Financial Modeling Essay Example | Topics and Well Written Essays - 750 words

Financial Modeling - Essay Example It has been argued that this economic turmoil has rendered portfolio management theories irrelevant. This paper explores this assertion. Recent Upheavals in World Financial Markets The global financial crisis of the 21st century has been described as the greatest economic and financial crisis the world has seen since the Great Depression of the 1930s (Ciro 2012). This economic turmoil, unlike the 1930s depression, caught many by surprise. Governments, investors, and the knowledgeable and sophisticated market participants were caught unawares by the speed and intensity of the economic decline. The international credit and financial markets were disrupted and dislocated by this financial crisis especially in 2008 and 2009. Governments in response to this economic crisis came up with policy and fallout responses from 2009 and 2011. These responses to some extent have rendered portfolio management theories irrelevant. Why Portfolio Management Theories Have Become Irrelevant Portfolio man agement theories are two; portfolio theory and capital market theory. ... Brentani (2004) on the other hand defines capital market theory as dealing with the effects of investor decisions on security prices. This theory shows the relationship that should exist between risk and security returns if investors constructed portfolios as specified by portfolio theory. Markowitz (1952) asserts that the process of selecting portfolios is divided into two stages; observation and experience, and beliefs about the future performance of available securities. The impact of the financial crisis disrupted the forecasts on future performance of available securities as asserted by the portfolio theory. According to Ciro (2012), the financial crisis forced most of the banks and lenders to shut their doors as investments in the stocks markets declined drastically. This aspect made the application of forecast facet of portfolio theory difficult. King (1966) basing his argument on the 1930’s financial meltdown and the random-walk theory, claims that this upheaval has se en stock prices move together. Portfolio theory assumes that investors will choose investments that have the lowest amount of risks whenever they are presented with the same level of expected returns. Fama and French (2002) argue that investors will seek to maximize their utility basing the decision to invest on investment’s risk and return. Apparently, the financial slowdown increased the risk levels and as such it was expected that investment rates may fall. This did not happen as expected. According to Amenc and Martellini (2011), this market turbulence has also impacted the wealth levels around the globe negatively and led to doubts about the value added by professional managers by the institutional investors. According to Statman (1987),

Prejudice and discrimination Essay Example | Topics and Well Written Essays - 1250 words - 1

Prejudice and discrimination - Essay Example Globalization has developed along two main streams namely economic and cultural. For many, globalization is equated with economic interdependence. At the dawn of the 21st century, "the scale and magnitude of global economic interaction appears to be unprecedentedContemporary patterns of economic globalization suggest the emergence of a new international division of labor" (Brahm). Many would argue that globalization has benefited the wealthier nations and pushed developing nations into disadvantaged positions. There are perceived advantages and disadvantages in globalization. Some would view globalization as a factor the divides and widens the disparity between the rich and poor nations. Others would view globalization as an instrument of peace. They argue that countries that are trading partners are less likely to wage war against each other. Globalization attempted to homogenize cultures across the continent at the expense of cultural self-identity. It has bred the polarization of society's affluent and impoverished members. Saskia Sassen posited that globalization contributed to the class polarization while Janet Abu-Lughod concluded that globalization is contributory to the rise of class disparity. If one would adhere to the concept of convergence and global community, any attempt at creating inequity and conflict within the global convergence zone should be condemned. The resurgence of prejudice and discrimination in contemporary times contravene the context of the global village. As members of the global village, our society should not allow prejudice and discrimination socially, ethically and morally. Why is there Prejudice and Discrimination Elliot Aronson in Causes of Prejudice wrote that there are four mitigating circumstances that cause prejudice. They are: (1) economic and political competition or conflict, (2) displaced aggression, (3) personality needs, and (4) conformity to existing social norms (128). Economic and political circumstances motivate prejudice especially when there is a pronounce shortage on resources and one group would want to gain some advantage over a more inferior group. Often, prejudice occurs when there is intense competition for scarce resources. For example, in the nineteenth century, Americans felt threatened about their job security when companies started taking in Chinese immigrants to fill jobs that the native white Americans would not like to take. The Americans felt the Chinese were competing with them thus derogatory and racial slurs were often resorted to vent out their displeasure (130). Prejudice could be a form of 'scapegoating' where the fault of one individual of specific characteristics was transferred to another person perceived and generalized as having the same characteristics as the former but did not have anything to do with the original offense. A transference of aggression occurred when the desire to retaliate appeared to be "too big or too vague" (131). Prejudice in some instances could be a function of a flawed personality. Some individuals had personalities that were predisposed to become prejudiced not because of external or environmental influences. Finally, prejudice was motivated by the need for compliance or conformity to social norms. People were swayed to adopt a prejudicial attitude towards certain groups of people by way of previous histories, the idea that "it's just the way things are in my town", or a tradition

Japanese Popular Music Essay Example | Topics and Well Written Essays - 2000 words

Japanese Popular Music - Essay Example ers, who though being naturally conversant with and affiliated to the ancient Japanese musical traditions, were really open minded towards the influences extended by the American, British and European artists. Hence, J-Pop is not steel jacketed or a rigidly monolithic entity, but a pliable and variegated concept that comprises of all the current genres of Western music that one can think of. Therefore, it is not a surprise that J-Pop is oft blamed of pirating beats and lyrics from the Western musical scene (Japanese Lifestyle, 2009).There is no denying the fact that the primary source of inspiration for J-Pop is Western pop music. However, it will be grossly simplistic to say that J-Pop is merely a pirated Japanese version of the original Western pop compositions. The motivation for the assimilation of American and British pop influences is enshrined within the history of modern Japan. As Japan became respective to the foreign ideas and influences in a post II World War scenario, it was natural and inevitable for its fledgling pop culture to be colored by the more virile Western music scene. Hence, this is a reality that most of the J-Pop artists look towards the West for new ideas and inspiration. Still, the real forte of J-Pop is its unique ability of subjecting the Western compositions to a distinctly local influence that alters them conspicuously, thereby giving them a very discernable Japanese pop flavor (Japanese Lifestyle, 2009). Thus, the Western audiences are though often able to identify the sources of motivation of some J-Pop compositions, still they simply could not resist appreciating the implicit uniqueness and ingenuity of J-Pop. In fact, it was J-Wave, a local FM radio station that christened this distinctly Western version of the... Just a decade ago, a majority of the J-Pop artists looked towards Western markets to realize their ambition of becoming an overseas success. Despite enjoying a close cultural affinity with the neighboring Asian countries, the J-Pop artists were reluctant to foray into the Asian climes owing to fears of large-scale piracy . Yet, it is a fact that a majority of the Asian masses being unable to identify with Western songs and compositions are more receptive and open to J-Pop. Things are fast changing and Japanese music companies are responding to this propitious opportunity by resorting to aggressive marketing in Asian countries. At present, Taiwan, Hong Kong and South Korea happen to be some of the largest markets of J-Pop outside Japan. The advent of the internet has further added to the international appeal of J-Pop. With the works of celebrated J-Pop artists available on online retail stores, the musical side of the Japanese popular culture is expected to be further globalized. As J -Pop is getting international, even Western audience are succumbing to its appeal, as it is really ease to respond to the essence of J-Pop compositions even if one does not understand the lyrics. J-Pop happens to be an essentially Asian music genre that reluctantly began as an outcome of the political and cultural constraints, limitations and opportunities that faced the post War Japan. An aesthetic trend, which started with an urge to appeal to the taste of the victorious Western audience, very soon ended up having a distinct identity of its own. All that was needed was a cosmopolitan platform and astute marketing possibilities that were facilitated by the TV and the internet. Today J-Pop is an art form whose sway is destined to proceed beyond Asian markets to win the loyalty and fan following of the Western masses.

Foundations of Criminal Law Assignment Example | Topics and Well Written Essays - 2000 words

Foundations of Criminal Law - Assignment Example Jail for Sainsbury's IT boss who stole 17 million Nectar Points’. This case talks about James Stevenson who was an IT manager liable of stealing 17 million Necta points was found guilty and jailed for 20 years. According to the United Kingdom Federal Law addressing the concept of theft, it was very right to take that legal action because Mr. Stevenson served the IT Company with self-centeredness, where he never minded about the firm or the involved parties. The UK Federal Law clearly states that nobody should serve personal interest or engage in some form of corruption when working in a public office, company or private sectors. In this case, justice was acquired to the firm and the involved parties because Stevenson deserved the sentence. The court found him guilty of having stolen the IT Company’s money by serving his own interest. The legal issue here is that Stevenson had stolen millions of Necta Points that belonged to the Company and the fact that he was jailed se rved him right. The father of two, of Muswell Hill, north London, confessed employing some of the money to buy ?8, 120 – worth of products from the store. However, after calculations were carried out with all the evidences analysed keenly, Mr. Stevenson was found guilty and that was a fare judgment particularly when examined from the sentence point of view. The UK Fraud Law was keenly observed and justice done to the firm. The identification of this case by this article is accurate, clear and complete in the sense that it explains all concepts openly and clearly in a way that one can understand well. Policeman stole ?70,000 in banks fraud to fund affair with fellow officer... but walks free from court’ (Daily Mail On-Line 22 February 2012) This case involves a police officer who financed an extramarital affair using fraudulently raking in ?70, 000 in bank loans. After the judged heard his cases keenly, he branded him as emotionally fragile and the man just walked free from the court. PC Jamie Hillman who is 37 swindled more than 6 different high street banks, engrossing Northern Rock and Barclays, through application for loans and credit cards (McQueeeney, 2012). According to me, this judgment was wrong in the sense that what Hillman was doing is totally stealing from banks. This is because the legal issue outlined is theft because taking a person’s property or item without his or her knowledge is stealing. It does not matter who he served or how he used the money but the bottom line is that he was stealing. According to the United Kingdom Fraud law, any form of stealing from a business individual or organization demands that the individual involved be jailed because that is against the law. The fact that Hillman used false claims at the application of these loans including an open lie that he was a sergeant in the Metropolitan Police and even that he was a soldier serving in Afghanistan, makes him guilty and he deserved to be jailed (McQu eeeney, 2012). Despite the fact that he might have used the money to finance ‘double life’, he used a certain portion of it to serve his own interest what makes it clear stealing intentions. Therefore, this judgment was not right because the banks from which he stole never received justice they deserved. The legal issue, which is theft, was not attended to. Moreover, the judge sent him to prison for 12 months; if indeed he was

Terry V Ohio case Study Example | Topics and Well Written Essays - 2000 words

Terry V Ohio - Case Study Example The detective observed John Terry and Richard Chilton standing on a street corner. They were seen walking back and forth alternately using the same route and stopping to stare at a store in the street. This was done five or six times by each individual leading to a walk up and down the street about twelve times. Each time this walk was over they would pause and talk to each other. During one of these trips in front of the store, a third man joined the two and spoke to them for a brief period before leaving. Identified as Katz, the detective felt this was a set-up for holding up the store, especially when all three individuals rejoined a few blocks away from the store. McFadden then went up to the three men and asked them their names. They were unable to give an answer which created further suspicion in the officer’s mind. The officer quickly reached out to pat the clothes of one of these men during which he came upon a gun in Terry’s overcoat pocket. Reaching inside to remove the gun, McFadden was unable to grasp it and take it out. Thus, he asked Terry to remove the coat itself. This allowed him to take out the revolver. Ordering the men to face the wall with their arms raised the officer was able to check the clothing of the other two men: Katz and Chilton. Chilton too was found carrying a gun. During the pat-down the officer had not been able to find anything on Katz which is why the outer garments of this individual were not checked. Terry and Chilton had been given the same pat-down but upon discovering the weapons., the officer put his hands under their garments to remove the guns. Taking the three men with him to the police station, they were charged with carrying concealed weapons. The defendants of these three individuals then used the seizure and search of the weapons as a violation of the Fourth Amendment. This amendment is part of the Bill of Rights in the United States constitution and protects individuals from irrational seizures and searches. According to this amendment a search warrant has to present to the individual before they can be checked otherwise it will be abusing the law. This warrant also has to be presented by a court that must be given proper reason for its issuing. The importance of this warrant is such that anyone who disobeys it or gives it for an unreasonable cause will also be held accountable in court Thus, under this view the defendants presented their clients as being wrongfully abused by the law. Chief Justice Warren presided over this case and began with the principles established in the Fourth Amendment. The first was that the Fourth Amendment was responsible for protecting people, rather than places and thus gave as much protection to the citizen on the street as to the one at home (Legal Information Institute). Thus, the Court now had to decide whether it was illegal for the officer to check these men without warrant. The problem that arose was the idea of stop and frisk which had occasionally been used by police officers to check suspicious individuals. The problem was that giving the officers so much power without a legal justification could lead to violation of personal security and abuse of authority. The police officers felt that this move was necessary to prevent situations could become dangerous and this stop

Evaluation Methods Essay Example | Topics and Well Written Essays - 1750 words

Evaluation Methods - Essay Example The observation has to positively benefit the experiment, though it is also helpful to understand why other methods would not work in that specific experiment. This will aid both the experimenter and the reader into understanding how some methods worked better than others. In regards to non-participation observation and participation observation, it is important to understand the type of experiment that is being done before deciding on which observation method would be the best. Some studies and experiments require participation as it allows the one conducting the experiment to see the different effects and possible results; the experimenter can come to a conclusion based on the results of individuals by interacting with the participants. With non-participation observation, the experimenter does not interact with the participants, so they have to use other methods to come upon their conclusions as they do not allow themselves to experience the thing being studied. Non-participation observation is also known as direct or naturalistic observation, and it is when data and other information are collected by observing behavior without getting involved with the participants. The experimenter sets up the research environment and observes the behavior from outside of that population, watching from the sidelines, and not letting him or herself get involved with that portion of the experiment. They gather the information that they need by being only an observer; oftentimes, the population being observed is not aware of the fact that they are being so, as it may alter the way they behave. There are two types of non-participation observation: overt and covert. Overt is when the participants are aware that they are in an experiment and are being observed. A covert experiment is when the participants are unaware of the fact that they are being observed. The

Mass Media and Economic Development Essay Example for Free

Mass Media and Economic Development Essay Mass media has always been one of the pillars of modern society. With its wide range and base, it is indubitably, the most effective and efficient way of mass information dissemination. Yet, instead of mass media being a primary tool for education, it is mostly being used as a medium for entertainment; to show bland, superficial products with little, or no educational value. So, attempting to connect mass media with economic development would seem as disjoint as climate change and my inability to make good analogies. Surprisingly, this is what the last speaker, from The Public Sphere talked about. The forum cites economic literacy as the main contribution that mass media can make to economic development. Defining economic literacy as the ability to identify, analyze and evaluate the consequences of individual decisions and public policy, the speaker, Mr. Omar Dumdum of NEDA, goes in to explain the ineffectiveness of economic education in secondary school; therefore, mass media should take the primary responsibility of promulgating economic literacy, to promote economic development. This can be done, according to Mr. Dumdum, through better economic news writing and reporting, making economic news understandable for the general population, and information dissemination campaigns. There will be some difficulties encountered, of course, as Economics is wrought with technical terms that cannot be easily simplified, but, if information campaigns are done in tandem with better reporting, results can be achieved. Personally, I do think it is possible and feasible. Being someone who believes in the power of mass media to reform society, I think mass media could enhance the net economic literacy of the Philippines, which would, hopefully, increase Filipino participation in crucial economic activities, resulting in inclusive economic development. But of course, mass media has internal flaws that prevent this from happening. For one, it bears the inability to make economic news/information exciting, or even understandable. If not for my privileged secondary and tertiary education, I would not know anything about our countrys economic status, as I regularly skip the Business section of the papers, because it is simply boring. Economic reporting tends to be too technical, or elitist, so much so, that for the average Filipino citizen believes that the economic opinion of his/her neighborhood barber is more valid and believable compared to the TV guy in a suit. I am not dismissing the opinion of Manong Barber as incorrect or irrelevant (he might be an economist, who knows), but this points out the preference of Filipinos to opinion-based economic information, over rigorous, empirical economic reporting. And, so I have mentioned, we Filipinos are not entirely at fault. We cannot be blamed for giving more importance to comprehensible information than jargonic gibberish. Also considering the fact that public opinion greatly influences economic policies in our country (i.e. sin tax bill), this, all the more makes the medias role in promoting economic development crucial. I do agree with Mr. Dumdums proposed approach of information campaigns being conducted simultaneously with better news reporting, because better enws reporting alone would not fulfill the expected impact of mass media in the economic literacy of our society. In conclusion, I think that the mass media, is indeed, an important element in aiding the development of a Philippines as a globally competitive economy. It is not enough, however to merely educate people about the Economics and the economic condition of our country at present. Public policies, political will, exhaustive analyses and correct decisions are also parts of the solution to the enigma that is Philippine development. And, in these, mass media can only contribute so much; mass media cannot improve the Philippine economy alone.