Internet Phishing Essay

Web Phishing is the 21st century wrongdoing with stories running everywhere throughout the globe on how casualties are capitulating to this assault. While the individuals completing this assignment, have ceaselessly grown progressively complex techniques for wrongdoing, while then again, organizations have been constantly looking for arrangements on the most proficient method to ensure their customers’ individual information and increment their email security. While the greater part of the associations around the globe are engaging for better and more secure arrangements, the vast majority of them are finding a way to forestall phishing. This paper expects to talk about the advancements and security defects that are utilized by Phishers to misuse information. Alongside this, the some unbiased prompt is likewise introduced on the most proficient method to battle the developing issue of Phishing. The word â€Å"phishing† at first originates from the identicalness that early Internet crooks utilized email baits to â€Å"phish† for passwords and monetary information from a gathering of Internet clients. The utilization of â€Å"ph† in the phrasing is incompletely lost with time and has been in all probability connected with other hacking words like â€Å"Phreaks† which follows back to early programmers who were associated with â€Å"phreaking† _ the hacking of phone frameworks. Phishing utilizes a large portion of the well known web correspondence channels, mock messages so as to bait casualty into their snare so as to take the electronic character of the person in question. Phishing is identified with the demonstration of deceiving clients with their private data for terrible use. Phishing focuses on the utilization of mass messages like Spam and regularly utilize bots to naturally target casualties. Any online business may discover Phishers taking on the appearance of them and focusing on their client base. The size of the association doesn't make a difference a lot here however it is the estimation of the data that is harvested by such sorts of assaults. There has been a raising measure of increment in the quantity of phishing assaults and now the Phishers assault a group of people size in the scope of a huge number of clients around the globe. These email addresses have been found at the enormous online retail sites where web clients will in general present their email id’s at the snap of a mouse. A portion of these sites have likewise been seen as phony and illicit which permit the Phishers to effectively trick the clients into presenting their own data effectively before distinguishing any sort of security issues. While the technique for Spam was very irritating and troublesome, Phishing can possibly legitimately assault the significant information and make misfortunes because of illicit money moves. As the investigation proposes, more than 57 million web clients in the United States have just distinguished the connections in their messages to phishing tricks. An amazing number of 1. 7 million individuals have just fallen prey to these phishing assaults and have been fooled into presenting their own data. As per R James, â€Å"With different specialists lauding exclusive augmentations or synergistic enhancements to center message conveyance conventions, for example, SMTP, associations may feel that they should sit tight for outsider fixes to open up before finding an answer for Phishing. While the security disappointments inside SMTP are in reality a well known adventure vector for Phishers, there are an inexorably cluster of correspondence channels accessible for pernicious message conveyance. † With time, the idea of Phishing has expanded by numerous folds and now Phishers are tricking the casualties by an assortment of approaches to reveal their own just as money related data. Counterfeit sites, establishment of Trojan pony key-lumberjacks and screen catches, and man-in-the-center information intermediaries are a portion of these apparatuses utilized by Phishers. These sites likewise incorporate places of work and even rewarding propositions for employment. Individuals who are searching for colossal sums cash on the web inside a limited capacity to focus time, are the ones who are tricked effectively on these sites. These clients open up a financial balances and utilize this ledger to get cash and afterward moving this cash to their very own financial balances. These sites really draw the casualties by causing them to play out various safe looking activities that at last gives access to the user’s individual record data. The greater part of the correspondence channels that are most prevalently utilized on the interne, for example, email, presentation pages, IRC, informing frameworks, are likewise utilized uninhibitedly for the motivation behind Phishing. In these cases, the phisher needs to impersonate an unwavering hotspot for the casualty to accept. Till date the best of the phishing tricks have been finished with the assistance of messages. In these tricks the Phisher duplicates some sending position (e. g. mocking the source email address and implanting suitable corporate logos). For instance, a web client recives an email from an email address like support@bank. com and the email contains the title â€Å" security update† and contains a solicitation as to approve their own record data so as to stop a security danger that has been started for them. In the wake of perusing this messages, over 70% of the web clients would send their own record data so as to get confirmed by reaching the email sender and mentioning them to drop the request or the exchange. After this the phisher now requests that they reveal their own data and accordingly effectively draws the casualty into his snare. Countering the Threat As effectively expressed above there are various phishing techniques that can be utilized by the Phishing people group. To battle these dangers, there are a blend of data security innovations and strategies that are accessible for the web clients so as to protect their own information from Phishing tricks. For the best outcomes and security, these wellbeing measures ought to be put onto the three legitimate layers of the framework being referred to.

CHANGING CLOTHES IN CHINA Essay Example | Topics and Well Written Essays - 500 words

CHANGING CLOTHES IN CHINA - Essay Example Impressively, the comprehension of the diverse garments of the said nation gives a reasonable introduction concerning how the individuals inside the area created from being conventional towards turning out to be freed and progressively expressive until the current occasions of innovation. How did the transformation influence the acknowledgment of culture with respect to the Chinese individuals Truthfully, the adjustments in the individuals' garments additionally meant the progressions that were going on inside the Chinese people group. As the years pass, the old style comprehension of China with respects their way of life and conventional being has been supplanted by the patterns of the west and the certain reality that globalization has just entered the old style long stretches of the Chinese life hence proposing a considerably more unique way to deal with attire with respect to the locals. As the outsiders began coming all through China for the travel industry and different organizations in concern, it could be seen that the apparel of the Chinese individuals likewise started to create. It is significantly certain that the garments of the Chinese society started to take new shape and has started to flood the global market. Evidently, the Chinese dress line is viewed as one of the significant items that get benefit to the national economy.

How to Help When an Alcoholic or Addict Dies

How to Help When an Alcoholic or Addict Dies Addiction Coping and Recovery Methods and Support Print How to Help When an Alcoholic or Addict Dies By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Updated on February 17, 2020 Petar Chernaev/Getty Images More in Addiction Coping and Recovery Methods and Support Overcoming Addiction Personal Stories Alcohol Use Addictive Behaviors Drug Use Nicotine Use When someone with an addiction dies, the grieving process for those to close that person can be difficult. It can bring up feelings of intense guilt, hurt, anger, and regret as the loved one struggles to come to terms with what could have been done to prevent the death. Providing support to a grieving friend or family member can be almost as difficult. Knowing what to sayâ€"or, more importantly, what not to sayâ€"is not always easy and can often leave you at a loss for words. How to Provide Support When someone experiences the death of a loved one with an addiction, the feeling the person will undergo will be largely characterized by conflict.?? While there may be beautiful memories to share, there may be just as many traumatic ones the person would rather forget. What makes the situation all the more difficult is the cultural tradition by which people are not meant to speak ill of the dead, Because of this, people will often talk in generalities or not at all. This creates a sense of isolation that can only deepen a persons despair. To overcome this, try to provide support in the following ways: Be physically present as much as possible and keep in regular contact by phone.Answer emails promptly if the person reaches out to you.Listen actively and look the person in the eye when you communicate. Do not allow yourself to become distracted or appear disinterested.??Allow the person to feel whatever he or she feels. Accept those feeling without judgment and avoid reacting with disapproval or even uncertainty.Pitch in around the house and make yourself available for errands. But avoid any reaction that may be considered critical. A deeply grieving person will often let daily tasks fall by the wayside. Help out but do so cheerfully.Try not to take it personally if the person lashes out at you. If you need to extricate yourself, do so graciously and let the person know youll follow up in a day or so. If you say you are going to follow up, do it. Failure to do so may suggest that youve decided to drop that person or are no longer interested. 10 Ways to Offer Support After a Death From Drugs What Not to Say When an addict dies, the loved ones will often struggle with feelings of shame or fear that people may be judging them for not acting enough.?? These emotions are often right on the surface, so you need to do everything possible to avoid touching these emotional landmines. To do so requires you to be extra careful about not only what you say but how you say it. Among the considerations: Avoid being critical in any way.?? Even questions like When was the last time you saw him? may be interpreted as Why werent you there? if you are not careful.Never criticize the addict or give a summation of why he or she may have become an addict. (She was always such a lonely girl.)Dont suggest how a person should feel or even suggest you understand how that person feels. Rather expresses your condolences; dont make it about you.??Avoid platitudes like Hes in a better place now. Dont assume a person shares your religious or spiritual beliefs. Even if the person does, platitudes like these signal the end of a conversation rather than the beginning.Do not give unsolicited advice even if you are trying to help. It gives the sense that you are taking over rather than providing support. Only give advice if the grieving person asks for it. Don't Stay Silent Dont not say anything. While situations like these can be difficult, communicating your discomfort with silence only makes matters worse. It is better to apologize for not having the right words than to say nothing at all. If anything, offer to be there if the person wants to talk. Keep the door open. Finally, while it is important to say something and let the person know that you care, you do not fill the air with words. People who are in the middle of tense situations will often talk incessantly out of discomfort or anxiety. If youre in a one-on-one situation with someone who is grieving, sometimes its better to accept the silence. Rather, reach out and take that persons hand. The simple act can often say more than all of the words in the world. What Not to Say to Someone Suffering Loss from Addiction

The First English Poor Law Legislation - 1453 Words

16th century - The first English Poor Law legislation. According to Spicker (2014) the English Poor Laws were a system of poor relief which existed until the emergence of the modern welfare state after the Second World War. These laws purpose was provision for setting the poor on work . The parish was the basic unit of administration. People were tied to particular locations. If they tried to get relief outside the parish of their birth they could be ‘removed’ which means not given relief or transported to another parish. The Poor Laws relief did not generally include accommodation but in 17th century first few workhouses were established. In Scotland they were called ‘houses of correction’. Workhouse is ‘a building where very poor people in Britain used to work, in the past, in exchange for food and shelter’ (Cambridge Dictionaries Online, 2015, available online at http://dictionary.cambridge.org/dictionary/british/workhouse, retrieved on 07 June 2015). 19th century - The increase of poor and working class population due to mass industrialisation and capitalism leaded to development of more central and state-controlled but still basic welfare system. 1834 - The Poor Law Amendment Act sets up a national Poor Law Commission which was a start point to state education and health care system. 1839-1840 - The Poor Law Commission enquiry identified disease as a major cause of ‘pauperism’. 1842 - The Poor Law Commission report identifying sanitation as a principal issue forShow MoreRelatedImpact Of Immigration On The United States1017 Words   |  5 Pagespieces of key legislation were also passed during that time that affected immigrants. 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Ireland, for centuries has been seen as a barbaric country with little to offer, thusly, it was no well cared for resulting in a struggling economy. More importantly however, their poor economy was a result of strong religious differences. In 1697, the Penal Laws were passed through british parliament under theRead MoreThe Tragedy Of August 25 By Max Blanck And Isaac Harris1426 Words   |  6 Pagesentire nation. The victims died as a result of a serious neglect for safety features within the facility and brought widespread attention to the dangerous working conditions of factories, which led to the development of a series of progressive legislation, and provided more stringent regulations on the safety of workers. This essay will use documents and outside sources to discuss the influence the Triangle Fire had as a symbol of worker powerlessness in America. Max Blanck and Isaac Harris were

The Work of Jean Piaget Essay - 1849 Words

The Work of Jean Piaget Jean Piaget, a Swiss psychologist, was a pioneer in the field of developmental psychology. He developed many fields of science, but is recognised primarily for his contribution to the field of genetic epistemology (the theory of knowledge). He believed that there was a biological explanation for the development of knowledge, and that children had their own processes of learning, and their thought processes were separate and distinct from adults. He developed a broad theory, based on his studies of children, which described four main stages in the learning process. He began studying children and the development of knowledge when he moved to Paris and began working on the†¦show more content†¦Upon completing his doctorate and moving to the Sorbonne, and taking part in the research being conducted by Theodore Simon and Alfred Binet (of IQ-test fame), he was intrigued by the consistently wrong answers given by children and decided to study their reasoning process further, rec ording interviews and play behaviour in order to document the childrens reactions. His marriage in 1923 provided him with the opportunity to study children intimately; his first child was born in 1925, and his three children became the focus of research for both Piaget and his wife. He received numerous honorary degrees and held various influential positions during his career (president of the Swiss Society of Psychology, director of the Bureau International Office de lEducation, President of the Swiss Commission of UNESCO). 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Motivation Theories Within Organization Free Essays

string(78) " the majority of us can simultaneously be at several levels of the hierarchy\." Nowadays it is widely accepted that the most important resource of any company are its employees; therefore competent manager need to have the clear understanding what motivates their subordinates to achieve effective performance as from efficiency of their work the success of the organization depends. Consequently, the task of manager consists in as much as possible effectively to use personnel opportunities. In independence on the manager decision the effect from it can be received only in case if this decision would successfully be embodied in the employees’ affairs. We will write a custom essay sample on Motivation Theories Within Organization or any similar topic only for you Order Now And it can occur only in case if workers are interested in results of the work. For this reason, it is necessary to motivate the person, to induce to action. â€Å"Motivation is a combination of needs that influence behavior and action† (Kressler, 2003). In case if an employee is to successfully complete a task in any organization, he or she requires motivation, performance capacity and development potential in order to activate skills, experiences, talents and creative energies, and reach company goals.The main purpose of this assignment is the consideration and analysis of motivation theories (content process theories), on which based the modern management within organization, for effective human resource management. Thus it is necessary to examine these theories in terms of its strength and weaknesses and also practical relevance in understanding what and how to motivate employee for organization. In order to gain the basic knowledge about the theories of motivation the Maslow’s theory of need will be considered and analyzed in terms of its strength and weaknesses and also practical relevance in organization.In his well -known theory Abraham Maslow proposed that individuals have a basic set of needs and that this needs are arranged as hierarchy of needs. (Maslow, Abraham H. , 1987) Maslow (1987) also claimed that individual behavior depends on which need among the hierarchy of needs is dominate at present moment. At the same time, each individual has requirements of all five needs, whereas the force of each requirement, during any concrete time, depends on personal priorities of the individual.Thus, depending on these priorities the hierarchy of needs is built. Indeed, manager who informed about the level of needs of his subordinates will able to predict which type of needs will be dominated in their behavior; hence the most effective motivator can be chosen. Generally, the theory proposes the five stages of needs according to Maslow (1987). In order to have the clear understanding of Maslow’s hierarchy of needs the basic stages of the theory will be considered briefly below.At the bottom of the hierarchy is psychological need which based on physical drives including basic and primary needs of the individual. Regarding the organization it is needs for a salary, holiday, provision of pensions, the breaks, favorable operating conditions, illumination, heating and ventilation. After satisfying basic physiological needs the safety became individual’s main concern. This need reflect desire to maintain awards and position already received and also to protect themselves from danger, harm, threats, traumas, losses or deprivations.Within the organizations this need have the form of employees struggle for safety work, introduction of the seniority system and the organization of trade unions, safe working conditions, side benefits, the insurance and the severance pay (Kreitner, 2007). Since the biological and safety needs are reached the attention of individual focus on his need for friendship, love and his accessory. The individual as â€Å"social being† feel desire to be attractive for others and want to satisfy their social needs in the organization.It occurs by way of entering in formal and informal work groups and by collaboration with other individuals (Kreitner, 2007). Maslow (1987) claimed that once people begin to satisfy their affiliation needs, they want to be respected by others. Such need as esteem logically can be divided onto two types. The first is a need for self-esteem or satisfaction by itself. The self-esteem is closely connected with feeling of purpose achievement, competence, knowledge, a maturity and dependences. The second type is need for respect by others. This need is connected with reputation, social recognition, the status into work group.In any organization of an award which can satisfy need for respect include honorary titles, other forms of the recognition, additional obligations and promotion (Maslow, Abraham H. , 1987). Maslow arranges the need of self-actualization as the highest in the hierarchy of need. When the needs of four bottom levels are satisfied the individual focuses his attention on satisfaction the need of self-actualization. By trying to reach it the individual attempt to realize the whole potential to increase his abilities and to be â€Å"the best†. Such need for self-expression is highest of all human needs according to Maslow (1987).In short, the fact that the human needs possible to arrange in a hierarchical order has a great importance. Firstly, the needs of the bottom levels should be satisfied first of all, only after that it is possible to address to needs of higher levels. Besides, it is necessary to consider that the needs of the lowest levels form the foundation on which the needs of the highest levels built. Only in case if the needs of the lowest level remain satisfied the manager has a chance to become successful by motivating subordinates through satisfaction of higher level needs.The idea of sufficiency is also important as the individual will never has feeling of full satisfaction of their needs. The majority of people need more safety, friends, respect and self-confidence irrespective of how many they have already achieved. Thus, the individual moves upwards on the hierarchy not in a case when his needs are completely satisfied and when they are satisfied enough. As Frank J. at al. (2010) claimed that Maslow theory is more a theory of human development than one of work motivation. Indeed, the main role of this theory plays the intuition which is the best explanation of its popularity.However, from the point of view of concrete management actions Maslow’s approach has a number of deficiencies. First of all, the majority of us can simultaneously be at several levels of the hierarchy. You read "Motivation Theories Within Organization" in category "Papers" Also it is the extremely difficult to define level of the needs by satisfying which it will be possible to motivate individual at certain moment. Partially the problem occurs due to it is very difficult to distinguish small, minor alterations in needs which occur daily, from more considerable changes in human needs. (Sapru, 2006). Complexity is also arises at measurement of the individual needs. The majority of employee has difficulties by the definition of their own needs and at arrangement of priorities. The manager, who should create the motivational environment for his subordinates, faces the most complicated problem. The majority of the modern process theories of motivation consider motivation as a process of choice management (Vroom, 1995). Such definition of motivation was given first by Victor Vroom. Vroom (1995) is also asserted that the individual constantly are in a motivation condition.Thus, according to Vroom (1995) to be the successful manager it is necessary to show to subordinates that the direction of their efforts to achievement of the purposes within the organization will lead to the prompt achievement of their personal purposes. According to the expectancy theory of motivation the subordinates would work the most productively if they are assured that their expectancy in next three areas will be justified: (1) the chance of getting the job done, and (2) the instrumental relationship between performance and rewards, (3) the value of rewards.These key elements of the expectancy theory will be considered and analyzed below. Firstly, the effort – performance expectancy: When the individual ask himself, â€Å"In what extent I can expect that my efforts will lead to quantitative and qualitative results which are necessary for my manager†, the answer is expressed by the term â€Å"expectancy in the relation â€Å"the effort- performance† It means that as stronger expectancy that the efforts will lead to desirable result as more probability that this individual will accomplished task well.Secondly, the performance-reward instrumentality. In case if employee will estimate clearness of that he ab le to perform the given work successfully, he asks himself: â€Å"If I properly perform this work, so which award I can expect and whether it is the award which I want to receive? † Uncertainty arises in that case when the worker is compelled to rely on others. As stronger the confidence of individual that the manager will pay the compensation promised as the probability of that the worker begins to perform more productive higher. Thirdly, the valence of rewards. Even if employee confident in that they able to perform their work effectively, which the manager expect from them, the subordinates ask themselves a question: â€Å"If will I receive the award which I wanted to gain, whether will it be enough valuable or not in order to satisfy my basic needs? † According to Vroom (1995) the answer to this question consists in measurement the value of the award. Besides, the value of reward is the most important element of the motivation theory and, unfortunately, not always is taken into consideration by managers.As such, Maslow (1987) is used the term â€Å"domination† in order to define the general level of needs satisfying of which will manage over the individuals actions. However, the new question is arises: â€Å"How the manager will define, which reward is means of satisfaction of the needs this or that subordinate? † To answer this question, Vroom (1995) uses the term â€Å"valence† for definition the force of pre ference of this or that reward. In brief, the expectancy theory of Vroom offers some suggestions about the improvement of manager’s performance (Kumar A. 2000). First of all, the process of comparison needs of subordinates with the reward received by them from the organization should be regular. Secondly, the help is often required to subordinates in order to realize connection between the exert efforts and the result received and also between the reward and satisfaction of needs. On other words, their confidence grows if they see that the manager pays much attention to this interrelation and appreciate their subordinates to keep the concrete course of actions.Additionally, as for different people the diversified needs is priority and; hence value of the reward received from the organization for all is not identical. Thus, the manager can strengthen the motivational potential of reward only in case if he will understand that which stimulus is most effective for each subordinate. Finally, the managers should strengthen the motivational potential of the work offered by them to the subordinates. Besides, the managers should show their abilities as manager constantly giving the significant rewards when the organizations goals are already advanced.In order to find out what would motivate mine peers in the workplace the brief survey of the 10 people were carried out and the data collected are shown in appendix 1 attached. The 10 participants were asked the multiple-choice question: â€Å"What are the things that will motivate you at the workplace? † The next variables were also provided: 1) the personal achievements, 2) working with others, 3) the recognition by others, 4) helping others, 5) varied and interesting work, 6) financial reward, 7) good working atmosphere. The rate of effectiveness of the survey is arranged as Good/Ok/Not good/Poor motivator.This survey displayed that first 3 variables are the most dominance amongst the responders. It is clear from the appendix 1 that the such motivator as self-achievement is at the top of the table as the responders feel a great sense of achievement and self-contribution to overall performance. The participants respond variously: â€Å"Feels like I have made a significant contribution† etc. The positive relations between peers are also appeared as a strong motivator with such response of participants as â€Å"colleagues should support each other and have a respect from them†.Next motivator which is â€Å"recognition by others† is the 3 rd. place variable that makes up 8 votes as good motivator and 2 as ok that makes it equal self-achievement motivator. , The following results showed that such motivators as helping others, varied and interesting work, financial reward and good working atmosphere shared the places left with equal votes per 5 as a good motivator; however some of it appeared as a not good motivator, according to survey, that makes slight difference between it. Nonetheless, it remains the parity as it is the question of the validity and reliability of the data from responders obtain.As it has been noted by Maslow (1987) that the needs of the bottom levels should be satisfied first of all, only after that it is possible to address to needs of higher levels. Thus, survey indicate that in average the participants thought that the first 3 variables are the best motivator for them that makes possible to assume that there are located on such stages of hierarchy of needs as esteem stage in case of the recognition by others. As such, most of the responders are reached the highest level of hierarchy – self- actualization in case of personal achievement. To conclude, Sapru R. 2006) claimed that the most of the problems within the organization are motivation problems. Those involved in the study of organizational behavior recognize the importance of motivation as a determinant of effective performance in the organization. Recognizing the level of motivation in the workplace can address a lot of worker-related problems. This assignment including questionnaire results has shown new angles to human behavior, which affect the individual’s productivity. By analyzing these aspects, management in the organization can improve the productivity of their employee.A successful application of these theories requires an understanding of the situations and circumstances surrounding the organization. For example, according to Maslow’s theory, managers sometimes don’t understand the indifference of employees to their work. It is possible that even if management is constantly giving recognition to their outstanding work, a part of the problem lies on the inability of these employees to fulfill the lower needs. A manager can say please and good work to a particular employee and the effect would still be negative.By understanding the weakness of these theories will help the manager decide which features of which theory can best be applied in their organization. Building morale is an important concept in motivating employee; it will help create productivity. Developing a shared vision is a way to begin building morale. Understanding the needs and expectations of construction workers is basic to motivation. The knowledge of motivational theories can help a lot in this regard. It is important to point out that motivational theories must be used wisely.Misuse of some theories and techniques could result in negative consequences Appendix 1. Variables (motivators)| Good| Ok| Not good| Poor| Totalparticipants| the personal achievements| 8 | 2 | -| -| 10| working with others| 7 | 2 | 1 | -| 10| the recognition by others| 8| 2| -| -| 10| helping others| 5| 3| 2| -| 10| varied and interesting work| 5| 3| 2| -| 10| financial reward| 5| 5| -| -| 10| good working atmosphere| 5| 4| 1| -| 10| Questionnaire. References: 1) Frank J. , Landy,Jeffrey, M. , Conte. 2010. Work in the 21st. entury. An introduction in industrial and organizational psychology. Hoboken: Willey-Blackwell 2) Kreitner R. 2007. Management. Boston: George T. Hoffman 3) Kumar A. , Sharma R. 2000. Principles of Business management. New-Delhi: Atlantic publishers and distributors 4) Maslow Abraham H. 1987. Motivation and Personality. New York: Harper Row 5) Sapru R. 2006. Administrative theories and management thought. New Delhi: Prentice Hall of India 6) Vroom V. 1995. Work and motivation. San Francisco: Jossey-Bass Classics How to cite Motivation Theories Within Organization, Papers

Blood Diamonds Essay Example For Students

Blood Diamonds Essay Imagine you are walking through Sierra Leone, a beautiful, lush landscape surrounded by tall trees in the summer sun. Sierra Leone is a small country located on the northwest side of Africa?s coast that encompasses approximately 45,000 square miles of mountainous terrain, about 7% of which is arable (Affairs 2010). The country has a mixture of verdant rain forests, beautiful beaches, and more than six million people living within its borders. Then imagine yourself walking around a bend, discovering a large center of slaves working on their hands and knees in muddy riverbeds in search for diamonds. In addition to the diverse foliage, Sierra Leone is also home to deposits of diamonds, titanium ore, bauxite, iron ore, gold, and chromite (Affairs 2010). For Sierra Leoneans, these resources, diamond deposits in particular, have been a curse for they have been the basis for much conflict and war. Because of their small size, diamonds can, with little effort be transported or smuggled out o f the country and sold into the black market. There are two types of diamonds in Sierra Leone: alluvial diamonds, which are found in shallow riverbeds and kimberlite diamonds, which are found in concentrated mines. Because diamonds can be smuggled out of the country so easily for such high profit, they have become both a reason to fight and a factor in creating revenue in order to purchase firearms and other provisions. One group who came to power as a result of their control overwas the Revolutionary United Front (RUF). Because Sierra Leone has such a weak property rights regime over diamonds, rebels from the RUF seized full control of the diamond deposits away from the government. This seizure boiled over into a decade long war between the RUF to determine who controls the property rights to the diamond deposits. The purpose of this essay is to analyze the overall role of blood diamonds in Sierra Leone. I will first present a brief background on diamonds that will transition into the role of diamonds in initiating, exacerbating, and eventually ending the war in Sierra Leone. Finally, I will end this analysis with a discussion of the post-war challenges Sierra Leone faces in developing as a peaceful, unified country. Despite having some of the most beautiful scenery in West Africa, Sierra Leone has often been described as one of the most economically poor countries in the world. Since the discovery of diamonds in Sierra Leone in 1932, the country has managed to export over 32 million carats of diamonds (Hirsch 2000). Prior to the conflict with the RUF, the diamond industry was comprised of several corporate mining companies. In addition to these diamond companies, Sierra Leone also used what is called the Alluvial Diamond Mining Scheme (ADMS). Through this, small diamond producers were granted licenses that enabled them to mine for diamonds, typically using labor-intensive mining techniques (Hirsch 2000). The most common method for diamond mining in Sierra Leone is the sifting through gravel from river banks, river bets, and small pits (Conflict Free 2009). Unfortunately, the majority of workers in this type of work have no ownership over the diamonds they are unearthing. Because the diamonds mined through the Alluvial Diamond Mining Scheme are ultimately sold through chains of small dealers to one of the corporate mining companies to be exported, the ADMS s eems to have only two main purposes: ?to appease traditional rulers in the Eastern province and to obtain diamonds through labor-intensive, non-capitalist labor that could not be obtained profitably by the larger corporations (Zack-Williams, 206).? The corporate structure behind the Alluvial Diamond Mining Scheme is dominated by a company named DeBeers. Through Lauren Thompson?s report Sierra Leone: 1935-2000, she explains how ?in 1935, DeBeers gained full rights to the diamond industry in Sierra Leone until the year 2034 (Thompson 2000).? Later in her report, Thompson discusses the role of Lebanese traders in Sierra Leone and their attitudes towards diamond smuggling. ?These traders quickly discovered smuggling diamonds brought easy profits, and illicit mining and trading grew throughout the country (Thompson 2000).? As soon as word spread concerning diamond smuggling, thousands of people flocked to Sierra Leone creating an overwhelming diamond rush in 1950. Because of the new infl ux of people, the government was no longer able to police the diamond districts (Abdullah 1998). Ultimately, with the government completely removed from the diamond industry as well as the diamonds being dispersed over such a large territory, diamonds were now seen as a good that could be socially looted, becoming the object of conflict in Sierra Leone. The diamond conflict in Sierra Leone is often credited to Charles Taylor, the former President of Liberia. Taylor is known to have directly sponsored diamond bandits in Sierra Leone. Following the illegal attainment of diamonds, these same bandits were then responsible for smuggling the diamonds across the border into Liberia. In an article concerning regional peacekeeping in Sierra Leone, Steven Burgess states that ?The failure of the United States to respond to pleas from its traditional Liberian ally during the disintegration of the dictatorship of Samuel Doe in 1990 permitted a rebel incursion to escalate into a protracted conflict; subsequently, it spilled over into Sierra Leone, a similarly weak state? (Burgess 1998, 41). The decade-long war in Sierra Leone is heavily linked to Taylor?s actions in financing diamond bandits and introducing the ability to finance war through diamond smuggling. Raging Waters EssayPost-Conflict development and the social implications brought on by the war in Sierra Leone are still a pressing issue for all members that society. The social implications of the war alone are enough to severely cripple the country. Following the civil war, Sierra Leone experienced a large influx of orphans, many of who served with the RUF as combatants. With the RUF expelled, these children must now live side by side with the very people they once terrorized, raped and murdered (Azar et al 1999). The fact that previous combatants and victims are living side by side in such an unstable economy allows for a high risk for future conflict. Although most child soldiers were not punished for their actions due to the recruitment methods by the RUF, there is still a high need for restorative justice that provides a sense of community and calm for both victims and combatants (Peters and Richards 1998). In addition to social growth that needs to take place, economic development is also necessary to prevent future conflict. According to the World Bank, in order to create a sustainable economy that will prevent future war in a post-war country is the diversification of GDP away from one specific commodity or good (World Bank). For Sierra Leone, this commodity is without a doubt diamonds. However, if Sierra Leone decided to reduce its dependence on income from the sale of diamonds, the government would not receive nearly as much revenue because so much of Sierra Leone?s resources are diamonds. Also, steps would have to be taken to police the diamond fields if they were not going to be mined as heavily in order to prevent the looting and exploitation of diamond deposits by yet another rebel incursion. Overall, the increased opportunity cost of not depending so much on revenue generated from the selling of rough diamonds is a testament to how difficult the conditions are currently being faced by the government of Sierra Leone. Works CitedAbdullah, I. (1998). Bush Path to Destruction: The Origin and Character of the Revolutionary United Front/Sierra Leone. The Journal of Modern African Studies , 203-235. Affairs, B. o. (2010, August 17). Background Notes on Countries of the World: Sierra Leone. Retrieved November 11, 2010, from U.S. Department of State: http://www.state.gov/r/pa/ei/bgn/5475.htmAriovich, G. (1985). The Economics of Diamond Price Movements. Managerial and Decision Economics , 234-240. Azar, F., Mullet, E., Vinsonneau, G. (1999). The Propensity to Forgive: Findings from Lebanon. Journal of Peace Research , 1-2. Bank, W. (2010). Postcrisis Growth and Development. Washington, DC: EXTOP. Burgess, S. F. (1998). African Security in the Twenty-First Century: The Challenges of Indigenization and Multilateralism. African Studies Review , 37-61. Conflict Free Blood Diamonds: Sierra Leone. (2009). Retrieved November 14, 2010, from All About Gemstones: http://www.allaboutgemstones.com/conflict-diamonds_sierra-leone.htmlEpstein, E. J. (1982, February). Have You Ever Tried to Sell a Diamond? Retrieved November 11, 2010, from The Atlantic Monthly: www.theatlantic.com/issues/82feb/8202diamond1.htmFogelberg, K., Thalmann, A. (2004). Amputation as a Strategy of Terror in Sierra Leone. High Plains Applied Anthropologist , 158-173. Hirsch, J. L. (2000). Sierra Leone: Diamonds and the Struggle for Democracy. Boulder: Lynne Rienner. Kandeh, J. D. (2005). The Criminalization of the RUF Insurgency in Sierra Leone. Washington, DC: Woodrow Wilson Center Press. Murphy, W. P. (2003). Military Patrimonialism and Child Soldier Clientalism in the Liberian and Sierra Leonean Civil Wars. African Studies Review , 61-87. Peters, K., Richards, P. (1998). Why We Fight: Voices of Youth Combatants in Sierra Leone. Journal of the International African Institute , 183-210. Prosecuting Foday Sankoh. (2000, May 5). New York Times , p. 26. Pugh, M., Cooper, N., Goodhand, J. (2004). War Economies in a Regional Context: Challenges of Transformation. Boulder: Lynne Rienner. Schaeffer, C. (2007). Doomed for Failure: The Lom? Peace Accord and the United Nations. New England Political Science Association , 1. Stanton, L. (2002, February 14). Ten Reasons Why You Should Never Accept a Diamond Ring from Anyone, Under Any Circumstances, Even if They Really Want to Give You One. Retrieved November 11, 2010, from Field Guide to the U.S. Economy: http://www.fguide.org/?p=53Thompson, L. (2000, July 1). Sierra Leone: 1935-2000. Retrieved November 11, 2010, from Professional Jewlers Magazine: http://www.professionaljeweler.com/archives/hottopics/sierraleone1.htmlZack-Williams, A. (1995). Tributors, Supporters and Merchant Capital: Mining and Underdevelopment in Sierra Leone (Making of Modern Africa). Brookfield: Ashgate.

Meteora by Linkin Park free essay sample

Meteora: Linkin Parks’s golden gem. Meteora is the second album released by Linkin Park. It was released in 2003 and has sold over 10 million copies since. People can expect the usual Linkin Park style but with a little more experimentation. Songs like â€Å"Faint†, â€Å"Somewhere I Belong†, and â€Å" Breaking the Habit† that are featured in the album are why people love Linkin Park. But the real ace in the whole is â€Å"Numb† which is believed by many to be Linkin Park’s best song ever made. Songs from this album are similar to the ones from Linkin Park’s first album, Hybrid, but not quite the same. They seem to have added a hint of the unknown and mystery in there songs with a deeper meaning. Most Albums are very repetitive and all of their songs are the same with different lyrics, but Meteora changes it up by delivering an album of different songs that each could’ve become a hit in the top 10 when it was released. We will write a custom essay sample on Meteora by Linkin Park or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I would highly recommend this album because it has some of the best Linkin Park songs, and it has sold over 10 million copies what else do I have to say.

10 Interesting Facts About New Orleans

10 Interesting Facts About New Orleans New Orleans is the largest city in the United States state of Louisiana with a 2008 population of 336,644 people. The New Orleans Metropolitan area, which includes the cities of Kenner and Metairie, had a 2009 population of 1,189,981 which made it the 46th largest metropolitan area in the United States. Its population dropped dramatically after Hurricane Katrina and the subsequent severe flooding hit the city in 2005.The City of New Orleans is located on the Mississippi River in southeastern Louisiana. The large Lake Pontchartrain also lies within the city limits. New Orleans is most well known for its distinctive French architecture and French culture. It is famous for its food, music, multicultural events and the Mardi Gras festival held in the city. New Orleans is also known as the birthplace of jazz.The following is a list of 10  important geographic facts about New Orleans. The City of New Orleans was founded under the name La Nouvelle-Orlà ©ans on May 7, 1718, by Jean-Baptiste Le Moyne de Bienville and the French Mississippi Company. The city was named after Phillipe dOrlà ©ans, who was Frances head of state at the time. In 1763, France lost control of the new colony to Spain with the Treaty of Paris. Spain then controlled the region until 1801, at which time, it was passed back to France.  In 1803 the region encompassing New Orleans and surrounding areas was sold by Napoleon to the United States with the Louisiana Purchase. The city then began to grow considerably with a variety of different ethnicities.After became a part of the United States, New Orleans also began to play a large role in international relations as it developed into a large port. The port then played a role in the Atlantic slave trade but also the exportation of different commodities and the importing of international goods for the rest of the nation up the Mississippi River.Thr oughout the rest of the 1800s and into the 20th century, New Orleans continued to grow rapidly as its port and fishing industry remained important for the rest of the country. In the end of the 20th century, growth in New Orleans continued but planners became aware of the citys vulnerability to flooding after erosion of wetlands and marshes. In August 2005, New Orleans was hit by the category five Hurricane Katrina and 80 percent  of the city was flooded after a failure of the citys levees. 1,500 people died in Hurricane Katrina and much of the citys population permanently relocated.New Orleans is located on the banks of the Mississippi River and Lake Pontchartrain about 105 miles (169 km) north of the Gulf of Mexico. The total area of the city is 350.2 square miles (901 sq km).The climate of New Orleans considered humid subtropical with mild winters and hot, humid summers. The average July high temperature for New Orleans is 91.1 °F (32.8 °C) while the average January low is 43.4 °F (6.3 °C).New Orleans is known for its world-famous architecture and areas like the French Quarter and Bourbon Street are popular areas for tourists. The city is one of the top ten most visited cities in the U.S.The economy of New Orleans is based largely on its port but also on oil refining, petrochemical production, fishing and th e service sector related to tourism. New Orleans is home to two of the largest private universities in the United States- Tulane University and Loyola University New Orleans. Public universities like the University of New Orleans are also within the city.

A study on John Calvin Research Paper Example | Topics and Well Written Essays - 2500 words

A study on John Calvin - Research Paper Example His father's intention was to bring his sons to the priesthood. John turned out to be smarter and more quick-minded than his brothers, and by the age of twelve he already served as bishop's clerk. Furthermore, Gerard Cauvin managed to engraft John into the home of one of the best Noyon families, the Montmors where he "received a more thorough classical grounding, and acquired a polish of manners to which he must ever have remained a stranger had he grown up under his father's humble roof"3. The Montmors helped John get enrolled at the Collge de la Marche in Paris, a school where he took his first formal studies4. Upon finishing the school in 1525, Calvin entered philosophy faculty of the Collge de Montaigu, the second of Paris' two universities in those days (Sorbonne was the first one)5. At the university, John focused on the study of philosophy and logic for BA and MA degrees. The discipline practiced by Calvin's tutors was literally iron while the schedule was exceptionally tough. Thus, a typical day began at four o'clock in the morning, and the first lecture lasted until six. However, Calvin was so intent on studying his majors that missed mealtime and even "long after others were locked in sleep, he was still awake; he would be pouring over the pages of schoolman or Father until far into the morning"6. Despite impressive progress made by John in his philosophic endeavou... Despite his personal reluctance, Calvin obeyed his father and spent three years studying law from brightest lawyers of those days, Pierre de L'Estoile. In 1529, John entered the University of Bourges to continue his legal education. It was there that Calvin became interested in the ideas of Andreas Alciati, an outstanding humanist lawyer. During his one and a half years in the University Calving learned Greek which was necessary for reading and studying the New Testament8. During the period 1529 and 1533, Calving focused upon studying Greek, Hebrew and theology. It was here too that his prowess as an evangelist and teacher of theology was first recognized. God-fearing, harassed Protestants in the city clamored for his refreshing exposition of Scripture. Almost daily, men and women were "added to the church" as a result of the visits of Calvin to humble homes in the city. Before him stretched, he was convinced, a vast and profitable field for labor9. By 1532, Calvin received his diploma in law and published his first work, which was a commentary on Seneca's De Clementia. The year of 1533 saw gradually increasing tensions at the Collge Royal between the humanist/reformist and conservative wings of faculty members. Rector of the University, Nicolas Cop, represented the humanist wing and on 1 November 1533 he delivered his inaugural address emphasizing the need for reformation and renovation of the Catholic Church. Entitled "Christian Philosophy", the address included a scholarly statement of the doctrines of grace and immediately produced huge effect in the city. After Cop's speech, Catholic priests left the university hall muttering "Grace, pardon of God, Holy Spirit; that's all this speech is filled with. Nothing about

Business Law Essay Example | Topics and Well Written Essays - 1000 words - 30

Business Law - Essay Example C.  Ã‚   With one of the legal issues you identified above, check with a legal web-site, as a reference that gives you greater understanding of this issue, so that you can describe the general rule of law about this issue, and any significant exceptions. As an employee, you have the right to raise a claim of discrimination by the employer only if you belong to a protected class. A protected class implies that you are fully qualified for the job. In such a case, the employer takes negative actions against you particularly by filling your position with an unqualified employee who does not fit in the protected class. If you want to raise the claim, you must either have circumstantial or direct evidence. The book serves as a special dedication to employees and employers. It provides guidance and information regarding legal employment issues. The workplace laws enacted by the state legislatures, congress, and local government meant to bring just for both parties. The book also highlights a case law that pertains to decisions made on precedent cases. Other critical issues addressed in the books are such as employment contract, company’s personnel, collective-bargaining agreement, and civil service rules. The book also focuses on federal laws and, in particular, the different kinds of employment laws. In the first category, the book addresses the anti-discrimination legislation. According to the Civil Rights Act of 1964 title VII, employment discrimination based on religion, color, pregnancy, race, sex and national origin is prohibited. The Rehabilitation Act of the Americans with Disabilities Act (ADA) prohibits employment discrimination against people living with disabilities. The Age Discrimination Employment Act (ADEA) forbids employment discrimination based on age. Discrimination against persons aged 40 and above is an offense. Another category addressed by the book relates to salaries and hours of work. The Fair Labor Standards Act

Relationship between Accounting Information and Market Risk

Relationship between Accounting Information and Market Risk Financial theory describes risk assessment as one of the most important part in an investment decision making process.  However, for a risk to be known, it is important for investors to interpret information flowing on the market. This study aims to examine the association between accounting information and the market risk over time. It also evaluates how far the beta value and accounting variables can be useful for investors in Mauritius. Beta estimates are calculated using Capital asset pricing model and accounting risk variables are derived from theoretical foundations and prior empirical findings. The relationship between the financial ratios and the level of systematic risk is obtained by regressing the variation in the beta against changes in the accounting variable. The empirical evidence shows that beta is valid on the Stock Exchange of Mauritius (SEM). However, the power of beta is relatively low in capturing the systematic risk. This finding is in line with Campbell (1995) who obtained similar observation for emerging equity market and with Bundoo (2000) who noted same result. Finally the result shows that a strong association exist between accounting variables and market risk and it also observed that this relationship is consistent over time. Accounting variables like growth rate, debt ratio, asset size, liquidity, profit margin and accounting beta are able to capture market risk where beta generally provides a high explanatory power of systematic risk. The findings contradict the some of the association between the market risk measures and accounting risk measure obtained Beaver et al (1979).   1  Introduction The growth experienced in the Stock Exchange of Mauritius (SEM) during the years 1989 to 2007 was with no precedence. Stock prices of quoted companies on the SEM boomed, causing a high influx of capital which caused the market to rise to its peak with a net market capitalisation of MUR 173 billion in the end of the financial year 2007. Local investors who had investments in fixed deposits from local commercial banks shifted some of their investments to the SEM, with view of higher return. But Stock prices started to fall soon after the end of the month of February 2008 and within a year the SEMDEX reached a position which was a low as the values experienced in September 2006. While this fall was largely attributed to the morose international situation, as a result of the international financial crisis; there is also the question whether the SEM effectively capture risk which is inherent by companies quoted and how far investors in Mauritius used the publish financial information to evaluate and predict the level of risk in the operating environment. Financial markets serve a key purpose in an economy by allocating productive resources among various areas so as to enable an efficient resource allocation, across different firms, investors assess the security and market expected prospects and risks and form a portfolio of investments based on their assessment. Security analysis usually involves an evaluation of the financial position and performance obtained from the financial statements published periodically by companies. In an efficient financial market the share prices is expected change to the fair value of the firm as new information flows into the market. Financial theory describes risk assessment as one of the most important part in an investment decision making process. The return of a stock is often considered to be narrowly related with the risk which the investor is taking while holding that stock. This makes the generally accepted principle that the higher is the risk in investing in an asset, the higher should be the asset’s expected return. This implies that there is a positive correlation between risk and expected return in holding a stock. 1.1  Problem Statement The analysis of stocks return is intricately linked with the analysis of risk. Empirical studies carried by Graham et al (2001) has shown that the Capital Asset Pricing Model (CAPM), (an asset pricing tool which uses risk as a basis to calculate assets return) is used, by more than seventy five percent of the chief financial officers, as primary tools in the portfolio selection process. However some authors in the capital markets literature (Campbell (1995) and Chan et al (1991)) have argued that in the case of emerging stock exchanges the CAPM is inapplicable and beta is not significant. However, for a risk to be known, it is important for investors to interpret information flowing to the market. Fama (1963) described three generic forms of market efficiency based on the market reaction to inflow of information. Markets which react to all past information are said to be in its weak form, those markets which react to all past and publicly available information are referred to as semi-strong efficient markets and those which react to all past, public and private information are considered as strongly efficient markets. A study made by Bundoo (2008) showed that Stock Exchange of Mauritius (SEM) has the characteristics of a market in its weak form. This implies that the SEM effectively responds to past information. Yet there is absence of empirical research which evaluates whether market return and risk are effectively pictured through accounting ratios. 1.2  Aims and objectives This paper aims at analysing the share prices in the SEM and key accounting ratios to evaluate the financial position, performance of a sample of companies quoted across various economic sectors of the SEM with the view of answering the above question. It also seeks to test whether investors can trust beta in their decision-making process on the SEM. The paper also aims at: understanding the relationship between the financial ratios, market return and risk; estimating the level of systematic for different business segment where financial market information is not available; and to guide investment in measuring the systematic in private and non listed companies in Mauritius. 1.3  Organisation of this paper The paper is organised as follows: Chapter 2 provides a summary of literatures concerning risk measures, accounting tools and market-based models to measure the performance and risk; It also surveys the empirical researches on the SEM  and similar markets; Chapter 3 develops the models which are to be used in the analysis of the relationship between systematic risk and accounting ratios; It also outline the methodology and sample data which is used in the analysis; Chapter 4 presents the key findings from the study and Chapter 5 concludes the paper. 2  Literature review Risk and return of a firm are the two most important factors in the development of financial strategy for both individual investors and firms. Risk is inherently multi-dimensional and as such it has multiple characteristics which may be classified as financial and non financial. These characteristics make up the risk profile of a security, which is generally observed as changing with time and at different levels of a market. These changes in turn, impact on the return of the investors either by creating value or destroying the initial value before the investment.   Modern financial theories have proposed different models which are founded on sound theoretical analysis which can be used to estimate the different degree of riskiness of a particular security. These risk measures are then used in valuation models to estimate the return which an investor, with a defined risk attitude, can expect from an investment. As described in chapter 1, above, the applicability of such financial theories remain untested in many emerging markets. This chapter reviews the financial models which are commonly used by practitioners for estimating of the risk of stocks and stock market and their corresponding returns. It also summarises the main financial ratios which are used to analyse the financial risk, financial performance and the value of the firm. Finally a summary of the accounting tools and market-based models to measure return is also presented. 2.1  Risk It has always been difficult for practitioners to reach a consensus on the definition of risk. Moles (2004), nevertheless, provides a simple definition which is taken in this paper as basis for risk measurement. He defines risk as â€Å"the chance (or probability) of a deviation from an anticipated outcome†. With this definition it is implied that risk is made up of at least these 3 elements: 1.  probability: which means that risk can be quantified and expressed as a parameter, number of value; 2.  deviation from anticipated outcome: which is extent to which the actual result may deviate from that which is expected; 3.  anticipated outcome: this means that it is the consequence of the actual results deviating from the expected results that leads to risk. Newbold et al (2003) states that probability can be measured using past data by considering the proportion of times that an event occurred. For the case of an investor the anticipated event would be the financial return which he or she can expect by holding an asset. The measurement of the deviation from the anticipated return is normally done using the standard deviation of returns generated by an asset with regard to the expected return. 2.1.1  Systematic and unsystematic risks The deviation from the anticipated return is caused by is explained by 2 levels of risk: systematic risk and unsystematic risk.  The sum of these two main categories of risk is the total risk to which an investor is exposed to. Systematic risk is associated with overall movements in the general market or economy and therefore is often referred to as the market risk. The market risk is the component of the total risk that cannot be eliminated through portfolio diversification. Unsystematic risk which is a component of the portfolio risk that can be eliminated by increasing the portfolio size, the reason being that risks that are specific to an individual security such as business or financial risk can be eliminated by constructing a well-diversified portfolio. 2.2  The Capital asset pricing model Markowitz (1952) constructed a mean-variance model to observe the trade-off between risks and return. The model mathematically proved that return can be maximised, while minimising the overall risk, by holding a diversified portfolio. The idea was based on the concept that securities that are inversely correlated or having coefficients which are less than one. Such negative or low correlation coefficient results in a low covariance between securities in the portfolio. The low covariance implies a comparatively low level risk. However, Sing et al, (2001) observed that the model ignore the general risk-averse attitude of most investors. The Capital Asset Pricing Model (CAPM), developed by Sharpe (1964), is based on the framework set out by Markowitz (1952) which considers that investors invest their money in a portfolio of assets. The CAPM states that the return which a risk averse can expect from investing in a risky asset is a risk premium over the risk free rate. The formula 1 below states the formula which can be used to calculate the expected return. E(Ri)  = Rf +  i  (  E(Rm)   Rf  )  (2.1) where: E(Ri)  Ã‚  expected rate return of stock I; i  Ã‚  relative risk of share I; E(Rm)  Ã‚  expected rate return of the market portfolio; and Rf   risk-free interest rate. Sharpe (1964) and Lintner (1965) explained that the correct measure of risk of an asset is its beta factor, a standardised measure of the systematic risk and that the risk premium per unit of riskiness is the same across all assets. CAPM has been developed by considering some assumptions such as normal distribution of assets return, perfect divisibility of assets and return, the existence of a risk free rate, perfect market conditions, inter alia, which might not exist in the real world. Despite the fact that most of the above assumptions are neither valid nor fulfilled, the CAPM has become an important tool in finance. It is widely used by finance practitioners for assessment of cost of capital, portfolio performance, portfolio diversification, valuing investments and choosing portfolio strategy among others. The ÃŽ ² factor in the equation 2.1 measures the volatility of the specific asset with regard to the volatility in the market, that is, the market risk. Mathematically it is expressed as in equation 2, below: (2.2) where: systematic_riskasset = covariance of the asset and that of the market market_risk is the volatility in the market portfolio, it is measured by the standard deviation of prices of the market portfolio. 2.2.1  Empirical review of Capital asset pricing model The empirical studies undertaken by Jensen et al. (1972) found supportive evidence for CAPM. The authors found that the actual return, for a sample of companies quoted on the New York Stock Exchange (NYSE), were consistent with the predictions of the CAPM.  They noted that the relationship between the average return and beta was very close to a linear one and that portfolios with high betas had high average returns. The same result was confirmed by Black et al. (1972), who studied of all the stocks on the NYSE over the period 1931-1965. Black et al. (1972) formed portfolios of stocks and analysed the abnormal return with regard to the beta factor, and found a linear relationship between the average excess portfolio return and the beta. Black et al (1972) observed that the beta factor measured the responsiveness of the share return to changes in the returns of the market. Stocks with high positive betas had stock price which rose faster than the market. This implies that high beta stocks bear a higher degree of risk compared to stocks which have their beta factor as negative. Stock with negative beta behave negatively to changes in the market, as such, in a bearish market, it is more attractive to invest in these stocks as it helps to preserve the value of the investor. Fama et al. (1973) also observed a larger intercept than the risk-free rate when analyzing the return against risk. They confirmed that there is a linear relationship between the average return and the beta, even over longer period. They further investigated whether the squared value of the beta and the volatility of assets returns explained the residual variation in the average returns across asset and found that, in addition to portfolio risk, there are other variables that affect expected return. 2.2.2  Critics against Capital asset pricing model There has been also several criticism of the applicability of the CAPM in many markets. Empirical research undertaken by Basu (1977) proposed other factors which have to be considered instead of relying wholly on a single variable, beta. According to Basu (1977) the price earnings ratio has a great influence in market return. Banz (1981) challenged the model by indicating that firm size have a considerable impact on the average returns of a particular stock and thus firm size could better explain the volatility than the market beta. The author observed that the average return of small firms were higher than the average returns on stocks of large firms. Chan et al (1991) made a further observation, on the Japanese market, that stocks with high ratios of book value of common equity have significantly higher returns than stocks with low book to market equity. In this respect, book to market equity started to be regarded as being an important variable that could produce dispersion in average returns. Fama and French (1992) came up with the conclusion that a more realistic approach of the risk in the market is the multi-index models. Their study concluded the findings of Basu(1977), Stattman (1980), Banz (1981) and Chan et al (1991) who argued that size of the firm and the books to market equity ratio are far superior in explaining asset returns. In contrast with CAPM which can be considered as a single factor model, Ross (1976) proposed a multifactor arbitrage pricing theory (APT).  Groenewold et al (1997) examined the validity of the model for Australian data and compared the performance of the empirical version of the APT and the CAPM. They concluded that APT outperforms the CAPM in terms of within-sample explanatory power. The APT, however, is a generic model and does not specify any factor which has to be considered in analysing return with regard to risk. 2.2.3  The ongoing debate on the applicability of Capital asset pricing model Nevertheless, there is no consensus in favour of CAPM due to the disparities in the empirical findings and the debate continues. In general, the studies challenge the data used by Fama et al (1993). Kothari et al (1995) argue that the findings of Fama et al (1993) depend essentially on how the statistical findings are interpreted. Amihudm et al (1992) and Black (1993) supported the idea that the data are too noisy to invalidate the CAPM and showed that when a more efficient statistical model is used, the relationship between average return and beta is positive and significant. The author further suggested the findings in respect of size effect could be simply in a sample period effect and that it may not be noted in another period. Similarly, Berk (1995) questioned the findings of Chan and Chen (1991). The author emphasised that stock prices (and market value of the equity (MVE)) depend on the expected future cash flows which is used by investor to estimate the risk and the required rate of return. Therefore, if two companies have a higher discount rate and consequently its price and MVE will be lower. In this sense, MVE captures the information about the company’s risk, since any change in investors’ perceptions of risk is immediately reflected in the stock prices. Furthermore, when the expected return of a firm is defined as the expected cash flow divided by its MVE, the relationship between MVE and return is clearly negative for companies with equivalent cash flows. Berk concludes that for companies of similar cash flows, the higher the risk of the cash flow, the higher the discount rate investors apply to it, which causes price to decrease and expected return to increase. This concept has contradicted the findings of Chan and al (1991), which attribute higher returns to smaller companies. Owing to its intuitive appeal, the CAPM has become an important tool in finance for assessment of cost of capital, portfolio performance, portfolio diversification, valuing investments and choosing portfolio strategy among others. However, there is no consensus in the literature as to what a suitable measure of risk is, and consequently, as to what is a suitable measure for evaluating risk-adjusted performance (Galagedera, 2007). As such, the debate for robust asset pricing models continues. Other studies (Ball and Brown (1969) and Beaver, et al (1970)) have focussed on accounting variable to convey information about the market risk. 2.3  Accounting variables as a measure of systematic risk Research in accounting variable as a measure of risk has increased considerably since the last forty years with a number of published papers by Beaver et al (1970), Lev et al (1974) , Bernard (1989), Ohlson (1995), and Kothari (2001). Beta measures the relative risk whereby risk itself is determined by some combination of firm characteristics, market conditions, and the sensitivity of the firm stock to market conditions. As such, understanding the relationship between the accounting variable and the systematic risk can provide an alternative basis to a market based estimation and prediction which will in turn guide the accounting policy formulation and investment decision making (Brimble et al, 2007). The study by Beaver et al (1970)  was the most quoted research in accounting and financial research. The author had improved the perdition of systematic risk by considering the firm specific characteristic and they identified significant association between market risk and firm specific accounting information. The financial statements of firms were mostly used in providing considerable information that could be used to measure the inherent risk. In fact, the Financial Accounting Standards Board (1983) stated that the objective of financial reporting is to provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions. A number of studies investigated how financial information becomes impounded in security prices and affects investment decisions. These accounting data are converted into the financial constructs, such as growth, operating leverage, profitability, liquidity, and efficiency. There is considerable evidence that since the late 1800’s ratio analysis has been widely used in the valuation of published financial data (Connor, 1973). Researchers and investors use mainly financial ratios for risk modelling purposes based on different criteria of comparison which are discussed as follows: Time series analysis: It also known as trend analysis and it is used to compare financial ratios over a period of time. Ratio analysis for one year may not present an accurate picture of the firm (Rao, 1989).  As such, to appraise a firm’s performance, the present ratios need to be compared with the past ratios. Cross-sectional analysis: This method compares ratios of one firm to the ratios of some other selected firms operating in the same industry at the same point in time (Pandey, 1999). Such comparison indicates the comparative financial position and performance of the particular firm. Industry analysis: According to Pandey this type of analysis helps to ascertain the firm’s financial standings and capacity vis-à  -vis other firms in the same industry. A study conducted by Beneda (2006) indicated that commercial lenders often consider the use of industry ratio analysis to be critical with regard to the potential success of the business. The main shortcoming of this analysis is that it is difficult to obtain the average ratio of an industry and if available the average ratio is composed of both strong and weak firms. Financial ratios were used for locating possible takeovers and mostly to predict major events such as corporate failures (Scott, 2004). Other studies reported on an association between accounting ratios and market risk measures, and proposed that certain accounting ratios can be used as proxies in predicting future security (Beaver et al. 1970; Elgers and Murray, 1982). 2.3.1  Usefulness of accounting variables The use accounting as means of estimating the systematic risk will allow the user of the financial statement to assess the investment alternative in terms risk, return and the value of the firms. Ryan (1997) has widely discussed the motive for relating accounting research to measures of market risk: The volatility of market betas over time indicates that the ex post measure of systematic risk is does not provide meaning full information in estimating the future risk. As such, understanding the relationship between accounting variables and systematic risk could indeed be useful in measuring and predicting the actual and upcoming market risk. Market based measures of risk, like the capital asset pricing model, fail to consider most of the firm specific characteristic such as the operational factors and environmental contingencies which influence risk. The accounting risk based information gets closer to the identification these economic fundamentals. Therefore accounting model provides an actual risk determinants rather than just determining the level of risk. Accounting risk model overcome the conventional problem were ex post measure of risk can not be applied due the fact that historical security returns is not available or insufficient like in the case non listed entities and for initial public offering Accounting variable are not affected by the noise found in traditional risk estimates which rely on past trading histories whereby significant variation in one period subsequently affect the overall risk level ; The development of trading strategies and the construction of portfolios with the desired level of risk. 2.3.2  Theoretical and empirical review of the relationship between individual accounting variable and systematic risk. Researchers on the association between systematic risk and accounting ratios were primarily initiated by Beaver (1970). The ratios used by the author were dividend payout, growth rate and leverage ratio, liquidity ratio, variability of earnings and co-variability of earnings. Other studies have further elaborated on these ratios and they also added other accounting based to measure the systematic risk. All these ratios aim at measuring the operating risk, financing risk and growth risk. The theories and empirical finding between these two variables are discussed as follows: Dividend Payout Corporate dividend policy has been the object of lively discussions in finance literature. The debate has revolved around the question of whether companies with generous distribution policies are less risky and whether there exists an optimal payout ratio. Theoretically, it is often asserted that firms with low payout ratios are more risky.  This is because that cost for external finance is relatively high for risky firm than firm with low risk. In this respect, risky firms rely on the utilization of their own reserves to carry out business activities. Dividend payout also affects the systematic risk by the information perceived by variation in the dividend policy. The original idea behind the information content of dividends, was developed by Lintner (1956) who claimed that managers only increased dividends when they believe that the levels of the firm’s earnings have permanently increased. He argued that decrease in dividend may be interpreted as cash flow or liquidity problem. Miller and Modigliani (1961) have argued, on the other hand, that dividend policy is irrelevant to the market value of shares. In a model which disregards taxes, they conclude that the payout policy which the corporation adopts, has no effect on the price of shares. Similarly Watts (1973) and Gonedes (1978) found no evidence that changes in dividend policy contain new information regarding firms future earnings. Gordon (1963) further pointed out that an increase in the proportion of retained profit now means higher cash dividends in the future and therefore conservative dividend policy has no effect on the risk factor. Still, Veikko (1967) explained that the higher the retention rate, the further in the future cash dividends are moved and the greater the uncertainty about their actual amount. Empirical evidence by Edward et al (1998) further showed that a significant negative relationship exists between the dividend pay out ratio and risk element. Growth rate Growth affects the systematic risk in two main ways as identified by Beaver et al (1973).  Firstly, where a firm earns excessive earning opportunities, that is, where the expected rate is higher than the cost of capital. Growth is normally attained by an expansion in the assets size either through the acquisition of new plants or by creating new product line or by takeovers.  The excessive earnings stream derived from these operations is argued to be more uncertain (i.e. volatile) than the normal earnings stream of the firm. In this respect the authors stated that a positive association exists between growth rates and risk. However, Harrigan (1984, 1986) have deepened this analysis and the author has observed different level of association over different industry life cycle characteristics. Harrigan argued that growth strategies, through takeovers and new product development, may be quite risky during an embryonic stage due to the high degree of product, process, and market uncertainty. In contrast, growth strategies may be less risky during times when demand conditions are growing in a stable manner. Finally, growth strategies are expected to become quite risky again as an industry is in transition to maturity because of the cut in the excessive earning streams. The second argument is related to the logic developed about the dividend payout ratio. Additional capital, utilized in the growth of the firm, would reduce the firm earnings in two main ways. If the expansion in asset is financed by the external debt, the firm earning would be eroded through finance cost. Whereas if the growth is financed through the retained earning, a sharp cut in earning attributable to the shareholder is expected. Both methods will ultimately lead to a reduction in dividend payout and thus increase the systematic risk. Asset Size Theoretically, larger firms are less risky than smaller firms. This is because large firms have better access to capital market, management skills and expertise and greater market liquidity. These factors provide opportunities to diversify and to seize new market opportunities to reduce operating risk which will impact on a lower beta than small firms. The studies of Dun et al (1970) reveal that the frequencies of failure are lower for large size firm than firm with low asset capitalization. Horrigan (1966) has shown that the most single important financial statement variable used to predict the bond rating of a firm was total assets. The author observed that if the asset returns are independent, the variance will decrease in direct proportion to the difference in asset size that is, as firm size doubles, the variance of the rate of return will be cut in half. Empirical work by Alexander (1949) observed that as firm size increase, the volatility in the earning streams decrease accordingly.   Moreover firm with wide operating activities are required to make more disclosure. For example the Mauritian companies act, 2001, stipulate that firms with Turnover above MUR 30 Million are required to file a complete set of financial statements with the Registrar of Companies. This information may be consulted by the members of the public upon payment of a nominal fee. Thus, more information is available to evaluate risk level. Collins et al (1987) have identified that small and recently incorporated firms have a high probability of financial distress. Accounting beta Research about the association between the market based beta and an accounting beta originated with Ball and Brown (1969). Accounting beta measures the degree of co-variability of firm earnings and the market earnings. Beaver et al (1970) argue that, if beta is being the used as the market determined concept of risk, then the most direct approach would be to compute the beta value on accounting earnings. Bowman (1969) demonstrated that the higher the accounting beta, the higher the systematic risk. Hence a positive relationship is expected between the two variables. Earning Variance The important relationship between earnings and the market beta is their covariability, accounting beta, is shown in the above. However, the empirical research has generally shown earnings variability to be superior to an accounting beta. Beaver et al (1970) found in a model that use accounting variables to forecast market risk that earnings variability was the most significant variable and that accounting beta did not make a statistically significant contribution. The relationship established by Ball and Brown (1969) is therefore theoretical. Empirical results may differ from theory for two main reasons as advanced by Bowman (1969). The assumptions (i.e there are only pure equity firms (no debt) in the market portfolio) of the theory may not be applicable to the universe being tested. Secondly, t

Okonkwo Character Essay

In his novel, Chinua Achebe takes the reader to the world of the Igbo tribe during the pre-imperialism Victorian era. Okonkwo, the main character, was a highly respected member of the Igbo tribe. He is the caretaker of a child, but with a stroke of irony, ends up killing him. After an accident, he and his family are forced into exile. By the time he returns, the Igbo tribe has undergone many changes. He finds these changes to his life and culture to be overwhelming, and thus takes his own life. Throughout the novel, Okonkwo’s words demonstrate his inner conflicts, his troubled past with his family, and his superiority complex. Okonkwo is a very conflicted individual because, throughout the novel he demonstrates severe internal discord. Achebe comments,†Perhaps down in his heart Okonkwo was not a cruel man. But his whole life was dominated by fear, the fear of failure and of weakness† (13). Despite all of his showy manliness, deep down inside Okonkwo is ruled by fea r. He is afraid of coming off feminine and weak, like his father before him. He feels the need to surpass his father in every way, and does whatever he can to ensure his dominance. Okonkwo did not have a very warm upbringing. His harsh childhood is arguably the main reason Okonkwo is the way he is. â€Å"Okonkwo did not have the start in life which many young men usually had. He did not inherit a barn from his father. There was no barn to inherit.† (Page 16) His father proves unable to provide for his family, and in Igbo society, is looked upon as a bad father. This compels Okonkwo to be a better man than his father, but in some senses he takes it too far, and becomes a tyrant in his own home. â€Å"Okonkwoà ¢Ã‚€Â™s first son, Nwoye, was then twelve years old but was already causing his father great anxiety for his incipient laziness. At any rate, that was how it looked to his father, and he sought to correct him by constant nagging and beating. And so Nwoye was developing into a sad-faced youth† (Pages 13-14) As the head of the household, he is free to do whatever he pleases and drives his wives and children to work too hard. Okonkwo hated his own father, and though he is trying to do right by his children, is only driving them down the same path he has been. Okonkwo feels the need to be dominant. He does whatever he can to establish his superiority, to make up for his fathers failures. â€Å"Okonkwo  was well known throughout the nine villages and even beyond. His fame rested on solid personal achievements. As a young man of eighteen he had brought honor to his village by throwing Amalinze the Cat. Amalinze was the great wrestler who for seven years was unbeaten, from Umuofia to Mbaino.† (Page 1) He establishes his dominance early on, by proving to be a superior wrestler than everyone else. He makes a name for himself, and proves that he doesn’t need anyone else’s help. à ¢Ã‚€ÂÅ"’I think it is good that our clan holds the ozo title in high esteem,’ said Okonkwo. ‘In those other clans you speak of, ozo is so low that every beggar takes it.’à ¢Ã‚€Â  (Page 69-70) Since he is very proud of his reputation, Okonkwo is pleased to know that positions of respect are publicly known and difficult to achieve. This means that his status in the community is an elite and meaningful accomplishment. As you have seen through the evidence I have given, Okonkwo’s personality is very dark. It’s been shown that he was very conflicted, had issues with his family, and felt the need to be superior. In conclusion, these many issues lead to the man’s downfall, and eventual suicide.