Testing For Efficiency Of Foreign Exchange Markets Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3537 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? A capital market is said to be efficient if prices in the market fully reflect available information. When this condition is satisfied, market participants cannot earn economic profits (i.e. unusual, or risk adjusted profits) on the basis of available information. Don’t waste time! Our writers will create an original "Testing For Efficiency Of Foreign Exchange Markets Finance Essay" essay for you Create order This classic definition, which was developed formally by Fama (1970), applies to the foreign exchange market as well as to other asset markets. As stated, the definition is too general to be tested empirically. The term fully reflect implies the existence of an equilibrium model, which might be stated either in terms of equilibrium prices or equilibrium expected returns. In an efficient market, we would expect to have actual prices conform to their equilibrium values, and actual returns conform to their equilibrium expected values. Foreign Market Efficiency The exchange rate between domestic and foreign currency is a major economic policy variable. Therefore, the efficiency or otherwise of a foreign exchange market is very important for policy makers of any country. An efficient foreign exchange market indicates that a government cannot influence the movement of exchange rates as the exchange rates are not predictable. The government can make informed decisions on exchange rates, take actions to reduce exchange rate volatility and evaluate the consequences of various economic policies for exchange rates. Participants in the foreign exchange market can devise various trading rules or techniques to make abnormal profits from transactions in the foreign exchange market. However, they should consider the costs involved in such activities to determine their profitability. Future researchers can corroborate the results of this study by employing other econometric techniques such as asymmetric and nonlinear models and high-frequency data. About a generation ago the Efficient Market Hypothesis was widely accepted by the financial economists to be the prevalent norm. It was the general belief that securities markets were extremely efficient in the sense that they were able to absorb information very quickly which was reflected immediately. This meant that investors cannot benefit either from the technical analysis. Previous studies have suggested an increase in correlation among the worlds FX markets as many developing countries have introduced capital account convertibility. The idea that the expected risk-adjusted excess return on foreign exchange is zero implies a sensible statement of the efficient markets hypothesis in the foreign exchange context: Exchange rates reflect information to the point where the potential excess returns do not exceed the transactions costs of acting (trading) on that information. In other words, you cant profit in asset markets (like the foreign exchange market) by trading on publicl y available information. This description of the efficient markets hypothesis appears to be a restatement of the first principle of technical analysis: Market action (price and transactions volume) discounts all information about the assets value. There is, however, a subtle but important distinction between the efficient markets hypothesis and technical analysis: The efficient markets hypothesis posits that the current exchange rate adjusts to all information to prevent traders from reaping excess returns, while technical analysis holds that current and past price movements contain just the information needed to allow profitable trading. What does this version of the efficient markets hypothesis imply for technical analysis? Under the efficient markets hypothesis, only current interest rates and risk factors help predict exchange rate changes, so past exchange rates are of no help in forecasting excess foreign exchange returns-i.e., if the hypothesis holds, technical analysis will not work. How do prices move in the hypothetical efficient market? In an efficient market, profit seekers trade in a way that causes prices to move instantly in response to new information, because any information that makes an asset appear likely to become more valuable in the future causes an immediate price rise today. If prices do move instantly in response to all new information, past information, like prices, does not help anyone make money. If there were a way to make money with little risk from past prices, speculators would employ it until they bid away the money to be made. For example, if the price of an asset rose 10 percent every Wednesday, speculators would buy strongly on Tuesday, driving prices past the point where anyone would think they could rise much further, and so a fall would be likely. This situation could not lead to a predictable pattern of rises on Tuesday, though, because speculators would buy on Monday. Any pattern in prices would be quickly bid away by market participants seeking profits. Indeed, there is considerable evidence that markets often do work this way. Moorthy (1995) finds that foreign exchange rates react very quickly and efficiently to news of changes in U.S. employment figures, for example. Because the efficient markets hypothesis is frequently misinterpreted, it is important to clarify what the idea does not mean. It does not mean that asset prices are unrelated to economic fundamentals. Asset prices may be based on fundamentals like the purchasing power of the U.S. dollar or German mark. Similarly, the hypothesis does not mean that an asset price fluctuates randomly around its intrinsic (fundamental) value. If this were the case, a trader could make money by buying the asset when the price was relatively low and selling it when it was relatively high. Rather, efficient markets means that at any point in time, asset prices represent the markets best guess, based on all currently available information, as to the fundamental value of the asset. Future price changes, adjusted for risk, will be close to unpredictable. Believers in efficient markets point out those completely random price changes-like those generated by flipping a coin-will produce price series that seem to have trends. Under efficient markets, however, traders cannot exploit those trends to make money, since the trends occur by chance and are as likely to reverse as to continue at any point. Grossman and Stiglitz (1980) identified a major theoretical problem with the hypothesis termed the paradox of efficient markets, which they developed in the context of equity markets. As applied to the foreign exchange market, the argument starts by noting that exchange rate returns are determined by fundamentals like national price levels, interest rates, and public debt levels, and that information about these variables is costly for traders to gather and analyze. The traders must be able to make some excess returns by trading on this analysis, or they will not do it. But if markets were perfectly efficient, the traders would not be able to make excess returns on any available information. Therefore, markets cannot be perfectly efficient in the sense of exchange rates always being exactly where fundamentals suggest they should be. Of course, one resolution to this paradox is to recognize that market analysts can recover the costs of some fundamental research by profiting from having marginally better information than the rest of the market on where the exchange rate should be. In this case, the exchange rate remains close enough to its fundamental value to prevent less informed people from profiting from the difference. Partly for these reasons, Campbell, Lo, and MacKinlay(1997) suggest that the debate about perfect efficiency is pointless and that it is more sensible to evaluate the degree of inefficiency than to test for absolute efficiency. Need For Conducting This Study- The miserable empirical performance of standard exchange rate models is another reason to suspect the failure of the efficient markets hypothesis. In an important paper, Meese and Rogoff (1983) persuasively showed that no existing exchange rate model could forecast exchange rate changes better than a no-change guess at forecast horizons of up to one year. This was true even when the exchange rate models were given true values of future fundamentals like output and money. Although Mark (1995) and others have demonstrated some forecasting ability for these models at forecasting horizons greater than three years, no one has been able to convincingly overturn the Meese and Rogoff (1983) result despite 14 years of research. The efficient markets hypothesis is frequently misinterpreted as implying that exchange rate changes should be unpredictable; that is, exchange rates should follow a random walk. This is incorrect. There is, however, convincing evidence that interest rates are not go od forecasters of exchange rate changes. According to Frankel (1996), this failure of exchange rate forecasting leaves two possibilities: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Fundamentals are not observed well enough to allow forecasting of exchange rates. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Exchange rates are detached from fundamentals by (possibly irrational) swings in expectations about future values of the exchange rate. These fluctuations in exchange rates are known as bubbles. Which of these possibilities is more likely? One clue is given by the relationship between exchange rates and fundamentals when expectations about the value of the exchange rate are very stable, as they are under a fixed exchange rate regime. A fixed exchange rate regime is a situation in which a government is committed to maintaining the value of its currency by manipulating monetary policy and trading foreign exchange reserves. Fixed exchange rate regimes are contrasted to floating regimes, in which the government has no such obligation. For example, most countries in the European Union had a type of fixed exchange rate regime, known as a target zone, from 1979 through the early 1990s. Fixed exchange rates anchor investor sentiment about the future value of a currency because of the governments commitment to stabilize its value. If fundamentals, like goods prices, or expectations based on fundamentals, rather than irrationally changing expectations, drive the exchange rate, the relationship between fundamentals and exchange rates should be the same under a fixed exchange rate regime as it is under a floating regime. This is not the case. Countries that move from floating exchange rates to fixed exchange rates experience a dramatic change in the relationship between prices and exchange rates. Specifically, real exchange rates (exchange rates adjusted for inflation in both countries) are much more volatile under floating exchange rate regimes, where expectations are not tied down by promises of government intervention. The above figure illustrates a very typical case: When Germany and the United States ceased to fix their currencies in March 1973, the variability in the real $/DM exchange rate increased dramatically. This result suggests that, contrary to the efficient markets hypothesis, swings in investor expectations may detach exchange rates from fundamental values in the short run. LITERATURE REVIEW- 1 Almeida, Alvaro, Charles Goodhart Richard Payne (1998), The Effects of Macroeconomic News on High Frequency Exchange Rate Behaviour, Journal of Financial and Quantitative Analysis, vol. 33, no. 3 (September), pp. 383-408; revised version of LSE Financial Markets Group Discussion Paper, no. 258(February 1997) This paper studies the high frequency reaction of the DEM/USD exchange rate to publicly announced macroeconomic information emanating from Germany and the U.S. The news content of each announcement is extracted using a set of market expectation figures supplied by MMS International. By using data sampled at a high (5 minute) frequency we are able to identify systematic impacts of most announcements on the exchange rate change in the 15 minutes post-announcement. The impacts of news on the exchange rate, however, can be seen to lose significance very quickly when the observation horizon for the exchange rate is increased, so that for most announcements there is little effect of news on the exchange rate change by the end of the three hours immediately after release. Both the responses to U.S. and German news are broadly consistent with a monetary authority reaction function hypothesis, i.e., the market expects the Fed or the Bundesbank to respond to news on increased real activity, for example, by raising short term interest rates in order to head off the possibility of future inflation. Further, the use of German data allows us to examine two questions the previous literature could not tackle, because, unlike U.S. announcements, German announcements are not scheduled. First, we show that the time-pattern of the reaction of the exchange rate to the U.S. scheduled announcements is different from the reaction to the German non-scheduled announcements, the former being much quicker. Second, we are able to examine the effect on the exchange rate change of the proximity of other events to the announcement. Results show that German news is most influential when released just prior to a Bundesbank council meeting. Finally, subsidiary results demonstrate the efficiency of the intra-day FX market with respect to these announcements and map the pattern of volatility these releases cause. 2 Andersen, Arrogant Torben Tim Bollerslev (1997b), Heterogeneous Information Arrivals and Return Volatility Dynamics: Uncovering the Long-Run in High Frequency Returns, Journal of Finance, vol. 52, no. 3 (July), pp. 975-1005; revised version of NBER Working Paper, no. 5752 (September 1996)- Recent empirical evidence suggests that the long-run dependence in financial market volatility is best characterized by a slowly mean-reverting fractionally integrated process. At the same time, much shorter-lived volatility dependencies are typically observed with high-frequency intradaily returns. This paper draws on the information arrival, or mixture-of-distributions hypothesis interpretation of the latent volatility process in rationalizing this behaviour. By interpreting the overall volatility as the manifestation of numerous heterogeneous information arrivals, sudden bursts of volatility typically will have both short-run and long-run components. Over intradaily frequencies, the short-run decay stands out most clearly, while the impact of the highly persistent processes will be dominant over longer horizons. These ideas are confirmed by the empirical analysis of a one-year time series of intradaily five-minute Deutschemark- U.S. Dollar returns. Whereas traditional time serie s based measures for the temporal dependencies in the absolute returns give rise to very conflicting results across different intradaily sampling frequencies, the corresponding semi parametric estimates for the order of fractional integration remain remarkably stable. Similarly, the autocorrelogram for the low-pass filtered absolute returns, obtained by annihilating periods in excess of one day, exhibit a striking hyperbolic rate of decay. 3 Baestaens, Dirk-Emma, Willem Max van den Bergh H. Vaudrey (1995), The Marginal Contribution of News to the DEM/USD Swap Rate, Proceedings of the First International Conference on High Frequency Data in Finance, 29-31 March, Olsen Associates, Zà ¼rich, vol. 3- This paper attempts to estimate the return on the DM/USD money market swap rate by both a linear regression and nonlinear neural network model. Since all variables strongly exhibited an hour of the (statistical) week effect both within- and out-of-sample, variables have been adjusted to remove this effect. The residual return pattern then is mainly driven by strongly negative autocorrelated lagged returns as well as by the impact effect of Reuters Money Market Headline news flashes. This effect has been measured by pairing standardised news sentences to successive return patterns in the train set and applying this information to predict the residual return out-of-sample. Some news flashes systematically generate positive (negative) residual returns. The set of 51,000 standardised news sentences established during the first six months accounted for most news flashes occurring during the second half of the dataset. News flashes therefore display a sufficiently systematic pattern to b e useful for prediction. The neural network model outperforms the regression model on the basis of the standard mean squared error again highlighting the fact that nonlinear modelling appears to be the most promising avenue to deal with this high-frequency dataset. TARGET AREA AND DATA SOURCE- A major European economy (with Germany under consideration- if data is taken in the pre-Euro period or U.K.- if data is taken in the post-Euro period). The reason for choosing an European Economy is the relative stability with respect to their foreign exchange markets as in comparison to the U.S or Latin American Economies. Data Source and Frequency- Yet to be determined based on availability and suitability of data. METHODOLOGY:- This study is aimed at testing the weak and semi-strong form efficiency of the forex market in the target economy. Weak-form efficiency is examined using unit-root tests while semi-strong form efficiency is tested using co-integration and Granger causality tests and finally using variance versions in the form decomposition analysis while testing for technical efficiency The traditional testing efficiency equations are reviewed and a model is developed that incorporates Bayesian revisions in the form of devaluation expectations. A number of propositions regarding the pattern of the coefficients in efficiency testing equations are established. The results are confirmed by empirical estimation of the model for the forex market. Another mode of estimation is investigation of the relative market efficiency in financial market data, using the approximate entropy method(ApEn) method for a qualification of randomness in time series. For that we can use data for multiple time periods of two nations to the test the relative market efficiencies during crisis periods. A major bone of contention is to model the return series while testing for efficiency base on the Efficient Market Hypothesis (EMH). Based on the returns data we can conduct either a macro-econometric study (when we take the countrys trade balance as returns data) or a micro level one when we conduct a study on a particular firm engaged in the forex business. This will be determined at later stages depending on the availability as well as suitability of data. Efficient Market Hypothesis Testing In this note we re-examine the foreign exchange market efficiency hypothesis, which is a hotly debated topic in the area of international finance. It is basically the theory of informationally efficient markets applied to the foreign exchange arena. The present literature is far from conclusive and inconsistencies abound. With the genesis of the concept of nonstationarity and cointegration came a new approach to testing market efficiency. A multitude of procedures are available, but the standard methodology has been to examine the forward market unbiasedness hypothesis, which tests whether forward rates are unbiased and efficient estimators of the future spot rate. Acceptance of this hypothesis implies that the spot and forward foreign exchange rates have a tendency to move together over time, i.e., they are cointegrated in the Engle-Granger (EG 1987) sense. The estimated model is St+k = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²-ft,k+ µt+k -1 Where, st+k is the natural log of the future spot exchange rate k periods ahead, ft,k is the natural log of the k period ahead forward foreign exchange rate. If st+k and ft,k are I(1), i.e., nonstationary and integrated of order 1, then the necessary (weak form) and sufficient (strong form) condition for unbiasedness/market efficiency is the existence of a vector (a, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²) such that the residual series  µt+k is stationary and (a,ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² ) = (0,1). Stationarity of the residuals from the estimation of equation (1) would indicate that the spot and forward rates are cointegrated. This is what we refer to as weak form efficiency. In addition to this, if the parameter restriction of (a,ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²)= (0,1) holds, then the forward rate can be called an unbiased and efficient predictor of the future spot rate, and we refer to this condition as strong form efficiency. EG propose a two-stage process in which we first estimate equation (1) by ordinary least squares (OLS) and then exam ine the stationarity of the residual vector  µt+k. The problem is that the nonstationarity of the variables under consideration precludes an examination of the parameter restriction (a,ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²) = (0,1). Phillips-Hansen (PH 1990) propose a fully modified (FM-OLS) method which corrects for both the long run endogeneity in the data and the asymptotic bias in the coefficient estimates, i.e., it can test for the parameter restrictions without imposing them. The weakness of this procedure is the assumption of no cointegration in the residual vector, a process which has low power against stable autoregressive alternatives with near unit roots. This is due to the fact that classical tests of unit roots in the residuals of the cointegrating regression (two variables will be cointegrated only if the residuals of the cointegrating regression are stationary) have a tendency to accept the null hypothesis of unit roots in the residual series (no cointegration) unless there is strong evidence against it. Thus, even if the root is close to unity (but not exactly equal to one), classical tests will still indicate the presence of unit roots in the residual series. CONCLUSION- Technical analysis is the most widely used trading strategy in the foreign exchange market. Traders stake large positions on their interpretations of patterns in the data. Economists have traditionally rejected the claims of Rational Expectations based on technical analysts because of the appealing logic of the Efficient Markets Hypothesis. More recently, however, the discovery of profitable technical trading rules and other evidence against efficient markets have led to a rethinking about the importance of institutional features that might justify extrapolative technical analysis such as private information, sequential trading, and central bank intervention, as well as the role of risk. The weight of the evidence now suggests that excess returns have been available to technical foreign exchange traders over long periods. Risk is hard to define and measure, however, and this difficulty has obscured the degree of inefficiency in the foreign exchange market. There is no guarantee, of course, that technical rules will continue to generate excess returns in the future; the excess returns may be bid away by market participants. Indeed, this may already be occurring. Continued research on high-frequency transactions data or experimental work on expectations formation may provide a better understanding of market behaviour. The Study will answer the question of whether the efficient market hypothesis is effectively applicable to the foreign exchange market.

Television and Media - Social Messages in a Coca-Cola TV...

Explicit and Implicit Social Messages in a Recent Coca-Cola Commercial Directed by feature-filmmaker Bryan Singer, Coca Cola’s most recent television ad in their â€Å"Real† campaign features Salma Hayeck in the supposed natural setting of a business meal at an upscale Hollywood restaurant[1]. While presenting many of the elements that Jib Fowles discusses in his essay â€Å"Advertising’s Fifteen Basic Appeals,† this Coke ad also portrays the duality of women in our society. The only unambiguous message of this commercial is the product it endorses: as product recognition is most important in advertising, Singer subtly creates the â€Å"Affiliation†[2] appeal. The fast-moving ad features unidentified people and†¦show more content†¦This 30-second event isolates the frantic pace of one meal, one day, or essentially any duration of time. Furthermore, the ad displays how others’ demands create our stressful schedules: Hayeck must hurriedly eat in the kitchen while her party waits for her. Her response to her time constraints is thus aggressive, as she eats a small meal and (more importantly) finishes an entire bottle of Coke (satisfying her â€Å"Craving†) in the duration of the ad. This conveys our societal standard of prioritizing our obligations to others over our attention to our needs, which any woman likely feels during the course of any day. Thus while this ad could superficially appeal to women, it reinf orces our society’s expectations of altruism and selflessness for women while encouraging them to make time to satisfy their â€Å"Craving[s].† The kitchen shots of this commercial illustrate the dual nature of the ad, as it presents both Fowles’ â€Å"Need for Autonomy† and negative aspects and stereotypes. Viewers may not question the plausibility of a woman eating in the kitchen of a classy restaurant, as this ad suggests that beautiful women can get whatever they want. 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Bill Gates Has a Positive Impact on Society - 945 Words

Without a society integrated with technology, communication and productivity would be hindered not only on a person level, but a global and commercial scale. Bill Gates, an American entrepreneur, found success from being the co-founder of Microsoft and designing and developing software for the Personal Computer (How to be a Billionaire). William Henry Gates III was born on October 28, 1955, in Seattle, Washington. He was the second child and only son of William Henry Gates Jr. and Mary Maxwell Gates. His father, being a Seattle attorney and his mother being a schoolteacher helped him achieve his brilliant state. In middle school, Gates developed an interest in computer science, a path which allowed him to explicate the smarts he obtained†¦show more content†¦The relationships behind the data are so extreme that it is expected that humans could not pick up on them. None of this would be possible without the advances of computer technology over the past few decades. 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Through entrepreneurs such as Richard Branson, Steve Jobs, Dr. Sangeeta Bhatia and Bill Gates, we can see the entrepreneurs success can be attributed to one of the key ideas that entrepreneurs should keep in mind when opportunity seeking. The Entrepreneurial Mind-Set Denoting the entrepreneurial mind-set is a key idea which is assigningRead MoreSucccessful Entrepreneurship: Self-Supporting953 Words   |  4 PagesIn today’s society, the key factor of entrepreneurship is to allow people to become self-supporting. Entrepreneurship is an employ approach that helps lead people to financial self-sufficiency, even for people with disabilities. Entrepreneurship supplies people with disabilities and their relatives with the prospective to consider and establish enterprises as the boss, rather than just being an employee. Many possibilities come from entrepreneurs and their concepts that they contribute to the world

The Death Penalty Of Capital Punishment - 1480 Words

America’s criminal justice system is based on equality, integrity, and fairness. All criminals are treated the same, given the same rights, and punished fairly based on their crimes. However, despite that, there are many controversial topics regarding the criminal justice system, such as the death penalty. Capital punishment has been used many times in history all around the world, and it was quite popular. Many people argue that capital punishment is useful in deterring crime and that it is only fair that criminals receive death as punishment for a heinous crime. On the contrary, others see the death penalty as a violation of the 8th amendment. It restricts excessive fines, and it also does not allow cruel and unusual punishment to be inflicted upon criminals. Although there have been many court cases discussing capital punishment, there is still much confusion regarding whether it violates the 8th amendment or not. Capital punishment is a very significant, and very controver sial topic that has been around for a long time; the death penalty is still being argued today, with persuasive arguments on both sides. Capital punishment has been around since the 5th century B.C., even existing in Ancient Rome’s laws. In the early days, the death penalty was used all around the world, in places such as Rome, Athens, Babylon, and Britain. Methods of execution included hanging, drowning, burning, beating, and beheading. Crueler methods included crucifixion, boiling, impalement, andShow MoreRelatedCapital Punishment : The Death Penalty1482 Words   |  6 PagesMrs. McElmoyl 12/12/14 Capital Punishment As stated by former governor of New York, Mario M. Cuomo, Always I have concluded the death penalty is wrong because it lowers us all; it is a surrender to the worst that is in us; it uses a power- the official power to kill by execution- that has never brought back a life, need inspired anything but hate. (Cuomo 1) This is one of the main arguments against capital punishment (also known as the death sentence.) Capital punishment is the ability for a governmentRead MoreCapital Punishment : The Death Penalty1410 Words   |  6 PagesCapital Punishment in America In 1976 the Supreme Court of the United States of America ruled the Death Penalty constitutionally permissible. The debate over capital punishment has always been a topic of great controversy. Before the Supreme Court ruling in 1976 America had been practicing capital punishment for centuries. At the current time some states enforce the death penalty, while some do not. There are differences of opinion’s relating to whether or not the death penalty is the proper wayRead MoreCapital Punishment And The Death Penalty1017 Words   |  5 PagesName: Lucas Falley Topic: Capital Punishment Background: Capital punishment, or the death penalty, has existed for thousands of years. For as long as there has been organized society, the death penalty has existed in numerous cultures and civilizations. Throughout the years the methods have changed, but the use of capital punishment is becoming a pressing matter. Amnesty International reports that there are 140 countries worldwide that have abolished the death penalty, while over 50 countries stillRead MoreThe Death Penalty And Capital Punishment931 Words   |  4 Pageswritten down (Robert). The death penalty was applied for a particularly wide range of crimes. The Romans also used death penalty for a wide range of offenses. Historically, the death sentence was often handled with torture, and executions, except that it was done in public. In this century, the death penalty, execution or capital punishment, whatever you’d like to refer it as, is the result for committing capital crimes or capital offences and it is not in public. The death penalty has been practiced byRead MoreCapital Punishment And The Death Penalty991 Words   |  4 PagesCapital Punishment Imagine your having a normal morning, eating breakfast doing your normal routine. Suddenly your phone rings and when you answer you hear the worst news possible. One of your family members has just been murdered in cold blood. You cry, mourn, then become angry. You attend the court hearing and you sit less than 20 feet away from the murderer. Do you truly believe this person deserves to live? Or should they face a punishment that is equal to their crime? Some may say CapitalRead MoreThe Death Penalty And Capital Punishment1569 Words   |  7 Pagesthe death penalty also referred to as capital punishment. The death penalty is both useless and harmful to not only criminals but also their potential victims. This paper uses these horrific facts to try and convince the reader that the death penalty should be done away with before it is too late, although that time may have already come. With supporting evidence to support my cause, I hope that the following information sways at least one reader to see the harm of keeping the death penalty an activeRead MoreCapital Punishment And The Death Penalty1235 Words   |  5 PagesWhat is capital punishment? Why do people support it, but yet people cherish lives? Is it a moral thing to do? Should one be for or against the Death Penalty? Let’s take a look deep into the world of justices and why capital punishment still exists in today’s society. Capital punishment or the death penalty is a feder al punishment given to criminals who are convicted of murders. It is the highest law punishment available that can prevent future murders by developing fear within them. Capital punishmentRead MoreThe Death Penalty Is A Capital Punishment1271 Words   |  6 Pages What is the death penalty? The death penalty is a capital punishment that is punishable by death or execution. This is usually given to people that have committed serious offences or capital crimes. There are 31 states in the United States that are for the death penalty. Crimes that are punishable by the death penalty, vary from state to state. Examples of such crimes are; first degree murder or premeditated murder, murder with special circumstances, such as: intended, multiple, and murder whichRead MoreCapital Punishment And The Death Penalty1539 Words   |  7 PagesCapital punishment, otherwise known as the death penalty, has been the center of debate for a long time. Capital punishment may be defined as the â€Å" [e]xecution of an offender sentenced to death after conviction by a court of law of a criminal offense† (Capital Punishment). Up until 1846, when Michigan became the first to abolish the death sentence, all states allowed legal practice of capital punishment by the government (States). Currently, there 32 states still supporting the death penalty and 18Read MoreCapital Punishment : The Death Penalty965 Words   |  4 Pagesof Encyclopà ¦dia Britannica Online (2016), capital punishment, generally known as death penalty, is the ‘execution of an offender sentenced to death after conviction by a court of law of a criminal offense . In short, it is a legally sanctioned and administered punishment for capital criminals by forfeiture of life. To this date, bounded by four influential international protocols that proclaim the abolition and forbid the reintroduction of death penalty, more than half of the nations in the world

English 100 is a course that is basically designed to assist the students Free Essays

English 100 is a very important course as far as our college education is concerned. It is the basic foundation for our higher education. It equips us with skills which help us to cope with the challenges which we are bound to encounter as we pursue our college education. We will write a custom essay sample on English 100 is a course that is basically designed to assist the students or any similar topic only for you Order Now English 100 is a course that is basically designed to assist the students to develop critical writing and reading skills. It is a build up for what we learned in the high school only this time we are required to adapt to a college way of thinking. To be a successful student in this crucial course one must do things in the right way. In this paper I will take you through what you should do so that at the end of it all you can come out shining. It is based on my own experience as an English 100 student and also tips taken from the various     experts of this area. One of the biggest asset you have as a student is time, how you mange it will determine your destiny as a student as it will greatly influence your performance in this course and your studies in general. It is very important that you take control of your time as a student in this course. You should make a plan on how you are going to utilize your time as far as this course is concerned. You should prioritize the most urgent and important activities giving them ample time so that you can produce quality work which will earn you good grades. You will be given many assignments which will require your input, if you plan your time well late submission of papers will not affect you. Late submission is highly penalized and it is something you can easily avoid through managing your time properly. You should make a time table early enough allocating areas which you feel you are weak more time than the other to get enough time to tackle them. It is also important to allocate some time for interaction with your fellow students so that you can learn from them also. (Lannon, J 11 2006) Class attendance allows the student to have an interactive session with the instructors and the other students. You should make a point of attending the classes regularly to ensure you gain maximally .If by any chance miss any lesson make sure you ask what was covered and go through it before the next session. Through this you ensure that you at no any time   Ã‚  you lag behind in your studies. While in class you should participate actively without fear of making mistakes. It is only through making these mistakes that you will learn to be confident. We all learn from the mistakes we make now and then, just bear in mind nobody is perfect. If your fellow colleagues we perfect surely you would not be seated in the same class with them learning this course, they would be somewhere else. It is also very important that you learn to respect other people opinions; at no time should you laugh at other people mistakes as this can affect your studies negatively. This is a very interactive course where you will learn greatly from the other, that is why you should at all cost try to maintain good relations with your fellow students and also with the instructors. (Lannon, J 18 2006) Instructors are there for us and we should make every effort to utilize them to our advantage. Any difficulties that you may be experiencing should be discussed with your instructor. Always book an appointment with your instructor to avoid disappointment since there are other students who require the same kind of help from them. Group work has helped me a lot in polishing my writing skills as I have been able to get some vital tips from my fellow students. It is also in group work where your work can be read by the other student and get their opinion about it. On the other hand you will have a chance to go through their piece of work and offer advice where necessary.   Always give an honest opinion about your colleagues work but at the same time bearing in mind not to hurt their feelings as this may come to haunt you later. Note taking is an essential part of this course; it is advisable that you develop an accurate method of taking notes which can be referred to later when revising. Aim at noting all the important points you come across either in the cause of group discussion or class lectures. (Lannon, J 39 2006) How to cite English 100 is a course that is basically designed to assist the students, Papers

Regulatory and Occupational Affairs

Question: Discuss about theRegulatory and Occupational Affairs. Answer: Introduction The paper concerns NUTUB Ltd a bathtub refinishing business. The Health and Safety Authority (HSA) has inspected John McGill and was given a Prohibition Notice due of the use of methylene chloride as a stripping agent on his premises and in the domestic environment. John needs to respond to the notice with a reasonable OSH management system for which I have to assist as an instructor. Conditions of the Prohibition Notice John has received prohibition notice for his business activities. In order to respond to the notice it is essential for John to understand the conditions of prohibition notice and to know why he had not received an improvement notice. I would instruct John that HSA issues prohibition notice only when it believes that a business activity has a potential of creating serious personal injury (Podgrski 2015). As per HSA the activity cannot be resumed until an action to remove the risk factor has been taken. In this case, use of methylene chloride by John as a stripping agent on his premises and in the domestic environment has been the cause of the prohibition notice. Further, I would explain that methylene chloride used as solvent in pain strippers includes various health risks for the workers and it is considered as carcinogen by OSHA (Occupational Safety and Health Administration 2017). The concentrated fumes of methylene chloride pose health risk for consumers and the workers particularly heart attack or asphyxiation, headache, and chemical burn. John uses this chemical in his premise as well as in the domestic setting. The common means of exposure to this chemical is through inhalation and skin exposure. The Environment Protection Agency prohibits the use of this chemical for coating removal purpose (Zwetsloot 2014. The use of this chemical is more risky when used in the domestic environment then in factory. It is risky because of small bathrooms in home that have no or little ventilation. Since the vapours of the methylene chloride evaporate very quickly at the bottom of bath tub, the worker may have high risk due to quick replacement of the breathable air (Schreder et al., 2016). I would explain John that improvement notice is given only when a business activity violates the Health and Safety Law in a serious manner or poses a high risk to people. So far the authority has not considered that the use of the chemical has violated the law or has caused serious health risk to the workers. Chemical HazardsRisk Assessment for methylene Chloride The risk assessment for methylene chloride in the factory setting has been carried out but could not be conducted for domestic setting as it was not admissible. Identification of hazards- Respiratory problems of the workers due to poor air monitoring, poor local exhaust ventilation Spillage of the concentrated methylene chloride Biological risks include heart attack, severe skin burns due to failure of personal protective equipment Accidents due to high level of exposure to the methylene chlorideC The likelihood of the hazard can of four types- Likely- hazard is likely to occur sometime Very likely- hazard is very likely to occur any time Unlikely- the hazard may happen very rarely Very unlikely- hazard may probably never happenC Factors of risk Likelihood Poor Air monitoring and accidents Very Likely Poor Local exhaust ventilation and accidents Unlikely Failure of Personal protective equipment provide to the workers Very Unlikely High level of exposure to methylene chloride vapours likely Spillage of the concentrated methylene chloride unlikely Safe Working Procedure for Work Carried Out using Methylene Chloride John needs to respond to the prohibition notice with safe working procedure to avoid prosecution. The instructions for John for this section are discussed in subsequent section. The safe working procedure for the factory environment is modified after the prohibition notice after the inspection and it includes the following - Engineering Controls (Hancock 2015)- Design and installation of the local exhaust ventilation using qualified OSH specialist- It can effectively control the vapours of methylene control to below applicable PELs (permissible exposure limits). This ventilation will provide fresh makeup air to exhaust the vapours released from the stripping agent used for refinishing the bathtubs Ensure that the fresh make up air is free of methylene contaminated vapours. Work Place Controls- Minimise the spraying of methylene chloride Use of brushers, scarpers and any other long-handled tools to avoid leaning into the bathtub The workplace will be left immediately after the application of chemical. It will limit the exposure to the harmful vapours (Hancock 2015) Workers will be supplied with personal protective equipment or PPE, protective gloves, and respirators, during the process of bathtub refinishing. These equipments are resistant to the vapours or fumes of methylene chloride (Podgrski 2015). In the operations that does not require respiratory protection the company ensures eye protection and provides face shield or googles Air Monitoring- The company monitors the air in the workplace according to the OSHA standards of methylene chloride (Hall 2017). John is instructed to perform this act more stringently in the future and mention the same in his response with the corresponding reports. Training of Workers- Training will be provided to the employers on the use of personal protective equipment, routes of exposure of chemical. Trainers will be made aware of physical hazards of methylene and how to detect its leakage and presence. The workers will be informed about the operations that will lead to exposure to methylene chloride and how they can protect themselves. Training is provided to ensure that the those members who are exposed to methylene chloride above the OSHA standards that is 12.5 ppm or 125 ppm have good understanding of the health and safety principle (Zwetsloot 2014). The safe working procedure for the domestic environment is modified after the prohibition notice after the inspection and it includes the following - Workplace controls- Workers are instructed to work in domestic setting only if the bathroom is spacious with proper ventilation. Training of workers- to perform effectively as the domestic environment is risky because of small bathrooms. Trainers instruct the use of flexible ductwork, fan or a hood near th tub to exhaust the vapours towards outdoors. For working in domestic setting workers are trained to maintain housekeeping measures involving spill and leak control. They are instructed to be aware of the skin washing areas prior to start of the work. Other instructions and use of PPE are same as that in the factory setting. Regulatory Health Surveillance Issues Specific to the use of Methylene Chloride John is not aware of the health issues specific to the use of methylene chloride. As an instructor I had advised him about the regulatory health surveillance issues (Schreder et al. 2016). It includes- Carry out health risk assessment appropriate with the health surveillance regulations. These include biological monitoring, enquiries, inspections or examination such as lung function test by a suitably qualified person. The records of health issues identified and any adverse effects should be maintained and retained for at least for 40 years The records of pre-employment health screening, primary and secondary monitoring should be maintained Records of injuries resulted from non-occupational and occupational accidents, history of sickness absence Confidentiality of the health records will be maintained all the time Duties under REACH According to the guidelines of REACH John is a downstream user. Downstream user refers to companies that buy chemicals in the EU and use them in their business activities. As per the rules set by REACH the role of the John is to advance the safe use of chemicals in this case methylene chloride. John must implement the safe use of the chemical both in factory and in domestic setting. John is required to communicate necessary information to the customers (Health and Safety Authority 2017). Therefore, JOHN has duties under REACH. I would inform John about his duties under REACH (Health and Safety Authority. 2017) which are- Inform the supplier regarding the use of methylene chloride and ask the supplier to include the use in the registration dossier Ensure the safe use of methylene chloride by implementing the measures which the supplier has specified If the actual conditions of use and that provided by the supplier do not match than John must immediately contact the supplier Restrictions related to the use of the chemical must be complied If using a chemical that is under the Authorisation list then John must communicate with the supplier. John may apply for an authorisation for the use of chemical All the information on hazards should be obtained by John from the formulators including the conditions of safe use Hazardous Waste Management Requirements The instructions on the hazardous waste management requirement (Chartier 2014) are Liquid waste can be disposed by deep well injection as it does not require pre-treatment of waste Complete removal of waste material from the factory site and transport to another distant location for treatment Construction of secure landfill near the site and replace the waste completely Use of trenches made of bentonite clay backfilled with cement for full containment of waste Chemicals should not be disposed in trash or down drains without written authorization from the Chemical Safety Office Process the chemical waste through Chemical Inventory Database Proper labelling of hazardous waste container Conclusion As an instructor of John all the information necessary to respond to the prohibition notice has been provided. Ensuring correct implementation of OSHA standards, ECHA, REACH and HSA guidelines will save John from prosecution. References Chartier, Y. ed., 2014.Safe management of wastes from health-care activities. World Health Organization. Covello, V.T. and Merkhoher, M.W., 2013.Risk assessment methods: approaches for assessing health and environmental risks. Springer Science Business Media. Hall, R. 2017. Dangers of Bathtub Refinishing. [online] blogs.cdc.gov. Available at: https://blogs.cdc.gov/niosh-science-blog/2013/02/04/bathtub-refinishing/ [Accessed 17 Feb. 2017]. Hancock, P., 2015. Health and safety-an essential element of ethical practice.AusIMM Bulletin, (Apr 2015), p.38. Health and Safety Authority 2017. [online] https://www.hsa.ie. Available at: https://www.hsa.ie/eng/Chemicals/REACH/ [Accessed 17 Feb. 2017]. Healthy and Safety Authority 2017. [online] www.hsa.ie/. Available at: https://www.hsa.ie/eng/Your_Industry/Chemicals/Legislation_Enforcement/REACH/Downstream_users/ [Accessed 17 Feb. 2017]. Occupational Safety and Health Administration 2017. [online] www.osha.gov. Available at: https://www.osha.gov/dts/hazardalerts/methylene_chloride_hazard_alert.html [Accessed 17 Feb. 2017]. Podgrski, D., 2015. Measuring operational performance of OSH management systemA demonstration of AHP-based selection of leading key performance indicators.Safety Science,73, pp.146-166. Schreder, E.D., Uding, N. and La Guardia, M.J., 2016. Inhalation a significant exposure route for chlorinated organophosphate flame retardants.Chemosphere,150, pp.499-504. Zwetsloot, G.I.J.M., 2014. What are occupational safety and health management systems and why do companies implement them?.

Frankenstein Fate vs Free Will free essay sample

Frankenstein Oh how has Hollywood changed the story and lost the meanings of Frankenstein, for the themes have been missed by many people that have only seen the movies and not have read the book. One such theme Mary Shelly gives the reader is the power of Fate versus Free Will. Victor is found by Robert Walton in the artic while Victor is trying to capture a monster that he has created. Victor flashes back to his past and tells Robert how he created the monster and how the monster killed off his family. He warns Robert about many things by telling him how he reacted and why he reacted that way. Throughout the entire book, the main character Victor Frankenstein, says that it was his fate to create the monster and to let it rampage around the country. Every character resigns to the power of fate stating that it was up to the power of the heavens expect for the monster. We will write a custom essay sample on Frankenstein Fate vs Free Will or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The monster says that Fate does not exist but he can create his own future. Shelly uses the Victor, Justine, and the monster in Frankenstein to show the reader about Fate versus Free Will. In the very beginning of the book, Victor believes that it was his fate to become what he was. â€Å"I thank you,† he replied,† for your sympathy, but it is useless; my fate is nearly fulfilled. I wait but for one event, and then I shall repose in peace.† (letter 4.13) In this quote, Robert Walton is the point of view the reader is seeing from and he has recently picked up Victor from the artic. Victor was sickened by his chase for the monster and he wants to give his life story to Robert. In this quote, Victor says that whatever he does, this one even will happen, he has no control if it the event. He believes that his fate cannot be changed and he has to go with it until the very end. This submissiveness to Fate seems to indicate that he believes that it was not his fault for creating the monster and it killed off his family. The heavens control all and I have no way to stop anything they want to do is what Victor is saying. Another character that thinks like Victor was Justine. Justine has just been accused of the murder of William and has confessed to saying so. â€Å"Justine shook her head mournfully. â€Å"I do not fear to die,† she said; â€Å"that pang is past. God raises my weakness and gives me courage to endure the worst. I leave a sad and bitter world; and if you remember me and think of me as one unjustly condemned, I am resigned to the fate awaiting me. Learn from me; dear lade, to submit in patience to the will of heaven!† (Chapter 8.59) Justine talks about she is resigning to fate and submitting to the will of heaven, meaning that she thinks that she cannot do anything to change that. She will die just because the heaven wills it; life is worth more than just a whim. The will of heaven is not a thing that people can sense or measure, but just something people make up just to compensate for their feeling of hopelessness. The monster compares to the humans has a different view of Fate. He shares his view when he first meets his creator after his first victim. â€Å"Yet mine shall not be the submission of abject slavery. I will revenge my injuries; if I cannot inspire love, I will cause fear, and chiefly towards you my arch-enemy, because my creator, do I swear inextinguishable hatred. Have a care; I will work at your destruction, nor finish until I desolate your hear, so that you shall curse the hour of y our birth.† (Chapter 17.109) The monster says that his is not a slave to anything but to himself; he haves the power of free will. He does not care that fate does exist and â€Å"will† do what he wants to do to get his revenge. The power of fate has no hold of him and he does not blame the heavens for the problems he has received. Fate verses free will played a major part in Frankenstein, such a large role that every character was involved. Most of the characters such as Victor and Justine believed that the heavens had control of what they did and they could not have done anything to stop it. The monster, unlike Victor and Justine, believed in the power of free will and a person could do anything without the interference of the heavens. Both Victor and Justine blamed the heavens for their misfortunes instead of blaming themselves. The monster blamed himself to be an ugly beast and that resulted in blaming his creator for making him that way. He used his own actions to create his own future by ruining the future of his creator. The power of Fate is something that can or cannot exist but free will is something that each person has and can use the power of it to change the future.

Catch 22 free essay sample

Yossarian asks Orr if there is a possibility he can stay on the ground. People who are considered crazy are those who become grounded. Here, Orr could only become grounded if he sent a request to fulfill that duty. Turns out Orr did not make the request because he is crazy. All at the same time, remaining in these air-based combat missions. If he were asked to remain on the land, he would actually be normal — not insane. Because of the code that exists in the 256th Bombardment Squadron is really a â€Å"catch-22†, it represents that there is no way out of war because they must listen to their authority figures to tell them what to do. This behavioral theme in Catch-22 covers most of what a â€Å"catch-22† can be interpreted as. Another example of distortion used in Catch-22 can be seen throughout the instances among Yossarian and Luciana. Luciana is a women that Yossarian has multiple sexual affairs with. We will write a custom essay sample on Catch 22 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In Chapter 16, Luciana gave Yossarian her address and almost as soon as she had left, he tore the piece of paper into little pieces. Her address was forever lost. He feels a deep compassion for Luciana that he has never felt with any other women. He asks her to marry him and she rejects because she is unspoiled, or not a virgin. Yossarian gets to the point where he needs Luciana by his side. And his lust for affairs turns into a need for a relationship. In that moment he tore that piece of paper that contained her address, Yossarian had lost Luciana. In this world full of war and controversy, relationships of commitment, some of the most normal qualities of human beings, are not possible. The whole entire purpose of a â€Å"catch-22† is to create this paradoxical situation that no body can escape. It is altered by many different ways and perceptions, seen through distortion. The distortion used in Catch-22 is what brings this violent yet humorous book into ironic situations of hypocrisy. Whether distortion is created through justice, a personal problem or represented through greed, the original idiomatic of a â€Å"catch-22† will always reflect the distortion used through Heller’s work. Works Cited: Heller, Joseph. Catch-22. New York: Simon and Schuster, 1961. Definition of Distortion.