What is aggression Does watching violence in television, film and Essay

What is aggression Does watching violence in television, film and video games ake people more aggressive and more likely to commit violent acts in society - Essay Example The resulting changes in everyday social relations may lead to steady escalation in aggressive actions. Because of the powerful way in which the television media has focused on violent and antisocial behavior, the media deliberately misinforms, making the viewers fearful, suspicious and cynical. Because of its bias toward bad news, the media feeds a perception that the world is a violent, dangerous place. As a result, the viewers come to overestimate the rate of violence. With these images flashing in their minds every evening, the viewers become negative, mistrustful of others and withdrawn, and cease to believe in progress. Children, who are not mature enough to distinguish fantasy from real life, television from life on the street, come to assume that acts of violence are acceptable in real life and become incapable of making appropriate judgment calls in times of conflict. Children who are repeatedly exposed to entertainment violence are also more likely to see violence as an effective way of settling conflict. However, playing violent video games may be more detrimental than view ing violent television shows or movies because they are especially enthralling, interactive, and necessitate the player to associate on a personal level with the violent character of the game. Infamous events have generated extensive debate regarding the effects of video game violence. For example, a nationwide conversation ensued regarding what connection video games had to the 1999 Columbine High School (Littleton, Colorado, U.S.) massacre where two students murdered 13 and wounded 23 before killing themselves. While many motivations were likely involved, it is not possible to identify precisely what provoked these teenagers to shoot their classmates and teachers but violent video games have been mentioned as one possible contributing factor. The two students had often played

Natural Disasters and Their Effect on the Macro Economy Essay Example for Free

Natural Disasters and Their Effect on the Macro Economy Essay Natural Disasters can have both a positive and negative impact on the local, national and the global economy. However it is rare, but not out of the question, to see the positive impact it may have on an economy. For instance, when disaster struck in Haiti from the 7. 3 magnitude earthquake in 2010, between 200,000-250,000 people were killed. That is 2 percent of the total Haitian population of only 10 million. Comparatively New York City alone totals nearly as much as the entire population of Haiti with about 8. 2 million people (U. S. Census Bureau, 2010). The Inter-American Development Bank estimated that it cost 8.5 billion dollars in damage to Haitis economy. The earthquake caused the countrys gross domestic product (GDP) to contract 5. 1 percent that year. Considering that Haiti’s economy only produced 12 billion dollars in 2008, 8. 5 billion dollars is a huge deficit to the overall production and functionality of their economic and social growth. That is less than a tenth of a percent of U. S. GDP of 14 trillion dollars, but Haiti’s GDP per capita is only 1,300 dollars compared to over 40,000 dollars per person in the U. S. (CIA. gov). With all of this said, Haiti brought in nearly fifteen billion dollars through donations. So although there was catastrophic and disastrous losses to both the social and economic stimulus, on donations alone, Haiti was able to receive three billion dollars more than even their best year in 2008 with only twelve billion dollars. Proposing a theoretical situation, if an earthquake destroyed capital stock but left the labor force intact, the real rental price of capital would increase. The real rental price equals the marginal product of capital and having less capital stock available raises the marginal product of capital and therefore, raises its real rental price. This situation would also make the labor force larger in relation to available capital. Since this would lead to a declining marginal product of labor as workers have less equipment to use, the real wage would decrease as well. Due to rising world population, climate change, and environmental degradation, natural disasters are increasing in frequency. They are also becoming costlier and deadlier, according to Swiss Re, a reinsurance company; the U. S. suffered a cost of 145 billion dollars in 2004, which was up from 65 billion dollars in 2003. In 2009, natural disasters cost insurers about 110 billion dollars. In 2010, the cost was double that, at 218 billion dollars. So as you can see, in the past 10 years there have been jumps nearly doubling the cost that a country suffers to natural disasters from year to year. According to the World Bank, there are several factors that affect a country’s vulnerability to natural disasters: its geographic size, the type of disaster, the strength and structure of its economy, and prevailing socioeconomic conditions. In a globalized economy, all these factors, as well as others, also play into how the world’s finances will be affected. A common belief is that short-term economic hits after a disaster, even those as large as this year’s earthquake and tsunami in Japan or Hurricane Katrina in the U. S. in 2005 are more than offset by the reconstruction boom that follows. However this is only in countries that are large and rich enough to have short-term stabilization to the immediate economic hit. The nature of the disaster and the size of the victim count in an economy are key when determining whether or not natural disasters have a negative impact on macroeconomic growth. So in a country such as Haiti and their disastrous earthquake, although a lot of money was pumped into the economy in order to help in the rebuilding, that does not do much when they are still in need of the proper man power that can produce new development or ideas for rebuilding the structures that were destroyed. Incidences of natural disasters have increased by 30 percent since the 1960s, and risk-modeling companies have raised the likelihood of a Katrina-like event happening once every 20 years, rather than once every 40 years (SKOUFIAS, 2003). Because of the possibility of large natural disasters happening more often as well as more frequent smaller natural disasters occurring, how will the economy be affected? Especially if before the reconstruction both socially and economically is finished from the original disaster, another strikes in the same area. Another problem that is faced with economic downfalls due to natural disasters is how other countries may view the stability of that country. For example, 75 percent of Haiti’s national income came through the export of retail apparel to the United States. If Haiti were to have any kind of smaller disasters before they can properly rebuild their economic and working communities, then other countries will only see them as a reoccurring high-risk investment and will no longer look to invest in Haiti, only deepening their turmoil from an economic stand point. Droughts cannot be forgotten either. 2010 set records as the hottest year in one of the hottest decades in history. Climate change, exacerbated by the effects of El Nino, sparked off a series of global heat waves. In Pakistan, temperatures rose to 128. 3 degrees Fahrenheit on May 26, the highest temperature seen in Asia. Russia was plagued by a series of wildfires, destroying crops and woodland, and blanketing cities in smog. People across Europe had to be hospitalized for heat strokes and dehydration as air-conditioning failed to bring relief. Asia had one of the most severe droughts across the globe. The drought caused an estimated 3. 5 million dollars in immediate damage, both to agriculture and to the country’s hydroelectric sector. There are also other uncounted losses, but still very real costs from the drought: a drought can lower the overall productivity of land due to erosion and topsoil loss. It can reduce the numbers in livestock herds, which most of Asia relies on for everyday living needs as well as economic income. Before the end of the summer, the death toll would rise into the thousands. 15 million people were evacuated, and over a million homes destroyed. Nearly 34 million acres of crops were affected by floodwaters, with at least two million completely destroyed. By August, direct damage from the floods was estimated at $41 billion. This is something that affected the worldwide agricultural need and demand (PreventionWeb, 2010). Proving the destructive power of natural disasters, even in highly developed nations, Hurricane Katrina crushed the gulf coast. Just east of the Bahamas on August 24, 2005 a small, unlikely tropical depression intensified into a tropical storm which was given the name Katrina. This storm slowly made its way to Florida’s southern coast on the 25th where most experts believed the storm would dissipate. Unfortunately, Katrina’s path took it over the everglades allowing it to maintain its category 1 standing that it had acquired before it first made landfall, then entered the Gulf of Mexico. The warm waters of the Gulf fostered the rapid development of Katrina (Kempler 2010). The above image shows Hurricane Katrina at the height of her power. Estimates had Katrina making landfall as a category 4, but thankfully it weakened a bit and before it rolled in as a strong category 3. Katrina became been responsible for an estimated 1,800 deaths, as well as 100 billion dollars total in damages, of which about 60percent were uninsured losses. Some economists would put the total economic loss at around 250 Billion dollars (Amadeo 2011). That made Katrina the most destructive natural disaster ever to hit the United States. With all of Katrina’s destruction, the short term effects on the economy were very evident. Only one year after the disaster the United States, the economy was back to normal. In the first three quarters of 2006 the United States had GDP growth of 5. 6 percent, some of the most rapid growth in recent years (Herman 2006). Even though the nation as a whole made a quick economic recovery after Katrina, locations that were struck directly, like New Orleans, did not make the turnaround quite as rapidly as hoped. The first few months after Katrina the United States economy went into a downward trend. The GDP growth rate dropped from the 4. 2 percent that it had experienced in the first three quarters to 1. 8 percent in the last quarter of 2005. The reason for this impact goes beyond the destruction of property and the primary economic concern; the loss of goods and production capabilities (Herman 2006). Perhaps the most important resource that the gulf region produces is oil. The gulf makes up about 30 percent of America’s oil production and distribution. The effects of Katrina resulted in the destruction of 113 offshore platforms, and nearly 500 oil and gas pipelines (Amadeo 2011). The loss of this production led to a drastic increase in gas prices soaring to over 4 dollars per gallon. This drastic rise in prices created a panic, and people rushed to the gas stations to fill up before prices rose again, creating massive lines and much talk about the gloomy forecast of economic woes come. The only positive result from the increasing gas prices was when the Federal government opened the strategic petrollium reserves. This increase in gasoline prices surprisingly did not have as much of an impact as speculators feared, other than people’s outlook on the situation. There were some effects.mthough mostly food price centered. The three main goods that saw a notable impact were the prices of bananas, rice and sugar (Leibtag 2006). The primary reason for the increase in the rice and sugar prices is because the Louisiana Mississippi area is responsible for 85 percent of the sugar cane production, and 14 percent of the rice production in the United States (Leibtag 2006). The drastic loss in production from that area was softened by short-run increases in the other producers of those crops. This ability to increase short-run production is a factor that contributes to the resiliancy of free-market economies. Though the nationwide effects were not all that staggering, the effects in New Orleans the months following Katrina were devastating. With 80 percent of the city flooded, hundreds of thousands of people were forced to flee the city of New Orleans, many never to return again (Blackburn 2010). This drastic loss in population coupled with the destruction of approximately 200,000 homes and businesses led New Orleans and the surrounding areas into a dire economic situation. In the first few months after Katrina, Louisiana lost 12 percent of the state’s 214,000 jobs (Herman 2006). One result of the loss of jobs was a drastic raise in mortgage delinquancy rates (Herman 2006). This inability to pay is more than likely a contributing factor to the very low rate of return from people who were forced to evacuate their homes by Katrina. Those that did find the resolve to return to stay were in a desperate situation. New Orleans, whose primary industry is tourism, suffered great losses after the storm. They desperately needed to be able to find a way to bring back the American and foreign tourist in order to fuel the creation for more jobs. The drop in tourism is best reflected by the attendance rates in New Orleans famous Mardi-Gras and Jazz Festivals. Both events had roughly a 30 percent drop in attendance from previous years (A year after Katrina, New Orleans desperately seeking tourists 2006). Part of the reason for the delay in the return of the tourism industry is the mass clean-up that had to take place first. Before anyone could return and maintain normal operations, there was still 118 million cubic yards of debris to be cleaned up.(Amadeo 2011) Thanks to efforts by FEMA, the Red Cross and many church ministries across the country, there was much help to be found. However, despite the efforts of all these groups, New Orleans a year after the incident was still working its way very slowly towards full recovery. With the aid that had come into the city, organizations were able to rebuild infrastructure and make great improvements to both education and government. In fact, post Katrina New Orleans has experienced steady growth in almost every way, including education levels, over the last 6 years as shown by the chart below Though it took about a year for it the effects to show and recovery to really make a strong step forward, the relief money that came into New Orleans and the other areas affected by Hurricane Katrina did what the nation was hoping it would; help restore one of Americas cultural and industrial centers. The economic turnaround in New Orleans shows how an initial investment in the form of government aid, insurance claims, and private donations can improve the economy of an area affected by a natural disaster. If this idea can hold to be true with the most costly natural disaster in American history, it should work with other costly natural disasters as well. Though maybe part of New Orleans success lay in the restructuring of their government and school systems in addition to the monetary support. Though the economy of the areas affected improve without bringing down the rest of the nation’s economy, suffering this type of event might not prove to be true in countries with weaker economies. Also, if a disaster like this was to hit a city like Los Angelas or New York, like Irene almost did, it is still speculator to say if there would be similar results. One thing can be said for certain, America’s ability to maintain long term economic growth despite short term impacts, like Katrina shows the resiliency of America as an economic super-power. Other economic super powers, like Japan, are trying to find this same formula for economic recovery. In the case of Japan’s 9.0 magnitude earthquake on March 11, 2011, the loss of clean water, electricity, infrastructure, production lines, financial institutions, and more than 15,000 lives caused what the Prime Minister of Japan called the â€Å"The most difficult crisis for Japan† since World War II. However difficult it has been, people have been recovering from the loss of loved ones, injury, and the general trauma of the disaster. Perhaps the greatest and most uncertain long term effects brewing are the econ omic impacts on the world market. Many large industries and economic functions have been hurt, causing price inflation in those industries throughout the world. Since March 11, 2011, nations around the world have had to adjust their consumption in accordance with the loss of production in Japan. Several car companies, such as Toyota and Honda, had their production of car parts slowed, and electronics producers experienced the same effects (Syed, 2011). This has been felt worldwide. For example, Toshiba, who produces roughly 30 percent of the world’s computer chips that store data in smart phones, cameras, and laptops, closed down several factories due to economic losses and physical damages. Events like this are what caused the average price of a chip with eight gigabytes of memory to rise from 7. 30 dollars to around 10 dollars just three days after the earthquake and tsunami struck (Helft, 2011). Obviously, the price of computer chips is not the only price that has risen. Because computer chips are more expensive, new phones, laptops, televisions, cars, cameras, electronic billboards, and complex machinery will have a rise in price to cover the cost of parts and production. This effect will be felt for months, and maybe even years in an already instable world economy. Many of these products are produced in Japan; the world export market has been greatly affected because of that. Japan’s exports have decreased, causing increased economic uncertainty. The macroeconomic result of this is that investors tend to pull away from the increasing risk of pumping money into Japan and look for safer and smarter industries and nations to try to grow their profits (Kihara, 2011). One of the most fascinating things about today’s economy is that everything is so globally connected. Because of this and the slow in Japanese exports, the United States level of consumption of Japanese goods dove 3.4 percent following the earthquake (Guardian. uk, 2011). If this trend continued throughout the year, then the Japanese economy would have lost 4. 2 billion dollars from 2010 levels of United States consumption alone (State. gov, 2011). The disaster and surrounding effects not only caused a decrease of funds going into Japan, but the economic instability caused by the earthquake was devastating in its timing. Japanese and other Asian stock markets plunged as the news of the disaster spread, and this is coming on the heels of the U. S.stock market falling nearly 2 percent the date before. Not only that, but the earthquake caused struggling European stocks to fall to three month lows (CBSnews. com 2011). This goes to show that natural disasters can cause a myriad of negative factors in an economy, and that a spike in uncertainty can be one of the most demoralizing. That uncertainty does not just surface in the stock markets, but also in global financing. The Japanese currency, the Yen, had a significant surge the day after the massive earthq uake struck (Bloomberg. com, 2011). This is said to be credited to the immediate cleanup, repair, and reconstruction needs that Japan incurred following the damages. The long-term effects of the boost in the value of the Yen are still unknown, but it has made the Yen rise in demand in recent months, despite fluctuations since the initial rise in trading worth (Bernard, 2011). The Yen is currently becoming stable once again, eight months after its spike in March then fall in April. Japan has done well in its recovery considering that the Yen hit recent year record lows in April. This graph shows the trading value of the Yen in the past year (Forexblog.org, 2011). The value of the Yen is not the only financial issue at stake. Japan is one of the major foreign holders of U. S. government and corporation debt. With Japan’s Debt-to-GDP ratio at 200 percent, and massive amounts of government spending looming in the rebuilding of the thousands of buildings and roadways lost, Japan is in great need of more money (CIA. g ov, 2010). Because of this, the current interest rates that U. S. corporations are paying on their international loans could increase in an effort to generate more revenue in Japan (Nanto, 2011). In turn, corporations would not be able to borrow as much money for new capital investment, thus hurting the consumption and job creation in the United States at a time when jobs are greatly needed with unemployment rates near nine percent (BLS. gov, 2011). Jobs are a big issue in Japan too. With many of the more than 15,000 killed and nearly 6,000 injured people being a part of the Japanese work force, and tons of cleanup and construction to be done, companies and the government have had to hire thousands of new workers to satisfy the demand for work (Japanese National Police Agency, 2011). After a brief climb in unemployment because of the direct aftermath of the earthquake, numbers dropped to a recent history record low of 4. 1 percent (Tradingeconomics. com, 2011). Once organization was restored, Japan began to utilize its workforce to combat the challenge of rebuilding cities. It is perhaps a gruesome yet effective means of increasing job demand in a nation when its economy was unsettlingly devastated. Since the record drop in unemployment, Japan has had what could be considered a â€Å"Recovery boom. On November 14, 2011, a news article stated: Gross domestic product grew at an annualized 6 percent in the three months ending Sept. 30, the fastest pace in 1 1/2- years, the Cabinet Office said today in Tokyo. At 543 trillion yen ($7 trillion), economic output was back to levels seen before the March 11 earthquake, the report showed. Japan’s return to growth after three quarters of contraction was driven by companies including Toyota Motor Corp. making up for lost output from the disaster. A sustained rebound will depend on how much reconstruction demand can offset a slowdown in global growth as Europe’s debt crisis damps global confidence and an appreciating yen erodes profits (Sharp, 2011). The fact the Japan is now back to its pre-earthquake GDP level is remarkable. It initiates again the idea of what is known to economists as â€Å"The Broken Window Fallacy. † The theory is that an economy can create jobs and achieve higher employment levels though the destruction of the current goods that exist. However, the destruction comes at a cost of replacement that, in the end, is not going to create a net gain, but will instead create a loss or â€Å"quick-fix† break even because businesses will be stimulated, but run less efficiently in the long run. Only time will tell if Japan’s growth over the last few months is simply a rebound or if the disaster caused a rethinking of how things should be done and built, therefore creating a more efficient, productive Japanese economy. Economists will be watching closely to spot trends. Another disaster that could have the same categories of effects on a much smaller scale is Hurricane Irene. The northeastern U. S. experienced the worst flooding since the existence of many towns and buildings of the region. Since only three months have passed since Irene made landfall on the New England area on August 28, 2011, the long term impact of the estimated 45 billion dollars in losses are still speculative (Morici, 2011). Given the current status of the American economy, any damages of the storm are probably being felt most nationwide right now, if compared to the time table of Japan’s economic fall and rise with respect to the earthquake in March. The U. S. may see a slight drop in unemployment and a rise in capital investment as part of the restoration of Irene’s damages, but most likely, no real growth will come out of it. However, the increase in consumption in order to rebuild the damaged parts of the northeast may spark a rise in consumer confidence, and that is what America desperately needs. A natural disaster in a third world country might bring in more money in aid than that country’s economy could have ever produced on its own, making a very positive economic impact. But, as far as the number go, in a developed nation like the United States or Japan, natural disasters cause little more than a large scale broken window fallacy case study. A hurricane, earthquake, or other disaster can bring forth events that build intangible benefits such as consumer confidence, improved organization of infrastructure, or more efficient ideas, but most real development and confidence comes from ingenuity, not devastation. However, it is hard to argue against the fact that necessity is the mother of invention, or in this case, restructured success. Works Cited

The Mozart Effect Essay -- Child Development

The Mozart Effect is a study that shows listening to classical music can have positive effects on learning and attitude. This occurrence is called the Mozart Effect, and it has been proven in experiments by many scientists. This research has caused much controversy between believers and nonbelievers, because The Mozart Effect is said to enhance the brain and reasoning; it is also used to reduce stress, depression, or anxiety; it induces relaxation or sleep; and the Mozart Effect activates the body. It also claims to help in the brain development in babies and young children and in addition is thought to aid in the process of studying. Scientists and skeptics have different beliefs about the benefits of the Mozart Effect. Scientists found that Mozart â€Å"enhanced synchrony between the neural activity in the right frontal and left tempoparietal cortical areas of the brain,† and that this effect continued for â€Å"over 12 minutes† (Rauscher & Shaw, 1998, p. 839). Based on these results, Leng and Shaw speculated that â€Å"listening to Mozart could be stimulating the neural firing patterns in the parts of the cerebral cortex responsible for spatial-temporal skills, which subsequently enhances the spatial-temporal abilities that are housed in those parts of the cortex†[Dowd]. However nonbelievers suggest that the research is incomplete and misleading. The Irvine study that launched the phenomenon has been widely criticized. The Startling results announced by the initial paper were misleading. First, the researchers claimed that the undergraduates improved on all three spatial-reasoning tests. But as Shaw later clarified, the only enhancement came from one task—paper folding and cutting. Further, the researchers presented the data in the form... ...it. To what extend Mozart’s music affects our brains is still a question for this mom. Works Cited Bruer, John T. The Myth of the First Three Years: A New Understanding of Early Brain Development and Lifelong Learning. New York: The Free Press 1999. Carroll, Robert. The Skeptic’s Dictionary. Robert Carroll. 2010. Web. 12 April 2011. Connor, Steven. â€Å"Mozart Effect Divides Science† Science News 26 Aug. 1999: Research Library, Lexis Nexis. Web. 15 March 2011. Dowd, Will. "The Myth of the Mozart Effect." Skeptic 13.4 (2007): 21-23. Academic Search Premier. EBSCO. Web. 15 Mar. 2011.) Fordahl, Matthew. â€Å"Mozart Won’t Help Smarts: Studies.† Entertainment, 26 Aug. 1999: Research Library, Lexis Nexis. Web. 15 March 2011. Siegfried, T. "Many Curious Scientists Have Music on Their Minds.† Science News 14 Aug. 2010: Research Library, ProQuest. Web. 12 Apr. 2011.

He’s A Live Wire, Metaphor and Poetry Essay

The use of metaphor in poetry is one of the most important aspects of poetic style that must be mastered. Metaphor can be described as figure of speech in which a thing is referred to as being something that it resembles. From the perspectives of construction, poetic and cognitive function and working mechanism, where metaphor is constructed from human perceptual experience and is extended through imaginative processes. An important feature of cognitive stylistics has been its interest in the way we transfer mental constructs, and especially in the way we chart one mental representation onto another when we read texts. Cognitive linguists have consistently drawn attention to this system of conceptual transfer in both literary and in everyday discourse, and have identified important figures of speech, through which this conceptual transfer is carried out. Conceptual Metaphor, also called Cognitive Metaphor, was developed by researchers within the field of cognitive linguists. It became widely known with the publication of Metaphors We Live By, by Lakoff and Johnson, in 1980. Conceptual metaphor theory has since been developed and elaborated. Definition and Construction of Metaphor as we know, metaphor is a type of figurative language in which one thing is described in terms of some other thing. The word metaphor comes from Greek ‘metapherein’ which means carry over. Another translation is transference, a term more familiar to us from psychoanalytic theory (dictionary. com). In a metaphor, one of the basic senses of a form, the source domain, is used to grasp or explain a sense in a different domain, called target domain. The idea that we take attitudes from one area of experience and use them to approach and understand another is fundamental to human interactions with the world. In cognitive linguistics, conceptual metaphor, or cognitive metaphor, refers to the understanding of one idea, or conceptual domain, in terms of another, for example, understanding quantity in terms of directionality. â€Å"She eats like a bird†. A conceptual domain can be any coherent organization of human experience. The regularity with which different languages employ the same metaphors, which often appear to be perceptually based, has led to the hypothesis that the mapping between conceptual domains corresponds to neural mappings in the brain. Some theorists have suggested that metaphors are not merely stylistic, but that they are cognitively important as well. In â€Å"Metaphors We Live by† by George Lakoff and Mark Johnson argue that metaphors are pervasive in everyday life, not just in language, but also in thought and action. A common definition of a metaphor can be described as a comparison that shows how two things that are not alike in most ways are similar in another important way. They explain how a metaphor is simply for understanding and experiencing one kind of thing in terms of another. The authors call this concept a ‘conduit metaphor. ’ By this, they meant that a speaker can put ideas or objects into words or containers, and then send them along a channel, or conduit, to a listener who takes that idea or object out of the container and makes meaning of it. In other words, communication is something that ideas go into. The container is separate from the ideas themselves. Lakoff and Johnson give several examples of daily metaphors we use, such as â€Å"argument is war† and â€Å"time is money. † Metaphors are widely used in context to describe personal meaning. The authors also suggest that communication can be viewed as a machine: â€Å"Communication is not what one does with the machine, but is the machine itself. † (Johnson, Lakoff, 19) Concerned with its construction, metaphor is made up of three elements: Tenor- the subject under discussion, Vehicle –what the subject is compared to, Ground- what the poet believes the tenor and vehicle have in common. For instance, the metaphor â€Å" he’s a live wire†, â€Å"he† is the tenor, â€Å" live wire† is the vehicle and â€Å"is full of energy / is very lively/is potentially dangerous† is the ground. So far, many linguists have been attempting to elucidate the ways in which language reflects the manner in which human beings perceive, categorize and conceptualize the world. The result is like this: the more accurate, objective and literal the description is, the more elusive it may be. According to the linguist George Lakoff (Johnson, Lakoff,38), we use our basic bodily understanding of places, movements, forces, paths, objects and containers as sources of information about life, love, mathematics and all other abstract concepts. Cognitive linguists suggest that we use metaphor intuitively and unconsciously to understand the mind, emotions and all other abstract concepts. Such metaphors enable us, as embodied beings, to make sense of a concept such as mind, which we cannot see with our eyes or grasp with our hands. It allows us to take a view on the debate and to get to grips with the subject. Cognitive linguists suggest that, without such conventional metaphors, there would be no abstract thought. It also suggests that metaphors may privilege some understandings exclude others. Through field research, Lakoff has collected large numbers of metaphorical expressions. It is believed that these are derived from a smaller number of conceptual metaphors. Both creative, novel metaphors and dead, conventional metaphors are derived from conceptual metaphors. For Lakoff, the locus of metaphor is not in language at all, but in the way we conceptualize one mental domain in terms of another. For example: 1) Love is a journey. (This marriage is bad. ) The idiomatic expressions above, exemplifying two conceptual metaphors, are commonplace, non poetic and do not, perhaps, strike us as particularly metaphorical. We can say this marriage is in a rut and this statement is taken at literal value. If someone were to say, â€Å"Even a Massey Ferguson wouldn‘t have salvaged my marriage†, we hear the statement as something new. Metaphorically, an impediment to the continuation of a marriage is an impediment to a journey continuing, such as a rut. On a real journey, we might ask the local farmer to haul our car out of a rut with a tractor. To create a novel metaphor, essential for poetry and humor, the speaker has taken an aspect of the source of the conceptual metaphor that is not usually associated with the target. In doing so, the speaker has made the metaphor explicit and brought it back to life. In other words, metaphor is describing one thing in terms of some other. Its tenor and vehicle have similarities as well as difference. The most significant difference is that the two belong to different domains: tenor belongs to the source domain while vehicle belongs to the target domain. 2) The encyclopedia is a Gold mine. Here the encyclopedia and Gold mine are totally different, but they have similarity in a certain aspect. To say the encyclopedia is a gold mine is because both of them deserve hard digging thus forming a metaphor. Such kind of similarity should be limited to certain aspects otherwise; it cannot form a metaphor, 3) The encyclopedia is a dictionary. In this sentence, the encyclopedia and dictionary belong to the same category. Actually, the former is a subcategory of dictionary; therefore, it is not a metaphor. Theoretically speaking, the possibility of forming a metaphor depends on the difference between the two things. The more different they are, the more possible a metaphor they can be form. However, the extent of difference should also be restricted by its similarity. The more different they are, the more difficult it will be for people to understand the metaphor. Because of this, a ground is needed to offer necessary explanations. Generally speaking, vehicles’ characteristics are more specific and familiar to people, for example: 4) Architecture is solid music. As we know, music cannot be seen or touched but people still can understand it. By employing an abstract and invisible thing to define a concrete and specific object, this sentence gives the readers a sense of distance as well as a poetic conception. Therefore, a metaphor is a process of mapping between two different conceptual domains. The different domains are known as the target domain and the source domain. The target domain is the topic or concept that you want to describe through the metaphor while the source domain refers to the concept that you draw upon in order to create the metaphorical construction. In his influential study of the poetic structure of the human mind, Gibbs highlights the important part metaphor plays in our everyday conceptual thought. Metaphors are not some kind of distorted literal thought, but rather are basic schemes by which people conceptualize their experience and their external world. Figurative language generally, which also includes irony, is found throughout speech and writing; moreover, it does not require for its use any special intellectual talent or any special rhetorical situation (Gibbs, 21). Indeed, the fact that many metaphors pass us by in everyday social interaction is well illustrated by this unwitting slip by a venerable British sports commentator: We didn’t have metaphors in my day. We didn’t beat about the bush. Metaphor is simply a natural part of conceptual thought and although undoubtedly an important feature of creativity, it should not be seen as a special or exclusive feature of literary discourse. In other words, metaphors are a cognitive process being seen in language in our everyday lives; metaphors shape not just our communication, but also shape the way we think and act. Conceptual metaphors are used very often to understand theories and models. A conceptual metaphor uses one idea and links it to another to better understand something. For example, the conceptual metaphor of viewing communication as a conduit is one large theory explained with a metaphor. So not only is our everyday communication shaped by the language of conceptual metaphors, but so is the very way we understand scholarly theories. These metaphors are prevalent in communication and we do not just use them in language; we actually perceive and act in accordance with the metaphors. A metaphor is simply for understanding and experiencing one kind of thing in terms of another, and the speaker could put ideas or objects into words or containers, and then send them along a channel, or conduit, to a listener who takes that idea or object out of the container and makes meaning of it. In other words, communication is something that ideas go into. The container is separate from the ideas themselves. Therefore, metaphors are matter of thought and not merely of language: hence, the term conceptual metaphor. The metaphor may seem to consist of words or other linguistic expressions that come from the terminology of the more concrete conceptual domain, but conceptual metaphors underlie a system of related metaphorical expressions that appear on the linguistic surface. Similarly, the mappings of a conceptual metaphor are themselves motivated by image schemas which pre-linguistic schemas are concerning space, time, moving, controlling, and other core elements of embodied human experience. Conceptual metaphors typically employ a more abstract concept as target and a more concrete or physical concept as their source. For instance, metaphors such as ‘the days [the more abstract or target concept] ahead’ or ‘giving my time’ rely on more concrete concepts, thus expressing time as a path into physical space, or as a substance that can be handled and offered as a gift. Different conceptual metaphors tend to be invoked when the speaker is trying to make a case for a certain point of view or course of action. For instance, one might associate â€Å"the days ahead† with leadership, whereas the phrase â€Å"giving my time† carries stronger connotations of bargaining. Selection of such metaphors tends to be directed by a subconscious or implicit habit in the mind of the person employing them.

Education Theory Essay

English Language Learner (ELL), English as Second Language (ESL), and English as Foreign Language (EFL) are the teaching and learning strategies of English language for students whose first language other than language. The complexities and technicalities of English Language often confuse students having non-English background and especially those who live in non-English speaking countries (Ferris and Hedgcock, 1998). ELL, ESL, EFL and similar courses are designed to help students to enroot themselves in the basics and essentials of English from beginning. Importance of ELL Globalization has seen English becoming the language with maximum reach and influence, and it is taught in many nations as the second language. With English becoming the international language of commerce, business, law, technology and medicine, it is has become an essential career and communication tool. Estimates are that around 1. 5 billion people around the world, out of which more than 70 percent are non-native speakers of English, use English as a language of communication (Ferris and Hedgcock, 1998). In consequence there are host of full-fledged academies and dedicated institutions in many non English-speaking countries that design curriculum and try to select most appropriate course material to impart English communication skills to students (Gass and Schachter, 1996). On a secondary and more immediate level, there is a continuous influx of foreign nationals in USA and many of them lack formal communication training in English. The foreign nationals and students, who come to USA in thousands every year, share a combined language background of more than 1000 languages. The individual background of foreign nations s acts as a hindrance in their amalgamation with their immediate surrounding and culture, and presents the image of USA as an alien nation (Messerschmitt Vandrick and Hafernik, 1996). This obviously requires designing a comprehensive and all assimilating learning procedure that can act as cultural and linguistic melting pot. In this respect ELL assumes a very important role, providing a crucial cross over opportunity to foreign students, imparting the necessary communication learning and teaching that is essential for their survival in the generally English surrounding (Messerschmitt Vandrick and Hafernik, 1996). Theories in ELL designing Most of the students passing through traditional ELL courses have reported difficulty in actual understanding of content and implications of English language when they face it in the real life situation. In this perspective, researchers have theorized that by observing the model of English education imparted in native English speaking countries and modeling the ELL courses on those parameters (Messerschmitt Vandrick and Hafernik, 1996). The most prevalent and popular pedagogy model observed for native students showed that students were required to study novels, short stories, literature work, and were required to devote their time to writing. The formal schooling requires students to get well versed in descriptive, narrative, argumentative and imaginative style of writing (Gass and Schachter, 1996). These models also required students to undertake discussion and expositions on the literature material they covered during the course along with developing their own text, expressing their own ideas and reviewing and analyzing other works. Most of the major educational institutions have started following this process-oriented approach in language education that makes learning of language as a non-directional endeavor, enabling students to develop their inner thinker and writer and empowering them to imbibe, rather than learn, English language (Ferris and Hedgcock, 1998). Since 1980s, researchers have found that ELL methods succeeded mostly for students who were encouraged to develop a cognitive and create approach towards English through the process of writing (Messerschmitt Vandrick and Hafernik, 1996). Writing helps students to think originally, compose ideas in a logical way, transfer the essential communication strategies to students and enable them to develop a reflective intuition on interpretation of English text and language. There are a number of additional studies and researches to prove that learning strategies that are based on the model of primary education techniques have been successful in creating the most effective set of models (Gass and Schachter, 1996).

Dorothea Dix essays

Dorothea Dix essays Dorothea Dix played an important role in changing the ways people thought about patients who were mentally-ill and handicapped, originally cast-off as being punished by God, as well as the way facilities handled and treated them. She believed that people of such standing would do better by being treated with love and care rather than be put aside. As a social reformer, philanthropist, teacher, writer, nurse, and humanitarian, Dorothea Dix devoted her life to the welfare of the mentally-ill and handicapped. During the mid-1800s she was a leader in the movements for prison reform and for providing mental-hospital care for the needy. She accomplished many milestones throughout her life, which changed the way patients are cared for, even today. She was a pioneer in her time, taking on challenges that no other women would dare dream of tackling. Dorothea Dix was born in April of 1802 in Maine. She was brought up in a filthy, poverty-ridden household. Her father came from a well-to-do Massachusetts family and was sent to Harvard. While there, he dropped out of school, and married a woman twenty years his senior. Living with two younger brothers, Dix dreamed of being sent off to live with her grandparents in Massachusetts. Her dream came true. After receiving a letter from her grandmother, requesting that she come and live with her, she was sent away at the age of twelve. She lived with her grandmother and grandfather for two years, until her grandmother realized that she wasnt physically and mentally able to handle a girl at such a young age. She then moved to Worcester, Massachusetts to live with her aunt and her cousin. The thought of her brothers still being in her former home environment in Maine hurt her. She tried to think of a way to get at least one of her brothers, the sickly one, to come and be with her. She knew that her extended family was financially able to take in another child, and if she showed respons...

Racial Discrimination, Deviance, and Redemption in “Crash” Essays

Racial Discrimination, Deviance, and Redemption in â€Å"Crash† Essays Racial Discrimination, Deviance, and Redemption in â€Å"Crash† Paper Racial Discrimination, Deviance, and Redemption in â€Å"Crash† Paper Paul Haggis’ (2004) movie â€Å"Crash† is a powerful portrayal on the way in which racial discrimination as a complex social problem affects the lives of people. Set in Los Angeles, the movie shows how different people often â€Å"crash† into each other’s lives and unconsciously create ripples in these interactions. The effectivity of Higgis’ depiction lies on the utter simplicity by which the movie is able to show the nuances of interlocking problems from multiple perspectives. Interestingly, the movie also poses the problem of coping in a multi-cultural society where racism is almost a norm in itself and shows how gender and socio-economic gaps contribute to and reinforce racial stereotypes and biases. The film’s exploration on the barriers erected by racial, gender, and income disparities is perhaps best portrayed by Matt Dillon who plays the character John Ryan, a police officer who has been working for seventeen years with the Los Angeles Police Department. Ryan is a single, white, male who lives with and takes care of his aging father off-duty and who spends most of the time in the movie demanding a better doctor from his father’s healthcare company. Ryan is both a dutiful son to his father and the police force, however, his character harbors the frustration resulting from the conflicts of his status as a male Caucasian in the lower rungs of the economic ladder which prevents him from providing better quality of healthcare to his ailing father. It is from thses conflicting roles that his bitterness and disdain towards privileged people of color arises. Most of the poignant scenes which emphasize his bitterness and his attempt to compensate for his disadvantaged position show Ryan attempting to get back at his perceived tormentors either by physically or verbally harassing them using his position as a police officer and his status as a Caucasian. In the early part of the film, for instance, he is the stereotypical white, racist cop who stops an SUV driven for no apparent reason than the fact that it is driven by a black American and proceeds to create false charges against him. Clearly a case of selective perception where people are almost always quick to prejudge other people based on the color of their skin or other stereotypes, Ryan treats the man, a film director, like a common criminal. Unfortunately, the man’s wife, played by Thandie Newton, sees the cop’s real agenda for stopping them and protests arrogantly that â€Å"You thought you saw a white woman performing fellatio on a black man? †¦ †¦? that’s why you stopped us. † (Haggis, 2004) This visibly enrages Ryan who, not wanting to show weakness and lose his power in front of his much younger police partner, retaliates by subjecting the woman to a body search and sexually offending her. The act is both an offense and an insult against the woman and her husband, who are forced to endure the harassment and even apologize to the police officer for a supposed crime. In another scene, Ryan pays Shaniqua a personal visit to discuss his father’s deteriorating health and painful condition which expectedly ends in conflict when he subjects her to racial slurs in an attempt to compel her to do more for his father. He tells her of his father’s effort to provide employment in his business and of the loss he suffered when the Government started adopting a preference for companies owned by racial minorities. She is not moved by Ryan’s tirade of his father’s contribution to the African-American community, however, because of Ryan’s racist remarks and instead tells him that she would have signed the necessary papers if Ryan had been nicer.

An Introduction to the French Language and Linguistics

An Introduction to the French Language and Linguistics A good place to begin if youre considering learning any language is to learn about where the language came from and how it functions within linguistics. If youre thinking about learning French before your next visit to Paris, this quick guide will get you started on discovering where French came from. The Language of Love French belongs to a group of languages identified as a Romance language, although thats not why its called the language of love. In linguistic terms, Romance and Romanic have nothing to do with love; they come from the word Roman and simply mean from Latin. Other terms sometimes used for these languages are Romanic, Latin, or Neo-Latin languages. These languages evolved from Vulgar Latin between the sixth and ninth centuries. Some other very common Romance languages include Spanish, Italian, Portuguese and Romanian. Other Romance languages include Catalan, Moldavian, Rhaeto-Romanic, Sardinian and Provenà §al. Because of their shared roots in Latin, these languages can have many words that are similar to each other.   Places French Is Spoken Romance languages originally evolved in Western Europe, but colonialism spread some of them all over the world. As a result,  French is spoken  in many regions other than just France. For example, French is spoken in the Maghreb, through Central and West Africa, and in Madagascar and Mauritius. Its the official language in 29 countries, but the majority of the francophone population is in Europe, followed by sub-Saharan Africa, North Africa, the Middle East and the Americas, with about 1% being spoken in Asia and Oceania.   Even though French is a Romance language, which you now know means that it is based on Latin, French has a number of characteristics that set it apart from the other members of its linguistic family. The development of French  and basic  French linguistics  go back to Frenchs evolution from Gallo-Romance which was the spoken Latin in Gaul and even more specifically, in Northern Gaul.   Reasons to Learn to Speak French Aside from becoming fluent in the worlds recognized language of love, French has long been an international language for diplomacy, literature and commerce, and has played a significant role in the arts and sciences as well. French is a recommended language to know for business as well. Learning French can allow communication  for various business and leisure travel opportunities across the world.

Public University Funding Assignment Example | Topics and Well Written Essays - 750 words

Public University Funding - Assignment Example There is problem in acquiring funds from private entities/foundations such as 'auxiliaries' that are affiliated to these public universities. The problem does not arise from acquiring funds. The problem arises when such 'auxiliaries' affiliated to the universities are not legally bound to disclose where they get funds from and are also exempt from any disclosure of their accounts. Such anomaly can lead to grave consequences for the universities. Instances have been quoted where certain 'auxiliaries' have not been as forthcoming as they were expected to be. A foundation affiliated with Sonoma State University lent money to a former member of its board. They then got stuck with a bill when he could not pay the money back. And a former chancellor of San Francisco City College has been indicted on charges that include allegedly diverting money from a foundation account to pay for a club membership, liquor and other expenses (Instructions). These malpractices cannot be allowed to go unchecked just because Californian Public Records Act does not cover foundations. There is a gap in the law if such malpractices are allowed to occur with impunity. The current financial scenario is fraught with ignoble implications and any gap in the legal process could even mean playing into the hands of terrorists. Californian Senator Leland Yee's legislative bill SB-218 deserves "swift and overwhelming approval" by the legislature. The bill will ensure transparency and accountability. In order that honest and bona fide "auxiliaries' are not discouraged from fund raising on the university's behalf, SB-218 has a provision for such donors to remain anonymous (Senate Judiciary Committee). There are legitimate and principled ways of raising funds. Sometimes it is easier to raise funds than disburse them. Universities must be as careful in their disbursements as they are when raising funds. Conclusion Accountability and transparency in financial affairs promote goodwill and developmental activities. People in general and donors in particular want to see funds utilized judiciously and donate in greater measure when funds are invested honestly and purposefully. Besides, universities are noble institutions and are expected to uphold exemplary standards of funds utility. Source: Instructions, Order No. 316961, Academia-Research.com Senate Judiciary C

Multicultural Mall Essay Example | Topics and Well Written Essays - 250 words

Multicultural Mall - Essay Example In relation to this, their attitude could also be an additional criterion to know how effective the proposal is. If the community gets actively involved, not only patronizing the business but sharing their skills and talents as well as investing in the venture, then it is a sign that the people agree with the project’s establishment. Moreover, the number of people participating will also tell how successful the business is. If there are only a few who are interested in the business, it means that the business could either stagnate or fall. However, when there are numerous people participating, it shows that there are many who are interested in the business. The reason why this is important is because in business, it is known that the people are the ones who will bring the money in. The more prospective customers entering the multicultural mall mean more profit for the businessmen. Moreover, when more tourists are attracted to the place, it implies the success of the enterprise . Lastly, with the convenience of online shopping nowadays, inquiries , requests and patronage tells how well the business is

Discuss the different levels of irony in the story Essay

Discuss the different levels of irony in the story - Essay Example It is his journey from stardom to decline. However, A Hunger Artist is not only about changing trends of society, but, actually, it portrays various tabooed issues with its ironic theme, hidden symbols, and metaphors. Irony is a dominating aspect to this story, and its different levels are evident throughout the narrative. This paper is an attempt to understand the hidden irony, and allegory in A Hunger Artist. Irony could be understood as the conceptual contrast between outwardly appearance and the actuality behind personal motives, experiences, and situations of life (Colebrook 5). Irony has different levels: it could be verbal, situational, and dramatic. In a story, irony should be assessed on both personal and communal grounds. Presence of verbal irony in this tale is evident by the hurtful dialogues directed towards the artist. Kafka has very clearly expressed the suspicion, public indifference and dejection experienced by the artist through the narrative. The artist is compared to an animal at several occasions, and by the end of the story, his cage is habited by a panther which is not only insulting, but also ironic to a much greater extent. The quote â€Å"Starvation artist might respond with an outbreak of rage and, to everyone's horror, begin to rattle the bars of his cage like an animal† proves this point (Kafka 61). ... The verbal irony worsens in the last part, where the artist dies due to the unjustified ignorance from his employers but says, â€Å"And forgive me, all of you† (Give It Up! And Other Short Stories 33). This is not just absurd but also ironic because the artist is the receiver of cruelty, negligence, and indifference from the world, but he is asking others to forgive him for his sins. However, this has a lesson which Kafka has conveyed to the reader through a conversation between the artist and the overseer. The artist says, â€Å"I always wanted you to admire my fasting, but you shouldn't admire it† (Give It Up! And Other Short Stories 33). In this story, hunger is used as an element of irony, depicting constraint, isolation, and self-denial which, when imposed, crushes a person spiritually and physically. That is why Kafka clearly stated that such an act must not be admired. Situational irony occurs at numerous points in A Hunger Artist. The aspect that the artist has acknowledged his fading art is an example of situational irony. "In recent decades interest in hunger artists has greatly diminished" (Kafka 56). It is true that entertainment is necessary, but allowing such an odious act for enjoyment sake, and then suddenly rejecting it shows the society’s disrespect for art. The manner in which fasting act was conducted provides sufficient evidence for situational irony. The artist was confined in a cage, and guards kept a constant check on him. â€Å"There were also permanent watchmen, usually butchers – whose job it was, always three at a time, to watch the starvation artist day and night† (Kafka 57). Such a situation is ironic because it depicts the indifferent attitude of the public and employers towards a

Goddesses in world religions and cultures Research Paper

Goddesses in world religions and cultures - Research Paper Example Divinity relates to the existence and our subsequent belief in God, Gods, and/or Goddesses. Various cultures have followed polytheistic and monotheistic ideals of divinity for centuries. Some still survive today and some do not. One such Deity representation which has become a symbol rather than actual worship in the modern world is the Goddess Culture, or Goddess centered worships. Though it has manifested itself in pop culture, mass consumerism, and various outspread ‘occult’ religions, it has powerful roots in practices of old. We know that civilization’s cradle was hunting and agriculture. These two aspects were attributed to male and female counterparts as part of a natural living arrangement. Women and agriculture were equated as being fertile, bringing forth new life and vitality. This gave way to perhaps a self-constructed notion of a female deity which was responsible for vegetative-ness. Though we may not see evidence of it in our current world surroundings, the European Goddess culture of old lasted for thousands of years and has managed to permeate into differing modern day contexts. The eventual suppression of Goddess worship came about as a result of a number of factors. Historians largely believe that the Eastern dominance of Europe had a major impact. They brought biological knowledge of male procreation as well as their own mostly patriarchal values to Europe. This slow evolvement of thought coupled with male brute strength eventually came to replace the concept of the Divine Feminine and render her inferior to men. The situation was intensified when the witch-hunts and witch-burnings of the Middle Ages began to take place all across Europe and America. These were the same women who were considered heretics, pagans, and followers of some unnatural nature religion. But prior to such suppression, somewhere during the pre-Christian era, polytheistic

Ethics of Stock Option Case Study Example | Topics and Well Written Essays - 500 words

Ethics of Stock Option - Case Study Example The stock option was based on the company shares thus resulted in an increased urge to the executives to raise the stock’s price. Some of the executives chose foul ways of raising the stock prices such manipulating of companies financial statements, firing of employees and closing of plants to increase the company income. The executives thus looked for ways through which they could engineer the stock prices for their own benefits. The grant date for the stock option was also chosen by the executives which meant they could do it in a way that favors them; for instance when the market share price was lowest to benefit the recipients. Stock price manipulation also resulted in increased salary gap between the highly paid employees and the lowly paid employee in the company. During market downturn due to stock price manipulation, investors suffered as a result greedy character of the executives while the executives were being awarded for the failures of the company. (Raiborn, et al ., 2007). All these ethical issues of stock option handling needed to be looked upon for a moral reason. Due to the many shortcomings of the old ways through which stock options were handled, new changes were made that could reduce the unethical issues that arose and enhancing of doing the right things for the right reasons. The changes included new laws of reporting stock option grants within two days of issue, â€Å"synthetic† re-pricing and the indexing stock options. The changes had a great impact on the ethical issues as they enforced rational stock option awarding. (Raiborn, et al., 2007) Manipulation of the stock prices reduced and the employee received what they deserved. Even so, new ethical issues arose from the changes as the adoption of the Spring- Loading and Bullet-Dodging by some companies which benefited some of the participants of the company which was unethical. Stock option handling in the past raised some ethical issues. These were reduced by the recent changes even though more ethical issues arose.

Goddesses in world religions and cultures Research Paper

Goddesses in world religions and cultures - Research Paper Example Divinity relates to the existence and our subsequent belief in God, Gods, and/or Goddesses. Various cultures have followed polytheistic and monotheistic ideals of divinity for centuries. Some still survive today and some do not. One such Deity representation which has become a symbol rather than actual worship in the modern world is the Goddess Culture, or Goddess centered worships. Though it has manifested itself in pop culture, mass consumerism, and various outspread ‘occult’ religions, it has powerful roots in practices of old. We know that civilization’s cradle was hunting and agriculture. These two aspects were attributed to male and female counterparts as part of a natural living arrangement. Women and agriculture were equated as being fertile, bringing forth new life and vitality. This gave way to perhaps a self-constructed notion of a female deity which was responsible for vegetative-ness. Though we may not see evidence of it in our current world surroundings, the European Goddess culture of old lasted for thousands of years and has managed to permeate into differing modern day contexts. The eventual suppression of Goddess worship came about as a result of a number of factors. Historians largely believe that the Eastern dominance of Europe had a major impact. They brought biological knowledge of male procreation as well as their own mostly patriarchal values to Europe. This slow evolvement of thought coupled with male brute strength eventually came to replace the concept of the Divine Feminine and render her inferior to men. The situation was intensified when the witch-hunts and witch-burnings of the Middle Ages began to take place all across Europe and America. These were the same women who were considered heretics, pagans, and followers of some unnatural nature religion. But prior to such suppression, somewhere during the pre-Christian era, polytheistic

American Constitution Essay Example | Topics and Well Written Essays - 500 words

American Constitution - Essay Example d government of the United Sates operated, until the founding fathers called for the Federal Convention, during which the initial work that had produced the 13 Articles of Confederation, which were incorporated into the Constitution, representing the Declaration of Independence. There is no other country that, since its birth, has been guided by the same document that was created at the time of the country’s birth. Fourth, we know that the Constitution is vague enough in its guarantees as to be flexible and applicable with changing times, to the present modernity often referred to as the New Age. Thus, the United States Constitution is a living document; a finely crafted living document. It is not the product of happenstance or chaos, but is the product of collaborative philosophies that guided the American forefathers in framing the document so that it would continue to live, and would survive the test of time. It was only after five years of debate and discussion that, in 1781, the Articles of Confederation were ratified (Jenson, M., 1950, p. 3). These 13 Articles serve as the Preamble of the American Constitution. What this period of time shows, is that the debate about the ensuing Constitution were serious and time consuming debate. The original 13 Articles of Confederation, while they were enough to prevent the country from sliding into chaos; were not sufficient in content or wide enough in breadth that they covered ever facet of government with which the founding fathers knew that the new government, and subsequent governments, would need to govern with. So, when we consider the element of time, it is indicative, by the amount of time that it was before the 13 Articles of Confederation were ratified that is the first indication that the American Constitution is a finely crafted document. The second indication that the American Constitution was well thought out, is that for the eight year period following the ratification of the Articles of

Consider the significance of the Edict of Nantes 1598 Essay Example for Free

Consider the significance of the Edict of Nantes 1598 Essay The Edict of Nantes immediately followed the Wars of Religion, which further divided France in terms of religion. The Edict of Nantes could be described as a significant development in policies regarding religion in France in the 17th century. The policies were implemented by a monarch who sat on the fence when it came to religion, having devotions to both Catholicism and Protestantism, in the shape of Henry IV. The Edict of Nantes itself was very significant as its policy was the first of its kind in French politics. Never before had a French monarch tolerated both Catholicism and Protestantism and allowed them both to flourish in the same country. Whatever Henrys beliefs and motives in implementing such a policy, it was certainly an original policy and a significant development in sixteenth and seventeenth century France. Toleration existed and although it can be argued that Protestants didnt have very much power and the Catholics remained in near total control of the majority of areas in the country but the Protestants certainly had more power than they had under previous more anti-Protestant monarchs. The Edict could also be described as a turning point. Indeed, it could be described as a very significant turning point. Legislation was put in place in an attempt to avoid discrimination against the Protestants. Discrimination was not evident by the Edict itself; it was more of a case of trying to give the Protestants more rights. Henry couldnt go as far as giving the Protestants equal legal, religious and political rights because he would lose the support of the Catholics. However, there can be no denying the significance of the legislation. It was the attempt to be pragmatic where religion is concerned which resulted in his death. The significance of Henrys reign lies in the difference and the pragmatism of his reign. The actual legislation could be described as ground breaking. The rights that the Edict of Nantes gave the Protestants included full liberty of conscience and private worship; liberty of public worship wherever it had previously been granted and its extension to numerous other localities and to estates of Protestant nobles; full civil rights including the right to hold public office; royal subsidies for Protestant schools; special courts, composed of Roman Catholic and Protestant judges, to judge cases involving Protestants; retention of the organization of the Protestant church in France; and Protestant control of some 200 cities then held by the Huguenots, including such strongholds as La Rochelle, with the king contributing to the maintenance of their garrisons and fortifications. In practice, things were slightly different for the Protestants who were oppressed by the Catholics and still werent allowed anywhere near Paris. It is clear that full, equal rights for the Protestants were not given by Henry for example, Roman Catholic judges had more power in the courts than the Protestant judges did and often Roman Catholic bias came through in a number of cases but there was some attempt to give the Protestants some rights and freedoms which was in itself significant. The Edict of Nantes was also very significant in terms of Henrys foreign policy. He wanted to protect the southern border of France from the Spanish and Austrian Hapsburgs. Henry was more patriotic than the French kings before him and his policies show this as he placed the Protestants in the south of France, using the Protestants to protect France from Spain. All of this means that in terms of French foreign policy the Edict of Nantes carries further significance for a number of reasons The removal of the Protestants away from Paris and further towards the south means that Henry IV embarked on a policy of centralisation. There is no doubt that Henry converted to Catholicism and tried to maintain as much power as possible for his Catholic friends in the establishment. Policies were made more in a centralised way i.e. from Paris and the Protestants were freezed out in positions of power by the Catholics. This is significant because of the reign of Louis XIII who furthered the centralisation policy, and shows that there was a trend towards centralisation before Louis XIII came onto the throne. This also shows that Henrys domestic and foreign policy can easily be linked, which is also significant. All of this emphasises how significant the Edict of Nantes was. Henrys patriotism was also on show in the implementation of the Edict of Nantes. He didnt want any foreign influence in his affairs and he wanted to appease the Protestants. The best way to appease them was giving them an important role whilst getting what he wanted in his foreign policy by getting the Protestants to protect the borders of France. This is highly significant as never before had a French monarch been as patriotic as Henry and it is also significant because it indicates that Henry didnt actually want the Catholics to have power in all areas of France which probably indicates that he still had allegiances to the Protestant beliefs despite his conversion to Catholicism. Henrys tactical manoeuvres were also significant in another way. Basically, he prevented the Wars of Religion from continuing and restarting again. The irony is that his tendency to sit on the fence on the issue of religion in the end cost him his life. This is why some historians place emphasis on the significance of this aspect of the Edict of Nantes. Henrys early life as a Protestant and his subsequent conversion to Catholicism make the Edict of Nantes interesting as well as significant. To consider the significance of the Edict of Nantes, we have to consider the situation in France before Henry IV came to the throne and even beyond the Wars of Religion. The Wars of Religion were where the Calvinist Huguenots (Protestants) and the Catholics did battle for control of the monarchy. The Catholics won and maintained control of the monarchy; however, it is clear that something needed to be done to prevent another War of Religion from happening. Henry IV was the man with the job of preventing another War of Religion and he turned out to be the perfect man for the job. Unlike most French monarchs in this period, Henry was pragmatic when it came to religion although he had developed a slight preference for Catholicism. Henry felt that they were more important things than religion his patriotism as opposed to his religious beliefs but ultimately it was this that caused his downfall and eventual death. However, the very fact that the Wars of Religion didnt happen again throughout Henry IVs reign is very significant considering the huge division between the two religions. Another War of Religion could have shaped French history differently, especially if the Protestants/Calvinists came out on top. Todays France could also have been completely different if a war wasnt avoided. This makes Henrys reign and of course the Edict of Nantes take on further significance. The Edict of Nantes certainly cannot be described as revolutionary but it was almost a complete reform of the laws regarding religion. In reality, there was little reform because there was major exploitation of flaws in the law by the Catholics. However, this shouldnt take anything away from the significance of the Edict of Nantes because the laws created Protestant strangleholds in the south of France. Despite all this, the Edict of Nantes takes on an apparent lack of significance because of what happened to Henry and what happened under the reigns of subsequent monarchs. The Edict was indeed revoked in 1685 and steadily the Catholics moved towards a position of total power over the Protestants. So this means that the Edict of Nantes loses some of its significance because the policies of Henry had no impact on future monarchs. During Henrys reign, however, significance can be attached to the Edict.

Study on the Determinants of Financial Derivatives

Study on the Determinants of Financial Derivatives Introduction Our research article is Determinants of Financial Derivatives. Before moving towards the definition of main purpose and significance of our research article, we want to give a brief introduction of the core keywords of our research article which are Financial Derivatives. 1.1. Introduction A derivative is a financial instrument (or more simply, an agreement between two people/two parties) that has a value determined by the future price of something else. Derivatives can be thought of as bets on the price of something. Suppose you bet with your friend on the price of a bushel of corn. If the price in one year is less than $3 your friend pays you $1. If the price is more than $3 you pay your friend $1. Thus, the underlying in the agreement is the price of corn and the value of the agreement to you depends on that underlying.[1] So derivatives are the collective name used for a broad class of financial instruments that derive their value from other financial instruments (known as the underlying), events or conditions. Essentially, a derivative is a contract between two parties where the value of the contract is linked to the price of another financial instrument or by a specified event or condition. Derivatives are usually broadly categorized by the: Relationship between the underlying and the derivative (e.g. forward, option, swap) Type of underlying (e.g. equity derivatives, foreign exchange derivatives, interest rate derivatives, commodity derivatives or credit derivatives) Market in which they trade (e.g., exchange traded or over-the-counter) Pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded optionality) Another arbitrary distinction is between: Vanilla derivatives (simple and more common) and Exotic derivatives (more complicated and specialized) There is no definitive rule for distinguishing one from the other, so the distinction is mostly a matter of custom. Derivatives are used by investors to Provide leverage or gearing, such that a small movement in the underlying value can cause a large difference in the value of the derivative Speculate and to make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or out of a specified range, reaches a certain level) Hedge or mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out Obtain exposure to underlying where it is not possible to trade in the underlying (e.g. weather derivatives) Create optionability where the value of the derivative is linked to a specific condition or event (e.g. the underlying reaching a specific price level) Uses Hedging Hedging is a technique that attempts to reduce risk. In this respect, derivatives can be considered a form of insurance. Derivatives allow risk about the price of the underlying asset to be transferred from one party to another. For example, a wheat farmer and a miller could sign a futures contract to exchange a specified amount of cash for a specified amount of wheat in the future. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. However, there is still the risk that no wheat will be available because of events unspecified by the contract, like the weather, or that one party will renege on the contract. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counter-party risk. From another perspective, the farmer and the miller both reduce a risk and acquire a risk when they sign the futures contract: The farmer reduces the risk that the price of wheat will fall below the price specified in the contract and acquires the risk that the price of wheat will rise above the price specified in the contract (thereby losing additional income that he could have earned). The miller, on the other hand, acquires the risk that the price of wheat will fall below the price specified in the contract (thereby paying more in the future than he otherwise would) and reduces the risk that the price of wheat will rise above the price specified in the contract. In this sense, one party is the insurer (risk taker) for one type of risk, and the counter-party is the insurer (risk taker) for another type of risk. Hedging also occurs when an individual or institution buys an asset (like a commodity, a bond that has coupon payments, a stock that pays dividends, and so on) and sells it using a futures contract. The individual or institution has access to the asset for a specified amount of time, and then can sell it in the future at a specified price according to the futures contract. Of course, this allows the individual or institution the benefit of holding the asset while reducing the risk that the future selling price will deviate unexpectedly from the markets current assessment of the future value of the asset. Derivatives traded at the Chicago Board of Trade. Derivatives serve a legitimate business purpose. For example, a corporation borrows a large sum of money at a specific interest rate.[2] The rate of interest on the loan resets every six months. The corporation is concerned that the rate of interest may be much higher in six months. The corporation could buy a forward rate agreement (FRA). A forward rate agreement is a contract to pay a fixed rate of interest six months after purchases on a notional sum of money.[3] If the interest rate after six months is above the contract rate the seller pays the difference to the corporation, or FRA buyer. If the rate is lower the corporation would pay the difference to the seller. The purchase of the FRA would serve to reduce the uncertainty concerning the rate increase and stabilize earnings. Speculation and arbitrage Derivatives can be used to acquire risk, rather than to insure or hedge against risk. Thus, some individuals and institutions will enter into a derivative contract to speculate on the value of the underlying asset, betting that the party seeking insurance will be wrong about the future value of the underlying asset. Speculators will want to be able to buy an asset in the future at a low price according to a derivative contract when the future market price is high, or to sell an asset in the future at a high price according to a derivative contract when the future market price is low. Individuals and institutions may also look for arbitrage opportunities, as when the current buying price of an asset falls below the price specified in a futures contract to sell the asset. Speculative trading in derivatives gained a great deal of notoriety in 1995 when Nick Leeson, a trader at Barings Bank, made poor and unauthorized investments in futures contracts. Through a combination of poor judgment, lack of oversight by the banks management and by regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion loss that bankrupted the centuries-old institution. Types of derivatives OTC and Exchange-traded Broadly speaking there are two distinct groups of derivative contracts, which are distinguished by the way they are traded in the market: Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivative market is the largest market for derivatives, and is largely unregulated with respect to disclosure of information between the parties, since the OTC market is made up of banks and other highly sophisticated parties, such as hedge funds. Reporting of OTC amounts are difficult because trades can occur in private, without activity being visible on any exchange. According to the Bank for International Settlements, the total outstanding notional amount is $684 trillion (as of June 2008).[5] Of this total notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are oth er. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counter-party risk, like an ordinary contract, since each counter-party relies on the other to perform. Exchange-traded derivative contracts (ETD) are those derivatives instruments that are traded via specialized derivatives exchanges or other exchanges. A derivatives exchange is a market where individuals trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes Initial margin from both sides of the trade to act as a guarantee. The worlds largest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures Options), Eurex (which lists a wide range of European products such as interest rate index products), and CME Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York Mercantile Exchange). According to BIS, the Scombined turnover in the worlds derivatives exchanges totaled USD 344 trillion during Q4 2005. Some types of derivative instruments also may trade on traditional exchanges. For instance, hybrid instruments such as convertible bonds and/or convertible preferred may be listed on stock or bond exchanges. Also, warrants (or rights) may be listed on equity exchanges. Performance Rights, Cash xPRTs and various other instruments that essentially consist of a complex set of options bundled into a simple package are routinely listed on equity exchanges. Like other derivatives, these publicly traded derivatives provide investors access to risk/reward and volatility characteristics that, while related to an underlying commodity, nonetheless are distinctive. Common derivative contract types There are three major classes of derivatives: Futures/Forwards are contracts to buy or sell an asset on or before a future date at a price specified today? A futures contract differs from a forward contract in that the futures contract is a standardized contract written by a clearing house that operates an exchange where the contract can be bought and sold, while a forward contract is a non-standardized contract written by the parties themselves. Options are contracts that give the owner the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an asset. The price at which the sale takes place is known as the strike price, and is specified at the time the parties enter into the option. The option contract also specifies a maturity date. In the case of a European option, the owner has the right to require the sale to take place on (but not before) the maturity date; in the case of an American option, the owner can require the sale to take place at any time up to the maturity date. If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction. Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies/exchange rates, bonds/interest rates, commodities, stocks or other assets. More complex derivatives can be created by combining the elements of these basic types. For example, the holder of a swaption has the right, but not the obligation, to enter into a swap on or before a specified future date. 1.2. PROBLEM STATEMENT: The problem statement on which we are doing research is as follows: What are the Determinants that define the activities towards Financial Derivatives? 1.3. OBJECTIVE OF THE STUDY: The main objective of our research is that which one of this independent variable like Risk, Yield Spread etc affects the financial derivatives the most or which one of the following indicates the most involvement in financial derivative. 1.4. Limitations:- There are few limitations which are as under. The data which we are considering is only from Islamabad stock exchange. Out of numerous variables we have selected only four. 1.5. Plan:- Rest of the thesis is organized as fallows. In chapter II we have produced a literature review. In chapter III Data is collected and statistical tools are applied. In chapter IV the results are interpreted. In chapter V conclusions and recommendations are given. Chapter II Literature Review Credit derivatives and risk aversion in this article author discuss the valuation of credit derivatives in extreme regimes such as when the time-to-maturity is short, or when payoff is contingent upon a large number of defaults, as with senior trenches of collateralized debt obligations. In these cases, risk aversion may play an important role, especially when there is little liquidity, and utility-indifference valuation may apply. Specifically, we analyze how short-term yield spreads from default able bonds in a structural model may be raised due to investor risk aversion. Using derivatives to manage risk this Refers to some well-publicized failures with derivatives, and seeks explanations for these problems; points to the role of the US treasury department as a profit centre, and presents a three-phase risk management framework for the successful use of derivatives risk identification/determination of the desired risk profile, implementation (to include factors such as the role of the board in the co-ordination of resources), evaluation/feedback. Shows how three celebrated cases of derivatives fiasco failed in respect of various aspects of this framework (these being Gibson Greetings, Procter Gamble and Metallgesellschaft AG). Petersen and Thiagarajan (2000) Estimates and compares the risk exposure of two firms operating in the gold mining industry. Suggests that the difference between the two firms lies in the risks that they choose to manage and the tools that they use. It presents an extensive analysis of the building blocks underlying the effects of risk management including operating cash flows, taxable income, investment opportunities and equity risk exposure. Shows how one uses adjustments to the quality of ore extracted as a partial hedge against gold price fluctuations, whilst the other uses derivatives to reduce the fluctuations in its revenues and therefore operating cash flows. Comments on the incentives for risk reduction and their effect on the management of gold price risk, noting that compensation strategies can lead to differing managerial objectives. Argues that the use of alternative forms of risk management is a conscious choice by firms and that the use of derivatives should be seen ag ainst the alternative tools available. Alister and Mansfield (1980) states that Derivatives have been an expanding and controversial feature of the financial markets since the late 1980s. They are used by a wide range of manufacturers and investors to manage risk. This paper analyses the role and potential of financial derivatives investment property portfolio management. The limitations and problems of direct investment in commercial property are briefly discussed and the main principles and types of derivatives are analysed and explained. The potential of financial derivatives to mitigate many of the problems associated with direct property investment is examined. The management of foreign currency risk: derivatives use and the natural hedge of geographic diversification Summer 1999 Notes the lack of evidence of large companies use of foreign exchange derivatives (FXDs), related to the geographical diversification natural hedge, an alternative method of avoiding risk. Builds a model of company behavior, sampling 309 US companies by industry, including FXD, foreign sales, a sales-based Herfindahl index, and market value. Finds a significant and positive relationship between the use of FXDs and the level of foreign exchange exposure; and a negative relationship between geographic dispersion and FXD. Shows that there are economies of scale in FXD use, and that the findings are robust to industry membership and geographic diversification. Emory presents evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994-1996 data for a sample of Fortune5 00 firms, I estimate a set of simultaneous equations that captures managers incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives, I find a significant negative association between derivatives notional amounts and proxies for the magnitude of discretionary accruals. Gay and Nam analyzed the underinvestment problem as a determinant of corporate hedging policy. We find evidence of a positive relation between a firms derivatives use and its growth opportunities, as proxied by several alternative measures. For firms with enhanced investment opportunities, derivatives use is greater when they also have relatively low cash stocks. Firms whose investment expenditures are positively correlated with internal cash flows tend to have smaller derivatives positions, which suggest potential natural hedges. Our findings support the argument that firms derivatives use may partly be driven by the need to avoid potential underinvestment problems. Patil (2008) states that the Reserve Bank of Indias Working Group on Rupee Derivatives has, interalia, recommended introduction of exchange traded derivatives to supplement OTC derivatives. But before we introduce exchange traded interest rates futures it is necessary to be fully aware of the ground realities. The basic issue is the healthy development of the market and abolition of the regulations that artificially protect the interests of a set of intermediaries whose role and functions have got significantly reduced with massive induction of IT applications into the capital and financial markets. Regulatory reforms should facilitate continuous reduction in transaction costs and up gradation of transactional efficiency across different segments of the market. A regulatory regime that ends up protecting the role of certain players merely because they played a useful role in the past in the development of some segments of the markets would be doing a disservice Hentschel and Kothari makes Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical academic studies of corporate derivatives use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives. We find that many firms manage their exposures with large derivatives positions. Nonetheless, compared to firms that do not use financial derivatives, firms that use derivatives display few, if any, measurable differences in risk that are associated with the use of derivatives. Brinson, Randolph Hood and Beebower (1986), states that in order to delineate investment responsibility and measure performance contribution, pension plan sponsors and investment managers need a clear and relevant method of attributing returns to those activities that compose the investment management process- investment policy, market timing and security selection. The authors provide a simple framework based on a passive, benchmark portfolio representing the plans long-term asset classes, weighted by their long-term allocations. Returns on this investment policy portfolio are compared with the actual returns resulting from the combination of investment policy plus market timing (over or underweighting asset classes relative to the plan benchmark) and security selection (active selection within an asset class). Data from 91 large U.S. pension plans over the 1974-83 period indicate that investment policy dominates investment strategy (market timing and security selection), explaining on average 93.6 per cent of the variation in total plan return. The actual mean average total return on the portfolio over the period was 9.01 per cent, versus 10.11 per cent for the benchmark portfolio. Active management cost the average plan 1.10 per cent per year, although its effects on individual plans varied greatly, adding as much as 3.69 per cent per year. Although investment strategy can result in significant returns, these are dwarfed by the return contribution from investment policy-the selection of asset classes and their normal weights. Markides (1995) concluded that there is increasing evidence (especially in the business press) that over the past decade, many U.S. corporations have restructured. For example, Lewis (1990: 43) estimates that nearly half of large U.S. corporations have restructured in the 1980s. Similarly, a special report on corporate restructuring published in the Wall Street Journal (1985: 1) found that out of the 850 of North Americas largest corporations, 398 (47%) of them restructured. A major problem with many of these studies on restructuring is that they do not define exactly what is meant by restructuring. Corporate actions such as share repurchasing, refocusing, alliances, consolidations and leveraged recapitalizations can all fall under the general term restructuring; therefore, a researcher needs to look at these forms of restructuring separately if any generalizations are to be made. In this study, we focus on one specific type of restructuring, namely corporate refocusing. By this we m ean the voluntary or involuntary reduction in the diversification of U.S. firms-usually, but not necessarily, achieved through major divestitures-what Bhagat, Shleifer, and Vishny (1990) call the return to corporate specialization. We focus on this type of restructuring because according to the existing evidence it is by far the most common and most beneficial form of restructuring undertaken by firms (e.g., Lewis, 1990; Wall Street Journal, 1985). According to existing evidence, a significant proportion of major diversified firms in the U.S. have reduced their diversification in the 1980s by refocusing on their core businesses (for statistical evidence, see Lichtenberg, 1990; Mark- ides, 1990; Porter, 1987; Williams, Paez and Sanders, 1988). For example, Markides (1993) reported that at least 20 percent and as many as 50 percent of the Fortune 500 firms refocused in the period 1981-87. He also found that refocusing is a 1980s phenomenon: using the Rumelt (1974) strategic categories of diversification, he reported that whereas only 1 percent of the Fortune 500 firms were refocusing in the 1960s, more than 20 percent were doing so in the 1980s. Other studies have shown that these refocusing firms are characteriz ed by high diversification and poor profitability relative to their industry counter- parts, and that refocusing is associated ex-ante with improved stockmarket value (e.g., Comment and Jarrell, 1991; Markides, 1992a,b; Montgom- ery and Wilson, 1986). Yet, as Shleifer and Vishny (1991: 54) argue, there is very little ex- post evidence that refocusing is associated with profitability improvements. Doukas and Lang In this study they present evidence that geographic diversification increases shareholder value and improves long-term performance when firms engage in core-related foreign direct (greenfield) investments. Non-core-related foreign investments are found to be associated with both short-term and long-term losses. Our results suggest that the synergy gains stemming from the internalization of markets are rooted in the core business of the firm. Geographic diversification outside the core business of the firm bears strongly against the prediction of the internalization hypothesis. The analysis also shows that, regardless of the industrial structure of the firm (that is, number of segments), foreign direct investments outside the core business of the firm are associated with a loss in shareholder value, whereas core-related (focused) foreign direct investments are found to be value increasing. Unrelated international diversification, however, is less harmful for diversifie d (multi- segment) than specialized (single-segment) firms. The larger gains to diversified firms suggest that operational and internal capital market efficiency gains are considerably greater in multi-segment than single-segment firms when both expand their core business overseas. James and Finkelshtain (1965) said the effects of multivariate risk are examined in a model of portfolio choice. The conditions under which portfolio choices are separable from consumption decisions are derived. Unless the appropriate restrictions hold on investors preferences or on the probability distribution of risks, the optimal portfolio is affected by other risks. This requires generalizing the usual measures of risk aversion. With one risky asset, matrix measures of risk aversion are used to generalize the results of Arrow (1965) and Pratt (1964) concerning the effects of risk aversion and wealth on the optimal portfolio. With two risky assets, the choices made by two investors coincide if and only if their generalized risk-aversion measures are identical. Rosss notion of stronger risk aversion is then used to characterize the effect of risk aversion on the level of investment in the riskier asset. Browne (2000) tells us that Active portfolio management is concerned with objectives related to the out performance of the return of a target benchmark portfolio. In this paper, we consider a dynamic active portfolio management problem where the objective is related to the tradeoff between the achievement of performance goals and the risk of a shortfall. Specifically, we consider an objective that relates the probability of achieving a given performance objective to the time it takes to achieve the objective. This allows a new direct quantitative analysis of the risk/return tradeoff, with risk defined directly in terms of probability of shortfall relative to the bench- mark, and return defined in terms of the expected time to reach investment goals relative to the benchmark. The resulting optimal policy is a state-dependent policy that provides new insights. As a special case, our analysis includes the case where the investor wants to minimize the expected time until a given performa nce goal is reached subject to a constraint on the shortfall probability. On the basis of this literature review we have developed the following Theoretical framework. 2.2. THEORATICAL FRAMEWORK: The importance of: Risk_ Response Index Yield Spread_ Response Index Liquidity_ Response Index Geographical Diversification_ Response Index Financial Derivatives (Swap, Option, Future and Forward Contracts) For 2.3 Hypothesis: H0:  µ H1:  µ à ¢Ã¢â‚¬ °Ã‚ ¥ 3.5 If the mean respondent is 3.5 or above it means the factor is important because at the rating scale 1 is for strongly disagree and 5 is for strongly agree. Chapter III Data and Methodology 3.1. NATURE OF STUDY: This study was descriptive in nature and will describe the Risk, Yield spread, Liquidity, Geographical diversification in the term of determinants of Financial Derivatives. The study setting for this study is non-contrived in nature i.e. it was conducted in the normal work place and routine working conditions. 3.2. PRIMARY DATA COLLECTION: Data for this study was collected from the participants of the Islamabad Stock Exchange. These people were working or participating in the stock exchange where the people had knowledge about risk, yield spread, liquidity and geographical diversification. That is why; it was easier for us to conduct our research in Islamabad Stock Exchange to conclude our results that which one of the following factors like risk, yield spread, liquidity, and geographical diversification shows the maximum involvement in the determining of financial derivatives. 3.3. RESPONDENTS OF RESEARCH: Data were collected from 100 participants. Participants were asked to fill the questionnaire which was helpful to lead us towards the result and conclusion of our research. All participants were asked to write down on the questionnaire their gender and age. 3.4. RESEARCH INSTRUMENT: Questionnaire is an efficient data collection mechanism where we know exactly what is required and measures the variables of interest. Questionnaires were made with enough number of questions covering all the related areas. This helped us to conclude our result by measuring the affect of determinants on financial derivatives. Questionnaires were personally handed over to the participants by us. All surveys were completed during working hours. Respondents were guaranteed that their data would remain confidential. Respondents were instructed to indicate their opinions about the questions to rate on a Likert Scale. This scale was designed to examine how strongly respondents agree or disagree with statements on a 5-points scale with the following anchors; 3.5. DATA INTERPRETATION: Statistical tools were used for the interpretation of data. These tools included t-test, correlation and descriptive statistics to find the involvement of independent variables in determining the financial derivatives. In other words, statistical tool of correlation were applied to interpret the relationship between the indexes of independent variables and t-test was used to determine the involvement of independent variable in determining the financial derivatives. The total data was divided into two halves: Participants Below median age (39 and below) Participants above median age (above 39) We have applied sample mean test at  µ=3.5. Chapter IV Findings R1: Risky nature of instrument is not a matter of concern for me. R2: Since high risk means high return therefore I will shift to the risky securities. R3: Would you shift from one stock to another to reduce risk at the cost of return? R4: It is feasible to add a percentage of low risk securities to a portfolio. L1: Is a highly liquid security attractive to an investor L2: The stocks in which you trade are relatively liquid which attracts you towards them. L3: Liquidity reflects the performance of a firm therefore for diversification it is important Y1: Yield spread helps the investor to determine which security would be the better investment. Y2: Change in demand supply of the securities effect the yield spread change therefore I shift towards low yield spread. Y3: The market is forecasting a greater risk of default which implies a slowing economy (narrowing of spreads between bonds of different risk ratings) G1: Geographical diversification increases the potential return on your investment / portfolio. G2: Geographical diversification allows combining a diversification across domestic and foreign securities. In case of G1, H0 is accepted it implies people do not conside