What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government free essay sample

Outline of the Chapter †¢ Bond pricing and sensitivity of bond pricing to interest rate changes †¢ Duration analysis – What is duration? – What determines duration? †¢ Convexity †¢ Passive bond management – Immunization †¢ Active bond management 16-2 Interest Rate Risk †¢ There is an inverse relationship between interest rates (yields) and price of the bonds. †¢ The changes in interest rates cause capital gains or losses. †¢ This makes fixed-income investments risky. 16-3 Interest Rate Risk (Continued) 16-4 Interest Rate Risk (Continued) What factors affect the sensitivity of the bonds to interest rate fluctuations? †¢ Malkiel’s (1962) bond-pricing relationships – Bond prices and yields are inversely related. – An increase in a bond’s YTM results in a smaller price change than a decrease in yield of equal magnitude. – Prices of long-term bonds tend to be more sensitive to interest rat e changes than prices of short-term bonds. 16-5 Interest Rate Risk (Continued) – The sensitivity of bond prices to changes in yields increases at a decreasing rate as maturity increases. We will write a custom essay sample on What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page – Interest rate risk is inversely related to the bond’s coupon rate. Homer and Liebowitz’s (1972) bond-pricing relationship – The sensitivity of a bond’s price to change in its yield is inversely related to the YTM at which the bond currently is selling. 16-6 Interest Rate Risk (Continued) †¢ Why and how different bond characteristics affect interest rate sensitivity? 16-7 Interest Rate Risk (Continued) †¢ Duration – Macaulay’s duration: the weighted average of the times to each coupon or principal payment made by the bond. †¢ Weight applied to each payment is the present value of the payment divided by the bond price. wt D CFt /(1 y ) t , Bondprice T T wt t 1 1 t * wt t 1 16-8 Interest Rate Risk (Continued) †¢ Example: 16-9 Interest Rate Risk (Continued) – Duration is shorter than maturity for all bonds except zero coupon bonds. – Duration is equal to maturity for zero coupon bonds. †¢ Why duration is important? – Simple summary statistic of the effective average maturity of the portfolio. – Tool for immunizing portfolios from interest rate risk. – Measure of the interest rate sensitivity of a portfolio. 16-10 Interest Rate Risk (Continued) – The long-term bonds are more sensitive to interest rate movements than are short-term bonds. – By using duration we can quantify this relation. P P D (1 y ) 1 y 16-11 Interest Rate Risk (Continued) – Modified Duration: †¢ Measure of the bond’s exposure to changes in interest rates. †¢ The percentage change in bond prices is just the product of modified duration and the change in the bond’s yield to maturity. †¢ Note that the equations are only approximately valid for large changes in the bond’s yield. D* P P (1 D /(1 D* y) y) y y 16-12 Interest Rate Risk (Continued) †¢ What determines Duration? – The duration of a zero-coupon bond equals its time to maturity. – Holding maturity constant, a bond’s duration is higher when the coupon rate is lower. Holding the coupon rate constant, a bond’s duration generally increases with its time to maturity. †¢ For zero-coupon bonds the maturity=the duration †¢ For coupon bonds duration increases by less than a year with a year’s increase in maturity. 16-13 Interest Rate Risk (Continued) – Ho lding other factors constant, the duration of a coupon bond is higher when the bond’s yield to maturity is lower. †¢ At lower yields the more distant payments made by the bond have relatively greater present values and account for a greater share of the bond’s total value. The duration of a level perpetuity is equal to: (1+y) / y †¢ The PV-weighted CFs early on in the life of the perpetuity dominate the computation of duration. 16-14 Interest Rate Risk (Continued) 16-15 Convexity †¢ By employing the duration concept we can analyse the impact of interest rate changes on bond prices. – The percentage change in the value of a bond approximately equals the product of modified duration times the change in the bond’s yield. – However if this formula were exactly correct then the graph of the percentage change in bond prices as a function of the change in ts yield would be a straight line, with a slope D*. 16-16 Convexity (Continued) †¢ The duration rule is a good approximation for small changes in bond yields. †¢ The duration approximation always understates the value of the bond. †¢ It underestimates the increase in price when yields fall. †¢ It overestimates the decline in prices when yields rise. †¢Due to the curvature of the true price-yield relationshipconvexity 16-17 Convexity (Continued) †¢ Convexity is the rate of change of the slope of the price-yield curve, expressed as a fraction of the bond price. Higher convexity refers to higher curvature in the price-yield relationship. – The convexity of noncallable bonds are usually positive. – The slope of the cuve that shows the price-yield relation increases at higher yields. Convexity 1 P (1 y ) 2 n t 1 CFt (t 2 t ) (1 y )t 16-18 Convexity (Continued) †¢ We can improve the duration approximation for bond price changes by taking into account for convexity. †¢ The new equation becomes: P P D y 1 [Convexity ( y ) 2 ] 2 †¢ The convexity becomes more important when potential interest rate changes are larger. 16-19 Convexity (Continued) †¢ Why convexity is important? †¢ In the figure bond A is more convex than bond B. †¢The price increases are more in A when interest rates fall. †¢The price decreases are less in A when interest rates rise. 16-20 †¢ Callable Bonds Convexity (Continued) – When interest rates are high the curve is convex. The price-yield curve lies above the tangency line estimated by the duration approximation. – When interest rates are low the curve is negative convex (concave). The priceyield curve lies beolw the tangency line. 16-21 Convexity (Continued) In the region of negative convexity the price-yield curve exhibits an unattractive asymmetry. †¢ Increase in interest rates causes a larger price decline than the price gain due to the decrease in interest rates. †¢ Bondholders are compensated with lower prices and higher yields. – Effective Duration Effectiveduration P/P r 16-22 Convexity (Continued) †¢ Macaulayâ₠¬â„¢s Duration – The weighted average of the time until receipt of each bond payment. †¢ Modified Duration – Macaulay’s duration divided by (1+y). – Percentage change in bond price per change in yield. †¢ Effective Duration Percentage change in bond price per change in market interest rates. 16-23 Convexity (Continued) †¢ Mortgage-Backed securities – In a sense similar to callable bonds-subject to negative convexity. – If mortgage rates decrease then homeowners may decide to take a new loan at lower rate and pay the principal for the first mortgage. – Thus there is a ceiling for the bond price written on these mortgage loans as in callable bonds. 16-24 Passive Bond Management †¢ Passive managers take bond prices as fairly set and try to control only the risk of their fixed-income portfolio. Indexing Strategy – Attempts to replicate the performance of a given bond index. – A bond-index portfolio will h ave the same risk-reward profile as the bond market index to which it is tied. †¢ Immunization Strategy – Designed to shield the overall financial status of the institution from exposure to interest rate fluctuations. – Try to establish a zero-risk profile, in which interest rate movements have no impact on the value of the firm. 16-25 Passive Bond Management (Continued) †¢ Bond-Index Funds – Form a portfolio that mirrors the composition of an index that measures the broad market. The major bond indexes in USA are Lehman Aggregate Bond Index, Salomon Smith Barney Broad Investment Grade (BIG) Index, and Merill Lynch U. S. Broad Market Index. – They are market-value weighted indexes of total return. They include government, corporate, mortgage backed, and Yankee bonds with maturity over a year. 16-26 Passive Bond Management (Continued) – They are not easy to replicate however: †¢ There are more than 5000 securities. †¢ Rebalancing problems †¢ Immunization – Banks and pension funds in general try to protect their portfolios from interest rate risk altogether. Banks try to protect the current net worth (net market value) of the firm against interest rate fluctuations. – Pension funds try to protect the future value of their portfolios since they have an obligation to make payments after several years. 16-27 Passive Bond Management (Continued) – Interest rate exposure of the assets and the liabilites should match so the value of assets will follow the value of liabilities whether rates rise or fall. – Duration-matched assets and liabilities let the asset potfolio meet firm’s obligations despite interest rate movements. 16-28 Passive Bond Management (Continued) – What if interest rates change and the duration of the assets and liabilites do not match? †¢ If interest rates increase the fund (asset) the firm has will suffer a capital loss which can affect its ability to meet the firm’s obligations (liabilities). †¢ But the reinvestment rate for the coupon payments will increase so the reinvested coupons will grow at a faster rate. †¢ There will be two offsetting types of interest rate risk: price risk and reinvestment rate risk. – If the durations match, the price risk and reinvestment risk will cancel out each other. 6-29 Passive Bond Management (Continued) †¢ The solid red curve shows the accumulated value of bonds if interest rates remain at 8%. †¢ If interest rates increase at time=t* then the initial impact is capital loss but this loss is offset later by the faster growth rate of reinvested funds. †¢ At the duration time two effects cancel out each ot her. 16-30 Passive Bond Management (Continued) †¢ Graph of the PV of the bond and the zero-coupon obligation as a function of interest rate. †¢ For small changes in interest rates the changes in assets and liabilities are same. For greater changes the curves diverge. †¢ Why? †¢ Convexity †¢The asset and liability are not duration-matched across different interest rates. 16-31 Passive Bond Management (Continued) †¢ Rebalancing immunized portfolios: – As the duration of the assets and liabilities may change because of interest rate fluctuations the portfolio managers have to rebalance their portfolios to match the durations. – Also duration changes with the passage of time. †¢ As time passes the duration of the assets and liabilities will change at different rates. 16-32 Passive Bond Management (Continued) Cash Flow Matching – Buying a zero coupon bond that provides a payment in an amount exactly sufficient to cover the projected cash outlay. †¢ Dedication Strategy – Cash flow matching on a multiperiod basis. – The manager selects either zero-coupon or coupon bonds that provide total cash flows in each period that matches the series of obligations. – Advantage: It is once-and-for-all approach and eliminates the interest rate risk. 16-33 Passive Bond Management (Continued) †¢ Problems of Immunization – In the general duration formula the weights are computed by discounting CFs with the same YTM. If YTM differs than for each CF a present value has to be calculated by using appropriate rate. – Immunization only makes sense for nominal liabilities. †¢ If your future obligation depends on the future inflation you can not immunize it by buying an asset with fixed-income (not indexed). 16-34 Active Bond Management †¢ Finding mispriced securities, especially underpriced ones †¢ Forecasting interest rates – If the decline in interest rates are anticipated the managers will increase the duration of their asset portfolios. – Homer and Liebowitz (1972) characterize portfolio rebalancing activities. 16-35 Active Bond Management (Continued) †¢ Substitution swap – It is an exchange of one bond for another with equal coupon, maturity, quality, call features, sinking fund provisions, and so on. – Motivated by a belief that the market has temporarily mispriced two bonds. †¢ Intermarket spread swap – It is an exchange of bonds when an investor believes that the yield spread between two sectors of the bond market is temporarily out of line. 16-36 Active Bond Management (Continued) †¢ Rate anticipated swap – The investors swap shorter duration bonds with the longer duration ones since they believe that interest rates will decrease. Pure yield pickup swap – The investors swap longer-term bonds with the shorter-term bond when yield curve is upward sloping. 16-37 Active Bond Management (Continued) †¢ Horizon Analysis – Form of interest rate forecasting – The analyst selects a particular holding period and predicts the yield cur ve at end of period – Given a bond’s time to maturity at the end of the holding period its yield can be read from the predicted yield curve and the end-of-period price can be calculated. – The total return over the period is computed as adding the capital gain and coupon income for the holding period. 16-38 Active Bond Management (Continued) †¢ Contingent Immunization – Mixed passive and active strategy. – You have to calculate the funds required to lock in via immunization. – This value is trigger point. – If and when the actual portfolio value dips to the trigger point, active management will cease. 16-39 Active Bond Management (Continued) †¢ Panel A: the portfolio falls in value and hits the trigger at time t* then the immunization strategy pursued and portfolio rises to planned terminal value. †¢ Panel B: the portfolio never reaches the trigger point and is worth more than the planned terminal value. 16-40

Admissions Guide - Admissions Guide to Private Schools

Admissions Guide - Admissions Guide to Private Schools If youre applying to private school, you might be wondering if you have all the important information and know all the steps that you need to take. Well, this admissions guide offers some important tips and reminders to help you apply to private school. However, its important to note that even this guide isnt a guarantee for admission to the school to your choice; there are no tricks or secrets to getting your child into a private school. Just a lot of steps and the art of finding the school that meets your needs and where your child will succeed most. Start Your Search Early   It doesnt matter whether you are trying to find a place in kindergarten,  ninth grade in a college prep school or even a postgraduate year at a boarding school, its important that you start the process a year to 18 months or more in advance. While this isnt recommended because it truly takes that long to apply, but there are a number of things to consider before you even sit down to complete the application. And, if your goal is to get admittance at some of the best private schools in the country, you need to make sure that you are ready and have a strong background.   Plan Your Private School Search From the moment you ask yourself how you get your child into private school until the much-awaited acceptance letter arrives, there is a lot that you need  to do. Plan your work and work your plan. A great tool is the Private School Spreadsheet, which is designed to help you keep track of the schools youre interested in, who you need to contact at each school, and the status of your interview and application. Once you have your spreadsheet ready to use and you begin the process, you can use this  timeline  to stay on track with dates and deadlines. Keep in mind though, that every schools deadlines may vary slightly, so make sure youre aware of all the different deadlines. Decide if Youre Using a Consultant While most families are able to navigate the private school search themselves, some opt to engage the assistance of an educational consultant. Its important that you find a reputable one, and the best place to determine that is by referencing the IECA website. If you decide to contract with one, make sure that you communicate regularly with your consultant. Your consultant can advise you on ensuring that you choose the right fit school for your child, and can work with you to apply to both reach schools and  safe schools. Visits and Interviews Visiting schools is critical. You have to see the schools, get a feel for them and make sure they meet your requirements. Part of the visit will be the admissions interview. While the admissions staff will want to interview your child, they may also want to meet with you. Remember: the school does not have to accept your child. So put your best foot forward. Take some time to prepare a list of questions to ask, too, because the interview is also an opportunity for you to assess if the school is right for your child.    Testing Standardized admissions tests are required by most schools. The SSAT and ISEE are the most common tests. Prepare for these thoroughly. Make sure your child gets lots of practice. Make sure she understands the test, and how it works. Your child will also have to submit a writing sample or essay. Want a great SSAT prep tool? Check out this Guide to the SSAT ebook.   Applications Pay attention to the applications deadlines which are typically mid-January, though some schools have rolling admissions with no specific deadlines. Most applications are for an entire school year though from time to time a school will accept an applicant in the middle of an academic year.    Many schools have online applications. Several schools have a common application which saves you lots of time as you only complete one application which is sent to several schools you designate. Dont forget to complete your Parents Financial Statement(PFS) and submit it as well. Part of the applications process is getting teacher references completed and submitted, so make sure to give your teachers plenty of time to complete those. You will also have to complete a Parent Statement or Questionnaire. Your child will have his own Candidate Statement to fill out as well. Give yourself plenty of time to get these tasks done. Acceptances Acceptances are generally sent in mid-March. If your child is wait-listed, dont panic. A place might just open up. Article edited by  Stacy Jagodowski:  If you have more questions or need more information about getting into a private school, tweet me or share your comment on Facebook.

Word Families to Support Decoding Skills in Children with Disabilities

Word Families to Support Decoding Skills in Children with Disabilities Spelling with word families and rhyming words helps young children connections in both reading and writing. Seeing the relationships between these words helps students with disabilities predict new words by using known word patterns.   It supports their future success in literacy. Word families help support word recognition and generalizing decoding skills.   The following word families include word cards that you can reproduce and use in:    Word Sorts Print the pdfs for a couple of the word families:   start with the same rather than different vowel sounds, so the children will recognize them.   You can either create a two column page with the family at the top and then have the children do the sort individually, or you can print them and have students sort them in small groups on a piece of chart paper.   Learning centers: Print the word family cards on card stock, and put them in resealable sandwich or quart bags with a sorting template.   Have students at the learning center sort them.    Additive activities:   Continue to add word families: Have students take turns pulling cards in the sort and placing them on the chart paper.   Or add magnetic strips on the back of the cards and have groups of students sort the words on to a magnetic white board. Sort Games:    Sort War:   Print two word families on card stock.   Assign each child a word family.   When they snap the cards the one who puts on on the top gets to keep the pair.    Sort hearts.   Run several word families and shuffle them together.   Deal the cards to groups of three or four, 5 or 6 to each.   Leave the remainder in a stack.   Students can create sets to lay down when they have three words in a word family.   Play till all the cards are laid down.   All word families. ack back, black, crack, pack, quack, rack, sack, snack, stack, tack, track, whack. ad ad, dad, fad, glad, grad, had, lad, mad, pad, rad, sad, tad. ail fail, hail, jail, mail, nail, pail, rail, sail, snail, tail. ain brain, chain, drain, gain, grain, main, pain, plain rain, stain, strain, train. ake bake, cake, flake, make, rake, take. ale bale, male, pale, scale, tale, whale. all ball, call, fall, hall, mall, small, tall, wall. am am, ham, jam, slam, spam, yam. ame blame, came, flame, frame, game, lame, name, same, tame. an an, ban, can, fan, man, pan, plan, ran, tan, van. ank bank, blank, crank, drank, plan, sank, spank, tank, thank, yank. ap cap, clap, flap, gap, lap, map, nap, rap, sap, slap, scrap, tap. ar are, bar, char, car, far, jar, par, scar, cigar, guitar. ash ash, bash, cash, crash, dash, flash, gash, hash, mash, rash, sash, slash, smash, splash, trash. at at, bat, brat, cat, fat, hat, mat, pat, rat, sat, spat, tat, that, vat. aw claw, draw, flaw, jaw, law, paw, straw, thaw. ay away, bay, clay, day, gay, gray, hay, lay, may, okay, pay, play, way, spray, stay, tray, way. o generalize decoding skills.

Why Extrinsic Essay Example | Topics and Well Written Essays - 250 words

Why Extrinsic - Essay Example The failure of organization to provide perceived equity for employees results in a lot of resentment (especially when there is secrecy and people overestimate each other’s pay) and resulting inefficiencies. The failure of extrinsic rewards is even more obvious in executive positions as incentive systems had very weak or negative correlations to corporate profits as at higher incomes, prospect of more money fails to be a motivator. Locke’s (1960) research suggests a reason for such results – incentives actually discourage risk-taking and people perform easier tasks to complete as much work as possible. Employees look at short-term benefits (monetary rewards) rather than long-term organizational interests. Another research proved that in the long-term, even the removal of a financial incentive system that has been long in place could not drive down productivity. Merit pay has also failed as a motivator of performance as few managers feel that higher pay would make them work harder. Therefore, intrinsic rewards such as training and goal-setting is a much stronger motivator of performance. To treat workers with respect and appreciation is what motivates them to stay at an organization and higher pay has failed to reduce employee turnover in the

Mcdonalds Scholarship Essay Example | Topics and Well Written Essays - 4750 words

Mcdonalds - Scholarship Essay Example Values decide what is important in life. Norms are like unwritten laws that decide people's behaviour in different situations. Institutions are the structures while Artifacts are the materialistic forms based on values and norms. Ans. Multiculturalism is coming together of diverse cultures and thus impacting each other. Possible advantage is that the diversity provides a healthy environment for a nation or society's growth. The disadvantage is that it takes away the nation or society's identity and in turn the unity as well. Ans. Organizational culture is based on values and norms that define the goals of the organization and behaviour of people with each other. Being a closed group of people can be a constraint that forces the evolution of this culture and interactions of the people within and outside give it a shape. Ans. The cross-cultural manager may face challenges in understanding the differences in culture, find gaps in communication and confusions can be created among the employees due to inherent differences. Ans. For maximizing the benefits on group dynamics, people's communication with each other, their body language and verbal communication has to be very positive. This calls for understanding interpersonal skills. Ans. ... 7. General Communication: The importance of understanding interpersonal skills for group dynamics. Ans. For maximizing the benefits on group dynamics, people's communication with each other, their body language and verbal communication has to be very positive. This calls for understanding interpersonal skills. 8. General Communication: Does information equal communication Information is only a part of communication and can never equal communication. Communication is always a two-way thing whereas information is impersonal and one way. 9. General Communication: What does assertive interpersonal communication mean Ans. It is a behaviour that indicates authority, competence, authenticity in an honest and direct but non-aggressive way that makes the others feel equal but still have regard for the person concerned. 10. Conflict Management Skills - Should interpersonal conflicts be always avoided Ans. No, they need to be addressed if they can have a long lasting impact and may concern vital fields. When they concern trivial matters, then they may be avoided. 11. Perception Skills: Are the meanings of interpersonal communication always in words Ans. No, the body language, facial expressions, eye contact and many other non-verbal forms form an integral part of interpersonal communications. 12. Perception Skills: The importance of non-verbal communication. Ans. Non-verbal communication preceeds verbal communication as one first sees the body language and facial expression of a person before he speaks. A negative non verbal communication can negate a positive verbal communication. So, it's role is vital. 13. Perception Skills: What are the barriers to accurate perception and how perception can be improved Ans. Preconceived ideas and beliefs

Pathological rationalism Essay Example for Free

Pathological rationalism Essay Perhaps being rational is relating a reason for a certain action. It is the act of trying to put meaning on an occurrence by which the details, the actions and the responses are being noted to make a sound conclusion. On the other hand, the term pathological implies that something is unreasonable or uncontrollable. When both terms are combined, it would simply mean extreme reasoning or uncontrollable act of putting reasons for a certain act. A situation wherein pathological reasoning is observed is when celebrities like Paris Hilton, Britney Spears and Lindsay Lohan are being followed by the media men only to cite their day to day activities that had caused them to be sued, imprisoned or accused of certain crimes that I think are not significant to the society of America or even the showbiz world. Like when Britney Spears shoved off her hair and when Paris Hilton was imprisoned because of disobeying traffic rules, I was thinking, what was with it that is worth the time and effort of the media men and its audience? Is it just for the laughter or do these media people recognize that there is more need in making the youth aware of their responsibilities to the state. All throughout the world, the media had been reiterating the situations of the three only to let the others know how tragic these young stars had evolved. For all we know, these three have been in the industry for so long, that their teenage and child lives had been opened to the public, and now, the media portrays that these â€Å"innocent-before† faces can go astray. The media only gives the youth the idea of becoming wild, law breakers and for some overly liberated women. If I am to be ask on what to so with these, it can be a good solution that the media features people that are with good background in order to enlighten the youth’s mind that they will be able to know the right things to do growing up and being given greater responsibilities as their age are being increased. Instead of featuring blunt and bad personalities, I think it will be better if there will be more issues on personalities that do charity works and other noble works.

A Comparison of Online Shopping at JCPenney and Kohls Essays -- compar

JCPenney Dominates Over Kohl’s in Online Shopping Being a multi-billion dollar retailer comes with its perks. JCPenney’s dominance over catalog merchandising has now extended into the cyber world at www.jcpenney.com. This website is multi-functional and easy to navigate, but how would JCPenney’s new e-commerce site stack up against its toughest competitor, Kohl’s, on the web? The answer may surprise you. This is an intriguing look at how varied retail comparisons can be. While JCPenney is struggling with sales on the retail floor, Kohl’s continues to exceed expectations in their stores. Online though, it is a completely different story. Kohl’s has a fledgling site located at www.kohls.com. The homepage for this site looks very modern and eye-catching with its large feature window and cute icons. Navigating into the site; however, a customer may notice that there are no opportunities to make online purchases or to view product. JCPenney’s homepage is dedicated to listing all departments and displaying several links to some of our strategic alliances. For instance, JCPenney’s ... A Comparison of Online Shopping at JCPenney and Kohl's Essays -- compar JCPenney Dominates Over Kohl’s in Online Shopping Being a multi-billion dollar retailer comes with its perks. JCPenney’s dominance over catalog merchandising has now extended into the cyber world at www.jcpenney.com. This website is multi-functional and easy to navigate, but how would JCPenney’s new e-commerce site stack up against its toughest competitor, Kohl’s, on the web? The answer may surprise you. This is an intriguing look at how varied retail comparisons can be. While JCPenney is struggling with sales on the retail floor, Kohl’s continues to exceed expectations in their stores. Online though, it is a completely different story. Kohl’s has a fledgling site located at www.kohls.com. The homepage for this site looks very modern and eye-catching with its large feature window and cute icons. Navigating into the site; however, a customer may notice that there are no opportunities to make online purchases or to view product. JCPenney’s homepage is dedicated to listing all departments and displaying several links to some of our strategic alliances. For instance, JCPenney’s ...

30 Days Challenge

Day 01 – A picture of yourself with ten facts – Day 01 – A picture of yourself with ten facts *I love God. *I have a Labrador Retriever named Buddy. *My full name is Sharmaine Anne Mediavilla Baloyo. *I'm currently 18 years old. *I love to swim but I'm too afraid to take my life vest during snorkeling. *I have a secret passion in dancing. *My greatest dream is that someday I'll be able to visit Greece. *Taking up Dentistry. *My favorite food is Lasagna. *I sometimes hate my mom but I love her so much.Day 02 – A picture of you and the person you have been closest with the longest – Day 02 – A picture of you and the person you have been closest with the longest. Her name is Imee. We've been bestfriends since Grade2. She's so smart, soft spoken, and I love her to the max. She knows a lot about me. Way back then she's my secret keeper and chismis buddy. Day 03 – A picture of the cast from your favorite show – Day 03 – A pictu re of the cast from your favorite show She plays as Blaire Waldorf in Gossip Girl, but she's known as Leighton Meester. She's my idol.Aside from being so good in acting she also has the talent in singing. =) Day 04 – A picture of your night – Day 04 – A picture of your night A picture with my friends from Ilo-ilo. This was taken after my debut party at chalet. Day 05 – A picture of your favorite memory – Day 05 – A picture of your favorite memory Dec. 12 2009, the very first time I've introduced him to all of my girlfriends. =) wala lang batabata pada sa akon kag cute!!! =) highschool.  ¦ Day 06 – A picture of a person you'd love to trade places with for a day – Day 06 – A picture of a person you'd love to trade places with for a day kay, her name is Esti Ginzburg. The girl whom Chace Crawford my love is currently dating. 🙠 She's very pretty and so hot!!! =))) Day 07 – A picture of your most treasured it em – Day 07 – A picture of your most treasured item hahaha wala lang amo ni ang phone ko nga bag o sbg latest model na sya sang nokia. pati ah, happy lng ko kay sng naguba ang phone ko nakita ko ni sa salakyan ni daddy. MY SAVIOR!  ¦ hahahah Day 08 – A picture that makes you laugh – Day 08 – A picture that makes you laugh Wala lang natawa lang gid ko ya! ))) hahaha! Day 09 – A picture of the person who has gotten you through the most – Day 09 – A picture of the person who has gotten you through the most He's my cousin, he knows everything about me. He's always there for me through thick and thin, love you nong! Day 10 – A picture of the person you do the most screwed up things with – Day 10 – A picture of the person you do the most screwed up things with Her name is Marianne Geena Zaldivar Urbiztondo. vital statistics, 24-36-24. hahhaha! pati joke. she's my bestestfriend ever. indi ko na maalala kung anon g kabalastugan ang mga nagawa natin dahil ang dami dami kaya!!! =) hahahhaa! Day 11 – A picture of something you hate – Day 11 – A picture of something you hate okay, I know most of you like cats. but me, HELL NO! I really cant forget sang time na i thought may gahibi nga baby sagwa gin check ko gulpi lang nag lumpat nagkaradusmo ko sang dalagan. Kag basta daw ka layo gid ya buot ko sa kuring. HAHAHAHAHA ;:) Day 12 – A picture of something you love – Day 12 – A picture of something you love I love dogs, especially if they're still a puppy.Cutie patootie na super cuddly pa. Makakita ko puppy sa dalan or wherever ga stop gid ko na ya, gaka stun ko kay ka mga cute cute bi. =))))  ¦  ¦  ¦ Day 13 – A picture of your favorite band or artist Day 14 – A picture of someone you could never imagine your life without Day 15 – A picture of something you want to do before you die Day 16 – A picture of someone who inspires you Day 17 – A picture of something that has made a huge impact on your life recently Day 18 – A picture of your biggest insecurity Day 19 – A picture and a letterDay 20 – A picture of somewhere you'd love to travel Day 21 – A picture of something you wish you could forget Day 22 – A picture of something you wish you were better at Day 23 – A picture of your favorite book Day 24 – A picture of something you wish you could change Day 25 – A picture of your day Day 26 – A picture of something that means a lot to you Day 27 – A picture of yourself and a family member Day 28 – A picture of something you're afraid of Day 29 – A picture that can always make you smile Day 30 – A picture of someone you miss

Jupiter Transit

Simms Lagan/ Leo Ascendant would have Jupiter transiting the 12th House in exaltation and so spiritual pursuits, knowledge at the feet of the GuruÃ'Ëœ/ Guru and following of favorable routines will happen which will lead to healthy sleep. If there are afflictions to the 12th House in the Lagan chart for this Ascendant then these may be cured and eased during this period. The events leading up to a goal would be paved not only with good intentions but with good actions and all that begins well, well, begins well, in a departure from the click ©.The Leo ?rÃ'ËœNavaho Chart of the Jupiter transit- Before we proceed let us look at the inner energies prevailing with Jupiter at the time of the transit into Cancer. The Naves/ Navaho Charka at the time of transit is given below- Navaho Yoga- We can see that Jupiter is Joined Mars in GuruÃ'Ëœ-Maxilla/ Guru-Managua Yoga and is aspect by Venus/ guar/ Sahara. Not only does GuruÃ'Ëœ/ Guru have the prowess of Mars to express itself but it has the locked eye debate with Venus as well who insists on coming forth with his mundane and pragmatic knowledge.The Did-GuruÃ'Ëœ Yoga in the Naves Charka for the transit has great potential for learning and growth and expanding one's horizons. While on this theme the readers can experiment with Vary Gorham/ transits reckoned in the divisional charts of the horoscope and see what sort of inferences emerge. NSubsequent papers on this website will cover the transits of Rah/ Rah to Kane RSi/ Kenya Rash/ Virgo and Skeet to Mina RSi/Mean/Pisces as well as of Saturn to Scorpio/ gain n VÃ'Ÿkick RSi/ Varnishing Rash later in the year. This is also important because the planets for a variety of reasons form pairs-of- opposites. While Jupiter is optimism, Saturn is pessimism, and so happiness and sadness, success and failure, expansion and constriction, growth and decay are all instances of this pollarded continuum.For these reasons the planets must be considered together. Similar is the situation when it comes to studying Jupiter on the one hand and the Rah-Skeet axis on the other. On many occasions antithetical features emerge but then this should only be taken as a basic thumb rule without more at this stage. Jupiter forms a great function for Aries/ Map/ Mesh Lagan as it transits through the 4th Behave/ Behave in exaltation. This is a Kidder Behave/ Kenned Behave/ quadrant house, and its auspiciousness is greatly heightened with the exalted energy of GuruÃ'Ëœ/ Guru.We would always do well to remember that Jupiter is properly the representative of divinity in any horoscope and always seeks to do good for the person. It gives unconditionally and leads one to life changing realizations and knowledge depending on its strength in the horoscope. Significations such as home, mother, properties and education stand to be greatly unfitted depending on the combinations prevailing in the horoscope. The 4th is also the Sushi Behave and there is none better than Jupiter to bring lasti ng and meaningful happiness.Impact of Aspect/ Diarist of Transit Jupiter- In these descriptions we should also remember the power of the aspects of Jupiter which it casts through its special Graham Dir$I/ Graham Diarist/ planetary aspect. The 5th House aspect of Jupiter falls on the sign of Scorpio/ Avarice/ Varnishing. There are two rudimentary ways in which we can appreciate this. Firstly, the future of Cancer is illuminated through depth and occult. The best of these matters stands to mom through now with Guru informing the sign with its aspect.Secondly, Scorpio as a sign in itself receives the special aspect and benefits, both generally, understanding its own Karma and learning ways to do something about it, and specifically through structured precept since Karat/ Karat is the 9th sign of the Guru and religion when reckoned from Scorpio. Scorpio is in luck from June to November, 2014 when Sans/ Shania decides to enter the sign. Which are likely to come during this period very se riously and to use them to the utmost because there is no opportunity cost in availing the grace of Jupiter.Of course al this applies to only those charts to which it does, but then that goes without saying. For Sagittarius though, it may be an intriguing time and this in itself is an interesting consequence since Jupiter rules Daunts/ Danish Lagan. But Cancer is the 8th House from Sagittarius and for any nativity with Danna Lagan rising this is a challenging placement in the radix. The 8th House is unfathomable and adversely effects the natural benefice placed here. So ironically, for Deanna Lagan the advisory will be to take care of their health, intelligence and thoughts. Not so for those with Sagittarius ?rÃ'ËœHere the persons with such a placement will be able to get into fruitful relationships with others with the highest ethics and in work shall have ready access to resources which complement their goals and programs. Readers can appreciate that this also ties in with the oth er transit for Sagittarius especially the Moon sign/ Ganja RSi/ Ganja Rash since the ingress into Scorpio of the planet Saturn will signal the commencement of the Eased-Sati where the entire societal and psychological make-up of the person is altered. Taurus individuals stand on something similar when it comes to the footing, specially those of Barabbas/ Brainwash Lagan.Jupiter is transiting the 3rd House from the Lagan which relates to matters which Jupiter is not entirely comfortable with. It is also called the Adducing Behave. The positive or the silver lining, and it is quite a notable one, is that there is Baggy/ Baggy Yoga formed by the 7th House aspect of Jupiter in the 3rd House. Relevance of the Marina Karakas Stand- As I often write, the Maraca Karma Stash/ Marina Karakas Stand positions of planets are important and GuruÃ'Ëœ/ Guru is in Maraca Karma Stash in the 3rd Behave from the Lagan.Matters indicated by Jupiter in the natal horoscope especially if its planetary period is running in the Ads/ Dash system will tend to be tested. The position is not much better in those horoscopes where the ?rÃ'ËœPlease do not wear a yellow sapphire/ Pagers/ Pushchair stone under any resistances if you should have this combination in the natal horoscope and do not Mina Lagan/ Pisces Ascendant is blessed by the 9th House Graham Dir$I/Graham Diarist/ planetary aspect of transit Jupiter and also happens to be the own sign of the planet. For this reason the sating from knowledge which is brought by the blessings of Jupiter is of a high order for this sign during the sojourn of GuruÃ'Ëœ/ Guru in Karat RSi/ Karat Rash.Jupiter transiting in the 5th House in exaltation blesses the children and their intelligence and performance in studies and work will climb favorably. Thoughts ND internal make-up of Pisces, powerful appointments and advisory roles will come to the forefront. Decisions made during this time will bode well for the future. The position is equally good if not better for the Mina ?rÃ'ËœSpeculation will yield great benefits and finance appears to be a very lucrative dimension; as a professional pursuit during this time, finance professionals will feel the boost during these otherwise slow times. For Kenya ?rÃ'ËœFor those with Kenya Lagan rising in the Lagan chart/ RSi Charka/ Rash Charka, a highly stabilizing influence comes to the working of the mind of the Virgo individual and all the information gathering and the confusion and that search for elusive refection and complete logical explanation for all things, starts to fall into place. The Eased-Sati is also on the verge of ending but as stated, more on that in a later paper at the appropriate time. Capricorn Ascendant/ Maker Lagan finds their world of marriage, partnerships, and direct personal interaction changing.The concept of natural Pad tells us that it is the 7th House which truly reflects the happiness in the heart and the real Sushi. Jupiter as the Sushi Karakas in exaltation bl esses this facet of life. The workaholic haze is aided for Capricorn ?rÃ'ËœStay true to your ethical parameters and this will then show well in life. Kumara Lagan/ Aquarius Ascendant finds that the vehement enmity is no longer that not comfortable with undergoes a sea change and higher ground is attained. Substance addictions, alcohol, nicotine and drug use will now be helped by the tremendous care and awareness brought about by Jupiter. When these enemies thin are handled then the path of one's growth through effort and action is rendered more accessible.The position is very different for those with Aquarius ?rÃ'ËœThis is Mall Yoga and can lead to a spotless and perfect performance in the chosen sphere of work. In the Libra ?rÃ'ËœFinances and food, and the absence of unworthy secrets all illuminate life. For the Gemini ?rÃ'Ëœ

Juan Luna and Filipinos Great Pride Essay Essays

Juan Luna and Filipinos Great Pride Essay Essays Juan Luna and Filipinos Great Pride Essay Essay Juan Luna and Filipinos Great Pride Essay Essay The first thing you’ll notice about the picture is its size. Standing at 4 metres in tallness and 7 metres in breadth. the picture no uncertainty commands attending and gives off a olympian aura. Any spectator of the picture will experience dwarfed by the big picture and may experience overwhelmed by the munificence of it. The following thing you’ll notice about the Spoliarium is the rich colourss used. Predominantly. the painter made usage of warm colourss for his work of art. with reds being a cardinal colour that attracts the most attending. In individual. the colourss are striking and rather alone. The Spoliarium depicts an even during the Roman imperium. where gladiators die for amusement. The picture shows how gladiators are being dragged pitilessly by work forces towards an unknown darkness. where other tragically killed gladiators are brought. To the left is a heartening crowd. shouting for blood while to the right. a adult female is crouched and apparently in sorrow. The picture shows a tragic event. decidedly. But it besides shows a deeper significance. particularly for the Filipinos during the clip of the Spanish colonisation ( which lasted over 400 old ages! ) . Harmonizing to art experts. the fallen gladiators who are being dragged are the Filipino people. while the work forces dragging them into the darkness are representative of the Spanish regulation. The adult female crouched on the right side of the picture is believed to be the Mother Country or the Inang Bayan who weeps for her Philippines. The blood thirsty crowd to the left is a representation of the societal malignant neoplastic disease of that clip. Truly. there is more than meets the oculus when it comes to Luna’s picture. The Spoliarium shows the Spanish government’s mistreatment of the Philippines. The dead organic structures of the gladiators represent the Spanish violent deaths of Filipino revolutionists. The Spoliarium is celebrated among the Filipino people. to state the least. The fact that Luna had gained acknowledgment among other Spaniards in Madrid because of this picture has given the Filipinos great pride. This besides shows that the Filipinos have accomplishments that can be. if non. excel the Europeans of that clip. This is why the picture. along with Hidalgo’s. are deemed National Cultural Treasures. because they were able to lend to the development of art in the Philippines. The Spoliarium can be found in the Hall of the Masters of The National Museum of the Philippines. Whether you are a alien or a local. take a few hours off your agenda to see the museum and larn more about Filipino civilization and history through the eyes of its creative persons. It is an educational and enriching experience. The first thing you’ll notice about the picture is its size. Standing at 4 metres in tallness and 7 metres in breadth. the picture no uncertainty commands attending and gives off a olympian aura. Any spectator of the picture will experience dwarfed by the big picture and may experience overwhelmed by the munificence of it. The following thing you’ll notice about the Spoliarium is the rich colourss used. Predominantly. the painter made usage of warm colourss for his work of art. with reds being a cardinal colour that attracts the most attending. In individual. the colourss are striking and rather alone. The Spoliarium depicts an even during the Roman imperium. where gladiators die for amusement. The picture shows how gladiators are being dragged pitilessly by work forces towards an unknown darkness. where other tragically killed gladiators are brought. To the left is a heartening crowd. shouting for blood while to the right. a adult female is crouched and apparently in sorrow. The picture shows a tragic event. decidedly. But it besides shows a deeper significance. particularly for the Filipinos during the clip of the Spanish colonisation ( which lasted over 400 old ages! ) . Harmonizing to art experts. the fallen gladiators who are being dragged are the Filipino people. while the work forces dragging them into the darkness are representative of the Spanish regulation. The adult female crouched on the right side of the picture is believed to be the Mother Country or the Inang Bayan who weeps for her Philippines. The blood thirsty crowd to the left is a representation of the societal malignant neoplastic disease of that clip. Truly. there is more than meets the oculus when it comes to Luna’s picture. The Spoliarium shows the Spanish government’s mistreatment of the Philippines. The dead organic structures of the gladiators represent the Spanish violent deaths of Filipino revolutionists. The Spoliarium is celebrated among the Filipino people. to state the least. The fact that Luna had gained acknowledgment among other Spaniards in Madrid because of this picture has given the Filipinos great pride. This besides shows that the Filipinos have accomplishments that can be. if non. excel the Europeans of that clip. This is why the picture. along with Hidalgo’s. are deemed National Cultural Treasures. because they were able to lend to the development of art in the Philippines. The Spoliarium can be found in the Hall of the Masters of The National Museum of the Philippines. Whether you are a alien or a local. take a few hours off your agenda to see the museum and larn more about Filipino civilization and history through the eyes of its creative persons. It is an educational and enriching experience.

A History of Sexually Transmitted Disease

This essay examines the current and historical relevance of sexually transmitted diseases. It focuses on current and historical infection rates, the causes of these rates, and current prevention methods. This paper examines the current and historical causes of STDs with a particular focus on chlamydia, HPV, gonorrhea, AIDS, and herpes. It uses statistics and several graphs in order to show the growing trend of STDs, the cause for that growth and concludes with methods of prevention. Sexually transmitted diseases appear to have always been a societal menace. At least, that is the impression garnered from recorded history. There is evidence of gonorrhea outbreaks dating as far back as 2200 B.C.E. (Spongberg, 1965: 23). Since that time, numerous new STDs and countless variations and mutations of existing STDs have arisen. Although infection rates have remained relatively constant throughout the ages, there have been occasional spikes as new diseases become prevalent. In the early 1970s, a surge of previously unknown STDs caused infection rates to soar to record heights (CDC, 1998). Today, there are an estimated 333 million cases of STD infection (WHO, 1996). This is a staggering number, compared to the estimated 150 million of 1960 (CDC, 1998). Fortunately, in the past two decades our medical technology has allowed us to treat and sometimes totally cure STDs that have existed for centuries. Our medical understanding of STDs has also reached new heights, allowing us to educate and inform the general public of the risks involved with unprotected sexual intercourse. However, while one might expect that our new arsenal of knowledge and medicine would be ample weaponry against STDs, infection rates have continued to rise over the last few decades (WHO, 1998). Although infection rates have slowed slightly, sexually transmitted diseases are still as prevalent, if not more so, than they were a generation ago.

Ontemporary Issues in Management Essay Example | Topics and Well Written Essays - 3000 words

Ontemporary Issues in Management - Essay Example This essay Contemporary Issues in Management descusses new business management approaches, that involve the creation of new channels for shareholders, employees, and investors to question and contribute to CSR development. Stakeholders exist in every organisation whether it is profit or nonprofit. Stakeholders can be summarised as the people who form the internal and external environment of any organisation. Stakeholders are, in essence, the organisation. Consequently, it is important for organisations to understand the role played by stakeholders so that they can enhance it as well as improve their relations with them. The objective of this paper is to provide a critical evaluation of the role of stakeholders within CSR. Freeman’s stakeholder theory highlights and models the stakeholders of an organisation, and both defines and suggests methods by which senior management can duly recognise and address the interests of these entities. In summary, Freeman tries to address the à ¢â‚¬Å"who or what matters† concept. In the traditional perspective of the organisation – the shareholder perspective - the shareholders are the owners of the organisation and the company has an irrevocable fiduciary responsibility to prioritise their needs and enhance value for them. In previous input/output organisational models the company was expected to transform the contributions of employees, suppliers and investors into salable products that consumers purchase, hence providing some capital benefit to the organisation.