Money and banking Essay Example | Topics and Well Written Essays - 500 words

Money and banking - Essay Example The Central Bank can grant overnight credit on a regular basis through a standing liquidity facility to banks and non-bank institutions in the financial system as part of its functions. This automatic provision of liquidity provides assurance to all participants in the system that they will be able to cover provisional shortfalls in settlement balances. The Central Bank provides emergency lending assistance to various deposit-taking institutions that are deemed solvent and which require additional credit. This assistance is given to institutions which have a significant share of their liabilities as deposits and hold assets that are illiquid. In an economic crisis where the Governor of a country’s Central Bank believes that there is a severe stress on a financial system, he can allow the Bank to be a supplier of liquidity by purchasing securities issued by local and foreign entities. The Central Bank makes this move to maintain financial stability. (Sharma, 2003) The loans gra nted by the Central Bank are made on a secured basis. The collateral eligible to secure credit from the Bank refers to highly liquid assets such as government securities. New issues may impact on the lender of last (LLR) resort role. One issue is with respect to the expansion of the types of institutions eligible to become members of the financial system and able to participate directly in the payments system. A second issue is the international linkages created with the entry of foreign bank branches into the country. The third issue is the greater sensitivity to the potential need by local institution for foreign currency liquidity changes in the supervisory framework. The fourth isssue is to craft a lender of last resort regime in a globalized banking environment as a way to promote financial stability. The lender of last resort (LLR) facility cannot be handled by the financial banks of the private

Argument in Encounters with the Archdruid Essay Example for Free

Argument in Encounters with the Archdruid Essay In the third section of John McPhees Encounters with the Archdruid, the author observes the discourse between conservationist David Brower and Commissioner of the Bureau of Reclamation, Floyd Dominy, on the merits of dams in the southwestern United States. Brower hates all dams, large and small, while Dominy sees dams as essential to our civilization. The Glen Canyon Dam and Lake Powell, which Dominy created, are the main issue of debate between the two men. Floyd Dominy graduated from the University of Wyoming in 1932 and, after an unsuccessful stint as a teacher, became a county agricultural agent for the federal government in Wyomings Gillette County. This was the time of the Great Depression and also a great drought in the American Midwest, which quickly garnered the name of the dust bowl. Frustrated by the lack of water available to farmers in his county, Dominy orchestrated the building of many dams in Gillette County, providing water to thirsty farmers and their livestock. Rewarded with a job in the Bureau of Reclamation for his efforts, Dominy became the Bureaus director in 1959 and oversaw the construction of Glen Canyon Dam on the Colorado River. Completed in 1962, the 710 foot tall dam built out of 4.9 million cubic yards of concrete has a reservoir (Lake Powell) that has a maximum capacity of 27 million acre-feet and is the one of the largest reservoirs in the world. Lake Powell has become a popular water recreation site and provides homes with about 1 million kilowatts of hydroelectric power and 8.23 million acre-feet of water and irrigation per year. Dominy views the dam as a great asset, both to provide utilities and to provide recreation Now people can fish, swim, water-ski, sun-bathe. Cant you imagine going there with your family for a weekend, getting away from everybody? But Mr. Brower says we destroyed it. (174) David Brower was born in 1912 in Berkeley Hills, California. When he was young his father used to take him to the Sierra, where Brower found his love for nature. After leaving his study of entomology at UC-Berkeley, Brower left for the Sierra, and became a world-class mountaineer, conquering over seventy mountain peaks. John McPhee even mused that if he were to be set  down at night anywhere in the Sierra Nevada, with the coming morning he would know just where he is. After serving as a decorated platoon leader in World War II, Brower started his work with the Sierra Club, becoming the first executive director of the club in 1952. Over this remarkable period until his dismissal in 1969, Brower would become the worlds foremost naturalist and environmental conservationist. The flooding of Glen Canyon was very personal to Brower, and his failure to stop the dams construction haunted him for the rest his life. He referred to it as Americas most regretted environmental mistake, and the greatest failure of his life. (163) In 1952, the Echo Park and Split Mountain Dams were proposed, which threatened the Green and Yampa Rivers and Dinosaur National Monument. Brower led the Sierra Club into action. Successfully, under his leadership, the Sierra Club defeated the Bureau of Reclamation hands down. But the victory at Dinosaur Monument was tempered by the Sierra Clubs offer of support for a dam downstream at Glen Canyon a higher dam, in fact, than one proposed earlier by the Bureau of Reclamation. Brower spoke in favor of a high dam at Glen Canyon, a speech he came to regret until the very end. While his supporters urged him not to blame himself, he repeatedly reminded whoever would listen that he could have done more to stop it. He believed that the fact he da m existed was his fault. He felt that he was not adequately prepared for his own mission, and if he had been, the dam would not have been built. Brower referred to Glen Canyon as the place no one knew. Before the construction of the dam and the creation of Lake Powell, Glen Canyon was one of the remotest places in the United States. Few people ever set foot in the Canyon, and after the construction of the dam, no one else would ever see it. Brower viewed nature as a sacred place, a place that must be earned. He hated the idea of people developing wilderness areas. He felt that cities should have strict boundaries, and people should stay there. Brower and Dominy have conflicting views in this situation. Brower is disgusted by the development around Lake Powell and the destruction of the wilderness that is now beneath it. Lake Powell is a drag strip for power boats. Its for people who wont do things except the easy way. The magic of Glen Canyon is  dead. It has been vulgarized. (240) Dominy, on the other hand, is proud that he has created such a beautiful lake and has made it accessible to the masses. Dominy is tired of trying to satisfy a noisy minority while trying to bring water, power, and recreation to the people. Im a greater conservationist that you are, by far. I do things. I make things available to man. Unregulated, the Colorado River wouldnt be worth a good God damn to anybodyDo you want to keep this country the way it is for a handful of people? (240) Beside these arguments, there is also a more quantitative side to the debate. The ecological detriments of the Glen Canyon Dam have been well-documented. Extensive changes were brought about in the Colorado River ecosystem by the construction of the Glen Canyon Dam. Most of these alterations negatively affected the functioning of the system and the native aquatic species of the river. The reduced supply and transport of sediment is the primary factor responsible for the degradation of the post-dam Glen Canyon ecosystem. When the dam was completed, and the flow of the Colorado River was stifled, sediment traveling along with the river was blocked by the dam and began to build up in the Lake Powell reservoir. Due to the sediment-free water flowing evenly out of the dam and the associated extreme drop in water temperature, many species of fish, amphibians, and insects which use sediments for habitats, spawning ground, and protection, have been put at great risk. Another problem arising from the dam is silt aggradation. Aggradation is the accumulation of sediment where the river flow slows as it approaches Lake Powell. Aggraded sediment deposits accumulate upstream, eventually piling up hundreds of feet above the current reservoir level. Huge sediment deposits have already filled some of the upper sections of the reservoir. Under current hydrological conditions, enough sediment flows into Lake Powell to potentially fill it up to the river outlet valve level within 100 years. When silt reaches these safety valves, the dam will become unsafe and need to be decommissioned. Since the completion of the Glen Canyon Dam in 1963, enormous amounts of sediment have been steadily accumulating behind the dam.  While the impacts of sedimentation werent understood prior to the construction of the dam, significant problems have emerged with the relentless buildup of sediment behind Glen Canyon Dam. Economically, on the other hand, the Glen Canyon Dam has provided many benefits since its 1963 completion. It has provided water supply and power for much of the southwestern United States, and parts of Mexico. The Glen Canyon Dam is part of the Colorado River Storage Project, implemented mainly to supply power to Native American reservations, Rural Electric Co-ops, government facilities, and municipalities. The Glen Canyon Dam supplies 75-85% of the power generation for this project. 85% of the dams water goes to irrigation projects. With the input of irrigation, the arid regions of these states have become fertile agricultural lands. Because of the high productivity of these areas, many customers in the United States are provided with fruits and vegetables year-round. Lake Powell has also provided many economic benefits. It is one of the most popular tourist sites in the southwest, bringing in about 4 million tourists and $2.5 million each year. The Glen Canyon Dam issue is a complicated one. Do the benefits of electricity and water outweigh the ecological detriments? Is there any other option besides building a dam to provide these utilities? It is difficult to find unbiased information weighing these issues fairly. In addition there are the more metaphysical, moral issues surrounding dams. Is it right to impose ourselves upon nature is such a way? Are we really harming our future with short-sighted projects like the Glen Canyon Dam? The question is one of the true nature of progress and the advancement of civilization. Is the Earth meant to be subdued by man or to be preserved in a constant search for paradise? The ultimate goal, I suppose, is to find a way to make advance and enrich our lives without detriment to our environment.

Nuclear Brinkmanship :: essays research papers

â€Å"The world would be a better place if†¦Ã¢â‚¬  Mutual Assured Destruction. Nuclear holocaust. The destruction of whole nations in the blink of an eye. We cannot hide from the threat that nuclear weapons pose to humanity and all life. These are not ordinary weapons, but instruments of mass annihilation that could destroy civilization and end all life on Earth. Nuclear weapons are morally and legally unjustifiable. They destroy indiscriminately - soldiers and civilians; men, women and children; the aged and the newly born; the healthy and the infirm. The world would be a far safer and better place if the Pandora’s Box of nuclear weapons had never been opened. Many historians argue that the United States began the Cold War by ending World War II with the nuclear attacks on Hiroshima and Nagasaki in Japan. Four years later, on August 9, 1949, the Soviet Union developed its own nuclear weapons. At the time, both sides lacked the means to effectively use the nuclear devices against each other. However, with the development of aircraft like the B-36 Peacemaker, both sides were gaining more ability to deliver nuclear weapons effectively. The official nuclear policy of the United States was one of "massive retaliation", as coined by President Eisenhower, which called for massive nuclear attack against the Soviet Union if they were to invade Europe. It was only with the advent of ballistic missile submarines, starting with the George Washington class submarine in 1959, that a survivable nuclear force became possible and that a second strike capability became credible. It was generally assumed that any combat in Europe would end wit h apocalyptic conclusions. An idea that has not sunk into the politicians and generals of the nuclear powers skulls is the fact that nuclear weapons are expensive. In 1983, a missile submarine cost more than the education budgets of twenty-three 3rd world countries. A comparison for nuclear weapons would be akin to that of computers: It becomes obsolete very quickly, and the state of the art technology used is astronomically maintenance expensive. Building nuclear weapons is like dumping your money in a hole: It is not going to be coming back. The world would be a far safer place had nuclear weapons not been developed. The possibilities of a small terrorist cell building a nuclear bomb and detonating it in a city are probable within the next twenty years.

Succubus Blues CHAPTER 11

Hospitals are creepy places, cold and sterile. A true reminder of the tenuous nature of mortality. The thought of Hugh here made me nauseous, but I squelched the feeling as best I could, sprinting through the halls to the room Samantha had named. When I reached it, I found Hugh lying calmly in a bed, his large body clad in a gown, his skin bruised and bandaged. A blond figure sat next to the bed with him, holding his hand. She turned in surprise when I burst into the room. â€Å"Georgina,† Hugh said, giving me a weak smile. â€Å"Nice of you to stop by.† The blond woman, presumably Samantha, studied me uneasily. Slim and doe-eyed, she tightened her grip on Hugh's hand, and I figured this must be the twenty-year old from work. Her unnatural breasts verified as much. â€Å"It's all right,† he told her reassuringly. â€Å"This is my friend Georgina. Georgina, Samantha.† â€Å"Hi,† I told her, offering my hand. She took it. Hers was cold, and I realized then that her nervousness was not so much at meeting me as general concern over what had happened to Hugh. It was touching. â€Å"Sweetie, would you excuse Georgina and me for a bit? Maybe go get yourself a drink from the cafeteria?† He spoke gently and kindly to her, a tone he rarely used with the rest of us on our pub nights. Samantha turned to Hugh anxiously. â€Å"I don't want to leave you alone.† â€Å"I won't be alone. Georgina and I just need to talk. Besides, she's a, uh, black belt; nothing will happen to me.† I made a face at him behind her back as she considered. â€Å"I suppose that's all right†¦ you'll call my cell if you need me, right? I'll come right back.† â€Å"Of course,† he promised, kissing her hand. â€Å"I'll miss you.† â€Å"I'll miss you more.† She rose, gave me another uncertain look, and retreated out the door. I watched her go a moment before taking her chair beside Hugh. â€Å"Very sweet. I think I'm getting cavities.† â€Å"No need to be bitter. Just because you can't form meaningful attachments with mortals.† His jest hurt a lot more than it probably should have, but then, I still had Roman on the brain. â€Å"Besides,† he continued, â€Å"she's a little upset about what happened today.† â€Å"Yeah, I imagine so. Jesus. Look at you.† I surveyed his wounds in greater detail. Hints of stitches appeared beneath some bandages, and dark blotchy bruises blossomed here and there. â€Å"Could be worse.† â€Å"Could it?† I wondered archly. I'd never seen any immortal sustain so much injury. â€Å"Sure. First, I could be dead, and I'm not. Second, I heal just like you do. You should have seen me this afternoon when they brought me in. The trick now will be to get me out of here before someone notices just how fast I'm recovering.† â€Å"Does Jerome know about this?† â€Å"Of course. I called him earlier, but he'd already felt it. I expect him to show up any time now. Did he call you?† â€Å"Not exactly,† I admitted, hesitant to bring up the note quite yet. â€Å"What happened? When you were attacked?† â€Å"I don't remember a lot of details.† Hugh shrugged slightly, an awkward maneuver for one lying down. I suspected he'd already gone through this story with a number of others. â€Å"I stepped out for coffee. I was the only one in the parking lot, and while coming back to my car, this†¦ person, I guess, just jumped out and attacked me. No warning.† â€Å"You guess?† He frowned. â€Å"I never really got a good look. He was big, though, I could peg that much. And strong – really strong. A lot stronger than I would have thought.† Hugh himself was no weakling. True, he didn't work out or do much with his body, but he had a big frame and a lot of density to fill that frame out. â€Å"Why did he stop?† I asked. â€Å"Did someone find you guys?† â€Å"Nah, I don't know why he quit. It was all beating and slashing one minute; the next, he's gone. Took about fifteen minutes before someone else came along and helped me.† â€Å"You keep saying ‘he.' You think it was a guy?† He attempted another shrug. â€Å"I don't really know. Just an impression I got. Could have been a hot blonde for all I know.† â€Å"Yeah? Should I question Samantha?† â€Å"You shouldn't be questioning anyone, according to Jerome. Did you ever talk to Erik?† â€Å"Yeah†¦ he's looking into some things for me. He also reaffirmed that vampire hunters can't kill you or me, nor has he ever heard of anything that can.† Hugh turned thoughtful. â€Å"This person didn't kill me.† â€Å"Do you think he was trying?† â€Å"He was certainly trying to do something. Seems like if he could have killed me, he would have.† â€Å"But he couldn't,† a voice behind me pointed out, â€Å"because, as I've said, vampire hunters can only inconvenience you, not kill you.† I turned, startled at hearing Jerome's voice. It startled me further to see Carter with him. â€Å"Leave it to Jerome to play devil's advocate,† joked the angel. â€Å"What are you doing here, Georgina?† demanded the demon icily. My mouth gaped, and it took me a moment to speak. â€Å"How†¦ how did you do that?† Carter stood there dressed as disreputably as ever. Whereas Doug and Bruce looked like they were in a grunge band, the angel looked like the band had kicked him out. He gave me a lopsided grin. â€Å"Do what? Come up with a clever pun referencing Jerome's demonic status? The truth is, I usually keep a stash of them on hand and – â€Å" â€Å"No. Not that. I can't feel you†¦ can't sense you†¦Ã¢â‚¬  I could see Carter with my eyes, but I could not feel that powerful signature, aura, or whatever, that normally radiated from an immortal. Turning to Jerome suddenly, I realized he was the same. â€Å"Or you. I can't sense either of you. I couldn't the other night either.† Angel and demon exchanged glances over my head. â€Å"We can mask it,† said Carter at last. â€Å"What, like a light switch or something? You can turn it on and off?† â€Å"It's a bit more complicated than that.† â€Å"Well, this is news to me. Can we do it? Hugh and I?† â€Å"No,† both Jerome and Carter answered together. Jerome elaborated, â€Å"Only higher immortals can do it.† Hugh weakly attempted to sit up. â€Å"Why†¦ are you doing it?† â€Å"You never answered my question, Georgie,† Jerome pointed out, obviously avoiding the subject. He glanced at the imp. â€Å"I told you not to contact the others.† â€Å"I didn't. She just came.† Jerome turned his gaze back on me, and I fished the mysterious note out of my purse. I handed it to him, and the demon read it expressionlessly before handing it over to Carter. When the angel finished, he and Jerome looked at each other again in that annoying way of theirs. Jerome deposited the note into an inner pocket of his suit jacket. â€Å"Hey, that's mine.† â€Å"Not anymore.† â€Å"Don't tell me you're going to stick to your party line about this being a vampire hunter,† I shot back. Jerome's dark eyes narrowed shrewdly at me. â€Å"Why wouldn't I? This person mistook Hugh for a vampire, but as you've already observed, Nancy Drew, Hugh could not be killed.† â€Å"I think this person knew Hugh wasn't a vampire.† â€Å"Oh? Why do you say that?† â€Å"The note. The person who wrote it mentions my shape-shifting. He knows I'm a succubus. He probably knows Hugh's an imp.† â€Å"His knowing you're a succubus explains why he didn't attack you. He knew he couldn't kill you. He wasn't sure about Hugh, however, so he took his chances.† â€Å"With a knife.† Again, I remembered: How do you know if a demon is lying? His lips are moving. â€Å"I thought the story was that this was some amateur vampire hunter arbitrarily going after people with a stake because he didn't know any better. Instead, this person somehow knows about me and took on Hugh with a knife.† Carter stifled a yawn and joined in on Jerome's game. â€Å"Maybe this person's learning. You know, expanding their choice of weapons. After all, no one stays an amateur for long. Even new vampire hunters wise up eventually.† I jumped on the one detail here no one had addressed yet. â€Å"And even children know that vampires don't come out in daylight. What time were you attacked, Hugh?† A strange look crossed the imp's face. â€Å"Late this afternoon. When the sun was up.† I looked exultantly at Jerome. â€Å"This person knew Hugh wasn't a vampire.† Jerome leaned against a wall, appearing unfazed as he picked nonexistent pieces of lint from his slacks. He looked more like John Cusack than ever today. â€Å"So? Mortals get delusions of grandeur. He kills one vampire and decides to do his part against the rest of the evil forces inhabiting this city. That changes nothing.† â€Å"I don't think it was a mortal.† Both Jerome and Carter, looking at other things in the room, now snapped their heads toward me. â€Å"Oh?† I swallowed, slightly flustered under that scrutiny. â€Å"I mean†¦ you guys prove higher immortals can go around without being sensed, and no one's been able to sense anything from this guy. Plus, look at Hugh's damage. Erik said mortals can't really do substantial – † I bit off my words, realizing my error. Carter laughed softly. â€Å"Damn it, Georgie.† Jerome straightened like a whip. â€Å"I told you to let us handle this. Who else have you talked to?† Whatever cloaking Jerome had been doing vanished, and I suddenly became aware of the power crackling around him. It reminded me of one of those sci-fi movies when a door opens into outer space, and all the debris gets sucked out as a result of the vacuum. Everything in the room seemed to be drawn into Jerome, toward his swelling power and might. To my immortal perceptions, he became a glowing bonfire of terror and energy. I cringed against Hugh's bed, resisting the urge to shade my eyes. The imp put a hand on my arm, though whether it was for my comfort or his own, I didn't know. â€Å"No one. I swear it, no one else. I just asked Erik some questions†¦Ã¢â‚¬  Carter took a step toward the furious demon, face angelically calm. â€Å"Easy there. You're sending up a beacon to any immortal in a ten-mile radius.† Jerome's eyes stayed fixed on me, and I felt true fear for the first time in centuries in the focus of all that intensity. Then, like the light switch I'd joked about earlier, it all vanished. Just like that, Jerome stood before me completely incognito for all arcane intents and purposes. Like a mortal. He exhaled heavily and rubbed a spot between his eyes. â€Å"Georgina,† he said at last. â€Å"Contrary to whatever you believe, this is not all some elaborate attempt to vex you. Please stop going against me. We're doing what we're doing for a reason. Your best interests really are at heart here.† My catty nature wanted to ask if demons had hearts, but something else struck me as more pressing. â€Å"Why the ‘we' here? I assume you mean him.† I nodded toward Carter. â€Å"What could involve both a demon and an angel and make them skulk around hiding their presence? Are you guys afraid of something?† â€Å"Skulking?† Carter sounded jovially indignant. â€Å"Please, Georgie,† intoned Jerome, patience obviously at a breaking point, â€Å"leave well-enough alone. If you really want to do something useful, you will avoid dangerous situations like I advised before. I can't make you stay in protected company, but if you persist in being a nuisance otherwise, I can find a convenient place to stash you until this all blows over. This is not about anyone's ‘side,' and you only run the risk of muddling up matters you don't understand.† I unconsciously squeezed Hugh's hand for support. I did not want to think about what sort of â€Å"convenient place† Jerome had in mind. â€Å"Do we understand each other?† the demon asked softly. I nodded. â€Å"Good. You will be of most assistance to me by keeping yourself safe. I have too many things to worry about now without adding you to the list.† I nodded again, not trusting myself to speak. His small display had had its intended effect on temporarily cowing me, though some niggling part of me knew I would be unable to â€Å"leave well-enough alone† once I walked out of here. It would be best to keep that knowledge to myself. â€Å"That will be all, Georgie,† Jerome added. I heard the dismissal. â€Å"I'll walk you out,† offered Carter. â€Å"No thanks.† But the angel followed in my wake anyway. â€Å"So how'd it go with Seth Mortensen?† â€Å"Okay.† â€Å"Just okay?† â€Å"Just okay.† â€Å"I hear he's living here now. And spends a lot of time at Emerald City.† I eyed him askance. â€Å"Where'd you hear that?† He only grinned. â€Å"So? Tell me about it.† â€Å"There's nothing to tell,† I snapped, uncertain why I was even discussing this. â€Å"I've talked to him a few times, toured him around. We don't really click. We can't communicate.† â€Å"Why not?† Carter wanted to know. â€Å"He's a hardcore introvert. Doesn't talk much. Just watches. Besides, I don't want to encourage him.† â€Å"So you're increasing his silence.† I shrugged and pushed the button for an elevator. â€Å"I think I know a book that might help you. I'll dig it out and let you borrow it.† â€Å"No thanks.† â€Å"Don't knock it. It'll improve your communication skills with Seth. I saw it on a talk show.† â€Å"Aren't you listening? I don't want to improve things.† â€Å"Ah,† said Carter sagely. â€Å"You don't go for introverts.† â€Å"I – no, that's not it. I don't have a problem with introverts. â€Å" â€Å"Then why don't you like Seth?† â€Å"I do like him! Damn it, stop this.† The angel quirked me a grin. â€Å"It's all right to feel that way. I mean, past evidence shows you tend to go for showy, flirty guys anyway.† â€Å"What's that supposed to mean?† I immediately thought of my attraction to Roman. Carter's eyes flashed mischievously. We were at the hospital's exit now. â€Å"I don't know. You tell me, Letha.† I had nearly walked out the door, but his comment jerked me back. I spun around so fast, my hair whipped around and hit me in the face. â€Å"Where did you hear that name?† â€Å"I have my sources.† A great nebulous emotion swelled up in my chest, something I couldn't entirely identify. It fell somewhere on the continuum of hate and despair, not really subscribing to either one. Hotter and hotter it grew within me, making me want to scream at Carter and that smug, knowing look on his face. I wanted to beat my fists against him or shape-shift into something horrific. I didn't know where he'd learned that name, but it woke up some sort of sleeping monster within me, something that had been tightly coiled up. He continued watching me coolly, undoubtedly reading my thoughts. Slowly, I became aware of my surroundings. The chilly corridors. The anxious visitors. The efficient staff. I calmed my breathing and fixed the angel with a scathing look. â€Å"Don't you ever call me that again. Ever.† He shrugged, still smiling. â€Å"My mistake.† I turned smartly on my heels and left him there. I stormed out to my car and didn't even realize I was driving until I was halfway across the bridge, tears leaking from the corners of my eyes.

Does Homework Help or Hinder Academic Success Essay

The debate about homework has been going on for a long time. Some say too much homework is bad, but there are different views. There are some people that believe that there is a minimal relationship between homework and if it helps or hinder academic success. A little amount of homework is said to be linked to better school results as well. Homework may also have a small effect on how a student does in school on a test. Homework may hinder academic success due to lack of sleep, stress, and no fun in between work, but at least 2 hours may prove to be beneficial to healthy homework habits. There are two sides to this debate, one side that says that too much homework hinders academic success and the other saying that it doesn’t affect it at all. Too much homework takes away free time for children. Once children get home, depending on how much homework they get, they have to work on all their homework. For example, children need time to themselves to play and just have fun not do work all the time. Jessica Lahey the author of the article â€Å"I Hate Homework. I Assign It Anyway. † states, â€Å"Children need time to themselves to play, read and imagine. † (Page 2). This displays that there are some people who do agree with the fact that kids should have fun and play. They shouldn’t be bombarded with homework. Children should also be able to spend time with their family. Yes, they do see their parents’ everyday but they do not really get to spend time with them because of all the homework given to them. The article, â€Å"Homework’s Diminishing Returns† by Harris Cooper states, â€Å"Opponents of homework counter that it can also have negative effects like increasing boredom with schoolwork and reducing the time students have to spend on leisure activities that teach important life skills. † (Page 2). Spending time with their parents’ can help them and their children bond together and learn life lessons together. Overall, playing and having fun can really make a child happy instead of being upset about homework. It raises their morale and he or she will become much happier knowing that there can be breaks for fun from time to time. This can affect academic success positively because children will become more content with how things are doing that they won’t mind the little amount of homework as long as they can have a little fun still. Homework can also cause stress as well. At a young age a child should not be stressed. In other words, children could just become tired and tired of staying up all night doing homework. Jessica Lahey, the author of â€Å"I Hate Homework. I Assign It Anyway. † says â€Å"In her film, Ms. Abeles claims that today’s untenable and increasing homework load drives students to cheating, mental illness and suicide. † (Page 1). Children should not have to think about things like this because choices like that can affect their whole life. This will make them do anything to try and get homework out of the way. The stress factor is very large with children dealing with homework and this may cause even students from top schools to become frustrated. Jessica Lahey states in her article, â€Å"Even elite private schools in New York City are vowing to lighten their homework load. † (Page 1). This is very important to note because elite schools are obviously expected to give a lot of homework. If they’re willing to lower their homework then that must mean that even top students probably feel that all that homework is too much for them. The bottom line is that homework can cause children to make bad decisions and create more problems than what they seem to have. It may also hinder academic success because the bad decisions, if made, can cause that child to have too much on his or her mind to even pay attention to how well they’re doing in school. Although, there are bad sides to homework, there is also a good side of it. Two hours of homework can prove to be beneficial towards a child’s academic success. Harris Cooper states in his article, â€Å"Homework’s Diminishing Returns†, â€Å"A little amount of homework may help elementary school students build study habits and learn skills developed through practice. † (Page 1). This showcases that there is a good side to homework. This doesn’t necessarily mean that homework should be taken away completely, but it means that some homework is good for students. Creating study habits by doing some homework can help a student’s academic success because this will help them with future assignments and so he or she can remember what they learn. Some children also seem to like having an ample amount of homework as it doesn’t cause too much stress. Harris Cooper also writes, â€Å"All children can benefit from homework but it is a very rare child who will benefit from hours and hours of homework. (Page 2). This proves that only very few children can really have something to say about how many hours of homework allow them to improve on what they have done in school. While a couple of hours of homework can prove to help academic success positively, too much of it may be moving more towards the negative side. Homework can hinder academic success stress and no fun in between work, but at least 2 hours may prove to be beneficial to healthy homework habits. This shows that there are both sides of the argument shown. There can be less time to have fun, spend time with family; it can cause problems for students as well. Although there are many actions being done based on opinions, this debate still goes on and there may not be a solution at all. Many people have different beliefs on homework and what should be done about it. It may continue on for a while and more questions may branch out from the main question: does the amount of homework determine if it helps or hinders a student’s academic success?

Free Essays on German Music Drama

German music drama’s are primarily associated with the composer Richard Wagner. Richard Wagner was born in Leipsig, Germany on May 22, 1813. He attended school in Dresden and then Leipig. When Wagner was fifteen he wrote a play and when he was sixteen he wrote first pieces of music. His first pieces of music were two piano sonatas and a string quartet. He attended Leipsig University, and also studied composition and piano elsewhere. He was not really good at that. Wagner had very brief formal training. He basically was self taught. Richard Wagner is considered one of the key figures in the history of opera. He is responsible for changing the way it is seen in the nineteenth century. Many people did not like Richard Wagner. He is said to be one of the most controversial musical figures of the nineteenth century. He was a very smart, intellectual man. No one in that time period could compare. His life and works could be considered most of the achievements of German Romanticism- but at the same time they are liked and disliked very strongly. No other composer in musical history was looked at like this. His musical dramas were hated so much, but at the same time liked just as much. Even the people that strongly disliked him could not help but to agree what a genius he was. Richard Wagner was the creator of German Music Drama. What German Music Drama basically was, was something that could â€Å"bind all life, reality and illusion into one symbolic union.† Wagner achieved that result with the new technique of music drama, which the leading motives re-occur often changed by the needs of the drama. It sounds very complicated but basically Wagner had his own ideas and they were a very different style. He believed in the â€Å"absolute oneness† of drama and music. â€Å"They are organically connected expressions of a single dramatic idea.† Wagner believed that â€Å"dramas have an inner and outer aspect. ... Free Essays on German Music Drama Free Essays on German Music Drama German music drama’s are primarily associated with the composer Richard Wagner. Richard Wagner was born in Leipsig, Germany on May 22, 1813. He attended school in Dresden and then Leipig. When Wagner was fifteen he wrote a play and when he was sixteen he wrote first pieces of music. His first pieces of music were two piano sonatas and a string quartet. He attended Leipsig University, and also studied composition and piano elsewhere. He was not really good at that. Wagner had very brief formal training. He basically was self taught. Richard Wagner is considered one of the key figures in the history of opera. He is responsible for changing the way it is seen in the nineteenth century. Many people did not like Richard Wagner. He is said to be one of the most controversial musical figures of the nineteenth century. He was a very smart, intellectual man. No one in that time period could compare. His life and works could be considered most of the achievements of German Romanticism- but at the same time they are liked and disliked very strongly. No other composer in musical history was looked at like this. His musical dramas were hated so much, but at the same time liked just as much. Even the people that strongly disliked him could not help but to agree what a genius he was. Richard Wagner was the creator of German Music Drama. What German Music Drama basically was, was something that could â€Å"bind all life, reality and illusion into one symbolic union.† Wagner achieved that result with the new technique of music drama, which the leading motives re-occur often changed by the needs of the drama. It sounds very complicated but basically Wagner had his own ideas and they were a very different style. He believed in the â€Å"absolute oneness† of drama and music. â€Å"They are organically connected expressions of a single dramatic idea.† Wagner believed that â€Å"dramas have an inner and outer aspect. ...

The Greatest Grieves are Those We Cause Ourselves

The Greatest Grieves are Those We Cause Ourselves The Greatest Grieves are Those We Cause Ourselves This is a philosophical quote which means that people always become victims of their own deeds Any evil action performed brings agonies to the person who does it. In other words, the decision made by individuals end up causing serious adverse effects on them. Whenever someone plans to harm another person, he has to know that it is himself who will face the intended havoc. The statement can be explained using William Shakespeares play Macbeth. In this play Macbeth, a military leader who maneuvers to be a monarch becomes a casualty of his own actions. He does very evil things in order to rise to power. First, he kills the king to take his place. This is a very unfortunate incident because, as a patriot, he should have been loyal and protective of his king. After all, he was a distinguished army leader who had sworn to be loyal to his kingdom. After rising to power, he becomes very brutal He proves his autocratic leadership by indiscriminately murdering his subjects who were perceived to be dissents. He uses his military authority to establish a totalitarian regime in his kingdom. However, as events unfold, he gets seriously affected by his actions. He loses the confidence of his subjects who repeatedly rebel against him. In the long run, the kingdom plunges into war. This demoralizes him to the extent that he loses interest in his life and eventually loses it. Conclusively, it is good for people to be careful with their decisions Planning evil deeds eventually turns to haunt the perpetrator himself just like it happened to Macbeth. His ordeal gives meaning to this statement and acts as a lesson to others who might be planning to behave in the same perverse manner. Morality be the pillar of harmony and success to all the people in the society.

Five ways tools can help you tackle Twitter - Emphasis

Five ways tools can help you tackle Twitter Five ways tools can help you tackle Twitter The basic Twitter.com platform is surprisingly inflexible. For example, it doesnt allow you to schedule tweets for later, monitor how many people have clicked on your links, combine multiple accounts or view more than one stream of information at a time. So most people who embrace Twitter use a variety of tools and apps to improve their experience. 1. Dashboard Two of the most popular dashboards are Tweetdeck (which started out as a separate entity but was bought by Twitter in May 2011) and Hootsuite. Both are free and let you view several streams simultaneously (for example your own tweets, replies to your tweets, direct messages or your timeline) in adjacent columns. Theyre also good for managing multiple Twitter accounts at the same time, and scheduling tweets. The main difference is that Tweetdeck is a desktop app so its not ideal if you hotdesk or work from several locations, while Hootsuite is browser based and therefore more portable. 2. Scheduled tweets Buffer offers even easier tweet scheduling, where instead of programming in a time and date for each tweet, you simply set a pattern. For example, you could program it to send two tweets a day, at 12.30pm and 3.30pm, Monday to Friday. Then you just fill up the dashboard with your tweets and drag and drop them into the order you want. It also tracks the performance of tweets sent through Buffer, letting you know how many clicks, retweets, replies and favourites they received, as well as their potential reach. 3. Collaborative tweeting If youre setting up a Twitter account that several people will contribute to, GroupTweet is well worth a look. It allows multiple users to post tweets to one account, either through the GroupTweet dashboard, or via their personal account using the relevant @ address or hashtag. The basic version is free, but if you want to be able to moderate and schedule tweets, youll need to upgrade at a cost of $4.99 a month. 4. Collating tweets On Twitter.com, your tweets dont stay around for long. If you need to retrieve something that you tweeted, or was tweeted to you, more than a couple of weeks back, youll be lucky if you can still find it. Searching in Google can help, but it depends how far back you want to go. Rather than digging around to try and find important tweets after the fact, favourite them at the time. Or if youre having a discussion and you want to save all of it, use Storify. Its great for saving brainstorming sessions for later heres one of mine discussing the differences between lunch, tea and dinner (a brainstorm of such epic dimensions that I still havent written the article I intended to). 5. Performance analysis It can be tempting to try to measure your Twitter performance, but proceed with caution. Basically, youre already doing it right if people are talking to you, RTing you or opening your links, and if your number of followers is growing. However, if you do want a little feedback, there are services available. Just remember to take what they say with a pinch of salt, and not get too caught up in the idea of performance after all, its about communication and relationships, not numbers. One interesting service is Crowdbooster, which shows you which of your tweets have been most popular and how many people they have potentially reached (it calls these impressions). It also reminds you about tweets you havent yet replied to, offers you the opportunity to schedule tweets for later and even advises you about what it thinks is the best time of day to tweet to your followers. If you just want to use it with one Twitter account, its free. To add more, youll have to pay ($39 a month for ten accounts, $99 a month for 30 accounts). A more controversial service is Klout, which scores your social influence between 1 and 100 based on data such as follower and following numbers, retweets and interactions. Its accuracy, however, is debatable. For example, it thinks I am influential not just about Brighton (fair enough, I live there) but Afghanistan and the Chicago Bears (neither of which I recall ever tweeting about). Over to you What tools do you use and recommend, and why? Well be writing more about Twitter in the new year, so wed love to hear your tips. You can either comment below or tweet us on @EmphasisWriting. Want more guidance on how to write for Twitter? See our Four tips for effective tweeting.

The Peace Treaty Lab Report Example | Topics and Well Written Essays - 750 words

The Peace Treaty - Lab Report Example His 14 points were aimed at improving the conditions of the European states and had little to do with benefiting America. After the war the European countries had no specific direction or plan on what to do. The major concern to the European Allied forces was the division of the lands and reclamation of their own which had been lost to the enemies during the war. They had no idea on how to ensure lasting peace in the world so such an event would never occur again. At such a time America provided a neutral approach to the war as their entrance in the war had put them in the light of a moral crusader attempting to put an end to war as America faced little direct threat from the enemy and no advantage of territorial advances. So whatever the outcome, America would have had no benefits as compared to the European countries directly involved in the fighting. Perhaps that is why America did not enter the war as an ally but an Associated Power. Wilson wished his country to be a role player in providing peace to the world. (Henig, pp.10, 1995) The 14 points of Wilson could be demarcated into two basic categories. The first category contains those points which were generalized in nature and would require equal participation from all the nations. These policies aimed at establishing equality and a sense of fairness among the victors and the defeated. The other policies were more specific in nature addressing issues related to countries directly; such as the issues relating to Belgium, France, Italy, Austria, Hungary, Turkey and the Balkan states. The generalized policies proposed by Wilson could be seen as attempts to make the superpowers act more humbly and provide the smaller countries less reason to fear them. He proposed the abolition of hidden treaties which were considered the primary cause for the war in the first place. Another proposal was to have open sea travel over international waters. Decolonialization and disarmament of all countries aimed at removing the resentful image of the superpowers who had led many smaller countries to enter the war because of their colonial power over them. These measures aimed to cut down the possibility of the superpowers using other nations to aid them in their conflicts. Finally an open trade agreement was proposed which was very much similar to the WTO being implemented today. This aimed at providing a fair chance to all the countries to do business rather than facing barriers in trade by larger more powerful countries. These policies were not met with much enthusiasm from the Br itish and French as they believed these policies to not recognize the "hard reality of the situation". (Henig, pp.10, 1995) The specific policies were aimed at restoring the lands lost by the warring nations and in introducing an American style of governance in the countries responsible for the war. But probably the most visionary proposal of the Wilson 14 Points was to have a multilateral international association monitoring the nations and ensuring peace and foreshadowing the League of Nations. This proposal could be seen implemented in the form of the creation of the United Nations in 1945. The proposals made by

Finance principles Essay Example | Topics and Well Written Essays - 1750 words

Finance principles - Essay Example The company held a meeting to discuss the launch of its new product and the top management discussed in detail about the cash flow analysis and projections of the liquid detergent. The Chief Financial Officer, Mr. Mc Donald presented a report in a meeting which included the cash flow projections for the new project. He was planning to purchase specialized equipment and production facilities from Donnalley limited. Mr. Gasper, the production manager, inquired the CFO that why wasn’t he purchasing the equipment from Danforth limited. Being the financial analyst, I will analyze the purchase of equipment and facilities from Donnalley as well as Danforth limited if the company was planning to go with the project. If the company will buy specialized equipment from Donnalley limited, then it is expected to have increased net cash flows for the project. For the first four years, company will be able to get increased cash flows of $580000. While for the next three years, company is hopeful to receive higher cash flows of $650000. However, the company will get net cash flows of $550000 for the remaining four years of the project. There will be reducing depreciation on the specialized equipments of the company which are shown in table 1. The Radiant limited will experience loss in sales revenue from the existing product lines during the term of the project. The EBIT and NOPAT are calculated for each year in the table 1. Following are the formulae for the calculations of EBIT, NOPAT and free cash flows. In the fifth year, there was a need to purchase additional production facilities to meet up the growing demand of the detergents. The company will invest $5000000 to continue operations and production of detergents. The terminal cash flows are also calculated to come up with the free cash flows of the last year of the project. Let us suppose that the company can also purchase the plant, equipment and facilities from Danforth limited for launching a new

Entrepreneurs as Business Leaders Essay Example | Topics and Well Written Essays - 2750 words

Entrepreneurs as Business Leaders - Essay Example On this regards, recommendation are made on how the initiatives taken by the national, regional and local entities can be made better. 1. Introduction Small and Medium-sized enterprises (SME) are considered to be potentially most dynamic in an emerging economy. SMEs are regarded to play an important role in the development process of not only developing but also developed countries. Various advantages can be generated from the rise in SME (Parker, 2004). They are assumed to use more labor intensive technology that may give rise to the employment opportunity. They are established quickly and rapidly that leads to immediate initiation of operation, which in turn generates quick returns. The development of SME may promote the process of intra and inter-regional decentralization that may act as a force in equilibrating the economic power of bigger enterprises. In simple terms, the growth of SMEs is regarded to do major contribution towards the accomplishment of socio-economic and wider e conomic objectives such as poverty alleviation (Cook and Nixson, 2000). Most likely they have chances to move into the region of high-value addition and comparative advantage though they face lots of obstacle in legal, financial, economic and institutional terms. The obstacles include â€Å"limited access to working capital and long-term credit, legal and regulatory restrictions, inadequate infrastructure, high transaction costs, and limited managerial and technical expertise† (Pissarides, 1999, p. 520). However, lack of finance is the main obstacle to the growth of SMEs. This study highlights on the issues faced by the Entrepreneurs or the SME for financing their business in United Kingdom (UK). 2. Methodology The study conducts an in-depth analysis of the factors that influence capital structure of the SME, the various sources of finance for the SMEs and the issues faced and the policies that are there in the UK to support the SMEs. After analyzing the whole scenario the re commendations will be made. In this context, the data of this study has been collected from secondary sources which include various journals, books, newspaper and other electronic sources (Sapsford and Jupp, 2006). The data collected are then analyzed qualitatively to reach the final conclusion. In a qualitative research the study is done by interpreting any phenomenon in terms of what meaning people give to them (Klenke, 2008). 3. Discussion 3.1 Financing pattern While determining the capital structure of the SMEs theoretical framework of the factors may be considered. The theoretical framework generally emphasizes how the size of the firm can affect the capital structure. Many researchers have found the influence of size on the SMEs (Garc a-Teruel and Mart Nez-Solano, 2007; Hernandez-Canovas and Koetter-Kant, 2008; Sogorb-Mira, 2005; Michaelis, Chittenden and Poutziouris, 1999; Kotey, 1999). On analyzing the literature it is found that size affects the capital determination of the firm. The most influential factors are asymmetric information, use of debt tax shield and agency cost. 3.1.1 Asymmetric Information The pecking order theory developed by Myers and Majluf (1984) and Myers (1984) is applied to the financing pattern under this approach. It has been emphasized by various researchers, that the pecking order theory is the most appropriate approach.

Fannie Mae Accounting Scandal Case Study Example | Topics and Well Written Essays - 1250 words

Fannie Mae Accounting Scandal - Case Study Example In 2004, the Office of Federal Housing Enterprise Oversight (OFHEO) found out that the firm Fannie Mae was violating the Generally Accepted Accounting Principles (GAAP). This practice, as per the government investigation took place from 1998-2004, while in the year 1998, the management over stated revenues and understated the expenses. In accordance with a report that has been recently presented by OFHEO, there was involvement of high level executives that led to the misinterpretation and violation of accounting standards, which was a massive scale 'organized-accounting-robbery' mounting the dollar amount to 11 billion. The director of OFHEO took an immediate note and directed correction, which was turned down by Fannie Mae making an excuse that it could have been an end-user issue as the company is not fully automated. What truly went improper was the fact that loans and mortgage are fairly risky games and there are always chances of customers defaulting, alongside the interest rate risk makes the venture further riskier. For securing their investment and giving better return to stakeholders, Fannie Mae undertook risky ventures and investment for better returns and compensating the main stream line of business. When there were phenomenal profits, the shareholders and executives remain satisfied due to income (dividend yield and capital gains) and bonuses respectively. Violation of GAAP In the recently presented report by OFHEO, after three years of extensive investigations, there was a major accounting flaws in the accounting practices of Fannie Mae noticed and marked. The major ones are highlighted as the violation of the following GAAP standards: 1. SFAS-91: Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases 2. SFAS-133: Accounting for Derivative Instruments and Hedging Activities As mentioned previously, that there was too much over-estimation of income and underestimated expenses that mainly contributed to increased bottom-line of the financial statements. The excess income was mainly recorded by means of non-refundable fees. Alongside, the future in-flows of cash were adjusted by using hedging and futures counters that introduced lesser risk with fluctuating interest rates, however, these also increased the risk by means of gambling over the same counters with excess money. Official Involvement & Auditors The major player/official involved in this scandal was the Chief Executive of Fannie Mae i.e. Franklin Raines. He always defended the company in good terms by making others responsible by tarnishing the repute of the company. The CFO (Chief Financial Officer) also defended the company in good terms by stating that the financial statements were as per the GAAP requirements. The audit of this firm was KPMG who backed out after sometime. The denial of having the firm involved in such a violation gave a view of KPMG being involved them in the issue but it could have been a case of negligence as well as the auditors drew their hands from this case soon. OFHEO

Discuss the usefulness and limitations of financial ratios in Essay - 1

Discuss the usefulness and limitations of financial ratios in evaluating the performance and management of companies - Essay Example 300). The most common ratio is the current ratio/working capital ratio which represents the ratio of current assets to current assets. This ratio shows the company’s capability to meet its short term bills and expenses. Current ratio which is greater than one is more preferred since it means that the company has more current assets than current liabilities. A ratio which is less than one is unfavorable because it means that the company has more current liabilities than assets (Whittington 1980, p. 222). A high current ratio indicates a safety cushion and increases the flexibility since some of the stock items and receivables in arrears may not be easily be converted into cash. Entities can improve current ratio by the conversion of short term debts into long term debt, collecting promptly its receivables, buying inventory when only needed and necessary and paying down all debt. Current ratio is given by: This ratio is often termed as a more stringent liquidity test as it indicates whether a firm has adequate short-term assets to cover for current liabilities and this excludes selling inventory. A ratio of 1:1 shows that that an entity can pay its expenses without being forced to sell inventory (Barnes 1987, p.484). Working capital is a measure of cash flow and for an entity to be running well, this ratio must always be positive. This ratio measures the amount of that has been invested in resources subject to quick turn over. In most cases, lenders use this ratio to evaluate and ascertain the ability of the company at hard times (Whittington 1980, p. 219). In the financial year 2013, easy jet plc had the following liquidity ratios namely, current ratio of 0.89, quick ratio of 0.89 and a cash ratio of 0.75. All these ratios were positive thus favorable for the entity. One major limitation of the liquidity ratios is that they do not focus much on the

Fannie Mae Accounting Scandal Case Study Example | Topics and Well Written Essays - 1250 words

Fannie Mae Accounting Scandal - Case Study Example In 2004, the Office of Federal Housing Enterprise Oversight (OFHEO) found out that the firm Fannie Mae was violating the Generally Accepted Accounting Principles (GAAP). This practice, as per the government investigation took place from 1998-2004, while in the year 1998, the management over stated revenues and understated the expenses. In accordance with a report that has been recently presented by OFHEO, there was involvement of high level executives that led to the misinterpretation and violation of accounting standards, which was a massive scale 'organized-accounting-robbery' mounting the dollar amount to 11 billion. The director of OFHEO took an immediate note and directed correction, which was turned down by Fannie Mae making an excuse that it could have been an end-user issue as the company is not fully automated. What truly went improper was the fact that loans and mortgage are fairly risky games and there are always chances of customers defaulting, alongside the interest rate risk makes the venture further riskier. For securing their investment and giving better return to stakeholders, Fannie Mae undertook risky ventures and investment for better returns and compensating the main stream line of business. When there were phenomenal profits, the shareholders and executives remain satisfied due to income (dividend yield and capital gains) and bonuses respectively. Violation of GAAP In the recently presented report by OFHEO, after three years of extensive investigations, there was a major accounting flaws in the accounting practices of Fannie Mae noticed and marked. The major ones are highlighted as the violation of the following GAAP standards: 1. SFAS-91: Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases 2. SFAS-133: Accounting for Derivative Instruments and Hedging Activities As mentioned previously, that there was too much over-estimation of income and underestimated expenses that mainly contributed to increased bottom-line of the financial statements. The excess income was mainly recorded by means of non-refundable fees. Alongside, the future in-flows of cash were adjusted by using hedging and futures counters that introduced lesser risk with fluctuating interest rates, however, these also increased the risk by means of gambling over the same counters with excess money. Official Involvement & Auditors The major player/official involved in this scandal was the Chief Executive of Fannie Mae i.e. Franklin Raines. He always defended the company in good terms by making others responsible by tarnishing the repute of the company. The CFO (Chief Financial Officer) also defended the company in good terms by stating that the financial statements were as per the GAAP requirements. The audit of this firm was KPMG who backed out after sometime. The denial of having the firm involved in such a violation gave a view of KPMG being involved them in the issue but it could have been a case of negligence as well as the auditors drew their hands from this case soon. OFHEO

Strategic Plan for McDonald's Corporation Research Paper

Strategic Plan for McDonald's Corporation - Research Paper Example The strengths that an organization possesses are crucial because they are used to counter the weaknesses and threats that the organization faces. McDonald's Corporation is not new in the market but that does not mean that its success cannot be challenged by emerging entities (Evans, 2011). McDonald's Corporation was started in the year 1940 and it has grown to become the largest hamburger and fast food outlet in the world. It serves more than sixty-eight million customers everyday in one hundred and nineteen countries. This implies that the outlets are the most frequented by customers across the world. The company was started by two brothers, Richard and Maurice McDonald but they were later joined by Ray Kroc in the year 1955 as a franchise agent. All McDonald's restaurants are operated by an affiliate, a franchisee, or the company. Furthermore, most of the company’s revenue comes from fees and royalties from franchisees, rent, or sales from the company operated restaurants. T he main products offered by McDonald's restaurants are cheeseburgers, hamburgers, French fries, chicken, soft drinks, desserts, breakfast items and milkshakes. The world of business has been changing over the last few years and in a bid to ensure that customers are satisfied, the company has expanded its operations to include wraps, fruits, smoothies and salads (Evans 2011). The first restaurant to be opened under the name of McDonald's was situated at 398 North E Street at West 14th Street in San Bernardino. It was opened by the two McDonald's brothers mentioned above. The brothers noticed that restaurants operated by the name of the White Castle were making profits because of operating in the Speedee Service System. The brothers took advantage of the new phenomenon to make their name in the fast food industry. In addition, they used a mascot that was of a man with a chef’s hat, which was worn on a hamburger shaped head. Ronald McDonald replaced the mascot with a man shaped as a clown with his legs puffed out in 1967. The name McDonald’s became a trademark in the US after it was filed for the same status on 04 May 1961. After Kroc joined the company he later purchased it from the McDonald’s brothers and later transformed the business into international status (Evans 2011). Kroc’s way of doing business was very aggressive, which meant that he was incompatible with the McDonald’s brothers. Although the brothers contested the takeover, it is worth noting that Kroc won the battle and purchased the equity that the brothers owned. This was the second birth of the organization because Kroc had other ideas for the organization. In a bid to ensure that Kroc broke away from the founders’ way of doing business, he sold the first McDonald's Corporation’s outlet. The first restaurant, which was situated at San Bernardino, was sold to Juan Pollo restaurants after its demolition in 1976. Globalization and the American way of life are closely associated with the organization because of the way it has spread to several countries across the world. In addition, debates have been going about obesity, consumer responsibility and corporate ethics (Evans 2011). Although people are concerned about the products that are offered at the organization, it has to be noted that people make their own choices. This implies that most of the foods that are served at the restaurant have health concerns but the organization does not force

Collaboration and Innovation at Procter & Gamble Essay Example for Free

Collaboration and Innovation at Procter Gamble Essay After I reading this article, I come up some different ideas to my own business. In the lab assignment, I mentioned that I would like to create a cosmetics company. After I read this article, I come up some new ideas. This article is about PG. By the developing of the globalization, people in everywhere can see the products which are produced by PG. So, PG is the leader in this field. There are many brands are owned by their company, for example, Pampers, Tide, Bounty, Folgers, Pringles and so on. Most of them are very famous around the whole world. PG not just produce beauty care but also other different field. Pringles is a brand that sells chips and it is owned by PG. I did not know it before I read this article actually. It is a very famous example of expanding. PG has a very good business strategy. There are five steps to come up a strategy, every stage is important. It is very hard to come up a successful strategy, so we can learn from PG’s successful one. Their business strategy include maintain their original consumers, extend new products and create new brands in other fields. PG very focus on innovation. They spend spends 3.4 percent of revenue on innovation. The weakness of my business is the innovation. If I want to be surviving in the fierce competition, I must have new products to attract more consumers. PG Company has 8,000 scientists in their research and development team. Pringles is a good example to show them how to create a new brand. They also pay attention on internal and external communication. PG try to have effective collaboration cross the whole company. The company has almost 140,000 employees in more than 80 countries, so efficient and timely communication become very important. There is over 80,000 employees use instant messaging, and 20,000 use Microsoft Outlook. They use these tools to share data. For example, marketers can use the data as new as possible to make proper strategies. Managers are more easily and quickly to correct their decisions by using timely data. By the developing of the technologies, there are some technical tools to help PG to develop their innovation and collaboration. They have Cisco Tele Presence conference rooms at many locations across the world. PG is a worldwide company and they are located in different countries. So, the Cisco Tele Presence technology helps them to communicate each other when group members are across different continents. This is a very excellent way to collaborate and innovate. It is hard to think another way which is better than Cisco Tele Presence technology.  However, if they can add the 3D without glasses technology into the Cisco Tele Presence technology, it will be the most excellent way.

How Coca Cola Selects and Compensates Expatriates

How Coca Cola Selects and Compensates Expatriates Abstract International human resource management has become one of the most controversial issues in the world today, and as a result of the complexity of international management it is essential to have the right person at the right position. The aim of this paper is to identify how Coca Cola Select Compensate its expatriates. Start from brief idea about the Coca Cola background, Selection process, Factors influencing the Expatriates selection, Role of expatriates, Training and development, and compensation.when looking at selection process it was found that Coca Cola considers the technical ability and previous performance are selection central. This paper also discusses the previous and recent approaches Coca Cola for international compensation. Introduction Country boundaries no longer exist when it comes to international trade (Ashamalla 1993).In such a active Global competition, international experience has become a requirement rather than an option and forced many business to recognize that they must consider management from a different perspective. IHRM is an important component of firms global strategy and is often recognized as an influencing factor of success or failure of international business (Deresky, 2003). Phatak, Bhagat and Kashlak (2005) state that IHRM involves developing human resource capabilities to meet the diverse needs of multinational and global corporations. Ensuring high-quality management is critical due to the complexity of managing international operations (Deresky, 2003). Furthermore, in the competitive global economy, human resources are not as easy to duplicate as factors of production, and can therefore provide the source of competitive advantage (Phatak et al., 2005). When looking at global assignments Black et al. (1999) have presented five basic dimensions of people management: recruit/select; train; appraise; reward and; develop. These dimensions build upon one another and develop into a management process (ibid). First, when it comes to recruiting and selecting, managers need to identify, recruit and appropriately position individuals within the organization. Phatak et al. (2005) suggest that it is a key process when corporations wish to bring new employees into their networks. Deresky (2003) indicates the importance of having the right people at the right place and at the right time by describing it as a key factor of success in international operations. Company background The Coca Cola Company is the worlds largest beverage company. It is no.1 brand according to fortune 2009 survey. The company operates a franchised distribution system dating from 1889. The Coca Cola Company is headquartered in Atlanta, Georgia. Its major markets consist of USA, Brittan, Europe, Middle East, Asia, Russia and North America. It has activities in 200 countries, about 3000 branches, and 55,000 employees across the world. Over 200 expatriates are assigned for international positions every year, as region managers. Most of the expatriates are sent from USA and Britain, and most often sent to Middle East, Asia and Russia. Expatriates Selection process Expatriate selection process starts when they need to fill abroad position due to lack of local talent and/or management experience working in a multinational.Selection process is not defined with rules at Coca Cola. Every international assignment requires different criteria. Usually, familiarity within the exact area of international assignments is recommended but not for all times a prerequisite. Moreover, Coca Cola has lately changed their way when selecting expatriates. It used to concern of sending executives as expatriates, while at the present it has the concern of sending high potentials younger employee. Coca Cola usually considered the recommendation and suggestions of candidates expatriates. Significant sides of the candidate improve his chance to be selected, and can also raise the issues for instance, losing some employee within the department or whether it can give advantage in the future. Coca Cola does not focus on developing repatriation training programs for the expatriates. However, the expatriates informed that at the end of assignment they will return home and they will have their job back, which gives expatriates secure feeling once they leave the international assignment Factors influencing the Expatriates selection (Dowling, Welch et al. 2004) shows some of the issues HR managers will take into consideration when selecting expatriates for international assignments. Source: Dowling Welch 2004 Coca Cola look at several vital criteria when selecting candidates for international assignments. Expatriates should aware of Coca Colas values, additionally the ability to deliver their knowledge and expertise, and gather further knowledge as they are overseas. Expatriates are employee where Coca Cola have faiths in them, and believed to be exceptional performer within the company. In general, selected expatriates are employees who hit the expectations when dealing with everyday difficulties and critical jobs. Besides they are motivated employee with a capability to figure things from a strategic standpoint. Expatriates required some abilities such as, technical and managerial skills, in order to complete the requested task when selected for international assignments The technical ability consider a significant factor when selecting expatriate candidates according to (Dowling, Welch et al. 2004). (Harris and Brewster 1999) confirm that technical skill of expatriates is a vital criterion to be taken into consideration and in real assignment consider significant. The evaluation of expatriates candidates technical ability is based on previous job performance, On the other hand, past performance in some cases does not play major role when work out with particular difficulties in a new host country new culture and environment (Dowling, Welch et al. 2004). At Coca Cola the technical ability has significant weight when decide who to select for international assignment. However, expatriates with extensive international knowledge are sent to achieve more specific knowledge and expertise, whereas expatriates with general expertise are sent to achieve more international knowledge. According to (Dowling, Welch et al. 2004) cross-cultural suitability is important attribute and has to be considered when assessing expatriates candidates as they will work in different or unfamiliar environments. The cross cultural suitability of expatriate candidates is evaluated at Coca Cola but not measured as a significant selection factor. (Ashamalla 1993) highlights the cultural understanding, and the importance for expatriates to value and respect diverse characteristic and features of other cultures. Moreover, (Hutchings 2002) emphasize the importance to tolerate the differences in race, beliefs and cultures, including the norms and values.(Dowling, Welch et al. 2004) state that it is hard to assess the cultural suitability because it is difficult to determine exactly what the aspects that should be comprised. Listen Read phonetically (Avril and Magnini 2007) agrees that family has strong influence on the expatriates success in international assignment. However a few global organization focus on the family aspect and not to consider family as disadvantage aspect when selecting expatriates candidates (Dowling, Welch et al. 2004). As a result of incapability to integrate into a new culture, families can experience feeling of loneliness. Furthermore, Coca Cola does not consider the as disadvantage part when assessing expatriate candidates. Once the decision made then they consider the family for any further training or advice. The partners job, kids disruption in education and the looking after old parents are issues of family pressure (Johnsson and Lennbro 2008). Country and cultural requirements is considered when selecting expatriates for international assignments at Coca Cola. First of all, the host government may stop expatriate for many reasons, such as visa issues, no available candidates can fill the position from the host country, and legislations (Dowling, Welch et al. 2004).Moreover, some international assignments at rural area or war-zone mean hard living conditions (Johnsson and Lennbro 2008). (Dowling, Welch et al. 2004) highlight the language skills of expatriates and assert to be measured as an additional factor when selecting expatriate. According to (Avril and Magnini 2007) expatriates who have language skills will be more effective, gain the respect and trust of their colleagues, and more easily establish partnerships and solid working relationships with local nationals that will, in turn, generate good will for the organization and positively impact the bottom line. (Dowling, Welch et al. 2004) find out that the consequences of language skills changes according to the type of assignment. Characters and skills of the expatriate are important aspect to consider. Coca Cola states that some of the preferred attributes are personal liability, enthusiasm to build up his experience and develop the organization, ability to be criticized, and be self-confident. The interpersonal talents of expatriate are not a spoken criterion, but if the expatriate do not have the ability to work with people, then they will not be chosen. Finally, Coca Cola highlighted the individuals motivation. The people who select expatriates review their explanations to select them for international assignment, and as staffs apply for international assignment, take into consideration that they are to some extent motivated. Expatriates Roles According to (Dowling, Welch et al. 2004) , there are many reason for transferring employees for international assignments as expatriates linked to the intended purpose of the expatriate. Roles of expatriates are listed as the following Source: Dowling Welch 2004 The Figure provides a general idea of the expatriates roles, and how these roles shape by home and host country. First of all, Coca Cola using expatriates as agents of direct control, where expatriates roles are to make sure subsidiary commitment through direct administration and management (Dowling, Welch et al. 2004). Moreover, expatriates also used to manage personal and cultural matters in the host country as stated by (Harzing 2001). Knowledge can be shared cross international assignments. as a result, Coca Cola use overseas agents of socialization, which is likely helps the integration of corporate values and beliefs (Dowling, Welch et al. 2004). It is a means of informal and non-direct control.(Harzing 2001) label the expatriates as bumblebees since expatriates help in the transfer of a common culture of companies. This formulates and creates more decentralized organization. In addition, Coca Cola can use expatriates as agents to build and enhance the network between the host and home branches (Dowling, Welch et al. 2004). Internationally, strengthen the links between individuals is significance way of implementation of informal control. It is also a way to transfer ideas and efficiency. According to (Dowling, Welch et al. 2004), one of the expatriates role is to increase the organization borders . Expatriates would have an exceptional ability to gather information on the market, and enhance the representation of the company in the host country. (Collings, Scullion et al. 2007) state that there is more than one reason of using expatriates for international assignments. First, if there are no appropriate managers available at the host country for a specific project or function, then the employment of expatriates could be used to guarantee the desired value of work. In addition, using of expatriates gives the chance for managerial development. (Collings, Scullion et al. 2007) indicates expatriates will build and developed their competences throughout the international assignment and motivate the organization for using expatriates and help achieving the organizational development. International Training Development Source: Dowling Welch 2004 International training and development is another aspect of IHRM. Training intends to develop employee skills and behavior, whereas development objective is to increase abilities in relation to some potential position, generally a managerial skills (Dowling, Welch et al. 2004). According to (Shen 2005) expatriates need a set of context-specific abilities, for instance industry-specific knowledge, and a central part of certain skills, such as cultural sensitivity, ability to handle responsibility, ability to develop subordinates and ability to exhibit and demonstrate. These skills are measured as vital international competencies at Coca Cola and all can be developed through effective international training and management development. Moreover, pre-departure training will help expatriate success more than failure (Katz and Seifer 1996). Coca Cola focus on human resources development by concentrated on the education and training of its employees as an important part of their development. Coca Cola allegedly spent millions every year for training its employees. On the other hand, Coca Cola undertook a cost cutting drive, and started looking for methods to train its staff effectively at lower Costs. After significant investigation and researches, Coca Cola In 2007, launched Coca Cola University (CCU) a virtual, global university for all learning and capability-building activities across the Company. E-Learning was used to train Coca Cola newly recruited managers and expatriates. Four types of training for international assignments (Baumgarten 1995). pre-departure training for expatriates: Once expatriates selected for international assignment, they will receive language training and an orientation to the host country culture. Family will be included in orientation training sessions. These training sessions will provide expatriates and their family with information related housing, schools, shopping, and health care facilities in the host country. During the training expatriates will have full discussion with the organisation about how the international assignment would fit into their profession strategy and what future position they would have when return to home country. Listen Read phonetically On-site training for expatriates: At the host country the expatriate will receive additional onsite training to familiarize the expatriate with the local working procedures and work environment. These formal programs will deliver orientation about the host country customs and cultures. Repatriation: Expatriates and their family will adapt the host country norms and culture especially in long-term assignment. Usually they will experience high level of stress and cultural shock when return to the home country as a result of changes that have taken place since their leaving. Expatriates have to assume what ability they want to build up and the sort of jobs that might be offered in the home country with those new skills. As the expatriate a broad, many changes at the home country company could happen such as colleagues or managers may leave. Therefore expatriates should maintain contact with company. Otherwise expatriates will have re-entry shock because of new employees, a new passion, and a new culture that may have changes. Training for (HCNs) and (TCNs): To ensure the understanding of corporate strategy and culture, training will be provided to HCNs and TCNs. All employees from team leaders upwards are given an annual skills assessment and development plan. The Company also inÂÂ ­vests in formal training. During 2008, emÂÂ ­ployees received on average more than 16 hours of formal training each. An additional valuable means in expatriate pre-departure training is an initial visit to the host country. These visits often give the expatriates and their family a clearer idea about the new environment in which they will be living. Sometimes expatriate will refuse the international assignment based on the initial visit. According to (Coopers 1997) study shows that 53% of organizations which offer initial visits to their employees and spouses to the host country, of those 13% refused the international assignment. On the other hand, since the expenses and costs for an expatriate failure are so high it is valuable to know of the refusal earlier to the actual assignment Performance Management Source: Dowling Welch 2004 Coca Cola manages its performance management system through 4 Stages during an Annual Business Cycle and has multiple Objectives. Some of these include Objectives leading to Significant Accomplishments, Breakthrough Objectives, and Business Plan Achievement objectives. Furthermore, Coca Cola has an extensive training and development programs for the employees to focus on the day-to-day needs of the employees and to adapt new culture difficulties and differences. Competency framework encompasses thought leadership, people leadership and results leadership that Coca Cola uses to manage and assess its workforce. A point ranking scale is used to define a system in an organized systematic form to avoid ambiguity and bias when conducting performance appraisal and rating to compensate employees based on performance and competencies as identified in the appraisal process. According to (Dowling, Welch et al. 2004) when expatriate agree to have the job for international assignment, they will look forward to having financial benefits from doing that assignment. Therefore organisation should take compensation packages into its consideration because it has major affects at the expatriates when making decision. Expatriates successes will have big advantage for the organisation especially in this competitive market. (Dowling, Welch et al. 2004) points out two approaches to develop international compensation: Firstly, the Going Rate Approach Going Rate approach is straightforward and easy to understand which make the compensation package parallel to the host country nationals. In this approach the base salary is linked to the salary structure of the home country. It is based on local market rates. This compensation approach has some disadvantage especially when expatriates return to home country. When going rate is different in the host country, there might be some pay cut. Secondly, the Balance Sheet Approach Balance sheet approach delivers a compensation package to balance an expatriate managers purchasing power between host country and home country. In other words, since expatriate assigned to an international position by using balance sheet approach expatriates will not be affected by spending power. The negative side of the balance sheet can be its cost and unfairness between expatriate managers and local national managers, and even among expatriates who come from different countries. Components Coca Cola takes into consideration when it comes to an International Compensation: Base Salary Extra pay the expatriate receives for working outside his or her country of origin which encourage to accept foreign postings Allowances (Housing allowances, Cost-of-living allowances, Education allowances, Relocation allowances, Parent country wages everywhere ,Wean expatriates from allowances ,Pay based on local or regional markets ,Global pay systems) Tax differentials Coca Cola pays the expatriates income tax in the host country when a host country has a reciprocal tax treaty with the expatriates home country. Benefits Coca Cola ensure that their expatriates receive the same level of medical and pension benefits abroad that they received at home The new host country environment and difficult to function efficiently are core problems for the majority of expatriates (Harris and Brewster 1999) Pre-departure training is essential for improving expatriates culture knowledge and cross-culture adjustment (Dowling, Welch et al. 2004).On the other hand, many cross-culture training is not sufficient or incomplete. Since its hard to assess the efficiency of such training (Waxin, Katsioloudes et al. 2007). According to (Sims and Schraeder 2005) Healthcare is another significant aspect when it comes to compensation package. Many international organizations would have different health care insurance company between home and host country. Coca Cola rewarding system for employee is excellent to retain, motivate and influence employees towards organizational goals with their best potential utilization. Coca Cola uses Self Assessment tools for staff to assess themselves on top accomplishments in the previous year. Analysis Operating as agents of direct control is usually not the role of expatriates at Coca Cola , which is not consistent with (Dowling, Welch et al. 2004) believed as they remark that expatriates are often used to control and monitor local operations. Another role of expatriates according to (Dowling, Welch et al. 2004) is agents of socialization, where expatriates are likely to share business values and beliefs so as to build some informal control.

George Orwell :: essays research papers

George Orwell was born Eric Arthur Blair on June 25, 1903 in Motihari in India, which was at that time part of the British Empire. His family was not very wealthy and like most middle-class English families of that time, their livelihood depended on the Empire. In 1907, his family returned to England. His parents managed to send him to a private school in Sussex and when he was thirteen, he won a scholarship to Wellington. Soon after that, he won another scholarship to the well-known public school, Eaton. After being forced to work very hard at preparatory school, Blair lost interest in any further intellectual exertion that was not related to his personal ambition. In his book Why I Write he says that from a very young age he had known that he must be a writer. But, he also realized that in order to become a writer, he had to read literature. However, in Eaton, English literature was not a major subject and he spent his five years reading works by the masters of English prose includ ing Jonathon Swift, Laurence Sterne and Jack London on his own. He failed to win a university scholarship after the final examinations at Eaton and, in 1922, he joined the Indian Imperial Police. This decision was not the usual path that most Eaton students would have taken. Blair preferred a life of travel and action and he served in the force in Burma (now known as Myanmar) for five years. He resigned from the police force for two main reasons: firstly, being a police officer was a diversion from his real ambition of being a writer; and secondly, he felt that as a policeman in Burma, he was supporting a political system in which he could no longer believe. Even at this time, his political ideas and his ideas about writing were closely related. In his book The Road To Wigan Pier he wrote that he wished to "escape from†¦ every form of man's dominion over man", and he felt that the social structure of British Imperialism was that "dominion" over the English working class. After he returned to London at the age of twenty-four, he began to teach himself how to write. He spent most of his time writing in very poor living conditions because he felt that the poor in London and Paris represented the people of Burma under British rule.

Main Objectives of Financial Management

FINANCIAL MANAGEMENT The main objectives of financial management are:- 1. Profit maximization : The main objective of financial management is profit maximization. The finance manager tries to earn maximum profits for the company in the short-term and the long-term. He cannot guarantee profits in the long term because of business uncertainties. However, a company can earn maximum profits even in the long-term, if:- i. The Finance manager takes proper financial decisions. ii. He uses the finance of the company properly. 2.Wealth maximization : Wealth maximization (shareholders' value maximization) is also a main objective of financial management. Wealth maximization means to earn maximum wealth for the shareholders. So, the finance manager tries to give a maximum dividend to the shareholders. He also tries to increase the market value of the shares. The market value of the shares is directly related to the performance of the company. Better the performance, higher is the market value o f shares and vice-versa. So, the finance manager must try to maximise shareholder's value. . Proper estimation of total financial requirements : Proper estimation of total financial requirements is a very important objective of financial management. The finance manager must estimate the total financial requirements of the company. He must find out how much finance is required to start and run the company. He must find out the fixed capital and working capital requirements of the company. His estimation must be correct. If not, there will be shortage or surplus of finance. Estimating the financial requirements is a very difficult job.The finance manager must consider many factors, such as the type of technology used by company, number of employees employed, scale of operations, legal requirements, etc. 4. Proper mobilisation : Mobilisation (collection) of finance is an important objective of financial management. After estimating the financial requirements, the finance manager must d ecide about the sources of finance. He can collect finance from many sources such as shares, debentures, bank loans, etc. There must be a proper balance between owned finance and borrowed finance.The company must borrow money at a low rate of interest. 5. Proper utilisation of finance : Proper utilisation of finance is an important objective of financial management. The finance manager must make optimum utilisation of finance. He must use the finance profitable. He must not waste the finance of the company. He must not invest the company's finance in unprofitable projects. He must not block the company's finance in inventories. He must have a short credit period. 6. Maintaining proper cash flow : Maintaining proper cash flow is a short-term objective of financial management.The company must have a proper cash flow to pay the day-to-day expenses such as purchase of raw materials, payment of wages and salaries, rent, electricity bills, etc. If the company has a good cash flow, it can take advantage of many opportunities such as getting cash discounts on purchases, large-scale purchasing, giving credit to customers, etc. A healthy cash flow improves the chances of survival and success of the company. 7. Survival of company : Survival is the most important objective of financial management.The company must survive in this competitive business world. The finance manager must be very careful while making financial decisions. One wrong decision can make the company sick, and it will close down. 8. Creating reserves : One of the objectives of financial management is to create reserves. The company must not distribute the full profit as a dividend to the shareholders. It must keep a part of it profit as reserves. Reserves can be used for future growth and expansion. It can also be used to face contingencies in the future. 9.Proper coordination : Financial management must try to have proper coordination between the finance department and other departments of the company . 10. Create goodwill : Financial management must try to create goodwill for the company. It must improve the image and reputation of the company. Goodwill helps the company to survive in the short-term and succeed in the long-term. It also helps the company during bad times. 11. Increase efficiency : Financial management also tries to increase the efficiency of all the departments of the company.Proper distribution of finance to all the departments will increase the efficiency of the entire company. 12. Financial discipline : Financial management also tries to create a financial discipline. Financial discipline means:- i. To invest finance only in productive areas. This will bring high returns (profits) to the company. ii. To avoid wastage and misuse of finance. 13. Reduce cost of capital : Financial management tries to reduce the cost of capital. That is, it tries to borrow money at a low rate of interest.The finance manager must plan the capital structure in such a way that the c ost of capital it minimised. 14. Reduce operating risks : Financial management also tries to reduce the operating risks. There are many risks and uncertainties in a business. The finance manager must take steps to reduce these risks. He must avoid high-risk projects. He must also take proper insurance. 15. Prepare capital structure : Financial management also prepares the capital structure. It decides the ratio between owned finance and borrowed finance. It brings a proper balance between the different sources of. apital. This balance is necessary for liquidity, economy, flexibility and stability. How are financial market and financial services regulated in India? In this context briefly examine the role of SEBI? Financial regulators in India have been obligated to inter alia undertake the development of the market. This has been expressively incorporated in the Securities and Exchange Board of India (Sebi) Act, Insurance Regulatory and Development Authority (Irda) Act, and is propo sed in the Pension Fund Regulatory and Development Authority Bill (PFRDA) since reintroduced in the Rajya Sabha.The Reserve Bank of India (RBI), until the constitution of sector regulators like Sebi, Irda, etc, undertook the responsibility of developing various segments of the financial market. Setting up of institutions like the Industrial Development Bank of India ( IDBI), Unit Trust of India (UTI), National Housing Bank (NHB) and National Bank for Agriculture and Rural Development ( Nabard) and so on, establishes historical track of the role played by the RBI in the development of the financial markets.At the conclusion of my presentation as Sebi chairman in one of the Neemrana Conferences; an annual event jointly organised by the National Council of Applied Economic Research (NCAER) and the National Bureau of Economic Research (NBER), US, Martin Feldstein, the then-chairman of NBER, asked me how could Indian capital market undergo so many fast-paced reforms (after the 2001 marke t scam), and was visibly surprised to hear that Sebi has been legislatively obligated to develop the market as well and eventually became the driver of development.Market and its constituents were persuaded, albeit compelled, to march along the route charted out by the regulator. Here, it might be worthwhile to reflect on the growth and development of the insurance, asset management and pension markets, which has been stagnating for the last three years. The market participants in all the sectors bemoan that the growth has been torpedoed by the fast-paced regulatory changes ushered in by the concerned regulators.The regulatory authorities, on the other hand, profess that the regulatory changes were warranted to protect the interest of the investors. It has also been argued, on occasions, that the environment and functioning of the market necessitated the changes to prevent possible scam and/or the market collapse. However, it appears significant part of the reform's inspiration has been drawn from the practices in the developed markets and even thelocalisation, albeit customisation, has not been woven in some of the areas.The questions that prominently surface are: (a) whether regulatory changes have helped or adversely impacted the growth and development of the market, and (b) whether investors' interests have actually been protected. Answers to these questions would require putting the ethos of the market in perspective. There is no gainsaying that financial illiteracy is rampant in the country. The malaise is not limited to rural and/or the illiterate masses. Low level of understanding of financial products and lack of self-propelled actualisation to buy is widespread even among the educated elite in metropolitan towns.Groping deeper in the basket of reforms reveals that sudden and drastic reduction or elimination of intermediation fees seems to have had lethal impact on the existence and sustainability of the intermediaries' structure — both tied an d third party. Some have gone out of business — the number of insurance agents has gone down by over three lakh during the last year alone — and quite a few others are on brink of disengagement. The imposition of the regulatory direction of customer paying the fees for the advice as against the age-old practice of being woven in the pricing could not be absorbed.This is just an example of what choked the growth of the mutual fund industry. Savings and disposable incomes are finding their way into the ‘gold rush' notwithstanding prices going through the roof. Investment in gold does not add to the growth of economy, as it is a locked investment and very little leveraging is done. It is well understood that the regulator has to architect a framework that ensures efficient functioning of the market and protects investors' interests. However, this has to be achieved without impacting the growth and development of the market, at least in medium-to-long term.Contractio n of growth in a developing economy has the potential of a double whammy. The economy does not get the required resources; impacting the GDP growth and rise in disposable incomes, culminating into deceleration of financial market with multiple cascading effects. The savers miss the opportunity of profiting from the potentials of the economy. In fact, it is customary in most developed markets to undertake a pre-study of the cost of regulatory changes with an evaluation of the benefits to judge the trade of between cost and benefits.The level of development of financial markets suggests that it is time for Indian regulators to begin the practice of undertaking such an exercise before embarking upon designing and implementing the new regulatory regime. At this point in time when the economy needs to grow at a level higher than 8. 5%, the growth of the financial sectors, which is critical, has to be ensured. It is an accepted dictum that securing an aspired rate of GDP growth requires r oughly four times that rate as investment. The financial services industry is the enabler.A revisit of the regulatory craft is imminently desirable. Explain role of SEBI in regulating Indian Capital Market more deeply with following points: 1. Power to make rules for controlling stock exchange : SEBI has power to make new rules for controlling stock exchange in India. For example, SEBI fixed the time of trading 9 AM and 5 PM in stock market. 2. To provide license to dealers and brokers : SEBI has power to provide license to dealers and brokers of capital market. If SEBI sees that any financial product is of capital nature, then SEBI can also control to that product and its dealers.One of main example is ULIPs case. SEBI said, † It is just like mutual funds and all banks and financial and insurance companies who want to issue it, must take permission from SEBI. † 3. To Stop fraud in Capital Market : SEBI has many powers for stopping fraud in capital market. – It ca n ban on the trading of those brokers who are involved in fraudulent and unfair trade practices relating to stock market. – It can impose the penalties on capital market intermediaries if they involve in insider trading. 4.To Control the Merge, Acquisition and Takeover the companies : Many big companies in India want to create monopoly in capital market. So, these companies buy all other companies or deal of merging. SEBI sees whether this merge or acquisition is for development of business or to harm capital market. 5. To audit the performance of stock market : SEBI uses his powers to audit the performance of different Indian stock exchange for bringing transparency in the working of stock exchanges. 6. To make new rules on carry – forward transactions : a.Share trading transactions carry forward can not exceed 25% of broker's total transactions. b. 90 day limit for carry forward. 7. To create relationship with ICAI : ICAI is the authority for making new auditors of c ompanies. SEBI creates good relationship with ICAI for bringing more transparency in the auditing work of company accounts because audited financial statements are mirror to see the real face of company and after this investors can decide to invest or not to invest. Moreover, investors of India can easily trust on audited financial reports.After Satyam Scam, SEBI is investigating with ICAI, whether CAs are doing their duty by ethical way or not. 8. Introduction of derivative contracts on Volatility Index : For reducing the risk of investors, SEBI has now been decided to permit Stock Exchanges to introduce derivative contracts on Volatility Index, subject to the condition that; a. The underlying Volatility Index has a track record of at least one year. b. The Exchange has in place the appropriate risk management framework for such derivative contracts. 2.Before introduction of such contracts, the Stock Exchanges shall submit the following: i. Contract specifications ii. Position and Exercise Limits iii. Margins iv. The economic purpose it is intended to serve v. Likely contribution to market development vi. The safeguards and the risk protection mechanism adopted by the exchange to ensure market integrity, protection of investors and smooth and orderly trading. vii. The infrastructure of the exchange and the surveillance system to effectively monitor trading in such contracts, and viii. Details of settlement procedures & systems ix.Details of back testing of the margin calculation for a period of one year considering a call and a put option on the underlying with a delta of 0. 25 & -0. 25 respectively and actual value of the underlying. 9. To Require report of Portfolio Management Activities : SEBI has also power to require report of portfolio management to check the capital market performance. Recently, SEBI sent the letter to all Registered Portfolio Managers of India for demanding 10. To educate the investors : Time to time, SEBI arranges scheduled workshops to educate the investors. On 22 may 2010 SEBI imposed workshop.