Have the UK banking law regulation reforms introduced after the 1st of April 2013 led to increased and sufficient protection to promote financial stability?

Abstract Banking law regulation has advanced significantly since the global financial crisis was first instigated in 2008. Most notably, on the 1st April 2013 the Financial Services Authority (FSA) was abolished and its functions transferred to two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Bank of England (BoE) also took over the FSA’s responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) was established. Despite these reforms, it is questionable the financial industry is being better regulated and it seems as though further changes may still be needed.[1] Introduction The Financial Services Act (FSA) 2012 came into force on the 1st of April 2013 in order to establish a new regulatory framework for the financial system. Under the new Act, the Financial Services Authority (FSA) was replaced by two new regulators; the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). A Financial Policy Committee of the Bank of England was also created and the Bank of England was provided with the power to regulate and provide stability to the financial system.[1] This new regulatory structure became known as the ‘twin-peaks’ model and was considered to be a â€Å"major milestone for the Regulatory Reform Programme.†[2] The Act made significant amendments to The Financial Services and Markets Act (FMSA) 2000 and restructured and broadened the law relating to market manipulation and misleading statements and impressions. The scope of the special resolution regime under the Banking Act (BA) 2009 was also extended and a new category of regulated activity in relation to benchmarks (e.g. LIBOR) and credit ratings was created. The approval, supervision and discipline of sponsors regime under the FSMA was also changed and the regulation of consumer credit was transferred to the FSA. This study will discuss these new regulatory regimes in greater detail in order to consider their effectiveness. Research Aims and Objectives The aim of this research is to find out the extent to which the 2013 reforms have proven effective in providing increased and sufficient protection to promote financial stability. Research Question Is the banking industry being regulated effectively? Have the 2013 reforms improved the regulation of the banking industry? Are further changes needed to the banking system to ensure that financial stability is being promoted? Key Words Financial Industry Banking System Financial Stability Banking Law Twin Peaks and Banking Banking Regulation Methodology A secondary research approach will be undertaken for this study by accessing relevant text books, journal articles, governmental reports and online legal databases. This will enable me to acquire the appropriate information that is needed and will allow me to analyse existing literature in this area. This will be a more cost effective and time saving way to undertake the research. This is appropriate for this particular assignment as it would be extremely difficult to obtain primary research from large organisations such as the FSA. A Qualitative research method will be used as this study requires a descriptive outcome as opposed to a predictive one. Literature Review The aim of a bank is to provide financial services to individuals and organisations by enabling them to either borrow or deposit money, whilst also creating credit. However, because of the complex nature of the modern banking business, a lack of regulation appears to exist in this area. This is evident by the recent financial crisis which seemed to demonstrate that banks are capable of taking extortionate risks without any intervention. This is damaging to the economy as well as consumers. However, because of how difficult it is to determine what a bankers business should consist of, problems arise when trying to establish how the banking industry should be regulated. This literature review will provide an overview as to how effective the current regulatory system is by reviewing banking law as it currently stands. This will be compared to the approach that was undertaken prior to the financial crisis and an assessment as to whether more effective regulation now exists as a result of the 2013 reforms will be provided. The Financial Services and Markets Act (FMSA) 2000 regulated the banking and insurance sector and provided the FSA with the power to regulate the financial system. The objectives under the Act were to provide; â€Å"(a) market confidence; (b) public awareness; (c) the protection of consumers; and (d) the reduction of financial crime.† However, since the global financial crisis (GFC) was instigated, it became apparent that a new regulatory structure was needed. Many argued that the system failed to adequately account for the complexity of modern financial markets and the nature and pace of financial innovation.†[3] A more interventionist approach was said to be needed to that those providing financial services could be regulated better.[4] This would help to combat financial crime, which was considered one of the main reasons for the GFC.[5] The FSA was largely criticised for failing to keep abreast with the advances in society and that as a result they were no longer required. Hence, it was suggested that it was only a matter of time before the FSA was abolished completely: â€Å"the diminished role for the FSA is simply a reflection of this new reality.†[6] Whilst there does appear to be true to a certain extent, it appears that the role of the FSA did help to regulate the financial sector more adequately over the years and that many banking failures are likely to have been avoided since the FMSA was first implemented. This was stressed by Southern when he considered the importance of regulation in the financial sector[7] and by Sergeant who pointed out that; â€Å"the whole basis of financial regulatory law was recast on a completely updated and integrated basis.†[8] Again, this highlights the importance of the FSA’s powers that were conferred upon it by the FMSA. The Banking Act 2009 was, nonetheless, introduced as an emergency response to the GFC and was intended to provide greater powers to bankers to enable them to regulate the financial sector more effectively. Hence, it was felt that there existed inherent failures within the UK banking system and that vital changes were thereby needed.[9] The Act was considered a welcoming development in preventing future financial panics from taking place.[10] Conversely, it was said that the Bank’s powers were too limited and that as a result the banking system could not be effectively regulated. It was therefore suggested that the Bank should be privatised so that more sufficient banking regulation can be effectuated.[11] Since the 2012 banking law reforms began, a number of further changes have been made to the financial system. As well as creating the FSA, the PRA and the FPC, the Bank of England’s role as the supervisor for financial market infrastructure (FMI) was also expanded by the 2012 Act by â€Å"adding securities settlement systems and central counterparty regulation to its existing responsibility for recognised inter-bank payment systems.†[12] Furthermore, the Financial Services (Banking Reform) Act 2013 was implemented which was intended to provide the HM Treasury and the PRA with the power to implement the recommendations of the Independent Commission on Banking (ICB) on ring-fencing requirements for the banking sector.[13] The FCO has been subjected to great deal of criticism since it was established with many arguing that little benefit has been made to the financial system under the new regulatory structure.[14] Accordingly, significant changes were made to the financial system as a result of the GFC, yet it seems as though further changes are expected to take place since there are increasing concerns about the ways in which financial services organisations (FSO’s) are conducting business.[15] It cannot be said that FSO’s are adequately preserving the interests of its consumers and unless FSO’s have effective risk management strategies in place, a lack of consumer protection will ensue. The FSA 2012 has made great attempts to rectify the difficulties caused by the previous law, yet it remains to be seen whether the new regulatory regime goes far enough. Nevertheless, the existing offence for misleading statements and practices that is contained under s. 397 of FSMA is being repealed and replaced by three separate offence; misleading statements (s. 89); misleading impressions (s. 90) and misleading statements in relation to benchmarks (s. 91).[16] This offence is broader than s. 397 and includes those statements that were made recklessly as well as those made intentionally. This makes it a lot harder for FSO’s to mislead consumers and ensures that more effective regulation is in place. The changes that have been made to the BA 2009 include the extended special resolution regime to certain UK investment firms, group companies of UK banks and UK clearing houses. Under the new regime, the PRA will be responsible for promoting the stability of the financial system by regulating all deposit taking institutions.[17] The FCA will be responsible for regulating retail, wholesale and financial markets, which increases protection and seeks to achieve financial stability overall. Conclusion It is questionable whether the current regulatory regime is sufficient in regulating the banking industry,[18] although significant improvements have in fact been made.[19] Nevertheless, given the complexity of modern banking, it will remain difficult to regulate this area effectively for the foreseeable future. Given that the changes are fairly recent, it remains to be seen just how effective the FCA is in regulating this industry. Given the importance of having appropriate mechanisms in place to deal with any disruptions to the financial system, the changes that have been made so far are likely to be welcomed.[20] This is because, the new twin peaks model is intended to strengthen the current approach to financial regulation, whilst also establishing a more resilient and stable financial system.[21] It is likely that FSO’s will be put under greater pressure to ensure that they are conducting their business in an appropriate manner as tighter controls will be in place. Theref ore, whilst it is likely that future changes are still needed, the reforms that were implemented in 2013 have led to increased and sufficient protection to promote financial stability. Data Analysis In analysing the data, a process will be undertaken which allows each component of the data to be inspected using logical and analytical reasoning. This will allow an assessment to be made as to whether all of the data is effective and reliable. In doing so, the data will be gathered from a variety of sources and then reviewed and analysed so that an appropriate conclusion can be drawn. The quality of the research will therefore be judged in â€Å"relation to the resources available and the effectiveness with which those resources have been used to investigate the particular topic in question.†[22] Ethics When undertaking any type of research, there are certain ethical rules of conduct which need to be followed. For example, any data that is collected must be used in a way that is â€Å"honest, unbiased, sincere, free from errors or negligence, open to critique and it must protect confidential communications.†[23] A risk-analysis approach can be adopted in order to achieve this as well as adhering to the BPS guidelines.[24] Bibliography A Hudson., The Law of Finance, (Sweet & Maxwell, 2009). C Bates., ‘A Brief Overview of the Financial Services Act 2012 and the New UK Financial Regulation Framework’ (2013) Clifford Chance, [12 June, 2014]. C Dawson., Introduction to Research Methods: A Practical Guide for Anyone Undertaking a Research Project, (How to Books Ltd, 4th Edition, 2009). C Sergeant., ‘Risk-Based Approach Central to FSA’s Regulation’ (2001) 151 New Law Journal 1409, Issue 7001. D Awrey., ‘Complexity, Innovation and the Regulation of Modern Financial Markets’ (2011) Harvard Business Law, Oxford Legal Studies Research Paper No 49/2011, [08 May, 2014]. D B Resnik., ‘What is Ethics in Research and Why is it Important?’ (2011) [11 May, 2014]. FSA., ‘Delivering a Reduction of Financial Crime’ (2011) FSA Annual Report 2011/12, fsa.gov.uk/pubs/annual/ar11-12/section5.pdf> [12 May, 2014]. G Nicholson and M Salib., ‘The Regulatory Powers and Purview of the Bank of England: Pre and Post Crisis’ (2012) Journal of International Banking and Financial Law, Volume 28, Issue 10. HM Treasury., ‘A New Approach to Financial Regulation: Judgement, Focus and Stability’ (2010), CM 7874, [12 May, 2014]. HM Treasury., ‘Creating Stronger and Safer Banks’ (2014) [12 June, 2014]. J Smethurst., ‘Forward the Resolution’ (2014) Corporate Rescue and Insolvency, Volume 7, Issue 1, 18. J Smethurst., ‘Twin Peaks: Bridging the Gap. Co-Ordination Under the new Regulatory Framework’ (2012) 1 Journal of International Banking and Financial Law 33, Issue 1. KMPG., ‘Evolving Banking Regulation 2014’ (2014) [12 May, 2014]. KPMG., ‘Twin-Peaks Regulation: Key Changes and Challenges’ (2012) Financial Services, [11 May, 2014]. L Taker., ‘Who Regulates the FSA?’ (2010), [12 May, 2014]. M Denscombe., Ground Rules for Social Research: Guidelines for Good Practice. (2nd edn. McGraw-Hill International, 2009). M Littlewood and S Frith., ‘The Bank of England should be privatised’ (2010) Institute of Economic Affairs, [11 May, 2014]. N Clark., ‘King calls for ‘radical’ banking reform in UK’ (2010) The Independent, [12 May, 2014]. R Tomasic., ‘Financial System Reform or Business as Usual?’ International Banking and Financial Law, Volume 29, Issue 5, 321. S Schich., ‘A Framework for Discussing Bank Regulatory Reform’ (2013) Journal of Financial Regulation and Compliance, Volume 21, Issue 4, 308-318.

Slavery in the Bahamas

What is slavery? Africans became slaves in several different ways. Describe three ways in which Africans became slaves. (10 marks) Slavery is the act or institution of which an individual is held. So therefore, that individual is a slave. A slave is someone who is held against his or her will and forced to work without pay. Slavery was present in West Africa before the Europeans went there; the only difference was that the black people were slaves to other black people. In 1493 the Portuguese claimed three islands in the Gulf of Guinea and developed African plantation slavery. The Africans were first tested for labor in tropical heat, and when they were found suitable, the first set of slaves went to Portugal and from there to the New World. After that the Portuguese dealing with African slaves changed. The first recorded transportation of African slaves to the West Indies was in 1501 but it was still too early for plantation slavery and therefore cannot be considered the beginning of the slave trade. The slave trade was carried out for approximately 300 years. It began in 1508 and ended in 1808. This marked the official beginning of the transatlantic slave trade. One way that an African might become a slave is during slave raids. A typical raid would happen in the night when all the villagers were sleeping. The village huts would be set on fire purposely by the Europeans and the villagers would run out screaming. While trying to escape they were caught and tied to a slave coffle. Those who were young and healthy were taken and those who were sickly and old were left behind. Another way that Africans would become slaves is if they had to pay off debts. If a man murdered someone, he could become a slave as a way of paying for what he did. Even if I child stole something, they could become a slave until the debt was paid off. A third way that an African could become a slave is if there was a famine. If they had plenty children, and not much food to feed them, they could put their children in another household to be fed. Their children would then have to work for their food, having no choice because they have to eat. There is many other ways that you the Africans became slaves but I only mentioned a few. Those who were captured in tribal raids were taken to the coast in a coffle and their journey from then began.

Comparison between the “Incident” and the “Travel” Poems Essay

Comparison between the â€Å"Incident† and the â€Å"Travel† Poems Introduction First poem: Incident Keep looking straight at me. Now I was eight and very small, And he was no whit bigger, And so I smiled, but he poked out His tongue, and called me, â€Å"Nigger.† I saw the whole of Baltimore From May until December; Of all the things that happened there That’s all that I remember. Second poem: Travel By Edna St. Vincent Millay The railroad track is miles away, And the day is loud with voices speaking, Yet there isn’t a train goes by all day But I hear its whistle shrieking. All night there isn’t a train goes by, Though the night is still for sleep and dreaming, But I see its cinders red on the sky, And hear its engine steaming. My heart is warm with friends I make, And better friends I’ll not be knowing; Yet there isn’t a train I wouldn’t take, No matter where it’s going. Comparison between the two poems above   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first aspect to compare between the two poems above is the themes portrayed. In the first poem, â€Å"Incident† highlights the theme of racial discrimination. The speaker in the poem tells the audience how he was travelling in a bus when he encountered an event that he says that he is unlikely to forget. He says that while in the bus travelling to Baltimore, his happiness suddenly turned to sadness when a young boy of his age called him a Niger. In stanza three, the speaker says, â€Å"†¦Ã¢â‚¬ ¦but he poked out His tongue, and called me, â€Å"Niger†. Niger is a word that is used to sarcastically insult African-Americans living in America. The speaker felt so sad and in the next eight months (from May to December) that he spent in Baltimore; he cannot remember anything else but that annoying incident. In stanza four of the poem, the speaker confirms that he can never forget. He says, â€Å"†¦.From May to Decem ber; of all the things that happened there, That’s all that I remember†.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On the other hand, the theme in the second poem, â€Å"Travel†, is that of discontentment. The speaker describes her feelings to the audience. She says in stanza threeâ€Å"My heart is warm with the friends I make, And better friends I’ll not be knowing†. In these lines, the speaker says that although she is presently happy with the friends that she has; she thinks the friends that she has not met already may be better. This is a clear indication of dissatisfaction that the speaker expresses.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is also important to analyze the choice of the titles of the poems that the authors use and find out how relevant they are to the poem. The title that the author chooses carries too much weight in the understanding of the poem. The theme of the poem is highlighted in the title, albeit hidden and, therefore, identified after reading the whole poem. In the first poem, the title is â€Å"Incident†. The literal meaning of this word is a happening that is unusual. In this poem, the speaker describes an unusual happening that apparently happened to him. In his context, the speaker experienced an incident. Therefore, the title is very relevant to the poem. In the second poem, the title is â€Å"Travel†. The word travel means movement from one location to another. In the poem, the speaker is discontented by her present state. She longs to move to the next level. She uses train metaphorically to indicate that she wants to cease the next opportunity available and move to the next level. Therefore, the title captures this desire of the speaker so vividly and, therefore, in the context of the theme in this poem, it is very relevant.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The other aspect that needs comparison in these two poems is the choice of the language. The language that the author uses is aimed at making the poem interesting to the reader while bringing out the desired message. In the first poem, â€Å"Incident†, the author chooses to use the first person â€Å"I† in the poem. He allows the speaker to tell the audience about this incident in a direct manner. The reader, who is the audience, is able to connect with the speaker when the speaker talks about himself. For instance, in stanza two, the speaker says, â€Å"Now I was eight and very young,†¦..†. The speaker informs the audience that, at the time of the incident that happened to him, he was eight years old and was very small. Incidentally, the second poem also uses the first person â€Å"I†. The speaker tells the audience about her feelings. This style improves the connection between the audience and the speaker because the poem is about the speaker.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In addition, the two poems have used contracted language in several instances. In the first poem, there is the use of â€Å"That’s† instead of â€Å"That is† in the last stanza line four. This makes the poem informal and makes the readers connect with the speaker easily, especially in the modern times. In the second poem, instances of contractions are numerous. For example, there is the use of â€Å"I’ll† instead of â€Å"I will†, â€Å"isn’t† instead of â€Å"is not† and â€Å"it’s† instead of â€Å"it is† in the last stanza. Again, this contraction makes the poem informal. In the modern times, the poem becomes understandable. The choice of contractions is deliberate. The contractions make the number of syllables in the lines where they are equal to the rest of the lines.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another aspect of the poems that is worth comparison is the use of the rhyme technique in the poems. Both poems have a regular rhyme pattern that serve to make them more interesting to read. The rhyme pattern in the first poem is ABCB. To illustrate this rhyming pattern, it is necessary to pick the last words in one stanza. In this case, the last stanza has last words as â€Å"†¦Baltimore, †¦December, †¦there and †¦remember†. In the case of the second poem, the rhyme pattern is ABAB. The last stanza has the last words as â€Å"†¦make, †¦knowing, †¦..take and †¦.knowing†. The words illustrate the regular rhyme pattern. The same patterns are repeated throughout the poems. The regular rhyme pattern help make the poem rhythmical and lyrical.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is important to compare the mood in each, and the tone used in either poem. In the first poem, the mood is jovial initially as depicted in the first and the second stanza. The speaker expresses his joy when he smiles at the stranger boy. However, the mood changes to sadness after the speaker is insulted by the boy when he calls him Nigger. As the mood changes, so does the tone. It starts as joyfully to a somber one. In the second poem, the tone is optimistic. The speaker is optimistic and hopeful of a better future. However, there is some tinge of negativity in the tone in the first two stanzas. This negative tone expresses speaker’s dissatisfaction about her current status.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first poem uses imagery when the speaker tells the audience how he saw a boy staring straight at him. He smiled at him. The reader can vividly see the mental image of the speaker smiling at the stranger. In the second poem, the author employs metaphor by using a train to signify different paths in life. The speaker says that â€Å"†¦..Yet there isn’t a train I wouldn’t take, No matter where it’s going† in the last stanza. It means that the speaker is willing to take any path in life although there is no opportunity that is presenting itself. In addition, the second poem has employed personification in the first stanza when the speaker implies that the Train â€Å"whistling† and â€Å"shrieking†.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The two poems have so much in common. The similarities emanate from the choice of the language and the styles employed. Therefore, it is clear that poets have one thing in common as far as their writing skills are concerned. They have a rich background of poetry techniques. They always employ them appropriately to suit the message intended to be delivered. References St, John R. A. Explorations in Literature. Greenville, S.C: BJU Press,  2013. Print. Source document

How does body dissatisfaction in men lead to eating disorders such as Literature review

How does body dissatisfaction in men lead to eating disorders such as anorexia - Literature review Example om, whether or not age, sexual orientation, or social class have a part to play, whether or not body dissatisfaction in men contributes to health problems with alcohol and drugs which can in turn lead to eating disorders, and questioning whether the media has a role to play in this as well. Through seeking to answer each of these four sub questions, the literature review will seek to engage the reader with a further analysis and discussion of some of the relevant findings and existing research that has been published with respect to eating disorders within the male population. Although it is reasonable to assume that many of the contributions which have thus far been put forward and published will be helpful in seeking to understand the questions which have thus far been elaborated upon, the literature review will also be concentric upon providing counter arguments, critiques, and limitations of the articles that have been utilized. Accordingly, it is the hope of this particular anal yst that the literature review will provide a more informed basis for an understanding of eating disorders within the male population and the means through which they are currently understood; as well as providing metrics for potential future research questions and gaining a further level of inference upon the situation as such. According to research by Cohn & Lemberg (2014) over 2.1 million men within the United Kingdom suffer from one form of eating disorder or another. This figure comprises approximately 1.5% of the entire adult male population. Although this figure is necessarily small, at least as compared to women, it is nonetheless relevant and affects the life, psychological outlook, and happiness of hundreds of thousands of individuals within the United Kingdom. Perhaps more importantly, the research by Cohn & Lemberg (2014) indicates that the single greatest danger associated with the prevalence of eating disorders within the male population of the United Kingdom is

Religion and Politics Research Paper Example | Topics and Well Written Essays - 1250 words - 1

Religion and Politics - Research Paper Example The strife that exists between the Israelites and the Iranians, for example, are always involved in the conflict. Israel is a Christian country while Iran is Muslim. The two countries differ a lot in terms of how they are governed and that, sometimes, attracts conflicts. Religion has a significant effect on politics of any given society given that it plays an important role in shaping the concept of power and how it is exercised on people. Before delving deeper into the topic, it is critical that the paper defines the two concepts that the discussion will be revolving around. Religion is not new. It is stated that people started believing there was a deity or rather a force more powerful than the humans since the discovery of fire. It was believed that  fire was something of the gods, bringing about the concept of religion and consulting a deity. The main religions on the planet are Christina and Muslim, both of which share over half of the world’s population. Simply put, religion is a system of symbols that formulates conceptions on the general order of human existence (Wald & Calhoun-Brown 23). Politics, on the other hand, is a subject that is as old as history can itself be. People do not perform very well if they are not governed. More often than not, productivity is closely linked to the level of manning or rather supervision involved. In the case of people living in harmony, then that may not be possibl e if they do not have a higher authority governing what people should and should not do in regard to relating with each other. A brief definition of what politics means is that it entails the activities that are associated with the governance of a particular country. Religion and politics are part and parcel, and they are inseparable. The society is run by several important tenets most of which are determined by the governance of that society and the religion practiced by the people.

Financial Management Question 1 Essay Example | Topics and Well Written Essays - 1000 words

Financial Management Question 1 - Essay Example Taxes by the federal and state have to be paid as required by the law; therefore the lottery has to name the price as 363 million because that's the amount to be won before taxation. The lottery also brings many benefits to the community and the state as a whole such as funding education and therefore people need not to be negative about the price to be won. If the only option available was the annuity payment then Larry could maximize the value of his winning by acquiring a loan from a bank that will be paid within the time limit, Larry would get money that will enable her to invest and an amount that will be payable at an amount of 4,732,962 dollars per year. The interest rate should be the guiding factor in determining the amount to acquire as loan. Winners select the cash option because they are rational and want to maximize the value of their money today, they will opt to have their cash today than for 26 years due to uncertainties about the future, and they also do not want to pay taxes each year for 26 years because this will just reduce the total amount they receive. The winner will want his pay in cash due to the fact that ... options the annuity and the cash option; in any of the options given the amount does not add up to the same amount and therefore the price should not be termed as 363 million. However the lottery in order to attract more people to participate in the lottery they are justified to name the total amount to be won, they should also disclose all the information about the game to the people. Taxes by the federal and state have to be paid as required by the law; therefore the lottery has to name the price as 363 million because that's the amount to be won before taxation. The lottery also brings many benefits to the community and the state as a whole such as funding education and therefore people need not to be negative about the price to be won. 4. if the only option available was an annuity payment plan, what could Larry do to maximize the value of his winning assuming that the risk free rate of interest is 5% If the only option available was the annuity payment then Larry could maximize the value of his winning by acquiring a loan from a bank that will be paid within the time limit, Larry would get money that will enable her to invest and an amount that will be payable at an amount of 4,732,962 dollars per year. The interest rate should be the guiding factor in determining the amount to acquire as loan. 5. Why do most winners select the cash option plan when given the choice Winners select the cash option because they are rational and want to maximize the value of their money today, they will opt to have their cash today than for 26 years due to uncertainties about the future, and they also do not want to pay taxes each year for 26 years because this will just reduce the total amount they receive. The winner will want his pay in cash due to the fact that they want

Students Own Experiences of Digital Technology and Implications for Research Proposal

Students Own Experiences of Digital Technology and Implications for the Design of University Education - Research Proposal Example In the last decade, higher education in Saudi Arabia has undergone a major transformation. There has been a three-fold increase in the number of universities in the last ten years. Consequentially, postgraduate students have increased in number. Along with this, improvement in the quality of education and making Saudi education come at par with the education of technologically advanced countries in terms of quality has been the major goal of Saudi universities in the 21st century. Several events have recently occurred that have reflected the increased interest of the students in Saudi Arabia in e-learning. In the year 2009, an international conference regarding cyberlearning and distance education was held in Saudi Arabia for the first time in her entire history. This led to the establishment of the Center for e-Learning and Distance Learning. This center was developed in accordance with the plan prepared by the Saudi Ministry of Higher Education that was directed at cultivating a ro bust infrastructure for the promotion of technology led education in the Universities of Saudi Arabia. Taking a look at the recent advancements that have been made in the field of education in Saudi Arabia, it becomes evident that this is a very crucial time for understanding how students’ own experiences of digital technology use in their personal lives influence their perceptions of ideal university education. Young people have conventionally been the primary users of innovation information technology (Rheingold, n.d. p. 97) â€Å"remaining at the top of Internet usage statistics and distinguishing themselves as early adopters of features such as instant messaging, peer-to-peer file sharing, and social networking tools† (Xenos and Foot, n.d.). Thus, the matter fundamentally concerns the youth and hence the future of Saudi nationals. This research will generate this information so that educationalists may be facilitated in adjusting the university education according to the aspirations of students which is conducive to the students’ increased participation and better academic performance. Provision of digital media in Saudi universities will â€Å"enhance their civic engagement, which comprises political activism, deliberation, problem-solving, and participation in shaping a culture† (Levine, n.d., p. 119).

Finance and Accounting Research Paper Example | Topics and Well Written Essays - 1250 words

Finance and Accounting - Research Paper Example It is without doubt that table salt had developed into a well-rounded and mature enterprise but Sea Shore Salt had grown gradually over the years however, on the peril of its competitors that were not well known in the business. The company had developed a legacy with its brand name that was ideally known and recognized in the area giving the company a competitive advantage despite it being very difficult to pronounce the name quickly (Sages & Grable 57). Bernice reported to work on January 2, 2006 and everything was seen to be going smoothly until Mr. Brinepool sent her a memo on the company’s cost of capital, giving her the task of explain to all the other managers the company’s weighted average cost of capital. Bernice had not expected such a task so soon and hence, she stayed at the office late that night to prepare for any questions that may be shot at her during the meeting that was scheduled to be held the following day. Bernice at first analyzed and summarized t he company’s recent balance sheet to and later on wrote down some points she had discovered: (Sages & Grable 58). The bank where the company had taken a loan charged an interest that was similar to the existing market rate bearing in mind that the long- term debt had previously been issued not so long ago. This meant that the book as well as the market values of the debt could not have a great difference in margin. The company had issued stock about 35 years ago at the time when the interest rates were significantly lower than they are now. The stock were expected to rise by a large margin over the years and eventually become very lucrative in future though this did not happen. The current stock which was initially preferred was now trading at only $70 per share contrary to what the management expected the share price to stand at by this time. Common stock was expected to trade at $40 per share by this time. Earnings for the subsequent year were projected to be at about $4 an d the dividends shareholders were going to receive at the end of the fiscal year was probably expected to be around $2 per share. Sea Shore Salt had a tradition of using 50% of her earnings to pay dividends to its shareholders and the rest would be retained by the company for future expansion and growth. Fig 12. 2 Mr. Brinepool’s cost of capital memo Sea Shore Salt Company Spring Vacation Beach, Florida CONFIDENTIAL MEMORANDUM DATE: January 15, 2006 TO: S.S.S. Management FROM: Joe- Bob Brinepool, president SUBJECT: Cost of capital This memo gives and insight and understanding about the company’s long- term policy concerning rates to be considered in terms of making decisions involving capital investment. Recently, many people have started to raise questions and there has been an air of confusion with regards to this disturbing matter. Sea Shore Salt analyses investment by discounted a cash flow that is discounted. The problem in discount rate is the weighted average co st of capital experienced by the company after tax. The weighted average cost of capital is the combination of the amount of returns that investor expect a company to generate at the end of each fiscal year. These investors include persons or institutions such as banks, bond holders or even stock investors; this is on top of the already present stock owners. Sea Salt financings are summarized in the following table Amount (in millions) percent of total rate of return Bank loan 120 20% 8% Bond issue 80 13.3

Personal essay for pharm cas Example | Topics and Well Written Essays - 500 words

Personal for pharm cas - Essay Example that my parents are not omniscient healers: the ability of their diagnostic and therapeutic skills to defeat disease is almost totally dependent on the tools at their disposal, and these tools are predominantly drugs. The miracle of medical science itself is undoubtedly founded on the preparation and accurate dispensation of drugs. It is pharmacy which is medical science’s fighting arm. My fascination with pharmacy dates back to this realization and has slowly, but surely, led me to a point in my life at which I am absolutely confident that pharmacy is the career path I want to follow. My choice of pharmacy as a career has been reinforced by my deep admiration for my aunt, who is a renowned pharmacist in Jordan, where I spent the major part of my childhood. Pharmacies in Jordan are run along the lines of traditional community pharmacies, in which the pharmacist plays a major role as counselor and friend to her customers. The pharmacist is urged to independently prescribe drugs for sundry aches and ailments, dispenses advice as well as drugs and strongly influences the customer’s choices. I spent some time assisting my aunt and was deeply impressed by the warmth of her personality, combined with her disciplined approach to the use of drugs. She has become my role model. My personal background has made me aware that impeccable educational qualifications are a prerequisite to any career. My family has also impressed on me the relevance of a work ethic which combines hard work with the efficient organization of time, but still retains some space for compassion. This has made me a dedicated student with a good academic record. At the same time, my love of interpersonal interaction has involved me in the community and student life of my school. I am particularly involved in the student government and tremendously enjoy my role as student instructor. I think that academic success is the result of hard work and also a passionate belief that the subject one has chosen

Explain the guiding theory to which you adhere, combination of two Essay

Explain the guiding theory to which you adhere, combination of two theories, an integrated model of several theories or one dist - Essay Example I have compared aspects of Adlerian therapy, which to me seems to be a type of reform or broadening of the Freudian approach to psychotherapy to increase its application by focusing on family issues and personal problems, but decided that the Existential Theory represented by Carl Rogers and others would finally be the best field to specialize in for addiction therapy. I would like my work in addiction to relate to social functioning as a type of healing for the disfunctionality in the person suffering from substance abuse. When that person is able to return to a normal daily life and take part in activities that represent his or her own goals of self-realization, I feel that the counseling process will have been successful. In order to assist the individuals with this recovery process, there should be a combination of methods integrated into the counseling practice, and these should be based in a broad understanding of the schools of psychology and their unique benefits for treatmen t. I am personally focusing on Existential Therapy, Gestalt Theory, and Person-centered approaches for my counseling practice. ... In getting to know the people seeking treatment personally, the first aspect of counseling is to look through the substance abuse itself as a symptom to the deeper causes. An important aspect of this is being able to recognize aspects of abnormal psychology which may have roots in degenerative mental illnesses from adjustment problems and substance abuse related to traumas, childhood abuse, coping problems, peer pressure, or other factors that may have led to the behavior initially. The assumption in this process is that in identifying the root cause of the mental origin of the substance abuse problems by counseling, there can also be a conscious recognition of that issue by the person, and through this understanding the problem can be healed as that person becomes aware of methods through which the problems can be positively overcome. In seeking to provide an assistance role for these people to return to normal functioning in society on their own terms, the importance of Existential Theory in counseling becomes clearly evident. One assumption this method includes is that drug addiction and particularly the self-destructive aspects of it that lead people to counseling and recovery therapy are related to â€Å"deeper† problems of self –development and not genetically conditioned or caused by physical addiction to drugs like heroin or cocaine. Where there are physical addictions, these must be eliminated before the counseling can really progress, but in addiction therapy relapses are common so that the person may be constantly moving between treatment, substance use, abuse, and counseling. Thus the â€Å"detoxification† stage should be distinguished from the â€Å"treatment† stage, and the recovery itself proceeds from the treatment as the individual returns to normal