Thursday, October 31, 2019
Globalization in Morocco Essay Example | Topics and Well Written Essays - 1500 words
Globalization in Morocco - Essay Example The population of Morocco is approximately 33,757,175 (World Fact Book) with a mixture of ethnic groups like Muslims, Christians, Arabs, Jewish and others. The official language spoken is Arabic and its dialects and the language used for business is French. Their legal system is based on Islamic law and French and Spanish civil law systems. The economic policies of Morocco brought some stability to the country in the 1990’s but could not initiate sufficient growth to put an end to the prevailing unemployment problems. The problem worsened when draught reduced the output in agriculture and as a result wheat had to be imported at sky rocketing world prices. Trying to build up small and medium enterprises and its continued dependence on foreign energy slowed down the economy still further. Therefore Moroccan authorities realize that understanding the reasons for their poverty and providing jobs to beat the problem of unemployment and improving agriculture are the key points necessary to improve domestic security and further development. To improve the living conditions of its people the Moroccan Government is trying to implement a few reforms in their effort of opening its economy to foreign investors. Their currency the dirham is wholly convertible only for current account transactions. In 2005, the Moroccan Government launched the National Initiative for Human Development (INDH), a $2 billion social development plan that addressed the poverty and unemployment issues of the country and to improve the conditions of the urban slums in the country. (World Fact Book) In 2006, it also took part in the FTA (Free Trade Agreement) (World Fact Book) with the United States to resolve some of the long term issues associated with improvement in education and Job prospects for Moroccan youth. The FTA is also responsible for bridging the gap between the rich and the poor by encouraging tourism and boosting competition in the textile
Tuesday, October 29, 2019
Augustines Confession Today Essay Example for Free
Augustines Confession Today Essay In my opinion I feel as if Augustines Confessions is still very much relevant and timeless in todays world in the aspect of religion and spirituality, morality, and love. In Confessions Augustine undergoes a transition from his original view on religion to a different view. He begins to be cautious of sin in his life and in the lives of those around him. Most of all, Confessions helps in understanding the Journey of man in his search for a more spiritual connection, the struggles they may be faced with, and he right path to be chosen, which is a struggle that many can relate to today. When looking at this in Confessions you see in Book VIII, Augustine tells us of his transition to Christianity. He describes how he was able to overcome his struggle with his internal battles and become a follower of Christ. Augustine describes his struggle as having two wills, one carnal, one spiritual, were in conflict with one and other. Augustines is having an internal battle between his pleasure seeking side and his spiritual side. The quote This was the controversy raging in my heart, a controversy about myself, against myself is where Augustine recognizes this internal conflict between his good and bad side. This is when he embraces Christianity. This statement is relevant today in many ways. The statement does not Just apply to religion. In life in general, there will always be internal battles that you will have to face. Whatever it may be, you will have to decide what the right path to take it is and this will be what defines you as a person. During Augustines Journey you notice in ook VI of Confessions that Augustine is struggling with his feelings on sex, women, and love. He begins his spiritual Journey and has to change his perspective from being a young man that has an overwhelming desire for sex and women to a lifestyle that is in compliance with the church. This means that he can only have sexual relations within the confines of marriage. Augustine comments on his struggle with this as he describes himself as a slave for lust. After he sends his mistress away he says: And so, since I was not a lover of wedlock so much as a slave of lust, I procured nother mistressnot a wife, of course. Thus in bondage to a lasting habit, the disease of my soul might be nursed up and kept in its vigor or even increased until it reached the realm of matrimony. Nor indeed was the wound healed that had been caused by cutting away my former mistress; only it ceased to burn and throb, and began to fester, and was more dangerous because it was less painful. Augustine uses words such as wound, bondage, and disease of my soul suggesting that Augustine sees this as a bad habit that needs to be fixed. In book VI you can see that is thoughts on women and love are pushing towards the churchs thoughts on it. Yet, his body is still struggling with this his lustful desires. After reading Confessions you can see what the Augustine goes through in order to achieve his goals of spirituality. As well as through his first-person narratives you gain an understanding as to what may lead to conversion and the path towards spirituality. Through reason and the strength to overcome the struggles with internal battles, such as morality and lust, the Journey can be completed. Augustines Confession Today By savannahr87
Sunday, October 27, 2019
Objectives Of A Co Operative Society Commerce Essay
Objectives Of A Co Operative Society Commerce Essay Anand Milk Union Ltd. was founded in 1946 and is brand which is managed by Gujarat Cooperative Milk Marketing Federation Ltd an Indian cooperative organisation (GCMMF), which today is jointly owned by 3.3 million milk producers in Gujarat, India. It spurred the white revolution in india which in turn made India the largest producer of milk and milk products in the world. Its annual turnover in the year 2011-2012 reached to US$ 2.5 billion. Its daily milk procurement is nearly 13 million lit from 16,117 village milk cooperative societies. GCMMF has now become the largest exporter of India. Many of its products are available in countries like USA, Gulf Countries, Singapore, The Philippines, Japan, China and Australia. Since the mid 1990s AMUL has entered areas that are not directly related to its core business. Its entry into the field of frozen products was quite successful as it was able to capture a large market share in quite a short while. Over the last five and a half decades, dairy cooperatives have created an economic network that links 3.1 million village milk producers with millions of consumers in India. Its products range from milk,  butter, ghee,cheese, Masti Dahi, Yoghurt,  Buttermilk chocolate, ice cream, cream, shrikhand, paneer, gulab jamuns, flavoured milk, basundi, Nutramul brand and others. In January 2006, it launched Indias first sports drink Stamina, which plans to compete with Coco-Cola, Pepsi, Gatorade etc. It also introduced Kool Koko, a a chocolate milk brand extending its product offering in the milk products segment. Its sugar free pro-biotic ice cream won The International Dairy Federation Marketing Award in 2007. Logo Of The Company: 2.1 NATURE OF THE COMPANY The name Amul itself indicates that it is a co-operative union. There are various types of co-operative society which are as under: (1) Producers or manufactures co-operative society (2) Consumer co-operative society (3) Housing co-operative society (4) co-operative farming (5) co-operative credit solvency This firm is the firm of association in which person combine together toform a society for the purpose of manufacturing goods. Although it is democratic management of industrial production. This is useful where large capital is neither necessary nor much technical and expert knowledge of themanagement is needed. In India some of the Sugar mill and ginning mills are running under this formation. Dairies are also adopting co-operating format.Amul is the producers co-operative society. ORGANISATION STRUCTURE:- Organization Structure is divided into two parts: External Organization Structure Internal Organization Structure 1.External Organization Structure External Organization Structure is the organization structure that affects the organization from the outside. State Level Marketing Federation District Milk Product Union Ltd. Village Milk Product Union Ltd. Villagers As we know, GCMMF is a unit of Gujurat Milk Marketing Federation, which is a co-operative organization. The villagers of more than 10000 villages of Gujarat are the bases of this structure. They all make village milk producers union, district level milk producers union and then a state level marketing federation is established. The structure is a line relationship, which provides easy way to operation. It also provides better communication between two stages.. 2.Internal Organization Structure: The following is internal organization chart of Amul: Chairman Managing Director General Manager Assistant General Manager Finance Dept. Production Dept Marketing Dept. Sales Purchase Dept Personnel Dept. Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Finance Mana. Production Mana. Marketing mana. Sales Mana. Personnel Manager Accounting officer Marketing Officer P.R.F Officers Supervisors F.S.R Salesman Executive A systematic  welldefined organizational structure plays a vital role  provides accurate information to the top-level management. An organization structure defines a clear-cut line of authorities responsibilities among the employees of GCMMF. The Organization structure of Amul is well-arranged structure. At a glance a person can completely come to know about the organization structure. Amul is leaded by the director under him five branches viz. Factory, Marketing,Accounts, Purchase, Human Resources Department. Factory department has a separate general manager under him there are six braches viz.Production, Stores, Distribution, Cold Storage, Quality, and Deep-freezing. This department takes care of the factory work .Marketing department has regional senior marketing manager and under him there is a regional manager. This department takes care of the marketing aspects of Amul. Accounts department takes care regarding accounts i.e. day-to-day work. Under theaccountant there is one clerk. Purchase department takes care regarding the purchase of raw materials and many other things. 2.3 OBJECTIVES OF THE ORGANISATION Every organization is set up with some objectives to fulfill. The objectives may be social, economic, national and human. Amul was also set up with some basic objectives to fulfill including all social, economic, national and human objectives. Following are the objectives of Amul: Social Objectives: Amul has an objective to supply goods with best of quality and purity at very reasonable rates. It helped to reduce malpractices carried out by merchants and milk traders. Its White revolution made a huge contribution to the alleviation of poverty and famine levels from levels that were dangerously low National Objectives: Amul has helped India to increase its production of milk by 40 million metric tonnes and become the country with the most milk production all over the world To increase the foreign exchange of the country by exporting the milk products To produce products according to national priorities To help improve the health and nutrition of many within the country. Human Objectives: To help the villagers associated with Amul to sell their milk products To provide good working conditions to the employees To provide growth opportunities to the backward and unprivileged villagers To provide job satisfaction to the employees Economic Objectives: Expansion of distribution network.  Creative and Unique marketing strategies. Optimum utilization of available resources. Creation and expansion of loyal customer base. Even though the basic objective is not to make profit, some profits are still to be made so as to survive and expand. 3.1 CONCLUSION The Amul model has helped India to emerge as the largest milk producer in the world. More than 15 million milk producers pour their milk in 1,44,246 dairy cooperative societies across the country. Their milk is processed in 177 District Co-operative Unions and marketed by 22 State Marketing Federations, ensuring a better life for millions. Someone beautifully said that when you buy from small shops, you are not helping a MNC CEO buy a third vacation home, but helping a little girl get school education, a little boy get his cricket bat, a mom put food on the table or a family repay a housing loan. It is this India that we need to believe in and care for.-CHAIRMAN SPEECH at the 38th Annual General Body Meeting held on 31st May, 2012. We would sincerely like to thank our business studies teacher for giving us this project as it has enriched and enhanced our knowledge about cooperative socities. ACTUAL FINDINGS: The managers at Amul provided us with alot of information as to how and when it was formed. It all began when milk became a symbol of protest. The birth of Amul was inspired by the freedom movement and was founded in 1946 to stop the exploitation by middlemen. The seeds of Amul were sown more than 65 years ago in Anand, a small town in Gujarat, western India. Angered by the manipulative practices of the local trade cartel, the farmers of Anand approached the great Indian patriot Sardar Vallabhbhai Patel for a solution. He advised them to get rid of middlemen and form their own co-operative, which would have procurement, processing and marketing under their control. In 1946, the farmers of this area went on a milk strike refusing to be cowed down by the cartel. Under the inspiration and guidance of great leaders like Sardar Patel, Morarji Desai and Tribhuvandas Patel, they formed their own cooperative. Amul grew from strength to strength since then and there was no looking back. The then Prime Minister of India, Lal Bahadur Shastri decided that the same approach should become the basis of a National Dairy Development policy. He understood that the success of Amul could be attributed to the following factors The farmers owned the diary, their elected representatives managed the village societies and the district union, and they employed professionals to operate the diary and manage its business. The cooperatives were sensitive to the needs of farmers and responsive to their demands. At his instance in 1965 the National Dairy Development Board was set up with the basic objective of replicating the Amul model. Dr. Kurien was chosen to head the institution as its Chairman and asked to replicate this model throughout the country. The managers even provided us with additional information about the amul model- The brand name Amul means AMULYA. This word derived from the Sanskrit word AMULYA which means PRICELESS. Amul products have been in use in millions of homessince 1946. Amul butter, Amul Milk Powder, Amul Ghee, Amulspray, Amul Cheese, Amul Chocolates, Amul Shrikhand, Amul Ice cream, Nutramul, Amul Milk and Amulya have made Amul a leading food brand in India. Today Amul is a symbol of many things like of the high quality products sold at reasonable prices, of the genesis of a vast co-operative network, of the triumph of indigenous technology, of the marketing savvy of a farmers organization. And have a proven model for diary development (ANAND PATTERN). At the initial stage only 250 litres of milk was collected every day. But with the growing awareness of the benefits of the coorperativeness, the collection of milk increased. Today Amul collects 11 lakhs liters of milk every day, representing growth of 6.09 percent. 3.3 VIPER REPORT
Friday, October 25, 2019
Does the Colour of a Liquid Effect How Fast it Cools? :: essays research papers
Does the Colour of a Liquid Effect How Fast it Cools? I am trying to find out if the colour of a liquid effects how quickly it cools down. Method: 1.     First I took five test tubes and filled each one with 5ml of black, blue, green, red and ‘clear’ colouring (for the ‘clear’ colouring I simply used water.) 2.     I then filled each of the test tubes with 25ml of boiling (of course whilst wearing safety goggles.) water and waited for the temperature to fall to 50 °C and then measured the temperature of the water, using thermometers, every 30 seconds for three minutes. 3.     I recorded our results and repeated the experiment to make the test fairer. Diagram: My diagram can be found in the plastic wallet this was handed in with. Equipment: †¢Ã‚     5 standard test tubes. †¢Ã‚     5 thermometers. †¢Ã‚     Four colour dyes, black, blue, green and red. †¢Ã‚     A stop watch. †¢Ã‚     A kettle. Prediction: I think that the colour of the liquid will effect how quickly it cools down because I know that dark matt surfaces are better at absorbing radiation. Therefore, according to my theory, the darker dyes such as the black, blue and green will cool slower than the lighter ones. Results: These are my average results for both sets of recordings put into tables: Green     Time     Temp ( °C) 0:00     50 0:30     49 1:00     48 1:30     47 2:00     47 2:30     46 Red:     Time     Temp ( °C) 0:00     50 0:30     45 1:00     43 1:30     42 2:00     41 2:30     40 Blue     Time     Temp ( °C) 0:00     50 0:30     47 1:00     44 1:30     42 2:00     41 2:30     40 Black     Time     Temp ( °C) 0:00     50 0:30     47 1:00     44 1:30     42 2:00     41 2:30     39 Clear     Time     Temp ( °C) 0:00     50 0:30     48 1:00     47 1:30     45 2:00     44 2:30     37 I then put these results into a graph which you can find in the plastic wallet this was handed in with. I then worked out the total temperature loss for each colour and put them into this table:      Red     Green     Blue     Black     Clear Total Temperature Loss in  °C     10     4     10     11     13 I then put the results into this bar chart: Conclusion: My results seem very strange and almost contradict my prediction. All the results seem quite similar, except the green dye, which, of course, could simply be an anomalous result. Therefore my conclusion is that the colour of a liquid makes no difference to how quickly it cools down. Evaluation: I understand that my experiment was not at all completely accurate. To be so I would need to do it in a controlled, stable environment, but this was not available to me.
Thursday, October 24, 2019
Good Will Hunting Biopsychological Approach Essay
The biopshychological approach to Will’s behavior would suggest that he is like he is because of his brain chemistry. The chemicals in his brain cause him to respond violently to pressure. The make up of his genetics cause him to be the way he is and he would be this way no matter how he was raised. This approach would also suggest that he could be changed by drugs to balance the chemicals in his brain. Behavioral Approach: The behavioral approach would imply that all of Will’s behavior is learned and he is a product of his environment. He is violent because he was probably beaten as a child and as he grew up he learned to handle his problems through violence. He kept up this behavior because he was never punished severely enough to get him to stop. He learned that he could go to court and talk his way out of his situations which did not give him any reason to stop doing what he was doing. He also learned not to get to close to anybody or open up to them. This was learn ed because some of the people in his life who were supposed to love him had abandoned him. Psychoanalitic Approach: The psychoanalitic approach would indicate that Will’s behavior was from his subconscious mind and were impulses from childhood experiences. For example, Will was beaten up in kindergarten by a bully, later on in his life he sees the bully and starts a fight with him. His decision to fight was made subconsciously from an impulse from a childhood experience. When he was a child he was also abused by his parents. Later in Will’s life, he often resorts to violence subconsciously due to his childhood beatings. Humanistic Approach: The humanistic approach would state that Will makes his decisions based on free will and is basically a good person. Will is how he is because that is how he wants to be. Will does not realize until later in life that he has to much potential to waste his life. Will is an overall good person. This is shown in his in his actions throughout the movie, for example, when he decided to keep working construction instead of takin g a job with military intelligence because he would rather help people by making housing than get people killed. Cognitive Approach: The cognitive approach would suggest Will is how he is because that is how he sees himself. Will is a well educated man but for most of the movie Will sees himself as a nobody who will work for cheap and stay in the ghetto. Once his intelligence is noticed realizes that he has the opportunity to use his knowledge and make something of himself. Sociocultural Approach: The sociocultural approach would say that Will is how he is because of influences from society. Society usually views people from the ghetto as people who will never make something of themselves so he feels the same way about himself. Society expects people from the ghetto to resort to violence to solve their problems. This is why Will usually resorts to violence in tough situations. Society also does not allow for men to open up and share their feeling freely. This is the reason why it is so hard for will to open up and get emotional.
Tuesday, October 22, 2019
Ute Indians essays
Ute Indians essays The Ute Indian tribes are the oldest residents of Colorado. They are members of the Shoshonean family. (1)The Utes roamed over a large areas in the Southwest. The Ute mostly lived off hunting and fishing with little farming. However they could not go that far off their territory to hunt because of other tribes who inhabited the areas and who would fight to drive them out. Their traditional enemies were the Navajo Indians who they did not get along with. (2)They speak Shashonean, which is a branch of Uto-Aztecan. The Utes used to be one big tribe but then formed seven different bands that only met up once a year in winter. The Utes came from the north and inhabited the mountainous areas. They are spread out all through Colorado, New Mexico, and Utah. They eventually broke off into seven bands, they are the Mouache band, who lived on the eastern slopes of the Rockies and then from Denver south to New Mexico. The Capote band lived in the San Luis Valley near the headwaters of the Rio Grande and in the region of where Chama and Tierra Amarilla are today. The Weeminuche band was in the San Juan River area while the Taegauache lived in the Gunnison and Uncompahgre valleys. The Yamparicas band inhabited the Yampa River Valley. Lastly the Uintah Utes lived in the Uintah Basin, which included the Great Salt Lake Basin. For their government, since the Utes each had their own band of people each band had their own group leader. But later on when they began to come together into larger groups they had one tribal leader or chief. They also have people in charge of things like hunting and gathering food. Every year in the winter the tribal families would all come together and hold big festivities. At this time of the year is when most of their marriages would take place. (3)Every year four days into the early spring they would ...
Monday, October 21, 2019
Poems comparing Country Lovers and What Its like to be a Black Girl
Poems comparing Country Lovers and What Its like to be a Black Girl This essay compares Country Lovers by Nadine Gordimer and What It’s like to be a Black Girl by Patricia Smith. The works of these authors explore various themes such as race or ethnicity, prejudice, the quest for freedom, and inequality in societies. The focus of this essay is on the theme of race or ethnicity both Gordimer and Smith explore in their works. The essay shall compare and contrast the two works with regard to literary style, form, and content.Advertising We will write a custom essay sample on Poems comparing: Country Lovers and What It’s like to be a Black Girl specifically for you for only $16.05 $11/page Learn More Gordimer has written several novels and short stories. The author has the ability to create a short story with the well-informed themes, which engage her readers. In Country Lovers, Gordimer portrays the struggle of a black woman during Apartheid in South Africa. She shows racial prejudice, characters inner struggles, and confusion. Gordimer manages to capture several ways people suffer in a racial society as they undergo and endure catastrophic moments. Gordimer uses the theme of racism in order to provoke high-levels of human emotions within few pages of the story. Gordimer presents the story of love between a white skinned Afrikaner and a black skinned girl in a farm setting. Gordimer notes, â€Å"The trouble was Paulus Eysendyck did not seem to realize that Thebedi was now simply one of the crowds of farm children down at the kraal, recognizable in his sister’s old clothes†(Gordimer, 1978). It is obvious that Paulus developed love for the black, Thebedi. The author writes, â€Å"The schoolgirls he went swimming with at dams or pools on neighboring farms wore bikinis, but the sight of their dazzling bellies and thighs in the sunlight had never made him feel what he felt now when the girl came†(Gordimer, 1978). The society and the law did not approve of such relationships in South Africa during the Apartheid era. Immorality Act 1950 to 1985 of the Apartheid prohibited all forms of sexual relations between blacks and whites. Another law of 1949 known as the Prohibition of Mixed Marriages Act banned all interracial marriages in South Africa (Tyson, 1999). Such laws caused serious problems for Paulus and Thebedi because their secret love affair was against Immorality Act. Gordimer notes, â€Å"She had to get away before the house servants who knew her came in at dawn†(Gordimer, 1978). Thebedi and Paulus kept their affair going despite harsh laws discouraging racial relations.Advertising Looking for essay on comparative literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More Gordimer notes that both black and white children played together when they were young, but when the whites attend school, â€Å"they soon dont play together anymore†(Gordimer, 1978). This implies that racism had minimal influences on children. This marks the spread of racism among children. It shows that boarding schools create a sense of superiority among whites as a result blacks refer to their former friends as ‘missus and baasie. In the poem, What it’s like to be a Black Girl, Smith explores the issue of racism in a jagged society. The persona (a black girl) is at the threshold of puberty and feels a sense of discomfort with her changing physical body and mind as she hopes for better changes. Smith uses narration in order to drive her point of racism to readers in the first three lines of the poem. The style relies on â€Å"jagged sentence structure†(Pfeiler, 2003) coupled with a language of profanity to show her readers the seriousness of the poem. Thus, we can be able to understand young black girls’ lives in 1950s when she wrote the poem. Smith explores how racism affected black women in her time. Racism went to the extent of affecting health of women in society. For instance, transition into womanhood was an ordeal for black girls in a racial society, â€Å"it’s dropping food coloring in your eyes to make them blue and suffering their burn in silence†(Smith, 1955). Consequently, black girls embraced puberty with a sense of confusion and sadness, â€Å"First of all, it’s being 9 years old and feeling like you’re not finished, like your edges are wild, like there’s something, everything, wrong†(Smith, 1955). Every teenage girl experiences such thoughts. However, Smith introduces the idea of racially jagged society and its pressure on girls by inserting ‘black girl’. The society is changing for young black girls. As a result, young girls have to find means of fitting in a racially jagged society using several ways, â€Å"It’s dropping food coloring in your eyes to make them blue and suffering their burn in silence. It’s popping a bleached white mop head over the k inks of your hair and priming in front of the mirrors that deny your reflection†(Smith, 1955). The usages of â€Å"food coloring in eyes and hair bleaching†(Smith, 1955) show how a young black girl struggle to grow into acceptable woman in a racial society. She aims to be like white women, who have white skin, blonde hair, and blue eyes and then men would admire.Advertising We will write a custom essay sample on Poems comparing: Country Lovers and What It’s like to be a Black Girl specifically for you for only $16.05 $11/page Learn More Historical analysis requires readers’ knowledge of historical events of the time (Tyson, 1999). This enables readers to understand the form and context of literary works in the context of history. Therefore, we can understand both Country Lover and What It’s like to be a Black Girl in the context of history. Readers can only imagine what blacks experienced at the time of Apartheid and its effects on mixed raced relationships. For instance, Gordimer notes, â€Å"He told her, each time, when they would meet again†because they cannot be seen in public together (Clugston, 2010). From the above sentence, we can understand why the relationship between Thebedi and Paulus was socially wrong. The Apartheid laws prohibited such relationships between mixed races. The white people controlled most aspects of social life in South Africa. Their children attended best schools and learned ideas about racial segregation in society. On the other hand, blacks learned to respect white people as they grew up. Therefore, understanding the historical context of Country Lover enables readers to understand the position of a black woman when Paulus murdered the baby. Both the poem and the short story have shown historical forms and settings. Gordimer and Smith wrote their works while racism was a dominant factor in a relationship between whites and black. Apartheid reflected racial dis crimination in South Africa, whereas sense of skin color discrimination showed racial discrimination in American society. Both works show that racism influenced all aspects of life, including individual appearances and interracial marriages. In the case of Thebedi, racism denied Thebedi justice following the murder of her child. Within the historical context, Gordimer aims to invoke social protest using her short story. She highlights and draws readers’ attention to contemporary social problems in South Africa as she hopes for change (Lazar, 1993). On the other hand, the poem depicts a black girl struggling to fit in a racial society (Smith, 1955). Therefore, we can only understand lives of Black Americans during racial segregation and discrimination based on skin color. In the poem, we can relate to the struggle of a young black as she struggles to grow into an acceptable woman in a racial society (Pfeiler, 2003). Smith uses the form of confessional poetry in which she explo res intensely experiences of black women with unusual frankness. This was the case in 1950s when writers condemned social issues in society. Smith aims to bring readers’ attention to social pressure black women experience in order to gain acceptance in a racial society.Advertising Looking for essay on comparative literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More Smith also uses her poem as a form of social protest with the hope that social circumstances will improve as she notes, â€Å"it’s finally have a man reach out for you then caving in around his fingers†(Smith, 1955). The contents of What It’s like to be a Black Girl and Country Lover have women to depict racism in societies as they deal with unfairness in societies as protagonists of the story. Both writers use black women because such acts affect them most in society. Smith uses vocal style to express her feelings in the poem. This style of expression enables readers to understand that being a black woman in a racial society tough. The author uses words, which arouse a sense of sadness and indignation such as ‘everything wild’ and ‘suffering their burn in silence’. Thus, a black girl must engage in activities, which will make her to look like a white woman for social acceptance. The sense of bitterness drives the poet to use profane l anguage in her poem, its learning to say fuck with grace, and fucking without it†(Smith, 1955). This symbolizes the way a black woman feels in a racial society. Gordimer and Smith show that children do not understand differences in society due to racism. For instance, in the poem, the black girl has â€Å"a sad tone and does not understand why she is different†(Pfeiler, 2003). On the other side, the short story shows that both white and black children play together when they are young. However, as they grow up, racism influences their actions and feelings. Paulus ends up killing Thebedi’s child while the black girl has to endure suffering in silence. The authors show that racism is destructive irrespective of where it occurs. From these female characters, we can be able to understand what it meant to grow up during Apartheid era in South Africa in the 1970s and in America in 1950s during racial segregation and discrimination. Gordimer presents her work from a t hird person point of view. This style enables the writer to present the story in an unbiased manner without authorial bias. We can conclude that both literary works present historical realities of racism in different settings. Historical circumstances shape events of these literary works. Therefore, these literary works use women protagonists in order to expose harsh realities, which black women experience in racial societies. Societies of the 1900s considered interracial romance a taboo due to racial prejudice at the time. Consequently, such racial prejudice could only lead to devastating consequences. The style, form, and content of both works show how whites in South Africa and America heightened racial tension in which blacks suffered in most cases. Therefore, we can learn of social stigma of being black as a social reality of the problem at the time. References Clugston, R. W. (2010). Journey into literature. San Diego, California: Bridgepoint Education, Inc. Gordimer, N. (1978 ). Country Lover. Pasadena, CA: Salem Press. Lazar, K. (1993). Feminism as Piffling? Ambiguities in Nadine Gordimers Short Stories. New York: St. Martins Press. Pfeiler, M. (2003). Sounds of Poetry: Contemporary American Performance Poets. Tubingen, Germany: Gunter Narr Verlag. Smith, P. (1955). ‘What It’s Like To Be A Black Girl (for Those of You Who Aren’t)†. Web. Tyson, L. (1999). Critical Theory Today: A User-Friendly Guide. New York: Garland Publishing.
Sunday, October 20, 2019
How Drinking Bleach Can Kill You
How Drinking Bleach Can Kill You Household bleach has many uses. Its good for removing stains and disinfecting surfaces. Adding bleach to water is an effective way to make it safe to use as drinking water. However, theres a reason there is a poison symbol on bleach containers and a warning to keep them away from children and pets. Drinking undiluted bleach can kill you. What Is in Bleach? Ordinary household bleach sold in gallon jugs (e.g., Clorox) is 5.25% sodium hypochlorite in water. Additional chemicals may be added, especially if the bleach is scented. Some formulations of bleach are sold containing a lower concentration of sodium hypochlorite. Additionally, there are other types of bleaching agents. Bleach has a shelf life, so the exact amount of sodium hypochlorite depends largely on how old the product is and whether it has been opened and sealed properly. Because bleach is so reactive, it undergoes a chemical reaction with air, so the concentration of sodium hypochlorite goes down over time. What Happens If You Drink Bleach Sodium hypochlorite removes stains and disinfects because it is an oxidizing agent. If you inhale the vapors or ingest bleach, it oxidizes your tissues. Mild exposure from inhalation can result in stinging eyes, a burning throat, and coughing. Because it is corrosive, touching bleach can cause chemical burns on your hands unless you wash it off immediately. If you drink bleach, it oxidizes or burns tissues in your mouth, esophagus, and stomach. According to the National Institutes of Health, it can cause nausea, chest pain, lowered blood pressure, delirium, coma, and potentially death. What Should You Do If Someone Drinks Bleach? If you suspect someone has ingested bleach, contact Poison Control immediately. One possible effect from drinking bleach is vomiting, but it is not advisable to induce vomiting because this can cause additional irritation and damage to tissue and may put the person at risk of aspirating bleach into the lungs. First aid typically includes giving the affected person water or milk to dilute the chemical. Note that highly diluted bleach can be another matter entirely. It is common practice to add a small amount of bleach to water to make it potable. The concentration is enough that the water has a slight chlorine (swimming pool) smell and taste and it may lead to a slightly upset stomach, but it should not cause burning or difficulty swallowing. If it does, the concentration of bleach very likely is too high. Avoid adding bleach to water that contains acids, such as vinegar. The reaction between bleach and vinegar, even in a diluted solution, releases irritating and potentially dangerous chlorine and chloramine vapors. If immediate first aid is administered, most people recover from drinking bleach (sodium hypochlorite poisoning). However, the risk of chemical burns, permanent damage, and even death are present. How Much Bleach Is Okay to Drink? According to the U.S. EPA, drinking water should contain no more than 4 ppm (parts per million) chlorine. Municipal water supplies commonly deliver between 0.2 and 0.5 ppm chlorine. When bleach is added to water for emergency disinfection, it is highly diluted. Suggested dilution ranges from the Centers for Disease Control are 8 drops of bleach per gallon of clear water up to 16 drops per gallon of cloudy water. Can You Drink Bleach to Pass a Drug Test? There are all kinds of rumors about ways you can beat a drug test. Obviously, the easiest way to pass the test is to avoid taking drugs in the first place, but thats not going to be much help if youve already taken something and are facing a test. Clorox says their bleach contains water, sodium hypochlorite, sodium chloride, sodium carbonate, sodium hydroxide, and sodium polyacrylate. They also make scented products that include fragrances. Bleach also contains small amounts of impurities, which arent a big deal when youre using the product for disinfection or cleaning but could prove toxic if ingested. None of these ingredients binds to drugs or their metabolites or inactivates them such that you would test negative on a drug test. Bottom Line: Drinking bleach wont help you pass a drug test and may make you sick or dead.
Saturday, October 19, 2019
The psychological effects of people with intellectual disabilities Dissertation
The psychological effects of people with intellectual disabilities experiencing loss and bereavement - Dissertation Example This girl of 19 years and very dependent on her mother was not allowed to come anywhere near her mother’s body before she was taken away. She was being continually picked upon and that left her irritated and lost. The bereavement could not be handled by this girl and the attitude of her aunt made her worse. The community as a whole did not know how to handle grief associated with bereavement. The psychological responses such as yearning, anxiety, depression, distrust of others and complicated grief were expected of the intellectually disabled. Carers and staff were not prepared to recognise or to provide effective support at the time of loss and bereavement. Their ignorance of how to handle the situation could be the main culprit. Searching through the literature, I was surprised to find that little empirical research had been done to specifically look at the normal or complicated grief response in people with learning disabilities. On a personal level the subject is of great interest to me and it is intended that this research will increase my knowledge in theory and practice as well as enhancing the importance of research to my continuing professional development. History My search took me to the university Library. Electronic search engines and databases were looked through. PSYC INFO, CINAHL, PUBMED and the COCHRANE electronic databases helped me gather some material pertaining to the subject. The keywords used were bereavement, psychological reactions, loss, complicated grief, grief and learning disabilities. The Learning Resource Centre (LRC) library, Department of Health and Rowntree Foundation website helped me to retrieve grey literature. Boolean operators were used to narrow the results. Combined randomised controlled trials of bereaved adults with learning disabilities that compared community based interventions were included in the review. Life events with its psychological problems that were emotional, psychiatric and behavioural responses t o bereavement were also included. Recognition and concept of death by people with learning disabilities and their families and carers, as well as inclusion of assessment tools of complicated grief were selected. The exploration of support and interventions were also collected. A number of recent articles had considered the implications of grief and bereavement for people with learning disabilities. This had influenced me to concentrate on the parameters of the years between 2002 and 2010. Because of limited empirical studies I have included some of the articles with case studies illustrations. With eleven journal articles, I was ready to start on my hunt for ways of managing complicated grief in intellectually disabled persons. Could I be signalling off a process which has the outcome of the improved welfare and quality of life of the intellectually disabled at heart where bereavement grief is concerned? Critique of two articles on data collection and analysis Dodd, P., Guerin, S., McEvoy, J., Buckley, S., Tyrrell, J. & Hillery, J. (2008). A study of complicated grief symptoms in people with intellectual disabilities. Journal of Intellectual Disability Research, 52 (5), 415-425. The data were contained in the two assessment tools used for this study: Complicated Grief Questionnaire for People with Intellectual Disabilities (CGQ- ID) and Bereavement History Questionnaire (Adapted). The tools had been described
Friday, October 18, 2019
Evaluate for<< V for Vendetta>> Essay
Evaluate for> - Essay Example In the essay we read of an individual who stepped up toward there game eventually risking his own life so the citizens that he represents would have the said freedom that was deserved. In the essay, we evaluated the V for Vendetta text by looking into aesthetic and practical criteria such as plot, characters, visual, costumes, music, directing, dialogue, entertainment values, acting abilities, or specific skills demonstrated by the characters. When a subject matter is evaluated, the audience should be provided with an overall claim, supporting evidence, and concluding based recommendations. Therefore in summary form, this essay evaluate the V for Vendetta movie based on character traits, lessons depicted and quotes used. In 1603, aman known as V decided to destroy their parliament through use of Gunpowder Plot. In this movie, Director James McTeigue portrays how the Britain regime was corrupt and full of dictatorship. However, a freedom fighter called V decided to bring this totalitarian Government into the heels by using gunpowder. In the process, Chancellor Adam Sutler known as John Hurt decided to take power and ended up instilling fear on the London’s citizen so that they can know who is in power and therefore not judge him on corruption deeds. However, the main character in the movie known as v is heard saying that â€Å"Remember, remember the Fifth of November,†meaning that at that day, the London based citizens should take to streets and protest against their regime without fear or contradiction (Criteria for Great Movie 2014). Before sending his message on live based television, the chancellor faced a lot of challenges among them killings occurred with doctors who were in the detention based center where William Rookwood changed his name to V.V decided to take revenge against the doctors and the government because of the killings and torture of great Britain people. On his mission, V meets a
Communication Ethics and Society Assignment Example | Topics and Well Written Essays - 250 words
Communication Ethics and Society - Assignment Example The truth of the matter is there are many people who have college degree and have become successful in life. There are also other people who never attended college and have also become successful through the method Stephen advocates for. Moreover, not everyone can be successful as entrepreneurs. There are people who can only perform well as profession and as such they need a college education. It is unethical for Stephen to inspire young people to educate themselves using the Newspaper media. This is because according to the Journal code of ethics, Journalist should act independently and only look out for the interest of the reader. However, in this case, it is obvious that Stephen has some interest of promoting Thiel Fellow, an organization that he benefitted from. Being a beneficiary of this organization, he is seen to write these journal with the intention of encouraging students to forfeit going to college and joining this organization. These journals have also broken the first code of ethics which requires journalist to seek truth and report it. It is the work of the journalist to discern reporting and advocacy. These journals do not report but advocate for dropping out of school. The journals are therefore unrealistic and
Reflelction paper Essay Example | Topics and Well Written Essays - 1000 words
Reflelction paper - Essay Example As a citizen I feel less than nationalistic towards any form of government. I see myself as a citizen of Earth not a particular nation. As a worker I am honest. I may procrastinate and deviate from social norms but I still do what I need to get done. My role as a leisure user is important to me. I throw myself into all visual forms of art and literature and I practice very hard to perfect my skills. As a learner I am always there. I will never stop learning new things as each day passes by and for every new thing I learn will add to my well of wisdom. As myself I value my individuality highly, which is normal for an INTP. I refer to myself as an enlightened anarchist. I do not care what others think about me or what they do as long as it does not affect others in a negative way. I believe my self-esteem is average. I do not over-estimate my value though I am proud. I do not mind using myself as the butt of a joke nor am I quick to criticize others. If I would change something about m y self-confidence it would be my notorious shyness when it comes to meeting new people. My timidity tends to lock me up when I’m surrounded by new faces. I also find it hard to make conversations with others without being introduced to them. Most of my friends are there because they came to me. When I break out of my shell it is when people realize that I am not as innocent or quiet as they initially thought. They tend to think of me as crude but at least I am not hiding behind a shell like most people do. When it comes to being a worker, I believe that is where my weakness lies. I would like to able to enjoy work instead of despise it. I do not want to feel like a serf to some sleaze who is sipping coconut drinks all day on the beach while many others barely have enough money to put food in their stomachs. I know this is a very pessimistic view and that I need to change it. But I feel that society has been brainwashed into wanting to live inside of a golden cage. 2. There ar e different levels of loving, among them: passion, romantic and consummate forms of love. Passionate loving means an intense sexual desire for the object of desire. The main core of this relationship can be purely physical, meeting one’s sexual needs at the most. Many people derive happiness when their sexual needs are met regardless if there’s a commitment or none. Passion can happen between two strangers such as a one-night stand where both parties feel a burning desire to have sexual relations. After passion has been consumed, a partner can simply forget the event since there are no strings attached or what we call â€Å"commitment†. Passion is also possible between two people who truly love each other like couples in a marriage. Romantic love is more on developing intimacy and passion but with no commitment. Most young people feel these nowadays thinking that emotional commitment and making their other person happy is enough to sustain a solid relationship. Although some relationships can begin this way, many relationships also fail after this stage. When a relationship is tested by adversity, partners who are not willing to commit would just abandon the romantic relationship. Consummate love includes all three levels of loving: intimacy, passion and commitment. Solid marriages are often characterized by consummate love because the partners were able to balance the three levels. The attributes that the relationship must have to become consummate are the following: transparency, trust, compassion,
Thursday, October 17, 2019
Career develpoment plan part (iii) Essay Example | Topics and Well Written Essays - 500 words
Career develpoment plan part (iii) - Essay Example Here are three basic questions to answer: This gives the current-state analysis of skills, capabilities, and knowledge which each individual employee holds at this point in time. They are then required to jot down the strengths and weaknesses, which they think they carry. Their self assessment is then passed on to functional managers for evaluation based on their observation about each individual. This is more like a starting point for the employee’s career, presence of which may un-block potential growth areas. Second question which needs attention is the future-state one seeks to reach, considering the career interest, knowledge, and skills which can be enhanced. It gives a proper direction for pursuing the career one wants to stick to after gaining much experience. Mostly, career counseling or proper mentoring by experts can help in figuring out the place one desires to reach. Lastly, figuring out the gaps between the current-state and the future-state provides structured Action Plan for achieving desired goals. Over here, it’s very critical to have realistic goals in mind, absence of which can make the efforts go invain. The action plan created acts like a detailed map, consisting of step-by-step measures required to progress. The career map formed by the assessment acts like the initial document for carrying out the Performance Appraisal procedure, along with the Job Description and Job Responsibilities’ documents provided to employees at the time of induction. At the time of appraisal, which is the basic step for evaluating the progress, appraisal forms (refer to Appendix A) are shared. The yearly, bi-yearly, or quarterly appraisals highlight the strengths, which have been utilized the most; and the areas of improvement of each employee separately. Feedbacks of the appraisals are shared with the employees individually by calling private meeting in a closed room, where concerns can be shared and disagreements can be catered to
Human Agency is at the Root of Climate Change and Global Warming Research Paper
Human Agency is at the Root of Climate Change and Global Warming - Research Paper Example This has resulted in an unprecedented rate of global warming that has been the fastest in the past two millennia. The earth receives energy from the sun in the visible and ultra violet radiation bands. Around 33% of the incident solar radiation is reflected by the earth’s surface into space. The remaining portion of the solar radiation is principally absorbed by the land and oceans. This absorbed solar radiation increases the temperature of the earth’s surface, which emits the excess heat as infrared radiation (Maslin, 2007, p. 9). A portion of this infrared radiation is retained by greenhouse gases, and this leads to the warming of the atmosphere. The principal greenhouse gases are carbon dioxide, water vapour, ozone, methane and nitrous oxide. These gases, in combination, result in a greenhouse effect that warms the earth (Maslin, 2007, p. 9). Global warming and climate change are the handiwork of humans. This has been reiterated by the National Aeronautics and Space Administration (NASA), which has stated in no uncertain terms that human activity and not changes in solar activity, is the real culprit responsible for global warming (Jones, 2012, p. 32). During the period from the year 2005 to the year 2010, solar activity had been very less. Nevertheless, NASA discovered that the earth had absorbed much more energy than it had reflected or radiated back into space. Whilst arriving at this conclusion, this organisation had engaged in complex calculations relating to the energy imbalance of the earth.
Wednesday, October 16, 2019
Reflelction paper Essay Example | Topics and Well Written Essays - 1000 words
Reflelction paper - Essay Example As a citizen I feel less than nationalistic towards any form of government. I see myself as a citizen of Earth not a particular nation. As a worker I am honest. I may procrastinate and deviate from social norms but I still do what I need to get done. My role as a leisure user is important to me. I throw myself into all visual forms of art and literature and I practice very hard to perfect my skills. As a learner I am always there. I will never stop learning new things as each day passes by and for every new thing I learn will add to my well of wisdom. As myself I value my individuality highly, which is normal for an INTP. I refer to myself as an enlightened anarchist. I do not care what others think about me or what they do as long as it does not affect others in a negative way. I believe my self-esteem is average. I do not over-estimate my value though I am proud. I do not mind using myself as the butt of a joke nor am I quick to criticize others. If I would change something about m y self-confidence it would be my notorious shyness when it comes to meeting new people. My timidity tends to lock me up when I’m surrounded by new faces. I also find it hard to make conversations with others without being introduced to them. Most of my friends are there because they came to me. When I break out of my shell it is when people realize that I am not as innocent or quiet as they initially thought. They tend to think of me as crude but at least I am not hiding behind a shell like most people do. When it comes to being a worker, I believe that is where my weakness lies. I would like to able to enjoy work instead of despise it. I do not want to feel like a serf to some sleaze who is sipping coconut drinks all day on the beach while many others barely have enough money to put food in their stomachs. I know this is a very pessimistic view and that I need to change it. But I feel that society has been brainwashed into wanting to live inside of a golden cage. 2. There ar e different levels of loving, among them: passion, romantic and consummate forms of love. Passionate loving means an intense sexual desire for the object of desire. The main core of this relationship can be purely physical, meeting one’s sexual needs at the most. Many people derive happiness when their sexual needs are met regardless if there’s a commitment or none. Passion can happen between two strangers such as a one-night stand where both parties feel a burning desire to have sexual relations. After passion has been consumed, a partner can simply forget the event since there are no strings attached or what we call â€Å"commitment†. Passion is also possible between two people who truly love each other like couples in a marriage. Romantic love is more on developing intimacy and passion but with no commitment. Most young people feel these nowadays thinking that emotional commitment and making their other person happy is enough to sustain a solid relationship. Although some relationships can begin this way, many relationships also fail after this stage. When a relationship is tested by adversity, partners who are not willing to commit would just abandon the romantic relationship. Consummate love includes all three levels of loving: intimacy, passion and commitment. Solid marriages are often characterized by consummate love because the partners were able to balance the three levels. The attributes that the relationship must have to become consummate are the following: transparency, trust, compassion,
Tuesday, October 15, 2019
Human Agency is at the Root of Climate Change and Global Warming Research Paper
Human Agency is at the Root of Climate Change and Global Warming - Research Paper Example This has resulted in an unprecedented rate of global warming that has been the fastest in the past two millennia. The earth receives energy from the sun in the visible and ultra violet radiation bands. Around 33% of the incident solar radiation is reflected by the earth’s surface into space. The remaining portion of the solar radiation is principally absorbed by the land and oceans. This absorbed solar radiation increases the temperature of the earth’s surface, which emits the excess heat as infrared radiation (Maslin, 2007, p. 9). A portion of this infrared radiation is retained by greenhouse gases, and this leads to the warming of the atmosphere. The principal greenhouse gases are carbon dioxide, water vapour, ozone, methane and nitrous oxide. These gases, in combination, result in a greenhouse effect that warms the earth (Maslin, 2007, p. 9). Global warming and climate change are the handiwork of humans. This has been reiterated by the National Aeronautics and Space Administration (NASA), which has stated in no uncertain terms that human activity and not changes in solar activity, is the real culprit responsible for global warming (Jones, 2012, p. 32). During the period from the year 2005 to the year 2010, solar activity had been very less. Nevertheless, NASA discovered that the earth had absorbed much more energy than it had reflected or radiated back into space. Whilst arriving at this conclusion, this organisation had engaged in complex calculations relating to the energy imbalance of the earth.
Effects of sensory interventions Essay Example for Free
Effects of sensory interventions Essay Autism is a failure to develop social abilities, language and other communication skills to the usual level. Students with complication may not be able to communicate effectively and interact with others at full capacity. Social growth is very necessary for any student and if autism happens to be the case such students will be socially misplaced and their performance in class work may be poor. Autism results to use of a language that cannot be well understood by both other students and teachers. Language use is very important in social interaction because is what avoids misunderstandings. Communication skills are required to enable someone to pass message to other and receive message from other too. Davis K. (1990) Sensory has to do with anything that is connected to physical sciences of touch, smell, taste, hearing and seeing. Failure of such senses may lead to autism because students will not be at the same level in class and this calls for special attention in order to manage students effectively and improve their performance in school work. Students with different levels of hearing, seeing, taste, smell and touch will not be able to develop their social abilities because they will be sensing at different levels and common grounds is not reached. Those with difficulties to see may also not be able to answer questions in class because they did not read what was a perquisite or requirement. Autism can be due to a dementia which is a medical condition that affect especially old people causing gradual worsening of their memory and other mental abilities and leading to a confused behaviour. Students may have this complication due their old age and they deserve special attention because they are members of the school community. Notbohme (2006) Sensory Interventions Sensory interventions refer to measures intentionally made to be a solution to complications through the use of senses. This involves dealing with the senses of hearing, smelling, tasting, touching and seeing to deal with autism. It is believed that autism is related to these natural senses and if one of them is not functional one may have the condition. Patients of memory loss and other mental disabilities or even confused behaviour have low chances for relating to activities in which they meet and spend time other people during the time that they are not in school. This is clear case of autism. Their mind operations are influenced by this kind of illness (disorder, their senses are tampered with and they may not be able to fit in the community/society well. The extreme results of lack of sense will be related and if concern for these kind of patients. By sampling we determine the results of one-person sensory activity programs on eight autism patients who all needed psychiatric help and attention. Records on their behaviors were taken; when in progress of sessions and after the sessions to view the victim’s responses. Adaptive operation and the state of health were checked too. The effect turned to be short lined except of the active looking, which preserved when the session was in progress. Behaviors to change also positively changed but there was no change in the state of health or happiness. The experiment shows that sensory interventions can make an autism student feel happier and more relaxed or to be more healthy. Lundine V. (2006) In suitable and disapproved actions are the cases in dementia. They affect an autism student in emotions and money involved. Psychosocial theoretical methods can be used to elaborate on unsuitable behaviors in dementia: the needy method, an action/changing method and an environmental exposure/ low stress level method. An analysis review. A survey obtained one hundred and sixty six non pharmacological intervention analysis which used these types of interventions, sensory, social behavior (actual or expected, actions therapy, professional growth and development, organized activities, use of the environment medical attention and comprehensive therapies. Most of the respondents had a plus formal contact is always not always major and effect. Good mergers of these involvements in autism student requirements and abilities lead to helpfulness in autism students and their attendants in this case who will be the teachers. Wagner (1999) This is form of a long-term measure to reduce the effects of autism in older students. This is normally applied in cases where a medical state affects especially old students causing gradual decline of the memory and other mental abilities and leads to a confused behaviour. Autism also affects a student expenditure on medical attention. Money may be wasted for his/her academics or extracurricular but he/she is not fully utilizing this expenditure. Lack of capacity to socialize proper leads to cases of immature grownups because social life is as important as school life and the two go together. Failure to communicate effectively by students can be due to high stress levels may to change of environment. Being isolated by others. It is always necessary to determine the actual cause of autism because this the way to determine how to solve the condition. Cohen M. J (2001) Stroke may be one cause of autism. The arms should be made to function in stroke victims. The effects of cure methods especially those for enhancing hands/arms functioning. This has been studied in continued cases of stroke victims. The objective of this examination was to determine the impact of a particular sensory intervention on hands functioning in the severe cases immediately after stroke. In one of the random sample under controlled trial hundred autism students were subjected to a trial group that was treated by sensorimotor effectors to the control crowd. Milrenda Pl (2005) The sensory intervention was done for twelve weeks. Autism students were examined for extend of damage and disablement; before the, during and immediately after the sensory intervention process and thereafter between twelve and twelve months after stroke. The results showed that the experimental crowd was a little bit better on the extend of impalement test than the crowd for control purpose during the ongoing of the study. Vibrancies were major only afterwards. Results on the disablement showed no change on the extend of disability. This was due to the continuous triggering of the body and nerves activity. The treatment was felt most in the autism students with extreme lack of motor and lack of attention/hemianopie. Sensory interventions did not have any impact on the autism students. Having a focused sensory intervention during the extreme phase after stroke positively changed the motor recovery; which was the case two years afterwards. This shows the gain due to sensory interventions for the hand. Feys HM (1998) Strange/unusual response to sensory stimuli and un normal motor indications been medically reported in autism students. The medical cause of the unusual behavioral conditions needs to be thorough scrutinized. Multiple sensory and sensory interventions have been made to be used on autism students to deal with such complications. Confusion is on the results/findings of the therapies. This page talks about the way human mind works and how it influences behaviour or the influence of a particular persons character on their behavior. Sensory interventions are normally based on the hearing, seeing, tasting and touching sense. These interventions aim at determining the changes in a person’s behaviour. The autism students are supposed to improve on their communication skills in order to enhance their interactions socially. Interactions between students and with teachers are very crucial because this is the only way of determining the student’s weaknesses and strengths. Sensory interventions are made to change the conditions of autism and therefore a student is able to be advised/guided on his weak areas so that he/she can acquire skills and knowledge for this is the only way to improve somebody’s ability to perform after carrier training. Professional growth and development can therefore be achieved if he autism is reversed and someone is ready to interact with others during class activities and on the field. Sensory interventions are therefore necessary to prepare someone for the encounters he/she will go through in the field while trying to gain experience which is necessary for human capital accumulation. They are also meant to reduce the losses that hey may have been incurring due to lack of concentration. Bardnik G. T (2003) Physiatrist’s advice that social interactions and communication skills can be improved through participation n field activities. These include games or group assignments. All these make the body to vibrate and the scenes of touching a hearing is improved. It is also believed that participation in games leads to the sport of teamwork in order to win a game. Players are therefore expected to work together in order to defeat the opponents. This team work is translated into the social areas whereby autism students believe that people need tone another and you should know how to pass your message so that friends can respond as was the case in the field game where you wanted to make a move. Students learn to ask questions for academic work so that they can be fully answered and they therefore understand the units taught so that they can improve their grades. Through exercise, the body vibrates and therefore the mind is reached ad stress levels are reduced. Autism can be out of high stress levels and incase this is not sorted out early in advance, complications may occur later on in life whereby someone has the same problem at the workplace and team work spirit is not acquired. At the present sensory intervention results show that vibration is crucial is gaining body strength and the ability of human beings. Through exercise autism students gain body fitness which translate into confidence and they are bale to approach other students and make conversations. Through exercise, autism students may start to be admired by their colleague and this makes others advance towards those students who are poor in social interactions. Autism students are therefore motivated and may decide to change. Cardinale M and C. Bosco (2003) In medicine, focused sensory interventions for traumatized students can help reduce the activities of the medical staff in dealing with such cases. Sensory interventions fake little time uses relaxation techniques for individual’s grownups and coordination with parents and can be applied on a wide variety of autism cases. Organized exercises aim at enhancing stress recovery and dealing with future cases of trauma. It has ban proved that such cases of trauma leading to trauma can be reduced. These sensory interventions need to be communicated to the teachers/parents so that they can know how to deal with autism students because they are the people dealing with student s directly and they know them better. They are therefore the people to be engaged with the interventions so that maximum impact can be realized. Kids, teenagers and old students traumatized through losses war attacker through catastrophes can be given psychiatric help before the situation turns in to autism. Solutions for all age groups are available because social interaction and communication skills at different ages are different because these age groups have different ways of spending their social time. The space that has been created through trauma is filled up and the autism students are now to interact with others and convey their feelings in time. Autism students who may defect a gas leakage. His only when fire happens that they realize that something was wrong. Autism students may assume that the school community neglects them. So with the involvement of teachers in the sensory interventions, they feel appreciated and will be encouraged to interact with others so that they can also get to know their source of autism. Steele, William Raider (2006) Students with little moderate or extreme cases of disabilities in schools have been on the increase. Some of these disabilities include hearing, sensory or even crippled ness. These are people who have special issues for they cant freely move and mingle with the rest of the students. When he others students are playing, these ones are isolated and may therefore not acquire skills for interactions and may continue to have interaction problems. They may be not able to speak therefore their communication is limited. Schools should determine the right instructional operations for students with disabilities. Observational research is aimed at determining the link in student behaviour and classroom and tutor changes. Student’s performance in education work or extracurricular is determined by their social interactions because work without play makes John a dull boy. Interactions students and the environment is mainly through sense and sensory interventions are meant enhance this. The sense to hear, smell. Touch and taste can be aimed at improving the environment/student relationship and this enhances student’s performance. Autism can be said to be one of the indicators of group work performance and if this is due to disabilities the position may never be better. Effects of sensory intervention include improved hearing may be through an artificial device, seeing through improving eyesight by using glasses and using devices to make somebody’s hand move incase of stroke. All these have proved to have a positive effects on autism students because the artificial devices enable them do what others do and they will be at the same level and interaction is easy. Communication is therefore improved and students engage in discussion groups to better their grades. Kent R (1997) Autism student should not be isolated because the impact of sensory interventions will not be felt. They should be in the same class as others so that the change can be noticed. This helps development with peers due to the support activities offered. Being in their own class won’t help because this lead to a more spread of the sense. Being with others can assist them to work on their own senses and can be able to identify when they are not at the same level with the rest. Keeping people with no sense of touch or seeing together doesn’t help because no one will be able to help the other. Learning from the socially acceptable ones is necessary and one may make people to determine their weaknesses. The better one will help autism students determine where they need to make changes so that they sense can function like the rest. Being with others will also help in that response rte to sensory interventions for the autism students can be determined and explained by the other students to the teachers. Sensory intervention is said to be more effective if autism students are in the same class with ordinary students than if they are isolated. Full inclusion in the school setup is very necessary because it also improves the sense of belonging and autism students will feel appreciated. Autism can at times be due to neglect and dejection at home and if these students are not given attention in school, the disorder may not change even after applying sensory interventions. Full inclusion is also what helps other students determine the causes of such cases because through talking after sensory intervention has been applied, they get a chance to explain their feelings and other non autism students can avoid such. Sensory interventions through exercise conditions on stereotypic behaviors is six grownups of both autism and moderate to extreme mental retardation The victim’s actions and reactions were observed in a regulated environment in the absence and in the present of two-exercise one pact of action status. Out of the six two were picked randomly to go a workout in the absence of a community integrated voice performance. The physical workout lowered the maladapted and stereotypic actions and reactions of grown ups of autism and mental incapability can be proved to have effects. However some help was received from the officials and supervisors of the behaviour development and learning center at Camarillo state hospital and developmental center headed by Israel Rerel, Ellie Kinmbaur, Judy Bapitsta, Kristine Herman and mostly those involved. Elliot B. O (2005) It is also believed that the without the sense of touch may be due to stroke can acquire this through exercise of the body. This improves the coordination of the body parts and the nervous system. Such incapability’s may be hindering autism students from proper social interactions and this reduces their ability to communicate effectively. When the body becomes active, they now have the enthusiasm to be with others because they can relate at the same level and mutual understanding is achieved. Routledge (1999) pg. 230-236 Mental retardation may lead to lack of tasting capabilities and when it comes to fading, autism students may not be able to express their feeling and may continue to be disappointed. When mental retardation is solved through sensory intervention, a change is felt because social interaction on at food joint is enhanced.
Monday, October 14, 2019
Foreign Exchange Risk Exposure on Toyota Motors
Foreign Exchange Risk Exposure on Toyota Motors The globalization phenomenon allows companies to internationally expand their sales and production activities. A consequence of this phenomenon, however, is the existence of foreign exchange rate exposure which can impact the companys profitability, net cash flow and market values. In the past years, several academic researches have been developed in order to explain and analyze how foreign exchange risk exposure fluctuations affect a multinational company or a purely domestic company value, and how this risk is influenced by the companys risk management strategy. Consequently, this dissertation aims to find some knowledge on these subjects for a specific company, Toyota Motor Corporation. By applying the capital market approach and analyzing three different periods, it is possible to conclude that Toyota Motor Corporation, in a crisis situation, was able to protect itself against some of the primary exchange rates fluctuations it is exposed to. Thus, the predictability of higher fluctuations allows the company to apply effective risk management strategies. Considering a ten year period, bilateral exchange rate fluctuations are more significant to the company stock returns than for other periods. However, being an exporting company, its coefficient for exposure is not consistent with the competitive advantage an exporter holds when its company home currency depreciates. It is consistent, however, when the broad currency index is considered. Additionally, the impact of foreign exchange risk fluctuations is small for company stock returns. This can thus indicate that exchange rate fluctuations dont have a significant impact on company stock price returns. INTRODUCTION The globalization phenomenon has allowed the integration of national economies into the international economy, giving them easier access to information, goods and services through trade and foreign direct investment around the world. This process has been encouraging an increasing number of companies to start operating on a global scale, expanding their networks worldwide. In recent years, the number of multinational companies has grown in order to respond to the competitiveness experienced in the domestic market and explore new markets to produce or sell new products and services. Multinational companies, or purely domestic companies with a broad network, are exposed to several risks. An important risk that has a significant impact on the management of a company is the foreign exchange risk, due to the fact that it may affect the companys cash flows, value and performance. Nevertheless, besides the foreign exchange risk, many other risks affect companies, such as the interest rate r isk. Several financial and operating instruments and techniques are being used and developed by multinational companies to handle these risks. However, in order to manage these risks, companies must know exactly what their risks are and how to measure them. With regard to foreign exchange rate exposure, several studies conducted in recent years have presented various risk management approaches in order to understand to what extent its fluctuations affect the companys value and performance. However, there is little consensus among the different studies, which indicates that exchange rates are complex and can affect and be affected by different factors. The most traditional approaches are the cash flow approach and the capital market approach. In this study, the capital market approach is used to assess, through quantitative methods, to what extent foreign exchange rate fluctuations affect the companys value. It is important to note that several studies using quantitative methods found no statistical significance when trying to understand the impacts of foreign exchange fluctuations on the companys value. Thus, an explanation given for this fact was that the company was able to protect itself against foreign exchange rate fluctuations by means of hedging instruments and techniques. The main purpose of this study is to analyze the foreign exchange risk exposure of a multinational company using the capital market approach, and also to what extent the various assumptions underlying this approach produce different results. The choice of the multinational company was based on the following requirements: it had to be a public company operating in a competitive industry and could not be the subject of any other study in the same area. Accordingly, the Toyota Motor Corporation was chosen. Its main plants are located in Japan; it operates in the Automotive Industry and was the worlds largest manufacturer in 2009. Furthermore, 61.4% of total sales to external costumers are overseas, which indicates that the company is likely to face considerable impacts from foreign exchange risk exposure. In order to achieve the main purpose of this study, Toyotas foreign operations are analyzed in a first phase to understand to what extent the company is internationalized. Moreover, this initial analysis also envisages the foreign exchange rate fluctuations against the companys stock price returns and their direct impact on its report accounts, as well as the hedging instruments used to handle the foreign exchange risk. In a second phase, the capital market approach is used to suggest that foreign exchange risk exposure could be measured as the sensitivity of stock price returns to exchange rate movements. This approach requires the implementation of statistical regressions. For this purpose, market, stock price and foreign exchange rate data were collected from 1999 to 2009. Considering the studies developed by different authors, regressions involve several hypotheses for the exchange rate variables, such as a Nominal Broad Index that is like a basket of currencies and several bilateral exchange rates, in order to understand which variables affect stock price returns. In this second phase, the quantitative method is applied to three different periods in order to compare how the company handles the foreign exchange risk. As this dissertation takes into account the investors point of view, it can help to understand how investors determine and quantify the exposure of their portfolio to the foreign ex change risk. Moreover, this approach allows comparing the companys exposure to foreign exchange rate fluctuations with that of competitors in order to understand the effectiveness of the hedging activities. To complement this study, this dissertation is organized under the following sections: The first section is a thorough review of the literature on this subject. It explains why it is important that companies know how to handle the foreign exchange risk and presents the findings of past research. In the second section, the traditional categories of foreign exchange risk exposure are described, the effects of hedging the foreign exchange risks are shown and the most used analysis methods are discussed. The third section provides an overview of Toyota and an analysis of its foreign operations. The main purpose of this section is to support the interpretations that emerge from the regression results and this information is used as the basis for selecting the variables for the regression model. In the fourth section, relevant analyses are provided about the variables that may be a source of risk for Toyota and which were chosen for the regression model. In addition to this, it presents the hedging programs undertaken, the designated and undesignated financial instruments used and the reasons why the company does not need to have financial instruments to hedge translation and economic exposure. The fifth section describes the methodology used. The reasoning, as well as the issues of each variable included in the model, is expressed in this section. It also presents the study time periods and data sources. In addition to this, it provides an analysis of the descriptive statistics for the data and different periods used in the model. The sixth section contains the regression results and provides an analysis and explanation of the findings. It also presents the limitations of the software used for the regressions and a brief analysis of the foreign exchange risk exposure of Honda and Nissan Motor Corporation. The seventh and last section summarizes the main conclusions of this study and presents some suggestions for further research. LITERATURE REVIEW The goal of creating a global business has, in the past years, been the fundamental reason behind the growth of multinational companies. Such an example is the registered growth in Japanese companies exports. In 2000 and 2009, exports from Japanese companies amounted to 0.8% [1] and 10.8%1 of the GDP, respectively. An annual growth of 32.9% in foreign activity, for a nine year period, is one of many advantages that companies can obtain by opening themselves in many ways. Other advantages include the opportunity to diversify labor force, to enter new markets and sell more, to reduce transport costs and to benefit from economies of scale. This, however, also creates new problems, challenges and demands. A multinational company is either a company with operating subsidiaries, branches or affiliates in more than one country, or a purely domestic company engaged in international activities (imports and exports). Some of the new problems and challenges these companies face include an increased exposure to foreign risks, such as exchange rates, interest rates and commodity prices [Miller, 1998]. Moreover, the risks associated to exchange rates appear do to the contact with new currencies [2] . Exchange rates constitute one of the most important macroeconomic risks, which can potentially impact, positively or negatively, the companies profitability, cash-flows and market value, due to exchange rate fluctuations. Consequently, in order to handle exchange risk exposure, companies can adopt several hedging tools. In the past decades, thanks to the increasing number of international trade activities and multinational enterprises, as well as the large currency fluctuations registered, the volume of research that tries to measure and analyze the impact of exchange rate fluctuations in multinational companies and their vulnerability to it has grown. However, produced results/conclusions have a mixed nature due to the complexity of this subject. The main goal in this section is to understand, through previous researches, what types of companies are most affected by exchange risk exposure, the importance of hedging, several types of foreign exchange risk exposure, types of hedging activities depending on the foreign exchange risk exposure the company is facing and traditional approaches to measure exchange risk exposure. Exchange Risk Exposure of Multinational Companies vs. Domestic Companies Thanks to the phenomenon of globalization, as well as the increase in companies foreign activities, several researches have been developed in order to give some input on what type of companies show a higher exchange risk exposure: multinational or domestic companies. The results of previous empirical studies suggest that only certain industries and/or companies are exposed to foreign exchange risk [5] . In the other hand, even a purely domestic company with importing or exporting activities is impacted by fluctuations in exchange rates. This idea is connected with competitive advantage; for instance, the products an exporting company sells abroad can still affect the companys value due to the effect of exchange rate fluctuations in competitors, suppliers and in customers demands. Muller and Verschoor (2006) concluded in their study that a companys size is also an indicator of its foreign exposure. They found that a companys lower dividend payout ratio results in a stronger short-term liquidity position and, consequently, a smaller hedging motivation and a higher exchange risk exposure. Other authors however, such as Choi and Jiang (2009), defend that multinationality is important for a companys exchange exposure, but not in the popular notion that was mentioned. Some authors found evidences that foreign exchange risk exposure is actually higher and more significant in absolute magnitude for domestic companies, when compared to multinational companies. The existing explanation for this finding is the fact that multinational enterprises are more capable to effectively and easily use financial hedging and operational hedging in order to reduce their position against foreign exchange risk, and also to increase their stock returns. Additionally, these companies are more aware of foreign exchange risks. Dominguez and Tesar (2006) agree with this finding and they also found that small companies, rather than large and medium-sized companies, show a higher exposure due to the same reasons. As a result, companies that dont engage directly in international business but compet e against foreign companies can be affected by exchange rate fluctuations [Dominguez, Tesar, 2006]. Dominguez and Tesar (2006) also found that the industry level may influence exposure. They suggest that exposure increases in highly competitive industries. In more competitive industries, however, an almost perfect pass-through can be expected since they are more aware of their vulnerability and are consequently better motivated to hedge foreign exchange risks, when compared with less competitive industries [6] . Regarding purely domestic companies, Pritamani, Some and Singal (2005) found that importing companies are more affected by fluctuations in exchange rates than exporting companies. Therefore, companies with importing activities should have more reasons to hedge exchange risk exposure. The Importance of Hedging Exchange Risk Exposure Hedging means taking a position when acquiring a cash-flow, an asset or a contract in order to protect the owner from losses and to eliminate any gain in the position hedged. Several researches indicate that currency risk management is very important to manage earnings and unexpected losses. Consequently, this should be done in order to reduce any impacts on the stockholders equity and to prevent value declines for the equity holder due to cash flow changes and unfavorable exchange rate fluctuations, respectively. Hedging currency exposure can therefore reduce some of the expected fluctuations in future cash flows and increase their predictability [Smith and Stulz, 1985]. It is believed that foreign exchange rate fluctuations impact financial decision-making in production, marketing, planning and strategy [Moffett and Karlsen, 1994]. It is therefore necessary to make contingent investments or develop long-term strategic plans and management perspectives in order to understand the volatility of foreign exchange. Companies can implement hedging tools based on policies that define when and how to hedge against foreign exchange risks. Hedging tools are not static mechanisms, companies are able to dynamically adjust their behavior in response to foreign exchange risks; for instance, a company can decide to hedge only part of their foreign transactions. To undertake these policies, the company needs to determine its risk tolerance and needs to understand the direction that the currency to which it is exposed is likely to take. A value maximization corporation that hedges its exposure to exchange risks can reduce the costs connected to financial distresses and taxes, as well as agency problems existing between shareholders and bondholders [Martin and Mauer, 2005] [7] . A possible reduction of financial distress costs allows investors to require lower risk premiums. Consequently, the company value increases [Smith and Stulz, 1985]. Therefore, as mentioned by Smith and Stulz (1985), hedging is part of the overall corporate financing policy. Moreover, Dumas and Solnik (1995) concluded that part of the return rate of an assets price is influenced by the foreign exchange risk premium. Thus, when a company implements risk management activities that decrease its foreign exchange risk exposure, the cost of capital is reduced. Some authors sustain that exposure management may not reduce total risk. Copeland and Joshi (1996) argued that anticipating hedging strategies is difficult given that so many other economic factors change when foreign exchange rates fluctuate. This is confirmed by Moffett and Karlsen (1994), who argue that the uncertain nature of future cash-flows hinders the implementation of long-term strategic plans and better investment decisions. It is also argued that risks connected to an inefficient hedging activity can increase exposure [Hagelin and Pramborg, 2004]. Additionally, currency risk management usually consumes some of the companys resources, consequently lowering its expected cash-flow [Eitman, Stonehil and Moffett, 2010]. Therefore, companies need to know whether their hedging strategies are successful or not, and if they are relevant to shareholders [Hagelin and Pramborg, 2004]. Findings regarding the Vulnerability of Multinational Companies to Foreign Exchange Risk Exposure Hedging tools that handle exposure to foreign exchange risks are not simple and they dont hold only a few complexities, since the companys exchange risk exposure correlates with its size, multinational status, foreign sales, international assets and competitiveness and trade at the industry [Dominguez, Tesar, 2006]. Adler and Dumas (1984) suggested that a companys foreign exchange risk exposure can be measured by the stock prices sensitivity to unexpected foreign exchange rate fluctuations. On the other hand, it could also be measured as the companys cash flows sensitivity to foreign exchange rate fluctuations. Considering that the main goal of this dissertation is to analyze economic exposure, it is important to note that several authors have developed researches that try to measure and analyze unexpected impacts of exchange rate fluctuations on companies performances, portfolios and Industries. Nevertheless, these researches have produced mixed empirical results. Jorion (1990) found that only 15 of 287 US multinational companies were statistically significant concerning the impacts of exchange rate fluctuations in companies stock returns. Additionally, the author detected that higher company foreign operations reflected higher exposure to exchange risks. Nevertheless, Bartov and Bodnar (1994) found that 208 of the companies with foreign operations that composed their sample were not statistically significant to the effect of US exchange rate fluctuations on companies stock price returns. Additionally, other researchers have reached mixed conclusions using different methodologies, samples and alternatives for the main variables. The inconsistency in these results, therefore, doesnt allow a sustainable conclusion on this subject. Recent studies, however, found evidences that exchange rate fluctuations do have an impact in companies performances. Such an example is the research developed by Dominguez and Teaser (2006), who found exposure to be statistically significant due to the effect of exchange rate movements on stock returns at Industry and country level. Some explanations have been pointed out by several authors for these mixed results. The registered contradiction can be explained by limitations concerning data, variables and methodologies used. Different researches develop different alternatives in order to determine foreign exchange risk factors and company values, which include different samples, the use of companies with less opened economies (USA) or more opened economies and different periods; all of these affect research. Bartram (2008) also explains that the use of stock returns to measure company value reflects the hedging position of companies, and the analysis is thus considering a lower level of risk exposure. Crabb (2002) also suggests that these mixed results can reflect different financial hedging strategies on data or simply reflect noisy data. Additionally, Bartram and Bodnar (2007) found that operational hedging activities help companies reduce their exposure and, consequently, have no statistical significance over the impact of foreign exchange rate fluctuations on companies returns. Therefore, as suggested by Crabb (2002), a statistically non significant exposure to exchange rates can result from an efficient hedging strategy set in place by the company. Types of Foreign Exchange Risk Exposure The hedging decision depends essentially on the level of risk exposure, its magnitude and the magnitude of hedging that companies deem necessary. Companies should essentially hedge activities that put them in a position with a high level of uncertainty, i.e., risk exposure in the strategy field (competitive, input supply, market demand and technological risk) and fields of interest to finance and international business scholars (foreign exchange risk), [Miller, 1998]. Before initiating the hedging process, the company has to decide what exchange risk exposure to hedge and how. There are three traditional foreign exchange rate exposure categories [8] that impact companies and that have a specific managing method: the transaction exposure, the operating exposure and the translation exposure. Generally, these exchange risk exposures can be hedged through the use of derivatives and financial instruments, such as commodities, futures and forward contracts, options and swaps [Miller, 1998]. The main goal of this dissertation is to measure and to analyze how unexpected foreign exchange rate fluctuations affect a multinational company. Notwithstanding it is also important to understand how the other two types of exposure impact companies and the types of hedging mechanisms available to handle exposure, in order to reach a deeper analysis and optimal conclusions. Economic Exposure Economic exposure, also known as operating exposure, is an unexpected change in exchange rates that affects the present value of the company by changing future operating cash flows, arising from inter-company and intra-company activities [Eitman, Stonehil and Moffett, 2010]. The unexpected exchange rate fluctuations affect the expected future operating cash-flows changing the volume, price and/or costs of future sales [Moffett and Karlsen, 1994]. Economic exposure approaches the impact of long-term currency exposure and analyzes the health of a companys business in the long run. The changes registered in the expected future cash flows depend of the change in the position the company holds in international competition [10] . Managing economic exposure involves all aspects of a company. Before establishing hedging policies, a company needs to measure its economic exposure. In order to do that a company should invest some resources in assessing its exposure, i.e., identifying the set of environmental contingencies affecting and relevant to the creation of shareholder value [Miller, 1998]. This identification allows the assessment of alternative environmental scenarios and consequent adoption of improved strategic decisions by the company. This is the reason why identifying and measuring economic exposure can be complex and difficult, bearing in mind that environmental contingencies vary across industries and across companies within those industries. Moreover, some authors mention economic exposure as being subjective, since it is based in estimates of future cash flows. Hedging Strategies The main goal of economic exposure management is to anticipate and influence unexpected and unpredictable effects in exchange rates. This can be accomplished if a company diversifies and changes its international operating and/or financing policies. This diversity allows the company to react in an active or passive way. The company can diversify operations through sales, location of production facilities and raw material sources or inputs [Eitman, Stonehil and Moffett, 2010]. A company can expand its sales through subsidiaries distributed across different countries, bringing its products or services to new markets and taking advantage of economies of scale, being also capable of diversifying its exposure to foreign exchange risks. Flexible management policies allowing a faster sourcing of raw materials and components can easily mitigate this exposure if this adaptation considers the impact of exchange rate fluctuations in the company costs and revenues. Additionally, RD can also mitigate this exposure, allowing the cutting back of costs and enhancing productivity as well as product differentiation. Choi (1989) [11] pointed out that international investment is one of the major instruments in managing economic exposure. In the same line, Miller and Reuer (1998) developed a study that showed this exposure is considerably reduced with a higher and direct foreign investment by the company (foreign market entry mode). Additionally, Smith and Stulz (1985) found that mergers achieve results that are similar to hedging results. Consequently, a company may wish to diversify the location of its production facilities internationally in order to mitigate the effect of exchange rate movements. This mitigation is possible because the company measures its cash flows in different currencies. Thus, exchange rate fluctuations in all currencies the company is exposed to can be naturally offset as can, consequently, the gains or losses while the company still reacts competitively. Diversification in financing is achieved by raising funds in more than one capital market and in more than one currency [12] . This method allows the company to reduce future cash-flow variability, to increase capital availability and to reduce costs, as well several risks, such as political risks. Allayannis et. al. (2001) observed that companies with geographical dispersion are more likely to use financial hedging strategies to lower their foreign exchange risk exposure. Accordingly, the use of exclusively operational hedging does not increase the companys value. However, if companies combine operational and financial hedging they will improve their value and, consequently, reduce exposure to foreign exchange risks. Companies can also adopt proactive policies (including operating and financing policies) to offset anticipated foreign exchange risk exposures. These policies allow a partial management of this exposure. The most generally employed are [13] : matching currency cash flows, risk-sharing agreements, back-to-back loans, currency swaps, leads and lags and reinvoicing centers. [Eitman, Stonehil and Moffett (2010)]. Transaction Exposure Transaction exposure measures gains or losses resulting from unexpected changes in future cash flows already contracted in a currency-denominated transaction [Martin and Mauer, 2005]. The uncertainty stems from the impact of exchange rate changes on the consolidated financial reports [Friberg and Ganslandt, 2007] and the fact that it is not anticipated in any line item of a financial statement [Eitman, Stonehil and Moffett, 2010]. Thus, the uncertainty can be the specific quantity of foreign currency or the timing of cash-flow [Moffet and Karlsen, 1994]. Transaction exposure approaches foreign exchange risk exposure in the short-term. It is therefore easier to identify and to measure, allowing a greater effectiveness of hedging strategies to be expected. Hedging Strategies The exposure to foreign exchange transactions can be hedged by contractual, natural, operating and financial hedges. The company, however, needs to determine its own risk tolerance and its expectations concerning the direction the exchange rates will assume. Contractual techniques include hedges in forward [17] , policies that imply proportional hedging. A natural hedge is basically an unhedged position where the transaction is left uncovered. Crabb (2004) suggests that this is not a very good hedge because it doesnt control variation over time and, consequently, companies cannot perfectly hedge their exchange rate exposure. An operating hedge means that the company will simply create an off-setting operating cash-flow (account payables, for instance). This hedge can also be implemented through several techniques, such as invoice currency, leads and lags in payment terms and exposure netting [Eun and Resnick, 2004]. Hedging through invoice currency allows the company to shift its foreign exchange risk exposure, invoicing foreign sales in home currency, or share foreign exchange risk exposure [18] , pro-rating the invoice currency between foreign and home currencies. Additionally, a company can also diversify its exposure to foreign exchange risks by invoicing sales in a market basket index [Eun and Resnick, 2004]. By hedging with leads and lags companies can accelerate or decelerate the timing of payments (receipts) made (received) in foreign currencies. This hedging strategy is efficient if a currency is expected to appreciate or depreciate against another [Eun and Resnick, 2004]. Finally, the technique of exposure netting suggests that a multinational company should not consider its deals in isolation, focusing rather on hedging the company in a portfolio of currency positions. This means that companies should consider overall payments (receipts) that must be done (received) after taking in account the opposite operations that naturally hedge each other. To use this technique some companies have re-invoicing centers, separate corporate subsidiaries that serve the parent or related unit in one location and all foreign subsidiaries. The reinvoicing center receives the invoice between the subsidiaries, taking legal title of the good that manufacturing plants sells to distribution subsidiaries of the same company, managing all foreign exchange transaction exposure for intracompany sales [Eun and Resnick, 2004]. Additionally, the reinvoicing centers can guarantee the exchange rate for future orders and also manage intra-subsidiary cash flows [Eitman, Stone hil and Moffett (2010)]. Financial hedging refers to the creation of an off-setting financial cash flow by either borrowing or lending in the currency the company is exposed to. The company can use some type of proactive policies such as back-to-back loans and currency swaps. A back-to-back loan occurs when two companies in different countries coordinate themselves to borrow each others currency for a specific period of time. They then return the borrowed currencies at an agreed terminal date. By hedging via currency swap, the company and a swap dealer agree to exchange an equivalent amount in two different currencies (for instance, a company enters a swap paying yens and receiving dollars) for a specified period of time. The swap dealer assumes the role of a middleman. A matching currency cash flow proactive policy can act like a financial hedge or an operational hedge. The first alternative to offset a long-anticipated and continuous exposure to a particular currency (i.e., the Japanese Yen) is to acquire debt in that currency (in Yens). Suppose the following exposure: A US Corporation exports goods to a Japanese corporation. The inflow of the Japanese Yen creates a foreign currency exposure. An hedging technique requires that the debt payments in Japanese Yens, which consist of the principal and the interests paid by the US Corporation
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