Methods ProjectUsing data from the National Child Development Survey Essay

Methods ProjectUsing data from the National Child Development Survey (NCDS) explore the extent to which the British education system has a meritocratic outcome - Essay Example Social mobility has become an issue even in politics since each and every policy now deals with whether it will allow people to change or rise from the current situation (Marshall, G. & Swift, A. 1996). According to Saunders, P. (1997), mmobility in Britain compares to that in the US only that, that fro Britain is declining since the haves have benefited from education opportunities. According to Scott, J. (1999), class is a matter of social background within which one is brought up in. to him, class is reflected right in our attitudes and in our lifestyles as well as in our talking accents and in the way we dress. To him further, social stratification is a particular way of dividing people in a particular way on emphasis of the idea that, individuals are distributed in levels of social hierarchy due to their economic relations or their economic value. These are real social groupings are able to reproduce themselves over time and are forged together through economic relations and the associated social relations as well as social interactions i.e. groupings of people who have similar occupations, similar marriages, who are kins etc. To Saunders, P. (1997), the interrelations between social stratification and things like gender, ethnicity and age are very complex and all combined structure these social divisions; inequalities are gendered, are racialised and are aged. To him, social exclusion and discrimination which is based on gender and ethnicity generate inequalities in life chances in Britain and other countries. Swift, A. (2002) argues that, surveys of children who were born in the 1950s and the 1970s reveals low mobility due to increasing positive relationship between family income and educational attainment by the children.  According to him, additional education opportunities which allow them to stay in education at age 16 and age 18 benefits children from

A Raisin in the Sun Essay Example for Free

A Raisin in the Sun Essay The significance of Lena Younger in the screenplay and movie A Raisin in the Sun by Lorraine Hansberry, directed by Kenny Leon In the movie A Raisin in the Sun derived from the screenplay by Lorraine Hansberry, the character of Lena Younger is effectively portrayed to show the importance of the plant as a symbol of Lena being in possession of a garden to call her own. However, the theme of dreams, especially Lena’s, is not made prominent enough to show Lena as a symbol of African American’s in the 50’s owning a house and moving up in society. In the screenplay of A Raisin in the Sun, Lena Younger is a sensitive mother and grandmother to the Younger household. She is very religious, and demands of her kids to thank God for their lives. This is shown when Lena slaps Beneatha for challenging the idea of God in her life. Lena says, â€Å"Now you say after me, in my mothers house there is still God† (Hansberry 39). This scene is effectively remade in the movie. The actress that plays Lena makes her anger and shock in Beneatha’s comment very believable, which further emphasizes the fact that Lena’s values are portrayed just as effectively in the movie as they were in the written screenplay. Lena also stands up for herself, much like her daughter Beneatha. This is shown in the scene where Lena goes to the market to buy some apples that are in very bad condition. Lena says, â€Å"Got the nerve to be askin’ people thirty-five cents for them apples look like they was on the scene when Moses crossed over Wouldn’t be tryin’ to sell ’em over yonder where I work† (Hansberry 54). In this scene of the screenplay, Lena’s character seemed very headstrong. In the movie however, this quote was not included. Instead Lena told the clerk, in a sarcastic tone, â€Å"Am I being charged for the worms too? † (A Raisin in the Sun), which means that the quality of the apples was not good. Although the scene was different, the point Hansberry was trying to make came across both ways. Lena came across as a headstrong woman who only wants the best and nothing less, within her budget. In these ways Lena Youngers character was portrayed effectively, however, her character has more significance that just good acting. One of the most important symbols in the screenplay A Raisin in the Sun is the plant. Throughout the screenplay and the movie, no one else in the Younger household cares for the plant except for Lena, which is why the symbol directly links to her. In the screenplay, as soon as Lena enters her apartment she goes to open the window. â€Å"Lord, if this little plant dont start getting more sun, it aint never going to see spring again†. (Hansberry 66). This shows that after a long day, she still cares for her feeble little plant, and its growth. In the movie this scene was not portrayed effectively, mostly because the apartment the director chose does not accurately fit the description in the screenplay, thus making the symbolism of the plant ineffective. Despite that, the true symbolism of the plant is that Lena was longing for her own garden, and that was shown effectively in the movie. The quote from the movie corresponding to this scene is â€Å"If that plant don’t get more sunlight than it’s been getting, it’s just gonna give up† (A Raisin in the Sun) which shows that Lena does care for the plant, but can’t do anything about its well-being. Later on in the screenplay Lena starts to get stressed and worried about her children. The only thing she turns to then is her plant, which shows that Lena is in control of at least one thing in her house. When Ruth brings up the fact that Beneatha is home later than usual Lena replies, â€Å"I dont believe this plants had more than a speck of sunlight all day† (Hansberry 76). This could be to direct her worries elsewhere, which makes sense because in other emotional scenes, such as when Lena is hearing about Mr. Linder, the camera focuses in on Lena touching the plants soil with her hands. The reply could also be because she sees her dream in the plant she sees it is in a weak state and that it is barely growing. Lena also sees that Beneatha and Walter, her children, are experiencing new things and are growing to become people of the new generation. Because of this, she may turn to the plant and hope the same for it hope for it to blossom into something better and of that generation. Lena’s dream of owning a garden represents not only her dream, but the dream of all the lower class african americans of the 50’s. Although Lena tries to keep her run down apartment looking polished, she makes it clear that she dreams for bigger things. While conversing with Ruth about when her and Big Walter bought the house Lena said, â€Å" But Lord, child, you should have known all the dreams I had about buying me that house and then fixing it up and making me a little garden in the back† (Hansberry 69), which clearly shows Lena’s dream. Not only does she want a nice garden for herself, but she wants a house for her family, so they can all enjoy living. This scene was not effectively shown in the movie mostly because, as mentioned before, the apartment they were living in did not look run down as was described in the screenplay. Due to this, when the characters were talking about the â€Å"ratty-ness† of the apartment it did not make sense, because their dialogue did not fit the visual. The ultimate dream for african americans of the time was to live in a place full of life, and of course with less rent. The screenplay implies that the apartment is small and that â€Å"weariness has, in fact, won in this room† (Hansberry 23), which means that the room is in poor condition. The movie shows the living room as small but it does not show it as tattered, like the screenplay implied. At that time and now, this is considered poverty, however the movie displays the room as well kept and does not appear worn out, which is what Lena tries to make it seem like. After Mr. Lindner comes to the Younger household, Beneatha, Walter and Ruth explain what he wanted from them, which was to buy their house off of them. Lena does not completely understand at first why he would come, which shows that she does not comprehend that there will be complications with moving into a white neighborhood. â€Å"Father give us strength. (Knowingly and without fun:) Did he threaten us? †(Hansberry 169). This shows that although Lena feels threatened by Mr. Lindner, she does not realize that the new generation does not directly say what they feel. This creates the tone that, just like Beneatha and Walter have been telling Lena, she is not educated enough on the new generation. Since Lena represents the African Americans of the 50‘s expanding in society, it was ineffectively shown in the movie and the screenplay, because of he automatic assumption that they were threatened. All in all, the character of Lena is ineffectively portrayed in the movie to symbolize what the african american’s of the 1950’s should have been like. Taking a look at Lorraine Hansberry’s idea of having a character like Lena in the screenplay, one understands that she is a statement rather than just a character with a dream. Lena Younger is a statement to show that women in the 1950‘s can work all day to provide for their families and still be caring rather than miserable. The condition the Youngers were living in was one where Lena could easily have been sour to her family members rather than nurturing. This is what Hansberry wanted to show. Also the plant symbolizes Lena’s nurturing side, that she will do anything to make the people (or things) she cares for grow and succeed. Overall, the directors of the movie A Raisin in the Sun did a decent job in interpreting Lena’s role in the screenplay.

The American with Disabilities Act Essay -- American Government, ADA A

As stated by the founding fathers of America â€Å"All men are created equal.† Black, white, brown, short, tall, smart, and dumb, all are created equally. Therefore every person deserves fair judgement. Unfortunately, it is a profound fact that not everyone is born normal and capable of task typical for a common person, who is free from disability. In my opinion, the quote â€Å"All men are created equal† serves to promote a friendly environment that helps encourage equality among people and aids to recognize the similarities rather than the differences that separates men. Even so, with this hope, the disabled community still struggles for equality. According to Legal Rights by the National Association of the Deaf (NAD), â€Å"Almost 10 percent of all American have some kind of hearing loss. These ten percent suffer from unfair treatment from professional, social and government service providers, including court and police† (NAD 1). Obviously, because deaf and h ard of hearing have limited hearing, their communication and social skills are below the expectation of a common hearing person. Thus, most of these people are ignored, neglected, and discriminated against. However, as a citizen protected by the American with Disabilities Act (ADA), deaf and hard of hearing individuals deserve equal rights and must be accommodated for as a disabled person. If everyone is entitled to all the rights and freedom that is set forth in the Declaration, disabled people should not be robbed of their rights. However, they are still devalued from conducting common tasks which puts them at the bottom of the priority list as an employee and even so as a friend. In search to solve this problem, according to â€Å"The Disabled† by Bender, D. on July 26, 1990, President G... ...er on Deaf Child Accepted† from the New York Times by Greenhouse, Linda on November 3, 1981. Supreme Court agreed to provide a sign language interpreter for deaf third grader. The appeals was based on the Education for All Handicapped Children Act. Apparently, Amy Rowley a deaf student who was adept at lip reading and received help from her hearing aid was performing above average from her class without special help. However, the court ruled â€Å"she was entitled to be able to understand everything said in the classroom, a goal that could be achieved only through sign language†(Greenhouse 2). Even though Amy Rowley in the top half of her class the court recognized that she is still being denied of her rights. Therefore, the court ruled in her favor to accommodate her for education. With the accommodation she will be given an opportunity to achieve her full potential.

The United States’ Failure of Battling International Terrorism under Clinton’s Administration :: History Terror Argumentative Persuasive Papers

The United States’ Failure of Battling International Terrorism under Clinton’s Administration In the wake of the September 11 tragedy, Osama bin Laden once again rang the bell across the North America continent, reminding the Americans of his existence and fatalness. Bin Laden has been quiet for a while after the United States’ bombing in Sudan and Afghanistan in 1998 – a retaliation against his followers’ attacks of the U.S. embassies in Kenya and Tanzania, and a mere attempt to stop international terrorism by the Clinton’s administration. By demolishing the World Trade Centre and part of the pentagon with four hijacked domestic aircrafts on September 11, 2001, bin Laden has proven Clinton’s attempt a tragic failure – that it was simply a timeout to the terrorist â€Å"jihad† against the Americans. Thirteen days after the terrorist attack of the U.S. embassies in Kenya and Tanzania, Operation Infinite Reach was launched with the approval of a select group of senior advisors from President Clinton’s administration. Numerous Tomahawk Cruise Missiles were sent from U.S. submarines and warships to selected targets in Sudan and Afghanistan. The retaliation, though backed up by many claimed evidence and urge from the administration, has drawn many serious local and international criticisms. These criticisms were raised mostly against the effectiveness and the justification of the military action. With its failure to stop Osama bin Laden from plotting his â€Å"jihad† against the Americans, Operation Infinite Reach seems to have proven most of the criticisms correct. One problem with the bombings of Sudan and Afghanistan is that they were highly ineffective in achieving its intended goal to battle terrorism. The outcome of the bombings has perhaps made its ineffectiveness self-explanatory – the Cruise Missiles were late for an hour to hit bin Laden in the Zhawar Kili Al-Badr Camp near Khoust, Afghanistan. Even though Clinton’s Defensive Secretary Cohen claimed that killing bin Laden was not one of their designs, the failure to root bin Laden and his followers out was obvious. Reports from Afghanistan showed that only less than a hundred members of Al Qaeda were killed or wounded during the attack, and Taliban officials later confirmed that bin Laden has fled the bombing site uninjured. Leaving no serious damage to bin Laden’s terrorist group, the retaliation seemed to have done too little to combat terrorism against the United States.

Effects of Soil Ph on Radish Plants Growth Essay

Background information: the soil ph can have 2 different impacts on the growth of plant roots. First and most important is how it affects the concentration of nutrients present in the soil itself. This variable varies depending on the ph tendency, in particular, nutrients like phosphorous, potassium ,sulphur, calcium and magnesium tend to drastically decrease in more acidic ph conditions (7.5) [figure 1]. The importance of these types of nutrients varies depending on the species of plant, in this case radish tends to show higher concentrations of Potassium, Calcium, Magnesium, Copper, Manganese, Phosphorous and Sodium. These all tend to grow in more alkali or neutral soil conditions rather than acidic as showed in figure 1. Another variable affected by a change in ph is the growth of microorganisms in the soil specifically affecting their respiration rate and the PLFA (phospholipid fatty acids) concentration [figure 3], which consist in the main component of the cell membrane of most microbes, including the soil ones. In this case too the graph [figure 2] seems to show a straight directly proportional relationship between respiration rate and PLFA concentration and PH growth, meaning that microorganisms optimum ph conditions tend to be either neutral or slightly alkali, particuralrly for respiration the best fit line on the graph displays a steeper line with a bigger gradient. Conclusion As a hypothesis i would say that the best results in terms of mass gaining and length should be matched by the radish seeds growing in an alkali or neutral enviroment, rather than in an acidic one To revisit my hypothesis and understand why the base solution should provide better nutrients for the radish rather than the other ones it is very important to understand the concept of CEC (Cation Exchange Capacity), this property of the soil is defined as: â€Å"The total number of cations a soil can hold–or its total negative charge–is the soil’s cation exchange capacity†[1] the capacity of the soil to contain these ions is measured in millequivalents per 100 grams of soil (meq/100g) the increase of this soil property is usually associated with an increase of fertility, the reason being that the higher the CEC the higher the maximum amount of nutrients (ions) [figure 4]the soil is capable of holding and more likely it is to improve its productivity. The increase in CEC is usually associated to a decrease in pH (showed in the graph [figure 5]). This has been prooved by Dr Lloyd A. Peterson who carried out an experiment of soil acidification through the use of N fertilizers [2] (the main chemical in these compounds is Ammonia, NH3, which as it’s released in the soil is converted into ammonium nitrate by the bacteria, during this biological process, 3 positive hydrogen ions are released in the soil per ammonia molecule converted. The increase in the H+ ions concentration makes the soil acidic.) which eventually lead to a much higher CEC rate, which should theoretically improve the soil fertility itself, but, as a side effect of the acidification is a drastic decline registered for the exchangeable base cations particularly in the ions Ca2+, which suffered of – 31% exchangeability and a – 36% for Mg2+[3] actually worsened the fertility of the soil since the ECEC (effective cation exchange capacity, calculated by adding the exchangeable base cations and the exchangeable acidity) actually turned out to be negative, meaning that the relation between pH and the ECEC itself is actually directly proportional. To conclude, in the case of radish especially, the ions suffering from base cation exchangeability decrease, which are magnesium and calcium make up a big part of the nutrients absorbed by the seeds (see the background paragraph) this causes the radish growth to be damaged by an acidification of the soil. This explains why roots growing in acidic conditions should display the worst results, while the ones living in alkali and neutral soils should grow longer and heavier, because the ECEC along with the nutrients concentration in the soil varies depending on the change in pH, in this case with a linear directly proportional rate, meaning that as pH increases (towards alkali) so does the base cations nutrients concentration in the soil and the plant growth benefits from it.

Lord of the Flies Book Review

Lord of the Flies Book Review Lord of the Flies Book Review Lord of the Flies Book Review If you are looking for the free Lord of the Flies book review, you have found it. The following essay is short but comprehensive. If you are in need of individual book review writing help, do not hesitate to try our professional book review writing service. We are ready to help you with writing review on any book and within any deadline! Our prices are moderate and we guarantee authentic writing. You may also review tips on how to write a book report as well as article on writing a critique: Lord of the Flies Book Review Free Sample Lord of the Flies is more than an adventure story or allegory because of this very insistence upon "odd" objects. By placing his boys upon a mysterious island where is it? Golding forces them to explore the landscape. Earth, air, fire, water these shape and hold the meanings of existence. The four elements the four boys. How convenient it would be if Golding were to equate them! Piggy and fire? Jack and earth? Simon and air? Ralph and water? But we feel cheated. There is no one element for each boy because Golding realizes that even "primitive life" remains mysterious. There is no doubt, however, that just as the Elizabethans employed the four humours based on the four elements he associates personality and element. This association is more lasting than the incantation of old names. The four boys constantly touch the elements, whether or not they realize they do. Because they are bound to different elements (in different combinations) they battle one another. And they torment themselves in their desire to rule (or be ruled by) only one element. Throughout the novel Golding refers to the illusive quality of the island. Simon, for example, sees "a pearly stillness, so that what was real seemed illusive and without definition." Piggy peers "anxiously into the luminous veil that hung between him and the world." Jack peers "into what to him was almost complete darkness" when he first arrives on the beach. Because the elements are shadowy and ambiguous (and threatening?), they defy the vision of all the boys, including Simon and Piggy. Thus we have a completely ironic situation. The boys are forced to return to the elements to exist "originally" but they are so deceived by magical qualities that they cannot clearly judge their experience. Although many critics have complained about the gimmick at the end of the novel the boys are saved; the officer doesn't "understand" the violence which has occurred it is justified because it is another "appearance." The officer allows his "eyes to rest on the trim cruiser in the distance," but we doubt that he can see it or the water with full knowledge. Lord of the Flies is therefore a novel of faulty vision. Can the boys ever see the elements? Are the elements really there? Is a marriage between elements and consciousness possible? The novel is not about Evil, Innocence, or Free Will; it goes beyond (or under) these abstractions by questioning the very ability to formulate them. If you are looking for tips on writing Jane Eyre essay or Great Expectations essay, you will definitely find great tips on our blog! Lord of the Flies Book Review Custom Writing The above book review is free and can be easily accessed by thousands of students. If you are looking for individual help with writing your book review, if you want to get an original book review written especially for you, do not hesitate to order custom book review writing service at our site. We do not make false promises and we follow all instruction points. Our writers are native English speakers. Interesting posts: Papers Psychology Research Paper Proposal Research Help Writing a Research Paper Critical Analysis of a Research Paper Argumentative Research Paper Topics

A Look at Kinesthetic Learners and Methods

A Look at Kinesthetic Learners and Methods A Look at Kinesthetic Learners: Kinesthetic learners typically learn best by doing. They are naturally good at physical activities like sports and dance. They enjoy learning through hands-on methods. They typically like how-to guides and action-adventure stories. They might pace while on the phone or take breaks from studying to get up and move around. Some may seem fidgety, having a hard time sitting still in class. Key Learning Methods: Kinesthetic learners learn best through doing including manipulating items, simulations and role plays, and other methods for presenting subject matter that physically involve them in the learning process. They enjoy and learn well from experimenting and first hand experience. Further, they learn best when activities are varied during a class period. Ways to Adapt Lessons: Vary instruction not only from day-to-day but also within a single class period. Provide students with as many opportunities as your curriculum warrants to complete hands-on work. Allow students to role-play to gain further understanding of key concepts. Provide students with the opportunity to work in small discussion groups as they study materials. If possible, plan a field trip that can help reinforce key concepts. Allow students to stretch partially through the class if they seem to become restless. Other Learning Styles: Visual Learners Auditory Learners

Free Essays on Spy-glass

Thus far, as I have come to understand as a student of anthropology, being a successful ethnographer must involve providing an accurate and ethical representation of the culture on the other side of Hurston’s â€Å"spyglass† while at the same time taking into consideration one’s own biases and experiences that affect the situation at hand and the representation itself. With these things in mind, getting at the tacit culture can be very difficult, especially when we also have to consider how our own ethnic and racial backgrounds will affect our ability to obtain information from informants. This becomes clear when reading Carol Stack’s Call to Home, in which she, as a white women, attempts to capture the essence of the Diasporas of the Southern African-Americans who are once again returning home from the â€Å"white† city. While reading, I found myself pondering how clever her approach to connect with her informants is. Before the reader even looks at the table of contents they are confronted with a quote from Bernice Johnson Reagon that evokes images of soul searching and a spiritual journey of finding one’s self.. This theme carries over into the text with Stack’s question of whether or not the mass exodus from the city actually has to do with a desire for discovering a cultural heritage and a true home. Quoting Stack, â€Å"For some, home is the setting of dreams deferred: the safe haven from urban storms.† The town which Stack focuses on, Burdy’s Bend, seems to be wrought with country people who are becoming country again. The broader arena of social change is illustrated more specifically by the individual struggle to find a place where they themselves can change. Style influences what information is conveyed, how the message is perceived, and how the story, itself, takes shape. Call to Home certainly emphasizes the theme of how important the style in which the ethnographer writes. In addition, Stack’s work... Free Essays on Spy-glass Free Essays on Spy-glass Thus far, as I have come to understand as a student of anthropology, being a successful ethnographer must involve providing an accurate and ethical representation of the culture on the other side of Hurston’s â€Å"spyglass† while at the same time taking into consideration one’s own biases and experiences that affect the situation at hand and the representation itself. With these things in mind, getting at the tacit culture can be very difficult, especially when we also have to consider how our own ethnic and racial backgrounds will affect our ability to obtain information from informants. This becomes clear when reading Carol Stack’s Call to Home, in which she, as a white women, attempts to capture the essence of the Diasporas of the Southern African-Americans who are once again returning home from the â€Å"white† city. While reading, I found myself pondering how clever her approach to connect with her informants is. Before the reader even looks at the table of contents they are confronted with a quote from Bernice Johnson Reagon that evokes images of soul searching and a spiritual journey of finding one’s self.. This theme carries over into the text with Stack’s question of whether or not the mass exodus from the city actually has to do with a desire for discovering a cultural heritage and a true home. Quoting Stack, â€Å"For some, home is the setting of dreams deferred: the safe haven from urban storms.† The town which Stack focuses on, Burdy’s Bend, seems to be wrought with country people who are becoming country again. The broader arena of social change is illustrated more specifically by the individual struggle to find a place where they themselves can change. Style influences what information is conveyed, how the message is perceived, and how the story, itself, takes shape. Call to Home certainly emphasizes the theme of how important the style in which the ethnographer writes. In addition, Stack’s work...

Legalizing marijuana for medical issues Research Proposal

Legalizing marijuana for medical issues - Research Proposal Example Legalizing marijuana is an extremely contentious issue in the United States today.   Many view marijuana as a getaway drug with no therapeutic or medical value; however, the medical community wants marijuana legalized to treat patients with a multitude of medical and mental conditions. Marijuana finds its application in the field of medicines and many patients of cancer and AIDS find quick relief owing to the drug. Diseases like arthritis, multiple sclerosis, epilepsy, and depression can also be treated with the help of this drug. Reports often reveal that marijuana has not only been able to improve the effects of prescriptions drugs, but also eradicates the negative impact of drugs sued for the treatment of cancer and AIDS. This was proved when the Compassionate Use Act of 1996 in California legalized the medical use of the drug. For several years the drug has been used for medical purposes. For instance in 1941, the drug has been used in the US Pharmacopoeia. Several challenges have been faced from the side of law with respect to the prohibition of the medical use of the drug encouraged government investigations and all these procedures have ensured the worthiness as well as the safety of the application of this drug in medicines. â€Å"Marijuana, in its natural form, is one of the safest therapeutically active substances known. The evidence in this record clearly shows that marijuana has been accepted as capable of relieving the distress of great numbers of very ill people, and doing so with safety under medical supervision. It would be unreasonable, arbitrary, and capricious for DEA to continue to stand between those sufferers and the benefits of this substance in light of the evidence in this record.† (Eidelman and Voth, 2002) A study carried out at the John Hopkins University of Baltimore deals with the impact of the drug on the cognitive

THE LEGAL ISSUE IN NETWORK SECURITY USA Essay Example | Topics and Well Written Essays - 750 words

THE LEGAL ISSUE IN NETWORK SECURITY USA - Essay Example Network security looks after the Local Area Network (LAN) from the external world. For the computer based crimes, it is hard to enforce any law on legal basis as the computer or the network cannot be restricted by boundaries of a country around it. There are many issues that US legal system face when dealing with the computer based crimes as they are bound in one or the other ways. This has made the criminals get a chance to misuse the available resource and be safe from legal issues. Following are some of the federal computer crime laws and status aid the US department: FERPA, TEACH and GLBA Act: ECPA and CFAA Act and Economic Espionage Act (EEA). Though there are many laws, it is important for a common man to know them so that they can use the right one at a given time. The legal system is found to be a part of the society and it cannot do anything in case the owner of a site won’t take the advantage of it. Hence, the major incidents related to network security, the progress ion of laws for safeguarding network security and the future of network security from a legal standpoint is detailed in the paper. TABLE OF CONTENTS 1. Introduction 4 2. Computer and Networks 5 3. Legal issues in Network Security 6 4. Preliminary Boards and Projects for Network Security 7 5. Idea of Separate Jurisdiction 8 6. Law for e-Commerce to Avoid Identification Theft 9 7. The Cyber Crime Agreement 9 8. Approval for Electronic Signature 10 9. Laws for Federal Computer Crimes 10 9.1 The FERPA, TEACH and GLBA Act: 11 9.2 The ECPA and CFAA Act: 11 9.3 Other Laws Used to act against Computer Crimes: 12 10. Controversy 12 11. Goal of Network Security 15 12. Conclusion 15 13. References 19 1. Introduction Today’s world rises with the use of the computer for almost everything. With the introduction of internet, the world is able to keep in touch with one another. Either a common man or a company can do this without moving even an inch but share all the information with the hel p of the strong network. When the network gains importance, the issue with it will also be very important. Having a personal computer is not the only need but one should know how to protect the information that they have in it. Network security can include elements such as intrusion detection systems traffic shaping and firewalls (The Gordon Schools, 2011).

Training and Developing Paper Research Proposal Example | Topics and Well Written Essays - 500 words

Training and Developing Paper - Research Proposal Example s training courses; although training courses are important, your training and education will be designed to also encompass in-house mentoring, work-based learning, reflective practice and shadowing. The healthcare industry is constantly evolving as new advances in medicine are discovered. As such, employees should constantly make good use of training and education so as to adequately prepare themselves for these changes (McConnell & Fallon, 2013). The threat of legal action leveled against professionals in the healthcare industry is increasing. It is important for you as newly recruited employees to continually undergo training that will keep you updated on any new legal developments that might be directly affecting you as professionals. Competencies are basically the eventual outcomes of the training and education process. It is important to measure your competences as individual employees in the organization as these measures will be a crucial indicator of your ability to perform definite tasks in a fashion that will eventually yield desirable outcomes. As new employees, it is important for you to understand that having high levels of competency basically implies that you are successfully able to apply skills, knowledge and abilities to new situations. It is important for organizations to assess organizational and individual competencies performance so as to assess the efficiency of the services that we are able to provide to patients. Healthcare organizations are singularly responsible for the overall quality of care they provide, as such, the assessment of competencies helps the organization in the determination of whether there is any need to design and implement new training programs aimed at improving the organization’s performance (Kelly & Vottero, 2014). Reaction: During this stage, participants hand in feedback questionnaires, they are also encouraged to provide any informal feedback that they believe is of importance. This information is

Comparison of Sculptures Essay Example | Topics and Well Written Essays - 500 words

Comparison of Sculptures - Essay Example The first work of art was created in 1430s using bronze metal. The graceful form and decorative details of the statue distinguished it from many other statures created by other artists of that time. If we analyze the style of this statue, we can see a manly and victorious look all from head to toe. The statue is almost completely nude as there is only a hat on its head and armor shoes on the legs. The appearance of the statue reveals existence of a male dominated society in which men used to praise their bodies by resembling them with protective shells.The second work of art was created in 1623 using marble. The sculptor has created the state in a position that shows the climax of some action. â€Å"Expanding upon Michelangelo's fascination with the human body, Bernini added torsion to create a dynamic figure that extends into the viewer's space†. Made by marble, this artwork reveals a true understanding of the way features can be used to express actions. The color of the uppe r body of the statue is whitish grey. This statue is also semi nude but the amount of cloth shown on the statue distinguishes it from the other statue we discussed earlier.The main differences between the two artworks include standing position of the sculptures, amount of cloth, and use of metal. Dontello’s sculpture is in standing position looking downwards, whereas Bernini’s Statue is look straight and is in climax of action.There ios no cloth on the body of Dontello’s statue, whereas the sculpture made by Bernini is seminude.

Case analysis Study Example | Topics and Well Written Essays - 1250 words - 3

Analysis - Case Study Example This was also to address the uniform distribution of the vertical load on the two wheels through the creation of a design that could vary the normal force and rotational velocity applied to the burnishing tire to ensure that one wheel is not overwhelmed which might lead to the bursting of the tire on that wheel. The track surfaces used for wet traction tests develop non-uniformity in grip levels over time, the antilock braking system prevents the wheel from skidding in low traction situation, the main aim of the project under this report was to develop an implement that can be attached to a tractor and powered by the tractor’s power take off. This implement was to function in the exact fashion as an ABS system. This was to ensure that even at times when the strip surface had developed less grip capability the tire would still hold on to the track without skidding. i.e. To provide constant grip over time. In the project under this report, it was required for the team to create a design for an implement which can be attached to a tractor and driven by the tractor power take-off, which could be used to rotate the tires so that it could burnish or scrub the surface of a test track as the tractor moves the implement along the surface. In order to avoid constant scrubbing this implement was to offer the capability to change the vertical load on the tire, the goal is to enhance the effectiveness of the burnishing process by increasing the time period between the needed burnishing, decrease the time required to burnish, and achieve the target coefficient of friction consistently over the entirety of the test area(L. Beaver, A. Drew and J. Leitzsey). The solution to this problem was based majorly on the constraints on the design of the traction method, the solution to the constraints mainly focused on speeding up the current burnishing process and providing more even coverage while creating a design that would be easy to operate and maintain. The

Comparison of Sculptures Essay Example | Topics and Well Written Essays - 500 words

Comparison of Sculptures - Essay Example The first work of art was created in 1430s using bronze metal. The graceful form and decorative details of the statue distinguished it from many other statures created by other artists of that time. If we analyze the style of this statue, we can see a manly and victorious look all from head to toe. The statue is almost completely nude as there is only a hat on its head and armor shoes on the legs. The appearance of the statue reveals existence of a male dominated society in which men used to praise their bodies by resembling them with protective shells.The second work of art was created in 1623 using marble. The sculptor has created the state in a position that shows the climax of some action. â€Å"Expanding upon Michelangelo's fascination with the human body, Bernini added torsion to create a dynamic figure that extends into the viewer's space†. Made by marble, this artwork reveals a true understanding of the way features can be used to express actions. The color of the uppe r body of the statue is whitish grey. This statue is also semi nude but the amount of cloth shown on the statue distinguishes it from the other statue we discussed earlier.The main differences between the two artworks include standing position of the sculptures, amount of cloth, and use of metal. Dontello’s sculpture is in standing position looking downwards, whereas Bernini’s Statue is look straight and is in climax of action.There ios no cloth on the body of Dontello’s statue, whereas the sculpture made by Bernini is seminude.

International Finance and Law Assignment Example | Topics and Well Written Essays - 750 words

International Finance and Law - Assignment Example A close analysis of these two descriptions of the same product provides two different products. In the first document, it is evident that the traders are dealing with steel ingots, while in the second document; we cannot deduce which products the traders are dealing with. The only thing we are sure of, as a bank is that they are dealing with ingots. I would not honor the Letter of Credit, and as such, would not make any subsequent payments towards the document. This is because the document speaks of a product that is completely different from the one in the contract of sale. Consequently, the bank would be liable for honoring a Letter of Credit that has such form of discrepancies, and as such, would be liable to pay any amount of liability caused by the damages incurred from this contract. Furthermore, it would be difficult for the bank to trace the money paid out to SS, if at a future date the traders realized the discrepancies in the two contracts and demand to stop the contract, especially if at all he is a fraudulent person. Honoring the contract also gives him legal rights to decline liability to the contract, and he may choose not to send the products at all, or send a different product, ingots instead of 51 steel ingots to the buyer (Bamford, 2011) By refusing to honor this Letter of Credit, I would have to ask both parties to the contract to review the details of their contract. I would demand that they make changes to the contract and rectify the discrepancies before the bank can release any payment upon the order made. For instance, I would send a letter to MM advising him of the difference in description of the goods between the Contract of sale and the Letter of Credit. This means that the goods that the letter of credi demands payment upon are not the same ones discussed in the contract of sale. Therefore, he needs to clarify which goods he is paying for, and what is the acceptable market price of these goods. It might also

The Presence of Fear in Lord of the Flies Essay Example for Free

The Presence of Fear in Lord of the Flies Essay The presence of fear in Lord of the Flies Lord of the Flies is a relatively short book, but within its small amount of text William Golding is able to do much more than tell an exciting story. He digs deep into human nature and the natural corruption in peoples souls. He specifically explores the impact that fear has on people and how it makes them act. In Goldings eyes, humans are doomed just as the children on the island are, and that is because of fear. He believes that just the presence of terror causes people to overreact and lose common sense, tearing away at the bonds that hold society together. In an attempt to calm or soothe their worries, people end up separating, singling out others and letting their inner savage take over, leaving themselves in an even worse situation. In Lord of the Flies, fear slowly drives all common sense and civility out of the boys and brings them back to a state of savagery. The boys are scared from the beginning of the novel. At first, they are too excited about having an island to themselves to dwell upon their insecurities, but nonetheless they are there. The fear is not openly shown or discussed, but the boys are already subconsciously trying to cover it up. The boys do such things such as singling out Piggy in an attempt to make themselves feel more powerful and in control. Then, Jack pulls a knife on the piglet to try to show power and also to try to show immunity to fear, however, when he did so his face was white under the freckles. (31). Jack is already trying to act tough but at this point this cover that he puts on to hide from the fear has not reached nearly the point of savagery that it does later in the story. It is not until the first fire that the boys begin to openly show fear and even then they quickly change the subject. The cause of this realization of reality is that one of the littleuns disappears. The idea of making a rescue fire is so exciting that they let it get out of control. When the fire burns out they realize that one of the children is missing. When asked what has happened to the child with the mark on his face Ralph replies by saying Perhaps he went back to the, the-. . He knows what has happened, the boy was burned to death, but he does not want to admit it. This is like a wakeup call for the boys and they start to see the reality and the dangers of the situation. As the novel continues the fear is progressively growing in all of the children. By page 59, the fear of not knowing what would happen to them and if they would ever be rescued had grown to the point where the littleuns suffered from untold terrors in the dark and they huddled together for comfort. The littleuns were certainly afraid but had no way to really explain their fear or anything to blame it on. It is for this reason that they subconsciously create the beast. At first the biguns are too old and mature to believe in this beast. They realize that it is a figment of the littleuns imaginations and dont give it much thought. However, as their fear of being alone and not being rescued grows, so does their need for something concrete to aim their insecurities toward and to distract them from their real problem. This causes the biguns to begin to lose their common sense and to believe in the beast as well. Simon sees this, but when he tells the others maybe its only us, (89) referring to the beast; he is laughed off. The other boys will not even consider Simons ideas because they have convinced themselves that the beast is reality. As their fear grows so does their image of the beast, and unfortunately their savagery grows as well. This is most evident in Jack. When he is hunting he feels powerful. He is in control and he loves it. Hunting starts to become more than just a food source, it becomes his life. Not only does his hunting activity increase in frequency, it also becomes more and more vicious.

English Literature The Nuns Priests Tale by Geoffrey Chaucer

English Literature The Nuns Priests Tale by Geoffrey Chaucer The Nuns Priests Tale by Geoffrey Chaucer The use of animals in the narratives ‘The Nun’s Priest’s Tale’ by Geoffrey Chaucer and ‘The Company of Wolves’ by Angela Carter allows the reader to further understand the meaning that the composer has created within the text. ‘The Nun’s Priest’s Tale’ is an example of Chaucer testing the bounds of a beast fable genre. Beast fable is a tale where ‘animals are used as embodiments or caricatures of human virtues, vices, prudence’s, and follies and other typical qualities of mankind.’ (Coghill Tolkien 12). ‘The Company of Wolves’ is the reconstruction of the folktale Little Red Riding Hood. The female character in the narrative ends up in the wolfs arms instead of his stomach contradictory to the fairy tale which challenges the narrative of masculine desire. With these examples we can clearly see the animal influence within these texts. Geoffrey Chaucer was an English author who wrote many works, he is best remembered for his frame narrative The Canterbury Tales. ‘The Nun’s Priest’s Tale’ is a part of The Cantebury Tales which tells a tale of an old woman who had a small farm in which she kept animals, including a rooster named Chantecleer. Chantecleer had seven hens as his companions, the most honored of which was Pertelote. ‘Chantecleer does indeed represent abstarct ideas – and represents them in a way the is subtle, changing and often ironic – Chantecleer himself never becomes a mere abstraction. He is a very engaging creation in a very real world’ ( Stephen Coote 52). The idea of a rooster being able to hold such qualities those of human beings, reinforces Chaucer’s poem as a ‘particlar form of comic wisdom’ (Coote 33), through the use of barnyard animals. The poem begins with the romance between Chantecleer and Pertelote. Romance being a genre usually featuring noble knights and their ladies, evokes the comical view of such heroic traditions with the use of animals. Chantecleer’s first introduction is that ‘In all the land, at crowing he’d no peer’ (Geoffrey Chaucer 203). In this context, the description of Chantecleer evokes humor at the heroic traditions of that time on two counts. One is that ‘crowing’ (203) is not a heroic form and secondly that it is not particularly surprising that he does it well seeing as though he is a rooster, and that it is naturally what they do. The rooster is then described from his ‘comb’ (203) right down to his ‘nails’ with the colours of flowers and jewels. This is very strange when it is applied to Chantecleer, as this method is usually employed when describing a beautiful woman. Ironically this description of Chantecleer fits perfectly, reminding us of the swaggering beauty of this animal.

Crusades :: essays research papers

While the goal of the Christian Crusades was only successful once, it still brought about many changes in the time including an end to feudalism, advancement in warfare, and expansion of trade. The Seljuq Turks began to take over â€Å"the Holy Land† in Palestine and this upset Pope Urban II. He was eager to regain the Holy Land and thus began the First Crusade. The French and Italian lords led armies through Palestine to their main target Jerusalem. They were heavy armor and wool while marching through the desert and because of this some died of heat exhaustion. Despite this problem, they reached Jerusalem and after many vicious battles the city was captured. Now most of the Holy Land was under European control. The Europeans brought many of their customs with them including feudalism.   Ã‚  Ã‚  Ã‚  Ã‚  The Turks slowly began to regain control of the Holy Land. They united and began to take back cities that were captured as a result the Second Crusade began. King Louis VII and Conrad III led armies to Damascus but they failed to recapture the city and the Turks still held power. In 1187 Saladin, a Muslim leader, gained control of Jerusalem. Frederick Barbarossa, King Philip II, and King Richard I led armies to take back the Holy Land in the Third Crusade. On the way there Barbarossa drowned so his army turned back. Philip and Richard got into a fight and Philip went back to France to take back land from the English. Richard went on to the Holy Land but failed to recapture it. He did make a truce with Saladin which allowed Christians to enter the Holy land and control of some towns.   Ã‚  Ã‚  Ã‚  Ã‚  There was one last effort to take the Holy Land back by Pope Innocent III who put together French knights in the Fourth Crusade. The knights left on ships provided by Venice and were asked to attack Zadar, a rival trading city to Venice. Since Zadar was a Christian city the knights who attacked and looted it were excommunicated. The knights went on to attack and loot another Christian city Constantinople. The Crusades led to changes in the middle ages.

Alcohol and its Effects Essay -- essays research papers

Alcohol and its Effects   Ã‚  Ã‚  Ã‚  Ã‚  Alcohol is a substance that has become a part of the social settings in today’s world. Many people can say they have drunk alcohol and most can even remember their first sip of beer. Whether it was given to us by our parents or at a social engagement, everyone has encountered alcohol in their lives. But as responsible people, have we ever stopped to realize that we are taking a drug in to our system that is both harmful and addictive? Alcohol affects a wide range of digestive-system disorders such as inflammation of pancreas and cirrhosis of the liver. The central and peripheral nervous systems can be permanently damaged causing blackouts, hallucinations, and extreme tremor may occur. As if the there was not enough effects from alcohol, vitamin deficiency is also one of the major effects cause by alcohol causing folate and thiamine deficiencies. Though there are a variety of drinking patterns and the range of injuries among alcohol abusers, some are mild an d can recover on their own with the right tools and techniques. Others are critical and need hospitalization and prolong rehabilitation with custodian supervision.   Ã‚  Ã‚  Ã‚  Ã‚  Ten percent of the adult drinkers in the United States are considered alcoholics or at least they experience drinking problems to some degree. There is about 5% of ethyl alcohol in a beer, 7-14% in table wine, 20% in fortified wind such as Sherry, and 40% in distilled spirits a...

Customer Perception Essay

ABSTRACT Recent advancements in technology have facilitated commerce around the globe. The online medium of commerce has provided and will continue to provide great opportunities for consumers and businesses. However, there are a number of issues that need to be addressed before the advantages of online shopping can be fully realized. One significant aspect is consumer perception of online shopping. The purpose of this paper is to examine the online shopping perception of consumers who shop from traditional stores. A survey was conducted in shopping malls in the southeastern region of the United States. The results show a positive perception of offline consumers toward online shopping. In addition, the results coincide with national trends for online shopping which show many traditional shoppers gather information on products and services online, but still make the purchase onsite in a traditional setting by visiting a store. Keywords: Perception of shopping, Offline shopping consumers, Online increasing numbers of customers. Many traditional businesses are reacting by going online to remain competitive (Schoenbachler and Gordon 2002). Advancements in technology enable apparel stores, for instance, to improve their online services by using personalized virtual models allowing consumers to visualize the product on the model to determine correct sizing and fit (Kim and Kim 2004; for a trend forecast of the online apparel industry, see: Newbery 2004). In general, online businesses such as Dell are able to mass customize because of current technology and offer customers basically a build-to-order service. Retail based e-commerce sites also try to serve customers by providing a personal shopper. As the shopper searches for an item of interest online, similar or complementing products are suggested. This personal one-on-one customized assistance might require more knowledgeable staff in a traditional store and might require an increase in the costs of products to compensate for the increased staffing costs. The internet has influenced the life of everyone in the recent years and has impacted behavior of consumers (Garrett and Parrott 2005). In general, three types of consumers in regard to their shopping habits can be classified (Lepkowska-White 2004): Online shoppers, i.e. those who purchase regularly online Online browsers, who mainly use the internet as a source of information but prefer to conduct their transactions in traditional stores Hard core offline shoppers, comprised of the continuously diminishing group of individuals, who do not use the resources of the internet either for information gathering or for shopping purposes These different groups show different characteristics and will need to be addressed differently to optimize or initiate online shopping behavior. This study focuses on the traditional consumers who prefer shopping onsite. It is important to know their perception toward online shopping and their classifications of online browsers or hard core offline shoppers. In addition, the factors preventing them from shopping online are important to understand. INTRODUCTION The rise in internet access and online commerce possibilities in recent years has made online shopping a major opportunity for businesses and has changed the way that consumers go about acquiring goods and services (Garrett and Parrott 2005; Schoenbachler and Gordon 2002). For consumers, online shopping provides more flexibility and opportunity (Stafford, Turan, and Raisinghani 2004). For example, consumers can shop with increased knowledge of products through online research and place less reliance on salespersons. If they wish to make a purchase, consumers are not restricted by time, distance, or location (Kim and Kim 2004; Schoenbachler and Gordon 2002). Furthermore, online stores do not incur costs such as store staffing, maintenance, and inventory and might be able to specialize in items and extreme sizes that would not be practical for traditional stores to carry. Amazon and eBay are examples of successful online retailers that use low-priced items and large stocks to attract and retain customers. Online commerce is expanding and is attracting Online Shopping Perceptions of Offline Shoppers The findings of this study should help motivating and encouraging more people to shop online. Reasons for not shopping online might include a lack of interest and knowledge about computers or the internet or going online for research purposes only. The foregoing discussion therefore suggests the following research questions (RQs): RQ1: Are offline shoppers computer and internet literate? RQ2: Do offline shoppers go online? RQ3: Do offline shoppers access the internet for purposes other than purchasing? RQ4: Are there certain distinguishing characteristics between online and traditional shoppers (defined as online browsers and offline shoppers) in regard to online shopping? In order to answer the above RQs the following two major hypotheses are tested. H01: Offline shoppers are computer and internet illiterate H02: Offline shoppers do not go online RELATED LITERATURE The number of internet users and online shoppers are increasing significantly every year. U.S. consumers are spending billions of dollars online each year (Preston-Hubbard, 2004). The internet retail sale is increasing rapidly to the extent that this increase is realized and measured by quarter and not year. (Tamini, Sebastianelli, and Rajan 2005). Currently, many Americans have internet access and the number of households to have access to internet will increase significantly in the years to come (Lepkowska-White 2004). An increasing percentage of those who are currently connected, shop online, i.e. use the internet to complete at least one purchase per month (Lepkowska-White 2004). Similar numbers are available for the European market, where, a significant number of internet users are shopping online (Monsuwe, Dellaert, and Ruyter 2004). For example, in Germany, retail sales of textiles, electronic products and durables via the internet has increased significantly in recent years (Reinhardt 2004). A significantly higher number of individuals, sometimes referred to as online browsers in the literature (e.g. Lepkowska-White 2004), avail themselves of the resources provided by the internet to check products or compare prices (Jaillet 2003). A study by Pew Internet and American Life Project suggests that most online browsers need about one to Volume X, No. 2, 2009 23 three years to become online shoppers (LepkowskaWhite 2004). Depending on how many of those individuals can be turned into online shoppers, predictions for online sales vary widely from $81 billion in 2005 (Bellman, Lohse, and Johnson 1999; Monsuwe, Dellaert, and Ruyter 2004) to as much as $269 billion in 2006 (Lepkowska-White 2004). Consequently, there is a huge market to be explored. However, businesses must be aware of perceptions and concerns regarding online shopping of traditional shoppers, and the online browsers. In order to capitalize on this potential in the best possible way, various models and frameworks for analysis have been presented in the recent literature on the topic (Chiang, Dholakia 2003; Zhou, Chiang, Zhang 2004). Monsuwe, Dellaert, and Ruyter (2004) have suggested a framework for consumers’ intentions to shop online which draws on the Technology Acceptance Model (TAM), popular in the field of Information Systems. According to this framework, utilitarian dimensions such as usefulness and ease of use of the site and hedonic dimensions such as enjoyment together with the consumer’s traits shape the consumer’s attitude towards online shopping. Situational factors trust in online shopping, product characteristics and previous online shopping experience affect the final decision to conclude the transaction online or not. Lepkowska-White (2004) divides variables for the analysis of online shopping behavior into supply and demand factors, with supply factors meaning web design and technical aspects and demand factors referring to consumer factors, such as social interaction, and product/service determinants, such as selection of products available online. Despite different naming conventions, the literature on the topic agrees that the 24/7 availability of products and information about products have changed the retail industry and consumer shopping. Most stores feel they cannot afford not to be online, even if for information purposes only (Schoenbachler and Gordon 2002). Generally, time and location constraints, convenience, availability of products, incentive programs and easy comparison of product information induce shoppers to shop online (Huang, Schrank, Dubinsky 2004; Kim and Kim 2004; Levin, Levin, and Heath 2003). Shoppers are looking for hassle free, accurate transactions, proper display of sufficient information and efficient download times for sites in their online experience (Tamini, Sebastianelli, and Rajan 2005). Regarding price, the literature cites both lower prices as incentives for shopping online (GfK 2004; Girard, Silverblatt, and Korgaonkar 2002; Kim and Kim 2004) as well as a lesser degree of price sensitivity of online shoppers Issues in Information Systems due to the added convenience. In addition, online browsers display a higher degree of price sensitivity compared to online shoppers but lesser degree of time sensitivity (Lepkowska-White 2004). The demographic information on online shoppers is inconsistent in the literature. For example, Kim & Kim (2004), report 43% of their respondents held graduate degrees while 12.41% of respondents in Tamini, Sebastianelli, and Rajan’s (2005) study held graduate degrees. It seems, however, that most online shoppers have a higher level of education and higher incomes, with the average household income of online shoppers expected to be $65,000 by 2006 (Kim and Kim 2004). While currently the majority of online shoppers is aged 44 or under (Kim & Kim 2004), shoppers aged 50 years and over are expected to become a more significant portion of the online shopping population, increasing to 30% by 2006 (Anonymous 2002). Regarding gender, research suggests that while men were early adopters of online shopping behavior, women have caught up and online shopping is starting to display the same gender proportion as offline shopping does (Kim and Kim 2004; Lepkowska-White 2004; Stafford, Turan and Raisinghani 2004; Tamini, Sebastianelli and Rajan 2005; Van Slyke, Comunale, and Belanger 2002). Previous positive experience with online shopping, trust in the company shopped from, and sufficient customer service enhance positive attitudes towards online shopping as well as conviction of one’s ability in one’s computer skills and access to computers and the internet (Levin, Levin, and Heath 2003). Generally, the greatest obstacles to getting individuals to shop online are hedonic dimensions of the shopping experience, security concerns and a lack of confidence in their computer skills (Swinyard and Smith 2003). The majority of those, who value the social components of the traditional shopping experience, such as interaction with sales people, window shopping, meeting up with peers and friends or the benefit of obtaining the product immediately, spend less time engaging in online shopping (Lepkowska-White 2004). Similarly, despite increased attempts at better security, credit card and personal information security are still a main concern for most shoppers: approximately 500 emails per day report online fraud to the Securities and Exchange Commission and average losses from online fraud have risen from $318 per person in 2000 to $638 in 2001 (Sager and Green 2002; Lepkowska-White 2004). Finally, individuals who do not complete transactions online indicated a lower level of confidence in their computer skills (LepkowskaWhite 2004). Volume X, No. 2, 2009 24 In order to retain current and attract new online customers, online stores should ensure sufficient product information, such as displaying price and the product details as well as a well operational, current, user friendly and easy to download web sites (Chiang and Dholakis 2003). Security and accurate and comprehensive cost information positively skew the customer perception of the online shopping experience as well as good customer service and hassle free return policies (Tamimi, Sebastianelli, and Rajan 2005). Providing free shipping might prove a powerful incentive to increase the number of persons who complete an online purchase: a 2002 study found that shipping costs were the deterrent for 53% of individuals in the US who decided against an online purchase in the last steps of the process (Kim and Kim 2004). METHODOLOGY A survey was randomly administered at shopping malls in the southeastern region of the United States. A survey instrument was developed to determine the perception of consumers who enjoy shopping from traditional stores about online shopping. The survey was not conducted online to better target the offline shoppers. 264 surveys were used for the purpose of data analysis. Fourteen surveys had to be discarded since they were incomplete or instructions had not been followed. The survey consisted of components such as demographics, computer and internet literacy, perception which included attitude and behavior. FINDINGS The largest group of respondents was aged 18-30 (35.7%), and the next largest group was individuals aged 61 and over (28.3%). Of the 264 respondents, 32.6% were male. The most common response, given by slightly less than 30% of the respondents, indicated they were shopping online one to five times per year which further confirms the respondents of this study to be primarily offline shoppers. Online shoppers are assumed to shop online more than once a month (Lepkowska-White 2004). The consumers of this study were overwhelmingly computer literate and had access to the internet (84.5%). However, they were shopping in shopping malls (RQ1). Therefore, H01 is rejected and there is evidence that the offline shoppers of this study are in fact computer and internet literate. Many of them indicated they were going online (RQ2) to collect information and do research on products to be better prepared shoppers before purchasing items in Issues in Information Systems Online Shopping Perceptions of Offline Shoppers traditional stores (72.4%) (RQ3). Only a small number of these consumers purchased the product online (1 to 5 times a year) after they found the searched product (32.3%) (RQ4). Therefore, H02 is also rejected and the contention offline shoppers of this study do in fact go online is supported. It is clear that the consumers of this study shop offline. However, a small number of them 32.3% while searching for information on different products online ended up purchasing the product online one to five times per year (29.7%). These individual cited the following reasons for completing the transaction online and purchasing the product they were researching for online: Familiarity with the online stores, No brick-and-mortar alternative (e-Bay, Amazon), Low-ticketed items. In addition, they considered ease of return the online-purchased item, and they thought the design of website was influential in their decision of finalizing the transaction and purchasing the product online. DISCUSSION OF FINDINGS Online shopping has already influenced shopping patterns and is expected to influence even more in the future with improvements in technology. Online shopping has made shoppers more knowledgeable than ever before. Consumers are becoming more efficient by shopping online and more effective because of ease of information accessibility online. Many shoppers go online for research purpose rather than purchase purpose. Prices and features of products can easily be compared to make an informed purchase decision. Information on products can be obtained from anywhere at anytime. The purchase is then made online or from a more tradition store. Especially for more expensive purchases, shoppers tend to take advantage of the availability of information online, replacing traditional methods of going from store to store in order to compare prices and look for the best buy. Consumers in this study as expected were mainly offline shoppers who were browsing the internet for information. They were computer literate and had access to the internet. This study reveals a positive attitude toward online shopping by those consumers who still like traditional stores. The consumers of this study are mostly in low and high age groups. It is possible that these consumer groups place a stronger emphasis on the social aspects of offline shopping and have more time to spend in traditional stores and malls and value the offline shopping experience for social reasons, such as meeting with friends. These consumers are technology oriented and take advantage of technology and the inter net to educate themselves about products of interest and then purchase them from traditional stores. CONCLUSION, LIMITATIONS, AND FUTURE WORKS Online shopping is a relatively new experience and has greatly impacted the lives of consumers in its short time of existence (Garrett & Parrott 2005). It is expected to grow constantly in years to come with more advancement in technology. Online shopping has made consumers more effective and efficient in their shopping behavior and has driven businesses to a new level, forcing many to make the necessary adjustments and changes to reach the new market of knowledgeable consumers (Lepkowska-White 2004; Schaupp and BÃ ©langer 2005). Tomorrow’s consumers include today’s elementary and secondary school students who grow up using browsers and search tools in order to retrieve information from global resources. The offline shoppers of this study indicated a positive perception of online shopping. These offline shoppers collected the necessary information online to facilitate their offline shopping, and it seems they are not too far away from completing the transaction and making the purchase online. It is important for businesses to find the online analogy of factors that make customers buy in a brick-and-mortar setting (Lepkowska-White 2004). Future studies should look into the factors preventing the current offline shoppers and online browsers from completing the transaction online after they have gained more knowledge about the product of interest. Factors encouraging individuals to complete a transaction online should be investigated. Future studies should also focus on what needs to be done in order to make the idea of online shopping in general more appealing to offline shoppers to turn more offline shoppers into online shoppers. In addition, perception of online shoppers toward traditional stores and onsite shopping should be considered. A perception comparison of online and offline shoppers on the internet and online shopping in general would facilitate understanding of restraining and motivational factors in online shopping. This survey was conducted in one region and future works should focus on different regions and classifications of consumers based on demographic make up such as age, income, and occupation. Cultural differences and online shopping would also be a good factor to examine (see for instance: Bin, Chen, and Sun 2003; Stafford, Turan and Raisinghani 2004). REFERENCES 1. Anonymous, 2002, Online Shoppers Grow Up Marketing Management, 11(3), 4. Bellman, S, G. L. Lohse, and E. J. Johnson, 1999, Predictors of Online Buying Behavior, Communications of the ACM, 42(12), 32-38. Bin, Q., C. Shu-Jen and S. Sun, 2003, Cultural Differences in E-Commerce: A Comparison Between the U.S. and China, Journal of Global Information Management, 11(2), 48-56. Chiang, K. and Ruby R. Dholakia, 2003, Factors Driving Consumer Intention to Shop Online: An Empirical Investigation, Journal of Consumer Psychology, 13(1, 2), 98-105. 4. Garrett, G. and G. Parrott, 2005, E-Business: Understanding Key Trends and Applying Best Practices, Contract Management, 45(7), 34-42. GfK Group, 2004, Market for Online Shopping Grows, Retrieved from: http://www.gfk.com/english/presse/pressemeldun g/contentdetail.php Girard, T., R. Silverblatt, and P. Korgaonkar, 2002, Influence of Product Class on Preference for Shopping on the Internet, Journal of Computer-Mediated Communication, 8, 1-22. Huan g, W., H. Schrank and A.J. Dubinsky, 2004, Effect of Brand Name on Consumers’ Risk Perceptions of Online Shopping, Journal of Consumer Behavior, 4(1), 40-51. Jaillet, H.F., 2003, Web Metrics: Measuring Patterns in Online Shopping, Journal of Consumer Behavior, 2(4), 369-382. Kim E.Y. and Y. Kim., 2004, Predicting Online Purchase Intentions for Clothing Products, European Journal of Marketing, 38(7), 883-898. 12. Newbery, M., 2004, Trends in Apparel Online Retailing, Forecasts to 2010, Just in Style, 1-8. 13. Monsuwe, Perea y, T., B. Dellaert and K. de Ruyter, 2004, What Drives Consumers to Shop Online? A Literature Review, International Journal of Service Industry Management, 15(1), 102-122. 14. Preston-Hubbard, H. April 17, 2004, Growth Drives Revival in Internet Shares, International Herald Tribune. 15. Reinhardt, A., 2004, Europe Hits the E-Mall, Business Newsweek, 51-52. 16. Sager, I. and H. Green, 2002, So Where Are All the Bargains?, Business Week, 162-164. 17. Schaupp, L. and F. BÃ ©langer, 2005, A Conjoint Analysis of Online Consumer Satisfaction, Journal of Electronic Consumer Research, 6(2), 95-111. 18. Schoenbachler, D. and G. Gordon, 2002, Multichannel Shopping: Understanding What Drives Channel Choice, The Journal of Consumer Marketing, 19(1), 42-54. 19. Stafford, T.H., A. Turan and M. Raisinghani, 2004, International and Cross-Cultural Influences on Online Shopping Behavior, Journal of Global Information Technology Management, 7(2), 70-88. 20. Swinyard, W. R. and S. M. Smith, 2003, Why People (Don’t) shop Online: A Lifestyle Study of the Internet Consumer, Psychology and Marketing, 20, 567-597. 21. Tamimi, N., Sebastianelli, R. & Rajan M., 2005, What Do Online Customers Value?, Quality Progress, 38(7), 35-40.

Enhanced Reading Instructions Essay

Differentiated Instructional demand of pupils makes it imperative for a instructor to be after out her direction in little groups and separate reading Centres to give pupils ample pattern. Teachers form little flexible groups of pupils. meeting twice or thrice a hebdomad for a specific clip. The instructor draws up similar structure† to bring forth thoughts. stimulate thought. do programs and make a desire† . ( Cited in Steering authorship and Observing Reading. p. 385 ) . Teachers† find more chance to utilize their cognition and accomplishments more to the full and effectively† . ( cited in Making Instructional Decisions. p. 461 ) . â€Å"Many usage alternate schemes in order to run into the particular demand of the students† ( Modifying Lessons. p. 461 ) Alternative lesson structures recommends the usage of at least two types of lesson constructions. One Guided Reading and the other Skill Focused Lessons. It follows a form where the text is selected. introduced. read and discussed. In a Teacher- led- Centre. â€Å"the option most favored today. Centre on incorporate course of study. an attempt to link the linguistic communication humanistic disciplines with other capable countries. frequently through subjects. Integration is encouraged across all capable countries. including math â€Å" . ( Basal Readers and Instructional Materials. Chp13. p. 0 ) â€Å"Skill development and pattern activities are frequently interspersed with originative enrichment thoughts in the teacher’s usher. † ( Chp13. p. 460 ) Students who need focused acquisition to go fluid and accurate in their use. Skill Focused Lessons are planned out by a instructor. like †writing. speaking. . . brainstorming†¦ function playing. doodling. pulling. cartooning. jotting ain thoughts. taking notes. interviewing and even organizing mental images through visual image and in writing organisers. † ( Steering Writing and Observing Reading p. 385 ) . Thus guidelines are set. which help heighten effectual reading composing in a schoolroom. Mention hypertext transfer protocol: //www. fcrr. org/assessment/pdf/smallgroupalternativelessonstructures. pdf

History - American Exceptionalism Term Paper Example | Topics and Well Written Essays - 750 words

History - American Exceptionalism - Term Paper Example From historical facts we find that American exceptionalism was tangled with convoluted and often ambiguous set of assumptions as it is important in explaining how Americans thought and how they have acted. In the opinion of Tyrrell, some historians attribute the terms â€Å"differences† or â€Å"uniqueness† to the exceptionalism; whatever the terminology, the long debated implications of American uniqueness and difference stems from political, intellectual, and even religious heritage, and is enduring. However, it is of equal importance to understand the â€Å"negative† version of the phenomenon, which means, the US had been exceptionally bad, racist, violent, with distorting unique American evils. Whether or not these assumptions are logical or coherent, as according to Pease, it is clear that exceptionalism is an idea that has prospered the American society, even though with many ups and downs in its tread (107). However, some historians say that the United Nat ions was never truly imperialistic in any manner, but was rather expansionist. The United States was a nation born through revolution against imperial control, and has been ostensibly disregarding imperialism, in their strategies with other nations and its own. According to an opinion, â€Å"instead of trying to administer other nations or peoples in an imperialistic or colonial fashion, the United States, has been asserted, fashioned itself as the liberator of the colonized, launching both a rhetorical assault on the practice of imperialism and a practical campaign to bring about its end† (Heiss ,2002, 511). Lipset explains that only in some cases the nation was seen taking control of territory that was not predestined to be included into the nation, and when it did, was for positive reasons, ruling in a liberal and compassionate fashion, providing opportunities for self-government and ultimately independence when seemed practicable. In their opinion, the United States was n ever an imperialist, rather expansionist, practicing benevolent assimilation, closely following its Manifest Destiny. However, some historian points out the darker side too. In the opinion of York, with all positive influences, of Manifest Destiny, filled with a surge of enthusiasm and energy for pushing West, the negative impacts created the belief within that the white men had the right to obliterate anything and anyone. Looking for the roots of Manifest Destiny across the West would point out the mass destruction of tribal organizations, and detention of Indians to reservation, holding high the belief that settlement of the land and civilization of its native were preordained. In the opinion of Walt, perhaps the basic principle of American exceptionalism can be the belief that they always are, and have always been, the good guys, spreading prosperity everywhere they go. He continues that it is a blind-faith that the United States is a uniquely virtuous nation, a nation that uphol ds peace, nurtures liberty, respects human rights, and embraces the rule of law that is so strict. Many hold the view, connecting it with American exceptionalism, that the nation’s values, political structure, and history are exceptional and are universally praiseworthy, which imply them to take a positive and distinctive role in the world stage. The only thing that contradicts this self-sycophantic illustration of the nation’

Case Analysis Essay Example | Topics and Well Written Essays - 250 words - 3

Case Analysis - Essay Example The whole point behind sponsoring a person is because of the recognition he or she has and that recognition helps them to sell their goods. It was also mentioned that when Dwyane Wade showed his skills during the 2005 playoffs, his converse contract was revised from $500,000 to 10 million dollars. This shows that converse is mainly depending on his performance and based on his performance his popularity and fan following at large. The risk involved in this kind of partnership is the player performance. He cannot assure that he will keep on performing. Rather this factor can never be constant. There are ups and downs in sports. So once the performance level of Dwyane Wade falls, his fans will start decreasing and so will his popularity. This in return will affect the sales of all the products being promoted through him. This is the main risk factor associated with this case. However this issue cannot be stopped or avoided. The companies need to be careful before doing big investment r elated to

Needle stick injuries Research Paper Example | Topics and Well Written Essays - 3000 words

Needle stick injuries - Research Paper Example These injuries pose a risk for development of various infectious diseases to the injured threatening their employment, health morbidity and mortality. More than 20 different pathogens have been identified to be transmitted through exposure to body fluids or sharps injury. Injuries by sharps and splashes of body fluids are the main routes of transmission for occupational acquisition of blood-borne pathogens among health care workers (Bi et al, 2008). Despite these injuries being common, they are often under reported and in many places, both health care and non-health care workers are unaware of safety methods to prevent these infections. Globally, needle stick injuries are the most common cause of blood-borne infections among health care workers (Wilburn and Eijekamans, 2004). More than 35 million people worldwide constitute health care work force and they represent 12 percent of the working population in the world (Wilburn and Eijekamans, 2004). It is estimated that people working wi th them as non-health workers are even more in numbers (NHS, 2008). ... In this essay, various concerns pertaining to needle stick injuries will be discussed along with current and best practices and strategies to change. Needle stick injuries: causes, risks and concerns According to the Health Protection Agency report (2008), the most common type of exposure that has been reported among health care workers is the percutaneous injury which accounts for 45 percent of exposures. These exposures contributed to significant seroconversion for HCV, HIV and other diseases. The HIV seroconversion rates reported were high, 0.8 percent. In the NHS, needle stick injury continues to be the most commonly reported adverse incident among healthcare workers, which are a potential source for transmission of various diseases like Hepatitis B and C and human immunodeficiency virus. These injuries are also a potential source of transmission of prion-related diseases. The risk of transmission of hepatitis C with needle stick injuries is 3 percent, for hepatitis B is 30 perce nt and for HIV is 0.3 percent (Elmiyeh et al, 2004). The transmission from the patient to the healthcare worker through the injury depends on the viral load of the patient and also on the amount of blood that passes from the patient to the healthcare worker. Other infections which are transmissible through needle stick injuries are malaria, syphilis and herpes (Wilburn and Eijekamans, 2004). Needle stick injuries: current practices There is uncertain information about the prevalence of the diseases among hospital population and health care workers and non-health workers (Elmiyeh et al, 2004). According to a study by Elmiyeh et al (2004), 38 percent of health care workers had atleast one needle

Business Law Essay Example | Topics and Well Written Essays - 1250 words

Business Law - Essay Example The problem in this question relates to offer, unilateral offer, invitation to treat, acceptance, rejection of offer and past consideration. These would be discussed in line with the facts and determination of conclusion of the issues would be made in accordance with that. The important aspect in respect of the question is that of the differentiation between an offer and invitation to treat. This has been drawn by the courts. Invitation to treat is an expression of willingness of one party to go into into negotiations with another party anticipating that a contract would be concluded at the end of such negotiations. Items on shop display and their prices are treated as an invitation to treat (Fisher v Bell). Advertisements are generally treated as invitation to treat (Harris v. Nickerson ). There are certain exceptions to this the reasoning based on intention and certainty. (Carlill v Carbolic Smoke Ball Co, a case on unilateral offer.)1. An offer on the other hand has been defined a s an unequivocal willingness by a party known as the offeror to enter into a contract on stated terms and provided that such terms would be accepted by the person to whom the offer is made (offeree) a contract would come into existence. Acceptance has been defined as the unconditional acquiesce to the terms that were laid down by the offeror. The important aspects of acceptance are that it should be unconditional and must be communicated to the. ( Holwell Securities v. Hughes2) . A number of exceptions have developed in respect of communication, one of them being the postal rule, whereby acceptance takes place as soon as a letter is posted. As far as instantaneous means of communication is concerned it can be said that the postal rule in Adams v. Lindsell3 of acceptance is not applicable and thus actual communication of acceptance needs to be done (Mondial Shipping and Chartering BV v. Astarte Shipping Ltd4). As far as silence constituting to be acceptance is concerned, the courts h ave been consistent in their approach that silence would not constitute as acceptance and acceptance needs to be communicated or can occur by way of conduct. (Felthouse v. Bendley)5 . The advertisement that was placed cannot be classified as a unilateral offer as the facts do not show the requisite certainty and unconditional offer, thus it is evident that the advertisement is an invitation to treat. The discussion with Rose was merely an invitation to treat as there was hope of a contract being concluded and at no point can it be seen that an offer been made, so there can be no acceptance. In line with the discussion with Mary, the offer of Rose was made and communicated to Mary, however, the problem lies in the fact that even though there Mary responded and accepted the offer, it was never communicated to Rose and so in line with authorities on instantaneous communication it can be concluded that acceptance did not take place and so no action can be brought about by Rose. As far a s Matthew is concerned, the problem lies in the fact that it was conditional on the fact that Matthew would receive payment and therefore a conditional offer, or in other words it was not a conclusive offer which could be accepted. Applying the approach of courts in respect of silence and that it would not constitute to be acceptance; the actions of John cannot in any way create a binding contract. Furthermore, there has been no actions or conduct which show acceptance, on the contrary Mary destroyed the cheque which shows her intention of not being bound. The next issue is in respect of consideration, which is that it must generally be given after promise so as to make it enforceable. Thus a promise made after alleged consideration is complete is unenforceable (Re Mcardle)6. Thus past consideration is generally held not to be good consideration. However, the courts in Pao On v. Lau Yiu Long whereby Lord Scarman laid down the three condition which were to be satisfied if the excepti ons were to be relied upon, the first being that the act which was done

Case Study Assignment (Zara Case) in Europe, Asia, North America and Essay

Case Study Assignment (Zara Case) in Europe, Asia, North America and Middle East - Essay Example Moreover, the wider scope in the fashion industry has provided the company with certain significant opportunities. On the other hand, it has been ascertained that value chain system of the company has been one crucial factor contributing towards its success and growth. Moreover, in the recent times, the company has also been impacted by few challenges of Corporate Social Responsibility (CSR) which has forced the company to undertake a few vital changes in over strategic implementation. Thus, the paper emphasized on identifying the factors that have influenced the strategies of the company as well as this paper comprises vital suggestions for its strategic improvement. From the findings of the study, it has been ascertained that the company has determined to achieve significant milestones. In this course, it has made certain vital plans and has further formulated strategies to successfully accomplish the benefits. Contextually, the company has significantly involved in strengthening i ts brand image through its involvement in the CSR activities and other promotional activities. Finally, it was concluded that the company should take certain vital precautions while implementing strategies for accomplishing the potential opportunities. It was suggested that company should not implement its strategies at single point of time rather it should priorities them according to its needs and market demands for reaping the best possible benefits in the current and future context. Table of Contents Executive Summary 2 Zara is one of the leading apparel and fashion brands, which operates under the flagship of Inditiex Group of Spain. The company has its operations spread in Europe, Asia, North America and Middle East. Zara is known for offering quality apparels at affordable prices. Over the years, the company has attained significant growth. Its strategies have enabled the company to gain substantial competitive advantages over its competitors. Nonetheless, the company is sign ificantly influenced by few prominent external factors as well as few internal factors. Moreover, the wider scope in the fashion industry has provided the company with certain significant opportunities. On the other hand, it has been ascertained that value chain system of the company has been one crucial factor contributing towards its success and growth. Moreover, in the recent times, the company has also been impacted by few challenges of Corporate Social Responsibility (CSR) which has forced the company to undertake a few vital changes in over strategic implementation. Thus, the paper emphasized on identifying the factors that have influenced the strategies of the company as well as this paper comprises vital suggestions for its strategic improvement. 2 Table of Contents 3 1. Introduction 5 2. External Environment 5 2.1 PESTEL Analysis 5 2.1.1 Political Factors 5 2.1.2 Economic Factors 6 2.1.3 Social Factors 6 2.1.4 Technological Factors 7 2.1.5 Environmental Factors 7 2.1.6 Lega l Factors 7 2.2 Five Forces Analysis 8 2.2.1 Threat of Substitutes 8 2.2.2 Threat of New Entry 8 2.2.3 Bargaining Power of Buyers 9 2.2.4 Bargaining Power of Suppliers 9 2.2.5 Competitive Rivalry 9 3. Internal Environment 9 3.1 SWOT Analysis 10 3.1.1 Strengths 10 3.1.2 Weaknesses 10 3.1.3 Opportunities 11 3.1.4 Threats 11 3.2 Resource Based View of the Company 11 3.3. Value Chain Analysis 12 3.3.1 Primary Activities 12 3.3.2 Secondary Activities 14 4. Corporate Social

Victory Spirit Essay Example for Free

Victory Spirit Essay William Safire and James Wood are two different people, with different ideas, different views, but do have similar writing styles. In William Safire’s â€Å"A Spirit Reborn† he talks about the Gettysburg Address in comparison to 9/11 and he also analyzes the Gettysburg Address in more depth and has a specific purpose for writing his article. On the other hand in James Wood’s â€Å"Victory Speech† he talks about how President Obama flowed through different things, Wood also analyzes certain details of Obama’s speech, and offers some critique. â€Å"Now, as then, a national spirit rose from the ashes of destruction† (Safire 41). The Gettysburg Address was given after a horrible incident, with very tragic losses. By going through these destructive events, our nation becomes stronger, and more bonded together. After 9/11, the Gettysburg Address was reborn to bring us remembrance, togetherness and encouragement through tough times. In his essay, Safire states that 9/11 was â€Å"the worst bloodbath on our territory since Antietam Creek† (41). By bringing back past events such as the battle of Antietam, Safire probably strikes a lot of strong emotion from his readers by using it in comparison to 9/11. To reuse a speech such as the Gettysburg Address at a time such as after 9/11 was unlikely to be thought of, since they were two different events, 138 years apart. In Safire’s article in the New York Times, he analyzes the Gettysburg Address in more detail. He talks about how â€Å"you will hear the word dedicate five times† (Safire 42), and what each one of them stand for. For example, he says the first two refer to â€Å"the nation’s dedication to two ideals mentioned in the Declaration of Independence†¦ ‘Liberty’†¦ ‘that all men are created equal† (Safire 42). The third is pointed towards a certain blessing of the location of the battle of Gettysburg, and the fourth and fifth dedications are directed back to the thoughts of liberty and that all men are created equal, for which the deceased men of the battle fought for. Safire also notices that â€Å"the speech is grounded it conception, birth, death, and rebirth† (42). He mentions some specific quotes such as â€Å"The nation was ‘conceived in liberty’†¦ delivered into life – by ‘our fathers† (Safire 42). He also brings up death and re-birth by pulling more quotes from Lincoln’s memorable speech. Safire does not want us to â€Å"listen to only Lincoln’s famous words and comforting cadences† (43). Instead he wants us to remember the message Lincoln was giving to us, he wants us to appreciate the deceased and the missing, and wants to remind us that â€Å"this generation’s response to the deaths of thousands of our people leads to ‘a new birth of freedom† (Safire 43). â€Å"First he moved through the people†¦ Then he moved through the country†¦ then he moved through time† (Wood 611). The purpose Wood says for Obama doing this; was â€Å"to bind those wounds by binding us together† (611). By bringing people from different ages, orientation and gender, from different states and cities, Obama hopes to bring our nation back together as one nation. He also mentions how Ann Nixon Cooper, who is one hundred and six years old, had voted using just a finger, to show how the times have changed. Wood analyzes some details of Obama’s speech, such as how â€Å"Yes we can† changed to â€Å"Yes we did† and â€Å"Yes we may†. Noticing the impact those few words had on the crowd by saying it was â€Å"extraordinarily moving in its sobriety† (Wood 611). Wood also mentions how he added it to past tense, using a note of being uncertain. He also draws attention to Obama’s use of the word promise, after Obama says â€Å"I promise you – we as people will get there† in reference to a hard road to get to change. Wood says the word promise is used in acknowledgement to Martin Luther King’s speech from Memphis, King says â€Å"and I’ve seen the Promised Land, I may not get there with you† but Obama knows he will indeed get where we are going. In the beginning of Wood’s â€Å"Victory Speech† he talks about how â€Å"last Tuesday night was a very good night for the English language† (610). Since James Wood is a critic, it is only fitting that he give some feed-back on Barrack Obama’s speech. He says that â€Å"many of us would have watched in tears as President-elect Obama had just thanked his campaign staff and shuffled off to bed† (Wood 610). Wood says that his speech was filled with such history and emotion, that if he just grumbled thanks, American would not be satisfied. In the end both Safire and Wood had analyzed two different speeches in depth, but Safire had a specific purpose for doing so, to bring emotion, while Wood critiqued. There were a lot of differences, but some similarities, not many, but some.

Evaluating Derivatives Market in India

Evaluating Derivatives Market in India Introduction to Derivatives Market The emergence of the market for derivative products, most notably forwards, futures and options, can be traced back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking-in asset prices. As instruments of risk management, these generally do not influence the fluctuations in the underlying asset prices. However, by locking-in asset prices, derivative products minimize the impact of fluctuations in asset prices on the profitability and cash flow situation of risk-averse investors. Derivative products initially emerged, as hedging devices against fluctuations in commodity prices and commodity-linked derivatives remained the sole form of such products for almost three hundred years. The financial derivatives came into spotlight in post-1970 period due to growing instability in the financial markets. However, since their emergence, these products have become very popular and by 1990s, they accounted for about two-thirds of total transactions in derivative products. In recent years, the market for financial derivatives has grown tremendously both in terms of variety of instruments available, their complexity and also turnover. In the class of equity derivatives, futures and options on stock indices have gained more popularity than on individual stocks, especially among institutional investors, who are major users of index-linked derivatives. Even small investors find these useful due to high correlation of the popular indices with various portfolios and ease of use. The lower costs associated with index derivatives vies-versa derivative products based on individual securities is another reason for their growing use. The following factors have been driving the growth of financial derivatives: Increased volatility in asset prices in financial markets, Increased integration of national financial markets with the international markets, Marked improvement in communication facilities and sharp decline in their costs, SCOPE OF THE STUDY The study is limited to â€Å"Derivatives with special reference to futures and option in the Indian context and the Networth Stock Broking Ltd., data for this study is from 27-DEC -2007 to 31-JAN- 2008 which represent sample for the study. The study cant be said as totally perfect. This study is only a humble attempt at evaluating derivatives market in Indian context. The study is not based on the international perspective of derivatives markets, which exists in NASDAQ, CBOT etc. HYPOTHESIS The Market data that has been used to see whether the Break Even Point (BEP) calculated can be used has an indicator to the investor to maximize the returns on its investment. OBJECTIVES OF THE STUDY 1. To understand the concept of derivatives in a more appropriate way. 2. To study various trends in derivative market. 3. To understand the scope and growth of derivatives in India. 4. To study the role of derivatives in Indian financial market 5. To study in detail the role of the future and options. METHODOLOGY 1. Data Collection : For this study the date collected is of secondary nature, The data of the Nifty index have been collected from â€Å"Economic Times† and internet. The data collected for January contract and the date consist from period 27th December, 2007 to 31st January, 2008. 2. Analysis: The analysis consist of the tabulation of the data assessing the profitability positions of the futures buyer and seller and also option holder and the option writer, representing the data with s and making the interpretation using data. TIME PERIOD Data collected for analyzing this study is from 27-DEC 2007 to 31-JAN-2008. Time taken to complete this project is 45 days LIMITATIONS OF THE STUDY The study is conducted in short period, due to which the study may not be detailed in all aspect. Lack of time on performing the project in detail study. Unavailability of software package which will help in calculation Lack of software knowledge to determine the correct future estimations. The data collected is completely restricted to 31st January, 2008; hence this analysis cannot be taken universal. CHAPTER II INTRODUCTION TO CAPITAL MARKET COMPANY PROFILE Introduction To Indian Capital Market Indias financial market began its transformation path in the early 1990s. The banking sector witnessed sweeping changes, including the elimination of interest rate controls, reductions in reserve and liquidity requirements and an overhaul in priority sector lending. Persistent efforts by the Reserve Bank of India (RBI) to put in place effective supervision and prudential norms since then have lifted the country closer to global standards. Around the same time, Indias capital markets also began to stage extensive changes. The Securities and Exchange Board of India (SEBI) was established in 1992 with a mandate to protect investors and improvements into the microstructure of capital markets, while the repeal of the Controller of Capital Issues (CCI) in the same year removed the administrative controls over the pricing of new equity issues. Indias financial markets also began to embrace technology. Competition in the markets increased with the establishment of the National Stock Exchange (NSE) in 1994, leading to a significant rise in the volume of transactions and to the emergence of new important instruments in financial intermediation. For over a century, Indias capital markets, which consist primarily of debt and equity markets, have increasingly played a significant role in mobilizing funds to meet public and private entities financing requirements. The advent of exchange-traded derivative instruments in 2000, such as options and futures, has enabled investors to better hedge their positions and reduce risks. In total, Indias debt and equity markets were equivalent to 130% of GDP at the end of 2005. This is an impressive stride, coming from just 75% in 1995, suggesting issuers growing confidence in market based financing. However, the size of the countrys capital markets relative to the United States, Malaysias and South Koreas remains low, implying a strong catch-up process for India. While some form of financial derivatives trading in India dates back to the 1870s, exchange traded derivative instruments started only in 2000. Then, stock index futures, with the Sensex 30 and the SP CNX Nifty indices as the underlying, began trading at the BSE and NSE. Since their inception, the basket of instruments has expanded and now features individual stock futures, and options for stock index and individual stocks. NATIONAL STOCK EXCHANGE (NSE) The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in November 1992 as a tax-paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000. NSE Mission 1. NSEs mission is setting the agenda for change in the securities markets in India. The NSE was set-up with the main objectives of: 2. Establishing a nation-wide trading facility for equities, debt instruments and hybrids, 3. Ensuring equal access to investors all over the country through an appropriate communication network, 4. Providing a fair, efficient and transparent securities market to investors using electronic trading systems, 5. Enabling shorter settlement cycles and book entry settlements systems, and 6. Meeting the current international standards of securities markets. The standards set by NSE in terms of market practices and technologies have become industry benchmarks and are being emulated by other market participants. NSE is more than a mere market facilitator. Its that force which is guiding the industry towards new horizons and greater opportunities. Equity shares By investing in shares, investors basically buy the ownership right to the company. When the company makes profits, shareholders receive their share of the profits in the form of dividends. In addition, when company performs well and the future expectation from the company is very high, the price of the companys shares goes up in the market. This allows shareholders to sell shares at a profit, leading to capital gains. Investors can invest in shares either through primary market offerings or in the secondary market. The primary market has shown abnormal returns to investors who subscribed for the public issue and were allotted shares. Stock Exchange: In a stock exchange a person who wishes to sell his security is called a seller, and a person who is willing to buy the particular stock is called as the buyer. The rate of stock depends on the simple law of demand and supply. If the demand of shares of company x is greater than its supply then its price of its security increases. In Online Exchange the trading is done on a computer network. The sellers and buyers log on to the network and propose their bids. The system is designed in such ways that at any given instance, the buyers/sellers are bidding at the best prices. The transaction cycle for purchasing and selling shares online is depicted below: TRANSACTION CYCLE Role of Clearing House The clearing house of the exchange interposes itself between the buyer(the long position) and the seller (the short position).this mean clearing house becomes seller to buyer and the buyer to seller. Because the clearing house is obliged to perform on its side of each contract, it is the only party that can hurt if any trader fail to fulfill his obligation. The clearing house protects its interest by imposing margin requirements on traders. Ever since its inception in 1993, Networth Stock Broking Limited (NSBL) has sought to provide premium financial services and information, so that the power of investment is vested with the client. We equip those who invest with us to make intelligent investment decisions, providing them with the flexibility to either tap into our extensive knowledge and expertise, or make their own decisions. NSBL made its debut in to the financial world by servicing Institutional clients, and proved its high scalability of operations by growing exponentially over a short period of time. Now, powered by a top-notch research team and a network of experts, we provide an array of retail broking services across the globe spanning India, Middle East, Europe and America. Currently, we are a Depository participant at Central Depository Services India (CDSL) and aim to become one at National Securities Depository (NSDL) by the end of this quarter. Our strong support, technology-driven operations and busines s units of research, distribution and advisory coalesce to provide you with a one-stop solution to cater to all your broking and investment needs. Our customers have been participating in the booming commodities markets with our membership at Multi Commodity Exchange of India (MCX) and National Commodity Derivatives Exchange (NCDEX) through Networth Stock.Com Ltd. NSBL is a member of theNational Stock Exchange of India Ltd (NSE) andthe Bombay Stock Exchange Ltd (BSE)on the Capital Market and Derivatives (Futures Options) segment. It is also a listed company at theBSE. Corporate Overview †¢ Networth is a listed entity on the BSE since 1994 †¢ The company is professionally managed with experience of over a decade in broking and advisory services †¢ Networth is a member of BSE, NSE, MCX, NCDEX, AMFI, CDSL †¢ Current network in Southern and Western India with 107 branches and franchise. Presence in major metros and cities †¢ Empanelled with prominent domestic Mutual Funds, Insurance Companies, Banks, Financial Institutions and Foreign Financial Institutions. †¢ Strong experienced professional team †¢ 20000+ strong and growing client base †¢ Average daily broking turnover of around INR 1 billion †¢ AUM with Investment Advisory Services of around INR 3 billion Products and services Portfolio v Retail and institutional broking v Research for institutional and retail clients v Distribution of financial products v Corporate finance v Net trading v Depository services v Commodities Broking Infrastructure †¢ A corporate office and 3 divisional offices in CBD of Mumbai which houses state-of-the-art dealing room, research wing management and back offices. †¢ All of 107 branches and franchisees are fully wired and connected to hub at corporate office at Mumbai. Add on branches also will be wired and connected to central hub †¢ Web enabled connectivity and software in place for net trading. †¢ 60 operative IDs for dealing room †¢ State of the Art accounting and billing system, on line risk management system in place with 100% redundancy back up. †¢ In house technology back up team to ensure un-interrupted connectivity. Online Trading There is nothing more exhilarating, more daring and more rewarding than making the right trade at the right time. Welcome to our Internet trading platform which brings you a world class experience of online trading. Clicknetworth is a software application suite that offers comprehensive facilities so users can watch Market Prices while they trade. The application is highly integrated which enables the user to place orders in live environment. The user screen is fully customizable by the user to display information based upon his/her own preferences Trading Platform Networth offers advanced and convenient online trading facility with N-easy and N-swift which are completely safe and secure. N-easy: A Powerful and user friendly browser based platform ideally suited for Investors N-swift: An Advanced EXE based application suite that is ideally suited for Traders Features:- * Clients can trade in NSE Cash, NSE FO and BSE Cash. * Single screen order / trade entry as you can add NSE-Cash, Derivative BSE scripts in the same Market Watch. * Features such as Lock the Screen, TOP 20 by Most Active Volume, Value, Gainers, Losers, Market Movement and more will help you customise your trading platform according to your specific focus. * Facility for Online Funds Transfer. Your credit limit increases instantaneously on completion of a successful transfer. Total holdings with NSBL and NSBL CDSL DP (POA) can be viewed and delivery sale can also be made. * Needless to mention other standard features as Real-Time market data, live order status, Real time position updates etc. CHAPTER III REVIEW OF LITERATURE DEFINATION OF DERIVATIVE Derivative is a product whose value is derived from the value of one or more basic variables, called bases (underlying asset, index, or reference rate), in a contractual manner. There are two types of derivatives that are trades on NSE; namely Futures and Options. The underlying asset can be equity, forex, commodity or any other asset. For example, wheat farmers may wish to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction is an example of a derivative. The price of this derivative is driven by the spot price of wheat which is the â€Å"underlying†. In the Indian context the Securities Contracts (Regulation) Act, 1956 (SC(R) A) defines â€Å"equity derivative† to include A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security. A contract, which derives its value from the prices, or index of prices, of underlying securities.The key to understanding derivatives is the notion of a premium. Some derivatives are compared to insurance. Just as you pay an insurance company a premium in order to obtain some protection against a specific event, there are derivative products that have a payoff contingent upon the occurrence of some event for which you must pay a premium in advance. Example: When one buys a cash instrument, for example 100 shares of ABC Inc., the payoff is linear (disregarding the impact of dividends). If we buy the shares at Rs50 and the price appreciates to Rs75, we have made Rs2500 on a mark-to-market basis. If we buy the shares at Rs50 and the price depreciates to Rs25, we have lost Rs2500 on a mark-to-market basis. Instead of buying the shares in the cash market, we could have bought a 1 month call option on ABC stock with a strike price of Rs50, giving us the right but not the obligation to purchase ABC stock at Rs50 in 1 months time. Instead of immediately paying Rs5000 and receiving the stock, we might pay Rs700 today for this right. If ABC goes to Rs75 in 1 months time, we can exercise the option, buy the stock at the strike price and sell the stock in the open market, locking in a net profit of Rs1800. If the ABC stock price goes to Rs25, we have only lost the premium of Rs700. If ABC trades as high as Rs100 after we have bought the option but before it expires, we can sell the option in the market for a price of Rs5300. Classification of Derivatives Types of Derivatives The most commonly used derivatives contracts in NSE are ,FUTURES and OPTIONS which we shall discuss in detail later. Here we take a brief look at various derivatives contracts that have come to be used. Forwards: A forward contract is a customized contract between two entities, where settlement takes place on a specific date in the future at todays pre-agreed price. Futures: A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Futures contracts are special types of forward contracts in the sense that the former are standardized exchange-traded contracts. Options: Options are of two types calls and puts. Calls give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. Warrants: Options generally have lives of upto one year, the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter. LEAPS: The acronym LEAPS means Long-Term Equity Anticipation Securities. These are options having a maturity of upto three years. Baskets: Basket options are options on portfolios of underlying assets. The underlying asset is usually a moving average or a basket of assets. Equity index options are a form of basket options. Participants and Functions v Hedgers face risk associated with the price of an asset. They use futures or options markets to reduce or eliminate this risk. v Speculators wish to bet on future movements in the price of an asset. Futures and options contracts can give them an extra leverage; that is, they can increase both the potential gains and potential losses in a speculative venture. v Arbitrageurs are in business to take advantage of a discrepancy between prices in two different markets. If, for example, they see the futures price of an asset getting out of line with the cash price, they will take offsetting positions in the two markets to lock in a profit. The derivative market performs a number of economic functions. First, prices in an organized derivatives market reflect the perception of market participants about the future and lead the prices of underlying to the perceived future level. The prices of derivatives converge with the prices of the underlying at the expiration of derivative contract. Thus derivatives help in discovery of future as well as current prices. Second, the derivatives market helps to transfer risks from those who have them but may not like them to those who have appetite for them. Third, derivatives, due to their inherent nature, are linked to the underlying cash markets. With the introduction of derivatives, the underlying market witnesses higher trading volumes because of participation by more players who would not otherwise participate for lack of an arrangement to transfer risk. Fourth, speculative trades shift to a more controlled environment of derivatives market. In the absence of an organized derivati ves market, speculators trade in the underlying cash markets. Margining, monitoring and surveillance of the activities of various participants become extremely difficult in these kind of mixed markets. Fifth, an important incidental benefit that flows from derivatives trading is that it acts as a catalyst for new entrepreneurial activity. The derivatives have a history of attracting many bright, creative, well-educated people with an entrepreneurial attitude. They often energize others to create new businesses, new products and new employment opportunities, the benefit of which are immense. Sixth, derivatives markets help increase savings and investment in the long run. Transfer of risk enables market participants to expand their volume of activity. Derivatives thus promote economic development to the extent the later depends on the rate of savings and investment. The first stock index futures contract was traded at Kansas City Board of Trade. Currently the most popular index futures contract in the world is based on SP 500 index, traded on Chicago Mercantile Exchange. During the mid eighties, financial futures became the most active derivative instruments generating volumes many times more than the commodity futures. Index futures, futures on T-bills and Euro-Dollar futures are the three most popular futures contracts traded today. Other popular international exchanges that trade derivatives are LIFFE in England, DTB in Germany, SGX in Singapore, TIFFE in Japan, MATIF in France, etc. Indian Derivatives Market Starting from a controlled economy, India has moved towards a world where prices fluctuate every day. The introduction of risk management instruments in India gained momentum in the last few years due to liberalisation process and Reserve Bank of Indias (RBI) efforts in creating currency forward market. Derivatives are an integral part of liberalisation process to manage risk. NSE gauging the market requirements initiated the process of setting up derivative markets in India. In July 1999, derivatives trading commenced in India CHRONOLOGY OF INSTRUMENTS 1991 Liberalisation process initiated 14-Dec-1995 NSE asked SEBI for permission to trade index futures. 18-Nov-1996 SEBI setup L.C.Gupta Committee to draft a policy framework for index futures. 11-May-1998 L.C.Gupta Committee submitted report. 7-July-1999 RBI gave permission for OTC forward rate agreements (FRAs) and interest rate swaps. 24-May-2000 SIMEX chose Nifty for trading futures and options on an Indian index. 25-May-2000 SEBI gave permission to NSE and BSE to do index futures trading. 9-June-2000 Trading of BSE Sensex futures commenced at BSE. 12-June-2000 Trading of Nifty futures commenced at NSE. 25-Sep-2000 Nifty futures trading commenced at SGX. 2-June-2001 Individual Stock Options Derivatives SWAPS A contract between two parties, referred to as counter parties, to exchange two streams of payments for agreed period of time. The payments, commonly called legs or sides, are calculated based on the underlying notional using applicable rates. Swaps contracts also include other provisional specified by the counter parties. Swaps are not debt instrument to raise capital, but a tool used for financial management. Swaps are arranged in many different currencies and different periods of time. US$ swaps are most common followed by Japanese yen, sterling and Deutsche marks. The length of past swaps transacted has ranged from 2 to 25 years. Swaps Pricing: There are four major components of a swap price. v Benchmark price v Liquidity (availability of counter parties to offset the swap). v Transaction cost v Credit risk Benchmark Price:Swap rates are based on a series of benchmark instruments. They may be quoted as a spread over the yield on these benchmark instruments or on an absolute interest rate basis. In the Indian markets the common benchmarks are MIBOR, 14, 91, 182 364 day T-bills, CP rates and PLR rates. Liquidity: which is function of supply and demand, plays an important role in swaps pricing? This is also affected by the swap duration. It may be difficult to have counter parties for long duration swaps, specially so in India Transaction costs include the cost of hedging a swap. Transaction cost: Say in case of a bank, which has a floating obligation of 91 days T. Bill. Now in order to hedge the bank would go long on a 91 day T. Bill. For doing so the bank must obtain funds. The transaction cost would thus involve such a difference. Yield on 91 day T. Bill 9.5% Cost of fund (e.g.- Repo rate) 10% The transaction cost in this case would involve 0.5% Credit risk: Credit risk must also be built into the swap pricing. Based upon the credit rating of the counterparty a spread would have to be incorporated. Say for e.g. it would be 0.5% for an AAA rating. Introduction to Futures Future contract is the simplest of all financial assets. A future contract is just an agreement between two parties to buy and sell an asset at a fixed price in the future. Futures markets were originally designed to solve the problems of forward markets. Future contracts are managed through an organized future exchange Future contracts are a type of derivative security because the value of the contract is derived from an underlying instrument. The exchange specifies standard features of future contract to facilitate liquidity in the futures contracts. The net value of a future contract is zero because future contract represents a zero sum game between a buyer and a seller. Future contracts are standardized to facilitate convenience in trading and price reporting. A futures contract may be offset before maturity by taking opposite position which means that future trading can be closed by entering into equal into an equal and opposite transaction. Future contract must specify at least five terms of the contract and they are: 1) The identity of the underlying commodity or financial instrument. 2) The future contract size. 3) The future maturity date. 4) The delivery or settlement procedure. 5) The future price. TYPES OF FUTURES A commodity future is a future contract in a commodity like cocoa, aluminum etc. A financial future is a futures contract in a financial instrument like Treasury bill, currency or stock index. Futures contracts are: v Futures contracts are organized/ standardized contracts, which are traded on the exchanges. v These contracts, being standardized and traded on the exchanges are very liquid in nature. v In futures market, clearing corporation/ house provides the settlement guarantee. v Every futures contract is a forward contract traded on exchange and clearing corporation/house provides the settlement guarantee for trades. v Are of standard quantity; standard quality (in case of commodities). Have standard delivery time and place. What Does Future Trading Apply to Indian Stocks? Future trading is a type of investments which involves speculating on the prices of securities in the future. Securities traded in future contract can be a stock (Reliance India Limited, TISCO, etc), Stock Index (NSE Nifty Index), commodity (Gold, Silver, Agricultural Products, etc) Unlike stocks and bonds, when we involve in future trading then we do not buy or own anything but we speculate the future direction of the price in the security we are trading. Suppose we speculate on Stock Index (NSE Nifty index). If we speculate that the future price of Stock Index can go up in the future then we would buy a future contract. If we speculate that the future price of Stock Index can go down then we would sell a future contract. Futures Trading accounts A future exchange allows only exchange members to trade on the exchange floor. There are various things to know about future trading accounts. The first thing is that a margin is always required. A margin is the amount of money that we put up to control a future contract. http://www.tradingpicks.com/futures.htm How to Trade in SP CNX NIFTY Futures? http://www.nse-india.com/content/press/futidx_invguide.pdf Trading on CNX Nifty futures is just like trading in other security. Before buying or selling we use to predict the direction of the market and based on that prediction we buy or sell the index. A profit is made when the closing price on the expiration day is higher than the value at which we had bought the index. If we had predicted a bearish market, and had sold the index then we make a profit. Trading cycle for SP CNX Nifty Futures The trading cycle for SP CNX Nifty future contracts is 3 months. On the trading day a new contract is introduced. This contract will be introduced for three month duration. As a result there will be 3 contracts available for trading in the market ( i.e., first contract is in near month, second in mid month and third in far month duration) Example If Trading in NIFTY Starts from January 2002 then following chart gives us the beginning and expiry date of the contract. Contract/Month Expiry/Settlement January 2002 January 28th February 2002 February 20th March 2002 March 19th After January 28th, the first trading day will be on January 29th. Contract/Month Expiry/Settlement February 2002 February 24th March 2002 March 30th April 2002 April 20th To trade futures in NSE, traders have to open an account with a future brokerage firm known as Future Commission Merchant (FCM). FCM records the trades, monitors them and advice t Evaluating Derivatives Market in India Evaluating Derivatives Market in India Introduction to Derivatives Market The emergence of the market for derivative products, most notably forwards, futures and options, can be traced back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking-in asset prices. As instruments of risk management, these generally do not influence the fluctuations in the underlying asset prices. However, by locking-in asset prices, derivative products minimize the impact of fluctuations in asset prices on the profitability and cash flow situation of risk-averse investors. Derivative products initially emerged, as hedging devices against fluctuations in commodity prices and commodity-linked derivatives remained the sole form of such products for almost three hundred years. The financial derivatives came into spotlight in post-1970 period due to growing instability in the financial markets. However, since their emergence, these products have become very popular and by 1990s, they accounted for about two-thirds of total transactions in derivative products. In recent years, the market for financial derivatives has grown tremendously both in terms of variety of instruments available, their complexity and also turnover. In the class of equity derivatives, futures and options on stock indices have gained more popularity than on individual stocks, especially among institutional investors, who are major users of index-linked derivatives. Even small investors find these useful due to high correlation of the popular indices with various portfolios and ease of use. The lower costs associated with index derivatives vies-versa derivative products based on individual securities is another reason for their growing use. The following factors have been driving the growth of financial derivatives: Increased volatility in asset prices in financial markets, Increased integration of national financial markets with the international markets, Marked improvement in communication facilities and sharp decline in their costs, SCOPE OF THE STUDY The study is limited to â€Å"Derivatives with special reference to futures and option in the Indian context and the Networth Stock Broking Ltd., data for this study is from 27-DEC -2007 to 31-JAN- 2008 which represent sample for the study. The study cant be said as totally perfect. This study is only a humble attempt at evaluating derivatives market in Indian context. The study is not based on the international perspective of derivatives markets, which exists in NASDAQ, CBOT etc. HYPOTHESIS The Market data that has been used to see whether the Break Even Point (BEP) calculated can be used has an indicator to the investor to maximize the returns on its investment. OBJECTIVES OF THE STUDY 1. To understand the concept of derivatives in a more appropriate way. 2. To study various trends in derivative market. 3. To understand the scope and growth of derivatives in India. 4. To study the role of derivatives in Indian financial market 5. To study in detail the role of the future and options. METHODOLOGY 1. Data Collection : For this study the date collected is of secondary nature, The data of the Nifty index have been collected from â€Å"Economic Times† and internet. The data collected for January contract and the date consist from period 27th December, 2007 to 31st January, 2008. 2. Analysis: The analysis consist of the tabulation of the data assessing the profitability positions of the futures buyer and seller and also option holder and the option writer, representing the data with s and making the interpretation using data. TIME PERIOD Data collected for analyzing this study is from 27-DEC 2007 to 31-JAN-2008. Time taken to complete this project is 45 days LIMITATIONS OF THE STUDY The study is conducted in short period, due to which the study may not be detailed in all aspect. Lack of time on performing the project in detail study. Unavailability of software package which will help in calculation Lack of software knowledge to determine the correct future estimations. The data collected is completely restricted to 31st January, 2008; hence this analysis cannot be taken universal. CHAPTER II INTRODUCTION TO CAPITAL MARKET COMPANY PROFILE Introduction To Indian Capital Market Indias financial market began its transformation path in the early 1990s. The banking sector witnessed sweeping changes, including the elimination of interest rate controls, reductions in reserve and liquidity requirements and an overhaul in priority sector lending. Persistent efforts by the Reserve Bank of India (RBI) to put in place effective supervision and prudential norms since then have lifted the country closer to global standards. Around the same time, Indias capital markets also began to stage extensive changes. The Securities and Exchange Board of India (SEBI) was established in 1992 with a mandate to protect investors and improvements into the microstructure of capital markets, while the repeal of the Controller of Capital Issues (CCI) in the same year removed the administrative controls over the pricing of new equity issues. Indias financial markets also began to embrace technology. Competition in the markets increased with the establishment of the National Stock Exchange (NSE) in 1994, leading to a significant rise in the volume of transactions and to the emergence of new important instruments in financial intermediation. For over a century, Indias capital markets, which consist primarily of debt and equity markets, have increasingly played a significant role in mobilizing funds to meet public and private entities financing requirements. The advent of exchange-traded derivative instruments in 2000, such as options and futures, has enabled investors to better hedge their positions and reduce risks. In total, Indias debt and equity markets were equivalent to 130% of GDP at the end of 2005. This is an impressive stride, coming from just 75% in 1995, suggesting issuers growing confidence in market based financing. However, the size of the countrys capital markets relative to the United States, Malaysias and South Koreas remains low, implying a strong catch-up process for India. While some form of financial derivatives trading in India dates back to the 1870s, exchange traded derivative instruments started only in 2000. Then, stock index futures, with the Sensex 30 and the SP CNX Nifty indices as the underlying, began trading at the BSE and NSE. Since their inception, the basket of instruments has expanded and now features individual stock futures, and options for stock index and individual stocks. NATIONAL STOCK EXCHANGE (NSE) The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in November 1992 as a tax-paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000. NSE Mission 1. NSEs mission is setting the agenda for change in the securities markets in India. The NSE was set-up with the main objectives of: 2. Establishing a nation-wide trading facility for equities, debt instruments and hybrids, 3. Ensuring equal access to investors all over the country through an appropriate communication network, 4. Providing a fair, efficient and transparent securities market to investors using electronic trading systems, 5. Enabling shorter settlement cycles and book entry settlements systems, and 6. Meeting the current international standards of securities markets. The standards set by NSE in terms of market practices and technologies have become industry benchmarks and are being emulated by other market participants. NSE is more than a mere market facilitator. Its that force which is guiding the industry towards new horizons and greater opportunities. Equity shares By investing in shares, investors basically buy the ownership right to the company. When the company makes profits, shareholders receive their share of the profits in the form of dividends. In addition, when company performs well and the future expectation from the company is very high, the price of the companys shares goes up in the market. This allows shareholders to sell shares at a profit, leading to capital gains. Investors can invest in shares either through primary market offerings or in the secondary market. The primary market has shown abnormal returns to investors who subscribed for the public issue and were allotted shares. Stock Exchange: In a stock exchange a person who wishes to sell his security is called a seller, and a person who is willing to buy the particular stock is called as the buyer. The rate of stock depends on the simple law of demand and supply. If the demand of shares of company x is greater than its supply then its price of its security increases. In Online Exchange the trading is done on a computer network. The sellers and buyers log on to the network and propose their bids. The system is designed in such ways that at any given instance, the buyers/sellers are bidding at the best prices. The transaction cycle for purchasing and selling shares online is depicted below: TRANSACTION CYCLE Role of Clearing House The clearing house of the exchange interposes itself between the buyer(the long position) and the seller (the short position).this mean clearing house becomes seller to buyer and the buyer to seller. Because the clearing house is obliged to perform on its side of each contract, it is the only party that can hurt if any trader fail to fulfill his obligation. The clearing house protects its interest by imposing margin requirements on traders. Ever since its inception in 1993, Networth Stock Broking Limited (NSBL) has sought to provide premium financial services and information, so that the power of investment is vested with the client. We equip those who invest with us to make intelligent investment decisions, providing them with the flexibility to either tap into our extensive knowledge and expertise, or make their own decisions. NSBL made its debut in to the financial world by servicing Institutional clients, and proved its high scalability of operations by growing exponentially over a short period of time. Now, powered by a top-notch research team and a network of experts, we provide an array of retail broking services across the globe spanning India, Middle East, Europe and America. Currently, we are a Depository participant at Central Depository Services India (CDSL) and aim to become one at National Securities Depository (NSDL) by the end of this quarter. Our strong support, technology-driven operations and busines s units of research, distribution and advisory coalesce to provide you with a one-stop solution to cater to all your broking and investment needs. Our customers have been participating in the booming commodities markets with our membership at Multi Commodity Exchange of India (MCX) and National Commodity Derivatives Exchange (NCDEX) through Networth Stock.Com Ltd. NSBL is a member of theNational Stock Exchange of India Ltd (NSE) andthe Bombay Stock Exchange Ltd (BSE)on the Capital Market and Derivatives (Futures Options) segment. It is also a listed company at theBSE. Corporate Overview †¢ Networth is a listed entity on the BSE since 1994 †¢ The company is professionally managed with experience of over a decade in broking and advisory services †¢ Networth is a member of BSE, NSE, MCX, NCDEX, AMFI, CDSL †¢ Current network in Southern and Western India with 107 branches and franchise. Presence in major metros and cities †¢ Empanelled with prominent domestic Mutual Funds, Insurance Companies, Banks, Financial Institutions and Foreign Financial Institutions. †¢ Strong experienced professional team †¢ 20000+ strong and growing client base †¢ Average daily broking turnover of around INR 1 billion †¢ AUM with Investment Advisory Services of around INR 3 billion Products and services Portfolio v Retail and institutional broking v Research for institutional and retail clients v Distribution of financial products v Corporate finance v Net trading v Depository services v Commodities Broking Infrastructure †¢ A corporate office and 3 divisional offices in CBD of Mumbai which houses state-of-the-art dealing room, research wing management and back offices. †¢ All of 107 branches and franchisees are fully wired and connected to hub at corporate office at Mumbai. Add on branches also will be wired and connected to central hub †¢ Web enabled connectivity and software in place for net trading. †¢ 60 operative IDs for dealing room †¢ State of the Art accounting and billing system, on line risk management system in place with 100% redundancy back up. †¢ In house technology back up team to ensure un-interrupted connectivity. Online Trading There is nothing more exhilarating, more daring and more rewarding than making the right trade at the right time. Welcome to our Internet trading platform which brings you a world class experience of online trading. Clicknetworth is a software application suite that offers comprehensive facilities so users can watch Market Prices while they trade. The application is highly integrated which enables the user to place orders in live environment. The user screen is fully customizable by the user to display information based upon his/her own preferences Trading Platform Networth offers advanced and convenient online trading facility with N-easy and N-swift which are completely safe and secure. N-easy: A Powerful and user friendly browser based platform ideally suited for Investors N-swift: An Advanced EXE based application suite that is ideally suited for Traders Features:- * Clients can trade in NSE Cash, NSE FO and BSE Cash. * Single screen order / trade entry as you can add NSE-Cash, Derivative BSE scripts in the same Market Watch. * Features such as Lock the Screen, TOP 20 by Most Active Volume, Value, Gainers, Losers, Market Movement and more will help you customise your trading platform according to your specific focus. * Facility for Online Funds Transfer. Your credit limit increases instantaneously on completion of a successful transfer. Total holdings with NSBL and NSBL CDSL DP (POA) can be viewed and delivery sale can also be made. * Needless to mention other standard features as Real-Time market data, live order status, Real time position updates etc. CHAPTER III REVIEW OF LITERATURE DEFINATION OF DERIVATIVE Derivative is a product whose value is derived from the value of one or more basic variables, called bases (underlying asset, index, or reference rate), in a contractual manner. There are two types of derivatives that are trades on NSE; namely Futures and Options. The underlying asset can be equity, forex, commodity or any other asset. For example, wheat farmers may wish to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction is an example of a derivative. The price of this derivative is driven by the spot price of wheat which is the â€Å"underlying†. In the Indian context the Securities Contracts (Regulation) Act, 1956 (SC(R) A) defines â€Å"equity derivative† to include A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security. A contract, which derives its value from the prices, or index of prices, of underlying securities.The key to understanding derivatives is the notion of a premium. Some derivatives are compared to insurance. Just as you pay an insurance company a premium in order to obtain some protection against a specific event, there are derivative products that have a payoff contingent upon the occurrence of some event for which you must pay a premium in advance. Example: When one buys a cash instrument, for example 100 shares of ABC Inc., the payoff is linear (disregarding the impact of dividends). If we buy the shares at Rs50 and the price appreciates to Rs75, we have made Rs2500 on a mark-to-market basis. If we buy the shares at Rs50 and the price depreciates to Rs25, we have lost Rs2500 on a mark-to-market basis. Instead of buying the shares in the cash market, we could have bought a 1 month call option on ABC stock with a strike price of Rs50, giving us the right but not the obligation to purchase ABC stock at Rs50 in 1 months time. Instead of immediately paying Rs5000 and receiving the stock, we might pay Rs700 today for this right. If ABC goes to Rs75 in 1 months time, we can exercise the option, buy the stock at the strike price and sell the stock in the open market, locking in a net profit of Rs1800. If the ABC stock price goes to Rs25, we have only lost the premium of Rs700. If ABC trades as high as Rs100 after we have bought the option but before it expires, we can sell the option in the market for a price of Rs5300. Classification of Derivatives Types of Derivatives The most commonly used derivatives contracts in NSE are ,FUTURES and OPTIONS which we shall discuss in detail later. Here we take a brief look at various derivatives contracts that have come to be used. Forwards: A forward contract is a customized contract between two entities, where settlement takes place on a specific date in the future at todays pre-agreed price. Futures: A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Futures contracts are special types of forward contracts in the sense that the former are standardized exchange-traded contracts. Options: Options are of two types calls and puts. Calls give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. Warrants: Options generally have lives of upto one year, the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter. LEAPS: The acronym LEAPS means Long-Term Equity Anticipation Securities. These are options having a maturity of upto three years. Baskets: Basket options are options on portfolios of underlying assets. The underlying asset is usually a moving average or a basket of assets. Equity index options are a form of basket options. Participants and Functions v Hedgers face risk associated with the price of an asset. They use futures or options markets to reduce or eliminate this risk. v Speculators wish to bet on future movements in the price of an asset. Futures and options contracts can give them an extra leverage; that is, they can increase both the potential gains and potential losses in a speculative venture. v Arbitrageurs are in business to take advantage of a discrepancy between prices in two different markets. If, for example, they see the futures price of an asset getting out of line with the cash price, they will take offsetting positions in the two markets to lock in a profit. The derivative market performs a number of economic functions. First, prices in an organized derivatives market reflect the perception of market participants about the future and lead the prices of underlying to the perceived future level. The prices of derivatives converge with the prices of the underlying at the expiration of derivative contract. Thus derivatives help in discovery of future as well as current prices. Second, the derivatives market helps to transfer risks from those who have them but may not like them to those who have appetite for them. Third, derivatives, due to their inherent nature, are linked to the underlying cash markets. With the introduction of derivatives, the underlying market witnesses higher trading volumes because of participation by more players who would not otherwise participate for lack of an arrangement to transfer risk. Fourth, speculative trades shift to a more controlled environment of derivatives market. In the absence of an organized derivati ves market, speculators trade in the underlying cash markets. Margining, monitoring and surveillance of the activities of various participants become extremely difficult in these kind of mixed markets. Fifth, an important incidental benefit that flows from derivatives trading is that it acts as a catalyst for new entrepreneurial activity. The derivatives have a history of attracting many bright, creative, well-educated people with an entrepreneurial attitude. They often energize others to create new businesses, new products and new employment opportunities, the benefit of which are immense. Sixth, derivatives markets help increase savings and investment in the long run. Transfer of risk enables market participants to expand their volume of activity. Derivatives thus promote economic development to the extent the later depends on the rate of savings and investment. The first stock index futures contract was traded at Kansas City Board of Trade. Currently the most popular index futures contract in the world is based on SP 500 index, traded on Chicago Mercantile Exchange. During the mid eighties, financial futures became the most active derivative instruments generating volumes many times more than the commodity futures. Index futures, futures on T-bills and Euro-Dollar futures are the three most popular futures contracts traded today. Other popular international exchanges that trade derivatives are LIFFE in England, DTB in Germany, SGX in Singapore, TIFFE in Japan, MATIF in France, etc. Indian Derivatives Market Starting from a controlled economy, India has moved towards a world where prices fluctuate every day. The introduction of risk management instruments in India gained momentum in the last few years due to liberalisation process and Reserve Bank of Indias (RBI) efforts in creating currency forward market. Derivatives are an integral part of liberalisation process to manage risk. NSE gauging the market requirements initiated the process of setting up derivative markets in India. In July 1999, derivatives trading commenced in India CHRONOLOGY OF INSTRUMENTS 1991 Liberalisation process initiated 14-Dec-1995 NSE asked SEBI for permission to trade index futures. 18-Nov-1996 SEBI setup L.C.Gupta Committee to draft a policy framework for index futures. 11-May-1998 L.C.Gupta Committee submitted report. 7-July-1999 RBI gave permission for OTC forward rate agreements (FRAs) and interest rate swaps. 24-May-2000 SIMEX chose Nifty for trading futures and options on an Indian index. 25-May-2000 SEBI gave permission to NSE and BSE to do index futures trading. 9-June-2000 Trading of BSE Sensex futures commenced at BSE. 12-June-2000 Trading of Nifty futures commenced at NSE. 25-Sep-2000 Nifty futures trading commenced at SGX. 2-June-2001 Individual Stock Options Derivatives SWAPS A contract between two parties, referred to as counter parties, to exchange two streams of payments for agreed period of time. The payments, commonly called legs or sides, are calculated based on the underlying notional using applicable rates. Swaps contracts also include other provisional specified by the counter parties. Swaps are not debt instrument to raise capital, but a tool used for financial management. Swaps are arranged in many different currencies and different periods of time. US$ swaps are most common followed by Japanese yen, sterling and Deutsche marks. The length of past swaps transacted has ranged from 2 to 25 years. Swaps Pricing: There are four major components of a swap price. v Benchmark price v Liquidity (availability of counter parties to offset the swap). v Transaction cost v Credit risk Benchmark Price:Swap rates are based on a series of benchmark instruments. They may be quoted as a spread over the yield on these benchmark instruments or on an absolute interest rate basis. In the Indian markets the common benchmarks are MIBOR, 14, 91, 182 364 day T-bills, CP rates and PLR rates. Liquidity: which is function of supply and demand, plays an important role in swaps pricing? This is also affected by the swap duration. It may be difficult to have counter parties for long duration swaps, specially so in India Transaction costs include the cost of hedging a swap. Transaction cost: Say in case of a bank, which has a floating obligation of 91 days T. Bill. Now in order to hedge the bank would go long on a 91 day T. Bill. For doing so the bank must obtain funds. The transaction cost would thus involve such a difference. Yield on 91 day T. Bill 9.5% Cost of fund (e.g.- Repo rate) 10% The transaction cost in this case would involve 0.5% Credit risk: Credit risk must also be built into the swap pricing. Based upon the credit rating of the counterparty a spread would have to be incorporated. Say for e.g. it would be 0.5% for an AAA rating. Introduction to Futures Future contract is the simplest of all financial assets. A future contract is just an agreement between two parties to buy and sell an asset at a fixed price in the future. Futures markets were originally designed to solve the problems of forward markets. Future contracts are managed through an organized future exchange Future contracts are a type of derivative security because the value of the contract is derived from an underlying instrument. The exchange specifies standard features of future contract to facilitate liquidity in the futures contracts. The net value of a future contract is zero because future contract represents a zero sum game between a buyer and a seller. Future contracts are standardized to facilitate convenience in trading and price reporting. A futures contract may be offset before maturity by taking opposite position which means that future trading can be closed by entering into equal into an equal and opposite transaction. Future contract must specify at least five terms of the contract and they are: 1) The identity of the underlying commodity or financial instrument. 2) The future contract size. 3) The future maturity date. 4) The delivery or settlement procedure. 5) The future price. TYPES OF FUTURES A commodity future is a future contract in a commodity like cocoa, aluminum etc. A financial future is a futures contract in a financial instrument like Treasury bill, currency or stock index. Futures contracts are: v Futures contracts are organized/ standardized contracts, which are traded on the exchanges. v These contracts, being standardized and traded on the exchanges are very liquid in nature. v In futures market, clearing corporation/ house provides the settlement guarantee. v Every futures contract is a forward contract traded on exchange and clearing corporation/house provides the settlement guarantee for trades. v Are of standard quantity; standard quality (in case of commodities). Have standard delivery time and place. What Does Future Trading Apply to Indian Stocks? Future trading is a type of investments which involves speculating on the prices of securities in the future. Securities traded in future contract can be a stock (Reliance India Limited, TISCO, etc), Stock Index (NSE Nifty Index), commodity (Gold, Silver, Agricultural Products, etc) Unlike stocks and bonds, when we involve in future trading then we do not buy or own anything but we speculate the future direction of the price in the security we are trading. Suppose we speculate on Stock Index (NSE Nifty index). If we speculate that the future price of Stock Index can go up in the future then we would buy a future contract. If we speculate that the future price of Stock Index can go down then we would sell a future contract. Futures Trading accounts A future exchange allows only exchange members to trade on the exchange floor. There are various things to know about future trading accounts. The first thing is that a margin is always required. A margin is the amount of money that we put up to control a future contract. http://www.tradingpicks.com/futures.htm How to Trade in SP CNX NIFTY Futures? http://www.nse-india.com/content/press/futidx_invguide.pdf Trading on CNX Nifty futures is just like trading in other security. Before buying or selling we use to predict the direction of the market and based on that prediction we buy or sell the index. A profit is made when the closing price on the expiration day is higher than the value at which we had bought the index. If we had predicted a bearish market, and had sold the index then we make a profit. Trading cycle for SP CNX Nifty Futures The trading cycle for SP CNX Nifty future contracts is 3 months. On the trading day a new contract is introduced. This contract will be introduced for three month duration. As a result there will be 3 contracts available for trading in the market ( i.e., first contract is in near month, second in mid month and third in far month duration) Example If Trading in NIFTY Starts from January 2002 then following chart gives us the beginning and expiry date of the contract. Contract/Month Expiry/Settlement January 2002 January 28th February 2002 February 20th March 2002 March 19th After January 28th, the first trading day will be on January 29th. Contract/Month Expiry/Settlement February 2002 February 24th March 2002 March 30th April 2002 April 20th To trade futures in NSE, traders have to open an account with a future brokerage firm known as Future Commission Merchant (FCM). FCM records the trades, monitors them and advice t