Barack Obama - Joint Press Conference with Prime Minister Benjamin Netanyahu free essay sample

Security Policy for Kruger Exporters

Security Policy for Kruger Exporters Introduction An information security policy is a document that is designed by an organization for the purpose of providing employees with best practices when it comes to the use of the organizations technology equipment and related services.Advertising We will write a custom term paper sample on Security Policy for Kruger Exporters specifically for you for only $16.05 $11/page Learn More It may also be regarded as a blue print used by an organization to ensure that staff use the available technology services as intended. An information security policy is also a tool through which an organization can specify the responsibilities of different individuals concerning the security of information in the organization. It gives a framework for maintenance and provides information security policies and procedures as well as what is expected of end users (Whitman Mattord, 2010). Generally, the information security policy document is a useful guide for the successful deployment of an information security program across an organization. The information security policy must directly support an organization’s vision and mission statements. It must also be defensible in case legal challenges to it arise. It is an executive level document, drafted in consultation with the CIO and other executives. Typically, the information security policy shapes the security philosophy in an organization’s information technology environment. In most cases, the information security policy is a static document that is never subjected to frequent changes. However, it may change when the direction being taken by an organization radically changes. The information security policy will also protect the availability, integrity, confidentiality, and authenticity of information. Furthermore, it underpins such societal goods as privacy, the protection of digital identity, and the protection of intellectual property. This paper presents an information security pol icy for Kruger Exporters, an international exporter based in the United States of America. The company has its headquarters in the United States but with a presence in Africa and Asia.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More All transactions are centrally administered at the U.S. office. The information security policy fro Kruger Exporters is presented in two distinct sections. The first section discusses the introductory aspect of the information security policy while the second section presents the information security policy criterion which outlines how the company will go about guarantee the security of its information systems as well as the use of its technology equipment and services. Information Security Policy for Kruger Exporters With the increased use of technology, organizations are left with no choice but to work hard in ensuring that the use of technology in information management is secure and very reliable. To accomplish this, a well thought out information security policy is of paramount importance. Without an effective information security policy in place, organizations will be faced with a tough responsibility of controlling the use of its information systems and other technology services. More importantly, a working information security policy system will enable an organization to retain its customers and make good use of its information technology services. If the growth of Kruger Exporters ecommerce transactions is to be reinforced, it is obvious, that security of these transactions must be dealt with effectively. Considering that Kruger Exporters is a global organization with branches and customers located in different continents, much of its business transactions take place through the Internet. As such, the company is certainly faced with numerous challenges having to do with how to secure its ecommerce transactions besid es ensuring that its information technology equipment and services are not abused by anyone.Advertising We will write a custom term paper sample on Security Policy for Kruger Exporters specifically for you for only $16.05 $11/page Learn More As the Chief Information Officer at Kruger Exporters, I present the following security policy that will be useful to ensure that the company meets its information technology requirements. As stated earlier, this is given in two separate sections. Policy Introduction Document Information Generally, the use of technology presents serious challenges to organizations that are embracing its usage in its operations. Since its inception in the 1970s, for example, the Internet has exhibited vulnerabilities in its underlying communications network and nodes, protocols, network administration and host systems. Ordinarily, these vulnerabilities have often been located in the security mechanisms of the hosts, example being the abil ity to obtain unauthorized privileged access, and the ability to gain unauthorized access to passwords. In addition, commercial usage of the Internet has introduced new threats such as interception of data in transit by competitors or criminals. Hackers, competitors, disgruntled employees and former employees have been exploiting Internet vulnerabilities to meet their own selfish ambitions. Due to these developments, organizations have been forced to acknowledge the changed nature of the Internet environment from being friendly to being competitive and hostile. Given that Kruger Exporters conducts most of its business through the Internet, security is critical especially if the company is to gain the confidence of its distinguished customers. Apparently, there is now also increasing alarm within Kruger Exporters over threats emanating from its own trusted employees. For example, an employee can send information over the Internet to a global audience, yet falsely presenting himself o r herself as a spokesperson for the company. In other words, Kruger Exporters is not only vulnerable to Internet threats from outside its boundaries, but it also presents a threat to other Internet participants.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This security policy document will provide a clear statement of the information security policy, and this must be communicated to all users as well as any other relevant parties. The policy will be placed in a file and will be available to all users at all times. Moreover, it will be communicated to the users as part of providing access to the systems within the company. In generating Kruger Exporters information security policy regarding the use of its technology related services, at least seven key areas must be addressed. These seven areas may be regarded as sub policies within the information security policy and include the organization’s technology acceptable usage policy, employee acceptable usage policy, Internet acceptable usage policy, Internet information protection policy, Internet information publication policy, Internet information access policy, and Internet employee privacy policy. Typically, these sub policies provide a strong guide for the access and use of t he technology equipment as well as Internet services offered by Kruger Exporters. Audience Considering the type of business that Kruger Exporters is involved in, this document is intended for the company’s staff who are scattered across different continents. However, it is important to note that Kruger Exporters also interacts with many other people within and outside the company in order to get certain things done. Among them are third party service providers and regulatory bodies. The audience thus goes beyond staff in the company. Ideally, this security policy will make employees at Kruger Exporters responsible and accountable for understanding and following information security rules, policies for ensuring that employees use available mechanisms to protect their systems, and site specific policies. Purpose As earlier explained, the challenges that may be faced by Kruger Exporters demand a well designed solution in the form of an information security policy embedded with p rocedures and mechanism of handling security related issues. This information security policy and associated procedures will convey security guidance and rules to be used by all staff at Kruger Exporters as far as access and usage of Internet and other technology related services in the company is concerned. Scope As noted earlier, this information security policy will cover staff and any other third party individuals and organizations that interact with Kruger Exporters in the course of carrying out its business. However, despite the fact that others may be covered by this information security policy, Kruger Exporters’ staff at the different locations are the major users of the company’s technology services, especially the Internet, and are, therefore, the main target of this information security policy. Policy Criteria Objectives This information security policy criterion is meant to ensure that all staff members at Kruger Exporters, regardless of where they are, hav e a reliable and well maintained information security policy which serves as a guide on how to using the company’s systems and information technology services in such a way that security is not compromised. When staff members have an understanding of the implications of not following the set guidelines, they are more likely to follow them without making excuses. Although not following a policy may have no major effect on the business processes of Kruger Exporters, the need to have an effective information security policy in place is very important and can not be underestimated if Kruger Exporters is to secure it operations and remain competitive (Artiges, 2004). The Chief Information Officer at Kruger Exporters will identify some members of his or her information technology department to assist other users in ensuring that information security policy is properly followed. In addition, others will be given the authority to enforce the use of the policy. Compliances All staff a t Kruger Exporters will be required to comply with all the guidelines put in place by the Chief Information Officer. Failure to comply will certainly call for tough disciplinary measures against the offenders. The guidelines are, therefore, necessary in order to get every user doing what the institution expects of him or her. Responsibilities The main responsibility of ensuring that every user abides by the set rules and regulations lies with the Chief Information Officer. However, the CIO may select members of his or her information technology department to assist with the implementation. Where necessary, the CIO will get the support of the top management to ensure that set guidelines are followed and that every user is fully aware of what they need to do as far as security issues are concerned. Despite the fact that the CIO and his team have the responsibility to train all users and make sure that they understand what has to be done, it is also the responsibility of the individual users to learn and ensure that they understand the institution’s expectations on them. Implementation The following is the criteria to be followed by Kruger Exporters to guarantee paramount security for its information and use of technology services within the institution. Considering the type of services that may be useful to staff at Kruger Exporters, two things must be addressed by the information security policy. First, there is the implementation and management of a firewall and secondly, there is the use of digital certificates. These are explained as follows. Firewall Implementation and Management Firewalls are a very critical security asset that may be used by Kruger Exporters to protect its information resources (Plotkin, Wells Wimmer, 2003). It is vital that all firewalls be configured, implemented, and maintained in a standardized and secure manner. In response to the risk discussed previously, this subsection describes Kruger Exporters’ official policy re garding the implementation and management of a firewall. Configuration and Implementation Among the most critical configuration and implementation considerations for Kruger Exporters are: Operating System Before a firewall can be implemented on an operating system, the operating system must be fully secured and tested in accordance with the regulations determined by the Chief Information Officer. Kruger Exporters’ Operating Systems Standards should be consulted for direction. Responsibility Before implementation, an administrator must be identified as responsible for the firewall. The administrator should be fully responsible for maintaining both the firewall software and the underlying operating system. The administrator may select up to two other individuals to assist in maintaining the firewall. However, these individuals must be approved by the Chief Information Officer. Access Only the administrator and his or her approved assistant or assistants may access the firewall and operating system. Only the firewall administrators may have administrative access to the operating system and firewall software. Default Rule All of Kruger Exporters’ firewalls are based on this premise. That which is not expressly permitted is, therefore, denied. Maintenance Two important considerations under maintenance are logs and the rules that accompany how these logs will be handled. Logs The firewall administrator is responsible for ensuring the daily review and archiving of firewall logs. Rules It is only the firewall administrator who is authorized to make any changes on how the firewall is to be administered. All requests must, therefore, be forwarded to the firewall administrator and be approved by the Chief Information Officer prior to the enactment of any changes. Use of Digital Certificates Generally, digital certificates are issued by Certificate Authorities and are used to authenticate users and ensure that only the right people gain access to information across the company. It is, however, important to understand that technologies themselves have never solved any problems. People must know where, when, and how to use them in the context of solving their security needs. As a major requirement, the Chief Information Officer must ensure that a company wide directive on the use of digital certificates is present and followed properly. Proper implementation of this policy will ensure that any person using digital certificates does so by following the guidelines outlined by Kruger Exporters’ Chief Information Officer. Controls In generally, controls, safeguards, and counter measures are terms that are used for security mechanisms, policies, and procedures. These mechanisms, policies, and procedures counter attacks, reduce risks, resolve vulnerabilities, and otherwise improve the general state of information systems security within the organization (Cade Roberts, 2002). In the case of Kruger Exporters three general categories of co ntrols may be implemented. These are controls for policies, programs, and technologies. Policies are documents that specify Kruger Exporters approach to security. Four types of security policies will be put in place. They include general security policies, program security policies, issue specific policies, and system specific policies. The general security policy is an executive level document that outlines the company’s approach and attitude toward information security and clearly states the strategic value of information security within the company. This document will be created by the Chief Information Officer in conjunction with the Chief Executive Officer and will set the tone for all subsequent security activities. The program security policy is a planning document that outlines the whole process of implementing security in the company. This policy is the blue print for the analysis, design and implementation of security. Issue specific policies will address the specif ic implementations or applications of which users should be aware. These policies are typically developed to provide detailed instructions and restrictions associated with security issues. To be covered in this category are policies for Internet use, email, and access to buildings. Finally, system specific policies will address the particular use of certain systems. These will include firewall configuration policies, system access policies, and other technical consideration areas. Different parts of the information security policy will be reinforced by among other, the Chief Information Officer, the system administrators, and the institution’s op management. Third party organizations will also be involved where necessary. For example, the use of digital certificates will require the cooperation of Certificate Authorities. Internet Services Providers will also be involved to ensure that security policy is not compromised. Table 1 presents a summary of some of the components of Kruger Exporters’ information security policy document. Table 1: Information Security Policy Components Security Policy Section Why it is Needed Consequence of Absence Roles and Responsibilities This will ensure that users know what is expected of them Users get confused as they do not know what is expected of them Security Awareness and Training This will help users to know security policies and how they can be accessed Users will not know the nature of the policy or even how to access it Access Control This helps to prevent unauthorized access to the institution’s resources May lead to resources being accessed by unauthorized persons Password Policy To help user understand the risk of not keeping passwords secretly Passwords may be exposed to unauthorized persons Email Policy This controls how email is used across the institution Email services may be abused by staff and students at Kruger Exporters Conclusion Information security is now every compan y’s concern. The way we live and do business is underwritten by information system infrastructures, with the Internet usage being the most foundational of them. Spoken plainly, information security today protects the ability of an organization to function. In spite of the fact that the use of technology related services has come with numerous benefits to both individuals and organizations, this has been accompanied with several challenges that must be addressed to ensure profitable use. In order to deal with such challenges, it is essential for any organization to have a strong information security policy in place that will caution it and its employees against the abuse and improper use of technology services. This paper has proposed an information security policy that should be used by Kruger Exporters to meet the above objective. This information security policy provides guidance to all staff at Kruger Exporters regarding the use of Internet and other technology related ser vices offered by the company. Beyond doubt, an effective information security policy document is of great importance and must, therefore, be a well thought out and designed document. References Artiges, M. (2004). Bea Weblogic Server 8.1: Unleashed. USA: Sams Publishing. Cade, M., Roberts, S. (2002). Sun Certified Enterprise Architect for J2ee Technology: Study Guide. California: Prentice Hall Professional. Plotkin, M. E., Wells, B., Wimmer, K. A. (2003). Ecommerce Law Business. New York, NY: Aspen Publishers Online. Whitman, M. E., Mattord, H. J. (2010). Management of Information Security. Boston, MA: Cengage Learning.

Industrial tourism Essay Example | Topics and Well Written Essays - 1000 words

Industrial tourism - Essay Example One of the things that Abbey hates most about modernity is the construction of highways and access roads through or into wildernesses and national parks, whether it is to connect distant places or to make them more accessible. According to him, the roads and highways reduce the â€Å"old magic† of real, genuine amusement that comes from using less-motorized means to explore the wild such as walking on foot or using bicycles. He strongly accuses the notion that the purpose of the roads is to enhance accessibility so that more people can experience nature in lesser time. To him, accessibility is just a curtain to blind the people of modernity’s real intention, which to him is making money. His argument is that no place is inaccessible if one is willing to, and that accessibility does not make sense since people have been too extreme regions of the world unaided by heavy motorized mechanisms. â€Å"What does accessibility mean? ...even Mount McKinley, even Everest, have b een summoned by men on foot †¦Ã¢â‚¬  (Abbey 47). The second reason why Abbey is against modernity is that whatever it claims to be doing for the people is not true, claiming that the industrialization of tourism is merely for monetary gain. From his perspective, the motels, automotive industries, oil corporations, gas retailers, road constructors, and all other parties involved in the modernization of nature are all in the industry to make money, and that they care for neither the people nor nature itself. In addition, he reveals that in addition to being big business, it is a well-organized cartel inspired by the politics of the land. As he puts it, â€Å"Industrial Tourism is a big business. It means money †¦ and are represented in Congress with strength far greater than is justified†¦Ã¢â‚¬  (48). Abbey offers some corrective measures to change the attitudes of people from the ones already stained by modernization. For one, people should not take automobiles to n ational parks or in the wilderness. Just like they are not taking them to churches for their being â€Å"holy† so be it with parks as they are also holy. He suggests that people should be more natural: use their feet or enter the parks on animal backs. Second, he recommends that further construction of roads in the parks should stop, and the already existing roads to remain for use by those on bicycles. Lastly, he says that park rangers should do their work; to go out into the parks to guard and guide visitors, and not sit behind desks in booths selling tickets. Abbey adds that these measures will bring back the good old days of hiking, camping, and enjoying the wild in its natural form, not to mention that it is cheaper than using motorized assistance. He argues quite sensibly. If one forecasts the future, in the days when the population will have expanded, then it means the need for constructing more roads to connect more cities and towns that will have come up will grow. T his means more roads will appear in the wild. In addition, if we do not respect the natural parks and the wilderness, it means our population will lead to our encroaching on the natural geographies to create more dwelling places. Therefore, his argument for the monitoring of the growing population is very true. Abbey however chips in a little acknowledgement

AUSTRALIAN Company Law - the 4 step process and short answer questions Essay

AUSTRALIAN Company Law - the 4 step process and short answer questions - Essay Example Under the Act as quoted above, there are three major entities defined in relation to the case and these are Catering WA as a corporate entity, Jasmine Trendy as a partner in the firm, and Adam, who acts as another partner. Given the positions of these three major entities, it would be noted from the case that s17 of the Act holds none else but Jasmine, who is a partner within the company liable for her acts, which has brought upon breaches of the company’s internal constitution. In a manner that Catering WA was never officially notified of the actions or intentions of Jasmine, the condition of the law that ‘if a partner in a firm other than an incorporated limited partnership’ becomes binding and excludes Catering WA from any wrong doing. In inference, it is only under a circumstance where Catering WA had acted in the negotiation by giving Jasmine the matching audacity to undertake the said purchases that the company would have had itself binding to the committed breach of use of the company money in making external purchases. On the part of Adam, there is only one premise under which he could be found liable in this instance and that is if premise (2) of s17 is found to apply in his case. In the said provision of the Act, it is stated that: But because Adam is outside Western Australia, he may well have a justification that even though the constitution of the company is in the public domain, he never had personal access to it and so could not be affected by the liability because he the partner ‘knew about the breach of trust.’ In the recent case Wright Prospecting Pty Limited -V- Hancock Prospecting Pty Limited [No 9] [2010] WASC 44, a practice of â€Å"prohibition in temporary reserves on entry into any arrangement to transfer the property without ministerial consent† was permitted primarily under the s 7 of the Property Law Act 1969 (WA) because the partner in the firm, which in this case was the Ministry

What's Your Definition of Happiness Essay Example | Topics and Well Written Essays - 1000 words

What's Your Definition of Happiness - Essay Example As I take it, then, well-being is synonymous with persons own good, welfare, or interest. To say that something contributes to one's well-being is simply to say that it is in one's interest, that it is good for one, or that it makes one's life go better. Understood as such, well-being is an inherently evaluative concept: when we say that something promotes one's welfare, we ascribe a certain type of value to that thing. In particular, we identify it as having prudential value (Silverstein, 2000, p. 279) Ascribing values to objects is certainly an interpretive process, but what has value, the object or the perceiver’s interpretation of the object. One would have to posit that the object is inherently valueless other than the value it may have to itself. Myers and Diener have found in their research that although money has been said to buy happiness, its value can often be short-lived: Wealth, it seems, is like health: its absence can breed misery, yet having it is no guarantee of happiness. In one survey, people on Forbes’s list of wealthiest Americans reported only slightly greater happiness than other Americans; 37% were less happy than the average American. Even lottery winners gain only a temporary jolt of joy. (Myers and Diener, 1995, p. 13) Over time there have been many attempts to discern what true happiness is. Also, attempting to resolve the difference between happiness and pleasure has been a key component of this search. This stretches back to Aristotle who states emphatically that they are different. Pleasure, he poses, has its origin in the survival needs of an organism to preserve itself, quite an early Darwinian attitude. So, no matter how much pleasure or joy can be associated with certain activities done for their own sake, Aristotle refused to identify pleasure with happiness.  Ã‚  

The Unbiased Predictors Of Future Spot Rates Finance Essay

The Unbiased Predictors Of Future Spot Rates Finance Essay Market efficiency is a concept that is controversial and attracts strong views, pros and cons, partly because of differences between individuals about what it really means and partly because it is a core belief that, in large part, determines how an investor approaches investing. This report provides a simple definition of market efficiency considers the implication of an efficient market for investors and summarizes some of the basic approaches that are used to investment schemes, thereby proving or disproving market efficiency. Besides this, in this report I am going to examine whether the forward exchange rates are unbiased predictors of future spot rates or not. As foreign exchange markets are composed of various theories and internationally accepted principles there are no consensus about the theories and implications. Efficient market Levich (1983) defines an efficient market as a market, where prices fully reflects all available public and private information. Efficient market is the market in which the security prices reflect all available information and adjust instantly to any new information. It therefore means that the market is efficient when forward rates accurately forecasts future spot rates. Salavatore (1993) argues that markets are efficient when prices correctly reflect the scarcity of the various resources resulting in allocation efficiency. Efficiency therefore, will also mean that economic agents will not be able to earn unusual profits by exploiting the available information. The history of efficient market hypothesis could be traced back at least to the 1920s. In modern times Fama (1970) is credited as presenting a scholarly abstraction of efficient market hypothesis (EMH). According to his definition, there are three types of efficient market, depending upon the extent of the information reflected in the market: Weak form: a market is said to be weak-form efficient if there is no relationship between the past price changes and the future price changes, in short the prices are independent. No trading rules can be developed to make abnormal returns based on the past history of an assets prices or returns. Semi-strong form: semi-strong form EMH states that no abnormal profits or returns can be made by developing a trading rule based on publically available information. The semi-strong from encompasses the weak form because past history is publically available. Public information also includes non-market information, e.g. economic news, company accounts and stock splits. Strong form: In a strong efficient market not only public but also private information is available which can tell about future spot rates. Therefore no group of investors will be able to consistently derive any above-average profits. So the strong form states that the market should be perfect in which all the information is available to everyone at the same time. Efficient market hypothesis The efficient market hypothesis (EMH) has played an important role in understanding foreign exchange market efficiency especially in the past few decades. It states that if economic agents are risk-neutral; all available information is used rationally; the market is competitive; there are no taxes, transaction costs, or other frictions; then the foreign exchange market will be efficient in the sense that the expected rate of return to speculation in the forward exchange market will be zero (Geweke and Feige, 1979 and Hansan and Hodrick, 1980). The EMH also implies that since forward rates fully reflect available information concerning investors expectations of future spot rates, the forward rates should be unbiased forecasts of the future spot rates. Technically, an efficient market is one in which observed exchange rate deviations from their long run value can be explained within information and transaction costs. So, in the absence of any new and relevant information, exchange rate s will reflect their fundamental values and there will be no opportunities for deriving above-average profits. Thus excess profit or return from business can be defined as: Zj, tâ‚ ¬Ã‚ «1 rj, tâ‚ ¬Ã‚ «1 E (rj, tâ‚ ¬Ã‚ «1 It) â‚ ¬Ã‚ ½Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚ ­Ã¢â€š ¬Ã‚   (1) Where rj, t+1 is the actual one period rate of return for holding currency j in the period ending at time t+1 and E (rj, t+1|It) is the expected value of that return conditional on the information set available at t. according to equation the foreign exchange market is efficient if, on average, expectation errors are zero. [E (zj, t+1|It) =0] and these errors follow no pattern that might be exploited to produce profits (zj, t is uncorrelated with zj, k+1 for any value of k). . Implications of EMH in exchange rates In the case of exchange rates, a serious complication exists in the application of the EMH. At one time, it was assumed that the forward exchange rate represented the markets expectation of the actual future value of the exchange rate. However, it is now realized that this need not be the case if risk aversion is a significant factor limiting international capital flows. Alternative theories about the causes of the bias in the forward rate are surveyed by Froot and Thaler (1990). A necessary arithmetic relation exists between the forward rate and the interest differential. For example, if the Canadian interest rate is 1 percentage point higher than its U.S. counterpart, then the one year forward rate for the Canadian dollar must represent a 1 percent depreciation of the Canadian dollar vis-a-vis the U.S. dollar. This is called covered interest arbitrage, and if it did not hold then an opportunity would be available to make a riskless excess profit by lending in one country or the oth er. The forward rate is the mirror image of the interest rate differential that prevails between Canada and the United States, and in principle either one of the could be the cause of the other. If the forward rate were the markets actual expectation of the future value of the spot exchange rate, it would imply that interest rate differentials are determined by the expected change in the exchange rate embodied in the forward rate. In that case, Canada could have a higher interest rate than the United States only because the market expected the Canadian dollar to decline correspondingly in the coming year. To sum up, two alternatives are possible as to what the actual market expectation of the dollars future value is. Suppose the spot rate is 80 cents, the one-year forward rate is 77 cents, and the Canadian one-year interest rate is 3 percentage points higher than its U.S. counterpart. This could mean either: The market expects that the Canadian dollar will decline 3 percent over the coming year, and this is why money does not continue to flood into Canada until it eliminates the interest differential. (This would imply that the forward rate is the EMH predictor of the one-year-ahead exchange rate, because it always shows a 3 percent depreciation when the Canadian interest rate is 3 percentage points higher). Alternatively, the market expects the exchange rate to stay about where it is now. In that case, why doesnt an infinite amount of money flood into Canada to eliminate that wide interest differential? Because, while the central expectation is that the Canadian dollar will remain unchanged, there is a perceived risk that it might depreciate as much as, perhaps, 10 percent, and it may also appreciate 10 percent. But if investors are risk averse, they will put greater weight on the risk of depreciation, and limit their investments in Canada at such a point that the Canadian interest rate remains well above the U.S. interest rates. Either one of these alternatives is possible. Therefore, EMH does not make any clear prediction about what the future value of the dollar will be. Forward exchange rates are unbiased predictors of future spot rates Forward rate is the currently determined rate of exchange for a transaction to be carried out in the future. For example, the 90-day forward rate is the exchange rate to be applied to a transaction which is agreed to be completed at the end of 90 days from the date of agreement. The spot exchange rate prevailing in the market at the end of the 90-day period may be referred as the future spot rate. To find whether forward rate can be used to predict the future spot rate or not, there is a hypothesis, which postulates that the forward exchange rates are unbiased predictors of future spot rates in the exchange market. Technically speaking, an unbiased predictor is one that is just likely to overestimate as to underestimate a value, but these errors in the opposite directions are likely to offset each other in the long run. As discussed above this hypothesis is based on the assumption that for the major free floating currencies, the foreign exchange markets are reasonably efficient. Let us discuss this in light of an example: The 30-day forward rate of British Pounds is $1.40 and the general expectation of speculation is that the future rate of pound will be $1.45 in 30 days. Since speculator expect the future spot rate to be $1.45 and then sell them when received (in 30 days) at the spot rate existing then. If their forecast is correct, they will earn $.05 per pound, i.e. $1.45 $1.40. If a large number of speculators implement this strategy, the substantial forward purchases of pounds will cause the forward rate to increase until the speculative demand stops. Perhaps this demand will terminate when the forward rate reaches $1.45, since at this rate no profit will be expected by implementing the strategy. Thus the forward rate moves toward the markets general expectation of the future spot rate. In this sense the forward rate serves as the market based forecast of predictor of the future spot rate, as it reflects the markets expectation of the spot rate at the end of the forward horizon (30 days in this case). It can also be implied, If todays expectation of future exchange rate is unbiased, and if the forward and future prices equal that expectation, we would find that todays forward, on an average and in the long run equal the subsequently observed spot exchange rate. Thus there are two things to be considered: first, does the forward price equal the markets expectation of the future exchange rate? Second, is todays expectation of the future spot exchange rate unbiased? That is, does todays expectation of the future spot exchange rate equal the actual observed rate? Unfortunately, there is no truly accurate way to observe todays market expectation of future exchange rates. Therefore, most tests assume that the market expectation is an unbiased estimate of future spot exchange rate. Under this assumption scholars have tested the relationship between the forward and observed spot rate. They test the following equivalence: F0, t = St à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ (1) Where, F0, t = the forward price at t=0 for contract expiring at time t and St = the spot exchange rate observed at time t. Testing the equivalence in above equation determines whether the forward price is a good estimate of the future spot rate of exchange. Even if there are large deviations between the two prices in equation, it is still possible that the forward price would provide a prediction of the future spot rate. An unbiased predictor is a predictor whose expected value equals the variable being predicted. In other words, if the quantity F0, t St equals zero, on average, the forward prices would provide an unbiased estimate of the future spot rate of exchange. Although the forward rates are predictors of future spot rates, but only in the condition of risk-neutrality. If risk neutral spectaculars are available in sufficient quantity, their profit-seeking activity will drive the future prices toward equality with the expected future spot price. And there are many factors which affect the future spot exchange rates like interest rates, inflation rates and price levels. So, the linkages among interest rates, price levels, expected inflation and exchange rates emphasizes the fundamental relationship that exists between the forward and future foreign exchange prices, on the one hand, and the expected future value of the currencies, on the other. To investigate this relationship let us consider the table shown in appendix. It can be seen that in the left panel, a set of consistent exchange rates, interest rates, expected inflation rates and tortilla prices are presented for March 20, 2009. The right panel presents the expected spot exchange rate for March 20, 2010, along with expected tortilla prices, consistent with the expected levels of inflation in Mexico and United States. Assuming, all of these values hold and that the expected spot exchange rate in one year is MP 11 per dollar. With the Mar, 2010 future prices of 10.45 MP/$, a speculative opportunity exists as follows. A speculator might buy futures contract for the delivery of dollars in one year for MP 10.45/$. If the expectation that the dollar will be worth MP 11 in one year, will be correct, the speculator will earn a profit that results from acquiring a dollar via the futures market for MP10.45 and selling it for the price of MP 11. If we assume that risk-neutral speculators are present in the foreign exchange market, the discrepancy betwe en the future prices of 10.45 MP/$ and an expected spot exchange rate of 11 MP/$ (at the time the future contract matures) cannot exist. In fact, given a profusion of risk-neutral speculators, the only expected spot exchange rate to prevail on March 20, 2010, which would eliminate the incentive to speculate, would be 10.45 MP/$. Of course, different market participants have different expectations regarding inflation rates and expected future spot exchange rates, and this difference in expectations is the necessary requirement for speculation. No predictor is perfect; therefore, it is possible that the forward or future prices may seem to be error-ridden. While earlier studies generally found that forward exchange prices are were predictors of future spot rates, later studies clearly find bias and large errors in the future forecasts of subsequent spot prices. In summary, the errors in forecasts of future exchange rates appear to be large and biases do seem to exist in these forecasts, although the biases appear to be too small to allow profitable exploitation of efficient markets. Conclusion: Famas 1965 insight- Efficient Market Hypothesis (EMH) irreversibly changed the way we look at financial markets. The impact of the theory of efficient markets has proven to be durable and seems likely to continue to be so, despite its inevitable and painfully obvious limitations. And there have been a number of studies of the forecasting accuracy of future and forward exchange rates. Most of these studies find significant errors or biases in the future based forecasts. However, compared with most professional forecasting services, the forward exchange rates still provides a superior forecast of future spot rates. Only if the investors are risk-neutral, then the forward rates may be a guide for predicting and determining the future spot rate. But normally, the investors are risk- averse and they need some amount of premium over and above the forward rate and because of this premium the forward rate alone cannot shape the future spot rate. References: Aggarwal, R., Mohanty, K.S. Lin, T.W. (2008). Are forward exchange rates rational forecast of future spot rates? An improved econometric analysis for the major currencies. Multinational finance journal. 20 (2), pp-22-25. Ball, R. (2009). The global financial crises and the efficient market hypothesis: what have we learned? Journal of applied corporate finance, forthcoming. November, 5. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1502815 Accessed at: 1st May, 2010 Buser, A.S., Karolyi, A.G. Sanders, B.A. (1996). Adjusted forward rates as predictors of future spot rates. April, 1996. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=40165 Accessed at: 3rd May, 2010 Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of finance, 25, pp- 383-417. Froot, Kenneth A   Thaler, Richard H,  1990. Foreign Exchange, Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 179-92 Geweke, J. Feige, E. (1979). some joint test of efficiency of markets for forward foreign exchange, review of economics and statistics, 61, 334-41 Hansen, L.P. Hodricks, R.J. (1980). Forward exchange rates as optimal predictors of future spot rates: An economic analysis, Journal of political economy, 88, 829-53. Kolb, W.R. Overdahl, A.J. (2007). Futures, options and swaps (5th Eds). Oxford: Blackwell publishing. Kumar, V.R. (2007). Testing forward rate unbiasedness in India: an econometric analysis of Indo-US forex market. International research journal of finance and economics, 12(4), pp 56-66. Levich, R.M. (1983). Exchange rate forecasting techniques, in George, A.M and Giddy, I.H. (Eds). International finance handbook. New York: Wiley. Nguyen, J. (2004). The efficient market hypothesis: Is it applicable to the foreign exchange market? Economics working paper series. University of Wollongong. Available at: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012181.pdf Accessed at: 30th April, 2010 Salvatore, D. (1993). International economics. New York: Mac Millan Publishing. Sarno, L. Taylor, P.M. (2002). The economics of exchange rates. Cambridge: Cambridge university press. Sharan, V. (2009). International financial management (5th Eds). New Delhi: PHI. Stanley, M. (2009). Market efficiency and risk management. The journal of applied corporate finance, 21(4), pp- 98-99.

The Peoples Princess Essay examples -- essays research papers

Diana Frances Spencer was born on July 1, 1961 in Sandringham, Norfolk. Her parents, John and Frances Spencer, were hoping for a boy to carry on the Spencer name. It took them nearly a week to come up with a name for the baby girl. Eighteen months earlier, her mother had giver birth to a baby boy, but he was so sick that he only survived for ten hours. Lady Frances, twenty three at the time, was sent to many specialists to find out the reason why she could not have a little boy. Three years after Diana was born, Lady Frances gave birth to a healthy baby boy, Charles. Diana had been christened in Sandringham Church with well-to-do commoners for godparents. Charles, on the other hand, was christened in Westminster Abbey with the Queen of England as his godparent. As a child, Diana spent most of her time playing outside. Close to her home were many woods, horse stables, and they owned a heated swimming pool. The woods were filled with rabbits, foxes, deer, and other animals. As she grew older, she also grew a great love for animals. She also had a love for children. At age eighteen, she became a teachers assistant. She taught dance, drawing, and painting to kindergarten students. When she was six years old, her mother left her father for another man. She went between her mother's townhouse and her father's country estates. Both parents got re-married, so she had two step-parents to please. Because of Diana's royal background, she earned an invitation to Prince Charles's thirtieth birthday party. This is were the two met for the first time. There were hundreds of people at the party, but Charles couldn't take his eyes off of Diana. A few months later, the two became a couple. "The news about Charles and Diana's love soon spread. The shy young teacher's aide quickly became famous. Everyone wanted to know if the Prince had finally found his Princess. "The answer came in February 1981. Prince Charles asked Lady Diana to be his wife. Blushing with happiness, Diana accepted. The fairy tale had begun-and Diana's life would never be the same."1 During their engagement, Diana frequently visited Buckingham Palace, and the Queen of England for roya... ...imply immersed by duty and tradition but can sing openly as you planned. We fully respect the heritage into which they have both been born, and will always respect and encourage them in their royal role. But we, like you, recognize the need for them to experience as many different aspects of life as possible, to arm them spiritually and emotionally for the years ahead. I know you would have expected nothing less from us. William and Harry, we all care desperately for you today. We are all chewed up with sadness at the loss of a woman who wasn't even our mother. How great your suffering is we cannot even imagine. I would like to end by thanking God for the small mercies he has shown us at this dreadful time; for taking Diana at her most beautiful and radiant and when she had so much joy in her private life. Above all, we give thanks for the life of a woman I am so proud to be able to call my sister: the unique, the complex, the extraordinary and irreplaceable Diana, whose beauty, both internal and external, will never be extinguished from our minds."

The 3 Types of Economic Systems

The 3 Types of Economic Systems – Centrally planned economy – Mixed economy – Market economyCentrally planned economySystem in which a nation’s resources are owned by the government. Came from the ideology that the welfare of the group is more important than individual well being, the idea came from Karl Marx. The decline of Centrally planned economies was in the 1980’s nations began to dismantle communist central planning in favor of market based economy. Mixed economyEconomic system in which resources are more equally divide between private and government ownership. It came from the idea that a successful system must be not only efficient and innovative but should also protect society. Most economies around the world are mixed economies but most mixed economies are trying to convert more of a market economy. This is called â€Å"Privatization† or â€Å"Privatizing†. Market EconomyThe majority of nations resources are privately owned. Economic decisions are determined by supply and demand. Based on the belief that individual concerns should be placed above group concerns. The best features are free choice, free enterprise and price flexibility. The governments role is enforcing antitrust laws, preserving property rights, providing a stable fiscal and monetary environment and preserving political stability. Personally I would prefer to live in a mixed economy. I say this because it is the best kind of economic system in my eyes.A mixed economy lies between a free market economy and a centrally planned economy. A mixed economy combines elements from free market and centrally planned to create a more favorable economy. Most nations operate mixed economies with varying combinations of capitalist and socialist features. Some benefits of a mixed economy are free enterprise, private ownership, a â€Å"safety net† and the ability for the government to step in if needed. This is very appealing because the benefits are unmatched from the other two main economic systems.  I like the idea of private ownership and the government being able to step in during times of need, these two examples are the main reasons I prefer to live in a mixed economy.

All About Chinese Wedding Flowers

All About Chinese Wedding Flowers Chinese wedding flowers are used mostly as a decoration on tables at Chinese weddings and large bouquets of colorful flowers (typically pink and red) are often given to the bride and groom as gifts. These elaborate bouquets usually line the hall leading to the wedding reception. Some brides opt to carry a small bouquet though this is usually just for wedding photos. Lilies are popular Chinese wedding flowers because the word lily (ç™ ¾Ã¥ Ë†, bÇŽi hà ©) sounds like the ç™ ¾Ã¥ Ë† ( bÇŽi hà ©) part of the proverb ç™ ¾Ã¥ ¹ ´Ã¥ ¥ ½Ã¥ Ë† (BÇŽinin hÇŽo hà ©, happy union for one hundred years). The flower also represents bringer of sons. Orchids are another popular Chinese wedding flower. Orchids symbolize love and a married couple. Orchids also represent wealth and fortune. The lotus is also a popular Chinese wedding flower. A lotus bloom with a leaf and bud symbolizes a complete union. Two lotus blooms or a lotus and a blossom on one stem represent a wish for shared heart and harmony because è  · (hà ©) means union.

Robert Frost v. Pink Floyd essays

Robert Frost v. Pink Floyd essays From Robert Frost's Mending Wall to Pink Floyd's Another Brick in the Wall, humankind erects and maintains real and symbolic barriers to protect and defend opposing stances, beliefs and territories. Although each "wall" is different they serve the same purpose and both Frost and Floyd oppose them. Robert Frost's Mending Wall is a very popular poem. This poem consists of two characters: the narrator and his neighbor. In this poem the two neighbors are mending a stone wall that separates their property. The wall mending has been a pastime of the neighbors for many years and occurs every spring. Over the winter the wall has fallen victim to both hunters and the frozen ground and, therefore, contains gaps that must be filled. In the poem the narrator questions the sense of even mending the wall . He concludes that neither of the farms contain animals, only trees, which would be enough of a boundary. There is no physical need for the wall, so why go through the trouble of fixing it every year for no apparent reason. Although the narrator is right the ignorant neighbor insists that they mend the wall by saying "Good fences make good neighbors."(Frost) The neighbor repeats this saying although he doesn't know why the wall is necessary nor does he know why it will make them better neighbors . Frost is criticizing the ignorance of the neighbor here. Mending Wall, although it doesn't appear it on the surface, almost parallels to a popular Pink Floyd song, Another Brick in the Wall. The speakers of the song are students and the poem is directed towards teachers. In this song, as in Mending Wall, a barrier is discussed, but this time it is a phsycological barrier instead of a physical one. This barrier has been put up by society and is being built up by the teachers. The students are calling out against this building up of the wall. "All in all you're(teachers) just another brick in the wall."(Floyd) This barrier ...

MGMT499 - 1403B - 04 Individual Project 3 Research Paper

MGMT499 - 1403B - 04 Individual Project 3 - Research Paper Example Every supervisor in the department should be honest to ensure that the process is successful (Sargeson, 2009). Additionally, they should follow these instructions: All the supervisors will be graded according to the work they perform, ensuring that their grading is accurate and true. In this case, all their duties will be examined and accessed and their performance will be tracked to ensure that only the relevant information is acquired and filled in the performance grading form (Butera, 2013). The language must be communal on all aspects and the grading criteria must be consistence to enhance easy evaluation of their performances. Through this method, it will be easy to access the frontline supervisor performance. The grading criteria’s to use will include; unsatisfactory, below expectations, meets expectations, exceeds expectations and lastly, outstanding (Weiner, 2010). The supervisor will be graded accordingly, ensuring that the results are genuine. The criterion is very effective since every supervisor fits in one of the criteria’s. Consequently, it is effective in ensuring that all the qualities of a given supervisor, wheth er good, bad or worst are represented. All the weights are equal since every character is important for the supervisor to be characterized as perfect in performing his or her duties (6.67%). Administration: Have quality, effective and perfect administration and organizational skills. Eliminate all the unnecessary activities in the department and handle all activities with caution to enhance success. Communication: Have good communication skills such as listening to the juniors, effectively listening to their pleas and addressing their issues. Be timely while providing important information to the co-workers and the management Teamwork: Does the supervisor relate well with the employees under all conditions, especially, getting along easily with

Discussion 14 702 Assignment Example | Topics and Well Written Essays - 250 words

Discussion 14 702 - Assignment Example This leads to inefficiency and ineffectiveness and identifies significance of the program in facilitating development and application of contemporary nursing knowledge. The program has also informed me of the contemporary knowledge (Sieloff & Frey, 2007) and its diversity and applicability (Fawcett & DeSanto-Madeya, 2012). I am therefore prepared to assume an active role in development and use of contemporary nursing knowledge and in advocacy for mass transition to reliance on the knowledge for practice. I envision myself as a leader and an advocate of evidence based practice, and I shall pursue the vision through a number of strategies. I shall conduct and publish empirical based studies on effectiveness of evidence-based study in solving healthcare issues and use the results to advocate for the practice. I shall also rely on evidence-based practice in my clinical practice and seek diligence with the aim of demonstrating advantages of the practice. In addition, I shall motivate individuals, teams, and the entire organization through setting examples and through empowering nurses into evidence based practice. I shall rely on my organization’s top management to develop policies for application of evidence-based practice and to avail resources for the same. Resistance is expected at different levels of the organization due to financial implications and required change but I plan to use situational leadership style, with focus on charismatic and transformational styles, in ensur ing change towards use of evidence based practice (Kelly & Tazbir,