Repurchase Agreements Finance Essay - Free Essay Example

Sample details Pages: 23 Words: 6931 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Repo is a short for repurchase agreements, are contracts for the sale and future repurchase of a financial asset, most often Treasury securities. A contract in which the seller of securities agrees to buy them back at a specified time and price also called repurchase agreement or buyback. On the termination date, the seller repurchases the asset at the same price at which he sold it, and pays interest for the use of the funds. Don’t waste time! Our writers will create an original "Repurchase Agreements Finance Essay" essay for you Create order Securities dealers are the major borrowers in repurchase agreements or repos. This is because it is the cheapest form of financing. Repos are classified as a money-market instrument. They are usually used to raise short-term capital. In a simple example of repo, the party sells a security to another and agrees to repurchase it at a later date. The first party, the borrower, gets cash and the second party, the lender, earns a return equal to the difference between the price at which he buys the security and the price at which he resells it. In common parlance, the seller of securities does a repo and the lender of funds does a reverse. Because money is the more liquid asset, the lender normally receives a margin on the collateral, meaning it is priced below market value, usually by 2 to 5 percent depending on maturity. To finance their operations, dealers borrow against their inventories of securities. Extremely high profits can be generated when prices rise, but devastating losses can be generated when prices fall. Repos can be of any duration but are most commonly overnight loans. Most repos are overnight transactions, with the sale taking place one day and being reversed the next day. A repurchase agreement or repo can summaries mean by which is an agreement between two parties whereby one party sells the other a security at a specified price with a commitment to buy the security back at a later date for another specified price. While a repo is legally the sale and subsequent repurchase of a security, its economic effect is that of a secured loan. Economically, the party purchasing the security makes funds available to the seller and holds the security as collateral. If the repo security pays a dividend, coupon or partial redemptions during the repo, this is returned to the original owner. The difference between the sale and repurchase prices paid for the security represents interest on the loan. Indeed, repos are quoted as interest rates. Securities de alers use repos to finance their securities inventories. They repo on their inventories, rolling the repos from one day to the next. Counterparties may be institutions, such as money market funds, which have short-term funds to invest, or they may be parties who wish to briefly obtain use of a particular security. For example, a party may want to sell the security short, or they may need to deliver the security to settle a trade with another party. Repurchase agreements which are sale-repurchase agreements, reversing out, to repo securities, to sell collateral, and buybacks are agreements between a borrower and a lender where the borrower, in effect, sells securities to the lender with the stipulation that the securities will be repurchased on a specified date and at a specified, higher price. The price at which an asset is repurchased in a repo is equal to the price at which it was sold plus an amount of interest for the use of the cash. The amount of interest is calculated from a market-determined interest rate called the repo rate. The securities serve as collateral for the loan. The difference between the repurchase price and the amount loaned is the amount of interest paid by the borrower to the lender, which is found by the following formula: Dollar Interest = Principal x Repo Rate x (Repo Term in days/360 days) The repo rate is the annualized interest rate of the transaction: Repo Rate = Dollar Interest/Principal x 360/ (Repo Term in days) Sometimes margin must be posted, where the amount of the loan is slightly less than the worth of the collateralized securities, also known as a haircut. This helps to protect the lender from the possibility that rising interest rates will reduce the value of the collateral. Most repo agreements mark the collateral to market daily. Repo in government securities are fully-assigned, with collateral securities identified at the initiation of the trade. Repo proceeds include accrued interests. Typically repos are conducted as classic repos with both initial and variation margin applied on market values of collateral securities. Variation margin may be called when the fall in value of collateral securities exceeds a mutually agreed margin threshold. If the value of the collateral drops below the required margin, then the borrower may be subject to a margin call, or the repo may be re-priced in which the value of the loan is reduced. In either case, the borrower must send more money to the lender to maintain margin or to reduce the principal outstanding. The main benefit of repos to borrowers is that the repo rate is less than borrowing from a bank. The main benefit to lenders over other money market instruments, such as commercial paper, is that the maturity of the repo can be precisely tailored to the lenders needs. Major borrowers include large banks, and also dealers in bankers acceptances. Government securities are the main collateral for most repos, mortgage-backed securities, and other money market instruments. The Repo Market The repo market is the largest money market sector. The repo market is one in which two participants agree that one will sell securities to another and make a commitment to repurchase equivalent securities on a future specified date, or on call, at a specified price. There are several other large traders of repos besides government bond dealers. The net buyers of repos are money market funds, bank trust departments, municipalities, and corporations. The net sellers of collateral are thrifts and commercial banks. In effect, it is a way of borrowing or lending stock for cash, with the stock serving as collateral. Repos are not only used to finance inventory, but are also used to cover short positions of securities, and much of the repo market arises from speculative trading, where traders attempt to profit from the differences in the repo rates of repos and reverses. Repo Rate Determinants The annualized rate of interest paid on the loan is known as the repo rate. The repo rate is the interest rate that the lender charges the borrower. The implied repo rate comes from the reverse repo market, which has similar gain or loss variables as the implied repo rate. Interest rates payable on special repos tend to be lower than those payable on repo. This is because a party reverse repo on a special security will accept a reduced interest rate on its funds in exchange for receiving the special security it requires. Economically, the transaction is no different from cash collateralized securities lending. Pricing of either type of deal depends upon demand for the desired security. Because of the repos are essentially secured loans, their interest rates doing not depend upon the respective counterparties credit qualities. All types of futures and forward contracts have an implied repo rate, not just bond contracts. The rate of return that can be earned by simultaneously s elling a bond futures or forward contract and then buying an actual bond of equal amount in the cash market using borrowed money. The bond is held until it is delivered into the futures or forward contract and the loan is repaid. The repo rate for a particular transaction depends on the following factors. One of the factors is credit quality. It is like most other securities. The interest rate varies inversely with the credit quality of the issuer. So, the higher of the credit quality, then it will be the lower of the repo rate. Besides that, other factor is liquidity. It is very important and liquidity and the greater liquidity will lower the trading costs. So, the liquidity will affect the rate and affect the market. Then, delivery is also one of the factors. If the collateral must be delivery in physically, then the lender may charge higher rate of repo. This is because the lender wants to cover the delivery costs. Lastly, collateral availability is also an importa nt factor that will affect the repo rate. For example, if it is a special issue and it is very hard to have it, then the seller of the issue may try to obtain lower rate of repo from a lender that needs the collateral. Speculative Trading Since interest rates on short-term money market instruments changes daily, repos can also be used to profit from speculations about future interest rates by, hopefully, borrowing low and lending high, as long as the differential is great enough to cover trading costs. For instance, if a speculator thought that interest rates were going to rise over the next several months, she could borrow money from a repo with a term of 90 days, then do overnight reverses with the money. If her prediction is correct, then she can lend at successively higher interest rates while paying the locked-in lower rate on her 90-day repo. If her prediction is wrong, then she will still have to do the reverse repos, so that she can earn whatever interest she can, but it will be less than what she is paying, then she will suffer a loss. If a speculator thought that interest rates will be going down over the next several months, and then he would do a reverse term repo by lending the money which he got fro m an overnight repo for a term of 90 days, then continue borrowing the money through overnight repos to pay back the overnight repo that is maturing and rolling over the debt at successively lower interest rates while getting a higher interest rate for his reverse. If the speculator bet wrong, then he would have to pay more in interest than he would earn. A dealer firm can sometimes profit from the credit spread of a matched book, which is a repo and reverse repo of the same maturity. Some trades in the repo market are done to cover short positions. When a dealer shorts securities, it may try to temporarily replace those securities with a repo. It will first look to its customers to see if any of them will do a reverse using the shorted security. If that is not possible, then the dealer will use the services of a repo broker, especially if the securities are difficult to acquire, called a hot issue or special issue. The repo can only replace the securities temporarily. Eventua lly, the dealer will have to buy the securities to replace those that were sold short and hopefully at a lower price. Repo characteristic There are three types of repo maturities. There are overnight repo, term repo, and open repo. Overnight refers to a one-day maturity transaction. Term refers to a repo with a specified end date and it usually one week to one month. Open repo simply has no end date. The interest rate on open repos is slightly higher than on overnight repos. An open repo or open-maturity repo is a contractual relationship that allows the borrower to borrow funds up to a certain limit, without signing a new contract and it like an open credit arrangement. Although repos are typically short-term, it is not unusual to see repos with a maturity as long as two years. An open repo reduces settlement costs if the repo has to be rolled over. However, each party has the right to cancel at any time. Open repos also gives the dealer the right of substitution, which allows the substitution of other securities of similar credit quality for the collateral. The firm that makes the loan for a repo and usually a b ank has a reverse repo position that reversing in, to do repo, and to buy collateral, which is simply the opposite side of a repo. For every repo, some party has the reverse repo. Repo may either be cash-driven or securities-driven. In a cash-driven repo, the repo transaction is used to obtain cash funding. Securities used as collateral are not specific and usually consists of off-the-runs. For securities-driven repo, repo buyers are specifically seeking a particular identified security typically on-the-runs or benchmark securities mainly for the purpose of covering short-sale positions. Both types of repo transactions are transacted between market participants and the central bank via standard repo and benchmark repo auctions respectively. Repo transactions occur in three forms: specified delivery, tri-party, and held in custody. The third form is quite rare in developing markets primarily due to risks. The first form requires the delivery of a prespecified bond at the onset, an d at maturity of the contractual period. Tri-party essentially is a basket form of transaction, and allows for a wider range of instruments in the basket or pool. Tri-party utilizes a tri-party clearing agent or bank and is a more efficient form of repo transaction. Delivery For the delivery, the problem is the cost of repos is the delivery of collateral. For example, if the lender does not take possession of the collateral, then the borrower could borrow more funds using the same collateral and increasing the credit risk for the lender. The lender must take possession to protect its interests which an added cost that the borrower must pay. However, for overnight repos, physical delivery would be virtually impossible. In these cases, the borrower can set up a custodial account for the lender at a clearing bank. While the loan is outstanding, the securities are held in the custodial account for the benefit of the lender. When the repo is repaid, then the clearing bank can move the collateral back to the borrower, or to another account for a repo with another lender. Since the collateral can be moved by simply adjusting the beneficial owner in the electronic record of the collateral, the delivery is fast and cheap. Due bill/hold in-custody repo In a due bill repo, the collateral pledged by the cash borrower is not actually delivered to the cash lender. Rather, it is placed in an internal account (held in custody) by the borrower, for the lender, throughout the duration of the trade. This has become less common as the repo market has grown, particularly owing to the creation of centralized counterparties. Due to the high risk to the cash lender, these are generally only transacted with large, financially stable institutions. Tri-party repo In a repurchase, or repo, transaction where an investor can borrow cash for a short period from another party, using securities as collateral for the loan. Investors with large portfolios of securities can thus lend these out and earn a return over time. The distinguishing feature of a tri-party repo is that a custodian bank or international clearing organization, the tri-party agent, acts as an intermediary between the two parties to the repo. The tri-party agent is responsible for the administration of the transaction including collateral allocation, marking to market, and substitution of collateral. They therefore have the scale to subscribe to multiple data feeds to maximise the universe of coverage. As part of a tri-party agreement the three parties to the agreement, the tri-party agent, the repo buyer and the repo seller agree to a collateral management service agreement which includes an eligible collateral profile. It is this eligible collateral profile that enables the repo buyer to define their risk appetite in respect of the collateral that they are prepared to hold against their cash. For example a more risk adverse repo buyer may wish to only hold non-financial, primary market, equity as collateral. In the event of a liquidation event of the repo seller the collateral is highly liquid thus enabling the repo buyer to sell the collateral quickly. A less risk adverse repo buyer may be prepared to take non investment grade bonds as collateral, these may be less liquid and may suffer higher price volatility in the event of a repo seller default, making it more difficult for the repo buyer to sell the collateral and recover their cash. The tri-party agents are able to offer sophisticated collateral eligibility filters which allow the repo buyer to create these eligibile collateral profiles which can systemically generate collateral pools which reflect the buyers risk appetite. Collateral eligibility criteria could include asset type, issuer, currenc y, domicile, credit rating, maturity, index, issue size, average daily traded volume. Both the lender or repo buyer and borrower or repo seller of cash enters into these transactions to avoid the administrative burden of bi-lateral repos. In addition, because the collateral is being held by an agent, counterparty risk is reduced. A tri-party repo may be seen as the outgrowth of the due bill repo, in which the collateral is held by a neutral third party. Whole loan repo A whole loan repo is a form of repo where the transaction is collateralized by a loan or other form of obligation rather than a security. Equity repo The underlying security for most repo transactions is in the form of government or corporate bonds. Equity repos are simply repos on equity securities such as common or ordinary shares. Some complications can arise because of greater complexity in the tax rules for dividends as opposed to coupons. Securities lending The general motivation for repos is the borrowing or lending of cash. In securities lending, the purpose is to temporarily obtain the security for other purposes, such as covering short positions or for use in complex financial structures. Securities are generally lent out for a fee. Securities lending trades are governed by different types of legal agreements than repos. Reverse Repo A reverse repo is simply the same repurchase agreement from the buyers viewpoint, not the sellers. Hence, the seller executing the transaction would describe it as a repo, while the buyer in the same transaction would describe it a reverse repo. Reverse repo is a purchase of securities with an agreement to resell them at a higher price at a specific future date. This is essentially just a loan of the security at a specific rate and also called reverse repurchase agreement. So repo and reverse repo are exactly the same kind of transaction, just described from opposite viewpoints. The reverse repo is the complete opposite of a repo. In this case, a dealer buys government securities from an investor and then sells them back at a later date for a higher price. The difference between repo and reverse repo is reverse repo is a term used to describe the opposite side of a repo transaction. The party who sells and later repurchases a security is said to perform a repo. The other party who purchases and later resells the securityand it can be said to perform a reverse repo. The term reverse repo and sale is commonly used to describe the creation of a short position in a debt instrument where the buyer in the repo transaction immediately sells the security provided by the seller on the open market. Reverse repo will make an arrangement where a dealer or broker agrees to buy a security and sell it to a customer which is the investor at a higher price on a specified date. These agreements are in effect loans from dealers to investors, collateralized by the securities bought. On the settlement date of the repo, the buyer acquires the relevant security on the open market and delivers it to the seller. In such a short transaction the seller is wagering that the relevant security will decline in value between the date of the repo and the settlement date. Reverse repurchase agreement is the purchase of securities with the agreement to sell them at a higher price at a speci fic future date. For the party selling the security which is agreeing to repurchase it in the future, then it is a repo. For the party on the other end of the transaction which is buying the security and agreeing to sell in the future, then it is a reverse repurchase agreement. Uses For the buyer, a repo is an opportunity to invest cash for a customized period of time or other investments typically limit tenures. It is short-term and safer as a secured investment since the investor receives collateral. Market liquidity for repos is good, and rates are competitive for investors. For traders in trading firms, repos are used to finance long positions, obtain access to cheaper funding costs of other speculative investments, and cover short positions in securities. In addition to using repo as a funding vehicle, repo traders make markets. These traders have been traditionally known as matched-book repo traders. The concept of a matched-book trade follows closely to that of a broker who takes both sides of an active trade, essentially having no market risk, only credit risk. Elementary matched-book traders engage in both the repo and a reverse repo within a short period of time, capturing the profits from the bid or ask spread between the reverse repo and repo rates. Presently, matched-book repo traders employ other profit strategies, such as non-matched maturities, collateral swaps, and liquidity management. Risks While classic repos are generally credit-risk mitigated instruments, there are residual credit risks. Though it is essentially a collateralized transaction, the seller may fail to repurchase the securities sold at the maturity date. In other words, the repo seller defaults on his obligation. Consequently, the buyer may keep the security, and liquidate the security in order to recover the cash lent. The security, however, may have lost value since the outset of the transaction as the security is subject to market movements. To mitigate this risk, repos often are over collateralized as well as being subject to daily mark-to-market margining. Credit risk associated with repo is subject to many factors. There is term of repo, liquidity of security, the strength of the counterparties involved. Repo transactions came into focus within the financial press due to the technicalities of settlements. Occasionally, a party involved in a repo transaction may not have a specific bond at th e end of the repo contract. This may cause a string of failures from one party to the next, for as long as different parties have transacted for the same underlying instrument. The focus of the media attention centres on attempts to mitigate these failures. There are some potential pitfalls and risks. One of the risks is interest rate risk. Interest rates and bond prices carry an inverse relationship which is as interest rates fall, the price of bonds trading in the marketplace generally rises. Conversely, when interest rates rise, the price of bonds tends fall. This happens because when interest rates are on the decline, investors try to capture or lock in the highest rates they can for as long as they can. To do this, they will scoop up existing bonds that pay a higher rate of interest than the prevailing market rate. This increase in demand translates into an increase in bond price. On the flip side, if the prevailing interest rate were on the rise, investors would naturall y jettison bonds that pay lower rates of interest. Then, it will have other risk which is the reinvestment risk. Another risk that bond investors face is reinvestment risk, which is the risk of having to reinvest proceeds at a lower rate than the rate the funds were previously earning. One of the main ways this risk presents itself is when interest rates fall over time and callable bonds are exercised by the issuers. The callable feature allows the issuer to redeem the bond prior to maturity. As a result, the bondholder receives the principal payment, which is often at a slight premium to the par value. However, the downside to a bond call is that the investor is then left with a pile of cash that he or she may not be able to reinvest at a comparable rate. This reinvestment risk can have a major adverse impact on an individuals investment returns over time. In order to compensate for this risk, investors receive a higher yield on the bond than they would on a similar bond that isnt callable. Active bond investors can attempt to mitigate reinvestment risk in their portfolios by staggering the potential call dates of their differing bonds. This limits the chance that many bonds will be called at once. Besides that, inflation risk is also one of the risks that may happen. When an investor buys a bond, he or she essentially commits to receiving a rate of return, either fixed or variable, for the duration of the bond or at least as long as it is held. But what happens if the cost of living and inflation increase dramatically, and at a faster rate than income investment? When that happens, investors will see their purchasing power erode and may actually achieve a negative rate of return. For an example, suppose that an investor earns a rate of return of 3% on a bond. If inflation grows to 4% after the purchase of the bond, the investors true rate of return is -1% and this is because of the decrease in purchasing power. Next, credit or default risk als o has to consider by the investor or buyers. Investors must consider the possibility of default and factor this risk into their investment decision. As one means of analyzing the possibility of default, some analysts and investors will determine a companys coverage ratio before initiating an investment. They will analyze the corporations income statement and cash flow statement, determine its operating income and cash flow, and then weigh that against its debt service expense. The theory is the greater the coverage or operating income and cash flow in proportion to the debt service expenses, the safer the investment. At last, liquidity risk is also one of the risks. While there is almost always a ready market for government bonds, corporate bonds are sometimes entirely different animals. There is a risk that an investor might not be able to sell his or her corporate bonds quickly due to a thin market with few buyers and sellers for the bond. Low interest in a particular bon d issue can lead to substantial price volatility and possibly have an adverse impact on a bondholders total return (upon sale). Much like stocks that trade in a thin market, you may be forced to take a much lower price than expected to sell your position in the bond. Sell/buy backs and buy/sell backs A sell/buy back is the spot sale and a forward repurchase of a security. It is two distinct outright cash market trades, one for forward settlement. The forward price is set relative to the spot price to yield a market rate of return. The basic motivation of sell/buy backs is generally the same as for a classic repo that attempting to benefit from the lower financing rates generally available for collateralized as opposed to non-secured borrowing. The economics of the transaction are also similar with the interest on the cash borrowed through the sell/buy back being implicit in the difference between the sale price and the purchase price. There are a number of differences between the two structures. A repo is technically a single transaction whereas a sell/buy back is a pair of transactions between a sell and a buy. A sell/buy back does not require any special legal documentation while a repo generally requires a master agreement to be in place between the buyer and seller. For this reason there is an associated increase in risk compared to repo. Should the counterparty default, the lack of agreement may lessen legal standing in retrieving collateral. Any coupon payment on the underlying security during the life of the sell/buy back will generally be passed back to the seller of the security by adjusting the cash paid at the termination of the sell/buy back. In a repo, the coupon will be passed on immediately to the seller of the security. A buy/sell back is the equivalent of a reverse repo. Short-Selling The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short. Selling short is the opposite of going long. That is, short sellers make money if the stock goes down in price. In finance, short selling is also known as shorting or going short where there is the practice of selling assets, usually securities, that have been borrowed from a third party and it is usually a broker with the intention of buying identical assets back at a later date to return to the lender. As an investor, you might at some point decide that a certain stock is overvalued and is due for a fall in stock price. In such a case, an investor can sell short a stock. The investor arranges to have the broker borrow the stock from another investor, and then the stock is sold. The broker holds the cash from the sale as c ollateral. If the stock goes down, then you, as the investor that is selling short, can buy back the stocks at the lower price and keep the difference as profit. Therefore, you receive the cash collateral, less the cost of the repurchased stock. Regulated short selling of Malaysian Government Securities (MGS) was initially allowed for Principal Dealers (PD) as to facilitate a more efficient execution of their market making responsibilities. Since November 2005, Regulated Short Selling has been extended to other interbank participants and universal brokers to increase domestic bond market liquidity, accelerate price corrections in overvalued securities, facilitate hedging of interest rate risk and promote activity in the repo as well as the securities borrowing and lending (SBL) market. Bonds like any other security, experience market fluctuations and it is possible to short sell a bond. Short selling is a way to profit from a declining security such as a stock or a bond by sel ling it without owning it. Investors expecting a bear market will often enter a short position by selling a borrowed security at the current market price in the hope of buying it back at a lower price at which time he or she would return it to the original owner. Short sellers in the stock market are usually concerned with their expectations of a companys future earnings and it is the main factor determining stock price, whereas short sellers of bonds are most concerned with future bond yields, the determining factor of bond prices. The short seller hopes to profit from a decline in the price of the assets between the sale and the repurchase, as the seller will pay less to buy the assets than the seller received on selling them. Anticipating bond prices requires careful attention to interest rate fluctuations. The short seller will incur a loss if the price of the assets rises. Essentially, as interest rates jump, bond prices tend to fall. Therefore, a person anticipating inte rest rate hikes might look to make a short sale. Selling short can be a great strategy for making money in a market that is sluggish or declining. All Authorised Interbank Institutions (AII) which include commercial banks, merchant banks and discount houses licensed under Banking and Financial Institution Act 1989 and universal brokers as approved by the Securities Commission can undertake short selling transactions. All short selling transactions must be a sellers own proprietary position, and not for third-parties. Eligible securities allowed in a regulated short selling transaction are specific issues of MGS with an outstanding nominal amount of at least RM2.0 billion and remaining tenure to maturity of 10.5 years or less, at the time when the short selling position is created. Each participants short position should also not exceed 10% of the outstanding nominal amount of each eligible security issue. Only covered short selling is allowed whereby the short sold securities must be covered via repo or securities borrowing. With the exception of intraday transactions, naked short selling of eligible securities is not yet allowed in order to minimise market volatility and excessive speculative activities. All short sales of MGS are reported in Bond Information and Dissemination System (BIDS) and distinguished from normal sales via a Short Sale indicator checkbox. Principal Dealers also regularly disclose outstanding short sale positions by maturity buckets to Bank Negara Malaysia on a weekly basis. With the inception of ISCAP, market participant now can borrow securities via repo or SBL transaction with Bank Negara Malaysia to cover their short position and manage settlement risks effectively. In order to ensure reasonable access to repo and SBL as short-covering mechanisms, participants must execute the Global Master Repurchase Agreement (GMRA) or the Securities Borrowing and Lending agreement with at least two other market participants excluding Ban k Negara Malaysia. The real risk here for a short seller is a possible upside gap that he or she will not be able to react to until after a significant loss has been incurred. Long purchasers have this same risk, only in the opposite direction, with downside gaps. Because of the risk of upside gaps, it is crucial that a short seller do his or her homework before short selling any stock. No amount of due diligence research can guarantee an upside gap will not occur against the short seller, but at least it will make him or her aware of all upcoming known events that may cause such an occurrence and can therefore aid in decision making. If practiced properly, short selling is no more risky than long stock purchases. More research is likely still needed, but one day researchers may conclude what many already believe: short selling is a much needed, effective method of regulating the markets. If more people were educated on short selling, there would be less fear surrounding it, w hich in turn could lead to a more balanced market over the long term. Switch Auction Malaysian Government Securities (MGS) switch auction involves the Government buying back or redeeming certain predetermined MGS which is repurchase bond that tend to be illiquid and to replace them with more liquid benchmark MGS which is replacement bond. The main objective of the switch auction is to enable the Government to consistently issue new MGS in all market conditions, including periods of fiscal balances or surpluses. It also provides more flexibility to the Government to manage its liability through the re-profiling of debt. At the same time, switch auctions could also be used to cater investors demand for securities of certain duration. Repo auctions are conducted by Bank Negara Malaysia to complement clean money market borrowing, as repo rates are generally traded lower by 2 to 3 basis points compared to an unsecured or clean borrowing over the comparable maturity term. On occasion, Bank Negara Malaysia will also provide liquidity under its standing facility usin g standard repos, typically bilaterally with market participants that experience liquidity shortages at the end of the day. Participation in a switch auction is voluntary. A switch auction will be announced in advance, at least one week prior to the actual issuance date. Replacement bonds only consist of existing re-opened stocks, as new issues are unlikely to be issued via this mechanism. The list of off-the-run securities that market participants may offer as repurchase bonds as well as the yields of the replacement bond will be announced to the market prior to tender closing. Interested bidders are then required to submit their respective offer amounts of the repurchase bonds as well as their respective yield valuations via Fully Automated System for Issuing/Tendering (FAST). Submitted offers would be compared against the Central Banks internally constructed fair-valuation yield curve, which then determines the level and amount of offered bonds that are successful. The swit ch auction follows a variable-rate multiple-price relative-value auction format. The switch auction could either be conducted using the duration-neutral, cash proceeds neutral or matched nominal amount method. Currently, under the duration-neutral method, the amount of replacement MGS issued and allocated to successful offers would be rounded to the nearest RM5 million which is the standard lot for MGS trading. Due to the rounding process, any remaining difference between the total proceeds of the repurchase securities and replacement securities in the switch will need to be paid either by the bidders or the Government. The aims of the MGS switch auction The aims of the MGS switch auction are to create more liquidity in the bond market by increasing the issuance of benchmark MGS and reducing the outstanding amount of off-the- run MGS. Then, other objective is enable the Government to restructure its debt profile, smoothen interest payment and debt repayment as well as managing its borrowing costs more effectively. Lastly, it also Enable the Government to continue issuing benchmark MGS while managing its debt level during periods of reduced governments financing needs. Methods of MGS Switch Auction The MGS switch auction may be conducted on the basis of nominal neutral, duration-neutral or cash flow-neutral methods. Nominal-neutral The nominal amount of replacement bond provided will be equal to the nominal amount of repurchase bonds. Conversion ratio is 1. Duration-neutral Market participants will receive an amount of replacement bond that will leave the effective duration approximation of their holdings unchanged. The nominal amount of the replacement bond will typically be rounded to the nearest amount in line with the standard lot of MGS in the secondary market. Due to the rounding practice, effective duration approximation may not be precisely matched. BNM may choose not to round the replacement bond in order to match duration more precisely in certain tenders. BNM will announce in FAST, fourteen calendar days prior to the switch date in the event BNM chooses not to round the replacement bond. Conversion ratio is calculated in accordance to the following: [(Price repurchase 1bp) (Price repurchase + 1bp)] (Price replacement) [(Price replacement 1bp) (Price replacement + 1bp)] (Price repurchase) Where: Price repurchase 1bp: Price of repurchase bond when yield decreased by 1 bp Price repurchase + 1bp: Price of repurchase bond when yield increased by 1 bp Price replacement 1bp: Price of replacement bond when yield decreased by 1 bp Price replacement + 1bp: Price of replacement bond when yield increased by 1bp Cash flow-Neutral The value of replacement bond will be as close as possible to the value of the repurchase bonds in order to minimise the net cash settlement. Conversion ratio is calculated in accordance to the following: (Dirty price of repurchase bond) (Dirty price of replacement bond) Details on the MGS Switch Auction In all the MGS switch auction methods, participants may submit their tenders for the repurchase bonds in odd lot amounts, subject to RENTAS minimum denomination. Nominal allotment of replacement bonds will be rounded to the nearest amount corresponding to RENTAS minimum denomination except in the case of duration-neutral method which may be rounded to the nearest amount corresponding to the MGS standard trading lot in secondary market. Net cash proceeds will be calculated based on the difference between the bond values of repurchase and replacement bonds. If the value of the repurchase bonds exceeds that of the replacement bonds, BNM will pay net cash proceeds to the participants. If the value of the replacement bonds exceeds that of the repurchase bonds, participants will pay net cash proceeds to BNM. Auction Type The auction basis will be conducted on competitive multiple-price auction basis. Tender should be submitted in yields, up to three decimal places. However, BNM may conduct bilateral switches under certain circumstances. The transaction will be announced in FAST upon the conclusion of such switches. BNM may also conduct non-competitive MGS switch auction upon terms and conditions to be specified by BNM. Participation in the MGS Switch Auction The switch auction on FAST is only open to Principal Dealers (PDs). Non-PDs wishing to participate must submit their offers through their designated PDs. Participation are voluntary to all participants. However, PDs are strongly encouraged to participate in all MGS switch auctions. Maximum allotment limit is not applicable in MGS switch auctions. However, BNM may impose a maximum allotment limit when it is deemed necessary. Participants shall have legal and beneficial ownership of repurchase bonds offered in any MGS switch auction. Participants shall also ensure that the repurchase bonds offered are free and clear of all charges, claims, encumbrances, security interests or any other form of restriction. BNM may also participate in any MGS switch auction and will offer repurchase bonds at the weighted average yields of the successful offers for any particular repurchase bond. Selection of the Repurchase Bonds The repurchase bond selected by BNM will not consist of MGS that have been issued, reopened or exchanged via MGS switch auction in the 6 months prior to the MGS switch date unless announced by BNM in FAST(Fully Automated System for Issuing/Tendering). Eligible repurchase bonds for switch auction will be announced by referring to either a specific stock code or maturity basket. In the case of maturity basket, a negative list may apply. Selection of the Replacement Bonds The replacement bond will only consist of benchmark MGS that have been issued. The replacement bond issued under a MGS switch auction shall be considered as a reopening of a benchmark MGS.

How Teachers Integrate Psychological Concepts into the...

An elementary teacher establishes a student’s educational foundation through leadership and commitment, and in order to do so effectively, time and patience is a necessity. First, a teacher must engage in the students’ learning by inviting them to share their thoughts, opinions, and ideas, while actively listening and providing feedback. Furthermore, peer interaction should be encouraged to supplement the course material. Finally, teachers should explain concepts thoroughly and cater to each child’s learning style, while encouraging the students to envision new ideas and think â€Å"outside the box.† After completing the subject matter, performance should be evaluated to determine concept mastery and evaluate teaching methods. Psychology then†¦show more content†¦Further, this can be better understood by B.F. Skinners Operant conditioning study. The key element in Skinners research was Reinforcement. Reinforcement strengthens a desired respons e, and negative reinforcement is involves taking away privileges with undesired behavior. Operant Conditioning is widely applied within teaching for classroom management. In most cases behavioral problems can be linked to emotional problems (Culatta). If something is going on in the child’s home, the only way he or she knows how to retaliate might be to model extreme behavior. The child gets aggressive because he feels threatened by others. The only thing the child wants is to be understood and to feel like someone accepts him or her for whom they are. Additionally, as a teacher, one should talk one-on-one with the student to seek understanding and try to explain to the student that his or her behavioral issues have got to stop in order to avoid punishment Further, a teacher is faced with many obstacles and hardships, one being, the student having emotional problems. It often helps for the teacher to show love and compassion. 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Information System Project Management for Pathways - myassignmenthelp

Question: Discuss about theInformation System Project Management for Pathways. Answer: Self-reflection is the ability in which human beings are able to exercise introspection and learn from their experiences. Self-reflection is when an individual is able to remember the experiences in which they had in a particular scenario or at a particular time so that they may know what was successful and learn from their failures to avoid falling into them again. Personal learning is when an individual is able to learn from an experience they have undergone personally (Cleland Gareis, 2006). Self-reflection is associated with personal learning in that when a person reflects on an experience they have undergone they will be able to learn their strength and weaknesses which will enable them to improve on them. When an individual reflects on their experiences they get a chance to evaluate themselves with a purpose of making themselves better. The most interesting aspect of this course was understanding how technology has the potential to impact various fields. Technology has been used to automate very many tasks which were initially carried out by people. Technology has made it possible for redundant work to be performed by machines at a lower cost compared to what was initially utilized (Dinsmore et al., 2005). The power and potential in which technology has is very remarkable and it can help in doing a lot of amazing things in the world. As I engaged in the content this semester I always believed that I would be able to learn something that would benefit me in my life. I have always envisioned myself as a change agent and problem solver which led me to grow my passion in technology (Cattani, Ferriani, Frederiksen Florian, 2011). I used to think that the technology field wound be easy to grasp since I am a smart guy but I soon came to learn that nothing good comes easy in this world. The amount of content which I had to cover in the semester would keep me up for nights on end. I was able to pick up several skills which enabled me to be successful. I had to use my time wisely. As student we always think that we have a lot of time in the world. However this is not the case the time we have to learn is very limited so we have to utilize our time wisely (Harrison Lock, 2004). I had to cut down the time I spent on extracurricular activities and channel that time towards reading. I was also able to become a problem solver. I have been equipped with the necessary knowledge to become a problem solver which has made my personal thinking improve and I take initiative in solving the problems. The section of the semester I enjoyed most was being part of a problem solving process by undertaking a real life problem. This was because I was able to utilize the skills and strategies I had been taught into real world situations. During the semester I was taught on various problem solving skills such as the use of design thinking. I was also able to learn on the various software development life cycle methodologies which can be used to manage a project so that the end result is of good quality and is delivered on time and on budget (Lock, 2007). I was able to identify a problem in which students faced while they submitted their assignments. I came up with a solution which would be able to timestamp assignments and would give both the lecturer and the student a confirmation that the assignment was sent from the student and delivered to the lecturer. This would avoid the confusion that usually cost students to get penalized and attain low grades. I encountered a few surprises durin g the time in which I was developing the solution to the problem I had identified. The initial vision or end result of the solution was very different from the actual solution I was able to build. I thought that I would come up with a full platform from scratch to solve the problem I had identified. I however came up with a solution that leveraged on technologies which already existed. All I had to do was integrate them and add some functionality to make them work. Another surprise was that I was able to identify other problems as I undertook the project I was working on. I had started using my critical thinking skills to gain knowledge on problems around me. Information systems are in use around the globe. The course contributed to my understanding of information systems because it gave me a background on how various systems work and the conditions in which information systems can be configured to be best placed and effective in their area of application (Nokes, 2007). I have learnt various aspects about businesses and how they leverage on technology among other resources to ensure that they are able to effectively serve their clients. I have also learnt the applicability of technology in various fields and how management plays a key role in each and every industry to ensure the set mission, vision and goals are achieved (Phillips, 2003). I have also learnt my personal abilities while undertaking this course. I know that I can be very resourceful in the quest to achieve a specific goal. I have also learnt that I am a good researcher and I utilize a creative perspective in solving problems to ensure that the solutions I come up with is very efficient and valuable in its field of use. My fellow students have helped me immensely during the semester. The group team members I was paired with specifically are the ones who enabled me to become fast on my feet and think critically as I faced any obstacle. Their support and continued questioning of my conce pt solution was what led to the success of the project (Stevens, 2002). I would like to urge my team members who are technically immersed in development of various solutions to be more open minded. They should ensure that they are able to create a system that works but the system should have qualities that make it easier for users to utilize. This will ensure that the system actually solves the problem it was built for and it can be used by users with ease. References Cattani G., Ferriani S., Frederiksen L. Florian T. (2011). Project-Based Organizing and Strategy Management, Advances in Strategic Management. Emerald. Cleland D. I. Gareis R. (2006). Global Project Management Handbook. Chapter 1: The evolution of project management. McGraw-Hill Professional. Dinsmore P. C. et al. (2005). The right projects done right! John Wiley and Sons. p.35. Harrison F. L. Lock D. (2004). Advanced project management: a structured approach. Gower Publishing Ltd. p.34 Lock D. (2007). Project Management. Gower Publishing Ltd. Nokes S. (2007). The Definitive Guide to Project Management. Prentice Hall. Phillips J. (2003). PMP Project Management Professional Study Guide. McGraw-Hill Professional. p.354. Stevens M. (2002). Project Management Pathways. Association for Project Management. APM Publishing Limited.

Organismic Metaphor Essay Sample free essay sample

Organismic Metaphor is an old thought that society is in a figure of respects similar to an being. a life system with its cells. metabolic circuits and systems. Let us take illustration of a new departmental shop. Let the shop be an being and its different sections be its variety meats. Initially the section opens with few sections Lashkar-e-Taibas say 2. to get down with [ insouciant apparels subdivision and fast nutrient subdivision ] . Using the construct of unfastened system. the assorted sections continuously interacts with the clients ( the larger system ) . gathers information of the assorted demands and programs for enlargement of its activities. But in the procedure maintains a stable province. by its sections demands by pull offing or optimising staffing degree and goods telling degree. It interacts with unfastened environment or the larger system and maintains it steady. Besides it interacts with its sub-system like staffing degree and decently telling stock degrees. We will write a custom essay sample on Organismic Metaphor Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page ( Lamb. 2004 ) Hence in the procedure keeps itself in equilibrium. With proper cognition of demands of the undermentioned twenty-four hours and militias some staff on clasp every bit good as excess stocks are kept at bay. incase of any eventualities ( we can name this Homeostasis ) . Now the Department shop decides to present new apparels of athleticss and seasonal apparels in the fabric section. What happens is batch of gross revenues and pandemonium is produced ( increased information ) . Department shop later divides the insouciant subdivision into seasonal apparels section and athletics apparels subdivision. So the gross revenues are divided among themselves so is the pandemonium. So the there is overall lessening in activity ( negative information ) . Soon a skeletal construction of the section is created. like the back bone being the histories section. As the sections grow. there is connexion that comes approximately. associating different sections. And a construction of the organisation. like the organisational hierarchy. Now different sections use different methodological analysis attract clients. fact nutrient subdivision uses large streamers or exposure to pull clients and apparels subdivision displays apparels with lower monetary values out in the unfastened with bigger monetary value tickets. Whatever the manner used to pull clients the net consequence is increased gross revenues ( equifinality ) . As the organisation grows. different methods of pull offing the organisation comes into being with some of the methods fulfilling some demands of the organisation others some else. But here the demand was of that system that suits all the demands of the organisation ( Contingency Theory ) . The design is selected that better suits the larger organisation as whole but its sub systems like different sections. As the system grows and every bit good as the sections. it was shortly out that some sections were ill. like seasonal fabric subdivision which was merely active in winter. And shortly the determination was taken to shut or unify the sections ( like choice of the fittest in Organizational Ecology ) . In decision it should be stated that even if the choice of fittest is used for make up ones minding the hereafter of the sections of the organisation but the ‘Seasonal Cloth’ subdivision is decided non to shut since it did highest footstep in the organisation ( Population ecology ) . which added to the regard of the organisation. It was decided to alter the selling attack towards the section to convey about alteration. Mentions: Lamb. D ; ( 2004 ) ;Cult to Culture: The Development of Civilization on the Strategic Strata ;Wellington: National Book Trust

finding freedom essays

finding freedom essays In both Frederick Douglass The Battle with Mr. Covey and in Mark Twains The Adventures of Huckleberry Finn, the main character finds a force more powerful then he. Not only do they experience physical abuse, they also find themselves mentally beaten. To save themselves, both characters flee in search of freedom. In The Battle with Mr. Covey Douglass portrays a slave struggling for his life. One afternoon, the slaves strength failed him. Despite many attempts at getting up, he couldnt find his feet. Although trying to explain to Mr. Covey what was wrong, Covey gave him a savage kicking the side. He then picked up a hickory slab and hit him over the head. As his physical wounds progressively got worse, he was beginning to be mentally scarred as well. Despite a near death experience, Covey just left him to his fate. This was when Covey realized he had to go to his master. He proceeded to walk seven miles through the woods, making his physical stature even worse. This being his attempt at freedom however, he had to bear the pain. Despite the savage look of Douglass, master Thomas seemed to believe Covey would never hurt him. In his seven miles of walking with unbearable pain, he only received one night away from Covey. Upon the return to Covey, he felt it was time for rebellion. He then made a desperate attempt at freedom by seizing Mr. Covey hard by the throat. He later says that that battle was the turning point for his career as a slave. By showing how the slave found freedom, he truly showed how a slave was made a man. In Mark Twains The adventures of Huckleberry Finn, Huck Finn, a boy struggling mentally and physically, finds himself in search of freedom as Douglass had. The exert opens with Huck living in a home in which civilization is the primary goal. Although he became educated, Pap sho...

Overpopulation vs Overconsumption Essays

Overpopulation vs Overconsumption Essays Overpopulation vs Overconsumption Paper Overpopulation vs Overconsumption Paper In the article Brazil: Amazon Deforestation Seen Surging, the author Reuters discusses the cause and effect of deforestation of the South American rainforests. Another article entitled Prevent Corals, Fish and Whales from Ocean Acidification written by the Center for Biological Diversity, approaches a different yet describes similar causes. Articles like these are being posted on the Internet constantly, causing people to question the source and suction Of these problems. In order for the solution to be found, the root of these problems must be brought to light. 1 2] In recent discussions regarding humans affect on the environment, the introverts lies with whether overpopulation or overcompensation is more harm to the environment, culture and the living conditions of future generations. The stakeholders affected by these issues are humans, including the general population (nationally and internationally), the government, and future generations. Societal consensus assumed that overpopulation is the main culprit. People often identify overpopulation with food shortages, farming of marginal lands, and detrimental effects on the environment. Another view highlights overcompensation as the main culprit because it rumps the negative effects of overpopulation. In sum, the question is whether our society should be more concerned about the large population growth occurring in places such as India, or the large amount of consumption in countries such as the U. S. Finding a solution to this issue will be complicated but is vital for those effected. The solution itself poses many questions: Who is responsible for the effects that are caused by overcompensation and overpopulation? Who will to take action and help solve the problem? How do we going to prevent further detriment to the earth and humanity? Overcompensation: Overcompensation has a detrimental affect on the environment, and our culture and our economy forces this issue into light. Those that believe that this is the main cause to these issues pose a good argument; their main point is that a small fraction of the worlds population consumes the majority of the resources being produced. While it may seem like overpopulation is the issue at hand, this view shows that this may not be true, by stating different facts and beliefs that shows otherwise. In a response to this controversy, a teacher in the SHiPS Teachers Network ousted a case study in which he or argues that overcompensation has more affect on humanity. The author makes it clear that he or she is biased, but gives facts that prove overcompensation is to blame. The teacher proves his or her point by stating some facts may be misconstrued. One author recently conveyed the alarming disparity in birth rates: in three generations, a German woman would have 6 descendants, in the U. S. , 14, and in Africa, 258. The implication, of course, was that by the middle of the next century, Africans would be depleting resources 18 times more quickly and damaging the environment 18 times more severely than people in industrialized nations. [5] This data leads one to believe that the main cause for the damage is overpopulation. But the author retorts with a strong argument to further his or her point. Who most affects the environment? According to one estimate, a person in the U. S. Has 50 times more adverse impact than someone in Bangladesh. An American, on the average, consumes 50 times as much steel and 300 times as much plastic as someone in India. When one examines consumption rather than just population, the environmental problem Of scarcity looks very different. The author then compares consumption to the campers familiar backcountry ethics saying, leave a campsite as you found it, his or her point is that people that consume more than they produce are doing something wrong. After reading this teachers response, one could easily come to the conclusion that overcompensation is to blame. 5] After further research, an equation was found that could calculate the impact on humanity by taking into account three simple variables. The following can sum up the equation. Impact is equal to population multiplied y affluence (per capita consumption) multiplied by the technology used to produce goods (energy, waste). Paul Earlier created this equation, his point being that per capita consumption and technology are just as sign ificant as the number of people when it comes to the impact on humanity. With this idea, it is easy to see how all three variables play an equal part in this issue. Overpopulation: While overcompensation seems to pose the greatest and most immediate threat, overpopulation is not to be ignored or taken lightly. In the world today, We kick at places like India and China and cringe when We hear the Vast mounts of people that live there. With an exponential growth rate, and reports of overcrowding in places all over the world, it is understandable that overpopulation is on the minds of the general population. While those who believe overpopulation is to blame, they understand that both issues pose a problem to the world today. Regardless of which has a bigger affect on earths resources, they accept the fact that most of the earths resources are being consumed by the few. The main argument that they make is that overcompensation is a huge problem, and overpopulation amplifies the impact that it has. In the article Where Should We Focus, author Michael Hander delves into the controversy of overcompensation versus overpopulation. In this article, Hander first approaches the argument by stating a common goal of both parties. He focuses on the idea that because of our current rate of consumption, and the fast growth rate of the population, humanity cannot be sustained. By comparing the consumption of large economic nations, and those of third world countries, Hander contrasts the lifestyles of the average American with that of one from a developing country. On the other hand, cost third world consumption levels are between 0. 5 and 5 percent of ours. This vast difference is not because these people recycle, use little plastic or dont drive a turbo-charged car O it IS because they have no car, no central heat, no refrigerator, and maybe no house at all! He then explains that Americans should not think of themselves as selfish as long as they consume at a reasonable rate. He goes on to state that Americans not only believe that they are morally right in consuming a reasonable amount, but they desire this level of consumption. Hander states, It is this lack of the most basic items, teems which most of us bel ieve every human should be able to have, which make up most of the consumption difference between the haves and the have onto We need to allow all of the worlds citizens a reasonable lifestyle while at the same time heading toward sustainability. Hander furthers his point by saying that overpopulation is more important in the long run. Keeping his previous ideas in mind, he makes the statement that overpopulation occurs at a lower point with a higher standard of living. This makes sense because the third world countries will be consuming these items Americans consider basic once they develop further, raising the overall consumption of the world. In order for this to be achieved, population needs to be lowered. In the mind of Hander overpopulation control is not just as important to sustaining the earth, but more important. 13] Common Ground: While all views on this topic understand that both arguments have importance, they each seem to find their own views of higher importance. But while they lack this ability to agree on who causes the most problems, they both take responsibility for the effects that they have on humanity and everything that is concerned. In order to make it easier, breaking up the effects of these two issues is essential. The effects on culture and the environment are the same, regardless of the cause, and will be covered thoroughly. To start, the most obvious effect of these two issues is displayed in the environment. As the population continues to grow, and consumption in 3rd world countries rises, we will eventually run out of room and supplies to sustain the general population. While this is a long-term affect that is unlikely to ever have a solution, there are short-term affects that inhibit our ability as unmans to enjoy living on this beautiful earth. As discussed in the introduction, deforestation and the decreasing numbers in fish, whales, and coral are examples of extreme effects on the environment. According to Amy Hardwood in the article Overpopulation and Extinction we are currently in Earths sixth mass extinction. In her article she estimates that 30,000 species are going extinct every year. Hardwood effectively shows a direct relationship between population increase, and extinction rate. She observes that this is the first of the 6 mass extinctions on earth to be caused by one species, and to planetary or galactic processes. With obvious examples displayed before us everyday, it would be ignorant to not acknowledge the detrimental effects that overpopulation and consumption are having on the environment. 7] Interestingly, overcompensation and overpopulation affect the way we live and have far reaching cultural effects. Because we see the harm that we are causing, we find it essential to do something in order to prevent this. This may be using less energy, recycling, buying less materialistic items, etc. A much deeper effects can be related directly to these issues. In an ar ticle Ritter by Knap Shah called Creating the Consumer, Shah expands the idea that consumption in America hasnt always been so abundant. To support this claim, the author highlights the mindset of Americans as early settlers or Europeans. He describes how living conservatively used to be the norm, and only the wealthy were able to live lavishly and spend excess amounts on comfort. This mindset was maintained by religion and social pressure because spending lavishly was frowned upon and considered wasteful. [2] In a Survey conducted by Hander, only 21 percent said they would be willing o do without a car and only 13 percent would forgo their Quarter-bounders with cheese. 13] then read, Overcompensation wont Save America by David Scrota. The description of an American that Scrota gave was that of a selfish and ignorant person. He describes the American mindset with the phrase shop till you drop, and mentions that it is a vital flaw in most Americans. The most recent holiday binge exemplified the impending crisis. Despite persistent unemployment, flat wages and higher prices for necessities (food, healthcare, etc. ), Ame rica nonetheless went on its usual post-Thanksgiving buying spree. This frustrated me, while at the same time motivating me to find a way to learn from his words. [1 0] When considering possible solutions, it is important to take all sides into account. While this may not seem possible due to the vast differences in opinions, it may be feasible. With this in mind it is key to look past the arguments posed by each side, and use the middle ground to find a solution. The question that needs an answer isnt which poses a greater threat to the world, the people who live here, and the people who will live here. But, it is how humans can work together to formulate a method to slow the institution of this earths resources and space. In order for this to be accomplished, it is key that both sides understand the importance of the opposing view. By reading through many articles and papers written from both point of views, it should be easier to formulate a plan. As they both have proven to be threats to the world, so too should the solution incorporate both problems. Overcompensation is the short-term problem of the two, and as such this problem should be solved first. There is no easy way to prevent higher output countries like America from consuming more than their fair share. But cause these places with higher consumption are shown to have a higher gap, we can infer that they also have a higher standard of education. While this is not true in all circumstances, it is true for America, and we definitely are to blame for consuming way over the average. With world population at 6 billion and rising, the richest 20% of humanity consumes 86% of all goods and services used, while the poorest fifth consumes just 1. 3%. [4] With this in mind, preventing overcompensation will have to Start in these higher educated, yet over consuming countries. The idea is to appeal to the nations tit higher education. With proof that material objects dont create happiness, it is important to show that the lower consuming, and lower standards of living may be a more appealing lifestyle. First, we need to recognize that there are more effective and satisfying ways to achi eve fulfillment than by simply buying more stuff. [9] In this article, Toward a Solution author Vicki Robin shows the relationship between the need for money, and unhappiness. She captivates the reader by showing that it is time spent doing what we love with people we love that makes us happy, and not mime spent earning money to buy more and more goods adjust cause stress and complications. Robin proves her point by stating, m{et surveys have shown that our happiness peaked in 1957, when families had smaller houses, 1 car (at most), 1 bathroom and 1 television (black white)and Vicars, personal computers and cordless phones didnt exist. Here lies the solution. This county was brought into debt and want for material needs through social pressure and advertising. By eliminating the idea that money buys happiness, and having more things will satisfy our wants, we should be able o reduce our consumption to reasonable levels. In order to do this the country will have to work as a whole. Children of this generation, while being spoiled and materialistic, seem to have seen the effects that this material wants have had on their parents and their lifestyles. People are saving more, learning to stay out of debt and manage their money more wisely. This is just the start but with a push, a lower and a more realistic standard of living may bloom. When it comes to overpopulation, there is no easy answer to this beast of a problem. Humans reproducing at an exponential rate will eventually use up ND destroy earth, as we know it. This is inevitable. But small changes to our culture and cultures around the world may slow this growth, and increase our time and happiness here. In my opinion the solution to this is simple. It doesnt include limiting the number of children couples can have, or killing those who dont deserve the space they are taking up. In my mind the solution to this is to enjoy our time while we can. This plays largely into the solution given for overcompensation.

Culture differences and similarities between United States and Saudi Research Paper

Culture differences and similarities between United States and Saudi Arabia - Research Paper Example Thus, there are characteristic cultural differences and similarities between the Americans and the Saudis. However, from a general viewpoint, the differences in culture seem to be more than the similarities. Case in point, the Americans belief and role of religion is different from that of the Saudis. In this regard, the Americans do not attach a significant value to religion in their daily lives. On the other hand, religion is the most important thing amongst the Saudis. Effectively, the religion dictates the rhythm of life to the Saudis and its role in the society and the country is significant. Nevertheless, while too many people think that there is nothing common about the cultures between United States and Saudi Arabia, there are similarities and differences between them. Therefore, this expose elucidates these similarities and differences while focusing on the important aspects of attachment to gas, the way people lived in these two societies, the role of women, and the role of the youths in the two societies. Attachment to gas The world cannot seem to get enough of petroleum and its byproducts. In this case, the use of the product varies from its fundamental intended use as fuel to an essential requirement of products such as lipstick. According to the U.S. Energy Information Administration [EIA](n.d.), Saudi Arabia is the largest net exporter of oil and its products to the world. In this case, this makes the country’s economy rely, almost entirely, on the export of oil. However, the consumption of gas by Americans rivals no other one in the world. In this regard, Americans consumed 24,088 billion cubic feet of gas in 2010. On the other hand, the Saudis total consumption for the same period was 3,096 billion feet (EIA, n.d.). The United States of America ranked first in the world while the Saudis ranked ninth in the total world’s gas consumption (EIA, n.d.). Effectively, this makes Americans appear more attached and hooked to gas in compari son to Saudis as evidenced by these statistics. One of the main reasons is that the United States is a wealthy nation that effectively places low taxes on gas. In addition, the combination of a high population and a poor public transport system in the country effectively makes the Americans obsessed with gasoline for their transport. On the other hand, although the cost of gas in Saudi Arabia is cheaper in comparison to the United States of America, the country has a low population. In addition, its public transport system is effective enough to ensure that more people avoided using private means of transport and effectively cut on the requirements of gas for transport. How people live in the American and Saudi society One thing that is common knowledge is that, the Americans have the most open-minded society over the world. For this reason, America is known as the free world. On the other hand, Saudis appear to live in a close-minded society and effectively try as much as possible to avoid the uncertain future. Therefore, the American society embraces diversity and accepts the differences in people while it takes time for the Saudi society to do the same. Case in point, the current president in America is African-American. This effectively underlines the open-minded nature of the American society and ready to embrace others different from them. On the other han

SOLAR WIND Essay Example | Topics and Well Written Essays - 500 words

SOLAR WIND - Essay Example This would result in the gas from the corona, in its several million degrees, streaming away from the Sun at a speed much higher than the escape speed. The wind, being a plasma flow of high speed would carry along trapped magnetic fields. The solar wind would create the heliosphere described by Zeilik (265) as a massive bubble existing in the interstellar medium surrounding the Solar System. The heliosphere, at the solar minimum would be dominated by high latitude fast solar wind, but the slow variable wind emanating from all latitudes would dominate at and when approaching the solar. As the solar wind would be flowing away from the Sun to fill the heliosphere, it would interact with solar system bodies, including planets in various complex ways. The nature of interaction would be determined with whether the target has generated magnetic field internally such as the Earth, Mercury and other giant outer plants or not such as the comets, the Moon, Venus and Mars. According to Zeilik (265), the solar wind whips at typically 500 km/s at the orbit of the earth with the speed varying because the wind blows in gusts. The said particles, electrons and protons would take 5 days to travel from the Sun to the Earth. As the earth swims through the resultant solar spray, Matthaeus notes that it would catch some of the particles of the solar wind in its magnetic field leading to the creation of its magnetosphere. The solar wind’s plasma, travelling as far as 100 AU, much farther than the orbit of Pluto would carry along with it remnants of the magnetic field of the Sun. It is this transported field that Zeilik (265) attributes to the formation of the magnetic field that exists between planets. This field would interact with comets forming tails, and with planets forming magnetospheres. The comets’ plasma tails and the aurorae have been noted to point away from the sun. The interaction of the solar winds with the magnetosphere through the temporary

Dionne Brand Essay Example for Free

Dionne Brand Essay Dionne Brand’s use of diction, figurative language, imagery, tone, and a strong narrative voice indicate the issue of being detached from society. Clearly, the narrator is experiencing an identity crisis, in which he/she is being deprived of their identity. The uncertainty in the reading of the photograph reflects the narrator’s lack of self and the ways in which he does not fit in. â€Å"I left like you do with sunstroke. I felt dried out.. † The narrator’s use of figurative language (metaphor) portrays the aspect of lifelessness. â€Å"We look as one face – no particular personal aspect, no individual ambition.  All one. † The language and the imagery the narrator uses conveys a general sense, and puts the narrator in the same category as the other faceless individuals. There is no sense of individuality, seeing as how all of the people at Palau Bidong portray the same characteristics. The individuals on the island lack personal drive because they are being used for another purpose which is beyond them. Such aspects reflect those of a refugee camp, evidently residing in Pulau Bidong. â€Å"Was it us or was it the photographer who couldn’t make distinctions among people he didn’t know? Unable to make us human. The refugees are evidently being photographed to serve a social/political purpose. The photographer is unable to distinguish amongst them because they are all the same. The imagery and tone illuminated in the quote also reflects a sense of alienation, and the idea of being estranged from the rest of society. The tone also emphasizes the idea of fearing the unknown. The themes of isolation and disengagement are reinforced throughout the passage. The narrator is unable to reconnect with his/her past and is slowly losing his/her recollection of it. The passage reproduces a life which lacks all meaning and personal ties.

Pros and Cons of Inclusion Essay -- Education Disabled Children School

Pros and Cons of Inclusion Inclusion 'mainstreams' physically, mentally, and multiply disabled children into regular classrooms. In the fifties and sixties, disabled children were not allowed in regular classrooms. In 1975 Congress passed the Education of all Handicapped Students Act, now called the Individuals with Disabilities Education Act (IDEA). IDEA mandates that all children, regardless of disability, had the right to free, appropriate education in the least restrictive environment. Different states have different variations of the law. Some allow special needs students to be in a regular education classroom all day and for every subject, and others allow special education students to be in a regular education classroom for some subjects and in a separate classroom for the rest. There are many different views on inclusive education. In this paper I will address some of the positive and negative views on inclusion and ways to prepare educators for inclusive education. PROS Perhaps the strongest argument for greater inclusion, even full inclusion, comes from its philosophical/moral/ethical base. This country was founded upon the ideals of freedom and equality of opportunity. Though they have not been fully achieved, movement towards their fuller realization continues. Integration activists point to these ideals as valid for those with disabilities, too. Even opponents agree that the philosophical and moral/ethical underpinnings for full inclusion are powerful. (SEDL, 1995) Many agree that inclusion can be a positive experience for special education students, general education students and educators. Inclusive classrooms provide a diverse, stimulating environment for special education students. Vaughn and Klingner, 1995 found that special education students believe that inclusive classrooms provide them with more of an opportunity to make friends (Turnbull et al., 2004, p.70). Special education students who are included in regular education classrooms become part of a much larger learning community and they are able develop more of a positive self view. General education students also benefit from the diversity of an inclusive classroom. Duhaney and Salend, 2000 found that parents of children without disabilities identified benefits for their own children such as greater sensitivity to the needs of other children, more helpfulness in meeti... ...hanging concerns that their staff, parents, and others have as greater inclusion begins to be implemented. By attending to these issues, a more inclusive educational system is possible. (SEDL, 1995)   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   Works Cited Douvanis, G. and Hursley, D. (2002). The Least Restrictive Environment Mandate: How Has it Been Defined by the Courts?. Arlington, VA: The Council for Exceptional Children. (ERIC Document No. E629). Doyle, M.B. (2002). The Paraprofessional?s Guide to the Inclusive Classroom. Baltimore, MD: Paul H. Brookes. Goldstein, S. and Mather, N. (2001). Learning Disabilities and Challenging Behaviors. Baltimore, MD: Paul H. Brookes. Lindsay, G. (2003). Inclusive Education: a critical perspective. British Journal of Special   Ã‚  Ã‚  Ã‚  Ã‚  Education. 30(1). Pappanikou, A.J. and Paul, J. (Eds.). (1997). Mainstreaming Emotionally Disturbed Children. Syracuse, NY: Syracuse University. Shank, M., Smith, S., Turnbull, A. & Turnbull, R. (2004). Exceptional Lives Special Shore, K. (1986). The Special Education Handbook. New York, NY: Teachers College Southwest Educational Development Laboratory. (1995). Inclusion: The pros and cons.   Ã‚  Ã‚  Ã‚  Ã‚  Issues?about Change.4(3).

Impact of Education Choice on Public Funds Essay

Brown v. Board of Education of Topeka, 347 U. S. 483 (1954), was a landmark decision of the United States Supreme Court that declared state laws establishing separate public schools for black and white students unconstitutional. Though the U. S. Supreme Court declared school desegregation in the 1954 ruling on the famous â€Å"Brown v. Board of Education† case, the state of Mississippi did not allow racially or ethnically different students to mix together in schools until 1970, sixteen years after the 1954 Supreme Court ruling, according to the Civil Rights Timeline, created by the Mississippi Humanities Council at Southern Mississippi. Brown v. Board of Education prompted parents in Mississippi to create nonpublic and charter schools in efforts to keep schools segregated. Legislation and School Choice in Mississippi At the present time, Mississippi doesn’t truly offer school choice. There is no private school choice program. Parents are not given money from the state to send their children to private or parochial schools. The Education Commission of the States reports that Mississippi has enacted a mandatory inter-district school open enrollment policy. Students can move between school districts- but that is not guaranteed for those who want to change schools. Both the sending and receiving school boards must approve it. Mississippi’s Constitution prohibits the appropriation of any state education funds for the support of sectarian schools or private schools (Miss. Const. Art. 8, Sec. 208). Though at the same time, state accreditation is mandatory for nonpublic schools receiving state funds. According to State Regulation of Private Schools, (June 2000), Mississippi law provides free textbooks on loan to pupils in all elementary and secondary schools in the state (Miss. Code Ann.  § 37-43-1 et seq). The loan of textbooks to qualified private schools does not violate Mississippi’s constitutional prohibition against public support of sectarian schools or the control of educational funds by religious sects. Private, parochial or denominational schools accepting free school textbooks on behalf of their students must file annual reports as required by the State Board of Education (Miss. Code Ann.  § 37-43-51). Throughout the years, numerous bills to give vouchers or tax credits/ tax deductions have died in House Committees. It was allowed to die in 2009. During the 12 years that the law was on the books, only one traditional public school converted to a public charter school. Senate Bill 2721 is the latest bill in regards charter schools. This current bill is one authorizing new start-up charter schools to be established in Mississippi recently passed the State Senate and is now being taken up in the House of Representatives. Senate Bill 2721, which passed the senate by a vote of 50-2 in February, authorizes five new start-up charter schools to be established in the state. With this bill, the school can be brand new, not a failing school converting to a charter. Local school boards would have the first look at proposals, but authorization power would still rest solely with the state board of education. According to Bill 2721, the definition of a start-up charter school is â€Å"a public school operating under the terms of a charter granted by the State Board of Education with the approval of the local school board or school boards on the application of an eligible entity and may draw its students from across public school district boundaries† (Harrison, 2010) . Previous attempts to expand charter schools in Mississippi were shot down by fears of racial segregation. Some fear that it is a backdoor attempt to re-segregate many of Mississippi’s public schools, though supporters point out that a majority of charter school students in many parts of the country are minorities. â€Å"There’s been some resistance from the Mississippi Association of Educators and other groups that say you’re taking money from public education,† Watson continued (Harrison, 2010). â€Å"That’s an absolute falsity—this is public education† (Harrison, 2010). Opposition still remains from some caucus members and from teacher unions (Heartland. org). Those who oppose the potential implementation of charter schools believe the schools will be taking away students, resources and funding from a public school system that is already heavily financially burdened. Impacts on Funding and Analysis Mississippi charter schools are eligible for the same funding as regular schools. They may receive federal, state, local or private funding. They are not taxing authorities and may not levy taxes or request tax increases in order to generate funding. Charter schools are funded with taxes, but operate with more flexibility and fewer restrictions than the traditional public schools. Often times, charter schools have a special emphasis, such as on the art or the sciences. According to the Mississippi Code of 1972, â€Å"the State Board of Education may give charter schools special preference when allocating grant funds other than state funds for alternative school programs, classroom technology, improvement programs, mentoring programs or other grant programs designed to improve local school performance†. Allowing charter schools to be created will minimally decrease the funding that public schools receive. Minimal because at most only five charter schools will come into existence and they will be spread throughout the state, not centralized in one location. The amount of funding will still be based on the number of students enrolled in the schools. Charter schools traditionally keep their numbers small. Jackson public schools is the third largest district in the state of Mississippi, none of these legislations are negatively impacting the funding of the district. Even the state law allowing book loans to private schools has not taken away from the students of JPS. It has been speculated that having a charter school law would make Mississippi eligible for more grants through the Race to the Top program, which is part of the stimulus package passed last year by Congress and signed into law by Obama. If this speculations is true, then all districts in the state are losing funds due to lack of charter schools. But the state Department of Education has said the lack of a charter school law would not prevent Mississippi from being eligible for the grants through the program (heartland. org).

Ict Evaluation Essay

QUIZ NAVIGATION 1 8 2 9 3 4 5 6 7 10 11 12 13 14 Thursday, 5 September 2013, 12:38 PM Thursday, 5 September 2013, 01:04 PM 26 mins 35 secs 20.00/30.00 3.33 out of a maximum of 5.00 (67%) Question 1 Incorrect Mark 0.00 out of 1.00 Flag question 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Finish review ESSs are designed to incorporate data about external events, but they also draw summarized information from internal MIS and DSS. Select one: True False Question 2 Correct Mark 1.00 out of 1.00 Flag question The tool that enables users to view the same data in different ways using multiple dimensions is Select one: a. predictive analysis. b. SQL. c. OLAP. d. data mining. Question 3 Correct Mark 1.00 out of 1.00 Flag question Which of the following is not one of the techniques used in Web mining? Select one: a. content mining b. structure mining c. usage mining d. user mining Question 4 Correct Mark 1.00 out of 1.00 Flag question Duplicate data in multiple data files is called data ________. Select one: a. redundancy b. repetition c. independence d. partitions Question 5 Incorrect Mark 0.00 out of 1.00 Flag question In object-oriented development Select one: a. the class is used as the basic unit of systems analysis and design. b. an object is a collection of data  that is acted on by external processes. c. processing logic resides within objects. d. a strict, step-by-step development process is essential. Question 6 Incorrect Mark 0.00 out of 1.00 Flag question Which of the following is not a driving force for change in a company’s technological infrastructure? Select one: a. The introduction of disruptive applications. b. Organizational change within the company. c. The normal continuing growth of application traffic demand. d. All of the above are driving forces for change. Question 7 Correct Mark 1.00 out of 1.00 A data warehouse is typically comprised of several smaller data marts. Select one: True http://moodle.cqu.edu.au/mod/quiz/review.php?attempt=313262 5/09/2013 Quiz 2 Page 2 of 5 Flag question False Question 8 Correct Mark 1.00 out of 1.00 Flag question Management information systems typically support nonroutine decision making. Select one: True False Question 9 Incorrect Mark 0.00 out of 1.00 Flag question Categories of tools for BPM include all of the following except Select one: a. tools to integrate existing systems to support business processes improvements. b. tools to automate business processes. c. tools to identify and document business processes. d. tools to test the security of business processes. Question 10 Correct Mark 1.00 out of 1.00 Flag question After performing what-is analysis, it is generally a good idea to perform gaps analysis. Select one: a. True. b. False. Question 11 Incorrect Mark 0.00 out of 1.00 Flag question The systems development life cycle includes the operation of a system after its creation. Select one: a. True. b. False. Question 12 Correct Mark 1.00 out of 1.00 Flag question A multiplexed line’s throughput is ________. Select one: a. individual throughput b. aggregate throughput Question 13 Correct Mark 1.00 out of 1.00 Flag question Object-oriented development could potentially reduce the time and cost of writing software because Select one: a. object-oriented programming requires less training. b. iterative prototyping is not required. c. objects are reusable. d. a single user interface object can be used for the entire application. Question 14 Incorrect Mark 0.00 out of 1.00 Flag question Unit testing Select one: a. includes all the preparations for the series of tests to be performed on the system. b. tests the functioning of the system as a whole in order to determine if discrete modules will function together as planned. c. tests each program separately. d. provides the final  certification that the system is ready to be used in a production setting. Question 15 Correct Mark 1.00 out of 1.00 Flag question Which process develops a detailed description of the functions that a new information system must perform? Select one: a. feasibility study b. requirements analysis c. systems design d. test plan development http://moodle.cqu.edu.au/mod/quiz/review.php?attempt=313262 5/09/2013 Quiz 2 Page 3 of 5 Question 16 Correct Mark 1.00 out of 1.00 Flag question Which of the following types of collaboration tools allows you to communicate with avatars using text messaging? Select one: a. virtual worlds b. screen sharing c. collaborative writing d. large audience Webinars Question 17 Correct Mark 1.00 out of 1.00 Flag question Deprovisioning may be necessary when ________. Select one: a. a user joins a project team b. a user leaves the company entirely c. Both A and B d. Neither A nor B Question 18 Correct Mark 1.00 out of 1.00 Flag question As a technical project manager you have decided to propose implementing a prototyping methodology for a small Web-based design project. What is the order of steps you will follow in this project? Select one: a. Develop the prototype; use the prototype; revise and enhance the prototype. b. Identify user requirements, develop the prototype, use the prototype, revise and  enhance the prototype. c. Define the requirements, develop solutions, select the best prototype, and implement the prototype. d. Define the requirements, develop the prototype, revise and enhance the prototype. Question 19 Correct Mark 1.00 out of 1.00 Flag question ________ is the percentage of time that a network is available for use. Select one: a. Downtime b. Availability c. Individual throughput d. None of the above. Question 20 Incorrect Mark 0.00 out of 1.00 Flag question ________ systems integrate supplier, manufacturer, distributor, and customer logistics processes. Select one: a. Collaborative distribution b. Supply-chain management c. Reverse logistics d. Enterprise planning Question 21 Correct Mark 1.00 out of 1.00 Flag question Functional systems that support business processes within a single functional group, such as human resources, are being phased out in favor of cross-functional systems. Select one: True False Question 22 Correct Mark 1.00 out of 1.00 Flag question A Skype conference call using VOIP and webcams is an example of a remote, synchronous collaboration tool. Select one: True False Question 23 Correct The primary tool for representing a system’s component processes and the flow of data between them is the http://moodle.cqu.edu.au/mod/quiz/review.php?attempt=313262 5/09/2013 Quiz 2 Page 4 of 5 Mark 1.00 out of 1.00 Flag question Select one: a. data dictionary. b. process specifications diagram. c. user documentation. d. data flow diagram. Question 24 Correct Mark 1.00 out of 1.00 Flag question Data cleansing is the same process as data scrubbing. Select one: True False Question 25 Incorrect Mark 0.00 out of 1.00 Flag question Downtime is the percentage of time that a network is available for use. Select one: a. True. b. False. Question 26 Incorrect Mark 0.00 out of 1.00 Flag question The specialized language programmers use to add and change data in the database is called Select one: a. a data access language. b. a data manipulation language. c. Structured Query Language. d. a data definition language. Question 27 Correct Mark 1.00 out of 1.00 Flag question The use of digital technology and the Internet to execute the major business processes in the enterprise is called Select one: a. e-commerce. b. e-business. c. enterprise applications. d. MIS. Question 28 Correct Mark 1.00 out of 1.00 Flag question Which of the following statements about collaboration is not true? Select one: a. In business, a collaboration can last as little as a few minutes. b. Business collaboration relies on the formation of teams that are assigned a specific task or goal. c. Successful collaboration can be achieved through technology regardless of the organization’s culture or structure. d. One business benefit of collaboration is improved innovation. Question 29 Incorrect Mark 0.00 out of 1.00 Flag question Firms generally make their own routers and switches, rather than purchasing them. Select one: a. True. b. False. Question 30 Correct Mark 1.00 out of 1.00 Flag question A characteristic or quality describing an entity is called a(n) Select one: a. field. b. tuple. c. key field. d. attribute. http://moodle.cqu.edu.au/mod/quiz/review.php?attempt=313262 5/09/2013 Quiz 2 Page 5 of 5 Finish review You are logged in as Vikram Ravindar Vikram Ravindar (Logout) COIT20228_2132 http://moodle.cqu.edu.au/mod/quiz/review.php?attempt=313262 5/09/2013