The Last Samurai Being a Favorite Movie

The movie The Last Samurai was not only a great fighting action movie but it also touched on human spirituality, cultural, lifestyle difference and the effect of Japanese culture on a western man. The movie was created in 2003 and takes place in Jap in the 1860s. An American military advisor is embraces the samurai culture that he was hired to destroy after being capture. The battle scenes in The Last Samurai are accurate to how the samurai fought back then from weapons to battle strategies.The warrior strategies of the samurai were determined in part by the weapons that were being used as was the topography of the battle site where the fight was being conducted. They would use up close cavalry for open plains battle, while having archers in the mountains that were better suited for the forest and rocky terrains. They are able to combine these two ways to conduct long range and up close melee attacks during a battle. There are two completely different cultures that clash throughout t he movie.You have the Japanese old Samurai culture that hasn't changed for hundreds of years. Then there is the still new western American culture that Japan is trying to adapt into. The Japanese Samurai culture has always has great discipline and lived by the code of Bushido. Bushido has seven virtues to it which are, Duty or also known as Right Action, Courage, Benevolence, Morality, Truthfulness, Honor and Loyalty. They would live everyday disciplining themselves to this and believed so highly in it that if they disgraced themselves they would commit Seppuku which is taking their own life.While you have the new still forming western culture of America where people were more selfish greedy and wild instead of discipline. They strongly believed in growing stronger through selling or trading and expanding their reaches across the globe. In the beginning of the movie you will see the main character Major Nathan Algeren of the united states army who is sadden, angry and a personal los t of oneself. He despises himself so much that he has to lose himself every night in a bottle of alcohol hoping and wishing someone will release him from his pain by killing him.When he is capture by the same people he was suppose destroy, he is then able to see and study the way of how another culture lives. He eventually takes part in the ways of the Samurai and experiences the mysterious culture of his enemy. By keeping an open mind and fully taking in what he learned from the different culture of his enemies he is able to find a peace within himself that he has never felt before and a new path of life that he can follow happily with no regrets.The movie does have awesome historical accurate battle scenes but it also has a deeper story about how a different culture that can seem strange at first effect someone in a good way. Major Nathan Algeren was an unstable person that thought he didn't deserve to live but was able to find a peace that he never imagined through learning and e xperiencing a different culture that he use to refer to as primitive. It's just like the quote â€Å"never judge a book by its cover†.

Hamlet Insanity Essay

During the chamber scene, Hamlet shows an insane side to not only his mother, but everyone else in the play. Hamlet clearly demonstrates how insane he is after killing Polonius and showing no remorse for his death. Another example of Hamlets insanity is during the chamber scene, when Hamlet’s talking to his mother, the ghost appears talking to Hamlet, but the queen couldn’t see the ghost, only Hamlet could see his fathers ghost. These examples show how crazy, and insane Hamlet is not only in the chamber scene, but throughout the play. Hamlet clearly demonstrates how insane he is after killing Polonius and showing no remorse for his death. Right before Hamlet entered the chamber to talk to his mother, Polonius explains to the queen that he will be hiding and ease dropping on their conversation, to find out the real reason for Hamlet erratic behavior. Hamlet enters the chamber, on a rampage after finding Claudius guilty of killing his father and also seeing him trying to pray. Hamlet goes off on his mother when she says, â€Å"Hamlet, thou hast thy father much offended† (l. 10). That also triggered his anger to the point where the queen feared for her life and as told to do so, she yelled for help. Polonius tries to come out from behind the curtain and before you know it, he was stabbed by Hamlet. At this point, after he stabbed Polonius, killing him, Hamlet first thought it was Claudius that was hiding behind the curtain. Later finding out it was Claudius, Hamlet says, â€Å"A bloody dead– almost as bad, good mother, as killing a king, and marry with his brother† (l. 27-28). You would think that Hamlet would be scared for his life after realizing he killed someone. Not Hamlet, he just continues on with his conversation with the queen about how crazy it is that she remarried so soon. Hamlet showing no remorse for killing someone shows that he is not mental stable and doesn’t realize what just happened. When Hamlet’s talking to his mother, the ghost appears talking to Hamlet, but the queen couldn’t see the ghost, only Hamlet could see his fathers ghost. After the queen finding out that her â€Å"new† husband is a murderer, the ghost reappears in the chamber, reminding Hamlet to not harm his mother because she had nothing to do with anything. Hamlet is trying to explain to his mother by saying, â€Å"To whom do you speak this? Do you see nothing there? Nothing at all, yet all that is I see. Nor did you nothing hear? No, nothing but ourselves† (l. 135- 139). To the queen, she thinks Hamlet’s gone mad, but Hamlet tries to explain himself to her by saying he saw the ghost and that its his father talking to him. Hamlet’s mother doesn’t know what to believe at this point. She doesn’t want Hamlet killing her, so she agrees with whatever Hamlet says. The queen fears for her own life, and that is why the readers think that this is why she agrees with Hamlet. Hamlet insanity takes over his life and he soon finds himself struggling to find what makes sense and what doesn’t. The chamber scene is one of the most important scenes that prove to the readers that Hamlet is crazy. Even though Hamlet tries to prove himself to not be crazy, he just can’t convince his mother, or Ophelia, or anyone else in the play that he isn’t crazy. In the beginning of the play, he shows little signs of being insane, but as you progress throughout the play, you realize that Hamlet is not mentally stable by his actions and words.

Stock and Market Analysis Assignment Example | Topics and Well Written Essays - 1500 words

Stock and Market Analysis - Assignment Example The data used in this report were formulated with the assistance of a mixture of tools such as journals, required books, Google, Yahoo, Finviz and general knowledge of the markets and companies. With the use of Finviz, I formulated some portfolios to research about the rate of performances of each stock over the past several months. The following chart portrays the total returns of each portfolio from highest to lowest. Data collection was stopped on December 3, 2014. According to the graph, the best overall performing portfolio was â€Å"Supermarket† and the worst performing portfolio was â€Å"Group†. Canada is a high tech industrial country which can be ranked as the trillion dollar class.The economic status of Canada is simillar to the united states econimic status whereby it contains certain economic features that simillar.The features include the pattern of production, market-oriented economic system and the high living standards.The growth of the Canada economic status is experienced since the world war II whereby the extensive growth of the mining, manufacturing and service sectors has made the country to transform from a rural economy into industrial and urban economic system. The 1994 North American Free Trade Agreement (NAFTA) and the 1989 US-Canada Free Trade Agreement (FTA) significantly triggered the growth of the Canada’s economic nature. The treaty included the Mexican country. The treaty led to the dramatic increase in economic and trade integration with the United States making it the principal trading partner for Canada. The country’s score over tim e has been as shown below: Canada enjoys extensive trade surplus with the United States whereby the trade absorbs about three-fourths of Canadian merchandise exports each year. The United States largest foreign supplier of energy, including oil, gas, uranium, and electric power is Canada.

Hepatitis B Virus Essay Example | Topics and Well Written Essays - 1000 words

Hepatitis B Virus - Essay Example The complete infective virion is a 42nm particle comprising an inner core of 27 nm surrounded by an outer envelope of surface protein HBsAg. This surface coat is produced in excess by the infected hepatocytes and can exist separately form the whole virion in the serum and the body as 22nm particle. The genome of HBV is a partially double stranded circular DNA molecule with a unique In that all regions of the viral genome encode protein sequences. HBsAG contains a major â€Å"a† antigenic determinant as well as several subtypes: â€Å"d† â€Å"y† â€Å"w† and â€Å"r†. Combinations of these sub-determinants ( e:g adr, adw, ayw, and ayr) are used to classify HBV genotypes A-H of which the main types are type A(35%) B(225) (31%) and D(10%). There is a strong correlation between genotypes and geographical areas. Genotype A is mainly seen in North west Europe, North America, North America and central Africa; B in south East Asia; C in south East Asia D; in southern Europe, India and the middle East; E in west Africa; F in south and central America, in American Indians and in Polynesia. G in France and the USA; and H in central and south America. The core is formed of core protein (HBcAg) containing incompletely double stranded circular DNA and DNA polymerase/reverse transcriptase. One strand is almost a complete circle and contains overlapping genes that encode both structural proteins (pre-S, surface (s), core (s)) and replicative proteins (polymerase and x). The other strand is variable in length synthesis during the viral replication. If there is an acute clinical episode the virus is cleared in approximately 90% of patients as there is a good immune reaction. There is serum sickness-like immunological syndrome see urticaria or maculopapular rash and polyathritis affecting small joints and occurring in up to 25% of case in the subclinical period. There is increase of temperature. Extrahepatic immune

Goals Essay Example | Topics and Well Written Essays - 500 words - 2

Goals - Essay Example One might ask why, from all places around the globe, did I envision going to Italy. From various informative sources: books, films, magazines, online travel destinations, and friends’ shared experiences, I have slowly marveled at the magnificent attractions that Italy offers. The Language Travel Magazine, for one, indicated that â€Å"Italy is famous for its artistic culture and is an obvious study destination for students wanting to learn more about this rich heritage† (Language Travel Magazine, 2006, p. 1). The country boasts of beautiful cities, historical and structural edifices, the romantic language and the prominent people who were instrumental in contributing talents in the fields of arts, literature, paintings, architecture, and fashion, among others. Apart from all these, the distinct and superb food entrees have been known the world over and entice visitors to delve into a vast array of mouthwatering recipes and savory menus. Due to the enthusiasm and burning desire to reach this highly sought after destination, one actually planned an itinerary of things to do once I arrive in Italy. I will definitely wear my most comfortable shoes to indulge in visiting tourist attractions including the famous vineyards, go shopping, forget dieting, and feast my senses on all the beauty that surround the country. As a marveling tourist, I plan to visit the wonderful art galleries that contain a roster of world renowned paintings by Renaissance architects and painters like Michelangelo Buonarroti, Filippo Brunelleschi, and Leonardo da Vinci, among other talented and creative Italians through time. I definitely see myself as trekking the colosseum in Rome and the Tower of Pisa that both mesmerize me. I aspire to visit the wonderful monuments and antique museums in Sicily, Rome, Florence, and Venice. There are musical concerts

The Situation at the Credit Analysis Department of the Bank Case Study - 15

The Situation at the Credit Analysis Department of the Bank - Case Study Example While pursuing her post-graduate studies, Emily worked as a manager in a branch of a convenience store near her school. It is the only work experience she has but the Bank believed that she is very qualified to be the head of their Credit Analysis Department because of her educational background. Emily shared the same sentiment with the bank manager. Her subordinates, however, think otherwise. Arthur Craig, the supervisor of the department who worked with the same unit for two years now was disappointed about the bank’s decision to hire someone from outside instead of promoting someone from within the department. Arthur thought all the while that he will be the one appointed. All the other employees in the department were sympathetic to Arthur and believed that he was more qualified than Emily. This is the situation that Emily has to deal with starting from her first day of office. As days went by, Arthur and the other department employees refused to cooperate with Emily. They did not welcome the changes that Emily introduced in the department. Her subordinates feel that she does not have the necessary experience to lead them. Arthur and the other employees vowed to make life difficult for her. Questions for Discussion: 1. Do you think that the Bank was justified in hiring Emily as the Manager of the Credit Analysis Department? Why? 2.What steps should Emily take to gain the trust of her subordinates and prove to them that she is worthy of the position? 3.How should the Bank handle the situation at the Credit Analysis Department? 4. Are Arthur and the other employees of the Credit Analysis Department being reasonable in dealing with Emily? Why?

The effect of terrorism on the global economy Essay

The effect of terrorism on the global economy - Essay Example and all of the countries it trades with. The federal government, in what some might term a ‘knee-jerk’ reaction to the attack, spent unprecedented amounts of money on questionable programs and ventures in an effort to ‘provide security’ to its citizens. â€Å"The President has requested a significant increase in security-related programs in the context of the budget for 2003. Additional spending of $48 billion was proposed for national defense (an increase of 14 percent from the previous year). In addition, the President asked Congress for an appropriation of $38 billion for homeland security, compared to $20 billion spent in 2001† (Looney, 2002). The combination of a stunned economy, a flat-line growth in the job market and dwindling government resources made its affects known worldwide. This paper will examine how the events of 9/11 influenced many aspects of the U.S. economy and examples of its global consequences. The U.S. was enjoying a period of vigorous economic expansion during the second Clinton administration, a period that saw the nation’s first budget surpluses in 40 years. This growth was fueled largely because of a general confidence in the nation’s economic health and an increase in worker’s productivity. This time of prosperity was over by the latter part of the year 2000 as the trend in business appeared to reflect a lessening confidence in the direction of the national economy. Corporations, especially those in the technical industries, began systematically downsizing, outsourcing and employing other means of economizing because of steady revenue losses. The economy had shown signs of weakening the entire year of 1999, and by the end of 2000, the manufacturing segment was also steadily shrinking as was evidenced by the lack of equipment orders, profits and number of employees. This trend was experienced many other industries

Understanding Animation by Paul Wells Essay Example | Topics and Well Written Essays - 1250 words

Understanding Animation by Paul Wells - Essay Example In the very early stages of animation, people started thinking that a time will come when people will stare at the paintings and will ask themselves why the images or objects are so stiff by nature. Stuart Blackton has played a considerable role in distinguishing the concept of animated films as some sort of aesthetic vehicle outside the framework of live action films. The simple narrative film, The Haunted Hotel (1907), was a perfect example of Blackton’s filmmaking concept in which he made use of impressive supernatural sequences in order to convince filmmakers that animated pictures have different approach towards filmmaking and are unlimited in potential. The un-natural actions of The Haunted Hotel and all such animated films produced changes in the overall cultural climate. The Gothic and Romantic fiction movies started to incorporate the use of animations along with technological possibilities of new age of modernization. The concept of including comic strip into animate d films emerged somewhere between 1913 and 1917. In this period of time, filmmakers produced many films, such as, The Newlyweds, Dreamy Dud, and Krazy Kat, in which they integrated the use of comic strips with latest technology and new film concepts. The integration of comic strips determined that animation should relate itself with experimental values. The concept of comic strips into animated films emerged in the U.S. marketplace just when filmmakers, such as, Walter Ruttmann and Oskar Fischinger, brought the concept of experimental abstract animation to the European film industry. The concept of animation in filmmaking reached the heights of maturity in the late 20th century and until now; many filmmakers are consistently making use of animated films to attract a large number of people towards the cinema. The creation of Disney dominated the medium places in the form of realism and overshadowed the concepts of innovation and style-oriented animations. Presently, the principles of movements are over-enunciated in the dictionary of animation. The squash and stretch mode of Disney animation over compress character movements in order to provide an over-determined comic style to animation. The subjectivity of animation through the intrinsic capability of the medium for restricting realism made reality in animation difficult to execute. This chapter also provides us with the information that true animation is not the one, which is not non-linear or non-objective by nature. It means that to create a perfect animated film; there must be a contrast of objective and subjective elements present in the film. A perfect animated film is one, which concentrates on the use of unique vocabulary by distinguishing the film from all other filmmaking approaches. Summary – Chapter # 2 There are different styles and approaches towards animation. One can possibly argue that the hyperactive realistic animated movies and the Disney animation are the most prominent and disting uishing approaches towards animation. Many filmmakers from the early era of filmmaking and present era have made use of different animation approaches to create stylish and realistic animation movies. Those approaches provide filmmakers with unique set of rules and guidelines towards animated filmmaking. No approach is similar to any other approach. There are some distinguishing features in each of the approaches, which highlight different

The Fire Department Strategic Plan for 2009-2013 Essay Example for Free

The Fire Department Strategic Plan for 2009-2013 Essay Firemen – these are the people whose functions we often take for granted. However, the role of fire departments in communities is of paramount importance. It is in the hands of the firemen where the security and the safety of the people lye. Thus, providing for the needs of the fire department ought to be listed at the agendas of the government. The government must make sure that the community fire department is working at their prime by providing for all of their needs. In addition to that, the government must also be able to deal with, and meet the future demands of the fire department for them to be able to keep up with the times. With that said, I propose for a strategic plan for the advancement of the local fire department. My proposal mainly encompasses the provision of equipments for the fire department so that their objectives of serving their people can be met. The fire department strategic plan for 2009-2013 How could a fire department function properly without their main weapon – the fire truck? Thus, the government must be able to provide for, not only a working and functioning fire truck, but also one that can sustain the vigorous demands of the firemen. The number of fire trucks within the fire department must also be ample and sufficient in number so that the firemen can respond to their community’s call for help smoothly whenever the need arises. Providing for a working and sufficient fire truck can help the fire department do their function orderly and properly. Corollary to the provision of fire trucks, provision of equipments for the firemen must also be addressed. Equipments and gears such as the basic yet very essential fireproof coats, gloves, fire retardant helmets, foot wears, and goggles to name a few must be sufficiently provided for. Worn out gears and equipments must also be immediately replaced and restocked. In addition, other gears such as, binoculars, flashlights, axes, high power cutters and drills, or even compasses must also be provided for. These equipments can greatly help the local fire department in servicing the people. Ample provision of these gears can provide for the quality performance of the firemen in overcoming the drawbacks of narrow buildings, illegal constructions, basement fires, and in combating chemical and hazardous fires in the city and other neighboring areas. (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Thus, the goals and objectives of the community fire department can consequently be met. The provisions that I have stated above are the fundamental tools a fireman must have. To boot, communication equipments are equally essential for the orderly functioning of the local fire department. Communication and other electronic apparatuses such as telephones and or other wireless phones, and computers at the fire department must be provided for efficient communication. These communication equipments must be in adequate quantity to assure the easy contact and access of the people to their fire department. GPS should also be placed inside fire trucks so that the firemen can know the fastest access to a site of casualty. Thus, these gears can provide for a well-organized functioning of the community fire department. To quote G. C. Mishra, a senior official at the Delhi Fire Service (DFS): Another area which has been of interest to us is the development of communication equipments which would include computerization of fire control room that will also act as an information centre. Any call being made to this place would be recorded and firemen would be given information about the special risks in the area where the fire has occurred including the layout, the kind of fire and will also run a check on any hazardous material that the men will need to look out for. It would also tell the official about the nearest fire station, cutting down the travel and response time (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Included in my proposal for a strategic development for the local fire department is the construction of newer and more up-to-date fire houses. These contemporary fire departments would serve as the home base of the firemen. Since this is the place where the firemen would be receiving the calls for help from the people, then a fire house that can keep up with the rigorous activities of the firemen must be properly addressed. This too must meet the standards for safety and protection from hazardous casualties so as not to impede the orderly function of the department. The fire house must have adequate allocation of spaces reserved for specific functions such as an office for the department containing up-to-date equipments which I have also mentioned above. My last proposal is none other than for the firemen themselves, addressing the demands of these personnel. These firemen must have the just treatments that are rightfully accord to them. A job as risky as firefighting, people working as firemen must be accorded with remunerations and benefits such as in health – free hospitalization and the like. To quote Mr. G. C. Mishra, a DFS senior official: Our data from 2004 has shown that we have lost 10 men to various accidents. Fire-fighting is a high-tension job. Besides the obvious dangers it is also very stressful with the men suffering from exhaustion and severe health problems after every major fire†¦ (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Closing The proposals that I have mentioned is a testament to the fact that there is a need to update fire fighting methods and equipments not just for the security and protection of a community, but also to improve the working capability of the community fire department. Reference: 1. The Hindu. New Delhi: Fire Service goes hi-tech. Retrieved from website: http://www. hindu. com/2005/05/20/stories/2005052012780400. htm

Speech Analysis Paper Essay Example for Free

Speech Analysis Paper Essay The first speech I watched was â€Å"Falling Slowly† winning Best Original Song Oscar. From the beginning you could tell that Glen Hansard was very pleased and very sincere about the award and you could tell that it meant a lot to him throughout his speech. The speech was very brief and he was very thankful. I liked how he expressed how they put the movie together and how he never thought they would be standing there receiving an Oscar because it just shows that it doesn’t take a lot to achieve your dreams. The only thing I wish he would have done was name the people he wanted to thank instead of generalizing it because then it doesn’t seem personal. The next speech I watched was â€Å"Tom Hanks winning an Oscar for â€Å"Forrest Gump†Ã¢â‚¬ . I loved how Tom Hanks acknowledged the other nominees and said that the others deserved the award as much as he did. I thought that was sincere and respectful of the others who were nominated for the Oscar. I liked the way he acknowledged those who were a part of making the film and what he said was very meaningful and you could tell it meant a lot to him because of the emotional appeal he gave off. It just showed how much he enjoyed working with the other actors in making the film and how it impacted his life and his ability as an actor. When he thanked his wife he did it in a very sincere and loving way and I thought that was very nice. I thought the metaphor he used to describe how he felt in the moment was a good way to stray away from his emotions a little bit because you could tell that he was trying to fight his emotions throughout the speech. What he said at the end made his entire speech so grasping because he was so grateful and thankful to have received that award. I couldn’t tell if his speech was manuscript or impromptu, but either way I think his speech was great. It was brief and I think he expressed his emotions in a way where it was evident that it was truly a blessing to have received that award. See more: how to write an analysis paper The next speech I watched was â€Å"Adele-54 Grammy’s on CBS: Album of the Year†. When she started to thank everyone who was a part of making that award possible for her I liked how she acknowledged them and then explained specific ways they have helped her to improve and become the artist she is. In my opinion it seemed like she was rambling a little bit when she was talking about the inspiration for her album only because she switched  subjects from thank yous to her album and then thank yous again so I think she just got lost in what she was saying at that point. However, I think it was appropriate to share what the inspiration of her album was because of the award she received. The interruption of the snot was funny and that kind of gave off her personality so it made her personable. Her speech was brief, relatable, and sincere. Next I watched was â€Å"Anne Hathaway winning Best Supporting Actress†. For starters, Christopher Plummer did an excellent job in presenting this award. I like how he acknowledged the fact that all of the women who were nominated had been acting since they were little and they have persevered throughout the years to be where they are today. Anne Hathaway seemed nervous when she did her speech, but maybe it was excitement. I liked the fact that she thanked everyone individually because it made it very personal to each individual she thanked, but as her speech progressed she acknowledged every single person in every group she recognized and I think it became too much although it was a nice thing to do. The reference to the movie at the end of her speech I felt was a good way to close her speech. It gave credit to the movie she played in and gave a sense of her character in the movie which is what she received the award for. Overall her speech was brief, sincere, and she accepted the award graciously. The final speech I watched was â€Å"Meryl Streep winning Best Actress†. In the beginning of the speech she seemed a little cocky because of what she said. I feel like acknowledging or implying the fact that you have won many times is inappropriate and disrespectful to others who were nominated and that just showed the kind of person she comes off as and it wasn’t a good impression. When she started thanking people I was annoyed of how much information she gave about their relationships. It was like she was telling her life stories with them and it was too much information. Aside from that the rest of her speech was very sincere and loving because of the emotion she had when she began to talk about the friendships she made and the experiences she’s had with making movies with different people.

Genetic Algorithm (GA) as Optimization Technique

Genetic Algorithm (GA) as Optimization Technique Preference learning (or preference elicitation) is a critical problem in many scientific fields, such as decision theory [1,2], economics [3,4], logistic [ref] and database [5]. When modeling user preference, researchers often model the preferences as a solution to an optimization problem which maximizes some utility function. In reality, however, we are not a-priori given a utility but have only access to a finite historical user choice data. Therefore, the passive preference learning problem, that is, how to learn user preferences using her historical choice data, has gained a lot of attention in recent years. When dealing with preference learning, it is often assumed that user preference over the values of each attribute is independent of the values of other attributes. However, this assumption is not a sound in many world scenarios. For example, as it is shown in Fig. 1 for cloth shopping problem, one might choose the color of her shoes depending on the color of dress she will buy, i.e. her preference over shoes color is conditioned by the available dresses. More formally, we say the preferences induced by the users behavior are intrinsically related to textit{conditional preferential independence}, a key notion in multi-attribute decision theory[20]. Conditional preference networks (CP-nets) have been proposed for such problems [4] and have received a great deal of attention due to the compact and natural representation of ordinal preferences in multi-attribute domains [8-12, 17-19,22]. Briefly, a CP-net, fig. 1, is a digraph, whose nodes correspond to alternative attributes and edges correspond to the dependency between nodes and each node is annotated with a conditional preference table which describe the preferences over that particular attribute (chapter 3). It is sometimes claimed that CP-nets are `easy to elicit [16]. That is, we first explain CP-nets to the user, and then ask her to write down the CP-net that best describes her decision-making process [18,30]. However, it has been shown that when facing the choices, people often act differently from what they described previously as their preferences [39,40,97,103]. As an example, Kamishima and Akaho [53] point out that when customers were asked to rank ten sushi items and then later to assign rating scores to the same items, in 68% of the cases, the ordering implied by the ratings did not agree with the ranking elicited directly only minutes before. Based on these experiments, several CP-net learning algorithms have been developed depend on the users choice data. Some algorithms work on the historical choice data [23,64], a process known as passive learning. Others actively offer solutions in an attempt to learn the users preferences as they choose [23,29,47,58].   The work of this paper falls into the category of passive learning, in which the learner uses the recorded users choices and then fits a CP-net model to the observed data. Formally, we collect the set of samples $S = {o_i succ o_i}$, where   $o_i succ o_i$ means that the user strictly prefers outcome $o_i$ over outcome $o_i$ and then find a model $N$ that can best describe $S$. Such set of samples may be gathered, for instance, by observing online users choices. Table1 shows the number of binary CP-nets up to 7 nodes, i.e. each outcome consists of 7 attributes [A250110]. From the values, it is evident that, even for a small number of attributes, finding the best CP-net is not a trivial task due to the huge size of the search space. textbf{inja np-completo begoo.} To the best of our knowledge, there is no existing approach that can perform well on problem with more than 7 attributes hence they are not practical when facing real world problems, in which the alternatives usually consist of tens or even hundreds of attributes. Another problem that rises when learning preferences from human subjects is the possibility of noise or comparison data that are ultimately inconsistent in the chose data-set $S$. While noise is results of the observation of the users behavior,   inconsistency is the result of randomicity of the users behaviors; that   is, the transitive closure of data-set may result in a cycle in which some outcome $o$ is seen to be preferred to itself. The objective of most CP-net learning techniques is to learn (i.e. rebuild) a CP-net that can describe the whole data-set[ref]. However, since the $S$ is not usually clean,   there is no possibility of finding such a CP-net, that is consistent with every example in $S$. This fact motivated us to frame the CP-net learning problem as an optimization problem that is, to identify a model that maximizes some objective function, $f$, with respect to choice data-set. In this work, we utilized the power of Genetic Algorithm (GA) as an optimization technique. GA is an optimization algorithm inspired from the mechanism of natural selection and natural genetics, which can work without any a-priori knowledge about the problem domain and have received a growing interest in solving the complex combinatorial optimization problems especially for their scalability as compared with the deterministic algorithms [1]. In this work, we investigate the feasibility of implementing the GA to solve the passive CP-net learning problem.

To Kill a Mockingbird by Harper Lee :: essays research papers

The novel To Kill A Mockingbird by Harper Lee, takes place during the 1930's in Maycomb County, Alabama. Atticus Finch, a white southern lawyer, is appointed to defend Tom Robinson, an innocent black man accused of raping a white woman. Throughout the story Atticus' children learn the meaning of true courage. Although Atticus proves Tom's innocence, the prejudice white jury's verdict is that Tom is guilty. The assumed black characteristics of immorality, dishonesty, shiftlessness and personal squalor are embodied by the white Ewell clan. This is a glaringly obvious fact that the prejudiced Maycomb society refuses to acknowledge.   Ã‚  Ã‚  Ã‚  Ã‚  Three examples of black characters who do not fit his 'stereotype'; are Reverend Sykes, Calpurnia and Tom Robinson. My first example is Reverend Sykes. He is a respected, generous man who runs a clean church and accepts worshipers both white and black. When Calpurnia brings Scout and Jem to the black church, he and the congregation welcome them. This shows that in the eyes of the Reverend, as in the eyes of God their is no prejudice. At the trial, Reverend Sykes makes room for Scout and Jem in the courtroom balcony where the blacks sit. While the trail is going on the blacks show no disrespect for Jem and Scout. After the trial is over, out of respect, the blacks wait until Atticus Finch passes and then they stand.   Ã‚  Ã‚  Ã‚  Ã‚  Secondly is the character of Calpurnia who also does not fit this stereotype. Calpurnia is the housekeeper for the Finchs and also helped raise Scout and Jem. Calpurnia is educated, hard working and well kept. She taught her children to read and Scout and Jem how to write on her own time. All that she had accomplished was done at a time when most Negroes could not read or write.   Ã‚  Ã‚  Ã‚  Ã‚  The last black character who embody the characteristics of immortality, dishonesty, shiftlessness and personal squalor is Tom Robison.. Tom is married with children and works hard to support them with a job. His house and yard are well cared for and he attends church. Not only that, but he stops at the Ewell house to help Mayella knowing that he is putting himself in a compromising position. At the trial, while on the stand, he answers questions in a respectable, dignified manner even though he is being accused of a crime he didn't commit. At one point when he is on the stand, Atticus questions him to tell the jury what Bob Ewell told him and he says, 'Somethin' not fittin' to say - not fittin' for these folk'n chillun to hear-'; (p.

adoption :: essays research papers

adoption adoption, act by which the legal relation of parent and child is created. Adoption was recognized by Roman law but not by common law. Statutes first introduced adoption into U.S. law in the mid-19th cent., and today it is allowed in all states of the United States and in Great Britain. Adoption is generally a judicial proceeding, requiring a hearing before a judge. Adoption statutes usually provide that the consent of the parents or guardian of the child—and that of the child, if above a certain age—must be obtained. An adopted child generally assumes the rights and duties of a natural legitimate child. Similarly, the rights and duties accompanying natural parenthood generally accompany adoptive parenthood (e.g., the right of custody and the obligation of support). The natural parents have no right to control an adopted child, nor have they any duties toward it, but in some states the child does not lose the right to inherit from them. In many cases children are adopted by relatives. Many states now permit adoption by unmarried adults; some allow adoption by homosexual couples. Most adoptions are of the same race. Transracial adoptions are controversial, pitting issues of culture and heritage against the need of a child for a stable parent-child relationship as early in life as possible, regardless of race. The Multiethnic Placement Act (1994) made it illegal for U.S. states to hold up adoptions solely in order to match racial or ethnic background of the child. In adoption by unrelated adults, the courts have traditionally attempted to ease adjustment to the adoptive family and protect the privacy of the (often unwed) mother by maintaining secrecy regarding the child's birth parents. Since the 1970s, however, a growing number of adopted children have attempted to identify their birth parents, and â€Å"open adoption,† in which adoptive and birth parents maintain a relationship, has become more accepted. Questions of parental rights and where these stand vis-à  -vis the rights and best interests of the child have also been highlighted in cases in which the courts tranferred custody of adopted or fostered children to birth parents who had previously given them up. Many children are adopted through public or private agencies, but a growing number are adopted through private placement, in which the prospective adoptive parents advertise for or are otherwise put into contact with a birth mother, usually with the help of a lawyer who is familiar with the process and the legal requirements of the individual states.

Hydrogen Peroxide Essay

The same reaction is catalysed by the  enzyme  catalase, found in the  liver, whose main function in the body is the removal of toxic byproducts ofmetabolism  and the reduction of  oxidative stress. The decomposition occurs more rapidly in  alkali, so  acid  is often added as a stabilizer. The liberation of oxygen and energy in the decomposition has dangerous side-effects. Spilling high concentrations of hydrogen peroxide on a flammable substance can cause an immediate fire, which is further fueled by the oxygen released by the decomposing hydrogen peroxide. High test peroxide, or HTP (also called high-strength peroxide) must be stored in a suitable, vented container to prevent the buildup of oxygen gas, which would otherwise lead to the eventual rupture of the container. In the presence of certain catalysts, such as  Fe2+  or  Ti3+, the decomposition may take a different path, with  free radicals  such as HO · (hydroxyl) and HOO · (hydroperoxyl) being formed. A combination of  H2O2  and  Fe2+  is known as  Fenton’s reagent. A common concentration for hydrogen peroxide is  20-volume, which means that, when 1 volume of hydrogen eroxide is decomposed, it produces 20 volumes of oxygen. A  20-volumeconcentration of hydrogen peroxide is equivalent to 1. 667  mol/dm3  (Molar solution) or about 6%. Redox reactions In acidic solutions,  H2O2  is one of the most powerful oxidizers known—stronger than  chlorine,  chlorine dioxide, and  potassium permanganate. Also, through catalysis,  H2O2  can be converted intohydroxyl radicals  (†¢OH), which are highly reactive. Oxidant/Reduced product| Oxidation  potential, V| Fluorine/Hydrogen fluoride| 3. 0| Ozone/Oxygen| 2. 1| Hydrogen peroxide/Water| 1. 8| Potassium permanganate/Manganese dioxide. Chlorine dioxide/HClO| 1. 5| Chlorine/Chloride| 1. 4| In aqueous solutions, hydrogen peroxide can oxidize or reduce a variety of inorganic ions. When it acts as a reducing agent,  oxygen  gas is also produced. In  acidic  solutions  Fe2+  is oxidized to  Fe3+  (hydrogen peroxide acting as an oxidizing agent), 2  Fe2+(aq) +  H2O2  + 2  H+(aq) ; 2  Fe3+(aq) + 2H2O(l) and  sulfite  (SO2? 3) is oxidized to  sulfate  (SO2? 4). However,  potassium permanganate  is reduced to  Mn2+  by acidic  H2O2. Under  alkaline  conditions, however, some of these reactions reverse; for example,  Mn2+  is oxidized to  Mn4+  (as  MnO2). Other examples of hydrogen peroxide’s action as a reducing agent are reaction with  sodium hypochlorite  or  potassium permanganate, which is a convenient method for preparing  oxygen  in the laboratory. NaOCl +  H2O2  >  O2  + NaCl +  H2O 2  KMnO4  + 3  H2O2  > 2  MnO2  + 2 KOH + 2  H2O  + 3  O2 Hydrogen peroxide is frequently used as an  oxidizing agent  in organic chemistry. One application is for the oxidation of  thioethers  to  sulfoxides. For example,  methyl phenyl sulfidecan be readily oxidized in high yield to  methyl phenyl sulfoxide: Ph? S? CH3  +  H2O2  > Ph? S(O)? CH3  +  H2O Alkaline hydrogen peroxide is used for  epoxidation  of electron-deficient alkenes such as  acrylic acids, and also for oxidation of  alkylboranes  to  alcohols, the second step of  hydroboration-oxidation. Formation of peroxide compounds Hydrogen peroxide is a weak acid, and it can form  hydroperoxide  or  peroxide  salts  or derivatives of many metals. For example, on addition to an aqueous solution of  chromic acid  (CrO3) or acidic solutions of dichromate salts, it will form an unstable blue peroxide CrO(O2)2. In aqueous solution it rapidly decomposes to form oxygen gas and chromium salts. It can also produce peroxoanions by reaction with  anions; for example, reaction with  borax  leads to  sodium perborate, a bleach used in laundry detergents: Na2B4O7  + 4  H2O2  + 2 NaOH > 2  Na2B2O4(OH)4  +  H2O H2O2  converts  carboxylic acids  (RCOOH) into peroxy acids (RCOOOH), which are themselves used as oxidizing agents. Hydrogen peroxide reacts with  acetone  to form  acetone peroxide, and it interacts with  ozone  to form  hydrogen trioxide, also known as  trioxidane. Reaction with  urea  produces  carbamide peroxide, used for whitening teeth. An acid-base adduct with  triphenylphosphine oxide  is a useful â€Å"carrier† for  H2O2  in some reactions. Alkalinity Hydrogen peroxide can still form adducts with very strong acids. The  superacid  HF/SbF5  forms unstable compounds containing the  [H3O2]+  ion. Domestic uses * Diluted  H2O2  (between 3% and 8%) is used to bleach human  hair  when mixed with  ammonium hydroxide, hence the phrase â€Å"peroxide blonde†. * It is absorbed by  skin  upon contact and creates a local skin  capillary  embolism  that appears as a temporary whitening of the skin. * It is used to whiten  bones  that are to be put on display. 3%  H2O2  is effective at treating fresh (red) blood-stains in clothing and on other items. It must be applied to clothing before blood stains can be accidentally â€Å"set† with heated water. Cold water and soap are then used to remove the peroxide treated  blood. Some horticulturalists and users of  hydroponics  advocate the use of weak hydrogen peroxide solution in watering solutions. Its spontaneous decomposition releases oxygen that enhances a plant’s root development and helps to treat  root rot  (cellular root death due to lack of oxygen) and a variety of other pests. Laboratory tests conducted by fish culturists in recent years have demonstrated that common household hydrogen peroxide can be used safely to provide oxygen for small fish. Hydrogen peroxide releases oxygen by decomposition when it is exposed to  catalysts  such as  manganese dioxide. * Hydrogen peroxide is a strong oxidizer effective in controlling sulfide and organic-related odors in wastewater collection and treatment systems. It is typically applied to a wastewater system where there is a retention time of 30 minutes to 5 hours before hydrogen sulfide is released.

Functions of the Family Essay

Over the years, the textbook definition of â€Å"the family† has disappeared. Every family is unique and has its own dynamic and for the most part, society has learned to adapt to these changes. From homosexual couples, to dual income families or even single parents, families have learned to survive based on their unique situations, as opposed to the functionalist idea of the ideal family which involves heterosexual parents and children, who through proper socialization and acceptance of social norms, work to meet the needs of society (â€Å"Functionalist†). Although each family is different, there are six functions of the family that work together to keep each society functioning. Each one of these functions plays an important role in each household and works to keep Canada a strong country (Holloway & Witte, 2010, p. 8). Coming from a single parent home, my family has always battled the stereotype that single parents cannot support their children. Just like sociologist Marrissa Hick says in her article The Single Parent Battle on Stereotypes, this is not always the case. Single parents can be just as capable of caring and providing for their families as dual parent households (Hick, 2014, p. 1), and I am living proof of this. My dad has raised me as well as my two other sisters and we have never had to worry about our economic situation. Just like most other families, we successfully take on the sixth function of a family by performing the economic function of producing and consuming goods and services (Holloway & Witte, 2010, p. 9). For a family of four including one man, and three teenage girls, grocery shopping is a mandatory part of our weekly schedule. By grocery shopping, we are not only building the economy and supporting the government through taxes, we are also helping business owners make money and continue to sustain their work. Without families like ours constantly providing for these businesses, many of them would fail and the government would not be as strong since not as much money would be coming in from businesses. My dad is not simply a single parent, he is also a Doctor, and his income helps provide for our family as well as provide support to families in need of his services. The family is both the fundamental unit of society as well as a major source of a countries economic success, which is why my families’ role is a very important one. People do not always understand the fragility of a  first impression, so we often take them for granted. We refuse to acknowledge the fact that these impressions have the ability to gravely shape a relationship or precede us wherever we go. It is for these reasons that I believe that the third function of a family; socializing children, is one of the most important ones (Holloway & Witte, 2010, p. 8). In his book Key Ideas in Sociology, Martin Slattery talks about anti-social behavior, as behavior that threatens the values and norms of society. This behavior can lead to acts of discrimination, crime or deviance of any kind (Slattery, 2003, p. 134). Growing up with an African father, I learnt very young that none of these behaviors would be accepted, so I was socialized in order to act in an appropriate manner no matter where I was or whom I was with, which made me a very adaptable person. This function relates heavily to the law enforcement system in Canada since several anti-social behaviors often lead to criminal acts. Some Common examples of anti-social behavior are; excessive noise and nuisance behavior, being drunk or rowdy in public places, vandalism, graffiti and other damage to property and leaving rubbish or litter lying around. An ASBO is a court order, which can be made on anyone aged 10 or older who has acted in an anti-social manner. An ASBO is a civil order, not a criminal penalty, which means that it won’t appear on a person’s criminal record. However, breaking the terms of an ASBO is a criminal offense, which could mean a fine or a prison sentence of up to five years (â€Å"Anti-social behavior†). When families properly socialize their children, all of this trouble can be avoided thus keeping the child as well as people around them safe. My parents started having children very soon after their marriage since as very religious people, procreation is very important to both of them. This is why they see the first function of a family; reproduction, as the most important role. As I have continued to grow, I too have begun to see the great value of this function. Having children is no longer the economic necessity it used to be; children aren’t needed to work to support their families, or needed as soldiers or even created just so families can fight the high child mortality rates (Holloway & Witte, 2010, pp. 11-12). Children no longer have such rendering responsibilities and are often born simply to bring happiness to a person or persons. Although this may be so, for several institutions in Canada, having children is still very beneficial. According to a functionalist, the  function of the family is to ensure the progression of society by reproducing and socializing new members (â€Å"Functionalism†). Population growth promotes a wealthier economy as well. Children are consumers of goods and services which helps make money for businesses and the government. Children are also a very important part of the education system, since without children many school systems would not be necessary. My dad always tells me that children are our future, without children there would be no possibility of a future for Canada. Many religions also value children, so they also see this function as very important. For example, in Islam, a woman is meant to be married and bear children as part of her duty in life, sex is not for pleasure it is only to ensure that procreation is possible. It is believed that the strength of a nation derives from the integrity of the home. This belief is the reason that the way a family functions is so important; families are needed in order for a society to thrive. A country can only truly be successful when each family, no matter the dynamic is working hard to properly perform their function. Whether it is by supporting, businesses, the government, and education systems or simply adhering to religious customs, family functions work with other institutions to maintain balance and success within a society. Reference List Anti-social behaviour. (n.d.). Retrieved September 15, 2014, from http://www.nidirect.gov.uk/anti-social-behaviour Functionalism. (2011, May 6). Retrieved September 13, 2014, from http://www.historylearningsite.co.uk/functionalism.htm Holloway, M., & Holloway, G. (2010). Individuals and families: Diverse perspectives. Toronto: McGraw-Hill Ryerson. Slattery, M. (2003). Key ideas in sociology. Cheltenham: Nelson Thornes.

1984 First Five Chapters Summary Essay

Readers are introduced to Winston Smith, his living situation which although called Victory Mansion is not lavish; it is a run-down apartment complex. Readers are also introduced to Big Brother, the government’s authority figure and figurehead for the Party. The telescreen always watches its Party Members, looking for traitors among them. Winston brings out a journal, out of view of the telescreen, because it is considered an act of rebellion against the Party. He writes about the films the Party makes, the dark-haired girl from work and O’Brien, someone he believes is against the Party. Winston believes the Thought Police will knock at his door, but it turns out to be Mrs. Parsons, his neighbor. Winston helps her with the Parsons’ plumbing and her children accuse him of thoughtcrime. Her children are upset that they couldn’t go see the public hanging. He goes back to his apartment and hides the journal. Winston then dreams of his mother and a sinking ship that he feels responsible for. He then dreams of a Utopia free from the Party where he is with the dark-haired girl from work. He wakes up to a whistle for the â€Å"Physical Jerks†, the Party’s regulated physical exercise. Winston is yelled at from the telescreen by the exercise manager. After the â€Å"Physical Jerks† Winston goes to work at the Ministry of Truth where he updates Big Brother’s orders and Party Records so what Big Brother says is always true. He makes up a story about a fictional person, Comrade Ogilvy, as a ideal Party Man who died. Winston then meets up with Syme, another Party member who revises the Newspeak dictionary. Syme talks about the aime of Newspeak is to erase words. Winston knows the Syme will be vaporized because he is too intelligent. Parsons, Winston’s neighbor, visits Winston to get their apartment’s dues. Parsons laughs about how his children treated Winston the previous day. The Ministry of Plenty announces an increase in production but Winston knows the increase is actually a lie. Winston believes he is being watched by the dark-haired girl, who he thinks is a Party agent. Chapter 1-5 Responses 1. I like Winston so far even though he seems very weak, which is just a result of the Party’s oppression. The Party seems to be everywhere, impacting everyone. 3. The movie, The Truman Show, is based off of the movie 1984 in the way that someone is controlling and watching over the protagonists lives. They have no privacy or choices. 6. I was very surprised that the exercise manager called out to Winston. Up until that point I believed the Party always watching was a scam to making people follow the Party. 7. I would like the next chapter to develop into Winston investigating the Party and trying to rebel more against them.

Classification essay: Hobbies Essay

We all have hobbies that deal with our specific interests. A hobby is what a person enjoys doing at their own leisure. Many people have hobbies because doing what they love can bring happiness and joy towards their lives. Hobbies lets a person know what they will do next time to occupy themselves when they have a free afternoon or a day to themselves. This could include an interest such as: painting a drawing, reading a novel by their favorite author, playing their favorite sport, learning how to play an instrument and many more. Some say that a hobby is a time for relaxation and pleasure as they pursue an activity during their spare time. However, a hobby is more than means of relaxation and has more aspects and other benefits to it such as: self-improvement, a richer social life, and extra income in time. To start with, a hobby is a means for self-improvement. Hobbies can help a person discover their skills and how to improve them further. The longer a person pursues their favorite activity helps motivate them to work harder. It is a perfect way of learning because they aren’t doing it to please anyone else but themselves which makes the learning more effective. Another learning opportunity with a hobby is time-management skills. A person with a hobby must have  a schedule that helps them get their priorities done but also have time set aside to do what they love. A hobby helps to improve ourselves and the skills we have. Second, a hobby gives a person a better and richer social life. Sharing the same interest with other people can boost up your social life as it would bring a solid context on conversations and socializing. For example, if a  person enjoys dancing then he would probably join a dance group or club and make friends who share the same passion as he does. Having the same hobby as someone can result in a great deal of wonderful conversations. Your hobby can bring you a stimulating social life as you will be able to interact with many people. Finally, a hobby can become a means for extra income in time. There are many people who achieve jobs by doing what they love to do. As their hobby starts to improve and reaches a stage of professionalism, then they will be able to make money out of it. For example, painters enjoy making drawings but to reach the point where they could sell it for income they must’ve practiced their hobby for years. Nevertheless, they love what they do and they are getting rewarded for their hard work in the end. Such people are very blessed to be earning their living by doing what they are passionate about, as that will guarantee happiness and success. In summation, having a hobby helps to improve ourselves, enriches our social network, and may produce future income. If you want to fit more into your life and achieve happiness, joy and success; try to discover what you are attracted to. Find a hobby and stay with it. It will be  worth all the time, effort and money you put into it. You never know, you may become a different person.

Audit Assurance and Compliance of luxury travel holiday Free Samples

A self-interest threat and advocacy threat may arise when the auditor is been asked to promote the organization and auditor put it’s personal, financial and self-interest in decision making. All this unethical behavior will influence the professional judgment and overall affect the auditor independence. As per the given situation, LTH providing self-interest and advocacy threat to CJI of reappointment only after promoting LTH business in next travel agency seminar (ACCA, RELEVANT TO ACCA QUALIFICATION PAPER P7 , 2012). To show sincerity towards audit firm and create long relationship in anticipation of smooth audit, Gifts and hospitality were offered by the client to a member of the audit team which gave rise to self-interest threat. There is a issue in particular circumstance because the offer of gifts influences the auditor judgment in favor of the client that might create an unethical and a bias audit observation and affect the overall auditor independence. As per the given situation of LTD, threat exists for CJI firm as its members judgment is influenced by accepting a free offer of free 14 days holiday package voucher to the Greek isles for both Geoff’s and his family (ACCA, RELEVANT TO ACCA QUALIFICATION PAPER P7 , 2012). This circumstance occurs when in case there is a situation where the person related with the audit assignment or the partner of the audit firm has a personal relationship with any key personal of the company in which the auditor is working out audit assignments. This will create certain threats related to self interest factors of the auditor. As in the particular case audit team member might be more sympathetic towards the client and make a decision in accordance with the benefit close family member personal interest. As per the given situation there might be a biased auditor judgment because Michael is having close family relationship with LTH financial controller. When any non-audit service such as tax calculation and accounting entries performed by any auditor or by any person from the audit team influence the audit professional judgment and overall affect the audit independence as per the given situation Annette being the member of audit team helping the client in tax calculation and accounting entries affects the auditor judgment. Reviewing the self inputted transaction will affect the auditor’s independence as he will not try to observe errors and frauds in the work done by him or any other member of the audit team (Kaplan, 2012). Safeguard are the various measure available to CJI being get protected. They shall be the applied against the threat faced by professional to eliminate them in an acceptable manner. CJI has identified various safeguard of each threat in given situation Note - If the above safeguard cannot be reduced the auditor should withdraw from the engagement Business risks are certain hazards on happening of which might enhance the vulnerability of the enterprise. The business risk in MSL are the factors that could prevent and hinder the organizational goal and objective the ultimate business risk among the various risk faced by the organization is the risk that seizes to be a going concern. Therefore company faces various risks factors that might contribute towards business failure examples of business risk include- In the particular case study the current organsiation has its business of manufacturing and selling the equipment and spare parts which are handful in doing the mining jobs. MSL has operational centers in Perth, Newcastle, and Mt. Isa.   Warehouses the equipment and spare parts and provide for sales and maintenance services. An auditor with Crampton and Hasaad has found various audit risk while auditing the financial statement of MSL (ACCA, ANSWERING AUDIT RISK QUESTIONS, 2015). There is a great probability that the auditor associated with the business enterprise might lack in the decision making and states an inappropriate opinion towards the enterprise financial statements. Auditor will access inherent risk, control risk and accordingly find the level of audit risk materiality enables the auditor to apply procedure which can support his opinion that is higher the materiality level, higher will be materiality level, higher the need of audit evidence and lower will be the audit risk thus there is inverse relationship between audit materiality and audit risk. Also, there exists inverse relationship among risk of material misstatement and detection risk as higher the level of risk of misstatement lower will be the detection risk and vice versa. When there is lack of internal control environment in the current business establishment it will give rise to the associated inherent risk. When auditor is required to enhance its judgment skills to give an appropriate decision there can be a instance that auditor might misses out to ascertain material facts, this will give rise to the inherent risk (simplified, 2013). Control risk arises when related internal control in MSL exists but ineffective or in other words, we can say that when absence or failure in the operation of the relevant control of the entity results in amaterial misstatement in the financial statement. Assessment of control risk is higher if financial statement is prepared by individual who don’t have necessary technical knowledge of accounting and finance (simplified, 2013). Situation of detection risk arise when in situation there are certain material miss-statements and auditor fails to disclose in its opinion report due to lack of determination and skills in identifying it. The auditor may apply proper policies and procedure to detect a material misstatement in financial statement arising due to omission, fraud, and error. Detection risk can be reduced or controlled by auditor if it increase the number of sample transaction for detailed (simplified, 2013). ACCA. (2015).Answering Audit Risk Questions Retrieved April 20, 2017, from https://www.accaglobal.com/in/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/audit-risk0.html ACCA. (2012). Relevant To Acca Qualification Paper P7 . Retrieved April 20, 2017, from https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012s/sa_nov12_p7_ethics.pdf IRELAND, C. (2014). Provision Of Accounting Services To An Audit Client.Example Of Threats And Safeguards. Retrieved April 20, 2017, from Certified Public Accountants: https://www.cpaireland.ie/members/technical-resource/ethics/ethical-standards-for-auditors/accounting-services-examples-of-threats-and-safeguards Kaplan. (2012). The Code of Ethics for Professional Accountants. Retrieved April 20, 2017, from https://kfknowledgebank.kaplan.co.uk/KFKB/Wiki%20Pages/The%20Code%20of%20Ethics%20for%20Professional%20Accountants.aspx simplified, A. (2013). Audit Risk Model, Inherent Risk, Control Risk & Detection Risk. Retrieved April 20, 2017, from https://accounting-simplified.com/audit/risk-assessment/audit-risk.html Getting academic assistance from

Criminal Law Master Case Study Example | Topics and Well Written Essays - 2000 words

Criminal Law Master - Case Study Example The physical elements are collectively called the actus reus and the accompanied mental state is called the mens rea. It is the fundamental duty of the prosecution to prove both of these elements of the offence to the satisfaction of the judge or jury beyond reasonable doubt. In the absence of such proof the defendant will be acquitted." (http://www.lawteacher.net/Actus%20Reus%20Lecture.php ) To illustrate it in a better manner, in an English case, however, where a man ran at his mistress to hit her and the women jumped out of the window and thus met her death, it was held that the jumping out of the window was contributed to by the appellant's unlawful act and on that ground alone a verdict of murder might well have been returned but it was mercifully reduced to manslaughter.(R. v. Curley (1909) 2 Cr App R 109) Criminal Intention and the knowledge of the probable consequences of the act committed are important to prove in order to bring an action under homicide or murder. Where a person had an altercation with his wife in the street outside their home during which he struck her and she fell uncons cious and in his trial to drag her away in that state caused a fatal injury, he was convicted of manslaughter. It was decided by the court that the defendant cannot be set free as it can be said initially the intention was not there but later on the subsequent action that caused the fatal injury was done to conceal the commission of the unlawful assault.(R. v. Leburn,(1991) 3 WLR 653(CA) The Court of Appeal has laid down in R. v. Nedrick that knowledge or foresight of the probable consequences of an act cannot take the place of intention.(1986)3 All ER 1 CA) It can be said that Culpable homicide is murder, if the act by which the death is caused is done with the intention of causing death, or it is done with the intention of causing such bodily injury as the offender knows to be likely to cause the death of the person to whom the harm is caused, or if it is done with the intention of causing bodily injury to any person and the bodily injury intended to be inflicted is sufficient in the ordinary course of nature to cause death, or if the person committing the act knows that it is so imminently dangerous that it must, in all probability, cause death or such bodily injury as is likely to cause death, and commits such act without any excuse for incurring the risk of causing death or such injury as aforesaid. According to the Homicide Act 1957 s.1 "Where a person kills another in the course or furtherance of some other offence, the killing shall not amount to murder unless done with the same malice aforethought (express or implied) as is required for a killing to amount to murder when not done in the course or furtherance of another offence." Throughout English Criminal Law it is the duty of prosecution to prove the accused's guilt. In every charge of murder, if the prosecution have proved homicide, namely, the killing by the accused, the prosecution must prove further that the killing was malicious and murder, as there is no presumption that the act was

Costs Essay Example | Topics and Well Written Essays - 1500 words

Costs - Essay Example As mentioned in the definition, the organization can increase its factors of production to achieve higher production levels and the state of technology is the only constraint. So it means that all inputs are variable. Hence, in the long run when the inputs are increased, the output may: To inputs the average total cost of producing that output will fall. The firm's costs will rise less than the output of goods. This is called as the economies of scale as represented in the following diagram: The long run curve represented above includes short run periods as the firm expands. The LRATC curve is a track of all the SRATC curves as the firm grows. Initially, the short run average costs are at the lowest in SRAC1. As the firm expands, its average costs fall to the bottom of the U shaped curve and then begins to climb because of the diminishing returns. The firm then moves its production to the next level and the cost move to the next short run situation shown as SRAC2. In the long run the average cost is represented by the black line tangenting all the short run average cost curves. The whole LRATC is composed of infinite number of single points from SRAC curves. The LRATC curve is the boundary between unit cost levels that are attainable by the firm and unit cost levels that are unattainable. ... When the long run until costs are falling as the outputs increases, the firm is experiencing increasing returns to scale and thus less long run average costs. If the firm is experiencing average returns to scale then the average long run costs are same and if the firm is experiencing diminishing returns to scale then the long run average costs are increasing. Long run marginal cost Marginal cost is defined as the cost associated with producing one extra unit assuming that the extra unit produced will cause increase in production capacity. The long run marginal cost curve resembles the short run marginal cost curve as it is also U shaped. The U shape of the LRMC can be attributed to increasing and decreasing marginal returns. The calculation of cost and revenue of one extra unit is very crucial in the long run as it is essential to make the capacity increase decision. If the last unit produced gives more revenue than the cost to produce that unit, the firm should expand it s capacity. Marginal cost will increase as the firm expands due to the Law of diminishing returns. The firm should keep expanding as long as the MR > MC. "The term LRMC is used to signify the cost effect of a change which involves some alteration in the amount or timing of future investment. SRMC, on the other hand takes capacity as given, so relates only to changes in operating costs." (Turve y,11). The SRMC rises due to the capacity constraints and then fall after there is a significant increase ion the capacity expansion. Hence, in the long run the marginal cost curve is U shaped. The following diagram shows the increase and decreases of the marginal costs before and after expansion. Kinked demand curve In a non collusive

Concideration of fraud in an audit Research Paper

Concideration of fraud in an audit - Research Paper Example FRAUD Fraud is a word used in broader concepts and approaches. It basically refers to any illegal action characterized by deceit and concealment which isn’t conducted under any violence, force or threat. The aim of every fraudulent activity is an undue advantage which could be institutional or personal. (Flostoiu.2012) Characteristics of Fraud: Fraud results in victim that loses a benefit because of the criminal’s fraud. It is represented by a series of illegal actions and irregularities which are all planned with the intention to deceive. Fraud is also referred to activities which involve concealment of information that was to be revealed by an obligation and intended omission of certain information or documents including misstatements and misrepresentation of information. Fraud also includes falsification of financial situations, corruption and theft. It is always important to distinguish between a fraud and error. The results of both error and fraud could be the same , but fraud is committed intentionally while error happens unintentionally. (Flostoiu.2012) Fraud Triangle Theory: A fraud triangle is a model which discloses the factors found in fraudsters at all levels of organization. This theory researched about the factors that force honest people to commit fraud. These factors could be summed as Pressure/Incentive, Opportunity and Rationalization that put an individual in a position to conduct fraud. (Dorminey, Scott, Kranacher & Riley. 2010) In a Fraud Triangle pressure refers to situations that put mental pressure/incentive on an individual which forces him to commit fraud. These situations could include excessive credit card debts, gambling debts, extended unemployment, family or peer pressures, unbearable expenditures and financial difficulties etc. For an auditor, pressure is difficult to identify in a fraudster as there is no personal interaction with him. (Dorminey, Scott, Kranacher & Riley. 2010) Opportunity as the word suggests, is a n instance where the fraudster finds a loophole in the controls which prevent fraud. An employee usually finds a chance where he can commit fraud without being detected. This opportunity for an employee can arise from weak internal controls and inability of frauds being detected, lack of training, weak ethical culture where honesty in doing business isn’t considered a priority and lack of supervision etc. Most opportunities arising situations for fraud include lack of internal controls like segregation of duties not being implemented properly. (Dorminey, Scott, Kranacher & Riley. 2010) Rationalization refers to that state of mind where the fraudster convinces himself that whatever fraud he has committed was either not wrong or even it was wrong it an be corrected later on by returning the money or compensating for it. Another state of rationalization is found when a fraudster convinces himself that he deserves the stolen money. The reason for this rationalization could be the unfair treatment in the organization like a recent promotion or increment not being offered which forces him to believe that has been victimized. (Kassem, Rasha, & Higson, Andrew. 2012) Recent researchers have extended the Fraud Triangle and added a fourth factor to the triangle making it as a diamond. This factor is the capability of the fraudster to conduct fraud. Capabilities include the traits of the fraudster i.e. in presence of the three factors of fraud

How Bingeing Became the New College Sport Essay Example | Topics and Well Written Essays - 500 words

How Bingeing Became the New College Sport - Essay Example The present research has identified that according to the U.S laws, persons who completed 18 years of age are matured enough to vote whereas only after the completion of 21 years of age, they are matured enough to drink. Even though the above law helped saving the lives of many youths from alcohol-related driving accidents and alcohol poisoning, it resulted in the creation of an unintended culture around forbidden alcoholism among the youths. College life is perceived also as an opportunity for drinking by the youths. â€Å"Drinking has been an aspect of college life since the first Western universities in the 14th century† (Seaman). In the 90’s the beer culture on college campuses was shifted to hard liquor culture. It is better to lower the drinking age to 18 even if some problems may occur initially. The initial thirst for drinking may settle after some time and the students will definitely concentrate more on studies thereafter, as witnessed in the Montreal's McGill University. Montreal's McGill University, which enrolls about 2,000 American undergraduates a year, reported that many students, when they first arrive, go overboard, exploiting their ability to drink legally. â€Å"But by midterms, when McGills demanding academic standards must be met, the vast majority has put drinking into its practical place among their priorities†. In short, drink age should be lowered to 18 from 21. In my opinion, lowering of drink age from 21 to 18 is not a wise step. It is a fact that the voting rights were allotted to those who completed 18 years of age. At the same time, we must visualize the voting right and drink age as two separate issues. Drinking will destroy the ability of a person to think rationally. Giving voting rights at 18 years of age is a strategy for developing political awareness and interest among students.

History of Commincation Essay Example | Topics and Well Written Essays - 2500 words

History of Commincation - Essay Example The Renaissance era was a time with a lot of technological advancements. Communication also had a significant technological advancement including the printing press and also the linear perspective in drawing. There were major artists of the period that had a meaningful communication through their artwork. There are sketchbooks from that period that include books from Leonardo Da Vinci that have valuable insight into the mechanical technology of the time. The late 14th century and the early 15th century saw the use of the arquebus and musket. The printing press that was a significant advancement in technology saw many books and other media messages spread throughout Europe. The spreading of the messages and the books was a great help to enable people to be more conscious of their national identities. Printing that was a significant development during the era was a discovery by Gutenberg. The whole idea was Gutenberg’s invention that saw the printing machine being a movable type . The movable part saw the increase in use and it spread all over Europe. The expanded interest in expressions, designing and building ventures required non-verbal and traceable correspondence record of a more rugged sturdiness than wooden tablets with clay or wax. The material was accessible, yet was excessively costly. Amid the Renaissance paper fabricating, which likely had its creation in China around 100 AD, was beaten and paper plants set up crosswise over Europe. Even before education turns out to be, more broad portrayals and drawings were utilized to communicate.

Choose a case study organisation. Make an evaluation of the reward Essay

Choose a case study organisation. Make an evaluation of the reward implementation problem. Offer recommendations that are logical, viable and scheduled. Offer some costings - Essay Example As for the social factors, issues such as immigration, emigration, and poverty are bound to surface. Employment relations in this context refer to the business relationship between employer and the worker(s). Perkins & White (2011) argue that it plays an important role in the motivation of the employees, building the organization’s reputation; ensuring that there is efficiency in the operations; and maximization of output or production and profit margins (Rose, 2008). There are two main approaches to employment relation. Wilkinson &Townsend (2011) elaborates that these approaches are through either collective bargaining or individual bargaining. Individual bargaining is a situation where the employees individually negotiate about working conditions and remunerations with the employers while in the collective bargaining approach they use trade unions to negotiate on their behalf. There is an emerging trend in the workforce that tends to make it flexible. Firms are increasingly employing the technique of employing part time workers or temporary workers instead of permanent workers (Daniels, 2008). This flexibility is perceived to be cheap as it enables companies to meet the demand of consumers and reduces cost of training. However, its disadvantages are lack of security and effective communication. Workers can influence the operations of businesses through the concept of employee participation and industrial democracy. Employee participation encompasses scenario where decisions made by organizations involve the inputs of the employee while industrial democracy entails the modalities workers can incorporate to influence decisions. In any organizations, disputes and conflicts are bound to surface. It is the modalities that companies or firms adopt that play a key role in providing remedy to the disputes/conflicts. In most cases these disputes emanate from issues such as the working,

The Battle of Algiers Essay Example | Topics and Well Written Essays - 1250 words

The Battle of Algiers - Essay Example Just as in the film, the violence, which we have seen arise periodically between Muslim immigrants and French-born people since the 1970s – perhaps even earlier – begins with bias, racism, disenfranchisement of one people while favoring the well being, rights and dignity of another people. In the film, as in France, this is French nationalism and Muslims. The Battle of Algiers opens with the arrest and incarceration of a Muslim – a petty thief, taking advantage of people with an age old card game. The man, Ali, who is illiterate, experiences an epiphany of sorts during his incarceration. He is witness to the execution of a man who as been arrested, marched through the prison calling out â€Å"Ala Akbar,† (God is great), and is being led to his execution by French police. At this point in the film we do not know why the man has been arrested, it doesn’t matter, because the man’s execution is by guillotine, a gruesome and archaic death sentence that is unthinkable when you reconnect to the fact that the film is during the 1950s! It is unimaginable that during that time people were put to death in that way. This serves as Ali’s epiphany, and following the execution, Ali spends time with a religious man, who explains to Ali his connection to God and to his country. That one day, the Algerians will retake their country from the French. While French Muslims are not attempting to take France from the French, we see the French reacting to French Muslims in an equally biased and hateful way as they during the colonial period in Algeria. (Keep in mind, the uprising in the film was during the 1950s to 1960s). The violence that exploded in France, outside of Paris, in late 2005-2006, is almost the way the film opens; a response to disenfranchisement. Other images in the film are strikingly familiar to events in today’s world. The execution of the Algerian prisoner by guillotine, an archaic and horrific manner in which to execute a death

E-trading Case Essay Example for Free

E-trading Case Essay Introduction Perhaps nowhere else is the impact of the Internet felt as much as in the service sector. The Internet has opened new channels for service delivery, shortened turnaround limes and offered unprecedented convenience to consumers. The financial services have leveraged the Internet and exploited its many benefits. E-trading is the financial service most amenable to E-enablement. It has already witnessed a meteoric growth in the United States and is staging a similar show in other economies.   E-trading offers tremendous benefits to the investors and will probably expand the market itself. This paper discusses issues of E-trading, its evolution and key characteristics. Then it examines scope of E-trading, significant players and groups involved in. After that discussion about benefits of E-trading, either for users or for brokers, technology and security issues related to this industry. And finally some insight in future of E-trading is presented. Evolution of the Industry The first ever ECN, Instinet, founded in 1969, was a means for brokerages lo display bid and ask prices for stock in North America and abroad. It was first used by institutions to transact with each other, but today ii also includes a select group of smaller brokerages. However, e-brokerage, or offering Internet transactions to clients, was pioneered in the by E*Trade securities (FreeTrade), one of the firs of all-electronic brokerages, which first started operations and offered online investing services through America Online and CompuServe and launched its own website, www.etrade.com, in 1996. The first E-trade was conducted on E*trade on July 11, 1983 and since that time has changed the way the world invests. Charles Schwab, now the largest in the US with 7 million on-line accounts and $1 trillion under management via the Internet, also launched its online trading venture in 1996. In January 2005, Charles Schwab clients executed an average of 300,000 electronic trades every working day. (www.aboutschwab.com) There are now more than 130 millions on-line brokerage firms in the US (Exhibit 1) offering E-trading services to consumers, who can be physically located anywhere on Earth. Today, about half of transactions made by US retail investors are done through the Internet. In fact, there is a range of websites on which one can not only trade stocks online but also buy and sell futures and options. According to International Data Corp the number of US households using online brokerage to meet their financial needs has grown from the 2000 figure of over 7 million to 19 million in 2004, with over $2.5 trillion of assets managed online. (Tower Group Research) Online brokerage in the US grew out of the discount brokerage industry and has fundamentally changed the retail brokerage industry. Online trading developed as a low-cost self-service approach to equity investing. Rather than paying high commissions that are typical of full service brokerage firms, investors could place trades directly at a fraction of the usual commission costs. In addition, online trading was more efficient and less costly than telephone trading a common channel used by discount firms. As a result, online brokers began competing on cost. (Colkin Cuneo) Exhibit 1 Online commission prices that started at between US$25 and $30 per trade have been cut significantly over the years. Currently, average online commission price per trade hovers around $12-15, and some deep discount firms offer trades as low as $5. A few firms—American Express, Free Trade, Com1 (a subsidiary of AmeriTrade), and most recently, thefinanciatcafe.com—have even introduced free online trading. (thefinancialcafe.com) The online commission pricing battle demonstrates the commoditization of online transactions. Initially, price may have been a differentiating factor, but currently, price alone is not sufficient for attracting and retaining individual investors (excluding the day-trading segment). Online brokerage firms must seek to provide greater services and support to clients. The number of US online brokerage accounts continues to grow consistently. After an initial period of astounding growth, the number of online brokerage accounts is still steadily increasing. (Tower Group Research) E-trading Scope The term E-trading stands for trading in equity or debt instruments on the exchange through an Electronic Communication Network (ECN). Although online trading strictly refers only to the electronic execution of trade, an ecosystem of E-trading has three dimensions: Electronic execution of the trade Payment for the transaction through a payment gateway Transfer of shares in electronic form. There have been three distinct phases of development of E-trading. These are: Phase 1: The open-outcry system with the transactions taking place manually in the ring Phase 2: The electronic system, enabling brokers to place orders online Phase 3: The E-trading system, empowering customers to transact online. The mechanics of the E-trading system begin with the user logging onto the ECN through the Internet. The user then accesses his E-trading account with the help of a password. The user is now connected directly with the exchange and any transactions would be instantaneous and irrevocable. The user also has access to real-time price movements of various scrips and other contextual information to assist him in his decision. An integrated E-trading system consists of not only a transaction enabler but also a payment gateway for funds transfer and a d-mat account for transfer of stocks. Such a service enables smooth, convenient and transparent operations. E-trading model is based on the proposition that a service which does not require sophisticated skills, is standardized, has a wide geographic spread of clients and a high number (statistic) of clients who use the service very frequently (scope) and whose automatable processes account for a high proportion of costs (savings), offers the best potential for E-enablement. Using this framework, it becomes clear which financial services are amenable to E-enablement (Colkin Cuneo): Corporate banking: The corporate banking industry involves understanding client needs, analysis of the project proposal, evaluation of various alternatives and finally recommendation of a suitable alternative. The task involves high-level skills, is not highly standardized and not amenable to automation. The number of clients per entity, i.e. the corporate customers, of a bank is limited, though the geographic spread may be diverse. The frequency of transactions is also limited. Thus, corporate banking does not seem to be amenable to E-enablement. Investment banking: For the reasons cited above, investment banking, like corporate banking, does not appear a suitable subject for E-enablement. Retail banking: The retail banking industry comprising credit-cards, management of savings accounts etc. is characterized by a large number of clients spread geographically utilizing a simple, repeatable and standardized service. For servicing the customer specialized-skills are not required and automatable processes comprise a significant proportion of the overall costs of service. Using the framework, it appears that retail banking would be highly amenable to E-enablement. Stock trading: A stockbroker collates orders from various customers and executes the same through a trading terminal. Customers typically place orders through the telephone and a representative of the broker executes the order on behalf of the client on the trading terminal. The skill-set used by the representative is not highly specialized as the action being considered is only the execution of the order and not client advisory. While other processes such as risk monitoring, exposure monitoring and client monitoring are also involved, they are typically automated for effectiveness. Thus, the broker acts purely as a manual interface between the client and the exchange. The task performed by the broker is simple, standardized and easily repeatable. Given that the frequency of transactions by the customers is at least moderate if not high, there is a significant scope for reduction in overall costs through automation. The geographic span of the clients is also widespread. All these characteristics make trading highly amenable to E-enablement. (Berber) Significant Players and Groups Involved OnlinÐ µ invÐ µsting bÐ µgan in thÐ µ US and is a big businÐ µss thÐ µrÐ µ. In thÐ µ first quartÐ µr of 2004, thÐ µrÐ µ wÐ µrÐ µ approximatÐ µly 25 million onlinÐ µ invÐ µstors with ovÐ µr US $ 4 trillion in assÐ µts. In yÐ µar 2002, 14 million onlinÐ µ invÐ µstors with an assÐ µt basÐ µ of US $ 700 Billion were activÐ µ. ThÐ µ markÐ µt lÐ µadÐ µrs arÐ µ a mixturÐ µ of full sÐ µrvicÐ µ firms (DLJ DirÐ µct, Morgan StanlÐ µy DÐ µan WittÐ µr, DiscovÐ µr), wÐ µll-Ð µstablishÐ µd discount brokÐ µrs (FidÐ µlity and CharlÐ µs Schwab) and nÐ µw on-linÐ µ spÐ µcialist firms (Е*TradÐ µ). MarkÐ µt SharÐ µs, in tÐ µrms of onlinÐ µ trading volumÐ µs, arÐ µ such that just 9 on-linÐ µ brokÐ µrs havÐ µ 86 pÐ µr cÐ µnt of thÐ µ markÐ µt sharÐ µ. Individual InvÐ µstors havÐ µ to opÐ µn an account with a firm bÐ µforÐ µ commÐ µncing trading and thÐ µ minimum account opÐ µning balancÐ µ rangÐ µs from US $ 500 (with Jack WhitÐ µ and Company) to US $ 10,000 (with Wall StrÐ µÃ µt AccÐ µss, IntÐ µrnÐ µt Trading Com and J B Oxford). (Tower Group) AnothÐ µr important fÐ µaturÐ µ that attracts on-linÐ µ invÐ µstors is thÐ µ frÐ µÃ µ rÐ µsÐ µarch providÐ µd by thÐ µ on-linÐ µ firms. PrÐ µviously this was availablÐ µ only to largÐ µ institutional invÐ µstors. In addition to fundamÐ µntal information about stocks, bonds and mutual funds sophisticatÐ µd tools likÐ µ tÐ µchnical analysis rÐ µports and charts arÐ µ also availablÐ µ for frÐ µÃ µ. SomÐ µ of thÐ µsÐ µ arÐ µ also customizablÐ µ, Ð µithÐ µr fully or partly. ThÐ µ problÐ µm for invÐ µstors is onÐ µ of information ovÐ µrload and how to absorb all thÐ µ information providÐ µd as wÐ µll as analyzÐ µ and act upon it. RÐ µcognizing this nÐ µÃ µd somÐ µ firms havÐ µ takÐ µn concrÐ µtÐ µ stÐ µps to summarizÐ µ and focus thÐ µ information to mÐ µÃ µt with individual rÐ µquirÐ µmÐ µnts. PricÐ µ alÐ µrts arÐ µ a standard fÐ µaturÐ µ with most brokÐ µrs. (Berber) ThÐ µ nÐ µw on-linÐ µ brokÐ µrs do not havÐ µ any lÐ µgacy systÐ µms and in spitÐ µ of making hÐ µavy invÐ µstmÐ µnts in tÐ µchnology (which is thÐ µ backbonÐ µ of any on-linÐ µ trading systÐ µm) havÐ µ vÐ µry low transaction costs, typically about lÐ µss than 10% of full sÐ µrvicÐ µ brokÐ µrs cost.   ThÐ µ Ð µxisting discount brokÐ µrs likÐ µ CharlÐ µs Schwab who startÐ µd offÐ µring on-linÐ µ trading did so by Ð µstablishing a sÐ µparatÐ µ division for Е-trading rathÐ µr than risk thÐ µ wholÐ µ organization. ThÐ µ main worry for thÐ µsÐ µ brokÐ µragÐ µs has bÐ µÃ µn thÐ µ rÐ µlations and businÐ µss prospÐ µcts of thÐ µir Ð µxisting salÐ µs forcÐ µ of brokÐ µrs. (www.aboutschwab.com) Benefits of E-trading Switching over to E-trading results in several benefits, both to the user and to the broker. Benefits to Users Lower transaction costs: Typical brokerage-rates in India are in the range 1.0-1.5%, whereas the rates for E-trading are as low as 0.1 %. E-trading brings down costs of not only the execution of the transaction but also the transfer of securities. In physical purchase of securities, the stamp duty rates are 0.5% of the value of the shares. With dematerialization of securities, the stamp duly charges are not applicable, in the US, brokerage costs before E-trading was introduced were as high as 7%, and have now come down to about 1%.(Colkin Cuneo) Transparency: E-trading empowers the customer to transact directly on the stock exchange. It delayers the process thereby improving transparency. The user does not need to rely on the brokers word-of-mouth or transaction slips for confirmation of the price at which his trade was conducted. Convenience: Online trading is available at the click of a button » making it much more convenient for the customer to trade. Also, with limit based orders being allowed, customers can place their orders even during the non-trading hours, which are executed at the earliest trading possibility. Procedural benefits: Unlike the earlier scenario, where the customers had to physically go to the broker to complete the formalities of trade i.e. payment/receipt of shares, involving procedural hassles, under the E-trading paradigm, these procedures are done away with. The entire cycle-of-trade i.e. placing the order, transfer of funds and transfer of securities trade is done electronically. Benefits to Online Brokers Easier risk management: Offline brokers collect margins from their clients and establish limits for trading based on the same. This may result in a situation where the broker would have to collect funds after the execution of the trade, exposing the broker to client credit-risk. However, under the online mechanism, the system would first check the status of funds available with the client in his bank account and only then allow the trade to take place. This reduces the exposure of the broker to client-risk. Greater business potential: The new paradigm of E-trading, which allows simple, convenient and transparent transactions may encourage more participants to trade. It is expected that the introduction of E-trading will expand the market itself resulting in better business for brokers. Lower staff costs: Automation of the processes, resulting in reduced requirement of manpower, offers significant cost-savings to the brokers. Technology and Security Issues Technology companies have developed online transaction processing (OLTP) applications that allow real time transaction execution. An extension of the OLTP transaction is the Straight-through Processing technology that allows an application to directly interface with the central system of any market place, without any manual intervention. Straight-through processing technology permits financial software products to directly interact with the stock exchange system by communicating with the exchange market structures. (odysseytec.com) The cycle of E-trading has to pass through three layers: The Client Interface Layer: the front-end The Middle Layer: risk management systems that access data from banks and depository participants (DP), calculate client exposure at that instant, and give the Go/No go advice to the trade. †¢ The End Layer: the back-end, where the accounting modules, pay in/pay out schedules, etc, operate. From a technical perspective, there are three key success factors for E-trading: Scalability and robustness of the trading system: The fundamental difference between the Internet as a transaction medium and the conventional closed user group network is that the Net is a universal platform providing concurrent access to infinite users at any given point in time. Consequently, it becomes imperative for any Net-based application to have a prove capability for scalability and robustness, which ensures the ability to handle and process requests from multiple users at any given point in time. Bandwidth optimization: The application software should demonstrate intelligence in optimizing the available bandwidth by deploying advanced technologies such as streaming. Integration with third party systems: On the Net, with information feeds available from multiple. points, it is prudent to deploy applications that are built on open architecture methodology for interfacing with third party systems. Security Any system to be successful should provide security, reliability and confidentiality of data. This can be achieved through the use of encryption technology before the online trading begins. The exchange must ensure that records maintained in electronic form by the broker are not susceptible to manipulation, and adequate back-ups and storage are available. The security features demanded by regulatory authorities include a unique user identification number and passwords that can be renewed from time to time to prevent hacking by outsiders. The major security requirements of e-broking1 are: Trusted means of authentication over open networks Confidentiality of the transaction Means to ensure integrity of data in transit Means to ensure ruin-repudiation of payment or its receipt. Various security models are adopted to secure e-broking transactions. The commonly employed security models in e-Broking are: passwords. Secure Sockets Layer (SSL), Kerberos, Pretty Good Privacy (PGP), Public Key Infrastructure (PKI), and Custom Implementations. (Odyssey Technologies) Future of E-trading Industry Exchanges across the globe are exploring an alliance that will create a 24-hour global equity market. The NYSE and exchanges from three main time zones—Australia, Tokyo and Hong Kong in the Asia-Pacific; Sao Paulo, Mexico and Toronto in the Americas; and Euronext, the combined Amsterdam, Brussels and Paris exchanges in Europe—plan to form a trading mechanism that will allow trading of the worlds global companies. Each of the partnering markets will retain its brand and form a platform to allow companies with worldwide demand to experience 24-hour trading of their shares. This is expected to lead to a better price discovery on a global basis. (Marlin) The proposed Global Equity Market (GEM) link the trading systems of each exchange to provide a global market structure based on the principles of transparency, self-regulation and agency-auction price discovery. (Angel)   This high-tech linkup of auction markets will create a global pool of liquidity, facilitate global price discovery and provide investors with better access to global stocks. The GEM will address investors appetite for big-capitalized stocks by providing them easier access to stocks not currently available on their local Stock Exchange. The market capitalization of the companies listed on the participating exchanges is expected It) exceed $20 trillion, representing more than 60 percent of the worlds market capitalization. Like the 24-hour Forex market and its electronic network SWIFT, the GEM will have an Electronic Communication Network (ECN), thereby realizing the ultimate potential of E-trading.   (Marlin) Nowadays, the structure of commercial finance is about to change dramatically. In place of the traditional bank-centered model, where institutions call the shots about who gets loans and who carries risk, we are going to see dominant players in their supply chain (companies such as Hewlett Packard or General Electric) use E-trading tools to drive the provision of financial services in the future. Today, companies like HP, GE, GM, and FedEx already exert tremendous influence on their trading partners. Their expressed and inferred capital goods requirements drive billions of dollars in marketing, sales, investment, and product decisions by their global business partners. (Macauley) Emerging E-trading environments will provide an ideal vehicle for investors to get access to transactions at the point of salethrough independent E-trading platforms or direct access to legacy enterprise systems. Their development will drive a major revolution in working capital financing in the United States, and that the funding vehicle is securitization. And there is also belief that the runway to securitization of commercial assets is shorter than one might expect. Securitization is a proven financial technology that is used to fund trillions of dollars of credit card, mortgage, auto loan, and a variety of specialty consumer loans each year. It provides the lowest cost, is the most efficient vehicle for funding large pools of financial assets, and, with modest enhancements, can be adapted to the E-trading environment. With small equity charges, high liquidity, low processing costs, and capital markets pricing, it presents a compelling opportunity for E-traders. (Berber) Today a few triple-A companies like GE are able to fund their own working capital requirements through their captive commercial paper conduits, and finance companies frequently fund their deal flow through third-party conduits (and a thick layer of equity capital). (Kelly) But to do so, there is need to solve several complex problems such as standard risk scoring, transaction capture, and back office processing services. Major initiatives are underway to solve eachand winners will innovatively combine them to create this new marketplace. Ultimately, it expected to see hundreds of billions in capital liberated from de-levered balance sheets of enterprises around the world. Bibliography Macauley, John T. The End of CI Lending. ABA Banking Journal, Vol. 93, 2001 Colkin, Cuneo.   E-trading Hangs On. InformationWeek, Issue 918, (12 Sep 2002):43. Kelly, Susan. The Rocky Road to Corporate E-trading. Treasury Risk Management, Vol. 11 Issue 9, (Oct 2001):55 Berber, Philip. From SOES to E-SOS: The Rise of E-trading, The Fall of Exchanges. Securities Industry News, , Vol. 12 Issue 15, (04 Oct 2000):3 Marlin, Steven. NYSE Aims at E-trading. InformationWeek, Issue 1001, (8 Sep 2004):22 Tower Group Research: Online Brokerage Becoming the Norm: Discount and Full Service Brokers Seek New Ways to Differentiate, July 2004 New York Stock Exchange., The Formation of a Global Equity Market, July 2002 www.nyse.com/content/articles Angel, James J, Consolidation in Global Equity Market, An Historical Perspective, 1998 Odyssey Technologies, PKI for E-broking, www.odysseytec.com E*Trade Website   www.etrade.com Schwab Charles Company Website http://www.aboutschwab.com/schwabcorp/history.html FreeTrade by AmeriTrade Website www.freetrade.com The Financial Cafe.com Website www.thefinancialcafe.com