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.

Grass Farming in The Omnivores Dilemma by Michael Pollan

Grass Farming in The Omnivores Dilemma by Michael Pollan Thesis Statement: Has the study of the book â€Å"Omnivores Dilemma† Impacted on the way people eat?Advertising We will write a custom book review sample on Grass Farming in The Omnivore’s Dilemma by Michael Pollan specifically for you for only $16.05 $11/page Learn More Grass: Thirteen Ways of Looking at a Pasture This section stipulates that the grass farmer utilizes some of the oldest farming practices. It adds that the grass farmer should not just be treated as a traditional farmer but he should also be regarded as the one who has taken all the knowledge that people have acquired over the years and used it in a completely revolutionary manner. The grass farmer grows different species of crops and rears different breeds of animals then allows them to work together so that they can flourish. The grass absorbs sunlight and converts it into energy. Cows on the other hand graze on the grass and in turn fertilize it. Chickens then utilize the bug s that they get from the fertilized soil and thus eliminate pests. This study is important in that it helps people to understand how farmers utilize the different methods of crop production to produce crops and rear breeds that are of high quality (Pollan 54). This study is significant in that it has notified different farmers on how they should allow fertilization to take place naturally in order to ensure that their soil remains productive and free from pests. It is true therefore that traditional farming and rearing mechanisms are efficient in terms of maintaining the productivity of the soil. It is also important for farmers to put into consideration the issue of successful grass farming. For grass farming to be effective, a farmer should ensure that he rears different breeds of livestock to graze in the field which then put natural manure to the field. Farmers should try as much as possible to refrain from applying man-made manure into the field as this would have the long run effect of destroying the fertility of the soil (Pollan 55). The Animals: Practicing Complexity This section describes the manner in which raising of cows, chickens, Larvae, grass, and bacteria play an important role in preventing the need for fertilizers, wormers, and antibiotics. This section is significant in that it demonstrates that all animals depend on each other to achieve specified goals which are specified by farmers. For example, chickens act as the cleaning crew, while the pigs are used to spread manure in the field. This is a complex system and in order for people to catch up with it, they invented the wheel whose goal is to simplify the complex process that is used by chickens and pigs (Pollan 57).Advertising Looking for book review on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Slaughter: In  a Glass Abattoir This section reflects on the Omnivores dilemma. It argues that if people do not have th e ability to feed the animals that they have, then they should refrain from eating them. The section notifies people that death is part of life the animals being slaughtered. They should therefore give animals a good life and death. This implies that people should show appreciation for the animals that they rear and slaughter them using recommended tools. The Market: Greetings from the Non-Barcode People Organic food substances are described by many people as being elitist. This means that it is not possible for the average American to afford organic products. Research has shown that people are very much willing to use their money to meet the needs of their cell phones, giant TVs, and high speed internet but they cannot afford to meet the costs of organic food which have been raised sustainably (Pollan 45). This therefore shows that people do not value the products that add value to their health. They choose other pressures over organics that would add more value to their health. Th e Meal: Grass Fed Most people love consuming products that are not only local, sustainable or organic, but they also love consuming products that are produced on a seasonal basis. It is said that those foods that are grown in seasons have higher nutritive value compared to those foods that are present throughout the year. Seasonal products also add quality and taste to food (Pollan 46). Many people therefore have different experiences in the tastes, enjoyment, and quality when they consume a product that has been produced seasonally. Food that is produced seasonally has a higher nutritional value because of its nature. Impact of reading the Omnivores Dilemma The book â€Å"Omnivores Dilemma† has a very significant influence in determining the way people eat. The book lays its emphasis on whether people should eat fast foods or organic foods. Pollan stipulates that the health of children and the environment plays an important role in sustaining life on earth (56). Pollanâ€⠄¢s readings have also had significant influence on the way people eat. People have therefore found it necessary to consume food that adds more value to their health and hence enabling them to minimize incidences of acquiring health related complications. Pollan’s writing style therefore induces people to adopt more healthy eating habits in order to increase their survival rate. It is therefore advisable for a person to ensure that he reads more of Pollan’s books since they inspire people to adopt healthy lifestyle.Advertising We will write a custom book review sample on Grass Farming in The Omnivore’s Dilemma by Michael Pollan specifically for you for only $16.05 $11/page Learn More Pollan, Michael. The Omnivores Dilemma: A Natural History of Four Meals, New York: Penguin Group, 2006. Print

Surface Tension Definition in Chemistry

Surface Tension Definition in Chemistry Surface Tension Definition Surface tension is a physical property equal to the amount of force per unit area necessary to expand the surface of a liquid.  It is the tendency of a fluid surface to occupy the smallest possible surface area.  Surface tension is a principal factor in capillary  Ã¢â‚¬â€¹action.  The addition of substances called surfactants can reduce the surface tension of a liquid. For example, adding detergent to water decreases its surface tension. While pepper sprinkled on water floats, pepper sprinkled on water with detergent will sink.Surface tension forces are due to intermolecular forces between the liquids molecules at the liquids outer boundaries. The units of surface tension are either energy per unit area or force per unit length. Examples of Surface Tension Surface tension allows some insects and other small animals, which are denser than water, to walk across its surface without sinking.The rounded shape of water droplets on a surface is due to surface tension.Tears of wine form rivulets on the glass of an alcoholic beverage (not just wine) due to the interaction between the different surface tension values of ethanol and water and the faster evaporation of alcohol compared with water.Oil and water separate because of the tension between two dissimilar liquids. In this case, the term is interface tension, but it is simply a type of surface tension between two liquids. How Surface Tension Works At the interface between a liquid and the atmosphere (usually air), the liquid molecules are more attracted to each other than they are to the air molecules. In other words, the force of cohesion is greater than the force of adhesion. Because they two forces are not in balance, the surface may be considered to be under tension, like if it was enclosed by an elastic membrane (hence the term surface tension. The net effect of cohesion versus adhesion is that there is an inward force at the surface layer. This is because the top layer of a molecule is not surrounded by liquid on all sides. Water has an especially high surface tension because water molecules are attracted to each other by their polarity and able to engage in hydrogen bonding.

Patriot's Act Essay Example | Topics and Well Written Essays - 1000 words

Patriot's Act - Essay Example The Patriot’s Act has given more powers to security agents in the United States to conduct searches, gather intelligence without need of warrants. The Act also allowed the government to freeze monies meant for terror groups and online security has also been bolstered. All these provisions in the Patriot’ Act have increased security and thwarted terror attacks against the United States. However, some provisions of the Act have been ineffective in fighting terrorism and most of these acts are stem from foreign based provisions. Introduction The September 11, 2001 terror attack on the United States shocked the country and the world at large. Following the attacks, several security measures from different fronts were initiated to guard against more terror attacks on the Unites States. One of the measures that were initiated was the enactment of the Patriot’s Act, a law enacted a few weeks after the September 11, 2011 attacks. The Patriot’s act contains several provisions that were to safeguard the United States from terrorism. For instance, the act gives power to the Federal Bureau of Investigation (FBI) and other agencies to conduct random searches on an individual’s household. The Patriot act is still in operation till today and President Obama extended some of the provisions of the act that were to expire this year. ... Security agencies in the United States have been given more freedom to investigate or interrogate terrorists from all regions globally. The Patriot act has also led to increased security at border points and entry points into the United States including ports and airports. The Patriot Act had a profound effect on the definition of terrorism especially on the front of domestic terrorism where acts of terrors were taken seriously (Wong, 2007). The act reduced restrictions on security agencies and it gave them power to investigate any American citizen while at the same time, the act allowed American security forces to investigate any foreigner suspected of being a terrorist. The act also allowed American security forces to protect critical infrastructure and demand information concerning any individual in the United States (Smith, 2009). The Patriot Act also gave powers to the secretary of Finance to regulate funds of suspected foreign individuals or corporations involved in corruption. The act has however tightened the noose on money laundering and this has reduced terror activities in the United States. The Act contains provisions that gave power to authorities to detain or deport immigrants involved in terrorism. These provisions have been successful in reducing acts of terror in the United States (Citizen 68, 2010). Increased surveillance of the internet and online activity has enhanced security since it has been effective in curbing theft of sensitive information. In terms of general safety, the Patriot Act has been effective in ensuring that acts of terror against the United States are greatly reduced (Stefoff, 2010). The Patriot’s Act has