Global Perspective

However, we did not jump right into the semester with enthusiasm and excitement. Our first lecture was on photography, although I am very interested in photography, this lecture was tedious. To see the slides that Stephen Puppeteers was presenting the lights had to be shut off, which made it very easy to doze off or have your mind be somewhere else. Despite the dark lecture hall and the dullness of Mr.. Pettifoggers voice, his photographs were incredible.His photographs ranged from beautiful breathtaking landscapes to people from developing countries with health robbers and lost limbs. The variety of his photos Is really what lured me In. I was fascinated. I had no Idea what I would be learning and experiencing throughout this semester when I signed up for this course. Even after I had had this first lecture and had attended my first discussion I still did not fully understand. As I wrote my first assignment, I babbled on and talked mostly about my past with music, still believing th is course would be all about music.Little did I know, I was all wrong. I attended ACH lecture and finally began to catch on that I would be learning something new and enjoyable every Wednesday. Each lecture after photography got more intriguing and interactive with the audience. This course by far had the most entertaining lectures, bringing students on stage to dance and act. But even after all of these lectures I was not prepared for the final lecture. This fall performance was unbelievable. It had me with goose bumps up and down my arms and legs.I could feel the beat of the drums through my whole body ND I automatically and unconsciously began swaying and tapping along to the beat. They immediately began pulling students from all over the lecture hall onto the stage and put some sort of instrument in their hand. Despite the fact that these students had never played such instruments they quickly picked up on them and joined in on the organized beat. Although this music was made up as It went along, and there were no written notes, it was still highly organized.The students knew they could not just play along to any beat they desired. There were still rules they had to abide by. As the stage continued on with their instruments, the audience was then engaged within the music with singing, clapping, dancing, and stomping. It was unreal. We all consolidated to actually compose our own beautiful music. Was amazed. The instructors some how managed to get every single person In that lecture hall participating In our freshly composed music. And from what I could see everyone seemed to be enjoying It Just as much as I was.It was a wonderful performance. It as by far the best performance all semester, as my teaching assistant informed us it woo a De. I am lucky to nave Eden addle to experience sun an event. Entering this course I did not have high expectations, it was only filling general education credits for me. However, now that I have successfully completed this c ourse it was certainly so much more. I am fortunate enough to have been able to take such a class that bestowed me with such in depth introductions to various forms of arts, from photography, theater, Jazz, classical, dance, and so much more.

Architecture: Words or Shapes

The context, its cultural background and its function also affects owe we view architecture. The question is, what is more important to architecture, its shape or the words that describe it? Aesthetic theory is a greatly important topic in the realm of architecture. It dictates how we view architecture, what makes it beautiful and why it is important to us. This is why there has been so much debate on the topic throughout history. The debate has developed over time and continues today with numerous theorists bringing their ideas forward and taking different positions on the topic.Position This paper holds the position that words are more important to architecture than shapes. Conceptuality is stronger than formalism as an architectural idea. The principal argument is that shapes come from words. Lee Courier is a well-respected architect that discussed this topic. His ideology is given and backed up though experiences of his works. Saint Pewter's dome is a great example where both sid es of the argument are addressed. Is the great dome about form or symbolism? Recognizing architecture as parts of a whole shows how beauty is influenced by its context and how important this is.Taste in architecture and how one should Judge its beauty also considers what properties are most important. Is taste to be dictated by only visual properties or are abstract properties also influential? A flower is undeniably beautiful. Analyzing why this is and how this is related to architecture gives great insight and another perspective of the argument. Words Create Shapes Christian Nowhere-Schulz enforces that words are more important to architecture than shapes by stating that, â€Å"Existential meanings are derived from natural, human and spiritual phenomena, and are experienced as order and character.Architecture translates these meanings into spatial form†. When we grasp this understand we legalize how both types of properties are important to architecture but one informs the other, that words create shapes. A formalist would argue that without shapes there is no architecture. This is true, however question to ask is, where do shapes come from and what guides their composition and color? It is the meaning and purpose behind the architecture that guides its shape. Without words we have no shape or architecture.This puts abstract properties above physical properties, making abstract properties the true root of architecture. Lee Courtier's chapel at Ranch is one of the greatest examples where meaning is manifested into shape. This church is a truly unique composition of forms to create a shape that is immediately recognizable. The beauty of this shape as an object is debatable, however this shape allows us to have an experience full of emotion and delight. Lee Courier himself said that he wanted to create â€Å"a vessel of intense concentration and meditation†.The meanings behind Ranch connect us at a spiritual level, making the architecture beautif ul on a far deeper level than form alone. The shapes of Ranch create a space where we can encounter this more meaningful, deeper level of beauty in architecture. Lee Courier believed that the purpose of architecture is to move us. Great architecture stirs an emotion within us that evokes recognition and respect. Lee Courtier's ideology is most convincing when one experiences it through his architectural works.For example, Villa Savoy in Posits is one of his masterpieces where you can encounter his ideology. Centered in the house is a ramp that takes you on a Journey from the underbelly of the house on the ground floor to the main body on the first floor and then on to a roof garden. Throughout the house views of the surrounding nature are framed, your mind is free ravel, as the forms evoke a sense of exploration and delight. Villa Savoy is better experienced than viewed through an image, only then can you understand the greater meaning and purpose that informs its beauty.One might a rgue that this is not beautiful architecture and a poor example, however upon visiting this house you cannot deny that the house is beautiful in its own right, evoking a response from the occupant. Lee Courtier's masterpiece is moving; therefore achieving what he believed architecture to be about. This experience and the emotion that is felt can only be described in words. Shapes play a big role in the architecture but clearly the meanings behind are more important. Saint Peters Dome The crowning Jewel of Mannerist Architecture is Saint Pewter's Basilica in Rome.This great structure is the out come of a series of classical revival styles that were established and developed during this course in history. This was a time where famous architects like Brucellosis and Michelangelo were pushing boundaries and testing new waters. Architecture of the time was seeking to express the culture and religion through evermore ornamented and magnificent forms. This symbolism retorting the relations hip between man and culture, religion and, the new found freedom of the Renaissance period. The Catholic Church's ultimate representation of connecting Heaven and Earth is the great dome of SST.Pewter's. The dome accentuates the occupants focus upwards to a greater connection with, and realization of God. The appreciation one feels when being inside this great space is an undeniably amazing experience. The meaning behind this architectural feat is so strong that it becomes prevalent to the occupant in one way or another. When looking heavenward under the dome you feel a sense of awe and admiration. What we see is the immensity and ornamentation of the structure however this is interwoven with the deeper abstract properties we feel. Geoffrey Scott has the opposing view, that visual properties are more important.He assumes that as the structural truth of the dome is hidden, it makes its meaning weak. The dome could not support itself and relies on great chains for reinforcement. There fore the dome relies on its beautiful form and ornamentation to fulfill its purpose of majestically crowning Saint Pewter's. This argument is weak as he refers to the meaning of the dome but misses its main purpose, that it is a symbol of heaven. The structure was important in realizing the ability to construct this great dome but not as important as the meaning for the dome.Without this meaning there would be no reason for this structural feat or the beautiful ornamentation and Saint Pewter's wouldn't exist. Therefore we can say that Saint Pewter's dome is a great example of how words are more important to architecture than shape. Beauty needs Context Paris is regarded as one of the most beautiful cities in the world. So what makes this city so beautiful? It is the question one keeps asking themselves when having the opportunity to experience the city first hand. It is Paris as a whole that makes it the way it is. It is an incredible compilation of parts that are interwoven with hi story and culture.From the planning of grand avenues that link iconic landmarks to innovative architecture, everything in Paris has its own part to add to the greater story. Notre Dame cathedral would not be complete without its picturesque setting on the Seine River and the vibrant context surrounding it. The Eiffel Tower would not have its elegance and splendor if it were constructed in the middle of a wasteland. Paris has a deep history in planning, in revolution as well as the romantic French culture. All he parts of Paris need this rich context to make it the way it is.The whole, or the context gives the parts, or the shapes, meaning. Henry Bergen uses Paris as an example of parts and whole in his book An Introduction to Metaphysics. He suggests that Paris cannot be explained in its parts, the shapes within. It needs to be understood as a whole, as an overall impression of symbols and meanings. A clear way to understand this idea is his example of how letters make up a poem. Wh en the letters are mixed up as individual parts they do not make sense, however when they come together to form words the poem can be understood as a whole.It is difficult to find a strong formalist argument that directly tackles architecture in its context. There are many other compelling anti-formalist observations, particularly from Christian Nowhere-Schulz. One example he gives is of the ideal positioning of Greek temples in connection to the landscape. Even the formal elements chosen for each temple are symbolic of the sites characteristics. The dominance of anti-formalist understandings is testament to the importance of meaning in architecture. When we think about the meaning of architecture, we consider a wider spectrum of properties.Formalists are so focused on form that they forget to thoroughly address aspects greatly important to architecture such as context. Taste Architectural taste can be broken down to whether we should Judge architectural works on a universal or indi vidual basis. Universal Judgment of architecture is based purely on shape, proportions and other visual properties. It is free from the bias of any cultural influence or personal preconception. Emmanuel Kant looks deep into this perception and argues that this is the only way we can Judge beauty and architectural works. The individual perception holds the view that beauty is in the ye of the beholder.An individual can approach an object with a preconception from their cultural background, knowledge and experience to form a Judgment. This type of Judgment requires properties that are abstract to inform our aesthetic Judgment. We can then propose the question, how should we Judge architectural works? Should we limit Judgment to a universal approach that only considers shapes or should we have an individual approach that considers other abstract properties? Kant is a formalist and his views counter the conceptuality view of individuality. Kant believes hat not everyone is able to decid e whether architecture is beautiful or not.It is a skill that has to be developed, so that one can make Judgments void of any personal bias. Then and only then could that person decide whether an object was beautiful or not. Alexander Newsman thoroughly analyses Cant's writings is his book Only a Promise of Happiness: The Place of Beauty in a World of Art. This analysis is neutral taking no side of the debate, however he exposes the single mindedness of this argument. How could architecture and its beauty bear no relation to the world around us? We are employ human beings all connected and interwoven into our culture, thoughts and desires.Of course who we are and what we do affects our Judgment, not Just of beauty and architecture but of everything we do. There is no way to separate the two, abstract properties inform our Judgment and taste in the visual properties of an object. When discussing Elaine Scary writings, Newsman talks of beauty being manifested in appearance but being c onnected to a larger cycle, that informs understanding and interpretation. Architectural works should be Judged as an individual. Everyone is unique and has their own cultural background, thoughts and leaning to bring to architecture.Why would you try and block this out to form a universal opinion the same as everyone else? Its is important for architecture to embrace conceptuality and let it continue to develop as rich and vibrant built form in all different shapes and sizes. Language of Flowers Georges Beatable presents a convincing discussion about flowers and how they pertain to beauty and love as aspects aesthetic theory. The rose is an undeniably beautiful object that symbolizes love and has the possibility for many more meanings determined by intention and interpretation.A rose given out of love from one person to another makes this beautiful object more about meaning than form. We can say a rose symbolizes something more beautiful than the rose itself and the abstract proper ties are more important to the rose than visual. All can appreciate a beautiful rose but it is most beautiful to an individual when they have a connection to it rather than considering it Just as a form. Beautiful architecture has the same properties as a rose does. It is beautiful in appearance, directed by its components and colors, and it is beautiful in meaning, directed by its symbolism and purpose.Like with the rose, do we not appreciate architecture more when it has a greater meaning to us? As a rose symbolizes love and stirs emotion, architecture should also stirs emotion as it is experienced and appreciated. Abstract properties bring out the true beauty of an object to make it truly beautiful. This true beauty is what both a rose and architecture is about. The formalist view is that the rose, like architecture is beautiful because of its form. This would mean that the rose as a beautiful gift is less about giver and more about the object, that architecture is more about app earance and sees about the people who interact with it.Clearly you would rather receive a rose from someone you love rather than someone you don't know, even if you do not appreciate the form of the rose, the act of love gives it a greater beauty. Likewise you want to have architecture for the delight it brings no matter the form. What architecture can bring to society is more important than a meaningless composition of shapes that does not relate to people. Conclusion We can conclude that it all comes back to words. The debate over shapes and words leads from one argument to the next and it will never stop.It simply comes down to what is architecture all about? It is all about people. What is beautiful about architecture? It is beautiful in the way it relates to people and how we relate to it. Architecture is a place to dwell; it is a place for human beings. Architecture is meant to improve life, to provide us with shelter and delight. This can be manifested in various ways depende nt on function, cultural meaning and purpose. What we see is its physical properties that have been informed by abstract properties. Every beautiful piece of architecture has Journey to be experienced and a story to be told.

Financial Assistance for a Struggling Student Essay

Financial Assistance for a Struggling Student - Essay Example It is a part of the five year plan to cut $39.7 billion in total from the $71.5 billion student-aid programs. The first impact of the bill being applicable from 1st July, a student borrowing loan after 1st July will be offered rates of 6.8 percent compared to 1.5-2.5 percent rates they enjoyed and have raised questions among the students such as, " Who is responsible" , "How I am going to pay these loans", "Why me" etc. Teneya Morman a junior majoring in MARKETING from N. C. Central when interview said, "I'm a junior in school but after my senior year my education will be more expensive because of the changes in the financial arena. I may not be able to attend. This change will be negative because it will make students not focus on their grades but on money that has to be paid back for my education. It will have a negative affect on the black community because we are the people who don't have the funds to pay." Another graduate student in Computer Information Systems Donnell Williams says, "Graduate school is a sacrifice for many students. They have to be willing to either foot the bill or work hard to secure financial resources. In other words, it is really unfortunate as graduate school becomes more of a gateway to satisfiable employment and career options, now this is another obstacle."

Further study on the previous lecture Term Paper

Further study on the previous lecture - Term Paper Example The wake of a tornado leaves the untold destruction to infrastructure and property in the billions of shilling especially when it strikes cities but in the early detection ensures that there is little or no damage to property. Shearing in the winds especially where air masses converge is one of the formative phases of tornadoes. The convergence happens when cold air meets hot air, and the warm air is forced to rise. The convergence point is called a cold front. The directions of the air masses at the top rotate in the opposite direction to those at the bottom. Rotors can be setup due to the shear in the wind. The rotors refer to cylindrical air masses, which are perpendicular to the direction of the wind. The rotating cylinders may be changed to move vertically. The bottom and top part of the rotors rotate in different directions. Tornados are invisible since they are rotating masses of air and droplets but may be visible due to the dust collected along the way or other visible particles. The winds in the tornado rotate cyclically where the vortex on the south due to the wind direction rotates in the opposite direction to that of the north. As a result, there are two vortices whereby one rotates clockwise and the other anticlockwise. The vortices are, therefore, negative and positive vorticity. The vortex in the cyclone grows into a big cyclonic element in the storm referred to as mesocyclone. A funnel cloud forms when the interior of the vortex spins around. The funnel like cloud formed results in the formation of a tornado. Many tornados rotate in the direction of bigger storm systems and hence have a cyclonic vorticity. A tornado over water is a waterspout. The destructive nature of waterspouts is to ales extent (Pike, 133). They are evident on waters in subtropics. Their speeds are low, and therefore they travel slowly over the water. Their occurrence is evident in the Adriatic Sea and Florida. Their effect on the water cannot reach the measure of a

Banned Condom Ads Coursework Example | Topics and Well Written Essays - 250 words

Banned Condom Ads - Coursework Example Though this advert is obviously humorous, the interested parties banned it from the television for the obvious, serious message it is passing across (ZaZoo condoms). The message the commercial seems to be wear condoms to prevent these kinds of tantrums. The message also seems to be advising parents to wear condoms if they do not want these kinds of kids (Allyn & Westheimer, & Lopater, 2002). It is likely that the commercial was banned for this message. Instead of the ad passing the right message, for example, condoms are ways of preventing unnecessary pregnancies and STDs, the commercial seems to be threatening customers to buy their products or end up like this frustrated parent (Banned commercials). The other commercial in question is the one by Durex, which has a mass of sperms following their owner as he goes to talk to his girl. Her boyfriend’s sperms, which have been personified, rush the girl and a giant condom later rescues her (Banned commercials- Durex). The message the commercial seems to be passing is that the Durex condom can eat up sperm/ men and prevent pregnancy (Miracle, Miracle & Baumeister, 2003). The commercial is obviously funny and does not use explicit message or pictures, and that is the reason that leads one to wonder why it was banned. It is possible that the commercial was banned for its utilization of man/ sperm eating condom, and the utilization of man- looking sperm (Andersen,

Security Systems Essay Example | Topics and Well Written Essays - 250 words

Security Systems - Essay Example A Firewall is effective at protecting one's computer. Firewall sets limits to the allowable access point of users and it restricts the users from entering those sites that are suspected to be harmful. It also blocks malicious sites from opening up; this is done to ensure that the threats are unable to enter into one's computer system. Another type of security system is the virus protection software. In installing this type of software it is important to constantly update its features, most importantly the current virus definition as it tends to change from time to time (Reardon, 2001). Actually, there are a lot of anti-virus products offered online but before one would opt to purchase it, factors like the source or the company offering it as well as the over-all product features must be taken into consideration. Upon using technological gadgets like computers, it is always vital to take the necessary precautions. Installing an antivirus software or turning on the firewall does not ta ke a lot of energy, it only requires a person to click the button of a mouse. By doing this one is guaranteed of protection.

The Investment Detective - Finance Case 17 Study

The Investment Detective - Finance 17 - Case Study Example The project’s Payback period, Net Present Value (NPV) and Internal Rate of Return (IRR) are some of the key criteria that can be used. However, NPV provides the best ranking criteria, since IRR is only applicable when there are series of cash flows that indicate results in an initial outlay followed by future inlay (Baker, 2011). A series of cash flows that do not satisfy this requirement, will not give appropriate results with the IRR method. IRR method also gives percentages which do not include the magnitude of cash flows (Baker, 2011). Payback method normally overlooks the time value of money. This is one of its main drawbacks in ranking projects. The drawbacks of Payback period and IRR method make NPV the best method for capital budgeting (Baker, 2011). Project 2 and 6 relate to actual venture capital project in which, bulks of cash inflows are realized at the end of maturity period, but some cash inflows can also occur at the beginning of the period (Baker, 2011). Project 4, 7 and 8 relate to an investment in machinery where positive cash is generated at a certain period of time. After some times, they can be sold so as to generate more cash. Additional cash flows are incurred at the beginning of the period to keep the machinery going (Baker,

Drug Abuse, Manslaughter and Law Essay Example | Topics and Well Written Essays - 1000 words

Drug Abuse, Manslaughter and Law - Essay Example Cocaine is a dominant hard drug that attracts severe penalties for possession and eventual trafficking. The controlled substance act serves the whole nation in implementing all legislations for single convention on narcotics and drugs and helps in reducing the atrocities developed from the drug distribution. This was brought about by full discovery of the addictive properties of cocaine, including the perceived problems that are brought about by addictive use of cocaine (Gardner & Anderson 2011 p 430). A negative notion was further linked to cocaine as many people stressed that cocaine abusers were mainly gamblers, prostitutes, burglars, racketeers, and pimps among other law breakers. It further created a notion that cocaine increased people’s ability to commit more crime as it gave them heightened approach to life and the courage to commit crimes that have been restricted by law. In this case, Nino Schenquist and Bill Rallia are involved in the use of illegal drugs together. They are both liable for using drugs that are recognized by law as illegal and any person found guilty of such an offence faces a stringent arm of the law. They are guilty of using drugs that increase perseverance, alertness, energy, and motor activity. The drug use affects a person’s feelings of well being hence increased competence and sexuality to higher levels that could increase a person’s probability of involvement into unsocial and illegal practices unwillingly. In a state of law, Rallia and Schenquist will be first convicted of frequent use of drugs in the country. The only legal use of cocaine is stipulated under local aesthetics as it is used constructively in making patients persevere pain during a medical examination or procedure. According to the United States controlled substance act of 1970, cocaine is placed under schedule II drug, as it is a highly classified drug in terms of high potentiality for abuse leading to severe physical and psychological depe ndence (Gardner & Anderson 2011 p 432). The two culprits will face an established mandatory law that provides a specified minimum drug sentence as they can not get out scot free. However, there are different penalties for the different types of cocaine in the United States. For instance, the federal law accords a higher sentence to crack cocaine than for powder cocaine since there is a high indulgence in the crack cocaine a large number of African Americans. It also claims a harsher prison term for blacks in the United States since their indulgence is increasingly severe as they increase the trade in the illegal drugs due to their lucrative income. Possession of a five gram of crack cocaine attracts a hefty first-offence penalty of not less than five years imprisonment. The same imprisonment of not less than five years is accorded to a person who is found in possession of five hundred grams of powder cocaine in the same law. This shows the utter difference in the two types of the sa me drug According to the controlled substance act of the United States, Rallia and Schenquist will be convicted in relation to section 959 ((a) for manufacture or distribute a controlled substance. Since they have been thriving in the business of using controlled drugs, the law will have to file possible allegations in a court of law for the conviction. Rallia is solidly behind the death of his cousin Schenquist since he is responsible for allegedly stabbing him after they had a misunderstanding at Thomas’

Incest in America Essay Example for Free

Incest in America Essay Nowadays, incest is viewed as one of the most harassing aspects of child abuse, since it is likely to result in psychological trauma and cause long-lasting negative effects in terms of healthy personality development. Governor’s Commission on Domestic Violence defines incest as â€Å"overt and/or covert sexual contact or acts between people who are related genetically, by marriage, by living arrangements, or in whom a child perceives a trusting relationship, for example parents, grandparents, siblings, aunts, uncles, cousins, step-parents, foster parents. Incest is one of the most common forms of child sexual abuse† (Governor’s Commission on Domestic Violence, 1996, p. 37). Unfortunately, the U. S. statistics on this topic is barely available, as the entitled researchers have access merely to reported cases, which give following information: 46 per cent of child rapists are family members, 70 per cent of whom have been at least once imprisoned (ibid). Nevertheless, the statistics suggests that incestual relationship might occur even in ‘non-deviant’, ‘decent’ nuclear families, because the positive correlation between the rapist’s previous crimes and child sexual abuse points merely to the fact that such crimes are more frequently discovered. The causes of incest can be categorized into three groups: biological, sociological and psychological. Biological factors indicate that certain percentage of inbreeding is important: â€Å"any system of inbreeding that is reasonably possible would not greatly reduce the heterozygosity of the population† (Williams, 1994, p. 1167), but this approach doesn’t actually clarify the reasons for child sexual abuse. Sociological perspective is oriented to societal factors, such as popularization of sexuality in its different forms (including illegal distribution of child pornography) and the societal roots of deviance as the violation of sociocultural patterns of sexual behavior: in macrosociological terms, sexual assault of children might be rooted in social inequality, distortion of family constructs (family roles and responsibilities) and anomia, i. e., poor implication of moral values in certain society of community (ibid). Psychological factors also enjoy diversity that includes the presence of personality, mental health and sexual disorders (pedophilia) and predispositions to sadistic behavior in abusers, so that family members can use sexual assault as a form of punishment as well as the means of satisfaction their sexual needs. It needs to be noted that incest is unacceptable from both sociological and psychological positions, so this crime intrinsically implies certain either social or personality pathology (Sedlack and Broadhurst, 1996). The main effects of incest on child can be explained through the influence of the abuse on child behavior and the coping mechanisms, which arise in response to the harassment. First of all, the child experiences fear and powerlessness, since they can no longer control his/her life and body, if the victim is aged over 7-8, he/she normally feels shame, responsibility and guilt, as the small individual already understands that normal order of things has been upset, but still has underdeveloped mechanisms of cognition to realize the depth of the problem. Furthermore, such traumatic experience detaches the child â€Å"from non-offending parents, brothers and sisters. This isolation often leads to the child being labeled as different, a problem, or in some way different from their siblings. Children feel betrayed because they are dependent upon adults for nurturing and protection and the offender is someone who they should be able to love and trust. They may also feel betrayed by a non-offending parent who they believe has failed to protect them† (Putnam, 1989, p. 271). If the assault takes places regularly throughout the long period, the underage victim is likely to suffer from nightmares and flashbacks, including hysterics, unexplainable tearfulness, rapid and momentary mood changes. Moreover, the research reports the increase of aggressiveness in such children: such destructive impulses can be directed either on child’s personality (and consequently affects ‘internal world, thoughts, reflections) or towards external objects and other individuals (including the abuser and non-offending family members). Adams argues that both overt and emotional (treating the child like one’s partner without direct sexual assault) incest finally amplifies the victim’s aggressiveness, hostility and irritability, and substantially inhibits his/her social skills, making the child reluctant to establish new contacts with coevals (Adams, 1991). As for the coping mechanisms, the victims of intrafamilial sexual assaults usually develop memory suppression, dissociation and denial. Memory suppression implies voluntary forgetting of the negative emotional states, ensured during the abuse. The victims therefore attempt to separate the negative incest experience from conscious awareness. â€Å"Dissociation is a way in which some children survive abuse by escaping mentally while the abuse is happening. The body and the mind seem to separate. While the body is being hurt, the child no longer feels it because the mind manages to escape to a perceived safe place. Different children may dissociate in different ways. One example is leaving the body and floating on the ceiling over the bed where the abuse is occurring† (Williams, 1994, p. 1171). Denial, as a rule, has two forms: denying the fact of incest and disclaiming the negative moral evaluation, which can be given to the fact (‘It’s not actually wrong’). The most dangerous about these mechanisms is their critical impact on the victim’s social functioning, as these defenses are aimed at maintaining physical survival, neglecting thus the related deterioration of emotional state. Those family members, who become aware of intrafamilial sexual assault, normally decide on the strategy of non-intervening, since this phenomenon often takes place in authoritarian families, where everyone has certain degree of fear for the perpetrator. Due to the fact that the forceful sexual contacts usually occur between male adults and female children (father and daughter) (Governor’s Commission on Domestic Violence, 1996) and that the same male adult often commits violence over his spouse, it is possible to presume that the entire family is intimidated by the perpetuator. As for the impact on the criminal him/herself, this person, as psychological research suggests, gradually develops sadistic propensities (Williams, 1994) and expresses cruelty when sexually abusing the child. If family haven’t yet noticed the internal incestual relationship, the perpetuator utilizes certain methods of maintaining secrecy and becomes more reserved and reticent even in the most trivial daily routines. Moreover, such criminals become increasingly more cunning and create a special communicative code, understandable only for his/herself and the child in order to enhance the organization of incestual relationship. In addition, perpetuators also use denial and rationalization as defense mechanisms (ibid), since intrafamilial sexual assault causes psychological trauma in the abuser, who breaks his/her moral convictions or the basic principles of societal coexistence. The major indicators of incest include: 1) child’s confessions/reports; 2) noticeable fear of certain family member; 3) extremely sophisticated understanding of sexual behavior; 4) â€Å"persistent and inappropriate sexual play with peers, toys, animals or themselves; 5) sexual themes in the childs artwork, stories or play; 6) sleep disturbances and nightmares; 7) marked changes in appetite; 8) parentified or adultified behaviour e. g.acting like a parent or spouse; 9) poor or deteriorating relationships with peers; 10)self-mutilation: cutting of arms, legs, burning home made tattoos. Suicidal feelings and suicide attempts† (Saunders et al , 2001, p. 8). The elimination of post-incestual effects usually correlates with treatment for post-traumatic disorder, but it is important to note that such trauma might cause irreversible changes in the victim’s convictions and perceptions (in adulthood – coitophobia, sociophobia, claustrophobia). As a rule, psychiatrists use cognitive processing therapy in order to provide appropriate cognitive restructuring and systematic desensitization concerning the negative memories; dynamic play therapy (using puppets when expressing fears); art therapy; family therapy (aimed at supporting the victim’s re-adjustment to the family environment) and attachment-trauma therapy (based upon placing the child into emotionally warm and friendly environment) (ibid). Similar psychological aid should be provided to the perpetuator: either in mental health or in penitentiary institutions they receive special cognitive-behavioral training, pharmaceutical treatment, but as a rule, the major intervention frameworks insist on complete separation of the abuser from the victim (Putnam, 1989), as the childhood experiences tend to return after meeting the perpetuator. Works cited Adams, K.(1991) Silently Seduced: When Parents Make Their Children Their Partners, Understanding Covert Incest. HCI. Governors Commission on Domestic Violence. (1996). The Children of Domestic Violence: A Report of the Governors Commission on Domestic Violence of the Commonwealth of Massachusetts Boston. Commonwealth of Massachusetts. Putnam, F. (1989). Diagnosis and Treatment of Multiple Personality Disorder. New York: Guilford Press. Saunders, B. , Berliner, L. and Hanson, R. (2001). Guidelines for the Psychological Treatment of Intrafamilial Child Physical and Sexual Abuse. Charleston, SC: Authors. Sedlak, A. and Broadhurst, D. (1996). Executive Summary of the Third National Incidence Study of Child Abuse and Neglect. Washington, DC: U. S. Department of Health and Human Services. Williams, L. (1994). Recall of Childhood Trauma: A Prospective Study of Womens Memories of Child Sexual Abuse. Journal of Consulting and Clinical Psychology 62 (6): 1167-176.

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.

Bharti AIRTEL Case Study

Bharti AIRTEL Case Study Bharti Airtel is a public limited company commonly known as AIRTEL .it is a Indian telecom company which is currently operating its business across south Asia, Africa and channel islands, it is also into the GSM providing business in all the countries including 2G3G services. Due to its operations in 19 countries, Airtel is now the 5th largest telecom operator in the world with over207.8 million subscribers at the end of 2010. It is the largest cellular service provider in India with over153 million subscribers, behind china mobile and china Unicom Airtel is the third largest operator by subscriber base. TYPE public INDUSTRY telecommunication FOUNDED 7 JULY 1995 FOUNDER Sunil Bharti mittal HEADQUATER New Delhi AREA SERVED South Asia, Africa, Channel Island SERVICES Mobile network Wireless Landline Broadband Satellite television REVENUE 9.290 billion OPERATING INCOME 2.313 billion PROFITS 2.079 billion TOATAL ASSESTS 15.527 billion TOTAL EQUITY 9.491 billion EMPLOYEES 24,501 PARENT Bharti Enterprise (63.45%) SingTel (32.15%) Vodafone (4.4%) WEBSITE airtel .com BOARD OF DIRECTORS Sunil Bharti Mittal Manoj Kohli Joint Akhil Gupta Chua Sock Koong Tan Yong Choo Nikesh Arora Pulak Chandan Prasad Lord Evan Mervyn Davies H.E. Dr Salim Ahmad Salim Tsun-yan Hsieh Rajan Bharti Mittal Rakesh Bharti Mittal Craig Ehrlich Ajay Lal Bashir Abdulla Currimjee Mauro Sentinelli N.Kumar H.R POLICIES OF ORGANIZATION Strategic human management means formulating and executing human resource policies and practices of the organization that produce the employee competencies and behaviours the company needs to achieve its strategic aims. The strategic plan implies certain workforce requirement, in terms of employee skills, attributes, and behaviours that HR must deliver to enable the business to achieve its strategic goals. SERVICE RULE In Airtel you are an at will employee, this mean you are working at your own will without any force or pressure, before you join the company you must sign terms and condition agreement that will state corporate governance of the company that must be followed by all employees, in violation of the agreement, it can lead to termination of the employment. Employees must report to their superior and maintain disciplinary work. All employees will be paid monthly by cheque procedure. In case of leave employees must draft a detailed application mentioning the reason for leave. Lunch break of 1 hr will be provided Camera monitoring will be done to check the fair work of the employee. PROMOTION POLICY RULE A Policy under which employee gets promotion in the organization which is a reward for excellent performance. Generally to be eligible for promotion a employee must have successfully completed 6 months of employment in Airtel . Internal application process is being carried out and previous records are checked and performance is analysed. Further written test and interviews are done for promotion process. WAGE STRUCTURE The internal relationship between different jobs and wages helps the firm to decide its wage structure. 60% of Employees in Airtel are on variable pay structure which means they are paid according to their work done. At AIRTEL strong pay for performance culture maintains the internal equity. AIRTEL take into consideration factors such as performance and maintaining internal equity to ensure people at same level (in the organization hierarchy) and same performance are paid at the same level. EMPLOYESS MOTIVATION AND WELFARE SCHEMES Motivation is an effective tool for inspiring the workforce and creating confidence among the employees. The work force will be satisfied if management provides them with opportunities to fulfil their physiological and psychological needs. The workers will cooperate voluntarily with management and will contribute maximum to organizational goal. The rates of labour turnover and absenteeism among workers will be low. There will be good human relations in the organisation as friction among the workers themselves and between the workers and management will decrease. AIRTEL always promotes motivation by rewarding the talent through a TOTAL REWARDS APPROACH, performance bonuses, guaranteed cash and also stock option. Tremendous growth in career opportunities makes life at AIRTEL exciting and encouraging towards performance. Motivation tools like on job grooming, involvement in key projects, monitoring programs and exposure across various businesses, AIRTEL offers all its employees, guaranteed job satisfaction resulting in a Total Employee Proposition. Family friendly work options: Flexible time system, telecommuting , part time options. Maternity/ post natal benefits: 12 weeks maternity leave, leave extendable up to 6 months, flexi work location, flexi /part time options. Revised sabbatical policy: Allows for time off for enhancing education up to 1 year personal exigencies limited to half yearly . Travel policy revision: Includes two additional safety norms for women employees. Employee referral policy: Enhanced monetary benefits for referring women employees across all levels. Mentoring program: Initiated for high potential middle management women employees mentoring by senior women supervisor. HEALTH SAFETY RULES All employees have to submit a medical certificate mentioning the physical and psychological fitness. Regular medical check up promotion is done by the AIRTEL group. Suppliers dealing with Bharti Airtel shall comply and adhere to all laws, regulations and guidelines on environment, health and safety. Suppliers will ensure that all new service offerings as well as new product designs are in compliance with the relevant environmental regulation and guidelines, at the time of implementation at Bharti Airtel. TRAINNING AND DEVELOPMENT Vast pool of human resource time to time upgraded in terms of leadership and technical skills through various outsourced and in house training development activities such as process and project management skills and technical skills. By providing world class resources and combined efforts by AIRTEL many employees are being trained and developed to become future leaders . The companys HR is continuously working on launching various initiatives like on job training, apprenticeship training, programmed learning, simulated development, computer base training. AIRTEL also believes in internet based training which includes Teletraining Videoconferencing Development initiative by the company is directed by job rotation in which a management trainee moves department to department for overall learning in organisation. Case study method is also adopted by AIRTEL. Outside seminars are arranged for both employees and employer. (b) Identify any 3 Jobs (one each at Entry Level, Middle Level and Senior Level) within that chosen company. Entry level- sales executive (broadband) Middle level- Area manager (sales) Senior level- General Manager (new business development) JOB DESCRIPTION JOB SPECIFICATION Job description- A list of a jobs duties, responsibilities, reporting relationship, working conditions, and supervisory responsibilities. Job specifications- A list of a jobs human requirements, that is, the requisite education, skills, personality, and so on. Job description Sales executive- main aim is to sell broadband connections to the multinational corporation. Cultivate new broadband customers. Briefing the new product regarding broadband to customer Field survey to gather new demand preference in the market Job specification Experience 1 to 2 years Location Ncr/ Delhi Compensation : Rupees 65000 1,22,000 Education: UG GRADUATE, ANY SPECIALIZATION, PGDM in any area Industry Type: Retail Role: Sales Exec./Officer Functional Area: Sales, Job description Area manager- Achieve targeted net adds for all products (voice prepaid/post-paid, data, VAS etc), ensuring quality, across all available sales channels (Distribution, Retail) / CS in the area office Achieve channel infrastructure enhancement targets. Achieve revenue sales target across all products and channels of organisation Manage changes in , organization, trends, people to ensure quality satisfaction with continuity and smooth operations Coaching, monitoring, mentoring and retention of team member Job specification Experience: 9 12 Years Location Ncr / delhi Education UG Graduate Any Specialization PG Course good communication skills Industry Type: Telecom/ISP Role: Area Manager Functional Area: Sales, Job description General manager- To formulate new business development strategies identifying new business opportunities. To manage the IT sector within the organization. Mange the corporate affairs with other multinational corporation Building strong connections with business partners. Strategy and Implementation of All Business SLAs Managing client SLAs for operations Transition management account growth Cross-functional collaboration to enhance performance improved strategies. Workflow Management, Hiring support capacity planning Setting-up and managing operational practices Identify opportunity areas and implement the process for more improved strategies Job specification Experience: 14 20 Years Location: NCR/ delhi Education: UG Graduate Any Specialization PGDM/MBA Any specialization , excellent communication skills Industry Type: telecom Role: Head//GM-Operations Functional Area: IT, research development. DETAILED RECRUITMENT AND STAFFING PROCEDURE AIRTEL HIRING PROCESS APPLICATIONS In AIRTEL existing opening are monitored and accordingly position procedure are being carried out matching candidates profile and area of interest. SCREENING Matching of the profile is done by the company with respect to its requirements and needs. ASSESMENT An aptitude test is required for the job of front line sales. For considering the middle and senior level job occupational personality questionnaire done. INTERVIEW Airtel takes 1-3 rounds of interview process. VERIFICATION In case of final selection credentials are being verified by the company before joining of the candidate. After this process final appointment letter is being offered with companys terms condition memo, that every employee must sign. COMPENSATION PATTERN: INCENTIVES AND BENEFITS AIRTEL FOLLOWS Performance and pay policy Incentive pay scheme- managers often use two terms synonymously incentive plan for the employees, that is applicable to sales over the target achieved. As discussed earlier 60% of the AIRTEL employees are on variable pay that ties to pay to productivity or profitability in one time lump sum. Merit pay as in incentive is generally done by the company for excellent performance by employee in last term of his/her employment AIRTEL also provides NON- MONETARY incentives which includes Employee recognition Gift certificates Special events Merchandise incentives Free training programs Commission plan BENEFITS Benefits are indirect financial and non financial payments employees receive for continuing their employment. They include things like health and life insurance, pensions, time off with pay, and child care assistance. DISCRETIONARY BENEFITS PROVIDED BY AIRTEL EMPLOYER Life and health insurance for family and dependents Housing, subsidiary on housing loans subsidiary ,conveyance allowance, telephone and entertainment allowance, recreational benefits like health clubs and hobby classes, soft loans for asset building. Different types of leaves like study leave, extraordinary leave. Executive perquisites like chauffeur driven car, petrol allowance, and family holidays. Pay for time not worked benefits for time not worked such as unemployment insurance, vacation, and holiday pay, and sick pay. EFFECTIVE TRAINING AND METHODOLOGIES AIRTEL EFFECTIVE TRAINING METHODS For effective training five steps are followed The first, or needs analysis step, identifies the specific job performance skills needed, assesses the prospective trainees skilled and develops specific, measurable knowledge and performance objective based on any deficiencies. In the second step instructional design, you decide on, compile, and produce the training program content, including workbooks, exercise and activities. There may be a third validation step, in which the bugs are worked out of the training program by presenting it to a small representative audience. The fourth step is to implement the program, by actual training the targeted employee group. Fifth is the evaluation step, I which management assesses the programs successes or failures. METHODOLOGIES ADOPTED BY AIRTEL On job training means having a person learn a job actually doing it. Every employee from mailroom clerk to CEO gets on job training when he or she joins the company. Informal learning after a survey done by AIRTEL it was discovered that 80% of the employees learn on the job they learn not through formal training program but through informal means, including performing their jobs on a daily basis in collaboration with their colleagues. Job instruction training program takes place every month in AIRTEL in which logical sequence of steps are best taught step by step. On quarterly basis programmed learning is followed by AIRTEL in which self learning methods that consist of Presenting questions, facts, or problems to learner Allowing the person to respond Providing feedback on the accuracy of answers. OTHER MODEL METHODOLOGIES Computer base training Internet based training Organizing virtual classroom Research method Case study methods University-related programs Role playing Behaviour modelling In house development centre SUITABLE PERFORMANCE MANAGEMENT SYSTEM Performance management- a process that consolidates goal setting, performance appraisal, and development into a single, common system, the aim of which is to ensure that the employees performance is supporting the companys strategic aim. In AIRTEL performance management system is by the process of planning, monitoring, developing, rating, and rewarding. AIRTEL also focuses on its key result areas (KRA) for better management. AIRTEL performance appraisal include Informal review Formal review IDP Appraisal review and Appeal. CONCLUSION AND RECOMMENDATIONS Bharti AIRTEL is doing exceptionally well in recent times it is expected with same quality services in the present scenario it will overtake china Unicom in few years making it the world leader in telecommunication. Entering in African and Channel Island indicates it desire for expansion and to become globally known company, with the same pace it might also enter in other continent to increase its global market share. Good relations with business support partners like Ericsson, Siemens networks and IBM makes its outsourcing quit well Companys profit and assets are increasing good rate, it is expected in year 2020 it will cross 3.09 billion turnovers. AIRTEL strong HR policies help in maintaining its corporate governance structure. AIRTEL can enter into the mobile market in India as demand is at its peak. Better customer schemes support services would make AIRTEL to capture the competitor market.

Poetry Comparison on The Flea and To His Coy Mistress Essay -- Papers

Poetry Comparison on The Flea and To His Coy Mistress I would firstly like to begin on 'The Flea'. This poem is about a man that is trying to persuade a woman to have sex with him, by symbolically using a flea. The content of the poem is very much the same throughout the whole of the poem. In the first stanza, the poet is basically talking about how the flea represents their coming together and in the last two stanza's the poet tries to then persuade the woman to have sex by using different tactic's like guilt etc. To the end of the second stanza the woman whom is being seduced, kills the flea and is clearly stating that she will not go to bed with the poet. Following this he tries to tell her that it is cruel and unjust and a sin against God, and what she has done is wrong and there is also nothing wrong with sex before marriage. The poem is set in the 17th century and I think the poet feels very strongly about what he is saying, and takes it very seriously. I also think that the poem works very well with its comparison to the flea, and I think that the author has been very clever in what he has said. Secondly, I would like to talk about 'To his Coy Mistress'. This poem is very much the same as 'The Flea' and has many similarities. Again the poem is based upon a man trying to get a woman to go to bed with him, and is too set in the 17th century. The poem is split into three stanzas and each of them differs from the next, although still trying to get across the same message. In the first verse the poet is trying to flatter the woman by using complimentary language and words such as, "a hundred years should go to pra... ...s he proves to be less than adequate ' shimmying in & out every other day as though he owned the place'. He shows interest in only one thing and expects her to do all the work and 'weave the means of her own escape'. She is patient and encouraging at first, holding out hope that she might be able to guide him towards something at least a little closer to her idea of what a man should be like. However, he fails completely in this respect and she ends up speechless with frustration and tears herself in two. I think all in all when love is concerned in poetry nowadays it is a bit of a mockery and no one ever takes it that seriously. People think that love is something to be laughed at and never something to be admired. So I think love poems have changed a lot, although there are still some poets who have the right idea.

Human is a fallen God who remembers Heaven :: Personal Narrative Writing

Human is a fallen God who remembers Heaven "Rafal, why don't you participate in the contest that I was talking about. I think you have a chance to win" my teacher proposed. When I was in fifth grade in elementary school I had my first chance to participate in an art contest. The name of the contest was "spring," so kids had to draw or paint a picture that represents the landscape in the spring season. In school there were many kids who could draw and paint well. My friend Marcin really made better pictures then I did, so when I went home from school I didn't have enough faith to even try. I didn’t do anything about that whole day. The next day, I told my teacher that I was not going to participate because I did not feel like I had a chance to win. At the end of the class, the teacher asked me to wait because she had something for me. That day I was really surprised; she gave me brand new paint and a couple of brushes from the school supplies and told me that I could borrow these tools to do the artwork for the contest. She also added that if I won I could keep these. She really empowered me to participate, and I realized that I had nothing to lose. Running, I took the shortest way home. I just couldn't wait to get to my room and open the jars of paint. It wasn't difficult that I thought it would be. I really enjoyed painting and that was actually my first time I painted something. It seemed like I was painting before. The idea of the design came fast; I visualized one of the artworks that hung on the wall in our art classroom. I don't remember the name of the artist, but the well-composed picture showed trees and a river in bright and natural colors. So, I tried to do a similar painting. My idea was to make the river flow from one side of the paper to the other, with trees in front of the river and behind, and I added a house in the middle. It took me almost the whole afternoon and evening to finish this artwork and no one helped me. That was one of the happiest days of my life. I was very surprised what I had done.

Unbalanced work

The cause of the problem in my department is the unbalanced work load between two secretaries, Jack Snyder, who is providing support to two executive members, Ralph Alane & Jessica Hilo, and Ruth Disselkoen who is providing support to other two executive members, Samuel Daley & Frank Daley. During the long time medical leave of Jessica Hilo, 37% of the work load has been handled by a full time administrative assistant and Jack for the total 80 hours of the week, whereas 63% of the work load has been handled by a part time administrative assistant and Ruth for the total 55 hours of the week. This imbalance in work environment creates stress for Ruth who can’t perform her work perfect, at the same time, makes Jack lazy and irregular. Ruth can’t concentrate in her work even though she works for more hours and the executive members start complain. On the other hand, Jack has enough time to finish his work on time with quality without any stress. This may create friction in the department and so overall quality of the work will go down. In order to solve the issue and make the department efficient, I am very much convinced that an immediate action is required. I would like to discuss this issue with two secretaries. The aim would be to convince both of them that team work is more important than an individual responsibility. Since this is a new approach to handle the situation, initially, I will assign the work. The current practice of work assignment will be changed and the work will be considered as a department work rather than individual. The same will be conveyed to the executive members. This change will result in no overtime and improved work quality for sure.

Boud and Walker Essay

For the future, learning methods should be developed and applied that help reach the same learning goals in a target group specific way in the sense of diversity management for learning activities. Previously it has been recognized that experienced (older) employees learn differently than young employees but a distinction between previous education and school education of young woman and men is just as important. Finally, experiential learning as Kolb (1984) conceptualized it, does not consider different cognitive styles shaped by cultural systems and their pattern of beliefs and values â€Å"that defines a way of life and the world in which people act, judge, decide, and solve problems† (Anderson, 1988, p. 3). Different cultural backgrounds may influence learning styles as well as subtler aspects of perception and cognitive behavior. In that respect, Boud and Walker (1993) distinguish between external impositions und internal barriers to experiential learning. External barriers can come from other people, the learning environment, the broader personal situation and the context of the learner, and social forces as stereotyping, cultural expectations, classism, etc. Internal barriers on the other side are based on the unique personal experience of the learner. In addition to these social foundations of obstacles to experiential learning, representatives from Instructional Psychology stress that experiential learning might be hampered by the difficulty to draw â€Å"correct† conclusions from one’s own experiences. Some of these difficulties are introduced in the following section and serve as a foundation to develop the research questions. Finally, unsystematic working-methods and lack of planning and monitoring, are detrimental to the regulation of discovery learning. REFERENCES Anderson, J. A. (1988). Cognitive styles and multicultural populations. Journal of Teacher Education, 39, 2-9. Bandura, A. (1997). Self-efficacy. The exercise of control. New York: Freeman and Company. Bandura, A. , & Wood, R. E. (1989). Effect of perceived controllability and performance standards on self-regulation of complex decision making. Journal of Applied Psychology, 56, 805-814. Bandura, A. , Debowski, S. , & Wood, R. E. (2001). Impact of guided exploration and enactive exploration on self-regulatory mechanisms and information acquisition through electronic search. Journal of Applied Psychology, 86, 1129-1141. Beard, C. , & Wilson, J. P. (2002). The power of experiential learning. A handbook for trainers and educators. London: Kogan Page. Boud, D. , & Walker, D. (1993). Barriers to reflection on experience. In D. Boud, R. Cohen, & D. Walker (Eds. ), Using experience for learning (pp. 73-87). Oxfordshire: The Society for Research into Higher Education.

Ethical and Socially Responsive Business Essay

Describe key areas of the selected company’s code of conduct that are of significant importance to the business, and explain why. The first question we should ask ourselves â€Å"what is ethics?† I think ethics are a collection of principles and practices that a business believes in, statements and more specific policies about conduct to give employees, partners, vendors, and outsiders an idea of what the corporation stands for and how it’s staff should conduct themselves . The Cheesecake Factory was established in the 1940s by Oscar and Evelyn Overton. In 1972 they open their first business store to Los Angeles, CA known as the Cheesecake Factory. Now The Cheesecake Factory has over 170 locations around the world. Having such a large corporation like Cheesecake Factory brings a lot of ethical and business problems when it comes to having such a large stores and staff. We should always remember that everyone has their own set of moral ethics that they live by at tend to take those same ethics to the work place. When writing a code of ethics it is important that these will cover every staff member from the top of the corporation to the lowest lever employee. Key areas that are of significant importance to The Cheesecake Factory start with the general standards of conduct in how all its employees will be treated by fellow employees and by management. The standards deals the basic values that we all have, with the expectation of building trust, loyalty, honesty, respect, and a high level of professionalism within the company. The cheesecake Factory has an established code of ethical conduct that is an essential factor in maintaining a proper balance in the human aspect of ethics and the link to the business success. Corporate leaders and managements need to be careful about their behaviors and how they make important decisions. Although all areas of the Cheesecake Factory’s code of ethical conduct is important for the success of the company, there are a few key areas of the company’s code of ethical conduct that are of significant importance for The Cheesecake Factory. 1-The first occurs in Article IV, in the â€Å"Conflicts of Interest,† section that pertains to transactions and investments. This specifically states that an officer or a director† should avoid participating in any transaction or investment that conflicts with, or gives the appearance of a conflict with, the interest of the company.†(Reference 1) This is key in maintaining ethics because a person who is in a leadership / management positions must be loyal to only their organization; otherwise, all decisions that are made and act are suspect as to the integrity of the choice, especially concerning money matters. 2- A second key area of The Cheesecake Factory’s code of ethical conduct that is of significant importance is in Article V, in the â€Å"Compliance with Company Policies and Procedures,† section that pertains to confidential information. It is very important and essential for the success of any company and business especially, the confidentiality of information, especially for third parties, be maintained. This leads to another key area that is also in Article V of the company’s code of ethical conduct. In the section that pertains to insider trading. In the section that deals with prohibiting insider trading it states that, â€Å"An officer or director shall observe the Company’s policy prohibiting trading on the basis of material, non-public information.†(Reference 1) 2.Explain the key steps that the company should take to ensure that employees follow the code of conduct. There are some key steps that a company can take in order to ensure the employees follow the code of conduct. 1-The Cheesecake Factory should have a â€Å"compliance department† that handles all disputes and investigations regarding violations of the code of conduct. This specific department at Cheesecake Factory should have designated employees that govern the entire company’s employees and handle any issues that arise. 2-The Cheesecake Factory can  take to ensure the employees follow the code of conduct is to have each employee sign and date, the code of conduct when they hired and give it to the employee a copy and keep another copy in the employee files. This makes it possible for the employee and the company to be on the same page from the beginning of the working relationship. This process can repeat every year for the existing employees to follow the code of conduct. 3-The Cheesecake Factory can take to ensure the employees follow the code of conduct is complete mandatory â€Å" Business ethics† training videos for new and existing employees every year. These videos make sure reminder of all employees’ business ethics and code of conduct. 3. Suggest three (3) ways in which the restaurant can engage in socially responsive activities in the community within which it operates The Cheesecake Factory can engage many socially responsive activities in the local community. 1-The Cheesecake Factory can donate foods to local food banks, soup kitchens and homeless shelters. Restaurants always have extra food that does not used for any reasons or left over foods. As a respectful company being able to donate fresh food to shelters and feeding someone who is unable to have a meal, would be wonderful social responsive project and activity. 2-The Cheesecake Factory could engage in socially responsive activities in the community would be to help raise money for a local non-profit organizations, charities, children hospitals or cancer associates. This could be done by donating money, ask costumers to participate or fund rising which will show that the company is giving back to the local community in which it is a part. 3- The Cheesecake Factory could engage in socially responsive activities in the community would be to offer free meals to shelters for specified holidays, such as Thanksgiving and Christmas. 4- Also Cheesecake Factory could run campaign for â€Å"Local Food Drive† to contribute as a company and ask their costumers donate dry and canned foods to reach local families who needs help .This is one of excellent way of giving back to the local community. References: 1. (March 16, 2004) The Cheesecake Factory Incorporated. Amended and Restated Code of Ethics for Executive Officers, Senior Financial Officers, and Directors. Retrieved from: http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol-govconduct. 2. (January 2001) C.B. And R.L. â€Å"The Legal Environment of Business: Text and Cases: Ethical Regulatory, Global, and Corporate Issues.† Cengage Learning, 8th edition. 3. (January 2012) Ferrell, O.C. And John Fraedrich. â€Å"Business Ethics: Ethical Decision Making & Cases.† Cengage Learning, 9th edition.