English Composition Essay Example | Topics and Well Written Essays - 1000 words - 4

English Composition - Essay Example According to Gundersheimer (71) and Accawi (534), childhood memories are usually very clear, more so as far as particular objects are concerned. Among these objects are the photographs or the objects that are used on a daily basis. The following discourse analytically assesses the relationship that exists in memorisable objects. The paper seeks to find out how the memory relates to the objects that it captures over time. In the essay, there will be the use of object-as-memory and object-to-think-with in assessing what connects identity, affection, and memory. The development of memory is through what can be defined as schemas. According to Piaget, schemas can be defined as the influences that one goes through while in the course of development. There are various kinds of schemas. However, the schemas correlate with the constructs which are part of the body’s memory. Therefore, the relation between the memory and objects can be attributed to the fact influences that various kinds of schemas have on the human mind. For instance, if one goes through sexual abuse at a yound age, the experience will be likely memorized by the person. In this kind of incident, the aggressor or the sexual offender can be perceived to be the object. Even the act of having sex at the time can be perceived as an object. The whole experience, in that instance, will be the schema. Though the schema and as a consequent of the action, one develops a construct with which one would relate the incident with. In this case, the construct can be the pain or the torme nt that one undergoes in such an unfortunate incident. On developing a construct, the mind/memory will always associate it with the incident. Through this, the memory manages to identify the object even in later years. The ability to memorize objects is part of cognition. The human memory works in an amazing way by accepting information input from the immediate environment then storing them for retrieval when the need

Therapeutic Cloning to Obtain Embryonic Stem Essay Example for Free

Therapeutic Cloning to Obtain Embryonic Stem Essay Therapeutic Cloning to Obtain Embryonic Stem Cells Is Immoral The point is to cause each of us to think deeply about whether there is any essential difference between the reality of [World War II] Nazi experiments and therapeutic cloning. In this two-part viewpoint, David A. Prentice and William Saunders discuss the science and the ethics of therapeutic cloning. In the first part, Prentice argues that creating clones for the purpose of embryonic stem cell research, called therapeutic cloning, is no different from reproductive cloning, which creates a living human child. Also, he points out, therapeutic cloning is not therapeutic for the embryo. In the second part of the viewpoint, Saunders builds on Prentices argument and goes even further. He argues that therapeutic cloning is really no different than the horrific experiments performed by the Nazis during World War II. Saunders notes that supporters of embryonic stem cell research contend that the research is beneficial to humankind; however, Saunders argues, the Nazis used this same reasoning to Justify research on the mentally ill, the disabled, and the feeble-minded. Prentice and Saunders are senior fellows at the Family Research Council, a onservative Christian think tank and lobbying organization. As you read, consider the following questions: 1. Why does Prentice claim that therapeutic cloning will lead to reproductive cloning? 2. What was the point of the Nuremberg Code, according to Saunders? 3. Why does Saunders say that therapeutic cloning violates the Nuremberg Code? Part I Cloning always starts with an embryo. The most common technique proposed for human cloning is called somatic cell nuclear transfer (SCNT). This cloning is accomplished by transferring the nucleus from a human somatic (body) cell into an egg cell which has had its chromosomes removed or inactivated. SCNT produces a human embryo who is virtually genetically identical to an existing or previously existing human being. Proponents of human cloning hold out two hopes for its use: (1) the creation of children for infertile couples (so-called reproductive cloning), and (2) the development of medical miracles to cure diseases by harvesting embryonic stem cells from the cloned embryos of patients (euphemistically termed therapeutic cloning). All Human Cloning Produces a Human Being All human cloning is reproductive. It creates†reproduces†a new, developing human intended to be virtually identical to the cloned subject. Both reproductive cloning and therapeutic cloning use exactly the same technique to create the clone, and the cloned embryos are indistinguishable. The process, as well as the product, is identical. The clone is created as a new, single-cell embryo and grown in the laboratory for a few days. Then it is either implanted in the womb of a surrogate mother (reproductive cloning) or destroyed to harvest its embryonic stem cells for experiments (therapeutic cloning). It is the same embryo, used for different purposes. In fact, the cloned embryo at that stage of development cannot be egg and sperm. Trying to call a cloned embryo something other than an embryo is not accurate or scientific. Biologically and genetically speaking, what is created is a human being; its species is Homo sapiens. It is neither fish nor fowl, neither monkey nor cow†it is human. Created in Order to Be Destroyed Therapeutic cloning is obviously not therapeutic for the embryo. The new human is specifically created in order to be destroyed as a source of tissue C, as Robert P. Lanza and colleagues report in a 2000 JAMA article]: [Therapeutic cloning] requires the deliberate creation and disaggregation ofa human embryo. Most cloned embryos do not even survive one week, to the blastocyst stage, when they are destroyed in the process of harvesting their cells. Experiments with lab animals show that even these early embryos have abnormalities in genetic expression. Beyond the abnormalities caused by the cloning procedure, embryonic stem cells from cloned embryos will still face problems for their use, including the tendency to form tumors, and significant difficulties in getting the cells to form the correct tissue and function normally. Therapeutic Cloning Leads to Reproductive Cloning Because there is no difference in the nuclear transfer technique or the cloned embryo, allowing therapeutic cloning experimentation to proceed will inevitably lead to reproductive cloning. The technique can be practiced and huge numbers of cloned embryos produced. In fact, the lead scientist of the South Korean team that first cloned human embryos in February 2004 in a press conference on their experiments that the cloning technique developed in their laboratory cannot be separated from reproductive cloning. His statement affirms what others have pointed out before: allowing therapeutic cloning simply prepares the way for eproductive cloning. Human cloning is unsafe and unnecessary. There are no valid or compelling grounds†scientific or medical†to proceed. A comprehensive ban on human cloning is the only sufficient answer. Part II As Dr. Prentice has shown, cloning indisputably destroys innocent human life. This basic truth should lead the world to reject human cloning. However, in an effort to extricate human cloning from this ethical vise grip, its supporters attempt to draw a distinction between human life, which begins at conception, and human personhood, which begins only at their say-so. Unfortunately, the arbitrary denial f personhood to human beings has a long and cruel history. The Nuremberg Code, formulated in the years after World War II, is particularly instructive with regard to the current debate on human cloning. For instance, when the principal author of the report on human cloning issued by the National Academy of Sciences testified before the Presidents Council on Bioethics, he stated that reproductive cloning would violate the Nuremberg Code: The Nuremberg Code, with which I am in full agreement, outlines those kinds of things you would not simply [do] for the sake of knowledge that involve human subjects. The Nuremberg Code The Nuremberg Code is a body of ethical norms enunciated by the Nuremberg Tribunal, which, after World War II, had the responsibility of Judging the actions of the Nazis and their allies. The point of the code was to restate and apply the established ethical norms of the civilized world. Nazis Deemed Some Life Unworthy Nazi laws had defined Jews and other undesirables as non-persons. Eventually, camps and killed. However, before the killing in the camps began, the Nazis had engaged in an extensive campaign of euthanasia against the mentally and physically handicapped, which not only foreshadowed but also prepared the way for the xtermination camps. In his book The Nazi Doctors, Robert Jay Lifton draws our attention to a book titled The Permission to Destroy Life Unworthy of Life, written during the campaign. Lifton writes: [It was] published in 1920 and written Jointly by two German professors: the Jurist Karl Binding and Alfred Hoche, professor of psychiatry at the University of Freiburg. Carefully argued in the numbered-paragraph form of the traditional philosophical treatise, the book included as unworthy life not only the incurably ill but large segments of the mentally ill, the feeble-minded, and retarded and deformed children. T]he authors professionalized and medicalized the entire concept; destroying life unworthy of life was purely a healing treatment and a healing work. The Nazis were determined to cleanse the genetic pool to produce better Aryans. Nazi officials announced that under the direction of specialists all therapeutic possibilities will be administered according to the latest scientific knowledge. The result of this therapeutic treatment of inferior lives was that eventually a network of some thirty killing areas within existing institutions was set up throughout Germany and in Austria and Poland. In their book, The Nazi Doctors and the Nuremberg Code, George Annas and Michael Grodin reveal that: At the same time that forced sterilization and abortion were instituted for individuals of inferior genetic stock, sterilization and abortion for healthy German women were declared illegal and punishable (in some cases by death) as a crime against the German body. As one might imagine, Jews and others deemed racially suspect were exempted from these restrictions. On November 10, 1938, a Luneberg court legalized abortion for Jews. A decree of June 23, 1943, allowed for abortions for Polish workers, ut only if they were not Judged racially valuable. Later, the Nazis created the extermination camps for the Jews and other inferior races. In the camps, Nazi doctors engaged in cruel experiments on the Jews, Gypsies, Poles, and others. They exposed them to extreme cold to determine the temperature at which death would occur. They injected them with poisons to see how quickly certain lethal elements moved through the circulatory system. They subjected twins to all manner of disabling and brutal experiments to determine how genetically identical persons reacted to different conditions. Some of the experiments were nonetheless designed to preserve life†not of the subject, but of, for example, German pilots who were forced to parachute into freezing ocean waters. Everyone agrees the Nuremberg Code prohibits reproductive cloning. What relevance does it have for therapeutic cloning? If human embryos are human beings, then therapeutic cloning, which creates an embryo only to destroy it in the process of exploiting its stem cells, violates a cardinal principle of the Nuremberg Code: There is to be no experimentation on a human subject when it is known that death or disabling injury will result. Regardless of the good that might be produced by such experiments, the experiments are of their very nature an immoral use of human beings. Subverting the Meaning of Healing Recall how the Nazis subverted the meaning of heali ng. Recall how they used the them. Recall that the Nazis eliminated those unworthy of life in order to improve the genetic stock of Germany. Recall how the Nazis undertook lethal experiments on concentration camp inmates in order, in some cases, to find ways to preserve the lives of others. The point is not to suggest that those who support therapeutic cloning are, in any sense, Nazis. Rather, the point is to cause each of us to think deeply about whether there is any essential difference between the reality of those Nazi experiments and therapeutic cloning. As we have shown, each case involves a living human being, and that human being is killed in the aim of a perceived higher good. Cloning proponents try to distinguish between the two cases by saying that the cloned human being has no potential. But in each case, it is the actions of other human beings that rob the first of potential (in the first case, the actions of Nazi executioners; in the second, the laboratory technicians). In either case, the human ubject is full of potential simply by being a living human being. Of course, almost miraculously, many of the inmates of the camps did survive when the allies rescued them. Equally miraculously, frozen embryos have been implanted in a womans womb and brought to live (and healthy) birth. As we have shown, every embryo is not merely potentially a life, but [is an] actual life, a human being from the first moment of existence. Furthermore, any living human embryo has the inherent potential to develop into a healthy baby. It is disingenuous for supporters of cloning to claim the cloned human embryo is only potential life because they plan o mandate by law that it be destroyed before it can come to birth. Regardless of its location, the human embryo, by its nature, is full of potential, unless the actions of adult human beings deprive it of the opportunity to realize that potential. Guard Against Inhuman Acts [Russian author] Alexander Solzhenitsyn, a man who chronicled and suffered under another ideology that denied the dignity of each and every human being, observed, Gradually it was disclosed to me that the line separating good and evil passes not through states, nor between classes, nor between political parties either, but right hough every human heart, and through all human hearts. This line shifts. Inside us, it oscillates. Solzhenitsyn did not regard the perpetrators of brutal crimes in his own country as inhuman monsters. Rather, he saw the essential truth†they were human beings, engaged in immoral acts. They engaged in those acts by dehumanizing the persons on whom their brutality was inflicted, and they did so in the name of (perhaps in the passionate belief in) a greater good. But Solzhenitsyn reminds us that, unless we are willing to admit that, for the best as well as for the orst of motives, we are also capable of inhuman acts, we will have no guard against committing them. No one is safe from brutality so long as we think that it is only inhuman others who are capable of inhuman acts. Rather, we will be secure when we are willing to look honestly at the objective reality of our acts, while realizing that we, too, are capable of acts that violate the inherent dignity of another, and refuse to engage in such acts despite the good we believe would result from doing otherwise. In the debate over the cloning and destruction of embryonic human beings, this essential truth must be our guide. Books Brian Alexander Rapture: How Biotech Became the New Religion.

Use with caution: Turnitin.com :: plagiarism detection software

Use with caution: Turnitin.com by Valerie Balester, Executive Director We were informed this past summer by Instructional Technology Services that students should not include identifying information on work submitted to Turnitin.com. ITS is concerned about reservations expressed by the U.S. Department of Education regarding student privacy and FERPA regulations. However, some professionals within the field of composition instruction have other concerns: plagiarism detection software like Turnitin does more damage, many of us fear, than violating privacy. One of the most influential professional organizations in composition, the Conference on College Communication and Composition (CCCC), for example, suggests that plagiarism detection software â€Å"undermines students’ authority over the uses of their own writing† (http://ccccip.org/files/CCCC-IP-PDS-Statement-final.pdf). Why, you might ask, should we care? After all, student writing is just practice writing, and it doesn’t really count for anything. It’s not like our writing, by which we make our bread and butter. But when we treat student writing as inconsequential, so do students, and the result is the careless, poorly written drivel that we have been trying to obliterate with W courses. Students who do not feel pride of ownership and control over their work will not give it the time and attention it needs to be excellent. Beyond this basic concern is the atmosphere plagiarism software detection programs can create, the expectation that students will cheat, that they are basically dishonest in their work. This atmosphere undermines trust and make writing even more distasteful. It’s just another trap, another hurdle to jump before graduation. Students are encouraged to see writing for college as a game rather than as an integral part of their education. We don’t want that. The CCCC also worries that programs like Turnitin will make college faculty complacent by shifting responsibility for detecting plagiarism onto technology. It’s only a matter of time before students learn to beat the software. I have personally tested it with my students, asking them to cheat; many of their transgressions went undetected by Turnitin. Students who run originality reports that come out clean may still have made mistakes, but if they rely too heavily on the report, they will not know it. After all, learning citation properly is far more than learning a set of rules, a style, the correct placement of commas and capital letters. Learning citation is first and foremost learning how a discipline creates and disseminates knowledge. It is subtle, takes many years to master, and is the mark of a professional.

Only Drunks and Children Tell the Truth

What is the Sixties Scoop? The term Sixties Scoop was coined by Patrick Johnston in his 1983 report Native Children and the Child Welfare System. It refers to the Canadian practice, beginning in the 1960s and continuing until the late 1980s, of apprehending unusually high numbers of children of Aboriginal peoples in Canada [against the Native parents’ will] and fostering or adopting them out, usually into [medium-class]white families. An estimated 20,000 aboriginal children were taken from their families,† (1).The Sixties Scoop refers to a particular phase of a larger history, and not to an explicit government policy. Although the practice of removing Aboriginal children from their families and into state care existed before the 1960s (with the residential school system, for example), the drastic overrepresentation of Aboriginal children in the child welfare system accelerated in the 1960s, when Aboriginal children were seized and taken from their homes and placed, in mo st cases, into middle-class Euro-Canadian families.This overrepresentation continues today (2). In his play, Only Drunks and Children Tell the Truth, Drew Hayden Taylor manifests how Janice’s life is greatly impacted by the scoop-up leading to the loss of culture, identity crisis, and lack of sense of belonging. When an individual faces the reality of being adopted, life can become dreadful and disconcerting. Firstly, as part of Janice’s loss of culture, she will encounter herself struggling to connect with her roots by not being able to understand or speak Ojibway (native language).For instance, when Janice says â€Å"†¦ What was that she [Amelia] said to me in that language? †, (Taylor, 80). This part expresses Janice’s desire to know and learn more about her culture. However, learning about it after thirty-six years of absence, will not provide her with the proper knowledge and deeper understanding of Native culture as a whole, on the contrary, it will give Janice only a vague grasp of it. Also, when Janice says â€Å"I wonder if that’s why I bought that white fur coat of mine, my heritage coming through,† (Taylor, 91).In this case, it is clearly appreciated how Janice, who was removed from her family roots during the scoop-up, has grown up with an erroneous picture and false beliefs of what Native people look like As a result, she has created a mistaken perception of herself as an Aboriginal descendant which will repercuss the relationship between the Native environment and herself. In addition to the loss of culture, adoptees will go through an identity crisis, which can potentially make them feel guilty and confused preventing them from moving forward with their lives towards accomplishing their goals.As an illustration, Janice says, â€Å"†¦ I’m sorry I left the way I did. It must have been a horrible Christmas for you. But you must understand I didn’t walk out on you. I walked out on me . To everybody I was Grace, but to me I’m Janice. I don’t know if I can ever be the Grace you wanted, or the Grace Barb wants. I don’t know anything anymore †¦,† (Taylor, 101), she expresses sadness, uncertainty and incapability of discerning right from wrong. Thus, it can be deduced, she is suffering from identity crisis and she is unable to determine whether to hold on to her past or let it go and move on with her life.She is in a state of confusion that has her emotionally unstable. Similarly, when Barb calls Janice Grace, to which Janice responds â€Å"No, it’s not. My name is Janice. I didn’t know about â€Å"Grace† until six months ago. I don’t feel comfortable being addressed that way. It’s like somebody calling you Susan or Victoria all of the sudden. It doesn’t feel right,† (Taylor, 83). It can be said that Janice experiences an ambivalent atmosphere making her uncomfortable and exasperated wit h her surroundings, building a barrier wall between her and others.It is hard to imagine being called by one name all your life, and all of a sudden being told you have another name. It sets you back to the unknown giving you a sense of indignation, uncertainty and vexing. All in all, when an adopted person faces identity crisis, this individual will more than likely experience some alienation, incredulity and frustration. The loss of culture and identity crisis are two major factors affecting Janice’s life; furthermore, most of the indigenous children whom were adopted out during the Sixties Scoop will experience inner conflict due  to a lack of sense of belonging because they cannot find acceptance within themselves and the world around them.For example, Janice tells Barb â€Å"Barb, think about it. I was born here, but I don’t feel at home here and Amelia Earhart does. She’s family and I’m not because the Children’s Aid Society took me away. Doesn’t all this seem a little weird to you? ,†(Taylor, 82-83). This part can be described as ironic because even though Janice recognizes her roots, she feels Otter Lake is not her place to be.She never had the opportunity to establish a connection, to create a bonding between her background and herself. As a consequence she has a lack of affinity towards her biological family and her Aboriginal heritage. Moreover, when Janice confesses to Barb, â€Å"I wanted to belong here so bad. When I drove up that driveway, it seemed like I had prepared my whole life for that meeting. But from the moment I arrived, I knew I didn’t belong. You didn’t even like me,† (Taylor, 91).This expresses how Janice feels about her truth. The inevitable clash between her desire to belong to her past and the reality of her present, all of this leaving her in total perplexity. Therefore, it may be easier for a Native person to adapt to Western culture since they are surround ed by it, while to non-aboriginal people the Native culture is unknown. In other words, Janice feels the need to be accepted, to feel complete, but realizes that there is more to it than just looking like an Indian and wanting to be one.Having said that, it can be concluded that Janice’s life was negatively impacted by the Sixties scoop creating obstacles to the development of a strong and healthy sense of understanding and acknowledgement of her cultural background and heritage. In other words, she finds herself conflicting internally and doubting about her identity, the place she belongs to in the world and the knowledge as well as the appreciation of her stolen life and culture as an Indian.

A Woman and Her Doll- Ruth Handler

In 1959 the world of toys was changed forever by a woman under 12 inches tall, Barbie. Barbie was a pioneer in a time when baby dolls with cubby, rosey cheeks dominated the market. She was the first mass marketed adult-like doll and one of the first toys to have a marketing strategy based on television advertising. Since Barbie’s debut at the New York Toy Fair, in her zebra bathing suit, she has kept pace with the times and sported many influential and influenced looks over the decades.It is now estimated that over a billion Barbie dolls have been sold worldwide in over 150 countries (Wikipedia, â€Å"Barbie†). M. G. Lord, author of â€Å"Forever Barbie: The Unauthorized Biography of a Living Doll,† called Barbie the most potent icon of American culture of the late 20th century. She's an archetypal female figure, she's something upon which little girls project their idealized selves. For most baby boomers, she has the same iconic resonance as any female saints, a lthough without the same religious significance. Lord, Forever Barbie) Behind this icon of pop culture was a woman by the name of Ruth Handler. Ruth and her husband, Isador â€Å"Elliot† Handler founded Mattel in 1942. But it wasn’t until Ruth’s revelational busty figured, blue eyed, platinum blonde came on to the scene, that business really started booming.Handler’s inspiration came from watching her young daughter play. Barbra, whom Barbie was named after, showed little interest in playing with her baby dolls. Instead she preferred to dress up her adult-like cut out paper dolls. Every little girl needed a doll through which to project herself into her dream of the future,† Handler said, in a 1977 interview with The New York Times. â€Å"If she was going to do role playing of what she would be like when she was 16 or 17, it was a little stupid to play with a doll that had a flat chest. So I gave it beautiful breasts. † Barbie has undergone a lot of changes over the years and has managed to keep up with current trends in hairstyles, makeup and clothing. She has been a reflection of the history of fashion since her introduction to the toy market.The book â€Å"Forever Barbie: The Unauthorized Biography of a Real Doll,† discusses Barbie and her attire. Early outfits included â€Å"Friday Night Date† and â€Å"Sorority Meeting. † In years to follow, Barbie sported a Jacqueline Kennedy hairdoo and during the civil rights movement, Mattel created Barbie’s first black friend, â€Å"Colored Francie. † There have been many critics along the way, commenting on Barbies scientifically impossible body and â€Å"questionable portrayal of intelligence† (Kershaw, The New York Times).But as I and many others see it, Barbie has enhanced girl’s self-image and encouraged them to reach for stars and expanded their sense of potential. Over the past 50 years, Barbie has had vast and numerous c areers, from a surgeon to a gymnast to an astronaut. Ruth Handler and Barbie gave little girls all over the world the inspiration to dream of what they could one day aspire to be. Not only did Handler create a revolutionary doll with breasts, she also invented the worlds very first prosthetic breast (Ladies Home Journal Books).In 1970, Ruth was diagnosed with breast cancer and had to have a mastectomy. At the time women were using lumpy socks and rolled up pantyhose to try to help resemble what they had lost in the surgery. Ruth saw this as unacceptable according to Veronica Horwell of the Guardian. With the help of a craftsman named Peyton Masses, Handler designed a line of realistic artificial breasts made from foam and silicon. She called her new product â€Å"Nearly Me† and formed the Ruthton Corporation to sell it (Horwell, Ruth Handler). Handler was intent on demystifying what was a taboo subject in the 1970’s.She became an outspoken advocate for early detection of breast cancer and offered her prosthetics as a way for women to feel good about themselves again. Handler’s â€Å"Nearly Me† was a great success and counting the former first lady Betty Ford among her numerous customers, she sold the company in 1991. Handler has been quoted saying many many times that she did not make a lot of money in it, but she rebuilt her self-esteem and hoped that she did the same for others. Ruth Handler has changed the lives of women young and old.She gave us all hope for the future through plastic and silicon. I think Ruth said it best in her autobiography, â€Å"Dream Doll: The Ruth Handler Story. † She writes â€Å" My whole philosophy of Barbie was that through the doll, the little girl could be anything she wanted to be. Barbie always represented the face that women had choices. † I think Ruth Handler and Barbie accomplished exactly that!Works Cited â€Å"Barbie. † Wikipedia, The Free Encyclopedia. Wikimedia Foundati on, Inc. 22 July 2004. Web. 27 November. 2010. Horwell, Veronica. â€Å"Ruth Handler: Creator of the Doll Whose Changing Style Defined Genera-tions of Young Women. † The Guardian. 02 May 2002. Kershaw, Sarah. â€Å"Ruth Handler, Whose Barbie Gave Dolls Curves. † The New York Times. 29 April 2002. Ladies’ Home Journal Books. 100 Most Important Women of the 20th Century. Des Moines, Iowa: Meredith Corporation, 1998. Lord, M. G. Forever Barbie: The Unauthorized Biography of a Living Doll. New York: William Morrow and Company, 1994. Ticona-Vergaray, Evelyn. â€Å"Barbies 50 years of Beauty and Controversy. † United Press International University. 08 November 2009. Web. 27 November 2010.

Leo Szilard Biography, Role in Creation of Atomic Bomb

Leo Szilard Biography, Role in Creation of Atomic Bomb Leo Szilard (1898-1964) was a Hungarian-born American physicist and inventor who played a key role in the development of the atomic bomb. Though he vocally opposed using the bomb in war, Szilard felt it was important to perfect the super-weapon before Nazi Germany. In 1933, Szilard developed the idea of the nuclear chain reaction, and in 1934, he joined with Enrico Fermi in patenting the world’s first working nuclear reactor. He also wrote the letter signed by Albert Einstein in 1939 that convinced U.S. President Franklin Roosevelt of the need for the Manhattan Project to build the atomic bomb. After the bomb had been successfully tested, on July 16, 1945, he signed a petition asking President Harry Truman not to use it on Japan. Truman, however, never received it. Fast Facts: Leo Szilard Full Name: Leo Szilard (born as Leo Spitz)Known For: Groundbreaking nuclear physicistBorn: February 11, 1898, in Budapest, HungaryDied: May 30, 1964, in La Jolla, CaliforniaParents: Louis Spitz and Tekla VidorSpouse: Dr. Gertrud (Trude) Weiss (m. 1951)Education: Budapest Technical University, Technical University of Berlin, Humboldt University of BerlinKey Accomplishments: Nuclear chain reaction. Manhattan Project atomic bomb scientist.Awards: Atoms for Peace Award (1959). Albert Einstein Award (1960). Humanist of the Year (1960). Early Life Leo Szilard was born Leo Spitz on February 11, 1898, in Budapest, Hungary. A year later, his Jewish parents, civil engineer Louis Spitz and Tekla Vidor, changed the family’s surname from the German â€Å"Spitz† to the Hungarian â€Å"Szilard.† Even during high school, Szilard showed an aptitude for physics and mathematics, winning a national prize for mathematics in 1916, the year he graduated. In September 1916, he attended Palatine Joseph Technical University in Budapest as an engineering student, but joined the Austro-Hungarian Army in 1917 at the height of World War I. Portrait of Professor of Biophysics, Institute of Radiobiology and Biophysics, at the University of Chicago Dr Leo Szilard (1898 - 1964), Chicago, Illinois, 1957. PhotoQuest / Getty Images Education and Early Research Forced to return to Budapest to recover from the dreaded Spanish Influenza of 1918, Szilard never saw battle. After the war, he briefly returned to school in Budapest, but transferred to the Technische Hochschule in Charlottenburg, Germany, in 1920. He soon changed schools and majors, studying physics at the Humboldt University of Berlin, where he attended the lectures of no less than Albert Einstein, Max Planck, and Max von Laue. After earning his Ph.D. in physics from the University of Berlin in 1922, Szilard worked as von Laue’s research assistant at the Institute for Theoretical Physics, where he collaborated with Einstein on a home refrigerator based on their revolutionary Einstein-Szilard pump. In 1927, Szilard was hired as an instructor at the University of Berlin. It was there that he published his paper â€Å"On the Decrease of Entropy in a Thermodynamic System by the Intervention of Intelligent Beings,† which would become the basis for his later work on the second law of thermodynamics. The Nuclear Chain Reaction Faced with the threat of the Nazi Party’s anti-Semitic policy and harsh treatment of Jewish academics, Szilard left Germany in 1933. After living briefly in Vienna, he arrived in London in 1934. While experimenting with chain reactions at London’s St. Bartholomews Hospital, he discovered a method of separating the radioactive isotopes of iodine. This research led to Szilard being granted the first patent for a method of creating a nuclear chain reaction in 1936. As war with Germany grew more likely, his patent was entrusted to the British Admiralty to ensure its secrecy. Szilard continued his research at Oxford University, where he intensified his efforts to warn Enrico Fermi of the dangers to humanity of using nuclear chain reactions to create weapons of war rather than to generate energy. The Manhattan Project   In January 1938, with the impending war in Europe threatening his work, if not his very life, Szilard immigrated to the United States, where he continued his research in nuclear chain reactions while teaching at New York’s Columbia University. When news reached America in 1939 that German physicists Otto Hahn and Fritz Strassmann had discovered nuclear fission- the trigger of an atomic explosion- Szilard and several of his fellow physicists convinced Albert Einstein to sign a letter to President Roosevelt explaining the devastating destructive force of an atomic bomb. With Nazi Germany now on the verge of taking over Europe, Szilard, Fermi, and their associates feared what could happen to America if Germany built a working bomb first. Convinced by the Einstein–Szilard letter, Roosevelt ordered the creation of the Manhattan Project, a famed collaboration of outstanding U.S., British, and Canadian scientists dedicated to harnessing nuclear energy for military uses. As a member of the Manhattan Project from 1942 to 1945, Szilard worked as the chief physicist alongside Fermi at the University of Chicago, where they built the world’s first working nuclear reactor. This breakthrough led to the first successful test of an atomic bomb on July 16, 1945, at White Sands, New Mexico. Shaken by the destructive force of the weapon he had helped to create, Szilard decided to dedicate the rest of his life to nuclear safety, arms control, and the prevention of further development of nuclear energy for military purposes. After World War II, Szilard became fascinated by molecular biology and the groundbreaking research being done by Jonas Salk in developing the polio vaccine, eventually helping found the Salk Institute for Biological Studies. During the Cold War, he continued to call for international atomic arms control, the advancement of peaceful uses of nuclear energy, and better U.S. relations with the Soviet Union. Szilard received the Atoms for Peace Award in 1959, and was named Humanist of the Year by the American Humanist Association, and given the Albert Einstein Award in 1960. In 1962, he founded the Council for a Livable World, an organization dedicated to delivering â€Å"the sweet  voice of reason† about nuclear weapons to Congress, the White House, and the American public. The Voice of the Dolphins In 1961, Szilard published a collection of his own short stories, â€Å"The Voice of the Dolphins,† in which he predicts moral and political issues to be triggered by the proliferation of atomic weapons in the year 1985. The title refers to a group of Russian and American scientists who in translating the language of dolphins found that their intelligence and wisdom exceeded that of humans. In another story, â€Å"My Trial as a War Criminal,† Szilard presents a revealing, though fantasized, view of himself standing trial for war crimes against humanity after the United States had unconditionally surrendered to the Soviet Union, after losing a war in which the U.S.S.R. had unleashed a devastating germ warfare program. Personal Life Szilard married physician Dr. Gertrud (Trude) Weiss on October 13, 1951, in New York City. The couple had no known surviving children. Before his marriage to Dr. Weiss, Szilard had been an unmarried life partner of Berlin opera singer Gerda Philipsborn during the 1920s and 1930s. Cancer and Death After being diagnosed with bladder cancer in 1960, Szilard underwent radiation therapy at New York’s Memorial Sloan-Kettering Hospital, using a cobalt 60 treatment regimen Szilard himself had designed. After a second round of treatment in 1962, Szilard was declared cancer-free. The Szilard-designed cobalt therapy is still used for the treatment of many inoperable cancers. During his final years, Szilard served as a fellow at the Salk Institute for Biological Studies in La Jolla, California, which he had helped to found in 1963. In April 1964, Szilard and Dr. Weiss moved to a La Jolla hotel bungalow, where he died of heart attack in his sleep on May 30, 1964, at age 66. Today, a portion of his ashes is buried in Lakeview Cemetery, Ithaca, New York, alongside those of his wife. Sources and Further Reference Lanoutte, William. Genius in the Shadows: A Biography of Leo Szilard, the Man Behind the Bomb. University of Chicago Press (1992). ISBN-10: 0226468887Leo Szilard (1898-1964). Jewish Virtual LibraryLeo Szilard Papers, 1898-1998. University of California San Diego (1998)Leo Szilard: European Refugee, Manhattan Project Veteran, Scientist. Atomic Heritage Foundation.Jogalekar, Ashutosh. Why the World Needs More Leo Szilards. Scientific American (February 18, 2014).

Free Essays on The Lady With The Dog

The Lady With The Dog In the beginning of the story, Chekhov begins with the simple line, â€Å"It was said that a new person had appeared on the sea-front†¦Ã¢â‚¬  This passage shows that the local residents of Yalta have discovered an outsider, a person they know nothing about. Chekhov asks the reader to consider who is she with and why is she there? The character of the sly womanizer, Dmitri Gurov, also asks these questions. When first reading I began to form a certain opinion of Dmitri. We know he is married and has children. He also admits to being unfaithful to his wife on numerous occasions. He appears to not like women as he referred to them as the â€Å"lower race.† This characteristic of his personality leads to the encounter between himself, the unfaithful husband, and the young mysterious Anna, in the gardens. â€Å"If she is here alone without a husband or friends, it wouldn’t be amiss to make her acquaintance.† He stated of her. In the character of Dmitri, Chekhov gives a man who seems to despise women; â€Å"he almost always spoke ill of women†¦Ã¢â‚¬  However, I believe that this was an act that he showed. â€Å"When he was in the company of women he felt free, and knew what to say to them and how to behave; and he was at ease with them even when he was silent.† If Gurov regarded women as the â€Å"lower race† than why was he only at rest when in their company? In truth I think that he liked women, he needed women. The reason he puts on this â€Å"tough guy† act is because he has never found a woman that he truly loved. Every time he had met a new woman, â€Å"he was eager for life, and everything seemed simple and amusing.† However, â€Å"Every intimacy inevitably grows into a regular problem of extreme intricacy, and in the long run the situation becomes unbearable.† Gurov did not know how to handle long complicated relationships that took work to maintain. That is why his marriage was a failure an d unhappy. That is also the reason w... Free Essays on The Lady With The Dog Free Essays on The Lady With The Dog The Lady With The Dog In the beginning of the story, Chekhov begins with the simple line, â€Å"It was said that a new person had appeared on the sea-front†¦Ã¢â‚¬  This passage shows that the local residents of Yalta have discovered an outsider, a person they know nothing about. Chekhov asks the reader to consider who is she with and why is she there? The character of the sly womanizer, Dmitri Gurov, also asks these questions. When first reading I began to form a certain opinion of Dmitri. We know he is married and has children. He also admits to being unfaithful to his wife on numerous occasions. He appears to not like women as he referred to them as the â€Å"lower race.† This characteristic of his personality leads to the encounter between himself, the unfaithful husband, and the young mysterious Anna, in the gardens. â€Å"If she is here alone without a husband or friends, it wouldn’t be amiss to make her acquaintance.† He stated of her. In the character of Dmitri, Chekhov gives a man who seems to despise women; â€Å"he almost always spoke ill of women†¦Ã¢â‚¬  However, I believe that this was an act that he showed. â€Å"When he was in the company of women he felt free, and knew what to say to them and how to behave; and he was at ease with them even when he was silent.† If Gurov regarded women as the â€Å"lower race† than why was he only at rest when in their company? In truth I think that he liked women, he needed women. The reason he puts on this â€Å"tough guy† act is because he has never found a woman that he truly loved. Every time he had met a new woman, â€Å"he was eager for life, and everything seemed simple and amusing.† However, â€Å"Every intimacy inevitably grows into a regular problem of extreme intricacy, and in the long run the situation becomes unbearable.† Gurov did not know how to handle long complicated relationships that took work to maintain. That is why his marriage was a failure an d unhappy. That is also the reason w...

Free sample - Attracting Students to NOVA Southeastern University. translation missing

Attracting Students to NOVA Southeastern University. Attracting Students to NOVA Southeastern UniversityTertiary institutions such as colleges and universities need a constant supply of students in order to meet their financial needs in not only their daily running costs but also to meet costs incurred in research. Nova Southeastern University, a private, non-profit making university, is no exception. It has endeavored to create a sustainable environment for learning which is further supported by a vibrant on-campus life which is vital to students in choosing the institution of higher learning in which to study in. This essay therefore, explores ways in which Nova Southeastern University can attract more students in order to facilitate smoother running in its activities. The overall need for Nova Southeastern University is to encourage students to study the various courses offered in the instituition and make a career out of it. There is hence a need for the institution to communicate its discovery of the various fields and the deep level of satisfaction enjoyed in pursuance of these courses. The institution needs to phrase from a point of view as to: What attracted this particular student to that specific course? What other fields did the student consider, and why did the student not any choose them? These disciplines need to be presented individually on a basis of their worthwhile, attractive, diverse, challenging and readily on hand career opportunities which is the vital endpoint that students are mainly interested in. The motivation criteria should not be based on academic self-interest but rather on their personal and professional fulfillment. The students need to envision themselves as successful in their careers after graduating. This will gr eatly compliment all enthusiastic efforts at encouraging the students to enroll at the university. In addition, the efforts put in place should also be persistent, patient and realistic. This is since it takes a considerable amount of time to build a critical student mass that shall enroll in the diverse courses offered in the university. It is important to encourage students to join Nova Southeastern University as early as in high school and pre-college. Generally, the university’s employees should act as ambassadors wherever they are. Quick, informative and well-thought out responses in answer to any impromptu questions should be formulated before-hand since the employee may be talking to a potential student. Mainly, careers in Mathematics and Statistics are neglected by students under the perception that they are difficult. Most students are not aware of courses such as Applied Statistics and Physics as a career option. Therefore, presentations should be made to high school students during promotion campaigns. During those visits, those responsible for the awareness program should arrange to meet with guidance counselors or better, invite them to the sessions. Further, support should be accorded to the admissions offices by meeting, calling or writing to prospective students and their parents. Ongoing studen ts can also make presentations at each department’s office preview or open house days. By doing so, they are viewed as diplomats or ambassadors advocating these courses. In addition, the ongoing students can offer campus tour guides for those students who envision joining the university. The university’s alumni can come in handy in displaying Nova Southeastern university as a prestigious institution of which they are proud to be associated with. Various workshops can be very vital in ensuring presentations communicate the intended purpose such as a Quantitative Literacy workshop. The other vital focal point is during the Welcome Week. Most students either change courses or permanently leave the university during this week. Therefore, several changes need to be implemented in order to reverse this trend. Lecturers should be careful when issuing their preliminary promotional remarks so as not to either scare students away or impart an impression that they are in for a rough time and under pressure. In the welcome week, the facilitator should avoid all stereotypical examples that make fun of the discipline and create the impression of drudgery. Each department should have a well written overview of the course. During orientation week, an introduction seminar should be held whereby the essence of studying each particular course is insisted upon. A real-life research project can be presented so as to demonstrate the applicability of that particular field of study in a real case scenario. However, caution must be taken as to the depth of the details since they enta il a complex methodology which might end up building a lasting negative impression. During the second year, students should be encouraged to take up introductory courses rather than in the first year in order to avoid confusion and a feeling of being overloaded. All introductory courses should be taught by the experts in that particular faculty rather than outsourcing from other departments in related and common courses. Preferably, the lecturers should have ample consulting experience gained either as faculty member or full-time consultant in the required field. This is since practitioners not only bring more relevance in the field of study but also express more enthusiasm in teaching. The university should also ensure various departments inter-collaborate so as to look for opportunities both inside and outside the institution. Emphasis should be placed on multidiscipline interaction coupled with strong interpersonal and communication skills. During the registration advisement period, personal contact should be made with the students who had performed best and encourage them to take up the course and additional courses in the semester. The departmental head should solicit support from fellow colleagues in the preparation of information sheets that indicate on the course prerequisites, the semester sequencing and current offerings in the field. Continuous encouragement and support for students till graduation should be availed so as not to end up with a situation whereby the number of those enrolling is higher but with a minimal corresponding number of grandaunts. There are various other vital points in not only enrolling but maintaining a stable number of students in the university. Chief among this is mentorship. An initiative should be taken to contact students regularly so as to offer encouragement and advice as they continue to work towards graduating in these courses. The mentor should be available and approachable informally so as to boost self-confidence and the belief in oneself. Further, the mentor can involve the students in his or her personal research and consultancy. Secondly, it is vital to conduct surveys through interviews on grandaunts. Establish why they chose that career path and ask for their view on what would attract more students into that career path. This can be extended to a similar survey conducted in students already practicing in that field. Have them analyze the measures that have been put into place and let them point out the strengths and weaknesses of the same. Thirdly, publish success story of the successful alumni in each field and avail them in the student’s library and departmental websites. Finally, it is important to incorporate technology. The university should embrace e-learning which ensures students can study at the comfort of their homes and which shall also further its distance education program. If Nova Southeastern University shall continue to thrive and expand its student base in the face of stiff competition, there as a need to implement the aforementioned changes as rapidly as possible. Although most of these changes will take time, in the long-run, the benefits acquired will far outmatch the physical and financial effort put in the implementation of these strategies.

Eternal Roman Flavor Essay Example | Topics and Well Written Essays - 1000 words

Eternal Roman Flavor - Essay Example The ancient Romans earned and invested their past history for the creation of fresh human wealth which had been of seminal value for the evolution of a richer future. Today's Rome is an effective blend of the ancient and the modern, a classic example of how the legacy of history can be preserved, productively lived, remodeled and passed on to the posterity . "History is not a traveler's idle reading tool; rather it is a live model to balance our urge for daily bread and accountability to the future generation" [Livy]. In fact the ancient Roman law that fostered and protected private property was the prototype of the modern free market economy which is the engine of globalization. It is in this context that one may see the study of Roman Civilization as one of the pillars of modern free market global economy. The historical graph of Ancient Rome can be phased into three segments. Phase I, 753 to 509 B.C. was the period of Rome's origin. Phase II spanning across 509 B.C. to 31 B.C. witnessed the growth of the Roman Republic studded with the Punic and Macedonian Wars and the development of their unique and acclaimed models of law and government. Phase III, 31 B.C. to A.D. 476 was the era of the glorious Roman Empire or the Roman World. Lasting Footprints The origin, growth and acme of Ancient Rome has left behind lasting footprints in the culture and civilization of the modern West and far beyond. The earliest contribution to economic liberty in the form of private property dates back to ancient Rome. The Romans inherited the spirit of liberty from the Greeks and used it to evolve the culture of private property which is an unmistakable version of liberty. Encouragement of private property in the ancient Roman law was the foundation for the modern free market liberal economies and democracy. "Ancient Romans had the sagacity and vision to realize the role of private property in human liberty". [Gibbon] That vision later evolved into the theory that encouragement of private property is the Eternal Roman Flavour 3 basis of free markets that generate wealth which is the engine of popular participation in politics. The economic basis of modern liberal democracy and global economy can be traced back to the contribution of ancient Rome to the development and popularization of private property. Three outstanding and fascinating aspects of Roman Civilization that would inspire any student of history are: Roman Law, Roman Government and most importantly Roman Virtues as briefly sketched below: Roman Law One of the most outstanding products of the ancient Roman mind was the Roman law. The embryonic form of the Roman Law was the Law of the Twelve Tables from which evolved the first Roman code of law at the time of the Early Republic. In fact that was the basis for the Roman legal system that stood universally relevant in the Western world for more than 1,000 years. "The underlying principle of the ancient Roman Law was the precept that the exact 'form' rather than the intended meaning of the words or of actions constitute all legal consequences". [Laughlin] Though not acceptable to the modern perspective of justice, the ancient Romans had

Feasibility of a Resort in Costa Rica Research Proposal

Feasibility of a Resort in Costa Rica - Research Proposal Example Rapid growth in tourism can also create an imbalance in labour supply causing even illegal immigration and create housing problems (Cohan, 2008) Environmental Feasibility Costa Rica's president Arias has pointed out that even though achieving fiscal goals is essential, it is to be achieved in accordance with the environmental objectives (Cohan, 2008). In order to protect the natural environment Costa Rica's Government follows stringent steps. For instance, as pointed by Costa Rica Tourism (2008 c) Allegro Papagayo, a hotel on Costa Rica's Pacific Coast received orders to close down since it was polluting the environment with wastewater from the Ministry of Health, with the support of Ministry of environment and Energy and the Costa Rica Tourism Board. By applying strict measures, the country hopes to keep the tourism industry flourishing in the years to come. Government involvement and eco tourism compliance will ensure that visitors keep coming and that the ecological balance is not disturbed. Social Feasibility Tourism increases cultural awareness. It imparts a deeper sense of identity among the locals while also exposing them to globalization. For tourists, visiting new places is a way of knowing about different cultures as well. Ecotourism professes respect for other cultures. By attracting national and foreign investment and encouraging modernization and influencing the mindset of Costa Ricans, the Costa Rican Investment and Trade Development Board aims to improve the life of Costa Ricans (Strauss, 2008). Economic Feasibility Costa Rica has been described as a "real estate investor's dream" and has seen a lot of growth in real estate investment (Costa Rica Tourism, 2008 a). Recently, Hilton has entered the Costa Rica market under the... This paper presents a modern comprehensive review of the state of the tourism industry in Costa-Rica. Also the paper explores the feasibility of a construction of the new resort from economical, social and environmental points of views. The existing scenario in Costa Rica is deemed conducive for resort projects. The government has implemented a strategy to preserve what is Costa Rica’s unique selling point, namely its bio diversity, by ensuring that modernization and globalization does not occur by compromising the ecological balance. Tourism, clearly helps to create more jobs and generate higher revenues for the country. Due to its bio diversity Costa-Rica is considered an ideal spot for naturalists, eco tourists and any one who loves nature. Although a relatively new trend in travel, ecotourism is the fastest growing sector of the tourism industry - the world's largest service industry - with an average annual growth rate of 20 to 30 percent. Government involvement and eco tourism compliance will ensure that visitors keep coming and that the ecological balance is not disturbed. Tourism increases cultural awareness. It imparts a deeper sense of identity among the locals while also exposing them to globalization. For tourists, visiting new places is a way of knowing about different cultures as well. Ecotourism professes respect for other cultures. Recently, Hilton has entered the Costa Rica market under the name Hilton Papagayo Resort. It is also a member of the Certification for Sustainable Tourism Program

How is Sex education important Research Paper Example | Topics and Well Written Essays - 1500 words

How is Sex education important - Research Paper Example Education related to sex is for mounting youthful proficiencies so that they formulate knowledgeable preferences about their activities, and sense assurance and familiarity about performing on these options. It is extensively established that individuals possess right to be educated about their body and also should be imparted sex education as it is a method that aids them to safeguard and protect self in opposition to mistreatment, utilization, unplanned pregnancies, or from sexually transmitted diseases (STDs), HIV and AIDS. Apart from family atmosphere and preaching, school atmosphere also plays an essential role in educating students about sexuality. Some schools educate their students about the subject as they are well equipped and feel it is necessary for the child development, while other schools never like to handle the subject (Kirby, 1999; Ketterman, 2007). According to Wight and Abraham (2000), it is necessary to extend sex education on the basis of theoretical knowledge, but it is difficult to translate research based conclusions drawn regarding imparting sex education into acceptable, replicable and potentially effective classroom lessons require high precision and care to create an awareness in the classroom culture. Sex education is required to develop a healthy approach as well as to afford the budding young minds with a vision and an attitude so that the mistakes that were done in the past could not be repeated. The mistake encompassed the birth of AIDS and STDs; had sex education would have gained magnitude in the past and concern about educating individuals would have been started a few decades earlier, prevailing dreaded diseases could have been prevented (Ketterman, 2007; Bryan, 1996). To culminate this, sex education is gaining prevalence. According to Eyre and Eyre (1999), essentially, children must be educated in an explicit manner about the sex and sexuality and it is always better to start early as soon as the child is three years of a ge, by the time child is eight, awareness generated about many issues is imperative in life. This enables the child to grasp the situations, happenings going around and act accordingly to protect self and peers. Sexuality begins at birth. As soon as the child is born everyone likes to know- "a boy or a girl?" Children are classified by their gender and thus they learn to discriminate between the two sexes quite earlier in their lives (Chrisman, 2002). It is observed that toddlers frequently touch themselves when they are unclothed, as in bath tub or otherwise, as they do not possess modesty. The reaction of parents is important here, as it informs them about the acceptance of their deeds. Reprimand of any kind conveys a worst message rather acknowledgment about their action is necessary. Parents must explain the secrecy and confidentiality of doings (Kids Health). The basic motive of imparting sex education is to diminish the jeopardy and probability of unconstructive incidence due to sexual behaviour or out of curiosity, culminating to accidental pregnancies or victimizing oneself with HIV or STDs. Appropriate knowledge will not only minimize such incidence but also provide positive experience about their sexuality, safeguarding children and young population in an effective manner. Sex education is important as families have their own standards for nudity and privacy. It is directly imparted to

Nuclear Plants and Their Impact on the Environment Essay

Nuclear Plants and Their Impact on the Environment - Essay Example Accidents from nuclear reactors in the late 1970s and early 1980s led to end to the initial rapid growth in nuclear power capacity. These comprised the 1979 Three Mile Island accident (USA) and the 1986 Chernobyl disaster (Ukraine) (Cracolice & Peters, 1997). In 2011, a hard-hitting tsunami led the Fukushima I Nuclear Power Plant to leak, resulting in hydrogen gas explosions and partial meltdowns. In order to caution the immediate populations from the adverse effects of the disasters, the Ukraine government enacted a 30 kilometers no-settlement policy around the Chernobyl power plant while the Japanese government implemented a 20 kilometers cautionary zone around the Fukushima I plant (Hoeve & Jacobson, 2012; Bennett, Bouville, Hall, Savkin & Storm, 2000).Radioactive DecayUsed up nuclear fuel from uranium-235 and plutonium-239 nuclear fission contains more than 100 carcinogenic radionuclide isotopes such as strontium-90, iodine-131 and caesium-137, and includes some of the most long- lived transuranic elements such as americium-241 and isotopes of plutonium. Disposal of these wastes in engineered facilities, or repositories, located deep underground in suitable geologic formations is currently the best disposal solution fronted (Cracolice & Peters, 1997).Nuclear Accidents and ConcernsDebate over the reliability, durability and quality maintenance of old nuclear installations has emerged following leakage of radioactive water in over twenty US nuclear power plants. Tritium is a radioactive isotope of hydrogen that emits a low-energy beta particle. It may be present in water emanating from a nuclear plant (Casas et al, 2004; Cracolice & Peters, 1997). The main concern over tritium is the high possibility of its entry into drinking water, in addition to the subsequent presence in crops that depend on tritium-contaminated waters. Uranium is mainly mined for use in nuclear power plants. The 1979 Church Rock uranium mill spill in New Mexico led to the flow of over 1,0 00 tons.

Inventory Management and Replenishment of Components Assignment

Inventory Management and Replenishment of Components - Assignment Example The critical replenishment parameters for item H1: Item H1 reflects a non-existing or poor inventory control strategy. The need to adopt floor-ready merchandise would address the uncertainty of replenishment. Such model allows the implementation of a rapid stock-replenishment strategy. Besides, adoption of continuous replenishment or supplier-assisted inventory replenishment would assist in streamlining H1. Adoption of Periodic review and Continuous review (Silver, 1998; Moustakis, 2000). Refers to the frequencies of evaluation that determines when to place an order for the replenishment. To place a replenishment order, a pre-determined level (re-order level or re-order point) is set so guide continuous reviewing process when the stock falls below the inventory level. Continuous review is most appropriate for companies using IT systems in tracking inventories. H1 could also be reviewed periodically. Under this model, inventories are evaluated at a particular frequency. During the rev iew, if the stock levels are below the predetermined level a replenishment order would be placed (Silver, 1998; Moustakis, 2000). However, if it is still within the cycle, the reordering would be ignored. Using the fixed stock quantity (230 units) together with a reorder quantity of 300 units are used alongside the continuous review. It assumes an Instantaneous replenishment of order. Involves placing orders when it falls below the 300 units re-order level (which is predetermined). The process triggers order when the stock falls below a predetermined reorder level.

Nuclear Plants and Their Impact on the Environment Essay

Nuclear Plants and Their Impact on the Environment - Essay Example Accidents from nuclear reactors in the late 1970s and early 1980s led to end to the initial rapid growth in nuclear power capacity. These comprised the 1979 Three Mile Island accident (USA) and the 1986 Chernobyl disaster (Ukraine) (Cracolice & Peters, 1997). In 2011, a hard-hitting tsunami led the Fukushima I Nuclear Power Plant to leak, resulting in hydrogen gas explosions and partial meltdowns. In order to caution the immediate populations from the adverse effects of the disasters, the Ukraine government enacted a 30 kilometers no-settlement policy around the Chernobyl power plant while the Japanese government implemented a 20 kilometers cautionary zone around the Fukushima I plant (Hoeve & Jacobson, 2012; Bennett, Bouville, Hall, Savkin & Storm, 2000).Radioactive DecayUsed up nuclear fuel from uranium-235 and plutonium-239 nuclear fission contains more than 100 carcinogenic radionuclide isotopes such as strontium-90, iodine-131 and caesium-137, and includes some of the most long- lived transuranic elements such as americium-241 and isotopes of plutonium. Disposal of these wastes in engineered facilities, or repositories, located deep underground in suitable geologic formations is currently the best disposal solution fronted (Cracolice & Peters, 1997).Nuclear Accidents and ConcernsDebate over the reliability, durability and quality maintenance of old nuclear installations has emerged following leakage of radioactive water in over twenty US nuclear power plants. Tritium is a radioactive isotope of hydrogen that emits a low-energy beta particle. It may be present in water emanating from a nuclear plant (Casas et al, 2004; Cracolice & Peters, 1997). The main concern over tritium is the high possibility of its entry into drinking water, in addition to the subsequent presence in crops that depend on tritium-contaminated waters. Uranium is mainly mined for use in nuclear power plants. The 1979 Church Rock uranium mill spill in New Mexico led to the flow of over 1,0 00 tons.

Investment management Speech or Presentation Example | Topics and Well Written Essays - 750 words

Investment management - Speech or Presentation Example Price of growth stock is higher in ratio with its earning whereas the price of value stock is undervalued than based on strength of its fundamental. Hence, difference can be determined by the P/ E ratios. This can also be measured using the ratio of book value to market value. Growth firms’ BV/MV ratio is lower which refers high growth whereas value firms have higher BV/MV ratio. This ratio also receives impact from dividend paid by firms as growth firms pay less or no dividend and reinvest which provides investors with capital appreciation benefit. Value stock pays higher dividend. Level of cost of equity and rate of return on assets which are component of DDM affects BV/MV ratio. Value stocks have high cost of equity which increases its ratio along with risk. Growth stocks have higher rate of return on assets and or/ high growth that lowers its ratio. Both stocks can be beneficial for investors based on their risk appetite and return needs. Investors looking for continuous stream of income shall be less diverted to growth stocks. Value stocks are invested inn in expectation of correction in their bargain price in future. These ratios can also change with change in dividend strategy; increasing dividend decreases growth would get BV/ MV ratio increased or vice versa. Similarly, correction in price of value stock that increases its price would decrease its BV/MV ratio. Hence, these are time based measures defining investment strategies. A portfolio shall have both stocks in order to get benefit of diversification (Hagin, 2004). MLH company with beta of 0.5 and a dividend yield of 12% p.a. can be declared as value stock as it has higher dividend. Beta of MLH Company determines its price receiving less movement momentum than overall market. Also beta is used in defining required rate of return assets which increases its numerator of DDM leading to relatively higher

A Study on Impact of Fdi on Service Sector Essay Example for Free

A Study on Impact of Fdi on Service Sector Essay The study aims to analyze the growth dynamics of the FDI. It intends to see whether the growth in FDI has any significant impact on the service sector growth and also investigates whether a growth in this sector causes the GDP to grow, also analyzes the significance of the FDI Inflows in Indian service sector. The study also looks into the sub-sectoral dynamics and indicates towards the fact that the trade, hotels and restaurants, transport. storage and communications sub-sector contributes the most in the growth of Indian service sector. FDI to developing countries in the 1990s was the leading source of external financing. It is one of the most important component of national development strategies for most of the countries in the world and an important source of non-debt inflows for attaining competitive efficiency by creating a meaningful network of global interconnections. FDI provide opportunities to host countries to enhance their economic development and opens new opportunities to home countries to optimize their earnings by employing their ideal resources. India ranks fifteenth in the services output and it provides employment to around 23% of the total workforce in the country. The various sectors under the Services Sector in India are construction, trade, hotels, transport, restaurant, communication and storage, social and personal services, community, insurance, financing, business services, and real estate. Meaning: FDI stands for Foreign Direct Investment, a component of a countrys national financial accounts. Foreign direct investment is investment of foreign assets into domestic structures, equipment, and organizations. It does not include foreign investment into the stock markets. Foreign direct investment is thought to be more useful to a country than investments in the equity of its companies because equity investments are potentially hot money which can leave at the first sign of trouble, whereas FDI is durable and generally useful whether things go well or badly. Classifications of Foreign Direct Investment FDI is classified depending on the direction of flow of money. * Outward FDI:Any investment made by a country in other countries will account for outward FDI. Where as, all the FDIs invested by other countries in that country is called inward FDI. Outward FDI, also referred to as direct investment abroad, is backed by the government against all associated risk. * Inward FDI : Inward FDI occurs when foreign capital is invested in local resources. The factors propelling the growth of inward FDI include tax breaks, low interest rates and grants. FDI is classified depending on how the subsidiary company works in par with the parent investors. * Vertical: Vertical FDIs happen when a corporation owns some share of the foreign enterprise. The local enterprise could either be supplying the input or selling finished goods to the parent corporation. The subsidiary here helps the parent company to grow more. * Horizontal: When the MNCs kick off similar business operations in different countries it becomes horizontal Foreign Direct Investment. It is actually a cloning that is happening here. Both the countries enjoy the same share of growth. FDI IN INDIA After getting independence in 1947, the government of India envisioned a socialist approach based on the USSR system to developing the country’s economy. The last decade of the 20th century witnessed a drastic increase in foreign direct investment (FDI), accompanied by a marked change in the attitude of most developing countries towards inward investment. FDI flows have grown in importance relative to other forms of international capital flows, and the resulting production has increased as a share of world output.. FDI in India has in a lot of ways enabled India to achieve a certain degree of financial stability, growth and development during recession. This money has allowed India to focus on the areas that may have needed economic attention and address various problems that continue to challenge the country. The factors that attracted investment in India are stable economic policies, availability of cheap and quality human resources, and opportunities of new unexplored markets. Mostly FDI are flowing in service sector and manufacturing sector recorded very low investments. The investments in service sector enhanced the benefit of flow of funds to the home country. Presently India is contributing about 17% of world total population but the share of GDP to world GDP is 2%. India has been ranked at the second place in global foreign direct investments in 2010 and will continue to remain among the top five attractive destinations for international investors during 2010-12 period, according to United Nations Conference on Trade and Development (UNCTAD) in a report on world investment prospects titled, World Investment Prospects Survey 2009-2012. According to the fact sheet on foreign direct investment dated October 2010. Mauritius is the highest FDI investment in equity inflows with 42% of the total inflow followed by Singapore, USA, UK and Netherlands with 9%, 7%, 5% and 4% respectively. Service sector is the highest FDI attracting inflows with 21% of the total inflows, followed by computer software and hardware, telecommunication and housing and real estate with 9%, 8%, 7% and 7% inflows respectively. A report released in February 2010 by Leeds University Business School, commissioned by UK Trade ;amp; Investment (UKTI), ranks India among the top three countries where British companies can do better business during 2012-14. According to Ernst and Youngs 2010 European Attractiveness Survey, India is ranked as the fourth most attractive foreign direct investment destination in 2010.

Financial Risk Management in Mauritius Banking Sector

Financial Risk Management in Mauritius Banking Sector During the past 10 years, there have been great changes in the Mauritian banking sector and this is a continuing process that will not stop here. This is mostly because of fast innovations in the financial markets and the internationalization of the financial flows. Other factors like technological development and deregulation have both triggered competitive pressures and also provided new opportunities among banks. But these opportunities are also subject to complex risks that challenge traditional approaches to banking risk management. These factors have influenced the financial world on the international level and the Mauritian banking sector has not been left unaffected. The growth of international financial markets banks have been exposed to a wider access to funds. As a result of which banks have been developing new products, services and techniques. The receipt of deposits and granting of loans, being the traditional banking practice, is today only one part of a banks activities. These new instruments have also drawn interest to areas where financial risks were earlier thought to be relatively unimportant. Hence banks are now exposed to a greater variety of risks and their ability to measure, monitor and steer risks accordingly is becoming a decisive parameter for their survival. The aim of this project is to provide an overview of the management process of financial risks in our Mauritian banking sector as risk is the fundamental element that influences the financial behavior. Banking Risks Banks are faced with a wide array of risks in their course of their operations, as illustrated in the figure below. In general, risks are categorised into three different parts: Financial Risks, Operational Risks and Business Risks. Figure 1: Categories of Banking Risks Banking Risks Financial RisksOperational Risks Business Risks Interest Rate Risk 1) Business Strategy Risk1) Legal Risk. Foreign Exchange Risk 2) Internal System and Operational Risk 2) Policy Risk. Credit Risk 3) Technology Risk 3) Systemic Liquidity Risk 4) Management and Fraud (Country) Risk. Source: Annual Report on Banking Supervision 2000 BOM Financial risk concern the effective management and control of the finances of an organisation and the effects of external factors such as availability of credit, foreign exchange rates, interest rate movement and liquidity risk. For this project only the financial side of Risk Management is going to be considered. Focus will be on the four main types of risks which are: Interest rate Risk is the risk borne by an interest-bearing asset, for example in this case a loan, due to variation in interest rates. Foreign Exchange Risk is a form of risk that crop up due to the change in price of one currency against another. Credit Risk is the risk of loss due to a debtors non-payment of a loan. Liquidity risk is the risk to earnings arising from a banks inability to meet its obligations when they come due. Operational risks are related to a banks overall organisation and functioning of internal systems, including computer-related and other technologies, conformity with bank policies and procedures and measures against mismanagement and fraud. Although these types of risks are important, emphasis will not be put on them in this project. Business risks are associated with a banks business environment, including the macroeconomic and policy concerns, legal and regulatory factors and the overall financial sector infrastructure and payment system. Outline of Chapters Chapter 2:Literature Review This chapter will focus on previous studies and surveys carried out with respect to financial risks encountered by banking institutions around the world. It will also focus on the different techniques used to manage these types of risks. Chapter 3:Overview of the Mauritian Banking Sector This chapter aims at giving an overview of the current Mauritian banking sector and also information pertaining to risk management. Chapter 4:Research Methodology In this chapter an outline of the methods used to collect data and carry out the research is given. The way in which the interview questions have been set and how the data has been analysed using different techniques. Chapter 5: Presentation of findings and Analysis This chapter which is the main one aims at presenting and explaining the answers received from the different interviews and data from the annual reports of banks, in a structured way. Chapter 6: Recommendations and Conclusion This last chapter consists of the suggestions regarding financial risk management for the Mauritian banking sector and also the answer to the main question. 2. LITERATURE REVIEW 2.1 Defining Financial Risks Financial risks in the banking field are the probability that the result of an action or event could bring up unfavorable impacts. Such outcomes could either cause direct loss of earnings or capital or may result in limitations on banks capacity to meet its business objectives. Such constraints pose a risk as these could influence a banks capacity to perform its ongoing business or to take advantage of opportunities to advance its business Risks are frequently defined by the negative impacts on profitability of numerous separate sources of uncertainty. While the types and degree of risks of an organization may be exposed to depend upon a number of factors such as its size, complexity business activities, volume etc, it is believed that generally the banks face Credit, Market, Liquidity, Operational, Legal and Systemic risks etc. 2.2 Definition of Financial Risks as Per Basel II The role of risk management in banking has changed from the simple insurance of identified risks, to a discipline that concentrates on complex econometric and financial model of uncertainty. Financial risk management has been defined by the Basel Committee (2001) as a sequence of four processes: the identification of events into more or broad categories of market, credit, operational and ‘other risks and specific sub-categories; the assessment of risks using data and a risk model; the monitoring and reporting of the risk assessments on a timely basis; and the control of these risks by senior management. The first Basel Accord (1988) analysed only credit risks in the banking book; the Basel Amendment (1996) extended this to market risks in the trading book; and now the new Basel 2 Accord that will be adopted by all G10 and many other countries in 2007 refines credit risk assessments to become more sensitive and extends the calculation of risk capital to include operational risks. 2.3 Distinction between Risk Management and Risk Measurement? Risk measurement is a key part of the general risk management process, but its certainly just one of the parts. Other, similarly key parts include defining risks, setting policy risk limits and guidelines, and taking action when those limits are threatened of being breached. Risk management is as much about people, procedures, and communication, as it is about quantitative methods involved in risk measurement (Suren Markosov, 2001). Risk measurement, however, is important to the success of the risk management process. Part of the risk measurement task is to guarantee that the risk measures being used are suitable to the nature of the risks, and since these risks can be quite various in nature, so can the necessary choices of risk measures. 2.4 Why do Banks manage Risks? The analysis of risk management reported in Santomero (1995) gives us a lists of dozens contributions and at least four separate rationales considered for active risk management. These include managerial self-interest, the non-linearity of the tax structure, the costs of financial distress and the existence of capital market imperfections. Risk is a fundamental part of the banking business, it is not amazing that banks have been using risk management ever since there have been banks the industry could never have survived without it. The only modification is the degree of sophistication now necessary to reflect the new complex and fast moving environment (Laurence H Meyer, 2000). The Asian financial crisis of 1997 has shown us that ignoring necessary risk management can also add to economy-wide difficulties. The long period of extraordinary economic growth and prosperity in Asia had hidden weaknesses in risk management. Many Asian banks did not think about risk or conduct a cash flow analysis before giving way loans, but rather lent on the basis of their relationship with the borrower and the availability of guarantee despite the fact that the security was often hard to seize in the event of default. The result was that loans including loans by foreign banks grew faster than the capacity of the borrowers to repay. Risk management is clearly not free. In fact its expensive in both resources and in institutional disturbance. The cost of delaying or avoiding proper risk management can be extreme: failure of a bank and possibly failure of a banking system (Laurence H Meyer, 2000). 3.4 Determinants of Risks When banks are exposed to risk, this implies that they are vulnerable to financial distress and failure. Determinants of risk are thus causes of problem bank failure. The common causes of bank failure are: Management. Argenti (1984) attributed 17% of his A-scores to management style and composition. He attributed another 71% to accounting deficiencies, poor response to change, over-gearing, over trading and large projects; all of which hinge upon capabilities of management. Arguments that he put forward was that management is the primary and single most important cause of financial distress. Asset quality Loan and advances comprise a substantial portion (50%-80%) of commercial banks total assets and they account for more than 70% of their income. This highlights the banks role as financial intermediary. â€Å"Asset quality is the most important determinant of bank risk exposure†. This was pointed out by Hefferman (2000), Gonzalex-Hermossilo (1999), and Hardy (1998). The asset quality of a bank is affected by various factors such as, over concentration, insider lending and political loans. Over-Expansion Banks that grow quickly tend to have unjustified risks and often find that their administrative and management information system cannot keep up with the rate of expansion. Too much liquidity by way of rapid deposit growth could also be a problem in that management may undertake riskier credit proposals and this will adversely affect the asset quality. Capitalization Capital adequacy ratio is a function of adjusted risk assets. A bank can either maintain this ratio by increasing its capital or reducing of adjusted risk assets. The prime objective of this control is to protect depositors. However Blum (1998) found that with the incentives for asset substitution, capital adequacy requirements may actually increase risk. This was found in the case of J.P Morgan and Deutsche Bank. In Mauritius the BOM has adopted a capital adequacy ratio of 10% to match international standards. Fraud Fraud is one of the key determinants of risk. However it is closely related with the management competence that some fraudulent activities have passed off as incompetence. The BCI and Barings Bank are good examples. 2.5 HOW ARE RISKS MANAGED? As pointed out by Anthony M. Santomero (1997) there need to be essential procedures that must be put in place to carry out satisfactory risk management? In essence, what techniques are employed to both limit and manage the different types of risk, and how are they implemented in each area of risk control? The management of the bank relies on a series of steps to put into operation a risk management system. These can be seen as containing the following four parts: 2.5.1 Standards and reports, 2.5.2 Position limits or rules, 2.5.3 Investment guidelines or strategies, 2.5.4 Incentive contracts and compensation. In general, these tools are used to measure exposure, define procedures to manage these exposures, limit individual positions to acceptable levels, and encourage decision makers to manage risk in a manner that is consistent with the firms goals and objectives (Oldfield and Santomero, 1995). To see how each of these four parts of basic risk management techniques achieves these ends, we elaborate on each part of the process below. 2.5.1 Standards and Reports The first of these risk management techniques involves two unlike conceptual activities, i.e., standard setting and financial reporting (Santomero and Babbel, 1996). They are listed jointly because they are the sine qua non of any risk system. Underwriting standards, risk categorizations, and standards of review are all traditional tools of risk management and control. Consistent evaluation and rating of exposures of various types are essential to understand the risks in the portfolio, and the degree to which these risks must be mitigated or absorbed (Hodgson, 1999). The consistency of financial reporting is the next ingredient. Obviously outside audits, regulatory reports, and rating agency evaluations are necessary for investors to measure asset quality and firm level risk. These reports have long been standardized, for better or worse. However, the need here goes beyond public reports and audited statements to the need for management information on asset quality and risk posture. Such internal reports need similar standardization and much more frequent reporting intervals, with daily or weekly reports substituting for the quarterly GAAP periodicity. 2.5.2 Position Limits and Rules The use of position limits, and minimum standards for participation can be categorized as a second method for internal control of active management. According to Santomero (1995) risk taking is restricted to only those assets or counterparties that pass some prespecified quality standard. Then, even for those investments that are eligible, limits are compulsory to cover exposures to counterparties, credits, and overall position concentrations relative to various types of risks. While such limits are costly to set up and control, their imposition restricts the risk that can be assumed by any one individual, and therefore by the organization as a whole. In general, each person who can commit capital will have a well-defined limit. This applies to traders, lenders, and portfolio managers. Summary reports show limits as well as current exposure by business unit on a periodic basis. In big organizations with thousands of positions maintained, precise and well-timed reporting is difficult, but even more necessary (Lopez, 2003). 2.5.3 Investment Guidelines and Strategies Investment guidelines and recommended positions for the instant future are the third technique commonly in use. Cummins et al (1998) provide that under this means of management control, strategies are shaped in terms of concentrations and commitments to particular areas of the market, the extent of desired asset-liability mismatching or exposure, and the need to hedge against systematic risk of a particular type. The limits described above show the way to passive risk avoidance and diversification, because managers generally work within position limits and prescribed rules. Beyond this, guidelines offer firm level advice as to the appropriate level of active management, given the state of the market and the willingness of senior management to absorb the risks implied by the combined portfolio. Such guidelines lead to firm level hedging and asset-liability matching. In addition, securitization and even derivative activity are rapidly growing techniques of position management open to participants looking to reduce their exposure to be in line with managements guidelines. 2.5.4 Incentive Schemes Banks can enter incentive compatible contracts with line managers and make compensation linked to the risks assumed by these individuals, and then the need for complex and costly controls is decreased. However, such incentive contracts require precise position valuation and proper internal control systems. Such tools which include position posting, risk analysis, the allocation of costs, and setting of required returns to various parts of the organization are not irrelevant. Despite the complexity, well designed systems align the goals of managers with other stakeholders in a most desirable way. In fact, most financial debacles can be traced to the absence of incentive compatibility, as the cases of the deposit insurance and so clearly illustrate. The association of managerial compensation to book earnings can bring about acquisition of investments with negative convexity, duration mismatch risk, liquidity risk and credit risk, whose book profits are higher than their expected return (Cummins et al., 1998). STRATEGIES USED BY BANKS TO MANAGE RISKS INTEREST RATE RISK All banks face interest rate risk. This type of risks occurs when long term mortgages are funded by short term deposits. Interest rate risk is like the â€Å"blood pressure for banks and is vital for their survival.†(Ron Feldman and Jason Schmidt) Furthermore, according to the Basel Committee (2001) â€Å"interest rate risk is the exposure of a banks financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value.† According to the Bank of Jamaica each banking institution needs to establish explicit and prudent interest rate risk limits, and ensure that the level of interest rate risk exposure does not exceed these limits. Interest rate risk limits need to be set within an institutions overall risk profile, which reflects factors such as its capital adequacy, liquidity, credit quality, investment risk and foreign exchange risk. Interest rate positions should be managed within an institutions ability to offset such positions if necessary. Gap analysis, duration analysis and stimulation models are interest rate risk measurement techniques used by the Bank of Jamaica (2005). Each technique provides a different perspective on interest rate risk, has distinct strengths and weaknesses, and is more effective when used in combination with another. Gap Analysis A simple gap analysis measures the difference between the amount of interest-earning assets and interest-bearing liabilities (both on- and off-balance sheet) that reprice in a particular time period. Duration Analysis Duration is the time-weighted average maturity of the present value of the cash flows from assets, liabilities and off-balance sheet items. It measures the relative sensitivity of the value of these instruments to changing interest rates (the average term to repricing), and therefore reflects how changes in interest rates will affect the institutions economic value, that is, the present value of equity. In this context, the maturity of an investment is used to provide an indication of interest rate risk. The longer the term to maturity of an investment, the greater the chance of interest rates movements and, hence, unfavourable price changes. Simulation Models Simulation models are an important complement to gap and duration analysis. Simulation models analyse interest rate risk in a dynamic context. They evaluate interest rate risk arising from both current and future business and provide a way to evaluate the effects of strategies to increase earnings or reduce interest rate risk. Simulation models are also useful tools for strategic planning; they allow a banking institution to effectively integrate risk management and control into the planning process. FOREIGN EXCHANGE RISK It is the current risk to earnings and capital arising from negative movements in currency exchange rates. It refers to the impact of adverse movement in currency exchange rates on the value of open foreign currency position. The use of hedging techniques by the Bank of Jamaica is one means of managing and controlling foreign exchange risk. Many different financial instruments can be used for hedging purposes, the most commonly used, being derivative instruments. Examples include forward foreign exchange contracts, foreign currency futures contracts, foreign currency options, and foreign currency swaps. Generally, few banks will need to use the full range of hedging techniques or instruments. Each bank should consider which ones are necessary for the nature and extent of its foreign exchange activities, the skills and experience of trading staff and management, and the capacity of foreign exchange rate risk reporting and control systems. CREDIT RISK Credit risk is the oldest and important risk which banks exposure and important of credit risk and credit risk management are increasing with time because of some reasons like economic crises and stagnation, company bankruptcies, infraction of rules in company accounting and audits (Dr.Adem Anbar, 2006). For the Norinchukin Bank in Japan (2006), transactions involving credit risk are one of the most important and strategic sources of earnings. In addition to assessments of the risks present in individual loans and other assets, the bank conducts comprehensive risk management from the perspective of its overall credit risk portfolio. In this way, the bank works to generate earnings proportionate with the level of credit risk it takes. While frequently strengthening its credit analysis capabilities, the bank conducts expert checks on the standing of borrowers, taking due account of their characteristics as cooperatives, private corporations, public entities, or non-residents. To conduct credit analysis on private corporations and public corporations, the bank has established the Credit Risk Management Division, which is separate from the Corporate Business Management Strategy Division, to prepare credit analyses by industry, drawing fully on the expertise the bank has historically acquired. To achieve greater accuracy in assessments, each senior credit analyst in charge of a certain industry assesses each client and business through comparisons with competitors in the same business, making use of industry research capabilities. Credit risk is measured for loans, guarantees, foreign exchange and securities, such as corporate bonds, as well as for swaps and other off-balance transactions. Measurement of risk volumes are conducted according to types of transactions partners, including domestic and overseas corporations and financial institutions. Based on estimates of the total credit extended, the bank uses information related to credit risk— such as rating transition ratios that measure the probability of rating changes and are computed based on background history and future business prospects, default ratios by rating, recovery ratios in the event of default and correlations among the creditworthiness of corporations and other entities to conduct tens of thousands of simulated scenarios, under various assumptions regarding defaults and rating changes for its customers and their products—to determine the distribution of potential losses. For the estimated potential losses, the bank calculates two risk volumes: the â€Å"expected loss† that corresponds to the loss that can be expected on average over the next year and the â€Å"probable maximum loss,† which is defined as losses that can be expected under the worst case scenario. This enables the bank to check expected profitability against risk and determine the risk capital to be allocated for each business category. LIQUIDITY RISK Liquidity risk is the risk that could occur if an institution does not have enough funds accessible to meet all its cash outflow obligations as they become due. Liquidity risk management ensures that funds will be available at all times to honour the institutions obligations (Bank of Mauritius). A liquidity risk management involves not only analyzing banks on and off-balance sheet positions to forecast future cash flows but also how the funding condition would be met (Bank of Pakistan). The latter involves identifying the funding market the bank has access, understanding the nature of those markets, evaluating banks current and future use of the market and monitor signs of confidence erosion. Banks use a variety of ratios to quantify liquidity. These ratios can also be used to create limits for liquidity management. However, such ratios would be meaningless unless used regularly and interpreted taking into account qualitative factors. Ratios should always be used in conjunction with more qualitative information about borrowing capacity, such as the likelihood of increased requests for early withdrawals, decreases in credit lines, decreases in transaction size, or shortening of term funds available to the bank. To the extent that any asset-liability management decisions are based on financial ratios, a banks asset-liability managers understand how a ratio is constructed, the range of alternative information that can be placed in the numerator or denominator, and the scope of conclusions that can be drawn from ratios. Because ratio components as calculated by banks are sometimes inconsistent, ratio-based comparisons of institutions or even comparisons of periods at a single institution can be misleading. Cash Flow Ratios and Limits. One of the most serious sources of liquidity risk comes from a banks failure to roll over a maturing liability. Cash flow ratios and limits attempt to measure and control the volume of liabilities maturing during a specified period of time. Liability Concentration Ratios and Limits. Liability concentration ratios and limits help to prevent a bank from relying on too few providers or funding sources. Limits are usually expressed as either a percentage of liquid assets or an absolute amount. Sometimes they are more indirectly expressed as a percentage of deposits, purchased funds, or total liabilities. Other Balance Sheet Ratios. Total loans/total deposits, total loans/total equity capital, borrowed funds/total assets etc are examples of common ratios used by financial institutions to monitor current and potential funding levels. EMPIRICAL EVIDENCE ON FINANCIAL RISK MANAGEMENT TECHNIQUES USED BY BANKS CREDIT RISK MANAGEMENT Credit operations are traditionally the main source of income as well as risks for banks. I am going to elaborate on the result and analysis of market central bank meeting participants carried out by Ramon Moreno in 2005. It was found that 40% of the respondents to his survey cited credit to household as an important source of credit risk. According to Moreno, a distinct increase in credit to the household sector has altered risk exposures and he also found that in some countries there is significant credit risks on the banking book associated with asset price fluctuation for example lending for residential real estate accounts for around 25% of total loans in Hong Kong and Korea, around 19% in Hungary, Poland and Israel, but lower in Colombia and Mexico. Another study carried out by Santomero in 1997 found that banks usually use a credit rating procedure to evaluate investment opportunities in order for credit decisions to be made in a consistent manner and to limit credit risk exposure. By using such a procedure banks were able to monitor the quality of its loan portfolio at any time. It was found that the credit quality report signals changes in expected loan losses, if the system is meaningful. Also many banks are starting to develop concentration reports, indicating industry composition of the loan portfolio. Moody had developed a system of 34 industry groups that may be used to report concentrations. Reports such an industry grouping to illustrate the kind of concentration reports that are emerging as stand in the banking industry. Moreover a credit risk survey study was done in the Turkish Banking by Dr Adem ANBAR, where he found that there is main quantitative credit risk measurer. There are expected loss (EL), unexpected loss (UL) and credit value at risk (CVAR). Although these credit risk measures are used for measuring credit risk of one asset, particularly they are used for measuring portfolio credit risk. Only 35% of the bank used these measures. According to Dr Anbar, 30% of the banks said they measured credit risk using a portfolio credit risk model and software developed mostly by them. Furthermore 95% of the bank used internal credit rating system and a credit scoring model in credit risk analysis. This technique was used to determine credit limits, to determine problematic credit and credit risk measurement. According to the study there are 3 approaches in Basel II for credit measurement. These are Standardised Approach (SA), Foundation Internal Ratings Based Approach (FIRBA), and Advanced Internal Rating Based Approach (AIRBA). It was found that 60% of the banks used the first method and 20% the FIRBA and 20% the AIRBA. Dr Anbar found that in general the tools which are used by Turkish banks are collateral, credit limits and diversification but they dont use methods like loan selling, securitization, credit insurance for transferring credit risk. One reason for that was that these types of methods havent been developed in Turkish sector yet. INTEREST RATE RISK MANAGEMENT The tradition has been for the banking industry to diverge somewhat from other parts of the financial sectors in the treatment of interest rate risk. According to Santomero (1997) institutions that do not have active trading businesses, value-at-risk has become the standard approach. Many firms use this model but in some cases it is still in an implementation process. According to his analysis, commercial banks tend not to use market value reports and guidelines but rather, their approach relies on cash flow and bank values. This system has been traditionally been known as the GAP reporting system. This system has been supplemented with a duration analysis. (Hempel, Simonson and Coleman, 1994) Most banks, however have attempted to move beyond this gap methodology, they have concluded that the gap and duration reports are static and do not fit well with the dynamic nature of the banking market. Furthermore, according to the survey, many banks are using balance sheet simulation models to find the effect of interest rate variation on reported earnings overtime. This system requires relatively informed repricing schedules as well as estimates of prepayments and cash flows. The simulation system being completed, reports the resultant derivations in earnings associated with the rate scenarios considered. Officials then make use of cash, futures and swaps to reduce this risk. 2.7.3 LIQUIDITY RISK MANAGEMENT The liquidity risk that does present a real challenge is the need for funding when and if a sudden crisis arises. Standard reports on liquid assets and open lines of credit, which are germane to the first type of li