TRANSAMERICA Research Paper Example | Topics and Well Written Essays - 3000 words

TRANSAMERICA - Research Paper Example On the other hand, business ethics refers to the set of actions that are increasing control over the potential conflicts like corporate governance, corruption, insider trading and employee discrimination. In the current study, Transamerica Life Insurance Company is selected to outline the various aspects of CSR and ethics (Doyle, 2011). Transamerica Corporation is having a prolonged history of controlling different life insurance and investment firms. The American company is having different entities in around the world. Amadeo Giannini established the organization in the year 1904 with the help of the ‘Bank of Italy’ and used the name of ‘San Francisco saloon’. Actually, his aim was to provide financial services more easily so that maximum number of people can use products. He started to provide financial support to different person from the year 1906. Giannini started with a temporary bank in the San Francisco docks area, which provides industrial, contractual loans very easily (Transamerica.com, 2015c). In the year 1928, new strategy adopted by Giannini as his organization merged with ‘Bank of America’. In the year 1930, the â€Å"Transamerica Corporation acquired the Occidental Life Insurance Company† (Transamerica.com, 2015b). Moreover, in the year 1956, management of the firm separated the banking and life insurance businesses segment as the Transamerica. San Francisco skyline was launched after Transamerica was launched (Transamerica.com, 2015b). During the two decades 1960 to 1980, the organization has faced huge challenge. Transamerica gained higher interests among the global financial market with the help of inventiveness and acquisition. They started providing various life insurance and financial services to the normal and institutional clients. Their major clients are like â€Å"motion picture distributor United Artists, Trans International Airlines and Budget Rent A Car† (Transamerica.com, 2015a). During the year 1980,

A Hole in His Parachute Essay Example | Topics and Well Written Essays - 500 words - 1

A Hole in His Parachute - Essay Example night still has an opportunity to claim his salary for the remaining two year because upon signing the agreement, he obtained a right of interest as a partner in the Knight-Ridder Corporation. It is this right that will therefore be used to claim for his salary in the next two years. In this case, his right is much protected by a business law which also consists of a number of laws such as commercial law, partnership law and Federal Corporation law (Mallor, 2012).These laws therefore guarantee him of the high chances of getting his money. According to Mallor (2012), an agreement is a legal and binding document that reveals the obligations of two or more parties involved in a business. Both Knight and Murdoch made an agreement where each was expected to have his own obligations. Knight was expected to offer advises to the Knight-ridder Corporation about the newspaper for five years. Murdoch on the other hand, was expected to pay Knight an annual salary of 2.5 million dollars for his services. However, breaching of agreement is the failure to accomplish duties and terms agreed upon by the two parties. Murdoch failed to fulfill his obligation through dissolution of Knight-Ridder Corporation before a period of five years therefore terminating Knight’s salary for two years. The legal and binding document established by the two partners gave them legal rights in the Corporation. Murdoch obtained the right of ownership as an employer, and as the largest shareholder of the Corporation while Knight acquired the right of interest as a partner. Since Murdoch failed to perform his duty as revealed in the legal and binding document, he is viewed as violating Knight’s right as a partner. Knight can therefore take steps to reclaim the money owed to him by suing Murdoch through a court of law. In the court, a judge would solve the case through the guidance obtained from a business law which oversees the various types of business transactions such as mergers and acquisitions,

A midsummers night dream Essay Example for Free

A midsummers night dream Essay Additionally, The nobles are a mirror image to the Mechanicals. The Mechanicals are completely opposite to the nobles. The nobles speak in Shakespeare’s elegant verse and are very rich and are also educated. Unlike, the mechanicals that do not speak in elegant verse but in proses and are lower class and are not well educated. The forest represents magic, instinct, love and dreams. It is symbolised by the fairies use of rhyming verse, and night. The prosaic Mechanicals here in the forest are another mirror image to the supernatural fairies. The Fairies are elegant; and speak in a four beat verse chant. So shall all the couples three. Ever true in loving be However, The Mechanicals are clumsy and earthly and speak in prose. I, One snout by name, present a wall. The mechanicals add understanding to the audience through love. In the mist of a supernatural war, the humble Bottom demonstrates something about the blind nature of love through his combination of dignity and foolishness. Reason and love keep little company together Bottom adds understanding to the audiences understanding by this quote. He explains that reason and love have nothing over love Bottom figures this out because he is ordinary, ands proving Theseus wrong. The Mechanicals main contribution is humour. This has the effect of diffusing tension. It grounds down the elevating romance of the lovers and the fairies, and adds to the audiences enjoyment. Shakespeare creates humour through various language techniques. One way in which he does this is by the comic effects of the names of the characters. Bottom name might prefer to a persons backside or an ass in which his head is turned into the head of an ass(donkey) In the play-within-a-play, flute plays Thisbe. The name Flute refers to a flute instrument, which is to a sour fruit â€Å"citrus†. This reflects his personality as he is bitter, serious and gets annoyed. High, pitched. In the play Flute has to put on a high voice as he plays a woman. Also Quince name refers Also the Mechanicals contribute humour by the misuse of their words. The mechanicals mix up their senses a lot in the play. The flowers of odious savours sweet an oxymoron is used here as Bottom mixes up his senses. The effect on the audience is obviously humour as it is a stupid mistake. As flowers do not smell horrible! The mechanicals also mix up senses I see a voice†¦. And I can hear my Thisbes face L187-188 [Bottom] Bottom un-deliberately mixes things up again by saying he sees a voice and hears Thisbes face. The effect on the audience is humour. The Mechanicals enhance the audiences understanding of the theme of love and it transforming power. Shakespeare uses humour to show the ugly can be made beautiful though love. ? What angel wakes me from my flowery bed†¦I pray thee, gentle mortal, sing again† As the audience knows, Bottom cant really sing but the fact that love can change something ugly into something beautiful is what the Mechanicals add to the audiences understanding of the play. The contrast of the lazy Bottom and the beautiful Titania with her high status, her language and power underlines the transforming power of love and shows how people behave foolishly because of love. Although Bottom is ugly and uneducated he speaks wise words. Thou art as wise as thou art beautiful Shows that even though Bottom is ugly and clumsy his wise words about love Bottom shows the audience that love is unreasonable. The effect on the audience is that love is not about status, beauty or law. Which is what the Athenians believe love is about. Humour is used to explore the idea of drama and the conventions of the theatre in the play-within-the-play when Quince begins his prologue he takes away the drama and the tension from the play. He does by adding a speech before the play by reminding the audience a few things before the play starts I am to entreat you, request you are desire you to con them† Quince takes away tension in a humorous by telling the audience before hand that the Mechanicals are a little bit rubbish. Throughout the play-within-the-play Bottom dominates the play but misguides his own talent in many ways. Bottom throughout that play tries to dominate but makes silly while humorous mistakes. â€Å"O grim-looked night†¦O†¦O†¦O† Bottom repetition is entertaining as he is trying to make himself look like a good actor, He is trying to create this impression by using â€Å"o† a lot in his sentences. When Shakespeare uses the actors as the setting. Which are the wall and the moon. It shows the contrast of Shakespeare use of imagery to represent the scene, as there were no props and stage settings in those times. Also Flute says his lines all at once as the actors in the Elizabethan times would only know their own lines not the other actors. Which would be very humorous for the audience as the actors would be all jumbled up. The Mechanicals add enjoyment and understanding through the theme of love and through humour. The Mechanicals also contribute humour. And finally the Mechanicals increase the audiences perceptive of the theme of love and it transforming authority by using Bottom to say something intelligent about love. William Shakespeare uses the Mechanicals in the play for many reasons. Shakespeare uses the mechanicals to add understanding to the audience throughout the play. Also he uses the mechanicals for the audience’s enjoyment. â€Å"A Midsummers Night Dream is still popular for performers and audiences today as it is a play with bizarre and magical dreams and magic happenings thought out the play. Finally, because it is a humorous yet a moral play which anybody can learn from.

Importance of Risk Management in Banking

Importance of Risk Management in Banking The fall of Lehman Brothers and Bean Stearns triggered the financial crisis from 2007 to 2008. In the case of Lehman Brothers, which was one of the largest investment banks with old history in United States, illustrated the importance of appropriate internal risk management with control. Self-interview threat occurred and was leading to the bankruptcy. In the event of lacking enough bank reserve for withdrawal, Bank of East Asia (BEA) chose to enter mass of capital and welcome the public to take freely from the account balance. It would like to increase the stakeholder confidence and is finally success and solve the problem. It is obvious that risk management plays an important role in the financial institutions. Risk management is the management of identification, assessment and prioritization of risks to assess the effectiveness and efficiency of the internal control system and reduce the impact of unexpected events. (ISO 31000, 2009) Without proper risk management, banks are diffi cult to operate with financial difficulties and survive during the financial crisis. An effective risk management also improves Corporate Governance procedures that help to increase investor confidence, transparency and accountability that helps institutions operate efficiently. If any error or missing occurs in the process of risk management, it causes a failure of corporate governance and may result in operating difficulty. In United Kingdom (UK), the Financial Services Authority (FSA) provides framework of risk management (Arrow), risk assessment framework and financial risk outlook (FRO) for financial institutions to understand the major risks. In addition, Turnbull provides a guidance of good internal control with implication of UK corporate governance code that focuses on the quality and extent of risk management disclosures in an organization and thus reduces the impacts. Combined Code (1998) requires the board of director (BoD) to maintain a good internal control system that includes risk management that safeguarding the tangible and intangible asset and ensure the effectiveness of system. In United States (US), the Sarbanes-Oxley Act (SOX) 2002 requires that both management and auditor to maintain a sound internal control system. Section 302 requires management to certify the periodic financial reports and disclose significant internal control deficiencies and section 404 requires management to provide assessment of the internal control and auditors to provide opinion on that assessment. And the generally accepted accounting principles (GAAP) set accounting rules that corporations need to follow, i.e. they need to prepare, present and report the financial statements. In Hong Kong, the international banking regulation Basel III is applicable to banks. And HKMA regulates the economic stability in banking industry. Many large banks, like the Hong Kong and Shanghai Banking Corporation Limited (HSBC), also implement the SOX act, New York Stock Exchange (NYSE) corporate governance rules and USA PATRIOT act of the other countries in the Hong Kong. Internal control plays an important role in enterprise risk management (COSO, 2004 Pagano, 2001) Woods (2008) states the relationship between an effective and efficiently internal control linking with enterprise risk management (ERM). It also claims that management-based internal control includes conflicts of interest for internal auditors, is extremely risky for the financial institution. Harker and Stvros (1998) shows the efficiency of risk management significantly affect financial performance of financial institutions. Without effective risk management, auditing of financial statement and expense of audit may be affected and cause unreliable reports. In the financial crisis from 2007 to 2009, many corporations include banks liquated due to a weak internal control system without an effective risk management. Therefore, a good risk management programme is important to the firm in the Hong Kong banking industry. Hong Kong and Shanghai Banking Corporation Limited (HSBC) is one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest financial institutions and thus its risk management will be identified, analyzed and compared with its competitors. Banking regulations and frameworks will be reviewed and key elements of risk management will be identified and compared. The debates will be reviewed and the strength and weakness of internal control of HSBC will be identified. In addition, recommendations for future improvement in effective risk management will be drawn. Aim and objectives of study The aims of the study are to illustrate the importance of maintaining a good risk management programme in the Hong Kong banks and to draw recommendations for the improvement of weaken risk management. To achieve this aim, the objectives have been established: To review banking regulations and framework (Basel III) apply to Hong Kong banking industry To compare and examine the risk management of internal control systems in HSBC and its competitors To review different comments given by its stakeholders during financial crisis (2008) and era To identify the strengths and weakness of an HSBCà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk management To provide conclusions and recommendations for future improvement in effective risk management in financial institutions 1.3 Proposed Chapter Headings: Introduction Importance of Risk management Background The aim and objectives of the study Structure of the dissertation Literature Review Introduction of risk management Kinds of bank risks Credit risk Liquidity riskà ¢Ã¢â€š ¬Ã¢â‚¬  funding risk Interest rate risk Mismatch risk Market liquidityà ¢Ã¢â€š ¬Ã¢â‚¬  market price risk Market risk Foreign exchange risk Regulations framework Benefit of risk management Weaknesses of risk management Causes of business failure Stress Testing Example of banks: Hong Kong and Shanghai Banking Corporation Limited (HSBC), Bank of China (BOC) Government and authority intervention Conclusion An effective internal audit function of an successful case in Hong Kong The weakness of internal control system cause influence and failure of business performance Research Methods Statistical analysis of annual reports of different corporations to compare their differences with internal control systems Data findings Profile of respondents Data analysis Conclusion Recommendation Research direction Recommendations and Conclusions Summary of the actual findings Recommendations for an effective internal control system and risk management Limitations of Corporate Governance Chapter 2 Literature Review 2.1 Introduction of risk management The uncertainty environment leads to financial services products have become more complex and also increase the accountability of regulation. (Collier, 2009) Doyle (2007) shows that there are common material weaknesses in the risk management of complex and rapidly growing. Krishnan (2005) states limited scope of research leads to insufficient disclosure of internal control. Internal control plays an important role in enterprise risk management (COSO, 2004 Pagano, 2001) It includes 4 stages: risk identification, quantitative or qualitative assessment of risks, risk prioritization and response planning. Role of risk management Collier (2009) ALARM 2.2 Kinds of bank risks COSO (2004) defines enterprise risk management as a process applied with strategies to identify and manage potential risks and thus providing reasonable assurance of achieving corporate objectives. Basel I (1999) states banks should use measurement techniques based on robust data. Eccles et al (2001) reviews the US GAAP and SEC and illustrates 4 major risks: market risk, credit risk, operational risk and accounting risk. Then, Fell Devine (2003) demonstrate operational risk should be separated as liquidity risk, insurance risk and group risk. Further, De Wit (2007) recognizes that risks also include legal risk, concentration risk and reputation risk in financial institutions. There is legal risk of possibility of court cases. If they are well-known of providing good service about criminal, more companies would like to create financial relationship them that concentration risk arises. Also, negative publicity, which is uncontrollable and unpredictable, often lead to reputation risk in money laundering case. Collier (2009) states there are many ways of classification of risks. Recently, Besis (2010) states there are 7 major types of risks in banks: credit risk; liquidity risk (funding risk); interest rate risk; mismatch risk; market liquidity (market price risk ) and foreign exchange risk. 2.2.1 Credit risk Credit risk, which is risk of financial loss that creditors fail to execute their obligation of payment, is the main risk in banking industry that potential loss due to counterparty fail to execute payment obligation. (Besis, 2010) Collier (2009) mentioned that credit risk increases the impact of default as it can be transferred to third parties by using securitization. 2.2.2 Liquidity riskà ¢Ã¢â€š ¬Ã¢â‚¬  funding risk 2.2.3 Interest rate risk 2.2.4 Mismatch risk 2.2.5 Market liquidityà ¢Ã¢â€š ¬Ã¢â‚¬  market price risk 2.2.6 Market risk 2.2.7 Foreign exchange risk 2.3 Role of governing bodies in risk management and control International Federation of Accountants Committee (IFAC) concludes the role of governing bodies in risk management and control in public sector. (International Federation of Accountants, 2001, cited in Collier, 2009, p.37) They should ensure to establish an effective risk management in the framework of control. Also, ensuring effective internal audit function includes in that framework. Moreover, they should ensure a framework of internal control is well established with practice and the statement of effectiveness is included in the annual report. Lastly, they should form an audit committee that involves non-executive independent members to provide independent review of the framework of control and external audit process. 2.3 Regulations framework 2.3.1 Basel Basel III is a set of international banking regulations developed by the Basel Committee on banking supervision. It revises Basel I and II that requires a higher level of capital. Basel II, which improves the weakness of Basel I, considers regulatory capital with risks. (Glantz Mun, 2008) Basel II provides three approaches for calculation of risk. A standardized approach is commonly used that requires banks to use standard risk assessment to calculate the risk weightings. Next, internal ratings-based (IRB) foundation approach that is based on internal assessment in probability of default from counterparty (PD), quantified estimates of exposure at default (EAD) and loss given default (LGD) can be applicable. And the third approach is called IRB advanced approach, which is based on own internal assessment in PD, EAD and LGD. 2.3.2 Benefit of risk management Weaknesses of risk management Causes of business failure Fight (2004) states that many industry surveys analysed 5 top causes of business failure. First of all, it states cyclical decline in demand is at the top of the five causes. Recession is not the main factor of failure but the element that helps to show the weakness of risk management in firms. It mentions some examples of weakness, such as poor competitive position, problem in internal control of quality and financial and weak capital and liquidity ratios. With these weaknesses, firms lost competitive advantages and cannot fulfill customer needs and also lead to decline in demand. Next, poor top management is followed. Thirdly, lacking of centralized financial control Fourthly, bad acquisition or inadequate integration strategy. The fifth is inappropriate product or market strategy Except the cyclical decline in demand, the other four causes are related to management. It is showed that management of firms plays an important role of survival in economic downturns. Regarding to the case of Lehman Brothers, the creditor fail to execute their obligation of payment that the demand of mortgage or loan was dropped. 2.5 Stress Test 2.6 Example of banks 2.6.1 Hong Kong and Shanghai Banking Corporation Limited (HSBC) Hong Kong and Shanghai Banking Corporation Limited (HSBC) is a world-wide diversified banking group that involves in different business and activities since 2005. It takes conventional strategy in its entities in different areas, such as Europe, Hong Kong, Rest of Asia Pacific, Middle East, North America and Latin America. HSBC Holdings plc (2009) mentions that there are many factors vary the risks in HSBC, such as environment change. vary the degrees, measurement, evaluation of its risk management. mentions there are 4 main types of risks: credit risk, counterparty credit risk, market risk and operational risk in its business. Its credit risks arise from failure of receiving payment by customers or counterparties in its business, such as direct lending, trade finance, leasing business, guarantees, derivatives and debt securities. It applies 3 approaches in Basel international banking regulations to calculate the counterparty credit risk and determine exposure values. The three approaches are standardized, mark-to-market and internal model method (IMM). HSBC adopt the standardized approach and mainly adopt the IRB advanced approach to eliminate the credit risk. In addition, counterparty credit risk is risk of economic loss that counterparty may default in transactions arises from offer-the-counter (OTC) derivatives and securities financing transactions. HSBC uses the mark-to-market and IMM approaches to reduce the counterparty credit risk. Market risk is the risk of lower income or portfolio value with market risk factors, including foreign exchange rates and commodity prices, interest rates, credit spreads and equity prices. To get rid of it, HSBC applied standard rules of financial services authority (FSA) and value at risk (VAR) models. Lastly, operational risk is a risk of potential loss by imperfect internal processes and systems or external events. Actually, it also includes technological and legal risks. HSBC employed the standardized approach to determine its operational risk in group. To control risks in the IT area, 3 ways is implemented. First, it uses risk bases project management (RBPM) and a global HSBC tool that is called clarity tool to control the software development life cycle and ensure the consistency and efficiency of management. Second, a disaster recovery plan (DRP) is implemented. For example, it is used to recover system in the case of disasters to ensure the continuity of system. Third, it maintains a secure and reliable governance structure to control and response to the technological risk in different departments. For instance, senior management committees are responsible for managing the risk. The committees consist of HTS Steering Committee, Risk Management Committee (RMC), Operational Risk and Internal Control Committee (ORICC). In the way of managing legal risk, HSBC concerns with contractual, litigation, legislative or regulatory, reputation and non-contractual rights. In addition, it established policies and procedures, estimates potential losses from the judicial or administrative resolutions, disclose the relevant information. Moreover, it established policies and procedures for the identification, measurement of legal risk to eliminate or reduce the possible loss due to the non-performance of the norms and avoid adverse resolutions. 2.6.2 Bank of China (BOC) Bank of China applied the stress testing. 2.7 Government and authority intervention Woods et al (2009) states without perfect credit risk management, the survival of numerous financial institutions in the financial crisis relies on financial support or taking-over by government. In United States, Lehman Brothers, Bear Stearns and Merrill Lynch collapsed because of no financial support to continue the business. On the contrary, United Kingdom mortgage providers, Northern Rock and Bradford and Bingley, survive in financial crisis as had been taken over by government. In addition, Derbyshire Building Society and the Cheshire Building Society faced substantial problems and then survived as it had been taken over by the Nationwide, a large mortgage lender with a stronger capital base. Starting from summer 2007, accumulating losses on sub-prime mortgage triggered financial tsunami in the global financial system. The paper analyzes that banks and mortgage providers using special purpose entities (SPE), collateralized mortgage obligations (CMOs) or collateralised debt oblig ations (CDOs) and illiquidity as the problems Financial Services Authority (FSA) provides operating framework (Arrow II), risk assessment framework and regulations for financial institutions. 2.8 Conclusion Chapter 3à ¢Ã¢â€š ¬Ã¢â‚¬ Research method The research is mainly based on quantitative research by obtaining statistical data, such as complaints or commercial crimes, and related to annual reports and financial statement. Reports from Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) will be a part of source to analyze the data as it is easily assessed and convenient in obtaining data. In addition, the risk management system of 10-15 limited companies will be examined and compared. It helps to define the strength and weakness between different risk management systems under sudden events. It supplements questionnaires collection and theoretical research. Questionnaires collection is also used as an instrument in obtaining useful information. To obtain relevant information from stakeholders, questionnaires about satisfaction of financial institutions will be collected and some samples will be further conducted by face-to-face survey. And theoretical research is taken place on reviewing information of theories and practices about an effective internal control system with suitable risk management from academic journals and textbooks. 3.2Limitation: It is difficult to assess information because the internal information is not related to the operation that source is limited and limited samples are not be sufficient to conclude subject to risk management. In other words, recommendations are not be sufficient for the whole banking industry. In addition, the online questionnaires do not have a large number of respondents as the respondent rate is limited due to many reasons. For example, some people do not interest in filling questionnaire and some people feel trouble to complete the questionnaire. Chapter 4 Profile of the respondents A survey was conducted in late 2010, from October to November. Online questionnaires were collected from 30 respondents to understand their confidence level of banks in Hong Kong whether it is influenced by the occurrence of financial crisis and also obtain recommendations of risk management in Hong Kong banks for improvement. There are 25 questions in a questionnaire (see appendix) and it is formed as 3 parts: Personal Details; Before Financial Crisis (2007 -2008); After Financial Crisis (2007 -2008). The first 5 questions are about à ¢Ã¢â€š ¬Ã…“personal detailsà ¢Ã¢â€š ¬?. For question 6 to 8, questions are part of à ¢Ã¢â€š ¬Ã…“before financial crisisà ¢Ã¢â€š ¬?. And questions 9 to 25 are focused on à ¢Ã¢â€š ¬Ã…“after financial crisisà ¢Ã¢â€š ¬? that shows present. The major findings drew from the questionnaires are concluded as below. Personal Details Question 1: What is your gender? Female Male Total 16 14 30 In the online questionnaires, there were 30 respondents that slightly more than half of them are Female while slightly less than half of them are male. Question 2: What is the range of your age? From the questionnaires, it was found that the respondents are mainly youngsters which are most (26 in 30 respondents) in the range of 18 to 29 years old. And there are a small number of respondents (2 in 30 respondents) in the range 30 to 39 years old and (2 in 30 respondents) the range of 40 to 49 years old. Question 3: What is your education level? According to results of questionnaires, no respondents are educated under primary level. Three fifths of respondents achieve the degree education whereas the minority of them, 2 in 30 respondents, reach the master or above education level. And the other two sixths of respondents completed secondary to diploma education. Question 4: What is the range of your monthly salary? It is showed that half of the respondents have monthly income less than $5000 while one fifth of them have over $5000 but lower than $10000 and the other one fifth have monthly income between $10000 and $19999. The minority of respondents got income more than $20000 each month that one respondent got more than $20000 but less than $30000 and two respondents got more than $30000. Question 5: What is your role in bank? The respondents are mainly customers in banks that there are over 90% of them, 28 in 30 respondents, as the role of customers and less than 10%, 2 in 30 respondents, of them as the role of employees in bank. Before Financial Crisis(2007-2008) Question 6: Before financial crisis (2007 2008), what was the percentage of your salary you spend on saving in a bank each month? Before financial crisis (2007 2008), almost two fifth (37%) of respondents expressed that they had habit of saving. Only a few of them spent their salaries mostly on saving while a minority spent much more on saving every month. And one in six respondents spent almost half of salary on saving. In the meanwhile, three fifths of them spent fewer while a few respondents spent slightly fewer or none on saving. Question 7: Before financial crisis (2007-2008), did you invest in stock of Hong Kong banks, such as HSBC? Over 70% of respondents, 73%, said that they had habit of investment in Hong Kong stock before financial crisis (2007-2008) while slightly less than 30%, 27%, had not invested. Question 8: Before financial crisis (2007-2008), what was the percentage of your salary you spend on investment each month? Before financial crisis (2007-2008), most of respondents had habit of investment. Three fifths of respondents had spent much more and majority or all of salary on investments each month. For example, less than half of them, 43%, had spent the majority and almost all of salary (80% 100%) on investment while one sixth had spent 60% to nearly 80% of salary. And a small number of them, 10%, had spent almost half of salary (40% 59.99%) on investment while nearly one quarter (23%) of them had spent fewer (25% 39.99) on investment. But, few respondents, 7%, said that they had not invested or spent slightly fewer on investment. Question 9: Did you have habit of checking your balance in your current accounts /investment accounts in banks? And how often did you check your balance each month? Before financial crisis (2007-2008), none of the respondents never check their current account or investment account balance. One in three respondents showed that they seldom (1 to 7 times per month) checked their balance in accounts while half of them often checked their accounts over once a week and nearly once per two days (8-15 times per month). And one in five respondents usually checked their accounts (16-30 times per month). After Financial Crisis (Present) Question 10: Do you own any current accounts for saving in banks? How many banks do you own current account? All respondents have current accounts for saving in banks in Hong Kong. One-fifth of respondents reported that they only owned current account in one bank while almost most of them, 77%, said that they owned current accounts in from two to four banks. In addition, only one respondent responded that hold current accounts in more than five banks. Question 11: What is the percentage of your salary you spend in saving each month? It is showed that most of the respondents have habit of saving. Almost a quarter of them, 23%, spend much more on saving while about two fifths of them, 41%, spent majority or almost all on it. Also, no respondents spend almost half of salary (40%-59.99%) while a minority of them reported they spent fewer and nearly a quarter of them reported they spent slightly fewer and almost none on saving. Question 12: Do you invest in stock Hong Kong banks, such as HSBC? After financial crisis (2007-2008), three fifths of respondents said that they had habit of investment in stock of Hong Kong banks while two fifths did not invest. Question 13: Do you own any investment accounts in banks? How many banks do you own current account? Most of the respondents own investment accounts in Hong Kong banks. For illustrate, more than half of respondents, 73%, only own investment accounts in a bank while 1 in 10 respondents own an investment account in two to four banks. And one-sixth of them, 17%, do not own any investment account and. However, no respondent hold investment accounts in more than five banks. Question 14: What is the percentage of your salary you spend on investment each month? More than half of respondents reported that they spent their salaries less on investment. One third of them spent slightly few and almost none of their salary on investment while one fifth spent fewer as well as the other one fifth almost spent half of it on investment. On the other hand, a small number of them, 10%, responded that they spent much more while 1 in 6 respondents spent most and almost all on investment. Question 15: Do you have habit of checking your balance in your current accounts/ investment accounts in banks? And how often do you check your balance each month? After financial crisis, none of the respondents never check their current account balance. Nearly three fifths of respondents,57%, reported that they seldom (1 to 7 times per month) checked their balance in account while one fifth of them often checked their accounts over once a week and nearly once per two days (8-15 times per month). In addition, about a quarter of them checked their accounts frequently (16-30 times per month). Question 16: After financial crisis (2007-2008), what do you pay attention to the bank before investment in it? (Answers can be chosen more than one.) The table shows the issues about bank whether respondents pay attention to before investment or not. After financial crisis (2007-2008), the respondents mainly pay attention to the news about the bank and also the banking industry before investment. Nearly three quarters of them, 73%, pay attention to the news about the bank and banking industry to concern about their investment. In addition, one-fifth of them pay attention to the risk management of the bank to concern whether risks are minimized and properly controlled. And the other one fifth also pay attention to relevant court cases while three in ten respondents focus on the changes in its share price. However, only a minority pay attention to the big issues, such as big loss or financial difficulties. Question 17: What element(s) do you think it is important in risk management? The table illustrates that importance of elements in risk management respondents revealed. Regarding to questionnaires, almost two fifths of the respondents thought identification of risk was important in risk management while about two thirds of them did not. About assessment of risks, nearly third fifths (57%) of them agreed it was an important element while more than two fifths of them (43%) disagreed. In addition one third of respondents expressed that internal control is an important element in risk management. However, only a minority of respondents, 4%, totally agreed that identification, assessment, and prioritization of risks and the internal control are important in risk management. Question 18: Do you trust the risk management of bank can ensure steadily operation with lower risks to prevent bankruptcy? Two thirds of respondents reflected they trusted the risk management of bank that can ensure it operating steadily with lower risks and prevent bankruptcy while one third said that they did not trust it. Question 19: What is the level you rely on the risk management of bank? After financial crisis (2007-2008), a small number (10%) of respondents reflected that they extremely relied on the risk management of bank while one fifth said that they more relied on it. Half of them remained neutral whereas a minority less relied and a few respondent never rely on the risk management of the bank. Question 20: After financial crisis (2007-2008), have your confidence in bank been cracked? About two fifths of respondents, 37%, thought their confidence in bank had not be cracked after financial crisis (2007- 2008). Nevertheless, half of them reflected their confidence were partly impaired while a minority (13%) revealed that their confidence were mostly damaged. Question 21: What is (are) the issue(s) that impair your confidence in the bank and make you think that it has weak risk management? The chart illustrates the issues whether it can impair their confidence of respondents and affect their investment decision in the bank. According to the responds, a majority of respondents, 90%, thought occurring liquidity problem and big loss can impair their confidence in the bank. And 70% of them expressed that weaken defense of risks and without experience of facing financial crisis can lead to bank have a weak risk management and also impair their confidence. Besides, slightly more than a quarter of them, 27%, considered human resources problem was one of the elements of weak risk management. For example, improper authorization and delegation policies lead to conflict of interest exists in the bank. Moreover, nearly one-fifth thought operating without following regulation, such as Basel framework, is more likely to maintain weak risk management. Finally, only a few of them, 7%, responded that involving in court case impair their confidence in bank and they might think it had we ak risk management Question 22: Do you read the annual report of bank to understand its risk management before investment? The above chart shows that one third of respondents responded that they saw annual report of the bank before investment to understand its risk management. However, two thirds of them expressed that they did not. Question 23: Do you think these banks have good risk management? In five Hong Kong banks, respondents expressed which banks they think have good risk management. As a result, most of them commented HSBC had a good risk management while only one third thought Bank of China had a good risk management. Also, half of them expressed that Hangseng Bank had good risk management while the other half disagreed that. Concerning to standard chartered bank, only one fifth thought its risk management was good. Moreover, slightly less than twenty percent of them reflected that Citibank had good risk management. Question 24: What rank do you give for the risk management of HSBC? (Please rank from 1to 5: 1 is weakest; 5 is best) Rank of HSBC Number of respondents

Risk-taking During Childhood Play

Risk-taking During Childhood Play Introduction to the proposed study area The aim of this dissertation is to focus on the question of the nature of risk around childrens play. What risks are the kinds of risks children prefer? How these risks are tolerated and coped with. What is meant by risky play the thrilling and exciting form of play which involves the chance of physical injury. This type of play can involve great heights, high speeds or even dangerous environments and elements. Risky play generally takes place outdoors and is generally through childrens free play which is normally not organised by adults. My interest for studying childrens play lies in my perceptions of my son and that children seem to seek and prefer this type of play. Play is built in to a childs very nature this helps them to learn, and be curious about there surroundings and themselves. This is that they unconsciously test boundaries and possibilities from there environment to get a reaction. It is through this play that they discover what is safe and what is not. This type of play is becoming increasingly hard to find due to the welfare state of today securing our environments in order to avoid accidents and liability issues. This has set a trend to prohibit the dangerous, resulting in an aversion on taking risk. This focus on childrens play and playgrounds has continuously grown over recent years bringing play to many discussions about the balance between safety, risk and the opportunities for children to develop through play. In this research I aim to examin issues such as safety accidents and childrens developmental benefits of risk in play. Aims of the project The main aims of the dissertation are to: Evaluate literature, best practice guidance, government guidance, and information on child development and risk Research legal positions with in risk and play The effect of risk upon an individual Present a picture of childrens play relative to a risk adverse society Research the benefits of risk in childrens play Explain why learning benefits will be reduced by removing risk Summary of risky criteria Make recommendations on how to encourage risk to make the best use of play areas (by the use of case studies) Research legal positions with in risk and play Personal Aims include: To complete the dissertation and gain my MA Extend my knowledge regarding childrens play and best practice Gain skills in conducting research Develop contacts through seminars, meetings and work Prepare myself in furthering my employment skills Scope and limitations of the study The topic is selected because it represents, possible significant risks to the health and well being of children and any possible subsequent social or health implications, which could contribute to the development of children from risky behaviour. This study will focus on the healthy risky behaviour of childrens play such as physical interactivity and unintentional injury. The methods of study could include observational or interventional with secondary data analyses of existing information, analyses of costs and benefits of risk in play to children. A multidisciplinary approach will be used researching findings from childrens behavioural scientists, education, public policy and others. Which can be influenced by a multitude of social, environmental or psychological factors. These could be affected by genetic makeup, temperament and memory of previous experiences could all be potential factors. These can all influence the physical intellectual and emotional development of risk in play it is my opinion that children should be encouraged to expand upon current experiences to consider techniques and strategies such as decision making and goal directed behaviours. Skills that could be developed through play are self-monitoring, self-awareness, stress management, mental imagery, prevention skills, conflict resolution, assertiveness skills, decision making skills, and will help develop healthy behaviors. Both internal and external factors could contribute to an individuals tendency to engage in or refrain from risky behaviors. What these factors are, how they interact, for whom, and when in the developmental trajectory, are all questions of importance in understanding risky behaviors and behavior change and development in children. Methodology and methods Literature search and review, data will be accessed through university library, city librarys and information service using a selection of tertiary and secondary information sources such as the information database, bibliographic database, internet search engines, directories and journals. These sources will be reviewed and analysed through a qualitative method for my primary data collection. Through observations and talking to children and school staff I plan to find out what kind of risky play children prefer and like to do. I will also look into how staff will arrange and cope with this type of play. This will help to find about childrens and adults thoughts and attitudes on risky play. I plan on observing children at several primary schools going about there every day life. This will allow me to get a better impression on how childrens risky play differs. I plan on collecting recordings images and write field notes thoughts and reflections. Studies of interest maybe: Secondary data analyses of existing information and desktop studies Benefits to children, issues and opportunities conduct primary research with schools Observational studies case studies Interventional how to make changes Resources The university facilities will be used extensively in support of my dissertation. In particularly the university library, computing suites and on-line systems. I will also be attending seminars and lectures Conducting interviews Using work experience Conducting internet research Reading books and journals Time table Prepare dissertation proposal Literature searching Literature searching Intensive research Final proposal Bibliography listing Dissertation presentation Further reading Draft dissertation Editing and rewrites References Bruner, J. (1972). Nature and uses of immaturity. American Psychologist, 27, 687-708. Childrens Play Council (2002). More than swings and roundabouts: Planning for outdoor play. Retrieved 23 May 2009, www.ncb.org.uk/dotpdf/open%20access%20-%20phase%201%20only/moveswing2_cpc_20050512.pdf Dempsey, J. D., Frost, J. L. (1993). Play environments in early childhood education. In B. Spodek (Ed.), Handbook of research on the education of young children New York: Macmillan. Department for Culture, Media and Sport. Getting serious about play: A review of childrens play. London: Author. Retrieved 12 June 2009, www.culture.gov.uk/NR/rdonlyres/21762951-E07E-4439-8BA3-04C6ECE510A3/0/ReviewofChildrensPlay.pdf Fjortoft, I. (2001). The natural environment as a playground for children: The impact of outdoor play activities in pre-primary school children. Early Childhood Education Journal, 29(2), 111-117 Fjortoft, I., Sageie, J. (2000). The natural environment as a playground for children: Landscape description and analysis of a natural playscape. Landscape and Urban Planning, 48(1/2), 83-97. Furedi, F. (2001). Paranoid parenting: Abandon your anxieties and be a good parent. London: Penguin. Gallahue, D. L. (1993). Motor development and movement skill acquisition in early childhood education. In B. Spodek (Ed.), Handbook of research on the education of young children (pp. 24-41). New York: Macmillan. Goodyear-Smith, F. A., Laidlaw, T. M. (1999). The price of safety at all costs. Nuance Greenfield, C. (2003). Outdoor play: The case for risks and challenges in childrens learning and development. Safekids News, 21, 5. Henniger, M. L. (1994). Planning for outdoor play. Young Children, 49(4), 10-15. Isenberg, J. P., Quisenberry, N. (2002). Play: Essential for all children. Childhood Education, 79(1), 33-39. Karsten, L., van Vliet, W. (2006). Children in the city: Reclaiming the street. Children, Youth and Environments Little, H. (2006). Childrens risk-taking behaviour: Implications for early childhood policy and practice. International Journal of Early Years Education, 14(2), 141-154. Lupton, D., Tulloch, J. (2002). Life would be pretty dull without risk: Voluntary risk taking and its pleasures. Health, Risk Society, 4(2), 113-124. Mitchell, R., Cavanagh, M., Eager, D. (2006). Not all risk is bad, playgrounds as a learning environment for children. International Journal of Injury Control and Safety Promotion, 13(2), 122-124. New, R. S., Mardell, B., Robinson, D. (2005). Early childhood education as risky business: Going beyond whats safe to discovering whats possible. Early Childhood Research and Practice, 7(2). Retrieved March 3 2006, http://ecrp.uiuc.edu/v7n2/new.html Pless, I. B., Magdalinos, H. (2006). Risk compensation behaviour in children. Archives of Pediatrics and Adolescent Medicine, 160(6), 610-614. Poest, C. A., Williams, J. R., Witt, D. D., Atwood, M. E. (1990). Challenge me to move: Large muscle development in young children. Young Children, 45(5), 4-10. Potts, R. P., Martinez, I. G., Dedmon, A. (1995). Childhood risk taking and injury: Self-report and informant measures. Journal of Pediatric Psychology, 20(1), 5-12. Rivkin, M. S. (1995). The great outdoors: Restoring childrens right to play outside. Washington, DC: National Association for the Education of Young Children. Stephenson, A. (2002). Opening up the outdoors: Exploring the relationship between indoor and outdoor environments of a centre. European Early Childhood Education Research Journal, 10(1), 29-38. Stephenson, A. (2003). Physical risk-taking: Dangerous or endangered? Early Years, 23(1), 35-43. Stine, S. (1997). Landscapes for learning. New York: John Wiley Sons. Taylor, S. I., Morris, V. G. (1996). Outdoor play in early childhood settings: Is it safe and healthy for children? Early Childhood Education Journal, 23(3), 153-158. Valentine, G., McKendrick, J. (1997). Childrens outdoor play: Exploring parental concerns about childrens safety and the changing nature of childhood. Geoforum, 28(2), 219-235.

The Mask :: essays research papers

The Mask The mask is a form of deception or illusion. Sometimes, it can be worn as both. It hides the true emotions of slaves, keeping the slave master from knowing what is going on in their minds. The mask also allows the slave to have an identity without the master’s detection. The mask gives the illusion that the slave is exactly how the masters believe, ignorant, incapable of true emotion, and unable to think for themselves. A perfect depiction of the mask can be found in Charles Chestnutt’s The Passing of Grandison. Colonel, Grandison’s master, believed that he would never try to escape if allowed to go on a journey with his son, Dick. The colonel recommends to Dick that he bring Grandison along on his travels. â€Å"What’s the matter with Grandison?† suggested the colonel. â€Å" He’s handy enough, and I reckon we can trust him. He’s too fond of good eating to risk losing his regular meals; besides, he’s sweet on your mother’s maid, Betty†¦Ã¢â‚¬  ( 536) The colonel’s belief in Grandison as a faithful servant, proves that he was in fact deceived by the mask that Grandison was wearing. In another passage, colonel is discussing with Grandison if he feels better off than the free negroes that don’t have â€Å" no kind master to look after them and no mistress to give them medicine.† Grandison replies with an answer that reflecting his accomadation to colonel. â€Å" Well, I sh’d jes reckon I is better off, suh, dan dem low- down free niggers, suh! Ef anybody ax’em who dey B’long ter, dey has ter say nobody, er e’se lie erbout it. Anybody ax me who I B’longs ter, I ain’ got no ‘casion ter be shame ‘ter tell ‘em, no, suh, ‘deed I ain’, suh!† (536) By Grandison replying in this matter, he used the mask to deceive the colonel and fool him into thinking that he never thought about being free. He was able to make the colonel believe that he was indeed content. Not only was Grandison able to fool the colonel with the mask, but he was able to fool Dick as well. While they were up north, Dick warned Grandison about the abolitionists. He also tells him that it is his opportunity to see how the free negroes live. Dick asks Grandison if he met any of them. â€Å"Yas, suh, I’s seen some of ‘em. But I don’ keer nuffin fer ‘em, suh.

Grapes Of Wrath Essay -- essays research papers

John Steinbeck’s novel, The Grapes of Wrath is one of the most influential books in American History, and is considered to be his best work by many. It tells the story of one family’s hardship during the Depression and the Dust Bowl of the 1930’s. The Joads were a hard-working family with a strong sense of togetherness and morals; they farmed their land and went about their business without bothering anyone. When the big drought came it forced them to sell the land they had lived on since before anyone can remember. Their oldest son, Tom, has been in jail the past four years and returns to find his childhood home abandoned. He learns his family has moved in with his uncle John and decides to travel a short distance to see them. He arrives only to learn they are packing up their belongings and moving to California, someplace where there is a promise of work and food. This sets the Joad family off on a long and arduous journey with one goal: to survive.   Ã‚  Ã‚  Ã‚  Ã‚  In this novel Steinbeck set forth with the intention of raising awareness to the general public of the difficulties and injustices these migrants faced during this period in time. It exposed the methods of the California farmer to use the migrants in order to lower their costs and make their profit margin higher. How they starved and cheated the poor, working man, in order to keep him desperate for food and too weak to protest. Above all, it showed everyone that these â€Å"damn Okies† were all simply men, women and children, no different from anyone else, just poorer. They were human beings with feelings and not the uncivilized beasts they were portrayed as at the time. Steinbeck portrays the â€Å"Okies† in a way no one before him had, and also managed to keep their story true to life. He did this by mainly using dialect, and wrote the â€Å"Okie† dialect just as it was spoken, breaking the lines of proper grammar and spelling. If he was con cerned with such things it would have ruined the personality of the characters. His unique writing style to capture the atmosphere of these people and the era is evident in this excerpt from his book:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  &nbs... ...nbsp;  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Barror-6 any sort of symbolism to mask the meanings behind his words. He comes right out and states the events that have led up to this point and says there will be a revolt eventually, the question is simply when. They were hungry, and they were fierce. And they had hoped to find a home, and they found only hatred. Okies—the owners hated them because the owners knew they were soft and the Okies strong, that they were fed and the Okies hungry; and perhaps they had heard from their grandfathers how easy it is to steal land from a soft man if you are fierce and hungry and armed. The owners hated them. And in the towns, the storekeepers hated them because they had no money to spend. There is no shorter path to a storekeeper’s contempt, and all his admirations are exactly opposite. The town men, little bankers, hated the Okies because there was nothing to gain from them. They had nothing. And the laboring people hated the Okies because a hungry man must work, if he has to work, the wage payer automatically gives him less for his work; and then no one can get more. (318)