Investigate a criminal prevention program Research Paper

Investigate a criminal prevention program - Research Paper Example There are several crime prevention strategies and programs that use specific approaches to recognize, anticipate, appraise and address crimes or factors that contribute to crime. Crime prevention could be targeted at different levels starting with the individual, family as well as the community (Briggs, 2013). At individual level, crime prevention aims at avoidance of crime and the factors constituting to crime. This means preventing an individual from ever committing a crime. The term crime prevention is used to refer to programs designed in an effort to prevent individuals from committing a subsequent crime. The crime prevention strategies focused on the community target changes in the infrastructure, culture or the physical nature to prevent or reduce crime. Community based crime prevention programs include: Comprehensive programs which encourage involvement of local and state government, the private sector as well as the community to respond to violent crimes, drug abuse and improve the standards of living in the community by incorporating multiple approaches. This is a crime prevention theory that was developed by George Kelling and James Wilson that seems to suggest that preventing minor crimes such as vandalism and public disorderliness is the gateway to preventing crimes that are considered major and life threatening (Neubauer, 2013). As such, if the police were to crack down on minor offenders involved in minor crimes, it would lead to less serious crimes on the streets. The proponents of this theory assert that if left unchecked, street corners will gradually degenerate in to crime infested areas where bullies would take over taking alcohol and drugs openly intimidating citizens and making excessive noises. The broken window is a metaphorical broken window in a building which they argue if left unattended will attract more vandalism in the building. Therefore, broken windows should be fixed as it

Concepts And Definitions Of Disability Essay Example for Free

Concepts And Definitions Of Disability Essay The contemporary conception of disability proposed in the WHO International Classification of Functioning, Disability and Health (ICF) views disability as an umbrella term for impairments, activity limitations and participation restrictions. Disability is the interaction between individuals with a health condition (e.g. cerebral palsy, Down syndrome or depression) and personal and environmental factors (e.g. negative attitudes, inaccessible transportation, or limited social supports). Long ago there was great confusion over the meaning of terms such as impairment, handicap, or disability. Then, in 1980, the WHO provided great service by offering a clear way of thinking about it all in a little book called International Classification of Impairments, Disabilities and Handicaps. All these terms refer to the consequences of disease, but consider the consequences at different levels. The disease produces some form of pathology, and then the individual may become aware of this: they experience symptoms. Later, the performance or behaviour of the person may be affected, and because of this the person may suffer consequences such as being unable to work. In this general scenario, Impairment was defined as any loss or abnormality of psychological, physiological, or anatomical structure or function. Impairment is a deviation from normal organ function; it may be visible or invisible (screening tests generally seek to identify impairments). Disability was defined as any restriction or lack (resulting from an impairment) of ability to perform an activity in the manner or within the range considered normal for a human being. Impairment does not necessarily lead to a disability, for the impairment may be corrected. I am, for example, wearing eye glasses, but do not perceive that any disability arises from my impaired vision. A disability refers to the function of the individual (rather than of an organ, as with impairment). In turn, Handicap was defined as a disadvantage for a given individual, resulting from impairment or a disability that limits or prevents the fulfillment of a role that is normal (depending on age, sex, and social and cultural factors) for that individual. Handicap considers the persons participation in their social context. For example, if there is a wheel-chair access ramp at work, a disabled person may not be handicapped in coming to work there. Here are some examples: Impairment Speech production; Disability Speaking clearly enough to be understood; Handicap Communication I Hearing; D Understanding; H Communication I Vision; D Seeing; H Orientation I Motor control, balance, joint stiffness; D Dressing, feeding, walking; H Independence, mobility I Affective, cognitive limitations; D Behaving, interacting, supporting; H Social interaction, reasonableness Here is a diagram that suggests possible parallels between the impairment, disability handicap triad, and the disease, illness and sickness triad. (The squiggly arrows are intended to indicate a rough correspondence) Patients do not come to their physicians to find out what ICD code they have, they come to get help for what is bothering them. A Positive Perspective? Quality of Life and the International Classification of Function The focus on disability takes a somewhat negative approach to health, perhaps not unreasonable since doctors are supposed to cure diseases. But starting in the 1980s clinicians began to set goals to achieve when the disease could not be cured, beyong merely controlling symptoms. The notion of Quality of Life gained prominence as a way to emphasize a positive perspective on health health as a capacity to function and to live, even if the patient has a chronic condition. A central aim of care was to enhance the quality of the patients function, and hence their ability to life as normal a life as possible, even if the disorder could not be cured. This notion was a further extension of handicap, covering maintenance of normal function, but adding psychological well-being and, if possible, positive feelings of engagement. Measurements of quality of life extend the disability focus beyond the ability to perform activities of daily living to include a broad range of functioning (work, home, play) and also the persons feelings of satisfaction and well-being. This is necessarily a qualitative and subjective concept, judged by the patient in terms of the extent to which they are able to do the things they wish to do. In this medical context, quality of life is distinct from wealth or possessions, and to amke this clear you may see the term health-related quality of life. Reflecting these evolving ideas, the WHO revised its  Impairment, Disability and Handicap triad in 2001, re-naming it the International Classification of Function (ICF). This classification system provides codes for the complete range of functional states; codes cover body structures and functions, impairments, activities and participation in society. The ICF also considers contextual factors that may influence activity levels, so function is viewed as an interaction between health conditions (a disease or injury) and the context in which the person lives (both physical environment and cultural norms relevant to the disease). It establishes a common language for describing functional states that can be used in comparing across diseases and countries. The ICF therefore uses positive language, so that activity and participation replace disability and handicap. The ICF is described on the WHO web site. Impairment, Disability and Handicap Sheena L. Carter, Ph.D. The words â€Å"impairment,† â€Å"disability,† and â€Å"handicap,† are often used interchangeably. They have very different meanings, however. The differences in meaning are important for understanding the effects of neurological injury on development. The most commonly cited definitions are those provided by the World Health Organization (1980) in The International Classification of Impairments, Disabilities, and Handicaps: Impairment: any loss or abnormality of psychological, physiological or anatomical structure or function. Disability: any restriction or lack (resulting from an impairment) of ability to perform an activity in the manner or within the range considered normal for a human being. Handicap: a disadvantage for a given individual that limits or prevents the fulfillment of a role that is normal As traditionally used, impairment refers to a problem with a structure or  organ of the body; disability is a functional limitation with regard to a particular activity; and handicap refers to a disadvantage in filling a role in life relative to a peer group. Examples to illustrate the differences among the terms impairment, disability, and handicap. 1. CP example: David is a 4-yr.-old who has a form of cerebral palsy (CP) called spastic diplegia. Davids CP causes his legs to be stiff, tight, and difficult to move. He cannot stand or walk. Impairment: The inability to move the legs easily at the joints and inability to bear weight on the feet is an impairment. Without orthotics and surgery to release abnormally contracted muscles, Davids level of impairment may increase as imbalanced muscle contraction over a period of time can cause hip dislocation and deformed bone growth. No treatment may be currently available to lessen Davids impairment. Disability: Davids inability to walk is a disability. His level of disability can be improved with physical therapy and special equipment. For example, if he learns to use a walker, with braces, his level of disability will improve considerably. Handicap: Davids cerebral palsy is handicapping to the extent that it prevents him from fulfilling a normal role at home, in preschool, and in the community. His level of handicap has been only very mild in the early years as he has been well-supported to be able to play with other children, interact normally with family members and participate fully in family and community activities. As he gets older, his handicap will increase where certain sports and physical activities are considered normal activities for children of the same age. He has little handicap in his preschool classroom, though he needs some assistance to move about the classroom and from one activity to another outside the classroom. Appropriate services and equipment can reduce the extent to which cerebral palsy prevents David from fulfilling a normal role in the home, school and community as he grows. 2. LD example: Cindy is an 8-year-old who has extreme difficulty with reading (severe dyslexia). She has good vision and hearing and scores well on tests of intelligence. She went to an excellent preschool and several different special reading programs have been tried since early in kindergarten. Impairment: While no brain injury or malformation has been identified, some impairment is presumed to exist in how Cindys brain puts together visual and auditory information. The impairment may be inability to associate sounds with symbols, for example. Disability: In Cindys case, the inability to read is a disability. The disability can probably be improved by trying different teaching methods and using those that seem most effective with Cindy. If the impairment can be explained, it may be possible to dramatically improve the disability by using a method of teaching that does not require skills that are impaired (That is, if the difficulty involves learning sounds for letters, a sight-reading approach can improve her level of disability). Handicap: Cindy already experiences a handicap as compared with other children in her class at school, and she may fail third grade. Her condition will become more handicapping as she gets older if an effective approach is not found to improve her reading or to teach her to compensate for her reading difficulties. Even if the level of disability stays severe (that is, she never learns to read well), this will be less handicapping if she learns to tape lectures and read books on audiotapes. Using such approaches, even in elementary school, can prevent her reading disability from interfering with her progress in other academic areas (increasing her handicap). Gale Encyclopedia of Education: History of Special Education Top Home Library History, Politics Society Education Encyclopedia Special education, as its name suggests, is a specialized branch of education. Claiming lineage to such persons as Jean-Marc-Gaspard Itard (1775 1838), the physician who tamed the wild boy of Aveyron, and Anne Sullivan Macy (1866 1936), the teacher who worked miracles with Helen Keller, special educators teach those students who have physical, cognitive, language, learning, sensory, and/or emotional abilities that deviate from those of the general population. Special educators provide instruction specifically tailored to meet individualized needs, making education available to students who otherwise would have limited access to education. In 2001, special education in the United States was serving over five million students. Although federally mandated special education is relatively new in the United States, students with disabilities have been present in every era and in every society. Historical records have consistently documented the most severe disabilities those that transcend task and setting. Itards description of the wild boy of Aveyron documents a variety of behaviors consistent with both mental retardation and behavioral disorders. Nineteenth-century reports of deviant behavior describe conditions that could easily be interpreted as severe mental retardation, autism, or schizophrenia. Milder forms of disability became apparent only after the advent of universal public education. When literacy became a goal for all children, teachers began observing disabilities specific to task and setting that is, less severe disabilities. After decades of research and legislation, special education now provides services to students with varying degrees and forms of disabilities, including mental retardation, emotional disturbance, learning disabilities, speech-language (communication) disabilities, impaired hearing and deafness, low vision and blindness, autism, traumatic brain injury, other health impairments, and severe and multiple disabilities. Development of the Field of Special Education At its inception in the early nineteenth century, leaders of social change set out to cure many ills of society. Physicians and clergy, including Itard, Edouard O. Seguin (1812 1880), Samuel Gridley Howe (1801 1876), and Thomas Hopkins Gallaudet (1787 1851), wanted to ameliorate the neglectful, often abusive treatment of individuals with disabilities. A rich  literature describes the treatment provided to individuals with disabilities in the 1800s: They were often confined in jails and almshouses without decent food, clothing, personal hygiene, and exercise. During much of the nineteenth century, and early in the twentieth, professionals believed individuals with disabilities were best treated in residential facilities in rural environments. Advocates of these institutions argued that environmental conditions such as urban poverty and vices induced behavioral problems. Reformers such as Dorothea Dix (1802 1887) prevailed upon state governments to provide funds for bigger and mo re specialized institutions. These facilities focused more on a particular disability, such as mental retardation, then known as feeble-mindedness or idiocy; mental illness, then labeled insanity or madness; sensory impairment such as deafness or blindness; and behavioral disorders such as criminality and juvenile delinquency. Children who were judged to be delinquent or aggressive, but not insane, were sent to houses ofrefuge or reform schools, whereas children and adults judged to be mad were admitted to psychiatric hospitals. Dix and her followers believed that institutionalization of individuals with disabilities would end their abuse (confinement without treatment in jails and poorhouses) and provide effective treatment. Moral treatment was the dominant approach of the early nineteenth century in psychiatric hospitals, the aim being cure. Moral treatment employed methods analogous to todays occupational therapy, systematic instruction, and positive reinforcement. Evidence suggests this approach was humane and effective in some cases, but the treatment was generally abandoned by the late nineteenth century, due largely to the failure of moral therapists to train others in their techniques and the rise of the belief that mental illness was always a result of brain disease. By the end of the nineteenth c entury, pessimism about cure and emphasis on physiological causes led to a change in orientation that would later bring about the warehouse-like institutions that have become a symbol for abuse and neglect of societys most vulnerable citizens. The practice of moral treatment was replaced by the belief that most disabilities were incurable. This led to keeping individuals with disabilities ininstitutions both for their own protection and for the betterment of society. Although the transformation took many years, by the end of the nineteenth century the size of institutions had increased so  dramatically that the goal of rehabilitation was no longer possible. Institutions became instruments for permanent segregation. Many special education professionals became critics of institutions. Howe, one of the first to argue for in stitutions for people with disabilities, began advocating placing out residents into families. Unfortunately this practice became a logistical and pragmatic problem before it could become a viable alternative to institutionalization. At the close of the nineteenth century, state governments established juvenile courts and social welfare programs, including foster homes, for children and adolescents. The child study movement became prominent in the early twentieth century. Using the approach pioneered by G. Stanley Hall (1844 1924; considered the founder of child psychology), researchers attempted to study child development scientifically in relation to education and in so doing established a place for psychology within public schools. In 1931, the Bradley Home, the first psychiatric hospital for children in the United States, was established in East Providence, Rhode Island. The treatment offered in this hospital, as well as most of the other hospitals of the early twentieth century, was psychodynamic. Psychodynamic ideas fanned interest in the diagnosis and classification of disabili ties. In 1951 the first institution for research on exceptional children opened at the University of Illinois and began what was to become the newest focus of the field of special education: the slow learner and, eventually, what we know today as learning disability. The Development of Special Education in Institutions and Schools Although Itard failed to normalize Victor, the wild boy of Averyon, he did produce dramatic changes in Victors behavior through education. Modern special education practices can be traced to Itard, and his work marks the beginning of widespread attempts to instruct students with disabilities. In 1817 the first special education school in the United States, the American Asylum for the Education and Instruction of the Deaf and Dumb (now called the American School for the Deaf), was established in Hartford, Connecticut, by Gallaudet. By the middle of the nineteenth century, special educational programs were being provided in many asylums. Education was a prominent part of moral therapy. By the close of the nineteenth century, special classes within regular public schools had been launched in major cities. These special classes were initially established for immigrant students who were  not proficient in English and stude nts who had mild mental retardation or behavioral disorders. Descriptions of these children included terms such as steamer children, backward, truant, and incorrigible. Procedures for identifying defectives were included in the Worlds Fair of 1904. By the 1920s special classes for students judged unsuitable for regular classes had become common in major cities. In 1840 Rhode Island passed a law mandating compulsory education for children, but not all states had compulsory education until 1918. With compulsory schooling and the swelling tide of anti-institution sentiment in the twentieth century, many children with disabilities were moved out of institutional settings and into public schools. However, by the mid-twentieth century children with disabilities were still often excluded from public schools and kept at home if not institutionalized. In order to respond to the new population of students with special needs entering schools, school officials created still more special classes in public schools. The number of special classes and compleme ntary support services (assistance given to teachers in managing behavior and learning problems) increased dramatically after World War II. During the early 1900s there was also an increased attention to mental health and a consequent interest in establishing child guidance clinics. By 1930 child guidance clinics and counseling services were relatively common features of major cities, and by 1950 special education had become an identifiable part of urban public education in nearly every school district. By 1960 special educators were instructing their students in a continuum of settings that included hospital schools for those with the most severe disabilities, specialized day schools for students with severe disabilities who were able to live at home, and special classes in regular public schools for students whose disabilities could be managed in small groups. During this period special educators also began to take on the role of consultant, assisting other teachers in instructing students with disabilities. Thus, by 1970 the field of special education was offering a variety of educational placements to students with varying disabilities and needs; however, public schools were not yet required to educate all students regardless of their disabilities. During the middle decades of the twentieth century, instruction of children with disabilities often was based on process training which involves attempts to improve childrens academic  performance by teaching them cognitive or motor processes, such as perceptualmotor skills, visual memory, auditory memory, or auditory-vocal processing. These are ancient ideas that found twentieth-century proponents. Process training enthusiasts taught children various perceptual skills (e.g., identifying different sounds or objects by touch) or perceptual motor skills (e.g., balancing) with the notion that fluency in these skills would generalize to reading, writing, arithmetic, and other basic academic tasks. After many years of research, however, such training was shown not to be effective in improving academic skills. Many of these same ideas were recycled in the late twentieth century as learning styles, multiple intelligences, and other notions that the underlying process of learning varies with gender, ethnicity, or other physiological differences. None of these theories has found much support in reliable research, although direct instruction, mnemonic (memory) devices, and a few other instructional strategies have been supported reliably by research. The History of Legislation in Special Education Although many contend that special education was born with the passage of the Education for All Handicapped Children Act (EAHCA) in 1975, it is clear that special educators were beginning to respond to the needs of children with disabilities in public schools nearly a century earlier. It is also clear that EAHCA did not spring from a vacuum. This landmark law naturally evolved from events in both special education and the larger society and came about in large part due to the work of grass roots organizations composed of both parents and professionals. These groups dated back to the 1870s, when the American Association of Instructors of the Blind and the American Association on Mental Deficiency (the latter is now the American Association on Mental Retardation) were formed. In 1922 the Council for Exceptional Children, now the major professional organization of special educators, was organized. In the 1930s and 1940s parent groups began to band together on a national level. These groups worked to make changes in their own communities and, consequently, set the stage for changes on a national level. Two of the most influential parent advocacy groups were the National Association for Retarded Citizens (now ARC/USA), organized in 1950, and the Association for Children with Learning Disabilities, organized in 1963. Throughout the first  half of the twentieth century, advocacy groups were securing local ordinances that would protect and serve individuals with disabilities in their communities. For example, in 1930, in Peoria, Illinois, the first white cane ordinance gave individuals with blindness the right-of-way when crossing the street. By mid-century all states had legislation providing for education of students with disabilities. However, legislation was still noncompulsory. In the late 1950s federal money was allocated for educating children with disabilities and for the training of special educators. Thus the federal government became formally involved in research and in training special education professionals, but limited its involvement to these functions until the 1970s. In 1971, this support was reinforced and extended to the state level when the Pennsylvania Association for Retarded Children (PARC) filed a class action suit against their Commonwealth. This suit, resolved by consent agreement, specified that all children age six through twenty-one were to be provided free public education in the least restrictive alternative (LRA, which would later become the least restrictive environment [LRE] clause in EAHCA). In 1973 the Rehabilitation Act prohibited discriminatory practices in programs receiving federal financial assistance but imposed no affirmative obligations with respect to special education. In 1975 the legal action begun under the Kennedy and Johnson administrations resulted in EAHCA, which was signed into law by President Gerald Ford. EAHCA reached full implementation in 1977 and required school districts to provide free and appropriate education to all of their students with disabilities. In return for federal funding, each state was to ensure that students with disabilities received non-discriminatory testing, evaluation, and placement; the right to due process; education in the least restrictive environment; and a fre e and appropriate education. The centerpiece of this public law (known since 1990 as the Individuals with Disabilities Education Act, or IDEA) was, and is, a free appropriate public education (FAPE). To ensure FAPE, the law mandated that each student receiving special education receive an Individualized Education Program (IEP). Under EAHCA, students with identified disabilities were to receive FAPE and an IEP that included relevant instructional goals and objectives, specifications as to length of school year, determination of the most appropriate educational placement, and descriptions of criteria to be used  in evaluation and measurement. The IEP was designed to ensure that all students with disabilities received educational programs specific to their unique needs. Thus, the education of students with disabilities became federally controlled. In the 1982 case of Board of Education of the Hendrick Hudson Central School District v. Rowley, the U.S. Supreme Court clarified the level of services to be afforded students with special needs and ruled that special education services need only provide some educational benefit to students public schools were not required to maximize the educational progress of students with disabilities. In so doing the Supreme Court further defined what was meant by a free and appropriate education. In 1990 EAHCA was amended to include a change to person-first language, replacing the term handicapped student with student with disabilities. The 1990 amendments also added new classification categories for students with autism and traumatic brain injury and transition plans within IEPs for students age fourteen or older. In 1997, IDEA was reauthorized under President Clinton and amended to require the inclusion of students with disabilities in statewide and districtwide assessments, measurable IEP goals and objectives, and functional behavioral assessment and behavior intervention plans for students with emotional or behavioral needs. Because IDEA is amended and reauthorized every few years, it is impossible to predict the future of this law. It is possible that it will be repealed or altered dramatically by a future Congress. The special education story, both past and future, can be written in many different ways.

Foreign Exchange Risk Management In Multinational Corporations Finance Essay

Foreign Exchange Risk Management In Multinational Corporations Finance Essay Corporations (MNCs) Introduction: Globalisation has had economic, cultural, technological and political effects. Over the last few decades the increase in globalisation has led to rapid growth in several industries around the world and it has also had a strong influence on the flexibility of firms. Hundreds of new MNCs have emerged globally due to the liberalisation of trade and capital markets. MNCs are not limited to the big firms with huge investments like Coca Cola, Nike and Shell, due to advances in technology and liberal markets many small firms operate internationally to maximise their profits. This growth has highlighted the various risks faced by MNCs operating in different countries. One such risk is the financial risk involved with the foreign currency exchange markets. Most of the time MNCs deal in more than one national currency and hence the changes in the foreign exchange rates can have an adverse effect on the firms profits. This paper discusses the various foreign exchange risks faced by multinationa ls around the globe and the necessary steps taken to manage these risks. A study on the Malaysian MNCs has also been covered in the paper. Foreign Exchange Risks: Foreign Exchange risks also known as exposures can be termed as an agreed, projected or contingent cash flow whose scale is not certain at the moment. The magnitude depends on the value of the changes in the foreign exchange rates which in turn depends on various variables such as the interest rate parity, purchasing power parity, speculations and government policies on exchange rates. According to G.Shoup (1998), a company has exposure if there is a currency mismatch in some aspect of the business such that a shift in foreign exchange rates, nominal or real, affect its performance either positively or negatively. These exposures may be classified into three different categories: Translation exposure Transaction exposure Economic exposure Translation Exposure; this is the net asset/liability exposure in the home currency of the MNC. In other words, it is the profit gained or loss incurred in translating foreign currency financial statements of foreign subsidiaries of the MNC into a single currency which it uses in its final reports (Yazid Muda, 2006). In essence, translation risk can be defined as the effect of exchange rates on the figures shown on the parent companys consolidated balance sheet. Although this exposure does not affect the shareholders equity, it does influence the investors due to the changing values of the assets or liabilities. (Shoup, 1998) Transaction Exposure; it is a risk associated with a transaction that has already been contracted. It is as a result of unexpected changes in foreign exchange rates affecting future cash flows which the MNC has already committed itself to. Usually MNCs enter an international contractual obligation, the payment or receipt of which is expected on a future date, hence any change in the foreign exchange rate during that period will expose the MNC to transaction risks. Transaction risks can be easily identified and thus get more attention from the financial managers. (Eiteman, Stonehill, Moffett, 2007) Economic Exposure; this is the most complex risk as it not only involves the known cash flows but also future unknown cash flows, hence also termed as a hidden risk. It is a comprehensive measure of a companys foreign exchange exposure and therefore sometimes termed as a combination of translation and transaction exposure. Identifying economic risks involves measuring the change in the present value of the company resulting from any changes in the future operating cash flows of the firm caused either by adverse or desirable change in the exchange rate. (Eiteman, Stonehill, Moffett, 2007). As Dhanani (2000) noted, economic risk can be viewed as the consequence of long-term exchange rate fluctuations on a firms predicted cash flows and as the cash flows linked to the risk are not certain to materialize, the risk is hard to identify. Economic exposure to a MNC may last for a long duration making it difficult to be quantified and hence limiting the use of possible management techniques. (Shoup, 1998) Foreign Exchange Risk Management Foreign exchange risk management is a process which involves identifying areas in the operations of the MNC which may be subject to foreign exchange exposure, studying and analysing the exposure and finally selecting the most appropriate technique to eliminate the affects of these exposures to the final performance of the company. (Shoup, 1998) Risks involving short term transactions can be dealt with using financial instruments but long term risks often require changes in the operations of the company. As in the case of translation exposure the MNC can have an equal amount of exposed foreign currency assets and liabilities. By doing so the company will be able to offset any gain or loss it may have due to changes in the exchange rates of that currency, also known as balance sheet hedging. (Eiteman, Stonehill, Moffett, 2007) In dealing with economic exposures efficiently, a MNC may have to diversify either its finance or its operations. It can diversify its operations by either moving to locations where the cost of production is low, or having a flexible supplier policy, or changing the target market for its products and the types of products it deals in. As it can be illustrated from the 1994 example of Toyota, when a strong Yen made Japanese exports to US more expensive, it decided to shift its production from Japan to US, where it achieved comparatively lower costs of production, enabling it to compete in the US car market. (Eun Resnick, 2007) The management of transaction exposures may either involve hedging using special techniques or applying pro-active policies. The pro-active policies commonly used include (Eiteman, Stonehill, Moffett, 2007): Matching currency cash flow Risk sharing agreements Back to back loans Currency swaps Lead and Lag payments Use of re-invoicing centres Hedging is the act of protecting a pre-existing position in the spot market by trading in derivative securities; that is guarding of existing assets from future losses. According to Eiteman et al (2007), hedging is the taking of a position, acquiring a cash flow, an asset or a contract that will rise or fall in value and hence offset a fall or rise in value of an existing position. Several studies on this issue have emphasized that MNCs have a higher probability of facing exchange rate volatility in their operations as they expand their involvement throughout the world. Therefore, the extensive use of various hedging techniques by most companies has been widely recognized to ensure the companys overall interests, cash flows and equity are safeguarded. Some of the most commonly used hedging techniques include: Forward market hedge Money market hedge Options market hedge Forward market hedge; this is the case where the MNC in the forward contract has a legal obligation to buy or sell a given amount of foreign currency at a specific future date which is known as the contract maturity date at a price agreed upon at present. (Nitzche Cuthbertson, 2001) Money market hedge; under this hedging technique, the transaction exposure can be hedged by lending and borrowing in the local and foreign markets. For instance a MNC may borrow in a foreign currency to hedge the amount it expects to receive in that currency at a later date and similarly it could lend to hedge payables in a foreign currency. By doing so, the MNC will be matching its assets and liabilities in the same currency. (Eun Resnick, 2007) Options market hedge; this is a technique used by a MNC which gives it the right but not the obligation to buy or sell a specific amount of foreign currency at a specific price, by or on a specific date. Although not a widely used tool, it can be useful when a MNC is uncertain about the future receipt or payments of foreign currency. (Nitzche Cuthbertson, 2001) Hedging helps in reducing the risks involved in international transactions and also improves planning capability. By hedging a MNC can ensure its cash flow does not fall below a necessary minimum, particularly in cases where there is a tendency of a company to run out of cash for necessary investments (Eiteman, Stonehill, Moffett, 2007). A very good example would be that of Merck, a pharmaceutical company. Kearney and Lewent (1993) identified that Merck was one of the pioneers to have used hedging to ensure that its key investment plans could always be financed, which in their case was the research and development aspect of their business. Mathur (1982) came to the conclusion that, to decrease the negative outcomes caused by fluctuations of foreign exchange rate on earnings and cash flows, most companies employ a hedging program. He also noted that a formal foreign exchange management policy is more common among larger firms. According to Bartov et al (1996), if MNCs do not institut e a hedging program, they are more likely to be exposed to risks which may result in substantial losses. Despite its advantages, hedging does not increase the companys expected cash flows, on the other hand it uses up the company resources in the process (Eiteman, Stonehill, Moffett, 2007). According to G.Shoup (1998), unless there are clear defined objectives, safeguards in place and clear communication at every level of management, a hedging program may turn into a disaster. As the chairman of Zenith Electronic Corporations, Jerry K Pearlman once said, It is a, damned if you do and damned if you dont situation. (Shoup, 1998, p15.) In 1984, Lufthansa a German airline company placed a major purchase order for airlines from an American firm. The financial managers at Lufthansa had forecasted a stronger dollar in the days to come and therefore locked up the German Duetsche mark against the American dollar. Due to an unfavourable effect, a weak dollar, in one year Lufthansa lost around US$150 million and half of the financial managers team lost their jobs (Shoup, 1998). In another instance, two years later in 1986, the chairman of Porche found himself unemployed as he had engineered the company into a dependence on the US market for 61% of its revenue without hedging against a downturn in US$, as a result forcing Porche to suffer major financial losses. (Shoup, 1998) According to a study by Marshall (2000), the trend in the objectives of managing foreign exchange risks was quite similar between the UK and US multinationals who gave significant importance to certainty of cash flow as well as minimising fluctuations in earnings. On the other hand, a higher number of Asian multinationals managed these risks to minimise fluctuations in their earnings. The trend observed is summarised in Figure 1 below. Figure 1: Foreign exchange risk management in UK, USA and Asia Pacific multinational companies by Andrew P Marshall, Journal of Multinational Financial Management, 2000. Belk and Glaum (1990) undertook a study which involved investigating several UK MNCs. The study revealed that although majority of the companies considered translation exposure to be important, not all were prepared to hedge this risk actively. On the other hand transaction exposure was given most importance in the management of foreign exchange risks. The level of hedging the transaction exposure varied between the companies investigated, some hedged totally while others did so partially. The study also seemed to show that the size if the MNC influenced its involvement in foreign exchange risk management, the larger the company the higher the propensity. In another study carried out by Makar and Huffmann (1997), it was found that there is a linear relationship between the amount of foreign exchange derivatives employed and the degree of foreign currency exposure in US MNCs. Foreign Exchange Risk Management in Malaysian Multinational Corporations (MNCs) During the financial crisis of 1997, most Malaysian MNCs suffered foreign exchange losses due to currency fluctuations, thus leading to the increased involvement of Malaysian MNCs in foreign exchange risk management (Yazid Muda, 2006). It can be seen that before the financial crisis fewer MNCs considered hedging their foreign exchange risks to be vital, as the General Manager of the Malaysian Monetary Exchange Bhd indicated that local MNCs were very passive and reactive in managing their financial risks (New Strait Times, 30 May 1998: 11). A similar statement was given by the then Minister for International Trade and Industry, Rafidah Aziz, which implied that MNCs should manage their foreign exchange risks well (New Strait Times, 3 July 1998). A very good example of the losses suffered would be that by Malaysian Airline System (MAS), MAS lost around M$400 million in the first half of 1998 because of its foreign debt of about M$3.16 billion. Yazid and Muda (2006) studied 90 out of th e then 113 MNCs listed under the Bursa Malaysia. The main objectives cited by MNCs in this study relating to the foreign exchange risk management were to minimise the following; Losses on operational cash flow Cash flow fluctuations Losses on consolidated balance sheet Losses on shareholders equity Business uncertainty Foreign exchange risk to a comfortable level According to Yazid and Muda (2006), Malaysian MNCs became very proactive in managing their foreign exchange risks during the financial crisis and once the crisis was over, the priority attributed to foreign exchange risk management decreased slightly but not to the point it was before the crisis. This has been illustrated as a summarised result of the survey shown in table 1. Objectives Before During Current Minimise Losses on operational cash flow 3.59 4.62 4.09 Minimise Cash flow fluctuations 3.29 4.41 3.88 Minimise Losses on consolidated balance sheet 3.26 3.91 3.82 Minimise Losses on shareholders equity 3.24 3.56 3.50 Minimise Business uncertainty 3.21 3.50 3.41 Minimise Foreign exchange risk to a comfortable level 2.91 3.53 3.29 Table 1 (Yazid and Muda, 2006) Note: The results are based on five-point progressive Likert scale (1 is the least important; 5 is the most important) Large MNCs in Malaysia are more likely to get involved in foreign exchange risk management compared to smaller firms or firms with relatively lesser operations outside Malaysia. This trend seems to be consistent with other MNCs around the globe (Yazid et al, 2008). Majority of the Malaysian MNCs centralise their foreign exchange risk management and it can be said that foreign exchange risk management in Malaysia is still at its infant stage in comparison to other MNCs in the west. Their management practices are very informal and no proper documented policies can be found in regard to foreign exchange risks. Although the use of hedging tools is on a steady rise amongst the Malaysian MNCs, the objectives behind their involvement remain uncertain (Yazid and Muda, 2006). The past decade has seen rapid growth of a new segment in the global finance industry, the Islamic finance sector. To qualify for Islamic foreign exchange hedging, transactions must involve tangible assets. Malaysia, which is pre-dominantly an islamic country has highlighted the need of hedging tools which are compliant with Islam. Hence CIMB, a leading Malaysian bank among others, have introduced an Islamic foreign exchange hedging instrument, which would assist their clients to manage their risks. (Reuters, 2008) Astro, which is a leading services provider in the Asian entertainment indutry is based in Malaysia. Being a MNC, foreign transactions are dealt in different foreign currencies other than the Malaysian Ringgit. Consequently, there is an exposure to foreign currency exchange risk. Astro uses foreign currency derivatives such as forward contracts and interest rate swap contracts to hedge currency exchange risks. Forward contracts are commonly used to limit exposure to currency fluctuations on foreign currency receivables and payables as well as on cash flows generated from anticipated transactions denominated in foreign currencies. In 2007 Astro made a loss of RM 137,000 due to foreign exchange fluctuations and henceforth decided to emphasize the use of hedging techniques. This can be proven by Astros estimated principal amounts of outstanding forward contracts which as at 31st January 2009 was RM188,083,636, whereas at the same time a year before it was at RM 5,109,000. The emphasis o n risk management resulted in a substantial gain of RM 7,680,000 for Astro in the year ended 2008. In addition, as Ringgit Malaysia is Astros functional currency; all the financial statements have to be consolidated into this currency. Hence Astro is exposed to translation risk due to the fluctuating exchange rates. According to Table 2.0, the significance of the foreign currency risk management is noticeable as Astro experienced a huge gain in 2008 relative to the loss they suffered in 2007. Table 2.0: ASTRO; Result of Foreign Exchange Risk Management Cash Flow due to Operating Activities 2008 RM000 2007 RM 000 Net Effect of Currency Translation on Cash and Cash Equivalents 4854 (1529) Gain on Realisation of Foreign Forward Contracts 7680 (137) However, hedging of foreign exchange does not always yield a positive result, as illustrated in the case of AirAsia, one of the leading budget airlines in Asia. AirAsia like many international airlines used a technique refered to as fuel hedging, this allows the airline to purchase fuel at a price fixed at an earlier date despite an increase in the fuel price. During the fuel crisis of 2007-2008 when prices rose to over US$150/barrel, AirAsia made a significant loss as it had hedged for fuel prices not to exceed US$90/barrel and as a result AirAsia recorded its first ever full year loss of RM471.7 million for the year ended 31st December 2008, despite achieving a growth of 36.6% in revenue. This led to the removal of all hedges on fuel prices and AirAisa declared itself as completely unghedged. Although AirAsia intends to re-introduce fuel hedging in 2011, for now it deals in spot prices for its fuel. (Leong, 2009) (Ooi, 2008) Conclusion Multinationals are exposed to various kinds of risks, which includes the foreign exchange risk. This risk which is as a result of exchange rate volatility is said to have a pervasive impact on the profitability and certainty of a MNC. Globally, multinationals face translation, transaction and economic risks due to the frenzied system of floating exchange rates. To avoid the adverse effects of these risks, multinationals often take measures which although do not entirely eliminate the losses; they do enable the firms to minimize the losses. Hedging is very common risk management tool used by multinationals and has often resulted in positive results when used after a correct analysis of the exposure is made. Despite its advantages, not all multinationals around the globe decide to manage their risks in this way. The objectives behind foreign exchange risk management and the techniques used to manage are seen to differ across regions. In the case of Malaysian multinationals, foreign exchange risk management is deemed to be at a lower level relative to their counterparts globally. Until recently, majority of the Malaysian multinationals were not actively managing these risks. The Asian financial crisis in the late 1990s had a significant effect on their stance and the level of foreign exchange risk management amongst Malaysian multinationals has since increased considerably.

The Suffering of the Proud Essay -- English Literature Essays

The Suffering of the Proud Pride is a key to self-respect; however, when it goes to far, people forget that humility is a virtue too. In the play Antigone, pride plays a major role throughout, appearing as fatal flaws in both Antigone and Kreon, the main characters of Sophocles’s tragedy. For Antigone and Kreon, as soon as the stepped past the line of humility, they were doomed to fail. For example, Kreon became so proud of himself he refused to listen to others warnings and assumes the gods are on his side. â€Å"But didn’t that girl do wrong?’ ‘The whole nation denies it.’ ‘Will the nation tell me what orders I can give?† (Kreon, Haimon, Kreon 881-3) this is a perfect example, because he refuses to listen to his son, and then, when presented with the fact that the whole nation thinks he is wrong, decides that he doesn’t care what the nation thinks. Throughout the play, his advisor, Koryphaios, repeatedly gives him gentle warnings, and Kreon claims he is getting old, ignores him, or refutes him with points that only emphasize his out-of-control pride, such as, â€Å"Men our age, learn from [Haimon] (Kreon 876). He also assumes that the gods will go along with whatever he says, â€Å"can you see the gods honoring criminals? Impossible† (Kreon 364-5). This kind of attitude is something that appears in almost ever y Greek myth, the thought that the gods will side with them no matter what, and it always ends up biting them in the rear. Furthermore, Kreon holds his subjects in contempt...

How Is Mr Utterson Presented in Dr Jekyll and Mr Hyde Essay

Although Utterson witnesses a series of shocking events, the character is presented as an unenthusiastic and pessimistic Victorian man, and is evident from the very first page of the novel. The text notes that Utterson has a face that is ‘never lighted by a smile’ and only speaks when necessary. In addition Stevenson describes Utterson as ‘dusty and dreary’ and ‘yet somehow lovable,’ which is noticeable in the close relationships he has with his friends. His strong relationships with his friends may perhaps be because ‘his friends were of his own blood or those whom he had known the longest’ meaning his friendships are based on similar personalities and on longevity. His monotonous life is represented in the routine in which on ‘Sunday, when his meal was over’ he would ‘sit close by the fire’ and read his bible until the ‘church rang out the hour of twelve’ when ‘he would go gratefully to bed.’ Yet Stevenson presents Utterson as ‘dreary’, he also gives the lawyer many good qualities, such as his loyalty to his friends. This is evident when he suspects his friend Jekyll of committing criminal activities of blackmail and the sheltering of a murder; however he decides to sweep away what he has learnt and tells a clerk to ‘not speak of this note,’ instead of ruining his friend’s reputation. Another quality Stevenson presents to Utterson is his willingness to care more about those in trouble, rather than to reprimand them for being immoral: ‘At the high pressure of spirits involved in their misdeeds, and in any extremity inclined to help rather to reprove.’ Furthermore Stevenson presents the theme of duality of nature to Mr utterson, which is evident when ‘his blood ran cold in his veins’ at the time when he suspects his friend Henry Jekyll of ‘forging for a murderer.’ The phrase ‘his blood ran cold in his veins’ suggests a possible primitive and animal side to the character, which is later discovered to be possessed by Dr Jekyll as well when Stevenson reveals that Mr Hyde is in fact Dr Jekyll. In addition Mr Utterson is presented as a character who throughout the novel constantly uses rational thinking perhaps due to his occupation of being a lawyer. His rational thinking and denial of the supernatural is especially noticeable when ‘he attempted to protest again’ after being told that his friend Dr Jekyll was also in fact Mr Hyde, who Utterson sees as an inhuman and grotesque creature. In conclusion Mr Utterson is presented as the perfect Victorian gentleman who does not gossip, constantly seeks to preserve order and decorum, and guards his friends’ reputations as though they were his own.

The Clique

The Clique Free Online Research Papers The Clique the only thing harder than getting in is staying in. This quote written on the back cover of The Clique novel is what truly caught my attention and convinced me to read the book after hearing good reviews from my friends. This book turned out to be a dissapointment to me however it held good interest at the time due to the authors use of cynical yet gentle sense of humor throughout the story. In my opinion this book stretches the average mean girl story to a whole new level and allows readers to view their world in a whole new lifestyle. The book The Clique stretches the average mean girl scenario to a whole new level. Everyone has seen, heard, read or even experienced the typical mean girl story where theres the head mean girl(s) usually with sidekicks that happen to be gorgeous, popular , rich and snobby. Also tending to have the jock boyfriend and so called perfect life. Then theres the lovable loser that becomes a victim to this mean girl and thus continuing the antagonist and protagonist story. In The Clique novel author Lisi Harrison takes this played out story and brings into life with contradicting and animated characters. This novel gives you the ability to see through the eyes of top notch queen bee Massie Block mean girls eyes and through the lovable loser Claire Lyons. This book also allows readers to view their world in a whole new lifestyle. The setting of the book was in Westchester County, New York and in modern day(2000-2010).This made the novel seem more realistic and felt like you were actually experiencing everything with the detailed description of settings and characters. The plot of the story was basically about Claire Lyons and Massie Block. Claire is just any average teeneager that by her fathers friendship with Massies father ends up moving into Massies guesthouse. Massie, who is queen bee to OCD or Octavian Country Day School happens to be the opposite of Claire being raised in the rich and snobby lifestyle of her families mansion. I dont want to go in depth of the story but in combination of these two characters leads to plenty humor and drama which makes it a real page turner. Not only did this story ameliorate the mean girl scenario and allow readers to view their world in a whole new lifestyle it stayed true to the average teen story with the popular morals of be yourself and the ups and downs of boy crushes. In basic conclusion I recommend this novel to any girly girl or person in need of a good laugh and to teen girls that always wonder what its like to be a mean girl. Id probably rate this with 4 out of 5 stars because of the constant grammer errors throughout the novels and because it strangely makes the readers feel as if in that moment they want to be a mean girl like Massie with the perks of being pretty, popular, rich, snobby and insanely clever. Research Papers on The CliqueHarry Potter and the Deathly Hallows EssayThe Masque of the Red Death Room meaningsMind TravelHonest Iagos Truth through DeceptionThe Fifth HorsemanEffects of Television Violence on ChildrenStandardized Testing19 Century Society: A Deeply Divided EraThe Hockey GamePersonal Experience with Teen Pregnancy