Chapter 6- selection employee Assignment Example | Topics and Well Written Essays - 750 words

Chapter 6- selection employee - Assignment Example Issuing application forms, this helps one to know the qualifications of the applicant using documentation, the put in information about their past and present job experiences, their personal information like age, addresses, likes, and marital status. The application forms can also be used as evidence incase documentation is needed. Most employers use application forms during interviews as basis questions such as the former employees and working experience. I would also recommend that the dean employ the use of interviews in the process of finding a good candidate for the post of Human Resource professor, this would be very effective if he followed the right procedure in the interview. Using the candidate’s application form during the interview would be very effective in clarification on some pieces of information that one may not get right. Interview is also effective in getting information about the applicant; this is the information that was not contained in the application form. There is also the possibility of using ability tests on the applicants, these kind of tests are use to determine the applicants abilities and skills in certain fields, this is very effective since it helps to know some added information about the applicant. This might some co-curricular skill that they may possess, these tests can be issued inform of pencil and paper tests or job tests, those that may include more of physical input. However, this depends on certain factors, for example, in the case of a human resource officer, and one applicant is elderly and obviously not as strong as their young and energetic counterpart, I would not advice the dean to employ the use of job tests that require so much physical input since it may favor one of the applicants. The pass mark in this type of job application can be lowered or heightened depending on the number of applicants and their scores. One should be very careful when giving out this kind of job application method; it is advis able that they have very clear skills of judgment, in the case of a HR professor; the applicant should have exemplary socialization skills, speech, listening, conflict resolution, and mediation. These would be an added advantage in the job. In this case, I would advise the dean to employ the use of pencil and paper test, or in the case of job tests, I would ask them to solve different types of disputes among the students and judge who is the most effective in it. For the post, I would recommend an applicant who is joyful and does not drug their personal problems to work since it may alter with their work, especially because it involves constant interaction with people. Temperamental people would not be recommended for this job. As much as the use of interview is recommended in job applications so that the employer should have good personal exchange with the candidate, it has its shortcomings, these shortcoming s mainly come with the interviewer. The interviews in most cases lack sub jects and structure, such shortcomings may bring about mistakes such as difference in the questions asked to the applicants which may then cause rate error, whereby it is hard to weigh the amount of marks one should offer on certain questions, and since the questions were different to every employer, it may cause biasness. It may also be different to come up with the most appropriate person for the job since most of the interviewers have different opinions about the performance of the candidate. Some people tend to like certain

Brand Loyalty - Thesis Proposal Essay Example for Free

Brand Loyalty Thesis Proposal Essay The current financial crisis has spread around the world and no consumer has stayed untouched. In economic downturns, consumers are trying to better manage their expenses due to uncertainty for the future. In such cases, their brand loyalty might be shaken. Especially for UK consumers, whose purchasing power is lower than the other nations, the situation in the beginning of 2010 seems to be much more difficult. Hence, the purpose of this research is to investigate the impact of the current recession on UK consumers’ brand loyalty. A quantitative method will be employed and the empirical data will be collected through questionnaire survey with a sample of fifty UK consumers from the area of Thessaloniki. The questionnaire survey will be distributed to different people regardless of age and demographic characteristics, backgrounds and attitudes. The results of the study will aim to show that not all consumers’ brand loyalty has been shaken the same by the recession but some types of consumers were more affected compared to others. Furthermore, the research will aim to indicate that brand loyalty varies over products so some product and service categories lost a big part of their market share. The findings might be interesting and useful to several companies that would like to be aware both of the profiles of the customers that are more likely to switch to cheaper brands and the products that will easily lose a part of their market share during a recession so that can formulate the appropriate marketing strategy. In the highlighted part right the name of the area where it will be easier for to distribute fifty surveys and get them back. What Influences brand loyalty towards cigarette brands in the UK market? Brand loyalty has been a one of the biggest issues in the world of marketing over the last years. The two topics of brand loyalty and cigarette smoking have rarely been linked. A possible reason for this is that researchers might feel that it is in some way unethical to provide managerial suggestions for tobacco producers. The aim of this study is to clarify that matter and get knowledge about which product-related, psychographic, health-related and demographic factors influence the brand loyalty among smokers and to what extent. By examining brand loyalty towards cigarette brands, those factors which in fact decrease brand loyalty can be identified. In the literature review, the necessary background will be referenced to answer the research questions. The research will be conducted on a quantitative basis. The main research method used will be questionnaire survey. It is the researcher’s belief that this study will provide new and interesting perspective on the topic of brand loyalty, as well as the researcher hopes that the results will be beneficial for social marketers in their fight against cigarette smoking. What effect does sponsorship have on brand loyalty: A case study of Vodafone customers An increasingly larger marketing budget is allocated to sponsoring in companies. This has triggered the attention of the academics to research what the exact effects of sponsorship on a sponsoring brand are. This study fills a gap in the sponsorship literature by focusing on both current customers and looking at sponsorship from both negative and positive perspective. It researches what the effects of sponsorship are on brand loyalty for current customers concerning a sponsored party. Prior literature on both sponsorship and brand loyalty is explored to establish a sound theoretical reference. The review will demonstrate that negative and positive incidences as the context has a negative and positive effect respectively on attitude change toward the sponsored party, which in turn influences change in brand loyalty. The established theoretical reference is tested by means on a questionnaire survey. The sample will consist of Vodafone customers, which are tested on the change in attitudes toward the sponsored team (McLaren-Mercedes Formula 1 team for Vodafone) and on the change in attitudes and behavior toward the sponsoring brand.

Regulation of Financial Services Post Credit Crunch

Regulation of Financial Services Post Credit Crunch INTRODUCTION The financial system is the system that allows the transfer of money between savers and borrowers, and comprises a set of complex and closely interconnected financial institutions, markets, banks, instruments, services, practices, and transactions (Steven M Sheffrin, 2003). All Financial institutions in any country follow certain regulations which are placed by the central monetary authority (e.g. financial service authority) in order to provide improved service to the public and work in the best interest of the nations. Regulationis controlling human or societal behaviour by rules or restrictions (Bert Jaap Koops 2006). The purpose for regulating the institutions is to reduce the risk of failure and to attain social goals. For example banks are regulated, as they by their very nature are prone failure, and the costs paid by the public for failure is extremely high compared to the financial costs to regulate the banking system. Regulations should be fair and limited so that they as sist banks to develop new services in accordance with the customers demand, make sure competitions in financial services is strong, maintain the quantity and quality of the service provided to public and better utilisation of resources. Over the last five years, the financial system in the world has gone through its greatest crisis. The financial problems have appeared at the same time in many different countries which makes it unique from the crisis in past. The overall economic impact is felt all through the world, which is resulted from the interconnectedness of the global economy. This does not mean that the economic recession which many countries in the world now face will be anything like as bad as that of 1929-33(turner 2009). The crisis in 1930s was made worse by the policy in response. But it is clear that effective the policy response cannot prevent the large economic cost of the financial crisis. If we are to prevent or minimise the scale of future crisis there is an increased need of policy framework that can bring different factors and the corresponding powers to act positively when risks are recognized. Currently Britains existing framework is confused and the powers and capabilities split awkwardly between competing institutions, which results in nobody identifying the fundamental problems when these institutions are building up and none of the institutions can act in response to crisis as they do not have the authority to do so. In order to avoid future crisis changes in regulation and supervisory approach is needed in order to create a more robust financial system for the future. Our focus in the research is on banking institutions, and not on other areas of the financial services industry. In 2007, Britain experienced its first bank run of any significance since the reign of Queen Victoria (Reid. m, 2003). The run was on a bank called Northern Rock. Britain was free of such event not by misfortune, but because in early third quarter of nineteenth century the Bank of England developed techniques to avoid them. These techniques were used, in Britain and had worked, and appeared to be trusted. The run of northern rock was triggered by the decision to provide support for troubled institution. That run was brought to a standstill, when the Chancellor of the Exchequer (Alistair Darling2) declared that he would use taxpayers funds to guarantee deposits at Northern Rock. Unlike runs in banking history, it was a run only on that one institution as funds withdrawn from it went only to a small amount into cash, and were mostly redeposit in other banks or in building societies. The research has three major objectives: Describes the role of financial regulations and reviews the literature on role played by the regulations in financial system. To describe and evaluate the banking crisis in United Kingdom in last 5 years and the reasons of the crisis which affected the banking system. To analysis and evaluate the role and benefits of living wills in context of changes in regulation. This leads to the research question: â€Å"Can living wills address the perceived failures in the regulation of financial services highlighted by the current credit crisis?† LITERATURE REVIEW A literature review is a summary of a subject field that supports the identification of specific research questions (Rowley J Slack F, 2004). Literature review explains the role of financial regulations, discuses the banking crisis in UK in last 5 years (2005-2010), and proposed new regulations which are to counter such failures in the future and at what cost these failures can be averted. The main focus of literatures review is the Banking Industry, proposed new regulations in order to minimise the effect of such crisis. The functions of financial services industry The existence of money is taken as for granted in all advanced societies today so much so that most people are unaware of the huge contribution that the concept of money, and the industry to manage it, have made to the development of our present way of life. Moneyis anything that is generally accepted aspaymentforgoods and servicesand repayment ofdebts (Mishkin Frederic S, 2007). In earlier civilisations the process of bartering was sufficient for the exchanging goods and services. Barteringis a medium in whichgoodsorservicesare directly exchanged for other goods or services without a common unit of exchange (without the use ofmoney) (OSullivan, Arthur Steven M. Sheffrin, 2003). In modern society, people still produce goods or provide services that they could, in theory, trade with others for exchanging for things they need. Due to complexity of life and the size of some transactions make it impossible for people today to match what they have to offer against what others can supply to them. What is needed is a commodity that individuals will accept in exchange for any product, which forms a common denominator against which the value of all products can be measured. Money carries out these two important functions. In order to be acceptable as a medium of exchange, money must have certain properties. In particular it must be * Sufficient in quantity * Generally acceptable to all the parties in all transactions * Divisible into small units * Portable Money also perform as a store of value, which means it can be saved because it can be used to divide transactions in time received today as payment for work done or for goods sold can be stored in the knowledge that it can be exchanged for goods or services later when required. In order to fulfil these functions, money has to retain its exchange value or purchasing power and the effect of inflations can, of course, affect this function. The financial services industry exists largely to facilitate and to deal with the management of money. It helps commerce and government by channelling money from those who have surplus, and wish to lend it to make profit, to those who wish to borrow it, and are willing to pay for the benefit they acquire of having it. The financial organisations want to make profit from providing such services and, by doing so, they provide the public with products and services that offer, convenience ( e.g. current accounts), means of achieving otherwise difficult objectives (e.g. mortgages) and protection from risk (e.g. insurance). Prior to the 1980s, there were clear and distinct boundaries between different kinds of financial institutions; some were retails banks, some wholesale banks, others were life assurance companies or general insurance companies, and some offered both types of insurance and were called composite insurers. Today many of the distinctions have become unclear, if they have not vanished altogether, increasing numbers of mergers and takeovers have taken place across the boundaries and now even the term banc assurance, which was coined to describe banks that owned insurance companies, is inadequate to describe the complex nature of modern financial management groups. For example one major UK bank offers following range of services * Retail banking services * Mortgage services through a subsidiary that is a building society * Credit cards services * Wealth management services * Financial asset management for institutional customers * Investment banking * Insurance services Regulations Bank failures around the world have been common, large and expensive in recent years. It is common to think of banking failure as something that happens in emerging economies and countries with advanced banking system, but there have been some shocking failures of banks and banking system within the developed economies in recent decades. The scale and frequency of the bank failures and banking crises have raised doubts about the efficiency of bank regulation and raised questions as to whether the regulation itself has created an iatrogenic reaction. Regulations for banks and other financial institutions hinge on the coase (1988) argument that unregulated private actions create outcomes whereby social marginal costs greater then private marginal cost. The social marginal costs occur because bank failures has a far greater effect then throughout the economy than, say, failure of a manufacturing concern because of the wide spread use of banks. Nevertheless it should be borne in mind that regulation involves real resource costs. These costs arise from two sources (a) direct regulatory cost, (b) compliance costs bear by the firms regulated. In IMF global financial stability report (2009), it estimates that the eventual cost to British taxpayers of support for the banking sector will be 9.1% of GDP, or more than  £130 billion, that is more than five times the equivalent of 1.8% of GDP in France and three times the estimated 3.1% of GDP in Germany. The main reason for regulating the banks is firstly consumers lack market power and are prone to exploitation from the monopolistic behavior of banks. Secondly depositors are uniformed and unable to monitor banks and, therefore, require protection. Finally, governments need regulations to estimate the safety and stability of the banking system. Basel accord Basel committee for banking supervision a committee for BIS (Bank for International Settlement) was first established in 1974. This committee operates at international level and the main focus of the committee is to strengthen the capital of banks. The principle reasons for the establishment of the committee were to safeguard the financial stability of the banking system worldwide and to create a level playing field. The first major achievement of the committee was in the form of Basel I. Basel I aimed at: 1. Promote the co-ordination in the regulatory and capital adequacy standards of the member countries. 2. Guard against risk in credit worthiness 3. Finally, it suggests for the minimum capital requirements for the international banking. Since 1988 when the Basel committee introduced the first capital accord Basel I the risk management practices, the banking business and the whole financial market has changed. The New York Fed President argued that â€Å"it also has not kept pace with innovations in the way that banks measure, manage and mitigate risk.†(EBSCO, 2002) Although the accord covered fairly relevant issues but it wasnt helpful enough to make a major impact in the industry. Therefore in 1999 the initial steps were taken which led to the amended of Basel I. There were several different reasons for the amendments. One of the misunderstandings about Basel I was that it was the only way to the financial stability of a country. The positive results of implementation of Basel I were seen in the G-10 countries, as these countries were previously operating their financial industry on mostly the same rules, but still there were many new product introduced and reforms took place which remained unexplained by the accord and resulted in the financial industry either fully collapsed or got taken over by other giants. For example Grupo Financiero Bancomer, a Mexican banking giant was reported as â€Å"US- based Citibank has agreed to acquire Mexican banking giant Grupo Financiero Bancomer-Accival (Banacci) for US$12.5 billion† (All Business.co m, 2001). The initial results blinded the G-10 in the aspects of emerging markets as they got pressurized by the larger financial institutions to follow the same accord. Another failed aspect of Basel I which led to the new accord was that the old accord only focused around the credit risk. Basel I did not focused on operational risk which also supported the downfall of many financial institutions. As explained by Mohan Bhatia â€Å"Weather it is a fee-based business, emerging practices or income-based business. A bank is exposed to operational risk.†(Bhatia, 2002). Even though Basel I was not written to be applicable for the emerging markets, its functions created distortions in the banking sectors of the industrialized economies. â€Å"In countries subject to high currency inflation and sovereign default risks, the Basel I accord actually made loan books riskier by encouraging the movement of both bank and sovereign debt holdings from OECD sources to higher-yielding domestic sources† (Balin, 2008). Another problem with the 1988 accord was that it focused more on the type of loan rather than the credit status of the borrower. As the bank and large financial institutes saved just 8% for the unseen risks they had more capital left. That was used in form of loan and subprime lending which was later proved to be a real disaster for the financial institutions. Basel I created a gap between the regulatory capital and the economic capital as bank would choose to hold. The commonly know regulatory capital is different to the economic capital. The economic capital aims to enhance the value of the investor and is based on the internal risk assessment of the organization. Whereas on the other hand the regulatory capital secures the banking stability and the regulator decides it for the protection of the depositor. Considering the drastic effects of the Basel I accord the committee published the reforms in 2003 namely Basel II. â€Å"Basel II is a response to the need for the regulatory system governing the global banking industry.†(Garside, Bech, 2003) Basel II brought many reforms to the old accord and was based on three pillars. The first pillar was minimum capital requirement which explained explicit treatment for operational risk in the financial industry. However the market risk remained with the same explanation as from Basel I. The Basel II brought some new methods of measuring the credit risk by introducing the public and internal ratings which provided good risk mitigation techniques. Furthermore the second pillar explained the supervisory review of capital adequacy. The basic purpose of this pillar was to keep a check on the financial institution that they hold excess of minimum level of capital required. The regulator can intervene at the initial stage if this requirement was not fulfilled. Finally the third pillar was brought into place to bring a much better market discipline. The market is considered to be the role played by the shareholders, government or employees whether proper capital is maintained or not. With this improvement Basel II was considered to help both the lender and the borrower. Basel II spots the weakness in Basel I and proposed effective risk measurement, mitigation techniques and elaborates valuables for market discipline for good banking system and good financial stability as explained â€Å"we at the Federal Reserve had even more reasons for the most finely tuned Basel II framework: Not only are we the umbrella supervisor over all financial stability companies but, as the nations central bank, we are responsible for maintaining nations financial stability.† (Poole, 2005) The fines of Basel II are basically explained by the three pillars of it as the very dexterously explain how and where the accord will be effective. The first pillar of minimum capital requirement was extremely advantageous in providing enhanced risk measurement by helping the large financial institutions and big banks to measure the risk involved in their functions and operations more sophisticatedly. Risk management proposals were useful for the capital they require to hold in case of unexpected losses. The new accord proposed different approaches for the measurement of credit risk. The standardised approached being the more or less the same as the old accord was more risk sensitive for the creditworthiness of the customers and improved the requirement which was previously based on type of loan instead of the credit status of the customer. This approach explained the birth of credit rating of individuals but the problem with this approach was that the culture of rating is not popular in every European country and other countries with strong and effective economies. Whereas the internal ratings-based approach was based on the internal key risk drivers and therefore the potential for more risk sensitive capital was substantial in a way to mitigate the risk. But the internal ratings-based approach is not enough to calculate the capital required for the risks. â€Å"The approaches for calculating the risk-weighted assets are intended to provide improved bank assessments of risk and thu s to make the resulting capital ratios more meaningful† (Pitschke Bone-Winkel, 2006). Operational risk which the Basel I failed to examine is a crucial element and was elucidated by Basel II in three operational risk alleviation approaches. The first method called the Basic indicator approach advice the banks to hold capital equal to 15% of average gross income earned by banks in the past three years. The second method named the standardized approach separates every business to hold capital to shield itself against the operational risk. Finally the third method of advance method approach allows the banks to calculate their own capital requirement to protect themselves against the operational risk. A disadvantage of the first pillar was that it allowed the banks to set their own risk assessment techniques. This gave over sanguine reports to reduce the capital required. Furthermore it even maximized the return on equity. For a much better market discipline regulators must approve the requirement. As explained by (Lind, 2006) â€Å"banks must have methods and systems fo r risk management which are subject to adequate corporate governance processes throughout the banks.† The pillar II of The Basel Accord is based on Supervisory Review. It certifies that the banks should have enough capital to sustain all the unexpected risk in an organization and also provides with much more better techniques to monitor and mitigate those risks. It advises the banks to calculate their risks internally. It requires the regulators to assess the banks risk management processes and capital position to maintain a target level of solvency. â€Å"Pillar II recognises that national supervisors may have different ways of entering into such discussions and provides flexibility to accommodate those differences† (Caruana, 2003). It was helpful in a way to evaluate funding strategies and also gave an insight to the risk mitigation policies to the banks. In total the second pillar had two positive proposals. Firstly, it gave more power to the regulators to keep a check of the minimum capital requirement by banks as calculated in pillar 1. And secondly it alarms the repetiti on of the financial crises such as in countries like Korea and China by taking early actions and offering rapid remedial actions. â€Å"Some of the data submitted by individual institutions was not complete; in some cases banks did not have estimates of loss in stress periodsor used estimates that we thought were not sophisticatewhich caused minimum regulatory capital to be underestimated† (Bies, 2006). At the same time while the corporate governance is in place the accord gave absolutely no information regarding the liquidity. Banks remained unaware of the true financial conditions of each other which forced them to stop lending and the State Bank of England was highlighted as the last resort to rescue. Pillar III based on the market discipline helped maintain discipline in the market place by greater disclosure of the banks risk profiles. The pillar III is connected to pillar I and pillar II as it complements the minimum capital requirement and the supervisory review process. â€Å"Market discipline can contribute to a safe and sound banking environment and supervisors require firms to operate in a safe and sound manner† (BIS, 2005). The disclosure is important for the benefit of the stakeholders. Therefore a disclosure of market risk, operational risk, interest rate risk and the disclosure of capital structure is required. The information should be disclosed timely. â€Å"It will fundamentally transform financial reporting for banks by demanding increased depth and breadth of disclosure† (Garside, Bech, 2003). One of the other disadvantages of Basel II is the complexity and potential cost of the framework. It is a defected draft of 450 pages and the cost of implementing it is too high for the banks. Banks were also afraid to lend because of the fear of Basel II as they would operate against the rules of Basel II on certain occasions. According to the Basel book the banks have to meet a certain level of capital reserves and in todays scenario of credit crunch it is difficult. As Peter Spencer explains â€Å"the Basel system of banking regulations, which determine how much capital banks must raise to keep their books in order, are the root cause of the crunch and were serving to worsen the Citys plight† (Conway, 2007). The Basel committee produced the old and new accords which to an extent were successful for the strengthening of the capital of banks and also took into account the risk throughout the procedures. But the new accord did not changed with new reforms in the system which made it just a box to be ticked in a form and had no connection with the reality or implementation. Most of the organizations ticked the boxes and yet carried on with the risky decision which seemed profitable but yet proved out to be wrong such as Northern Rock. These decisions were not even against any of the accords as the Basel committee never updated to the new market. Financial Services Authority (FSA) Regulations of the financial services industry in the UK is a 5 tier process: * First level: European legislation that impacts on the UK financial industry * Second level: the acts of the parliament that set out what can and cannot be done. * Third level: the regulatory bodies that monitor the regulations and issue rules about how the requirements of the legislation are to be met in practice. The main regulatory body is now the Financial Services Authority (FSA), which has taken over the regulatory responsibilities of the number of other bodies, including the bank of England. * Fourth level: the policies and practices of the financial institutions themselves and the internal departments that ensure they operate legally and competently. * Fifth level: the arbitration schemes to which consumers complaints can be referred. For most cases, this will now be the financial ombudsman service, which takeover the responsibilities of a number of earlier ombudsman bureaux and arbitration schemes Before the arrival of the financial services act 1986, the UK financial services industry was self regulating. Standards were maintained by a promise that those in the financial industry had a common set of values and were able, and willing, to exclude those who violated them. The 1986 act moved the UK to a system which became known as self regulation within a statutory framework. Once authorised, firms and individuals would be regulated by self regulating organisations (SROs), such as IMRO, SFA or PIA. The financial services act 1986 covered investment activities only. Retail banking, general insurance, Lloyds of London and mortgages were all covered by different acts and codes. When labour party came in power in 1997 it wanted to amend the regulation of financial services. The late 1990s saw more fundamental development of the financial services system with the fusion of most aspects of financial services regulation over a single statutory regulator, the financial services authorit y (FSA) process took place in two phases. First the bank of Englands responsibilities for banking supervision was shifted to the financial services authority (FSA) as part of the bank of England act 1998. The second phase of development consisted of a new act covering financial services which would revoke key provisions of the financial services act 1986 and little other legislation. All the earlier work on regulation would be swept away and the FSA would regulate investment business, insurance business, banking, building societies, friendly societies, mortgages and Lloyds. On 30 November 2001 the act, the financial services and market act 2000 (FSMA 2000) came to form a system of statutory regulation. The creation of the FSA as the UKs single statutory regulator for the industry brought together regulation of investment, insurance and banking. The FSA took over the responsibilities for prudential supervision of all firms, which involves monitoring the adequacy of their management, financial resources and internal systems and controls, and Conducting of business regulations of those firms doing investment business. This involves overseeing firms dealing with investors to ensure for example information provided is clear and not misleading. Adair Turner (2009) argued that FSAs regulatory and supervisory approach, before the 2007-2008 crises, was based on a sometimes implicit but at times quite obvious philosophy which believed that * Markets in general are self-correcting and disciplined which acts as effective tools than regulation or supervisory oversight to ensure firms strategies are sound and risks contained * Main responsibility for managing risks was of senior management and boards of the firms, who were thought to be at better place to evaluate business risk than bank regulators, and who are better off in making appropriate decisions about the balance between risk and return, provided proper systems, procedures and skilled people are in place. * Customers protection cannot ensured by product regulation or direct markets intervention, but by making sure that wholesale markets are tolerant and transparent as possible, and thats the way in which firms conducts business is appropriate. Turner argued that this philosophy in supervisory approach resulted in: A focus makes sure that systems and processes were defined well instead of challenging the business models and strategies. Risk Mitigation Programs set out after ARROW reviews therefore tended to focus more on organization structures, systems and reporting procedures, than on overall risks in business models. A focus within the FSAs failure to notice of approved persons on checking that there were no issues of honesty raised by past conduct, instead of evaluating technical skills, with the assumption that management and boards were in a superior position to assess the appropriateness of particular individuals for particular roles. A balance between business regulation and prudential regulation which, with the benefit of observation, appears biased towards the former. This was not the case in all sectors of the financial industry: the FSA for instance introduced in 2002-04 major and very important changes in the prudential supervision of insurance companies which have significantly improved the ability of those companies to face the challenges created by the current crisis. But it was to a degree the case in banking, where a long period of reduced economic volatility, which was attributed by many informed observers to the positive benefits of the securitized credit model, helped foster inadequate focus on system-wide prudential risks. Failure of Current Regulation Based on the â€Å"Geneva Report†, the â€Å"G30 Report†, and the â€Å"NYU-Stern Report† failure of current regulation Systemic risk:Reports established a point of view that the financial regulatory frameworks around the world pay little consideration to systemic risk. Carmichael and Pomerleano (2002) define systemic risk as systemic instability that â€Å"arises where failure of one institution to honour its promises leads to a general panic, as individuals fear that similar promises made by other institutions also may be dishonoured. Acharya, Pedersen, Philippon and Richardson (2009) argue that Current financial regulations seek to limit each institutions risk seen in isolation; they are not focused on systemic risk. As a result supervisions focus on individual institutions, instead of having it on the whole system, while individual risks are properly dealt with in normal times, the system itself remains, or is encouraged to be, weak and exposed to large macroeconomic shocks This focus was a common feature and a common failing, of bank regulation and supervisory systems in the world. As per the Ge neva Report regulations wholly assumes that it can make the system as a whole safe by simply making sure that individual banks are safe which is misleading. Pro-cyclical risk taking: Reports also agreed that financial regulations encourage pro-cyclical risking taking which increases the possibility of financial crises and their severity when they occur. Any economic quantity that is positivelycorrelatedwith the overall state of theeconomyis said to be pro-cyclical (Gordy MB and Howells B. 2004). Financial intermediation as a whole is inherently pro-cyclical. Financial activity such as new bond issues and total bank lending tend to increase more during economic booms than during downturns. Higher levels of economic growth lead to higher values of potential collateral, thereby loosening credit constraints and making access to debt financing easier. Another contributing factor to the financial systems pro-cyclicality is that financial market participants behave as if risk is counter-cyclical. For instance, bank loan standards tend to be most lax during economic booms (Lown et al 2000)) and banking supervisors have historically been most vig ilant during downturns (Syron (1991)). Regulations lead towards stability and reduce statistical measures of risk and encourage excessive risk taking. In bad times, the pendulum swings back producing excessive risk aversion. Large Complex Financial Institutions (LCFIs): All reports agree that current regulations do not deal effectively with LCFIs, defining LCFIs as â€Å"financial intermediaries engaged in some combination of commercial banking, investment banking, asset management and insurance, whose failure poses a systemic risk or `externality to the financial system as a whole.† (Saunders, Smith and Walter, 2009). The growing role of LCFIs poses various challenges.The complexity of these institutions has made it hard for financial analysis and effective supervisors oversight. The linkages among business areas within LCFIs are close which leads to increase of risk contamination from one business area to another as well as across jurisdiction. All reports also insist on the danger induce by implicit Too-Big-To-Fail guarantees. Too big to fail is an expression that refers to the idea that ineconomic regulation, the largest and most interconnected businesses are so big that a government cannot le t them to declare bankruptcy for the reason that said failure would have disastrous consequences on the overall economy. Mervyn King on June 17th, 2009, the governor of theBank of England, called for banks that are too big to fail to be cut down to size, as a solution to the problem of banks having taxpaye

Sir Gawain and the Green Knight Essay -- Sir Gawain Green Knight Essay

Sir Gawain and the Green Knight The poem Sir Gawain and the Green Knight tells the tale of one of King Arthur’s bravest and noblest knights, Sir Gawain. The author spins this magical tale of heroism and adventure over the course of one year. During this year, the hero Sir Gawain undergoes a serious alteration of character. When Bertilak enters King Arthur’s court as the mysterious green knight, he sets Sir Gawain’s destiny in motion. Change, especially spiritual transformation, is a common thread running through the poem. The poet depicts Bertilak as somewhat Godlike, and Bertilak plays a significant role in Sir Gawain’s spiritual transformation, through which he becomes more like Christ. Bertilak first introduces himself by making an astonishing entrance into King Arthur’s court. The poet describes the appearance of the Green Knight thus: â€Å"†¦There hurtles in at the hall-door an unknown rider, / One the greatest on ground in growth of his frame: / †¦Half a giant on earth I hold him to be† (l. 136-140). His forcefulness and size are the aspects of him that the poet first describes; however, the fact that the huge knight is entirely green from head to toe amazes the court more. The author notes that, â€Å"Great wonder grew in hall / At his hue most strange to see, / For man and gear and all / Were green as green could be† (l. 147-150). The color green here may symbolize spiritual growth, although green sometimes suggests evil in literature. The Green Knight was especially fascinating because his physical appearance, as well as his apparent immortality demonstrated that he had supernatural qualities, and therefore was not entirely of this world. Throughout Sir Gawain and the Green Knight, the poet port... ... depicted Bertilak, sometimes the Green Knight, with Godlike characteristics and supernatural qualities. At different times in the poem, Bertilak represents the wise, just, godly master of the castle, and is sometimes transformed into the mystical Green Knight. Both characters are essential for Sir Gawain’s transformation, which Bertilak manipulates freely. In a Christ-like sacrifice, Sir Gawain learns of his weaknesses, and experiences the process of spiritual absolution. In this poem, Bertilak, whom the author has granted supernatural characteristics, facilitates Sir Gawain’s spiritual journey for truth and complete transformation. Works Cited â€Å"Sir Gawain and the Green Knight.† The Norton Anthology of English Literature. 8th ed. Ed. Alfred David, James Simpson. Vol. A. New York: W.W. Norton & Company, Inc.: 2006. 3 vols. 162-213.

NAMPEYO - Hopi Potter :: Essays Papers

NAMPEYO - Hopi Potter Nampeyo, the best potter of her time, helped revitalize the original form of Hopi pottery, Sikyatki. She developed her style from the traditional bowls, pots, jars, and water carriers of the Tewa and Walpi people, which were the tribes of her parents. Although, Hopi pottery had survived through many generations, it was beginning to disappear during Nampeyo's youth. Nampeyo was credited for bringing the dying form of Sikyatki pottery back to life. She helped rekindle the interest of Hopi pottery into the lives of the consumer and her contemporaries. At the time of Nampeyo's birth, Hopi pottery was indebted to the styles and designs of the Zuni people. The exact year or date of Nampeyo's birth is unknown, but thought to be between 1856 and 1860. In Hopi custom, the father's mother, grandmother names the baby. So, Nampeyo was originally named Tcu-mana or Snake Girl, but the Tewa people call her Nampeyo, which she is known as today. Nampeyo and Tcu-mana are identical in meaning. She had three brothers leaving her the only girl in her family. One of Nampeyo's brothers, Tom Polocca, would later play an influential role in helping her become discovered as an expert Hopi potter. It is unclear how and from who Nampeyo first learned the art of pottery. Two books on Nampeyo's pottery, Kramer's book Nampeyo and her pottery and Collins' book Nampeyo, Hopi Potter, had different beliefs on who introduced Nampeyo to pottery making. Collins' book says that Nampeyo learned the art of pottery from her grandmother. It goes on to say that when Nampeyo was younger she often went with her father to her grandmother's house where she sat and watched her make pottery until she was old enough to try it on her own. This would not be unlikely because the father still was a big part of his original family and village and visited there often, since he now lives with his wife's family. In Kramer's book, it is said that Nampeyo spent much time with her mother, from whom she learned the art of pottery making. At this time the Tewa people were the best known potters of the Hopi area. During her younger years she was only allowed to watch, but as she grew older her mother be gan letting her make pots on her own.

Biomolecules Notes

Carbohydrates, lipids and proteins 3. 2. 1 Distinguish between organic and inorganic compounds (2). Distinguish means to give the differences between two or more different items. ?Organic compounds are based on carbon and are found in living things. There are a number of exceptions including hydrogen carbonate (HCO3- ), carbon dioxide (CO2 )and Carbon monoxide (CO). ?Inorganic compounds are by default all the molecules other than those in the category above. Identify amino acids, glucose, ribose and fatty acids from diagrams showing their structure(2). Identify means to find an answer from a given number of possibilities. The following are examples of the most common organic molecules in living things: Monosaccharide sugars. These are the monomers from which larger polymer molecules are constructed. Molecules like glucose and fructose are metabolically active molecules usually stored in an inactive, insoluble polysaccharide form. ?Glucose: C6H12O6 this is a hexose sugar (six carbons) most commonly found in this ring structure. ?Glucose will be known to most students as a product of photosynthesis or the substrate molecule for respiration. Glucose is also found in a polymer as starch, glycogen or cellulose. ?All bonds are covalent. ?Glucose is a reducing sugar and will give positive (Brick red) precipitate in a Benedicts test. ?Glucose is metabolically active compound Glucose is soluble and has osmotic effects when in solution This is an alternative diagram of glucose where the carbons are assumed to be at each of the corners or end s of the lines (bonds). In this image the carbons are numbered so you can compare to the diagram above. Normally such numbers would be omitted form a diagram. These shorthand diagrams allow organic molecules to be drawn faster. There are examples further down the page of this type of diagram. ?Ribose: Pentose (5 carbon sugar). ?Ribose is part of one the important organic molecules in photosynthesis, ribulose bisphosphate. (RUBP) ? A modified version of ribose, deoxyribose is perhaps best known for its role in Deoxyribonucleic acid or DNA where it forms part of the sugar phosphate backbone. The chemical properties of deoxyribose are very different from the properties of ribulose ? Both Ribose and Glucose will attract water molecules (hydrogen bonding ) to form solutions. Amino Acids: There are 20 common amino acids found in the protein structures of living things. Amino acids are monomers which combine to form the larger polypeptides. In turn polypeptides combine to form proteins. Proteins molecules are the basis of enzymes and many cellular and extra cellular components. ? This model shows the structure of the general amino acid. If you build one in a molecular kit you will appreciate better the 3D structure. Each of the common amino acids has the same structure as the one shown except that the R group is different. ?Amino acids are soluble ? This is an alternative way to draw the general amino acid structure. ?This diagram illustrates the ‘amino' group which is -NH2 ? There is also the acidic group -COOH which ionizes in solution to form an -COO-and H+groups ? This acid group is known as a carboxylic acid group. ? This is an illustration of the smalles t of the amino acids, Glycine. ?Notice that Glycine has an amino group, carboxylic acid group and a R group = H ? A common source of glycine is sugar cane. This image shows a common amino acids, Alanine ?Note the similarity in structure with glycine but this time the R group is -CH3 ? Students are not required to know the structure of all 20 common amino acids Fatty Acids: These molecules are the basis of triglycerides and many other types of lipid. These molecules are also the basis of the phospholipid molecules that form the bilayer of the cell membrane. ? The image shows a basic saturated (no double bonds) fatty acid. ?There is a methyl group (-CH3) at one end of the chain. Chain is the formed from a series of covalently bonded carbons saturated with hydrogens. ?The chain is non-polar and hydrophobic ?The carbonyl group is polar making this ends of the molecule hydrophilic. ? The complex diagram of the fatty acid can be abbreviated to this simpler diagram. ? This image show the unsaturated double bond which is characteristic of animal fats. ?If there are many double bonds the fatty acid is kn own as polyunsaturated. Micelle ?In water fatty acid molecules arrange themselves into spheres called micelles. The polar carbonyl groups on the outside in contact with water molecules. ?The non-polar tail sections are in the centre away from water. ?This is an important aspect of fat digestion and membrane structure. List three examples each of monosaccharide, disaccharides and polysaccharides (1) List means to Give a sequence of names or other brief answers with no explanation. State one function of glucose, lactose and glycogen in animals, and of fructose, sucrose and cellulose in plants(1) State means to give a specific name, value or other brief answer without explanation or calculation.

Property law consultant Essay

This is in reference to your query about legal advice with respect to your property which is currently occupied by three tenants apart from you. This letter explains in detail about each tenant rights, terms and conditions which are legally referenced and relevant to your tenants, residing in ground floor, middle floor and top floor. A view on UK property law, rights and obligations of landlord is provided to you for your understanding and also about your convenient decision making in the matters of your property and also how to deal with your tenants in legal framework. There is also a clear analysis about legal relationship that exists between you and your tenants. First of all, it is important to take a clear note on responsibility of landlord over the property. The said property of Georgian Town House has been taken for a lease period of 25 years and only a period of 9 years have been completed and there are still 16 more years for the expiry of lease period. Therefore, this gives out a fact that it is important to maintain the leased premises. It is a also a fact that you travel on a holiday spending most of your time within and outside UK making it necessary that premises have to be absolutely in tact even in your absence for the convenience of tenants as well to keep the premises out of dilapidation. UK property law clearly states that landlord must undertake repairs to the property whenever required in the structure of the property. The connections of gas, hot water, electrical appliances, common areas and furnitures have to be strictly administered by the landlord. This emphasizes that as a landlord, carrying out repairs wherever required is not only required by property law of UK whereas it is also an act of meeting the obligations and requirements of tenants. Three of your tenants stated that central stairwell which is commonly used by all of you is completely dilapidated and the tenants have been complaining demanding repairs, painting and to establish re-connections of lighting. Please understand that you as landlord have to meet and comply with the UK property laws and any violation to the laws would be seriously viewed inviting penalties. Now, moving on from your rights and obligations as landlord, the next would be a detailed discussion about each tenant and legal relationship that exist between you as landlord and your tenants. Groundfloor – Taxi cab A written agreement of â€Å"licence to occupy† which came into effect on 1. 5. 2008 and as per the agreement taxi cab firm must pay ? 10,000. The taxi cab presently pays a sum of ? 2500 for every three months. The legal relationship between taxi cab and you is that of a tenant and a landlord. Tax cab is responsile for paying the stated sum as rent regularly and tenant is also responsible for bills of gas, electricity, telephone as per the written agreement and further taxes must be regularly paid apart from water and sewerage charges. Taxi cab written agreement expires on 30. 4. 2011 as the agreement is for a period of three years. Therefore it is important to abide by the requests of repair or renovation as required by the taxi cab firm with the fact that lease agreement must be fully complied with meeting the all the requirements. Section 27 pf Tenant Act 1954 is not being discussed here for your reference. Taxi cab also requested you to repair the central stairwell and if this request is not approved by you, there is a scope that taxi cab might waive paying rent, or bring such other damage to the premises which would prove more expensive for repairs to be made. Middle floor which is occupied by a jeweller, who is also your cousin has not entered into any written agreement with you and that does not legally bind neither you nor jewellery to comply with any UK property laws. Oral agreement is not a valid option in the matters of disputes and also consider any decision. However as for now, jeweller is paying a rent of ? 400 per month and is carrying on business during week days. It is also a fact that oral agreement also carries certain rights and obligations both for business tenants and for the landlord, although these cannot be enforced in the courts as written agreements are more valid while filing cases of non-compliance of property laws or tenant laws. The nature of legal relationship between you and jeweller is that of a business tenant and a landlord. Further this tenant must maintain a rent book for the monthly rent paid to you and you are required to put your signature in the rent book whenever you receive rent. This tenant apart from being your cousin has every right and responsibility towards the central stairwell to carryout repairs whereas this must be done with a mutual consent from you. Further it is also a fact that this tenant is standing on the collective opinion of other two tenants that central stairwell must be repaired as it is creating problems for all the clients. Therefore, obliging to the request to repair the central stairwell is more advisable as it would invite more obligations both from business tenants and also from UK property law authorities if in case a complaint against you is launched for non-repair of central stairwell. The top floor is occupied by a commercial artist who also does not carry any written agreement of business tenancy. The tenant also facilitates the floor when there are parties arranged by you which means the tenant is absolutely cordial and compatible with you in the capacity of landlord. This tenant is also paying a small amount towards bills. Further this tenant is also of the opinion that central stairwell must be repaired. All of the business tenants are using the premises all through the business days which means central stairwell is a common area for carrying on respective activities. Another fact is only tax cab firm is a legal tenant with a legal relationship whereas other two business tenants viz. jeweller, commercial artist are not legal tenants due to the fact that there is no written agreement. The sum of rent paid by jewellery and commercial artist is very small whereas taxi cab firm is paying rent on lease. The opinion of all the three tenants is that since the central stairwell is used regularly, it is important to maintain the same in order to prevent any unforeseen occurrence of accidents or breakage. This was the main reason that tenants have approached you to repair the central stairwell. Taxi cab firm along with other two tenants in each floor are performing well in carrying on businesses and therefore, there is no problem of business loss or lack of funds. Further tenants have been very cooperative in paying rents regularly and also in meeting the other expenses as and when required. Some of the rights that can be exercised by you in the capacity of a landlord are viz. , increase of rent, conditions on usage of premises or any other matter pertaining to either rent or premises. Tenants complaints for repair of central stairwell would be valid only when there is a written notice to this effect under Landlord and Tenant Act 1985 which states that notice that be given either verbally or in writing in order to provide sufficient time for landlord to carryout the required repairs. When landlord does not wish to carry out repairs, in such case, tenants have to show the proof of written notice to the court in order to receive a remedial claim. The landlord cannot ignore or overlook any legal responsibilities with regard to the repairs as stated in Section 11 of the Landlord and Tenant Act 1985. As per the law, landlord is responsible for maintaining the roof, gutter, drains, pipes, walls, windows doors or any structure of the property. Section 11 clearly states that landlord must take the responsibility to maintain the repairs of the structure and also to keep the installations such as baths, sinks, sanitary pipes. Taking this section as a guide, central stairwell is within the premises of the property which is used by tenants regularly for business purpose. Therefore, the responsibility of repair rests with the landlord. Conclusively, keeping all of the above facts in view, there are two options at your end to maintain and repair the central stairwell. First is, to carryout necessary repairs to central stairwell and second is to assign the responsibility to one of the tenants whom you confide in to carryout necessary repairs to central stairwell and submit all the necessary bills of repairs to you. Further these expenses can be deducted from the monthly rent paid by all the three tenants. This would solve the problem and further all the tenants would be satisfied. Sincerely, Sd/- (B) Property law consultant References Housing in England – Tenancy Agreements Accessed 20 March 2009 http://www. adviceguide. org. uk/index/family_parent/housing/tenancy_agreements. htm LandLord and Tenant Act 1954 Accessed 20 March, 2009 http://72. 14. 235. 132/search? q=cache:QpO_V-_S0f8J:www. communities. gov. uk/documents/citiesandregions/pdf/131185. pdf+the+Landlord+and+Tenant+Act+1954. &cd=3&hl=en&ct=clnk&gl=in Landlord and Tenants Rights Accessed 20 March, 2009 http://www. insolvencyhelpline. co. uk/legal_issues_explained/landlords_and_tenants_rights. php Renting a home. The key to a quiet life Accessed 20 March, 2009 http://www. lawsociety. org. uk/choosingandusing/commonlegalproblems/rentingahome. page Section 27 Landlord and Tenant Act 1954: a tactical approach Accessed 20 March, 2009 http://www. practicalconveyancing. co. uk/content/view/7631/1121/ The rights of renters Accessed 20 March, 2009 http://www. consumerrightsexpert. co. uk/TheRightsOfRenters. html Tenancy agreement service Accessed 24 March, 2009 http://www. tenancyagreementservice. co. uk/verbal-tenancy-agreements. htm Landlords’ and Tenants’ repairing obligations Accessed 24 March, 2009 http://www. tenancyagreementservice. co. uk/repairing-obligations. htm#notice-of-repairs