What Is Foreign Direct Investment - Free Essay Example

Sample details Pages: 19 Words: 5689 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? The removal of cross-border restrictions on international capital flows and the trend toward an integrated world economy has been a substantial progress over recent two decades. Hence, it has increased the growth of foreign direct investment (FDI) activity. Madura and Fox (2007) define foreign direct investment (FDI) as the investment in real assets (such as land, buildings, or even existing plants) in foreign countries. They also find that multinational corporations (MNCs) commonly capitalize on foreign business opportunities by engaging in FDI. They engage in joint ventures with foreign firms, acquire foreign firms, and form new foreign subsidiaries. These types of FDI can generate high returns when managed properly. A substantial investment is required, and thus can increase the risk to capital. It may be difficult for multinational corporations to sell the foreign project when the investment does not perform well as expected. In order to maximize the corpor ations value, it is significant for MNCs to understand the potential return and risk of FDI and analyze the potential benefits and costs before making investment decisions. 2.1.2 Motives for FDI The reason why firms locate production overseas rather than exporting from the home country or licensing production in the host country, and the reason why firms seek to extend corporate control overseas by forming multinational corporations have been developed by many scholars. Kindleberger(1969) and Hymer(1976), emphasize various market imperfections in product, factor, and capital markets as the key motivating forces to accelerate FDI. Eun and Resnick (2004) explore some key factors that are important for corporations making decisions to invest overseas. These factors include trade barriers, imperfect labor market, intangible assets, vertical integration, product life cycle and shareholder diversification services. Madura and Fox (2007) indicate that MNCs engage in foreign direct investment widely because it can improve profitability and enhance shareholder wealth. In most cases, MNCs utilize FDI to boost revenues, reduce costs, or both. Revenue-related motives include attracting new source of demand, enter profitable markets, exploit monopolistic advantages, react to trade restrictions and diversify internationally. Cost-related motives involve full benefit from economies of scale, use foreign factors, use foreign raw materials, use foreign technology and react to exchange rate movements. 2.1.3 Benefits of FDI It seems unwise to conclude that both forms of geographic diversification are likely to be equally profitable or unprofitable. Errunza and Senbet (1981, 1984) find evidence to support a positive relation between excess firm value and the firms extent of international diversity by using multinational firms only. Focusing on international acquisitions, Doukas and Travlos (1988) and Doukas (1995) document that US bidders gain from industrial and i nternational diversification. Similarly, Morck and Yeung (1991, 2001) find a positive relation between international diversification and firm value. However, they show that industrial diversification and international diversification add or destroy value in the presence or absence of intangible assets. Their findings support the view that the synergistic benefits of international diversification stem from the information-based assets of the firm. Christophe and Pfeiffer (1998) and Click and Harrison (2000) find that multinational firms trade at a discount relative to domestic firms. More recently Denis, Denis and Yost (2002), using the Berger and Ofek (1995) excess value measure and aggregate data, show that global diversification reduces shareholder value by 18%, whereas industrial diversification results in 20% shareholder loss. In contrast, Bodnar, Tang and Weintrop (1999), relying on a similar valuation measure, find share-holder value to increase with global diversification. Doukas and Lang (2003) take firms which made foreign new plant announcements during the period 1980 1992 as a sample, regardless of the industrial structure of the firm, they interpret that unrelated foreign direct investments are associated with negative announcement effects and long-term performance decreases in subsequent years, whereas related investments are associated with positive short-term and long-term performance. Although their findings indicate that both specialized and diversified firms benefit from core-business-related rather than non-core-business-related foreign direct investments, the gains are larger for diversified firms. They conclude that geographic expansion of the firms core business itself is beneficial to shareholder value. In contrast, they find that geographic expansion of the firms peripheral (non-core) business harms firm value and performance. Hence the evidence indicates that the internalization theory is more consistent with the international expa nsion of the core rather than the non-core business of the firm. That is, the positive synergies from global diversification are rooted in the firms core competencies. Theories of foreign direct investment (FDI) agree on at least one major point: foreign firms mush have inherent advantages that allow them to overcome the higher costs of becoming a multinational (Hymer, 1976). These advantages may be tangible, such as an improved production process or a product innovation. They also may be intangible, such as brand names, better management structures or the technical knowledge of employees. Girma, Greenaway and Wakelin (2001) conclude that foreign firms do have higher productivity than domestic firms and they pay higher wages in the UK after their investigation. They do not find aggregate evidence of intra-industry spillovers. However, firms with low productivity relate to the sector average, in low-skill low foreign competition sectors gain less from foreign firms. FDI brin gs two main benefits to the host country. First, it introduces new production facilities into the domestic economy directly, or may rescue failing firms in the case of acquisition, raising overall output, employment and exports. Second, domestic governments hope that foreign firms will be unable to internalise their advantages fully, and local firms can benefit through spillover. 2.1.4 Effects of FDI Borensztein, Gregorio and Lee (1998) test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework by utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. The results suggest that FDI is significant for transfer technology, and contributes more to growth than domestic investment. Moreover, they find that the contribution of FDI to economic growth is improved by its interaction with the level of human capital in the host country. However, the empirical results imply that FDI is mo re productive than domestic investment only when the host country has a minimum threshold stock of human capital. Thus, FDI contributes to economic growth only when a sufficient absorptive capability of the advanced technologies is available in the host economy. Investigating the effect of FDI on domestic investment, they find that the inflow of foreign capital crowds in domestic investment rather than crowds out. FDI support the expansion of domestic firms by complementarity in production or by increasing productivity through the spillover of advanced technology. A one-dollar increase in the net inflow of FDI is associated with an increase in total investment in the host economy of more than one dollar, but do not appear to be very robust. Thus, it appears that the main channel through which FDI contributes to economic growth is by stimulating technological progress, rather than by increasing total capital accumulation in the host economy. Markusen and Venables (1999) develop s an analytical framework to assess the effects how an FDI project affect local firms in the same industry. There are two forces for the effect of entry of a multinational firm on the domestic industry. One is a competition effect, under which multinationals displace domestic final-goods producers, and the other is a linkage effect back to intermediate-goods producers, creating complementarities which could benefit domestic final-goods producers. They explore the determinants of the relative strengths of these effects. In circumstances of initial equilibrium with no local production, multinational entry can push the economy over to an equilibrium with local production in both the intermediate and final-goods industries, with a resulting welfare improvement. They then pay attention to endogenise the entry decision of multinational firms. It may now also be the case that multinationals provide the initial impetus for industrialisation, but the developed local industry creates suffi ciently intense competition to eventually drive the multinationals out of the market. Hobday (1995) finds initial multinational investments in developing East Asia created backward linkage effects to local suppliers in a large number of situations. There are some examples such as computer keyboards, personal computers, sewing machines, athletic shoes, and bicycles in Taiwan. 2.2 Cost of capital and capital structure Many major firms through the world have begun to internationalize their capital structure by raising funds from foreign as well as domestic sources. As a result, these corporations become multinational not only in the scope of their business activities but also in their capital structure. This trend reflects not only a conscious effort on the part of firms to lower the cost of capital by international sourcing of funds but also the ongoing liberalization and deregulation of international financial markets. If international financial markets were completely integ rated, it would not matter whether firms raised capital from domestic or foreign sources because the cost of capital would be equalized across countries. On the other hand, some markets are less than fully integrated, firms may be able to create value for their shareholders by issuing securities in foreign as well as domestic markets. Cross-listing of a firms shares on foreign stock exchanges is one way a firm operating in a segmented capital market can lessen the negative effects of segmentation and also internationalize the firms capital structure. For example, IBM, Sony, and British Petroleum are simultaneously listed and traded on the New York, London, and Tokyo stock exchanges. By internationalizing its corporate ownership structure, a firm can generally increase its shares price and lower its cost of capital. 2.2.1 Definition of cost of capital Eun and Resnick define the cost of capital as the minimum rate of return an investment project must generate in order to pay its financing costs. If the return on an investment project is equal to the cost of capital, under taking the project will leave the firms value unaffected. When a firm identifies and undertakes an investment project that generates a return exceeding its cost of capital, the firms value will increase. It is significant for a value-maximizing firm to try to lower its cost of capital. Madura and Fox (2007) explain that a firms weighted average cost of capital (referred to as Kc ) can be measured as: Kc = [D/(D+E )] * Kd * ( 1-t ) + [E / (D+E)] * Ke Where: D = market value of firms debt Kd = the before-tax cost of its debt t = the corporate tax rate E = the firms equity at market value Ke = the cost of financing with equity The ratios reflect the percentage of capital represented by debt and equity, respectively. In total the cost f capital, Kc is the average cost of all providers of finance to the firms. A multinational company finances its operations by using a mixture of fixed interest borrowing and equity financing that can minimize the overall cost of capital (the weighted average of its interest rate and dividend payment). By minimizing the cost of capital used to finance a given size and risk of operations, financial managers can maximize the value of the company and therefore maximize shareholder wealth. According to the size of firm, international diversification, exposure to exchange rate change, access to international capital markets and exposure to country risk, the cost of capital for MNCs may be different from that for domestic firms. 2.2.2 Costs of capital across countries Madura and Fox (2007) interpret that an understanding to why the cost of capital can vary among countries is relevant for three reasons. First, it can explain why MNCs based in some countries may have a competitive advantage over others. Just as technology and resources differ across countries, so does the cost of capital. MNCs based in some coun tries will have a larger set of feasible (positive net present value) projects because their cost of capital is lower; hence these MNCs can more easily increase their world market share. MNCs operating in countries with a high cost of capital will be forced to decline projects. Second, MNCs may be able to adjust their international operations and sources of funds to capitalize on differences in the cost of capital among countries. Third, differences in the costs of each capital component ( debt and equity ) can help explain why MNCs based in some countries tend to use a more debt-intensive capital structure than MNCs base elsewhere. The cost of debt to a firm is primarily determined by the prevailing risk-free interest rate in the currency borrowed and the risk premium required by creditors. The cost of debt for firms is higher in some countries than in others because the corresponding risk-free rate is higher at a specific point in time or because the risk premium is higher. Cou ntries differences in the cost of debt include differences in the risk-free rate, differences in the risk premium and comparative costs of debt across countries. A firms cost of equity represents an opportunity cost: what shareholders could earn on investments with similar risk if the equity funds were distributed to them. This return on equity can be measured as a risk-free interest rate that could have been earned by shareholders, plus a premium to reflect the risk of the firm. The risk premium and hence the cost of equity will vary according to different economic environments. The costs of debt and equity can be combined to derive an overall cost of capital. The relative proportions of debt and equity used by firms in each country must be applied as weights to reasonably estimate this cost of capital. 2.2.3 MNCs capital structure decision Bancel and Mittoo (2004) survey on the cross-country comparisons of managerial views on determinants of capital structure in a samp le of 16 European countries: Austria, Belgium, Greece, Denmark, Finland, Ireland, Italy, France, Germany, Netherlands, Norway, Portugal, Spain, Switzerland, Sweden, and the UK. They show that factors related to debt are influenced more, and those related to equity are influenced less, by the countrys institutional structure, especially the quality of its legal system. They find that financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use windows of opportunity when raising capital. This evidence strengthens arguments of La Porta et al. (1997, 1998) that the availability of external financing in a country is influenced primarily by its legal environment. Since agency costs of debt are likely to be higher in countries with lower quality of legal systems, this evidence is also consistent with theories of capital structure such as agency theory that assign a central role to debt contracts and bankruptcy law (Harris and Raviv, 1991). They find that although a countrys legal environment is an important determinant of debt policy, but it plays a minimal role in common stock policy. They find that firms financing policies are influenced by both their institutional environment and their international operations. They also show that firms can adopt strategies to mitigate the negative effects of the quality of the legal environment in their home country. For instance, firms in civil-law countries have significantly higher concerns for maintaining target debt-to-equity ratios and matching maturity than do their peers in the common-law countries. Further, they find that firms operating internationally have significantly different views than do their peers in several ways. For example, firms that have issued foreign debt or equity in the sample during the last ten years are more concerned about credit ratings. Firm-specific variables that are commonly used in the capital structure literature to explain leverage also explain cross-country differences in managerial rankings of several factors. For example, large firms are less concerned about bankruptcy costs, and high growth firms consider common stock as the cheapest source of funds and use windows of opportunity to issue common stock. These results support the arguement by Rajan and Zingales (1995, 2003), that firms capital structures are the result of a complex interaction of several institutional features as well as firm characteristics in the home country. Their results support that most firms determine their optimal capital structure by trading off factors such as tax advantage of debt, bankruptcy costs, agency costs, and accessibility to external financing. They confirm the conclusions of Titman (2002): Corporate treasurers do occasionally think about the kind of trade-offs between tax savings and financial distress costs that we teach in our corporate finance c lasses. However, since this trade-off does not change much over time, the balancing of the costs and benefits of debt financing that they emphasize much is not MNCs major concern. They spend much more time thinking about changes in market conditions and the implications of these changes on how firms should be financed. Lee and Kwok (1988) examine the impact of international environmental factors on some firm-related capital structure determinants which in turn affect the MNCs overall capital structure. They consider international environmental variables of political risk, international market imperfections, complexity of operations, opportunities for international diversification, foreign exchange risk and local factors of host countries, and test agency costs and bankruptcy costs. They find that MNCs tend to have higher agency costs of debt according to Myers definition than DCs. This finding remained unchanged even when size and industry effects were controlled. Though MNCs app eared to have lower bankruptcy costs than DCs, the difference largely disappeared when the size effect was controlled. Quite contrary to the conventional wisdom, the empirical findings showed that MNCs tended to be less leveraged than DCs. This finding remained even when the size effect was controlled. However, when companies were separated under different industry groups, the results varied significantly. Burgman (1996) directly estimate the effect of foreign exchange risk and political risk on the capital structure of MNCs. Using the foreign tax ratio to classify firms as either MNCs or DCs and controlling for industry and size effects, Burgman finds that MNCs have lower debt ratios and higher agency costs than DCs. Furthermore, international diversification does not appear to lower earnings volatility. To estimate the sensitivity of a firm to foreign exchange risk, Burgman conducts a regression analysis of the stock returns of each sample firm on the returns of an index of U.S . stocks and on the U.S.$:SDR returns. His political risk measure is based on the following ratio: number of low political risk countries to the total number of countries in which the firm operates. Low political risk countries are the top 20 in the country risk rankings provided by Euromoney in 1989. The results of a regression analysis for his sample of MNCs suggest that the debt ratios of these companies are positively related to both risks. Burgman concludes that this evidence is consistent with the hypothesis that MNCs use debt policy as a tool to hedge foreign exchange risk and political risk. Chen et al. (1997) conducted regression analyses to investigate the effect of international activities (as measured by foreign pre-tax income) on capital structure. They report that even after controlling for firm size, agency costs of debt, bankruptcy costs and profitability, the long-term debt ratios of MNCs are lower than those of DCs. However, within their sample of MNCs, debt rat ios increase with the level of international activities. 2.2.4 Segmented capital market A capital market for asset claims is integrated when the opportunity set of investments available to each and every investor is the universe of all possible asset claims. In contrast, a capital market is segmented when certain groups of investors limit their investments to a subset of the universe of all possible asset claims. Such market segmentation can occur because of ignorance about the universe of possible asset claims, or because of transactions costs (brokerage costs, taxes, or information acquisition costs), or because of legal impediments. From an international perspective, market segmentation typically occurs along national borders, a condition wherein investors in each country acquire only domestic asset claims. Grubel, Levy and Sarnat, and Lessard employ a mean-variance portfolio theoretic framework, have stressed the benefits of diversifying investments across national bord ers, namely the pooling of risks that results from investing in projects that are less than perfectly correlated. Subrahmanyam points out that when segmented capital markets are integrated, in addition to the diversification effect (always positive), there is a wealth effect (possibly negative) which arises out of changes in the macro-parameters of the risk-return relationship. For the special cases of quadratic, exponential, and logarithmic utility functions, it can be shown that international capital market integration is Pareto-optimal, that is, the welfare of individuals in the integrated economies will not decline, and will generally improve. The positive effect of an expansion in the opportunity set offsets any negative wealth effect. The market reformed and liberalized in developed economies in the 1970s and emerging economies during the second half of the 1980s led to the removal of many barriers. The deregulation and the development of local equity markets allowed the po ssibility of foreign portfolio investments (FPIs). Overall, FPIs would provide a new source of capital and internationalize the domestic capital markets. Subsequent improvements in risk sharing and risk matching would cause the cost of capital to fall. Errunza and Miller (2000 ) use a sample of 126 firms from 32 countries, document a significant decline of 42% in the cost of capital. In addition, they show the decline is driven by the ability of U.S. investors to span the foreign security prior to cross-listing. The findings support the hypothesis that financial market liberalizations have significant economic benefits. 2.2.5 Interaction between subsidiary and parent financing decisions In segmented markets the parent and its subsidiaries will generally have different valuation objectives and investment-acceptance criteria. Under some conditions these depend on the international financing mix. Decentralization can be optimal in the sense of global maximization, provided that t he parent is unrealistically free, ex-ante, to optimize its percentage ownership in the subsidiaries at the beginning of each planning period. In the case of a two-country firm, the subsidiaries maximands are independent of the parents. But when the parents ownership position is predetermined at a fixed level, as it is normally, the situation is radically different. Market values cannot then be maximized independently and Pareto optimization is required. Michaels (1974) main result is that, unless agreement can be reached on a compensation principle, the joint ventures cost of capital will be indeterminate. In such circumstances optimal financial planning for the MNC as a whole may be impossible. Concluding remarks draw attention to the attendant possibility that the MNC in this case may be unstable and/or inefficient. 2.2.6 The MNCs capital structure decision An MNCs capital structure decision involves the choice of debt versus equity financing within all of its subsidiaries. Thus, its overall capital structure is essentially a combination of all of its subsidiaries capital structures. MNCs recognize the tradeoff between using debt and using equity for financing their operations. The advantages of using debt as opposed to equity vary with corporate characteristics specific to each MNC and specific to the countries where the MNC has established subsidiaries. Madera and Fox (2007) indicate some common firm-specific characteristics that affect the Macs capital structure such as stability of Macs cash flows, Macs credit risk, Macs access to retained earnings, Macs guarantees on debt and Macs agency problems. They also point the unique host country characteristics can influence the MNCs choice of debt versus equity financing and therefore influence the MNCs capital structure. These characteristics include stock restrictions in host countries, interest rates in hose countries, strength of host country currencies, country risk in host countries and tax laws in host countries. 2.3 Risk analysis 2.3.1 Political risk With operations under the jurisdiction of a foreign government the firm is also exposed to political risk, therefore it must estimate the potential costs it will face due to unstable governments, regime change and changes in policies. Political risk may be defined as a particular exposure to risk which depends on the actions of a government, and its assessment or analysis for a MNC is a decision-making tool for investing in foreign countries. Over recent decades, there has been a significant increase in political risk for MNCs. This is true not only for an MNCs operations in developing countries, but also for those in developed countries. Governments have felt the need to respond to various pressure groups aimed at curbing the power of MNCs. For example, oil companies may face unfavourable legislation designed to pay for the damage to environment. Developing countries may have to respond to populist sentiments or worsening economic circumstances by seeking to renege on contracts signed by previous regimes. Another risk area which has grown in recent years has been the strength of fundamentalist religious groups in a number of economically important regions. Shapiro (1999) and Buckley, 2000) argue that government intervention in the economy increases the likelihood of political risk for the MNCs. Proponents of free markets strongly support this view, arguing that government intervention creates a number of inefficiencies in the markets that discourage competition, justify the privilege of state-controlled enterprises, promote unnecessary bureaucracy, and overall stifle initiative. Clark and Marois(1996) and Wilkin (2000) categorise negative political risks as macro and micro risks. Macro political risks are those which affect MNCs in general, whereas micro political risks are those which relate to specific firms in specific countries. Shapiro identifies them as: expropriation; currency an d trade controls; changes in tax and labour laws; regulatory restrictions; and requirements for additional local production( 1996:747). Simons framework includes wider societal issues such as public opinion, alliance shifts, revolutions and coups (quoted in Demirag and Goddard, 1994). Expropriation is generally regarded as the most obvious and extreme form of political risk. The realities of the current global economic climate mean that many countries may not resort to such drastic measures, due to the very unfavourable situation that such an action may create for them in the long term. This could be in the form of international economic isolation and cessation of support from the International Monetary Fund and the World Bank. This support is vital for continued economic progress in developing countries, and any cessation of it may mean an even tougher economic environment for these countries. Before commencing operations an MNC should undertake a dispassionate and careful an alysis of the political risk of operating in the foreign country concerned. Operations in developing countries may require a more thorough analysis of the costs versus benefits, and a large degree of uncertainty may always be present in starting operations in a developing country. This should be weighed against the perceived benefits and calculated returns on investment. It is important for the MNC to take a calculated and educated view of the situation. There is no commercial activity without risk, and a degree of risk will therefore have to be accepted. Some of the important aspects that need to be looked at are: political stability, or degree of acceptable instability; economic factors; savings, development and social stability; government budget deficits; and transparency and openness of the economy. It must also be recognised that recent developments in terrorism risk are bringing a new dimension to political risks. While terrorism in the past may have been identifiable as a county risk, such as the IRA in the UK, Abu Nidal in Israel and the Shining Path in Peru. There is the growth of terrorist groups in the 21st century who are not associated with a specific nation-state or narrow geographical region. The actions of such groups may disrupt a business across a range of activities and locations, rather than simply disrupting operations in a specific country. The most obvious answer when faced with political risk would perhaps be to avoid it completely by deciding not to do business in a particular country, but this has to be balanced against the loss of an opportunity to make a profit, and the more global nature of certain political risks. Given the risks inherent in business generally, it would normally only be the most extreme situations that require avoidance. The decision would most probably be made, on commercial grounds, to accept a degree of political risk and attempt to manage such risk effectively. Political risk, like other risks, may be m anaged by diversification across various territories. Henisz (2000) shows that multinationals face an increasing threat of expropriation if political hazard in the host country increases. However, the degree of risks depends on the strategic behaviour of the multinational, which may partner with host-country firms that have a comparative advantage in interactions with the host-country government. Harms (2002) estimated the impact of financial risk on equity investment flows which includes the sum of FDI and portfolio investment to developing countries. Using a panel data set of 55 developing countries and the period 1987 to 1995, he find that lower financial risk is associated with an increase in FDI and portfolio investment. On the other hand, Egger and Winner (2005), utilize a sample of 73 countries over the period 1995 to 1999 and find a positive linkage between corruption and FDI. In the presence of excessive regulation and other administrative controls, they propose that cor ruption may act as a helping hand to encourage FDI inflows. Recently, several studies have analysed the relationship between fundamental democratic rights and FDI. Using different econometric techniques and periods, Harms and Ursprung (2002), Jensen (2003), and Busse (2004) interpret that multinational corporations are more likely to be attracted where there is democracy. On the other hand, Li and Resnick (2003) argue that competing causal linkages are at work. They find that democratic rights lead to improved property rights protection, which increases foreign investment. Apart from this indirect impact on FDI, increases in democracy may reduce FDI. These studies use pooled time-series analysis, but not all of them account for possible endogeneity of the independent variables while some often focus on very specific indicators such as democratic rights, omitting a broader range of policy-related variables. Busse and Hefeker (2007) explore the linkages among political risk, ins titutions, and foreign direct investment inflows and show that government stability, internal and external conflict, corruption and ethnic tensions, law and order, democratic accountability of government, and quality of bureaucracy are highly significant determinants of foreign investment inflows. 2.3.2 Exchange rate risk In foreign direct investment (FDI), most firms face exchange rate risk because the exchange rate between the home and host currencies might change in the future. When transactions are contractually finalized (transactions exposure), the firms value might change because of the sensitive exchange rate movements (economic exposure). The importance of exchange-rate variability for domestic and international investment flows has been argued quite a lot. In industrialized economies, the presumed effects of exchange-rate variability have influenced the choice of international monetary regimes. The Smithsonian Agreement was discussed in the early 1970s and again a t the time of the Plaza Accord during the mid-1980s. In the early 1990s, the negative implication of variable exchange rates was a theme for designing the Exchange Rate Mechanism (ERM) operable over currencies in the European Monetary System (EMS). The currency crises within the ERM in September 1992 and Spring 1993 refocused attention on the rationale for limiting short-term nominal exchange rate movements and on the validity of arguments that exchange rate variability is costly and dampens real economic activity. Igawa (1983), Cushman (1985, 1988) and Goldberg and Kolstad (1995) examine bilateral FDI flows between the U.S. and a few of developed countries (U.K., France, Germany, Canada and Japan), they find a positive relationship between exchange rate risk and FDI. On the other hand, Kelly and Philippatos (1982) argue that the investments appeal less when the exchange rate risk is greater. Clare (1992, 1998), Benassy-Quere, Fontagne, and Lahreche-Revil (2001) and Brzozowski (2 006) focus on cross-country studies and all find a negative relationship between exchange rate risk and FDI. Benassy-Quere, Fontagne, and Lahreche-Revils (2001) study covers FDI flows from 17 OECD nations to 42 developing countries, finding a negative response to exchange rate risk. Brzozowskis (2006) study covers FDI flows to 32 transition and emerging countries, and shows a relationship not as strong as expected, is still negative. Clares (1992) study covers the FDI flow from the U.S. to 14 developed and 15 developing countries, and finds a strong negative relationship for each set of countries as well as across the entire spectrum of countries. Clark, Hooper and Kohlhagen, Gotur, Cushman (1983, 1988), De Grauwe, Maskus, and others focus on tudies of the effects of exchange rate risk on trade and find that exchange rate risk reduces trade. However, earlier results (Hooper and Kohlhagen) lend little support to this hypothesis; although Cushman (1988) find significant adverse eff ects of exchange rate risk on U.S. trade flows. Pick (1990) analyzes the effects of exchange rate risk on U.S. agricultural exports to ten different countries and estimate a model which incorporates exchange rate risk. but it also shows that exchange rate risk is not always important. His results suggest that the exchange rate risk was not significant in the seven developed markets, but significant to determine U.S. agricultural exports. Anderson and Garcia ( 1989) examine the effects of exchange rate uncertainty on bilateral soybean trade flows and finds that imports for Japan, France, and Spain are sensitive to short-term variations in nominal bilateral exchange rates. 3. Methodology 3.1 Reseach methods and data (not be finished) Here, this dissertation use the second data gathered from the companies and research based on other scholars research. 3.2 The International Capital Asset Pricing Model(ICAPM) Madura and Fox (2007) indicate that the International Capital As set Prcing Model (ICAPM) can be regarded as more formal treatment of the cost of capital elements than mentioned before. This model is an international extension of the Capital Asset Pricing Model (CAPM). The CAPM addresses a single currency area and single financial market where there are no restrictions on financial transactions. The ICAPM extends this analysis to multiple currency areas and multiple financial markets. Both these two models seek to answer the question what discount rate should be applied to the future cash flows of a particular project. Kj = Rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²j ( Rm Rf ) Where: Rf = risk free rate of return Rm = market return ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ = beta of a particular share or a project The application of the CAPM model and the ICAPM model presents considerable practical problems for an MNC. The company first has to find a like project of a similar risk class to identify an appropriate beta. Highly correlated measures of return can produ ce very different betas. There is a problem of meaning. Why a beta is particularly high or low or why it changes is not easy to explain. Selecting the appropriate beta may well not be easy. A final critique is that the model is not complete. The application of the ICAPM or any discount cash flow model does not account for the role of real options in investments. Don’t waste time! Our writers will create an original "What Is Foreign Direct Investment" essay for you Create order

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During childhood there are an estimated one to two percent of children between the ages of six and twelve that have a Major depressive disorder. That rate changes to two to five percent in adolescents or ages thirteen to eighteen. Fourteen to twenty five percent of youth experiences at least one episode of major depression before adulthood. Depression hasRead MoreAbout Alzheimers Disease And Dementia822 Words   |  4 Pagesperson’s stage of Alzheimer’s disease. Alexopoulos, G. S. (2008, July). Personalizing the Care of Geriatric Depression. The American Journal of Pyschiatry,165(7), 790-792. The article acknowledges the debilitating impact geriatric depression can have on quality of life. Medication can be a commonly used tool for treatment of depressive symptoms. However, the article states that medication does not make up the whole picture of treatment options. The article talks about how important individualizedRead MoreGeneralized Anxiety Disorder1142 Words   |  5 PagesGeneralized anxiety disorder (GAD) is a disorder of shared self-reported symptoms. It goes with tension, uncontrollable worrying, sometimes muscle pain, trouble sleeping, and irritability that all together impair work ability, relations, and leisure activities. It is a common condition and there are psychological and pharmacological treatment options are available for anxiety disorders but not all patients respond to the same treatment as others. Finding a good treatment can take many months or sometimesRead MoreBehavioral Medicine : Cognitive Behavior And Medication1079 Words   |  5 PagesCogni tive Behavior and Medication Studies have been done on the cognitive behavior and medication. Some studies looked at the behavior with bipolar disorder and the medication that they take for the (Micheal Bauer, Tasha Glenn, Paul Grof, Natalie L Rasgon, Wendy Marsh, Kemal Sagduyu, Martin Alda, Ute Lewitzka, Rita Schmid, Perter C Whybrow 2009). Some studies focus on depression treatment and the serotonin reuptake (Benedetto Vitello 2009), (Sonya S. Descheˆnes †¢ Michel J. Dugas 2012) (Bjo ¨ rn Paxling

Impact of New Technology Essay Sample free essay sample

Today. engineering possesses a important consequence in the design and selling procedure of consumer merchandises. particularly electronics. As new innovations discovered. electronic merchandises have besides grown in maps and forms. Recognized or non. these new innovations by and large led the manner to new tendencies and cravings within the society of consumers. The alteration from one technological tendency to another is a procedure affecting assorted technological every bit good as cultural factors. In this paper. I will seek to place some of them utilizing the latest tendency of portable sound participants. This paper will lucubrate the history of audio participants. how the ‘turn’ to portable sound participants occurred and what factors were involved within them. The first sound participants were immense valve-based devices. It was both big and heavy. Automatically the lone manner we can listen to music is by being restricted to our life suites. However. sometime in the 60’s. the transistor was discovered. Shortly after. people can listen to the wireless without being ‘tied down’ within their suites. The really fist portable sound participant was really the 8 path participant. It has considerable success. but received heavy critics every bit good because of its majority and incommodiousness. It could merely play 8 path tapes. therefore. most tapes must be separated into two or sometimes three parts ( ‘Portable Music Player’ . 2006 ) . The nest coevals of portable sound participant was the cassette participant. In July 1979. Sony released the first Walkman. the Sony TPS-LS2. It was a little device powered by a 4 AA battery which allow people to listen to cassettes through earphones. The public reaction was unbelievable. By 1982. the new tendency has set a record on compact cassettes gross revenues figure and the Walkman itself ( ‘Portable Music Player’ . 2006 ) . After the Walkman. the following coevals of tendency in portable sound participant was the Discman or the CD-player. Many believed that the death of Walkman was the work of Sony itself when the company introduced the D-50. a portable sound participant that can play music directly from a compact phonograph record. For rather some clip. the Cadmium participant was the dominant portable music participant. Afterwards. mini phonograph record participants. brassy memory participants and audio participants with an internal memory threatened to replace the Cadmium participants. nevertheless. the Cadmium participant survive because it now reads mp3 CD’s ( ‘Portable Music Player’ . 2006 ) . The last coevals of portable sound participants is the Digital Audio Player ( DAP ) . The first DAP was criticized for several issues. First. the MP3 files by and large do no hold better sound quality. Peoples besides found it troublesome in reassigning files. despite utilizing transportation plans. The issue was so solved as new versions of iTunes became simpler to cover with. Today. the DAP consist of three devices: ( ‘Portable Music Player’ . 2006 ) The alteration from one engineering of digital participant to another was non every bit simple as it seems. As mentioned in the debut. it involves assorted factors whether they are proficient or cultural in nature. In 2004. the market value of portable sound participants in United Kingdom entirely was valued at some ? 473. 6 million. This was a 15 % addition since 2000. It was besides forecasted that the market for all portable digital participants will make a 37 % compound one-year growing rate from 2002 to 2007. During that period. entire portable unit cargos are expected to mount from 6. 8 million units to 36 million units. Many indicated that the rise was due to the increasing popularity of digital music participants. Some of those factors act uponing the development of the tendency will be elaborated in the undermentioned bomber chapters ( Bell. 2003 ) . 3. 1 The function of Marketing Sellers frequently stated that what they do is following bing tendency. But in fact. we frequently see that it is the sellers that shaped the tendencies as they please. Today. tendency is really much influenced by what we see in Television. newspapers and hoardings. by what we hear from our friends and households. etc. Those are all the work of selling experts. Long have they discovered that tendency are ‘made’ and non ‘born’ . The debut of Walkman for illustration. requires intensive promotional activities from manufacturers. In order to advance the Walkman. Sony. needed a powerful ad visible radiation striking publicity run. Directors of the company have had hard times converting people of the value of the bran-new merchandise. In Japan. creative person. Television and film stars received free samples. This was considered a good thought because fans have a inclination of following behaviours of their graven images. Soon. the gross revenues records went sky high during the first hebdomad of its release in Japan ( Bartlett. 2001 ) . Sony applied different selling schemes for different markets. In the United States. ‘sore shoulder. no more’ was a portion of a widespread selling run of the Walkman. This is due to the old tendency of American youth transporting big boombox on their shoulders. The first hebdomad gross revenues figure in America was recorded 16 billion units ( Bartlett. 2001 ) . 3. 2 Technical and Price Competition Beside marketing facets. many considered that the tendency toward portable sound participants is besides influenced by the proficient considerations. Consumers prefer appliances with more maps and characteristics. The rise of the portable sound participants mentioned antecedently was besides the consequence of higher capacity storage. increased participant options. add-on of real-time encryption. As more companies enter the competitory market. audiophiles can please in a enormous choice of options. sizes. forms and colourss. Different companies offer different characteristics to heighten their competitory advantages. Some offers hard drives that shop the music internally. while other offers interchangeable storage media. It is the consumers who so choose characteristics harmonizing to their personal demands. Considerations like. size versus storage infinite. compact or full size earphones and which sounds the best are powerful factors that influence purchase behaviours ( Bell. 2003 ) . Another dominant factor is monetary value. Since the first designs of portable sound participants. companies have been aiming the young person market in their selling run. This is one ground why cheaper monetary values could significantly heighten gross revenues figure in portable sound participants. More cheap semiconducting material constituents allow manufacturers of portable sound participants to diminish the cost of the merchandises. Even the larger capacity of hard-disk based portables is now sing diminishing monetary values ( Bell. 2003 ) . Both the monetary value decreases and a larger assortment of HDD-based devices along with consumers’ involvement in utilizing the devices to hive away picture and even informations will lend significantly to the growing of the portable audio player’s market. From these factors. every bit good we can place which merchandise will be the following large tendency among consumers ( Bell. 2003 ) . 3. 3 Technological/Cultural Mass Adoption on Portable Audio Player 3. 3. 1 Technological Tendencies of Portable Audio Players Technological tendencies are one of the most powerful phenomena that influence the way of an economic system. The phenomena would impact societies from non merely economic position but besides from societal. legal. and other related positions. It is interesting to see there are many appliances that entertain and help us to execute several activities in much easier ways. In 80’s we experience the new epoch in basking music through the innovation of Walkman. a simple. visible radiation and hence portable appliance. Since so we witness that portability becomes issue in developing new merchandises. ensuing in appliances like Discman. Game Watch. Wristwatch. and Sony’s PlayStation Portable ( PSP ) with internet entree embedded on it. to call a few. Therefore. the technological tendencies of electronic appliances are portability. Harmonizing to talk portables ( 2006 ) . portability becomes keywords to win in this fast-moving concern. About. com in his article reveals that Nintendo sold more than 21 million DS units since its debut in November 2004. The state of affairs besides occurs at other portable media like pocket Personal computer that enable users to take a note. browse cyberspace. and listen to music as if they use desktop computing machines at place. 3. 3. 2 Cultural Tendencies of Portable Audio Players Sony’ Walkman. which was popular several decennaries ago. was one illustration of how portable appliances become sidesplitting characteristic for electronic media. However. the success of electronic media does non simply depend on the advanced engineering that a appliance airss but besides cultural consideration. Take for illustration is the narrative behind the innovation of Walkman. a hand-held musical device. a few decennaries ago. At that clip. in 1979. research section suggested that handheld music appliances are no manner to do net income for Sony since harmonizing to quantitative research they conduct the collected information from samples showed that there are no people are likely to bask music while walking or running. This state of affairs shows that over trusting on quantitative informations might ensue in misjudge and chance loss to bring forth a salable merchandise like Walkman. In instance of Sony. although the quantitative analysis shows Walkman is non salable. nevertheless. clever foresight and vision of Sony Founder and Chief Advisor. Masaru Ibuka and Sony Founder and Honorary Chairman Akio Morita have promoted the production of the Walkman and flooded the market with it. The determination was made since he saw that many African American people bring music participants anyplace and he believed that portability becomes killing characteristic of future electronic media. It turn out. as we know. that handheld devices like Walkman. Discman and many others are salable in the yesteryear. in present. and in the hereafter. 3. 3. 2 iPod Craze One thing digital engineering favours computing machine industry is that any concern that employs computing machine hardware could be considered as parts of computing machine industry. The issue of Napster’s expiration due to illegal action had unfastened new chance for legal music download industry although late we can still download military policeman. 3-based music through P2P ( peer-to-peer ) method of file sharing. Refering the issue. Apple Computer creates new scheme by developing new killing appliances when the company invents and massively produces iPod. a digital music participant that supports legal download for 99 cents per path ( Figure 1 ) . This scheme highlights the Apple’s purpose to govern out computer-related industry. Figure 1 iPod Nano Beginning: World Wide Web. ipoditude. com The obvious success of iPod has put Apple Computer as a serious rival to Sony and Microsoft. In order to stay in the computing machine industry. Apple get their loyal client by making merchandises that have great characteristics. such as executing good design. user-friendliness. smart selling. and cagey publicity. The characteristics include individualized web logs. iTunes. and many others ( Figure 2 ) . The debut of iPod is widely accepted by consumers as by June 2005. Fortune Magazine stated that Apple has sold non less than 15 million iPods. In September 2005. the 5th coevals iPods are able to play picture every bit good as music. Some called this new design a picture iPod ( iPod. 2005 ) . Figure 2 Features of iPod that better relationship with clients. Beginning: World Wide Web. apple. com 3. 3. 2. 1 iPod and Personalized Blos Blog is one illustration of how engineering helps a individual to portion thoughts in the Internet at no costs. It is precisely similar to compose on a column in a magazine or newspaper where people can besides portion thoughts on peculiar topics. By definition. the definition of a web log or Web Log is a â€Å"Web page that serves as a publically accessible personal diary for an individual† ( â€Å"Blog† ) . This web page is typically updated day-to-day and reflects the personality of the writer. A web log is slightly similar to a public diary maintaining that grows up to be an of import point in back uping a company’s online concern since it is more effectual than on-line advertisement or selling. For cases. Tom Wark. proprietor of a wine industry public dealingss house. Wark Communications. has a web log that display his remarks refering assorted issues on wine-related industry ( Richmond ) . He believe that web log supply his company a great benefit since the figure of traffic into his company’s web site becomes two crease. However. the usage of a web log will non straight lead to more money since people or readers do non pay for seeing a web log. However. the proprietor of a company who use a web log might utilize a selling scheme to do a web log going a tool for enticing consumers to purchase merchandises or services the proprietor has. Therefore. the proprietor has chance to make a monolithic clients database. Refering the potency of a web log. Apple besides equips their iPod with the capableness to blogging. IPoditude. com becomes the Web’s Prime Minister iPod web log that enables users to run down newsworthy in the universe of iPod and reaches a targeted audience. In add-on. iPoditude. com readers are those who hungry for updated intelligence. info sharing. and passion. Presently. iPoditude links many site such as Gizmodo. iPodlounge. Planet iPod ( featured provender ) and many others. Figure 3 Official Apple Website that enriched with iPod’s characteristics 3. 3. 2. 2 iPod and Challenge in Musical Industry The innovation of iPod earnestly challenge the traditional Cadmiums and VCDs since now client can download music both legal and illegal since the format of digital music is now available in many signifiers and do people easy to download them. In add-on. the being of iPod besides gives challenges to music industry since the individualized choice of vocals may set album in the weak place. This is because as music lovers. we prefer to choose some pieces of vocals from different vocalists and set them in the same booklet since we might non like all the vocals in one album from a peculiar vocalist. Therefore. the being of iPod becomes serious challenges for musical industry and helps consumers to bask music much better since consumers who express their thoughts in World Wide Web. wired. com feel they are ill of high album monetary values and limited handiness. Meanwhile. the iPod and its characteristic. iTunes. enable consumers to download peculiar vocals and portion it with their friends at no costs. Bibliography ‘Apple’s Strategy’ . 2004. Retrieved August 16. 2006 from hypertext transfer protocol: //www. it-analysis. com/article. php? articleid=12794 Bartlett. Michael. 2001. ‘CES: overplus of Portable Audio Player- Industry Trend or Event’ . Newsbytes News Network Bell. Ian. 2003. ‘The market for digital sound participants should stay robust over the following five old ages. driven largely by gross revenues of hard-disk drive-based portables and combination CD/MP3 players’ . Digital Trends [ on-line ] . Retrieved November 20. 2006 Available at hypertext transfer protocol: //news. digitaltrends. com/article235. hypertext markup language iPoditude. 2006. ‘Advertise with iPoditude. com’ . Retrieved November 27. 2006 from hypertext transfer protocol: //www. ipoditude. com/ads. php ‘Portable Music Player’ [ online ] . 2006. Retrieved November 20. 2006 available at hypertext transfer protocol: //www. kuleuven. be/iccp/iccp03/history. htm Richmond. Riva. ‘Blogs Keep Internet Customers Coming Back’ .Wall Street Journal

Who is a True Christian Essay Example For Students

Who is a True Christian? Essay It appears that Jane has had a strong belief in God, but sheseems to have a more wholesome and wholehearted beliefthan some other characters in the novel. In the beginning ofthe novel young Jane is painfully rejected by her aunt, aswell as her son and daughter.She is unable to alter the dailypattern of abuse and neglect. This makes it obvious that shedid not live as a member of a truly Christian family, but shewas mature enough to develop her own beliefs throughdaily prayers and biblical readings. Further in the story, she meets Mr. Brocklehurst for thefirst time and interviews Jane about sin, hell and the Bible. At one point in the conversation he asks her if she knowsany psalms, she replies that Psalms are not interesting(Bronte,490). This proves to Mr. Brocklehurst that she hasa wicked heart, and must pray to God to change it and giveher a new and clean one. Why must Mr. Brocklehurst beso harsh with such a young child? Would a truely Christianman ever be so quick to condemn someone he doesntknow anything about?Eventually Jane moves to Lowood Institution, an old,drafty, dreary place. It is there that Jane comes to realizethat although Mr. Brocklehurst was able to put on a goodshow at Gateshead Hall about his religious beliefs, he islacking in basic human necessities. The meals that wereserved were meager portions; during some occasions itwas burned. Her knowledge of the shortcomings atLowood were supported when she over heard the teacherswhisper Abominable stuff! How Shameful!(Bronte,499). We will write a custom essay on Who is a True Christian? specifically for you for only $16.38 $13.9/page Order now This situation along with the dreadfully cold sleepingquarters show that Mr. Brocklehurst althoughknowledgeable in biblical psalms and parables had noconcern with the conditions these children lived in. Also,when Jane accidentally breaks her slate he punishes her bymaking her stand on a high stool as punishment. From thispoint onward in the novel, it is clear that Mr. Brocklehurstsymbolizes hypocrisy and insensitivity. In particular, Mr. Brocklehurst was complaining aboutholes in stockings and expounding the virtues of a goodChristian, he is interrupted by his fashionably dressed wifeand two daughters. Their ostrich plumes, beaver hats andfalse French curls contrast with the cold, underdressedchildren huddling over a fire to keep warm. Obviously mostof the donated money is used to spoil his family, and notbeing used for what it was given for. Is this the behavior ofa true Christian? Jane doesnt not think so, but she is smartenough to disregard things she can not change and is ableto find a few role models that influence her development. Janes relationship with Helen Burns seems to strengthenher belief in God. Helen tells Jane that she is happy, andthat she doesnt want Jane to grieve her death. By dyingshe is escaping great sufferings, and that she has strong faithin God. Helen also tells Jane about her beliefs in heaven. She says, I am sure there is a future state; I believe God isgod; I can resign my immortal part to him without anymisgivings. God is my father; God is my friend: I love him; Ibelieve he loves me(525). After Helen tells her this shefeels dearer to her, the reader can feel an emotional bondbetween the two girls and the sense of a developing ofstrong faith. Eventually, Jane meets a man named St. John Rivers whotakes her in as a poor, helpless woman. Later they feel anattraction toward each other that must be avoided becausethey learn that they are distant relations. She notices that St. .uc64af9ef90d9138f2e17000df2bc9c96 , .uc64af9ef90d9138f2e17000df2bc9c96 .postImageUrl , .uc64af9ef90d9138f2e17000df2bc9c96 .centered-text-area { min-height: 80px; position: relative; } .uc64af9ef90d9138f2e17000df2bc9c96 , .uc64af9ef90d9138f2e17000df2bc9c96:hover , .uc64af9ef90d9138f2e17000df2bc9c96:visited , .uc64af9ef90d9138f2e17000df2bc9c96:active { border:0!important; } .uc64af9ef90d9138f2e17000df2bc9c96 .clearfix:after { content: ""; display: table; clear: both; } .uc64af9ef90d9138f2e17000df2bc9c96 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc64af9ef90d9138f2e17000df2bc9c96:active , .uc64af9ef90d9138f2e17000df2bc9c96:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc64af9ef90d9138f2e17000df2bc9c96 .centered-text-area { width: 100%; position: relative ; } .uc64af9ef90d9138f2e17000df2bc9c96 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc64af9ef90d9138f2e17000df2bc9c96 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc64af9ef90d9138f2e17000df2bc9c96 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc64af9ef90d9138f2e17000df2bc9c96:hover .ctaButton { background-color: #34495E!important; } .uc64af9ef90d9138f2e17000df2bc9c96 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc64af9ef90d9138f2e17000df2bc9c96 .uc64af9ef90d9138f2e17000df2bc9c96-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc64af9ef90d9138f2e17000df2bc9c96:after { content: ""; display: block; clear: both; } READ: The Most Dangerous Game EssayJohn is a good-hearted, caring man with strong faith inGod. She appreciates those qualities and almost falls inlove with him. St. John asks her to join him on a religiousmission in India. Think that she was not a woman with amind of her own he tries to convince her by saying Godand Nature intended you for a missionarys wife Amissionarys wife you must-shall be. You shall be mine: Iclaim you-nor for my pleasure, but for my Sovereignsservice.(749)She almost accepts but comes to realize that he wants herto be his wife not his companion to spread the word ofGod. She feels a brotherly bond with St.John which wouldmake marrying him a seem an incestuou s activity whichmaybe a condemnatory offense in the eyes of God whomshe does not want to offend. Also she begins to realize thathis religious missions are not done from the heart, he feels itis his job. She is confused that a self- proclaimed man ofGod could overlook such a situation.Jane makes it clearthat she does not want to be a part of his proposal. After comparing these two characters the reader can seethat there are major differences in their belief or beliefs inGod. Both Mr. Brocklehurst and St.John Rivers have avery narrow-minded view of God. They believe thatmemorization and recitation of psalms and Scripturereadings will get you to heaven, but they dont realize thathuman neglect is looked down upon by God. While Janeon the other hand has a more worldly, open-minded viewof God. That not only must a person be knowledgeable ofwhat He has done and what He expects of us, but that wemust care for each other as we care for ourselves. Janebelieves that God accepts people by what is in their heartHe will not be fooled by the masks or religious fronts thatpeople wear and build. Also, note that she does not hate them because of theirhypocritical ways she hopes that their eyes open to whatthey are doing, and chooses not to get to involved. Jane isa very intelligent woman, and though she has had a hard lifeshe still knows to lead with her mind and love with herheart.She exemplifies a true christian. Religion

buy custom World Religion Class Research Paper essay

buy custom World Religion Class Research Paper essay The world as we know or tend to know it is a haven of beliefs. Everyone would like to believe that he/she worships or believes on a more powerful being than the other. However, there is a problem going by that angle of belief. This is not the period when God or gods used to speak to people through prophets and other divine characters. The problem of these beliefs is brought by the fact that the faithfuls of the different religions cannot prove that they are actually worshipping the right being or that their god is more powerful than that of another group. To distinguish the purpose of one religion from that of another would be a tiresome commitment. However, by investigating the Christian religions and the secular religions, a number of similarities in their beliefs would help determine the likelihood that they worship the same being but in variety of ways. This is a research paper whose aim is to determine a number of similarities within the secular and the Christian religions. To Christians Jesus Christ is their savior and to get to God, they believe that they must honor Jesus first. The holy trinity is another of the Christians beliefs that tend to bring a sense of equity but to only a section of the Christian race. Islam on the other hand can be taken as one religion with multiple of teachings. The same way that Catholics and Protestants dont agree on their interpretations of the Holy Bible, Islam has its partitions which read the same Quran but interpret it differently hence drawing in a situation similar to that of Catholics and Protestants. What connects the Christians and the Islam religions is not what they teach but the belief that between them and God there is a link, incarnation and prophesying are methods that God uses to speak to them, and the human existence is made possible by the will of a supreme being. The Link between God and Humans From time immemorial, objectification of God has been a practice for many religions. It is understood that God uses an army of angels and uses prophets to communicate with the world. To draw the objectification point from that, we look at the holy rosary that is used by Catholics and a number of other religions. The holy rosary has been taken by several churches to represent God. The presence of the cross and/or a curving of what is assumed to be Mary mother of Jesus show that objectification is a way of finding a link between human beings and God. When praying, most of the Christian faithfuls who use the rosary tend to think that it is in the best interest of them to incorporate the rosary. This creates a link assumed to get Gods attention and somewhat drawing in a sense of assurance that their prayers would be answered (Brodd, 2003). Who is Mohammed? Who is Jesus? What is their importance to the lives of the faithfuls who believe in the religions they represent? According to the Islam religion, Mohammed was a prophet who created a link a between the Muslim community and God. This context does not play the same role as that of Jesus for Christians. Jesus is the son of God according to the bible and the beliefs of Christians. To the Muslims who follow theteaching of the Quran with a clear mind, Jesus was also a prophet just like Mohammed. The reason why Muslims believe Jesus was a prophet is because they object the claim by Christians that Jesus was Gods son sent to deliver Jews from sin. The argument by Muslims that Jesus was a prophet is logical due to the fact that in both the Quran and the Bible all people are equal before God. So if God saw it important to make a link between Him and Muslims, then he must have seen it important to create a link for every race. Jesus for the Jews and Mohammed for the Muslims ma kes an impression which stand to be questioned logically; if Jesus represents Jews and Mohammed represented Muslims and they are son and prophet respectively before the eyes of God, why is the imbalance between the two races so pronounced (Shrotri, et al. 1999). There is no point in trying to question why God or the supreme being of whichever religion chose to do things in a certain way or another. Imagining like a god is way off the league of humans, but humans themselves tend to make their own symbols which they believe act as channels of connection between God and themselves. The Cow for Hindus, the Rosary for Catholics, the beads and beards for the Muslim, and shrines for the Buddhists all give the impression that no matter the religion, faithfuls believe on the act of using a person, an animal, an object or assuming a way of life to be close to God. Incarnation and Prophesying The human race is believed to be bound by sin and this is the reason why according to teachings of many religions, there seems to exist a divine power sent to deliver them from sin. In many cultural and social settings, several people and objects are referred to as Gods incarnations to them. The Christian Holy Trinity comprises of the Father, the Son and the Holy Spirit. With sin drawn to the picture, it can be understood that the son is the Gods incarnation to Christians. Developing in the womb of a human to be born as a human in order to save the world (Jews) from sin; the presence of God was brought closer only in a manner made to make the Christian race believe. Arguing from a personal perspective of how it would have been if God chose to represent himself to deliver man from sin; how would it feel like if he introduced himself to Pilate as, Hey, I am God. Different races especially the African traditional settings tend to believe that they have felt the presence of God through a certain elder of their community. Besides what people may assume to be experiencing or believing, hallucination is part of being human. The Hindus do not worship the cow but they assume that the cow is a holy creature responsible for their ways of life. It is believed that Jainism and Buddhism are some of the Indian religions that honor the cow as a holy animal. Is there any aspect of incarnation or prophesy in this belief? We cannot be sure for certain but how about reflecting the teachings and believes of other religions? Christians believe Jesus was the son of God send to earth to deliver Jews from sin. Going with that belief we deduce that the cow in the Indian relligion is Gods incarnation not send to them to deliver them from sin but to help them deal with the day-to-day challenges. The cow in India in used by the Hindus, the Janis, and the Buddhists as a holy animal whose milk nourishes children to a healthy growth, whose dung is a source of energy and an ingredient for the ritual mark on the forehead (tilak). While Christians honor the birth of Jesus Christ by celebrating Christmas, Hindus, Janis, and Buddhist honor the cow with Gopastami (the cow holiday). Brahmans are considered to be high-cast priests whom to their respective duties they are considered prophets in the Hindu religion. Several prophets are used in the Bible to symbolize the use of people by God in connecting with others. Mohammed is considered a prophet in the Islam religion. The faithfuls of all these religions attach special importance to the presence of prophets. They all believe that God work through people to get through to others. The Mormon Church is an example of a secular religion whose doctrines and teachings tend to oppose the teachings of the Quran and the Bible. But conceptually this religion believes that God, prophets and divine elements make up the spiritual world. They believe that God is perfect and they strive to emulate the same. Human Existence and Presence of God Civilization has brought understanding to man in terms of his roots and has laid a foundation for the destination. If we exist now, it means that a much powerful being must have existed before us. Before civilization that took the bible to the Africans, who did the Africans worship? Just like animals, humans have instincts. These instincts work together with the conscious brain to draw reasons as to why things are like they way they are. Both religious and freelancer groups believe or tend to owe their existence to some supreme being. Long before civilization, worshipping was part and parcel of communities all across the world. Even after theories that tend to detach man from Gods creation, it is still believed that a supreme being is responsible for creation or the existence of man. Devil worshippers tend to oppose the teachings of the holy books and tend to honor Lucifer; funny enough they attach the existence of Lucifer to a rather much powerful being. Conclusion People of different denominations owe their existence to some ultimately powerful being. It has been known for ages that the supreme beings responsible for our existence are too powerful that they may cause death if they were seen by us. But in order to make the human race feel close to them and protected, they incarnate themselves to humans and other objects. Neither do we believe in the same teachings nor does our social settings and cultural differences allow for it. This is the reason why there are so many religions in the world. Their teachings are different but all are similar to one another in one way or another. Christians and Muslims believe in the presence of Gods representatives amongst them. Buddhist, Janis and Hindus honor the cow because they believe it is holy and send to them to help them with their day-to-day lives. Buy custom World Religion Class Research Paper essay

Barack Obama, Donald Trump and the Birther Movement

Barack Obama, Donald Trump and the Birther Movement Barack Obama’s legacy as the 44th U.S. president includes the killing of Osama bin Laden, helping the economy bounce back from the Great Recession and his controversial health care plan, but his time in office will forever be linked to the birther movement as well. Birthers not only framed Obama as an illegitimate president but also paved Donald Trump’s path to the White House. With this overview, learn the origins of the movement, how it spread, and its effect on Obama. Birtherism in Context Barack Obama was born Aug. 4, 1961, in Honolulu, Hawaii, to a native Kansan mother, Ann Dunham, and a native Kenyan father, Barack Obama Sr. But birthers contend that the president was born in Kenya, like his father. They argue that this made him ineligible to be president. Since Ann Dunham was a U.S. citizen, the birther rumors, even if true, would still be wrong about Obama’s eligibility to be president. As the Harvard Law Review explained in 2015: â€Å"All the sources routinely used to interpret the Constitution confirm that the phrase ‘natural born citizen’ has a specific meaning: namely, someone who was a U.S. citizen at birth with no need to go through a naturalization proceeding at some later time. And Congress has made equally clear from the time of the framing of the Constitution to the current day that, subject to certain residency requirements on the parents, someone born to a U.S. citizen parent generally becomes a U.S. citizen without regard to whether the birth takes place in Canada, the Canal Zone, or the continental United States.† The U.S. State Department also notes that a child born abroad to an American citizen and â€Å"one alien parent† acquires U.S. citizenship at birth. The birthers have never disputed that Ann Dunham was a U.S. citizen. Their failure to do so seriously weakens their argument, not to mention the fact that Obama has provided documentation about his birthplace, a Honolulu newspaper announced his birth just days afterward and family friends said they met him as a newborn in Hawaii. These friends include former Hawaii Gov. Neil Abercrombie. Abercrombie knew both of Barack Obamas parents well. â€Å"Of course, we had no idea at the time that the future president of the United States was that little boy, that little baby,† Abercrombie told CNN in 2015. The former governor became emotional discussing the birther accusations. â€Å"I would just like to ask people who have this political orientation towards the president, respect us here in Hawaii, respect his mother and father. Respect the people that I loved and the people that I knew and the little boy who grew up here in paradise and became president.†Ã‚   How the Birther Movement Began Although the birther rumors became extremely widespread, a lot of confusion exists about the origins of the movement. In fact, it has been linked to both Hillary Clinton and Donald Trump. But did either of these two, who became rivals during the 2016 presidential race, actually begin the birther movement? Donald Trump’s remarks about birtherism have only added to the confusion. â€Å"Hillary Clinton and her campaign in 2008 started the birther controversy,† Trump said  while campaigning for president in 2016. â€Å"I finished it.† In 2015, U.S. Sen. Ted Cruz (R-Texas) also blamed Hillary Clinton for the birther rumors. But both Politifact and Fact-check.org, reportedly the first website to acquire Obama’s birth certificate, have found no connection between the 2008 Clinton campaign and the birther rumors, even if some of her supporters latched on to the unfounded claims. Birtherism simply can’t be traced to a single source, but Politico has linked it to an anonymous chain email from 2008. The email reportedly stated: â€Å"Barack Obama’s mother was living in Kenya with his Arab-African father late in her pregnancy. She was not allowed to travel by plane then, so Barack Obama was born there and his mother then took him to Hawaii to register his birth.† Daily Beast editor John Avlon has blamed Clinton volunteer Linda Starr of Texas for spreading the email. For her part,  Clinton has adamantly denied involvement in the smear campaign. She told CNN’s Don Lemon that to blame her â€Å"is so ludicrous, Don. You know, honestly, I just believe that, first of all, it’s totally untrue, and secondly, you know, the president and I have never had any kind of confrontation like that. You know, I have been blamed for nearly everything, that was a new one to me.† While the name of the birther responsible for the viral email remains unknown, some birthers have proudly identified themselves with the movement. They include Jerome Corsi, whose 2008 book, â€Å"Obama Nation,† accused the president of maintaining dual American and Kenyan citizenship. There’s also former Pennsylvania deputy attorney general Phil Berg. â€Å"Obama carries multiple citizenships and is ineligible to run for President of the United States. United States Constitution, Article II, Section 1,† Berg said in a federal District court complaint filed on Aug. 21, 2008. Berg had spent the previous years suggesting that George W. Bush was somehow involved in the Sept. 11, 2001, terrorist attacks. After his lawsuit about Obama’s birthplace came others. Alan Keyes, who ran against Obama in the 2004 Senate race and later for president, filed a suit in California concerning Obama’s eligibility to be president. California resident Orly Taitz would file more suits. New Jersey resident Leo Donofrio filed such a suit as well. The courts have ultimately  dismissed all suits involving the birther claims. How Birthers Have Affected Obama In response to the birther claims, Obama has released his birth certificate, which in Hawaii is a certificate of birth. But birthers, including Donald Trump, insisted that the certificate was invalid. Hawaii state officials have even vouched for Obama, including Dr. Chiyome Fukino, then director of the Hawai’i State Department of Health. The doctor swore in 2008 and 2009, â€Å"I... have seen the original vital records maintained on file by the Hawai’i State Department of Health verifying Barrack (sic) Hussein Obama was born in Hawai’i and is a natural-born American citizen.† Still, Donald Trump appeared on a number of television programs questioning the authenticity of Obama’s birth certificate and suggesting that no hospital records of his birth in Hawaii could be found. His wife,  Melania Trump, made such  claims on television as well. Spreading the birther claims earned Trump a following among Americans aggrieved that Obama was president. According to polls, more than a quarter of Americans believed Obama was not born in the United States because of the controversy. After years of declaring otherwise, Trump finally admitted that Obama was a U.S. citizen. While stumping for Hillary Clinton in September 2016, First Lady Michelle Obama called the birther claims â€Å"hurtful, deceitful questions, deliberately designed to undermine [Obama’s] presidency.†

ASSIGNMENT 2 Example | Topics and Well Written Essays - 750 words

2 - Assignment Example The resultant of this would be the loss of threads and finally loosening of the components. The mechanism behind this corrosion is in the difference that occurs in levels of oxygen between internal crevice and the external surface. The depletion of oxygen on the crevice causes it to be he anode creating an extremely corrosive environment inside the crevice. The corrosion occurs on the low-oxygen area acting as the anode with protection on the high oxygen area as the cathodes. Pitting is another form of localized corrosion that penetrates into metals as quickly as possible mostly at an angle of ninety degrees. As a result of it, we can have leaking tanks. This kind of corrosion is often hard to identify. The moment it is visible to humans, the damage will have been extensive the passivation layer of stainless steel makes it vulnerable pitting corrosion rather than uniform corrosion.The figure below show pits on stainless steel rings after it was subjected to the marine environment Surface corrosion occurs on the surfaces of the materials in question.it has different types that include: stainless steels involves a flat-gray uniform surface attack mostly leading to significant damages in form of deposits of corrosion. Non-stainless products do suffer an extreme corrosion under a pale-black surface. Color-anodized surfaces involves crater formation in places of heavy attacks. In normal conditions only a partial or complete loss of color intensity occurs. This kind of corrosion occurs as a result of chemical and electrochemical influences. This only happens when there is connection with excessive acid contents in relation to stainless steel, soldered connections and sintered carbide metal are concerned. In the case of stainless steel, corrosion is aided by the impact of water/humidity. On anodized surfaces, the impact of acids or

History Of Copper Essay Example | Topics and Well Written Essays - 250 words

History Of Copper - Essay Example The alloys were harder, making alloys to be extra useful and by 2500 BC, bronze was used by a large group of people, this brought up what historians called bronze era (Leskinen 2009). By 1500 A.D, copper in art started in western countries and it was inform of bronze sculptures. Some places in the East a place called Nara Buddha, a monumental sculpture in bronze dates back to 751 A.D.The next discovery was about copper plating that started in the mid-1600s.tis technique was use used in ship building, to protect the ship from storms. In the modern world there has been improvement in the modern world due to technologies that have emerged. The improvement started to change and to grow to meet the need of the society. This includes flash smelting which began in 1949 and in 1990 copper oxide was first used as a superconductor. The Bronze Age abruptly ended at around 12000 BC, this was due the interference of the international trade routes and the breakdown of the ancient world. Areas where tin was supplied dried up. Is led to the introduction of iron not because it was better than copper but because of its availability (Leskinen 2009). Antecedently, Rome started to be served with copper by copper mines in Spain and Asia and as the empire became big a lot of copper increased in the system. And Spain could produce about 15000 tons of refined copper per anum.It is known that brass an alloy of copper was first dived at this time (Leskinen 2009). This gives a report on history of

Demand vs Supply Essay Example for Free

Demand vs Supply Essay The two main driving forces of the economy are supply and demand. Understanding the basic concepts of supply and demand can help an organization focus on the bottom line. According to Gretzen (2007), demand is the relationship between price and quantity. Supply refers to the amount of a good or service available at any particular price. The principle of supply and demand describes a balance that develops between the supply of an item or service and the demand for it (Kleinman, 2009). Economics plays a major role in the health care industry. As a resource, the health care workforce is a determinant of the balance between supply and demand. The health care workforce consists of nurses, physicians, and other ancillary health care workers such as certified nurses’ aides (CNA’s) and patient care associates (PCA’s). The supply of health care workers directly impacts the demand of quality care rendered to patients. SERVICE OR PRODUCT Health care organizations have specific stated missions and visions to map out their fundamental way of operation. In health care, the workforce is instrumental in assisting with the organizational delivery of services to consumers (patients). The primary issue for all health care workforce personnel is that of inadequate staffing. This paper focuses on the staffing effectiveness of supplemental staffing of health care personnel within the inpatient setting. IMPACT Nursing managers formulate staffing patterns on a daily basis. The staffing of inpatient units requires a knowledge of unit census (total bed capacity),  consideration of patient acuity (level of care required for the patient), and skill mix (nursing hours per patient per day and nurse patient ratio) (U. S. Department of Health and Human Services, 2002). Often times, inadequate staffing is due to a high rate of call outs of sickness or other emergencies. Inadequate staffing directly impacts patient safety and quality of care. All health care titles render supplemental staffing coverage in one of two ways, overtime and through per-diem agencies. Overtime employment provides regular full time employees with monies set at a rate of time and half for any extra work completed over the prescribed 40 hours a week. Per-diem agencies are outside contractors capable of providing their own qualified titled personnel to fill vacancies with monies defined at a set rate. Patients are admitted to inpatient setting with varied co-morbidities may or may not indirectly increase the necessity of staff. Patients are often admitted for diagnoses of altered mental status, agitation / combativeness, risk for falls, suicidal ideation, and alcohol or drug intoxication. Many patients require a higher level of skilled care, such as turning and repositioning, and assistance with activities of daily living such as toileting and eating. It requires a higher staff to patient ratio to provide safe, effective quality care. PERSPECTIVE AND RATIONALE According to published reports there are key factors affecting the adequacy of the health care workforce. Some key factors include an aging workforce of where 40 percent of practicing physicians are older than 55, and one-third of the nursing workforce is over 50 with a majority of both professionals seeking to retire within the next 10 years (Alliance for Health Reform, 2011). The largest groups of health professionals in the United States are composed of Registered Nurses. Statistically, there is a huge decline in the numbers of nurses within all regions of the U.S. An estimated 118,000 FTE RNs will exit the workforce within the next five years (Staiger, Auerbac, Buerhaus, 2012). This potentially leaves a major void in terms of numbers of bodies needed to fill vacated positions. Low staffing levels are associated with higher rates of adverse outcomes that are directly sensitive to nursing attention, such as urinary tract infections, pneumonia, pressure ulcers, and falls (American Federation of Teachers, 2012). Unintended additional costs  associated with the development of complications in patients are greater than labor savings when units are understaffed. Acquiring pressure ulcers are estimated to cost the health care industry $8.5 billion per year (Kleinman, 2009) Overtime costs and per-diem agency costs can’t stand alone to solve the issues of staffing shortage. Their combined usage enables institutions to deliver optimal health care services to consumers/ patients. The supply of overtime and per-diem staff meets the increased demands of patients. It also assists in the delivery of quality care through services rendered. In terms of patient safety, the potentiality of the risk of injury to patients via falls, medication errors, and or sentinel events decreases. CONCLUSION The United States is a great consumer demand for health care services. The supply of such services is affected by varied factors. These factors directly influence the financial stability of health care organizations. Recessional times cause delays in career and retirement plans for health care professionals. In recessional times, there are noted changes in the supply and demand of the health care workforce. The shortage of registered nurses and providers in the workforce may inadvertently lead to a reduction in health care access for consumers. Inadequate staffing levels place heavy burdens on the nursing staff. Adverse events such as falls, hospital acquired infections and medication errors are potentially painful and life threatening events. Adverse events can result in considerable costs to be paid by the understaffed institution. For this reason alone, supplemental staffing via agency and overtime personnel provides a measure of increased patient safety. The future is trending towards the assistance in the recovery of the health care workforce shortage. It will rely heavily on the provisions made by the Affordable Care Act of 2010 (Alliance for health reform, 2011). Recruitment and reinvestment in health care professions especially nurses and physicians will assure sufficient supply of workforce personnel to meet the increased demands of health care economy and its’ consumers( Kaiser Foundation (2012). The Joint Commission bolsters workforce infrastructure through in-service and continuing education, supporting nursing education, and the adoption of set staffing levels based on  competency and skill mix relative to patient mix and acuity (Stanton, 2012). It also supports the establishment of financial incentives for health care organizations investing in nursing and workforce services. REFERENCES Alliance for Health Reform. (April, 2011). Health care workforce: Future Supply vs. Demand. Retrieved from http://www.allhealth.org/publications/medicare / health_care_workforce. American Federation of Teachers. (2012). Issues: Healthcare Staffing. Retrieved from http://www.aft.org/issues/healthcare/staffing/index.cfm Changes in Health Care Financing Organization. (August, 2009). Issue brief: Impact of the economy on health care. Retrieved from http://www.academyhealth.org /files/hvfo/findings0809.pdf Getzen, T.E. (2007). Health economics and financing. (3rd ed.). John Wiley and Sons, Inc., Hoboken, NJ. Kleinman, C. (2009). Health care supply demand. Retrieved from http://www.community.advanceweb.com Staiger, D. O., Auerbach, D. I., Buerhaus, P. I. (2012, April). Registered nurse labor supply and the recession- Are we in a bubble? New England Journal of Medicine, (366), 1463-1465. Stanton, M. (2012). Hospital nurse staffing and quality of care. Retrieved from http://www.ahrq.gov/research/nursestaffing/nursestaff.htm U.S. Department of Health and Human Services. (July, 2002). Projected supply, demand, and shortages of registered nurses: 2000- 2020. Retrieved from http://hrsa.gov. The Kaiser Foundation. (2012). Nursing workforce: Background brief. Retrieved from http://www.kaiseredu.org/Issues-Modules