Reasons Why Investment Trusts Trade at a Discount The WritePass Journal

Reasons Why Investment Trusts Trade at a Discount Abstract Reasons Why Investment Trusts Trade at a Discount Abstract IntroductionReasons for discounting Investment TrustsMisestimating the Net Asset Value (NAV)Agency Costs and Managerial AbilityTaxesInvestor SentimentConclusion ReferencesRelated Abstract The fact that investment trusts and close-end funds in general trade at a discount has elicited debates among financial scholars and practitioners, often referred to as the closed-end puzzle. Based on this, this paper explores and explains some of the reasons that investment trusts trade at a discount. It also provides an in-depth explanation of characteristics of close-ended funds and conditions that lead to the classification of the share price as either a discount or a premium. Investment trusts trading at a discount are those trading at prices that are below their net asset value. Those trading at a price higher than the net asset value are considered as being sold at a premium. Some of the main reasons that are explored in this paper include miscalculation of the net asset values of the investment trust, taxes on realized capital gains, agency costs, managerial abilities and investor sentiment. Even with the explanations that are provided in this paper, the closed-end fund prize puzzle continues to be debated upon and researched. Introduction The fact that investment trusts often trade at a discount is an aspect that has drawn interests from academics and practitioners in the field of finance. To have a better understanding of these reasons, it is ideal to provide an exhaustive definition of investment trusts. Investment trusts, which are typical to the United Kingdom, are defined by Barnhart and Rosenstein (2010) as types of investment firms that are formed with the primary aim of holding securities for other companies and the obtainment of capital from the public issue of shares trading on the stock market. They are also referred to as closed-end funds because they only offer a fixed quantity of shares that new investors can purchase from already existing shareholders (Hartzell et al., 2006). The prices of shares of investment trusts are determined by the forces of supply and demand in the share market. As a consequence, there are incidents where the price of a share may either be higher or lower than its net asset valu e. Whenever a share trades at a price that is higher than its net asset value, it is considered to be trading at a premium. On the contrary, if a share trades at a value that is lower that its net asset value, it is considered to be trading at a discount (Berk Stanton, 2007). In this regard, this report intends to discuss reasons why they trade at a discount. Reasons for discounting Investment Trusts One main characteristic of investment trusts and closed-end funds in general is the fact that they are permanent capital ventures and thus, the shares’ supply is fixed (Chan et al., 2008). Numerous attempts that have been made by researchers and practitioners to explain the investment trust discounts, and have resulted in conflicting results, commonly referred to as the closed-end fund puzzle. Even though these funds are known to trade at discounts, it is important to note that newly opened investment trusts and closed-end funds in general, usually begin trading at a premium of approximately 10% of their net asset value. After their initial premium trading, they shift towards trading at a discount that is at average rate of 10% within the first 120 days. After which, discounts remain substantial. In case closed-end funds are closed or terminated, there is an increase in their share prices, which in turn eliminates the existent discounts (Cherkes et al., 2009). Explanations for investment trust discounts that have been made by researchers include the risk of liquidity, the past and future performance of shares on the market and the miscalculation of the fund’s net asset value. Investor sentiment is also another reason for discount trading in investment trusts (Yanran Liyan, 2007). This section intends to provide a more in-depth discussion of these reasons. Misestimating the Net Asset Value (NAV) This reason has been pointed out by Halkos and Krintas (2006), who argue that such miscalculations of the NAV can result from a possible accumulation of capital gains illiquid assets that had not been realized. The reason why funds with high capital appreciations that have been unrealized ought to trade at a discounted share price is that potential holders of such funds will assume a potential tax liability. In a research that was carried out by Kousenidis et al. (2011) on the effect of liquidity on closed-end funds, he established that there is a possibility of illiquid assets to be traded at a discount to provide higher expected returns. In support of inaccuracy of NAV measurement as a reason for discounts in closed-end fund trading, Yanran and Liyan(2007)suggested that when closed-end funds own large amounts illiquid assets or restricted stock that are not fairly trading in the market, their NAVs can fail to provide an accurate reflection of their true value. As a consequence of this, the shares might either trade at a lower or higher value than the NAV. Investment trust discounts are also affected by restricted stock holdings. However, given that such holdings are often quite small or at a zero value, they do not hold as valid reasons for investment trusts trading at a discount. For investment trusts, there is usually no assurance that there will always be an available market. Therefore, this lack of an assured redemption of shares makes their valuation to be discounted. In addition to this, investment trusts that hold relatively liquid securities are valued lower than their net asset values (NAVs) at the marketpla ce (Cherkes et al., 2009). Putting appropriate measures in place to avoid miscalculation of the trust net asset value is vital to solve this issue. Agency Costs and Managerial Ability Discounts in closed-end funds could be a reflection of poor performance in the management of the fund or an overcharge of management fees (Bradley et al., 2010). Agency costs may also vary according to the agency issues or conflicts that may occur due to different interests between agents and principals. Managerial abilities have also been listed by researchers as being among the main factors that determine whether investment trusts can trade at a premium or a discount. The theory that investment trusts can trade at a discount if the managers charge a fee was originally proposed by Boudreaux in 1973 (Berk Stanton, 2007). He suggested that if fund managers charge investors a fee but fail to add value to their investments, then the value of the fund is likely to be less than its NAV. In a case where managers add value to the investment trust, the reason why it might trade at a discount is when investors are made to believe that the funds’ managers are not good at investing thei r funds. If investors believe that their money is being managed by people who are good at selecting viable investments, then the fund will trade at a premium. In a research carried out on the ownership of closed-end funds Cherkes et al.(2009) established that investment trusts with larger percentage of insider ownership are likely to trade at higher discounts. This is because investors of funds that are selling at higher discounts stand a chance of receiving windfall gains in case the funds undergo immediate liquidation at their net asset value. He also established that higher expense ratios lead to higher discounts of funds because management fees are considered as being deadweight losses. Thus, discounts are used to represent the capitalization of the management fees value. Management of trusts also affects their future performances in the market, which also determine whether investment trusts are to be traded at a discount or premium. Halkos and Krintas (2006) argue that in cases where investment trusts are managed in a highly professional manner and with a positive track record, investors may have the will to pay a premium for a share of the funds. This is also due to the fact that such trusts are often expected to maintain their superior performances in future. On the other hand, funds that are expected to underperform in the market are expected to be traded at higher discounts, mainly because of the scepticism that potential investors may have for the fund (Berk Stanton, 2007). Estimation of future performance of investment trusts can be done by comparing trends in the NAV, which are estimated on a frequent basis. It can also be done by evaluating the managerial capabilities of the fund. It can be thus argued that investment trusts whose management has a good reputation tend to perform well in the market and therefore, trade at a premium. On the contrary, poorly managed trusts fail to thrive in the market and therefore, are likely to trade at a discount. Taxes Another reason why investment trusts trade at a discount is taxes. According to Jin(2006), full taxes on the realized capital gains of a fund are paid for by the current shareholders, even though the highest percentage of their gains was accumulated before the investors bought the shares. Based on this, it can be argued that funds whose accumulated gains are large ought to trade at a price lower than their NAVs also suggests that investment trusts that have a high appreciation of unrealized capital sell at discounts because holders of such funds assume potential tax liabilities that depend on the holding periods of the investors. Berk and Stanton (2007) posit that discounts in closed-end funds are partially caused by the fact that investors usually lose valuable opportunities to trade tax because of holding shares in closed-end funds. Some of the tax trading approaches include individual portfolio movement. On comparing British and U.S. closed-end funds, Cherkes et al.(2009) establis hed that British funds do not have the freedom of distributing capital gains as the US funds do. In addition, shareholders have no liability in case the invested capital gains tax, except if they decide to put the holdings that they have in the fund up for sale. Yet U.S. and British closed-end funds behave in a quite similar manner. Thus, it can be concluded that discounts in investment trusts and closed-end funds cannot be explained based on country-specific tax factors. Investor Sentiment Many researchers have focused on the aspect of investor sentiment as a reason for discounts in investment trust trading. This hypothesis was proposed Lee, Shleifer and Thaler in 1991 (Yanran Liyan, 2007). According to them, premiums and discounts in closed-end funds are determined by the attitudes of opinions that investors have about them. To explain this hypothesis, two kinds of investors are identified. These are the noise investors and rational investors. Whereas the expectations of rational investors on their asset returns are rational, noise investors’ expectations are influenced by sentiment. They have the tendency of either overestimating or underestimating the expected returns on investment. Therefore, when investment trust shares are traded, noisy and rational investors make their investments based on their respective judgments. Due to the risk associated with assets and the fact that every investor is risk averse, closed-end funds ought to trade at equilibrium pric es that reflect opinions of the noisy and rational investors, which are often discounts. A proposal was made by Halkos and Krintas (2006) that noisy investors tend to concentrate more on the closed-end fund ownership than on the ownership of the underlying assets of the funds. Pessimism by noise traders on the future of fund drives down its price to a value lower than its NAV. This causes rational investors to avoid the buying the fund’s shares because of the risks associated with trading the funds at a discount. Chan et al. (2008) also argue that the sentiment of noise traders is stochastic and, therefore, cannot be accurately predicted by rational traders. Particularly, it is impossible for rational investors to make a perfect forecast whether noise investors will either be pessimistic or optimistic at the time that they intend to sell their assets. Due to the fact that rational traders are careful about the prices with which they will resale their assets, the unpredictable nature of noise traders’ sentiment increases the level of risk on the assets they intend to trade (Kousenidis et al., 2011). The biggest risk associated with noise investors is that they will be pessimistic at the time when rational investors intend to sell their assets, causing a drop in prices. Since there is always a risk of an adverse sentiment shift, the possibility of trading shares at a discount is always existent (Yanran Liyan, 2007). Conclusion This paper has provided an in-depth explanation of some of the reasons why investment trusts usually trade at a discount. Apart from this, other aspects of investment trusts have been explained. One of the main characteristics of investment trusts that has guided the establishment of reasons discussed in this paper is that it is a closed-end fund. This means that supply of shares is fixed, regardless of the market dynamics. Therefore, fluctuations of these funds that result into premiums or discounts are mainly caused by demand factors. The main reasons why investment trusts trade at discounts include the attitudes that investors have on the fund, commonly referred to as investor sentiment, agency costs and managerial abilities, taxes and miscalculation of the net asset value of the fund. However, the factor that is contented upon by most researchers in this field of finance is investor sentiment, which is a behavioural approach of understanding this concept. Some of the other reason s that have been cited in several other researchers include the institutional ownership and performance of the trust in the market. In future research, a more specific research could be carried out by focusing on a specific investment trust in the UK. References Barnhart, S.W. Rosenstein, S., 2010. Exchange†Traded Fund Introductions and Closed†End Fund Discounts and Volume. Financial Review, 45(4), pp.973-94. Berk, J.B. Stanton, R., 2007. Managerial Ability, Compensation, and the Closed†End Fund Discount. The Journal of Finance, 62(2), pp.529-56. Bradley, M., Brav, A., Goldstein, I. Jiang, W., 2010. Activist arbitrage: A study of open-ending attempts of closed-end funds. Journal of Financial Economics, 95(1), pp.1-19. Chan, J.S., Jain, R. Xia, Y., 2008. Market segmentation, liquidity spillover, and closed-end country fund discounts. Journal of Financial Markets, 11(4), pp.377-99. Cherkes, M., Sagi, J. Stanton, R., 2009. A liquidity-based theory of closed-end funds. Review of Financial Studies, 22(1), pp.257-97. Halkos, G.E. Krintas, T.N., 2006. Behavioural and fundamental explanations of discounts on closed end funds: an empirical analysis. Applied Financial Economics, 16(5), pp.395-404. Hartzell, J.C., Sun, L. Titman, S., 2006. The effect of corporate governance on investment: evidence from real estate investment trusts. Real Estate Economics, 34(3), pp.343-76. Jin, L., 2006. Capital gains tax overhang and price pressure. The Journal of Finance, 61(3), pp.1399-431. Kousenidis, D.V., Maditinos, D.I. Ã…  ević, ., 2011. Premium/Discount Of Closed-End Funds As A Measure Of Investor Sentiment: Evidence From Greece. Journal of Applied Business Research, 27(4), pp.29-52. Yanran, W. Liyan, H., 2007. Imperfect Rationality, Sentiment and Closed end fund Puzzle. Economic Research Journal, 3, pp.117-29.

Meaning and History of the Surname Clement

Meaning and History of the Surname Clement From the Late Latin given name Clemens, the Clement surname means merciful and gentle. CLEMENT is the English version and CLÉMENT is French. CLEMENTE is a common  Italian and Spanish version of the surname, also originating from the given name Clemens. Surname Origin: French,  English, Dutch Alternate Surname Spellings: CLEMENS, CLEMENTS, CLEMENTE, CLEMMONS, CLEMONS, CLEMMENT Fun Fact  about the Surname Clement Clement was the name of fourteen different popes, including Saint Clement I, the fourth  pope and first of the Apostolic Fathers. Famous People with the Surname CLEMENT Gustave Adolphe Clà ©ment-Bayard -  19th-century French entrepreneur and industrialistJean-Pierre Clà ©ment - French economist and historianMartin W. Clement - 11th president of the Pennsylvania railroadNicolas Clà ©ment - French chemist- MLB baseball player and humanitarian Where is the CLEMENT Surname Most Common? According to surname distribution from  Forebears, the Clement surname is found most prevalently in Nigeria, but in the greatest numbers in France, where it ranks as the 75th most common surname in the country. Clement is also a fairly common last name in Luxembourg (195th most common surname), Wales (339th), Canada (428th) and Switzerland (485th). Genealogy Resources for the Surname CLEMENT French Surname Meanings and OriginsDoes your last name have origins in France? Learn about the various origins of French surnames and explore the meanings of some of the most common French last names. How to Research-French AncestryLearn about the various types of genealogical records available for researching ancestors in France and how to access them. Clement Clements Clemmons Y DNA ProjectJoin with other genealogists interested in combining Y-DNA testing with traditional genealogy research in order to identify common Clement ancestors worldwide. Surnames included in the project include Clement, Clements, Clemmons, Clemons and Clemens. Clement Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as a Clement  family crest or coat of arms for the Clement surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted. CLEMENT Family Genealogy ForumSearch this popular genealogy forum for the Clement  surname to find others who might be researching your ancestors, or post your own Clement query. DistantCousin.com - CLEMENT  Genealogy Family HistoryExplore free databases and genealogy links for the last name Clement. GeneaNet - Clement  RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Clement  surname, with a concentration on records and families from France and other European countries. The Clement  Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Clement  surname from the website of Genealogy Today. Sources Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick, and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997.

Security Risk Analysis for Intrusion Detection and Prevention of Essay

Security Risk Analysis for Intrusion Detection and Prevention of Cybercrime - Essay Example Data and alert correlation in the military network and the future of intrusion detection and prevention methods are touched upon. The paper recommends appropriate procedures to control the threats and reduce the vulnerability of the system to lower the level and make them acceptable keeping in mind the military network and the sensitivity of data protection in this case. Top five risks are analyzed and briefly reviewed. Current federal legislation and the standards based on securing and preventing cybercrime will be analyzed. Steps will be recommended to implement and maintain the strategy proposed. Risk analysis terms Security risk analysis also referred called risk assessment, is a basic requirement of any organization. Essentially, controls and expenditures are largely commensurate with the risks to that an organization posses. Many conventional means for conducting a security risk analysis are turning out to be more indefensible in terms of criticality, flexibility and usability. Qualitative Risk Analysis It is the most pervasively used approach to security risk analysis. No probability data is required and only estimates of potential loss are used. Elements of qualitative risk analysis: Vulnerabilities – These are factors that make a system prone to attack or make an intrusion more likely to succeed or have an impact. For example, flammable material. Threats – What could go wrong or something/ situations that can attack the information system. For instance, fraud or fire. Controls – The countermeasures put up by management for vulnerabilities. They include preventive control, detective controls, deterrent controls etc. Security Risk Analysis for Intrusion Detection and Prevention of Cybercrime The satellite communication systems form the backbone of net centric warfare for the US Military and give it considerable advantage over others. The close integration of the communication system and its distribution to local level commanders puts this system far ahead of other armies as by (Bufkin 2011) â€Å"This is unique feature of this system – no other department of defense satellite system can relay information from the satellite all the way down to war fighters, portable communications packs and handheld radios†. The system, however, like any other is not perfect and present some vulnerabilities in its operation. The modern communication systems have evolved and are far more secure than their predecessors. The interception methods have evolved along with these advancements and therefore security and threats are circling in an infinite loop. Both are constantly evolving. Contrary to popular opinion, cybercrime is a risk to all industries including military networks. If intrusion detection methods are not effective, cybercrimes results in security breaches long before the victims become aware that the systems are compromised. In case of military networks, the stakes are very high as the data includes sens itive information that may even include strategic plans, communication infrastructure details and even present situation reports. Any of these if intercepted can jeopardize complete communication network and leave military in a blackout. As per Foreign Affairs, Defense and Trade Division in 2008 â€Å"

M1A2- Leadership and Ethics Assignment Example | Topics and Well Written Essays - 750 words

M1A2- Leadership and Ethics - Assignment Example The rumors were about the managing Director embezzle the company’s resources. To add on that, the aspect of mismanagement, where employees were not included in planning and the issue of ethnicity and racism was so much in practice. This caused a lot of unrest among the staff that the managing director went into hiding. The situation was so bad, that even the organizational output decreased tremendously. The breech in ethical principles and etiquette cost the organization a great deal, as they had to come up with strategies on guidance and counseling for all the staff members to reach and address the root cause of the problem. Hence, the inter relationship between values, morals and work ethics was established in a bid to solve the crises. According to Duska (1998), values refer to the definition of the good and bad in society. Moral values are those attributes that are upheld and valued in the society. Typical values include honesty, integrity, compassion, courage, honor, resp onsibility, patriotism, respect and fairness. By that definition, one could categorize the values listed above (honesty, integrity, compassion †¦) as â€Å"moral values† - values derived from a higher authority. When one acts in ways, which are consistent with our beliefs (whether secular or derived from a moral authority), we will characterize that as acting ethically. Hence, for one to be ethical, they need to posses ethics and moral values. According to Naagarazan (2006) the strategies to address the ethical crises apply in real life, whereby one attends therapy sessions and guidance and counseling in case, they face conflicts at home and the workplace. These tactics instill self-confidence in the individual, in that they are able to address and face their problems. This strategy is therefore effective in both the work place and real life situations. Reference List Duska, R. F. (1998). Education, leadership and business ethics: Essays on the work of Clarence Walton. K luwer Academic Publishers: Dordrecht Naagarazan, R. S. (2006). Textbook on professional ethics and human values. New Age International (P) Ltd., Publishers: New Delhi. A true leader should be able to address the specific organizational requirements while rendering his or her duties of ethical leadership. Discuss how you think virtues of character and leadership skills are acquired or developed within specific organizational contexts. For any given organizational framework, analyze parameters that will help you identify principles of best practice for leadership development. Identify and analyze attributes and competencies of effective leadership that can help implement these principles of best practice. Sucher (2008) wrote that, some of the leadership traits like humility, aggressiveness, and patience are innate, in that one is born a leader. They are nurtured in the day-to-day handling of the people in the organization. On the other hand, there are those traits that are acquired th rough practicing leadership for example, conflict resolution and team building. There are also those traits in leadership that are acquired through training, for example, listening and empathy skills from guidance and counsel ling classes, conflict resolution and team building from the managing people courses that people attend. Peterson & Sondergaard (2008) asserted that an organization that experiences effective ethical leadership, experiences high output. The staff on the other

Prior Knowledge Deficit Essay Example for Free

Prior Knowledge Deficit Essay Prior knowledge comes from visual experiences, seeing those mental pictures of a subject. Prior knowledge comes before understanding what readers read, or understanding the subject. A deficit in prior knowledge inhibits student learning by taking away their educational experiences and replacing them with standardized testing. To begin with, prior knowledge plays an important role in enabling students to learn to read, and to read to learn. First, learning to read starts in kindergarten and continues through third grade, where teachers use books called primers. Primers teach students how to read because they tell stories about subjects that students already have visual experience with, such as family, friends, food, pets, or games. Since students know the basic information about such subjects, when they are being taught how to read, they understand the primers. Finally, when students enter fourth grade, they begin reading textbooks to learn about science and social studies. These students developed prior knowledge of science and social studies from kindergarten through third grade, when they attended field trips to zoos and museums, watched educational films, and completed science projects. If they learned this basic information about the natural world of science, and about the human world of social studies, students are able to understand their textbooks. As a result, they can add new knowledge to further their education. Additionally, many students struggle with the prior knowledge deficit because of standardized testing. First of all, standardized testing takes time away from educational experience by using all the time and money on the tests. Teachers use the time on teaching students how to become test takers, instead of educating them in different experiences of the world. In the past, schools would take students on field trips to teach them mostly about science, and social studies. However, such field trips cost a lot of money; money that is currently being used on standardized tests. On one hand, traditional education consisted of students reading and writing to understand and explain the knowledge of the world. On the other hand, now day’s students are test takers, and they use their reading and writing skills for the test, just like knowledge is used to memorize all the information without understanding it. Teachers need to focus on this method because they are evaluated by the student s test scores. To summarize, prior knowledge deficit hinders students learning by taking away their educational experiences and focusing their time on standardized testing. A solution to the prior knowledge deficit is for teachers to dedicate more time on teaching students about subjects that will be used later on in further education, rather than teaching students how to become test takers.

Sitting on your Hands as an Alternative to Money :: essays papers

Sitting on your Hands as an Alternative to Money The old adage money can’t buy happiness apparently was never learned in the small town of Dilley, Oregon. Jonathan Hawes is a convicted sex offender who was released into society after serving a five-year prison sentence. Upon his release from prison he planned to move into his mother Wendy Brewton’s house in Dilley, Oregon. Under Megan’s Law, police are required to notify neighbors when a convicted sex offender is classified as predatory. Before Hawes was classified, Ms. Brewton’s daughter alerted neighbors of Hawes’ imminent arrival. This upset the small community of 300 to 400 people. Suddenly, neighbors began researching the use of deadly force and the effect of watchdogs. The town called a meeting to discuss the situation with Ms. Brewton. The meeting became quite heated and at one point a resident threatened Hawes life. The meeting left it clear to Ms. Brewton that Hawes was not wanted in her house, which was located a mere 200 feet from a school bus stop. To resolve the conflict, at least three families pooled their money together and paid $250,000 to buy Ms. Brewton’s house. The families arrived at the dollar amount by taking the average of two state-approved appraisals on the twenty-seven acre land and house. The neighbors put $50,000 down and took out a mortgage on the remainder to insure that a convicted sex offender is not among them. Bilateral Problem: When analyzed from an economic perspective, it is clear that the problem of what to do to prevent Hawes from moving in is reciprocal. According to Coase, the traditional question would be if Hawes inflicts harm on the residents of Dilley how should Hawes be restrained. The real question is who should be allowed to harm whom to avoid the more serious harm. To analyze which harm is greater, both sides must be taken into account. The neighbors are attempting to avoid the potential harm to their neighborhood. With Hawes arrival, they are on heightened alert for their children’s safety. This constant fear brings down the property values in the neighborhood because of its undesirable nature. Hawes is also harmed by not being able to move into familiar surroundings that he has a legal right to move into. In the end, the neighbors decided that the harm was great enough to warrant paying Ms.

Legacy of colonialism and the economic development

One of the impacts of colonialism is in the development of trade and commerce between regions and countries that continue to be major factors in today’s economics. South Asia’s economy remains intimately connected to that of its colonizers, primarily with that of the United Kingdom’s. One of the key studies in the development of colonial to modern economics in the region is that of India (United Nations, 2003).The British East India Company was instrumental in expanding and developing India’s economy at the beginning of the 17th century (Reddaway, 1962). At the beginning, the Company had little leverage on the trade since India had little demand for the goods that it brought to the country but traders made lucrative profits in bringing Indian products to Europe. The commercial reforms reflected British policies and administration but also paved the way for the Indian traders and businesses who became significant in international commerce in the 18th centur y.The development of the agrarian economy, which similarly is a focus of current development objective of India, became the main industry. The policies integrated to the Indian customs and thus it did not significantly change the economic structure of the country but it provided more ground for UK companies to be established in the country (Rothermund, 1993).The shift in power developed through the India was effectively colonized by the crown, but the country’s economy remained closely linked with that of the UK (United Nations, 2003). The impact of such a relationship defied the prevalence of the US and Japan in Asian economics. One of the main reasons for the scenario is the degree by which social and cultural influences have been adopted by both countries. Support to UK companies and enterprises have been attributed to the number of Indian immigrants in the UK as well as of British citizens in India (Rothermund, 1991).According to the assessment of the management firm, McK insey & Company (2004), the history shared by India and the UK, both good and bad, has created long-term and successful partnerships that remain to be the critical factors with either country. The importance of economic systems and businesses established since the colonization of India is evident in the degree of confidence given to them in the country’s stock markets which have traditionally been conservative outside of the information technology industry (Levine & Zervos, 1996). Warren (1980) believes that countries that have a colonial history have adopted the capitalism that prevails in most of these countries today because imperialism has crated the economic and industrial foundations suited to capitalist economies.Rothermund (1993) furthermore points out that beyond the business and economic structures, the influence of colonialism can also be seen in the standards, practices and market preferences of Indian businesses: majority of Indian business follow UK standards an d prefer exporting to Europe than to the US, though McKinsey & Company (2004) qualifies such conditions maybe because of the China’s domination in US partnerships. Another indication of the influence of India’s colonial history is that most of its business leaders have been educated in the United Kingdom and the adoption of UK bases English to business communications.In conclusion, the impact of India’s colonial experience is apparent in the economic and business structures that still serve as the main architectecture of its industries. The influence can also be seen in the preferences and treatment of UK and Indian businesses of each other in both countries. Another indication of this influence is the characteristics of its markets, investments and policies that are in place both as a response to the needs of existing industries but also because of the close social and political ties between the two countries.ReferencesLevine, R. and   Zervos, S. (1996).   Stock Market Development and Long-Run Growth.   The World Economic Review, 10, p.323-339.McKinsey & Company (2004). China and India: The Race to Growth. McKinsey Quarterly . Retrieved on June 7, 2007 from http://www.mckinseyquarterly.com/article_page.aspx?L2=19&L3=67&ar=1487&pagenum=1.Reddaway, W.B. (1962). The Development of the Indian Economy.   Homewood, IL: R.D. Irwin.Rothermund, D. (1993) An Economic History of India: From Pre-Colonial Times to 1991.   New York: Routledge.United Nations (2003).   Country fact sheet: India.   World Investment Report 2003 FDI Policies for Development: National and International PerpectivesPerspectives.   New York: United Nations Publications, E.03.II.D.8.Warren, B. (1980). Imperialism: Pioneer of Capitalism. London: Verso Press.

Fire and Ice Analysis

Kailey Ausley Ms. Shumpert English 1102 TGAF 04 April 2013 An Ambiguous Meaning A poem is used to express the emotions and experiences of the author. There are four types of poems: narrative, lyric, didactic, and dramatic. A narrative poem contains a sequence of events in chronological order that tells the reader a story. A dramatic poem is normally used for onstage performances with dramatic monologue. A lyric poem is songlike, but the subject matter is not song appropriate. A lyric poem has rime, which is where words look alike, and rhyme, which is where the words sound alike only.A didactic poem teaches the reader morals or a lesson. A reader can, however, develop many meanings behind the poem due to a certain way he is feeling or a life experience. In poetry, there is no right or wrong meaning. Poetry speaks to each of its readers differently. In Robert Frost’s poem â€Å"Fire and Ice,† it is both a lyric and didactic poem. There are several meanings that can be arg ued in â€Å"Fire and Ice. † Is Frost’s â€Å"Fire and Ice† about the world ending or a past love that has ended? In the first two lines, Frost writes, â€Å"Some say the world will end in fire, / Some say in ice. The first thought that comes to mind when reading these two lines is that the poem is about the debate on how the world will one day end. Christians believe that the world is going to end in fire as the Bible says. Second Peter chapter three, verse twelve declares, â€Å"But the day of the Lord will come as a thief in the night, in which the heavens will pass away with a great noise, and the elements will melt with fervent heat; both the earth and the works that are in it will be burned up. † People not of the Christian faith believe that the world is going to end, just not in fire.The Earth once experienced an ice age, and scientists have deemed it true that this is how the Earth will end once again. A reader may not interpret the first two li nes to be related to a past relationship in any way. Consequently, the context will probably have a literal meaning until reading further into the poem. The third and fourth lines however may cause the reader to begin questioning the meaning behind the poem. Frost writes in these lines, â€Å"From what I’ve tasted of desire/ I hold with those who favor fire† (Frost 441).Frost states that he has experienced desire at some point in his life, and he delighted in it. Frost could have experienced the love of God and could have known He is existent. Frost could also be using these lines to inform the reader of a passionate relationship. Although the reader does not know exactly what Frost is referring to, it is recognizable that he has a deep passion towards something. Frost writes in lines five through nine, â€Å"But if it had to perish twice, / I think I know enough of hate/ To say that for destruction ice/ Is also great/ and would suffice† (Frost 441).These five l ines give the impression of contradiction to the first four lines. Frost goes from talking about death by â€Å"fire† to death by â€Å"ice† (Frost 441). Frost says though that if he had a second chance he would choose ice. The reader can comprehend here that Frost is saying everything will come to an end eventually. If he is talking about how the world will end, he knows that human death is inevitable and everyone will die. Perhaps Frost is talking about a relationship; he knows that all good things must come to an end.He would rather the relationship to end in â€Å"fire,† or passion, but if it ends in cold, heartless â€Å"ice,† it is okay because it was going to end at some point (Frost 441). To simply say that this poem was about either of the aforementioned would not be fair. Poetry has its own way with each and every reader. However, there are two things that are certain no matter who the reader is; this poem is a didactic because it teaches a less on and lyric because it has rime and rhyme. The lesson of this poem is that everything must come to an end, whether it is good or bad.Frost never revealed the true reason of writing this poem, but he did write it to express his emotions. Maybe he was literally talking about how the world was going to end, or he could have been talking about a lost relationship. Because Frost never gave the true meaning, the reader is left to let the imagination wonder. Without a true meaning, the reader can form his own opinion from what speaks to him within the poem. Frost, Robert. â€Å"Fire and Ice. † Backpack Literature: An Introduction to Fiction, Poetry, Drama, And Writing. Ed. X. J. Kennedy and Dana Gioia. New York: Pearson, 2012. 441. Print.

The Symbolism Of Young Goodman Brown Essays - Young Goodman Brown

The Symbolism Of Young Goodman Brown Essays - Young Goodman Brown The Symbolism Of Young Goodman Brown The Symbolism of Young Goodman Brown Nathaniel Hawthorne is a nineteenth-century American writer of the Romantic Movement. Hawthorne was born is Salem, Massachusetts, and this is the place he used as the setting for some of his works: such as The Scarlett Letter, the Blithedale Romance and Young Goodman Brown. In writing, Hawthorne was known for his use of allegory and symbolism, which made his stories a joy for everyone to read. Hawthorne was said to be the first American writer who was conscious of the failure of modern man to realize his full capacity for moral growth. His stories contain much about the life he knew as a child being brought up in a Puritan society. As Hawthornes writing continued it was filled with the same amount of sin and evil as his first writings. Evil that was revealed through his works. Young Goodman Brown was said to be one of the best stories ever written by Hawthorne (Adams70). The Marble Faun: and the Scarlett Letter were some of the other stories written by Hawthorne, and they were said to be Young Goodman Brown grown older. In this selection there is a question of maturity for Goodman Brown and whether he is good or evil. There is also a transition from childishness to adolescence to maturity. This short story in particular has a feeling of adultery, betrayal, and deception as in some of his other works. It was said by Richard P. Adams that young Goodman Brown was a germ for nearly all his best work that followed (Adams 71). The use of symbolism in young Goodman Brown shows that evil is everywhere, which becomes evident in the conclusion of this short story. Hawthornes works are filled with symbolic elements and allegorical elements. Young Goodman Brown deals mostly with conventional allegorical elements, such as Young Goodman Brown and Faith. In writing his short stories or novels he based their depiction of sin on the fact that he feels like his father and grandfather committed great sins. There are two main characters in this short story, Faith and Young Goodman Brown. Young Goodman Brown is everyman seventeenth-century New England the title as usual giving the clue. He is the son of the Old Adam, and recently wedded to Faith. We must note that every word is significant in the opening sentence: Young Goodman Brown came forth at sunset into the street of Sale, Village; but put his head back, after crossing the threshold, to exchange a parting kiss with his young w2ife. She begs him to put off his journey until sunrise, but he declares he cannot. [It] should not escape us that she tries to stop him because she is a similar compulsion to go on a journey herself-She talks dreams, too, Young Goodman Brown reflects as he leaves her. The journey each must take alone, in dread, at night, is the journey away form home and the community from conscious, everyday social life, to the wilderness where the hidden self satisfies or forces us to realize its subconscious fears and prompting in sleep. We take that journey with him into the awful forest. Noting the di fference between the town and the forest. We see Hawthorne using the Puritan association of trees and animals. When Young Goodman associates returns to Salem Village, his eyes are opened to the true nature of his fellowmen, that is human nature; he inescapably knows that what he suspected of himself is true of all men Hawthorne has made a dramatic poem of the Calvinist experience in New England. The unfailing tact with which the experience is evoked subjectively in the more impressive concrete terms, is a subordinate proof of genius. I should prefer to stress the wonderful I control of local and total rhythm, which never falters of stackers, and rises from the quest but impressive opening to its poetic climax in the superb and moving finale. Hawthorne has imaginatively recreated for the reader that Calvinist sense of sin, that theory did in actuality shape the early social and spiritual history of New England. But in Hawthorne by a wonderful feat of translation, it has no religious significance; it is as a psychological

Brexit and the Fantods

Brexit and the Fantods Brexit and the Fantods Brexit and the Fantods By Maeve Maddox My mistake with the portmanteau word Brexit brought me so many kind corrections that I feel a need to thank the readers who sent them and to apologize for making such a big gaffe. I got my information directly from the Oxford site, so there’s no excuse for such a mistake. Along with my carelessness, my vision was at fault. I took my information from this decorative panel: Never having seen Brexit written in ordinary type, I read the t as an l. The post has been amended to explain that Brexit is a combination of British+exit. Another word in that post that drew emails from readers is fantods. One reader, having pointed out the Brexil/Brexit error, asked me to explain fantods. Fantods is a word I learned from reading The Adventures of Huckleberry Finn. Spelled fan-tods by Twain, it’s one of Huck’s words. It occurs in one of the funniest scenes in the book. Huck is looking at pictures in the home of the Grangerford family. Most of the pictures are the work of Emmeline Grangerford, a daughter who has died. They are typical of the morbid mourning portraits favored by Victorian society. Here is an extract that illustrates Twain’s descriptive powers as well as the use of the word fantods: There was some that they called crayons, which one of the daughters which was dead made her own self when she was only fifteen years old. They was different from any pictures I ever see before- blacker, mostly, than is common. One was a woman in a slim black dress, belted small under the armpits, with bulges like a cabbage in the middle of the sleeves, and a large black scoop-shovel bonnet with a black veil, and white slim ankles crossed about with black tape, and very wee black slippers, like a chisel, and she was leaning pensive on a tombstone on her right elbow, under a weeping willow, and her other hand hanging down her side holding a white handkerchief and a reticule, and underneath the picture it said â€Å"Shall I Never See Thee More Alas.† [] These was all nice pictures, I reckon, but I didn’t somehow seem to take to them, because if ever I was down a little they always give me the fan-tods. Everybody was sorry she died, because she had laid out a lot more of th ese pictures to do, and a body could see by what she had done what they had lost. But I reckoned that with her disposition she was having a better time in the graveyard. The OED gives this definition of fantod: fantod noun: A crotchety way of acting; a fad. Merriam-Webster gives a bit more: fantod noun: 1. usually fantods plural: a. a state of irritability, fidget, and tension; sometimes a state of acute worry and distress. b. a state of bodily or mental disorder especially when ill-defined and more or less chronic. 2. sometimes fantods plural a. an instance or occurrence of the fantods. b. a violent or irrational outburst. 3. a fidgety fussy officer of a ship. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Wether, Weather, Whether40 Synonyms for â€Å"Different†English Grammar 101: Prepositions

Advertising Essay Example | Topics and Well Written Essays - 2500 words - 2

Advertising - Essay Example By the calculated market value, it was declared as the 17th largest company in the world. It is also the largest mobile phone service provider in the world with more than 100 million customers around the United States (Belch, G. E., & Belch, M. A. 2001). The markets in which the company is working are diverse inside the United States. The major regions of operations are California, Nevada, Illinois, Indiana, Michigan, Ohio, Wisconsin, Arkansas, Kansas, Missouri, Oklahoma, Texas and Connecticut. The founder of the company is Alexander Graham Bell who found the corporation after his invention of telephone. Initially its name was set as Bell Telephone Company. Under its subsidiaries, there was a company which was known as American Telephone and Telegraph Company (AT&T) which was incorporated in 1885. It acquired Bell Company in 1899 and the main name was set up as AT&T Company instead of Bell Company. After this major acquisition, AT&T attained the monopoly services of telephone in United States by further opening the subsidiaries of company throughout the countries. For a long time period, it remained a monopolistic market leader in telephone services in United States of America. After a long time of enjoyment the monopoly, the US regulators required from the company that they must break their monopoly by turning the whole company in to smaller region based companies individually (John, P. & Watson, W. P. 1986). The new companies were named as Bell operating companies or som etimes they were referred to as baby bells. Because of the act of breaking up, the parent company had to face heavy competition that opened the door for flexibility and creativity in the telephone services in United States. It cleared the new avenues to get the services of telephone more creatively. The competitive edge of the above listed product portfolio provides the main stream points upon which American Telephone and Telegraph Company has earned highest market share. It provides highest