Professional development, learning how to deliver Sport Education Assignment

Professional development, learning how to deliver Sport Education model - Assignment Example This study reviews all significant literature that is available in this field of professional development through sports education. The need to understand the impact of sports education on students is incomplete without a thorough understanding of how the education is provided to students in the first place. In a study to understand teaching processes, Curtner-Smith et al (2008), ran an experimental survey by interviewing six American and four British beginner level teachers of sports education. The paper is titled, â€Å"Influence of occupational socialization on beginning teachers’ interpretation and delivery of sport education†. The theoretical framework used to determine the course of action in the experimental study was the process of teachers engaging in sports education at the beginner’s level and then growing to become senior level instructors in one or more sports. To chart the journey of a teacher as he takes his job as a sports education provider seriously over PETE programmer, the different questions asked during the interview were based on three different phases of professional socialization which were acculturation, professional socialization and organizational socialization. The results found were based on all the here factors and would be considered influenced by organizational factors. The teachers were given individual space and interviewed one by one. Individual opinions were noted down and the data was collected from their comments, replies and observations. The procedures employed in the analysis included constant comparison and analytical induction. Most questions that were asked in the survey were directed towards assessing the level of occupational socialization and mode of teaching of sports education to students, which these teachers adopted. It was found that sports education was imparted to students in one of the three forms, namely, watered down version, cafeteria style and full version. The choice of teaching mode

Dementia awareness Essay Example for Free

Dementia awareness Essay The learner can: 1. Explain what is meant by the term ‘dementia’ 2. Describe the key functions of the brain that are affected by dementia 3. Explain why depression, delirium and age related memory impairment may be mistaken for dementia. Outcome 2 Understand key features of the theoretical models of dementia The learner can: 1. Outline the medical model of dementia 2. Outline the social model of dementia 3. Explain why dementia should be viewed as a disability. Outcome 3 Know the most common types of dementia and their causes The learner can: 1. List the most common causes of dementia 2. Describe the likely signs and symptoms of the most common causes of dementia 3. Outline the risk factors for the most common causes of dementia 4. Identify prevalence rates for different types of dementia. Outcome 4 Understand factors relating to an individual’s experience of dementia The learner can: 1. Describe how different individuals may experience living with dementia depending on age, type of dementia, and level of ability and disability 2. Outline the impact that the attitudes and behaviours of others may have on an individual with dementia. SUGGESTED GUIDANCE ANSWERS OUTCOME 1 For a start what does dementia mean? Very simply for such a complex area, it is an illness of the brain. What is the difference between Alzheimer’s and dementia? The word dementia is an umbrella term, which covers all the various dementias including Alzheimer’s. Alzheimer’s is the one widely recognized, and accounts for about sixty per cent, of all the dementias. Dementia is a term that is used to describe a collection of symptoms including memory loss, problems with reasoning and communication skills, and a reduction in a persons abilities and skills in carrying out daily activities such as washing, dressing, cooking and caring for self. Memory loss this can be one of the first symptoms that people notice. The observations people report include noticing their loved ones forgetting things that have happened earlier in the day, getting confused about messages and who people are, getting lost whilst out and about, repeating themselves, and appearing not to be paying attention or following conversations. Problems with communication Some people experience problems with expressing themselves, talking and understanding things. They get confused about words and might use the wrong words for common things and mix words up. Reading and understanding written text can become problematic. There are a number of different types of dementia the most common being Alzheimers disease, vascular dementia, Fronto temporal dementia and Dementia with Lewy bodies. Some people get diagnosed as having mixed dementia; this is when the presentation shows the person to have elements of more than one type of dementia. Dementia is a progressive condition, which means the symptoms will gradually get worse. This progression will vary from person to person and each person will experience dementia in a different way. Although the person will have some of the above symptoms, the degree to which they affect an individual will vary and not all people will have all of these symptoms. 2. Areas of the brain affected by dementia are shown in the diagram below: [pic] The temporal lobe of the brain if affected by dementia will mean the sufferer will ‘forget’ every day functions, and how to perform them, relatives names and faces, their ‘past’ life, and friends they have known for years. Simple tasks that they used to perform with ease, become difficult to perform, and they have to ‘learn’ how to do them again. Sufferers can forget conversations and instructions, and need to be reminded on a regular basis, and given ‘prompts’ to remind them the topic of conversation, or what they are supposed be doing next for example. The frontal lobe of the brain if affected by dementia can mean that the sufferer is ‘unaware’ that their behaviour is unacceptable, or not the ‘norm’. The sufferer can become agitated very quickly, and suffer from depression. They may be unaware of apparent dangers, and unable to recognise what is ‘acceptable’ or ‘unacceptable’ behaviours. They may have violent outbursts, and exhibit ‘threatening’ behaviour to others. The parietal lobe of the brain if affected by dementia affects language skills. This means that communication skills could be reduced. The person may not be able to ‘find’ the appropriate words to use, or may not understand questions asked of them. They may not relate ‘words’ to the correct ‘objects’ for instance if they pick up a cup, but call it a ‘pot’. 3. Depression, memory problems, and delirium may be mistaken for dementia because these are often the onset symptoms of dementia, and therefore may be mistaken for the start of dementia in the elderly. Some symptoms of dementia are similar to symptoms of some mental health conditions. It is important that a comprehensive assessment is carried out if service users start to display symptoms such as confusion, poor memory or apathy. These could be indicators of dementia, but they could also be symptoms of depression, or other mental health conditions. OUTCOME 2 1. The medical model of dementia is of mental decline. This approach makes it hard to focus on maximising a person’s abilities and improving their quality of life. Putting physical problems and emotional states down to brain damage, the medical model overlooks the social world of people with dementia, and concentrates on the illness, rather than the person. 2. The social model of dementia sees the ‘person’ rather than the illness or disease. It puts the focus on what a person ‘can do’, (positives), instead of focussing on what the person can no longer do (negatives). The social model looks at ways to improve the quality of life, and experiences of dementia, and provide techniques for the dementia sufferer, to live a fulfilling and rewarding life. The social model recognises and includes the individual’s social, recreational, spiritual needs, instead of just their medical or personal care needs.

Currency Risk Management in Indian Banks

Currency Risk Management in Indian Banks EXECUTIVE SUMMARY The objective of the project is to study the attitude of Indian corporates towards currency risk management and the problems faced by the companies dealing with their currency exposure which occur as a result of exports or imports or both. The study has also included the problems faced by the banks, the authorised dealers of foreign exchange in India, in managing their forex (foreign exchange) market operation as it has large implication on the corporate currency exposure. Indian corporates have an attitude of staying away from the currency market. Companies consider hedging as unwanted cost centres. Periods of exchange rate stability bred complacency. Importers are confident that the Central banks shall intervene to halt any rupee decline where a exporters are of the view that rupee has always been over rated and that there is no way that it shall appreciate from the present value. These reason keep them away from hedging their exposures. Companies which are involved in hedging, go the conservative and orthodox way to hedge their exposure. Not a single company surveyed, take financial derivatives other than forward contracts as tool for hedging their exposure. This is mainly because of lack of awareness and experience. Many of the companies feel that the importance of currency risk management will increase, in coming years but very few of them are making themselves ready to face the situation. Banks that act as facilitators are also suffering from acute problems. Public sector banks, which control 75% of Indian forex market, have always been under staffed and governed by bureaucratic rules. The market for derivatives other than forward contracts is very shallow. Many of the banks reason it out to be as a result of corporate reluctance and lack of information and technology. Most of the banks in public sector do not merge the forex and money operation and they do not treat their forex operation as a separate profit centre. This bred inefficiency in their working which has affected the corporate sector. The corporates have been recommended to look strategically into their exposure and take prudent decision in hedging. This decision should be backed by professional treasurers, an efficient back office and good forecasting techniques. They have been asked to go in for various other derivatives that are flexible and cost effective. The banking sector has been recommended to recruit specialised personnel for the job with latest technology to deal in the market. They should start providing variety of other derivatives to the industry. They should also merge their money market and forex operation and treat is as a separate profit centre. These all measures will definitely make the forex market deep and vibrant, which will make the work easier for corporates in dealing with the currency exposure. 1. INTRODUCTION â€Å"We have to sleep with one eye open† Managing director of an Indian company with investments in Indonesia. This was in reference to the Indonesian rupiah crash which followed the nearly 100 percent, Thai currency plunge after the bahts free float last July with the Indonesian currency in downward spiral and interest rates shooting northwards, Indian companies with investment in South-east Asia are in the midst of the maelstrom and are desperately scrambling to get a grip of this unprecedented situation even as they wonder: what next? If only they could have got the wind of the disaster things would have been bit different for them. The spate of Southeast Asian currency plunge has sent warning signals to the developing economies to set their level in order to face crisis. Companies have to set their house in order and give a micro as well as macro look at the currency exposure which they are facing. With increase in volume of business in external sector, companies should make themselves tuned to the dynamics of foreign exchange (currency) market. 1.1 Currency RISK MANAGEMENT An asset or a liability or an expected future cash flow stream (whether certain or not) is said to be afflicted with currency risk when currency movement changes (for better or for worse) the home currency value. There is always a possibility of the exchange rate changing between the home and foreign currencies, interest rate differentials widening and inflationary effects amounting, to an adverse reaction for the expected cash flows . The concept of currency risk also emanates when an investor is planning to diversity his portfolio internationally to improve the risk- return trade off by taking advantage of the relative correlation among risks on assets of different countries. This involves investing in a variety of currencies whose relative values may fluctuate , it involves taking currency risks. The foreign exchange market is psychological in nature. A large number of transactions are speculative in nature which depends upon expectations of a large number of participants. People tend to hitch their expectations to one fundamental. For example, they might look at the money supply in the USA. The logic is that an increase in money supply will result in : Þ An increase in inflation Þ FED squeezing money Þ Interest rate rising Þ Dollar becoming more attractive for holding. But this event of money supply could also lead to a different series of outcomes an shown by the following logic. According to fisherman equation, Nominal rate = Real rate + Inflation rate. An increase in inflation would mean the interest rates would be higher. Higher interest rates on bond and equity prices would make them less lucrative and thus lead to a bearish effect. There would be a selling pressure on the dollar and hence the exchange rates would tend to move against the dollar. Dealings in foreign exchange market is said to be around $ 1000 billion each day. Out of this sizeable chunk of more than 75% is on speculative basis. And this speculation has been pointed out as major cause of the south Asian turmoil. Since the mid 1970s a potent mix of fast-interlocking market and a revolution in information technology has increased the speed, frequency and magnitude of price changes in the financial markets, which, in turn have multiplied both opportunity and risk for the CFO. Not, surprisingly, in the developed markets, much innovative energy has been devoted to devising instruments and mechanisms that enable CFO to survive this turbulence. While creative financial engineering has opened the floodgates for a deluge of products, two broad classes of risk management have evolved. The first deploys a natural hedge to manage exposure to risk. Typically, this means explicitly factoring in risk perceptions when choosing the components of the financing mix. Or, to neutralise exposures in a particular market, a natural hedge could involve taking a counter position in another market. The second class of tools however creates a synthetic hedge by utilising specific financial instruments. Notably, derivatives. 1.2 Problems in Indian foreign exchange market Our foreign exchange market suffers from several constraints. i) There are a lot of ceilings on open positions and gaps and hence there is a virtual absence of market making and position trading. ii) There is prohibition of initiating transactions in the cross currency in the overseas market. iii) Besides the forward contracts, there is no free access to the other products like futures, swaps, etc. The market lacks the required liquidity and depth for the derivatives to be economically viable. 2. Literature review 2.1 THE NATURE OF EXPOSURE AND RISK The value of a firms assets, liabilities and operating income vary continually in response to changes in economic and financial variables such as exchange rates, interest rates, inflation rates, relative prices and so forth. The impact of every financial decision on the value of the firm is uncertain and various options can be evaluated in terms of their risk return characteristics. The nature of uncertainty can be illustrated by a number of commonly encountered situations. An appreciation of the value of a foreign currency (or equivalently, a depreciation of the domestic currency)., increases the domestic currency value of a firms assets and liabilities denominated in the foreign currency receivable and payables, bank deposits and loans etc. It will also change domestic currency cash flows from exports and imports. An increase in interest rates reduces the market value of a portfolio of fixed rate bonds and may increase the cash outflow on account of interest payments. Acceleration in the rate of inflation may increase the value of unsold stocks, the revenue from future sales as well as the future costs of production. Thus the firm is â€Å"exposed† to uncertain changes in a number of variables in its environment. Let us begin with the definition of foreign exchange exposure. Foreign exchange (Currency) exposure is the sensitivity of the real value of a firms assets, liabilities or operating income, expressed in its functional currency, to unanticipated changes in exchange rates. Note the following important points about this definition. Values of assets, liabilities or operating income are to be denominated in the functional currency of the firm. This is the primary currency of the firm and in which its financial statements are published. For most firms it is the domestic currency of their country. Exposure is defined with respect to the real values i.e. values adjusted for inflation. While theoretically this is the correct way of assessing exposure, in practice due to the difficulty of dealing with an uncertain inflation rate this adjustment is often ignored i.e. exposure is estimated with reference to changes in nominal values. The definition stresses that only unanticipated changes in exchange rates are to be considered. The reason is that markets will have already made an allowance for anticipated changes in exchange rates. For instance, an exporter invoicing a foreign buyer in the buyer currency into the price. A lender will adjust the rate of interest charged on the loan to incorporate an allowance for the expected depreciation. From an operational point of view, the question is how do we separate a given change in exchange rate into its anticipated and unanticipated components since only the actual change is observable? One possible answer is to use the forward exchange rate as the exchange rate expected by the â€Å"market† to rule at the time the forward contract matures. Thus suppose that the price of a pound sterling in terms of rupees for immediate delivery (the called spot rate) is Rs. 60.000 while the one months forward rate is Rs. 60.20. We can say that the anticipated depreciation of th e rupee is 20 paise per pound in one month. If a month later, the spot rate turns out to be Rs. 60.30 there has been an unanticipated depreciation of 10 paise per pound. In contrast to exposure which is a measure of the response of value to exchange rate changes, foreign exchange risk is defined as. The variance of the real domestic currency value of assets, liabilities or operating income attribute to unanticipated changes in exchange rates. In other words, risk is a measure of the extent of variability in the values of assets etc. due to unanticipated changes in exchanges rates. 2.2 Classification of Foreign Exchange Exposure and Risk Three types of foreign exchange exposure and risk can be distinguished depending upon the nature of the exposed item and the purpose of exposure estimation. These are as follows. Transaction Exposure: This is a measure of the sensitivity of the home currency value of assets and liabilities which are denominated in foreign currency, to unanticipated changes in exchange rates, when the assets or liabilities are liquidated. Transaction exposure can arise in three ways: * A currency has to be converted in order to make or received payment for good s and services. * A currency has to be converted to repay a loan or make an interest payment (or, conversely, receive a repayment or an interest payments) or. * A currency has to be converted to make a dividend payment. Suppose a firm receives an export order. It fixes a price, manufactures the product, makes the shipment and gives 90 days credit to the buyer who will pay in his currency. A company has acquired a foreign currency receivable, which will be liquidated before the next balance sheet date. The exposure affects cash flows during the current accounting period. If the foreign currency has appreciated between the day the receivable was booked on the day the payment was received, the company makes exchange gain which may have tax implications. In a similar fashion, interest payments and principal repayments due during the accounting period create transaction exposure. Transaction risk can be defined as a measure of uncertainty y in the value of assets and liabilities when they are liquidated. Translation Exposure: Also called accounting Exposure is the exposure on assets and liabilities appearing in the balance sheet but yet to be liquidated. Translation risk is the related measure of variability. The key difference between transaction and translation exposure is that the former involves actual movement of cash while the latter has no direct effect on cash flows. (This is true only if there are no tax effects arising out of translation gains and losses). Translation exposure arises when a parent multinational company is required to consolidate a foreign subsidiarys statements from its functional currency into the parents home currency. Thus suppose an Indian company has a U.K subsidiary. At the beginning of the parents financial year the subsidiary has real estate, inventories and cash valued at pound 1,000,000, pound 200,000 pound 150,000 respectively. The spot rate is Rs. 60 per pound sterling. By the close of the financial year, these have changed to pound 1,200,000, pound 205000 and pound 160,000 respectively. However during the year, there has been a drastic depreciation of the pound to Rs. 56. If the parent is required to translate the subsidiarys balance sheet from pound sterling into rupees at the current exchange rate, it has â€Å"suffered† a translation loss. Note that no cash movement is involved since the subsidiary is not to be liquidated. Also note that there must have been a translation gain on the subsidiarys liabilities. There is broad agreement among theorists that translation losses and gains are only notional accounting losses and gains. The actual numbers will differ according to the accounting practices followed and depending upon the tax laws, there may or may not be tax implications and therefore real gains or losses. Accountants and corporate treasurers however do not fully accept this view. They argue that even though no cash losses or gains are involved, translation does affect the published financial statements and hence may affect market valuation of the parent companys stock. Whether investors indeed suffer from â€Å"translation illusion† is an empirical question. Some evidence from studies of the valuation of American multinationals seems to indicate that investors are quite aware of the notional character of these losses and gains and discount them in valuing the stock. for Indian multinational, translation exposure is a relatively less important consideration since the law doe s not require translation and consolidation of foreign subsidiaries financial statement s with those of the parent companies. Operating Exposure: Unanticipated exchange rate changes not only affect assets and liabilities but also have significant impact on future cash flows from operations. Operating Exposure is a measure of the sensitivity of future cash flow and profits of a firm to unanticipated exchange rate changes. Consider a firm that is involved in producing goods for export and or import substitutes. It may also import a part of its raw materials, components etc. A change in exchange rate (s) gives rise to a number of concerns for such a firm. 1. What will be the effect on sales volume if prices are maintained? If prices are changed? Should prices be changed? For instance, a firm exporting to a foreign market might benefit from reducing its foreign currency price to the foreign customers following an appreciation of the foreign currency. A firm that produces import substitutes may contemplate an increase in it domestic currency price to its domestic customers without hurting its sales. 2. Since a part of the inputs are imported, material costs will increase following a depreciation of the home currency. 3. Labour costs may also increase if cost of living increases and wages have to be raised. 4. Interest costs on working capital may rise if in response to depreciation the authorities resort to monetary tightening. In general, an exchange rate change will affect both future revenues as well as operating costs and hence the operating income. As we will see later, the net effect depends upon the complex interaction of exchange rate changes, relative inflation rates at home and abroad, price elasticities of export and import demand and supply and so forth. Operating exposure and the related risk are extremely difficult to analyse, estimate and hedge against. 2.3 THE INDIAN FOREX MARKET Indian foreign exchange market as compared with their American and European counterparts is till in its infants. The post liberalisation period has witnessed many exchange controls been lifted and introduction of few â€Å"hedging† tools like cross currency option, Range forwards, currency swaps etc. which provide a degree of flexibility to corporates in using the forex markets effectively. The Rupee has been made fully convertible on current account accepting the article VIII status laid down by IMF. This step has seen increased volume of trade in the Indian forex market. Tarapore committee has put the proposal for capital account convertibility. It proposes to deregulate the foreign exchange by year 2002 in three phases. 2.4 PRESENT STATUS Exchange control in India is administered by the Reserve Bank of India, which is empowered by the Foreign exchange regulation Act. The figure shows the players involved in the foreign exchange market from administrative point of view. Foreign Exchange Regulation Act, 1973 Govt. of India Reserve Bank of India Foreign Exchange Dealers Association of India Authorised Dealers Authorised Money Changers Full Fledged Restricted Administration of Foreign Exchange in India. The foreign exchange market in India functions with a three-tier structure which includes (1) Reserve Bank of India, at the apex level, (ii) authorised dealers/money changers conducting foreign exchange trading activities, and (iii) customers which include exporters/importer, corporates and other foreign exchange earners like NRIs etc. The market is highly influenced by State Bank of India and Reserve Bank of India because of their Sheer Size. The RBI constantly intervenes to keep the rupee from appreciating and is responsible for highly liquid spot market as it is a last resort buyer of dollars. The forward market in India is fairly liquid and quotes are easily available up to six months. The RBI prohibits any international speculative access to rupee. 2.5 SIZE AND DEPTH OF THE MARKET The daily turnover in the Indian Foreign exchange market is over US $400 million that is dominated by dealings in dollars. The foreign exchange reserve of $30 million provides the market with enough liquidity. 2.6 INDIAN EXCHANGE CONTROLS Exchange Controls refer to the regulation, restrictions, guidelines that a country issues with respect to foreign exchange transactions. In the absence of any exchange control one would expect to do anything with the foreign exchange reserves that the company has-convert to any other currency, speculate, buy or sell option, freely export foreign exchange etc. etc. In India, forward contract is the single largest product which the companies employ as a tool to manage their foreign exchange risks, though the cost has changed over the period of time. Before LERMS (liberalised exchange rate management system) importers rushed to book forward contracts expecting a devaluation of Re against US$. The cost was as high as 18% in Feb.92. The cost of the forward premium came down sharply reflecting a more stable foreign exchange markets. The Indian exchange market do not provide frequent quotations for ore than 6 months so for any long term forward cover rollover of the contract after every 6 months is needed. Rollover means cancellation of the old contract and re-booking of 6-month forward contract. Under this, care should be taken to cancel the old contract and re-book the next at the time when the cost of rebooking is least i.e. forward dollar is relatively cheap. Further, in December 1994, RBI has allowed the corporates to bet on the third currency movement even if one does not have an underlying transaction exposure in the â€Å"third currency†. This means that a corporate with an underlying exposure in Dollar-Re can bet on the Dm-Dollar rate and book a forward contract for Dm against Re and on the maturity may change Dm to Dollar at the spot rate. This has been allowed as Indian Re has been pegged with US$ and there has not been many fluctuations on which the companies could speculate. There can be other ways to take advantage of this RBI circular. Consider an importer with $ payable after 6 months. He may buy $ forward against Yen (third currency) and after 6 months may buy Yen against Rupee at the spot rate. This position may be taken if the company expects Yen to depreciate against the Dollar within these 6 months. Nevertheless the speculative attempts to earn profits may also backfire to give losses if the exchange rate moves in the opposite direction. RBI has also made it obligatory upon the banks, which extend the third currency cover, to maintain â€Å"initial† and â€Å"variation† margins before offering such a facility. This has been done to avoid any default risk. Another peculiar feature of ‘The Indian Exchange Control is that the â€Å"hedging† can be put through in case of transaction and translation exposures only. Economic exposures cannot be hedged. Cross Currency option was introduced on 1st Jan. 1994, under which companies could enter option contract for hedging non-dollar exposure against dollar. As for now Rupee option does not exist in India. Essar Gujarat has been one of the innovative corporates who discovered this new concept and has benefited considerably by writing option in Dm- Dollar in Jan 1994. Indian Exchange controls do not allow cancellation of cross currency options in parts and once the option is cancelled it cannot be re-booked, unlike forwards. In the overseas markets minimum lot traded is $ 3m whereas Indian corporate by for lesser amount, this increases the premium paid by them for the option. Recently, ANZ Grindlay has offered to arrange a loan of $ 50m to Ranbaxy by making effective use of call and put options to defend both the parties against unfavourable movements in exchange rates. Cross currency forward cover for importers who have taken $ loan for their imports but receive goods invoiced in say a Dm. They can enter forward cover for the delivery of Dm against the currency of loan i.e. -$. This is the cross currency forward cover. Some of the foreign Exchange controls are that export of foreign currency is not permitted, unless it has special RBI permission. â€Å"Exchange controls also they list the permitted currencyâ€Å" and a method of payment as approved by RBI for translation across the countries. It also contains guidelines relating to â€Å" Foreign currency assets† covering permission as for repatriation of capital profits dividends etc. Exchange controls also allow FC to be retained up 50% (in case of EOU EPZ units) and 25% (in case of ordinary exporters with banks in Indian and also abroad under EEFC a/c and FCA a/c. Exchange controls also state under-invoicing and over-invoicing of exports as a crime attracting penal provisions. Further, all sale proceeds in FC should come into the country within 180 days. RBI permission is required for any extension beyond 180 days. In case of failure to get RBIs nod, the tax and other export incentives are not provided to the exporters. Further, exchange controls give details and guidelines for different accounts for NRI and foreign investors such as Ordinary Non- Resident Rupee a/c, Non-Resident External; Rupee a/c FCNR (B) a/c etc. Introduction of complex hedging tools like futures, options is still a long way to go, Recently, the government lifted the ban on futures, option trading in equity (stocks) after 40 years, This could be regarded as a step ahead to come closer to introduction of more complex tools in the currency markets in India. In the near future Standard Chartered plans to introduce rupee-based derivatives in India subject to the clearance and approval by exchange controls, with many companies now making use of different tools effectively, the Indian foreign exchange markets are moving ahead towards more relaxations and towards making the foreign exchange markets more vibrant and versatile, IDBI is one of the most active user of financial derivatives in Indian market. It made considerable savings over the last two year by using the entire range of products available in Indian forex markets. 2.7 FINANCIAL DERIVATIVES USED IN INDIAN MARKET A derivative instrument is commonly defined as one whose price is derived from an underlying quantity that could be an interest or an exchange rate (in this case exchange rate) we refer to derivatives of money and foreign exchange market prices as â€Å"financial derivatives†. The history of using financial derivatives to hedge foreign exchange exposures by corporates in India is fairly recent. Early 90s witnessed few foreign currency call options written by some Indian corporates. The limited use and general lack of interest in the available instruments can be explained by the fact that dependence on external sources of funding was very limited and the external sector wasnt really developed. But after liberalisation and current account convertibility, the whole scenario has changed. Risk management has under gone a paradigm shift, new financial derivatives have been allowed in the market to provide for exposures arising out of increased business activity in the external sector. We shall discuss the various hedging tools is operative. 2.7.1 FORWARD CONTRACTS The Definition: A forward contract is simply an agreement to buy or sell foreign exchange at a stipulated rate at a specified time in the future. It is a contract calling for settlement beyond the spot date. The time frame can vary from a few days to many years. Instrument: A forward contract locks you to a particular exchange rate, thereby insulating the CFO from exchange rate fluctuations. In India, the forward contract has been the most popular instrument employed by corporates to cover their exposures, and thereby, offset a known future cash outflow. Forward contracts are usually available only for periods up to 12 months. Forward premiums are governed purely by demand and supply, which provide corporates with arbitrage opportunities. The premiums in this market are quoted till the last working day of the month. Internationally, the forward premiums or discounts reflect the prevailing interest rate differentials. Arbitrage opportunities are therefore limited. As a rule, a currency with a higher interest rate trades at a discount to a currency with a lower interest state. Since there is a forward market available for longer periods, the forward cover for foreign exchange exposures can stretch up to five years. The premiums or discounts are quoted on a month-to-month basis. That is, from the spot date to exactly one month, or two months, or even a year. AN EXAMPLE.A corporate has to make a payment of US $I million on March 31, 1998. They can book a forward contract today, and fix the exchange rate at which he will make the payment. Assuming that the dollar-rupee spot rate is Rs 36.40, and the forward premium on the dollar for delivery on March31. 1998, is Rs 0.30 the effective exchange rate for the remittance becomes Rs 36.70 (36,40+30). The Regulations: In March 1992, in order to provide operational freedom to corporates, the unrestricted booking and cancellation of forward contracts, for all genuine exposures, whether trade-related or not, was permitted. In January 1997, the RBI allowed the banks to quote rupee forward premiums for more than six months. This has resulted in the development of a local forward market for up to one year. However, as the link between the local money market and the foreign exchange markets is not strong, and as prices and determined by demand and supply, activity in the long -term forward market has been limited. 2.7.2 FORWARD TO FORWARD CONTRACTS The Definition: A forward -to-forward contract is a swap transaction that involves the simultaneous sale and purchase of one currency for another, where both transactions are forward contracts. It allows the company to take advantage of the forward premium without locking on to the spot rate. The Instrument: A forward-to-forward contract is a perfect tool for corporates that want to take advantage of the opposite movements in the spot and the forward markets. By locking in the forward premium at a high or low level now, CFOs can defer locking on to the spot rate to the future when they consider the spot rate to be moving in their favour. However, a forward-to forward contract can have serious cash-flow implications for a corporate. Before booking a forward-to forward contract a CFO should carefully examine his cash flow position bearing in mind the immediate loss that he would make if the spot rate did not move in his favour. The Example. An exporter believes that forward premiums are high, and will move down before the end of December 1997. Also he expects the spot rate to depreciate in the next few months. Then, the optimal strategy would be to lock in the high forward premium now, and defer the spot rate to a future date. So, he opts for a forward-to forward contract for end December. 1997, to end March of 1998. Paying a premium of say a Rs 0.64 By entering into such a contract the exporter has the opportunity to lock on to the spot rate any time till December 31, 1997. Alternatively, if the three-month premium between end-December and end-March moves below the Rs 0.64 level he can cancel the contract and book his profits. Forward -to-forward contracts The SCenario Company A is due to receive the payment for goods exported three months earlier. Currently, three-month forward premiums are high, but Company A expects the sport rate to depreciate further. The Instrument The forward-to-forward pay-off matrix DS>EF DS>EF Lack in the Current Premium By Purchasing A Forward-To-Forward Contact EF>SF Better Than Simple Forward, But Worse Than Uncovered Strategy Optimal Strategy Choose The Spot Rate Within A Stipulated Time-Period, Thus Determining Effective Forward Rate SF>EF Worst Strategy Better than Uncovered Strategy, At the end of the months, Convert Export Proceeds to Rupee at the Effective Forward Rate SF : Simple Forward Rate EF: Forward-to-Forwar

The 20s And Sinclair Lewis Essay -- essays research papers

The theme in books by Sinclair Lewis1 relates to the time in which they were written. In both Babbit (1922) and Main Street (1920) Lewis shows us the American culture of the 1920's. He writes about the growing cities, the small towns, the common American man, the strong American need to conform, cultural integration, morals (or lack of in some cases), and he touches upon the women lib movement. All of these and more successfully describe the 1920's. "The parties were bigger... the pace was faster, the shows were bigger, the buildings were higher, the morals were looser..."2 - F. Scott Fitzgerald Lewis attacks the American middle class business man in Babbit. As Sheldon Grebstein once put it: "They ( Lewis's characters ) become puppets rather than performers." ( S. Lewis, Amer. Author Series 68 ) He uses the ideas and attitudes already in existence and gives them a plot. He uses sarcasm to show the readers the error of their ways and then makes the main character suffer some how to show the consequences of being the way George F. Babbit is. Americans felt a need to rise in social status in the 1920's. Things like art and religion did not even make it in the maybe pile. Money and social acceptance was number one in every household. "His ( Americans ) only way to assume protective coloration, to loose himself in the crowd, and then to be approved by one of its members." ( S. Lewis, Amer. Author Series 78 ) George F. Babbit. A forty-six, middle class, overweight, suburban real estate dealer. To add to the mix he is a father and a husband. Babbit is Lewis's picture of the middle class businessman. H.L. Menekan states: " The fellow simply dri... ... a forced teacher's resignation and eventually to Fern's departure. Later Fern writes to Carol and informs her of even Ferns' own families' shame upon her and also of the refusal of another job by other teaching agencies. At last, Carol became utterly discouraged with her dozens of failed endeavors and left town. Even the most ambitious and educated are helpless in a town where tradition reigns over common sense. Through out the story of Carol Kennicott and her painstaking efforts, Main Street demonstrates conformity in small towns as well as the significance of conformity historically. It didn't matter wheather or not the people liked her ideas or if they were good for the comunity, her plans to change Golpher Prarie were denined and she was shunned for even thinking them. Change was not welcome in a small town. In Babbit and Main Street Sinclair Lewis repeataly shows his reactions to the new feeling of the 1920's. These times fueled him into writing his two most well known books in which he shows his fustration of selfish, Capitalistic, mid-western America.

Paradoxes of Culture and Globalization Essay

Have you ever told someone that you are not a â€Å"mind reader† and you need them to specifically state their needs or what they are wanting? Or the opposite situation where you were able to tell what a person was going to say even before they even said a word? These examples illustrate differences between low and high context communication styles. People have a dominate way they prefer to communicate and cultures define these styles. There are differences in the way high and low-context culture members behave and interact with each other. However, there are times and situations where an individual will flex their style based on the situation at hand. In the end, both styles can be an effective way to communicate in the proper situation or context. A low-context culture is one that is explicit in its communication, orally and in writing. These cultures tend to be dominant individualistic cultures such as white, Anglo-Saxon Americans and Germans. In these cultures there is a desire to be very clear about communicating what they mean to ensure that there is a common understanding with other parties. For example in a low context culture, successful project managers and the teams will be very clear with deadlines and deliverables, such as the 2 page summary report will be due on Tuesday at 1pm. A person that favors a low context culture will appreciate the clarity in goals and expectations. Societies that favor low context communication are also seen as monochronic. These people find comfort in doing one thing at a time, make time commitments, are accustomed to short-term relationships, and stick to plans. An example of a profession that tends to be low-context is engineering. There is a saying that many engineers can easily relate to: â€Å"A place for everything and everything in its place†. This saying implies a high need for organization. I have worked on assignments with several engineers that get easily frustrated when details of the project or product change mid-stream due to a shift in the marketplace or a customer request. The feedback that is given to me from a few of the engineers is that it is difficult to deliver a project on-time when things change. However, without the change, the project may not achieve its overall goal: to satisfy the customer’s need. This is a prime example of how low-context cultures prefer to be very specific. They favor very clear, specific, and fixed objectives. On the other hand, high context cultures communicate in an implicit manner where members understand the message without direct oral or written communication. Mexico and Japan are examples of high-context cultures. People in these cultures have a difficult time refusing a direct request or disagreeing with others in public. There is a heightened sense to not embarrass others or to be embarrassed in these cultures. These cultures also are more polychronic. People that are polychronic are flexible with time commitments, are easily distracted, tend to form deep and long relationships, and value relationships over deadlines. Working with high-context cultures can feel very difficult for low-context individuals that are not aware of the difference in styles. Based on my personal experience when dealing with a high-context cultures and individuals, I have had many challenges because I was not aware of the culture difference. The challenges developed because I was not aware that the group may have been avoiding difficult conversations. For example, I thought that I had agreement from others in a Mexican factory with clear deadlines and deliverables for a project. Only later to find out that they thought our agreement was more of a â€Å"target† or a guideline for them to work towards. Deadlines were often missed by weeks even with weekly meetings confirming deliverables and deadlines. Another example using a similar context that I have had is when asking a team member from China and Mexico a question such as â€Å"are we on-schedule or ahead of schedule† and getting a reply of â€Å"yes† because it’s difficult for them to reply with an answer they may feel with disappoint me if the project is behind schedule. This can prove to be detrimental to a project if it’s unclear the project is behind schedule. However, a great attribute of high-context teams is their willingness to be flexible. They can also leverage their strong relationships with others to get tasks accomplished effectively. Both high and low context cultures will change their style based on certain circumstances and situations. I have personally seen communication styles flexed in contract negotiations. Many contract negotiations that I have been involved in have a final written document that both parties can use to refer back to at later times to understand the original agreement. This document is very explicit in nature and has specifically defined terms and language. This is an example of a low-context form of communication that high context cultures use even if it may be more comfortable to go through the negotiations using more high-context communication and strategies such as talking through ideas and feeling the other party out using social environment situations. On the other hand, an example of low-context individuals using high context tactics may happen is when couples are dating. Very few emotions or expectations are communicated explicitly early on in the relationship but yet even low-context individuals can â€Å"read between the lines† about another person’s feelings or emotions during the courtship phase. Another example of high-context communication that can be used by low-context cultures is the use of silence. This can be a very powerful tactic to encourage others to say more than they might normally say to break the silence or if they are assuming you are waiting for more information before responding. Silence can be a negotiators’ best friend when used appropriately to gather more information from other side. The Japanese have been known to use silence or length of pauses to communicate messages such as disagreement or rejection of an offer. In summary, high and low context cultures can behave in very different, almost opposite, ways when communicating. However, each can and will use other others’ style in different situation. The key for effective communication is to understand the other’s contextual style and be ready to be flexible to change your style as needed. Both low and high-context styles can be used to communicate well and neither is better than the other.

The Satsuma Rebellion

The Satsuma Rebellion The Meiji Restoration of 1868 signaled the beginning of the end for Japans samurai warriors.   After centuries of samurai rule, however, many members of the warrior class were understandably reluctant to give up their status and power.   They also believed that only the samurai had the courage and training to defend Japan from its enemies, internal and external.   Surely no conscript army of peasants could fight like the samurai!   In 1877, the samurai of the Satsuma Province rose up in the Satsuma Rebellion or Seinan Senso (Southwestern War), challenging the authority of the Restoration Government in Tokyo, and testing the new imperial army. Background to the Rebellion: Located on the southern tip of Kyushu Island, more than 800 miles south of Tokyo, the Satsuma domain had existed and governed itself for centuries with very little interference from the central government.   During the latter years of the Tokugawa shogunate, just prior to the Meiji Restoration, the Satsuma clan began to invest heavily in armaments, building a new shipyard at Kagoshima, two weapons factories, and three ammunition depots.   Officially, the Meiji Emperors government had authority over those facilities after 1871, but Satsuma officials actually retained control of them. On January 30, 1877, the central government launched a raid on the arms and ammunition storage areas in Kagoshima, without any prior warning to the Satsuma authorities.   Tokyo intended to confiscate the weapons and take them to an imperial arsenal in Osaka.   When an Imperial Navy landing party reached the arsenal at Somuta under cover of night, locals raised the alarm.   Soon, more than 1,000 Satsuma samurai appeared and drove off the intruding sailors.   The samurai then attacked imperial facilities around the province, seizing weapons and parading them through the streets of Kagoshima.   The influential Satsuma samurai, Saigo Takamori, was away at the time and had no knowledge of these events, but hurried home when he heard the news.   Initially he was furious about the junior samurais actions; however, he soon learned that 50 Tokyo police officers who were Satsuma natives had returned home with instructions to assassinate him in the case of an uprising.   With that, Saigo threw his support behind those organizing for a rebellion. On February 13-14, the Satsuma domains army of 12,900 organized itself into units.   Each man was armed with a small firearm - either a rifle, a carbine, or a pistol - as well as 100 rounds of ammunition and, of course, his katana.   Satsuma had no reserve of extra weapons, and insufficient ammunition for an extended war.   Its artillery consisted of 28 5-pounders, two 16-pounders, and 30 mortars. The Satsuma advance guard, 4,000 strong, set out on February 15, marching north.   They were followed two days later by the rear guard and artillery unit, who left in the midst of a freak snowstorm.   Satsuma daimyo Shimazu Hisamitsu did not acknowledge the departing army when the men stopped to bow at the gates of his castle.   Few of them would ever return. Satsuma Rebels: The imperial government in Tokyo expected Saigo either to come to the capital by sea or to dig in and defend Satsuma.   Saigo, however, had no regard for the conscripted farm boys who made up the imperial army, so he led his samurai army straight up the middle of Kyushu, planning to cross the straits and march on Tokyo.   He hoped to raise the samurai of other domains along the way. However, a government garrison at Kumamoto Castle stood in the Satsuma rebels path, manned by about 3,800 soldiers and 600 police under Major General Tani Tateki.   With a smaller force, and unsure about the loyalty of his Kyushu-native troops, Tani decided to stay inside the castle rather than venturing out to face Saigos army.   Early on February 22, the Satsuma attack began, with samurai scaling the walls again and again, only to be cut down by small arms fire.   These attacks on the ramparts continued for two days, until Saigo decided to settle in for a siege.   The Siege of Kumamoto Castle lasted until April 12, 1877.   Many former samurai from the area joined Saigos army, increasing his force to 20,000.   The Satsuma samurai fought on with fierce determination; meanwhile, the defenders ran out of artillery shells, and resorted to digging up unexploded Satsuma ordinance and refiring it.   However, the imperial government gradually sent more than 45,000 reinforcements to relieve Kumamoto, finally driving the Satsuma army away with heavy casualties.   This costly defeat put Saigo on the defensive for the remainder of the rebellion. Rebels in Retreat: Saigo and his army made a seven-day march south to Hitoyoshi, where they dug trenches and prepared for the imperial army to attack.   When the attack finally came, the Satsuma forces withdrew, leaving small pockets of samurai to hit the larger army in guerrilla-style strikes.   In July, the Emperors army encircled Saigos men, but the Satsuma army fought its way free with heavy casualties. Down to about 3,000 men, the Satsuma force made a stand on Mount Enodake.   Faced with 21,000 imperial army troops, the majority of the rebels ended up committing seppuku or surrendering.   The survivors were out of ammunition, so had to rely on their swords.   Just about 400 or 500 of the Satsuma samurai escaped the mountain slope on August 19, including Saigo Takamori.   They retreated once more to Mount Shiroyama, which stands above the city of Kagoshima, where the rebellion began seven months earlier. In the final battle, the Battle of Shiroyama, 30,000 imperial troops bore down upon Saigo and his few hundreds of surviving rebel samurai.   Despite the overwhelming odds, the Imperial Army did not attack immediately upon arrival on September 8, but instead spent more than two weeks carefully preparing for its final assault.   In the wee hours of the morning on September 24, the emperors troops launched a three hour long artillery barrage, followed by a massed infantry assault that began at 6 am.   Saigo Takamori likely was killed in the initial barrage, although tradition holds that he was just gravely injured and committed seppuku.   In either case, his retainer, Beppu Shinsuke, cut off his head to ensure that Saigos death was honorable.   The few surviving samurai launched a suicide charge into the teeth of the imperial armys Gatling guns, and were shot down.   By 7:00 that morning, all of the Satsuma samurai lay dead. Aftermath: The end of the Satsuma Rebellion also marked the end of the samurai era in Japan.   Already a popular figure, after his death, Saigo Takamori was lionized by the Japanese people.   He is popularly known as The Last Samurai, and proved so beloved that the Emperor Meiji felt compelled to issue him a posthumous pardon in 1889. The Satsuma Rebellion proved that a conscript army of commoners could out-fight even a very determined band of samurai - provided they had overwhelming numbers, at any rate.   It signaled the beginning of the Japanese Imperial Armys rise to domination in eastern Asia, which would end only with Japans eventual defeat in World War II almost seven decades later. Sources: Buck, James H. The Satsuma Rebellion of 1877 from Kagoshima through the Siege of Kumamoto Castle, Monumenta Nipponica, Vol. 28, No. 4 (Winter, 1973), pp. 427-446. Ravina, Mark. The Last Samurai: The Life and Battles of Saigo Takamori, New York: Wiley Sons, 2011. Yates, Charles L. Saigo Takamori in the Emergence of Meiji Japan, Modern Asian Studies, Vol. 28, No. 3 (July, 1994), pp. 449-474.

Love Amplification Through use of Imagry essays

Love Amplification Through use of Imagry essays What is love? Love is a strong bond of friendship between two people. Love is something that can not be seen, only felt, but there are ways to see love. In William Shakespeares Romeo and Juliet, love is amplified through the use of imagery. In this play, William Shakespeare uses many types of imagery to show love. He uses garden imagery, light and dark imagery, and ship imagery to show Romeo and Juliets love for each other. The garden imagery used in this play is that of a rose. A rose can portray the meaning of love. This is shown when Juliet first falls in love with Romeo. His personality shines through so much, that his name does not matter. In fact, when Juliet discovers that Romeo is a Montague, she loves him regardless: Whats in a name? That which we call a rose By any other word would smell as sweet, (II,ii.43-44). In this scene, Juliet uses a metaphor to compare Romeos name to a rose. When she says, By any other word would smell as sweet, (II,ii.44), she is saying Romeos name is like a rose. All roses smell beautiful, and Romeo is still beautiful to Juliet. It does not matter what his name is. Romeos name would not change or alter Juliets everlasting love for him. It is this imagery of a rose that helps the audience better understand the love Romeo and Juliet share. They also share their secret under the darkness of night. ` Romeo and Juliet rely on the night to keep their secret. They feel safe with the nights blanket to cover them. When the suns first light begins to creep through the sky, Romeo and Juliet begin to feel insecure about being together. After they spend the night together Romeo says: It was the lark, the herald of the morn; No nightingale. Look, love, what envious streaks Do lace the severing clouds in yonder East, Nights candles are burnt out, and jocund day Stands tiptoe on the misty mountaintops. ...