Should people be allowed to keep pitbulls Research Paper

Should individuals be permitted to keep pitbulls - Research Paper Example As per a few sources, it is accepted that â€Å"currently the variety of decision for hound contenders, pit bulls are compelled to battle, they don't decide to fight.† (Aavenge.com) Even Christine Hibbard, CTC, CPDT, announced once that â€Å"No, we don't accept that Pit Bulls are inalienably dangerous.† (Companionanimalsolutions.com) There are numerous reasons of with respect to why individuals ought to be permitted to keep Pit Bulls and there ought not be any boycott authorized in keeping them as it won't advantage the wellbeing of the general public. Right off the bat, as it is realized that this specific variety of canine has an awful notoriety on account of being forceful and rough. It absolutely relies upon the proprietor as how he prepares and keeps them. It will be one-sided to boycott them just on the sort of canine. Furthermore, the Pit Bulls don't require a lot of preparing as â€Å"Their short coat is low upkeep and they can be washed in next to no time, not that they should be washed often.† (Petfinder) â€Å"Pit Bulls are great creatures that merit an opportunity to have a decent life like some other dog.† (Villalobos Rescue Center) There are reports that more individuals have confronted passing by the household rodents than Pit Bulls. It is a fantasy that individuals state Pit Bulls assault more towards the individuals than some other variety of pooch. Be that as it may, Pit Bulls don't have the most grounded of jaws; it is considered as the most fragile among all varieties. What makes Pit Bulls as one of the most mainstream and requesting kind of breed is that they are extremely faithful to their proprietors. It is said that the man has made a companion forever when he purchases and possesses a Pit Bull. There is an equivalent reaction from the pooch just as they love their proprietors and they don't separate between the humanity. Yet, probably the best explanation, as I would like to think is that Pit Bulls do grin gives a metal lift and certainty to their proprietors. On the off chance that the proprietor of Pit

“The Kiss” by Anton Chekhov Free Essays

â€Å"The Kiss† by Anton Chekhov After perusing Anton Chekhov’s â€Å"The Kiss†, it is evident that few components of fiction were joined into his story. The story included intriguing characters, a graphic setting that viably mirrors the disposition of what is happening, adequate measure of incongruity. Furthermore, an all around created plot and structure. We will compose a custom article test on â€Å"The Kiss† by Anton Chekhov or on the other hand any comparable subject just for you Request Now Out of these segments that help to manufacture a fruitful anecdotal story, the component that was best was the component of plot. The plot of â€Å"The Kiss† is a magnificent plan of occasions that satisfies each viewpoint that is relied upon to be fused into an anecdotal plot. It incorporates fascinating turns, outstanding characters, and in particular, a subject that nearly everybody can without much of a stretch identify with. â€Å"The Kiss†, is about a man named Ryabovitch that is totally unsatisfied with his life until one night, he participates in a â€Å"adventure (288). † In a surprising arrangement of occasions, Ryabovitch, who has never experienced female communication, winds up confused by a secretive lady with her darling. Because of the misunderstanding, Ryabovitch encounters his first kiss. The kiss reframes his life and Rybovitch turns out to be more intense and sure than any time in recent memory. Despite the fact that most would see the occurrence as a basic misconception, Ryabovitch takes it for more than that. He becomes persuaded that he is enamored with somebody that he doesn't have a clue. Toward the finish of the story in any case, Ryabovitch understands that the circumstance was essentially misrepresented and he returns to his typical life. This first explanation that the plot stands apart so much is that it is relatable. In â€Å"The Kiss† Ryabovitch overstates the importance of the kiss to the point of being indistinguishable. In the story Ryabovitch is â€Å"†¦surprised unpleasantly when it took him to recount to his story (294). He went overboard so much that he didn't perceive how straightforward and unimportant that his episode was. Everybody has been liable of this as some time. â€Å"The Kiss†, was composed dependent on and overcompensation and everybody can identify with what Ryabovitch is experiencing. Another explanation that the plot sta nds apart is that Chekhov writes such that makes the peruser need to peruse on. He makes the peruser care about what happens to Rybovitch by distinctively portraying everything that he experiences. Chekhov powers the peruser to need to peruse on by causing them to feel thoughtful for Ryabovitch. The plot is set up to keep the peruser intrigued and it stands apart as a result of it. Without this fuse of getting perusers into what is new with Ryabovitch, the adequacy of the component of plot would be seriously debilitated. In the wake of perusing â€Å"The Kiss†, clearly Chekhov fused the component of plot into his story adequately. By expounding regarding a matter that can be effortlessly identified with, the general estimation of the plot definitely expanded. Chekhov worked superbly of getting into the perusers mind; he made them need to peruse mindfully and proceed with the story by utilizing the component of plot. Step by step instructions to refer to â€Å"The Kiss† by Anton Chekhov, Papers

Impact of Technology on the Retailing Business Essays -- essays resear

Effect of Technology on the Retailing Business Any adequate trend setting innovation is unclear from magic†, Arthur C. Clarke. Innovation has changed the retailing business significantly in the course of recent years. These progressions have influenced a number of regions in the retailing industry. These zones remember the gear for the working environment, the strategies in the working environment, the general condition, the requesting of provisions, and the record keeping of the business. One key zone in the retailing industry that innovation has changed over the previous 10 years is the diverse hardware that is utilized. Interviewee A said â€Å"The change has been very useful for business, we have gone from utilizing a straightforward till, to utilizing a PC database, which encourages us record the clients purchasing propensities and other data about them.† Interview B said â€Å" The gear we use currently has made things path simpler for everybody. They took a lil becoming accustomed to from the start yet once we figured out how to utilize them it was no issue. We exchanged structure simple gas siphons to advanced ones, we likewise changed from doing manual gas level plunges to utilizing electronic gas level. Our Rigor machine has likewise been transformed from the old lace printer to the new laser printer.† Technology isn’t the main region that has been changed by innovation. The business arrangements have additionally been changed.      The approaches in the retailing industry have likewise been influenced by innovation in the previous 10 years. Interviewee A said â€Å"With out...

EGT1 Essay Example | Topics and Well Written Essays - 500 words

EGT1 - Essay Example From this conversation unmistakably the absolute benefit increments when negligible benefit is sure for example at the point when minor income is more prominent than negligible expense. Additionally, the complete benefit diminishes when peripheral benefit is negative for example minor income is less when contrasted with peripheral expense. Greatest complete benefit is accomplished when minimal benefit gets zero. Now, minimal income is equivalent to peripheral expense. A further increment in yield prompts a negative minor benefit or a peripheral misfortune for example the all out benefit begins diminishing. Therefore, most extreme benefit is accomplished at a point where minor benefit is equivalent to minimal income. Figure 1 shows the diagrams for Total Revenue, Total Cost, Marginal Revenue, Marginal Cost and Total Profit. The benefit is expanded at yield = q*.This paper features that if minor income of a firm surpasses the minimal cost, a firm is in a solid position. Its minimal ben efit is sure. The firm would henceforth need to find a way to expand the degree of yield with the present assets gave the interest to a similar exists. Extra work might be required expanding cost however extra capital consumption is commonly not made in the short run. The firm may likewise take activities to help advertise request. These may incorporate advertising and special activities. If the peripheral income of a firm is not exactly negligible cost, the firm is working at imperfect levels. The firm needs to examine whether the yield delivered is really required. Assuming no, the yield levels are diminished.

How to Structure an HR Team of Any Size

How to Structure an HR Team of Any Size Human Resource (HR) management is one of the most important functions of any business, irrespective of size or type. Whether there is a large HR team or just a single HR manager, their role will essentially be the same, and will focus on the people in the business, including the hiring, training, and firing (if necessary) of employees.HR managers and teams generally handle every aspect of labor relations within the business, playing a pivotal role in ensuring organizational continuity and long-term productivity. Functions include overseeing interviews for new staff members; induction and training of the people chosen for various positions; evaluation of how employees perform; and dealing with grievances that employees and management might have.HR professionals also have to be able to accurately project business needs for employees, so that if someone leaves or is unable to work due to illness, it won’t impact adversely on the business. This can often mean additional training is nee ded for those who might have to step into other people’s positions, even temporarily. Alternatively they might rely on outsourcing temporary employees to fill the gap.To be able to fulfill the HR function adequately, the team needs to be structured in such a way that it can cope with the business needs, whatever these are. © Shutterstock.com | Rawpixel.comIn this article, we will start with 1) an introduction to HR and HR department, and continue then with 2) organizational structure of HR teams, 3) a model for modern HR, 4) whether HR:Employee ratios matter.INTRODUCTION TO HR AND HR DEPARTMENTTo be able to structure a HR team of any size it is important to understand the goals and challenges of HR, as well as the key functions most HR departments fulfill.Human Capital and What it MeansMuch of what an HR department deals with â€" from recruitment to training and then dealing with employees who work within the business â€" has to do with the management of human resources. But employees are much more than simply a tangible resource, and are rather regarded as valuable “human capital” that is able to produce results for the business.Most importantly, HR aims to maximize return on investment in terms of what is spent on employees (the human capital). It does this through communication and empathy, by focusing on issues like motivation, making employees feel recognized, and by encouraging effective leadership. To get the most out of the company’s human capital, HR also tackles problems and potential problems, including lost creativity and productivity, as well as time, money and resources that are wasted if human capital isn’t maximized.While the benefits that are usually achieved by an effective HR team are not always tangible, they have a tremendous impact on both company performance and the resulting bottom line. Ultimately, when an HR department recognizes human capital, it puts its people first. Furthermore, by doing this, it helps to minimize financial risk and increase capital gain within the business.Goals and Challenges of HRHR teams within organizations and businesses are usually comprised of largely administrative personnel who are responsible for the management of employee performance, employee relations, and resource planning.Goals of HRThe primary goal of HR is to help ensure that businesses are able to meet strategic goals by finding suitable employees and then managing them effectively. It does this by:Becoming a strategic business partner within the companyActing as an agent for changeBeing a champion for employeesFulfilling an important administrative roleThe challenge when it comes to meeting these goals in today’s business environment is for HR departments to be strategically proactive partners acting on behalf of management or business owners. In the past the primary function of HR focused on administration and employees, and this role was commonly seen as reactive. Also, there was no proven method of measuring the value of HR.Challenges of HRBecause of the traditionally administrative role of HR, today’s HR professionals face enormous challenges. In many companies they have very little control or influence largely because HR is still often viewed with skepticism. This negativity makes many HR professionals feel overwhelmed and vulnerable.In a 2005 report by the Society for HR Management (SHRM) titled The Maturing Profession of Human Resources Worldwide, statistics showed that more than half (54.8 percent) of HR professionals considered themselves unable to advance in their careers because the organization did not hold them in high esteem â€" even though most hold at least one university degree. The report also identified a major challenge to be the need for HR professionals to show they can add value to the business or organization in the fields of talent management and human capital. It also stated that it was imperative for them to focus on their strength as a professional group with recognized certification.So for starters, irrespective of the size of the HR team, it must comprise suitable professionals.Major Functions of HR TeamsThe primary function of HR teams has always been to provide a basic support function, mostly doing admin and dealing with staff matters. In addition to recruitment, placement, training, career development and so on, HR teams will usually facilitate all forms of documentation both within and outside of the company, from contracts to passports. If staff members need to travel, HR might do flight reservations, hotel bookings and anything else that is needed.To be really effective it is essential to structure the HR team so that it is also able to deal with a full range of policies and procedures including:A business staffing plan that will budget the costs of manpower, reduce costs of recruitment, and allow existing employees to be promoted (or moved) to vacant positions. This plan would usually be updated annually.Recruitment of new staff and internal selection to vacant positions if necessary.Implementation of a graded salary structure that is competitive in the market place.A transparent table of company benefits and allowances that relates to positions, experience and achievements.A properly scheduled leave and company holidays plan.Employee performance evaluation systems that can be used for salary reviews and promotional considerations.Promotion and merit increases that follow the organization’s business plan. It is important that HR works closely with management on this.Well thought out policies that relate to financial loans, housing and salary advances.A clearly defined policy for business travel. Generally this could be based on actual costs or according to a predefined maximum budget.Time, attendance and overtime policies that ensure proper control, remuneration and penalties (where necessary).Systems that enable employee suggestions to help increase profitability or reduce cost, and help to motivate employees perhaps with rewards.Termination of employment procedures that relate to both firing and resignation.In large companies, team members might only be responsible for one or maybe two critical function. If the business is very small, one or two people might handle everything.Regardless of the size of the business and t he HR team, once the policies and procedures have been developed, it is essential to find a reliable information system that can be used to inform and educate employees. Not only should they be aware of the policies and procedures in place, but they should also be kept up-to-date if and when they don’t comply, or if circumstances require them to take some type of action.In real terms, what this means is that the HR team helps the business operate as well as change if need be â€" for instance if it is going to downsize, restructure, or merge with another business.Evolution of HR FunctionsBusiness modes and methods have changed so much in the past 100 years, it really shouldn’t be a surprise that the relatively new HR function continues to evolve. Although people have done business for centuries, and various concepts including labor relations, industrial relations, and even personnel administration existing from the early 20th century, it wasn’t until the 1980s that the term hum an resources was mooted. It took another couple of decades for the idea of human capital to emerge, and the whole concept of HR continues to grow and evolve.In his paper The Evolution of HR: Developing HR as an Internal Consulting Organization Richard M. Vosburgh (Exhibit 5, page 16) shows the impact and contribution of HR to business as it both limits liability and protects the downside, while maximizing the upside and adding value to the business.From a function that really only dealt with labor relations, as HR has evolved, it has gradually embraced employee relations, personnel, a greater realm of human resources, and added immensely to organizational effectiveness. In the beginning it was mostly concerned with safety and workers’ compensation issues, and labor and union relations. Then compliance, benefits and general employee relations became more and more important.As HR became a recognized term, compensation, training and development, survey action planning and staffing an d talent management became vitally important, with organizational design and strategic HR planning gaining increased impetus. Latterly, the continued evolution of HR functions have been seen to encompass HR information systems, performance management, diversity and equal employment opportunity (EEO), as well as the value and importance of HR as a business partner, and the culture and image that goes hand-in-hand with it.ORGANIZATIONAL STRUCTURE OF HR TEAMSThe internal structure of an HR team or department is hugely important. Governed by function, it should have a hierarchical structure with one person heading the team. Unless it is a small business that relies on a single manager or just a couple of people, this organizational structure should comprise separate units that specialize in key human resource management functions. Each unit should have a unit supervisor who reports to the team leader â€" or an HR person responsible for each function.The most efficient way of organizing the structure of an HR team is to have units that each specialize on key HR functions. So for instance, one unit might focus on training and development, another on issues that involve money (salaries, compensation, benefits and so on), and another that only deals with employee and labor relations. Ultimately the units that form the team structure will be determined by the business itself.Typical Units in a Hierarchical HR Team StructureWhile function is closely related to any HR team structure, the units themselves need to be carefully defined depending largely on the size of business. Typically, a medium-sized business would have six units dealing with:RecruitmentTraining and career developmentAdministration of compensation and benefitsHealth and safetyEmployee relationsComplianceRecruitmentRecruitment is all about finding the right employees for the business, and placing them in the best position (for the business and the employee). So this unit would cover aspects of business st affing as well as internal selection when needed.The main function of the unit would be advertising jobs, sourcing potential employees and screening them, doing preliminary interviews, and then coordinating meetings for managers that are responsible for making final decisions.Training and Career DevelopmentEven though the unit responsible for recruitment would ensure that new employees (or those filling other positions) have the right qualifications for the job, there is also a need for further training and development. For example, many HR departments offer leadership training that is designed to give employees the skills to take on supervisory or management positions. Other opportunities might include career or personal development for those wanting to improve their qualifications or personal goals. The HR unit wouldn’t normally provide the training, but would rather simply facilitate.Compensation and Benefits AdministrationThis unit would be tasked to handle all types of compen sation and benefits including insurance, personal benefits, and sometimes payroll. Compensation, specifically, would include the setting up of structures that would ensure wages and other payments were competitive. Benefits would include negotiating insurance, group health benefits, retirement funds and so on.In a large company these two functions (compensation and benefits) could be split into two units. Payroll might be a third unit, or it could be outsourced.Health and SafetyThis is a vital HR unit that plays a critical role in ensuring that the workplace is safe and healthy. Operated according to the Occupational Safety and Health Act (OSHA) by HR risk and safety specialists, the unit would work closely with those in charge of compensation and benefits.OSHA requirements are very clear, and amongst other things, the HR unit would need to maintain proper logbooks where workplace incidents and injuries are reported. Those in charge of the unit would also have to ensure that all oth er environmental and personal safety regulations are adhered to, and that emergency, first aid and personal safety equipment is provided to employees.Employee RelationsAs mentioned previously, labor relations have always been at the forefront of HR, even before it was a defined concept. So employee relations go with the territory, and are a very important part of any business. As an HR unit, employee relations will help to strengthen relationships between employers and employees, by focusing on job satisfaction and resolving any conflict that might arise in the workplace.Some businesses deal with unions, in which case this function would usually be handled by HR. While a separate union-orientated unit may be required by larger businesses, functions would normally include negotiations and bargaining as well as development of management response and interpretation of labor union issues, including contracts.ComplianceA critical issue for employers and employees, compliance relates to f air employment practices, working conditions (including health and safety), and a myriad of working conditions and issues that have the potential to adversely affect productivity and impact on profitability.There are a number of federal laws as well as other rules and regulations that those responsible for this HR unit need to be aware of and well versed with.A MODEL FOR MODERN HRThe organizational capability of HR teams is something relatively new that has only been evolving since about 2000. The earliest accepted model for modern HR was propounded by Dave Ulrich in his book Human Resources Champions first published in 1997. Developed by the need to ensure that HR meets the needs of both the business and the people working there, his model is a simple yet effective one that presents four basic functions or roles. Two of the functions focus on processes and people, and the other two on day-to-day operations and future strategies, and together they form the accepted goals of HR in to day’s business world.The four basic roles  include:Process and strategic focus â€" in the form of a strategic partnerPeople and strategic focus â€" in the form of a change agentProcess and operational focus â€" in the form of an administrative expertPeople and operational focus â€" in the form of employee relations expertsEach of these roles relates directly to the goals of HR mentioned earlier, and each has three or more accountabilities for which HR is expected to take responsibility.Strategic PartnerAccountabilities for strategic partners are strategic HR planning, HR as a business partner, and culture and image.Change AgentAccountabilities for change agents are staffing and talent management, organizational design, survey action planning, performance management, and training and development.Administrative expertAccountabilities for administrative experts are compensation, benefits, HR information systems, and compliance.Employee Relations ExpertAccountabilities for employee re lations experts are employee relations, labor relations, safety and workers’ compensation, diversity and EEO.The larger the size of the business and its complexity, the larger the size of the HR team plus the more complex its design model will be. It is vital that the design of HR departments match all dimensions of the business. If there are multiple products, customers, and service lines, HR needs to support them all. Ultimately, HR may be seen as an internal consulting organization that (provided it is properly structured) can have a profound impact on your business.DO HR:EMPLOYEE RATIOS MATTER?When evaluating HR:employee ratios, the question ultimately is, does size matter? Even though we are discussing how to structure any sized HR team, it’s important to evaluate the size of the team before you start structuring the department. By the same token, HR-employee ratios are a controversial issue that people often use to try and measure the effectiveness of HR. One of the danger s, according to PricewaterhouseCoopers is that company executives sometimes manipulate the ratios to cut HR staff.The norm used to be to have a dedicated HR person for each executive in the management team. Today ratios of 500 or more employees per HR have become increasingly common.An SHRM Human Capital Benchmarking Study suggests that businesses with fewer than 100 employees hire two to three HR professionals, decreasing this figure as the size of the business increases. So for 7,500 employees the ratio would relate to 0.42 HR people, and for 500 to 999, 0.82. But there’s no real agreement on the ratio, and so companies need to assess how much value HR can add to the business.Experts from PricewaterhouseCoopers point out that HR professionals often have different skills, so this also needs to be factored in before the ratio is decided. For instance if the HR department offers strategic partner skills, a company can justify a higher ratio of people. But if they simply do largely automated admin, the ratio should be lower.The irony is that while HR departments are there to determine staff quotas and quality, there’s often nobody there to determine the quotas and quality required to set up an effective HR division.

The Concept of Trust, Social Preferences and Fairness in Corporate Finance - Free Essay Example

This essay examines the concept of trust, social preferences and fairness in corporate finance and then explores and discusses their respective importance in the financial markets. Ernest Hemingway famously quoted that à ¢Ã¢â€š ¬Ã…“the best way to find out if you can trust somebody is to trust them.à ¢Ã¢â€š ¬Ã‚  The role of trust has become paramount in financial markets due to their increasing complexity, and especially because of the escalating use of electronic communication within them, which has made exchanges more estranged and depersonalised. The concept of trust has often been credited for providing significant insights into the transactions and conduct that are found in financial markets. It is however important to first understand the meaning of the term à ¢Ã¢â€š ¬Ã‹Å"trustà ¢Ã¢â€š ¬Ã¢â€ž ¢, in order to carry out a meaningful analysis of its salience in these markets. The dictionary definition of the word is à ¢Ã¢â€š ¬Ã‹Å"a firm belief in the reliability, truth, or ability of someone or somethingà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"a reasonable belief that people will tell the truth, and keep their promisesà ¢Ã¢â€š ¬Ã¢â€ž ¢. A particularly relevant definition of trust is à ¢Ã¢â€š ¬Ã‹Å"faith or confidence in the loyalty, strength and veracity of a person or thing, without examinationà ¢Ã¢â€š ¬Ã¢â€ž ¢. This definition demonstrates the connection between trust and confidence and is therefore significant, since more often than not; collapses in confidence in financial markets are largely attributed to breakdowns in trust (Tomasic and Akinbami, 2011). Another relevant concept of trust that is pertinent is the definition which was later examined experimentally in the trust game experiment, by Bacharach and Gambetta (2001) and Ermish and Gambetta (2006). The financial system being a series of interlocking markets requires trust within them and between firms and consumers to operate effectively and efficiently. Trust instils a feeling of belief that the relationship with the corporation will be predictable, reliable, and consistent in meeting the necessary needs and requirements (CoveyLink Worldwide, 2006). It is crucial to the health of the economy and the financial landscape because it provides investors with a fairly easy and inexpensive way to make decisions. Banking and finance scholars, such as Gray and Hamilton have asserted that emotions such as trust and confidence have significant influences on decision making, because evaluating the vast array of information and risks associated with complex and uncertain financial services products is difficult for consumers. Thereby, in reality, investors and consumers use trust as some sort of a heuristic, relying on it to fill information gaps. It is therefore imperative that due attention be paid upon it to help investors to continue investing in financial products and services, and securities. Guiso and Sapienza et al. (2008) explicitly addressed everyday investment activity in terms of trust in the stock market by saying à ¢Ã¢â€š ¬Ã…“The decision to invest in stocks requires not only an assessment of the risk-return trade off given the existing data, but also an act of faith (trust) that the data in our possession is reliable and the overall system is fair.à ¢Ã¢â€š ¬Ã‚  Trust therefore is important not only in commercial relationships, but is relevant in both retail financial and wholesale markets. Quigley (2007) emphasized the critical role of trust, stating, à ¢Ã¢â€š ¬Ã…“Without trust and confidence, markets do not function and value is destroyedà ¢Ã¢â€š ¬Ã‚ . It has been observed in the past that key components of financial markets such as transparency, investor confidence, liquidity and uncertainty, are largely based and dependent on trust and when financial institutions engage in trust abuse, these very components are severely eroded. This was particularly highlighted during the global financial crisis wherein when confidence (trust) declined, the abovementioned important foundations receded, thereby eventually weakening the financial market. The collapse of Northern Rock in 2007 serves as a stark illustration of why trust is instrumental and how its disappearance can have a detrimental effect on financial markets. Furthermore, breakdowns of trust between the members of a firm, and between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s relationships with other firms through self-dealing and abuse can have a damaging impact as strongly illustrated by the infamous collapse of Lehman Brothers in 2008 and in Goldman Sachsà ¢Ã¢â€š ¬Ã¢â€ž ¢ role in the ABACUS scandal in 2007. Stakeholders such as shareholders, creditors and employees trust the senior m anagement of the firm to run it in their best long term interest; the drawback however of strong relations of trust is the high dependency of one party on another that it entails. The use of creative accounting represents an impact of the abuse of this trust, most noticeably demonstrated by the managers of Enron that ultimately contributed to its downfall. Such esoteric accounting treatments conceal short-comings in corporate performance and could be used to fundamentally mislead the market, and raise doubts about the reliability of financial report. Moreover, the so called à ¢Ã¢â€š ¬Ã‹Å"Agency problemà ¢Ã¢â€š ¬Ã¢â€ž ¢ highlights the need and importance of trust between the internal members of a firm, as exhibited in the case of Lehman Brothers wherein the management failed the trust placed on them by their shareholders, thereby leading to its inevitable collapse. For financial markets to operate smoothly, trust between consumers and their agents, between consumers and intermed iaries, and between consumers and the market are undoubtedly required (Social market foundation, 2011). Trust, through the assumption that others will behave similarly according to common norms of economic conduct, instils a belief in a person that their counterpart in a transaction will not take advantage of them and this is an important aspect in the wider social context in which financial organisations operate. It is thus a necessity amongst the diverse professionals and organisations that constitute the market, and promotes economic efficiency in instrumental terms and reduces the transaction costs of economic exchange. Although trust is normally ignored in standard economic models, the existence of trust amongst those who operate within financial markets and the financial markets as a whole, is of prime importance. It is presumably ignored in the standard models due to the supposition that external law and order parties can effectively protect the interests of contracting parti es from fraud and abuses of trust. Companies that inculcate values such as integrity, trust and transparency outperform other firms by a wide margin in terms of growth in stock price and profitability (Kouzes and Posner, 2002). Moreover, à ¢Ã¢â€š ¬Ã‹Å"transparency paysà ¢Ã¢â€š ¬Ã¢â€ž ¢, as declared by Robert Eccles (2001). Divulging essential information has proven invaluable to companies as it lowers the cost of capital and poses less risk for investors. They are perceived by the public to be more honest as providing accurate information helps the investors in making informed decisions. Deliberately withholding information that is a requisite to making these decisions can create a sense of mistrust and thereby seriously damage a corporations potential to improve business performance within the financial markets. High profile debacles of financial shenanigans, such as Enron and Tyco demonstrated the negative effects of complex business structures and dispensing fallacious finan cial information. The integrity of markets therefore largely depends on market participants being honest and open with each other. According to Tonkiss (2009), à ¢Ã¢â€š ¬Ã…“Trust leads a double life as both a social value and an economic resource; as such, it is a critical concept for linking social arrangements with economic outcomes.à ¢Ã¢â€š ¬Ã‚  The conservative view of contractarianism states that corporations are a à ¢Ã¢â€š ¬Ã‹Å"web of implicit and explicit contracts,à ¢Ã¢â€š ¬Ã¢â€ž ¢ with established rights and obligations amongst the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s many stakeholders which includes investors, creditors and the management. Participants upholding this view generally disregard values such as trust, ethics and fiduciary duties. On the other hand, progressive scholars state that trust is predominantly important within firms and the stakeholders do not necessarily behave in a strictly individualistic and selfish manner, as is often implied by other economic models . Additionally, they believe that economic relationships are also social relationships that look beyond just the pursuit of self-interest and in fact, require a certain degree of trust to flourish in the first place. This arguably applies to the associations between different entities in the financial markets and raises doubts as to whether financial markets are merely contract-based markets or if they have a social character, and whether some financial market participants should have à ¢Ã¢â€š ¬Ã‹Å"other-regardingà ¢Ã¢â€š ¬Ã¢â€ž ¢ duties such as fiduciary duties imposed upon them. The traditional description of à ¢Ã¢â€š ¬Ã‹Å"homo economicusà ¢Ã¢â€š ¬Ã¢â€ž ¢, as the perpetual pursuit of self-interest may not strictly apply in financial markets because the trustees could anticipate additional and institutional benefits from behaving a certain way or making a particular business decision. By expecting the other party to act correspondingly and by upholding the interests of others, they may derive benefit from their seemingly altruistic behaviour. This brings us to the importance of social preferences or à ¢Ã¢â€š ¬Ã‹Å"other-regardingà ¢Ã¢â€š ¬Ã¢â€ž ¢ duties in financial markets. Social preferences or à ¢Ã¢â€š ¬Ã‹Å"other-regardingà ¢Ã¢â€š ¬Ã¢â€ž ¢ duties are a type of preference including trust, fairness, reciprocity and empathy, and are studied in behavioural and experimental economics and social psychology, through economics experiments. Folk wisdom in behavioural economics depicts that in competitive markets, social preferences are of no importance. The standard neoclassical model is built on the assumption that all economic agents are only interested in their own material well-being. Many experiments, starting with Smith (1962, 1964) and later confirmed by Fehr and Schmidt (1999) and Dufwenberg et al. (2008) have shown that the standard neoclassical model holds true and that due to the presence of competition, all market participants behave as if the y are purely self-interested. These authors maintain that even though the standard model is unfair and distributes almost the entire surplus to one side of the market, the classic model predicts market outcomes quite well. Dufwenberg et al. (2008) through a general equilibrium model that allowed for a large class of social preferences identified necessary and sufficient conditions on preferences, which they termed à ¢Ã¢â€š ¬Ã…“separabilityà ¢Ã¢â€š ¬Ã‚ , which further strengthened their belief in the à ¢Ã¢â€š ¬Ã…“classicalà ¢Ã¢â€š ¬Ã‚  theory; participants with social preferences behave as if they were purely self-interested. However, in contrast, there is also a large body of mounting experimental and field evidence showing that many people are not purely self-interested and that their behaviour is affected by caring about the well-being of others (Ledyard 1995, Fehr and GÃÆ' ¤chter 2000, Karlan 2005, Egas and Riedl 2008, Falk and Heckman 2009). Such social (aka othe r-regarding) preferences constitute a profound deviation from the standard neoclassical homo economicus assumption and also show that people are heterogeneous; some care a lot about other peopleà ¢Ã¢â€š ¬Ã¢â€ž ¢s payoffs while others care very little. The findings by these authors imply that people have been found to promote fairness and care about the welfare of other people by willing to sacrifice their own resources. This behaviour has been termed à ¢Ã¢â€š ¬Ã…“social preferencesà ¢Ã¢â€š ¬Ã‚  or à ¢Ã¢â€š ¬Ã…“other-regarding preferencesà ¢Ã¢â€š ¬Ã‚  in the behavioural literature. It has through experiments shown that many people do not only care about their own material well-being, but are also concerned about the payoffs of other people they interact with. Despite the cited evidence, the standard neoclassical assumption is still prevalent in the finance literature. Guth el al. (1982) introduced the first and probably most famous experiment on social preferences, term ed as the ultimatum game. Many other experiments ensued in which observed behaviours were inconsistent with the self-interest assumption. For example, in public good games many people deviate from the dominant strategy of free-riding and voluntary contribute to the public good (Ledyard 1995). Furthermore, if given the opportunity, they are willing to punish non-contributors even if this is costly to themselves (Fehr and GÃÆ' ¤chter, 2000). In gift exchange games subjects in the role of workers provide higher effort than contractually enforceable if their employers offer generous wages (Fehr et al. 1993). Thus, experimental evidence does suggest that many subjects are willing to give up some resources to help others. While many subjects in such experiments are willing to spend resources to achieve a fair allocation or to reciprocate kind or unkind behaviour, there are also many subjects who behave very selfishly. To understand the outcomes of these experiments it is necessary to a cknowledge the heterogeneity of social preferences and to study the interaction of fair-minded and self-interested subjects (Fehr and Schmidt 1999, Fehr, Klein and Schmidt 2007). Furthermore, experimental studies such as Brown et al. (2004,2008) showed that the role of social preferences is magnified when parties interact repeatedly and form relational contracts or if they interact once but can acquire a reputation for fair or trustworthy behaviour (Bartling et al. 2009). These findings cannot be explained by the standard neoclassical model but they are consistent with the models of social preferences discussed above. Social preferences are important because they can be used as an alternative to performance based incentive schemes and in fact, they are consistent with many of the frequently observed anomalies in financial markets. They give rise to externalities that will not be internalized if each agent chooses a consumption bundle that maximizes their internal utility. A fe w papers have also shown that socially responsible investments may sometimes perform financially better or not worse than conventional investments (Derwall et al. 2005; Kempf and Osthoff, 2007; Edmans, 2011). Social preferences might be important in many other strategic situations as well and therefore the results of such experiments have broad implications for economists and non-economists alike. They may give rise to herding, multiple equilibria and to booms and busts on asset markets. Herding is an optimal strategy if investors have social preferences and gives rise to multiple asset market equilibria. Even if all market participants behave optimally and have rational expectations, these effects can be used to elucidate time varying risk premia, stock market bubbles and crashes Gebhardt (2002, 2004). Despite these advances and the topicà ¢Ã¢â€š ¬Ã¢â€ž ¢s importance, it is fair to say that little is known about whether, and to what extent, social preferences influence economic ou tcomes in financial markets. A standard argument against the importance of social preferences in finance and economics is that they are driven out in the market place (Levitt and List 2007, List 2009). The regulation of financial markets is however is shaped not only by considerations such as beyond trust, efficiency or self-interest; they also include concern for ethics and fairness (Shefrin and Statman, 1993). The view that fairness concerns and adequate punishment of unfair behaviour are an expression of preferences has been proved to be consistent by Neuro-scientific studies. Fairness is an equally important consideration in financial markets, particularly signified by the Dodd-Frank Wall Street Reform and Consumer Protection Act in which the words à ¢Ã¢â€š ¬Ã‹Å"fairà ¢Ã¢â€š ¬Ã¢â€ž ¢, à ¢Ã¢â€š ¬Ã‹Å"unfairà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"fairnessà ¢Ã¢â€š ¬Ã¢â€ž ¢ were mentioned a hundred and thirty times. The dictionary meaning of fairness is à ¢Ã¢â€š ¬Ã‹Å"the stat e, condition, or quality of being fair, or free form bias or injustice. Although the words à ¢Ã¢â€š ¬Ã…“fairà ¢Ã¢â€š ¬Ã‚  and à ¢Ã¢â€š ¬Ã…“fairnessà ¢Ã¢â€š ¬Ã‚  can mean a variety of different things in different contexts, there are two common themes in most discussions of fairness. The first being procedural fairness i.e. equal rules apply to all participants while the second one is distributive fairness; it examines the outputs rather than the inputs and is concerned with the equality of outcomes. The à ¢Ã¢â€š ¬Ã‹Å"inequality of endowmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ has always been an integral problem in financial markets since some investors start with more resources and investments than others, and therefore generate a competitive advantage from the very beginning. Procedural fairness thus can be viewed from the perspective of equal opportunities for all, wherein all market participants are treated alike. Important analysis however has shown that distributive fairness has a la rger influence on consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ evaluations of overall fairness, being over four times as important as any other element of fairness (The Financial Services Research Forum, 2012). Shefrin and Statman (1999) identified seven dimensions of fairness in financial markets and viewed fairness as a à ¢Ã¢â€š ¬Ã…“claim to entitlementsà ¢Ã¢â€š ¬Ã‚ . The various dimensions namely being: Freedom from coercion. Freedom from misrepresentation. Equal information. Equal processing power Freedom from impulse. Efficient prices Equal bargaining power References: Adler, P. S. 2001. Market, hierarchy, and trust: the knowledge economy and the future of capitalism.Organization science, 12 (2), pp. 215234. Corsetti, G., Devereux, M. P., Guiso, L., Hassler, J., Saint-Paul, G., Sinn, H., Sturm, J. and Vives, X. 2010. A trust-driven financial crisis.EEAG Report on the European Economy, pp. 5370. Duggar, J. W. 2009. The role of integrity in individual and effective corporate leadership.Journal of Academic Business Ethics, 3. Mayer, C. 2008. Trust in financial markets.European Financial Management, 14 (4), pp. 617632. Mcclure, B. 2014.The Importance Of Corporate Transparency. [online] Available at: https://www.investopedia.com/articles/fundamental/03/121703.asp [Accessed: 6 Mar 2014]. Shefrin, H. and Statman, M. 1993. Ethics, fairness and efficiency in financial markets.Financial Analysts Journal, pp. 2129. Tomasic, R. and Akinbami, F. 2011. The role of trust in maintaining the resilience of financial markets.Journal of Corporate Law Studies, 11 (2). Tonkiss, F. 2009. Trust, confidence and economic crisis.Intereconomics, 44 (4), pp. 196202.

Food Insecurity And Measurements Used - 1681 Words

Food Insecurity and Measurements Used To understand food insecurity, one first needs to grasp the concept of food security. Food security is present when all people, at all times, have physical, social and economic access to sufficient, safe and healthy food which meets their dietary needs and food preferences for a healthy lifestyle.1 So, food insecurity is when this source of healthy nutritious food is limited or unattainable, causing food deprivation and malnutrition.1 Food insecurity is a phenomenon that does not exist solely between those who are homeless, but can present itself in families where both parents could be employed and have adequate housing. In 2008, more than 14% of all U.S. households, 49 million people were food†¦show more content†¦population. For instance, these surveys do not take into account people living in group quarters, those who are institutionalized or are homeless. 2(p.6) Another tool that is used to measure food insecurity would be from the National Health and Nutrition Examinati on Survey (NHANES). This particular survey collects detailed medical and nutritional information on all sample people. More than 99% of the eligible sample participated in this Food Security Survey Module developed by the USDA to measure household food security over the prior 12 months.7 These data measures are very beneficial for identifying the links between health, food insecurity and diet.2(p46) Regardless, there are many measurements used, and many determining factors to help us see where food insecurity exists. Food Insecurity and Health Disparity There are a variety of reasons of why food insecurity exists within the United States. One of the reasons for food insecurity is the varying income level of families and individuals. Lower-income families may not have access to healthier food options, and may not have the required transportation it may take to gain access to healthier food choices. 2(p31) Many low and even middle-income families can find it often difficult to spend the amount of money need for healthy food when lower quality and lower price food is more attainable. For many people who are worried when or

Battle of Nassau in the American Revolution

The Battle of Nassau was fought March 3-4, 1776, during the American Revolution (1775-1783). In 1776, an American squadron commanded by Commodore Esek Hopkins descended on the Bahamas with the goal of capturing weapons and ammunition for the Continental Army. The first major operation for the newly-created Continental Navy and Continental Marines, the expedition arrived off Nassau in early March. Landing, American forces succeeded in capturing the island and a large cache of weapons, but some hesitation after coming ashore allowed the British to spirit away much of the islands gunpowder. Though the operation proved successful, Hopkins was later criticized for failing to achieve other assigned objectives and his performance during the return voyage. Background With the beginning of the American Revolution in April 1775, the Governor of Virginia, Lord Dunmore, directed that the colonys supply of arms and gunpowder be removed to Nassau, Bahamas lest it be captured by colonial forces. Received by Governor Montfort Browne, these munitions were stored in Nassau under the protection of the harbors defenses, Forts Montagu and Nassau. Despite these fortifications, General Thomas Gage, commanding British forces in Boston, warned Browne that an American attack would be possible. In October 1775, the Second Continental Congress formed the Continental Navy and began purchasing merchant vessels and converting them for use as warships. The following month saw the creation of the Continental Marines under the guidance of Captain Samuel Nicholas. As Nicholas recruited men ashore, Commodore Esek Hopkins began assembling a squadron at Philadelphia. This consisted of Alfred (30 guns), Columbus (28), Andrew Doria (14), Cabot (14), Providence (12), and Fly (6). Hopkins Sails After taking command in December, Hopkins received orders from Congress Marine Committee which directed him to clear British naval forces from the Chesapeake Bay and North Carolina coast. In addition, they gave him some latitude to pursue operations that could be â€Å"most beneficial to the American Cause† and â€Å"distress the Enemy by all means in your power.† Joining Hopkins aboard his flagship, Alfred, Nicholas and the rest of the squadron began moving down the Delaware River on January 4, 1776. Battling heavy ice, the American ships remained near Reedy Island for six weeks before finally reaching Cape Henlopen on February 14. There, Hopkins was joined by Hornet (10) and Wasp (14) which arrived from Baltimore. Before sailing, Hopkins elected to take advantage of the discretionary aspects of his orders and began planning a strike against Nassau. He was aware that a large amount of munitions were on the island and that these supplies were badly needed by General George Washingtons army which was besieging Boston. Commodore Esek Hopkins. Public Domain   Departing Cape Henlopen on February 17, Hopkins told his captains to rendezvous at Great Abaco Island in the Bahamas should the squadron become separated. Two days later, the squadron encountered rough seas off the Virginia Capes leading to a collision between Hornet and Fly. Though both returned to port for repairs, the latter succeeded in rejoining Hopkins on March 11. In late February, Browne received intelligence that an American force was forming off the Delaware coast. Though aware of a possible attack, he elected not to take any action as he believed the harbor forts sufficient to defend Nassau. This proved unwise as Fort Nassaus walls were too weak to support the firing of its guns. While Fort Nassau was located near the town proper, the newer Fort Montagu covered the harbors eastern approaches and mounted seventeen guns. Both forts were poorly sited in regard to defending against an amphibious attack. Battle of Nassau Conflict: American Revolution (1775-1783)Dates: March 3-4, 1776Fleets Commanders:AmericansCommodore Esek HopkinsCaptain Samuel Nicholas2 frigates, 2 brigs, 1 schooner, 1 sloopBritishGovernor Montfort Browne110 men The Americans Land Reaching Hole-In-The-Wall at the south end of Great Abaco Island on March 1, 1776, Hopkins quickly captured two small British sloops. Pressing these into service, the squadron moved against Nassau the following day. For the attack, Nicholas 200 Marines along with 50 sailors were transferred to Providence and the two captured sloops. Hopkins intended for the three vessels to enter the port at dawn on March 3. The troops would then quickly land and secure the town. Approaching the harbor in the morning light, Providence and its consorts were spotted by the defenders who opened fire. With the element of surprise lost, the three vessels aborted the attack and rejoined Hopkins squadron at nearby Hanover Sound. Ashore, Browne began making plans to remove much of the islands gunpowder using vessels in the harbor as well as dispatched thirty men to reinforce Fort Montagu. Meeting, Hopkins and Nicholas quickly developed a new plan which called for landings on the eastern side of the island. Covered by Wasp, the landings commenced around noon as Nicholas men came ashore near Fort Montagu. As Nicholas consolidated his men, a British lieutenant from Fort Montagu approached under a flag of truce. When asked of his intentions, the American commander replied that they sought to capture the islands munitions. This information was conveyed to Browne who had arrived at the fort with reinforcements. Badly outnumbered, the governor decided to withdraw the bulk of the forts garrison back to Nassau. Pressing forward, Nicholas captured the fort later in the day, but elected not to drive on the town. Capture of Nassau As Nicholas held his position at Fort Montagu, Hopkins issued a proclamation to the islands residents stating, To the Gentlemen, Freemen, Inhabitants of the Island of New Providence: The reasons of my landing an armed force on the island is in order to take possession of the powder and warlike stores belonging to the Crown, and if I am not opposed in putting my design in execution the persons and property of the inhabitants shall be safe, neither shall they be suffered to be hurt in case they make no resistance.† While this had the desired effect of preventing civilian interference with his operations, the failure to carry the town on March 3 allowed Browne to embark most of the islands gunpowder on two vessels. These sailed for St. Augustine around 2:00 a.m. on March 4 and cleared the harbor with no issues as Hopkins had failed to post any of his ships at its mouth.The next morning, Nicholas advanced on Nassau and was met by the towns leaders who offered up its keys. Approaching Fort Nassau, the Americans occupied it and seized Browne without a fight. In securing the town, Hopkins captured eighty-eight cannon and fifteen mortars as well as variety of other much-needed supplies. Remaining on the island for two weeks, the Americans embarked the spoils before departing on March 17. Sailing north, Hopkins intended to make port at Newport, RI. Nearing Block Island, the squadron captured the schooner Hawk on April 4 and the brig Bolton the next day. From the prisoners, Hopkins learned that a large British force was operating off Newport. With this news, he elected to sail west with the goal of reaching New London, CT. Action of April 6 During the early hours of April, Captain Tyringham Howe of HMS Glasgow (20) spotted the American squadron. Determining from their rigging that the ships were merchantmen, he closed with the goal of taking several prizes. Approaching Cabot, Glasgow quickly came under fire. The next several hours saw Hopkins inexperienced captains and crews fail to defeat the outnumbered and out-gunned British ship. Before Glasgow escaped, Howe succeeded in disabling both Alfred and Cabot. Making the necessary repairs, Hopkins and his ships limped into New London two days later. Aftermath The fighting on April 6 saw the Americans suffer 10 killed and 13 wounded against 1 dead and three wounded aboard Glasgow. As news of the expedition spread, Hopkins and his men were initially celebrated and lauded for their efforts. This proved short-lived as complaints about the failure to capture Glasgow and the behavior of some of the squadrons captains grew. Hopkins also came under fire for failing to execute his orders to sweep the Virginia and North Carolina coasts as well as his division of the raids spoils. Commodore John Paul Jones. Hulton Archive / Stringer/ Hulton Archive/ Getty Images After a series of political machinations, Hopkins was relieved of his command in early 1778. Despite the fallout, the raid provided much-needed supplies for the Continental Army as well as gave young officers, such as John Paul Jones, experience. Held prisoner, Browne was later exchanged for Brigadier General William Alexander, Lord Stirling who had been captured by the British at the Battle of Long Island. Though criticized for his handling of attack on Nassau, Browne later formed the Loyalist Prince of Wales American Regiment and saw service at the Battle of Rhode Island.

The Tempest Allegorical to the Bible Essay - 1161 Words

The Tempest: Allegorical to the Bible The Tempest is not a pure fantasy tale, but a purposeful allegory. The characters in the play are all representative of characters found in the bible. The first, and perhaps most persuasive, arguement would be Prospero symbolizing God. Prospero is seen to be a representative of God for several reasons. First, he is obviously in control of the actions and has an omnipotent quality. This has been demonstrated by several scenes throughout the play. Consider the power that Prospero possesses, as shown in the Epilogue at the closing of the play: I have bedimmed The mooontide sun, called forth the mutinous winds, And twixt the green sea and the azured vault Set roaring war. . . . The strong-based†¦show more content†¦i. 28-30). Here, Prosperso states that, since repentance has occurred, there is no more ill will. This reflects the Christian belief that repentance can allow the forgiveness of sins. Also, Prospero is seen as the master of the island--that is, the all-powerful force controlling it. He manipulates the elements to produce his desired effects; two excellent examples of this are the tempest he creates in order to trap his brother and his companions, as well as the mock-feast he creates to manipulate them. The parallels to God in these instances are obvious. A final parallel between Prospero and God can be found in his Epilogue, lines 15- 20. And my ending is despair Unless I be relieved by prayer, Which pierces so that it assaults Mercy itself and frees all faults. As you from crimes would pardond be. Let your indulgence set me free (Epilogue, 15). This is as close a paraphrase of Christs injunction on prayer in Ther Sermon on the Mount or of the words on forgiveness in His prayer as could be found in literature (Coursen 330). In addition to Prospero being symbolic of God, Caliban is symbolic of Satan. This is evident for several reasons. He is referred to as Devil by Prospero, and is represented as the lost sheep in Prosperos flock--much the same as Lucifer was once an Angel of God who left the fold. Prospero cannot change the mind of Caliban,Show MoreRelatedThe Question of Justice in Dantes The Inferno and Shakespeares The Tempest1405 Words   |  6 PagesThe Question of Justice in Dantes The Inferno and Shakespeares The Tempest Dante Alighieri lived in the 13th- and 14th centuries Florence, Italy, and wrote his famous comedy The Inferno in response to the political and social events of his environment. William Shakespeare lived in late 16th and early 17th centuries and his play The Tempest is a critical commentary on the problems facing England at the time. 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Literature And Composition Of Jane Eyre - 2903 Words

Summer Reading Assignment Name: Bunji Bayasgalan AP Literature and Composition Jane Eyre Before returning to school, you will need to read Jane Eyre and complete this organizer, which will guide your reading and prepare you for the quiz, discussions and related assignments. You may use this packet for the quiz. SECTION 1: Background Research The better you understand the Victorian era, the deeper your understanding of Jane’s experiences (and Brontà «Ã¢â‚¬â„¢s themes) will be. Use the space below to record your notes on this era and on Brontà «Ã¢â‚¬â„¢s life. Women’s roles and rights in Victorian England: ï  ¬ Victorian England was very misogynistic therefore women did not have many roles and rights. ï  ¬ Housemaids, governesses, housekeepers ï  ¬ Had to be of high power/status in order to have some power Class structure in Victorian England: ï  ¬ 3 substantial socials classes, distinguished by influence, fortune, working/living conditions, education, culture, and religion ï  ¬ Upper class- held power over political issues. Denied both working and middle class any say in the political system. Owed much of success to trade ï  ¬ Middle Class and Lower Class had significant differences. ï  ¬ Lower Class were stuck in poverty and were identified as industrial workers. Education and the lives of children in Victorian England: ï  ¬ Gender and social class determined education ï  ¬ A governess taught boys until they reached the age to attend school. 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Audit Program Design Part Iii Free Essays

Inventory and Warehousing Cycle The audit of the inventory and warehousing cycle is designed to test inventory counts, processes, and operations. The classes of transactions in this cycle include sales, value of inventory, cost of goods sold, sales returns and allowances, and estimates of allowance for slow moving inventory. Tests of Controls and Substantive Tests of TransactionsTable WK6-1 displays the interrelationships of the transaction related to audit objectives, tests of controls, and substantive tests of transactions that should be approved during the audit process of Apollo Shoes, Inc. We will write a custom essay sample on Audit Program Design Part Iii or any similar topic only for you Order Now Table WK6-1. Inventory Warehousing Cycle Tests of Controls and Substantive Tests of Transactions Audit Design (Arens, Elder, amp; Beasley, 2006) Inventory – Apollo Shoes, Inc.Transaction-Related Audit Objectives – Tests of Controls – Substantive Tests of Transactions| Transaction-Related Audit Objective| Tests of Controls| Substantive Tests of Transactions| Inventory as recorded on tags exists (existence). | * Select a random sample of tag numbers and identify the tag with that number attached to the actual inventory. | * Observe whether movement of inventory takes place during the count. | Existing inventory is counted and tagged, and tags are accounted for to make sure none are missing (completeness). * Examine inventory to make sure it is tagged. | * Observe whether movement of inventory takes place during the count. * Inquire as to inventory in other locations. | Inventory is counted accurately (accuracy). | * Recount client’s counts to make sure the recorded counts are accurate on the tags (also check descriptions and unit of count, such as dozen or gross). * Compare physical counts with perpetual inventory master file. | * Record client’s counts for subsequent testing. Inventory is classified correctly on the tags (classification). |* Examine inventory descriptions on the tags and compare with the actual inventory for raw material, work-in-process, and finished goods. | * Evaluate whether the percent of completion recorded on the tags for work-in-process is reasonable. | Information is obtained to make sure sales and inventory purchases are recorded in the proper period (cutoff). | * Record in the audit files for subsequent follow-up the last receiving report number used at year-end. * Make sure the inventory for the above item was included in the physical count. | The client has rights to inventory recorded on tags (rights). | * Inquire about consignment or customer inventory included on client’s premises. | * Be alert for inventory that is set aside or specially marked as indications of non-ownership. | Analytical Procedures Analytical procedures can be performed several times during an engagement: * In the planning phase to assist in determining the nature, extent, and timing of work to be performed. During the testing phase of the audit in conjunction with the audit procedures, and * During the completion phase of the audit as a final review for material misstatements for financial problems and to help the auditor take a final â€Å"objective look† at the financial statements that have been audited (Arens, Elder, amp; Beasley, 2006, p. 208). Arens, Elder, and Beasley (2006) explain that one of the most important analytical procedures for uncovering misstatements of the Inventory and Warehousing Cycle are comparing current with prior year.Analytical procedures for the balance sheet and income statement accounts in the Inventory and Warehousing Cycle are presented in Table WK6-2. Table WK6-2. Inventory and Warehousing Cycle Analytical Procedures (Arens, Elder amp; Beasley, 2006) Cash Cycle The following tests of controls and substantive tests of transactions for the Cash Cycle discussed by Arens, Elder, and Beasley (2006) are designed to ensure existence, completeness, accuracy, classification, timing, and summarization.Table WK6-3 illustrates the design of test of controls and substantive tests of Cash Cycle. Tests of Controls and Substantive Tests of Transactions Cash – Apollo Shoes, Inc. Transaction-Related Audit Objectives – Tests of Controls – Substantive Tests of Transactions| Transaction-Related Audit Objective| Tests of Controls| Substantive Tests of Transactions| Cash in the bank as stated on the reconciliation exists (existence)| * Receipt and tests of a bank confirmation. | * Proof account exists and balances are accurate. Existing cash in the bank is recorded (completeness). | * Receipt and tests of a cutoff bank statement. | * Tests of the bank reconciliation| Cash in the bank as stated on the reconciliation is accurate (accuracy). | * Tests of the bank reconciliation. * Extended tests of the bank reconciliation. | * Tests for kiting. * Proof of cash. | Cash in the bank is properly presented and disclosed (presentation and disclosure). |* Examine minutes, loan agreements, and obtain confirmation for restrictions on the use of cash and compensating balances. * Review financial statements to make sure (a) material savings accounts and certificates of deposit are disclosed separately from cash in the bank,(b) cash restricted to certain uses and compensating balances are adequately disclosed, and (c) bank overdrafts are included as current liabilities. | Cash receipts and cash disbursements transactions are recorded in the proper period (cutoff). | * Cash receipts:Count the cash on hand on the last day of the year and subsequently trace to deposits in transit and the cash receipts journal. Cash disbursements:Record the last check number used on the last day of the year and subsequently trace to the outstanding checks and the cash disbursements journal| * Trace deposits in transit to subsequent period bank statement (cutoff bank statement). * Trace outstanding checks to subsequent period bank statement. | Table WK6-3. Cash Cycle Tests of Controls and Substantive Tests of Transactions Audit Design (Arens, Elder, amp; Beasley, 2006) Analytical Procedures Analytical procedures for the balance sheet and income statement accounts in the Cash Cycle are presented in Table WK6-4.Table WK6-4 Cash Cycle Analytical Procedures (Arens, Elder, amp; Beasley, 2006) References Arens, A. A. , Elder, R. J. , amp; Beasley, M. S. (2006). Auditing and assurance services: an integrated approach (11th ed. ). Upper Saddle River, NJ: Pearson. Louwers, T. J. , amp; Reynolds, J. K. (2007). Apollo shoes, inc. : An audit case to accompany auditing and assurance services. [University of Phoenix Custom Edition e-Text]. New York, NY: McGraw-Hill/Irwin. Retrieved from University of Phoenix,  ACC546 – Auditing website. How to cite Audit Program Design Part Iii, Papers

Dmitri Shostakovich free essay sample

Dmitri Shostakovich was born on September 25, 1906 in St. Petersburg Russia. He was the 2nd of 3 kids from Sofia Kokalouina (pianist), and Dmitri Boleslavovich Shostrakovich (chemical engineer). Dmitri’s mom, Sofia, taught him how to play the piano at age 9, and Dmitri stood out as a prodigy. When Dmitri turned 13 his parents enrolled him in St. Petersburg Conservatory which is where he began to study piano and composition. In 1925 Dmitri graduated from the St. Petersburg Conservatory, and wrote his 1st classical symphony which he named, â€Å"1st Symphony†, as his graduation piece. After Dmitri graduated from the conservatory, he worked as a concert pianist for money and composed pieces in his spare time. Later, after much work, Dmitri managed to win the honorable mention award at the Warsaw International Piano Competition in 1927. After the contest, composer Bruno Walter very much impressed offered to conduct his â€Å"1st Symphony† in Berlin. In 1927 Dmitri finished his â€Å"2nd Symphony† and started working on his 1st opera which he would name, â€Å"The Nose†. We will write a custom essay sample on Dmitri Shostakovich or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In 1930 he finally finished it and premiered it but it turned out to be a failure. It got poor reviews from people like Dmitri Kabalevsky who criticized his music for political reasons. It was so bad that the opera got banned from Russia. Dmitri was devastated and had a nervous breakdown and later had suicidal thoughts, but was treated. Later on Dmitri met a woman named Nina Varzar and married her in 1932. The marriage went well until 1935 when they divorced over a long period of discussions, but later on they got reunited. World War II broke with Germany in 1941 and Dmitri served as a fire warden for a propaganda poster, but he still found time to write his 7th Symphony. This symphony was very popular and served as a form of inspiration for the Russian army. Feeling accomplished Dmitri wrote his 8th symphony which was very different from his 7th. This piece too turned out to be banned from Russia until 1960. In the mid 1940’s Dmitri wrote his â€Å"Violin Concerto No. 1† and it was a success. And in 1949 he composed â€Å"The Song of the Forests† and making Joseph Stalin (Russia’s dictator during the time) â€Å"the great gardener† it was accepted and liked by the people. After Stalin’s death in 1953 Dmitri composed his 10th symphony which was practically dedicated to him. In 1954 Dmitri’s wife Nina died , and he stayed alone for 2 years until he met Margarita Kainova in 1956 and married her, but divorced in 1959. Later on in 1960 Dmitri joined the Communist Party (something he wanted to do since he was very young) but then regretted it. Then in 1962 he married again to a woman named Irina Supinskaya. The fact that their ages differenced by 29 years didn’t matter to them because they stayed together until Dmitri’s death.

Economic Recession free essay sample

Recessions are a normal part of the business cycle, which constitutes of recurring expansion and contraction of the overall economic cycle associated with changes in employment, income, prices, sales and profits. A business cycle consists of four phases, which include peak, recession, trough, and expansion. Once an economy reaches the peak, which is the maximum point of economic growth, it contracts and initiates a period of recession. Some of the notable recessions in the world history include the great depression of 1930s, which economists attributed to the stock market crash of 1929, and the 1980s recession, which analysts attributed to the shocks in oil prices (Blair 67). The economic recession of 2007 to 2009 was a global crisis that became one of the most hotly debated issues among economists with its detrimental effects spiraling worldwide. Globalization has led to a great interconnection of world economies, and an economic downfall in one part of the world is likely to have spillover effects on almost all other world economies. The extent of the spillover effects of an economic crisis in one country depends on the size of the economy as evident by the 2007 to 2009 recession, which began due to the dramatic increase in the issuance of highly risky mortgages by American banks and a surge in mortgage defaults (Cline 113). In the early 2000s, the anticipation by households, businesses, banks and other lenders that house prices would increase indefinitely encouraged households to buy highly priced houses as banks and other lender significantly lowered their rates. In this regard, there emerged various mortgage plans primarily aimed at low-income earners to induce then to buy homes. The collapse of America’s housing market caused a credit crisis, which began a national problem but spilled over to affect the entire world’s economy. The failure by borrowers to meet their monthly payments forced banks to foreclose on their homes. However, the booming housing market of the early 2000s had collapsed, and banks had too many valueless properties, which translated into large  write-offs, losses and a global banking crisis. The underlying cause of the 2007 to 2009 crisis concerns the structuring of the operations of American banks, which limits their ability to hold many of the mortgages they write forcing the banks to bundle them with other mortgages and sell the bundles to other financial institutions throughout the world (Frumkin 78). Therefore, when the sub-prime crisis developed, financial institutions throughout the world realized that a large portion of the bundles of debt that they had purchased were valueless. As the banks had to write off losses, fear and uncertainty spread regarding banks with bad loans and concerns on the availability of enough capital for banks to pay off debt obligations. Interest rates on inter-bank loans increased as banks became reluctant to lend money to each other, which forced numerous banks to exit the market and initiated a decline in the stock market activity worldwide. Investors transferred their capital resources into haven currencies such as the U.  S dollar and Japanese yen forcing many developing nations to seek aid from the International Monetary Fund to offset their financial deficit (Lounsbury and Paul 245). The financial crisis spread to the emerging economies, which lacked the resources to restore confidence in their financial systems while the underdeveloped countries suffered from a decrease in the foreign aid by wealthy countries. The 2007 to 2009 recession had dramatic effects on unemployment and led to an increase in the unemployment rate from 7percent in 2008 and to around 10 percent in 2009. In addition, the Economic Policy Institute reported that the number of unemployed adults doubled from 5 percent in 2007 to over 10 percent in 2009 and had detrimental effects such as poor nutrition, health care and lack of stable housing. The loss of purchasing power and tightening credit conditions greatly affected individual’s spending and aggravated health statuses by causing psychological depression and anxiety due to long-term unemployment and lower pay scale, which caused an increased in job dissatisfaction (Sherman 85). Although global integration of economies enables effective cooperation between countries, it ties world economies closely together and increases the vulnerability of countries to economic downfalls outside their borders. The recession of 2007 to 2009 was a crisis of confidence, which countries can avoid in the future by adopting measures to safeguard institutions that appear to be at a risk and restore confidence in creditors so that they can feel safe when lending to these institutions. The recession ended in the third quarter of 2009 following the decision by the United States and Europe to finance troubled financial institutions and increment in deposits within banks. Moreover, governments initiated large fiscal stimulus packages such as tax cuts and the International Monetary Fund provided aid to emerging countries to offset their financial deficit. Conclusion The composite index of leading indicators typically foreshadows changes in the direction of the economy while leading economic indicators point to the near occurrence of a recession. For example, in the early stages of a recession, businesses slow down and the stock market, anticipating lower profits, turns down. In addition, the consumer confidence in the economy begins to sag causing a decline household expenditures. However, even with an evaluation of leading economic indicators, economic fluctuations occur irregularly and are almost impossible to predict with accuracy.

Easy Proposal Essay Topics - Do You Know the Best Proposal Essay Topics For You?

Easy Proposal Essay Topics - Do You Know the Best Proposal Essay Topics For You?When you are going to write your essay, you have a choice of two easy proposal essay topics. You can either pick a topic from an essay that you have already written or write one completely from scratch.If you want to do the latter, the very first thing you need to do is develop a large number of ideas. Once you have a list of things to write about, you need to decide what you are going to write about. How do you figure this out?One thing to consider is whether you are going to write from research or you are going to make your own observations. If you are going to write from research, you need to decide how and where you are going to do your research. If you are going to make your own observations, the next thing you need to do is to develop some observations on a particular subject. Once you have some observations, you can then decide which subject you are going to write about.The next thing you need to d o is to decide on the theme of your topic. There are a couple of different themes that you can choose from. In choosing your theme, there are a few things that you will need to take into consideration.First, you need to think about whether you want your topic to be current or historical. If you want it to be current, you will want to start your topic with current events. On the other hand, if you want it to be historical, you will want to start your topic with ancient events. Once you have decided on the topic, you will need to decide on the structure of your essay.Your structure will depend upon the type of topic that you have chosen. If you are writing an essay on current events, you can write about a current topic with a conclusion that is based on the events that took place. However, if you are writing an essay on history, you can write about history in the form of a history timeline.After you have decided on the topic and the structure of your essay, you will need to look for h elp from another source. There are a number of resources that can provide you with ideas for your proposal essay. These resources include your high school teachers, college professors, advisors, the library, and even friends. Since they have all been through the same thing, they are more likely to be able to give you some great ideas for your essay.

Energy Drink Competition Analysis

Executive Summary The beverage industry faces high competition amongst the highly established industry players, which also command the global market. The buyer power is relatively average, as consumers do not have immense powers to drive prices lower.Advertising We will write a custom assessment sample on Energy Drink Competition Analysis specifically for you for only $16.05 $11/page Learn More The industry, however, lacks switching costs, which provides consumers with the freedom to determine their drink of choice. New entry threats are low as brand loyalty and brand name are critical factors that help to determine performance. The existing industry players are well established. This requires significant capital for any new entrant to compete with them. The varying political and legal factors that manufacturers put up with in the global arena make it more challenging for business performance. PepsiCo’s critical success factors include attaining c ompetitive edge, expanded product portfolio, as well as strong corporate culture. Health concerns and technological advancements play a major role in driving changes within the beverage industry. Increasing awareness about the health challenges posed by carbonated and other processed drinks is pushing buyers into adopting bottled water as an alternative. PepsiCo should consider sustaining a significant research and development strategy, to enable it to compete effectively with its rivals. The short product life cycle in this industry requires an effective research and development strategy to ensure that new products are availed to the market at the opportune time. Five Forces Analysis of the Industry Buyer Power In general, buyers enjoy an average bargaining power in the industry. While the manufacturers enjoy higher bargaining power for energy drinks, vitamin-enhanced beverages, and sports drinks, the buyers have an equally higher bargaining power in terms of the carbonated soft dr inks.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More There are no switching costs involved, which makes it difficult for industry players to lock in their customers. The non-carbonated drinks are marketed at premium prices, sometimes up to 75% higher than the carbonated soft drinks (Thompson et al., 2013). Supplier Power Suppliers have a low bargaining power in the industry. The industry has numerous suppliers who supply numerous other industry players, which reduces the overall bargaining power. Additionally, some of the industry players, including PepsiCo and Coca-Cola, have elaborately established themselves (Thompson et al., 2013). This gives such firms immense bargaining power over the suppliers. The elaborate establishment of these industry players also affords them the ability to pursue backward integration. Competitive Rivalry There are several large manufacturers in the indus try, who strongly compete in the market with almost similar capabilities. PepsiCo, Coca-Cola, and Red Bull, all have significant market shares in the US and the global market, which makes them great industry rivals (Thompson et al., 2013). All these companies offer products that are equally attractive in the market. Threat of Substitution The threat of substitution is low in the industry. There are fewer alternative drinks that buyers can acquire in place of carbonated drinks and the energy drinks.Advertising We will write a custom assessment sample on Energy Drink Competition Analysis specifically for you for only $16.05 $11/page Learn More Consumers seeking to acquire safely sealed, ready to drink beverages have to make up with products manufactured and processed by the industry players in one way or another (Thompson et al., 2013). Threat of New Entrants The beverage industry faces a low entry threat. The market relies on strong brand names, which re quires a lot of time to establish. Additionally, the leading industry players, including Coca Cola and PespsiCo, have elaborately established their operations and business across the globe (Thompson et al., 2013), which makes it costly for any new industry player to compete with them. Macro Environmental Characteristics Political Factors Soft drinks manufacturers have a global market outreach, which has seen players establish operations in virtually all regions in the world. However, with different regulatory frameworks applied by different countries across the world, the manufacturers endure many challenges. Global politics may also influence the manner in which foreign markets accept PepsiCo products (Hill, Hill Jones, 2008). With PepsiCo originating from America, foreign countries that do not support the American position and interest in the global politics may end up denying the firm access to its markets. Economic Factors The globalization phenomenon has transformed the world into a tiny village, where economic ramifications occurring in one region of the world affect the entire global economy.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The global economic crisis that began in the USA in 2008 spread across all economies in the world, thus slowing down market buying power in virtually all the countries of the world (Thompson et al., 2013). Social Factors A transformation of social lifestyles, especially in the USA, has seen many people consider leading healthier lifestyles than before. With health experts raising concerns about the health implications involved when people consume carbonated and other processed drinks, most people abandoned such drinks (Lawrence, 2002). Instead, people have been moving towards consuming bottled water as a healthier alternative. This poses a great threat to the soft drinks markets, as sales are most likely set to deteriorate. Technological Factors Technology is advancing at a fast pace, which is making it difficult for companies to keep pace with (Hill, Hill Jones, 2008). While adopting new technology is crucial in making operations more effective and thus cutting down on operating c osts, the technology is short-lived is on the other hand short-lived. This forces companies to spend more on acquiring the latest innovations in technology, which ends up driving operation costs higher. Legal Factors Different countries have their own food and drug administration laws, which may differ with those used in the USA, where PepsiCo originates. Such regulations may involve restrictions on alcohol contents in drinks, or restrictions on ingredients used in the manufacture of particular soft drink brands (Thompson et al., 2013). This may in turn force players to drop brands that fail to meet regulations that are applied in particular countries, or manufacture new brands altogether in order to continue serving certain foreign markets. Environmental Factors Businesses are continuously being compelled to ensure that their operations and activities do not pollute the environment. These new requirements are forcing firms to spend more in attempting to achieve environmentally frie ndly practices. Beverage manufacturing companies, for instance, have to ensure that bottles and cans used in packaging their beverages are recyclable to achieve the required environmental standards (Hill, Hill Jones, 2008). These requirements, however, are a challenge to the manufacturers because this is not their core business area. The doubling up of business focus can potentially affect the ability to achieve desired business objectives. Key Success Factors Company Mission PepsiCo’s mission in business is to emerge as the leading consumer products’ manufacturer that focuses on beverages as well as conventional foods in the world. The firm targets to offer investors with financial rewards, while providing growth and enrichment opportunities at the same time. The achievement of honesty, fairness, as well as the integrity remains as PespsiCo’s main target in business (PepsiCo, 2013). Key Success Factors Competitive edge PepsiCo requires enhancing its competitiv eness in as far as the performance of other rival beverage manufacturers is concerned. As a critical player in the fast food industry as well, the firm has to ensure that it builds significant competitive edge with other fast food manufacturers. To emerge as the leading consumer products’ manufacturer, PepsiCo has to look for ways of attracting new customers, which includes pursuing a differentiation strategy. Expanded product portfolio Providing investors with financial rewards, on the other hand, require that the company should expand its product portfolio to increase its profit potential. With more products, the company will reduce its overall business risk. This, in turn, reassures the investors of stable and better returns sustained over longer periods. Strong corporate culture Maintaining high levels of honesty, fairness, and integrity calls for PepsiCo to build a strong corporate culture that will in turn sustain it. This entails training workers on good business pract ice and curbing high turnover rates. Employees must be satisfied always to make them enjoy their roles, and act with honesty and fairness whenever they are transacting company business. Drivers of Change and Industry Dynamics Health Concerns Changing social lifestyles play an influential role in determining industry trends and changes. As consumers began shunning carbonated soft drinks in the mid 2000s, because of rising concerns over the health implications (Lawrence, 2002), a huge market for the energy drinks, vitamin-enhanced beverages, and sports drinks, was created. However, with the huge popularity of these alternative beverages in the recent past, there have been growing health concerns over the dangers of consuming these beverage types. Currently, most consumers have been shifting towards bottled water as a health precaution, which in turn also diminishes the market for the beverages. Technology Advancements in technology are changing the way in which industry players are co nducting operations and business in general (Thompson et al., 2013). As innovations continue to be witnessed, firms are transforming towards full mechanization and total computerization. This is set to increase efficiency and lower the cost of doing business even further. Prices The beverage industry in general is poised to register a rapid increase in prices. This phenomenon is more likely to be registered in the developing world, such as in India and China. As the middle class population surges in these countries, the uptake of carbonated drinks is also likely to increase, thus pushing prices high (Lawrence, 2002). Strategic Group Map Recommendations PepsiCo should consider sustaining a healthy competitive edge in the industry to achieve market leadership. The industry is highly competitive, and the best alternative to remain the leader is to achieve differentiation. An expanded product portfolio is also crucial in cushioning the business from poor market performance and scenario s. With a more expanded portfolio, PepsiCo will achieve higher profits, which will be significant in funding other important business ventures by the organizations. The company must put strategic measures in place to help in supporting research and development activities. With high competition and short periods of product maturity, only an elaborate spending in research and development will ensure that the company avails new and unique products into the market at the opportune time. References Hill, C. W. L., Hill, C. Jones, G. R. (2008). Essentials of strategic management, 2nd edn. Mason, OH: Cengage Learning. Lawrence, P. (2002). The change game: How today’s global trends are shaping tomorrow’s companies. London, UK: Kogan Page. PepsiCo (2013). Our mission values. Web. Thompson, A., Peteraf, M., Gamble, J., Strickland III, A. J. (2013). Crafting executing strategy: the quest for competitive advantage: Concepts and cases. New York, NY: McGraw-Hill Education. This assessment on Energy Drink Competition Analysis was written and submitted by user Jesse Delaney to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.