Benefits Of Using Cds Used For Hedging Purposes - 1501 Words

Banks are classified as users or non-users of CDS based on a search of their annual reports for information about the use of CDS. To search the reports, I have searched for key terms and expressions that indicate the use of CDS such as CDS, credit default swap, and credit default contract. Appendix (C) shows the complete list of the banks classified as CDS user or CDS non-user, and their market capitalization. The CDS users represent 50% of the sample and the other half are nonuser. The selected sample will be used to test two main aspects: 1) The effect of the CEOs’ risk-taking incentives on CDS use by distinguishing between CDS use for hedging purposes and CDS use for trading purposes; and 2) How the CDS use impacts the firms’ risk by†¦show more content†¦In 2002 the European Union agreed that from January 2005 international accounting standards/international financial reporting standards (IASs/IFRSs) would apply for the consolidated accounts of the EU listed companies (Barth, Landsman, and Lang, 2008). Starting from 2005, IAS/IFRS adoption has been mandatory in all the member states of the European Union with the ultimate goal of increasing transparency in financial reporting. This adoption of IAS/IFRS therefore represents an extraordinary event for empirical research because evidence shows that the mandatory adoption of IAS/IFRS in Europe results in better qualit y of financial reporting. In fact, empirical studies provide some support to the notion that adopting IAS/IFRS improves the quality of financial reporting and of public information (Palea, 2013). 3.1.4 Data sources In this thesis, secondary data is used to answer the two research questions. The data have been collected from two main sources: bank’s annual reports and Datastream. Following the approach of many prior empirical studies the data on CDS and derivative are hand-collected from banks’ annual reports (e.g., Allayannis and Ofek, 2001; Rajgopal and Shevlin, 2002; Supanvanij and Strauss, 2010). Unlike US firms, compensation data for European companies are not readily available in

Differences in Crime Statistics in the Uniform Crime...

Arguments over crime statistics have been raging ever since governments began counting criminal activity. In 1930 the United States congress authorized the attorney general of the United States to survey crime in America. The Federal Bureau of Investigation was chosen to implement the program. (Schmalleger p.38) The Uniform Crime Reports is the survey taken by the FBI. This measure of crime in America depends on reports to the police by victims of crimes. The UCR Program was developed by the FBI for the purpose of serving law enforcement as a tool for operational and administrative purposes. Through the International Association of Chiefs of Police (IACP), the UCR Program was developed. Later, the National Sheriffs Association†¦show more content†¦Arson is an exception to the Hierarchy Rule. One of the problems with the Uniform Crime Reports is that many citizens do not always make official reports. For example, many women refuse to report rapes because they do not want to relive the ordeal. Some citizens feel that the police will not be able to do anything about a crime committed against them therefore they do not report it. Another problem with the Uniform Crime Reports is that Victimless crimes are rarely reported. These are crimes like prostitution, gambling, and drug use. Since many of these crimes are not reported, then the UCR becomes somewhat vague and incomplete. When reviewing crime data, it is important for the reader to note the difference between offenses and arrests. Offenses relate to events and arrests relate to persons. A single offense may involve no arrestees; may involve one arrestee; or may involve many arrestees. National Crime Victimization Survey (NCVS) is the Nations primary source of information on criminal victimization. Twice each year, data are obtained from a nationally representative sample of roughly 49,000 households comprising about 100,000 persons on the frequency, characteristics, and consequences of criminal victimization in the United States. The survey reports the likelihood of victimization by rape, sexual assault, robbery,Show MoreRelatedResearch Report on Impact of Time Management11320 Words   |  46 PagesCHAPTER ONE INTRODUCTION 1.1 Background to the study The public image of the police is measured a number of different ways. Sometimes surveys ask about â€Å"local† police, police in â€Å"your neighborhood† or police in â€Å"your area,† while other surveys ask about the police as a general institution. The terminology used to gauge public support also varies widely, with questions asking about whether respondents â€Å"approve of† or â€Å"trust† the police, have â€Å"confidence in† or â€Å"respect for† the police, or whetherRead MoreJuvenile Delinquency And The Nature Of Police Juvenile9755 Words   |  40 PagesMcCoy (1999) who tested Black’s (1976) theory concluded that there are other extralegal factors besides law and police departmental policies that influence police response. According to them, the race, gender, wealth and education of the victims of a crime influence police decisions whether to intervene in a conflict, to arrest the suspects or to take other actions. This selective enforcement of the law, according to Smith and Visher (1981) is often a reflection of social stratification. Those on theRead MoreEssay Paper84499 Words   |  338 Pagesclimate surveys: adds requirement for personnel equivalent to company level commanders; updates timelines to within 30 days (120 days for Army National Guard and U.S. Army Reserve) of assuming command, again at 6 months, and annually thereafter (paras 6-3i(13) and E-1a). o Updates confidentiality procedures: adds exceptions to the confidentiality of survey responses; adds requirement to provide inconspicuous location to submit paper and pencil format; provides guidance on group versus individual Read More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 PagesIntroduction to Statistics and Data Analysis This page intentionally left blank Introduction to Statistics and Data Analysis Third Edition Roxy Peck California Polytechnic State University, San Luis Obispo Chris Olsen George Washington High School, Cedar Rapids, IA Jay Devore California Polytechnic State University, San Luis Obispo Australia †¢ Brazil †¢ Canada †¢ Mexico †¢ Singapore †¢ Spain †¢ United Kingdom †¢ United States Introduction to Statistics and Data Analysis, ThirdRead MoreSolution to Auditing and Assurance Service: 1,12,B, 329605 Words   |  119 Pagesof: (1) obtaining and evaluating evidence about assertions management makes about economic actions and events, (2) ascertaining the degree of correspondence between the assertions and the appropriate reporting framework, and (3) providing an audit report (opinion). Students can also respond more generally in terms of â€Å"lending credibility† to financial statements presented by management (attestation). 1.5 An attest engagement is: â€Å"An engagement in which a practitioner is engaged to issue or does

Role of Women in Shakespeares Plays free essay sample

William Shakespeare (baptized 26 April 1564 – 23 April 1616) was an English poet William Shakespeare and playwright, widely regarded as the greatest writer in the English language and the world’s pre-eminent dramatist. He is often called England’s national poet and the â€Å"Bard of Avon† (or simply â€Å"The Bard†). His surviving work consist of 38 plays, 154 sonnets, two long narrative poems, and several other poems. His plays have been translated into every major language and are performed more often than those of any other playwright. Scholars have often noted four periods in Shakespeare’s writing career. Until the mid -1590s, he wrote mainly comedies influenced by Roman and Italian models and history plays in the popular chronicle tradition. His second period begin in about 1595 with the tragedy â€Å"Romeo and Juliet† and ended with the tragedy of â€Å"Julius Caesar† in 1599. During this time, he wrote what are considered his greatest comedies and histories. From about 1600 to about 1608, his â€Å"tragic period†, Shakespeare wrote mostly tragedies, and from 1608 to 1613, mainly tragicomedies called romances. We will write a custom essay sample on Role of Women in Shakespeares Plays or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page â€Å"William Shakespeare† – Wikipedia) Shakespeare’s plays are famous for many different reasons. The plot, characterization, dialogues, the use of metaphors and symbolic tone and the supernatural element found in many plays. Here the characterization with respect to women’s role in Shakespeare’s plays is discussed. The role of women varies in each play. The women evil found in Lady Macbeth, beauty and wisdom found in Portia, daughterly love and sacrificing nature found in Cordelia and the weak nature and dependence on others found in Gertrude, each one of them has her own uniqueness. Role of Women Two main characters i. e. Lady Macbeth and Portia are discussed to highlight the role of women in Shakespeare’s â€Å"Macbeth† and â€Å"The Merchant of Venice†. Both these characters are very important and main female characters in these plays. Lady Macbeth Lady Macbeth  is a fictional character in  Shakespeares  Macbeth  (c. 1603–1607). She is the wife to the plays protagonist,  Macbeth, a Scottish  nobleman. After goading him into committing  regicide, she becomes  Queen of Scotland, but later suffers pangs of guilt for her part in the crime. She dies off-stage in the last act, an apparent  suicide. The characters origins lie in the accounts of Kings Duff and Duncan in  Holinsheds Chronicles  (1587), a history of Britain familiar to Shakespeare. Shakespeares Lady Macbeth appears to be a composite of two separate and distinct personages in Holinsheds work: Donald’s nagging, murderous wife in the account of King Duff, and Macbeths ambitious wife in the account of King Duncan. Lady Macbeth is a powerful presence in the play, most notably in the first two acts. Following the murder of King Duncan, however, her role in the plot diminishes. She becomes an uninvolved spectator to Macbeths plotting, and a nervous hostess at a banquet dominated by her husbands hallucinations. Her fifth act  sleepwalking scene  is a turning point in the play, and her line, Out, damned spot! has become a phrase familiar to most speakers of the  English language. Analysts see in the character of Lady Macbeth the conflict between femininity and masculinity, as they are impressed in cultural norms. Lady Macbeth suppresses her instincts toward compassion, motherhood, and fragility — associated with femininity — in favor of ambition, ruthlessness, and the single minded pursuit of power. This conflict colors the entire drama, and sheds light on gender-based preconceptions from Shakespearean England to the present. (â€Å"Lady Macbeth† – Wikipedia) Ambition, Cruelty and Guilt Lady Macbeth is far more ambitious than her husband is. When she hears about the prophecies by the witches, she becomes determined to kill King Duncan. This ambition is very clear from these lines of Act I, Scene V: â€Å"Come, you spirits That tend on mortal thoughts, unsex me here,    And fill me from the crown to the toe top-full    Of direst cruelty! †(Shakespeare) She urges her husband, Macbeth to kill the king by saying â€Å"she had given suck, and knew how tender it was to love the babe that milked her; but she would †¦ dashed its brains out, if she had sworn so to do it†¦Ã¢â‚¬  (Shakespeare: Act I, Scene VII) This was the height of her ambition and cruelty. Later on, after the murder, she could not resist her guilt and walked in her sleep, washing her hands murmuring â€Å"Out, damned spot! †(Shakespeare: Act V, Scene I) Then, she committed suicide. Portia Portia is the main female character who is dominated all over the play. She is one of the most beautiful and perfect heroines of Shakespeare’s plays. Young and Beautiful â€Å"Portia, the heroine of the play, is the lady of Belmont, richly left by her father. She is cultured, refined, young and beautiful. The fame of her beauty spreads far and wide and a number of lovers are eager to marry her. (Naque: 127) As Bassanio says: For the four winds blow in from every coast Renowned suitors, and her sunny locks Hang on her temples like a golden fleece, Which makes her seat of Belmont Colchos’ strond, And many Jasons come in quest of her (Shakespeare: 14) Intelligent, Resourceful and Practical: Masculine Self Confidence She is intelligent and prompt, can take quick decisions, and forms intelligent plans of action. It is she who directs Bassanio to go to Venice to the help of his friend, and as soon as he is gone, she decides to go to Venice herself to save Antonio. She handles the situation with great resourcefulness and presence of mind. A servant is at once sent to Padua to get legal advice from a cousin, it is given out that she is going out to some monastery to pray there for the success of her lord, the house is put under the charge of Lorenzo and Jessica, and then promptly she assumes the masculine disguise of a lawyer and with Nerissa, also disguised as a lawyer’s clerk, at once leaves for Venice. Through the trial, she conducts herself with rare masculine self-confidence. There is no masculine shyness and diffidence. (Naque: 128) Her Complete Womanliness The complete and perfect womanliness of her character is very impressive. Her womanliness appears at its best in the casket scene when Bassanio became successful in choosing the right casket. Her surrender before love is the natural and exquisite self-expression of the steady and balanced soul. For herself she would not be better than what she was; and yet for Bassanio’s sake, she would be â€Å"trebled twenty times herself†. She knew that she was â€Å"an un-lessoned, unschooled and unpracticed†; but she was Happy in this, she is not so old But she may learn†¦ Happiest of all that her gentle spirit Commits itself to you to be directed As from her lord, her governor, and her king Surely, it is not the heiress of Belmont that speaks in these lines of felicity and grace – but a woman, the innermost core of whose being has been filled through and through with the becoming spirit of love. (Siddiqui, Syed: 20) Conclusion Comparing both Lady Macbeth and Portia, both are very different from each other. Apparently there is no similarity between them except some similarities. Both are beautiful, shrewd and they have hidden masculine qualities but Portia is the protagonist and Lady Macbeth is the antagonist. Both are standing at two extremes i. e. Portia at the â€Å"good extreme† and Lady Macbeth at the wrong or â€Å"evil extreme†. These two extremes show that how diverse female characters are there in Shakespeare’s plays.

Macbeth Essays (588 words) - Characters In Macbeth,

Macbeth ?Sleep no more! Macbeth does murder sleep? (2, 2, 47) These are words speaking of an evil person. As much of the play Macbeth is about. The play starts with evil, the three witches burrying different wierd objects. As well as throughout the majority of the play, evil is the basis of all within this story. The blood in this story is evil. And I don't mean the blood which pours from a dying king. I mean blood in the sense of gore, and violence. The whole play it self is full of fights. The plot goes from a fight to a scence that plans a fight, to a fight, to a scene with more planning or reflection. It's a viscious cycle in this play. It's all violence. I suppose that would be ok if your making an action movie staring Arnold Schwarzeneger, but this is supposed to be a classic, a tragedy, the only tragedy was that it sucked. A playwrite such as Shakespeare wouldn't have wrote a play of just violence. He actually has good content in his plays. Although there is a bit of good content in this play. There's just no transition of it within the play. It hardly makes any sense. All of this further makes me believe that there are scenes missing. The witches are pure evil as well. they are the ones who filled Macbeth's head with all these visions of power. Which in turn transformed Macbeth into a psychotic killing machine. Before he met the witches, he was an innocent warrior, an honorable fighter of the king. But once the witches filled him with greed, he no longer was a loyalist of the king. He in a short period of time pulled a hundred and eighty degree turn and did the furthest thing from loyal he possibly could of done to the king, he killed him in his sleep. And if that isn't evil enough, he blamed it on two loyal, innocent gaurds, and slaughtered them on the spot. Lady Macbeth is as well pure evil. She is the persuassion behind Macbeth. He would never of murdered Duncan if Lady Macbeth hadn't persuaded him to. Macbeth was too full o' the milk of human kindness. Perhaps Macbeth would have received the throne loyaly and honorably to begin with. Many times Macbeth had tried to back down from killing Duncan, but Lady Macbeth wouldn't of let that happen. She made fun of him, called him down. She did what was necessary to keep him from chickening out. Perhaps Macbeth did whatever she told him to because of sex. Lady Macbeth certainly is made out to be a very sexy woman in the play. She may have used her powers of sex to persuade her husband to perform the irreversible deeds. The murder of Duncan caused a chain effect on Macbeth, making it necessary (in Macbeth's eyes) to kill Banquo, Macduff's wife and children, and all the other innocent casualties. Although there are many evil objects in this play, the most evil of them all is greed. No matter who was more influenced by this power, Lady Macbeth to become queen or Macbeth to become king, it caused this whole predicament. If Macbeth didn't care at all about becoming the king, he probably wouldn't have murdered Duncan to become king, and to later have his life fall apart. Throughout the play Macbeth, there were many very evil people, places, and things. The evil in in the play was a domino effect. Starting with the withches, and ending with Macduff taking Macbeth's head. The evil, be it the witches, his wife, or greed, ended it with a blood bath of revenge.