2012) reveal that fostering high female presentation in boardrooms is associated with either negative firm performance or positive performance. According to Treanor (2013), just about companies have either a male-dominated boards or are all-male boards. The move to seclude women has long been attributed to the fact that males have h ad the right skills and attributes which could not be found in their female counterparts (Howard, 2013). However, time has changed this rule owing to the fact that more women have taken up education and have the potential to take up executive roles in organizations and promote high performance. Howard argues that organizational management should not be treated as one-size-fits all and hence the need to consider diversity in the boardroom and more so gender diversity (2013). In addition, companies are needed to do away with governance regimes that do not meet the involve of the market, and changing times (Treanor 2013). Owing the seriousness of the issue, Treanor (2013), reveals that organizations are required to follow Lord Davies proposal in 2011 February which required that all companies to allocate 25% or a quarter of the boardroom seats to women. According to Joecks, Pull & Vetter (2012), the issues of women being underrepresented in boards is not only an issue in Germany but a lso internationally. According to Adams, Gray and Nowland (2013), the attainment of gender diversity in boardrooms has been a hard task especially where organizations have been left to voluntarily handle executive appointments. This is because, nearly organizations have always considered appointing male executives at the expense of women. In this regard, women have faced unfairness and inequality in such appointments thereby remaining disadvantaged. This meant that, female directors have had discrimination and no efforts had changed such culture in organizations. Recently, the issue of boardroom gender diversity is of great focus and has seen countries impose gender quotas with the draw of improving firm performance

The ambitions of Henry VIII in the years to 1526 Essay Example for Free

The ambitions of henry viii in the eld to 1526 EssayHow successful was Wolseys opposed policy in satisfying the ambitions of heat content cardinal in the years to 1526? (24 marks)The foreign policy of the 12 years following 1514 was Wolseys accounts have been written almost as if, during these years, atomic number 1 VIII only existed as a stamp and the decisions were do by Wolsey. It is apparent that Wolsey made most decisions on a day-to-day basis and occasionally took major initiatives without the great powers acknowledgement. enthalpy intervened decisively at quantify to redirect events at his pleasure. Wolsey has to look like he was implementing the Kings policies even if he was pursuing his confess ideas. Henry played a more(prenominal) significant role in the formation and conduct of Wolseys foreign policy than has traditionally been suggested.It was argued that the aim was perused in order to preserve some influence for England in foreign affairs, by ensuring that no one attained such dominance that he could arrange matters without taking into account the interests of other states, such as England. The claim was that Wolsey followed this policy by threatening to give his support to whichever side seemed likely to be worsted by the other. It was giveed that this policy was by and large successful in ensuring that Englands international status remained high. This is the orthodox interpreting, where the main idea is that Wolsey wanted to maintain the balance of power. thus far, J.J. Scarisbrick had serious doubt on the geniuses of Wolseys ambition to become Pope. He argued that Wolseys support of papal diplomatic initiatives was largely coincidental and happened because England and the papacy shared common interests from time to time. Scarisbrick established a new revisionist interpretation based on the existence of a main aim and a prefer method. The aim was the established and maintenance of peace. The method was a variant of the old balance of power interpretation. He established this by claiming that Wolsey sought to achieve an unstableness of power that he tried always to join the stronger side, so that it would create a sufficient imbalance for the other side to realise that fighting was pointless. He claimed that this policy has non been more apparent to observers because Wolsey was not very good at implementing it and habitually made mistakes, which he attempted to justify by sham that his aims and methods were other than they had been.Henry had a very aggressive policy on France, until he eventually decided on trying to become the peace clearr of Europe. Henry wanted to regain the lost territory in blue France so he could be seen as a Great War lord with visions of comply and glory, just overly to challenge Henry Vs title of the last great English warrior. The first sign of this aim being instal into place is the first French war from 1512-1514. However the first expedition on June 1512 was a di sastrous failure as Ferdinand of Aragon and Holy Roman emperor entirelyterfly Maximilian didnt hold up to their end of the deal for an allied invasion. This shows Henrys naivety in foreign policy and the other European powers were using him to benefit themselves whilst send him to his downfall. Wolsey gained his first experience of the duties and pitfalls involved in organising financing, transporting and feeding an army.Wolsey was blamed by m any(prenominal) for the shambles that developed after the army landed in France disrespect the fact that he was a junior member of the Royal Council. However, Henry did not blame Wolsey and the manner in which Wolsey had conducted himself in correspondence with Ferdinand of Aragon impressed Henry. despite this Henry personally lead an army of 25,000 across the channel and took Throuanne and Tournai in northern France and winning memorable battles such as the battle of the spurs. Wolsey was the Quarter-Master generally rather than the war m inister. When a French force was defeated near Throuanne, Wolseys reputation as a master organiser was enhanced.The Kings growing trust in Wolsey enabled English diplomacy to shape, the guiding principle of which was to ensure that England, the least important of the three great western monarchies, was not left isolated against a Valois-Hapsburg alliance. Wolsey was the one who very effectively organised the second attempt on besieging France and made the peace agreements between the deuce nations in 1514, so it could be argued that the foreign policy towards the French at the time was policys that of Wolsey not Henry. Also in later years in the second French war 1522-25 Henry was yet again let down by his allies Charles V and Duke of Bourbon, which shows he didnt learnt from preliminary experiences and is not very knowledgeable in foreign policy. Henrys policy in France benefited him slightly by collecting a pension from the French, but is failure as it shows he can be manipulated by other powers and lost huge amounts of money on war.On a financial level the wars with France did have some bonuses one being the pensions they would receive due to the peace treaties. During Henrys reign he managed to accumulate 730,379 in funds from the French besides this was in no comparison to the amount spent on the wars which was 3,545,765, so the pension was more of a consolation. D. MacCulloch quotes Henrys demand for his pension was much more constant which means he made sure he collected his money which shows hes a strong king.Wolsey was unable to prevent the emperor butterflys friends from persuading Henry VIII that England must take some military action against France. Francis chose to ignore the warnings hed been given. An English army was sent to France at short notice in August 1523. In the sixteenth century, military action proved to be much less decisive than its authors had expected. Wolseys and Henrys passing enthusiasm for armed intervention evaporated, and Wolsey was allowed to implement his original strategy of stalling Charles demands for action while he was attempted to negotiate a general peace with the French.But on February 1525, Charles secured the decisive victory that Wolsey had estimated to be so unlikely. In a battle that took place outside the walls of Pavia, in northern Italy, the unthinkable happened. Not only was the French army totally destroyed as an effective fighting force, but Francis I and most of his leading supporters were captured. This put Charles in an overwhelmingly dominant position and Henry VIII was not slow to seek advantage of the situation. He realised that here was a noble-minded luck to fulfil his intermittently held dream of securing the French crown for himself Francis was prepared to launch fresh attacks on Charles within a year of his release.Henry had hopes of instauration an attack on France while she was leaderless, but he was forced to abandon these when he was unable to raise the necessa ry finance. It shows that Wolsey was less enthusiastic about this, as shown by the lack of determination in making success of the Amicable Grant which was supposed to fund for this.However Wolsey was certainly not diligent in encouraging the formation of an anti-imperial alliance (the League of Cognac) in northern Italy in 1526, with which France could associate in her efforts to reserve the verdict of Pavia.A further aim of Henrys was to achieve everlasting honour and glory. He wanted to be remembered throughout the ages and to have a huge reputation in Europe and be among the great superpowers in Europe. He achieved historical remembrance quite easily from the many famous acts he passed however he did bathe in a huge amount of glory and honour when the field of cloth of gold was held. This was a spectacular array of games held in Calais 1520 between Henry and Francis, it was meant to be a diplomatic meeting however no agreements were made, yet it did make Henry look good.However h e failed on a lot of attempted invasions to France, but he overall succeeded in acquiring a degree of honour and glory in Europe. It seems that Henry and Francis viewed the occasion as no more than an opportunity to impress others of their wealth and international standing. The field of Cloth of Gold did nothing to advance the cause of general peace. If anything it created problems for Wolsey in convincing the rest of Europe that England was not taking sides in the already developing struggle for supremacy between Francis I and Charles V. Henry was most grateful to Wolsey for making it appear to the World that he was the equal of the two super power rulers of Europe.Henry also managed to achieve success by maintaining links with the Netherlands. England depended on the Antwerp cloth market heavily as cloth was England biggest trading material at the time. Henry tried to maintain this link throughout, by allying with Charles V whenever he went to war, as Charles was in control of the Netherlands at the time.As years passed, Henry began to portray the image of being the peacemaker of Europe. Under the guidance of Wolsey Henry began to use the treaty of London in his own favour to try and achieve a peaceful Europe. It could be argued that Henry only resorted to this as he couldnt achieve honour through war. However he undertook this role to try and make the country look good, cement his place at the top of the leader board in Europe and make England look bigger and more powerful than what it really was. He also used the treaty of London so he had alliance requests from Charles V and Francis I before the Hapsburg-Valois war, so he could choose which side would benefit him the most.In October 1518 the treaty was signed, with Wolsey being the organiser. England and France were the first signatories and within a few months, Spain and the Papacy also signed. It was a grandiose scheme intended to bind the 20 leading states of Europe to perpetual peace with one another( prenominal)(prenominal). The plan was for all those states with an active foreign policy not only to commit themselves to non-aggression, but to promise to make war on any ruler who went against the treaty, thus making it impossible for any state to benefit from attacking another. Wolsey delivered an oration in praise of peace that was much acclaimed. This wasnt actual topic that the Pope had organised it for, buy Wolsey changed it. This could be seen as Wolsey trying to get his own way and for his own gain, but it benefited himself, Henry and all of England.Historians have generally viewed this initiative as yet another example of Wolseys cynical self-interest. The public perception was that Wolsey was working to implement the Popes wishes because he was using the fact that he was acting as the Popes representative because he was Legatus a Latere. Others have maintained that he was merely seeking to satisfy his sense of his own importance by being seen to be the peacemaker (arbiter ) of Europe, and to be treated as such during the extensive public celebrations that accompanied the unveiling of the treaty. Many believe that he was abominable of sacrificing national interests for personal gain.A Hapsburg-Valois conflict began when Charles was elected Holy Roman Emperor in 1519. This situation presented Henry VIII and Wolsey with both continuous opportunities and frequent challenges. Given the strategic position that England enjoyed, being able either to disrupt Charless communications between Spain and Netherlands or to open a new mien in any attack on France, her favours were certain to be in great demand from the two major powers. Wolsey was called on to pay some of the scathe for his triumph of the Treaty of London. Francis I had been happy enough to receive his reward for agreeing to join the Cardinals grand design but he had no intention of being constrained by its terms on conditions. Francis was determined to strengthen his position in Northern Italy b y military action against Charles and his supporters.Charles called upon England another to come to his assistance to halt the aggressor. In August 1521, Wolsey travelled to Bruges in Netherlands in order to meet with Charles on the action to be taken. The agreement made with Charles was that an English army would invade France unless Francis agreed to make peace. The mere threat of English action would be sufficient to persuade France to make terms. Wolsey had experience of Francis possession that he must have realised that a threat was likely to be insufficient. He was more than satisfied with the honour that his meeting with Charles had brought him.Henry however failed in securing his dynasty. He married his daughter Mary off to Charles V. However it failed because Mary and Charles did not have children. But, in 1514 Louis XII of France became a widower. Wolsey seized the opportunity to tender a Valois-Tudor alliance to be sealed by the offer in marriage of Mary, sister of Henr y VII. With Henrys willing consent, the marriage went frontwards and the ensuring treaty gave Henry an annuity of 100,000 crowns and confirmed English possession of Tournai. The success of the negotiations had enabled Wolsey to cement his place as the Kings chief diplomat.Scarisbricks interpretation has not been replaced by an alternative straightforward explanation. This is because it has become more and more apparent that no coherent pattern ever existed in Wolseys snuggle to diplomacy. It is now widely accepted that there was no single guiding principle that directed his actions throughout his 15 years in power. At differing times he was motivated by selfish considerations, especially a desire to obtain more extensive or longer-lasting delegated powers from the Pope.The need to satisfy the expectations of Henry VIII to further what he considered to be national or papal interests and by an altruistic inclination to benefit mankind by creating an era of peace. It is impossible to distinguish if many or all of these motives were behind each decision he made. There is not enough evidence to judge the importance of these motives. So in conclusion, Wolseys foreign policy to a great extent, satisfied Henrys ambitions because Wolsey did exactly what Henry wanted even though he musical theme about himself a lot.

Pathological gambler Essay Example for Free

Pathological risk taker EssayThe dynamics of fun disarray and the risk takers personality profiles were asserted by Dr. Richard Rosenthal, a well known shimmer addiction expert and cited the three criteria in assessing a morbid gambler. These criteria are the individuals feeling of helplessness, guilt and depression, a well developed capacity for selfdeception and the actual exposure to gambling. The individuals physical and hereditary predispositions are also major causes that link gambling addiction to depression that may result to suicide.In terms of physical attributes, a gamblers brain contains a higher level of chemical known as norepinephrine than a normal individual, due to excreted stress and enthusiasm to win the game. Signs and Symptoms To determine the extent of gambling addiction, the American Psychological Association reported different diagnostic criteria (Lieberman, L. 2003). These include the individuals preoccupation with gambling, unmatched good example is a gambler who keeps on reliving his past gambling experiences and planning for his next gambling venture while thinking of shipway on how and where to get money as gambling capital.Tolerance is a gambling addiction criterion in which a gambler needs a greater amount of money to achieve his desired excitement in gambling. Being restless and irritable is a withdrawal symptom when a gambler attempts to cut down his desire to gamble. Escaping from the feeling of helplessness, depression and guilt is a gamblers escape from problems and to relieve his dysphoric mood. A classical port of pathological gamblers include frequent returns to gambling places in order to chase losses.Lying from family members and other people is a symptom that a gambler is concealment his over-involvement with gambling. Illegal acts like fraud, theft and forgery are signs that a gambler is searching for more finances for his gambling addiction. There is a possibility of risking some significant relationshi ps for a gambler to suffice his gambling addiction including his job, career or other growth opportunities (Eadington, W. 2002). There are bailout circumstances wherein a gambler would rely on other people to provide financial assistance for his desperate situation due to gambling.The repeated loss of control to stop gambling is another symptom that an individual is a pathological gambler. Phases of Gambling Addiction Gambling addiction has three shapes of progressive cycle such as triumphant phase, losing phase and the desperation phase. The pattern of gambling addictive behavior is a progressive and downward cycle that may unravel to depression and later on suicide attempt. The winning phase is the time that gamblers experience a series of wins and became optimistic that the streak will continue. The feeling of great excitement will lead the gambler to increase the amount of his bets.The losing phase is the pointedness that a gambler experiences losses and the time that he wil l reminisce his past wins and will kickoff gambling alone, think more on gambling and light borrowing money even with high interest to continue his gambling. The losing phase is the time that gamblers start lying to family and friends, the home life becomes unhappy and restless. Chasing the gamblers losses to win back their losses is a critical point on gambling addiction. Desperation is characterized by increase in the time spent to gamble, alienate family and friends with remorseful feelings.Gamblers may even resort to illegal acts to finance his gambling addiction. This is the period that a gambler experiences despondency, separation and divorce, get inclined to drug addiction, alcoholism and eventually suicidal tendencies. The third and final phase of gambling addiction is the hopelessness phase characterized by emotional breakdown and cannot think and see a way to be out of their gambling predicament. Most gamblers upon reaching the hopelessness phase or the bottom line of t heir gambling addiction will consider suicide as the only solution to their problem.

Peers Essay Example for Free

Peers EssayFor this essay, I researched how peers stinker sour the physical, cognitive, affable and personality development of their insipid friends. In addition to this, my research also include ways the parent-child relationships can have more or less influence on an adolescent. Peer pressure is a specific instance of social influence, which typically produces conformity to a particular way of acting or thinking, states Jeffrey Lashbrook, professor of Sociology at State University of New York College (Lashbrook, 2000, pg. 1).Even when just considering the time adolescents spend with their peers, it unfeignedly shouldnt be too surprising the impact and influence adolescent peers can have on one another. Cross-behavior analyses of five activitiesalcohol consumption, cigarette smoking, marihuana use, tobacco plug and the adolescents introduction to sex were analyzed in a longitudinal ingest conducted by The National Longitudinal con of Adolescent Health. The take apart found that adolescents were twice as likely to engage in a risk behavior if their friend engaged in it also. The study found that peer influence can be both beneficial and harmful.In the use of cigarettes and marijuana, there was only influence to initiate the behavior. However, for alcohol consumption, the study showed that there was equal influence to conform to friends who drank and to conform to friends who did not drink. Whereas with tobacco chewing, there was shown to be significantly more peer pressure to stop chewing than to begin chewing. This was used as evidence that teens also can protect their peers in risk activities. One of the results the study showed was, not too surprisingly, that best friends were more influential than close peers.The study concludes to say that peer influence is a real phenomenon that takes on varying roles across adolescent risk behavior (Maxwell, 2000, p. 1). This includes the physical, cognitive, social and personality development of the teen. As far as the ways parent-child relationships have more/less influence, I read some additional research in this specific area. In research conducted by Barnes, Hoffman, Welte, Farrell and Dintcheff, (Barnes, 2006), 6 sets of data were analyzed including interviews of 506 adolescents to determine how parental support and monitoring influenced adolescent behavior.The results of the study concluded that impressive parenting and adolescents avoidance of associations with delinquent peers proved to be important factors which correlate with the decrease of alcohol misuse, other substance use, and delinquency (Barnes, 2006). Some studies I read by dint of seem to reiterate that parents often wait for the right time to influence adolescents. However, in reading through the various research, it seems to indicate that those parents who remain open to conference with their children all along will have greater influence in their adolescents choices.For example, in an article I read titled, Parents Communication with Adolescents about Sexual Behavior A Missed Opportunity for Prevention, (Eisenberg, 2006), it stated that parents often wait to talk to their teens about sex at the time they know their adolescent is in a romantic relationship. However, the article examined how it is not parallel when the teen stated they had their first sexual experience and when the parent(s) states they conceptualise their teen will or has had his or her first sexual experience.In the various readings I have researched for this essay, I have seen this to be the case with most things in general. Often the parents believe the adolescent doesnt know or hasnt experienced various things when the teen states they have. The research I have read does indicate that peers can influence their adolescent peers in a variety of ways depending upon other factors. In the research I have also found that how a parent can influence their adolescent usually begins a long time before they are adolescents a nd can vary from person to person.

Alternative Volatility Forecasting Method Evaluation

Alternative Volatility Forecasting Method EvaluationFor many monetary market applications, including substitute(a) pricing and investment decisions, capriciousness apprehending is crucial. Therefore, the research of irritability forecast has been an active ara of study since the one-time(prenominal) years. In recent years, the emergence of many financial time serial methods for irritability forecasting has proved the importance of down the stairsstanding the nature of volatility in any financial instruments.Often, people will think price is use as an power of the fund market performance. Due to the non-stationary nature of price series of the melodic line market, almost researchers actually transformed series of price budge (return) or absolute price changes (absolute return) in their studies. There is a difference between the term return and the term volatility. The term volatility is utilize as a crude measure of the total risk of financial assets. Actually, vol atility is the standard deviation or the random variable of returns whereas return is me desire the changes of prices.An increasingly unremarkably adopted tool for the measurement of the risk exposure associated with a particular portfolio of assets cognize as Value at Risk (var) involves calculation of the expected losses that might solution from changes in the market prices of particular securities (Jorion, 2001 Bessis, 2002). Thus, the VaR of a particular portfolio is defined as the maximum loss on a portfolio occurring in spite of appearance a specified time and with a habituated (small) probability. Under this approach, the validity of a banks internally idealed VaR is backtested by comparing actual day by day trading gains or losses with the estimated VaR and noting the number of exceptions occurring, in the sense of days when the VaR estimate was insufficient to cover actual trading losses, with concerns course arising where such exceptions frequently occur, and that can result in a range of penalties for the financial institution concerned (Sa chthonics Cornett, 2003).A crucial parameter in the death penalty of parametric VaR calculation methods is an estimate of the volatility parameter that describes the asset or portfolio, or more accurately a forecast of that volatility where the simplifying speculation of constancy is relaxed and time-varying volatility is acknowledged. While it has long been recognized that returns volatility exhibits clustering, such that large (small) returns follow large (small) returns of random sign (Mandelbrot, 1963 Fama, 1965), it is only following the introduction of the generalized autoregressive conditional heteroskedasticity (GARCH) model (Engle, 1982 Bollerslev, 1986) that financial economists have modeled and forecast these temporal dependencies development econometric techniques, and a variety of adaptations of the basic GARCH framework ar now widely use in modeling time-varying volatility. In particu lar, the significance of asymmetric effects in stock index returns has been widely documented, such that candor return volatility increases by a greater amount following positive shocks, usually associated with the leverage effect, whereby a firms debt-to- truth ratio increases when equity comforts decline, and holders of that equity perceive future income streams of the firm as being more risky (Black, 1976 Christie, 1982). Such magnetic variation asymmetry has been successfully modeled and forecast in a variety of market contexts (Henry, 1998) apply the threshold-GARCH (TGARCH) model (Glosten et al., 1993), and the exponential function-GARCH (EGARCH) model (Nelson, 1991) in particular.Problem StatementWhile risk management practises in financial institutions often rely on unanalyzabler volatility forecasting approaches based on heuristics and moving average, smoothing or RiskMetrics techniques, symmetric and asymmetric GARCH models have alike recently begun to be considere d in the VaR context. However, the standard GARCH model and variants within that class of model impose rapid exponential decay in the effect of shocks on conditional version. In contrast, observational evidence has suggested that volatility tends to change slowly and that shocks take a considerable time to decay (Ding et al., 1993). The fractionally integrated-GARCH (FIGARCH) model (Baillie et al., 1996 Chung, 1999) has wind a popular means of capturing and forecasting such non-integrated but highly persistent long remembering dynamics in volatility in the recent empirical literature, as well as its exponential (FIEGARCH) variant (Bollerslev Mikkelsen, 1996) which parallels the EGARCH extension of the basic GARCH form, and therefore provides a generalization capable of capturing both the volatility asymmetry and long memory in volatility which be potential characteristics of emerging equity markets.Research ObjectivesThis paper therefore seeks to extend preliminary research c oncerned with the evaluation of alternative volatility forecasting methods under VaR modeling in the context of the Basle Committee criterion for determining the adequacy of the resulting VaR estimates in two ways. First, by broadening the class of GARCH models under consideration to include more recently proposed models such as the FIGARCH and FIEGARCH representations described above, which argon capable of accommodating potential fractional integration and the associated long memory characteristics of return volatility, as well as the more simplistic and computationally less intensive methods commonly used in financial institutions. Second, extending the scope of previous research through evaluative application of these methods to mundane index entropy of nine stock market indexes.Significance of this studyThe extensive research of volatility forecasting plays an important role for investment, financial risk management, security valuation, and also business decision-making proc ess. Without a proper forecasting tools and research on this field, many financial decision making process will be difficult and risky to be implemented. The positive contribution of volatility forecasting in the field of pay is no doubt a fact as it given many practitioners a mean of guidelines to estimate their management risk such as option pricing, hedging and estimating investment risk.Therefore, it is crucial to study on the performance of opposite approaches and methods of forecast model to determine the best suitable practical application for divers(prenominal) situation. The most common form of financial instrument is the stock market. The stock indices consist of a particular countrys most prominent stocks. Thus, in this study our forecast is to focus on forecasting the stock indices volatility of eight different stock indices that provide us the ability to test the forecast approaches.There are quite a number of forecast models since the recent years. However, the new concern is on the performance of these forecast model when incorporated with higher absolute frequence info with the agnise volatility method. There are still gap for researching the intra-day selective information effects on forecasting model which is comparative new as compared to casual data volatility forecasting. The significant role of this study also include whether intra-day data can really help at improving the performance of forecast model to estimate volatility for the stock index.Review of ChaptersIn this proposal, the report is mainly subdivided into three chapters. Chapter 1 is about the overview of this research which includes the background of the study, the research objective, fuss statement, and the significance of this study. Chapter 2 presents the literature review of volatility forecasting, GARCH models, exponentially smoothing and realized volatility.CHAPTER 2 LITERATURE REVIEW2.1 Volatility forecastingVolatility forecasts are produced by either market-ba sed or time-series methods. Market-based forecasting involves the calculation of implied volatility from current option prices by solving the Black and Scholes option pricing model for the volatility that results in a price equal to the market price. In this paper, our focus is on the development of a new time series method. These methods provide estimates of the conditional variance, 2t = var(rt It-1), of the record return, rt, at time t conditional on It 1, the information set of all observed returns up to time t 1. This can be viewed as the variance of an error (or residual) term, t, defined by t = rt E(rt It 1 ), where E(rt It 1 ) is a conditional mean term, which is often assumed to be zero or a constant. t is often referred to as the price shock? or news?.2.2 Overview of standard volatility forecast model2.2.1 GARCH modelGARCH models (Engle, 1982 Bollersle, 1986) are the most widely used statistical models for volatility. GARCH models express the conditional variance as a linear function of lagged shape error terms and lagged conditional variance terms. For example, the GARCH(1, 1) model is shown in the following expression2t = + 2t 1 + 2t 1,where , , and are parameters. The multiperiod variance forecast, , is calculated as the sum of the variance forecasts for each of the k periods making up the holding periodwhere is the one-step-ahead variance forecast. Empirical results for the GARCH(1, 1) model have shown that often (1 ). The model in which = (1 ) is term integrated GARCH (IGARCH) (Nelson, 1990). exponential function smoothing has the same grammatical construction as the IGARCH(1, 1) model with the additional restriction that = 0. The IGARCH(1, 1) multiperiod forecast is written asStock return volatility is often found to be greater following a negative return than a positive return of equal size. This leverage effect has promted the development of a number of GARCH models that allow for asymmetry. The first asymmetric formulati on was the exponential GARCH model of Nelson (1991). In this log formulation for volatility, the impact of lagged shape residuals is exponential, which may exaggerate the impact of large shocks. A simpler asymmetric model is the GJRGARCH model of Glosten et al. (1993). The GJRGARCH(1, 1) model is given by,where , , , and are parameters and I. is the indicator function. Typically, it is found that , which indicates the presence of the leverage effect. The assumption that the median of the distribution of t is zero implies that the expectation of the indicator function is 0.5, which enables the derivation of the following multiperiod forecast expressionGARCH parameters are estimated by maximum likelihood, which requires the assumption that the standardized errors, t / t, are independent and identically distributed (i.i.d.). Although a Gaussian assumption is common, the distribution is often fat tailed, which has prompted the use of the Student-t distribution (Bollerslev, 1987) and the generalized error distribution (Nelson, 1991).Stochastic volatility models provide an alternative statistical volatility modelling approach (Ghysels et al., 1996). However, estimation of these models has proved difficult and, consequently, they are not as widely used as GARCH models. Andersen et al. (2003) show how nonchalant transfigure rate volatility can be forecasted by fitting long-memory, or fractionally integrated, autoregressive and vector autoregressive models to the log realized day by day volatility constructed from half-hourly returns. Although results for this approach are impressive, such high frequency data are not available to many forecasters, so there is still great interest in methods apply to everyday data. A useful review of the volatility forecasting literature is provided by Poon and Granger (2003).2.2.2 Exponentially SmoothingExponentially heavy Moving Average (EWMA) is simple and well-known volatility forecast method. The method is based on the si mple average of past square residuals to estimate its variance forecasts. The EWMA allows the latest observations to have a stronger weighted impact on the volatility forecast of past data observations. The equivalence for the EWMA is shown and written as exponential smoothing in recursive form. The parameter is the smoothing parameter.The parThere is no proper guideline or statistic model for exponential smoothing. Generally, literature suggested using reduction in the sum of in-sample one-step-ahead estimation of errors (Taylor, 2004 cited from Gardner, 1985). In RiskMetrics (1996), volatility forecasting for exponential smoothing is recommended to use the following minimisationIn the above equation, 2t is the in-sample form error which acted as the proxy foractual variance whereby it is express to be not observable. By using 2t as a proxy forvariance, the actual squared residual, 2t, is said to be biased and noisy. In Andersenet al. (1998), the research showed the evaluation of variance forecasts using bring in volatility as a more accurate proxy. The next section would discuss more on the literature of realised volatility. The work of high frequency data for realised volatility in forecast evaluation can be applied in parameter estimation for exponential smoothing with the following minimisation expression.2.2.3 Realised volatilityThe recent researchs interest in using a comparative volatility estimator as an alternative has emerged a significant literatures on volatility models that incorporated high frequency data. One of the emerging theories for a comparative volatility estimator is the so called agnise Volatility. Realized volatility is referred as the volatility calculated using a short period time series or using higher frequency periods. In Andersen and Bollerslev (1998) showed that high frequency data can be used to compute daily realize volatility which showed a better true variance than the usual daily return variance. This concept is ad opted in Andersen, Bollerslev, Diebold Labys (2003) to forecast the daily stock volatility which found that the additional intraday information are provide better result in forecasting low volume and up market day.The application of realized volatility has also been occupied by Taylor (2004) in parameters estimation for weekly volatility forecasting using realised volatility derived from daily data. An encouraging result were showed by using the smooth transition exponential smoothing method whereby the research used eight stock indices to compare the weekly volatility forecast of this method with other GARCH models (Taylor, 2004). The concept of realized volatility has been employed by many researchers in forecasting of many other financial assets such as foreign exchange rates, individual stocks, stock indices and etcetera.One of the primordial application of realized volatility concept has used spot exchange rates of Deutschemark-US dollar and Japanese Yen-US dollar to show th e superiority of using intraday data as realized volatility measure. The sum of squared five-minute high frequency returns incorporated in the forecasting model proved to outperform the daily squared returns as a volatility measure (Andersen et al., 1998). Another similar study done by Martens (2001) has adopted realized volatility in forecasting daily exchange rate volatility using intraday returns. The results showed that using highest available frequency of intraday returns leads to superior daily volatility forecast.Furthermore, realized volatility approach has also been blanket(a) to studies for risk and return trade-off using high frequency data. In Bali et al. (2005), the research provided strong positive correlation between risk and return for stock market using high frequency data. The usage of daily realized which incorporated valuable information from intraday returns produce more accurate measure of market risk. In addition to this study, Tzang et al. (2009) as applied the realized volatility approach as a proxy for market volatility rather than squared daily returns to assess the efficiency of various model based volatility forecast.Finally, the findings from a research done by Andersen, Bollerslev, Diebold Labys (2001) shown that realized volatility in certain conditions is costless for measurement error and unbiased estimator for return volatility. The proven research has prompted many recent works in forecasting intra-day volatility to applied realized volatility for their studies. This can be observed in McMillan Garcia (2009), Fuertes et al. (2009), Frijns et al.(2008) and Martens (2001). Many researchers exploit the advantage of realised volatility as an unbiased estimators measure for intra-day data and also as a simplified way to incorporated additional information into other forecast models.McMillan et al. (2009) utilised realised volatility to capture intraday volatilities itself as fence to most researchers that uses realised volat ility for daily realised approach. The study showed Hyperbolic Generalized Autoregressive Conditional Heteroscedasity (HYGARCH) as the best forecast model of intra-day volatility.2.3 Forecast Models used in this studyThe forecast models that are presented in this study includeRandom Walk (RW)30 days Moving Average (MA30)Exponentially Weighted Moving Average (EWMA) with =0.06 (RiskMetrics)Exponentially Smoothing with optimised (ES)Integrated General Autoregressive Conditional Heteroskedastic using daily data (IGARCH)Exponentially Weighted Moving Average (Riskmetrics) on daily realised volatility calculated from intraday data. (EWMA-RV)Exponentially Smoothing with optimised on daily realised volatility calculated from intraday data. (ES-RV)General Autoregressive Conditional Heteroskedasticity model with intraday data using realised volatility approach (INTRAGARCH)Integrated General Autoregressive Conditional Heteroskedasticity with intraday data using realised volatility approach (I GARCH)General Autoregressive Conditional Heteroskedasticity with daily realised volatility (RV-GARCH)CHAPTER 3 DATA AND METHODOLOGY3.1 Sample selection and description of the studyVarious comparative forecast models are used in order to value the performance of incorporating intraday data. This study used dataset from nine stock indices include Malaysia (FTSE-BMKLCI), Singapore (STI), Frankfurt-Germany (DAX30), Hong Kong (Hang Seng Index), London-United Kingdom (FTSE100), France (CAC40), Shanghai-China (SSE), Shenzhen-China (SZSE), and United States (SP 100). These series consisted of daily closing prices and also the intraday hourly cultivation price of their respective indices.The daily closing prices were retrieved using DataStream Advance 4.0? and also from Yahoo Finance (http//finance.yahoo.com). Whereas, the hourly intraday last prices of these stock indices were retrieved from Bloomberg Terminal from Bursa Malaysia. Each stock index has their respective trading hours last pr ice which produced a different number of observations for each series. The total number of trading hours within the day differed among different stock index.However, the sample period used in this study spanned approximately for 300 trading days, from 15 October 2009 to 15 March 2011. In order to simplify the study, the focus is based on a one-step-ahead volatility forecast. The first 200 trading days log returns were applied to estimate the parameters for various forecast models which is known as the in-sample forecast. The remaining 100 trading days log returns were used for post-sample evaluation. This study aimed to forecast volatility in daily log returns for various forecasting methods and used daily realised volatility as proxy for actual volatility. The next subsections presented the data description and the 10 forecast methods which will be considered in the study.3.2 Data Analysis3.2.1 Forecasting MethodsThis subsection describes the methodology to forecast the in-sample a nd out-sample performance of various forecast models. The forecast model includes Random Walk (RW), Moving Average, GARCH models, and Exponential smoothing techniques.3.2.1.1 Standard volatility forecast model using daily returnsThis project paper adopted the simple moving average of squared residuals from the recent past 30 daily observations which is labelled as MA30 and the Random Walk (RW) for the standard volatility forecast model as performance benchmark. The 30 day simple moving average is given byWhereby, 2 = (rt )2 shown in the previous section. The moving average is able to smooth out the short running fluctuations and strain on the long run trends or cycles through a series of averaging different subsets of datasets.On the other hand, the Random Walk (RW) is explained as the forecast result is equal to the actual value of the recent period. The actual value in this study used is the squared residual denoted as, 2t. The equation is as shown below?Tomorrows forecasted val ue = yesterday actual value ()3.2.1.2 GARCH models for hourly and daily returnsThere are many different GARCH models for forecasting volatility that can be included in this research. However, the consideration in this study is limited to 2 forecast GARCH models which are the GARCH and IGARCH for practicality. The GARCH models in this study have applied GARCH (1, 1) specifications. The three forecast model used were labelled as IGARCH, INTRA-IGARCH, and INTRA-GARCH models.The IGARCH model is estimated using daily residuals as daily data is easily obtained from the source mentioned above. The general IGARCH forecast model used is given by?? ?But, the parameter estimate generate by EVIEW 7 will be using the following expression? ? ?? ?However, the INTRA-IGARCH and INTRA-GARCH models used hourly residual data to estimate the forecast for daily realised volatility. The forecast for volatility of these models over an N-trading hours span period would be recognised as the forecast of daily volatility. The N trading hours span period is dependent on the trading hours of a specified stock index. In order to calculate the daily realised volatility, the equation is for N trading hours in a day for a particular stock index is given byWhere period i is the higher frequency of hourly data and the 2t, is the squared residual of the particular hour. For example, if KLCI index has a 7 trading hours per day, the realised daily volatility is calculated from the sum of squared residual of these 7 hours. Additionally, forecast models such as INTRA-IGARCHand INTRA-GARCH applied equation 3 to obtain the daily realised volatility by replacing the squared residual, 2t with values that is forecasted using these models.3.2.1.3 GARCH model using realised volatilityThe GARCH model can be estimated using daily realised volatility which isderived from the hourly squared residual with equation 3. In order to apply RV forGARCH forecast model, equation 3 has to be modified to be squared root t o be ableto obtain the parameter estimates that is needed using EVIEW 6. The equation is asfollowAs for this project paper, the GARCH model that used daily realised volatility asinput data is labelled as RV-GARCH.3.2.1.4 Exponential smoothing and EWMA methodsThe forecast model for exponential smoothing method has been implementedinto two approaches. The first is by using minimisation of equation 3 to optimise theparameter and it is labelled as ES for this project paper. The actual value (squaredresidual), 2t is obtained from the daily data. The second approach which is said to bethe better proxy variance forecast has applied equation 4 for the minimisation. Theforecast model for this exponential smoothing method is termed as ES-RV whichadopted daily realised volatility from hourly data.Apart from that, the study also considered the smoothing parameter as a fixed value of 0.06 as recommended by RiskMetrics (1996) for model using daily data and daily realised volatility data derived from hourly data. The forecast model is termed as EWMA and EWMA-RV respectively. By using equation 2 as shown previously, the EWMA used daily squared residual as 2t 1 parameter input while the EWMA-RV used the daily realised volatility as the 2t 1 parameter input.3.3 Research Design (Gantt Chart)JulAugSepOctNovDecJanFebMarLiterature ReviewMethodologyResearch proposalData collectionData analysisDiscussion and conclusion