CBA Leads Bank Share Price Correction

Question: Examine about the CBA Leads Bank Share Price Correction. Answer: Presentation: The article is entitled CBA drives bank share value adjustment is dissected in this report. The article essentially examine how offer cost has dove further in the significant banks into adjustment domain following a feeble exchanging update emerging from Commonwealth Bank unveiling expanding costs, narrowing edge of benefit and raising advance misfortunes. It shows that CBA has anguished its most honed everyday offer cost plunged since the time worldwide money related emergency. CBAs shared cost dove 5.9% to 82.98 dollars coming full circle to a further declined financial specialist notions. This followed a second from last quarter unaltered benefit report by CBA stay consistent at $2.2 billon. This plunged has unfavorably influenced CBAs contenders including Westpac, NAB, and ANZ Banking Group. The article presumes that the following quick early stage trouble for the segment is benefit result for NAB converged with 3 major 4 exchanging ex-profit over the next week. The bookkeeping hypothesis utilized in this investigation is Efficient Market Hypothesis (EMH)- semi solid structure (SSF). EMH depicts a venture hypothesis that sets it is beyond the realm of imagination to expect to beat the market because of securities exchange effectiveness that makes accessible offer costs to consolidate just as mirror each important data. Stock exchange consistently at their reasonable incentive on stock trades which make it a difficulty for financial specialists to purchase underestimated stocks and sell stocks at misrepresented costs (Chi, Tripe Young, 2014). Henceforth, it stays an inconceivability to beat the whole market by means of master stock choice and market timing. The speculator can exclusively liable to procure more significant yields through the acquisition of more hazardous ventures. SSF suggests each open data is registered into current offer cost of stock inferring neither principal nor specialized assessments can be used to achieve predominant returns. Subsequently, exclusively data avoided people in general is recommended to profit the financial specialists hoping to gain irregular ROI as each other data remains accounted. There is an immediate connection between the offer value plunge and the data benefited to people in general by the Commonwealth Bank (CB) which is the thing that SSF set previously. The dive in shares in driving banks dove further into amendment domain just after a feeble exchanging update given by the CB. This shows people in general had the data that expenses were rising, overall revenues were narrowing and the credits misfortunes were rising. As indicated by SSF, each data accessible to the general population is represented in the stock costs and no measure of specialized or central investigation gives prevalent returns. This portrays why the financial specialists utilized CBs update to rebuff the offers in CBA in this manner plunging 5.9%. In reality, CLSA Brian Johnson affirmed this theory by expressing that speculators had just seized on the awful updates on CBA identifying with edges, awful credits and expenses. Besides, the David Ellis affirmed the SSF theory by expressing that the financial specialists utilized the data in this way running to banks to abuse their immense profits as bank shares were being auctions off because of expanding yields subsequently yield exchange. It is likewise accepted that speculators could be beginning to address whether the essentials could legitimize the frightfully costly valuation, moored on measures like cost to-income just as cost to-book proportions. This implies the financial specialists know about the SSF theory that takes into computation all open data into present stock offer cost and henceforth major investigation can't be applied to accomplish gains by banks (Leuthold Hartmann, 2013). Due to EMH, the financial specialists acted in the way above on the grounds that they accepted that the market stays universal and, in this way, no amount of investigation could help them accomplish alpha returns (Groenewold, 2012). Along these lines, since showcase is an impression of its members, the market is, in this way, all knowing, and gets top notch. It realizes the correct an incentive to relegate to a given stock as expressed by EMH. This clarifies the above dives in bank share costs (Aitken, Almeida McInish, 2013). End From the above data, it has been shown that the offer costs have amazingly plunged because of the update by the Commonwealth Bank. This backings the EMH-semi solid structure which place that all openly accessible data is represented and subsequently no level of specialized or basic investigation can assist financial specialists with getting alpha returns (Schenone, 2014). References Aitken, M., Almeida, N., McInish, T. H. (2013). Money related experts and value revelation. Bookkeeping Finance, 48(1), 1-24. Chi, J., Tripe, D. W., Young, M. R. (2014). Do trade rates influence the stock execution of Australian Banks?. Accessible at SSRN 965599. Groenewold, N. (2012). Offer market proficiency: tests utilizing every day information for Australia and New Zealand. Applied Financial Economics, 7(6), 645-657. Leuthold, R. M., Hartmann, P. A. (2013). A semi-solid structure assessment of the proficiency of the hoard fates showcase. American Journal of Agricultural Economics, 61(3), 482-489. Schenone, C. (2014). The impact of banking connections on the company's IPO undervaluing. The Journal of Finance, 59(6), 2903-2958.

Strategic Planning Essay Example | Topics and Well Written Essays - 6250 words

Vital Planning - Essay Example Some others believe it to be future-arranged designs for communicating with the serious condition. In general, vital arranging is long haul intend to upgrade the assets to support upper hand and accomplish the corporate objectives. Various words and expressions have been utilized by various masterminds yet fundamentally, it is a drawn out arranging with clear objectives. Consequently, a formal key arrangement should comprise of composed plans; it should cover over a time of movement. This ought to be planned thinking about the vital other options and personality the asset necessities. Key arranging has been characterized as ‘the concocting and definition of hierarchical level plans which set the wide and adaptable destinations, systems and arrangements of a business, driving the association towards its vision of the future’ (refered to by Aldehayyat and Anchor, 2008). When discussing methodology as an arrangement, Mintzberg and Quinn determined two basic attributes about procedure †it is made ahead of time of the activities to which it applies and it is grown intentionally and deliberately (Dooris, Kelley and Trainer, 2002). Mintzberg had before perceived methodology as a more extensive idea than ‘planning’. It could likewise be viewed as a ‘Ploy’, ‘Position’, ‘Perspective’ and ‘Pattern’ (Anderson and Atkins, 2001). Indeed, even Quinn’s meaning of methodology included arranging as a piece of procedure plan. Arranging, as indicated by Dooris, Kelley and Trainer (2002) is worried about improving one’s condition and relates to piece of the pie and improving benefits. As an organized administration control and practice, vital arranging is still in its incipient stage. Vital arranging has been considered as ‘the one best way’ to devise and actualize procedures that would upgrade the intensity of every specialty unit. The idea developed during violent occasions of the 1970s, when the vitality emergency and other unexpected

Language and Gender Definitions and Discussions

Language and Gender Definitions and Discussions Language and sex is an interdisciplinary field of research that reviews assortments of discourse (and, to a lesser degree, writing) as far as sex, sex relations, gendered practices, and sexuality. In The Handbook of Language and Gender (2003), Janet Holmes and Miriam Meyerhoff talk about the move that has happened in the field since the mid 1970sa development away from essentialist and dichotomous originations of sexual orientation to a separated, contextualized, and performative model which examines summed up claims regarding sex. What Are Language and Gender Studies? As to, broad research on language, culture, and character has tried to reveal the rationale of the encoding of sex contrasts in dialects, to break down the severe ramifications of common discourse, to clarify miscommunication among people, to investigate how sexual orientation is developed and interfaces with different personalities, and to explore the job of language in building up sex personality [as] part of a more extensive scope of procedures through which participation specifically bunches is enacted, forced, and here and there challenged using semantic structures . . . that initiate positions ([Alessandro] Duranti 2009: 30-31). Other work investigates how language is utilized to replicate, naturalize, and challenge sexual orientation belief systems, drawing from numerous disciplinary points of view . . .. Basic talk, account, analogy, and expository investigation have been utilized to look at other gendered measurements of procedures of importance making, for example, sexual o rientation inclination in cell science (Beldecos et al. 1988) and manufacturing plant ranch industry language used to hide viciousness (Glenn 2004).(Christine Mallinson and Tyler Kendall, Interdisciplinary Approaches. The Oxford Handbook of Sociolinguistics, ed. by Robert Bayley, Richard Cameron, and Ceil Lucas. Oxford University Press, 2013) Doing Gender We carry on sex jobs from a continuum of manly and female qualities; we are in this way gendered and we are associated with the procedure of our own gendering and the gendering of others for the duration of our lives. In the field ofâ gender and language use, this exhibition of sexual orientation is alluded to as doing sex. From numerous points of view we are practiced into our sexual orientation jobs, such as being set up for a section in a play: sex is something we do, not something we are (Bergvall, 1999; Butler, 1990). Over our lives and especially in our initial early stages, we are molded, provoked and goaded to carry on in adequate manners so our sexual orientation, and our communitys acknowledgment of it, lines up with our attributed sex. [S]ome researchers in the field question the differentiation that sex is a natural property and sex is a social build, and the two terms keep on being challenged . . ..(Allyson Julã ©, A Beginners Guide to Language and Gender. Multilingual Matters, 2008) The Dangers of Abstraction Our finding is that sexual orientation and language contemplates experience the ill effects of a similar issue as that going up against sociolinguistics and psycholinguistics all the more by and large: an excessive amount of deliberation. Abstracting sex and language from the social practices that produce their specific structures in given networks regularly darkens and once in a while twists the manners in which they associate and how those associations are embroiled in power relations, in social clash, in the creation and generation of qualities and plans. An excessive amount of reflection is regularly indicative of excessively small speculating: deliberation ought not fill in for hypothesizing however be educated by and receptive to it. Hypothetical knowledge into how language and sex interface requires a nearby gander at social practices wherein they are together created. (Sally McConnell-Ginet, Gender, Sexuality, and Meaning: Linguistic Practice and Politics. Oxford University P ress, 2011) Foundation and Evolution of Language and Gender Studies In the United States during the late 1960s and mid 1970s, ladies started to look at and scrutinize cultural practices that bolstered sexual orientation separation in cognizance raising gatherings, in women's activist cells, in rallies and media occasions (see [Alice] Echols, 1989, for a past filled with the womens development in the United States). In the foundation, ladies and a couple of thoughtful men began to look at the practices and techniques for their orders, exposing them to comparative investigates for comparative finishes: the end of cultural disparities dependent on sex. The investigation of language and sex was started in 1975 by three books, the last two of which have proceeded to fundamentally impact sociolinguistic work: Male/Female Language (Mary Ritchie Key), Language and Womens Place (Robin Lakoff), and Language and Sex: Difference and Dominance (Barrie Thorne and Nancy Hedley, Eds.). . . . Excessively dichotomous thoughts of sex overrun Western culture in manners that must be tested. Since, in any case, it is significant that difficult overstated ideas of contrast doesn't just bring about ladies absorbing to male, or standard, standards, women's activist researchers should at the same time report and portray the estimation of mentalities and practices since quite a while ago thought to be ladylike. In doing as such, women's activist researchers challenge their select relationship with ladies and point out their incentive for all people.(Rebecca Freeman and Bonnie McElhinny, Language and Gender. Sociolinguistics and Language Teaching, ed. by Sandra Lee McKay and Nacy H. Hornberger. Cambridge University Press, 1996) In the primary period of language/sex investigate, Many of us were anxious to sort out a general depiction of contrasts in the discourse of ladies and men. We created ideas like genderlect to give by and large portrayals of sex contrasts in discourse (Kramer, 1974b; Thorne and Henley, 1975). The genderlect depiction presently appears to be excessively theoretical and overdrawn, suggesting that there are contrasts in the essential codes utilized by ladies and men, as opposed to fluidly happening contrasts, and similarities.(Barrie Thorne, Cheris Kramarae, and Nancy Henley, 1983; cited by Mary Crawford in Talking Difference: On Gender and Language. Savvy, 1995)Interactional sociolinguistics [IS] fills in as one of numerous hypothetical directions that have been attracted on to explore sex and correspondence. The spearheading investigation of Maltz and Borker (1982) gave a beginning stage to [Deborah] Tannens (1990, 1994, 1996, 1999) composing on language and sexual orientation in which Tannen explores associations among ladies and men as a sort of multifaceted correspondence and solidly sets up IS as a valuable way to deal with gendered communication. Her general crowd book You Just Dont Understand (Tannen, 1990) offers experiences into ordinary correspondence customs of speakers of the two sexual orientations. Much like Lakoffs (1975) Language and Womens Place, Tannens work has filled both scholastic and well known enthusiasm for the theme. Truth be told, language and sex examine detonated during the 1990s and keeps on being a point accepting a lot of consideration from specialists utilizing different hypothetical and methodological viewpoints (Kendall and Tannen, 2001).(Cynthia Gordon, Gumperz and Interactional Sociolinguistics. The SAGE Handbook of Sociolinguistics, ed. by Ruth Wodak, Barbara Johnstone, and Paul Kerswill. Wise, 2011) Language and sex contemplates have seen noteworthy extension to incorporate sexual direction, ethnicity and multilingualism, and, somewhat, class, including examinations of spoken, composed, and marked gendered identities.(Mary Talbot, Language and Gender, second ed. Nation Press, 2010)

Fate in Shakespeares King Lear :: King Lear essays

Destiny in King Lear           a heavenliness shapes our closures, harsh cut them how we will.  These words from Hamlet are resounded, much more pessimistically,  in Shakespeare's play, The Tragedy of King Lear where Gloucester says: Like flies to wanton young men, are we to the divine beings, they slaughter us for their sport.  In Lear, the characters are exposed to the different disasters of life again and again.           A wealth of cyclic symbolism in Lear shows that great individuals are manhandled and wronged  paying little heed to their own honorable deeds or aims. Lashed to a wheel of fire, people endure and suffer, flourish and decrease, their very presence imaged as a journey out and a return.  The development from youth to age and back once more, the numerous references to fortune whose wheel turns people descending even as it lifts, the plenitude of common cycles which are viewed as controlling experience, even maybe the development of play itself from request to bedlam to rebuilding of request to division once more.           Throughout the content, the developments of divine bodies are utilized to represent human activity and misfortune.  Just as the stars in their courses are fixed in the skies, so do the characters see their lives as trapped in an example they have no capacity to change.  Lear sets the play in movement in banishing Cordelia when he swears by all the activity of the circles from whom we exist and stop to be that his choice will not be revoked.  How like the scene in Julius Caesar wherein Caesar says For I am steady as the Northern star   Lear promises to be unfaltering yet kicks the bucket lamenting his choice on account of his little girls who guarantee love him beyond what word can employ and are separated from everyone else congratulate in his quality.           That Edmund questions in the impact of the stars adds to the have's repetitive topic that impact of our destiny is our character; that we choose  our current situation by how we decide to act.  Similarly, in Lear Gloucester's sentiments anticipate what is to come when he says These late obscurations of the sun and moon predict no good...     And along these lines Gloucester starts to imagine a reality where Love cools, fellowship falls off, siblings divide...   While his dad misconstrues the significance of the divine bodies, his knave child, Edmund prevents the significance from securing the developments of the glorious bodies.  He calls it a brilliant showiness to make blameworthy of our calamities the sun, the moon and stars.  (Just as in Julius Caesar  we discover that ... The deficiency .

Choosing The Right Essay Topics For Your English Course

Choosing The Right Essay Topics For Your English CourseChoosing the right English essay topics for class can be a challenge. After all, there are so many different topics that could be used for this type of essay. Some of these include history, literature, nature, and religion.One reason that it can be so hard to choose the proper topics for English CCE is that there is not one clear answer. Each subject area requires its own kind of essay. The first thing that you should do when looking for topic ideas is to consider the area of study that you plan to teach. While some subjects may not call for very specific topics, others will.For example, if you plan to teach an English course in middle school, then you will want to consider how you would teach a topic on nature. Many teachers try to cover topics such as human anatomy, while others choose to cover ancient Greece. This choice will be based on the subject and curriculum that you teach in your classroom.When choosing the proper essay topics for English CCE, you should also consider whether or not your students need to take it. The last thing that you want to do is to waste money by purchasing essays for your students that they will not need. If you find that your students are taking this test, then you should consider topics on medical terminology, geography, psychology, and business. These topics are more applicable to middle school students, so it is a better choice for them to be using.When you are deciding on essay topics for English CCE, you may want to think about the kinds of material that you would like to cover on your unit. You may want to provide examples to help students understand how to use grammar correctly. You may want to write about a subject in order to make sure that they understand what is needed in their subjects.One way to go about choosing the right topic for your English CCE is to look at the different areas that you could teach. In order to choose the right essay topics for English CCE , you will want to write about the different topics in different categories. For example, if you are teaching about one of the subjects listed above, then you would consider writing about anatomy.Even though you may have already written an essay on this topic, you should still review the material. When you look at the materials that you are going to use for this type of project, you should see that there are various types of illustrations that are included with the materials. This way, you will know that you can still relate to the material without having to really understand everything that is included in the article.When you are choosing essay topics for English CCE, remember that you should spend time on the material. You will want to focus on the topic and the student will want to review the material in order to get it correct. When you are spending so much time on each topic, you will end up with a lot of material to teach in your class.

Application Of Derivatives To Portfolio Investment Management Finance Essay - Free Essay Example

The financial crisis of 2008 has been a turning point in the financial systems and economies across the globe. According to (Marshall and Grant, 1997) companies face many types of risks, some of which can be controlled and some cannot. However, recent decades have observed drastic changes in the nature of risk in global financial markets, where the volatility of many asset classes has increased. In an atmosphere where investors are consistently exposed to a comprehensive range of risks, derivatives have become a valuable tool used in risk management practices of many institutions. However, (Junior, 2011) identified that the recent global financial crisis shows that it is possible for firms to utilise derivatives for reasons other than minimizing the volatility of their cash flow. In many countries, especially emerging countries such as Brazil, Poland, and Mexico, several companies reported severe financial losses immediately after the devaluation of local currencies. (Hull, 2008) also explained that in the last few decades, derivative contracts have tended to make the headlines only when they have led to large financial losses in both companies and financial institutions. (Simon, 2008) recognized that although derivatives were used to hedge risks that were previously left open, there were those who became doubtful about the benefits of these financial instruments. This st udy will examine the benefits and limitations of the use of derivatives in portfolio management. Portfolio management deals with the analysis of individual securities as well as with the theory and practice of optimally combining securities into portfolios. Background Aim Explore the application of derivatives in portfolio management and its use as a tool in minimizing risk and maximizing return in a portfolio. Objectives To apply various hedging and arbitrage strategies using derivative instruments in portfolio/fund management. To understand the derivatives market with respect to pricing, volatility as well as forecasting. To analyse potential upside and downside risk implications of the associated instruments. To identify the influence of derivatives on the underlying securities and markets. To critical analyse the performance and risk of portfolios that use derivatives against portfolios those do not. Literature Review 1.0 Introduction Investment management ideally covers two key areas: security analysis and portfolio management. Security analysis involves estimating the merits of individual investments, whereas portfolio management is concerned with the construction and maintenance of a collection of Investments (Strong, 2005). Classic security analysis is a three-step process that starts with analysis of economic prospects, then moves to analyse particular industry prospects based on forecasted economic conditions and ends with a choice of investment from within the favoured industry. This form of security analysis is called the EIC analysis i.e. economy, industry and company. Portfolio management on the other hand is management of diverse assets or investments made in different asset classes of various risk levels ranging from Equity and Preferred stock to fixed income and corporate bonds in order to meet specific investment goals that benefit the investors. Most of the academic research over the last two d ecades has supported the efficient market hypothesis. The element of market efficiency is that a market determined security price accurately reflects the relative risk and potential returns associated with the security. Markets are kept efficient because of the vast amount of market participants who are able and quick to take advantage of security mispricing. This implies that any effort made to identify undervalued securities is usually fruitless. Portfolio management primarily involves reduction of risk rather than increasing return. Although the return is important, the ultimate objective of a portfolio manager is to achieve a chosen level of return by incurring the least possible risk. Asset allocation plays a significant role in portfolio management as it is a process of determining how to distribute an investors wealth among different countries and asset classes for investment purposes. An asset class is encompasses of securities that have analogous characteristics, attribu tes and risk/return relationships. In developed countries there are five major asset classes which are common stocks, bonds, cash equivalents, real estate, and alternative instruments. Alternative instruments are usually subsets of an existing asset class for example derivative instruments such as options and futures. Financial derivatives are risk management instruments. A derivatives value depends on the changes in value of one or more fundamental underlying assets. Most commonly used derivatives include forwards, options, future and swaps. If the underlying assets are stocks, bonds, foreign exchange rates and commodities then the appropriate derivative instruments are stock options (futures), bond options (futures), currency options (futures) and commodity options (futures). Derivatives have become increasingly popular tools used by arbitrageurs and hedge fund managers because of their risk-averse nature. Arbitrageurs only enter into those transactions which provide them risk- less profit. Scope The literature review covers journal articles from finance, economics and investment management. It reviews research papers and models that are utilized in the working of derivatives and portfolio management and, although the internet was used for sporadic research, no specific references have been made to interned websites. Various books on Portfolio management and investment analysis were also consulted but only for reference to academic explanations. 1.1 Modern Portfolio Theory For several years Markowitz Portfolio Model (1952) has been a standard framework of the modern portfolio theory. According to this theory an efficient portfolio is one which seeks to maximize returns for a given level of risk or alternatively minimize risk for a given level of return. This is also known as the mean-variance analysis, where mean is a measure of return and variance is a measure of total risk. The essential idea of the modern portfolio theory is diversification. MPT ideally breaks risk into two sections i.e. systematic risk and non-systematic risk. Systematic risk is basically the market risk and is the portion that cannot be diversified. Non-systematic risk on the other hand is the firm-specific risk. The most important conclusion of the MPT is that one can minimize the unsystematic risk through diversification. Portfolio management involves the apportionment of funds across different asset classes so as to achieve the ultimate objective of the mean-variance analysis depending on the risk-return profile of the investor. The Modern Portfolio Theory (MPT) is based on several underlying assumptions according to which an investor will be to maximize his expected return while reducing the variability of returns by investing in a diversified portfolio of assets that have different price movements in a given market. According to (Bourachnikova and Pfiffelmann, 2011) the MPT is consistent with the expected utility theory only if the stocks are normally distributed or if the utility function can be estimated closely enough by a second order Taylor expansion. In 2008, the performance of endowments and pension funds was challenged as diversification failed and mostly every market, regardless of the risk produced negative returns. As a result, many foundations and endowments have been forced to limit their targeted spending policy and pension funds are underfunded. Although, risk management was addressed to some degree, risk management of portfolios was often not even part of the investment policy statement. (Winthrop Capital Management, 2009) identified that foundation, endowment and pension fund portfolios are driven by achieving a targeted spending policy or a funding rate. Thus, their asset allocation is a function of what a consultant views as the expected return of a hypothetical asset allocation. Unfortunately, these asset allocations are often based on faulty assumptions which therefore place the portfolio assets at severe risk of loss. (Lhabitant, 2000) identified limitations of the mean variance analysis that contradict the efficient market hypothesis according to which overwriting calls or purchasing insurance should not improve the risk-adjusted portfolio returns. Traditional portfolio performance evaluation relies heavily on the mean variance analysis. It assumes buy-hold strategy with normally distributed returns over a specified time horizon, and compares the results attained with those of an efficient market index. These assumptions are no longer valid when options are involved in a portfolio. Moreover, many experimental studies conducted by (Edwards, 1953; Kahneman and Tversky, 1979) show the overweighting of low probability with extreme outcomes which is inconsistent under the linear treatment of probabilities assumed under Markowitz portfolio theory. (Freidman and Savage, 1948) also questioned the strict risk-aversion implied by the use of a quadratic utility function in the Modern Portfolio theory. They observed that individuals who buy insurance policies indicating risk-averse behaviour often buy lottery tickets which indicate risk seeking behaviour. To accommodate these anomalies some behavioural studies recommend an alternative to the traditional portfolio theory. 1.2 Arbitrage Pricing Theory and the law of one price The Arbitrage Pricing Theory (APT) suggests that an investor could derive the price of a specific investment opportunity from the underlying indices that affect its price. However, it does not consider any economic characteristics that can affect the expected return. According to (Chan, 1995) unlike the MPT, the APT does not require the investor to choose investments on the basis of expected return and variance. APT provides the basic theoretical framework for the pricing of various complex financial assets with non-linear payoff patterns. The basis for the arbitrage pricing theory is the law of one price, which states that two identical assets will always sell for the same price; otherwise, it will allow investors to make arbitrage profits which is profit generated with no risk and no investment by buying the item in the cheaper market then selling it in the more expensive market. Another implication of the law of one price used in arbitrage pricing theory is that, if the asset s are not identical items should still cost the same if their return and risk are identical.   The rationale for this is that the primary purpose for the purchase of a financial instrument is to earn a return for a certain amount of risk.   Hence, the law of one price requires that any two financial instruments or  portfolios that have the same risk-return profile should sell for the same price.   If this is not true, then a profit can be made by selling the security or portfolio with the lower return and buying the higher return portfolio. 1.3 Behavioural Portfolio Theory The Behavioural Portfolio Theory (BPT) is an alternative model to the one proposed by Markowitz. This theory is drawn on the Roys safety first approach and the (Lopes, 1987), (Kahneman, 1979) and (Tversky, 1992) behavioural studies. BPT indicates that different investors have different risk/return preferences and investment objectives have to be tailor made in order to meet these preferences. The model suggests that an investor chooses a portfolio that maximizes his behavioural expected wealth and that meets a safety first criteria. The expected wealth is called behavioural because it is computed with decision weights instead of objective probabilities. Satisfy the security constraint means that the wealth of the investor might not fall below an aspiration level in an acceptable number of states of nature. The transformation of probabilities into decision weights permits to account for optimistic and pessimistic behaviour that coexists in each individual. The main result of this be havioural portfolio model is that the optimal portfolio of a BPT investor is generally not mean variance efficient. According to (Das and Statman, 2011) derivative instruments and structured products have no roles in mean-variance portfolios, but they have roles in behavioural portfolios. Moreover, behavioural portfolios are composed of mental account sub-portfolios, each linked with a goal such as retirement income or bequest. Investors improve each mental account by finding the assets and asset allocation that maximizes the expected return of each mental account sub-portfolio subject to the state that the probability of failing to reach pre-set threshold aspiration level not exceed a pre-set probability. The mean-variance portfolio theory offers investors tools for recognizing portfolios on the mean-variance efficient frontier, but it does not explain why investors place money in those portfolios and what they plan to do with it. 1.4 Introduction to derivatives Derivatives refer to financial securities whose values are determined by the market price of an underlying asset, such as shares, interest rates, equity bonds or even commodities. According to (Schwegler, 2010) the elementary idea behind derivatives is that two parties agree on a certain price today in order to deliver a certain underlying asset, of a certain quantity, on a certain future date. In case of commodity derivatives, issues surrounding the quality of the underlying asset also come into play. Over the past years, the derivatives industry has evolved and the different types of derivative products and instruments have been increasing at a fast pace. This is mainly due to financial engineering, the development of new financial products, and the fact that financial institutions continuously develop new products offering high returns. (Brigham and Ehrhardt, 2005) also identified this as the reason for the increase in complexity and riskiness of financial products that are a vailable which is often hardly understood by the people creating and using these instruments. The early development of derivatives was less complex and risky, and served a simple purpose, namely protecting profits and securing prices. According to (Bloss, Ernst and Hauml;cker, 2008) the first types of derivatives were simple forward rate agreements and futures on agricultural products, such as rice and wheat, where two parties agreed on a certain future price, payment and delivery date. The most successful and currently most used derivatives are options and futures. According to (Bossu and Henrotte, 2006) these two products are often referred to as plain vanilla options and futures, as they are the simplest forms of derivatives and do not have any special features. Both instruments can be bought on underlying assets, such as single stocks, equity indices, commodities, currencies or bonds. According to (Acar, 2002) Futures can be bought either as long or short, whereas options are available as call long, call short, put long and put short combinations, both derivative instruments are used for hedging and trading purposes. Apart from the plain vanilla options and futures, more exotic products were introduced by financial institutions over the years. This was done to make derivatives more attractive to clients and investors. These structured products often have special features, such as performance ranges or knock-out levels and are known as bonus, outperformance or range certificates as well as Can-Do options. They are often a combination of simple put or call options and underlying assets, such as individual shares or bonds. The next trend in the derivatives market was and still is that of securitisation. With securitisation financial institutions, particularly banks, group their debt instruments, such as loans and mortgages to special purpose vehicles (SPV), and generate sellable assets of these loans. (Brigham and Ehrhardt, 2005) identified the most com mon forms of securitisation are asset-backed securities (ABS) and mortgage-backed securities (MBS), such as asset-backed bonds. According to (International Swaps and Derivatives Association, 2008) the latest innovation in terms of derivatives includes specific forms of asset-backed securities, namely collateralised debt obligations (CDO) and credit derivatives, such as credit default swaps (CDS). 1.4.1 Derivative Instruments- A derivative is a financial security whose performance strongly depends on the price development of the underlying asset, such as shares, interest rates, commodities or indices. Derivatives are not usually considered as an individual asset class, like bonds, shares or commodities, but rather as a tool in portfolio management. According to (Bodie, Kane and Marcus, 2009) what differentiates a derivative instrument from other asset classes is that buyers and sellers of the instrument reach a mutual agreement today, but only settle for delivery in the future. Based on their characteristics derivatives can be classified into two broad categories i.e. conditional and unconditional derivatives. Conditional derivatives give the holder the right but not the obligation to exercise the derivative held by him. Options are conditional derivatives. Unconditional derivatives include forwards rate agreements, futures and swaps. According to (Reilly and Brown, 2003) the holder of unconditional d erivatives is obligated to buy or sell the underlying asset. The study will focus on the use of forwards, futures and options as tools in investment management as these are the most commonly and widely used derivative instruments in portfolio risk management. Futures and Forwards- Futures and forwards are unconditional derivatives i.e. they are obligatory contracts since the buyer (long) of a future or forward has to pay the predetermined price of the underlying asset and the seller (short) has to deliver the underlying asset at the predetermined price. According to (Bossu and Henrotte, 2006) with futures and forwards two parties reach a mutual agreement today about a specific amount of a certain underlying asset to be bought (buyer) and to be delivered (seller) at a certain future date at a certain price. Furthermore, the difference between futures and forwards is that futures are standardised and forwards are not. Thus, futures predetermined characteristics that cannot be al tered by the buyer or seller and are traded on exchanges, whereas forward rate agreements are individual mutual agreements that are traded predominantly over-the-counter. According to (Bloss, Ernst and Hauml;cker, 2008) the benefits of having a standardised product which trades on exchange are that it is more convenient and faster to find contracts or trading partners and it is possible to close open positions very fast. Unlike other derivatives, futures are marked to market, which means that the gains or losses incurred by the investor are recorded on a daily basis in their margin account. (Bloss, Ernst and Hauml;cker, 2008) acknowledged that before investors can trade futures they have to open a margin account with the exchange clearing house. The margin account helps in the reduction of counterparty risk/default risk. According to (Estrada, 2005) investors have to pay an initial margin ranging between five to ten per cent of the investment in order to open a margin account, ho wever the margin depends on the exchange and assets traded by investors. Usually a minimum of 75 per cent of the initial margin must be kept in the account, this is also known as maintenance margin. If the value in the account falls below the maintenance margin then the investor will be called on to deposit more money. As an example, it is assumed that one futures contract on the FTSE 100 is worth ten times the value of the FTSE 100 index. Therefore, if the index is valued at 5,800 basis points, the investor would need pound;58,000 to trade FTSE 100 futures. Nonetheless, this amount is not necessary, as investors only pay the initial margin of, for example five per cent, thus depositing pound;2,900 into the margin account. If the index level increases by 100 basis points the next day to 5,900 basis points, then the value of the futures contract will increase to pound;59,000 consequently increasing the margin account value to pound;3,900 and an additional amount of pound;1,000 wil l be deposited into the margin account. Conversely, if the FTSE 100 index fell the next day from 5,900 to 5,700 basis points, the value of the futures contract will reduce to pound;57,000 thereby resulting in a decrease in value of the margin account by pound;2,000 and a balance of pound;1,900. The investor will then receive a call to deposit an additional pound;1,000 into the margin account in order to bring the value up to the initial margin. This example shows the leverage characteristics inhabited in futures, which is why futures markets are often fairly volatile and investors have to pay in if they make losses. According to (Steinbrenner, 2001) unlike options, futures have a symmetric pay-out profile, since investors participate as much in increasing as in decreasing prices. Futures operate with leverage, which enables investors to make significant return; conversely they could also lose significant sums of money. According to (Reilly and Brown, 2003) leverage for a future o n an index can be can be calculated by multiplying the current index points with the value of one future and dividing this by the margin invested. In other words leverage is the value of the total assets divided by the equity invested. In the above example, the value of one futures contract is pound;10 and the FTSE 100 index is valued at 5800 basis points. Therefore the value of total assets held by the investor is pound;58000 (pound;10 * 5800 bps). The initial margin i.e. total equity invested is pound;2900 i.e. 5% of the value of the futures contract. The leverage in this case is 20%. According to (Hull, 2002) in case of a futures long, the contract would increase in value by 20 per cent if the index moves up one per cent, however the investor would also lose 20 per cent if the index declines by one per cent. Settlement in case of futures is done in two ways i.e. cash or physical. In case of cash settlement, investors do not receive the underlying asset, but only funds amountin g to the difference between the current price and the strike price, if the market developed in their favour. Physical settlements are commonly used by industrial and manufacturing industries for commodities such as oil and coal. In case of financial markets cash settlements are more acceptable. Investors who want avoid settlement and would rather continue to invest in futures ideally have to sell the current futures contract before it expires and use the money to invest in the next future. However, it should be noted that the next futures contract or the new contract is usually more expensive than the current one which is close to expiration. This concept is called contango, whereas the abnormal situation, in which the next future contract is usually more expensive than the current one, is called backwardation. According to (Reilly and Brown, 2003) a futures contract that has a longer time to maturity is usually more expensive because the underlying asset has to be stored or held longer by the seller. (Schwegler, 2010) explained that backwardation mainly occurs with futures on commodities, as short-term shocks, such as when poor harvests can create high current future values. As this is only a temporary shock, the next futures will be worth less under normal circumstances. Futures long- An investor that takes a long position in a futures contract believes that the underlying asset price will increase in the future and thus, speculators try to make a profit or hedgers on the other hand hedge their positions against that increase. According to (Firer and Ross, 2004) in a futures long position buyers are obligated to take a certain amount of a certain underlying asset such as shares, bonds, etc at a certain time (expiry date) at a certain predetermined price also known as the strike price. Consequently, the sellers hold the short position and are obligated to deliver the underlying asset at the expiry date at the strike price. (According to Bodie, Kane and Marcus, 2009) in a futures long investors will make a profit, when the current price is higher than the pre-set strike price as the investor could buy the underlying asset at a lower strike price and sell it on the spot market at its higher current value. However, the investor would incur a loss if, the current price is lower than the strike price as they would have to buy the underlying asset at the higher strike price and could only sell it at a lower current price in the stock market. Futures short- An investor takes a short position in a futures contract when he believes that the price of the underlying asset will decrease in the near future. This strategy is often used when investors have a long position in the underlying asset and believe that the asset will gain in value in the long-run. However, in order to reduce short-term risks, investors use futures short on the underlying asset to hedge those long positions and to off-set the losses they experience when then underlyi ng assets value is decreasing. According to the (International Swaps and Derivatives Association, 2009), hedging strategies mainly for managing currency (94%), interest rate (88%), commodity (50%) and equity (30%) risks. (Steinbrenner, 2001) explains that futures short are also used by speculators and traders, as they allow investors to participate in decreasing markets, which is hardly possible with any other instruments other than derivatives. According to (Estrada, 2005) investors will make a profit when the current price of the underlying asset is lower than the predetermined strike price. This is because investors can buy the underlying asset on the spot market at a lower price than the predetermined strike price at which seller is obliged to buy the asset from the futures short investor. Although, (Bodie, Kane and Marcus, 2009) explained that if the underlying assets price is higher than the strike price, then investors would incur a loss, as they would have to pay on the spot market and can only sell the assets at a lower strike price. Options- According to (Ashton, 2010) financial options, like futures, are useful tools for risk management. (Firer and Ross, 2004) explains an option as an instrument that gives the holder the right to exercise to buy or sells a certain amount of the underlying asset, at a certain future date, at a specified price, by paying out a certain amount of money today. The key difference however between options and futures contract is that the former are optional derivatives indicating that buyers are not obligated, but rather obtain the right to exercise an option. Another important difference is that no margin account is required when trading options. According to (Mayo, 2008) an investor would only exercise their options when they can gain a profit from them. Otherwise the options would expire and the investors would only lose the option premium paid. (Brigham and Ehrhardt, 2005) identified that there are two categories of options available, namely European and American options. European options allow investors to exercise their options only on the expiration date, whereas American options can be exercised at any time before maturity. Furthermore, options have a strike or exercise price, at which investors can choose to buy or sell the underlying asset. The underlying asset can be shares, equity indices, currencies or fixed interest bearing securities. A key benefit of call (put) options is that investors stand a chance to buy (sell) an underlying asset at a lower (higher) price than the current market price, and can sell (buy) them at the current market price, thus making profits without actually investing directly in the underlying asset. (Estrada, 2005) explained that another major advantage of options is that the investors can only lose money to the value of the premium paid for the options when they do not exercise them. Thus, options are more expensive than futures contracts. According to (Steinbrenner, 2001) call and put options are often divided by their moneyness. The moneyness of options is divided into three categories, namely in-the-money, at-the-money and out-of-the-money. Call options are considered to be in-the-money when the current price of the underlying asset is greater than the strike price; thus investors make a profit when executing their call options. Call options are at-the-money when the current price equals the strike price and out-of-the-money when the current price is less than the strike price. The intrinsic value of an option is the difference between the current price of the underlying asset and the strike price. Options also have a time value, which is the difference between the current option price and the intrinsic value of the option. According to (Bloss, Ernst and Hauml;cker, 2008) the time value can be considered as the value of the preferences the option holder has, compared with that of the investors who invest directly in the asse ts. The time value declines with each day the option nears its expiration date and is zero on the expiration date itself. (Steinbrenner, 2001) identified that options usually have a hedge ratio, which determines how many underlying assets the investor can purchase with one option. For example, hedge ratios of 0.1 (10:1) or 0.01 (100:1), means that an investor will need 10 or 100 options to buy one share. Call option- In case of a call option long, investors acquire the right but not the obligation to exercise the buy option. According to (Firer and Ross, 2004) a call option enables the investor to buy a certain amount of an underlying asset based on the hedge ratio at a certain future date at a certain price also known as the strike price by paying a certain price (premium) for the option today. Ideally, an investor that has taken a long position in a call option will exercise the option if the current price of the underlying asset is higher than the strike price, thus making a p rofit. However, (Estrada, 2005) explains that if the current price is below the strike price, investors will not exercise the option, but would rather allow the option to expire, thus experiencing a loss. This allows the investors to cap their losses to the option premium, whereas having infinite upside potential. Options thus have an asymmetric pay-out profile. Call options can also be sold short. An investor will sell a call option short when they expect that markets will not increase in near future, hence the buyers of the call option, which hold the option long, will not exercise their option and leave the sell with the option premium as profit. According to (Steinbrenner, 2001) if prices increase and investors execute their rights the short sellers will experience a loss, as they will have to deliver the underlying asset at the current market price which is higher than the pre-set exercise price. Put option- Put long are appropriate for investors that believe the under lying asset value will be decreasing in value in the near future. Put options are similar to call options as they can be used to hedge positions or to speculate on market movements. A put option gives the holder the right to sell a certain amount of a certain underlying asset at a future expiration date at a certain price to the seller of the option. Again, the buyer of a put option has to pay the option premium. According to (Bodie, Kane and Marcus, 2009) a buyer of a put option will only exercise the option when the price of the underlying asset is lower than the pre-determined strike price. This is because they can buy the underlying asset at its current price, but can sell it to the option seller at the higher strike price, thus making a profit. However, if the underlying asset price is higher than the strike price, then the investor would not exercise their option, but would let it expire and experience a loss as high as the option premium. Furthermore, the pay-out profile of a put option is also asymmetric, but unlike the call option, the profit of a put option is limited. According to (Schwegler, 2010) the maximum profit an investor can achieve in case of a long put option is when the value of the underlying asset is valued at zero. However, investors can also experience a partial loss if the current price of the underlying asset is lower than the strike price. The maximum loss the investor can experience if the option expires unexercised is the option premium paid. Short put investors or put option sellers do not participate in the increasing movements of the underlying asset, but only receive the option premium paid by the option buyer. According to (Bodie, Kane and Marcus, 2009) this branches from the fact that when investors sell put options, there must be buyers that have those put options long, and who believe that the underlying assets value will decline. Therefore, if the price of the underlying asset increases beyond the strike price, the bu yer of the put option will not exercise the option as it is out-of-the-money thus leaving the short put investor with the option premium as profit. On the other hand, should the price fall, then the put long investors will exercise the option and the put option seller will experience a loss. A short put therefore has a pay-out profile with unlimited downside potential and profits capped to the option premium. Other derivative instruments- There are many other derivative instruments that can be used in portfolio and risk management. These instruments include swaps, warrants, structured notes, contracts for difference and exotic derivatives. According to (Hirt and Block, 2008) Swaps are similar to forward rate agreements, with the difference that the two parties entering into a swap, exchange cash-flows not only once, but several times on specific future dates. The major characteristics of swaps are that their pay-out profile is symmetric which is similar to that of a futures co ntract. Thus, it is similar for both parties entering into the swap. Swaps are only traded over-the-counter and their volumes are usually large. According to (Maier, 2004) swaps, unlike forward rate agreements, options or futures are long term agreements. As no premium has to be paid the costs of swaps are low in general. Warrants are similar to option contracts. They give the buyer the right to buy a certain number of a companys shares which offers the warrants. According to (Hirt and Block, 2008) unlike options, which usually have maturities of three to six months, warrants have a much longer time to maturity; up to ten or more years. (Mayo, 2008) acknowledged that warrants are often issued along with debt instruments, such as bonds in order to make the bond more attractive to investors. Warrants are, like ordinary options available as puts and calls. (Brigham and Ehrhardt, 2005) identified a structured note as a debt obligation that is derived from another debt obligation. The interest payments of structured notes are derived from the development of underlying assets, such as currencies, interest rates, indices, commodities or individual stocks. According to (Kolb and Overdahl, 2003) the interest paid on a structured note depends on different variables, such as the current interest rate, the volatility of the underlying asset, the underlying asset price and the time to maturity. Furthermore, a key benefit of structured notes is that interest payments on debt obligation are not fixed, but the payments depend on the issuers interest earnings on the debt instrument and the performance of the underlying derivative instrument. Thus, allowing the issuers of structured notes to integrate their interest payments with their cash-flows. The higher the cash flow the more interest they can pay to buyers and vice versa. According to (Kuhn, 2010) contracts for difference (CFDs) are financial securities with which investors can speculate on price differences of a particular underlying asset. Investors attempt to profit from the price differences between the buy and sell price, this is also called the spread. Contracts for difference have a hedge ratio of 1:1 which means that one contract for difference is essential to hedge one underlying asset. Furthermore, investors contribute to the same extent in the price movement as investors who acquired the underlying asset directly. However, unlike futures contracts and options, contracts for difference do not have an expiration date and could theoretically run until infinity, and they are not traded on regulated exchanges. According to (Standard Bank, 2010) these instruments are predominantly issued and traded between brokers, often online brokers and banks. Financial engineering has led to the development of a broad range of exotic derivatives. According to (Schwegler, 2010) futures, forwards, options and swaps can be considered as the basic derivatives. Exotic derivatives instruments are deri ved mainly from options, futures and from a mixture of derivative instruments. The main difference between an exotic derivative and an ordinary derivative instrument is that exotic instruments have special performance features, knock-out barriers or themes. 1.4.2 Why use derivatives According to (Chance, 2008) derivatives are instruments that allow the transfer of risk from one party to another. Each derivative transaction has two parties, a buyer and a seller. For example, in case of an option the buyer ideally pays to transfer the risk to the seller. The seller accepts this payment as compensation for the assumption of risk. In case of other derivative instruments such as forwards, futures and swaps there is no direct payment from the buyer to the seller, but it can be viewed as having indirect payments in the form the buyer promising to give up potential future gains. Derivatives are not only means of transferring risk. For example, an investor could purchase a put option to protect a stock or portfolio against downside loss, this strategy is also known as a protective put. This a much more cost effective strategy, as opposed to the investor liquidating the actual stock or portfolio and then re-investing the money in another stock, index, bond, or a risk -free asset as transactions in actual assets can incur high amount of transaction costs and tend to be extremely expensive. (Chance, 2008) explained that the cost of liquidating stocks and bonds is not very high, but moving the money to other assets does add another layer of costs. And, then at a later date the investor might want to reverse the transaction and return to the original position. And transacting in some assets can be quite expensive. For investors extreme market movements, such as experienced in the financial crisis of 2008 are not easy to deal with, especially as correlations between global markets are high. (Brigham and Ehrhardt, 2005) acknowledged that diversification is almost useless as investors cannot off-set losses in one asset or security with gains in another one. (Schwegler, 2010) identified that in turbulent times investors are essentially left with three alternatives: (1) they can either keep their investment positions, thus wait until the storm is over and prices recover again, (2) they can sell their securities with possible (high) losses and invest again once markets are at lower levels or (3) they can introduce hedging strategies before markets start to deteriorate. According to (Steinbrenner, 2001) hedging, which protects an investors portfolio against return losses stemming from declining prices in their long positions, such as shares or bonds, seems to be the most cost-effective, and when applied properly the most return-efficient of the above mentioned options. Derivatives are not only used for hedging but also for speculation purposes. Due to their leverage capabilities many investors favour derivative products over direct investments in the underlying asset, as the initial investment is less and the potential return is higher. (Schwegler, 2010) identified this to be highly beneficial for private investors who do not have the required funds available to purchase large volumes of shares. Nevertheless, leverage can also lead to huge losses, which need to be considered by investors at any time. (Maier, 2004) elucidated that the selection and combination of the various asset classes and financial securities depend on numerous variables, such as investors wealth, their needs and investment objectives as well as, the risk investors are willing to accept. Furthermore, Knowledge of capital markets, different asset classes and financial securities, as well as knowledge regarding political, social and economic conditions also influence investment decisions. How those variables are best dealt with depends on the skills and knowledge investors possess. According to (Brigham and Ehrhardt, 2005) one rule investors should always keep in mind is that the higher the expected return of an asset, the greater the risk an asset bears. (Maier, 2004) identified another problem that arises is that investors are often uncertain as to what assets to use to diversify their portfolios in order to reduce risks, and still meet their return expectations. This is certainly more of a problem for private investors who do not have as much information available and easy access to financial markets as institutional investors. 1.4.3 Derivatives and the 2008 financial crisis The 2008 global credit crunch had a massive impact on the equity markets across the globe. Although developing countries were not as heavily influenced as their developed counterparts, the problem faced by emerging markets was that not only the equity markets, but also commodity prices declined. According to (Boorman, 2009) countries where economy relied highly on commodities, declining prices in metals such as gold, platinum and other precious metals as well as agricultural commodities such as sugar, wheat, rice posed serious economic problems. The world was quick in accusing derivatives as the main reasons for the global financial crisis that started in 2008, and of which the consequences are still felt today. Although the use of derivatives certainly played a major role in accelerating the crisis, they cannot be blamed solely (Shah, 2010). According to (Tomlinson and Evans, 2007), it is important to understand that the true origins of the crisis were declining housing prices and increasing interest rates in the United States of America (USA), which in turn led to debtors defaulting on their home loans. Furthermore, this was aggravated by banks that pooled those loans in special purpose vehicles and sold them as packaged securities to investors, mainly other financial institutions across the world. (Schwegler, 2010) explained that in order to make asset-backed securities more attractive to a larger number of investors and increase returns, banks divided the underlying mortgages and loans into different risk classes, with the most risky class promising very high returns. According to (Dodd, 2007) Investors who contributed strongly in the trade of asset-backed securities were other banks, hedge funds, pension funds and insurance companies, who all projected safe returns from these products and did not (want to) see the risks involved in them. As a further innovation, banks established collateralised debt obligations. According to (Lucas, Goodman and Fabozzi, 2006), collateralised debt obligations are a mixture of debt instruments, such as credit card payments, consumer credits and mortgages or bonds. Other structured products that played a key role in the development of the financial crisis besides collateralised debt obligations and asset-backed securities are credit derivatives, such as credit default swaps. According to (Longstaff, Mithal and Neis, 2005) these instruments permit investors to sell the credit risk separately from the underlying credit. (Beeken and Eversmeier, 2008) explained that credit default swaps also promised high returns at almost no risk, according to rating agencies, such as Fitch, Moodys and Standard and Poors as they issued AAA BBB ratings for most of these products. In times when interest rates were low, stock markets were at their peaks and bond prices were high; only low returns were available for investors, increasing the demand for these products. According to (Lien and Zhang, 2008) Many fin ancial institutions divided collateralised debt obligations and credit default swaps into smaller and smaller and riskier packages, and sold them in order to increase returns. The sub-prime and credit derivatives bubble however burst when borrowers were no longer able to meet their interest payments, and as a result financial institutions had to provide their special purpose vehicles with large sums of money.

Individualized Educational Programs Should Be Available...

Individualized Educational Program Equal education should be available to all children without any exclusion or segregation based on mental or physical disability (Woolfolk, A.E., Winne, P.H., Perry, N.E, 2010). Teaching should, therefore, be adjusted to meet each student’s learning styles and needs as much as possible as each child is unique in the way that they learn. A teacher should get to know a child’s personality as well as their strengths, skills and weaknesses and use information from previous teachers and parents, as well, in order to get a better understanding of how that child learns best. Teachers must, therefore, always be prepared to encounter students’ different abilities and learning styles. Thus, instructors must set different expectations and goals for each student according to their abilities and modify the curriculum if needed. Additionally, educational resources should always be accessible to students in order for them to excel to their ful l capacity and to teachers in order to help them achieve this success. An IEP, or individualized educational program, is a type of written statement which is tailored specifically to help students with diverse learning needs (Woolfolk et al., 2010). IEP’s are designed to help students who are gifted, students with learning disabilities, students with hyperactivity and attention disorders, students with language and communication disorders, students with developmental disabilities, such as, autism spectrumShow MoreRelatedEssay special education11975 Words   |  48 Pagesï » ¿CONCEPTS AND DEFINITIONS OF DISABILITY The contemporary conception of disability proposed in the WHO International Classification of Functioning, Disability and Health (ICF) views disability as an umbrella term for impairments, activity limitations and participation restrictions. Disability is the interaction between individuals with a health condition (e.g. cerebral palsy, Down syndrome or depression) and personal and environmental factors (e.g. negative attitudes, inaccessible transportation,Read MoreChallenges Integrating Students With Disabilities6780 Words   |  28 Pagesintegrating students with disabilities into the campus milieu, despite social, legislative, and technological policies designed to provide equal opportunities in higher education. Education about the rights and necessary supports to further inclusion of students with disabilities in campus programs and activities is key for student affairs practitioners. Over the past 25 years since the passage of the Americans with Disabilities Act of 1990, the nu mber of students with disabilities enrolled in postsecondaryRead MoreA Jerney in to the Deaf World15812 Words   |  64 Pagestime adjusting to the fact that he was deaf. However his mother eventually helped him by learning some signs. Laurel’s story was the most different. Her family was so unset about the fact that she was deaf that they enrolled her in a strictly oral program and she spent most of her life not being able to sign. She explains that she was deprived of being able to communicate for a good portion of her life because the school was so oral. Henry lost his hearing at the age of 21 so his experience was alsoRead MoreHistory of Social Work18530 Words   |  75 Pagesresearch contributes to the theoretical self-conception of social work which is necessary for the development of social work as a modern professional system, a scientific discipline and a research-based activity. The development of social work as a modern social system depends on its intellectual capacity based on this kind of theoretical selfconception. . Issues within the philosophy of science, political philosophy and the general theory of social action play an important role in the philosophy of socialRead MoreMedicare Policy Analysis447966 Words   |  1792 PagesSubtitle C—Miscellaneous Improvements TITLE III—PROMOTING PRIMARY CARE, MENTAL HEALTH SERVICES, AND COORDINATED CARE TITLE IV—QUALITY Subtitle A—Comparative Effectiveness Research Subtitle B—Nursing Home Transparency Subtitle C—Quality Measurements Subtitle D—Physician Payments Sunshine Provision Subtitle E—Public Reporting on Health Care-Associated Infections TITLE V—MEDICARE GRADUATE MEDICAL EDUCATION TITLE VI—PROGRAM INTEGRITY †¢HR 3962 IH VerDate Nov 24 2008 12:56 Oct 30, 2009 Jkt

Antigone, by Sophocles - 996 Words

In Sophocles’ play, Antigone, the main character uses rhetoric to effectively persuade her audiences to sympathize with her. In the play, Antigone’s brother, Polyneices, dies a traitor to the Theban people. The king, Creon, decrees that no one is to bury the traitor despite the necessity of burial for proper passing into the afterlife. Believing that Creon’s decree is unjust, Antigone buries her brother. When she is brought to the king, Antigone uses this speech in defense of her actions. In the speech, she uses allusion, diction, and particular sentence structure to increase the effectiveness of her argument. A key factor in the power of her speech is Antigone’s consideration for her audiences. The first of these audiences is Creon†¦show more content†¦But in reference to the people of Thebes, Antigone uses this to gain their pity, as well as their sympathy. She wants them to think that she is deserving of life because she is so accepting o f death. It is important to discuss Antigone’s point of view on the situation when considering the rhetorical strength of her argument. She stands by the belief that her decision to bury her brother was the right one. Her morals and past experiences have shaped this point of view. Antigone has a strong foundation of family loyalty. This is evident in almost all of her actions, the most obvious being the illegal burial of her brother. Antigone also has lingering discontent towards Creon due to the fact that he took the thrown after her father’s death. These past experience may have shaped attitudes towards Creon beyond the simple unjustness of his law. Antigone uses rhetorical devices, including allusion and repetition of words, to increase the effectiveness of her argument. The most prevalent allusion in the speech is the one to God. She refers to the gods as having the ultimate power over any human being. This reference to the religious beliefs of the Theban people is an effective device to use. It causes her audience to consider the boundaries between the laws of the mortal and immortal. Knowing that her audience has strong religious background, Antigone uses this rhetorical device to ensure that her speech reaches into their beliefs and causes them toShow MoreRelatedAntigone By Sophocles Antigone1478 Words   |  6 PagesThroughout Antigone, Antigone is a presented as a strong woman who is both dedicated to her family and her community. That said, there is much conflict between these two dedications. In this paper, I will give examples of Antigone’s different individual responsibilities and her philosophies and explain how those conflict with the commitment that she is to have to her community and indirectly, her king. 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While Antigone was the first written of Sophocles’ three Theban plays, it was the last of the trilogy. It was performed during a time of national unrest. Sophocles was appointed to serve as a general in a military crusade against Samos. The significance of the historical events during that timeRead MoreSophocles Antigone By Sophocles1495 Words   |  6 PagesAs one of the most famous tragedies ever written, Antigone, by the Greek playwright Sophocles, has received much notoriety as well as much speculation. Set in the city of Thebes after a devastating civil war between the brothers Polyneices and Eteocles, the play begins after the brothers’ deadly struggle for the throne. Polyneices and Eteocles have already caused the undue deaths of one another, and without another man in their immediate family available, their uncle Creon trav els to Thebes to seizeRead MoreAntigone By Sophocles Antigone912 Words   |  4 PagesIn Sophocles, â€Å"Antigone† begins with the stages of grief as Antigone mourns the loss of her two brothers, Polyneikes and Eteokles, who die simultaneously in face-to-face combat in Thebes. Eteokles dies with honor fighting for the Thebesians and is honored with rituals and a proper burial. The body of Polyneikes, who attempted to burn the city of Thebes, is left for the dogs and birds to savage. Thesbesian’s law forbids anyone giving a traitor, like Polyneikes, a proper burial, for that itself isRead MoreSophocles Antigone By Sophocles964 Words   |  4 PagesIn â€Å"Antigone† by Sophocles, a famous ancient Greek tragedian, the main character, Antigone, demonstrates a prohibited action in a strict, male-dominated society. Greek civilization upheld strong values and rules that were designed to enforce orderly behavior among its people. There were state laws created by the King, Creon, and divine laws created by the Gods. Divine law was superior to the king laws, and if that rule was disrupted, eternal consequences could ruin an individual. In this societyRead MoreAntigone by Sophocles1059 Words   |  5 Pages In the book Antigone, Creon and Antigone can be considered as the tragic heroes of the play. Antigone is considered the tragic hero because of the characteristics she shows such as her ambition to defeat Creon, Creon shows more of the characteristics clearly. Creon is the king of Thebes. He is also Antigones uncle. Creon became king after a fight between Eteocles and Polyneices. One may see Creon as a harsh and controlling ruler, but he is not good nor bad because he shows signs of both like whenRead MoreSophocles Antigone By Sophocles967 Words   |  4 PagesTragedy in Antigone Antigone is one of the greatest Greek tragic plays by Sophocles. The play portrays two main characters, Antigone and Creon, who undergo tragedy in the play. Various arguments have been put forth regarding who amongst the two characters is the actual tragic hero in Sophocles’ Antigone. A number of people are for the idea that Creon qualifies since he does possess the real characteristics of what tragedy is all about, while numerous others believe that Antigone is the actual heroRead MoreAntigone, by Sophocles1997 Words   |  8 PagesThe death of Antigone is truly a tragic episode in the Theban Plays, where she hung herself with a woven linen of her dress. By convention, her death would be characterized with feminine quality. However, Antigone, one of the few female characters in the book, possessed distinguishable female characteristics that are as remarkable as a male hero. Antigone was determined when she made up her mind to bury her brother. She was an agent of her words a nd took up the risks that accompanied to her deedsRead MoreAntigone By Sophocles Antigone1525 Words   |  7 Pagesneglect nothing that the gods demand† (1349-1350). Sophocles’ Antigone takes place in a trying time for the city of Thebes, when Oedipus, their king, and most of the royal family have died, and Creon has just been appointed the new king. Throughout the play, Creon tries on his power as the new ruler, and seems to believe that the gods will not be angry with some of his choices as king, even though they directly violate the divine law. However, in Antigone, when there is a conflict between the divine law

Case Study on the Ethical Issues at Enron - 558 Words

Ethical issues at Enron - Deception (Truth Disclosure) there are many instances where the truth was hidden and deception was the goal in order to make more money. The deception within Enron was so thick that even the top Executive believed that they were doing the right thing. They believed their own deceit. Cheating of course is obvious they were hiding money and making or taking from the pot where there wasn’t anything to take due to the future forecasting in the accounting. Side Deals and payoffs were another ethical issues that were blatant throughout the documentary on Enron. Immoral is all I can think of as I watched the documentary from one decision to another more lie and deceit were built to cover other lies and deceit. I really can’t say I can give an example of Amoral or Moral from the documentary at all. One example of Immoral management is the creation of entities in order to hide their financial actions. Stakeholder groups: Financial Institutions - Their stake was in the success of the company. The banks were lied to regarding the true financials of Enron the stock prices were no where near the truth so they were deceived in the successful direction the company was heading when in truth is wasn’t really to successful. Retiree/Employees- 4500 employee lost their jobs, retirees lost their pensions Government - Enron served the public and the government had to handle their mistakes to satisfy the public. Every factor was involved in the collapse of moral atShow MoreRelatedThe Collapse Of Enron And Enron1736 Words   |  7 Pagesused to rank Enron as the most successful business in the United States. The collapse of Enron was shocked the whole world energy trading market. It caused significant losses to investors. In this paper shows analysis reason of factors that lead to Enron demise and also lessons can be learnt from Enron case study. 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Domestic Violence Against Women Act Of 1994 - 2168 Words

Abstract Despite the fact the physical effects of domestic violence could be the similar as for other forms of violent crime, the emotional effects can be much worse. Domestic violence happens when a crime is committed against a victim by someone with whom the victim is or has previously found, in a close relationship or somebody living in the same household as the victim. Domestic violence regulations differ from state to state. These variances range from conceptualization to the requirements under required reporting laws. Because of all these differences, the entire process of avoidance a domestic violence situation rest on each state. The Violence against Women Act of 1994 (VAWA) has been designed to increase victim services and detention and trial of batterers. Stakeholders are persons who have an absolute interest in it, any of individuals who begin and perform it, or individuals whom it distresses directly or secondarily. Detecting and concerning stakeholders can be a huge portion of gu aranteeing the efforts accomplishment. To obtain stakeholder contribution and support, it’s vital to understand who probable stakeholders are, but their interest in the effort. Since most women and men’s obtain their health care in primary care settings, health care professionals can play a critical role in decreasing the progress of domestic violence through screening and intervention in a regular bases. Legislation Types The Congress of the United States in 1994, as part of theShow MoreRelatedDomestic Violence Against Women Act Of 19943515 Words   |  15 Pages Domestic Violence Health Policy Yuliet Pozo Martinez South University â€Æ' Abstract Despite the fact the physical effects of domestic violence could be the similar as for other forms of violent crime, the emotional effects can be much worse. Domestic violence happens when a crime is committed against a victim by someone with whom the victim is or has previously found, in a close relationship or somebody living in the same household as the victim. Domestic violence regulations differ fromRead MoreThe Violence Against Women Act914 Words   |  4 Pagesits enactment on September 13, 1994, the foundation for the Violence Against Women Act was being constructed. More than 140 years ago, members of the U.S. government were working to end the injustice of violence against women when, in 1871, Alabama was the first state to make it illegal for a man to beat his wife (U.S. Department of Justice, 2010). In 1967, one of the first domestic violence shelters in the country opened its doors in Maine; and from that time until 1994, progress slowly but steadilyRead MoreThe Violenc e Against Women Act1498 Words   |  6 PagesElimination of Violence Against Women which called religious and cultural customs an excuse for gender-based violence (Goldscheid, 2008). In the early ‘90s, the Surgeon General referred to domestic violence as a threat to the health of Americans and in a similar move, the American Medical Association created a campaign targeted at ending domestic violence (Eisler, 1992). Taking its first formal stance on the issue, the outcry of the people lead the United States to pass the Violence Against Women Act in 1994Read Moredomestic violence act in Uk1627 Words   |  7 Pagesï » ¿Domestic Violence Act in UK Domestic can be defined in many ways but the simplest meaning is ‘involving the home or family’ whereas violence means an ‘act of aggression as one against a person who resist’. In addition, violence does not relate to relationship problem or issue but is social context of reflection of a man overruling woman. It happens to all walks of people in life despite of age, sex, race, assets and cartography. Notwithstanding, scoop by both male and female endure hurts duringRead MoreThe Pros And Cons Of Domestic Violence952 Words   |  4 PagesDomestic Violence is known as â€Å"Any abusive, violent, coercive, forceful, or threatening act or word inflicted by one member of a family or household on another can constitute domestic violence† (Clark, A. (2011)). Domestic violence has gone rapid in the homes of many families. Most people believe that whatever happens in a home should stay in the home. That idea is an issue when it comes to domestic violence. Not only is it an issue within the statement and household, it is also a social and distinctRead MoreImpact Of Public Health Of Domestic Violence847 Words   |  4 PagesThe impact of public health of Domestic Violence in United States. The violence against women is a global health problem of epidemic and unpreventable circumstances. Domestic violence doesn’t have a controlled policy because it can extend into the society with devastating effects on its victims and costs that ripple across the economy. The two major reasons that the issue are being addressed by policy are not enforced in actions. First reason is that every 9 seconds in the US a woman is assaultedRead MoreGender Based Violence Is An Violation Of Human Rights962 Words   |  4 Pagesâ€Å"UNPF (2005) contends violence against women as an extreme violation of human rights which results in harm and suffering. 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Michelle Collins (2012), notes that in order to understand the impact society has on domestic violence or vice versa, it is important to defineRead MoreKnowing Our History Is Vital To Pursuing Our Future. Our1245 Words   |  5 PagesKnowing our history is vital to pursuing our future. Our history needs to be our guide in making the changes necessary to end the violence. Violence against women has been sanctioned throughout history. We need to know the struggles of those who came before us. By knowing our histo ry we honor their spirits, we keep the flame of justice alive and it brings us to the stark reality that we have much work still to do. History of the Battered Women’s Movement 753 BC During the reign of Romulus in RomeRead MoreDomestic Violence, A Federal Crime Essay1530 Words   |  7 Pagesmillion women in the U.S yearly is domestic violence. This crime, which many do not know is a federal crime, responsible for about thirty percent of female murders (Asher, Elba, Sugg 1). According to the American Bar Association (ABA), 90-95% of domestic violence victims are women (2) and â€Å" 70% of intimate homicides are female† (2) intimate murder, as opposed to murder by a stranger. Women today need to understand what domestic violence is and need to educate themselves that domestic violence is a serious

A Good Man Is Hard To Find by Mary Flannery O’Connor Essay

Mary Flannery O’Connor, the writer of many short stories known for their cruel endings and religious themes, wrote â€Å"A Good Man Is Hard to Find† in 1955. â€Å"Her works combine flat realism with grotesque situations; violence occurs without apparent reason or preparation.† (Roberts 429). â€Å"A Good Man Is Hard to Find† is about a southern family’s trip to Florida which takes a dramatic turn. This story was written in O’Connor’s first collection of short stories. â€Å"A Good Man Is Hard to Find† is a compelling story of tragedy that utilizes humor and irony to draw the reader’s attention, and two major characters to convey the authors central theme. Throughout the short story â€Å"A Good Man Is Hard to Find† O’Connor uses†¦show more content†¦June Star’s response was â€Å"No I certainly wouldn’t. â€Å"I wouldn’t live in a broken-down place like this for a million bu cks!† There are many more humorous descriptions in â€Å"A Good Man Is Hard to Find† these are examples of descriptions that our slightly more obvious in humor. As stated before O’Connor’s use of humor is one element that helps to enhance the story and draw the reader’s attention. After reading â€Å"A Good Man Is Hard To Findâ€Å" the irony of the story is very clear. The first sentence in this short story is â€Å"The grandmother didn’t want to go to Florida.† In fact, the grandmother goes on to try to persuade her son Bailey and is wife not to take their trip to Florida but Tennessee instead. The grandmother informs her family about the fellow, the misfit, and all the horrible things he says he has done to people. â€Å"Just you read it I wouldn’t take my children in any direction with a criminal like that a loose in it. I couldn’t answer to my conscience if I did.† Ironically, that is exactly what she does w hen she convinces her son Bailey to take the family down a deserted road to see a house with secret panels. The grandma’s sudden recollectionShow MoreRelatedMary Flannery OConnor: One of the Best Short Story Writers of Her Day684 Words   |  3 PagesOne of the best short story writers of her day, Mary Flannery O’Connor was a brilliant writer, and still is, highly acclaimed. Her unique style of writing has a large part in her continued popularity. Ann Garbett states,†Ã¢â‚¬ ¦O’Connor combined religious themes from her Roman Catholic vision with a comically realist character from the rural Protestant south to create a fiction that is simultaneously serious and comic† (1910). Mary O’Connor Flannery was an extremely talented young author who experiencedRead More Violence Leading To Redemption In Flannery OConnors Literature1482 Words   |  6 PagesViolence Leading to Redemption in Flannery OConnors Literature Flannery OConnor uses many of the same elements in almost all of her short stories. I will analyze her use of violence leading to the main character experiencing moral redemption. The use of redemption comes from the religious background of Flannery OConnor. Violence in her stories is used as a means of revelation to the main characters inner self. The literature of Flannery OConnor appears to be unbelievably harsh and violentRead More Flannery OConnor Essay1299 Words   |  6 PagesFlannery OConnor Flannery O’Connor and the Relationship Between Two of Her Stories Flannery O’Connor was born Mary Flannery O’Connor on March 25, 1925 in Savannah, Georgia, as the only child to Edward F. O’Connor, Jr., and Regina (Cline) O’Connor. Later in 1941, Flannery O’Connor’s father dies of lupus while O’Connor is in Milledgeville, Ga. After her father’s death, O’Connor rarely speaks of him and continues to be active in school projects such as drawing, reading, writingRead MoreFlannery O Connor Is Considered One Of The Most Successful Writer979 Words   |  4 PagesMary Flannery O’Connor is considered one of the most successful short story writers in history. She composed her works during a period of prosperity and economic boom following World War II. Although the economy was thriving, the 1950’s were a period of struggle for women’s rights, as well as other minorities. (Digital History) Based on her success, one could conclude O’Connor exceeded all barrier s against women during the fifties. Flannery O’Connor’s life experiences based on her faith, her novelsRead MoreFlannery OConnors A Good Man Is Hard to Find and Revelation1436 Words   |  6 PagesFaulkner, Flannery O’Connor, and Cormac McCarthy. One author in particular, Flannery O’Connor, is a remarkable author, who directly reflects upon southern grotesque within her two short stories, â€Å"A Good Man is Hard to Find† and â€Å"Revelation.† These two short stories are very similar to each other, which is why I believe that O’Connor often writes with violent characters to expose real violence in the world while tying them in with a particular spiritual insight. The first short story that O’Connor refersRead MoreIdentify Irony in Flanners Oconnors a Good Man Is Hard to Find1421 Words   |  6 PagesThe Irony in Flannery O’Connor’s Irony is a significant rhetorical technique used in demonstrating a condition which is conflicting or expression whereby the result is the exact opposite of what is anticipated. This device of literature creates absurdity in the story according to its tone. Irony has an element of indirectness hence making the writing interesting to the reader. In the story of Flannery O’Connor’s â€Å"A Good Man is Hard to Find,† Irony has aided deeper comprehension and understandingRead MoreFlannery O’connor’s Use of Symbolism, Theme, and Religion1057 Words   |  5 PagesFlannery O’Connor’s Use of Symbolism, Theme, and Religion In this essay I will be covering the similarities, differences, and uniqueness of theme in three of Flannery O’Connor’s short stories. The stories I will be discussing are A Good Man is Hard to Find, Revelation, and Good Country People. O’Connor was considered to be a type of religious propaganda. At least one character in her stories had a name or behavior that reflected religion. Her stories most often had an aggressive twist to them.Read MoreEssay Mary Flannery OConnor948 Words   |  4 PagesMary Flannery OConnor is one of the most preeminent and more unique short story authors in American Literature (OConnor 1). While growing up she lived in the Bible-belt South during the post World War II era of the United States. OConnor was part of a strict Roman Catholic family, but she depicts her characters as Fundamentalist Protestants. Her characters are also severely spiritually or physically disturbed and have a tendency to be violent, arrogant or overly stupid. (Garraty 582) She mixesRead MoreThe Genre of Southern Gothic in A Good Man Is Hard to Find Essay1347 Words   |  6 Pagesenough good in it to keep readers interested. The short story, â€Å"A Good Man is Hard to Find† by Mary Flannery O’Connor, is often considered a perfect example of Southern gothic writing. In â€Å"A Good Man is Hard to Find†, O’Connor has characters typical of Southern gothic. Characters in this genre are â€Å"riddled with many broken bodies, and even more broken souls†. It contemplates innocence, and whether or not anyone really is ever innocent. The grandmother in â€Å"A Good Man is Hard to Find† is a religiousRead MoreFlannery OConnors A Good Man Is Hard to Find Essay1418 Words   |  6 PagesThe Dysfunctional: Psychoanalysis of Flannery O’Connor’s â€Å"A Good Man is Hard to Find† Murder of women, children, and even a baby is a harsh image used by Flannery O’Connor in â€Å"A Good Man is Hard to Find.† The imagery is an effective literary device used to convey ironic tragedy, the struggle of female characters, and the family unit. The story follows a family on a trip to Florida when their journey, interrupted by an ill-fated detour resulting in a car wreck, ends in murder after they cross paths