Dependent Personality Disorder ( Dpd ) - 1265 Words

I. Dependent Personality Disorder: Dependent Personality Disorder (DPD) according to the The Diagnostic and Statistical Manual of Mental Disorders (5th ed.; DSM–5; American Psychiatric Association, 2013) is categorized under cluster C in personality disorders exhibiting traits of anxiety and fearfulness. Criteria specifies that an individual demonstrates significant deviation in behavior and life experience according to a person’s cultural norms in at least two of the following areas: impulse control, interpersonal functioning, affectivity, and cognition. Moreover, the disturbance must originate from at least adolescence, exhibiting a prolonged history of consistent indicators across a variety of life circumstances. This pattern is not†¦show more content†¦More significantly, eighty-one percent of women experiencing multiple abusive relationships demonstrated PTSD and higher psychopathology compared to women experiencing a single abusive relationship. Personality disorder symptoms are higher among violent women and female offenders arrested for domestic violence continue to rise in number (Goldenson, Geffner, Foster, Clipson, 2007). Male offenders were found to have history of attachment, trauma, and features of personality disorders. Bornstein (2012) found negative consequences of dependency in incarcerated men with charges of child abuse into the following categories: (a) nonsexual offending psychopaths; (b) sexual homicide perpetrators; and (c) nonviolent pedophiles. Although many dependent clients prefer to use passive, submissive social strategies, most dependent clients are capable of using more assertive, outward expressions of anger, and destructive strategies when key relationships are at risk (Bornstein, 2012). Moreover, DPD has been linked with increased risk of self-harming behaviors such as suicidal gestures causing harm to themselves and others (Bornstein, 2012). More women made previous suicide attempts than the men, and women were more likely to have used or to be using psychotropic medication (Goldenson, Geffner,Show MoreRelatedDependent Personality Disorder ( Dpd )1169 Words   |  5 Pageswhen we become overly dependent on someone. When all of our decisions need to be fully backed, supported, and reassured by others? What happens when we literally can’t be alone and are helpless and fearful without someone by our sides? Well, these symptoms could show evidence of Dependent Personality Disorder (DPD). DPD is a commonly diagnosed cluster C personality disorder in which ones dependence on others becomes impairing to their everyday life. According to the DSM-5 DPD is defined as â€Å"a pervasiveRead More Dependent Personality Disorder Essay1184 Words   |  5 Pagesof Susan Smith: Dependent Personality Disorder nbsp;nbsp;nbsp;nbsp;nbsp;On October 25, 1994, Susan Smith drowned her two sons, Michael and Alex, in the John D. Long Lake in Union County, South Carolina. For nine days she lied about knowing where the boys were. On November 3, she confessed to the killings and would soon go to trial. Susan’s defense team hired a psychiatrist to conduct a psychiatric evaluation of her. She was diagnosed as having dependent personality disorder. He described herRead MoreDependent Personality Disorder ( Disney )1948 Words   |  8 Pagesaware of such extreme forms of dependency. Dependent Personality Disorder is the diagnosis of this extreme dependency. Individuals with this disorder can be seen as â€Å"clingy† or â€Å"needy†. The fear of being alone and the need of assurance plague individuals with this disorder. Due to lack of individual initiative advances individuals with this disorder may not prevail in the workplace or educational settings. This paper details dependent personality disorder, its historical roots, symptoms and treatmentsRead MoreDependent Personality Disorder : A Separate Peace2447 Words   |  10 PagesDependent personality disorder, commonly referred to as DPD, has been formally diagnosed in approximately 2.5% of the population of the United States (Faith). Roughly 14% of individuals with a personality disorder have been diagnosed as having DPD (Faith). Dependent personality disorder is believed to affect one out of every 200 adults (â€Å"Dependent†). DPD is also commonly misdiagnosed as Avoidant Personality Disorder, or APD (Faith). 43% of people that are diagnosed with APD also meet the diagnosticRead MoreThe Effects Of Gender And Sex Role Orientation On Attitudes Toward Dependent Personality Disorder2700 Words   |  11 PagesToward Dependent Personality Disorder Dependent personality disorder (DPD) is characterized by a passive need for reassurance, direction, and support. Those with DPD typically view themselves as helpless and weak and others as competent and strong (Disney, 2013). According to the American Psychological Association (APA, 2013), DPD is one of the most commonly diagnosed personality disorders. However, compared to other personality disorders, there has been little research completed on DPD and littleRead MoreDependent Personality Disorder1220 Words   |  5 PagesPsychological Aspect of Susan Smith: Dependent Personality Disorder On October 25, 1994, Susan Smith drowned her two sons, Michael and Alex, in the John D. Long Lake in Union County, South Carolina. For nine days she lied about knowing where the boys were. On November 3, she confessed to the killings and would soon go to trial. Susans defense team hired a psychiatrist to conduct a psychiatric evaluation of her. She was diagnosed as having dependent personality disorder. He described her as a personRead MoreNarcissistic, Antisocial, And Dependent Personality Disorders1535 Words   |  7 PagesDiscuss narcissistic, antisocial, and dependent personality disorders. Someone with narcissistic personality disorder would show an exaggerated sense of self-importance, a preoccupation with being admired, and a lack of empathy for the feelings of others (Hooley, p.349). Many studies support the fact that narcissism has two sub types: grandiose and vulnerable narcissism (cain et al.,2008; Ronningstam, 2005, 2012). The grandiose sub-type is manifested by traits related to grandiosity, aggression

Relationship Between Drug And Alcohol Abuse And Domestic...

What is the relationship between drug and alcohol abuse and domestic violence? The relationship between alcohol or other substance abuse and domestic violence is very complicated. A prevailing myth about domestic violence is that alcohol and drugs are the major causes of domestic abuse. In reality, some abusers rely on substance use (and abuse) as an excuse for becoming violent. Alcohol allows the abuser to justify their abusive behavior as a result of the alcohol. While an abuser’s use of alcohol may have an effect on the severity of the abuse or the ease with which the abuser can justify their actions, an abuser does not become violent â€Å"because† drinking causes them to lose control of his/her temper. Many statistics show that the batterers have the tendency to use Methamphetamine and Crack cocaine as their drug of choice. When taking these drugs it is proven that they can cause the batterer to be alert, paranoia and a variety of other unpredictable and adverse reactions. They can also cause people to become irrational, excited, agitated and become unable to control anger or violent impulses within seconds. Many cases that have been reported to the police have shown that the abuser has had some type of drug and alcohol in their system during their dispute. Research has it that the female group is the one that becomes victimized the most and there are several strategies that have been put into place to culminate this issue of violence at home, more especially against women.Show MoreRelatedDomestic Violence And Substance Abuse Essay1511 Words   |  7 PagesDomestic Violence and Substance Abuse I decided to pick this topic because I was a victim of domestic violence, likely due to substance abuse at one point in time. Every single day was miserable and I had nowhere to go. I didn’t even know that he was using drugs. He was a few years older than me and I was naà ¯ve about what was happening. After several months, I was finally able to have my mom help me move back to Arizona. I have moved on from that chapter in my life, but I have always been curiousRead MoreResearch Proposal- Alcohol Abuse Leads to Domestic Violence1471 Words   |  6 PagesDetermining whether Alcohol abuse leads to Domestic Violence Abstract This study seeks to analyze and examine the effects that alcohol abuse may have on domestic violence cases. The main goal of this study is to determine whether or not alcohol or alcohol abuse really has an affect on people and if it causes domestic violence or not. This study will be helpful in many ways and instances and it will help those who are still wondering whether or not these to completely different socialRead MoreDomestic Violence And Its Effects On Women1599 Words   |  7 PagesDomestic violence is a large social issue around the world that is commonly associated with the mistreatment of women. However, there are many different forms of domestic violence that affect men, women, and children (Domestic Violence 1). Victims of domestic violence may suffer not only physically, but emotionally and mentally as well. Domestic violence is a very important social issue because it negatively affects both the abuser and the victim. In the article, â€Å"Domestic Violence and Abuse : TypesRead MoreDrugs And Alcohol Of The New World1656 Words   |  7 PagesDrugs and alcohol are â€Å"commonplace words in our society† (Stevens Smith, pg. 1). They are common themes at â€Å"celebrations, religious rituals, during recreation and for pain relief† (Stevens Smith, pg. 1). Some people though abuse drugs. We see more instances of people â€Å"both young and old abusing drugs† (Stevens Smith, pg. 1). We’ll discuss how â€Å"common drug abuse is, who it affects and how it correlates to violence, child and domestic abuse† (Stevens Smith, pg. 1). Drugs and AlcoholRead MoreSubstance Abuse Within Correctional Setting978 Words   |  4 PagesSubstance Abuse in Correctional Setting Assessment psychology has examined individuals who are criminal offenders who were evaluated to determine their personalities to which they have a long history with. Approximately well over a century ago, Mà ¼nsterberg, 1908, Vaccaro Hogan, 2004 who are all psychologists has managed a improved study on criminal offenders that will allow us all to have an ambiguous understanding of how the process of his research in reference to the criminalRead MoreNfl Domestic Abuse805 Words   |  4 PagesDemocracy Now 1 The area of interest I chose was domestic violence/abuse from an show titled: An NFL Wife Tell Her Story: Intimidated Spouses Followed â€Å"Code of Silence† Around Domestic Abuse. This topic is common among the players in the National Football League (NFL). The date this show was posted is Tuesday, September 16, 2014. The key presenter(s) that discussed the topic were as followed: Amy Goodman (Journalist and columnist for radio show Democracy Now!) and Dewan Smith-Williams (Wife ofRead MoreSong Analysis: We Found Love by Calvin Harris Essay1034 Words   |  5 Pagesand of mixed race, one parent being black and the other being Caucasian. Their relationship is distinguished by domestic violence as the couple is seen yelling, pushing and hurting one another, along with stealing from convenience stores, gambling and abusing drugs and alcohol together. The main problems with the music video and lyrics of â€Å"We Found Love† are the androcentric representation of the couple’s relationship and living arrangements and how it is justified by biological determinism alongRead MoreEssay on Domestic Violence and the Effect It Has on Family1582 Words   |  7 PagesDomestic violence is a violent confrontation between family or household members involving physical harm, sexual assault, or fear of physical harm (Stewart Croudep, 1998-2012). In most places domestic violence is looked on as one of the higher priorities when trying to stop crime. Domestic Violence cases are thought to be influenced by the use of alcohol, drugs, stress or anger but in reality, they are just learned behaviors by the batterer. These habits can be stopped as long as one seeks helpRead MoreDomestic Violence And Sexual Violence1535 Words   |  7 Pageslifetime (Domestic Violence Statistics, 2015). The topic that will be studied with the paper is in timate partner violence or another term that can be used is domestic violence. Domestic violence or intimate partner violence is the systematic pattern or control or power perpetuated by one partner against another (National Coalition Against Domestic Violence, n.d.). Throughout the paper the term domestic violence and intimate violence will be used interchangeably. The misconception is that domestic violenceRead MoreThe Effects of Alcohol Abuse1472 Words   |  6 Pagesdoing things they should not. Alcohol is one of those things. Alcohol is extremely easy to get ahold of. It can be attained from anywhere; there are bars and liquor stores on every corner. One can get alcohol in grocery stores, gas stations, people can even brew it themselves if they know how. Alcohol that is commonly abused comes in a large variety ranging from weaker alcohols like wine and beer to stronger substances like tequila and vodka. When one abuses alcohol it taints the minds of even the

Childhood Vaccinations The Reality Behind the Debate Free Essays

string(270) " panoply of childhood diseases are a far less serious threat than having a large fraction \(say 10%\) of a generation afflicted with learning disability and/or uncontrollable aggressive behavior because of an impassioned crusade for universal vaccination†¦Ã¢â‚¬ ¦\." Childhood Vaccinations Brandi DeLuca Bryant Stratton College ENGL 101 Alexis Vaughan December 17, 2012 Childhood Vaccinations Child vaccinations have become a huge debate with new expectant parents as well as parents who already have children. Should children be vaccinated? A great majority of pediatricians believe that yes, children should be vaccinated. However, there are many groups that disagree with vaccines because they believe vaccines are doing more harm than good. We will write a custom essay sample on Childhood Vaccinations: The Reality Behind the Debate or any similar topic only for you Order Now If that is the case, should we vaccinate our children? The choice to vaccinate our children is a choice every parent must make; there are many risks and side affects with every vaccine, but along with those risks comes the piece of mind knowing that our children are protected against a deadly disease. When a child is vaccinated, the child is administered with a vaccine that is specially made to protect them from a particular disease. The vaccine is created by using a small piece of a microbe that is dead or very weak (Alimentary Pharmabiotic Centre, 2012, para. 1). By using a very small amount, it eliminates the chance of the patient getting sick. When the injection is administered, the small piece of microbe is introduced into the body’s bloodstream and into the immune system. When the two meet, the immune system creates an antibody that kills the microbe. Once that particular antibody is present within the body, it will always be on defense and ready to fight if that same microbe returns (Alimentary Pharmabiotic Centre, 2012, para. 1). The first vaccine in the world’s history to be created was the smallpox vaccine in the 1790s by a man named Edward Jenner (Stern Markel, 2005, para, 1). Jenner was a country doctor who lived in Berkeley, England. This is where Jenner administered the world’s first vaccination in 1796 (Stern Markel, 2005, para, 6). The vaccination was created by taking pus from a cowpox lesion on a milkmaid’s hand. This vaccination was than tested on an eight-year-old named James Phipps. The child was unaffected by the vaccine and showed no signs or symptoms of smallpox. Jenner conducted twelve additional experiments all proving that vaccinations helped protect humans against infections. It took over eighteen years after Jenner created the smallpox vaccine for scientists to create new vaccines. In the 1830s after an initial generation had been vaccinated, the United States and Europe saw a decline in smallpox (Stern Markel, 2005, para, 23). Even with the success of the new vaccination, there were people known as antivaccinationists who believed vaccines were an invasion to their privacy and bodily integrity. This is where it began, the debate over vaccinations. During the hospital stay after delivering a baby, the mother will be asked if she would like her child to receive his or her first dose of the hepatitis B vaccination. Many new mothers without hesitation will agree to this vaccine. It is being recommended by a medical professional, why would a parent question them? Yet, many parents do considering that one-third out of the four million babies born in the United States are not vaccinated by the age of two (Aesoph, n. d. , para. 1). Vaccinations are given to children of all ages to prevent or help fight certain possibly illnesses. All childhood vaccinations are given in a series of two or more doses. Depending on the child’s age, the dose and vaccine will vary. Most children should have completed the recommended vaccine schedule by the time they are six years old. The vaccination schedule was designed to build a baby’s immune system from birth and develop as the child gets older. The first vaccination a newborn will receive is the hepatitis B vaccine, which they will typically get prior to leaving the maternity unit. The hepatitis B vaccine is given in three or four different injections over a six-month period (Department of Health and Human Services, n. d. , para. 2). The vaccine protects against hepatitis B, which is a contagious liver disease (Department of Health and Human Services, n. d. , para. 1). The hepatitis B vaccine is considered extremely safe and effective. By the age of six years-old a child could have received as many as ten vaccinations (Department of Health and Human Services, n. d. , para. 1). These vaccines and the dose amount required are: two to three doses of Rotavirus (RV), four doses of Pneumococcal (PCV), three doses of Inactivated Poliovirus (IPV or Polio), four doses of Diphtheria, Tetanus, acellular Pertussis (DTaP), three to four doses of Haemophilus Influenzea (Hib), one dose of Measels, Mumps and Rubella (MMR), two doses of Hepatitis A (HepA), one dose of Meningococcal (MCV4), and one dose of Chickenpox (Varicella) (Department of Health and Human Services, n. . , para. 1). Once a child is older than six months, it is recommended that the child receive the influenza shot as well. Not immunizing children makes them vulnerable to contract a disease that is almost one hundred percent preventable such as rotavirus. The rotavirus vaccine protects children from gastroenteritis, which is inflammation of the stomach and intesti nes. When a child contracts the rotavirus disease their symptoms include watery diarrhea, fever, abdominal pain and in some cases, vomiting (Centers for Disease Control and Prevention [CDC], 2011, para. ). â€Å"Rotavirus is the leading cause of severe diarrhea in infants and young children worldwide† (CDC, 2011, para. 1). Around the world, rotavirus is responsible for over half a million deaths a year for children under the age of five (CDC, 2011, para. ). I understand that in third world counrties vaccinations are not always available, but that is over five hundred thousand children who have lost their lives to a disease that a vaccination was created to prevent this exact same problem. People known as anti-vaccinationists say that vaccines do more harm than good. How can that possible be said when over five hundred thousand lives could have been saved had they been vaccinated with the rotavirus vaccine? Association of American of Physicians Surgeons said: Measles, mumps, rubella, hepatitis B, and the whole panoply of childhood diseases are a far less serious threat than having a large fraction (say 10%) of a generation afflicted with learning disability and/or uncontrollable aggressive behavior because of an impassioned crusade for universal vaccination†¦Ã¢â‚¬ ¦. You read "Childhood Vaccinations: The Reality Behind the Debate" in category "Papers" Public policy regarding vaccines is fundamentally flawed. It is permeated by conflicts of interest. It is based on poor scientific methodology (including studies that are too small, too short, and too limited in populations represented), which is, moreover, insulated from independent criticism. The evidence is far too poor to warrant overriding the independent judgments of patients, parents, and attending physicians, even if this were ethically or legally acceptable. (Vaccination Liberation, 2011, para. ) A doctor by the name of Richard Moskowitz was a pediatrician who after ten years of immunizing children could no longer bring himself to immunize children, even if the parents requested the vaccine (Vaccination Risk Awareness Network, 2012, para. 1). Richard Moskowitz wrote an article that was published in a journal in March of 1983. In the article that he wrote, he believed that by ridding the world of microbial species it would disrupt the balance of nature in ways no one would ev er imagine. He also believed that vaccines were being created simply for the fact that the equipment is there to produce those vaccines and to show that we can manipulate the evolutionary process (Vaccination Risk Awareness Network, 2012, para. 2). When a vaccine is introduced to the body, foreign proteins or possibly live viruses are released into the bloodstream. Moskowitz believed by just that fact alone, the public is entitled to solid proof that vaccinations are safe and fully effective. If children are going to be injected with live viruses in hopes that it will someday protect them from that very same disease, proof that these vaccines pose no harm to the children needs to be presented in a very strong way. Richard Moskowitz said: Most people can readily accept the fact that at times certain laws are necessary for the public good that some of us strongly disagree with, but the issue in this case involves the wholesale introduction of foreign proteins or even live viruses into the bloodstream of entire populations. For that reason alone, the public is surely entitled to convincing proof, eyond any reasonable doubt, that artificial immunization is in fact a safe and effective procedure in no way injurious to health, and that the threat of the corresponding natural disease remains sufficiently clear and urgent to warrant vaccinating everyone, even against their will if necessary. (Vaccination Risk Awareness Network, 2012, para. 2) The choice to vaccinate a child is co mpletely up to the parents. When making the decision there are two sides of the argument to look at. The parent must know all of the pros and cons to both sides of the argument before being able to make an educated decision. What the parent should know is that the US Food and Drug Administration (FDA) regulates all vaccines currently in the market to make sure they are safe and effective. Prior to the vaccine being FDA approved, there are many tests that the vaccine must go through before being accepted. The FDA’s Center for Biological Evaluation and Research (CBER) is the department that is responsible for monitoring all vaccines in the United States (U. S. Food and Drug Administration [FDA], 2009, para. 1). The vaccines go through three clinical trials, all of which include human studies (FDA, 2009, para. 3). Once the vaccine has been accepted, the FDA will work side by side with the Centers for Disease Control and Prevention (FDA, 2009, para. 1). The FDA does this by monitoring side effects that a patient or parent may report to their pediatrician after a vaccination has been administered. From my personal experience as a mother to children who have been vaccinated, the most common side effect from a vaccine is a high fever that typically goes away approximately twenty-four hours after the initial injection. The FDA reports that since the beginning of vaccines, many infectious diseases have been eliminated or are now rare (FDA, 2012, para. ). Take rubella for example. In 1964 to 1965 before the rubella vaccine was considered a routine vaccine in the United States, there was an epidemic of rubella (FDA, 2012, para. 2). An estimated 20,000 newborn babies were born with congenital rubella syndrome (CRS) along with the 2,100 that died shortly after birth and 11,250 miscarriages (FDA, 2012, p ara. 10). CRS is an infection that a fetus can contract during the first trimester while inside the womb of an infected mother (Boston Children’s Hospital, 2011, para. 2). Babies born with CRS can develop heart defects, mental retardation and deafness (FDA, 2012, para. 12). The FDA reported that â€Å"Of the 20,000 infants born with CRS, 11,600 were deaf, 3,580 were blind, and 1,800 were mentally retarded. † (FDA, 2012, para. 10). In 2010, only six cases of CRS were reported (FDA, 2012, para. 10). If the rubella vaccine was for some reason stopped, rubella would return resulting in pregnant women becoming infected and babies would possibly be born with CRS (FDA, 2012, para, 10). Deciding whether or not to have a child vaccinated is completely up to the parent. There are no federal laws that require parents to have their children vaccinated. However, all fifty states require children to have certain vaccinations if the parent wants them to attend a public school. These vaccinations must be completed prior to the child being accepted to the school. Some may see this as the government controlling the vaccination policy and forcing parents to vaccinate their children against their own will. Most parents choose to send their children to school to obtain an education because they believe it is a beneficial choice for their children’s future. If a parent wants this, they must vaccinate the child or they simply are not allowed to attend school. Think about how many children attend a public school on a daily basis and all of the germs that are spread and the viruses that are passed from one child to another. Now think about if those children were not vaccinated and the amount of illnesses that a parent would have to worry about. It would no longer be a simple cold or a case of the flu; it could be rubella, hepatitis B, or even polio. By children being required to have certain vaccinations prior to attending school, can people really say that it is the government forcing us to immunize our children or are they really looking out for the best interest of the children? Of all the many debates surrounding childhood vaccines, autism is the one that most people associate with vaccinations. Autism, which is official called autism spectrum disorder (ASD), is a developmental disability caused by a neurological disorder that affects the way an autistic child sees and interacts with the world around them (â€Å"What Is Autism? , 2005, para. 1). The controversy started in 1998 when a study conducted by Andrew Wakefield was published in a British journal called The Lancet (American Academy of Pediatrics, 2012, para. 2). In his studies, he stated that the expected amount of children diagnosed with autism in California should have been around one hundred five to two hundred sixty-three cases, according to the Diagnostic Statis tical Manual of Diseases (Wakefield, 1999, para. 4). The actual amount of children diagnosed was one thousand six hundred eight-five cases (Wakefield, 1999, para. 4). Wakefield backed his accusations with proof of examinations from twelve children, all of which had regressive autism (Katz, 2011, para. 4). All twelve children were developing within normal range until symptoms of autistic behavior appeared shortly after receiving their first dose of the MMR vaccine. He claims that there is a link that the MMR vaccine is the possible cause of autism. In the study he conducted there were two test vaccine groups. One group received the MMR vaccine and the other group received any measles-containing vaccine (Wakefield, 1999, para. ). The study group that received the MMR vaccine was reported by the parents to have temporal clustering (Wakefield, 1999, para. 3). This led Wakefield to the conclusion that the MMR vaccine was the possible cause of autism. After the article was published there was a huge decline in children being immunized. Parents believed that the study was accurate and refused to have their children vaccinated resulting in multiple cases of the measles to appear in emergency rooms around America. Once word got around about the article, parents started to associate their child’s autistic behavior with the MMR vaccine. The first MMR vaccine is administered around twelve to fifteen months; the signs of autistic behavior typically appear around fifteen to eighteen months of age (American Academy of Pediatrics, 2012, para. 2). This is what led many parents to filing lawsuits claiming the MMR vaccine caused their child to develop autism. Almost all suits at the time were thrown out due to lack of evidence. During an investigation into Wakefield’s accusation of the MMR vaccine being the root cause of autism, researchers tried to replicate Wakefield’s findings but were unable to come up with the same results. An investigation led by a journalist named Brian Deer who worked for British Medical Journal found that five of the twelve children in Wakefield’s study had shown signs of autism prior to even receiving the MMR vaccination (Katz, 2011, para. 5). Once this information was known, more information came out making it look as if the Wakefield study was fraudulent in effort to make money. The investigation by Deer reported that Wakefield’s autism theory was released after Wakefield had been hired by a law firm who was preparing to file a suit against vaccine makers. The British Medical Journal reported that Wakefield was paid approximately five thousand dollars to publish a fraudulent study (Katz, 2011, para. 7). Wakefield has since denied all accusations and still stands by his study that the MMR vaccine is directly related to children being diagnosed with autism. Although the Wakefield study has been recanted by almost every magazine or journal that published the article, there are still parents who stand behind Wakefield saying that his study was accurate and believe that the MMR vaccine is the main cause for their child being autistic. Autism affects one out of every eighty-eight children in the United States and is four out of five times more common in boys than in girls (Autism Speaks Inc. , 2012, para. 1). In recent years, children being diagnosed with autism has went from ten percent up to seventeen percent (Autism Speaks Inc. 2012, para. 5). There is no clear explanation as to why more children are being diagnosed other than research has improved and there is now more awareness surrounding autism. Some could speculate that the world population continues to raise everyday meaning there are more children being vaccinated. With more children being vaccinated, more children are being diagnosed with autism. On the other hand, it could be ju st a coincidence and the nationwide awareness surrounding autism has made parents and pediatricians more likely to take suspicion to autistic like behavior and symptoms. Regardless the reason for more children being diagnosed, autism is a serious disorder that affects many children and even adults that struggle on the daily basis to cope with symptoms of autism. After many hours of research on childhood vaccinations and the possible effects that they may have on our children, I am going to carefully monitor the research being done on vaccines. In a world where diseases and illnesses surround us, it is very important to me to know that my children are protected from these possibly deadly diseases. In all of my research that I id, I never came across any real concrete evidence that any childhood vaccination that is currently on the market is directly related to any serious health concerns. Yes, after receiving a vaccination a child may experience a slight fever or may seem more sleepy than normal; however, I believe these symptoms are nothing compared to what could be if the child was never vaccinated. Prior to a child receiving a vaccination, the vacc ine must undergo many hours of research and clinical studies to ensure that it is safe and poses no medical health concern. The government does not have any federal laws mandating that a child be vaccinated; they do, however, strongly suggest that all children receive the proper vaccines in the suggested time frame in the vaccine schedule created by the CDC to ensure that the vaccine is fully effective in protecting children from any serious illnesses. Every parent has the right to choose whether or not to have their child vaccinated; prior to making this decision it is very important to go over the pros and cons to ensure that they are making an educational decision in their children’s future. References Aesoph, L. M. (n. d. ). Shoot ‘em up on the debate over childhood immunization. Retrieved from http://www. healthy. net/scr/article. aspx? Id=380 Alimentary Pharmabiotic Centre. (2012). What is vaccination?. Retrieved from http://microbemagic. ucc. ie/inside_guts/defence_vaccination. html American Academy of Pediatrics. (2012, October 29). MMR vaccine autism. Retrieved from http://www2. aap. org/immunization/families/mmr. html Autism Speaks Inc. (2012). What is autism? What is autism spectrum disorder? Retrieved from http://www. autismspeaks. org/what-autism Boston Children’s Hospital. (2011). Congenital rubella syndrome. Retrieved from http://www. childrenshospital. org/az/Site605/mainpageS605P0. html Centers for Disease Control and Prevention. (2011, April 22). Rotavirus. Retrieved from http://www. cdc. gov/rotavirus/index. html Centers for Disease Control and Prevention. (2012, November 20). What would happen if we stopped vaccinations?. Vaccines and immunizations. Retrieved from http://www. cdc. gov/vaccines/vac-gen/whatifstop. htm Department of Health and Human Services (n. d. ). Hepatitis b. Retrieved from http://www. vaccines. gov/diseases/hepatitis_b/index. html# Katz, N. (2011, January 6). Andrew Wakefield: Autism vaccine fraud or conspiracy victim? Retrieved from http://www. cbsnews. com/8301-504763_162-20027552-10391704. html Moskowitz, R. (2012). The case against immunization. Retrieved from http://vran. org/about-vaccines/general-issues/doctors-speak/the-case-against-immunizatons/ Stern, A. M. , Markel, H. (2005, May). The history of vaccines and immunization: Familiar patterns, new challenges. 24(3), 611-621. doi: 10. 1377/hlthaff. 24. 3. 611. U. S. Food and Drug Administration. (2009, June 18). Vaccine product approval process. Vaccines, Blood and Biologics. Retrieved from http://www. fda. gov/biologics loodvaccines/developmentapprovalprocess/biologicslicenseapplicationsblaprocess/ucm133096. htm U. S. Food and Drug Administration. (2009, December 30). How does FDA assess the safety of vaccines?. Retrieved from http://www. fda. gov/AboutFDA/ Transparency/Basics/ucm194586. htm Vaccination Liberation. (2011, July 22). Lots of great vaccination quotes!. Retrieved fr om http://www. vaclib. org/basic/quotes. htm Wakefield, A. (1999, September 11). MMR vaccine and autism. The Lancet (354)9182, 949-950. doi: 10. 1016/S0140-6736(05)75696-8 What is autism?. (2005). Retrieved from http://www. autism-pdd. net/what-is-autism. html How to cite Childhood Vaccinations: The Reality Behind the Debate, Papers

Clinical Reasoning Skills-Free-Samples for Students-Myassignment

Questions: 1.Explain your understanding of the Function of Clinical Reasoning Cycle in relation to Nursing Assessment. 2.List any additional Health Assessment data would need to be collected for this patient as part of a focused Nursing Assessment? 3.Considering the Patients Demographics Identify two focused Nursing Assessments that would assist you in Collecting appropriate Data for this Patient? Answers: 1.Clinical Reasoning Cycle is generally considered as an essential prerequisite in Nursing and other allied healthcare profession. It is referred to as the process by which the nurses as well as other healthcare professionals resort to the collection of cues, processing of information, acknowledging and arriving at a suitable understanding on matter relevant to the patient situation and issues. Further, they are capable of undertaking appropriate planning and implementation of interventions in conjunction with carrying out evaluation of outcomes thereby culminating in reflecting upon and learning from the process. It is imperative for effectively utilize the clinical reasoning cycle in order to harbor positive patient outcomes (Nightingale, 2015). In nursing assessment, those nursing personnel who are well equipped with clinical reasoning skills are able to exert positive influence on patient outcomes whereas the opposite holds true for those who fail in acquisition of the relevant s kills. Failure to detect the impending patient deterioration follows for the incapacity to utilize clinical reasoning skills. Thus, clinical reasoning cycle may be recognized as a vital tool for building excellence in rendering patient centered nursing care where possession of skills pertaining to clinical reasoning, critical thinking and reflective practice are crucial that enhances and sharpens with experience and proper training (Dalton, Gee Levett-Jones, 2015). 2.Nursing assessment is a crucial aspect of the treatment modality in case of patient handling to make way for holistic improvements thereby ensuring speedy recovery. In the context of the given case scenario, the patient has been found to suffer from myocardial infarction (MI) and has been admitted in the community healthcare centre for subsequent treatment. Upon admission, the vital parameters of the patient has been noted down by the attending nurse encompassing parameters related to body mass index, heart rate, blood pressure, respiratory rate, body temperature in addition to procuring data relevant to social lifestyle of the patient (Hunger et al., 2015). MI is found to be the resultant consequence of prolonged myocardial ischemia due to inadequate blood supply and terminates in irreversible necrosis and injury of the myocardial tissue and recording of vital signs is not sufficient to monitor response. Additional nursing assessments must include recording of electrocardiogram (E CG) to detect conduction defects, ischemia, injury or infarction. Documentation of the non-verbal and verbal cues along with procurement of information regarding pain including its localization, radiation, duration, intensity and characteristics must also be noted down. Quantification of the pain experienced relative to other experiences must be obtained as well apart from noting family history and prevalence of any other chronic disorder for the patient (McKee et al., 2014). 3.In the process of preparing treatment interventions for the patient, emphasis must be laid on making suitable and focused nursing assessments in order to procure appropriate data in relation to the patient condition. Moreover, it is also vital to consider the patients demographics comprising of the age, gender and lifestyle to pave the way for accurate treatment and consecutive diagnosis. It has been reported that the affected woman is nearing old age and is habituated to sedentary mode of lifestyle and is engaged in high stress employment. Additionally she is accustomed to smoking a packet of cigarettes daily. Therefore, considering all these important paraphernalia focused nursing assessments must be made to aid in proper diagnosis, evaluation and subsequent intervention for the concerned patient (Raskovalova et al., 2014). The age of the patient suggests that she is in post menopausal stage and therefore shows increased predisposition for getting affected by cardiovascular abnor malities. Thus, electrocardiogram must be conducted to derive pertinent data that might highlight the cardiovascular status of the patient thereby allaying the possibility of future recurrence of adverse outcomes following administration of suitable medications and other interventions. Further, assessment of hemodynamic variables must be undertaken to depict the enzymatic status including the creatine kinase, lactate dehydrogenase alongside other cardiovascular markers such as cardiac troponin, copeptin, leucocytes count and others (McCabe et al., 2014). Thus, these two techniques might satisfactorily assist in collection of appropriate data for making focused nursing assessments. References Dalton, L., Gee, T., Levett-Jones, T. (2015). Using clinical reasoning and simulation-based education to'flip'the Enrolled Nurse curriculum.Australian Journal of Advanced Nursing, The,33(2), 29. Hunger, M., Kirchberger, I., Holle, R., Seidl, H., Kuch, B., Wende, R., Meisinger, C. (2015). Does nurse-based case management for aged myocardial infarction patients improve risk factors, physical functioning and mental health? The KORINNA trial.European journal of preventive cardiology,22(4), 442-450. McCabe, J. M., Kennedy, K. F., Eisenhauer, A. C., Waldman, H. M., Mort, E. A., Pomerantsev, E., ... Yeh, R. W. (2014). Reporting Trends and Outcomes in ST-SegmentElevation Myocardial Infarction National Hospital Quality Assessment ProgramsCLINICAL PERSPECTIVE.Circulation,129(2), 194-202. McKee, G., Biddle, M., ODonnell, S., Mooney, M., OBrien, F., Moser, D. K. (2014). Cardiac rehabilitation after myocardial infarction: What influences patients intentions to attend?.European Journal of Cardiovascular Nursing,13(4), 329-337. Nightingale, K. E. (2015). Embedding Simulation-Based Learning in a Capstone Undergraduate Nursing Subject to Develop Clinical Reasoning Skills. Raskovalova, T., Twerenbold, R., Collinson, P. O., Keller, T., Bouvaist, H., Folli, C., ... Chenevier-Gobeaux, C. (2014). Diagnostic accuracy of combined cardiac troponin and copeptin assessment for early rule-out of myocardial infarction: a systematic review and meta-analysis.European Heart Journal: Acute Cardiovascular Care,3(1), 18-27.

Adverbs and Hyphens

Adverbs and Hyphens Adverbs and Hyphens Adverbs and Hyphens By Maeve Maddox A reader pleads, Please, please, please discuss the use of hyphenation (and lack thereof) of adverbs with adjectives. I keep seeing the likes of â€Å"newly-minted doctor† or â€Å"visually-impaired cat† regularly these days and it makes me crazy! Is it something thats becoming more acceptable? Or is it the general lack of editors and grammatical knowledge? Punctuation rules are hard to grasp. However, the rule about hyphens and -ly adverbs is easy enough to master: When a compound modifier–two or more words that express a single concept–precedes a noun, use hyphens to link all the words in the compound except the adverb very and all adverbs that end in -ly. AP Stylebook, 2013 edition. Boldface added. And, Compounds formed by an adverb ending in ly plus an adjective or participle (such as largely irrelevant or smartly dressed) are not hyphenated either before or after a noun, since ambiguity is virtually impossible. (The ly ending with adverbs signals to the reader that the next word will be another modifier, not a noun.) Chicago Manual of Style, 7.82. Not all adverbs end in -ly. The adverb very has already received special mention in the rule from the AP Stylebook: Very is never followed by a hyphen. But what about the adverb well? According to AP, we must hyphenate well when it is part of a compound modifier: well-dressed, well-informed, well-known. AP also advises that a compound that’s hyphenated before a noun is also hyphenated following a form of the verb to be: The man is well-known. The woman is quick-witted. The children are soft-spoken. The play is second-rate. The University of Iowa writing site concurs: Compound adjectives beginning with â€Å"well† are hyphenated no matter where they are in the sentence. When a modifier that would be hyphenated before a noun comes after a form of the verb to be, you usually keep the hyphen to avoid confusion. The editors of the Chicago Manual of Style seem to disagree: When such compounds follow the noun they modify, hyphenation is usually unnecessary, even for adjectival compounds that are hyphenated in Webster’s (such as well-read or ill-humored). For good measure, I looked in at the American section of OxfordDictionaries.com where I found this directive: With compound adjectives formed from the adverb well and a participle (e.g., well-known), or from a phrase (e.g., up-to-date), you should use a hyphen (or hyphens) when the compound comes before the noun: well-known brands of coffee; an up-to-date account, but not when the compound comes after the noun:    His music was also well known in England. Their figures are up to date. Straightforward instructions, these, but when I looked up â€Å"well known† in the U.S. part of OxfordDictionaries, I found this among the examples of usage: The result is well-known, and we need only linger to consider the crucial lesson from this. When the experts contradict themselves and each other, what’s an ordinary mortal to do? Hyphenation is not an exact science. The one rule you can memorize with confidence is that a hyphen is not needed when an -ly adverb begins a phrasal modifier*. For everything else, choose a style guide or dictionary to follow. *Warning: Not every word that ends in -ly is an adverb. Watch out for nouns like family and supply, and adjectives like only. For example, â€Å"family-oriented websites†; supply-side economics†; â€Å"only-begotten son.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:12 Signs and Symbols You Should KnowSelect vs. Selected45 Idioms About the Number One

Human relationship skills Essay Example

Human relationship skills Essay Example Human relationship skills Paper Human relationship skills Paper 1. Although I have enhanced my self-disclosure skill during these 3 weeks, it was not enough. I need to keep using this skill and develop it further, slowly but surely integrate the new behavior into daily relationships with friends, classmates, and family members.  2. Self-disclosures take risks; according to the guideline it is best when it has right reason, to the right person. Self-disclosure will help others to know me, in the future. I should base my choices on a clear understanding of what is desirable and beneficial for the relationship. I should consider who I have disclosed information to, how much I have disclosed, how much can the disclosure hurt me. 3. I will learn how to deal with confrontation, be brave to express how I feel and what I think.  4. In the future, I will learn to express myself clearly and to give useful feedback. Make disclosures clear. Dont assume that others understand what I think, feel and want; no one can read my mind! Avoid unnecessary misunderstanding.  5. Because of the element of risk, disclosure in a relationship should occur gradually. In the future, I should not confide intimate details about me immediately upon meeting someone. Rather, I should reveal a little at a time as I come to trust the other person. 6. Self-disclosure is an important skill. It increases our mental and physical health. Overwhelming data from therapy, self-help groups, and research labs suggests that sharing our emotions improves our health, helps prevent disease, and lessens our psychological- interpersonal problems.(Bolton, 1986, p.182)  7. There is a wholesome cycle involving self-disclosure, friendships, and self-acceptance. First, it is usually helpful to tell the person you are interacting with how he/she is affecting you because sharing your intimate feelings and thoughts usually deepens friendships. Secondly, acceptance by friends and others increases your self-acceptance. Thirdly, as you feel better about yourself, you can self-disclose even more of yourself, leading to closer, more enjoyable relationships. Fourthly, with more feedback, greater security and self-acceptance, you are able to look deeper into yourself and solve more problems.(Nelson-Jones, 1986, p.54) 8. Having a good self-disclosure skill not only can enhance relationship but also can make effective communication. If we disclose well and get feedback from others, we can be more self-aware and develop a positive self-esteem. Our empathic listening skill might also be enhanced. Sharing brings personal growth, a growth in our knowledge of ourselves and of other, a growth in the bonding of our relationship, and the growth in our sense of our own value. Reference Adler, R. B. Towne, N. (2003).Looking out, looking in. (10th ed.). Wadsworth/Thomson Learning: Belmont.  Bolton, R. (1986). People skills. Australia: Prentice Hall of Australia Pty Limited.  Burton, G., Dimbleby. R. (1996).Between ourselves: An introduction to interpersonal communication. (2nd ed.).New York:  J W Arrowsmith Ltd.  Nelson-Jones. (1986).Human relationship skills: Training and self-help. Great Britain: Biddles Ltd.

Logic Gates Essay Example | Topics and Well Written Essays - 500 words

Logic Gates - Essay Example NAND Gate states that output X is TRUE or 1 if and only if any one of the inputs is FALSE (0) or both are FALSE else it’s TRUE (ITL Education Solutions Limited, 2011). Truth table for X = NOT A AND B is- Boolean algebra can be stated as a mathematical logic or a subarea of algebra. There are certain theorems included in this Boolean algebra that are utilized in solving mathematical operations. The truth values or values for variables used in this algebra are represented as 0 and 1. These numerical figures basically denote False and Truth respectively. In this type of elementary algebra variable values are represented as numbers. The main operations of Boolean algebra are denoted as conjunction, negation and disjunction. It is a formal structure to describe wide set of logical relations. Boolean algebra plays a critical role in structuring modern programming languages. The different laws of Boolean algebra have been given in figure 1. A Boolean function can be defined as a function ‘f’ associated with Cartesian product xn {0, 1} to {0, 1} (Khanna, 2008). An example comprising of Boolean function and Boolean algebra is given

Multinational Corporation Influences Research Paper

Multinational Corporation Influences - Research Paper Example This structure has individual departments and the workers work in their own area of expertise, and this system enhances the function of each department. Workers have close contact and can share knowledge which is healthy in terms of product advancement and at the same time functional structure is an economical structure. Centralization of this structure causes flexibility problems among different departments.Divisional Structure is flexible in terms of adopting changes, occur in an environment. Each department is responsible for different product and work is always carried out with their individual finances, marketing strategies or warehouses etc. This structure needs a duplication in its resources because the workers of the same field are divided into different departments and thus there no exchange of information or knowledge between workers. Innovative and differentiation strategies are always part of a divisional structure.Matrix Structure is complicated but is the most accurate structure. It has both above-explained structures within itself and works with functional structure with assigned managers for each product. The matrix structure is the most difficult structure to be implemented because of its dual authority as there are sometimes two managers for each product: Product manager and functional manager, but it is very productive for Multinational Corporations. In short matrix structure is a cross functional structure which carries a plentiful space for improvement and innovation before the product is released for market inflow.

Intellectual Disabilities Essay Example | Topics and Well Written Essays - 2500 words

Intellectual Disabilities - Essay Example Difficulties with assessment and classification are discussed. Finally the education of children particularly with mild to moderate disabilities is discussed. Several programs and strategies that have been developed to teach children with intellectual disabilities are reported on. In order to examine and understand the about Intellectual Disabilities it is first helpful to define the term. However even before coming to a definitive definition we need to know something of the history of this term and how the thinking about intellectual disabilities has changed over the years. Specifically we need to know the connection between mental retardation, learning disabilities and intellectual disabilities. In the early 1800s J.Langdon Hayden Down proposed a classification of intellectual disabilities based on ethnic classification in an attempt to absolve parents from blame that it was their fault that their child was intellectually disabled. This was not accepted and was abandoned by Hayden who later proposed three major groups of classification. One was congenital where intellectual disability was caused by brain defects or epilepsy. The second was developmental classification due to stress occurring during a developmental crisis. And the third was accidental as a r esult of an injury or illness in early childhood. This was later developed into the brain pathology theory of the 1880s and led to the 19th century theories that realized that intellectual disability had multiple causes and various levels of disability (Harris, 2005). Over the years there have been several terms used to describe intellectually disabilities including words such as idiocy, imbecility, feeble-mindedness and mental deficiency. As Meservy (2008) explains because the name mental retardation has been associated with such negative connotation efforts have been made to move away

Financial Reporting Systems of Germany and the Netherlands

Financial Reporting Systems of Germany and the Netherlands Nobes (1998) classifies the German financial reporting system as a Type B (weak equity) and The Netherlands as Type A (strong equity). Compare the financial reporting systems of Germany and The Netherlands. National differences have all become stereotypical. Indeed the differences between countries may be vast. Influences such as family origin, or attitudes towards business culture are inherently reflected in the way businesses are run, managed and owned. There are also many reasons as to why there are differences in financial reporting. These depend on the character of the national legal system, the type of industry financing, the interrelationship between tax and finance reporting systems, the extent of accounting theory progression and even language.(Elliott, 2006)[1] In terms of the legal system between Germany and the Netherlands, it is clear tat they both follow a civil law system which is different to the common la procedure of the United Kingdom contained within the Companies Act 1981.[2] However, for the purposes of this essay, I will focus on the comparisons between the financial supporting systems of German and the Netherlands with regards to the Nobes’ (1998) classification of Germany being a weak equity (Type B) while the Netherlands in a strong Equity (Type A). I will consider Nobes’ theory by considering equity figures for both Germany and the Netherlands in respect of their types of equity and will briefly compare the financial reporting systems of the two countries. Although equity is represented in many different forms, it is generally defined as â€Å"the value of a company which is the property of its ordinary shareholders (the company’s assets less its liabilities, not including the ordinary share capital)[3] In terms of financial accounting reporting, considerations of which is the relevant way of financing a business, i.e. the information required by equity investors are different to those of load creditors. Strong equity can be defined as a high ratio between equity market capitalisation and Gross Domestic Product (GDP) whilst weak equity is a low ratio between market capitalisation and Gross Domestic Product (GDP).[4] I, Germany had the lowest equity of 5 countries which were studied. (49%). This shows that unlike America, France or presumably the Netherlands, Germany does not rely heavily on individual investors. Specifically, Nobes (1998) develops a frameork that seek to explain the differences in international accounting. Nobes catagorises accounting systems into two types: Class A (accounting for outside shareholders) and Class B (accounting for tax and creditors). Two variables determine whether a country will have a Class A or a Class B accounting system: (1) the type of culture and (2) the strength of the equity-outsider financing system. According to the model, countries with Type A cultures have developed strong outsider-equity financing systems that have led to the development of a Class A financial reporting system. Therefore, like America and the UK, the Netherlands has relied on a Type A accounting system that is relaint on a high ratio of equity investment as oposed to loan creditors. Conversely, countries with Type B cultures have weak outsider-equity financing (i.e. weak equity) systems that have led to the development of a Type B financial reporting system . This model is comonly known to be widespread practice within continenatl Europe including Germany. Nobes (1998) stsudies the link between the financing system and accounting, but also believes that a Type A system in terms of equity financing is not entirely dependant on Type A accounting, but instead external or outsider equity financing is imperative. By drawing on examples, Nobes (1998) examines Japan. Japan is a country with many listed companies as well as large equity market, but instead of the market being supported externally, most of the shares are owend by Janpanese banks or other companies, investors etc). According to the model, financial reporting in Japan should exhibit the characteristics of a Type B accounting system. Nonethelss, Nobes (1998) in explaining why Germany is substantialy different to the Netherlands claims that differences in culture, i.e. countries that have altered their culture through war will usually adopt the culture and accounting system imported from the dominating country. This explains, for example, why some post colonial African countries possess a type A system despite having very weak accounting systems. As noted earlier, Nobes focuses his discussion on the link between financing systems and accounting. He assumes that some cultures lead to strong equity-outsider financing systems and others do not, but he leaves the examination of this assumed relationship for others. Nobes appears to assign a very broad view of culture to this variable in his model. In a simplified model presented earlier in his paper he refers to this variable as culture, including institutional structures[5] A brief examination of the differences betweent the culture of institutional structures is examined below. While a Type A classification separates accounting and tax rules, Type B does not.[6] Type A in comparison to Type B also has an extensive auditing system. This is true for the Netherlands in comparison to Germany. In US, UK and Netherlands, link between taxable income and accounting income is much weaker, with separate tax accounts and financial accounts. The information is prepared with external investor information in mind thereby focusing on a large equity market (Type A). In comparison a Type B taxation system such as that of Germany tax accounts which are published financial accounts are not usually prepared for investors, but instead internal forces such as company investors, shareholders etc. In sum, the Type A system such as that in practice in the Netherlands and as proposed by Nobes is one of dynamic accounting formulated with the external investor in mind thereby creating increased demand for external investment. On the other hand, Germany experiences the converse of this, with taxation and accounting system which is interlinked and an intention of financial reporting for internal investors rather than external investors in mind. Bibliography Classification based on Corporate Finance, http://www.people.ex.ac.uk/wl203/BEAM011/Materials/Lecture 10/IA1 Lecture 10.pdf Elliott et al, Financial Accounting and Reporting, (2006 10th ed) Dictionary of Accounting, Collin Publishing (2001) Nobes (1998) Footnotes [1] Elliott et al, Financial Accounting and Reporting, (2006 10th ed) p 136 [2] Ibid, p137. [3] Dictionary of Accounting, Collin Publishing (2001) p.99 [4] Elliott et al, Financial Accounting and Reporting, (2006 10th ed) p 137 [5] Nobes (1998) p. 177 [6] Classification based on Corporate Finance, http://www.people.ex.ac.uk/wl203/BEAM011/Materials/Lecture 10/IA1 Lecture 10.pdf

Shirley Jacksons The Lottery and Albert Camus The Guest :: essays research papers

Two great works known for irony, in one a great author, Albert Camus, creates a masterpiece and in the other, a masterpiece creates a great author, Shirley Jackson. Camus had been known to the world and his works had been studied even without the presence of â€Å"l’hote† or known as The Guest, but Shirley Jackson was a nobody till she wrote The Lottery and stunned the world. Both works are studied as pieces of irony but I believe both to be great works in other, with a twist of irony in the conclusion, although, worth mentioning, the ironies both serve to the other purpose rather than the plane simple sake of irony. The Guest, a pen and paper advert for Paul Sartre’s Existentialism, carries traces of this thought throughout, while, The Lottery, being a symbolic society questioner, with its many symbols undermines the American society. But both short stories carry within them even more, they talk of breaking the norms, they speak of minorities, giving up, and waste of life. The Existentialists say man is free to choose yet the choice and having to choose is inevitable and this is seen in The Guest where the Arab is forced into Daru’s life so thrusting upon him the crossroad of what to do with the Arab, either turn him in or let him go. In Existentialist belief due to the exact same choice man is always anxious and hesitant, not knowing whether his choice is proper or not, is it accepted by others or not, and this is seen so clearly again by the simple repetition of the word â€Å"hesitation† and its other forms in the story: 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"The orders? I’m not†¦Ã¢â‚¬  Daru hesitated†¦ {A choice forced upon him} 2.  Ã‚  Ã‚  Ã‚  Ã‚  He served Balducci more tea, hesitated, the†¦ {Hesitation before the person forcing the situation upon him} 3.  Ã‚  Ã‚  Ã‚  Ã‚  The old gendarme hesitated. â€Å"It’s up to you†¦ {Hesitation while expressing choice} 4.  Ã‚  Ã‚  Ã‚  Ã‚  The Arab hesitated, then bit into†¦ {Hesitation before even life’s inevitables such as eating} 5.  Ã‚  Ã‚  Ã‚  Ã‚  In the classroom, before going out, he hesitated a second†¦ {Hesitation before making a choice} 6.  Ã‚  Ã‚  Ã‚  Ã‚  Looked hesitantly at the motionless Arab†¦ {Hesitation before the source of choice} 7.  Ã‚  Ã‚  Ã‚  Ã‚  Daru hesitated. The sun rather high†¦ {Hesitant look at life} In the end Daru tries to get out of choosing by putting responsibility of the choice on the Arab but this in itself is again choosing. Existentialist beliefs express the dilemma in life and again is shown by Daru not being able to decide what to do with the Arab, whether to go against his country, and let the Arab free to choose, or go against his morals, and turn him in, and all life comes to the crossroad dilemma between freedom and prison for the Arab.

Scenario planning – Industry scenarios

Before embarking on the discussion, there is one question or so we need to ask ourselves. What is a scenario? What is scenario planning all about? What constitutes industry scenario planning? Straight away, a scenario is a story or a descriptive narrative about the future which aims at sketching the boundaries of the probable and it is assembled on a methodical scrutiny of various factors bearing in mind those alternatives which are credible and somewhat measurable. These factors are: – social, political, economic, environmental and technological. Future environment of a given business, region or policy area could be shaped by these very factors. According to the World Economic Forum, the scenarios explore three or four dissimilar eventualities of how the world might look if the most uncertain and important drivers unfold in different ways. The same source elaborates further that good scenarios are not just dry, analytical descriptions of possible future outcomes. No matter how meticulous they are constructed, they should also be well inspired and highly compelling enough to engage the imagination. They challenge postulations wile at the same time raising awareness of fundamental factors and inspire participants into fresh thinking about what could happen and what it would mean for them. They offer both a new perspective on events and a scaffold for positive deliberations. Scenario planning on the other hand can be used by distributors as a tool of management to predict and benefit from change. In this article, we shall briefly introduce scenario planning, its relevance in connection to distributors and we shall also look at its application as a valuable tool in the industrial sense. As we have said above, that when we think of scenario planning, one great point that has to cross our minds is that a range of alternative futures has to be put into consideration, each of which is considerably diverse and varied from the present operating atmosphere. It would be better to compare and contrast alternative views on how the industry may evolve rather than pinning ourselves on a single forecast which we have assumed to be most probable. Scenario planning is externally oriented and therefore very effective at identifying growth strategies for the company as well as impending threats to its market positions. Scenarios can also help us identify the specific external industry changes that might be causing the company to lose market share or margins. In his article, Scenario Planning Basics for Distributors, Fein Adam presents ways in which distributors are using scenario planning to the betterment of the company. Distributors, he says, should make sure that the management of their company does not erroneously presuppose that changes will not place in the future. In other words, they should explore all the possibilities the company can face and, not only that but, come up with viable alternatives. In connection to this point, they should also assist the management to identify and understand possible threats comprehensively. They should point out growth strategies for the company and test the success of its current strategy in various possible futures. Lastly, they should understand and appropriately react to new customer buying behavior since the customer is the basic unit of the industry and the satisfaction of the customer should be the prime objective of any decision made by the company. Facing the Forces of Change has suggestions of four possible scenarios for distributors to consider. The first scenario is that which stretches into the future and here distributors have entirely incorporated technology into their companies. Given the high level of information development, customers expect distributors to work with them impeccably across numerous communication interfaces. Distributors have effectively achieved this due to rapid rates of developments. These distributors still remain the prime route to market for manufacturers. Coordinated Channels is another scenario where customers seek more information directly from manufacturers. Here, manufacturer Web sites give existing product specifications, comprehensive technical data and also appropriate product feature are selected by the customers who want such information. This information can be accessed by the customers both directly and indirectly. Directly they get connected to the manufacturer Web site and indirectly through an allied distributor’s Web site. Product collaboration between manufacturers and distributors is undertaken on the internet with marketing and inventory management also being done in the channel. However, it still remains the role of the distributors to provide information back to the manufacturer and ensure new performance qualifications are met The third scenario is the one describing a world where consumers and producers pay for the specific conduit activities they may be in need of. This Unbundled Supply Chain has distributors competing directly with supply chain organizations and intermediaries in this scenario are rewarded according to their rate of activity performance. That is, what they have done on behalf of their customers and producers. In the fourth scenario, there is a world with a cluster of consumers forming open and non-profit online exchanges. These common platforms handle the data among supply chain partners. Scenario planning requires a few guidelines to be followed. One must establish a core planning team because analysis of the strategic implications is best in groups. Secondly, a cross section of expertise should be availed, and this includes the heads of the all functional areas of the company. Bringing the ideas of the thinkers the company is endowed with is such a feat worth the take. It is worthwhile to include the outside people by incorporating information gathered from them into the whole system. The focus here should be on infusing appealing and challenging perspectives into the discussion. Outsiders include customers, suppliers, consultants and competitors who hold a vital position in the success of the company. There should be great care in selecting the person to facilitate the scenario planning strategy. An employee of the company should not be part of the choice, neither the senior executive officers. This is because the facilitator should be someone who is focused on planning processes and the two do not appear in this category. Implications scenario planning, just as other forms of business planning, needs an extensive spending of resources from all the individuals of the company. Therefore, the support of top management is a very important determinant of success the company’s planning capability. What this implies is that there should be readiness from every corner of the company in order for this planning strategy to work in the success and goodwill of the company. An honest assessment must be carried out to ascertain as to whether the senior decision makers in the company are not only involved but also dedicated to the scenario planning process. Should the company be unready to work with the process, then even the most sophisticated techniques of a manual or outside consultant are destined to fail. In addition, if the company is faced with a threat of financial insolvency, then it must suspend the identification of long-term threats and other prospects until business stabilizes because this kind of planning is not suited with survival planning. Disruptive innovation is one of the revolutionary theories of technological change used to describe the impact of new technologies on firm’s existence. (Nauosa Hirotta). Combining scenario planning with disruptive innovation is unavoidable in this era of high level of technological embrace. It is sure and straight that a company which does not embrace technology in its strategic plan is left behind. Disruptive technology which initiates the advent of disruptive innovations for example e-marketing is a vital tool but has to be fused with industry scenario so that the company does not lose its clients for the companies. Summary There must be clear repercussions for the company and its strategy if at all scenarios planning is intended to be meaningful. Each scenario can be viewed as a playing ground in which the company finds itself competing in the future and this allows us to apply all of the apparatus of competitive analysis within a given industry setting. The same tools can then be applied in a totally different future. For us to have the best out of scenario planning, a scrutiny of the company’s position must be known. The company may be one which can manipulate how the future evolves by virtue of actions and investments of its members. On the other hand, if it is too small or insufficiently influential, it becomes a scenario taker and in this case its must carefully examine its line of trade and customers so that it is prepared to react and adjust quickly to changes. Such scenario takers will find it wise to rapidly imitate and adopt to survive; they must do what good companies do. Bibliography: Olaisen J, A Johannessen, B Olsen, – International Journal of Information Management, 1999 – Elsevier Page 15 Fein Adam. â€Å"Scenario Planning Basics for Distributors† Accessed last on February 27, 2008 from URL: Accessed last on February 27, 2008 from URL: International Journal of Information Management, Volume 19, Issue 4, August 1999, Pages 263-275 Jon-arild Johannessen, Johan Olaisen and Bjà ¸rn Olsen Disruptive Technology May 3, 2007, Accessed on February 28, 2008 from URL:

Drunk Driving Essay

Drunk Driving Essay When an intoxicated individual makes a decision to sit behind the wheel of an automobile and drive home, he endangers everyone on the road. This one decision, which may not seem important at the time, can have a crucial impact . When the choice whether or not to drive under the influence of alcohol faces a person, he often does not realize the consequences of his actions, and therefore makes an extremely uneducated decision. Many people believe that increasing fines for drunk driving offenders will play a significant part in the cutting down of driving under the influence. However, while stiffer DUI laws will look affective on paper, they will not make a substantial step in the fight against drunk driving. The only benefit of increased drunk driving fines goes to the law enforcement agency that collects the fines. Because the majority of DUI stops happen to individuals who do not believe that they have become drunk, a person who chooses to drive does not even consider the fine that he may receive, no matter the amount. If an intoxicated person believes that he has the ability to drive home safely, a new law passed by state representatives will not stop them. A state increasing its DUI fines, will not make the police notice a decline in the amount of drunken driving stops, nor a decreased amount of alcohol related accidents. The only change that would come from such an increase would come in a boost in state government funds pouring in from DUI offenders. While the fight against drunk driving seems to have no end, many other solutions exist besides the raising of fines. One such solution lies in education. If the general public becomes properly educated about the meaning of intoxication, they will have the ability to make a proper choice when it comes time to decide whether or not to drive home. An individual needs to know facts such as how many drinks it takes to push them above the legal blood alcohol limit to drive. The legal blood alcohol content in Kentucky stands at .08. this means that if an officer stops a driver who’s blood alcohol content proves above .08, the officer recognizes this person as impaired, and can proceed with giving them a DUI. The public also needs to know consequences far more great than a simple fine, such as the risk you take of killing yourself or others when driving while impaired. Simply knowing certain facts about driving under the influence can become the difference between a person driving dru nk and taking a cab home. The difference between life and death lies in this choice, so it should lie in the hands of an educated person, not someone who does not know the facts about drunk driving. Another factor that can affect a person’s decision to drive drunk comes with his friends. A person needs to possess enough common sense to not let someone who is obviously intoxicated sit behind the wheel. While a possible fine will not stop someone from driving drunk, a close friend telling them not to drive will prevent them from doing so. In order to stop an intent person who has decided that he wants to drive drunk, a friend must also prove intent in stopping them. The saying, â€Å"Friends don’t let friends drive drunk,† could not have any more accuracy. Many times, a person will use every excuse in the world to convince someone to let them drive. A true friend should never let someone drive drunk, no matter the circumstances. The fact remains true, that no matter what anyone does, whether increasing the punishment, or educating the public, we cannot completely solve the problem of drunk driving. â€Å"Preaching to me about the evils of drinking didn’t stop me though.† This quotation from â€Å"An Indian Story†, by Roger Jack, demonstrates the average person’s attitude towards alcohol. People posses their own determination and will do what they want to do, and this willpower becomes even stronger when alcohol enters the picture. Judgment becomes impaired, and a person’s decision making goes downhill. This fact alone contributes greatly to the fact that people will always drive drunk, no matter what anyone does. Although nothing can totally prevent drunk driving, certain steps such as the education of not only the potential driver, but his friends as well, can play a significant role. The increase in fines, however, would prove completely ineffective and have no impact whatsoever on the amount of drunk driving that takes place. People simply do not consider the legal punishment when making the decision to drive while intoxicated. Knowing that consequences can go so much further that an easy fine and even be as serious as death, however, may sway someone’s choice. The prevention of drunk driving does not lie in legislation, but in education. Educated people make educated decisions, and educated people will not make the decision to drive drunk. You can order a custom essay, term paper, research paper, thesis or dissertation on Drunk Driving topics at our professional custom essay writing service which provides students with custom papers written by highly qualified academic writers. High quality and no plagiarism guarantee! Get professional essay writing help at an affordable cost.

American Airlines Essay Example

American Airlines Essay Example American Airlines Essay American Airlines Essay Ninety-Four marked a significant increase in turnover and number of staff employed but a dip in profits. This was not seen as a concern as 93 and 94 were seen as years where the company was making big capital investments to improve future efficiency and capacity. For instance facilities at Gatwick and Heathrow were improved and the Club Europe brand was launched as a further incentive for business customers. BA teamed up further with Qantas and set up two franchises with Logonair and GB Airways in 94 and a further one at the beginning of 95 with Manx Airlines Europe. The economys of scale and new destinations that were offered by these companies allowed further cost cutting by BA but explains the increase in staff numbers. Ninety-Five, Ninety-Six and Ninety-seven were good years for BA. Profits doubled to above those that were being reached before the gulf war and turnover and employee numbers also went up to cope with increasing demand. The economy was in good shape and John Majors government secured new agreements with the USA allowing BA to occupy more slots at US airports. Shortly after BA sold its stake in USAir and went into an arrangement with the bigger American Airlines. A new three-year plan to revolutionise air travel is announced at a cost of i 500 million and is aimed at premium Business customers, the market which was responsible for BAs current large profits. New franchises are announced including overseas ones in Denmark and South Africa and agreements with Canadian Airlines. These arrangements go further towards developing BAs brand and reducing costs through economies of scale. Union problems were settled and cuts or freezes were made on cabin crew and ground staff wages. 1998 saw BA launch Go a no frills airline which would not compete for the same clientele as the increasingly business orientated BA. Manchester airports new 75million terminal was opened. Turnover and Staffing levels continued to go up but alarmingly profit halved. Thus began a time when budget airlines boomed and business airlines suffered. However Go was finding it difficult to attract customers from competitors easyjet and ryanair. In 1999 BAs profit after tax went into the red for the first time since privatisation. BA continued to forge relationships with other international airlines. In particular Spains Iberia who they bought a nine percent share of in February. Turnover continued to rise as did customer numbers and staff levels. The failure of Go, was a contributing factor to BAs worst result since 1982 (BA Reports and Accounts, 1999-2000, inside cover). In 1999, profits had taken a dramatic decline, with operating profit falling by i 358m, down to i 84m. Gross profit had also fallen by i 358m, down to i 261m. This fall in profits also had a negative impact upon investment in the company, with capital and reserves falling (BA Reports and Accounts, 1999-2000). These dramatic falls in profitability were caused by increased competition in the market, which led to competitive pricing and marketing. British Airways funds were getting used too quickly. The increase in oil prices also meant increased expenditure for BA. Things got worse for BA, with low employee morale, leading to poor customer service, which in turn deeply impacted upon BAs reputation (BA Reports and Accounts, 1999-2000). 2000 saw some return to form for the ailing BA. Turnover, Profits and Capital increased and cuts in staff were announced to try to curb the effects of the worldwide recession which seemed imminent. The figures for 2000, were an improvement, but were not back up to pre-1999 levels. One of the major reasons for this was the foot and mouth epidemic, which hit Britain in February 2000. This stopped a lot of people from traveling both out of but especially into the UK and badly hit BA. Also the petrol crisis boosted BAs expenses, and scared people into not traveling (bbc. co. uk). The grounding of Concorde after the Paris crash on July 25th badly hit the travel industry. It hit BAs upper and luxury class services including the business sector that they had been so carefully nurturing. In all this time of hardship, passenger traffic fell by more than 13% (telegraph. co. uk). 2001 looked promising; In May the airline reported a sharp rise in profits and revealed that it was making more money from each customer than it has done since it was privatised in 1987. The new chief executive, Rod Eddington, was being congratulated for turning BA around after years in the wilderness with former boss Bob Ayling. (news. bbc. co. uk/). He planned to stay true to the formula of concentrating on the premium business sector and so in June 2000 completed the sale of Go, BAs no-frills airline, making a  75m profit from its initial investment three years ago. Then, unbelievably the events of September the 11th occurred and within 2 weeks BA were announcing job cuts of over 7000, profit warnings were issued and competitors were going bust. Passengers were unwilling to fly due to safety concerns and the whole industry was hit hard. Suddenly the safety issue that had not grabbed the headlines for 10 years is again a priority and the mountain that BA had climbed since the Gulf War is bigger than ever. BA posted huge losses in 2001 with analysts predicting that it will take several years for the industry to begin to recover.

Teaching and Learning English Essay Example | Topics and Well Written Essays - 2250 words

Teaching and Learning English - Essay Example Teachers and students may often identify the need for vocabulary learning, but fail to employ the techniques that would make the learning really effective, interesting, and easy. "The need for meaningfulness in language learning has been accepted for some years. A useful interpretation of 'meaningfulness' is that the learners respond to the content in a definite way. If they are amused, angered, intrigued or surprised the content is clearly meaningful to them. Thus the meaning of the language they listen to, read, speak and write will be more vividly experienced and, therefore, better remembered. If it is accepted that games can provide intense and meaningful practice of language, then they must be regarded as central to a teacher's repertoire. They are thus not for use solely on wet days and at the end of term!" (Wright et al, 1984). Therefore, the significance of language games in the learning of vocabulary is remarkable. There are various reasons to consider the use of games as effective and advantageous tool for learning and teaching vocabulary which is one of the inevitable aspects of English language learning. ... Third, vocabulary games bring real world context into the classroom, and enhance students' use of English in a flexible, communicative way." (Huyen & Nga, 2003). Treated from the affective aspect of the learning process, a vocabulary game lessens the affective filter and encourages, in the learner, the creative and spontaneous use of language. More importantly, the use of such vocabulary games promotes communicative competence of the learner and motivates him/her in the learning process. By motivating the learner for the continuous use of the language in communication, the vocabulary games help him/her in developing, apart from the learning of vocabulary, language competency as a whole. To judge the vocabulary learning games by the standards of Cognitive Theory of Learning, they reinforce learning activity, thereby, ensuring and affirming the learning to be meaningful and complete. This technique of vocabulary learning reviews and extends the vocabulary competence of the learner and, therefore, finds it very useful tool of language teaching. The modern theories of learning and teaching, affirm the teaching activity to be centered on the student and teaching and learning of English vocabulary through games can be considered the one of the best example of student centered teaching. Like the student centered methods of teaching, in this method vocabulary teaching, the teacher is just the facilitator and the real performer is the leaner. This makes the learner more active in the learning process and he/she learns more effectively. The learning of English vocabulary through games also facilitates the learning procedure to be easy and effective, as the learners are made active by the practice or there is greater possibility for class cohesion. This is

I Have a Dream by Martin Luther King Essay Example | Topics and Well Written Essays - 1000 words

I Have a Dream by Martin Luther King - Essay Example By focusing on the spirit that the civil rights movement portrayed, King made a speech that managed to resonate not only in America, but in other parts of the world as well. Though the speech was regarded as being very powerful, various historians ask whether the speech is the greatest in history (McFarnon). This paper will discuss the impact that Martin Luther King’s speech I Have a Dream has towards portraying an era of racism, discrimination and injustice that perpetrated against African American in the US. Discussion Any historian may judge the King’s address as being the greatest in history, though it is classified as among several epochal speeches in the history of America. The speech reveals some of the greatest gifts that King possessed where he was able to address different groups of people with a single voice. He managed to revive the souls of crusaders and awaken the consciences of the general public. King was capable of speaking in an eloquent manner about the experiences that African Americans went through and awaken the American spirit in a simultaneous manner (McFarnon).

The law of defamation in england and wales works to protect Essay

The law of defamation in england and wales works to protect corporations and individuals from unfair and unjust statements which unfairly damage their reputatio - Essay Example The law of defamation is the product the attempts of jurists of different historical time frames, attempting to balance two diametrically opposing tendencies, namely, the safeguard of the esteem of individuals while ensuring the freedom of speech in the available channels of expression. This has been a tricky business in United Kingdom and reforms in the past have been only window dressing. After the enactment of the Defamation Act of 1952 it took over four decades for attempting a major change in this direction, with the institution of the Defamation Act of 1996. The drafting of 1996 Act is necessitated by the spurt of the media and their global nature. The huge compensations which individuals are able to get from the press and electronic media for cases involving the reputation of individuals was not conducive to the development of the freedom of the media in the age of free information. Though, it is a subject under the purview of the law, its ramifications are huge on the functioning of the media, discouraging legitimate investigative journalism and open criticism of public policy. Since media today is international in production and dissemination, the British law can become a stumbling block in the international freedom of press. Magazines, newspapers and broadcast though might have originated elsewhere might create unforeseen legal consequences if any of the stories are defamatory in nature when they are circulated in Britain or broadcast through British stations. Globalization has produced a crisis in the tendency of the state to control the media. Broadcasting is the central channel in the formation of opinion in the globalized world. The rapid progress in technology increased the possibility of sending news and view across the globe. The British broadcasting industry is a predominantly a state affair in spite of the much trumpeted independence and autonomy. The defamatory Act if pursued vigorously

Clinton in diplomatic coup on Journalists release Essay Example for Free

Clinton in diplomatic coup on Journalists release Essay Former President Bill Clinton scored a diplomatic coup when he brought back to the United States on Wednesday two convicted women television reporters. The journalists release was a result of what was tagged officially by a member of Obama administration as a humanitarian trip and personal visit to North Korean President Kim Jong-Il. White House hailed the Clinton-led effort and denied it as a bargaining chip in the nuclear standoff between the said two countries. Press Secretary Robert Gibbs told White House reporters that the Clintons trip was purely a humanitarian effort undertaken by the latter and not for and in behalf of the American government. A CNN report said the release of the journalists, Laura Ling and Euna Lee, was made after President Kim granted them pardon for illegally entering North Korea early this year (Quijano, Moore Sosa par. 4). They were meted in June with 12 year jail sentence of hard labor for the alleged crime committed (par.11). Ling and Lee were on assignment from Current TV, a media venture owned by former US Vice President Al Gore. Al Gore himself was reported to have tried to get the release of the two but was rejected by North Korea. They were on assignment to document alleged trafficking of North Korean women to China. After reunited with families at Bob Hope Airport, an emotional Ling said at a media conference that â€Å"We feared at any moment that we could be sent to a hard labor camp† (Quijano, Moore Sosa par. 2) but the two were later informed they will attend a meeting. As they saw President Clinton waiting at them, â€Å"We were shocked, but we knew instantly in our hearts that the nightmare of our lives was finally coming to an end,† added Ling (Quijano, Moore Sosa pars. 5-6). The statement of Gibbs was seen by political observers as a White House attempt to stress it was not making any concession to North Korea which is presently at odds with the United States on the issue of nuclear build-up and atomic research among others. But President Obama himself hailed Clinton and Gore for the successful release and bringing back the two on the former President’s return flight through Los Angeles. Upon learning of the return of Clinton and the two journalists, President Obama said â€Å"We are relieved† (Obama par. 1). The President further told media at the White Houses South Lawn that â€Å"My hope is that the families who have been reunited can enjoy the next several days and weeks, understanding that because of the efforts of (former) president Clinton and (former vice president) Gore, they are able to be with each other once again† (Obama par 4). At Nairobi, Kenya, U. S. Secretary of State Hillary Clinton said she was also relieved after learning the release from her husband. Both Clinton and Gore expressed happiness for the journalists release. A statement from his office quoted Clinton saying â€Å"I am very happy that after this long ordeal, Laura Ling and Euna Lee are now home and reunited with their loved ones. † Gore also showed his gratitude to President Obama and Clinton for joining the â€Å"humanitarian effort† (Quijano, Moore Sosa par. 10) Amidst claims of apology allegedly conveyed by Clinton but which North Korea said it knew nothing about, Press Secretary Gibbs clarified that there was no truth to Clinton conveying Obamas message. The White House spokesman also stressed that Clinton went on a humanitarian and private mission and that the release was definitely not a bargaining issue on nuclear standoff between U. S. and North Korea (Gibbs). The above-reported statements of Obama and Gibbs were posted at the White House website under the Press Briefing Room. For confirmation or verification of the said details stated by the President and Press Secretary, the office may be contacted at the following phone numbers: 202-456-1111 for comments; 202-456-1414 for Switchboard and 202-456-2461 for fax. Works Cited Gibbs, Robert. â€Å"Press Briefing by Press Secretary Robert Gibbs and the Vice Presidents Chief Economist, Jared Bernstein. † The Briefing Room. 8 June 2009 http://www. whitehouse. gov/the_press_office/Briefing-by-Press-Secretary-Robert- Gibbs-with-Jared-Bernstein-the-Vice-Presidents-Chief-Economist-6-8-09/. Obama, Barrack. â€Å"Statement by the President on the Release of Laura Ling and Euna Lee. † The Briefing Room. 5 August 2009 http://www. whitehouse. gov/the_press_office/Statement-by-the- President-on-the-release-of-Laura-Ling-and-Euna-Lee/. Quijano, Elaine; Moore, Charlie Sosa, Ninette. â€Å"Freed journalist: We are so happy to be home. CNN. com International/US. 6 August 2009 http://edition. cnn. com/2009/US/ 08/05/nkorea. journalists/index. html.

Comparative Analysis of Forwards and Futures Contracts

Comparative Analysis of Forwards and Futures Contracts A Mauritian Perspective Abstract This research compares the OTC derivatives market with the exchange-traded derivatives market. Forwards contracts have been used as a representative for OTC markets and Futures for organised exchanges and the costs and benefits of each one have been analysed. This research has been done being with regard to the GBOT setting up in Mauritius. Forwards are frequently used contracts relative to others, in Mauritius. Hence, it is assumed that if the users have to shift to the GBOT, they will use futures contracts as a substitute for forwards since both have similar characteristics except that futures are more sophisticated than forwards. A survey has been done on the top one hundred and twenty companies in Mauritius out of which, only 70 have responded. The questionnaire aimed at determining the current derivatives position in Mauritius and a glance at the perception of the financial officers with respect to GBOT. Even though they believe that GBOT will benefit the country, they are unwilling to enter the market; while most of the respondents are unaware of GBOT and uncertain about the futures market and trade mechanism. Unexpectedly, it was found that some firms use futures for risk management. The results have been used to conclude whether it is viable for Mauritius to introduce an exchange and what measures can be taken to ensure that GBOT is successful. With respect to this research, it seems that the Mauritian market is not ready yet, to conceive this new development in its financial system but there are some measures that can be adopted to combat the inhibitors and there are much lessons to be learned from the record of derivatives mismanagement. List of Abbreviations AML Air Mauritius Company Limited CDS Central Depository and Settlement Company Limited CBOT Chicago Board of Trade CME Chicago Mercantile Exchange CFTC Commodity Futures Trading Commission EFP Exchange of Futures for Physical FSC Financial Services Commission FX Foreign Exchange GBOT Global Board Of Trade HSBC Hongkong and Shanghai Banking Corporation Limited MTM Mark-To-Market OTC Over-The-Counter SEM Stock Exchange of Mauritius STC State Trading Corporation S0 Spot price today ST Spot price at maturity USA United States of America 1.1 Introduction The presence of derivatives market has undoubtedly improved national productivity growth and standards of living. Alan Greenspan (Chairman of the US Federal Reserve System, 2005) Derivatives have gained prominence in the past few decades and are today a vital element in finance. Although they are the latest addition to the financial world, they have been witnessing a high rate of success. They have undergone constant innovation and active trade, notwithstanding the fact that they have led to a more complex form of hedging. Electronic trading and settlement facility has revolutionised the global financial and commodity markets by attracting international investors and increasing liquidity. 1.2 Background Theory 1.2.1 Hedging Hedging is a form of insurance that uses derivatives to absorb financial risk by locking in a price for a particular good. Its essence pertains to the uncertainties associated in prices of goods. Since prices of goods cannot be predicted with certainty, people speculate. Gol (1980) states that when everyone expects a price rise, all opinions seem to converge over a price rise, such that, if speculators enter the futures market, they would also be buyers rather than sellers and their buying activity may further aggravate the price rise. Speculation helps in effective risk management but sometimes backfires; for instance, many airlines speculated a rise in fuel prices and hedged their exposure with derivatives. Unfortunately, the financial crisis 2007-2008 caused fuel prices to decrease considerably in the spot market, but the airlines had the obligation to honour their derivative contracts at relatively higher prices. 1.2.2 Derivatives market Derivatives are financial instruments that derive their value from one or more underlying assets such as stocks, bonds, currencies, interest rates, commodities and market indices; for example, an oil futures contract derives its value from the price of oil- oil being the underlying asset. Derivatives are used extensively in financial and non-financial institutions. Forward contracts are the basic derivatives that stemmed from the goods market, and have thereupon paved the way for other derivatives. Some goods traded through derivatives are base metals, precious metals, agricultural products, energy products, foreign currencies, interest rate, and stock indices among others. Other includes contracts based on carbon, commodity indices, credit, fertilizer, housing, inflation, and weather. Source: Futures Industry Magazine 2009 For this research, commodities, assets, and goods are used interchangeably, irrespective of whether they are used in the financial, commodities or foreign exchange markets. 1.2.3 Types of derivatives There are two distinct groups of derivative instruments: forward-based products and option-based products. Forward-based products are termed linear derivatives as they offer a linear payoff and include futures, forwards, and swaps. Conversely, option-based products are non-linear derivatives since they offer a non-linear payoff and include puts, calls, caps, floors, and collars. Other derivatives, such as options on futures, swaptions, and forward caps, combine the features of both forward and option contracts. Derivatives trade in over-the-counter (OTC) markets or in organised exchanges. OTC trading occurs among a few dealers via phone or electronic messages. OTC contracts are mutual agreements made through private negotiations and transacted outside a trading platform. However, some OTC derivatives are cleared via exchanges (e.g. in the Chicago Mercantile Exchange). Swaps, forwards, and customised options are OTC contracts. Exchange-traded derivatives are standardised in terms of quantity and quality (the amount and quality of the good is fixed) and negotiation is not possible. Organised exchanges employ both open outcry system and electronic order matching systems and share similar purposes to securities exchanges. They design the contract terms and operate a clearinghouse, which acts as a guarantor, settles all contracts, and regulates trading. Large securities firms and commercial banks act as derivatives dealers. Futures and standardised options are traded on exchanges. 1.2.4 Players The three broad categories of traders in the derivatives market are hedgers, speculators, and arbitrageurs. Hedgers use derivatives to reduce the risks that they face from adverse movements in prices of goods while speculators take a position to realise gains with a relatively small initial outlay. Arbitrageurs enter the market to realise gains without risking their own capital. Conclusively, hedgers transfer their risk to speculators and arbitrageurs and thus, boost liquidity on the market. 1.3 Objective of Study A well-regulated organised derivatives market encourages a sustainable financial development and increases savings and investment in the long-run, thereby promoting economic growth. However, the concern is how and when to discern the time for its implementation in small economies. This dissertation aims at analysing the benefits and drawbacks of using forwards and futures contracts. Forwards contracts can be used by minority users, without major procedures and regulation. Contrarily, futures require significant concern and assistance of the government to support and ensure a good operating system. The research is carried out with regard to the commodities market being set up in Mauritius. Forwards laid the groundwork for futures, hence, both are treated simultaneously throughout this study. Futures (exchange-traded) are enhanced forms of forwards (OTC) but differing somewhat in the way they are traded. The costs and benefits of the two instruments are analysed and compared. This will indicate whether it is viable for Mauritius to introduce a derivatives exchange and suggests the measures that can be adopted to ensure that its objectives are attained. Swaps and options are excluded from the study because they operate differently and due to word constraint. Forwards and futures are relatively simpler and typically alike, thus, rendering comparison easier. 1.4 Overview of Remaining Chapters Chapter 2 deals with the literature review while Chapter 3 is an overview of the derivatives market in Mauritius. Chapter 4 covers the research methodology section. Chapter 5 presents the analysis and findings of the research, followed by Chapter 6, which concludes this study and includes some recommendations. chapter two: literature review 2.1 Importance of Derivatives Market Several factors such as size, leverage, asset-liability duration, and taxes amongst others, affect the hedging decision of a firm. The Miller and Modigliani theory posits that hedging is fruitless in perfect financial markets. In reality though, markets are imperfect and hedging alters a firms value by influencing its investment decisions. Bessembinder (1991) distinguishes that hedging corporate risk with forward contracts increases firms value by reducing incentives to under-invest. He also advocates that large institutions are more likely to use derivatives due to informational economies of scale. Likewise, Haushalter (2000) finds a positive correlation between hedging decision and total assets and characterises it as the economies of scale in information and transaction costs of hedging. Hedging also enables a firm to negotiate with its customers, creditors, and managers, which improves contract terms. A research on African countries suggests that volatile international capital flows have the tendency to destabilise shallow markets and precipitate a crisis if there is a change in investors appetite and urges adoption of stronger domestic policies and local derivatives markets for financial risk management purposes (Adelegan, 2009). Hedging is a zero-sum game; one does not gain from trade unless another faces a loss. The gain to the buyer will be exactly equal to the loss to the seller of the forward contract, whilst the gain to the seller will be exactly equal to the loss to the buyer. Hieronymus (1971) defines hedging as taking a position in a futures market that is equal in size and opposite to a predetermined position in the cash market. Hence, a loss in one market is offset by a gain in the other market. This principle works since cash prices and futures prices of a commodity are expected to converge as the contract reaches expiry. Anderson and Danthine ( 1981) define a pure hedge term equal to the risk-minimising futures position corresponding to a predetermined cash position. A hedger, thus, uses the possibilities offered by futures markets to minimise his risk. 2.2 Forwards Market A forward contract is a bilateral binding agreement to buy or sell a specific quantity and quality of an asset, at a pre-determined price and pre-determined future time. Normally, contracts specifying settlement in excess of 30 days after the trade date are forward contracts. Forwards are the first and simplest derivatives that sprouted in the sixteenth century in the agricultural markets, wherein they were used primarily to resist adverse price movements. Dong and Liu (2005) advocate that the equilibrium forward reduces commodity price risk; the buyer and seller will transact at the price specified in the contract, whatever the price of the underlying asset in the spot market at maturity. A forward agreement is somewhat like a legal contract, customised with respect to the needs of the particular buyers and sellers, obligating delivery of the underlying asset under the conditions specified in the contract. The buyers and sellers negotiate over the contract terms. Anderson and Danthine (1981) claim that, in the forwards market, speculators are assumed to be risk-neutral, bidding competitively to exercise arbitrage opportunities. 2.2.1 Benefits of Forward Contracts 2.2.1.1 Risk Management Typically, a forward contract alleviates financial risks, thereby protecting traders. There is no initial investment in the forwards market since cash changes hand only on settlement of the contract at maturity. This causes less volatility in cash transactions, rendering cash flows easy to manage. 2.2.1.2 Settlement Facility Cases wherein the seller defaults for some reason, contracts may be mutually settled in cash. Duffie (1989) finds that in practice, only a small fraction of forward positions are actually delivered while most are closed out before delivery by a cash settlement. Sometimes, initial traders are able to transfer their contracts to someone willing to take their obligation. Per se, it offers a certain degree of flexibility. 2.2.1.3 Trade Linkages and other benefits Forwards allows negotiation on the contracting terms, which benefits traders, builds up trust, and strengthens trade links between parties. Wolak (2007) analyses an electricity company and concludes that forward contracts reduce the cost of production as well as its volatility, and increase pro?t. Likewise, Dong and Liu (2005) show that forward contracts in non-storable goods benefit both producers and suppliers. 2.2.2 Costs of Forward Contracts 2.2.2.1 Counterparty Default Risk Forward contracts mitigate financial risks but give rise to counterparty risk (risk of default), which is one of the prominent risks in OTC derivatives. Counterparty risk can cause huge losses. 2.2.2.2 Transaction Costs In order to ensure guaranteed deals, parties with good credit ratings should be identified, which is a very costly task. Nevertheless, these firms do have a possibility to default for reasons such as insolvency or bankruptcy. An ideal illustration is the collapse of the Lehman Brothers investment bank that has created the biggest turmoil in the worlds history; following which, more concern has shifted to the OTC market. 2.2.2.3 Legal procedures Once the terms and conditions of the contract are accepted, they must be adhered to otherwise legal procedures may entail. Forwards market is an unorganised form of trade with no ability to deal with conflicts other than seeking legal recourse that may be too costly. Influential and wealthy parties only may recourse to such practices. Besides, it causes damage to the dealers reputation. 2.2.2.4 Liquidity and Transparency issues There is no possibility of closing out or reversing a forward contract. Thus, forwards lack flexibility and liquidity and forward delivery is not guaranteed in the absence of a regulator. Additionally, since the contract involves only two entities, there is reduced transparency and possibility of mispricing the goods since not all the forces are at work. 2.2.2.5 Market Power and Bargaining Power Market power and bargaining power affect the capacity for negotiation along with the forward equilibrium price. As such, small investors with lesser power may suffer. Dong and Liu (2005) show that the forward equilibrium moves in favour of the participant with high market power, such that he gains from the contract. However, when negotiation costs are very high, both producers and buyers face a loss regardless of market power and use forward contracts for risk management rather than for gains. 2.2.2.6 Informational Inefficiency A study by Mahenc and Meunier ( 1983) stipulates that there is no proper information dissemination in the forward market but under conditions of imperfect information, forward trading indirectly creates efficiency in the spot market. The necessity to deal with the shortcomings of forward contracts led to the emergence of the futures market. 2.3 Futures Market A futures contract is an agreement between two parties to buy or sell a fixed amount of an asset at a pre-decided price and date. In this respect, futures share the same characteristics as forwards; for instance, they help buyers and sellers with long term planning by locking in a price. However, futures are more sophisticated than forwards. Financial futures were traded on shares of the Dutch East India Company in the seventeenth century, but modern futures markets originated in Japanese rice futures, which were traded in Osaka in the eighteenth century. Futures emerged with the grading system, which purported to ensure that at maturity, the quality of goods delivered was as specified in the contract, which eventually led to standardisation of futures contracts. Futures are standardised contracts in respect of quantity, quality, delivery date, and location. They trade on organised exchanges, which are responsible for setting the quantity, quality of the underlying asset in the contract. Moreover, the exchange sets the terms and conditions of the contract, which are non-negotiable by the traders. All investors are treated equally; small investors are also able to hedge without difficulty. 2.3.1 Structure of the Futures Market Futures exchanges share the same purpose as securities exchanges. They usually have an integrated clearinghouse for clearing and settlement facility. Brokers, who are also members of the exchange, are responsible to match the buy and sell orders without buyers meeting sellers and vice-versa. Only members are allowed to trade on the platform, thus, a non-member wishing to deal in futures, should trade through a broker. The exchange connects buyers and sellers worldwide, communicates and keeps parties joint and ensures compliance with the terms and conditions of the contracts. Exchanges use open outcry in pits or electronic order matching systems or some use both, such as The Chicago Mercantile Exchange. Some authors argue that the open outcry system is more liquid and transparent than the automated system. Traders need to deposit a margin with the exchange prior to trade. The demand for margin (a percentage of the value of the contract) is referred as collateral or as a good faith deposit (Gay, Hunter, and Kolb 1986). All traders are required to have a minimum stated sum of money in their accounts. Contracts are settled on a daily basis: the mark-to-market system (MTM) which affects the contract price. If price of contract increases on a particular day, the holder makes a profit, which he can withdraw from his account, whereas if price decreases, he makes a loss and the amount is deducted from his account. As such, he is required to deposit a margin, referred as a call margin, to replenish his account to the threshold level, known as the variation margining system. Futures contract protect the value of inventories and partly finances the cost of storage since the future price of a commodity is dependent upon its cost of carry (Future price = cash price +cost of carry). This helps to improve marketing policies, financial planning, and long-term forecasting of prices. If ST is expected to be higher than current S0, then the current futures price will be set at a high level relative to the current S0. Likewise, if ST is expected to be lower at maturity, current futures price is set low. 2.3.2 Benefits of Futures Contracts Fundamentally, futures market confers two main purposes: price discovery and price risk management. The market provides protection against default, manipulation, and abuse. 2.3.2.1 Risk Management and Settlement Guarantee Moser (1998) reckons that futures contracts counteract default risk and protect traders through a set of rules. Firstly, standardisation protects traders as it ensures that the quality of the goods delivered is as specified in the contract. Moreover, the exchange can order its members to produce their financial accounts for inspection if their solvency is doubted. In 1873, the CBOT decided to expel any member who refused to abide by this rule (Andreas 1894). The margining and MTM system also contribute to curtail counterparty default risk as traders are called to supplement their account for the losses incurred on their contracts within 24hours; failure to do so causes their positions to be liquidated. There is a settlement guarantee in case of default while a tight regulation ensures that manipulation and abuse is virtually absent. 2.3.2.2 Price Discovery Futures market is transparent; pricing of commodities are fair and manipulations very difficult. Electronic trading on the exchange platform pools together all forces affecting the price of a commodity, leading to price discovery mechanism, which improves efficiency and lowers costs. Technology renders the exchange highly competitive since the market reacts very fast; prices and transactions are monitored constantly while information is captured continuously and incorporated in the intrinsic value of a good. Telser and Higinbotham (1977) concur that, futures market pools trade from diverse area into a central market, thereby increasing the heterogeneity of potential transactions. They proclaim that futures are liquid as transaction occurs readily at mutually acceptable prices and that homogenisation and clarity of the terms and conditions boost liquidity. 2.3.2.3 Liquidity One need not possess the underlying asset to sell futures while one may not be in need of a commodity to buy futures. Speculators and arbitrageurs enter the futures market without possessing or the intention of buying the commodity. Thus, the transfer of risks to different players in the market increases liquidity and maintains the equilibrium in demand and supply. Telser and Higinbotham (1977) statistically demonstrate that as the number of traders in the market increases, the market clearing prices become normal. Futures can be squared-off (reverse a position) without negotiation, thus making delivery non-mandatory. Positions can also be rolled-over. If period for hedge is later than the expiry date of the current futures contract, the hedger can rollover the hedge position by closing the existing position in a futures contract and simultaneously taking a new position in another futures contract with a latter expiry date. 2.3.2.4 Transactional and Informational Efficiency Futures market increases the informational efficiency of cash market and promotes import and export competitiveness. Cox (1976) empirically demonstrates that futures trading increases traders information about forces affecting supply and demand. His analysis rejects the claim that futures trading impose costs on producers, consumers, and others who handle the physical commodity. Additionally, evidences from more fully informed traders suggest that futures trade increases efficiency in spot markets. 2.3.2.5 Increase Export Competitiveness When entering forward contracts, exporters do not, usually, possess the entire stocks for export. Futures market enables them to hedge their projected purchase, until they have to buy in the physical market for exporting. Taking a position in the futures market will help to offset the gain/loss in the physical market; that is, at maturity the net loss/gain in futures market offsets the gain/loss in the physical market. Thus, exporters can accept contracts with longer duration and increase their competitiveness. 2.3.2.6 Offsetting gains and losses in the physical market Futures market also allows a hedger to take a position in the futures market opposite to the position he takes in an over-the-counter market. Such a transaction is termed: exchange of futures for physical (EFP). The OTC and futures positions should be for the same underlying assets or at least similar in terms of value and quantity. This results in the flexibility of customising the physical market with respect to the needs of traders, parallel to the OTC market and at the same time enjoying settlement guarantee in an exchange. Usually, margin requirements for EFP transactions are lower. EFP may seem appealing but is inefficient in fair pricing. Exchange Officials apprehend that EFPs would harm the futures market by reducing volume and liquidity and inhibit fair price discovery. 2.3.2.7 Diversification of portfolios Futures on commodities serve to diversify portfolios, since they are less volatile than financial securities. Bodie and Rosansky (1980) report an average excess return of 9.5% per annum for an equally weighted portfolio of commodity futures between 1950 and 1976. Their analysis reveals that equities are riskier than commodity futures. Furthermore, total return of the equally weighted commodity futures was negatively correlated with the return on long-term bonds, suggesting that commodity futures are effective in diversifying equity and bond portfolios. The benefits of diversification from commodity futures tend to be larger for longer holding. A similar analysis carried out by Gorton and Rouwenhorst (2005) confirms that commodity futures returns have been effective in providing diversification of both stock and bond portfolios. Weiser (2003), on the other hand, contends that commodity futures returns vary with the stage of the business cycle. He finds that commodity futures usually perform well in the early stages of a recession while stock returns are generally disappointing and in later stages of recessions, commodity returns fall while equities perform well. 2.3.3 Costs of Futures Contracts 2.3.3.1 Complexity Despite appealing benefits, futures contracts inherit some costs and the prime one is the complexity of handling them. Futures were generated to deal with the limitations of forwards but, in so doing, they brought a more complex form of hedging. Proper knowledge of the market is crucial; otherwise, hedgers may face unwanted losses. 2.3.3.2 Basis Risk Basis risk (the difference between spot and futures price) is inbuilt in futures market. Hedge positions are usually not perfect due to this difference. Working (1962) emphasises that the existence of basis risk prevents the elimination of all risks. Brorsen (1995) finds that changes in basis can cause forwards to be cheapest in some periods and futures to be cheapest in others. Therefore, the benefits of hedging can be enjoyed when the market is well understood. Advanced futures concepts about hedge positions, hedge ratios, and types of hedges should also be mastered as they benefit hedgers differently in different markets. 2.3.3.3 Mark-to-Market System (MTM)-cash drain out The transaction costs involved, such as, initial margin and variation margin in the MTM system freezes up working capital that could have yielded interest. Furthermore, the margin call should be paid before next opening of the market- a very short delay. These daily settlements make transactions volatile and cash flows cumbersome to maintain. Margin costs and brokerage commission discourage some investors, especially small traders, to enter the market. Williams (1986, 1987) shows that risk-neutral firms will hedge if transaction costs are lower in the futures market than in the cash market. Moreover, instances of dual trading exist, whereby brokers trade on behalf of their clients to earn a commission, without improving the customers position. 2.3.3.4 Large Number of Participants needed Futures contracts fail for lack of interest by market participants, that is, a low trading volume. Telser and Higinbotham (1977) statistically demonstrate that the benefit of an organised market is an increasing function of the number of potential participants and hence, an increasing function of the turnover of the potential participants in that market. They conclude that an organised futures market survive only if it is perfectly competitive, which is achieved when there are many participants. If the open interest (number of contracts outstanding) in the futures market declines, the volume of trade falls relative to the open interest. The commission and the margin are raised consequently. They even assert that there is a cost to the emergence and survival of an organised exchange. 2.3.3.5 Standardisation issues Standardised nature of contracts may cause over-hedging or under-hedging. For example, a contract specifies  £1000 to be sold while a hedger may need only  £800. Therefore, he over-hedges by  £200. Conversely, say a hedger needs  £1100, he under-hedges by  £100. 2.3.3.6 Uninformed Investors Increase Volatility Uninformed investors may increase price volatility in the futures market. If the market is inefficient in information, futures prices become biased predictors of future spot prices and causes cash prices and future prices to diverge rather than converge. Usually, futures contracts with longer maturity are closer to spot prices since time is required to assimilate unanticipated shocks. However, Kaminsky and Manmohan (1990) suggest that it is impractical to make any generalisations about the short-term and long-term horizons in commodity futures market. They find that for longer periods several markets are not fully efficient. In addition, Chernenko et al. (2004) study a wide range of futures and forward rates from financial markets and conclude that forward and futures prices are not generally pure measures of market expectations; per se, they may not be an efficient forecast of the future prices of assets. 2.3.3.7 Losses Faced By Investors Other studies indicate that large scale, professional speculators can profitably forecast commodity prices, but small traders cannot. Stewart (1949) considers futures-trading accounts for small-scale speculators and discovers that they face huge losses. Moreover, Houthakker (1957) and Rockwell (1967) find that large speculators earned profits and small speculators incurred losses for a particular set of data. Similarly, Working (1931) estimated that speculators in wheat futures, incurred losses. Empirical research shows that, for cattle and wheat producers, futures markets have lower transaction costs than forward contracts, while for small firms like farmers, the contracting costs might be higher because of opportunity cost of time in learning about futures, setting up a brokerage account, and managing margin calls. It would be unnecessary for small groups of traders, well acquainted with each other to transact among themselves than use futures. 2.3 Derivatives Mishaps The history of derivatives has witnessed some spectacular losses in the derivatives markets, which includes losses made by both financial (e.g. Amaranth hedge fund, Barings Bank) and non-financial institutions (e.g. Orange country, Shell, Metallgesellschaft). The Metallgesellschaft (MG) is a German oil company, which used futures to hedge its exposure in its early 1990s. MG hedged its position with long positions in short-dated futures contracts that were rolled forward. However, the price of oil fell and then came the margin requirements, which caused short-term cash flow pressures. Members of MG claimed that these were short-term cash outflows and in the long-run, there would be a cash inflow. However, this led to a serious issue as huge cash was drained out of the system. Consequently, MG executives closed out all their hedged positions. Therefore, one lesson to be learned is to be alert at all ti