Pricing of derivatives on mean-reverting assets. Are stock prices and Essay

Pricing of derivatives on mean-reverting assets. Are stock prices and returns are mean reverting or not - Essay Example 15 3.6 Data Analysis Methods †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 3.7 Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 CHAPTER 4 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦. 17 FIGURES †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 4.1 Definition of mean reversion stock prices †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.. 17 4.2 Permanent and transitory price com ponents †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 4.3 Properties of multi-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦... 18 4.4 One-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....†¦..†¦. 19 4.5 Multi-period returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20 4.6 Higher-order AR model †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.... 22 4.7 The relation between mean reversion and covariance stationary †¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 CHAPTER 5 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 5. Mean reversion and mean-variance efficient portfolios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 5.1 Outline †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 5.1.1 Expected returns and volatilities of stocks and bonds †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 25 5.1.2 Correlation between stock and bond returns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 5.1.3 Risk-free yield curve †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 5.1.4 Variance ratio of permanent and transitory returns †¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.. 26 5.2 The role of the variance ratio... Although the mean-reverting price process defined later by Equations (1), (2), and (3) may seem restrictive, they are more general than is apparent at first sight. This generality explains the model’s suitability as a tool for describing the mean reverting behavior of stock prices. To allow the price process to be consistent with the efficient market hypothesis, the random walk should lie nested in the specification for the stock price (Frankel, 1995, 140). This explains why the permanent price component in the first equation lies chosen to be a random walk. The price process in Equation (1) follows a random walk for à ¸= one, but deviates from the efficient market hypothesis for zero A seemingly more general specification defines zt with regard to the first equation as a covariance-stationary, mean-reverting process with mean 0.But every covariance stationary series can stand written as a moving average (MA) process of infinite order. If the MA process is invertible, it can be written as an AR process of infinite order, which brings us one-step closer to our AR (1) process. The only restrictive aspect of the first-order AR process is its order. We may therefore want to consider a generalization of the previously considered mean reverting price process by relaxing the assumption of a first order AR process for the transitory price component. Instead of an AR (1) process we could assume an AR (p) process as approximation of an AR process of infinite order, for any p= one, 2†¦ (Bekaert, 1999, 65).

Roles and responsibilities of public services Essay Example for Free

Roles and responsibilities of public services Essay The two public services which I have chosen to write about in my task 1 of the assignment are: * Police * Fire service POLICE: Police is a government organisation, which have a very important duty of maintaining law and order in the community. The work police come from the French, which refer to government or administration; the word police was coined in France in the 18th century. The police may also be known as a constabulary, after constables, who were an early manifestation of police officers. (www.en.wikipedia.org). POLICE FORCE STRUCTURE: Home office Police authority chief constable Home office is the government department and it has a full control on police, whereas home secretary, who works under prime minister and he/she is there to ensure that all the government polices carry out properly. Police authority is made up of local councillors (two third) and magistrates (one third), this is to make sure that the local public has an opinion about how the police force run in their region. Chief constable is the highest rank in the force, and he has an overall authority of maintaining and running the whole police departments. PURPOSE OF THE POLICE SERVICE: The purposes of the police service within a community are stated below: To prevent crime. To uphold law fairly and smoothly. To protect the community. To help crime victims. To pursue offenders and bring them to justice. TO PREVENT CRIME: Prevention of crime means to stop a crime before it happens. Police force prevent crime by visiting homes and businesses to offer them security devices and providing them information on how to perform security checks and about new security issues which mainly stop 80% of the crimes. Police also prevent crime by patrolling street and road on a regular basis. A recent crime surrey showed that the Derbyshire has the lowest crime rate in East Midlands. TO UPHOLD LAW FAIRLY AND SMOOTLY: This is one of the most important of responsibility of police forces to ensure that law and order is carried is fairly and smoothly, this includes the situations like arresting, searching suspects. Police forces have clearly full knowledge about law and legislations because their day to day works involves law and order. TO PROTECT THE COMMUNITY: The main purpose of police is to protect the community. Protection of community is one of the very important role of their job. They carry out this role by visiting school, houses, pubs etc and asking community opinions  about the different current issues which they are concerned about e.g. drugs at the moment in Derby (Drug squad Steve Holme visited Derby College to high light this issue). TO HELP CRIME VICTIMS: Helping is another role of their job, this is done by officers to make sure that no one feel deserted in the community and also victims feel secure and comfortable, thinking about that they are safe in the society. TO PURSUE OFFENDERS AND BRING THEM TO JUSTICE: Pursuing criminals is another purpose of police force. Pursuing criminals help a community in cutting down their crime figure and most of all it helps in keeping the peace. Due to the higher level of outcomes e.g. reduction in crime, criminals feels fear and community feel safe etc this is done on regular basis. An example of this was the case happened a few months ago where a female copper called pc Sharon Beshenivsky has got murdered in Bradford. Since her murder police have made several arrests for her killers. ROLES OF THE POLICE: The police force throughout in UK is responsible for maintaining law and order in their region. The roles and responsibilities of police consist on variety of tasks e.g. Dealing with accidents, dealing with emergencies, anti-terrorist. DEALING WITH ACCIDENTS: Accidents includes death, theft, robbery, minor offences speeding, fighting, etc police is well trained for tackling these type of situations, so and they always try their best to arrive on these situations as quick as possible just to get more and accurate information about the incident through witnesses and evidence and help the victims if any. It is very important for police to manipulate the situation no matter how worse is it because if they cannot do them than there is no point of their existence. Police normally work as a team to tackle big crises e.g. In London bombing police played a crucial part in bringing the peace back into city although too many people died in the bombing but the most important thing to notice is the amount of people police has had saved after taking over the situation. DEALING WITH EMERGENCIES: Accident happens at anytime so there must be some one who takes the response over them. So generally speaking in UK police is the only organisation who deals with local incidents. Emergencies includes like, chemical accidents, rail crashes, fire, flood, land slide bomb, hijacking etc, in certain other situations police works closely with other emergencies services like fire fighters, paramedics to take control on it. A very recent example of this is the petrol refinery explosion in Hemel Hempstead, where police took over the situation and clear out all the locals who were endanger from their houses. DEALING WITH TERRORIST ACTIVITIES: Mostly special police branch handles anti-terrorist work, but in case of real emergency local police member helps them in carrying out the task, as well as Special Forces, local police is also well trained in handling terrorist work. The example of this is the situation happened two months ago, where Special Forces mistakenly suspect a terrorist and shot him to death at London terrorist bombing. This incident caused a lot of crises between police and local public. The over view of this incident taken from www.google.co.uk is written below. Electrician Jean Charles de Menezes was shot dead on 22 July, 2005, by police  who mistook him for one of four would-be suicide bombers who attacked Londons transport system the previous day. Police in the capital were on heightened alert as they hunted the attackers, who struck just two weeks after 52 people were killed in similar co-ordinated suicide bombings. In the hours after the shooting but before police realised their mistake Scotland Yard said it had been directly linked to their anti-terrorist operation. Metropolitan Police Commissioner Sir Ian Blair told a news conference: As I understand the situation, the man was challenged and refused to obey police instructions. The Yard said his clothing and behaviour at the station added to their suspicions. But when it emerged that the 27-year-old Brazilian was not the man they thought he was and that his death had been a mistake Sir Ian described it as a tragedy for which the police accepted full responsibility. In London bombing special police force teamed up with local police from all over the region, to help in patrolling London train stations. RESPONSIBILITIES OF POLICE: Police responsibilities include carrying out all the above purpose and roles. They are also responsible for doing their job properly and are inspected to ensure their efficiency. The other responsibilities includes meet targets for detection, lower down the crime rate, provide a responsible service to the people of the community as they are employed by the community to provide a service and so the community should have the means to ensure that they are getting the service and their money is wisely spent. Police also has a responsibility to communicate with the general public and work in a partnership because this helps them to maintain trust and ensure effective policing. FIRE FIGHTER: (Fire Service badge) ROLES AND RESPONSIBILITIES OF A FIRE FIGHTER: The main purpose of the fire services or fire fighters to protect and save people and property from fire and other hazards in the most competent and effective manner to the highest possible standards of care and quality. ROLES: The role of Derbyshire fires service is to protect life and property and providing a quality fire safety service. Their other roles include: To practice and promote the health and safety polices, to contribute to the Development and progression of health and safety. To conduct higher standard of communications in emergency situation. Respect and be confident about the job. Another role of a fire fighter is to take part in the routine training practices and development review process. Another very important role of fire services is to promote the policy of equality and fairness, both internally and externally in order to demonstrate commitment to anti discriminatory practice. RESPONSIBILITIES AND DUTIES OF FIRE A FIGHTER: The main important responsibilities and duties of a fire fighter are: To respond immediately and safely to all emergency calls. To deal with an emergency work quickly, effectively and efficiently as a member of a disciplined team. To communicate with other emergency personnel at incidents. To established and maintain the confidence of members of the public and maintain links with the community. To give general fire safety advice and guidance to people when requested. To work to help educate members of the community in the risks and hazards of fire. To ensure personal safety and that of others at all times. To keep a level of physical and mental fitness necessary to carry out all the duties of a fire fighter. To maintain a personal appearance, hygiene and cleanliness of uniform in keeping with a disciplined service. To maintain personal appearance, hygiene and cleanliness of uniform in keeping with a disciplined service. To maintain all fire fighting and emergency equipment in a state of readiness including cleaning, repairing and testing as required and to approved standards and procedures. To check fire fighting resources provided for fire service use including hydrants and fixed installations. To know the local streets, roads and buildings situated around the fire station area. To be aware of the risks, possible hazards and water supplies to be found  within the fire station area. To complete basic paperwork and routine administration including recording of information. To keep records up to date as necessary. To take part in a continuous training programme by attending lectures, exercises, practice drill sessions and other forms of training to maintain competence levels.

Lockes Views On Education Essay examples -- essays research papers

John Locke had a number of major influences on society in general, but his influences on education have stood the taste of time. His idea of Tabula Rasa, his introduction of empiricism, and idea of the use of all senses are all objectives that are used in schools today.   Ã‚  Ã‚  Ã‚  Ã‚  The idea of Tabula Rasa is basically defined as a â€Å"blank slate.† Locke believed that everyone is born with a clean mind, a supposed condition that he attributed to the human mind before ideas have been imprinted on it by the reaction of the senses to the exterior world.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Thus the first capacity of human intellect is that the mind is fitted to receive the impressions made on it;   Ã‚  Ã‚  Ã‚  Ã‚  either through the senses by outward objects; or by its own operations when it reflects on them. This is the   Ã‚  Ã‚  Ã‚  Ã‚  first step a man makes towards the discovery of anything...†   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  -John Locke (On Ideas as the Materials of All Our Knowledge) Locke considers the new mind as white paper or wax. It is to be moulded and formed as one pleases. It is up to the teacher to insure that it is formed the correct way and that there is no inate knowledge. This is incorporated into education the grade system. Children start out in kindergarten or pre-school with a blank slate; we start teach...

Entrepreneur vs Manager

The top 15 qualities needed to be an entrepreneur and the top 10 qualities needed to be a manager is listed as follows. This is a summary of the results yielded by the most popular search engine, Google. Not surprisingly most of the qualities needed for an entrepreneur and for a manager matched. This fundamentally shows that in a way, the manager of today needs to be an entrepreneur. It is evident that the degree or extent to which an entrepreneur needs the aforementioned quality may be different. An entrepreneur may need greater depth in certain qualities as compared to a manager. Let us take the example of a quality like confidence, an entrepreneur must have the confidence to support the entire business venture he is planning to undertake and also support all the needs of all his staff while a manager can get away with confidence enough to manage the staff and situations. Apart from this an entrepreneur needs to have certain qualities and certain qualities in certain amounts, the absence of which fails to make an entrepreneur. For example an entrepreneur cannot be born if he is not able to take and handle risks, while a manager can be successful even if he is risk averse to an extent. An entrepreneur would not find switching to a managers role difficult as he would have almost all the important qualities a manager needs. The only issues may be in the operational aspect with respect to the degree of freedom an entrepreneur exercises as compared to that of a manager. The manager today needs to have the skills of an entrepreneur. This is easy to say as mentioned earlier the qualities almost completely overlap. At the same time the manager has also got to know to what degree he must possess an entreprenuer’s skills and to what extent he must exercise them. For example there is a greater degree of security for a manager as compared to an entrepreneur and there is no need to destabilize or jeopardize the situation with excessive risk taking. This may also make employees who works under the manager feel insecure. This degree of risk may be unwarranted for the organization as they would have a calculated risk approach. So the manager must be cautious. But this pays off at the higher levels. As the manager inches toward the top levels of management the set of entrepreneurial qualities like risk taking pays well and in fact makes all the difference with respect to performance. Hence the skill set of an entrepreneur applies to a manager in a phased manner. Some of the best managers along and their entrepreneur skills are listed as under. There are numerous such examples of managers achieving enormous success because of their entrepreneurial skills. In fact these skills are what made the difference. They have literally created a turn-around in the state of the organization. For example, Anne Mulcahy joined Xerox in August 2001. At that time the company was reeling under tremendous pressure with charges from Securities & Exchange Commission over accounting practices. The biggest problem faced by the company was in $14 billion in debt. However she made sharp staff and business cuts and brought new chief financial officer and stabilized the company and put down debt to around $9. 8 billion. She achieved this with her leadership and sense of confidence. Skills needed for both entrepreneurs and leaders alike. The skills prominent in an entrepreneur, the skills which sets apart an entrepreneur when possessed by a manager is what saves the manager from a crisis or a tough situation. It helps the manager steer clear of problems in an effective manner. Managing problems and changes is an integral part of problems for the role of a manager. The more the entrepreneurial qualities embedded in a manager the more effective he is in dealing with tough situations and problems of a kind. It is what pushes them up the ladder, makes them different from the rest of the crowd and has them endlessly and effortlessly facing challenges thrown up. Such managers are highly prized in the industry and make a critical difference especially at the top rung of the ladder. It is not just confined to the top rung of the ladder. It is essentially what moves the manager up the ladder and initially what sets him apart to be chosen as a manager. In short, the manager of today needs to be at least a MINI entrepreneur at the start of his career and blossom as a MEGA entrepreneur at the pinnacle of their career of the manager.

Essay on 2g Spectrum

Essay on 2G Spectrum Scam B Rajashekar Reddy (1593206) MADS 6604 Ethics and Public Values Prof Brenda Lyshaug, Ph. D. Fairleigh Dickinson University April 01, 2013 â€Å"2G† stands for â€Å"Second-generation wireless telephone technology†. The 2G scam is one of the biggest scam till now in India and the highest authority of India Supreme Court stated that this scam is mother of all the scam till now in India. In this 2G spectrum scam many government officials are involved for illegally undercharging frequency allocation for the mobile telephonic companies.The difference between the money collected and the money to be obtained is 1, 76,379 crore rupees (USD 39 billion). The issuing of licenses to the mobile companies occurred in 2008, but it first came to notice when the income tax department investigating one of the political person NiraRadia. CBI and CAG are the two investigation agencies involved in the investigation of the 2g scam. CAG is a file based government aud iting agency. It focuses on reporting the issues when there is a deviation from the set policies and procedures and also how it is effected the economy growth.CAG has clearly mentioned that the allotment of licenses was not held in realistic price. That has caused a loss of revenue up to Rs. 176 lakhs crore to the government of India. The report also stated that telecom minister A. Raja has totally ignored the advice of finance ministries on allocation of license to benefit for few operators. It also that all the telecom regulator acts are ignored to misused. CAG also reported that the price at the license was allocated in 2008 are according to the prices in 2001.The price is very low when compared to the technology and other development from the year 2008 to 2001 which has resulted in loss to the government. The auction methods followed and the bids to invite the participants to sell the license are not carried out according to proper rules. CAG also stated that telecom ministry ha s crossed all the financial procedures, policies and rules according to his needs. Raja has issued licenses to the candidates who are ineligible and to the candidates submitted the false documents. From 122 licenses 85 are illegally assigned nd they are not to the mark or rules needed by the telecom regulations act. Government has also formed a special central bureau of investigation team to investigate the case. The charge sheet filled by the CBI has stated that the loss was 309845. 5 million (US$ 5. 7 billion) on 2nd April 2011. As per joint report of Income Tax Department and Central Bureau of Investigation agencies. It has stated that A. Raja could have received an amount of 30 billion rupees (US$ 550 million) as a bribe from the companies for bringing the cut-off date forward for the applicants of spectrum.The actual date of submission is 1st October 2007 then later it is shifted to 25th September 2007 this shift in the deadline has eliminated many applications and it went favo r of some of the applicants. His auction is not done according to the market valuation and instead he adopted the rate of 2001, when the telecom sector was in perfect boom. Actions to prevent such scams All the proceeding done by the parliamentary committees should be made clear to the public and media, so that everyone can clearly understand the issue.The government needs to take severe and serious actions in such issue that can restrict others to involve in such scam. Government has to prove itself by taking all the actions on the accused independent of their position and personality. Media has to perform its duty by letting out the truth to the public in such issues. Fast track courts are to be established by government to create transparence in the justice in such scams. On May 2007, A. Raja has been appointed as a telecom minister and in august 2007 department of telecommunications DOT has initiated a process of allocation for 2G spectrum.On 25th of September 2007 telecom minis try issues press not for the deadline for applications as October 1st 2007. The prime minister of India writes to the telecom ministry A. Raja to make sure that all the process of allotment should be carried in a transparent and fair manner and to make sure about the fee with respect to the market value. But, A. Raja has wrote back to prime ministry rejecting many of his suggestions and recommendations. This scam involves many political issues, as A. Raja is member of DMK party which supports congress government in the central.Some videos related to A. Raja regarding the lobbing for the post of telecom ministry has been leaked to press. That became as a serious issue in the central at the same time 2g scam has been came in to the picture. Congress government thought of laying off the case as it became a prestige issues to the government. In this process the CBI head and Income tax department head has been discharged from their positions and sent to other department. Since, DMK is a supporting party to the government. The government doesn’t want to lose their support as it is very much needed to be in power.As the video’s regarding the lobbing for the telecom ministry post has went in to the public through media. Then the government stated to resign for the post of telecom minister. Earlier, A. Raja refused to resign but later his is left with no other option. In this scam, the government tried to divert the issue by stating that there was a gain instead of loss to the government. Later, other statement has been issued from government stating that there was a zero loss to the government. This two contradiction statement has created my doubts in the public.As per the public petition filled by the senior retired officer the Supreme Court has take up the case and on 2nd February 2012 the supreme court of India has stated that the license allocation are done without following any procedures and rules and this directly has favored many companies. A. Ra ja has been arrested on February 2nd 2011 and this impacted many company shares and share market has been collapsed by 20% on that day. Companies like swan telecom and unitech have got the licenses at very low price and then they sold and given partnership to other companies at very high price when compared to the price that they got the license.This clearly states the difference between buying and selling price, which has done great loss to the government. For this, A. Raja has taken bribe from the companies indirectly by investing the money into the Kalaignar TV channel in Chennai, which is headed by MP Kanimozhi daughter of DMK party leader M. Karunanidhi. Telecom department need to follow the telecom regulation act and rules and this should be monitored by the department of telecom director. If anything done in wrong way or without following the rules then it should be notified by the director and definite action should be taken like cancelling the licenses.The government needs to assign this post to talented and trustful and sincere persons like retired IPS officers. This scam could not been occurred if the director of department could have noticed it and complained it to the higher officials. When such bids or allocations are conducted with large amount of money then there need to be some steps should be carried out like perfect document verification and perfect financial statement. Also need to check whether the company has all the eligibilities to apply or not. There need to perfect rules and regulations need to be setup before the process of bid is initialized.The income tax and CBI need to focus on the participants of the bids. Since, large amount of money is involved in the bid. Government also need to act irrespective to the political issues when such issues occur. Instead of covering those issues the government needs to take transparent and fair action regardless of the political issues and matters. As a government servant A. Raja has misused all his powers and responsibilities for his now needs and work. He used his power to build his own wealth and his fellow beings. As a public and government servant he needs to serve the public with their needs and wants.He used all the powers for his own interest. As a public servant he has lost all his faith and trust towards the public. He misused the public funds and values of the parliamentary. Which is very unethical to do being in such high position. Beside A. Raja, M. K. Kanimozhi has also involved in the scam. M. K. Kanimozhi is only daughter of five time chief minister of Tamil Nadu, M. Karunanidi representing DMK political party. Kanimozhi is Member of Parliament representing Rajya Sabha for Tamil Nadu. As per the charge sheet Kanimozhi has 20% share in her family owned TV channel Kalaignar in Tamil Nadu.As per the CBI Kamimozhi is main head behind the scam as she worked with A. Raja to shift the money from the applicants of spectrum to Kalaignar TV about 2 billion. Also, stat ed that A. Raja has directly involved in launching the TV channel by getting the permission from Ministry of Information and Broadcasting and also from DTH Tata service. She was charged a case to breach the trust by a public servant. She was arrested by CBI on May 20th 2011 and granted bail on November 28th, 2011 after spending in judicial custody. Still the tail is being following in special branch court CBI.Siddharth Behura is the telecom secretary when whole issue has taken place. Allegation on him is that he has shifted the deadline for the applications so has to avoid some companies. This is total misuse of power. He has been arrested by CBI on Feb 2nd 2011 and granted bail later. RK Chandolia, Raja’s private secretary involved in each and every aspect of the scam. He and Behura both together planned to limit deadline for the applications. He was arrested by CBI on Feb 2nd, 2011 and later granted bail. Irrespective of political pressure the ministry should be handed to w ell educated and trustful person.I think the director of department and minister is responsible for the entire scam. The Director of Department position needs filled by the sincere and honest person like retired IPS officers. The CBI offers and income tax department need to work out very effectively. Political pressure should not be applied on both the departments. In most of the cases the CBI is operated by the central government which makes its weaker to actions on the accused. That is not good for the country growth. CBI is a independent department under Supreme Court but most of the cases it work with respect to the ruling party.The income tax department needs to be more advanced and strengthen. This could reduce the flow of black money in this kind of situations. They need to monitor every action when related to the huge change of money. Media need to be alert in such issue and need provide perfect information to public. In this scam media played a vital role by leaking out the important videos to the public and letting out the truth. Whistle blowing in some situation is very important and in some other situations it create serious problem to the whistle blower.When coming to this scam I think whistle blowing is right thing to do. Since, the highest position of the department of telecom is involved in it. Report against a minister to any higher authority is not a normal thing. This could be harmful to him and his position in the government. In this scam a government offer has approached to income tax department about the issue and other filled a case in the Supreme Court. As many political and government officials are involved complaint to higher authorities is very risk thing to do.In this case the government tried to reduce the impact of the issue by withdrawing the head of CBI and Income tax department by this we can understand the political pressure in this issue. Later whistle blowing to the media had made to case to sustain and the accused got arres ted. A. Raja has cleared used all his powers for his own purpose. The lobbying for the post of telecom minister itself clearly stated his nature. He didn’t even consider the recommendation and rules that Prime Minister has recommended. His thoughts were to earn and take advantage from his position.In his views it is ethical for him to do like as he did for his self advantage. The result of Raja’s dissent is the 2G scam. His dissent had done great loss to the government of India. Lot of money has been misdirected from the government treasure which should be used for the public welfare. This issue has lost the trust on the government in the public. The entire license issued by the Raja has been dismissed by the government and allocations with new prices are done later. This has been wasted government time and money. The moral principles like not to cheat the public being a public representative are at stake.The responsibility values as being in the position are at stake. As a responsible person Raja has make all the allotments in fair and transparent manner. He should act in such a way that government and public need to get advantage of it. Everything exposed in this scam are done unethically, being a public servant he should use the power for the public welfare not for his own needs. But Raja has totally misused his power for his personal needs and to give advantage for his own people. To stop such scam CBI and income tax departments need to be provided with full power and no political pressure on them.Reference 2g scam: Timeline. (2011, OCT 22). THE INDIAN EXPRESS. Retrieved from http://www. indianexpress. com/news/2g-scam-timeline/864055 2g spectrum scam: The story so far. (2011, September 15). NDTV. Retrieved from http://www. ndtv. com/article/india/2g-spectrum-scam-the-story-so-far-133841 Court to consider charge sheet in 2g scam case on feb. 11. (2013, JAN 30). THE HINDU. Retrieved from http://www. thehindu. com/news/national/court-to-conside r-charge-sheet-in-2g-scam-case-on-feb-11/article4360930. ece Dhananjay , M. (2011, sept 07). 2g loss? ovt gained over rs 3,000cr: Trai. THE TIME OF INDIA. Retrieved from http://articles. timesofindia. indiatimes. com/2011-09-07/india/30122800_1_spectrum-trai-2g John , R. ( 2012, February 06). India to auction 2g spectrum from scandal-tainted licences. TECHWORLD. Retrieved from http://news. techworld. com/networking/3335201/india-to-auction-2g-spectrum-from-scandal-tainted-licences/ What is the 2g spectrum scam about?. (2012, march 2013). DECCAN HERALD. Retrieved from http://www. deccanherald. com/content/112984/what-2g-spectrum-scam-about. html

Feudal Europe essays

Feudal Europe essays The feudal system first appeared in Europe as a solution to the fall of strong, centralized empires. From feudalism sprang the political arrangement of self-sufficient towns known as the manorial system. The rise of feudalism in areas formerly dominated by Romans resulted in the breakdown of central government; but in regions undeveloped by Rome the feudal system was a further step toward organization and centralization. Feudalism spread from France to Spain, Italy, Germany and Eastern Europe. The important features of feudalism were similar throughout Europe during the middle ages, but definite national differences existed. Feudalism continued in all parts of Europe until the end of the fourteenth century and the renaissance period. Many characteristics were common to all feudal societies: strict division of social classes, (nobility, church officials, peasants, and serfs) and the land holding system dependent on the obligation owed to the land granter. In feudal society the ownership of all land was vested in the king. Beneath him was a hierarchy of nobles; the most important nobles held land directly from the king, lesser nobles held land from them, finally down to the lord who held a single manor. Document five describes daily life for feudal peasants and their obligations to the lord through service. A man served a lord through ploughing the fields while his wife paid dues in eggs and cloth. The political economy of the system was local and agricultural, and its base was the manorial system. The feudal method of holding land was by fief. The grantor of the fief was the lord, and the recipient was the vassal. The fief was formally gained by a ceremony and contract. The feudal system rested on the unsettled conditions of the middle ages and thus on the need of the lord for armed warriors and vassal for protection. Since equipping fighters was expensive, the lord could not create his armed force without the obligation of the vass...

Writing Tips The Elements of a Screenplay

Writing Tips The Elements of a Screenplay Writing Tips: The Elements of a Screenplay A â€Å"screenplay† is typically a script for a movie or television show. And if you see a screenplay on paper, you’ll notice it has a specific â€Å"look† and structure. This is partly due to the formatting, but it is also because all scripts contain certain things. Key elements include: Scene headings Descriptions of the action Character names Dialogue Parentheticals and extensions Transitions and shots We’ll now look at each of these screenplay elements in detail. 1. Scene Headings Each scene in your script should begin with a scene heading written in all caps. Usually, these provide information on whether the scene takes place inside (INT.) or outside (EXT.), the specific location, and what time of day or night it is. This is also known as a â€Å"slug line.† For example: INT. BEDROOM – NIGHT. EXT. CAPITOL BUILDING – SUNSET. The first scene heading above tells us that the scene takes place inside a bedroom at night. The second, meanwhile, is for a scene that takes place outside the Capitol Building at sunset. 2. Action The â€Å"action† in a script is where you describe the setting and what happens in each scene. As such, this will cover most of the text in your script other than the dialogue. However, action descriptions should only mention things that can be seen or heard (not what characters are thinking or feeling). Action lines in a screenplay.(Image: Entheta/wikipedia) A good rule here is to use the present tense and active voice whenever possible. This will ensure the action feels urgent on the page. You should also keep descriptions of action brief (ideally, no more than 3-5 lines per paragraph) so that your screenplay does not become too long. 3. Characters The first time you name someone in the action of your screenplay, you should write their name in all caps to show that you’re introducing a new character. This might be an actual name (e.g., SHIRLEY or MAJID) or a role description (e.g., PRISON GUARD or ANGRY DRIVER). We also use character names to show who is speaking in the dialogue. In this case, the name is usually written in all caps and indented roughly 2† (or 5cm) from the left margin on the page. The dialogue itself is then given on the next line, continuing until the character stops speaking. Finally, you may see some scripts with a list of characters at the beginning. This is especially common in stage plays, but not generally something you would include in a screenplay. 4. Dialogue The dialogue in a script is what the characters will say on screen, but it also includes voiceovers or voices coming from off screen (see the bit on extensions below for how this works). Typically, you should indent each line of dialogue 1† (2.5 cm) from the left margin and end 1.5† (3.75cm) from the right margin. This will ensure it appears in roughly the center of the page. 5. Parenthetical and Extensions Parentheticals and extensions provide extra information about what is happening in a screenplay: A parenthetical tells us how a character says something or what they are doing while they speak. These appear on the line between the character name and the dialogue itself. An extension is a note given in brackets after a character’s name stating how the audience will hear something. The most common are O.S. (offscreen) and V.O. (voiceover). These are usually given immediately after the character’s name when introducing dialogue. You should therefore add these to your screenplay as and when required. 6. Transitions and Shots Finally, we have transitions and shots. These notes provide extra information, much like parentheticals and extensions. However, transition and shot notes are specific to shooting and editing. A typical â€Å"transition† note, for example, might say CUT TO: or FADE TO: to show how two scenes should be edited together in the final version. A â€Å"shot† note, meanwhile, would tell us what kind of shot to use when filming a scene (e.g., CLOSE UP or REVERSE ANGLE). Generally, these are only included in a shooting script (i.e., a script that is already being produced). As such, you can leave these notes out if you are writing a spec script (i.e., a script you will pitch to producers).

A Chilling History of Frozen Food

A Chilling History of Frozen Food When we crave fresh fruits and vegetables in the middle of winter, we can thank an American taxidermist for making possible the next best thing. Clarence Birdseye, who invented and commercialized a method for quick-freezing food products in convenient packages and without altering the original taste, was  simply seeking a way for his family to have fresh food all year round.  The solution came to him while conducting fieldwork in the arctic, where he observed how the Inuit would  preserve freshly caught fish and others meats in barrels of sea water that quickly froze due to the frigid  climate. The fish were later thawed, cooked and most importantly tasted fresh much more so than anything at the fish markets back at home. He surmised that it was this practice of rapid freezing  in extremely low temperatures that allowed meat to retain freshness once thawed and served months later. Back in the U.S., commercial foods were typically chilled at a higher temperature and thus took longer to freeze. Compared to conventional techniques, fast freezing causes  smaller ice crystals to form, which is less likely to  damage the food. So in 1923, with an investment of $7 for an electric fan, buckets of brine, and cakes of ice, Clarence Birdseye developed and later perfected a system of packing fresh food into waxed cardboard boxes and flash-freezing under high pressure. And by 1927, his company General Seafoods was applying the technology to preserve beef, poultry, fruit, and vegetables.   Two years later, The Goldman-Sachs Trading Corporation and the Postum Company (later the General Foods Corporation) bought Clarence Birdseye’s patents and trademarks in 1929 for $22 million. The first quick-frozen vegetables, fruits, seafoods, and meat were sold to the public for the first time in 1930 in Springfield, Massachusetts, under the trade name Birds Eye Frosted Foods ®.   These frozen products were initially only available at 18 stores as a way to gauge whether consumers would take to what was then a novel approach to selling food.  Grocery shoppers could choose from a fairly wide selection that included frozen meat, blue point oysters, fish fillets,  spinach, peas, various fruits and berries. The products were a hit and with the company continued to expand, with frozen food products transported by  refrigerated boxcars to distant stores. Today commercially frozen foods are  a multi-billion dollar industry and  Birds Eye, a top frozen-food brand, is widely sold just about everywhere.  Ã‚      Birdseye served as consultant to General Foods up until 1938 and eventually turned  his attention to other interests and invented an infrared heat lamp, a spotlight for store window displays, a harpoon for marking whales. He would also establish companies to market his products.  By the time of his sudden passing in 1956 he had about 300 patents to his name.

Epistemology versus Ontology in Philosophy Essay

Epistemology versus Ontology in Philosophy - Essay Example Therefore, it may be said that this paper has been written on the assumption that epistemology is better suited than ontology for research design in philosophy. To begin with, one has to understand research design in context of philosophy as a style of writing or expressing ideas. This has a nexus with positivism as well as interpretivism in understanding how knowledge is gathered and used. Johnson et al's text (2000) starts with a study of innate notions. This portion of the book is a study of the elements that lead to speculation and a subsequent formation of perspective. This points to positivism. Throughout this part, the authors have managed to hook the reader on to the idea that speculation is an element that must be used in very discreet doses as more of it can damage the practical side of things in one's mind. (Johnson et al, 2000) As a philosophical notion, this is an ideal that is true to writing. In writing, it is imperative to stick to a certain balance between factual information and a small amount of speculation. This holds on to people's imagination and memories. Therefore, in this part of the book, the authors have merely de scribed a style of writing that has to do with organising ideas and information or interpretivism. This sets the stage for understanding and differentiating between epistemology and ontology. Further into the book, one will find ideals that are connected with principles in the mind. The mind is an organ that churns out thoughts and expressions of the same. These expressions are a part of the basic mental setup of the person concerned. This quality, in turn, springs from an ability to form a successful marriage between imagination and the overall truth surrounding a person. Therefore, these principles work towards defining a certain kind of writing and research design that can be applied by any person for means of appropriate self expression. (Johnson et al, 2000) The second part of the book is about Ideas. Writing is a field where ideation is an important phase before one begins to actually put the ideas down on pen and paper. Where does this ideation happen It happens during one's life experiences. These life experiences revolve around the garnering of values and ideals in life. One's writing often depicts the state of one's belief system. Thus, in describing ideas, Locke has managed to show what a person's preliminary research in writing is based on. This preliminary research comes from what is within oneself. (Locke, 2007) Analysis To begin with, let us define the concepts of epistemology and ontology, individually. Epistemology: This is a field of study that is closely related to philosophy. Epistemology, through the definition of theories and concepts, seeks to study a body of knowledge by applying the relevant definitions. This points towards subjectivism and the use of a positive attitude in deducing and understanding knowledge. In this way, it shares some similarity with ontology. It is a field of stu

Economic Essay Example | Topics and Well Written Essays - 500 words

Economic - Essay Example These factors go on to achieve economic objectives, promote economic growth, and shape fiscal policies. The term ‘money’ includes paper money, coins and checking accounts. The demand and supply of such assets determine the interest rate in an economy. The equilibrium interest rate is determined by the point where real money supply equates the real money demand. The money supply is controlled by the central bank. Real money demand is influenced by the interest rate and is positively correlated with real GDP. Influencing and changing the interest rate from the equilibrium rate results in conversions from (to) interest bearing deposits to (from) money. This allows the government to influence money holdings by the public. Interest rates are also positively related to the price level in a country. Keeping all other factors constant, a rise (fall) in the real interest rates brings about a rise (fall) in the real GDP. Hence economic growth could be promoted through interest rat es and therefore economic objectives could be achieved. The money market shows the equilibrium interest rates while the foreign exchange market shows the exchange rate. Combining the two markets yields a money forex diagram.

Summaries Essay Example | Topics and Well Written Essays - 500 words - 1

Summaries - Essay Example Among these sources of threats include malicious codes, industrial espionage, malicious hackers, loss of some physical and infrastructural support, incidences of employee sabotage, fraud and theft, errors and omissions, and threats to personal privacy. A computer virus is a code segment that is capable of replicating by possibly attaching copies of it to existing executable files, implying that viruses can exist in a computer without infecting the system; not unless one opens or runs the malicious program. It is majorly spread by sharing of infected files through emails and removable disks. A worm, on the other hand, is a self-replicating program or algorithm which has the capability of creating copies of it and thereafter executing without the requirement of a host program or user interventions. Just like in the case of viruses, worms exploit the use of network services to propagate itself to other hosts systems within the network topology. A Trojan horse is a program which performs a desired task, however, which also includes the unexpected functions. After installation or running of the Trojan horse, it gets activated and starts to alter the desktops by adding ridiculous active desktop icons; deleting files and destroying other information on the systems; and creating backdoor on the computer systems to offer malicious users the easy lee-ways into the system. Its unique feature that explicitly distinguishes it from worms and viruses are that it does not actually replicate/ reproduce by infecting other files. A Blended threat is rather more sophisticated in the sense that it bundles the worst known features or viruses, worms, Trojan horse and malicious codes. For its aided transmission, it can exploit the server and the linked internet vulnerabilities to initiate, and thereafter transmit by spreading its attacks to other various systems interlinked within the network structure. Blended threats are characterized by

Employee Satisfaction Surveys Research Paper Example | Topics and Well Written Essays - 1500 words

Employee Satisfaction Surveys - Research Paper Example Their relevance to the organization will also be proffered. The first type of employee satisfaction survey is the employee engagement surveys. In an employee engagement survey, the passion and commitment of the employee with regards to their work, company and co-workers are analyzed (NBRI, 2012). This type of survey aims to determine whether the employees feel empowered and whether they have a good relationship with their supervisors and managers (Sheahan, n.d.). Through this survey, management will know what the employees think about the company’s goals and values and if they are willing to support them (NBRI, 2012). The second type of employee satisfaction survey is the employee attitude survey. This survey â€Å"assesses the feelings or emotions of employees within the workplace† (NBRI, 2012). This survey will give management an idea on how it can boost the morale of their employees by understanding their views and perceptions and identifying the root causes of their attitudes in the workplace (NBRI, 2012). The employee opinion survey is another type of employee satisfaction survey. This type of survey reveals the employees’ behaviors, beliefs, feelings, thoughts and conclusions on matters such as commitment, management style and productivity (NBRI, 2012). The data gathered from this survey entails a precise analysis. The factors that motivate and discourage employees will be exposed in this survey. The fourth type of employee satisfaction survey is the employee development survey. This survey will prevent high turnover rates within an organization because it will determine whether employees perceive the company as a place where they can develop professionally (Sheahan, n.d.). If employees believe that the company offers opportunities for growth, this survey will be able to show it. Another kind of survey is the straightforward satisfaction survey which goes directly to the point of questioning employees how happy they are with their job s (Sheahan, n.d.). Sheahan goes on further to say that this type of survey usually has a scoring system which rates the satisfaction levels on a scale of 1 to 15 (n.d.). Moreover, the questions on the survey will give management an idea if there are any problems on morale and compensation. The sixth type of employee satisfaction survey is the improvement survey. This survey is conducted when an organization is contemplating on changing some policies or job conditions (Sheahan, n.d.). It will assist management in determining whether such changes will be acceptable to the employees. They will be able to gauge how the employees will react or feel if such changes were imposed. The 360 degree survey is another kind of employee satisfaction survey which is conducted by companies to evaluate the employees from the points of view of the supervisors, peers, subordinates, customers, vendors, and other external stakeholders (NBRI, 2012). One of the more important type of survey is the exit sur vey. This is administered to an employee who will leave the company. This survey is an excellent indication of employees’ attitudes and is known to elicit very honest responses (Ipathia, Inc., 2005). All the surveys mentioned above may either be conducted online or paper-based. A primary consideration though for online surveys is that not all the employees may have computer and internet access and there may be employees who lack computer skills to complete the survey (Lock Media Services, Inc., n.d.). An online survey however is less costly than a paper-based survey.

Streptococcus pneumoniae Research Paper Example | Topics and Well Written Essays - 1250 words

Streptococcus pneumoniae - Research Paper Example The species name is Streptococcus pneumoniae. Luis Paster discovered the organism in 1800’s. At that time he named it Micrococcus Pasteur. In 1886 and 1920, the name of the organism changed to Pseumococcus and Diplococcus pneumoniae respectively. Finally, in 1974 the micro-organism name became the Streptococcus pneumoniae (Toder, 2012). The micro-organism is Gram-positive, non-spore forming, non-motile and lancet-shaped. Predominantly, the micro-organisms occur in pairs. However, they can form short and straight chains. The micro-organism has a capsule that serves as a protective layer to antibiotics. In addition, the capsule stains positive during Gram staining process. The diameter of individual cells measures 0.5 and 1.25 micrometers. The cell wall of Streptococcus pneumoniae comprises of peptidoglycan and teichoic acid. The peptidoglycan component of the cell wall responds positively to Gram staining technique. This technique identifies and distinguishes different species in the genera streptococci. Steptococcus pneumoniae lacks the catalase activity. In addition, they are facultative anaerobes and metabolizes through lactic acid fermentation (Toder, 2012). There are more than 90 highly antigenic capsular serotypes differentiated in the types of presenting antigen in the capsule. Antibodies to specific types of serotypes are protective. The features responsible for pathogenic nature of organism are innumerable. These include presence of pro-inflammatory cell wall components (C-polysaccharides and F-antigen), IgA2 protease, pneumolysin, adhesins, and enzymes that damages tissue. Pneumolysin is a cytotoxin that stimulates immune response and adhesin bind to cell surface carbohydrates. Some of examples of adhesin include choline binding protein A, and the pneumococcal surface protein A [PspA]. The micro-organism incorporates the genetic material of other micro-organism through a process of transformation. The presence of F-antigen helps in acquiring of genetic material from different sources. Therefore, it means that the organism can change from one serotype to the other. This is quite significant to the development of resistance to antibi otics in the organism. It increases the virulence of the organism. The increasing severity of micro-organism is attributed to its ability to assume different shapes. When the organism acquires genetic material with genes of resistance to antibiotics, it replicates to resist the host defense mechanism. The virulence in these micro-organisms is associated with the capsular material. The capsule resists the hosts’ phagocytosis mechanism thereby surviving and multiplying in the host tissues. The virulence factors of the micro-organism include surface protein A. autolysin, and immunoglobulin A (Toder, 2012). Streptococci pneumoniae are found in the host’s upper airways, nose, or throat. They are part of normal flora in human beings. However, the organism becomes infectious depending on the immunity status of the host. In the immune comprised host, they cause some of the deadly diseases that include pneumonia, meningitis, sinusitis, acute otitis media, peritonitis, and bacte remia. These are diseases of upper and lower respiratory tract. When in the host tissues, pneumococcal undergoes genetic changes that convert the colonies from opaque to transparent ones. However, the rate is very low in number; it is 1 in 105 micro-organisms. The transparent colony is best adapted for proliferation in the nasopharynx. The opaque colonies thrive very well in the host’s blood. The opaque colonies increase their virulence during systemic infections. These differences in

Why America should still be on guard against Terrorist Essay

Why America should still be on guard against Terrorist - Essay Example Nevertheless, its attempts to control others, is loathed. Since the 9/11 radical attacks, the war and America’s move changed to mean rather different for the U.S. men in service, which has used up the last decade combating all kinds of unconventional enemies who use guerilla warfare and are more ephemeral than ever. The presidents Bush and Obama have employed new setting to sanction military action in regions most Americans know little of like Iraq, Afghanistan, Libya, and Yemen. The intimidations facing the United States are so immense and ever shifting, they entail diverse responses of force and not essentially the endorsement of assembly. The country should still be in the guard for terrorist attacks since the concepts of terrorism are changing daily. The kind of terrorism in the globe today is constantly changing in terms of the strategies that make it more complicated and harder to track. The acts of terrorism are constantly aimed at the public in terms of maiming and cau sing fear to spread across the nations. US has always made it clear that these attacks are not going without response judging by the advances the country has made to counter al kinds of terrorism. The threats on terrorism are changing from the 9/11 kind to more diverse types of terrorism. The fight against terrorism in the country is more evident in the sense that more radical are coming up with better ways to do their bidding. The advance in the technology had made it easier for them to articulate their terrorist acts on the country. The evolution of the terrorists attacks has changed from the normal forms into maritime, cyber, and even the economic biological and outer space terrorism. The initial official response picked up in America after the bombardments in Boston are heartening. President Barack took pains to continue being calm, contravening with the appalling conventions of the Bush management to guarantee reprisal while arousing the rule of law. Obama knows that the United States needs no new terrorist laws, no new regime agencies, no increase of police and intelligence operations and, the majority of all, no more provocative speeches. The staged search for the two bombing suspects was incontrovertibly a manhunt, and the social networks, particularly Twitter, were filled with false allegations and unbearable invective. However, none of this transforms the feature of Obama's actions, whose speech was patriotic in an optimistic intellect, relaxed and packed with assurance in the president's own, usually legitimized general power. This was in line with the act of Queen Elizabeth II who as a role model managed to set a comparable tone after the London attacks in 2005 (Bruce 4). She gave her subjects of her condolences and showed her sadness and compassion for the fatalities, she thanked the crisis services and the population of London, and then she said, shortly and in brief, that those who perpetrate these atrocious acts against blameless people should know that they do not change the lives of the people they hurt. This is what the voice of development sounds like, and it cannot be permissible to fall silent simply because a few cave inhabitants are continually feeling marginalized. At present and in the future, people should always recap the judgment of the Queen's and Obama's calm words each time terror occurs once again. In fact, the message to such killers ought to always be the same they will never change the lives of the ones they hurt. They can propel bombs, but the culture, the values, and the maimed society grow mightier than the desire to annihilate them. These varied attacks are some of the reasons that

Streptococcus pneumoniae Research Paper Example | Topics and Well Written Essays - 1250 words

Streptococcus pneumoniae - Research Paper Example The species name is Streptococcus pneumoniae. Luis Paster discovered the organism in 1800’s. At that time he named it Micrococcus Pasteur. In 1886 and 1920, the name of the organism changed to Pseumococcus and Diplococcus pneumoniae respectively. Finally, in 1974 the micro-organism name became the Streptococcus pneumoniae (Toder, 2012). The micro-organism is Gram-positive, non-spore forming, non-motile and lancet-shaped. Predominantly, the micro-organisms occur in pairs. However, they can form short and straight chains. The micro-organism has a capsule that serves as a protective layer to antibiotics. In addition, the capsule stains positive during Gram staining process. The diameter of individual cells measures 0.5 and 1.25 micrometers. The cell wall of Streptococcus pneumoniae comprises of peptidoglycan and teichoic acid. The peptidoglycan component of the cell wall responds positively to Gram staining technique. This technique identifies and distinguishes different species in the genera streptococci. Steptococcus pneumoniae lacks the catalase activity. In addition, they are facultative anaerobes and metabolizes through lactic acid fermentation (Toder, 2012). There are more than 90 highly antigenic capsular serotypes differentiated in the types of presenting antigen in the capsule. Antibodies to specific types of serotypes are protective. The features responsible for pathogenic nature of organism are innumerable. These include presence of pro-inflammatory cell wall components (C-polysaccharides and F-antigen), IgA2 protease, pneumolysin, adhesins, and enzymes that damages tissue. Pneumolysin is a cytotoxin that stimulates immune response and adhesin bind to cell surface carbohydrates. Some of examples of adhesin include choline binding protein A, and the pneumococcal surface protein A [PspA]. The micro-organism incorporates the genetic material of other micro-organism through a process of transformation. The presence of F-antigen helps in acquiring of genetic material from different sources. Therefore, it means that the organism can change from one serotype to the other. This is quite significant to the development of resistance to antibi otics in the organism. It increases the virulence of the organism. The increasing severity of micro-organism is attributed to its ability to assume different shapes. When the organism acquires genetic material with genes of resistance to antibiotics, it replicates to resist the host defense mechanism. The virulence in these micro-organisms is associated with the capsular material. The capsule resists the hosts’ phagocytosis mechanism thereby surviving and multiplying in the host tissues. The virulence factors of the micro-organism include surface protein A. autolysin, and immunoglobulin A (Toder, 2012). Streptococci pneumoniae are found in the host’s upper airways, nose, or throat. They are part of normal flora in human beings. However, the organism becomes infectious depending on the immunity status of the host. In the immune comprised host, they cause some of the deadly diseases that include pneumonia, meningitis, sinusitis, acute otitis media, peritonitis, and bacte remia. These are diseases of upper and lower respiratory tract. When in the host tissues, pneumococcal undergoes genetic changes that convert the colonies from opaque to transparent ones. However, the rate is very low in number; it is 1 in 105 micro-organisms. The transparent colony is best adapted for proliferation in the nasopharynx. The opaque colonies thrive very well in the host’s blood. The opaque colonies increase their virulence during systemic infections. These differences in

Concept Analysis Paper Anxiety Essay Example | Topics and Well Written Essays - 1000 words

Concept Analysis Paper Anxiety - Essay Example In other words, the paper would provide basis for research and management of anxiety related disorders and at the same time acting as an educational tool in the nursing field (Bouras & Holt, 2007). The purpose of this analysis was to demystify anxiety as a clinical condition. It will give a several insight into various features of the concept and examine the different consequences of this condition on patients. Anxiety and other related conditions are some of the most common mental reasons for seeking medical help today. A recent study statistics indicated that 25% of the global population have exhibited signs of anxiety. This therefore is a serious worrying trend for nursing practitioners and medical profession in general as it signifies serious medical health problem. Consequently, the need for concept analysis in anxiety would act as an important tool through which nurses can enhance their management skills as far as anxiety is concerned (Hayes and Strosahl, 2004) Definition of co ncept In common usage anxiety is a defense mechanism that triggers in the mind. This state when blown out of proportion can result to a serious psychological problem. It can also be defined as thoughts or worrying about the future events which can either be good or bad, meaning that a person who is worried about is future can suffer from anxiety. In nursing usage anxiety is defined as a combination of several biochemical changes in the body, the patient’s memory, social situation and personal history. It is difficult to concretely describe this condition as it as many causes and degrees of intensity. Sometimes doctors describe it as emotion or an affect depending on the person describing it, whether it’s an outside observer (affect) or the person having it (emotion) (Ohman, 2000). Defining characteristics Anxiety can present itself in many ways. some forms of anxiety expressed themselves mildly, whereas others severely. This form depends on the stage of development. Mi ld anxiety occurs when the condition is still in its infantry stages. In most cases, the severe anxiety occurs when the anxiety is not managed during its early stages of development. The characteristics exhibited by mild anxiety are distinct from those exhibited by severe anxiety. Mild anxiety, for instance expresses in form of panic attack. The person is mostly likely to show mild signs as perspiration, and chills (Twamas and Bangi, 2003) In some cases, a patient may experience symptoms such as obsessive compulsive disorder. Such conditions imply that the condition is in middle stages of progression. For those with post-traumatic stress as a form of anxiety then it’s characterized by lack of sleep (Barlow, 2002). Late stages of anxiety disorder differ depending on the type of anxiety the patient suffers from. Patients with panic disorder then late stages are characterized by behavioral and cognitive traits. In this stage the patient may dread death or go crazy. Those who hav e phobia may also express certain strange characteristics at the late stage e.g. stop doing any activity at all. (Craske and Barlow, 2003). Additionally, it worth noting that cases of anxiety can present in different forms. There are model cases, contrary cases and the borderline cases. Model case of anxiety is a case where the patient depicts most of the general features associated with anxiety. Borderline case of anxiety is a product of neurological and psychological disturbances. The term

Dana Hall Essay Example for Free

Dana Hall Essay Develop an action plan, taking into consideration the organizational context and current understanding of the issues. In this assignment, you are asked to stretch your thinking a bit, by designing a preliminary action plan based on your analysis of the Dana Hall case. Instructions 1. Review the action research you have completed thus far on the Dana Hall case. 2. Design a preliminary action plan for addressing the issue at Dana Hall. Use the Action Research Template (in the Resources below) to guide the development of your action plan. Your plan should: o Emphasize the problem definition stage (Stage 1 of the ARPP), including the generation of alternative courses of action. o Align with the problem definition. o Include analysis of the Dana Hall situation and the organizational context of the problem. o Establish alternatives and your choice for a course of action. 3. Present you analysis of the problem and your preliminary action plan. Choose one of the following two options.

A Character Analysis of Elizabeth Bennet Essay -- essays papers

A Character Analysis of Elizabeth Bennet Throughout Jane Austen’s novel Pride and Prejudice , there are many references to the unusual character of Elizabeth Bennet ; she is seen to be an atypical female during those times. Wit , bravery , independence , and feminist views all describe a most extraordinary model for women. Pride and Prejudice is a humorous novel about the trials of marrying well in the early eighteenth century. It focuses mainly on the actions of two couples – Elizabeth Bennet and Mr. Darcy and Jane Bennet and Mr. Bingley. Elizabeth Bennet is a vibrant, headstrong young woman who is not too keen on the idea of marriage , whereas Mr. Darcy is an egotistical and proud man who improves on closer acquaintance. Mr. Bingley is Mr. Darcy’s closest confidante and is a very good man who is easily persuaded. Jane Bennet is the eldest of the Bennet daughters who is closest to Elizabeth and is also a very good-natured person. All of these characteristics play off of one another throughout the course of events to create many interesting situations. Jane Austen was the daughter of a minister in a small English town. Her observations about irony and hypocrisy in English society drove her to write many stories of such things especially marriage as that was a prime example of such traits. She herself never married. Elizabeth Bennet’s wit is both humorous and intelligent. There are repeated instances within the story in which she proves her cleverness and liveliness. Joel Weinsheimer believes th... ...64. Butler , Marilyn . Jane Austen and the War of Ideas. Oxford : Clarendon Press , 1975. Chandler , Alice. Jane Austen : Modern Critical Views. New York : Chelsea House Publishers , 1986. Halperin , John , ed. Jane Austen : Bicentenary Essays. Cambridge UP , 1975. Heilman , Robert. â€Å"E Pluribus Unum : Parts and Whole in Pride and Prejudice† . Jane Austen : Bicentenary Essays. Cambridge UP , 1975. Rubinstein , E. , ed. Pride and Prejudice : A Collection of Critical Essays. Englewood Cliffs: Prentice-Hall Inc. , 1969. Sherry , Norman. Jane Austen. New York : Arco Publishing Co. , 1969. Watt , Ian , ed. Jane Austen : A Collection of Critical Essays. Englewood Cliffs : Prentice- Hall Inc. , 1964. Weinsheimer , Joel . Jane Austen : Modern Critical Views. New York : Chelsea House Publishers , 1986.

Capitalism vs. Art :: Sociology Sociological Essays

Capitalism vs. Art Works Cited Missing When an unpopular Irish playwright for the British stage said that art imitates life, no one really cared. Farquhar, a failed-actor-turned writer/director didn't really begin writing his most famous works until he was close to death, but most of his quotable notions and wit were recorded early in his life. He said this particular phrase after he killed a friend of his, and fellow actor by stabbing him with a rapier on the stage after mistaking it for a blunt foil. The late 19th century applies to Farquar's school of thought because it marks the beginning of a three-stage approach to a comparison between capitalism and art. Frederic Jameson describes these stages as realism, modernism, and postmodernism . Each of these three stages is associated with the specific type of capitalism that was popular at that time: realism is associated with market capitalism, modernism with monopoly capitalism, and postmodernism with consumer capitalism. Cornel West, like Jameson, identifies further similarities between capitalist movements and artistic movements in the past century on two levels. On the broader spectrum, West says that civil crisis leads to social change , and that recent social crisis has been the undulating economy. On a narrower spectrum, he discusses the "existential challenge" to the New Politics of Difference, that is, "how does one acquire the resources to survive†¦ as a critic or artist?" (West 617). There is, perhaps, an alternate view that can be considered when approaching a comparison between capitalism and art. Since 1880, a strict equation between economic movement and social change could be formulated, but it does not necessarily hold true for the late 20th century and postmodernism. Postmodernism was affected by economic crisis, but because the United States has not faced economic crisis in two decades, the postmodern movement has suffered greatly. Two of the first realist writers were Honore de Balzac and George Eliot. Balzac's Le Comedie Humaine (1830) "contains none of the baser instincts of man that are glorified in romanticism," (Alter 201). In this 20-year compilation work, Balzac covered many topics, but according to Robert Alter, president of the Association of Literary Scholars and Critics (1997), the most important one is that of social and economic ambition. Eliot's Middlemarch (1871) "viewed human life grimly, with close attention to the squalor and penury of rural life" (Alter 8). Alter says that she is one of the first writers whose work was entirely saturated with pessimism.

Football and Sociology

American football as we know it originated from rugby played in Britain in the mid-19th century. The person who Americans consider the â€Å"Father of American Football† is Walter Camp. Professional football can be traced back to 1982, when there was a $500 contract for the Allegheny Athletic Association and the Pittsburgh Athletic Club to play a game against each other. Originally football was primarily a sport of the Midwestern industrial towns in the United State. In 1902, the American Professional Football Association was formed and two years later the National Football League. The competition was fierce between the two leagues, which led the two leagues to merge. Football eventually became national. When the two leagues merged is when the Super Bowl was formed. This is the most viewed event in the United States on a yearly basis. Football has grown for many years now and now has 32 teams. According to the Scarborough Research data, the NFL fans mirror the general United States population in many areas including age, race and income. There are a few discrepancies which include that men account for 49% of the general population, however the account for 58% of the NFL fans versus women who account for 51% of the general population but only account for $35-50K, in which they account for 19% of the fan base for the NFL. The report also states that there are more NFL fans that are married than non-married. The age group with the highest attendance whether on television or at the actual games is 35-44 years old. The Scarborough Report has a tremendous amount of statistics regarding NFL fans. The list goes from what they like to eat or drink to how many kids live in the household. I was very amazed by the information that was researched. In the society today, football affects almost every household. The impact of football has grown over the last few decades. The number of channels on the television in which sports can be watched has had a massive effect on the society. There are now channels just for specific sports and these channels only show that particular sport on that channel, all day. Football is a very physical sport. Youth like to see the physical part of the sport and they use the sports players as their role models. They all want to have muscles like the football players and be tough like the football players and of course they want to play football as well. The impact of football has both negative and positive factors. I found an article on the wives of the coaches of football. It was very interesting. In the article it states that in 1989, a group of women who were married to football coaches met at the American Football Coaches Association convention in Nashville, Tennessee (Tucker, 2001) and decided to form a support group. Evidently, they were feeling a little let out of the loop. For many men, football allows for violence and male bonding (Nelson, 1994), however, for women, football often means competing for men’s attention, or worrying about boyfriends, husbands or sons on the field. Within this article it also talks about how the spheres changed because men were known to leave the home and go outside to work and women stayed inside and were domesticated. Football is for men and it classifies them as performers and heroes, however women are classified as watchers and admirers. This article overall is showing the differences in men and women in regards to football. There were a lot of different opinions by different people who had heard about the organization of the American Football Coaches’ Wives Association. How this group puts together recipe books and visits the sick children in the hospital was a great asset to the group but they still don’t get the recognition that the football players get. This was a very tougher paper for me to write due to the fact that even though I like football, I have never looked at it in any other way than occasional entertainment. I am not a die-hard fan who watches the sport every chance that I get. Scarborough Research Examines NFL Fan Demos, QSR (2009, September) Preferences, http://www. sportsbusinessdaily. com/Daily/Issues/2009/09/Issue-12/The-Back-Of-The-Book/Scarborough-Research-Examines-NFL-Fan-Demos-QSR-Preferences. aspx Tucker, Diana, A Gender Drama in American Football Culture: The Case of the Coach’s Wife. , (2001) Football Studies, vol. 4 no. 2 http://www. la84foundation. org/SportsLibrary/FootballStudies/2001/FS0402g. pdf Nelson, M. B. (1994). The stronger women get, the more men love football: Sexism and the American culture of sports. New York: Avon.

A critical exploration of incorporated and unincorporated business structures and an examination of potential consequences to managers and directors for ignoring provisions of the equality act 2010.

Introduction An important first step in any business decision is deciding the type of structure of the company. There are several business structures which may include sole proprietorship, partnership, corporations and unincorporated business structures (Bhushan 2008). The first section of this analysis is going to focus explicitly on unincorporated business structures; highlighting some of the benefits of establishing an unincorporated entity such as simplicity, low cost and flexibility and the risks of running unincorporated businesses. The paper will also discuss the benefits as well as the drawbacks of incorporation. The second section will explore on the employment law, and the Equality Act 2010 in particular. It will examine some of the provisions of EA 2010 and discuss the potential consequences for managers and directors where provisions of the EA 2010 are ignored. Defining incorporated and unincorporated organizations Before exploring further, it is important to first define incorporated and unincorporated organizations. Incorporation is generally defined as the creation of an organization’s legal identity, separate from its members (Behrenfield et al. 1989). On the other hand, an unincorporated entity refers to a collection of individuals coming together for a specific purpose (Davis & Lawrence 1963). The main distinguishing feature is the lack of a separate legal personality for unincorporated forms. Even though unincorporated entities may operate under a common name, they do not have a legal structure (Gansler 2013). Thus, the law does not distinguish between the organization and its members. Unincorporated business entity may take on three main forms: a sole proprietor, partnership, or unincorporated association (Oleck & Stewart 2002). To an entrepreneur seeking to start a business, understanding the benefits and the drawbacks of setting up unincorporated business structure as well as the challenges of incorporation is very important. Familiarity with the benefits and challenges encountered with each approach will help guide investment decisions. This will help in developing a better understanding of the various challenges, risks, and the concerns and conflict that the entrepreneur might face with each approach. Benefits and the costs of incorporation versus the advantages and the risks of running unincorporated entities The choice of whether to operate an unincorporated business entity or to incorporate the business is not an easy one. Each approach to business has its own advantages and disadvantages. This requires some form of analysis whereby one weighs the benefits and the costs of incorporation against the advantages and the risks of running unincorporated entities. One particular point that is worth noting is that, unlike unincorporated forms, incorporation limits personal liability. This particular factor sets corporation apart from all other forms of businesses. Unlike an unincorporated entity, a corporation is an independent legal entity which is separate from the members controlling, owning or managing it (Williams et al., 2000; Davies & Lawrence, 1963 & Lazier 2009). In other words, incorporation will shield the owner’s personal assets from business debts and claims. This is not the case with an unincorporated business entity as the sole proprietor or partners are subjected to unlimited personal liability for the firm’s obligations (Williams et al., 2000; Davies & Lawrence, 1963 & Lazier 2009). That is, the owners or individuals carrying out the activities of the unincorporated entity will be personally liable for the acts and liabilities of the entity. For example, if for some reason, the firm becomes insolvent or runs into debts; then all of the firm’s assets as well as the personal estates of the business owners/partners will be applied in the satisfaction of the business debts. However, the business assets will first be applied and any indebtedness due or rather not covered by the business assets will be recovered from the owners/partners personal estates (Carter 2014). This means that the personal assets for each individual running the entity will exposed to the creditors once the business has exhausted its assets and insurance. Another point of divergence lies with the filing of tax. Owners of unincorporated business structures are required by law to pay income taxes on all net profits of the business regardless of the amount taken out by these owners (Lazier 2009 & Oleck & Stewart 2002). On the other hand, a corporation is taxed as a separate entity. It is subjected to special corporate tax rates, separate from an individual shareholders tax. However, if a portion of the corporation’s after-tax income is distribute to the shareholders in the form of dividends, then a separate tax will be charged dividend received by each shareholder (Laurence 2014). The separate level of taxation can be beneficial in some cases. The corporate owners are not required by law to pay personal income taxes on profits that they do not receive (Williams et al. 2000). And, given that corporations are subjected to a lower tax rate than most individuals for corporate income between $50,000 and $75,000, the owners of the corpo ration may benefit from a low combined tax bill compared to owners of unincorporated business earning the same profit (Laurence 2014). Perhaps another advantage of incorporating a business lies in its ability to attract investment capital. Unlike most of the unincorporated business forms, incorporation allows the business to sell ownership shares through the company’s stock offerings (Gansler 2013). This can be of great benefit especially where the need for attracting more investment capital arises. This advantage also makes it easy to hire and retain key employees by allowing employees to purchase company’s stock through employee stock options. This is particularly beneficial to the firm as it helps in aligning employees interests with those of the shareholders (Bickley 2012). However, business that have no intention of â€Å"going public† or issuing stock options may not find this added expense worthy. Yet another benefit that is worth mentioning is that the business will have an unlimited life in the event of death of the owners. Corporations may last for centuries even in the absence of the original owners (Davies & Lawrence 1963). The business will continue to act a separate legal entity which can freely transfer ownership interest from one person to another (Carter 2014). But for unincorporated entities, the business may come to an end in the event of death of the owner. It is clear that there are enormous benefits with incorporating a business compared to running an unincorporated business. However, there are several drawbacks to incorporating a business as well. One particular drawback relates to the high cost involved in incorporation. The corresponding filing fees charged for incorporation and the extra administration costs and the considerable organizational and overhead costs incurred by the corporation can be extremely high (Carter 2014). Besides the high cost involved, the process of incorporation is normally very lengthy due to the huge amount of paperwork which must comply with regulations. Unlike many other business forms, incorporated business forms have many formalities and regulations that they must comply with such as recording shareholder rights, establishing a board of directors, maintaining corporate minutes, corporate records and filings (Davies & Lawrence 1963). On the other hand, unincorporated business forms benefit from simplicity, low cost and the flexibility associated with their structures. It is easy and less costly to set up an incorporated business entity compared to a corporation. Continuing maintenance costs are minimal and there is a greater flexibility in terms of conversion of the entity to other forms as the business grows (Bhushan 2008). Also, the length of time and the amount of paperwork involved in setting up an incorporated entity is very minimal compared to incorporating a business. Another consequence of incorporating a business is that it is subject to greater regulation and supervision by government bodies. For example, financial corporations such as banks and trust banks, credit unions, investment and holding companies, insurance companies and many others are supervised by the Department of Financial Services (PWC 2008). Supervision include an examination of the licensing and registration requirements and chartering among many others. Regulations governing incorporations are also highly complex. Establishing a bank in the US requires one to conduct discussions with regulatory advisors, lawyers and federal and state supervisory officials due to the highly complex banking regulations (PWC 2008). On the other hand, unincorporated entities are not subjected to greater supervision and extensive regulations as corporations. And since they are not governed by any statute, unincorporated business entities have more flexibility with regard to how the entity should be structured. The owners can take all the actions of an individual. However, this lack of regulation could be a problem when a dispute arises since there is no formal statute for addressing it (Lazier 2009). The choice of whether to incorporate or run an unincorporated entity is clearly a complex decision which can only be made with consideration of a number of factors such as the projected business risks/liabilities, the need for attracting addition investment capital, need for regulations among many others. The choice of whether to set to incorporate the business or set up an incorporated business structure will most likely depend on the projected risk and liabilities of the business. For example, if the business is going to engage in high risk activities such as trading stocks, then it would be best to incorporate the business in order to provide for personal liability protection. However, where the risk is minimal, it is prudent to consider establishing an unincorporated business entity. Nonetheless, I will advise the couple setting up the retail business to incorporate as the risks of running an unincorporated business may outweigh the risks of incorporating it due to many unforeseen costs arising especially where lawsuits are involved. Plus there are the benefits of attracting additional investment through company stock offerings and issuing of stock options to employees which will also have the effect of aligning employees’ interests with those of the shareholders. While incorporating may be time consuming and costly due to the high filing fees, the extra administration costs and the considerable organizational and overhead costs incurred by the corporation; the benefits are greater in the long run compared to running an unincorporated business entity. Assessing potential consequences for managers and directors where the provisions of EA 2010 are ignored. An important part of running a business is understanding the various employment legislations which may have significant consequences on managers and directors of the company if ignored. One particular employment legislation of great interest in this analysis is the Equality Act 2010. The Act requires employers to take reasonable steps to protect their employees from discrimination and harassment in various areas including age, disability, religion, belief, race, sexual orientation, gender reassignment and pregnancy or maternity (GOE 2010). For example, part 5 of the Act which covers provisions relating to equal pay create an implied sex equality clause in employment contracts (GOE 2012). These provisions require employers to ensure equal pay for both the male and female gender where the contractual nature of the work is the same (EHC 2011). In general, the act places duty on employers to protect the rights of each employee by ensuring that they are not being discriminated against in the various areas highlighted above. It requires employers to make reasonable adjustments to working arrangements to prevent job applicants or employees from any form of discrimination (Jacobs and Jerald 2007). Ignoring the provisions of the EA 2010 will lead to severe repercussions. Managers and directors that choose to overlook some of these provisions will face severe court penalties. In addition, the legal costs incurred may be extremely high. The legal bill for the employer starts right at the moment when the employee expresses grievance and files a claim of harassment, discrimination or victimization (Muyi-Opaleye 2014). It should be remembered that the cost of hiring employment lawyers is very high and the legal bill can easily run into tens of thousands of dollars. In fact, estimates put the current defense costs of a single claimant lawsuit at $250,000 and a jury verdict of $200,000 (Heathflieid 2014). The settlement costs may fade in the face additional indirect costs that are often hard to quantify such as the losses resulting from damages to a firm’s reputation, the costs resulting from the loss of employee morale and distraction of organization’s staff as internal investigations are conducted (Heathfield 2014). There is also the loss resulting from the amount of time spent in defending against the claim. The managers/directors may incur indirect costs such as the loss of reputation which can also affect the firm’s reputation. Where such cases attracts publicity, the managers and directors may suffer from reputational damage irrespective of whether the claim was found to be valid or not. It should be remembered that reputation is a matter of perception and that the firm’s reputation is a function of reputation of key stakeholders including managers and directors of the company (Shah 2013). A strong positive reputation among the managers and directors of the company will result in a firm’s strong positive reputation and vice-versa (Burns 2012). If the managers and directors continue to allow for unfairness to go unchecked in the workplace, then this can cost them as well in terms of consumer demand. Consumers may react by choosing to do business elsewhere. This will have a significant adverse effect on the company’s bottom line as sales will significantly decrease thereby decreasing revenue and net returns. Companies cannot afford to lose a share of the market by allowing unfairness to go unchecked in the workplace (Burns 2012). The other indirect additional costs may have severe repercussions on the firm as well. Employee morale may decline to levels that their productivity are significantly affected (Burns 2012). Employees will feel that their grievances are not being addressed by the managers and directors of the company, thereby creating disengaged employees. Eventually, this will have a negative effect on the company’s bottom line. It is clear that the risk to the managers and directors for ignoring provisions of the EA 2010 are significant. From the very high costs of defending lawsuits to the hard-to-quantify indirect costs arising from reputational damage, loss of employee morale, and distraction of organization’s staff. It is imperative that the employer addresses employees concerns related to their employment contracts in order to avoid lawsuits and ensure a pro-active diversity workforce. If the employer fails to address employee concerns, proves evasive or provides unequivocal answers; it may lead to a tribunal drawing inferences which could be enough to establish a â€Å"prima facie† case of discrimination (Muyi-Opaleye 2014). Besides the lawsuits that may arise when a case of â€Å"prima facie† case of discrimination is established, the management may be ordered by the employment tribunal to undergo equality and diversity training. The Equality Act 2010 provides the employment trib unal with wider powers to order changes in workplace (GOE 2012). Conclusion There is no denying that the consequences of overlooking this employment legislation are enormous. The managers and directors may choose to ignore the provisions of EA 2010 at their own peril. The risk of ignoring these provisions is high from costly lawsuits to the hard-to-quantify indirect costs arising from reputational damage, loss of employee morale, and distraction of organization’s staff. The managers/directors of the company also run the risk suppressing overall job performance, forcing otherwise qualified and innovative individuals out of the labour force, and losing the lucrative consumer market to competitor firms. Reference Behrenfeld, W.H. and A.R. Biebl, 1989. Business Entities. New York: American Institute of Certified Public Accountants, Inc. Bhushan, Y.K., 2008. Fundamentals of Business organization and management, New Delhi: Sultan Chand and Sons Inc. Bickley, J.M., 2012. Employee stock options: tax treatment and tax issues. Congressional Research Service. Available from http://fas.org/sgp/crs/misc/RL31458.pdf [viewed on 4th December 2014] Burns, C., 2012. The costly business of discrimination: the economics costs of discrimination and the financial benefits of gay and transgender equality in the workplace. Center for American Progress. Carter, C., 2014. Advantages and disadvantages of incorporating a business. Chron. 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