Tristan Bernards Im Going Essay Example for Free

Tristan Bernards Im Going Essay According to The Hutchinson Unabridged Encyclopedia literature is, â€Å"Words set apart in some way from ordinary everyday communication. In the ancient oral traditions, before stories and poems were written down, literature had a mainly public function mythic and religious. As literary works came to be preserved in writing, and, eventually, printed, their role became more private, serving as a vehicle for the exploration and expression of emotion and the human situation. † Literature enables us to develop our minds analytically and promotes open minds. We can see the world through the eyes of different writers from different cultures and in turn learn to better handle certain scenarios in our own lives. It allows the reader to escape to a different world temporarily. In Tristan Bernard’s I’m Going! , it shines a light on an issue that is true with many couples all over the world and in all times. I liked it for the fact that is like a genre of comedies with a social message. This play is relatable to many people in the world. Unlike other works in our textbook, this play seems to have a specific issue that many couples relate to, lack of communication. In this paper, I will critique parts of this works using the reader’s response approach, the lacks of communication brought upon by the main characters and support it with evidence. I always understood the fact that we humans are essentially the same everywhere in the world. We have similar ambitions and dreams. We want and hope for mostly the same things for our families and us. I was intrigued by Bernard’s play, I’m Going! As it shows us clearly how not only couples dynamics are similar but even that most couples mistakes and arguments are similar as well. In this case, the lack of communication comes across in every point made by Henri and Jeanne. It shows us a satirical look on how communication should be effective and the misunderstandings that keep occurring with this couple. Their ineffective communication could lead to a horrible life and a game of cat and mouse that seems endless. (Clugston, 2010) I have seen many Henris’ and Jeannes’ throughout my growing up and the solution seemed always to be clear to all, except to the couple in question. In the play, Henri would never admit his obsession and addictions to his wife Jeanne. Due to the nature of their relationship, it seems his pride won’t let him open up to his partner. Instead, he tries to keep a persona that is much stronger and able than he is. Jeanne, on the other hand, does not have a clue how to persuade her husband to spend more time with her as well as abandon the habit of gambling and going to the races so often. They clearly avoid the subject until it’s time for the race again. Jeanne exhibits some fear of her husband, as well as not knowing what to do, when Henri states any excuse to have an argument avoiding the true problem. He states all the fake issues and fake reasons†¦Jeanne’s fast walk, the financial cost of her joining him to watch the races, and even the weather, all in an attempt to persuade Jeanne not to go with him. On the other hand, Jeanne does not seem to know how to face her husband or convince him reasonably why he should not go to the races anymore. She tries delicately to make it about her and his lack of effort to spend time with her. The reality is that Henri needs time for himself like everybody and needs to quit these races as a responsible head of family should know. On line 157 of I’m Going, Henri shows that us that he does love his wife but that he also is trying to outsmart her by saying just enough to keep her quiet on the matters at hand so he can enjoy the races with no consequences at home or on his own conscience. (Clugston, 2010) I like this play and the subject matter brought up. I did wish, however, to see more comedic lines to make the point even stronger. Lack of communication could be the demise of any couple in the long term and that message could have been even more emphasized. I believe this play pointed at one of the most dangerous issues couples go through in all times and places. This play reinforces the importance of communication and the importance of opening up to your other half and partner in life is a necessity. Since the first chapter, our textbook has asked us to â€Å"connect† with literature. It was asked of us to find a personal link to a story, poem or play. While examining I’m Going, I chose the reader response approach. This approach encourages, through the use of specific prompts, the readers to have personal interactions with the text, personal experiences and prior knowledge. (Kelly, 1989) This comedy uses the imagination and humor in a very smart way. It forces us to open our mind and heart to an issue that not all couples are even able to pin point. Humor can educate us about very serious matters that other types of art, schools or even life experiences may not be able to get through. With Henri and Jeanne’s ineffective communication, it brings to light other issues instead of the one at hand. They focus on other issues but if they focused on communication, they may be able to repair their relationship. Without acknowledgement of the true issue, only time can tell how long they can make it last.

Environmental Effects of Fossil Fuels Essay -- Essays Papers

Environmental Effects of Fossil Fuels Besides food, fossil fuels are our most important resource. According to www.bydesign.com, there are three major resources. These resources are coal, oil and natural gas. The environmental impact of fossil fuel usage affects us greatly as individuals and as a global community. Coal causes much damage to our environment. Coal extraction is a serious cause of water pollution. Coal is used primarily to produce electricity. Coal releases nitrous oxide when it is burned. Nitrous oxide unfortunately stays in the atmosphere for a long time. Because this is kept in the atmosphere for such a long time it is very difficult to see or predict the harmful effects of this gas. Nearly fifty percent of the nitrogen oxide in the atmosphere is directly produced by coal. According to www.eia.gov the US energy supply and demand predicts that annual coal usage will increase from 1146 million short tons to 1175 million short tons. This means that the environmental detriments from coal usage will only increase. Currently, there is no sure way to relieve the environmental stressors caused by coal. However, for me, personally, this is a relief. This is relieving because my father owns a small family business that sells mulch and driveway stone. During the winter months, his busine ss depends on coal sales. In the past few decades, household usage of coal has decreased significantly due to the growing availability and convenience of other fuels. I do not believe that this statistic indicates that the average for household usage will increase, but it is encouraging to hear that coal will not disappear anytime soon. Oil is another one of the fossil fuels to which many of my father’s previous customers are conv... ...vironment. Overall, fossil fuels have major impact on our environment. Our energy choices leave lasting impacts on the lives of plants, animals and ourselves. Many health and physical concerns can be linked to fossil fuel usage. Hopefully, by reducing our energy consumption we will be able to protect our lives and lives of those to come. Works Cited About Fossil Fuel. 19 Feb 2004. 29 Mar. 2005 http://www.bydesign.com/fossilfuels/links/html/fossil_fuel.html>. Natural Gas and the Environment. 2004. Naturalgas.org. 29 Mar. 2005 http://www.naturalgas.org/environment/naturalgas.asp>. Restoring the Resources. Exxon Valdez Oil Trustee Council. 29 Mar. 2005 http://www.evostc.state.ak.us/facts/prevention.html>. "Short Term Energy Outlook." Short-Term Energy Outlook – March 2005. 8 Mar 2005. 29 Mar. 2005 http://www.eia.doe.gov/emeu/steo/pub/contents.html>. Environmental Effects of Fossil Fuels Essay -- Essays Papers Environmental Effects of Fossil Fuels Besides food, fossil fuels are our most important resource. According to www.bydesign.com, there are three major resources. These resources are coal, oil and natural gas. The environmental impact of fossil fuel usage affects us greatly as individuals and as a global community. Coal causes much damage to our environment. Coal extraction is a serious cause of water pollution. Coal is used primarily to produce electricity. Coal releases nitrous oxide when it is burned. Nitrous oxide unfortunately stays in the atmosphere for a long time. Because this is kept in the atmosphere for such a long time it is very difficult to see or predict the harmful effects of this gas. Nearly fifty percent of the nitrogen oxide in the atmosphere is directly produced by coal. According to www.eia.gov the US energy supply and demand predicts that annual coal usage will increase from 1146 million short tons to 1175 million short tons. This means that the environmental detriments from coal usage will only increase. Currently, there is no sure way to relieve the environmental stressors caused by coal. However, for me, personally, this is a relief. This is relieving because my father owns a small family business that sells mulch and driveway stone. During the winter months, his busine ss depends on coal sales. In the past few decades, household usage of coal has decreased significantly due to the growing availability and convenience of other fuels. I do not believe that this statistic indicates that the average for household usage will increase, but it is encouraging to hear that coal will not disappear anytime soon. Oil is another one of the fossil fuels to which many of my father’s previous customers are conv... ...vironment. Overall, fossil fuels have major impact on our environment. Our energy choices leave lasting impacts on the lives of plants, animals and ourselves. Many health and physical concerns can be linked to fossil fuel usage. Hopefully, by reducing our energy consumption we will be able to protect our lives and lives of those to come. Works Cited About Fossil Fuel. 19 Feb 2004. 29 Mar. 2005 http://www.bydesign.com/fossilfuels/links/html/fossil_fuel.html>. Natural Gas and the Environment. 2004. Naturalgas.org. 29 Mar. 2005 http://www.naturalgas.org/environment/naturalgas.asp>. Restoring the Resources. Exxon Valdez Oil Trustee Council. 29 Mar. 2005 http://www.evostc.state.ak.us/facts/prevention.html>. "Short Term Energy Outlook." Short-Term Energy Outlook – March 2005. 8 Mar 2005. 29 Mar. 2005 http://www.eia.doe.gov/emeu/steo/pub/contents.html>.

Certificate in Financial Maths & Modelling Syllabus

Certificate in Financial Maths & Modelling Syllabus Overview The Certificate in Financial Maths & Modelling provides a rigorous and integrated set of quantitative tools to understand and ex plain financial instruments, financial risk and corporate value and the fundamentally important relationship between them. The emphasis throughout is on t he practical modelling of real life problems and opportunities. Techniques such as no-arbitrage pricing, duration, convexity and portfolio analysis – including the trade-off between risk and return – are explained and applied. The course analyses the use of options for financial risk management, and the valuation of different types of option using binomial pricing models, the Black Scholes model and other techniques. It also int roduces and applies Value at Risk measures, their potential us es and their limitations. Study Unit 1 – Fundamental concepts in financial maths and modelling Study Unit 1 introduces the fundamental concepts of financial maths and modelling in the five areas of: interest rat e mathematics; modelling the values of a series of fixed or growing future cashflows; modelling the term structure of int erest rates using no arbitrage relationships; selected issues in probability and statistical models; and modelling the maths of Value at Risk. Study Unit 2 – Modelling the maths of debt Study Unit 2 looks at modelling the maths of debt in the main areas of: present values, fut ure cash flows, timing and risk; and interest rat e sensitivity and duration models, in particular value relationships with respect to yield, maturity, coupon rate and coupon frequency. Study Unit 3 – Modelling the maths of foreign exchange Study Unit 3 introduces the c oncepts of modelling t he maths of foreign exchange in the four areas of: quoting conventions; hedging using forward foreign exchange cont racts; the relationships bet ween foreign exchange rates, interest rates and inflation rates and applying VaR to foreign exchange risk management. Study Unit 4 – Modelling the maths of derivatives Study Unit 4 covers the maths and modelling of derivatives in t he two areas of: int roduction to derivatives mathematics; and modelling capital market swap mathematics. Study Unit 5 – Modelling the maths of options Study Unit 5 covers the maths and modelling of options in the four areas of: option payoff mathematics; option payoff maths in the context of hedging; option valuation modelling; and options arbitrage and the put-call parity relationship. Study Unit 6 – Modelling the maths of portfolios and corporate finance Study Unit 6 introduces the fundamental concepts of modelling the maths of port folios and corporate finance in the t wo areas of: modelling port folios – analysis of risk and return, and modelling for corporate finance – corporate valuation and the impact of changing capit al structure. Association of Corporate Treasurers (01. 04. 11, subject to change) Study Unit 1 – Fundamental concepts in financial maths and modelling Unit introduction 1. 0. 1 Notation and rules of algebra 1. 0. 2 Financial modelling Section 1 – Interest rate mathematics 1. 1. 1 Interest calculations and quoting convention s 1. 1. 2 The time-value relationship Section 2 – Modelling values of a series of future cashflows 1. 2. 1 Infinite series cashflows (perpetuities) and their valuation 1. 2. Finite series cashflows (annuities) and their valuation Section 3 – Modelling the term structure of interest rate s: no arbitrage relationships 1. 3. 1 Zero coupon, forward and par structures of interest rates: different forms of yield curves 1. 3. 2 No arbitrage relationships between zero coupon, forward and par rates Section 4 – Probability and stati sti cal models: selected issue s 1. 4. 1 Measures of central location (or central tendency), dispersion and correlation 1. 4. 2 Frequency distributions in theory and in practice Section 5 – Modelling the maths of Value at Risk 1. . 1 Modelling the maths of Value at Risk for single risks 1. 5. 2 Extending the modelling of Value at Risk Study Unit 2 – Modelling the maths of debt Section 1 – Short term debt 2. 1. 1 Short term debt issuers, market participants and market conventions 2. 1. 2 Calculation of interest and valuation of short term debt instruments Section 2 – Longer term debt 2. 2. 1 Analysis and valuation of bonds 2. 2. 2 Real interest rates and inflation indexing Section 3 – Interest rate sensitivity and duration models 2. 3. Duration and int erest rat e price sensitivity, relative and absolute measures 2. 3. 2 Interest rate immunisation, convexity and modified convexity Study Unit 3 – Modelling the maths of foreign exchange Section 1 – Foreign exchange mathematics 3. 1. 1 Converting between currencies: using spot foreign exchange rates 3. 1. 2 Converting between currencies: determining and using forward foreign exchange rat es 3. 1. 3 The maths of foreign exchange risk management 3. 1. 4 Applying Value at Risk to foreign exchange risk management Study Unit 4 – Modelling the maths of derivatives Section 1 – Introduction to derivative s mathematics 4. 1. 1 Payoffs for fixing derivatives and options 4. 1. 2 The maths of FRAs: cashflows, hedging, valuation and basis risk 4. 1. 3 Futures contracts: cashflows, hedging and valuation Section 2 – Modelling swap mathematics 4. 2. 1 The maths of capital market swaps including interest rate swaps 4. 2. 2 The maths of cross-currency interest rate swaps  © Association of Corporate Treasurers (01. 04. 11, subject to change) Study Unit 5 – Modelling the maths of options Section 1 – Option payoff mathematics 5. 1. 1 Payoffs from trading strategies with single options 5. 1. 2 Payoffs from trading strategies involving more than one option Section 2 – Option payoff maths: hedging and hedged results achieved 5. 2. 1 Hedging a portfolio: options plus underlying asset/(liability) 5. 2. 2 Hedging corporate exposures with options Section 3 – Option valuation modelling 5. 3. 1 Binomial option valuation models 5. 3. 2 Black Scholes option pricing model 5. 3. 3 Arbitrage and the put-call parity relationship Study Unit 6 – Modelling the maths of portfolios and corporate finance Section 1 – Modelling portfolios: analysi s of ri sk and return 6. 1. 1 Modelling simple port folios: analysis of risk and return 6. 1. 2 Modelling multi-asset port folios & portfolios including liabilities Section 2 – Modelling for corporate finance 6. 2. 1 Modelling the cost of corporate capital 6. 2. 2 Modelling the relationship between corporate value and capital structure 6. 2. 3 Modelling corporate valuation  © Association of Corporate Treasurers (01. 04. 11, subject to change)

Paracrisis Essay

Communication is faster than ever due to the advent of the Internet and social media which are venues for forum, interaction and information/issue dissemination, Today, nearly half a billion people around the world utilize the Internet. In the United States alone, about 155 million Americans access the Internet at home, with some citizens accessing the Internet only at work. Internet use by consumers in other countries, especially Japan (49 million users), the United Kingdom (29 million), Germany (36 million), Brazil (25 million) and France (31 million), has escalated rapidly. (Ferrell, Thorne, & Ferrell, 2012). The increasing number of Internet users warrant firms’ closer attention to and effective management of paracrises. In particular, Nestle’s case in 2010 exemplifies the need to respond pro-actively to social media attack initiated by Greenpeace rather than by not acknowledging the challenge or fighting back against the challenge. If not properly and timely addres sed, this may result to a web of chaos for Nestle. Greenpeace is a global campaigning organisation that enhances to change attitudes and behaviour of people in order to protect and conserve the environment. (About Greenpeace, n.d.) The reputational threat instigated by Greenpeace stemmed from Nestle’s weak stakeholder/customer relations which is a factor in selling products/services, one of the seven basic functions of marketing. Though it is true that supplier contracts including one with Sinar Mas Group should have been reviewed at the onset to check if these are aligned to the company’s social responsibility mandate, the paracrisis could have been immediately addressed should management responded to every single complaint in its social media. Based on my analysis, in general, Nestle’s performance in individual functional areas of business is strong. Financial performance is outstanding as group sales and earnings before income tax (EBIT) per its 2010 Annual Report are increasing from CHF 107,618 million to CHF 109,722 million and CHF 15,699 million to CHF 16,194 million in 2009 to 2010. It was also able to manage company’s debt as net financial debt was reduced to CHF 18,085 milli on to CHF 3,854 million which now only comprised 6.2 percent of equity from the staggering 37 percent in 2009. On the marketing side, Nestle is a well-known brand all  over the world, in fact, number 1 in the food industry offering diverse products. Other functional areas of Nestle including operations, research and development, information systems per my research and analysis, are performing effectively. On the external factor aspect, based on my analysis, firm’s strategies take advantage of the existing opportunities and minimize potential adverse effects of threats. First, food (and beverage) industry is observed to be resilient vis-à  -vis other industries during and immediately after the global economic crisis in 2008. The economic value has had an opposite impact on food and beverage industry. The major concern of these industries is increasing transportation costs for which people have to spend. Nevertheless, the food and beverage industry has been relatively less affected when compared to other industries. This is mainly attributed to the fact that food products continue to be essential to consumers in spite of the slowdown. A comparison between the S&P 500 and the Dow Jones US Food and Beverage Index in 2008 is testimony to the resilient nature of this industry. In 2008, the S&P 500 declined 37.6 percent against a fall of 22.9 percent by the Dow Jones US Food and Beve rage Index. (IMAP, 2010). Second, people are becoming more health-conscious and are now demanding nutritious products in which Nestle has the capability to produce. Company’s response to these major opportunities is superior. However, reputational attack initiated by Greenpeace could damage Nestle’s franchise value and could result in loss of business and consumer trust. Though Nestle could have adopted the following mutually exclusive strategies to respond to paracrisis – repentance, refutation and refusal, it is apparent that repentance, a reform strategy will create a harmonious relationship with its stakeholders, hence, the best or the only feasible paracrisis strategy response. Damage to franchise value caused by increasing trajectory of the paracrisis outweighs the cost of changing organizational practices (change supplier) to reflect the demands of Greenpeace. The combined effect of the voices not only from Greenpeace but also from specialist media and mainstream media and commentary on multiple blogs will be damaged reputation and loss of business. Adopting the refutation and refusal strategies will only create organizational hiatus and worst, crisis. Now that repentance is deemed most feasible, the following independent courses of actions could be employed by the crisis management team at the  point of view of marketing communicatio ns and public relations: 1. Filter pressing and critical issues for appropriate action of Board of Directors and/or Senior Management while attending to minor issues; 2. Resolve all issues – critical or not at their level and respond to these issues through social media in an appropriate and timely fashion; 3. Respond only to issues deemed critical. The first alternative course of action is deemed most feasible. Critical issues could be discussed at the top level of the organization giving the Board and Senior Management the opportunity to carefully review them and adjust company strategies, if necessary. Board and Senior Management sets the tone at the top and has the ultimate responsibility in running the business, hence, they should be fully aware of these critical issues. The crisis management team, on the other hand, should timely and appropriately respond to all issues – critical or not, with an end of assuring its stakeholders that these issues are being resolve d by the company. Minor issues can then be resolved at their level. The public should be made aware, implied or expressed, that the company is taking actions and is responsive to customer/stakeholders’ concerns. My recommendation to address the company’s central problem as mentioned in the above paragraph should be complemented by medium to long-term action plans which includes strengthening its stakeholder relations program; and annual or periodic review of company’s adherence to its mission and vision statements, strategies and business principles. First, stakeholder relations program should be strengthened by keeping community relations at the highest level, improving the customer climate, and maintaining good public image. The â€Å"Be redundant and sprawl† rule is highly applicable to prevent a crisis from happening in this particular case of Nestle. Posting articles on its commitment to social responsibility on different sites including its own website will help the company to vindicate itself from any gross reputati onal attack. Nestle should as well develop a comprehensive and effective communication and marketing strategy. Second, conducting an annual or periodic review of company’s adherence to its mission and vision statements, strategies and business principles will save the company from dealings that may taint company’s reputation. Nestle is committed to its business principles in all countries, taking into account local legislation, cultural and religious practices which include supplier and customer  relations. Nestle require its suppliers, agents, subcontractors and their employees to demonstrate honesty, integrity and fairness and to adhere to its non-negotiable standards. In the same way, Nestle is committed towards its own customers. (Nestle’s Corporate Business Principles, n.d.). These business principles, more particularly supplier and customer relations, should be reviewed not only on first dealings but on a continuous basis. Nestle’s objective is to be the recognized leader in nutrition, health and wellness and the industry reference for financial performance. (Nestle Annual Report, 2010) Remaining at the number 1 spot in the food industry busily catering to customer orders and demands while projecting mounting sales and profits could have prevented Nestle from responding to social media campaigns against irresponsible sourcing of palm oil. Apparently, Nestle failed to live by its dogma of social responsibility. Notwithstanding its desire to be viewed as socially responsible, it was not the actual picture then. Nestle was callous to people’s call for reform until it grew and became a sensation. Nestle should have an effective management team to manage paracrises or reputational threats. Everything seems so stable in an organization like Nestl e, but its management should not discount the fact the power of its stakeholders to cause reputational threat. Bibliography (2010). Nestle Annual Report. Ferrell, O. C., Thorne, D. M., & Ferrell, L. (2012). Social Responsibility and Business. Singapore: Cengage Learning. IMAP. (2010). Food and Beverage Industry Global Report. About Greenpeace. (n.d.). Retrieved from Greenpeace International: http://www.greenpeace.org/international/en/about/ Nestle’s Corporate Business Principles. (n.d.). Retrieved from Nestle: http://www.nestle.com/aboutus/businessprinciples

Securitisation Essay Example

Securitisation Essay Example Securitisation Essay Securitisation Essay Securitisation is a process of pooling in and transferring a cash-producing asset or receivable to a specially created investment vehicle. The bank which sells the assets is known as the originator and the purchaser of the cash-producing asset is known as the SPV (special purpose vehicle) or the transferee. As a result of the purchase, the SPV issues bonds to the originator based on the financial assets. These bonds are also known as asset-backed security (ABS) in capital markets. This helps the originator to realize the value of the cash-producing asset immediately, by investing the issued bonds. It can also help the originator to remove debts from the company’s balance sheet. Securitisation would aid an originator in obtaining cheaper finances in distress situations, if the credit quality of the securitised assets is better than that of the originator. It would also free the originator from financial risks arising as a result of loan payment defaults by reducing reduces cred it risks.Even mortgage debts and consumer loans are considered to be cash-producing assets which are otherwise known as receivables. A bank will be exposed to financial risks resulting from loan defaults. When these financial risks are reported to the regulatory bodies, the ability of the bank to lend money to other clients will get restricted. When a bank adopts securitisation of its loans, it essentially sells these cash-producing assets, which enables it to uses the money effectively to make further investments. The financial gain acquired by investing the cash-producing assets is used to pay the interest pertaining to the bonds.The sale of cash-producing assets is usually legalised by a process called novation. This involves creating a new agreement between the new lender and borrower, thereby replacing the existing agreement between the original lender and borrower. Although the originator sells the assets to the transferee, the originator will receive a fee for managing the as sets, since it acts as an agent between the mortgager and the transferee, without bearing any financial risk.Any bank planning for the securitisation of a portfolio of loans has to plan for handling various legal issues that are bound to arise, especially when the transaction is a true sale.   When the transfer of the financial asset is a true sale, all the obligations and rights pertaining to the cash-producing asset gets transferred to the purchaser of the asset. The originator will have to prove that it is not at risk of payment defaults or insolvency[1]. Similarly, the SPV also should not be at risk of defaulting on its own obligations or becoming insolvent. It should also possess credit enhancement and adequate liquidity facilities to satisfy payment obligations within the necessary timeframe. These conditions are reflected by the credit ratings given by the respective agency. Higher credit ratings would encourage more investors to invest in the SPV.During the time of a true sale, the originator must own the receivables and the SPV should obtain a good title which proves that the receivables are factual, valid, enforceable and compliant with licencing and regulatory statutes. This is commonly known as re-characterisation risk since the originator continues to retain a few residual risks. However, the transaction should not be a secured financing wherein the originator pledges the receivables as a security to borrow sale proceeds from the SPV. Secured financing will not be treated as a true sale due to the lack of registration, resulting in accounting problems and other negative pledge infringements[2].In a true sale, the sale documentation includes provisions for further sale, originator’s insolvency, breach of warranties and an assignment of the receivables. The securitised assets would not become void when the originator faces insolvency or in the event of the receivables being sold undervalue[3]. During insolvency proceedings, the securitised assets can not be recovered by the originator’s receiver. The warranties would prevent third parties from exacting a competing ownership of the assets. The assignment can be either equitable or legal, according to English law[4]. Legal assignments usually require a notice to bring them into effect.   However, equitable assignments are commonly used since they can be made effective, even without notice to the debtor. However, issues pertaining to conflict of laws may arise in certain legal territories where equitable assignments are not recognised by law. This could possibly cause a negative impact on the transfer of future as well as existing assets.Over-collateralisation is a phenomenon wherein the value of receivables transferred by the originator to the SPV is greater than the funding provided by the investor. This is done in order to provide a buffer to the SPV at times of debtor defaults. This would also effectively increase the assets of the SPV and build up extra cas h flow. However, this extra value of the assets will remain as an outstanding due and accordingly adjusted during the termination of the securitization.When there are prohibitions on the assignment in the underlying debt contract, it causes a breach of contract and therefore becomes invalid according to the non-assignment clause[5]. According to Don King Productions v. Warren[6], the benefit of the contracts will hold good on the basis of trust for the partnership, even when one partner ends the contracts before winding up the contract.According to Re George Inglefield Ltd, goods and hire-purchase agreements would be treated as mortgages or charges of book debts, in the event of lack of registration[7].   Hence, these assignments claimed by a liquidator would be considered void. However, the liquidator claimed that the agreement was made for an out-and-out sale which did not require registration, thereby reversing the prior decision. The judicial decisions in the recent past have indicated that asset sales are not necessarily re-characterised as secured loans according to English law, as long as the rights and obligations associated with sale and purchase of these cash-producing assets are consistent.

Abortion Issue Essay Example for Free

Abortion Issue Essay ? Abortion is a controversial issue but it should be discussed because it is happening, and is more widespread than we care to admit. If we truly care about life, then we must understand what is going on. Ideally, pregnancy is a wanted and happy event for women, their partners and their families. Unfortunately, this is not always so. Around the world, millions of women every year become pregnant unintentionally. In the Philippines, as in other countries, some of these women are faced with a difficult choice: to give birth to a child that they are not prepared or able to care for, or to obtain an illegal, and often unsafe, abortion. As a Filipino citizen abortion is a crime. According to Articles 256-259 of our Revised Penal Code, whether you’re the woman getting the abortion, the abortionist, or someone assisting or encouraging the abortion, if you commit the act on purpose, you could get sent to jail for one month, to twenty years. No exceptions. For us, the consensus in abortion is strongly â€Å"anti.† Almost all of my classmates insisted that intentional abortion of any kind; was murder, regardless of whether or not it was done to save the mother’s life. Out of the forty-four students in our section, only about six said that abortion, if regulated, could be made legal. While I myself would prefer to avoid having to get an abortion as far as reasonably possible, I believe that this issue should be looked at through a more critical lens. Why? Because it is the attitude that most Filipinos adopt in relation to abortion is frequently more emotional than practical. Much of it can be traced back to a knee-jerk, culture-based reaction to anything involving babies and death. The lines on matters involving religion, culture, and tradition are quite blurred, and the results are all the same: a default outcry against abortion, or any sort of regulation concerning sexual health. * Be able to understand and to be aware to the effects of abortion. * To enlighten the Filipino citizen not to agree to the so called â€Å"abortion bill†. * For us to share the learning’s to the teenagers what does abortion really do to our human life. Abortion is illegal in the Philippines and is not permitted under any circumstance. The act is criminalized by the Revised Penal Code of the Philippines, which was enacted in 1930 but remains in effect today. Articles 256, 258 and 259 of the Code mandate imprisonment for the woman who undergoes the abortion, as well as for any person who assists in the procedure, even if they be the woman’s parents, a physician or midwife. Article 258 further imposes a higher prison term on the woman or her parents if the abortion is undertaken â€Å"in order to conceal [the woman’s] dishonour† (Tan 2008 and Wikipedia 2008).The 1987 Constitution of the Philippines effectively any amendments to the Penal Code’s provisions on abortion because of Article II, Section 12, which states: â€Å"The State recognizes the sanctity of family life and shall protect and strengthen the family as a basic autonomous social institution. It shall equally protect the life of the mother and t he life of the unborn from conception. The natural and primary right and duty of parents in the rearing of the youth for civic efficiency and the development of moral character shall receive the support of the Government.† In the principle, legalizing abortion would require a referendum to amend the constitution, although the enactment of a more definitive provision sanctioning the ban was not successful. In 1999, Congressman Roy Padilla Jr. of Camarines Norte filed House Bill 6343seeking to allow abortion in special cases (e.g., rape, congenital defects in the fetus or cases where the mother’s life is endangered). It is unlikely that the bill will be passed but it has stimulated discussion on abortion. The passage of HB 6343 will require amendment because the Bill as it presently stands is inherently unconstitutional (Wikipedia 2008 and Tan 2008).The United Nations recognizes that abortion in the Philippines is permitted only in instances in which the pregnant woman’s life is endangered. However, there is no law in the Philippines that expressly authorizes abortions in order to save the woman’s life; and the general provisions which do penalize abortion make no qualifications if the woman’s life is endangered. It may be argued that an abortion to save the mother’s life could be classified as a justifying circumstance (duress as opposed to self-defence) that would bar criminal prosecution under the Revised Penal Code. However, this position has yet to be adopted or debunked by the Philippine Supreme Court. Proposals to liberalize Philippine abortion laws have been opposed by the Catholic Church, and its opposition has considerable influence in the predominantly Catholic country. Philippines is the only Catholic country in Asia and contrary to that statistical data reported that there were some 400,000 to 500,000 abortion in 2005. The Department of Health added that nearly 100,000 women who have unsafe abortions every year end up in the hospital. About 4 in 5 abortions in the Philippines are for economic reasons, according to a survey by the University of the Philippines. In many cases, said Jocelyn Pacete, a spokeswoman for Likhaan, a women’s health group based in Manila, â€Å"the mother can’t afford another child, so ends up choosing her five living children over the fetus in her womb.† (Source: Legal_Updates) STATISTICAL FACTS, QUALITATIVE FACTS Prevalence of Abortion in the Philippines Accurate measurement of induced abortion levels has proven difficult in many parts of the world. Health care workers and policymakers need information on the incidence of both legal and illegal induced abortion to provide the needed services and to reduce the negative impact of unsafe abortion on women’s health. Information on the current level of unintended pregnancy and abortion is essential for understanding the extent to which women face barriers in planning pregnancies and preventing unintended ones. Evidence on recent trends in these important indicators is also crucial in assessing whether changes in policies and programs are necessary. Abortions cut across class, age, and marital status, and occur in both urban and rural areas. The UP Population Institute (UPPI) 1994 study estimates that between 300,000 and500, 000 women obtain induced abortions annually in the Philippines. Put another way, there may be 16 induced abortions for every 100 pregnancies. According to Singh et al. (2006), induced abortion in the Philippines is widespread and practice takes many forms. Nearly half of pregnancies each year end in an induced abortion or an unplanned birth. Unintended pregnancy is the root cause of abortion. Some 3.1 million pregnancies occur each year in the Philippines. Of these, 15% result in induced abortions, 31% in unplanned births, 39% in planned births and 15% in spontaneous abortions. An estimated 473,000 abortions occur annually. One-third of women who experience an unintended pregnancy end it in abortion. Thus, about 1.43 million pregnancies each year—nearly half of all pregnancies— are unintended. The annual rate of unintended pregnancy is 81 per 1,000 women of reproductive age, meaning that about 8% of Filipino women aged 15–44 conceive every year without intending to do so. Women from all segments of society experience abortion . Women who have had an abortion resemble average Filipino women: The majority are married, Catholic and poor. They have some high school education and have already had several children. Surveying students, friends and all the people around us that is willing to answer our questionnaire. We’ve made a questionnaire instead of direct interview to the respondents. We are estimating around 50 respondents and from there we can assume a certain percent for the â€Å"Pro-Life† and â€Å"Anti†. (Source: Legal_Updates) http://www.chanrobles.com/revisedpenalcodeofthephilippinesbook2.htm: 1. Ã…hman E and Shah I, Unsafe abortion: worldwide estimates for 2000, Reproductive Health Matters, 2002, No. 19, pp. 13–17. 2. Ã…hman E and Shah I, Unsafe Abortion: Global and Regional Estimates of the Incidence of Unsafe Abortion and Associated Mortality in 2000, fourth ed., Geneva: World Health Organization, 2004. 3. United Nations Department of Economic and Social Development, Abortion Policies: A Global Review, Vol. III, New York: United Nations, 1995. 4. Singh S et al., Estimating the level of abortion in the Philippines and Bangladesh, International Family Planning Perspectives, 1997, 23(3):100– 107 & 144. 5. Shire A and Pesso L, Changing policies and attitudes: postabortion care in the Philippines, Compass, 2003, N Abortion Issue. (2017, Feb 06).

Impact Of Financial Crisis On The Capital Structure Decision Making Of Essay

Impact Of Financial Crisis On The Capital Structure Decision Making Of The Firm - Essay Example The underlying discussion has developed the reference from the literature related to the capital structure theories and the brief about the financial crisis of late 2000s. The discussion also addresses the firms’ response to the financial crisis by adjusting mix of the capital structure. Therefore, for clear assessment along with overall global assessment, capital structure adjustments of Tesco and Dell have been discussed in the report. The report also has presented alignment of the responses of the capital structures with theories. FINANCIAL CRISIS Financial crisis have always been the dominant factor for determining trends and practices in the economic scenario. A financial crisis traces the reasoning from the excessive loans such as sub-prime mortgages as well as financial instrument of debt derived from such loans (Mizen 2008). Crisis originated from US in late 2000s spread across Europe and then to world owing to the benefit of diversification that businesses attempted t o gain from spreading risk across local and international markets (Fosberg, 2010). First strong hit from financial crisis and its intensity was revealed in late 2007 upon the Bear Stearns’ declaration about evaporation of the value of major assets held by Bear Stearns’s hedge funds. ... ct of financial crisis then resulted in continuity as Fannie Mae and Freddie Mac declared bankruptcy in third quarter beginning of 2008 followed by government takeover. Similar month also witnessed another major shock from financial crisis as Lehman Brothers declared bankrupt and immediately next day another giant AIG ended up receiving $85 billion credit facility from NY Fed to sustain. Efforts to sustain the steep fall of the financial stability of bank and institutions Troubled Asset Relief Program (TARP) was launched (Fosberg, 2010). TARP performance has also been bringing losses to treasury as TARP invested US $25 million in the bank while managed to fetch only US $13.5 million on sale of preferred stock of invested in financial institutions. TARP is also actively making efforts in closing down its program for banks though it still held the share for 199 banks (Sparshott, 2013). Being international firms, all these apart from impact on local financial market had detrimental impa ct on the international financial markets and hence international firms locally. Estimation of the reasons of the financial crisis, other than the core reason of subprime loans backed by subprime mortgages, has been found many. Such as among various factors discussed for fact has been the claim to the performance of respective roles of asymmetric information etc (Miglo, 2010). Further, another core factor along with dominant role of agency problem mounted the issue. Agency problems’ role was initially ignored to be addressed for the level of attention required (Miglo, 2010). In addition to these, role of already stressed factors such as taxes and bankruptcy cost in capital structure theories were receiving less attention in operational practices and hence contributed to the financial