Managing Financial Risks With Derivatives In Telecommunications Ind... - Free Essay Example

Sample details Pages: 4 Words: 1348 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? INTRODUCTION In business world today many companies are faced with the increase in volatility of financial markets which has lead to increase in financial price risk. Many companies are faced with exposure to financial risk which are caused by unanticipated exchange rate and interest rate movements. These unanticipated movement in exchange rate which is caused by international competition can results into large gain or loss if the risk is not managed properly. Don’t waste time! Our writers will create an original "Managing Financial Risks With Derivatives In Telecommunications Ind" essay for you Create order Exchange rate movement generate business risks which can vary the current foreign assets and liabilities and interest rate movement can have indirect impact on companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s value on its future cash flows. Domestic and multinational companies who are faced with these kind of risks must assure that they control these risks otherwise if they are unmanaged then this can result into total failure of business. Financial Institutions have introduced different products to help companies in risk management. These products are Forward contracts on exchange rate, Futures contracts, Interest rate swaps and Options. Forward contract being the oldest product to be introduced to manage both foreign exchange and interest rate risks. 1.1 Problem statement Changes in business environment and increase in movement of interest rate and exchange rate has resulted into rise in financial risk exposure. These movements can affect not only companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s profit but also companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s survival in indirect way. Financial risks management has turn to be a significant area of pertain for UK corporations. Therefore this proposal attempt to find out how UK Telecommunications industry handle financial risks in an increasing business risk environment. Research aim and objectives Aim The main aim of the study is to determine how firms in UK Telecommunications industry manage interest rate and foreign exchange financial risks by looking into use of derivatives. 1.3 Research Objectives The primary objectives of the research will be; To determine how companies manage risk To determine whether derivatives are used or not To determine which derivatives are used and for what purpose Disclosure of financial instruments 1.4 Research Questions The following research questions will guide this research How companies manage risk? Are derivatives used or not used? Which derivatives are used and for what purpose? What are the disclosure of financial instruments? 2. LITERATURE REVIEW Derivatives are financial instruments whose values are deduced from some underlying assets or rate/price. Derivatives are now of paramount importance to the business world, with imaginary value of more than $200 trillion of these derivatives are being traded on coordinated and over the counter markets in 2004 (Bank for International Settlements, 2004). The financial products which are provided by FinanciaI Institution are options, futures contract, forward contract and interest rate swap. The common Interest rate derivative is Interest rate swaps and others are future contracts and interest rate options while for foreign exchange derivatives are forwards contracts, currency swaps, foreign exchange futures and options. Forward contract gives the owner the obligation to buy an asset at set price and maturity date as agreed in the contract. Future as like forward but in futures are public traded while forwards are private contracts. Unlike future and forward, options give the owner the right but not obligation to buy or sell an asset at a fixed price on or before specified date (Prevost et al, 2000). Derivatives are used to cut down cash flows and earnings volatility caused by changes in foreign currency exchange rates, commodity prices, interest rates and other risk factors (Barton J, 2000). Use of financial derivatives is widespread, especially among large publicly traded companies and is still increasing sharply. For example, in a study done by Guay and Kothari, (2003) based on annual reports information of 413 largest firms in the U.S revealed that 57% were using derivatives. In another study of 314 Fortune 500 firms showed that 72% were using derivatives (Barton J, 2001). Mallin et al. (2001) did survey analysis on the use of derivatives in risk management, he mailed questionnaire to 800 UK non financial firms listed on London stock exchange. Results showed that of 231 respondents 32% were applying at least one derivative instrument. Another res earchers Bodnar et al (2003) studied derivative usage in managing risk to 167 non-financial Netherlands firms and revealed 84 usable responses which is 50.3%. In India a study was conducted to examine derivatives usage in managing foreign exchange risk to 640 companies which were faced with foreign exchange exposure and results showed that 70.4% of respondents used foreign exchange derivatives to manage risk (Anand and Kaushik 2007). Whilst many firms use derivatives in managing risk, misuse of it may result into major losses. This was proved by Karpinsky (1998) who revealed companies like Sumitomo Corporation lost $3,500 million in 1996 because of copper future. On the other hand El-Masry (2003) collected data from questionnaire mailed to 401 non financial companies listed on London stock exchange, 50% of respondents did not use derivatives because the risk exposure was not substational. Likewise suryey done by Bodnar et al (1995) revealed lower use of derivatives and the rea son being low insignificant exposure. Regarding to mostly used derivatives to manage risk exposure, survey done by Marshall (1997) pointed that options, swaps and forwards were normally used to manage interest rate and foreign exchange risks. In El-Masry (2003) survey of UK non financial firms, results indicated that firms use options at 29.4%, forward/future at 23.7% and swaps 23.1%. 3.0. RESEARCH METHODOLOGY Research design This study will be conducted as a quantitative survey Sources of data The main source of data will be the annual reports of 10 companies in the UK telecommunications industry for the past three years. Documentary source Bell (1999) state documentary source involves the reading of relevant information from library source such as text books, journals, newspapers and internet. Secondary source will enable a researcher to conduct broad investigation and help confirm the reliability of the findings given that the findings may be subjective and this source will be used as well to cut down reliance on the annual reports as the main source of data used in the study. Sampling selection Selection of sample will be based on the public data information of the companies and the eligibility criteria will base on following factors; The company must be in the telecommunication services industry The company must be either a Domestic or a Multinational one which is exposed to financial risks as an outcome of international competition The company should be among of the listed London Stock Exchange companies Data analysis Data collected will be analysed using Statistical Package for Social Sciences (SPSS) and presented using frequency table. 4. CONCLUSION Measuring and managing financial risk exposure are crucial functions in cutting down companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ vulnerabilities from major exchange and interest rate movements. Financial derivatives are very important in risk management of corporations 5. REFERENCE Anand m., Kaushik k. p., (2007).Management Motivations for Use of Foreign Currency Derivatives in India, IIML Working Paper Series. Bank for International Settlements. (2004). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2004. https://www.bis.org/publ/rpfx05.htm. Barton, J. (2001). Does the Use of Financial Derivatives Affect Earnings Management Decisions? The Accounting Review, 76, 1-26. Bell, Judith. (1999). Doing your Research Project: A guide for first time researcher in Education: 3rd Edition Buckingham, Open University press.UK Bodnar g. m., de jong a., macrae v., (2003). The impact of Institutional Differences on Derivatives Usage: a Comparative Study of US and Dutch Firmsà ¢Ã¢â€š ¬?, European Financial Management vol. 9, No. 3, pp. 271-297. El-masry a.,(2003) A survey of derivatives use by UK non financial companies, Social science research network Manchester Business School pg.455. Grant, K. and Marshall, A. P. (19 97), à ¢Ã¢â€š ¬Ã…“Large UK companies and derivativesà ¢Ã¢â€š ¬?, European Financial Management, vol. 3 no. 2, pp. 191-208. Guay W Kothari, S. P. (2003). How Much Do Firms Hedge with Derivatives? Journal of Financial Economics, 70, 423-461. Hentschel, L., Kothari, S. P. (2001). Are Corporations Reducing or Taking Risks with Derivatives. Journal of Financial and Quantitative Analysis, 36, 93-118. Mallin c.; Ow-yong k. and Reynolds m.,(2001) Derivatives usage in UK non-financial listed companies, The European Journal of Finance Vol. 7 (2001), pp. 63-91. Saunders, M., Lewis, P. Thornhill, A. (2007). Research Methods for Business Students. 4th Edition. Pearson Education Limited UK. Prevost, A. K., Rose, L. C., Miller, G. (2000). Derivatives Usage and Financial Risk Management in Large and Small Economies: A Comparative Analysis. Journal of Business Finance and Accounting, 27, 733-759.

Sigmund Freud And Its Effects On Human Development

From the moment of your first breath to the final moments of your life, the body goes through many developmental changes. There have been many different theories detailing the changes during the life span such as Freud, Erikson, Havighurst, Piaget, and Kohlberg. These theorists present development in stages which the human displays predictable behavioral patterns and build specific proficiencies. Through these stages, societal philosophies, attitudes, and values have an effect on human development. Other factors have influenced the human development such as psychological, biological, sociological, philosophical, and historical bases. These factors along with physical, cognitive, social, and emotional development help form the person. There are so many changes, happening for so many reasons from the first breath to the last moments, each unknowingly making you who you are. Sigmund Freud, known as the founding father of psychoanalysis, was born in Austria on May 6, 1856. 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Evaluate the Organization’s Involvement and Responsibility Free Essays

Motivation and Empowerment Evelyn Hamilton, Aaron Pobleh and Regina Taylor CJA/474: Managing Criminal Justice Personnel November 26, 2012 Instructor: Pam McIver The term motivation and empowerment is a universal concept that is hoped to work towards the good of any organization. Motivation and empowerment does not come from rewards to employees but instead, recognition, responsibility and advancement. Leaders who are effective in motivating and empowering their staff have acquired a great achievement, which can increase efficiency, and self development of skills and abilities. We will write a custom essay sample on Evaluate the Organization’s Involvement and Responsibility or any similar topic only for you Order Now When employers are concerned about the welfare and needs of their staff, this provides trust among staff. The purpose of this paper is to compare motivation and empowerment, define the components of empowerment, analyze the implications of empowerment and delegation in a criminal justice organization and analyze the role of trust in personnel issues. Compare motivation and empowerment Motivation and empowerment are two words that are very popular in every workplace. Generally when one mention motivation, everyone would think it is what employer gives their employees, unfortunately, motivation in the workplace goes way far beyond that. Motivating your employees gives them authority to do more work for you and do it better. According to businessdictionary. com, motivation is both internal and external factors which desire and energize people to become committed to a job, role, or subject, or to strive to reach a goal. While empowerment is management practices which allow the sharing of information, power, and rewards with employees so that they can take initiative, and make decision to solve problems, and improve themselves as well as enhance their performance (www. usinessdictionary. com). Everyone need to feel empowered regarding their work ethic on the job or being assertive in life challenges and changes, but without the key elements of self-motivation, assertiveness and the ability to make good decision how would they be able to motivate others. Mangers of an organization should show through their behavior and actions how provide the necessary skills to be productive and efficient. This in turn will produce hap pier employees. Define the components of empowerment In order to be an effective leader a person would need to be empowering by those below them and therefore allow them to take initiative on their own. A leader that has poor management skill fails to empower anyone underneath him. For example, an office manager as well as a beginner officer within the work place or in the field must feel good about performing on their own and not feeling they will be overly scrutinized regarding their errors. They must not fear the aftermaths or punishments for taking individual decision making. When this happens, employees began to shun management for fear always doing something wrong. Employers should provide positive communication to their staff (National Empowerment Center). There was a research designed to examine the concept word of empowerment in this programs sponsored by multiple examiner of the criminal justice it was first anticipated to create a working definition. After research the â€Å"elements of empowerment were identified, including access to information, ability to make choices, assertiveness, and self-esteem. Empowerment has both an individual and a group dimension (Tom Roger, 2011). This research studied participants in self-help programs for people with no self-motivation and the need for encouragement. At the beginning of the study,† it was stated numerous of the individuals involved empower in their research. It’s obviously the important theory concerning the essential to defining meaning of empowerment as part of the development. Although it â€Å"recognized that empowerment had elements in common with such concepts as self-esteem and self-efficacy, these concepts did not fully capture what was considered a distinctiveness about empowerment† (Tom Roger, 2011). In an earlier â€Å"debates empowerment was† considered â€Å"complex, multidimensional concept, and that it described a process rather than an event†. It was never â€Å"believe that an individual had to display every quality on the list in order to be considered† empowered (Tom Roger, 2011). Analyze the implications of empowerment and delegation in a criminal justice organization Today the style and practices of police leadership is changing rapidly. The term shared leadership is one being used by many police chiefs all across the country. They believe that this approach to management by sharing power and influence to individuals within the organization, who are otherwise hierarchical unequal, will view their leadership as a leadership which looks at the broader aspect of giving authority to employees which will allow them to make decisions, solve problems, and be held accountable for their actions (Mussellwhite, 2007). Whenever officers are empowered they become dedicated to their jobs. Because they are given the skills, resources, authority, opportunity to be motivated and committed to their jobs, roles, or duties. Something which is refers to as being dedicated. Employees empowerment in a police department which delegate assignments, allow officers to take responsibility of their jobs results. It also allows them to make decisions about it. When officers are delegated with responsibilities, it makes them think in decision making, take control, behave, and take actions responsively, because they know that they will be held accountable for their actions. Police departments that apply employee empowerment create an environment in which their officers are empowered, productive and are happy in their jobs. Such police departments do not limit their employees to information (Heathfield, 2012). Analyze the role of trust in personnel issues. The role of trust in personnel issues involves how employees relate and respond to their employer. For example, if an employer is more concerned about getting the job done employees will pick up on that and will respond to their employer in a negative way. But when employers’ show that they truly care about their employee’s well being they will respond in a positive way. It would be in the organizations best interest for employers to take time to get to know their employees. Employers should empower their staff by allowing them to make important decisions in reference to their day to day duties. This will cause employees to respect their employers which will also lead to trust. When employees trust and respect the organization they will do the best possible work they are capable of doing. This in turn will lead to accountability on the part of the employee (Mussellwhite, 2007). When an employer gains the trust of their staff, they will know how to motivate each individual person for the best outcome of the organization. Employees understand that no organization is a perfect organization. When employees know and feel important to the organization, respect and trust will deepen. Respect and trust will take an organization to higher creativity and increased efficiency (Forbes. com, 2009). Positive communication is the cornerstone to empowerment and trust within an organization. When employers take the time to consider their staff opinions and feedback on daily operations, this can cause higher productivity and increase efficiently. Employers should share information about the organization with their staff. This provides for a clear picture of how the organization is progressing or not progressing. This also produces trust among employees because employers trust their staff (Mussellwhite, 2007). Conclusion In conclusion, this paper compared motivation and empowerment, defined the components of empowerment, analyzed the implications of empowerment and delegation in a criminal justice organization and analyzed the role of trust in personnel issues. Motivation and empowerment is about providing production and management guidelines to employees and then allows them to operate in an independent manner. Empowerment and delegation within the criminal justice system involves sharing power and influence to individuals within the organization, who are otherwise hierarchical unequal. This leadership looks at the broader aspect of giving authority to employees which will allow them to make decisions, solve problems, and be held accountable for their actions. The components of empowerment are about communication, feedback and productivity. Employees should be trained properly so that trust is gained through empowerment. A motivated and empowered employee will respect and trust the organization which will lead to accountability and responsibility. Leaders can gain great achievement when they effectively motivate and empower their staff into self development of skills and abilities. References Chris Musselwhite, 2007. Inc. Motivation=Empowerment; retrieved on November 22, 2012 from www. inc. com/resources/leadership/articles/20070801 Employees Empowerment: How to Empower employees. Retrieved on November 22, 2012 from www. humanresources. about. com/od/employeeempowerment Empowerment in the Workplace ttp://ezinearticles. com/? Empowerment-in-the-Workplaceid=6541445 Make sure your employees trust you or else. Forbes. com 2009. Retrieved from http://www. forbes. com/2009/03/23/trust-respect-employees-leadership-managing-blanchard. html. National Empowerment Center Article www. power2u. org/articles/empowerment/workingdef. html Susan Heathfield. 2012. What is Empowerment; Retrieved on November 22, 2012 fr om www. businessdictionary. com/definition/empowerment. html What is Motivation; Retrieved on November 22, 2012 from www. Businessdictionary. com/definition/motivation. html How to cite Evaluate the Organization’s Involvement and Responsibility, Essay examples

Is Macbeth a man or a monster Essay Example For Students

Is Macbeth a man or a monster? Essay Upon the opening of the play of Macbeth we hear of him through narrative but do not see him, though the sergeant is biased towards Macbeth and Banquo in his report of them in battle. We find out from the sergeant that Macbeth is someone who portrayed valour on the battlefield. However, this is interesting because we find out later that Macbeth is not as ruthless when he is not on the battlefield. Macbeth was frightened of the witches when he first saw them. Firstly by their appearance and secondly by their predictions, but what is interesting is that the witches predicted things which were positive so Macbeth was afraid of how he might react after hearing their predictions. So we have clues that Macbeth had already thought about plotting to kill the king because of his ambition. All he needed was a little push to carry it through. Banquo, however, realises that there must be a trick hidden in the witchs prophecies somewhere but Macbeth refuses to accept that. When Lady Macbeth finds out about the witches her strong desire for ambition and her cold nature leads Macbeth astray. Macbeth is a little ambitious at first, but Lady Macbeths far exceeds his and so she is able to get Macbeth to agree with her to kill King Duncan. Macbeth still has a conscience at this stage because he is very hesitant about killing the King but his weak nature over comes him. He has a conscience throughout the entire play as this is seen by the hallucinations of the dagger and the ghost of Banquo and his vivid imagination and his constant worry also provokes him. This is also evident in his terrible dreams that give the solid theme that he has indeed murdered sleep. Throughout the play we see the character of Macbeth change not from just the way he thinks and what we hear from the play, but from the actions he takes in the play, from killing Banquo, then having Lady Macduff and her children murdered, shows the insecurity that was present in Macbeth. After the murder of Duncan Macbeth becomes paranoid and his first step of killing the guards is one of many that Macbeth takes to secure himself. Macbeth is also very superstitious and this is shown when he believes the prophecy the witches told him that Banquos offspring would become Kings. Towards the end of the play when Macbeths wife has died and the battle is drawing closer Macbeth shows some good that may have been. He wishes for a normal life for which he would have lived to an honourable age but he recognises that he has denied himself of this. Even when Macbeth hears that the prophecy has become true of Birnam Wood coming to Dunsinane, he rejects this idea and fights on until he realises that Macduff wasnt born in a natural birth but instead was Untimely ripped from his mothers womb. When Macbeth hears of this  he realises what he has done and how the witches have tricked him but instead he realises that it is useless and so he fights on only to be slain. Macbeth can be summarised into a character although strong physically he is very weak mentally and it is this weakness, which causes the downfall and change of Macbeth. Other factors do however also contribute to this change such as his wife whose ambition is very strong at first and is much more stronger mentally than Macbeth but it is also Macbeths ambition and his trust in the witches which ultimately change him. .u948b4eb47fb1f7b03dde18d39929749a , .u948b4eb47fb1f7b03dde18d39929749a .postImageUrl , .u948b4eb47fb1f7b03dde18d39929749a .centered-text-area { min-height: 80px; position: relative; } .u948b4eb47fb1f7b03dde18d39929749a , .u948b4eb47fb1f7b03dde18d39929749a:hover , .u948b4eb47fb1f7b03dde18d39929749a:visited , .u948b4eb47fb1f7b03dde18d39929749a:active { border:0!important; } .u948b4eb47fb1f7b03dde18d39929749a .clearfix:after { content: ""; display: table; clear: both; } .u948b4eb47fb1f7b03dde18d39929749a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u948b4eb47fb1f7b03dde18d39929749a:active , .u948b4eb47fb1f7b03dde18d39929749a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u948b4eb47fb1f7b03dde18d39929749a .centered-text-area { width: 100%; position: relative ; } .u948b4eb47fb1f7b03dde18d39929749a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u948b4eb47fb1f7b03dde18d39929749a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u948b4eb47fb1f7b03dde18d39929749a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u948b4eb47fb1f7b03dde18d39929749a:hover .ctaButton { background-color: #34495E!important; } .u948b4eb47fb1f7b03dde18d39929749a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u948b4eb47fb1f7b03dde18d39929749a .u948b4eb47fb1f7b03dde18d39929749a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u948b4eb47fb1f7b03dde18d39929749a:after { content: ""; display: block; clear: both; } READ: The Story of An Old Man EssayDuring the course of the play and the events that go on, it seems to the audience that it will be Macbeth who loses his mind and become mad, but this is not so. We see Macbeth keep his sanity throughout which shows how strong he is, although he does hallucinate. We see that in Act 2 Scene 1, Macbeth sees a dagger floating before him, which only he can see. He says, Is this a dagger which I see before me, the handle toward my hand? Come let me clutch thee. I have thee not yet I see thee still. Also, we see that Macbeth isnt a monster at all, although he does terrible things. After he kills Duncan, Macbeth immediately feels guilty for what he has done. This shows that Macbeth is human as guilt is a human quality. We see Macbeths mind slip out of focus as his wife tries to calm him. He says whilst still in a daydream state Will all great Neptunes oceans wash this blood clean from my hand? No, this my hand will rather the multitudinous seas incarnadine, making the green one red. Another factor, which must be taken into account when looking at Macbeths character change, could be the three Witches. The three witches are introduced right at the beginning of the play. They recount to Macbeth three prophecies. That Macbeth will be Thane of Cawdor, Thane of Glamis and King. These prophecies introduce Macbeth to ideas of greatness. Macbeth will eventually follow through on killing king Duncan, a destruction of the natural order; it was sometimes thought that the witches had the ability to reverse the natural order of things. This brings into the play idea of fate and the role with which it has in the play. We can wonder if Macbeth ever had a chance of doing what was right after he met with the witches. It is however, more realistic to believe that Macbeth was responsible for his own actions throughout the play as in the end it was he who made the final decisions. Banquo says in line 24, The instruments of darkness tell us truths, / Win us with honest trifles, to betray s / In deepest consequence. He thinks and says bad things of the witches. He calls them instruments of darkness and the devil. He might  believe that these prophecies will only bring harm even before anything begins to happen. So Macbeth is warned by his best friend before he makes any decisions that the witches are evil, and what they suggest is evil. The witches could foretell the future, they can add temptation, and influence Macbeth, because they had told Macbeth that he would be King he became impatient and tried to hurry it as quickly as he could. But they cannot control his destiny. Macbeth creates his own misery when he is driven by his own sense of guilt. This causes him to become insecure as to the reasons for his actions, which in turn causes him to commit more murders. The witches offer great enticement, but it is in the end, each individuals decision to fall for the temptation, or to be strong enough to resist their captivation. The three Witches are only responsible for the introduction of these ideas and for further forming ideas in Macbeth head, but they are not responsible for his actions throughout the play. Overall, after looking through the play and also seeing a version on video, I can say without a doubt that Macbeth is most definitely a human not monster. He shows too many human qualities throughout the play to be considered a monster. Even though Macbeth does some terribly evil things I think he regrets most of them, although to late to stop doing them. Even so he must be considered a human for the remorse he shows and for his courageousness and bravery during the whole of the play.