.

Wednesday, November 27, 2019

The 3 Japanese Verb Groups

The 3 Japanese Verb Groups One of the characteristics of the Japanese language is that the verb generally comes at the end of the sentence. Since Japaneses sentences often omit the subject, the verb is probably the most important part in understanding the sentence. However, verb forms are considered to be challenging to learn. The good news is the system itself is rather simple, as far as memorizing specific rules. Unlike the more complex verb conjugation of other languages, ​​Japanese verbs do not have a different form to indicate the person (first-, second, and third-person), the number (singular and plural), or gender. Japanese verbs are roughly divided into three groups according to their dictionary form (basic form). Group 1: ~ U Ending Verbs The basic form of Group 1 verbs end with ~ u. This group is also called Consonant-stem verbs or Godan-doushi (Godan verbs). hanasu è © ±Ã£ â„¢ - to speakkaku æ› ¸Ã£   - to writekiku è Å¾Ã£   - to listenmatsu Ã¥ ¾â€¦Ã£  ¤ - to waitnomu é £ ²Ã£â€šâ‚¬ - to drink Group 2: ~ Iru and ~ Eru Ending Verbs The basic form of Group 2 verbs end with either ~iru or ~ eru. This group is also called Vowel-stem-verbs or Ichidan-doushi (Ichidan verbs). ~ Iru Ending Verbs kiru ç â‚¬Ã£â€šâ€¹ - to wearmiru è ¦â€¹Ã£â€šâ€¹ - to seeokiru è µ ·Ã£  Ã£â€šâ€¹ - to get uporiru é™ Ã£â€šÅ Ã£â€šâ€¹ - to get offshinjiru ä ¿ ¡Ã£ ËœÃ£â€šâ€¹ - to believe ~ Eru Ending Verbs akeru éâ€"‹ã â€˜Ã£â€šâ€¹ - to openageru 㠁‚㠁’ã‚‹ - to givederu å‡ ºÃ£â€šâ€¹ - to go outneru Ã¥ ¯ Ã£â€šâ€¹ - to sleeptaberu é £Å¸Ã£  ¹Ã£â€šâ€¹ - to eat There are some exceptions. The following verbs belong to Group 1, though they end with ~ iru or ~ eru. hairu å… ¥Ã£â€šâ€¹ - to enterhashiru è µ °Ã£â€šâ€¹ - to runiru 㠁„ã‚‹ - to needkaeru Ã¥ ¸ °Ã£â€šâ€¹ - to returnkagiru é™ Ã£â€šâ€¹ - to limitkiru 切る - to cutshaberu 㠁â€"ã‚Æ'㠁 ¹Ã£â€šâ€¹ - to chattershiru çŸ ¥Ã£â€šâ€¹ - to know Group 3: Irregular Verbs There are only two irregular verbs, kuru (to come) and suru (to do). The verb suru is probably the most often used verb in Japanese. It is used as to do, to make, or to cost. It is also combined with many nouns (of Chinese or Western origin) to make them into verbs. Here are some examples. benkyousuru 勉å ¼ ·Ã£ â„¢Ã£â€šâ€¹ - to studyryokousuru æâ€"…è ¡Å'㠁™ã‚‹ - to travelyushutsusuru è ¼ ¸Ã¥â€¡ ºÃ£ â„¢Ã£â€šâ€¹ - to exportdansusuru ãÆ'ۋÆ' ³Ã£â€š ¹Ã£ â„¢Ã£â€šâ€¹ - to danceshanpuusuru ã‚ ·Ã£Æ' £Ã£Æ' ³Ã£Æ'â€"ãÆ' ¼Ã£ â„¢Ã£â€šâ€¹ - to shampoo

Saturday, November 23, 2019

How to Answer Brainteaser Interview Questions and Wow Hiring Managers

How to Answer Brainteaser Interview Questions and Wow Hiring Managers If two trains leave the station at 11:30, with Train A traveling at 75 miles per hour and Train B traveling at 52 miles per hour, what kind of hat is the conductor of Train A wearing? You may think you left these kinds of word problems behind when you finished school, but think again- you may very well see this style of brainteaser question pop up in a job interview. Like you don’t have to do enough preparation already for the regular types of interview questions. But don’t worry- like every other interview question, the trick to rocking your answers to these brainteasers lies in being prepared. And that’s something we can help you do.What Are Brainteaser Interview Questions?These are interview questions, asked either verbally or in writing, that give you a situation and ask you to come up with a specific (if often ridiculous) answer. These kinds of questions are often used for highly technical or analysis-based jobs. Tech companies in particular love brainteaser s for job candidates: Google, IBM, and Facebook have been known to pick the brains of their interviewees.Brainteaser questions are less about getting an exact answer than about showing how you got there. So while you may be sweating bullets about whether you got the decimal point right, or whether you know enough about the price of tea in Hong Kong to make an educated guess about annual revenue, the interviewer is more likely interested in the way you tackled the question. It’s a test of your problem-solving skills, which you probably listed proudly on your resume.These brainteasers usually fall into several different categories:The â€Å"How Many Marbles in the Jar† BrainteaserThese estimating/quantifying questions ask you to figure out how many (or how much) of something there is in a particular place or scenario. Guaranteed, it’s something you never even thought about before you set foot into your interview.Examples:How many street lights are there in New Yor k City?How many golf balls are there in Florida?How much annual revenue does the Time Square Starbucks bring in?How many potatoes does McDonald’s sell each year in the UK?For these, logic is the key over accuracy. You won’t know the information ahead of time, so you’ll need to take information you do have (or can infer) and just wing it.For instance, looking at the streetlight example above, you’d take the number of approximate blocks in Manhattan, pick a probable number of streetlights per block, and multiply by 5 to arrive at an overall number for all five city boroughs. The interviewer knows you don’t know how many streetlights are in the city. But what he or she is looking for is that you can take an insane problem, reduce it to manageable parts, and then attack it.The â€Å"Dust Off the Math Skills† BrainteaserThese are much like the math word problems of yore, where you would apply specific math concepts/skills to arrive at the answer. Examples:A car travels a distance of 60 miles at an average speed of 30 mph. How fast would the car have to travel the same 60 mile distance home to average 60 mph over the entire trip?What is the sum of numbers from 1 to 100?You are given a 3-gallon jug and a 5-gallon jug. How do you use them to get 4 gallons of liquid?For these, there’s no way of getting around the math part- you’ll need to remember as best you can how to determine probability, angles, algebraic formulas, etc.The â€Å"Teach Me† BrainteaserThese are designed to get you to communicate complex information in a straightforward way.Examples:Explain the Internet to someone who has been in a coma for 30 years.How would you direct someone to make an omelet?Explain a complex database to your 8-year-old nephew.These are usually based on practical information, something you would normally face in everyday life, but would not necessarily be accustomed to describing. The best way to tackle these is to tak e a moment, think clearly about the steps (or the main points), then describe them as simply as possible.The â€Å"Kids Ask the Darnedest Questions† BrainteaserThese are questions that are designed to make you think about something you probably never pondered until someone asked you about it: why something works the way it does, why we do something in a particular way, etc. They’re the kind of questions that kids ask because they genuinely want to know how the world works. For an interviewer, it’s more about getting you to think about large, unwieldy concepts and break them down into manageable information.Examples:Why is a tennis ball fuzzy?Why are manhole covers round?These are questions where you’ll think about the motivation or design behind some common object. The good news is that you can wing it a little on this one- if you’re not up on the civil engineering concepts, you can still come up with an answer about manholes if you think about it logically. Manhole covers are round so that they fit into manholes, right? You don’t need some deep-seated soliloquy about the history of manholes in the continental United States†¦you just need a reasonable answer, presented quickly and simply.The â€Å"Ridiculous Scenario† BrainteaserThese are oddball questions that thrust you into an unfamiliar situation and ask how you’d (hypothetically) handle it.Examples:How would you kill a giraffe?How would you fight a bear?These questions usually require a little creativity. â€Å"I would never do that† is not the game here, so you should play along with the concept. You’re being tested on your creative problem solving skills, so rather than getting caught up in thinking about, say, what circumstances would put you in a boxing ring with a bear, use the same kind of logical, step-by-step thinking you’d apply to any process.Why Would Brainteasers Ever Come Up in an Interview?You’re applyin g for a job, not applying for college or auditioning for a game show. And quite frankly, brainteaser questions are never going to replace classics like â€Å"tell me about yourself† or â€Å"what can you bring to this position that no one else can?† Brainteasers are designed to throw you off your game, and get you out of your groove of resume talking points and rehearsed anecdotes. They’re a test of your critical thinking and problem solving skills.How Do You Tackle Brainteasers?The bad news: you’re never going to be able to prepare for specific brainteaser questions ahead of an interview. They’re meant to be curve balls, and see how you think and communicate in the moment. What you can do before an interview that might contain a brainteaser or two is practice your thinking-on-your-feet responses.Have a friend lob some questions like the brainteasers above to you. Practice explaining complicated processes in simple terms, either to yourself or love d ones.And in the interview itself, you can take some of these strategies in with you, no matter what crazy question your interviewer tosses your way.Always bring paper and a pen or pencil with you. This is good practice for an interview anyway, because you can jot down notes, contact information for thank you notes, etc. If you get in the habit of bringing a notebook with you on interviews, you’ll have scratch paper at the ready if you need to figure out how many gallons of ice cream the Titanic could have held.Take a moment to breathe and think. Before you dive right in with an answer, pause for a moment or two to gather your thoughts. (Within reason- you’re probably not being timed, but this is a conversational interview, and your interviewer will be waiting.) And if the question is one you don’t feel capable of answering, this moment can help tamp down any panic you feel. Think about how to approach the question (whatever it is) logically and clearly. Focus on the process, not whether the specific answer is absolutely correct.Talk it out. Again, this is a conversation with your interviewer, not the SATs, so it’s okay to talk through your rationale for your answer. The interviewer is mostly interested in how you’re arriving at your answer, so this helps them see what you’re getting at, and how.Ask questions. Not only is this a good stalling tactic while you think about what to say, but it can also show the interviewer that you’re not afraid to ask for clarification when necessary. You want to make sure you understand the question, and the interviewer might be able to provide helpful information (like what flavor of ice cream you’re trying to fit on the Titanic).So while these brainteasers might not be orthodox interview questions, and you may not come across them in every interview, it’s worth coming up with a game plan. And not only might you get a new job out of it when you wow them with your brainy answers, but who couldn’t use a battle plan in case you do happen upon that fighting bear?

Thursday, November 21, 2019

Economics cuurent macroeconomic situation Research Paper

Economics cuurent macroeconomic situation - Research Paper Example These figures are significantly showing progress but by no means indicate that things are turning out for the best (Avent, 2010). Unemployment and its direct correlation with inflation clearly show on these figures. This indicates that stimulus packages and the low interest rates provided by the government is showing its effects. Without these, businesses would not venture into accruing capital and entrenchment would ensue. More and more firms and departments are hiring temporary workers including census jobs which will show countercyclical effects. This suggests that confidence and optimism is slowly gaining momentum. It is a clear indication that more needs to be done before the country can truthfully say that it is out of the recession slump. Robert Reich (2010) suggests that only reason the economy is not in a double-dip recession is due to the boosts injected by the government. He further adds that 41,000 new jobs provided in May which mostly consisted of temporary Census workers is not enough. At the minimum, 100,000 new employments are needed every month to cope with the population growth. Apprehensions are now directed over what will happen once these are directly withdrawn from the economy. Policy makers play an integral role in ensuring the health of the economy doesn’t flat line. The applied easy money policy tools which are apparent in the contingency efforts of the government to stabilize the economy are already in place. It becomes indispensable at the current situation but â€Å"Effectively zero interest rates are creating distortions in capital markets. Monetary conditions need to be back to normal by the time economic slack disappears and inflationary pressures begin to reassert themselves† (Padoan, 2010). Government hand can only go so far before it reverts into prioritizing the need for other programs before money runs out and the Federal Reserve reverts to government

Tuesday, November 19, 2019

Case studies Study Example | Topics and Well Written Essays - 2500 words

Studies - Case Study Example There could be other test which could clarify the situation as to whether the patient has actually a lung cancer. Reason being giving the patient timeline of 6-9 months to live could have a huge physiological affect on him. Even though patient looks competent, as he/she only has 6 – 9 months to live, he would have no time to reflect upon this situation and fully comprehend this information. If the patient is told about the condition, it is necessary that it is burdensome neither to the patient nor to his family. It could be a good time for the patient to prepare his will if he hasn’t up till now which would definitely benefit his family financially. If the patient has been living a sound, happy life before being admitted to the hospital, his active life style could just go apart if told about his condition. This would in turn result in his family suffering. Its better not to inform patient about his condition if his family and himself would be well off as others around him would be unfamiliar with his situation. If his family members fully understand the situation he is in, which should at the first place not be in, filling a malpractice claim would be the way to go given that the physician would eventually be found. Even if the family goes to court, there are particular laws which would eventually help his family to charge the physician. If the hospital suffers a major liability, it could close down thus, making it difficult or impossible for other patients to be treated and could result in them loosing there life. The filling claim has something to do with financial issues of the family as they might have run out of insurance cover for the patient thus, having liquidity issues and might be looking to redeem via filling a lawsuit. The patient has had a similar medical problem that is GL bleed due to alcoholism. This medical status suggests that his issues are more linked to something he can

Sunday, November 17, 2019

Humor in the Workplace The Weighing the Pros and Cons Essay Example for Free

Humor in the Workplace The Weighing the Pros and Cons Essay Weighing the Pros Con sSubmitted to:Wilma ThomasonPrinciples of Management InstructorPrepared by:Successful Future ManagementKenya HardenSunday, June 28, 2009Humor in the WorkplaceWeighing the Pros ConsI.IntroductionA.Evaluating the problems in the workplace1.Poor productivity2.Lack of creativityII.Benefits of incorporating humor at workA.Improves healthB.Reduces stressIII.How stress effects companiesA.Increases possibility of mistakesB.Loss of money IV.ConclusionA.Companies encourage humor1.Set ground rules2.Know what is allowed Increase your companys earning potential by paying your employees to watch comedy shows and play games for thirty minutes a day! Reduce employee sick leave by establishing company playtime. These statements may sound asinine, but companies are discovering the benefits of incorporating enjoyment and laughter in the office. People spend at least forty hours a week in the workplace and about five or more of those hours are spent trying to think of a new idea, or trying to complete a project because they cant focus. Some employees are just drained and their minds are bombarded with thoughts of what they need to do at home. As a way to keep their employees focused and boost productivity, many companies are taking heed to the saying: Laughter is the best medicine. It is becoming a fast growing trend in businesses to find ways to allow their employees a period to loosen up and laugh. Laughter has been found to keep a person healthy and has several benefits; it lowers tension, causes one to relax, boosts the immune system and can even temporarily relieve pain (www.HelpGuide.org). Laugh and the world laughs with you, this seems true even in the workplace. It is important that various methods are available to help employees eliminate stress so that their work is not affected. Stress can have a very negative effect on employee performance and causes burn-out. A person that is stressed-out is often distracted and makes mistakes. This can cause a major financial loss to the company, as well as the employee, if injury occurs or a major project is delayed. Some companies consider that having fun or joking around on the job as  goofing off. Management in these types of companies feels that employees do not take their jobs seriously. Some employees are even labeled as adolescent, unprofessional and unproductive. This type of atmosphere creates tension and increases the risks of work related health problems in employees. It also costs the company money due to excessive downtime due to the lack of creativity. However, many companies have been encouraging employees to have fun at work and have even set-up special rooms for their employees to take breaks equipped with televisions and games. By allowing employees to enjoy themselves at work, companies are building better relationships and strengthening communication between management and employees. So why not put the low cost, (if not free) remedy of humor in place? Laughter is contagious. It can make the workplace more pleasurable by easing tension, reduce risk of employee burnout, improve productivity and creativity. The key to the success of implementing humor in the workplace is to make sure that no one oversteps boundaries or cause injury to anyone. It is crucial that no one is offended by joking; steer clear of religious, political, or personal topics. Everyone must be mindful of what is allowed and what is taboo. It is recommended that all business incorporate humor in the daily routines of their employees. The physical and mental health of employees is reflected in his or her performance. Allowing fun and relaxation on the job as a release will only improve productivity. The benefits of humor well out-weigh the risks. Works Cited Emotional Intelligence Central. Laughter is the Best Medicine: The HealthBenefits of Humor HelpGuide.org. 2001-2009. 24 June 2009 Levy. S. Working in Dilberts World. Newsweek 12 Aug 199623 June 2009 McGhee, P. Health, Healing on the Immune System: Humor as Survival Training. 23 June 2009University of Missouri-Columbia. Light Humor in the Workplace is a Good Thing,Review shows. ScienceDaily 1 November 2007. 24 June 2009http://www.sciencedaily.com/releases/2007/10/071031130917.htmWood, Robert E., Beckmann, Nadin and Pavlakis, Fiona. Humor in Organizations: NoLaughing Matter Research Companion to the Dysfunctional Workplace. Ed. Langan-Fox, Janice, Cooper, Cary L. and Klimoski, Richaard J. Cheltenham,Glos, UK: Northhampton, MA: Edward Elgar, 2007 216-231

Friday, November 15, 2019

Gender Politics and the Liminality of the Herculean Body Essay

Sophocles’s Women of Trachis11, however, deals solely with the tragic drama occurring on the mortal realm, devoid of any cosmic underpinnings. The play, like Heracles, can be divided into two portions. Unlike Heracles, however, Heracles’s world is divided not so much into the microcosmic and the macrocosmic, but into the masculine and feminine. This division is causal, serving to highlight the tension between the domestic world which values emotion, empathy, and feeling and the heroic world which champions duty, honour, and glory. Despite the evident causality, however, the play is marked by Heracles’s and Deianeira’s seemingly implausible deaths, highlighting the illogical aspect of male and female relations as a whole even outside the striking of the inexplicable cosmic event. In both plays, the Herculean body is the locus of a female tension in which the female struggle at being pushed aside is foregrounded. In Sophocles’s play, Heracles acts like Lycus, ravaging a foreign land in order to marry the king’s daughter. Heracles’s inability to be restored into society due his insatiable appetite for women causes endless issues for Deianeira, as she is left at home wasting with desire†¦ like the mournful nightingale† (107-8) in a â€Å"strange household† (41) for â€Å"fifteen months†¦ without tidings† (46). While the Euripidean hero â€Å"is honourable and, as the play resolves itself, more and more an identifiable man†, â€Å"the Sophoclean suffering hero is repellent as well as distant† (12 Silk)12. While Heracles acts out the hero’s pathos, thus, Women of Trachis views how the self-serving character of the Herculean hero can inflict suffering on the feminine realm by providing the audience with a point of sympathy from the female angle. Like Her... .... While Women of Trachis addresses the position of the feminine in a male-dominated warrior society on a microcosmic level, Heracles also highlights the feminine perspective, only on a macrocosmic level. Both plays, thus, foreground the pathos of the individual in the grips of forces beyond their control when conflicting realms meet and erupt. Heracles’s body, in being a liminal space where definitions of the cosmic and divine are blurred, is the site where the individual’s larger struggle is acted out. Unlike Heracles, however, Women of Trachis proposes the idea that humanism cannot save the day unless the very definitions of what is means to be heroic are changed so the young, helpless and the female are taken into account. In order for the king to be a proper king, he has to leave behind his heroic, divine self and â€Å"choose (Amphitryon) (as his) father† (1265).

Tuesday, November 12, 2019

Currency Risk Management Essay

Currency or Exchange rate risk management is an integral part in every firm’s decisions about foreign currency exposure. Currency risk hedging strategies entail eliminating or reducing this risk, and require understanding of both the ways that the exchange rate risk could affect the operations of economic agents and techniques to deal with the consequent risk implications. Selecting the appropriate hedging strategy is often a daunting task due to the complexities involved in measuring accurately current risk exposure and deciding on the appropriate degree of risk exposure that ought to be covered. The need for currency risk management started to arise after the break down of the Bretton Woods system and the end of the U.S. dollar peg to gold in 1973. The issue of currency risk management for non-financial firms is independent from their core Business and is usually dealt by their corporate treasuries. Most multinational firms have also risk committees to oversee the treasury’s strategy in managing the exchange rate (and interest Rate) risk. This shows the importance that firms put on risk management issues and techniques. Conversely, international investors usually, but not always, manage their exchange rate risk independently from the underlying assets and/or liabilities. Since their currency exposure is related to translation risks on assets and liabilities denominated in foreign currencies, they tend to consider currencies as a separate asset class requiring a Currency overlay mandate. It can be argued that prudent management of multinational firms requires currency risk hedging for their foreign transaction, translation and economic operations to avoid potentially adverse currency effects on their profitability and market valuation. DEFINITION AND TYPES OF CURRENCY RISK A common definition of currency risk relates to the effect of unexpected exchange rate changes on the value of the firm. In particular, it is defined as the possible direct loss (as a result of an unhedged exposure) or indirect loss in the firm’s cash flows, assets and liabilities, net profit and, in turn, its stock market value from an exchange rate move. To manage the exchange rate risk inherent in multinational firms’ operations, a firm needs to determine the specific type of current risk exposure, the hedging strategy and the available instruments to deal with these currency risks. Multinational firms are participants in currency markets by virtue of their international operations. To measure the impact of exchange rate movements on a firm that is engaged in foreign-currency denominated transactions, i.e., the implied value-at-risk (VAR) from exchange rate moves, we need to identify the type of risks that the firm is exposed to and the amount of risk encountered. The four main types of currency / exchange rate risk that exist: 1. Translation risk: A firm’s translation exposure is the extent to which its financial reporting is affected by exchange rate movements. As all firms generally must prepare consolidated financial statements for reporting purposes, the consolidation process for multinationals entails translating foreign assets and liabilities or the financial statements of foreign subsidiaries from foreign to domestic currency. While translation exposure may not affect a firm’s cash flows, it could have a significant impact on a firm’s reported earnings and therefore its stock price. Translation exposure is distinguished from transaction risk as a result of income and losses from various types of risk having different accounting treatments. Translation gives special consideration to assets and liabilities with regards to foreign exchange risk, whereas exposures to revenues and expenses can often be managed ex ante by managing transactional exposures when cash flows take place; 2. Transaction risk: A firm has transaction exposure whenever it has contractual cash flows (receivables and payables) whose values are subject to unanticipated changes in exchange rates due to a contract being denominated in a foreign currency. To realize the domestic value of its foreign-denominated cash flows, the firm must exchange foreign currency for domestic currency. As firms negotiate contracts with set prices and delivery dates in the face of a volatile foreign exchange market with exchange rates constantly fluctuating, the firms face a risk of changes in the exchange rate between the foreign and domestic currency. Firms generally become exposed as a direct result of activities such as importing and exporting or borrowing and investing. Exchange rates may move by up to 10% within any single year, which can significantly affect a firm’s cash flows, meaning a 10% decline in the value of a receivable or a 10% rise in the value of a payable. Such outcomes could be troubl esome as export profits could be negated entirely or import costs could rise substantially; 3. Economic Risk: A firm has economic exposure (also known as operating exposure) to the degree that its market value is influenced by unexpected exchange rate fluctuations. Such exchange rate adjustments can severely affect the firm’s position with regards to its competitors, the firm’s future cash flows, and ultimately the firm’s value. Economic exposure can affect the present value of future cash flows. Any transaction that exposes the firm to foreign exchange risk also exposes the firm economically, but economic exposure can be caused by other business activities and investments which may not be mere international transactions, such as future cash flows from fixed assets. A shift in exchange rates that influences the demand for a good in some country would also be an economic exposure for a firm that sells that good; and 4. Contingent Risk: A firm has contingent exposure when bidding for foreign projects or negotiating other contracts or foreign direct investments. Such an exposure arises from the potential for a firm to suddenly face a transactional or economic foreign exchange risk, contingent on the outcome of some contract or negotiation. For example, a firm could be waiting for a project bid to be accepted by a foreign business or government that if accepted would result in an immediate receivable. While waiting, the firm faces a contingent exposure from the uncertainty as to whether or not that receivable will happen. If the bid is accepted and a receivable is paid the firm then faces a transaction exposure, so a firm may prefer to manage contingent exposures. MEASUREMENT OF EXCHANGE RATE RISK After defining the types of exchange rate risk that a firm is exposed to, a crucial aspect in a firm’s exchange rate risk management decisions is the measurement of these risks.   Measuring currency risk may prove difficult, at least with regards to translation and economic risk. At present, a widely used method is the value-at-risk (VAR) model. Broadly, value at risk is defined as the maximum loss for a given exposure over a given time horizon with z% confidence. The VAR methodology can be used to measure a variety of types of risk, helping firms in their risk management. However, the VAR does not define what happens to the exposure for the (100 – z) % point of confidence, i.e., the worst case scenario. Since the VAR model does not define the maximum loss with 100 percent confidence, firms often set operational limits, such as nominal amounts or stop loss orders, in addition to VAR limits, to reach the highest possible coverage. VALUE-AT-RISK CALCULATION The VAR measure of exchange rate risk is used by firms to estimate the riskiness of a foreign exchange position resulting from a firm’s activities, including the foreign exchange position of its treasury, over a certain time period under normal conditions. The VAR calculation depends on 3 parameters: †¢ The holding period, i.e., the length of time over which the foreign exchange position is planned to be held. The typical holding period is 1 day. †¢ The confidence level at which the estimate is planned to be made. The usual confidence levels are 99 percent and 95 percent. †¢ The unit of currency to be used for the denomination of the VAR. Assuming a holding period of x days and a confidence level of y%, the VAR measures what will be the maximum loss (i.e., the decrease in the market value of a foreign exchange position) over x days, if the x-days period is not one of the (100-y)% x-days periods that are the worst under normal conditions. Thus, if the foreign exchange position has a 1-day VAR of $10 million at the 99 percent confidence level, the firm should expect that, with a probability of 99 percent, the value of this position will decrease by no more than $10 million during 1 day, provided that usual conditions will prevail over that 1 day. In other words, the firm should expect that the value of its foreign exchange rate position will decrease by no more than $10 million on 99 out of 100 usual trading days or by more than $10 million on 1 out of every 100 usual trading days. To calculate the VAR, there exists a variety of models. Among them, the more widely-used are: (1) the historical simulation, which assumes that currency returns on a firm’s foreign exchange position will have the same distribution as they had in the past; (2) the variance- covariance model, which assumes that currency returns on a firm’s total foreign exchange position are always (jointly) normally distributed and that the change in the value of the foreign exchange position is linearly dependent on all currency returns; and (3) Monte Carlo simulation which assumes that future currency returns will be randomly distributed. The historical simulation is the simplest method of calculation. This involves running the firm’s current foreign exchange position across a set of historical exchange rate changes to yield a distribution of losses in the value of the foreign exchange position, say 1,000, and then computing a percentile (the VAR). Thus, assuming a 99 percent confidence level and a 1-day holding period, the VAR could be computed by sorting in ascending order the 1,000 daily losses and taking the 11th largest loss out of the 1,000 (since the confidence level implies that 1 percent of losses – 10 losses –should exceed the VAR). The main benefit of this method is that it does not assume a normal distribution of currency returns, as it is well documented that these returns are not normal but rather leptokurtic. Its shortcomings, however, are that this calculation requires a large database and is computationally intensive. The variance – covariance model assumes that: (1) the change in the value of a firm’s total foreign exchange position is a linear combination of all the changes in the values of individual foreign exchange positions, so that also the total currency return is linearly dependent on all individual currency returns; and (2) the currency returns are jointly normally distributed. Thus, for a 99 percent confidence level, the VAR can be calculated as: VAR= -Vp (Mp + 2.33 Sp) Where, Vp is the initial value (in currency units) of the foreign exchange position Mp is the mean of the currency return on the firm’s total foreign exchange position, which is a weighted average of individual foreign exchange positions Sp is the standard deviation of the currency return on the firm’s total foreign exchange position, which is the standard deviation of the weighted transformation of the variance-covariance matrix of individual foreign exchange positions While the variance-covariance model allows for a quick calculation, its drawback includes the restrictive assumptions of a normal distribution of currency returns and a linear combination of the total foreign exchange position. Note, however, that the normality assumption could be relaxed. When a non-normal distribution is used instead, the computational cost would be higher due to the additional estimation of the confidence interval for the loss exceeding the VAR. Monte Carlo simulation usually involves principal components analysis of the variance-covariance model, followed by random simulation of the components. While it’s main advantages include its ability to handle any underlying distribution and to more accurately assess the VAR when non-linear currency factors are present in the foreign exchange position (e.g., options), its serious drawback is the computationally intensive process. MANAGEMENT OF CURRENCY RISK After identifying the types of exchange rate risk and measuring the associated risk exposure, a firm needs to decide whether to hedge or not these risks. In international finance, the issue of the appropriate strategy to manage (hedge) the different types of exchange rate risk has yet to be settled. In practice, however, corporate treasurers have used various currency risk management strategies depending, ceteris paribus, on the prevalence of a certain type of risk and the size of the firm. A. Hedging Strategies Indicatively, transaction risk is often hedged tactically (selectively) or strategically to preserve cash flows and earnings, depending on the firm’s treasury view on the future movements of the currencies involved. Tactical hedging is used by most firms to hedge their transaction currency risk relating to short-term receivable and payable transactions, while strategic hedging is used for longer-period transactions. However, some firms decide to use passive hedging, which involves the maintenance of the same hedging structure and execution over regular hedging periods, irrespective of currency expectations—that is, it does not require that a firm takes a currency view. Translation, or balance sheet, risk is hedged very infrequently and non-systematically, often to avoid the impact of possible abrupt currency shocks on net assets. This risk involves mainly long-term foreign exposures, such as the firm’s valuation of subsidiaries, its debt structure and international investments. However, the long-term nature of these items and the fact that currency translation affects the balance sheet rather than the income statement of a firm, make hedging of the translation risk less of a priority for management. For the translation of currency risk of a subsidiary’s value, it is standard practice to hedge the net balance sheet exposures, i.e., the net assets (gross assets less liabilities) of the subsidiary that might be affected by an adverse exchange rate move. Within the framework of hedging the exchange rate risk in a consolidated balance sheet, the issue of hedging a firm’s debt profile is also of paramount importance. The currency and maturity composition of a firm’s debt determines the susceptibility of its net equity and earnings to exchange rate changes. To reduce the impact of exchange rates on the volatility of earnings, the firm may use an optimization model to devise an optimal set of hedging strategies to manage its currency risk. Hedging the remaining currency exposure after the optimization of the debt composition is a difficult task. A firm may use tactical hedging, in addition to optimization, to reduce the residual currency risk. Moreover, if exchange rates do not move in the anticipated direction, translation risk hedging may cause either cash flow or earnings volatility. Therefore, hedging translation risk often involves careful weighing the costs of hedging against the potential cost of not hedging. Economic risk is often hedged as a residual risk. Economic risk is difficult to quantify, as it reflects the potential impact of exchange rate moves on the present value of future cash flows. This may require measuring the potential impact of an exchange rate deviation from the benchmark rate used to forecast a firm’s revenue and cost streams over a given period. In this case, the impact on each flow may be netted out over product lines and across markets, with the net economic risk becoming small for firms that invest in many foreign markets because of offsetting effects. Also, if exchange rate changes follow inflation differentials (through PPP) and a firm has a subsidiary that faces cost inflation above the general inflation rate, the firm could find its competitiveness eroding and its original value deteriorating as a result of exchange rate adjustments that are not in line with PPP. Under these circumstances, the firm could best hedge its economic exposure by creating payables (e.g., financing operations) in the currency that the firm’s subsidiary experiences the higher cost inflation (i.e., in the currency that the firm’s value is vulnerable). Sophisticated corporate treasuries, however, are developing efficient frontiers of hedging strategies as a more integrated approach to hedge currency risk than buying a plain vanilla hedge to cover certain foreign exchange exposure. In effect, an efficient frontier measures the cost of the hedge against the degree of risk hedged. Thus, an efficient frontier determines the most efficient hedging strategy as that which is the cheapest for the most risk hedged. Given a currency view and exposure, hedging optimization models usually compare 100 percent unhedged strategies with 100 percent hedged using vanilla forwards and option strategies in order to find the optimal one. Although this approach to managing risk provides the least-cost hedging structure for a given risk profile, it critically depends on the corporate treasurer’s view of the exchange rate. Note that such optimization can be used for transaction, translation or economic currency risk, provided that the firm has a specific currency view (i.e., a possible exchange rate forecast over a specified time period). B. Hedging Benchmarks and Performance Hedging performance can be measured as a distance to a given benchmark rate. The risk embedded in the hedge is usually expressed as a VAR number that will be consistent with the performance measure. Hedging optimization models, as methods for optimizing hedging strategies for currency-denominated cash flows, help find the most efficient hedge for individual currency exposures, while most of them do not provide a hedging process for multiple currency hedging. Thus, both performance and VAR are measured as effective hedge rates, calculated for each hedging instrument used and the risk in terms of a confidence level. A single optimal hedging strategy is then selected by defining the risk that a firm is willing to take. This strategy is the lowest possible effective hedge rate for an acceptable level of uncertainty. In this way, when the firm’s currency view entails a perception of volatility, options generate a better or similar effective hedge rate at lower uncertainty than the unhedged position. Furthermore, when local currency has a relatively high yield and low volatility, options will almost always generate a better effective hedging rate than forward hedging. As part of the currency risk management policy, firms use a variety of hedging benchmarks to manage their hedging strategies effectively. Such benchmarks could be the hedging level (i.e., a certain percent), the reporting period especially for firms that use forward hedging to limit the volatility of their net equity (e.g., quarterly or 12-month benchmarks) and budget exchange rates, depending on the prevailing accounting rules. Moreover, benchmarks enable the performance of individual hedges to be measured against that of the firm. C. Hedging and Budget Rates Budget exchange rates provide firms with a reference exchange rate level. Setting budget exchange rates is often linked to the firm’s sensitivities and benchmarking priorities. After deciding on the budget rate, the corporate treasury will have to secure an appropriate hedge rate and ensure that there is minimal deviation from that hedge rate. This process will determine the frequency and instruments to be used in hedging. It should be further pointed out that persistent moves relative to the numeracies (functional) currency should be reflected in the budget rates, or strategic positioning and hedging should be considered. Firms have different practices in setting budget exchange rates. Many corporate treasurers of multinational firms prefer to use PPP rates as budget exchange rates, often with the understanding that tactical hedging may be needed over the short-term where the forecasting performance of the PPP model is usually poor.2 However, other multinational firms prefer to set the budget rate in accordance with their sales calendar and, in turn, with their hedging strategy. For example, if a firm has a quarterly sales calendar, it may decide to hedge its next year’s quarterly foreign currency cash flow in such a way that they do not differ by more than a certain percentage from the cash flow in the same quarter of last year. Accordingly, this will necessitate four hedges per year, each of one-year tenor, with hedging being done at the end of the period, using the end-of-period exchange rate as its budget rate. Alternatively, a firm may decide to set its budget exchange rate at the daily average exchange rate over the previous fiscal year. In such case, the firm would need to use one hedge through, perhaps, an average-based instrument like an option or a synthetic forward. This hedging operation will usually be executed on the last day of the previous fiscal year, with starting day the first day of the new fiscal year. Furthermore, a firm may also use passive currency hedging, such as hedging the average value of a foreign currency cash flow over a specified time period, relative to a previous period, through option structures available in the market. This type of hedging strategy is fairly simple and easier to monitor. The relative version of the PPP theory states that bilateral exchange rates would adju st to the relative price differentials of the same good traded in the two countries. Setting budget exchange rates is also crucial for a firm’s pricing strategy, in addition to their importance for defining the benchmark hedging performance and tenor of a hedge (as the latter generally match cash flow hedging requirements). However, the budget exchange rate used to forecast cash flows needs to be close to the spot exchange rate in order to avoid possible major changes in the firm’s pricing strategy or to reconsider its hedging strategy. In this connection, it should be noted that forecasting future exchange rates is a key aspect of a firm’s pricing strategy. Since it has been well-documented that forward rates are poor predictors of future spot rates, structural or time-series exchange rate models need to be employed for such an endeavour. This becomes evident if we compare a firm’s net cash flows estimated by using the forecast rate and the future spot exchange rate. For an investment in a foreign subsidiary, moreover, the budget exchange rate is often the accounting rate, i.e., the exchange rate at the end of the previous fiscal year. D. Best Practices for Exchange Rate Risk Management For their currency risk management decisions, firms with significant exchange rate exposure often need to establish an operational framework of best practices. These practices or principles may include: 1. Identification of the types of exchange rate risk that a firm is exposed to and measurement of the associated risk exposure. As mentioned before, this involves determination of the transaction, translation and economic risks, along with specific reference to the currencies that are related to each type of currency risk. In addition, measuring these currency risks—using various models (e.g. VAR)—is another critical element in identifying hedging positions. 2. Development of an exchange rate risk management strategy. After identifying the types of currency risk and measuring the firm’s risk exposure, a currency strategy needs to be established on how to deal with these risks. In particular, this strategy should specify the firm’s currency hedging objectives—whether and why the firm should fully or partially hedge its currency exposures. Furthermore, a detailed currency hedging approach should be established. It is imperative that a firm details the overall currency risk management strategy on the operational level, including the execution process of currency hedging, the hedging instruments to be used, and the monitoring procedures of currency hedges. 3. Creation of a centralized entity in the firm’s treasury to deal with the practical aspects of the execution of exchange rate hedging. This entity will be responsible for exchange rate forecasting, the hedging approach mechanisms, the accounting procedures regarding currency risk, costs of currency hedging, and the establishment of benchmarks for measuring the performance of currency hedging. (These operations may be undertaken by a specialized team headed by the treasurer or, for large multinational firms, by a chief dealer.) 4. Development of a set of controls to monitor a firm’s exchange rate risk and ensure appropriate position taking. This includes setting position limits for each hedging instrument, position monitoring through mark-to-market valuations of all currency positions on a daily basis (or intraday), and the establishment of currency hedging benchmarks for periodic monitoring of hedging performance (usually monthly). 5. Establishment of a risk oversight committee. This committee would in particular approve limits on position taking, examine the appropriateness of hedging instruments and associated VAR positions, and review the risk management policy on a regular basis. Managing exchange rate risk exposure has gained prominence in the last decade, as a result of the unusual occurrence of a large number of currency crises. From the corporate managers’ perspective, currency risk management is increasingly viewed as a prudent approach to reducing a firm’s vulnerabilities from major exchange rate movements. This attitude has also been reinforced by recent international attention on both accounting and balance sheet risks. HEDGING INSTRUMENTS FOR MANAGING EXCHANGE RATE RISK Within the framework of a currency risk management strategy, the hedging instruments allowed to manage currency risk should be specified. The available hedging instruments are enormous, both in variety and complexity, and have followed the dramatic increase in the specific hedging needs of the modern firm. These instruments include both OTC and exchange-traded products. Among the most common OTC currency hedging instruments are currency forwards and cross-currency swaps. Currency forwards are defined as buying a currency contract for future delivery at a price set today. Two types of forwards contracts are often used: outright forwards (involving the physical delivery of currencies) and non-deliverable forwards (which are settled on a net cash basis). With forwards, the firm is fully hedged. However, the high cost of forward contracts and the risk of the exchange rate moving in the opposite direction are serious disadvantages. The two most commonly used cross-currency swaps are the cross-currency coupon swap and the cross-currency basis swaps. The cross-currency coupon swap is defined as buying a currency swap and at the same time pay fixed and receives floating interest payments. Its advantage is that it allows firms to manage their foreign exchange rate and interest rate risks, as they wish, but it leaves the firm that buys this instrument vulnerable to both currency and interest rate risk. Cross-currency basis swap is defined as buying a currency swap and at the same time pay floating interest in a currency and receive floating in another currency. This instrument, while assuming the same currency risk as the standard currency swap, has the advantage that it allows a firm to capture prevailing interest rate differentials. However, the major disadvantage is that the primary risk for the firm is interest rate risk rather that currency risk. For exchange-traded currency hedging instruments, the main types are currency options and currency futures. The development of various structures of currency options has been very rapid, and is attributed to their flexible nature. The most common type of option structure is the plain vanilla call, which is defined as buying an upside strike in an exchange rate with no obligation to exercise. Its advantages include its simplicity, lower cost than the forward, and the predicted maximum loss—which is the premium. However, its cost is higher than other sophisticated options structures such as call spreads (buy an at-the-money call and sell a low delta call). Currency futures are exchange-traded contracts specifying a standard volume of a particular currency to be exchanged on a specific settlement date. They are similar to forward contracts in that they allow a firm to fix the price to be paid for a given currency at a future point in time. Yet, their characteristics differ from forward rates, both in terms of the available traded currencies and the typical (quarterly) settlement dates. However, the price of currency futures will normally be similar to the forward rates for a given currency and settlement date. Comparing currency forward and currency futures markets, the size of the contract and the delivery date are tailored to individual needs in the forward market (i.e., determined between a firm and a bank), as opposed to currency futures contracts that are standardized and guaranteed by some organized exchange. While there is no separate clearing-house function for forward markets, all clearing operations for futures markets are handled by an exchange clearing house, with daily mark-to-market settlements. In terms of liquidation, while most forward contracts are settled by actual delivery and only some by offset—at a cost, in contrast, most futures contracts are settled by offset and only very few by delivery. Furthermore, the price of a futures contract changes over time to reflect the market’s anticipation of the future spot rate. If a firm holding a currency futures contract decides before the settlement date that it no longer wants to maintain such a position, it can close out its position by selling an identical futures contract. This, however, cannot be done with forward contracts. Finally, since currency hedging is often costly, a firm may first consider â€Å"natural† hedging, such as (1) matching, which involves pairing suitably a multinational firm’s foreign currency inflows and outflows with respect to amount and timing; (2) netting, which involves the consolidated settlement of receivables, payables and debt among the subsidiaries of a firm; and (3) invoicing in a foreign currency, which reduces transaction risk related primarily to exports and imports. HEDGING PRACTICES BY U.S. FIRMS According to the BIS (see Tables 1-4) and the International Swap and Derivatives Association, the OTC derivatives market has experienced an exponential growth. Even with the recent slowdown due to the special disclosure requirements of FAS 133, derivatives continue to be the main hedging instrument for most firms. However, the increased availability of derivative instruments, coupled with the advent of mark-to-market hedge accounting (FAS 133 and IAS 39), implies a difficult to follow impact of derivatives on firms’ financial statements. Several surveys have shown certain characteristics and practices of U.S. non-financial firms using derivatives. Thus, the larger the size of sales of U.S. non-financial firms, the more likely is to use derivatives in their risk management. Foreign currency derivatives usage is most common, with almost three-fourths of the reporting firms taking positions. The primary goal of exchange risk hedging is the minimization of the variability in cash flow and in accounting earnings, arising from the firms’ operational activities and characteristics. Preoccupation with accounting earnings may be related to their role in analysts’ perceptions and predictions of future earnings and in management compensation. Furthermore, it is interesting to note that U.S. firms do not place high importance in minimizing the variation in the market value of the firm (the present discounted value of the stream of future cash flows) when they use derivatives in risk management. The choice of derivative instruments for foreign exchange management by U.S. firms is concentrated in simple instruments, with OTC currency forwards being by far the most popular instrument (over 50 percent of all foreign exchange derivatives instruments), OTC currency options being the second most preferred hedging instrument (around 20 percent of all foreign exchange derivative instruments) and OTC swaps being the third (around 10percent). Forward-type (volatility elimination) instruments are used to hedge foreign exchange exposures arising from U.S. firms’ contractual commitments (accounts receivable/payable, and repatriations), as recommended by the international financial literature. Option-type instruments, on the other hand, are used to hedge uncertain foreign currency-denominated future cash flows (usually, related to anticipated transactions beyond one year and to cover economic exposures). The tendency of US firms to use OTC currency forwards rather than OTC options or swaps should mainly be attributed to the relatively higher liquidity and depth of forward markets. The use of OTC instruments (forwards/swaps and options) dominates that of exchange traded hedging instruments, with currency futures being preferred by less than 10 percent of U.S. firms and currency options being preferred by a very small percentage of firms. The prevalence of OTC instruments should be attributed to firms’ very specific hedging needs that can primarily be accommodated in the more-flexible OTC market. The majority of U.S. firms with a set frequency for revaluing derivatives do so on a monthly basis, with a quarter of the total firms valuing their derivatives at least weekly and a very small percentage doing so only on an annual basis. Finally, the most common methods to evaluate the riskiness of their foreign exchange positions are stress testing of derivatives and VAR techniques. CONCLUSION Measuring and managing currency risk exposure are important functions in reducing a firm’s vulnerabilities from major exchange rate movements. These vulnerabilities mainly arise from a firm’s involvement in international operations and investments, where exchange rate changes could affect profit margins, through their effect on sources for inputs, markets for outputs and debt, and the value of assets. Prudent management of currency risk has been increasingly mandated by corporate boards, especially after the currency-crisis episodes of the last decade and the consequent heightened international attention on accounting and balance sheet risks. In managing currency risk, multinational firms utilize different hedging strategies depending on the specific type of currency risk. These strategies have become increasingly complicated as they try to address simultaneously transaction, translation and economic risks. As these risks could be detrimental to the profitability and the market valuation of a firm, corporate treasurers, even of smaller-size firms have become increasingly proactive in controlling these risks. Thereby, a greater demand for hedging protection against these risks has emerged and, in response, a greater variety of instruments has been generated by the ingenuity of the financial engineering industry. This paper presents some of the main issues in the measurement and management of exchange rate risks faced by firms, with special attention to the traditional types of exchange rate risk (transaction, translation, and economic), the currently predominant methodology in measuring exchange rate risk (VAR), and the advantages and disadvantages of various exchange rate risk management approaches (tactical vs. strategical, and passive vs. active). It also outlines a set of widely-accepted best practices in currency risk management, and reviews the use of some of the widely-used hedging instruments in the OTC and exchange traded markets. It also reports on the use of various derivatives instruments and hedging practices of U.S. multinationals. Based on the reported U.S. data, it is interesting to note that the larger the size of a firm the more likely it is to use derivative instruments in hedging its exchange rate risk exposure; the primary goal of U.S. firms’ exchange rate risk hedging operations is to minimize the variability in their cash flow and earning accounts (mainly related to payables, receivables and repatriations); and the choice of foreign exchange derivatives instruments is concentrated in OTC currency forwards (over 50 percent of all foreign exchange derivatives used), OTC currency options (around 20 percent) and OTC currency swaps (around 10 percent). From the available exchange-traded foreign exchange hedging instruments, currency futures is preferred by less than 10 percent of U.S. firms and currency options by around 2 percent. Overall, it should be noted that the data on U.S. firms are only representative of the reporting period that they refer to and are indicative of the level of sophistication of U.S. corporate treasurers and the level of development of local derivatives markets. By no means can these stylized facts be generalized for other time periods and countries, especially those with different corporate structures and capital market development. To form a better understanding of global firms’ practices in this area, more empirical studies would need to be undertaken to explore their exchange rate risk measurement and hedging behaviours.

Sunday, November 10, 2019

Conflient

In the text, the authors state, â€Å"collusion occurs when two or more people ‘agree’ subconsciously to ignore or deny some existing state of affairs or situation† (p. 44). This is somewhat different than another definition of collusion from the investments industry (where collusion signifies insider trading between parties, which is illegal and immoral). In our â€Å"conflict† definition of collusion, we are signifying a state of affairs where people do not recognize a reality that is readily apparent to other people.This can take an unlimited amount of forms. For example, in a family setting, the larger family may â€Å"subconsciously agree† to avoid discussing or helping another family member with a substance abuse problem. In a workplace setting, a top-performing employee may have an infectiously negative attitude and regularly degrade co-workers through verbal aggressiveness. In these scenarios, the reality that is obvious is overlooked because it is either perceived as â€Å"easier† to ignore the real problem or because of power or status issues.When collusion occurs, a conflict (which may have begun as a relatively minor issue) can grow into a â€Å"life of its own†. The conflict then becomes part of a person’s identity and is continued subconsciously to benefit that identity. So for instance, the negative and verbally aggressive co-worker may develop some type of â€Å"accepted identity†. For example, people may say, â€Å"oh, that is Pat just being Pat†. This type of identity is then used to hide away the problem that is subconsciously avoided. QUESTION #2 Staw, Sandelands, and Dutton's threat-rigidity cycle is explored in the text on pp. 6-70. The cycle works in this order. First, when individuals feel threatened, they experience and increase in stress and anxiety. Second, this increased stress and anxiety fosters emotional reactions like fear, anger, and physiological arousal. Thir d, these emotional reactions result in restricted information processing (i. e. , an inability to view the situation at hand in a composed manner) and constriction of behavior (i. e. , we are unable to process a full range of appropriate behaviors mentally due to our emotions taking over).As we discussed in Chapter 2, we are essentially   â€Å"flooded† with emotion, often leading to some type of knee-jerk reaction that in turn leads us to rely on our hastily made (and often incorrect) attributions. Now, the threat-rigidity cycle can take two different routes. First, if habitual responses (e. g. , verbally attacking the other person, avoiding the situation, stonewalling in silence, etc. ) do happen to be appropriate, the results will be positive and we are more prone to rely on this habitual response in the future.Conversely, if the habitual response is inappropriate, the situation will consequently worsen and the perception of threat, stress, and anxiety cycles back all ov er again (i. e. , we return to the first stage, thus the â€Å"cycle†). Because the threat-rigidity cycle underscores our tendency to fall back on habitual responses and attributions when confronted with a threatening situation we do consider these as â€Å"trained incapacities† (see pp. 68-69). Trained incapacities are important because we become so well trained (subconsciously) in our knee-jerk reactions that we believe we understand what is coming next in the conflict.Human beings famously believe that we can â€Å"predict† others behavior, but in reality, we are really bad at it. So what happens is that we become â€Å"blind† to the nuances of a particular conflict situation (often due to the emotional flooding cited above) and then rely on our â€Å"standard reaction† (i. e. , our trained incapacity) that we apply it whenever we are upset. This makes trained incapacities hard to detect, and in turn makes trained incapacities a very important a spect of behavior to understand, both for ourselves and for others. QUESTION #3The confrontation episodes theory outlined on pp. 29-31 is a good guide in many situations for us to go through a â€Å"sense making† process regarding conflicts. Of course, if it was fail-proof, we wouldn’t need the rest of this course. The theory, in general, explores co-created rules of conduct that are implied in relationships (i. e. , our generally agreed upon â€Å"rules of engagement†). My hope here is that you are able to frame a conflict that you have had in a meaningful way with this guide. Naturally, it will be enlightening for many of you or give you a new perspective.Conversely, it may already inform some of you as to what you already know or may serve as reinforcement that you â€Å" did things right† in a conflict. I won’t rehash the terms that were in the guide in each step, but I do want to acknowledge the vital importance of understanding the options we are left with at the end. First, reaffirmation is a good outcome because the parties reaffirm importance of rule being questioned (but as a side note, may simply do this to â€Å"avoid conflicts†. On the other hand, an outcome with no resolution leads us toward a path where conflict is continued and may expand.Legislation and reaffirmation may serve as the two most positive outcomes, in my estimation. I say this because in legislation, parties rework or reinterpret the rule in question, coming to a shared, agreed upon meaning for the rule. Also, in reaffirmation the parties reaffirm importance of rule that is being challenged. This then provides a clear understanding (hopefully) of what that rule entails. This is a classic example of why conflict is often good, as it serves as an opportunity to clear the air about simple misunderstandings that can fester into giant problems rapidly. QUESTION #4Central to this question are attribution processes; my overall goal with this ques tion was to see how well you could explain the interactions of these processes as they relate to conflict. Overall, these processes included how dispositional or situational factors are used by people to draw conclusions about their own behaviors and the behaviors of others, the fundamental attribution error, and the self-serving bias (beginning on p. 61 through the middle of p. 62). Then, beginning at the bottom of p. 62, Sillars notes that attributions influence conflict in at least three major ways.First, due to the self-serving bias, people are more likely to attribute negative effects of conflict to partners rather than to themselves. This heightens resentment of others as negative effects increase, leading to distributive strategies that are damaging to conflicts. Second, again because of the use of a self-serving bias, people often think they use integrative strategies while others use distributive or avoidance tactics. This leads people to believe they are doing more to reso lve the conflict than others are, while this may not actually be true in reality.Third, the fundamental attribution error heightens conflict by encouraging people to see others behavior as planned and intentional (negative attribute) and their own behavior as driven by the situation at hand (positive attribute). In short, we believe act socially desirable in conflict and others act in more negative ways, based on these attribution concepts. It is also vital to note that the self-serving bias and fundamental attribution error are impacted by perceptions of other people’s gender, ethnicity, or other demographic traits and that these two elements are also evident in our relationships with people we already know well (i. . , like the adage that suggests people are often â€Å"well informed and well biased†). Lastly, on p. 64, the authors summarize three propositions in this area of research regarding conflict: (1) people choose conflict strategies based on the attributions they make regarding the cause of the conflict, (2) biases in attribution processes tend to lead to noncooperative modes of conflict, and (3) the choice of conflict strategies influences the likelihood of conflict resolution and the degree of satisfaction with the overall relationship.The correct answer here is really more of a judgment of how well I felt you described the associated concepts and findings above more so than a judgment of whether or not each and every piece of information above was provided in your response. QUESTION #5 This response is fairly cut-and-dried, if you will. The procedure I was looking at here is in Exhibit 4. 1 (pp. 128-131). In your response, I was hoping to see a full discussion each of the 5 â€Å"questions† as they related to your example than a quick rundown of the selections you made.The answer to each question then guides you along the model, ultimately leading to a â€Å"recommended† or â€Å"prescribed† conflict style. So i n reality, this response had dozens of â€Å"correct responses† based on where the style selection tree led you to. Lastly, I was looking for you to evaluate the quality of the style (or styles for some of you) that you were guided to in your example. Would it have worked out in your estimation? Did you try that style (without knowing this information, of course)? QUESTION #6After a fairly thorough discussion of conflict styles in Chapter 4 of the text, the authors describe pairings of conflict styles and how they interact with one another (section 4. 5 on pp. 123-124). They noted, that some conflict style pairings are â€Å" asymmetrical patterns† that did not match each other, such as a demand (compete) / withdraw (avoidance) pattern,   a supervisor / subordinate pattern at work, or a competing / collaborating pattern (which interestingly has great potential to work well together).While at first many of these styles seem â€Å"unhealthy†, leading us to belie ve they are unstable, some are actually quite stable in the short term (e. g. , one dominant role/one submissive role). Although it is noted that these roles may not always be stable in long run due to unhappiness among the submissive individual. Likewise, examples of â€Å"asymmetrical patterns† were also noted, which we often believe are stable because of â€Å"agreement† among the individuals.For instance, a relationship often has two â€Å" avoiders† that facilitate conflict denial/collusion, two collaborators that are more productive, but are not perfect, or two â€Å"competers† that often reinforce a cycle of escalating conflict or reach a stalemate. What we can see from both symmetrical and asymmetrical patterns is that both types of patterns can be either healthy or unhealthy based on the context in which they occur or the type of pattern being used; in other words, the pairing of styles is not a way to determine the health of a relationship.Symme trical patterns of two competers may be great as workout partners, but bad as romantic partners. As many of us know, a competer and an avoider often work poorly because of the attack/withdrawal pattern, but a competer and a collaborator may work out wonderfully because the book notes how competers (that openly air out concerns) give collaborators tools to work with to find a â€Å"win/win† solution in many cases. QUESTION #7 This final question provided an applied conflict management scenario that revolved around the use of reframing/issue framing tactics in the textbook (p. 9 through p. 92). Just to be clear, the discussion of framing in Ch. 2 (pp. 57-59) is secondary for this question and was not the intended area of focus. In other words, I am seeking explicit reframing/issue framing tactics that would help to resolve the issue at hand (pp. 91-92). That is not to say the definition and discussion of framing in Ch. 2 is not important; in fact it is vital to acknowledge that conflict frames are a â€Å"cognitive structure based on previous experience, which guides our interpretation of an interaction or event† (p. 57).So in other words, framing provides the perceptual framework for how we view the conflict itself and the people involved. This is precisely why I created two groups of people in this fictional question that are affiliated with very different â€Å"organizational in-groups†; so it is expected that the accountant and sales person will have very (or use) different â€Å"frames†, based on what is happening. So this creates a scenario where we must â€Å"reframe† to be able to get anywhere in a conflict setting, otherwise we will constantly run into the issue of two people working in two different frames.Reframing/issue framing tactics are then a part of a â€Å"dance† (p. 90 – top). Because each reframing/issue framing tactic will likely produce a different outcome, there is more than one â€Å"right answer† here. To be clearer, a correct answer here is one that explains a reframing/issue framing tactic and reasonably explains why that tactic would make sense to use to manage the conflict in the hypothetical scenario. With that being said, here a few thoughts that I had regarding each reframing approach.Umbrellas: This approach would seem to work poorly here, as the sales staff member already believes the accountant is using this tactic (i. e. , sales person believes the accountant is jealous and is using this â€Å"petty† thing to air jealousy) Issue Expansion: This is an interesting approach overall; it is high-risk, high-reward in nature. Given the status of the growing in-group nature of the conflict, I would think the issue expansion approach may actually serve to drive a deeper wedge between the sales staff and the accounting department.I am open to different interpretations, but this appears to be the most likely outcome. Negative Inquiry: This may provide s ome traction toward conflict resolution. For example, if the sales staff member is convinced the accountant is jealous of their success, perhaps they need to expand on that thought as it is very vague. Also, it could be asked why the sales staff avoided phone and email communication. It may have simply been a case of having a viable excuse for not replying rapidly, instead of the accounting departments’ perception of ignorance/avoidance.Likewise, the sales staff could ask why did you â€Å"call out† someone in a face-damaging way? The answers here may get the two groups and the two main conflict parties on the right path. Fogging: On one hand, fogging may be dysfunctional as it opens up the door for avoidance issues. However, it also may create a situation where the two parties and the two in-groups can simply work towards the issues that relate to company policy here. Conflict is rarely â€Å"forgotten†, but if the accounting department and sales staff find a w ay to change the protocol to allow for a smooth work environment, time may heal some of the wounds.Fractionation: Although more than one approach can be right here, as I care more about the way you apply a solution to the problem, fractionation jumps out as the most helpful tactic at first glance. Here, both the accountant and the sales person (or their entire departments) may be able to break down the larger issues into fractioned pieces to address individually. So this means instead of looking at the big issue (inter-group conflict between sales staff and accounting department), the parties would look at each component.One thing the book does not mention, and this is generally true of all â€Å" textbook† conflict resolution tactics, is that fractionation would probably be very time consuming (especially if you are talking about long-standing, deeply ingrained conflicts). However, this is sometimes the only way to put conflicts to rest; which is something that should be ver y appealing for two departments in an organization that really need to cooperate with each other. The long term gains would seem to outweigh the short-term productivity losses.

Friday, November 8, 2019

Jimenez Surname Meaning and Family History

Jimenez Surname Meaning and Family History The Jimenez surname most commonly means son of Jimeno or Simà ³n, given names meaning gracious hearkening; snub-nosed. Jimenez is a very common surname in Asturias, Aragà ³n, Castile, Navarre, Extremadura, Murcia and Andalusia; most anciently in Navarre and Aragà ³n. Jimenez is the 26th most common Hispanic surname. Surname origin:  SpanishAlternate surname spellings:  Jimenes Famous People With the Surname Hà ©ctor Jimà ©nez: Mexican actorMelissa Jimenez: Mexican American singer and songwriter Where Is This Surname Most Common? As of January 2019, the Jimenez surname is the 173rd most common surname in the world, according to surname distribution information from  Forebears. It is most prevalent, based on a percentage of the population, in Costa Rica, where it ranks as the 3rd most common surname. It is also extremely common in the Dominican Republic (9th), Spain (11th), Colombia (17th), Mexico (20th) and Panama (23rd). WorldNames PublicProfiler  includes data from countries not included in Forebears, including Spain where Jimenez is extremely popular. Jimenez is particularly prevalent in Andalucia and La Rioja, Spain, followed by the Spanish regions of Castilla-La Mancha, Navarra, Madrid, Murcia, Extremadura, Castilla y Leà ³n, and Cataluà ±a. Genealogy Resources Jimenez family crest: Contrary to what you may hear, there is no such thing as a Jimenez family crest or coat of arms for the Jimenez surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.Jimenez family genealogy forum: This free message board is focused on the descendants of Jimenez ancestors around the world. Search the forum for posts about your Jimenez ancestors, or join the forum and post your own queries.  FamilySearch: Explore over 3.6  million  results from digitized  historical records and lineage-linked family trees related to the Jimenez surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints.GeneaNet: Includes archival records, family trees, and other resources for individuals with the Jimenez surname, with a concentration on records and families from France and other European countrie s.The Jimenez genealogy and family tree page: Browse genealogy records and links to genealogical and historical records for individuals with the Jimenez surname from the website of Genealogy Today. Ancestry.com: Explore over 4  million digitized records and database entries, including census records, passenger lists, military records, land deeds, probates, wills and other records for the Jimenez surname on the subscription-based website, Ancestry.com References Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998.Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997.

Tuesday, November 5, 2019

The 3 Best Recipes for How to Make Slime

The 3 Best Recipes for How to Make Slime SAT / ACT Prep Online Guides and Tips It’s alliiiiiiiveeee! Slime is a fun and interactive way to teach kids about chemistry. There are hundreds of slime recipes out there, which produce slimes with different qualities. In this article, we’re talking all about slime: what it is, how to make it, and what you absolutely need to know to make the best slime of all time. We promise, we won’t do that rhyme again. What Is Slime? Slime is a sticky, gooey substance that’s fun to touch and great to use for teaching about viscosity and chemical reactions. When kids make slime, they can learn about how different chemicals react with each other to create something new. They can also learn about how adding different amounts of different ingredients affects the viscosity (thickness) of a material. There are hundreds of slime-based toys out there, but the best way to really get the most out of your slime is to make it yourself! How to Make Slime Learning how to make slime is simple! You can make slime with tons of different ingredients: glue, borax, yogurt, water, cornstarch. Even shaving cream! Whatever recipe you choose to go with, make sure you have a mixing bowl and spoon on hand. You may also need some paper towels or cloth towels on hand to mop up spills. But don’t be afraid to get messy! That’s part of the fun. Without further ado, here are our three favorite slime recipes. Recipe #1: How to Make Slime Without Borax This recipe makes about two cups of slime. INGREDIENTS 2 (4-ounce) bottles washable school glue, such as Elmer's (see note for variations) 1 to 2 drops liquid food coloring (optional for adding some fun) 1/4 cup glitter (optional for adding some fun) 1 teaspoon baking soda 2 to 3 tablespoons saline solution (i.e., contact lens solution), divided Color the glue (optional): Pour the glue into a medium bowl and stir in the food coloring and glitter, if you want your slime to be extra exciting. Add the baking soda: Add the baking soda to the glue mixture and stir until smooth. Add the contact lens solution: Pour in 2 tablespoons of the contact lens solution and stir slowly. The mixture should begin to harden, becoming stringy. Mix until a ball of slime forms. Pick up the slime and knead between your two hands, until smooth. If the slime is particularly slimy, work in another 1/2 tablespoon of contact lens solution as needed. Source Recipe #2: How to Make Slime Without Glue Want to make some nice and sticky slime but don’t have glue on hand? No worries! This recipe uses guar gum, which can be found in the specialty foods aisle of your grocery store. INGREDIENTS 1/2 tsp of Guar Gum 1 cup of warm water 1/2 tsp baking soda 1 tsp of saline solution Food Coloring (optional) Start with your warm water. Stir in the guar gum until there are no lumps. Add your food coloring if you’d like. Stir! Add in your baking soda and saline. Stir away and watch the slime form! Source Recipe #3: How to Make Super Slime Ready for the real-deal, gooey kind of slime that you see in movies? Look no further than this slime recipe! INGREDIENTS Â ½ cup Polyvinyl alcohol (PVA) 2 tsps Borax (Sodium tetraborate) Food coloring (optional) Pour the polyvinyl alcohol (PVA) solution into your bowl. If you want colored slime, add food coloring to the PVA solution and stir with a stir stick. Add 2 teaspoons of the Sodium Tetraborate (Borax) Solution into the PVA solution and stir slowly. Try lifting some of the solution with the stir stick and note what happens. Once the slime has formed, it’s time to touch! Just don’t eat it. Source It's Slime Time! (We had to). Now that you've got three great recipes, it's time to make some slime! Have fun, get messy, and let us know in the comments if we missed your favorite slime recipe. What’s Next? Want to know the fastest and easiest ways to convert between Fahrenheit and Celsius? We've got you covered! Check out our guide to the best ways to convert Celsius to Fahrenheit (or vice versa). Are you learning about logarithms and natural logs in math class?We have a guide on all the natural log rules you need to know. Did you know that water has a very special density? Check out our guide to learn what the density of water is and how the density can change.

Sunday, November 3, 2019

Accounting tools Essay Example | Topics and Well Written Essays - 1000 words

Accounting tools - Essay Example Most of the companies are getting dominated by the international competition. The primary cause of this competition is demand based supply and widely accepted e-commerce. Since, the utilization of management accounting tools is important for most of the companies with the aim of developing logical and reliable business strategies. The primary features of management accounting are to help the organisation in the area of decision making, control and support strategic planning (Kaplan and Norton, 1996, p.58). In this essay, the researcher will stress on the different aspects of management accounting tools and the effectiveness of management accounting tools. Discuss and evaluate the purpose and effectiveness of management accounting for modern business In the modern business firms, the management accounting is mainly used for taking competitive decision making by collecting, communicating information and processing. This tool helps the management of the organisation to control, evaluate and plan on business process. This tool also relates to the present strategy of the business firm with the existing ones. The function of management accounting is multidimensional and interrelated with the various departments. The mechanism contributes in monitoring different activities in business and helps the businesses to meet the goal of the organisation. In this function, the management and the board is mainly focussed on those activities which are the key drivers of future financial result. This controlling activities influence the corporate governance activities of the organisation. With the help of various analysis report, the management accounting track the lack in control system also and measure the divergence from the expected result. In the variance analysis, the management compares the expected performance with the actual performance (Brickley, Smith and Zimmerman, 2005, p.256). The approval of financial decision also depends on the management accounting decision. Mos t of the members of the audit committee (at least 40 %) hold the specific qualification. But it has been seen that the common management accounting tools is used by the audit committee rather than the directors of the business firm. In this point of view, at the time of taking financial decisions, management accounting reports are not adequately presented. On the other side, it is noted that the decision of Director is not sufficient for 69 % of the companies. Most of the major financial decisions are taken by the senior management of the company by utilizing the key areas of management accounting tools (Blocher et al. 2010, p.54). Most of the traditional business firms did not evaluate the performance of CEOs and senior management before general annual meetings. The management accounting tools determinates the financial results from various segment of operation that signifies the performance of CEOs. The modern businesses maintain good corporate governance practices by following co des of business practices, compliance to relevant laws and rules and regulation. The corporate behaviour is important to maintain the corporate governance. So, corporate behaviour should be stringent in corporate DNA by maintaining the principals and ethics. The management accounting mechanism sets the standard behaviour for the purpose of hard coding. This mechanism also provides the periodic report which highlights corporate culture monitoring result. On the other side, this is a tool which is a custodian of ethics. So, it is very easy for the business firms to trace the fraud and mal practices. Comprehensive Implementation of Management Accounting Tools: In this part the researcher

Friday, November 1, 2019

The Impact of NAFTA on Mexico Essay Example | Topics and Well Written Essays - 1000 words

The Impact of NAFTA on Mexico - Essay Example NAFTA was established as a free trade agreement between Mexico, Canada and America and it has become one of the most debated free trade agreements in the world. While the Mexican economy has suffered when it comes to agricultural sector, it has made tremendous gains in other sectors which have made the overall affect of the agreement to be positive for Mexico. As more studies are made into the topic, the picture is likely to get clearer for all concerned parties but as of now, the NAFTA has been a blessing for the Mexican economy rather than a curse. The North American Free Trade Agreement is commonly known as NAFTA and it is an agreement to promote free trade amongst the countries of America, Canada and Mexico. The agreement was signed into effect on the first of January in 1994 and it now has remained in effect for more than thirteen years ro date (World Bank Group, 2001). An understanding of the economic effects and the benefits of this agreement is important for all students of economics, sociology and business since it affects all those fields of study. As an agreement between a developing country and two countries which are considered economically developed, the first beneficiary of the agreement seem to be large American corporations that choose to deploy a part of their operations in Mexico or Canada (Hill, 2006). This benefit comes from the economic advantage of lowered recruitment and Human Resource Cost for skilled and unskilled labor as compared to the uneconomical labor market in America (Sayre & Morris, 2004). Additionally, American operations managers and executives of companies working in Mexico have the advantage of a higher standard of living in Mexico since the cost of living is lower.