Quantitative Methods for Finance and Investment Essay Example for Free

Quantitative Methods for Finance and Investment Essay University of Bristol School of Economics, Finance and Management QUANTITATIVE METHODS FOR FINANCE AND INVESTMENT (EFIMM005) Review Questions Question 1: Concepts a. Deï ¬ ne a stochastic process. Give an example in Finance of a quantity that can be modelled as a stochastic process. b. Deï ¬ ne a stationary stochastic process. c. Consider a stochastic process {Yt , t = 1, . ., T }. Deï ¬ ne the partial autocorrelation function (pacf) associated to this process. d. Explain the diï ¬â‚¬erence between estimator and estimate. e. Let {Ut , t = 1, .., T } be a mean zero white noise process. What is the value of pacf at lag 2 for the process Yt = .5Yt−1 + Ut ? f. Explain the diï ¬â‚¬erence between the autocovariance function and the sample autocovariance function. Question 2: Application The capital asset pricing model (CAPM) can be written as E(Rjt |Rmt , Rf t ) = Rf t + ÃŽ ²j (Rmt − Rf t ), where Rjt is the net return of security j at period t, Rmt is the return on a market portfolio proxy, and Rf t is the return on a risk-free proxy. The coeï ¬Æ'cient ÃŽ ²j is the CAPM beta for security j. Suppose that you have estimated ÃŽ ²j by ordinary least squares and found that the estimated value was 1.37 with standard deviation 2.6. based on 3665 observations. a. A city analyst has told you that security j closely follows the market, in the sense that security j is equally risky, on average, to the market portfolio. Perform a 5% signiï ¬ cance level test of hypothesis to determine whether data support the analysts claim. b. Are hypotheses tested concerning the value of ÃŽ ²j or its estimated values? Question 3: Techniques Consider the moving average process: Yt = ÃŽ µt + ÃŽ ¸1 ÃŽ µt−1 + ÃŽ ¸12 ÃŽ µt−12 with {ÃŽ µt }T a mean zero white noise process with variance ÏÆ' 2 0. t=0 a. Calculate the mean of Yt . b. Calculate the variance of Yt . c. Calculate the autocovariance function of {Yt }T . t=a T =120 d. Assume that {yt }t=1 represents the monthly tons of ice cream sold in the UK between Oct. 2001 and Oct. 2012. What type of dependence can the term ÃŽ ¸12 ÃŽ µt−12 capture? 1

Marketing :: essays research papers

Hewlett-Packard/Compaq Merger   Ã‚  Ã‚  Ã‚  Ã‚  In 2002, the (HP/Compaq) merger announcement was made by Hewlett-Packard CEO Carly Fiorina and Compaq head Michael D. Capellas. If in fact the merger goes through, it would be the largest merger in the computer industry history. Some may ask why this merger was so important to these companies. The truth of the matter is that both of these companies feel that this merger will benefit their company not only at the present time but in the future also. Along with a huge merger like this one, there are some pros and cons that affiliate with a huge merger like this one. According to a reference article these are some of the reasons why some may support the merger and some reasons why some may oppose the merger: Why to support the merger: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The new HP will become the market leader in servers, storage, management software, printing and imaging, and PCs, improving our ability to offer the end-to-end solutions customers demand. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  We will double our profitable and growing services business, enhance our R&D efforts, and extend our customer reach in 160 countries. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  We will achieve annual cost savings of $2.5 billion, adding $5 to $9 in present value to each HP share; and increase earnings per share by 13% during the first year following the merger. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  By improving profitability in enterprise computing systems, in PCs and access devices, and in IT services, we will have the financial strength to extend our successful imaging and printing franchise into new multi-billion dollar categories like digital imaging and digital publishing. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The closer you look, the more you will see that the merger of HP and Compaq is the single best way to strengthen our businesses and improve our market position, deliver more of what our customers need, enhance opportunities for our employees, and increase the value of your investment. Why to oppose the merger: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Acquiring market share does not translate to leadership, i.e., demonstrated better business model, technology innovation or success at winning business from competitors. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Admission of no new significant technology/capabilities added to HP's portfolio. Significant overlap creates cost synergies which are offset by revenue losses from rationalized products and services †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Large stock transactions statistically more risky. Upon announcement of the proposed merger, Moody's downgraded HP's debt rating and put it on negative watch, S&P has also put HP on negative outlook †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Bigger, but in an unattractive business, commodity computing. Hardware as diminishing economies of scale and HP and Compaq already has significant scale.

Organic food Essay

We have all heard the phrase â€Å"What you don’t know won’t hurt you† and it has undoubtedly applied to many situations in our lives that we are still unaware of. We like to toss around this phrase without worrying too much about what it implies because that is the whole point of the phrase, not to worry. When it comes to what we are putting into our bodies, though, what we do not know can indeed hurt us immensely. In the United States, we have grown accustomed to not thinking much about what we are consuming. The main factors we look for in food are taste and price. We live in a consumer society where money rules our nation, it rules our lives, and it rules us. Money has become the main focus for every decision we make, but when it comes to something as important as our health, should we look at a few other factors? With societies concerns focusing on wealth and profit, there is no surprise that the food industry finds the cheapest ways to produce the most food. Consequently, this produces many negative effects on aspects of our lives such as our health and the environment. When choosing what foods to consume, we should begin to pay more attention to factors other than the price tag. The food industry obviously plays a big role in this epidemic of processed food, but they are not the only ones to blame. Yes they are the ones taking advantage of our ignorance by mass-producing cheap food that they know we will not think twice about, but the ignorance is our fault. Author of The Omnivore’s Dilemma, Michael Pollan, describes the current foundation of the food industry, â€Å"Our food system depends on consumers’ not knowing much about it beyond the price disclosed by the checkout scanner. Cheapness and ignorance are mutually reinforcing† (Pollan 245). Pollan is correct in his assumption that most Americans do not know much about their food besides how much it cost. Most of them are not even aware that they do not know what is in their food. They subconsciously assume that chicken is chicken and cheese is cheese, but unfortunately that is hardly ever the case. Many people choose to live along these guidelines of â€Å"ignorance is bliss† by not paying attention to the horror stories of the food industry; they turn their heads from documentaries on animal treatment and plug their ears at the mention of the real ingredients of their precious snacks. As long as the food they are eating tastes good and did not cost a lot of money, they are content with not knowing how unhealthy it might be. Pollan further explains another reason people buy the cheapest available food: It makes good economic sense that people with limited money to spend on food would spend it on the cheapest calories they can find, especially when the cheapest calories—fats and sugars—are precisely the ones offering the biggest neurobiological rewards. (Pollan 108) People with lower incomes are confined to buying cheap food, typically the most processed and unhealthy food, because with their limited funds they cannot afford to care about the quality of what they are eating. They buy what is cheapest because that is all they can get. As long as they have food in their stomachs, they do not complain or worry too much about the side affects. Eating food that may not be very healthy definitely outweighs the alternative of eating nothing and starving. Americans are ignorant of the food that they purchase either because they choose not to educate themselves or because they really have no choice. Either way, they are missing out on other possibilities of obtaining food that have many advantages. Not knowing what our food is made of also prevents us from knowing what alternative food options are available to us. Because we see no problems with our current food choices, we see no reason to discover new ones. The processed food at the supermarket is all we know because it is the most convenient and affordable from of nourishment we can obtain. Pollan’s book includes the testimony of someone who buys food from a local, organic farmer, â€Å"†¦for me it’s all about the taste, which is just so different—this is a chickinier chicken. Art’s chickens just taste cleaner, like the chicken I remember when I was a kid† (Pollan 252). The food available from local farmers is not only better for our health and the environment but it also tastes better. We have grown accustomed to the artificially flavored food we buy from grocery stores and do not realize that the food we eat could taste better and more natural. The locally grown food tastes healthier and more natural because that is precisely what it is. The artificially engineered taste of chicken in a common chicken nugget is not what a chicken should taste like. Besides enhanced taste, buying from local farmers offers many other benefits as well. An organic farmer interviewed in The Omnivore’s Dilemma explains some more benefits of buying locally, With our food all of the costs are figured into the price. Society is not bearing the cost of water pollution, of antibiotic resistance, of food-borne illnesses, of crop subsidies, of subsidized oil and water—of all the hidden costs to the environment and the taxpayer that make cheap food seem cheap. (Pollan 243) One of the main reasons why people do not want to look into these alternative methods of eating is because they are more expensive. People overlook these opportunities because the organic food appears overpriced, but when you evaluate all these factors it might not be as overpriced as you might think. Yes the food is more expensive but it stands true that you get what you pay for. When paying more, you are receiving a whole lot more that benefits your health, community, and environment. The extra money that would be spent on food, you might save on your medical bills and taxes. Locally produced food is healthier for you and it carries a much less chance of containing disease and illness. Another bonus of buying from local farms: there is less pollution created than in the factories and slaughterhouses of the globalized food industry. If people became aware of alternative food options and the benefits associated with them, they would be more inclined to pay better attention to what they are buying. This would not only improve ones personal health, but also the environment. Although money remains a very important role in deciding what we purchase, it would benefit us to consider a few other aspects of the food that we buy. Paying attention to details such as what goes into the food, where it is produced, and how it is produced would lead us to make healthier decisions. More often than not, a satisfying answer to these questions will not be found in the food at our local supermarkets, but rather a local farmer. Buying from these farmers would mean supporting a healthy environment and body. Their production methods are healthier and much more environmentally friendly than any factories in a big-name food industry. While it may seem that this is a simple choice, many Americans will continue to ignore these truths. When it comes down to it, money rules everything and it will take a lot more than the promise of better health for people to overlook a price tag. They say ignorance is bliss, but when that ignorance leads to decisions that contaminate our bodies and our environment, the bliss will be short lived.

Week 1 Qnt 351

[pic] CERTIFICATE OF ORIGINALITY I  certify that  the attached  paper is my original work. I am familiar with and acknowledge my responsibilities, which are part of the University of Phoenix Student Code of Academic Integrity. I affirm that any section of the paper which has been submitted previously is attributed and cited as such, and that this paper has not been submitted by anyone else. I have identified the sources of all information whether quoted verbatim or paraphrased, all images, and all quotations with citations and reference listings.Along with citations and reference listings, I have used quotation marks to identify quotations of fewer than 40 words and have used block indentation for quotations of 40 or more words. Nothing in this assignment violates copyright, trademark, or other intellectual property laws. I further agree that my name typed  on the line below is intended to have, and shall have, the same validity as my handwritten signature. Introduction to St atistics QNT 351 March 22, 2013 Merry GalloIntroduction to Statistics Statistics is defined in Statistics for Business and Economics, as the science of data. Involves collecting, classifying, organizing, analyzing, and interpreting numerical information. Statistics is more than just looking at numbers, there is a process involved in obtaining the numerical information. Statistical thinking is helpful as well. This involves applying rational thought and the science of statistics to critically assess data and inferences.It is important to keep in mind that variations exist in populations and processed data. There are two different types of statistics, descriptive statistics and inferential statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make estimates, decisions, predicti ons, or other generalizations about a larger set of data.Business’s are required to conduct research in order to get their business up and operating. In order to conduct through information the people involved with the business would have to be able to understand and implement the statistical findings. These findings could be as simple as reports on wether one area of a town versus another is more profitable. Statistics that would be a little bit more detailed would be the reports for financial matters. If the statistics are good then the business decisions should be healthy and successful.In my line of work there are plenty of statistics being used in every department. As a bartender I am responsible for knowing the levels of alcohol in my bottles, as well as how many beers I have in my coolers. The portions used in the recipes for the drinks is me being able to use ratios, and nominal data to run a profitable bar. The restaurant as a whole uses stastics when planing the sch edule as well as the weekly order. If our numbers are high for a day then our labor will be scheduled higher than normal.If the projected numbers are low then we operate with fewer servers and cooks. Another statistical problem that could occur is when we run our of items. In this case it would imply that our projections were off and we need to concentrate on the next weeks order to make sure we are fully stocked and overly stocker in other areas. References This is a hanging indent. To keep the hanging indent format, simply delete this line of text using the backspace key, and replace the information with your reference entry.

Free Essays on The Wrentched Earth

The Wretched of The Earth By Frantz Fanon Written in 1961 among the turbulent times of de-colonization in Africa, Frantz Fanon’s The Wretched of the Earth is in one word formidable. It is formidable in the sense that it exposes the colonial system as an exploitative cultural, economic, and political system. It is one of the most concise condemnations of the colonial system. Frantz Fanon as a political author is unique in that he received his primary training in psychiatry. He provides an unparalleled look into the material forces that give colonialism its oppressive nature. As well as how psychologically this colonial oppression leads to a movement of national liberation among oppressed natives. The Wretched of the Earth is a political work employing psychology and a class-based approach to understanding the abusive quality of the colonial system, and the movement of national liberation that rises to challenge it. The content of this book spans 316 pages and is divided into 5 sections, which will be reviewed in detail . The sections are: concerning violence, spontaneity: its strength and weakness, the pitfalls of national consciousness, on national culture, and colonial war and mental disorders. Concerning Violence Violence is inherent in the colonial system. It is used as a method of subjugation to ensure complacency in all natives, and all of their duties. However, violence is not solely a physical phenomenon. It serves as a psychological reminder that recalcitrant behavior is to be met with brute force. On page 38, Fanon argues that in capitalist countries the educational system serves to induce certain morals. These morals, such as a protestant work ethic, and patriotism are a medium to ensure complacency with the established order. However in colonies the native population is subjected to police violence to ensure complacency. Fanon writes â€Å"In the colonial countries, on the contrary, the police ... Free Essays on The Wrentched Earth Free Essays on The Wrentched Earth The Wretched of The Earth By Frantz Fanon Written in 1961 among the turbulent times of de-colonization in Africa, Frantz Fanon’s The Wretched of the Earth is in one word formidable. It is formidable in the sense that it exposes the colonial system as an exploitative cultural, economic, and political system. It is one of the most concise condemnations of the colonial system. Frantz Fanon as a political author is unique in that he received his primary training in psychiatry. He provides an unparalleled look into the material forces that give colonialism its oppressive nature. As well as how psychologically this colonial oppression leads to a movement of national liberation among oppressed natives. The Wretched of the Earth is a political work employing psychology and a class-based approach to understanding the abusive quality of the colonial system, and the movement of national liberation that rises to challenge it. The content of this book spans 316 pages and is divided into 5 sections, which will be reviewed in detail . The sections are: concerning violence, spontaneity: its strength and weakness, the pitfalls of national consciousness, on national culture, and colonial war and mental disorders. Concerning Violence Violence is inherent in the colonial system. It is used as a method of subjugation to ensure complacency in all natives, and all of their duties. However, violence is not solely a physical phenomenon. It serves as a psychological reminder that recalcitrant behavior is to be met with brute force. On page 38, Fanon argues that in capitalist countries the educational system serves to induce certain morals. These morals, such as a protestant work ethic, and patriotism are a medium to ensure complacency with the established order. However in colonies the native population is subjected to police violence to ensure complacency. Fanon writes â€Å"In the colonial countries, on the contrary, the police ...

Billy Budd 2 Essay Research Paper To

Billy Budd 2 Essay, Research Paper To organize merely one sentiment or demo simply one facet of this narrative is naif, ill-mannered, and closed minded. How may one stick to one food shop mea, moral inquiring, or out-look on a book that jumps from such instances like toads on lily pads? Merely as Melville has done, I shall try to set up my perceptual experience of Billy Budd, in a similar manner. That is, through an irregular pattern ( that is ; leaping from platinum. to point ) , of composing an essay I shall invariably alter and waies and ends of what it is I wish to province. One may comprehend the book s construction to be loose and rather flexible ; one finds that the tantrums and starts, and the shifting of lengths between chapters are the best manner to convey the feelings/ significances of Billy s narrative. Possibly the storyteller believes that Billy is true on a deeper sense ; in other words, it corresponds to existent experience. Don T you, yourself find that when you are seeking to do a major determination, or populating through some important event your head supports switching from one thing to another, sometimes rapidly and dramatically, sometimes contriving conjectural state of affairss to utilize as comparings or differences? This is similar to the instance as seen in Billy Budd. The Book doesn T work in a rigorous and orderly manner but starts out to depict at length different characters, so moves to fast actions, slows down once more to a really argued trail, so draws quickly to a stopping point with Billy s hanging. Even after that event, ( the hanging ) , the book lingers on with a remark of it and ties up all loose terminals ( Captain Vere deceasing etc ) . Though this narrative lacks Orthodox format, it coheres in a profound and traveling manner. The manner and point of position of Billy Budd can be dealt with together b/c of the strong narrative voice determines both. The storyteller of the narrative is clearly a extremely educated individual with a great cognition of mythology. Though the voice of the narrative is consistent in this novel, the point of position is invariably altering. Sometimes we are put inside the caputs of the characters ( he tells us Claggart s secret ideas about Billy, and makes us experience the anguish Captain Vere is sing in doing his difficult determination. Then once more there are other times were he removes both of us ( storyteller, and reader ) , from a scene, ( Best illustration being, when Vere goes to state Billy that he must hang- and avoids doing judgements ) . The switching position and non including judgements forces one to do their ain feelings and values to the events in the book. It s these displacements that make the book of all time more true, existent, and complex in the different state of affairss. The storyteller invariably makes allusions to the Bible and to Greek mythology, and this has the consequence of promoting Billy s narrative into a symbolic play. The storyteller besides has the wont of straying, and he confesses that this failing is a literary wickedness. One might happen these Acts of the Apostless to be deflecting, but in fact when you stop to believe why the storyteller included them it sheds a certain visible radiation. Not merely does the storyteller maintain altering his point of position, but he keeps altering his gait every bit good. Background on history ( the war ) , a long analysis of characters, which are followed by intense dramatic action ( i.e. ; Billy being approached in fall ining a mutiny, and subsequently killing Claggart ) . Through such an attack the storyteller evokes the ambiance of the narrative. Many different subjects arise in this narrative. First, one most note that Billy was given 3 chief monikers ; Baby Budd, he was seen as a signifier of Christ, and as Adam from the Garden of Paradise. When seeing all three in the same sentence it brings one to compare and contrast. What do all three basically hold? Innocence. Furthermore, such a quality International Relations and Security Network T lost through yourself but through the actions of others. A Baby doesn T turn up until his eyes are opened and he is stripped of his pureness. Jesus was all good until he was hanged a rood by those who opposed his beliefs- once more another stripped of his goodness. Last but non least, the comparing of Billy to Adam. Adam was a adult male, G-d first creative activity, and hence is seen as one of the highest degrees of hollies. He did non cognize evil, for he was the first, but what brought about his autumn was the enticement of the serpent. To stretch farther into the thoughts of Billy and his relation to each description, one must see them in context. Baby ; who bestowed Billy with such a rubric? Though Billy has many friends among the crew of the Indomitable, the Dansker is the lone one whose character Melville fills out wholly. Wrinkled, misanthropic, tight-lipped, and wise in the crooked ways of the universe, the Dansker offers rather a contrast to the fine-looking immature crewman whom he dubs Baby Budd. Furthermore, Melville compares the old Dansker to the prophet at Delphi, a sort of spiritual fortune-teller whom the antediluvian Greeks would confer with for advise about the hereafter. Like this prophet, the Dansker likes doing short, deep dictums, and one time he speaks, he refuses to explicate what he s said. Billy, for one, can t understand half of his vocalizations, and what he understands he refuses to believe. You might acquire frustrated with him because, while he cares for Billy, he refuses to take a base and talk up for him. In add-on, after this short history of who the Dansker is, one can see vividly why he was named Baby Budd. On a physical degree Billy contrasted the Dansker rather vividly. On a deeper degree, thought still easy to hold on, one sees that the Dansker is wise in the crooked ways, nevertheless ; Billy is yet a babe. Sing Billy as a signifier of Christ ; In order to visualize Billy as a Christ, one must first attack Jesus for what he was. Christ was a simple adult male ( shepherd ) , and sacrificed himself so as others wouldn t be hurt. He excessively was betrayed by person he felt he could swear. ( Judas ) . Similarly, Billy was merely ( the book neer gave us ground to believe that Billy was greatly educated or such ) . Second, after Billy s unwilled wickedness, his surrender to his destiny nowadayss Billy as Christ like in his willingness to accept the forfeit of his ain life in order to keep societal order. Furthermore, I believe that because Billy was approached to fall in a mutiny, decided non to, and still didn t describe the work forces he was approached by, the people saw him as an above type of individual. Billy like Christ was besides betrayed by person he thought he could swear. Don T be misunderstood ; I am non mentioning to Captain Vere, but Claggart. For illustration ; in the incide nt of the spilling of the soup, Claggart did non respond in a roseola mode, hence, Billy put down all guards from him. This cogent evidence is most noticeable, in the scene in which Billy is hanged and the gallows in which Billy is hung upon is seen as a kind of Crucifix and Billy himself as a Christ-like figure. Billy is closely associated with Adam before the Fall. Claggart is like the serpent Satan who wormed his manner into Eden and tricked mankind out of a province of pureness, artlessness, and felicity. Billy Budd reenacts this antique struggle between good and evil symbolically and in the workings of the secret plan. However, I think this parable merely goes every bit far as the instance with Billy killing Claggart. Even beyond that simple apprehension, the autumn of adult male can be looked at in different ways. Sociologically, when pureness and artlessness is stripped off by the act of killing Claggart. Simplicity, to jurisprudence and justice. Another manner to construe Billy s autumn, is that of adult male to industry. ( Although this thought is more stressed in Bartleby ) . Yes, Billy reenacts the Fall of Man, but it goes a measure farther to demo the forgiveness and credence that follows. The important scene in this book is the meeting between Captain Vere and Billy after the trail ( the scene from which we re significantly excluded ) , when the justice embraces the condemned slayer like a male parent to a boy. The father-son motive is a sub-theme within this general reading. The key in the book is Billy s echoing approval: â€Å"God Bless Captain Vere! † ( Chapter 21 ) In Billy Budd, the function of the justice and leader is played by the Honorable Edward Fairfax Vere, the commanding officer of the Indomitable. Vere is a member of the English nobility. A unmarried man about 40 old ages old, Vere is a brave but non foolhardy captain, who has distinguished himself in several conflicts and lift to his rank through dedicate service and because he treats his crew good. He is an rational, which is something rare in the armed forces. He loves to read, particularly history and doctrine Books that reinforce his strong conservative sentiments of the universe. Though he is a decisive leader, he besides has a touch of languor in his character and on juncture has been seen gazing into the sea. Because it is understood that Vere and Billy were close it brings to oppugn why Vere wouldn T have pardoned Billy? Very Far was he from encompassing chances for monopolising to himself the hazards of moral duty. ( chapter 21 ) Captain Vere can be looked upon in at least three different visible radiations. Vere as a austere but merely justice, Vere as inhuman coward, and as a all-around adult male in a tough topographic point. Each give ground to why Billy stated, G-d bless Captain Vere. And through each it is easy to plus why in each it would do sense. Vere as austere but merely justice ; No one likes the fact that Billy bents for killing Claggart, but many feel that Vere made the lone determination possible. As the Captain of the Indomitable, he must look out for the public assistance of the whole ship, non merely the destiny of one adult male, and his determination to put to death Billy takes this precedence into history. It is evident to us, as readers that Vere suffers because the more he sees of Billy the more he loves him. By the terminal, he feels about like Billy s male parent. He knows Billy is guiltless before God ( chapter 21 ) in the ultimate sense, but his responsibility concerns the here and now. The jurisprudence demands that Billy must hang, and Vere knows he must continue the jurisprudence. Furthermore, to implement this degree of concluding with the phrase God Bless Captain Vere, one may construe it to intend ; hapless Captain Vere, may you bless him for it is the mistake of society non this adult male. In add-on, cognizing that Vere is brave, individual at 40 and all together devoted to his work, his true hurting for Billy Becomes known when he dies in the preceding conflict. His last words uttered were Billy ; Billy s last words were Captain Vere. As Vere takes leave of Bill, the senior lieutenant notices a expression of torment on his face ( chapter 22 ) Through another window one can see Vere to be a inhuman coward. Vere argued himself into the decease punishment for Billy out of cowardliness and bare fright. He might easy hold pardoned Billy, but he convinces himself that to make so would do the crew to mutiny, and he uses this feeble statement to convert the other Judgess to travel along with him. It s the typical second-guessing of a nervous coward. Vere might read a batch of books, but all they do is indurate his already settled sentiments. Like so many intellectuals, he wholly separates his feelings from his ideas, and assumes that his intestine reaction is incorrect, because it comes from his intestine! In this regard ; the phrase God Bless Captain Vere, takes on a new significance. Now it can stand to intend, God bless this adult male for he is lost. Yet another manner to look at Captain Vere is excessively merely soggiest that Vere is a all-around adult male in a tough topographic point. He s a leader and a mind, a adult male of deep feelings but besides a stickler for inside informations, a adult male with strong personal sentiments but an even stronger sense of responsibility. There is no simple reply to this instance. Furthermore, if you look at Billy ; Billy didn t study the mutiny, and followed his bosom making what he felt was moral. If you observe Captain Vere ; The Captain decides to hang Billy, he did what the jurisprudence directed him to make. If you look at the result of each individual so you will detect something in congruity, they both died. Possibly this is to state us that in a universe of such complexness, peoples will endure the same destiny regardless of the way of society ( jurisprudence ) , or personal decision ( that is moral ) . In this one can construe the phrase, God bless Captain Vere to intend, God bl ess this adult male for he was left with a fork in the route in which both results were similar. This is the cardinal nature of Vere s nature and everyone agrees one these basic facts. When Vere has to cover with the highly hard state of affairs on board the ship caused by Claggart s accusal, and Billy s striking out at him, his character is thrown into a whole new visible radiation. His ultimate determination, nevertheless, is up to endless argument. The manner one feels about his determination will turn out to be the anchor of one s reading of the book. I personally agree with the pick that Captain Vere made. What is Claggart s job? This is a inquiry you can believe about infinitely and still non reply to your satisfaction. Claggart is fundamentally the force of immorality in Billy Budd. He is Billy s face-to-face in merely about every manner. This will give you a good grip on how to speak about Claggart but it doesn t get to the underside of him. As Melville makes so clear in this book, immorality is a enigma that can neer be adequately explained. Bing Claggart is the incarnation of immorality, contains this enigma at the really centre of his character. Claggart is at the other terminal of the rope ( good v. immorality ) ; it is astonishing to see how they both steam from a similar steam. To look at him you might non believe he is so bad. Thirty-five old ages old, tall, dark haired, and reasonably fine-looking, there are merely two truly unusual things in his appearance- a dead-white skin color and an excessively big mentum. It is interesting to see a dead white skin color as a description for person with dead characteristic. To state he is dead you can link him to the really symbol of Satan or snake that he is thought out to be. He is dead in the sense of missing heart/ feelings. As for an overly big mentum, this is normally a similar physical characteristic seen with many evil characters, i.e. , Cruealla Deville, and other dark animals leering in the shadows. Both Claggart are instead fine-looking ( except for the difference stated about Claggart to see Billy s visual aspect see chapter 1 ) . Both had no existent background, all w e know of Billy is that he utilize to work on the Great adult male and now moved to the never-say-die as a consequence of war. As for Claggart he seems to be rather intelligent, and no 1 can calculate out how h got to the naval forces. Rumor has it that Claggart as a little clip condemnable in England, and he was drafted straight from prison. But no 1 knows for certain. About his intelligence, merely like the serpent used his intelligence to flim-flam Mankind, Claggart excessively uses his intelligence to flim-flam Billy. Thus the autumn of either s Garden. Upon this reappraisal, one can inquire such a inquiry of, does every Eden have to hold its serpent? The presence of John Claggart in Billy Budd suggest that immorality is portion of our universe, and it will ever attach itself to innocence and seek to pervert it. Billy Budd focuses on the interior life of a individual ship. Life aboard the Indomitable is a scaly down theoretical account of life itself, yet it is evident of the strength and about claustrophic this scene can be as the narrative returns and everything is heightened. Thought the wide-open sea is all about, it merely isolates the work forces from the remainder of the universe. If you ve of all time been momently separated on a encampment trip, per-say, so you know how rapidly one can acquire on another s nervousnesss. This narrative captures that strength. One must besides retrieve that Billy is set in a clip of war and mutiny, and theses factors have a major impact on the narrative and everyone s determinations.

The Global Economy Essay Example | Topics and Well Written Essays - 2500 words

The Global Economy - Essay Example They demonstrate average volatility shifts of many prices of agricultural commodities and finds further support in implied volatility evidence. This happens against a backdrop of shifts towards global markets and market liberalization, as well as dramatic alterations within the energy sector with regard to bio-fuel production. One factor that affects the volatility of these agricultural commodity prices is trends (Cooke & Robles, 2011: 56). Long run decreases or increases in series volatility may occur. These can be accounted for by the inclusion of time trends in variables explaining volatility. Another factor is stock levels. As stock levels of various commodities drop, there is an expectation that volatility in prices of these commodities will also increase. Low stocks will lead to dependence, on current production, to meet consumption demands in the short term also increasing. Further yield shocks could portend an increasingly dramatic effect on the commodity prices. The yields f or particular crops will also drive a commodity’s price up or down. In relation to expectations, a large yield may cause prices to drop while a particularly low yield may result in an increase, in the price (FAO, 2011: p123). If the prices respond in a symmetrical manner to the yields, then no impact will be expected on the series volatility. If, however, a bigger yield impacts more on the prices, then volatilities will be positively related to yields while, conversely if lower yields have more impact on the prices than higher yields, then the volatilities will have a negative correlation to the yields. Another factor has to do with the transmission across prices. Positive transmission of price volatilities is expected across agricultural commodities. Global markets do experience international shocks that could influence the world demand for agricultural commodities with these markets also adjusting to policy movements, which may impact simultaneously on a number of commoditi es (FAO, 2011: p124). In addition, Volatility in a particular market may have a direct impact on another’s volatility where stocks are speculatively held. Exchange rate volatility is another factor that affects volatility of agricultural commodity prices (Hill, 2011: p33). Prices received by producers on deflation into the domestic producer currency may impact significantly on commodity prices at which the producers are prepared to sell. This is also extended to stockholders. Volatile rates of exchange significantly increase the risk inherent in returns. Therefore, it is expected that a positive volatility of exchange rate transmission could result in agricultural commodity price volatility. Oil price volatility is another factor with perhaps the biggest agricultural production shifts in the past decade, and one that is expected to continue, being the move towards the use of bio-fuels (Hill, 2012: p56). Recent empirical studies have suggested the transmission of prices betwee n sugar prices and oil. A likely link also exists between the costs of input and that of output. Freight costs, mechanized agriculture, and fertilizer prices all depend on the price of oil, which are transmitted to agricultural commodity prices. In light of the recent unprecedented volatility of oil prices, this volatility shows a potential to spill over into agricultural commodity volatility. For example, the sudden interruption of fuel availability during the Iraq war in 2002