Book Review Essay Example | Topics and Well Written Essays - 750 words - 6

Book Review - Essay Example One such example is of Texas which is under the territory of United States of America. It is analyzed that around 3.8 million people living in Texas were below the poverty line specified by the government in 2006. And if the previous records are analyzed it can be said that the rate of poverty is going to increase further in the recent years. The book that this essay would analyze is Poverty and Discrimination by Kevin Lang an economist. Poverty and discrimination are two broad topics which are usually not portrayed correct and are not supported enough by the evidence given. However in the book Poverty and Discrimination by Kevin Lang he explains using the broad points on both poverty and discrimination. The books gives many researches and analysis which help the readers to understand what the topics of discrimination and poverty are to this world. He further examines the level of poverty prevailing in this world with the help of his methods and tells how these two subjects are being handled by different governments of this world. Poverty in this world is created by several reasons and in this book Kevin Lang puts out several of these reasons which cause poverty. The determinants of poverty particularly in the United States are emphasized with reference to the discrimination taking place in the States. He particularly points out discrimination amongst black taking place in the United States of America and how it cau ses poverty amongst the different races. He also provides an overview about labor market and how the labor market discriminates between these different races. Here he particularly points out at the education level that the black receive and the level which the whites receive. The vast difference in both these classes causes discrimination to occur. The book gives out policies which have been implemented all over the world regarding poverty and discrimination. And he further analyzes these policies in regard to

Capital Asset Pricing Model (CAPM) Vs. Arbitrage Pricing Theory (APT) Essay

Capital Asset Pricing Model (CAPM) Vs. Arbitrage Pricing Theory (APT) - Essay Example The model derived rate of return will then be used to price the asset correctly - the asset price should equal the expected end of period price discounted at the rate implied by model. If the price diverges, arbitrage should bring it back into line. The theory was initiated by the economist Stephen Ross in 1976.(Ross,1976) If APT holds, then a risky asset can be described as satisfying the following relation: Some commonly accepted factors are Business Cycle, Time Horizon, Confidence, Inflation, Market Timing, oil prices, term structure of interest rates, industrial production, default premiums etc. It has been shown that the empirical specification of the APT need not be unique.( Otuteye,1991) In other words, no one set of economic factors constitutes "the factors" of the APT. Any set of factors that fulfills the requirements of the returns generating process and the resulting linear relationship between expected returns and factor sensitivities will be an equally valid set of APT factors. However, there is a gradual consensus towards the use of some common factors. (Brown, Weinstein, 1983) The CAPM does not appear to adequately explain the variation in stock returns. Empirical studies show that low beta stocks may offer higher returns than the model would predict. Some data to this effect was presented as early as a 1969 conference in Buffalo, New York in a paper by Fischer Black, Michael Jensen, and Myron Scholes(Black et.al,1972). Either that fact is itself rational (which saves the efficient markets hypothesis(EMH) but makes CAPM wrong), or it is irrational (which saves CAPM, but makes EMH wrong - indeed, this possibility makes volatility arbitrage a strategy for reliably beating the market). The CAPM assumes that investors demand higher returns in exchange for higher risk. It does not allow for investors who will accept lower returns for higher risk. The model also assumes that all investors agree about the risk and expected return of all assets(Homogeneous expectations assumption). The model assumes unrealistically that asset returns are lognormally distributed, random variables. As a result, large swings (3 to 6 standard deviations from the mean) occur in the market more frequently than the normal distribution assumption would expect. These swings can greatly impact an asset's

Les Miserables Essay Example for Free

Les Miserables Essay In Websters Dictionary the word Justice is defined by the words fairness and rightfulness. Around the world, the figure of Justice is portrayed as blind from all information but objective facts. In the novel Les Miserables written by Victor Hugo, the figure of Justice is meant to be completely blind, but it does not stay totally blind. Jean ValJean, the main character of the novel had been a prisoner for 19 years. When he was released from prison he was given a yellow ticket that identified him as a criminal. This made ValJean unable to live a normal life again. Today, due to the media and the abundance of information that is available for everyone on the internet these days, this system of Justice is not always executed properly. These two instances of the yellow ticket in Les Miserables and the media today resulted in no blind Justice for those who are affected. The system of Justice is supposed to be considered blind. This means that when a trial comes to court, no one knows any outside information on the trial before it begins. This includes all of the Jury and the Judge. The goal of blind Justice is to present a fair trial and eliminate bias. Part of the Jury selection process is to make sure that no one has any prior knowledge on the trial that they are being selected. When there is a trial that is totally blind, the trial is more likely to go smoothly because all of the facts would Just have been known from information presented in the court. There is no outside information that someone considers important which could cause chaos and confusion. Unfortunately in some cases it is difficult to keep a case blind. In todays society there are certain cases that are very tough to keep blind. These cases usually contain popular celebrities that the media is attached to. Whenever a celebrity gets in lots of trouble with the law, it is all over television, newspapers and the internet. The world knows everything that happened in the incident and what will happen to the celebrity. This results in the trial not being blind at all. A recent example ofa trial not being blind is the case of the former Buffalo Bills running back 0. 1. Simpson. Simpson tried to retain some of his old emorabilia from some old friends, but did it very aggressively with a weapon and was charged with numerous accounts of armed robbery and kidnapping. Before this, Simpson was well known for his success on the football field but also his prior trial for murdering his wife. Simpson was found not guilty in this popular trial but many people believe he was guilty. This recent trial was followed very intently by the media. Reporters were everywhere Simpson went and every development in the trial was in the news almost instantly. Before the trial started the Judge and Jury had lready known all about Simpson and his successes and mishaps. As a result the trial was very biased against Simpson. Simpson was found guilty and sentenced to at least 9 years in prison and a maximum of 33 years. This anti-blind Justice pretty much goes for any celebrity that gets in trouble with the law. In Les Miserables Justice is not completely blind for Jean Val]ean. The Justice is not completely blind because Jean ValJean is not a criminal but he was a result of a slightly corrupt Justice system during that time period in France. The Justice system as not intended to be blind. Jean ValJeans open Justice was not in court, it was present a yellow passport, showing that he is an ex-convict. This causes people to instantly look down on ValJean and treat him worse than a normal person. Since he is an ex-convict, anytime he does something he is quick to be arrested, because of his past. When he stays with the Bishop of Digne and steals some silverware he is quickly arrested. Luckily the Bishop was very gracious and let Jean ValJean go by teaching him some lessons. ValJean does continue to face adversity because of his ast. He is later wanted back in prison because he is thought to be disguising himself, to hide his ex-convict identity. Blind Justice was clearly not evident in the life of Jean ValJean. Clearly, Justice is sometimes completely blind, but it is very difficult to keep ones case completely blind. In the cases of 0. 1. Simpson and Jean ValJean blind Justice was not present and they both suffered from it. The Justice system suffers directly from the world around it and as time goes on it becomes ever harder to keep information private.

Strategic Analysis of Walmarts Advantages in its Environment

Strategic Analysis of Walmarts Advantages in its Environment Strategic Analysis is to analyse Walmart macro-environmental and micro-environmental. The analysis methods use such as PESTLE Analysis, Porters 5 Forces Analysis, SWOT Analysis and Competitive Advantage to analyse the corporate business environment. PESTLE Analysis PESTLE is the structure to investigate the volatile business environments in which Walmart operates by discovering the forces that effecting the corporate operation. Political and Legislations Environment As Walmart operates in the global scale; the performances of the corporate are influenced by the political and statutory law of the country invested. For instance, the employment statutory laws of a country are to ensure investors provide varieties of jobs to its population at large from flexible, locally based low paid jobs to centrally located high pay jobs (Balchin, 1994). Besides that, the go global strategies has its impacts on the local retails market when a giant company such as Walmart penetrate into the country it causes local retails shutting down due to incompetent to compete in term of its predatory pricing policy (Basker, 2007). The author indictment that Walmart paying low salary to its employees; to protect its competitiveness in its retails market but it leading to high turnover rate of its employees. Economical Environment For the past four years, the world facing global economic crisis which leading to high unemployment, increases of fuel prices, and losing consumer confidence  [1]  . However, the crises assist Walmart to sustain its retail businesses even though the fuel price escalating above US$ 100/barrel because consumers becoming price conscious on seeking products value for money. The strategic uses by Walmart Canada: 1. sharing the truckloads with the suppliers to ensure all fully loaded, 2. switching manual stocking shelves to automatic tilted shelves which will deliver next item to the front, and 3. lowering the lighting and increasing the roof insulation, (The Star, 2008), as to reduce its operating costs. Socio-Cultural Environment As Walmart go globalise, the corporate has to adapt the changes of social and cultural differences because it can easily affect employees morale in workplace and consumer experiences. Based WPP (2008), Americanisation is not easy to establish in foreign countries because of the heterogeneity of perception, language, cultural and needs especially in European, Asia-Pacific and Africa (Sorrell, 2008). Environment and technological Environment Environmental and technological plays a significant part in the Walmart products/services developments because it improves customer satisfaction and perception in their shopping experience and observation. Besides that Walmart is one of the fastest retailer to adopt latest technology in their business operation. For example: radio frequency identification technology (RFIT) which reduces its out-of-stock goods with this technology (Wilbert, 2006) and using thin film solar technology to boost its renewable energy uses which could produce up to 22.5 million kilowatts hours of clean energy annually (Walmart Stores Web Site, 2010). Besides that, Walmart adopt eco-friendly products such recycle bottle, shirt made of transitional cotton and sustainable coffees (Walmart, 2008). Porters 5 Forces Analysis In order for Walmart to find an effective source competitive advantage; the Porters five forces analysis is uses to analyse its market environment to sustain and develop its customer foundation and ensure a profit (Collins, 2010). Threat of substitute goods and services Threat of substitution in supermarket/grocery store is lower on foodstuffs but moderate to high on non-foodstuffs. In food retailing industry the main concern is the convenience store and the greengrocers which easily substituted by the consumers. However, it does not position a direct threat to Walmart because their market size relatively smaller and compare to Walmart they are no match in term of the corporate cost leadership generic strategy and its predatory pricing of everyday low price which make difficult for a small retail chain to compete (Hayden et al., 2002). Nonetheless, Walmart is always looking for economical substitutes on the market and to retain its loyal customers. Threat of entry of new competitors In supermarket/grocery stores threat of entry is minimise as it required a lump sum amount of money to build up brand name and competitiveness. However, the renowned leading food retailers have already secured its brand name globally such as Tesco, Carrefour, Aeon, etc  [2]  . Besides that, in order Walmart to set up a new supermarket it required extensive time and resources before the proposal authorised by the government. In addition, government protectionism  [3]  on local goods, suppliers and retails industry might create unforeseeable threat of entry into new market. Intensity of competitive rivalry Rivalry in supermarket/grocery stores is commonly high due to direct competition against local supermarket, multinational supermarket such as Tesco, Carrefour, Aeon, etc. These retailers will compete against pricing, products, promotions and expansion of its stores occasionally (Duff, 2010). During post global recession 2010, Walmart profit boost 3.6 percent during second quarter from its cost cutting and strong global market growth in China, Brazil and Mexico (DInnocenzio, 2010). In additional, the reason Walmart growth is due its emphasis on foodstuffs which helps the corporate survive during recession period compare to others retailers which more emphasis on non-foodstuffs products suffer loses (Gregory, 2009). Bargaining power of buyers The buyer power is moderately high because goods especially the foodstuff in the retails can be easily substituted with other brand name since the switching cost is relatively lower. Besides that, most customers are price conscious which easily draw away by low prices since price can be easily compared and determined before purchase is done (Gregory, 2009). Bargaining power of suppliers The suppliers power is quite low because suppliers are always concern of losing its contract with giant retailers such as Walmart. Besides that, Walmart easily obtain lowest goods price from the suppliers since Walmart is the leader in retail industry (Chandran, 2003). SWOT Analysis SWOT analysis illustrates Walmart corporate strengths, weaknesses, opportunities and threats Strengths Competent supplier chain management practices. To ensure Walmart products price remain competitive; Walmart carry out few techniques to lower its products costs as shown below. Obtaining goods directly from the producers; to reduce intermediaries costs. Owning private transportation system; to reduce transportation costs. Practicing cross docking technique where goods obtained from producers delivered directly to customers and by this the corporate could reduce the handling, operating and storage costs. Providing the latest IT and communications systems; to ensure effectiveness of tracking sales and stocks besides that it helps the corporate to reduce unproductive stocks. (Chandran, 2003) Predatory Pricing. Walmart goals are to ensure all goods remain lower pricing. According to ICMR (2004) mentioned that Walmart goods is 20 percent lower compared to its competitors. Besides that, the corporate manage to boost its price-conscious customers loyalty based its pricing strategy Weaknesses Unable to adapt to different countries. Walmart penetration into China and Germany is a failure as the corporate incapable to recognise the macro-environmental differences in those countries. Walmart China  [4]   Walmart is facing difficulty in market protectionism and its regionalism governmental across China. Besides that, the government is also eyeing and controlling foreign retailers movement- to ensure Chinese goods are being sold in the market, and cause Walmart unable to monopolise its supply chain and business prospect leading to higher operating costs (Huffman, 2003). Walmart Germany  [5]  6 Walmart failed to comprehend with the local culture as the CEO (Rob Tiarks) ignore to learn German language and make English as official language in the management level (Knorr Arndt, 2003); Its action has offended their Germans employees which shows that the corporate are lacking of management skills and intercultural competence in foreign countries. High law suits against the company. According to Knorr Arndt (2003) remarks said that Walmart Germany has against the Germany laws and regulations by disclosing financial information, predatory pricing by selling below its cost price and failed to show shareholders its business activities. It is a serious matter where Walmart ignoring the key principles of its globalisational strategies. Opportunities Unemployment could be reduced as Walmart expanding its market. It will help to reduce unemployment rate and provides over 22,000 jobs locally and internationally (Walmart, 2009). Increase in consumer purchasing. Walmart as Everyday Low Price retailer could attract lower and middle income families for its cheaper goods price especially in developing countries in Asia, Latin America, Eastern Europe, and Africa. Threats Walmart facing bad publicity of their stagnant salary which never increases even though the corporate is earn profit. Based on UFCW statements saying that the salary paid unable to sustain a family, and besides that the organisation challenge Walmart of their worker rights, equal opportunities and corporate responsibility (UFCW Web Site, 2009) The competitors threats facing by Walmart is Kmart, Target, Home Depot, Kroger, Aeon, etc. Competitive Advantages Based ICMR (2003)  [7]  , Walmart has the most outstanding supply chain management with the use of the latest IT and communications system; e.g. barcode and RFIT to track sales and stocks inventories. Secondly, Walmart enjoy the benefits of low transportation costs as the corporate own the transportation system; to reduce costs. Thirdly, Walmart benefits from its bargaining power in buying large quantity of goods; to ensure the price remain competitiveness where the corporate can provide higher discounts to its customers. Lastly, the uses of the cross-docking system which is focus on the demand chain where goods only deliver upon customer request e.g. Walmart E-tailing (Chandran, 2003). [Words Count: 1486/1500]

Long Swings In The Exchange Rate And The Excess Returns Puzzle: The Ro :: essays research papers

Long Swings in the Exchange Rate and the Excess Returns Puzzle: The Role of Imperfect Knowledge The paper is a clear breath of "dirty" air in the sterile world of perfect foresight. The authors offer a well worked out model of how agents persistently bid the exchange rate away from the expected long-run equilibrium rate. It seems intuitively comfortable to see the mathematical justification for the unexplained excess returns to be a function of the distance from the bench-mark (PPP). The uncertainty of a switch occurring in a regime (the Peso Problem) is an interest-ing form within which to embed the imperfect information. It is a format that seems ready to ex-pand into many other areas of economic modeling in which expectations are at the core of the model's dynamics. Of course, the choice of the benchmark is key to the mechanics of the process. In this case, PPP is an obvious choice†¦ but, since the idea of PPP drives this model so strongly, it is interesting to look at its place and its characteristics. In the paper, the authors note that if PPP holds, "relative excess demand for domestic and foreign goods is zero." The obvious suggestion, based on the model, is that the flow of goods and services is the foundation for the equilibrating dynamic. Behind the flow of goods and services is the gap between the gap between, domestic and foreign short-term rates, and the steady state long-run interest rate gap that sets goods flows to zero. The assumption is that the prices of the domestic and foreign goods in their respective for- eign currencies are "incorrect" based on the fundamentals of the respective countries and that agents know this (and know that the exchange rate path is unstable) but cannot be sure of the de-gree of "incorrectness" or the persistence of the di vergence. Embedded into this model are as-sumptions about PPP that provide comfort about this benchmark's ability to give the "correct" relative prices. It is possible that these assumptions, to some degree, mask the complexity of the situation with respect to PPP's ability to proxy relative prices. At the theoretical level, PPP should simply offer equal purchasing power for equal commodity bundles through the exchange rate. Unfortunately, the problem of explaining stylized facts requires some matching with reality. Set- tling for getting the signs right mitigates much of the angst, but, as has been

Business Report Essay -- GCSE Business Marketing Coursework

Business Report SOCIAL CUSTOMS Every country has it’s own social customs and gestures. Ireland has its share of social customs that differ from the United States, but for the most part the countries are relatively similar. Friendliness and hospitality have always been the hallmark of the Irish people. People in Ireland react to strangers very politely, as you would expect in most parts of the United States. The attitude toward foreigners in Ireland is reasonably friendly, and welcoming, as opposed to being hostile. In Ireland people greet each other much like they do in the United States. In a social setting, a handshake is appropriate when greeting another man, when greeting a woman a hug is appropriate. The manners in Ireland follow the United States almost exclusively. Entering or leaving a room in Ireland is much like entering or leaving a room in the United States. When entering and greeting a person, it is considered good manners to shake a man’s hand, or offer a woman a hug, but beyond that, when exiting a room, there is no bowing or nodding. Do not go overboard, the Irish aren’t physically effusive. â€Å"If an Irish person refers to you by your last name, do the same, generally in a social situation they switch quickly to using your first name.†1 Other than this using a name for an introduction follows the usual Mr., or Mrs., when referring to an adult. In a non-formal setting, such as a social atmosphere, referring to someone by his or her first name is completely acceptable.1 In the part of Ireland researched, social customs do not dictate where or when people are expected to sit in a social or business setting; however it would be advised when in a business situation not to be seated until asked. There are no hand gestures, facial expressions, or phrases noted that would be considered rude in Ireland that would not be considered rude in the United States. This also works in the reverse direction, where, such hand gestures, facial expressions, and phrases that would be considered rude in the United States will also be taken as rude in Ireland. When speaking to a person from Ireland, you would stand just as you would when speaking to an American in the United States. A relaxed manner, and a reasonable distance are the norm. While in a restaurant in Ireland you would signal a waiter in the same manner that you would in the United Stat... ... would have to be that of, St. Patrick, Patron of Ireland. St. Patrick worked in a missionary in the 5th century. He played a crucial part of converting Ireland into the Christian faith. There are many important dates on the Irish calendar. Many of which happen to be festivals. St. Brighad’s Feast (Feb. 1), May Eve, Festival of Lughnasa (Aug), and Halloween. Being that most of Ireland’s people are of Christian faith, all of the Christian holidays such as Christmas, Easter, St. John’s Night, and the Feast of St. Martin, are celebrated. The Irish National Anthem-â€Å"The Soldier’s Song† or â€Å"Amhran na bhFiann,† - was written in 1907 by Peader Kearney, who together with Patrick Henney also composed the music. It was first published in 1912, and was formally adopted in 1926. It consists of three stanzas and a chorus, the text of which goes as follows: Soldiers are we, whose lives are pledged to Ireland; Some have come from a land beyond the wave, Sworn to be free, no more our ancient sire land Shall shelter the despot or the slave. Tonight we man the bearna baol In Erin’s cause come woe or weal ‘Mid cannon’s roar and rifles peal, We’ll chant a Soldier’s song.19

Is Billy Pilgrim Sane? Essay

Billy Pilgrim plays a very influential role as the main character in Kurt Vonnegut’s Slaughterhouse 5. Since the novel is based entirely on Billy Pilgrim’s interaction with the environment around him, pinpointing Billy’s state of sanity on the scale of normality helps the reader determine what is really happening, and what is a figment of Billy’s imagination. Before making the decision regarding Billy’s state of mind, one must first establish the parameters of what is considered sane and what is not. What one person may consider insane another may consider pure genius. The dictionary definition of ‘sane’ is: free from mental derangement; having a sound, healthy mind. However the general consensus for ‘sane’ is a lot closer to: having or showing reason, sound judgment, or good sense. Once those guidelines are set up, one can proceed to analyze Billy’s state of mental health. Since Billy is a fictional character in a b ook and the man who wrote the book is dead, the only information available to someone trying to analyze Billy is through Billy’s actions/thoughts/experiences and the speculations of other readers. Luckily one is not required to delve very deep into Billy’s past before coming across tragedy. At a very young age Billy is thrust into the middle of World War Two. He is ill equipped and has no fighting training or experience. During the battle of the Bulge Billy becomes lost with one other soldier and two scouts. While hiking through the underbrush in German territory Billy is overcome with cold and waits for the eventuality that is death to pass over him and remove his soul from his body. Instead Billy becomes what the narrator describes as â€Å"unstuck† in time. This is the first time that Billy ever experiences ‘time travel’. There are at least two ways to interpret this scene. In the first one, the reader assumes that Billy is in shock, is delirious, and has a very vague connection with the outside world. This thought is followed by the next logical idea that since Billy is nearly incapacitated, anything odd he experienced in this time frame did not actually happen. However every Yin has a Yang. The second way this could be interpreted is that Billy’s mind  has lost touch of reality to the point it sheds its boundaries regarding time, freeing Billy from the human confines of viewing time in a linear fashion. Since the decision regarding Billy’s sanity is based purely on a reader’s personal opinion. A reader would do well to create a mental tally chart of notes. If the first interpretation makes more sense, simply put a mark in the ‘insane’ column, however if the second interpretation floats your boat, make a mark in the ‘sane’ column. Between the first major occurrence and the second, Billy is faced with minor issues that may or may not play an influential role on Billy’s state of mind and so even though they play minor roles, it is important that they are mentioned and taken into account. While Billy is a prisoner of war he is treated poorly, underfed, kept in a crowded train car full of viral and bacterial diseases and scented with the touch of death. It is during this time that Billy manages to make the entire train car hate him, causing him to draw further into the safety of his mind. Whether this train ride actually affected Billy or not is up to the reader to decide. The second of Billy’s major experiences that carries the capability to instil a mental illness in an otherwise healthy being would be the bombing of Dresden. While Billy was being used for labour in Dresden, his own country fire bombed him along with the rest of a city full of civilians. Billy waited out the bombing in an underground meat cooler along with a group of other POW’s and their guards. After the ground had cooled, the POW’s emerged from their safe haven and was faced with what can be described as the moon’s surface. Billy was eventually ordered to help collect the bodies for a mass burial. Now, whether it was sitting underground listening to an entire city being levelled, or the retrieval of dead bodies or both that scarred Billy, it is hard to know. However Billy did have a flashback of the bombing during his eighteenth wedding anniversary that caused him to freak out. However there is no direct evidence that the bombing caused Billy to go insa ne and only the reader can decide if it was pertinent to his mental stability or not. Another traumatizing incident endured by Billy was the combination of him being the sole survivor of a plane crash followed by his wife’s untimely death. While Billy was on his way to an optometry convention with several other optometrists, the plane he is on crashes. He is the only survivor and is rushed to the hospital. When Billy’s wife hears what happened, she rushes to  the hospital. On her way there she ends up crashing the car and loses her exhaust system. She ends up dying of Carbon Monoxide poisoning right as she stops in front of the hospital. Because of Billy’s constant time-travelling, he never really knew his wife too well so the odds of him feeling overly distraught because of her death are really quite minimal. Also because he has adopted the Tralfamadorian view of death, he would probably just imagine that now she is in a better place in her life. So even though this may not be the happiest point in Billy’s life, in this author’s opinion, it is doubtful that it has altered his state of mind, however everyone is entitled to their own opinion and so a reader may interpret otherwise. Although looking at Billy’s past may give hints as to his sanity, looking at his actual thoughts would be a lot more helpful in making the final decision. Bibliography Findley, Timothy. The Wars. New York: Penguin Group Australia, 1977.