The Motivation behind International Diversification for Portfolio Risk Reduction - Free Essay Example

Sample details Pages: 13 Words: 3962 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? It is often argued that the main benefit of international diversification is the reduction in portfolio risk rather than the increase in returns. The idea behind this concept lies in the fact that if investors randomly select stocks from a large market such as the NYSE the risk, measured by the standard deviation of portfolio returns, can substantially decrease as investors add foreign assets to their domestic portfolio. After a strong period of stock market gains last year, global equity fund managers shift their attention to developed markets which have been plunged during the financial crisis seeking for diversification benefits in their portfolios. Don’t waste time! Our writers will create an original "The Motivation behind International Diversification for Portfolio Risk Reduction" essay for you Create order Due to the time-varying nature of international diversification, a significant number of research papers tries to evaluate whether there has been an improvement in the risk-return trade off for investment portfolios in a number of ways such as hedging foreign returns with forwards and futures. Taking these into consideration, it would be worth reviewing if there are any benefits of diversification from the interaction of risk-adjusted returns with correlations(Elton and Gruber,1995) extending to conditional correlations in order to provide a dynamic structure between the markets using bootstrapping approaches(Efron,1979 and Hacker,2006) LITERATURE REVIEW International diversification benefits The existence of the benefits of international portfolio diversification as provided by portfolio theory is documented by Elton and Gruber (1995) who constructed portfolios based on Markowitz(1958) and depicted the relationship between overall expected portfolio return and the riskiness of this return by producing efficient portfolio sets which have the minimum variance(risk) for a given expected return. Based on the weekly price data of Morgan Stanley Capital International for the period 1970-2000,they calculated risk-adjusted returns based on the Sharpe ratio and the minimum returns required for diversification to be beneficial. The tangency portfolio that was drawn according to the market equilibrium model by Sharpe(1964) had a large amount of proportions in Japan accompanied by low correlations of Japanese market with the US market. Also, despite the fact that Japan yields a higher risk-adjusted return from the point of view of an American investor than the UK does, it still pa ys to diversify in UK markets as long as the correlation is low. This is also confirmed by the Sharpe ratio of the UK market which is above the minimum required. This diversified portfolio consisting of the three markets yields a higher risk-adjusted return than the portfolio investing only on the US market(no diversification).However, there is one study (Hanna et al, 1999) that suggests that there are no benefits for a US investor who invests in the equity markets of Canada, US, France, Germany, Italy and Japan during the period 1988-1997.The findings were reported based again on risk-adjusted returns and correlations between the US and these markets which were not low enough to reveal any gains from diversifying. In other words, they found that the risk-adjusted returns of a portfolio consisting solely of the SP 500 were considerably higher than those of the other G7 countries during the same period. Depending each time on whose point of view is taken, the results can be different and foreign returns can become lower than domestic returns. Emerging markets and developed markets The principle of diversification suggests that as long as the returns on the foreign assets do not have a perfect positive correlation with the domestic assets, investors can reduce but not eliminate the overall risk of their portfolio by altering the proportions held in the assets. Specifically, foreign asset returns have much lower correlations with domestic assets than the correlations among each of the domestic assets. In this paper, there is examined a number of variables that may explain the benefits from international diversification, if any. Specifically, benefits have been documented due to the low level of correlation among national equity markets (Grubel,1968 and Levy,1970) but there is a disagreement on the variables that cause this low correlation meaning that these low correlations may not be a true indication of potential gains. One of the papers that raised this issue, followed by several studies sharing the same view was that of Lessard(1974) who focused on common characteristics among returns within countries rather than across countries in order to determine possible gains. His key results were that national factors are more important than industry factors in defining securities sharing common characteristics and contribute more to risk portfolio reduction. In general, country and industry shocks have different impact on the returns of a portfolio because expected future cash flows are widely affected by economic activity, trading activity and liberalization of financial markets. As a result, the degree of economic integration of investment activities plays a significant role in explaining country and industry returns. Liberalization and diversification benefits in emerging markets New capital markets emerged when developing markets rebounded in the early 1990s followed by capital flows(fixed income and equity),foreign investments and a number of macroeconomic measures leading to a financial liberalization process which theoretically enables investors to embrace diversification benefits through emerging market integration with the global capital market. In reality, however, integration can increase the correlation between emerging market and world market returns leading to a reduction of possible gains from diversification toward emerging markets. Also, the extent to which the liberalization process can bring up diversification gains depends on the dynamics of capital flows in emerging markets. Specifically, many studies showed that there are significant benefits for investments in emerging markets because they yield returns that are less correlated with returns in the developed world(Divecha et al,1992).Thus, contrary to popular belief, investing in emerging markets can lead to lower risk since investment barriers had diminished and most importantly industry specific factors dominate country factors because stock returns in the emerging markets are more homogeneous than in developed. This view is also shared by Cavaglia et al(1994,1995) who casts doubts on earlier studies of Lessard(1974) by choosing to diversify across all industry sectors rather than across countries based on broad market indices. This optimal portfolio yields a lower risk than the broad market index portfolio since the correlation between industry returns in different countries is lower than the correlation between the returns on the broad market indices. In general, results suggest that industry factors are more important in countries whose industries depend on multinational productions and common production technologies because they have a high degree of industrial integration. This in turn suggests that industry shocks are important in explaining international portfolio returns. On the other hand, country factors seem to be important in countries whose economic activity is not affected by world economic activity. Although these studies make reasonable inferences based on the variables and determinants of country and industry returns, they are mainly driven by stock market behaviour which changes over time thus producing different results. A relevant study that was pioneering was that of Errunza et al(1999) testing the hypothesis that multinational corporations provide international benefits .While Agmon and Lessard(1977) showed that US investors can recognize benefits in holding multinational stocks and reduce the overall risk of their portfolios, Solnik(1978) concluded that multinational stocks are a poor substitute of foreign traded securities. Errunza et al(2002) further showed that benefits can be obtained by investing in closed-end funds in emerging markets because these funds are often traded at a premium when their underlying a ssets are invested in closed or restricted markets. This means that the returns from holding the funds instead of their assets are different providing potential gains to investors. The same view is also shared by Bekaert and Urias(1996) who used closed-end funds and mean-variance spanning tests to depict potential international diversification benefits. They tested whether a set of asset returns when added to a four-index benchmark leads to a leftward shift in the mean-standard deviation frontier(reduction of risk).This research differentiates from previous studies in taking into consideration investment costs that previous studies ignored, thus making more strong the existence of diversification benefits in emerging markets. International CAPM and weaknesses The findings of Lessard based on 16 developed countries have documented the importance of local monetary policies and regulations as the key determinants of stock returns. The existence of these factors led to a multi-factor process generating returns named the international capital asset pricing model(CAPM).Using the international CAPM to estimate the expected gains from international diversification to a US investor according to Lessard poses difficulties in the choice of the world factor and if the true world market factor is used, a structure based on a single index will be misleading since national factors can not be fully diversified thus affecting overall expected returns. As a result, Agmon(1972) and Solnic(1973) integrated different national markets into a single multinational capital market. Solnik(1974) used an equally weighted portfolio of a wide set of possible stocks to determine how effective is international diversification in reducing risk by considering 20 randoml y selected securities. He found that US investors could obtain almost full capacity of benefits from diversification by including up to 20 securities in their domestic portfolio achieving the minimum level of market(non-diversified risk) in each country chosen. The traditional CAPM postulates a linear relationship between the expected return on any asset and the covariance between that asset and the return on a world-wide portfolio. Also, it assumes that the market risk premium is the only relevant factor in international markets that are integrated and is restricted to be positive. That is because otherwise no risk-averse investor would willingly hold the stock when he could earn more by investing in the safe risk-free asset. However, during periods of high interest rates there may be a negative risk premium for which the model is unable to predict expected excess returns. Along with this, due to the increasing integration and globalization of the markets there is evidence that cor relations between any two markets change over time (Engle and Wooldridge,1988).Their pioneering research involved the concept of time-varying covariance with the market as a more realistic measure for the expected excess return of assets. For this reason, they employed the parsimonious(simple) GARCH model which enabled them to test the restrictions of the model simultaneously on a large number of assets where asset returns depend on multiple risk factors. Dumas and Solnic(1995) and De Santis(1999) encompassed currency risk in addition to market risk. Specifically, Solnics study was pioneering in considering perfectly hedging foreign currency returns by using a FX-forward contract but this holds only if you know for sure how much you will receive in one years time in foreign currency. So, the drawback of this study is the assumption of perfect hedging as the actual return from holding foreign stocks is uncertain and thus the hedge will not be perfect. It is noteworthy that until 1973 the exchange rate was fixed (Bretton Woods), so the reduction of the non-diversifiable risk was not different when taking into account exchange rate fluctuations. However, nowadays the hedged international diversification strategy would not result in the same reduction of portfolio risk if exchange rate changes are considered. For this reason, Glen and Jorion,(1993) showed that currencies appear to play an important role in global portfolios using mean-variance tests and adjusting for different exchange rates. Benefits in emerging markets Specifically, the approach used to calculate the optimal portfolio weights is similar to that used in the international CAPM but includes the forward premium which changes over time. Their findings suggest that conditional hedging strategies which take into account the time variation of hedge ratios yield higher returns without additional risk whereas with unconditional strategies there is little evidence of benefits from adding currencies in equity portfolios except for portfolios including bonds where the static currency hedging improves the risk-return trade-off. However their tests suggest benefits when investing in some individual Latin American or Asian countries but not when investing optimally in the combination of emerging markets which again confirms the weaknesses of the CAPM. This fact is attributable to the loss of power in mean-variance tests when more emerging markets are included(De Roon et al(2001).Papers examined by Glen, Jorion, De Roon et al make the assumption that short-selling is not allowed but they show that benefits disappear after imposing such restrictions,a matter that will be discussed later in the paper using the Bayesian inference. Further to the studies of Solnic(1995),De Santis and Gerard(1998) who acknowledged the pricing of currency risk premium, Claessens et al(1995),Carrieri and Majerbi(2005) found evidence of long-term risk premium considering an emerging-market-based portfolio that consists of equities, the returns of which are measured using the Morgan Stanleys Capital International World Index. The analysis includes seven Latin American countries. The factors that they consider is the home currency in which returns are measured and due to the fact that optimal weights change as forecasts of expected returns, variances and covariances change, they measure these variables in-sample data and out of sample data similar to the bootstrapping method used by Eun and Resnick(1988) .For a fully hedged portfolio, the risk-pre mium earned with respect to the local risk-free rate is equal to the risk premium with respect to the foreign risk-free rate. Thus the variance of a fully hedged global portfolio is just the variance of its dollar returns under the assumption that foreign currency rate will be paid with certainty(Claessens et al,1995).After analysing the long-term hedging decision ,they concluded that for open economies with flexible exchange rates currency hedging increases volatility followed by an increase in expected returns because hard currencies act as a natural hedge against portfolio losses(Claessens et al,(1995),Carrieri and Majerbi(2005).Also, this holds due to the fact that there has been an upward trend in currency betas which correspond to the contribution of the local currency to the volatility of the global portfolio based in a developed market. Higher betas mean that the local currency is riskier for an international investor as long as the volatility of the exchange rate remains co nstant. When considering exchange rate volatility, the overall risk of the global portfolio increases as countries allow currencies to fluctuate and not be fixed as analysed in Brazil, Colombia and Mexico in 1999(Fischer,2001) when currency betas have tripled compared to 2000-2004.Again the conclusion reached is that hard currencies act as natural hedges against negative returns in global equity(Claessens et al(1995),Carrieri and Majerbi(2005).Further to these studies, Eun and Resnick(1988) showed that for an unhedged portfolio, the gains are better than a solely domestic investment from the point of view of an American investor irrespective of whether the international portfolio comprises of equal weights or the optimal weights given by mean-variance analysis. Specifically, they showed that the overall portfolio risk depends on the covariances among stock market returns and covariances among exchange rate changes. It is noteworthy that they employed two methods of exchange risk red uction namely the multiccurency diversification and hedging through forward contracts. If correlations among exchange rates are negative then fluctuating exchange rates will decrease portfolio risk. Their results suggested an overall risk of 4.8% as opposed to 2% in the absence of exchange rate volatility(page 202).This analysis shows that since exchange rate is nondiversifiable to a large extent there may be gains from using forward contracts to hedge risk. Indeed, they showed that hedging using forward contracts almost always produces better results than not hedging whether investors use the optimal weights or the equal weights. As a result, it appears that there are benefits by investing internationally even for an American investor whose market makes up half of the world stock market capitalization. Nevertheless, investors seem to prefer holding domestic portfolios for fear of government regulations on exchange rates despite the gains that they can achieve by investing internati onally. Unstable correlations of international stock markets As discussed above, due to the increasing integration and globalization of the markets there is evidence that correlations between any two markets change over time and increase dependant on which is the market trend and not on the market volatility (Longin and Solnick,2002).They suggested that conditional correlation seems to increase in bear markets and not in bull markets which further enabled them to construct the optimum portfolio. In order to conclude reliably that the correlation is changing over time by simpling looking at different values of one or more variables is to specify each time the distribution of the conditional correlation which has not been done so far by previous studies examined. Since, financial time-series are not normally distributed, the parameter estimates from asymptotic tests are biased and the results are not reliable. Therefore, total reliance on correlations due to large volatility of return variables can be misleading. Theory shows that distribution of extreme returns can only converge to a distribution the shape of which is not well defined. Hence, in contrast to previous studies,(Efron, 1979 and Hacker,2006) use a bootstrapping approach with leveraged adjustments and new evidence is provided. They examined an international portfolio consisting of the US,UK and Japan markets as Elton and Gruber(1995) did but instead of using asymptotic tests, they applied causality tests. In detail, they took into account the dynamic structure between markets by using the bootstrap correlation coefficients which were measured by causality tests proposed by Granger(1969).The basic concept which differentiates this study from previous ones is that the degree of causality can indicate the size of the international diversification benefits that can be achieved. Granger tested whether movements in one variable follow movements in another variable and found that there is no evidence of causality between the three markets. This finding was reported in bootstrap correlation coefficients which were the same as the standard ones that Elton and Gruber(1995) estimated. Thus, there is additional support that international diversification can still provide gains to investors. This study can also be expanded to accommodate more markets and can also be done from the point of view of investors from other markets than the US one. Constraints in international diversification In all studies discussed so far, the results were reported without taking into consideration constraints such as short-selling and it was mentioned in the previous section that investors tend to hold a substantially larger proportion in domestic stocks because they fear of government regulations and find difficulties in taking short positions in many non-US equity markets. One advantage of the analysis undertaken by Elton and Gruber(1995) was that the measurement of international benefits was independent of expected returns since risk-averse investors can not forecast expected returns and seek to minimize the riskiness of their portfolio. That is why they measured the standard deviation of the global minimum-variance portfolio. Another advantage of this method is that the estimated weights may be more stable over different sample periods than returns. The surprising result is that they found diversification benefits after imposing short-sale constraints in emerging equity markets. However, the integration of world equity markets reduces but still there are benefits from diversifying in emerging markets after short-sell constraints are imposed. The results produced for portfolio efficiency subject to such constraints are examined through the Bayesian approach which unlike the asymptotic tests provides reasonable results. The sampling period examined is from 1976-1999.One measure of the diversification benefits employed follows the work of Kandel et al (1995) and Wang (1998) on portfolio efficiency. In general, it has long been argued that constraints on short sales could be a possible reason that the market portfolio is inefficient. However, Wang (1998) surprisingly found that when investors take large short positions(above 50%) can form a portfolio that dominates the market portfolio(e.g NYSE) by over 20% in annualized returns without incurring higher risk whereas when short positions are constrained to be less than 50%,the annualized returns fall. A general intuition is that investors will take a large positive position in an asset when they have favourable beliefs about the volatility of the returns and vice versa. As a result, the expected return of an efficient portfolio is sensitive to investors beliefs and constraints on portfolio weights prevent extreme long and short positions, thus reducing the variation in the efficient frontier. Thus, the expected return on the US equity index portfolio is either smaller or equal to the expected return on the internationally efficient portfolio(Kandel et al,1995 and Wang,1998).The difference between the expected returns are used to measure the size of benefits. Li et al (2003) also use a Bayesian approach and argue that international benefits from investing in emerging markets remain substantial even in the presence of short-sale constrains. However, De Roon et al (2001) argue the opposite with one exception when investing in some individual Latin American countries. Also, asset management in dustry supports that there are still substantial benefits but there has not been any formal econometric inference. In order to get a better understanding of the effect of short-sell constraints there has been reported a table with the means and standard deviations of the weights in the international portfolio that has the same variance as the US equity index. For the G7 countries the benefits before and after imposing short-sell constraints remain the same and for this reason short-sell constraints on emerging markets should not have a big impact whereas there is notable difference in developed countries such as Canada for which the optimum weights are zero when short-sell constraints are imposed. The standard errors of the portfolio weights of the developed countries indicate that there are massive errors when estimating portfolio weights meaning that the standard errors of the weights make the confidence intervals large(huge sampling variability).The standard deviation inter val of the optimal weights on US is below 60% supporting the idea that when emerging markets and short-sell constraints are considered, institutional investors can have the came benefits by taking short positions on developed countries as well. As a result, small errors in those parameters can lead to huge mistakes on how investors should invest their wealth. The only substantial short position in emerging markets is on Singapore at around 11%.These results are also consistent with the results reported by Britten-Jones (1999). It is also notable that when constraints are imposed only on emerging markets, individual markets such as Brazil provide benefits similar to those when portfolio weights are unconstrained whereas when weights are constrained to be nonnegative Argentina and Chile do not offer any benefits when added to developed countries. This evidence determines that diversification benefits come from individual emerging markets and not from the combination of them. The co ncept of this analysis is that there are international diversification benefits after imposing short-sell constraints but the prediction of future benefits coming from emerging markets is not evident under the static analysis and for this reason the analysis is more reliable when dynamic diversified portfolios are considered. Conclusion and recent data Most prior studies identify the existence of international diversification benefits by showing the tangency portfolio and simultaneously by examining the correlation or integration between markets. The critical issue addressed is the extent of diversifications benefits as measured by causality tests between markets based on bootstrapping method rather than on asymptotic tests. Thus, dynamic structure between the markets provides significant contribution to the existing literature suggesting that investors can reap benefits from international diversification but it remains difficult for global stock picking especially the last two years that stock markets in the world have gone through a harsh depression. Since the correlation among international equity markets is higher than used to be in the past implies that investors should not hold a portfolio invested in different countries if their domestic portfolios yield higher risk-adjusted returns. However, the environment is now normali sing which means that investors should seek for global companies and especially in developed countries with long-term growth prospects. Also, investors can hedge currency risk if the prospect of the sterling strengthening against the dollar continues during this year.

The Transition Of The Vet - 1464 Words

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Reform In Britain During The 1800s History Essay Free Essays

The call for reform in Britain during the 1800 ‘s was common with measure after measure turn toing issues such as working conditions, instruction and faith each going a subject of argument. The most of import of the reforms nevertheless were the legislative reform that began with the 1832 reform measure and was continued in 1867 and beyond. These first two measures nevertheless are the most important of the statute law passed during the century. We will write a custom essay sample on Reform In Britain During The 1800s History Essay or any similar topic only for you Order Now It was the 1832 Reform Act though that was the defining minute in British parliamentary History. It was the first major restructuring of the electoral system in over five hundred old ages, and as a consequence it is justified to name it a momentous event. Whether or non the Reform Act of 1832 was ‘great ‘ as it has been labeled or is slightly lesser in significance is a good inquiry. It could be stated that reform acts that followed accomplished more and affected a wider sector of the population than the original measure. The Reform Act of 1867 tantrums in to this class, it reached out to more people than the original act and as Gertrude Himmelfarb says, it was the â€Å" aˆÂ ¦act that transformed England into a democracy. †[ 1 ] However one reads that statement, there has to be a starting point and it is difficult to conceive of parliament doing such wide-ranging alterations like affranchising the working category in 1867 if non for the in-between category holding already been enfranchised at some earlier clip. Francis Herrick therefore, is a bit more accurate when he wrote that the â€Å" Reform Bill of 1867 is by and large considered as the 2nd measure in the long procedure which peacefully transformed the British authorities into a functioning democracy. †[ 2 ] Reform took about a century to finish, it did n’t go on overnight. No 1 in 1832 idea that the advancement they had made was traveling to be the terminal of the route. Ellis A. Wasson makes this clear by stating â€Å" †¦ conclusiveness was non their purpose, † they went from utilizing the nose count of 1820 to that of 1830 to apportion seats while they were revising the measure because they â€Å" tacitly admitted their ‘s could merely be a impermanent step. †[ 3 ]Herrick makes a good point when he says that 18th century British reform is a â€Å" aˆÂ ¦story of the transportation of political power from an nobility to a in-between category, and from the in-between category to the people. †[ 4 ]Therefore, the history of reform in Britain is, and it ‘s most of import minute has to be, the act of 1832 when the first measure was accomplished by reassigning power to the in-between category. The Reform Act, for that ground, is of great effe ct non merely for what it achieved but besides because it set in motion.A Prior to the 1832 act, parliament was under the control of the aristocracy and the landed elite in both the House of Lords and the House of Commons. Those who sat there were representatives of the privileged along with being distinguished landholders. These work forces were besides leaders in about every facet of British society. It can be argued that any sort of reform would be damaging to the domination the land-owning nobility held and it would look that these work forces would non vote for a measure that would cut down their power but, this â€Å" landed elite dominated the establishments which passed the parliamentary reform Acts of the Apostless of 1832 and 1867. †[ 5 ] One ground for their recognition of reform was that they saw problem looming in the skyline if there was non some kind of alteration was n’t made. Encouraged by what they saw as a successful revolution in France, the people of Britain became resolute in their privation for a more representative authorities. The instance could be made that outside parliamentary force per unit area to consequence reform was inspired by the in-between category along with a really convincing concern of a on the job category rebellion. This outside force per unit area could come in many signifiers with the most popular being some type of presentation. Therefore, it is difficult to visualize the Reform Act being passed on its ain agreement and the curates merely had to look at the Catholic Emancipation of 1829, which saw widespread perturbation prior to its passing. After the 2nd reading of the Reform Bill was rejected there were public violences that took topographic point in Bristol every bit good as serious perturbations at Derby and Nottingham, and a roseola of less alarming presentations in other topographic points.[ 6 ] After two unsuccessfully efforts, the Reform Act was passed by the Commons and sent to the Lords on 26 March 1832 but non without another signifier of play. The Whig cabinet threatened to walk out if the male monarch did non demo his support for reform by naming 50 extra equals. When he did n’t, Lord Grey resigned. Undeterred, the male monarch made an attempt to put up a Tory disposal that advocated a more moderate reform by reappointing Wellington to make a new authorities. This experiment did non hold the expected consequences and Wellington, recognizing that he could non sit a Front Bench of protagonists, ended his effort to take office. Having no other option, the male monarch sent for Grey who retook his station and rapidly moved to present another measure. Equally shortly as he was made cognizant that the King ‘s had come to an understanding with Grey and his Whig demands, Lord Althorp was reported to hold said: â€Å" It completes the revolution. †[ 7 ] Again, the Reform Act was the starting point of this revolution but its impact on future reform can non be understated. Talking to the House of Commons on February 28, 1859, Benjamin Disraeli makes mention to its impact by stating that â€Å" If we judge of the Act of 1832 by its effects†¦ it must be admitted that that policy was equal to the exigency it controlled and directed. †[ 8 ]There was no great public call for reform in 1867 and what small there was had no existent organisation behind it. What small call for alteration there was out at that place was non concentrated on any individual step for political reform.[ 9 ]Furthermore, the issue of reform played small portion in the election of 1865, which indicated a general satisfaction with the bing state of affairs.[ 10 ]Seven old ages after Disraeli ‘s address on March 12, 1866, William Gladstone made similar mention to 1832 while presenting his measure when he said â€Å" It may be said, and said really genu inely that at the clip there was a political heat and exhilaration, and a grade of apprehensiveness which do non now existaˆÂ ¦ †[ 11 ] The rudimentss of the Reform Act of 1832 were that it enfranchised the in-between category. This meant that they could form as a political force. Power had been passed from the little figure of elect whose ascendants had entitled them to a more commercially minded, progressive base and broke the old landholders ‘ clasp on power. If Nelson ‘s triumph at Trafalgar saved Britain from Gallic invasion and is considered a decisive event of the 19th century, so the reform act should be considered merely as worthy since it saved Britain from violent revolution from within. Phillips and Wetherell repeat an article in a 1836 issue of the Westminster Review that sang the congratulations for the measure by stating â€Å" The passing of the Reform Bill was our pickings of the Bastille ; it was the first act of our great political alteration. †[ 12 ] Phillips and Wetherell offer inside informations to the consequence the original measure. Prior to passage of the measure, the people entitled to vote is difficult to gauge because there was no signifier of enrollment â€Å" but the best-informed estimations suggest that instantly before the Reform Bill more than 400,000 Englishmans held a franchise of some kind. †[ 13 ]This figure comes out of a population in the England and Wales that was estimated to be merely about 14 million at the 1831 nose count.[ 14 ]The public permitted to vote so, represents merely 2.86 per centum of the population in 1831. In its concluding signifier nevertheless, the Great Reform Act â€Å" expanded the entire electorate in surplus of 650, 000, † which is an accurate sum â€Å" because of the infliction of a national system of enrollment. †[ 15 ]The addition of 250,000 new constituency members seems little out of the entire population but represented a 62.5 per centum addition in the figure of electors. Without uncertainty, the Reform Act of 1867 permitted more electors. The 1861 nose count shows merely over 20 million people lived in England and Wales which is an addition of four million people in 30 old ages. The Reform Act passed six old ages subsequently â€Å" added 938,427 new electors to the axial rotation, more than four times the figure enfranchised in 1832. †[ 16 ]It is difficult to accept as true that parliament in 1867 would hold been in favour of a measure that enfranchised the in-between category and the on the job category at the same clip which would hold been the instance if there was no 1832 Act. Without it, there would hold been an addition of over one and a half million new electors in a individual act of parliament. Whatever the addition in electors was, it was the figure of seats in the authorities that should be considered of import and here is where the Act of 1832 made a bigger impact. Prior to 1832, the landed nobility controlled Parliament, along with â€Å" icky boroughs, † parliamentary communities that had decreased in size but still elected members to the House of Commons. The reform measure did off with those icky boroughs as â€Å" rightists in Parliament advocated the riddance of rotten constituencies and the transportation of their seats to the more healthy county constituencies. †[ 17 ]It caused 56 boroughs to be wholly disfranchised. It besides included 31 extra boroughs that had less than four-thousand dwellers ended up losing one of their two M.P.s.[ 18 ]The entire figure of seats affected in 1832 so, was 143, a considerable sum more than in 1867 where the figure was 52 boroughs. This displacement in seats in 1832 efficaciously ended the blue monopoly on authorities and if one wanted to keep it, he would hold to depend on the support of the in-between category. The Act of 1867 did nil to change this as the representation ratio remained virtually the same as it had been with the 1832 act. Herrick considers this place and comes up with an effectual manner of thought by stating â€Å" In other words, the boroughs, where the new voters were most legion, were given a slightly smaller portion of the representation in parliament, and the counties, where a much smaller figure were enfranchised, received a larger portion.[ 19 ] The Reform Act of 1832 enfranchised homeowners who paid a annual rent of at least 10 lbs. That meant that about half of the in-between category and all of the working category malice of everything were still without a ballot. This was acceptable to the Whigs, who felt that those entitled to vote should be expected to utilize that privilege in an informed and responsible manner.[ 20 ] Seen from a current point of position, 1832 can be seen as an imperative gateway to a full representative parliamentary democracy. Subsequent reform was to follow and it would spread out the ballot to adult male homeowners in 1867 and produced blue-collar bulks in a batch of urban communities. The Third Reform Act of 1884 extended the franchise even further passing the ballot to mineworkers and many farm labourers. Wasson explains that â€Å" although it has been argued that the 1832 act had no necessary wake, † one can see â€Å" clearly the importance of the impact of reform on the relationship between members of Parliament and their components. †[ 21 ]He goes on to explicate how â€Å" The decisive minute in blue resignation came with the first measure and non with the 2nd. † There is no uncertainty that future steps were bound to go on and there can be no inquiry that their success be would come as a consequence of the first Act. Neither the Acts of 1832 or 1867 were perfect, there were issues with both, while the 1832 act was a beginning, 1867 was supposed to repair the issues left by the earlier act. The 1867 Reform Act contained unjust characteristics of its ain. The existent consequence of this inequality is evident when the re-distribution clauses are considered.[ 22 ]The unequal redistribution of seats in 1867 in malice of everything left citizens in the Midlands, London and countries of the North without adequate power to talk for them in Parliament. The unequal allotment of seats still favored the landowning categories who were able to pull strings the representation of the smaller borough seats. The old ages before and after the Great Reform Act of 1832 were critical minutes in the patterned advance of Britain accomplishing societal equality. This alteration was started with the motion to establish the rights of spiritual minorities. Soon, nevertheless, governmental reform took on a life of its ain and led to a cardinal interruption down in the constitutional order of Britain. However, such extremist steps as undertaken by parliament at the clip, were able to rectify most of the jobs and electoral corruptness would be eliminated and pureness and virtuousness restored to the full electoral procedure.[ 23 ] The Reform Act of 1832 deserves to be classified as great for a smattering grounds. The chief purpose of its blue Godheads was to free the representative system of untenable characteristics, and to bring forth a better representation in the House of Commons of the belongings and intelligence of the state.[ 24 ]With this accomplished, it reduced of the figure of nomination boroughs conveying about a new footing of order in political relations. The reform reshaped the political landscape accidentally ; it introduced a new political system by by chance changing the relationship between elections, electors, and the parliamentary parties.[ 25 ] The Reform Act may be seen as the terminal of the old order. However, its illustriousness is in the fact that it was done with future reform in head and it was done instead peacefully. The dominant nobility, still in control of the State, had acted, in some respects against its ain sectional involvements, to reform the Constitution by Act of Parliament, without revolution or civil war.[ 26 ]The measure did non stop nobility but it was â€Å" the first and most of import measure in the nobility ‘s supplanting. †[ 27 ]Future reform including the Act of 1867 was of import but there is no uncertainty that â€Å" The decisive minute in blue resignation came with the first measure and non with the 2nd. Subsequent steps may non hold been inevitable, but they were made possible. †[ 28 ] While non all inclusive, the Great Reform Act started Britain on the route to a better signifier of authorities. The first measure of acknowledging that representation was flawed and coming to the belief that the in-between category deserved a voice in their authorities was the most of import factor that guided subsequent reform. By the terminal of the 19th century, Britain was in front of her European neighbours when it came to democratic representation due to the fresh 1832 spring in the dark. How to cite Reform In Britain During The 1800s History Essay, Essay examples

Leadership Development in Nursing Education Program

Question: Describe about the Education Program on the Subject of Leadership Development in Nursing? Answer: According to Bleich (2015), a holistic approach is required for developing Creative Leadership (CCL) among the nurses to help them developing a professional outlook. Moreover, Bleich also emphasized on building three types of competencies abilities among the participants. These there skills are focused on teaching the leadership quality regarding leading the organization, leading the self-motivation and helping others (patients). However, the work is loosely based on the work of Crosby and Shields (2010) who proposed to assess the leadership quality based on their performance. However, the Magnet Model as proposed by Benjamin and her co-workers (2011) also highlighted various factors in motivating the patient care leaders for increasing the nursing leadership quality. The Magnet Model is focused on developing a strong program that is focused on installing the stigma of leadership quality within the emerging nurses from their master's program. The components of the Magnet Model provid e content for the achievement of the corrective procedure of the nurses based on each day of study. As explained by Glassman et al. (2002) the leadership development program leads to install a positive leadership quality among the nurses who will ultimately provide a positive impact on the institution. Moreover, the work conducted by Curtis et al. (2011) has also emphasized on building the leadership characteristics within a nurse which will enhance his/her problem solving capability and effectiveness in maintaining a group. After conducting the interview, the result obtained from the respondents have provided a proper justification and understanding of the leadership model as stated above. All the interviewees have shown that they understand the responsibilities. Moreover, all the participants have agreed to understand correctly the leadership activities that are required in an individual. Various significant findings have been established from the questionnaires. Moreover, everyone has agreed that the leaders are needed to possess visionary outlook and need to maintain some and strategies and plan to achieve the goal that are assigned to them (Howlin Halligan 2014). Moreover, the survey also highlighted the understanding of the participants about the necessity of problem-solving capability and maintenance of group effectiveness among the nursing leaders. However, the majority of the members disagree with the statement that leadership qualities are not inherited over time rather practice and experience can gain it (Kristjanson, Linda Scalan 1992). The result obtained from the interview section is tabulated below which highlights the understanding of the leadership program by various registered and enrolled nurses. Registered Nurses Enrolled Nurses Determination of goal Understanding the organizational activities Achieving coordination Problem solving capability Understanding the leadership principle Treatment planning Building employee morale Facilitating changes Providing guidance and inspiration to the patients for their fast recovery Care experience Well developed interpersonal skills Sound clinical knowledge Good experience Strong verbal communication ability Listening to the registered nurse Table 1: Answers given by the interviewee regarding the understanding of the leadership activity and program On the other hand, the Morrow (2015) suggested various educational strategies to implement a proper nursing education program. Morrow's work is based on providing active learning strategies for educating the nurses. Hence, by studying Morrow's work, it can be concluded that reflective learning, peer learning, interdisciplinary team learning, organizational partnership learning and curriculum reformation learning strategy can be considered the best educational plan for educating the nursing workforce. The reflective thinking induces and increases the critical thinking ability within a nurse. On the other hand, peer learning can install safety focused simulation education within a nurse. Moreover, this strategy also helps the nurses in improving their laboratory skills and also helps them to understand the importance of laboratory assessment and clinical settings. Moreover, revisions and incorporated experiences of the interdisciplinary workforce team within a graduate classroom enviro nment. This will help the nursing student in increasing their classroom experience. This educational setup helps the students in developing, implementing and stimulating knowledge from the certified nurses. Moreover, this educational framework also provides the patient with an opportunity to work in pairs with the certified nurses that would help them managing delegates and various tasks to manage care for the patients for their future endeavor. The nursing faculty needs to innovate their teaching style and form a close collaborating unit with the nursing students. Moreover, they should allow various multiple organizations that are associated with the health care section of the society to pay a visit to the student's class room in the university level. Moreover, the collaboration between a large state university and rural hospital would provide practical knowledge and exposure to the senior level students. However, various curriculum reforms are required to implement these ideologies. This reformation should endorse and emphasize on service learning content throughout the curriculum to enhance student leadership to handle various nursing-related issues and social justice. Moreover, the curriculum reform needs to focus on self-care, self-management, moral and ethical reasoning among the nursing workforce to enhance their leadership quality. On the other hand, the curriculum needs to focus on modeling out a culture of mentorsh ip and teamwork among the nurses to increase the leadership ability among the working staffs. However, Parrish and Kay (2014) have suggested conducting semi-structured interview practices among the nursing staff. They have emphasized on providing the students with perceptions and subject related explicit practical knowledge to enhance the implementation of the nursing quality. On the other hand, the work done by Nguyen (2011) have recommended the use of new technologies for education and increasing the standard of nursing practices among the graduate nurses. Some of the strategies that are highlighted are distance learning, simulation technique, telehealth and informatics and fundamental computer methodologies. The distance education method can provide course materials to the student via type-written, video technology, and internet facility. Moreover, rural nursing students will get a vivid idea of the nursing leadership in rural areas due to the blessing of the video and audio telecommunication. Adding to these Sandstrm et al. (2011) have suggested building evidence base pra ctice for the nurses to enhance their leadership quality. While discussing the leadership styles and methodologies, most of the interviewees have given illustrative examples. Various interviewees have accurately stated their viewpoints regarding the questions that have been asked to them (Allan 2010). The majority of the respondents have positively agreed that the institution had positively influenced their leadership qualities. Moreover, the prime and principal theme of the interview was to instill confidence among the interviewees in finding their style (Wong, Cummings Ducharne 2013). This is quite evident from the reply that was received from one of the respondents. A registered nurse interviewee stated that: "The program has motivated me immensely, and it helped to realize the potential present within me. This program has helped me to get rid of the mental blockage, and I can be a confident speaker and accommodator at the same time. Based on the levels of the interviews, the interviewees emphasized different stylistic changes. Registered nursing leaders provided more concrete justification and explanation about their stylistic changes (Horsch, Hapfelmeier Elter 2011). Moreover, they also agreed that this has helped them to meet the particular needs. On the other hand, the Enrolled Nurse leaders have emphasized more on the values systems (Benjamin, Riskus Skalla 2011). This interview also revealed that majority of the interviewees is aware of their beliefs and stylistic changes. Moreover, the majority of Registered Nurse has replied that they are very much aware of their stylistic changes. About 70 percent of the registered nurses have agreed to it. They also gave pieces of evidence regarding their changes in styles and behavior (MacPhee et al., 2012). They also provided a bulk of examples regarding the perceived changes in staff behavior and the practice environment. The tabulation of the leadership and educational program that are suggested by the researchers are tabulated below - Journal and Writer Education for the project Bleich, M. R. (2015) Identifying the leadership capacity and based on that a holistic approach should be conducted which will add contextual factors to help the nurse evolve in leadership quality. Benjamin et al. (2011) Providing a Magnet model and structure that is very wisely frame worked to transform the nurses to a potential leader in the future. Moreover, the work also helps the organization to identify and educate the potential leaders of the organization. Curtis et al. (2011) The knowledge to seek the help of the healthcare organizations in providing hand on experience to the graduate nurses. Moreover, leadership characteristics should be built within a nurse which will enhance his/her problem solving capability and effectiveness in maintaining a group Nguyen and Brenda (2011) The educational program can be added up with various technological advancements to increase the leadership efficiencies among the nurses. This improvement includes distance learning, improving simulation, developing a good telehealth and informatics work base to provide the nurses with advancement training and knowledge. Sandstrm et al. (2011) To increase the efficiency of the nurses evidence-based practice should be conducted and the training should emphasize on the practical knowledge. Parrish and Kay (2014) Semi-structured interview practices should be conducted among the nursing staff. They have emphasized on providing the students with perceptions and subject related explicit practical knowledge to enhance the implementation of the nursing quality. Morrow (2015) Implement reflecting, peer learning, interdisciplinary and reformation in the education system should be conducted to establish a strong work base of nursing leaders. MacPhee et al. (2012) Empowerment framework should be done to establish a proper education among the graduate nursing staff. This empowerment includes various factors that are related to nursing psychology and developing generic competencies for developing the leadership program for the upcoming nurses. Lucas (2014) Epistemological and ontological implications with proper sample designing (which includes theoretical sampling, non-probability sampling, snowball sampling, purposive sampling, and probability sampling) should be conducted to achieve good leadership among the graduate nurses. Horsch and Hapfelmeier (2011) The nurses with specifications should be well trained with the instruments that are used in those particular wards. For example, a nurses who is an oncology specialist should be trained with handling complex devices like screening mammograms. Butler and Hardin (2005) The education should focus on removing the transitional phase lag among the nursing student so that they can perform well and good once they are assigned to a hospital. Table 2: summary of the education that is required for creating educational program for building up a strong nursing work base Conclusion: After compiling, the data it was found that a proper leadership model is required to build a strong work base considering the nursing intervention technique. Reference: Allan, H. (2010). The perils facing nurse education: A call for leadership for learning.Nurse education today,30(3), 209-211. Benjamin, K., Riskus, R., Skalla, A. (2011). The emerging leader: leadership development based on the Magnet model.Journal of Nursing Administration,41(4), 156-158. Bleich, M. R. (2015). Leadership needs assessment. The Journal of Continuing Education in Nursing, 46(1), 10-11. doi:https://dx.doi.org/10.3928/00220124-20150109-13 Butler, K. M., Hardin-Pierce, M. (2005). Leadership strategies to enhance the transition from nursing student role to professional nurse. In Nursing Leadership Forum(Vol. 9, No. 3, p. 110). Springer Publishing Company. Curtis, E. A., Sheerin, F. K., de Vries, J. (2011). Developing leadership in nursing: the impact of education and training. British Journal Of Nursing, 20(6), 344-352 9p. Fardellone, C., Musil, C. M., Smith, E., Click, E. R. (2014). Leadership behaviors of frontline staff nurses. The Journal of Continuing Education in Nursing, 45(11), 506-13. doi:https://dx.doi.org/10.3928/00220124-20141023-05 Horsch, A., Hapfelmeier, A., Elter, M. (2011). Needs assessment for next generation computer-aided mammography reference image databases and evaluation studies. International Journal Of Computer Assisted Radiology And Surgery, 6(6), 749-767. doi:10.1007/s11548-011-0553-9 Lucas, S. R. (2014). Beyond the existence proof: Ontological conditions, epistemological implications, and in-depth interview research. Quality and Quantity, 48(1), 387-408. doi:https://dx.doi.org/10.1007/s11135-012-9775-3 Lucas, S. R. (2014). Beyond the existence proof: ontological conditions, epistemological implications, and in-depth interview research.Quality Quantity,48(1), 387-408. MacPhee, M., Skeltonà ¢Ã¢â€š ¬Ã‚ Green, J., Bouthillette, F., Suryaprakash, N. (2012). An empowerment framework for nursing leadership development: supporting evidence.Journal of Advanced Nursing,68(1), 159-169. MacPhee, M., Skeltonà ¢Ã¢â€š ¬Ã‚ Green, J., Bouthillette, F., Suryaprakash, N. (2012). An empowerment framework for nursing leadership development: supporting evidence.Journal of Advanced Nursing,68(1), 159-169. Morrow, K. J. (2015). Leadership curricula in nursing education: A critical literature review and gap analysis. Journal of Nursing Education, 54(7), 367-371, 1-2. doi:https://dx.doi.org/10.3928/01484834-20150617-02 Nguyen, D. N., Brenda Zierler PhD, R. N. (2011). A survey of nursing faculty needs for training in use of new technologies for education and practice.Journal of Nursing Education,50(4), 181. Parrish, D. R., Crookes, K. (2014). Designing and implementing reflective practice programs - key principles and considerations. Nurse Education in Practice, 14(3), 265-70. doi:https://dx.doi.org/10.1016/j.nepr.2013.08.002 Sandstrm, B., Borglin, G., Nilsson, R., Willman, A. (2011). Promoting the Implementation of Evidence-Based Practice: A Literature Review Focusing on the Role of Nursing Leadership. Worldviews On Evidence-Based Nursing, 8(4), 212-223 12p. doi:10.1111/j.1741-6787.2011.00216.x Wong, C. A., Cummings, G. G., Ducharme, L. (2013). The relationship between nursing leadership and patient outcomes: a systematic review update. Journal Of Nursing Management, 21(5), 709-724 16p. doi:10.1111/jonm.12116

Flowers For Algernon By Keyes Essays - Censorship In Canada

Flowers For Algernon By Keyes The story "Flowers for Algernon", by Daniel Keyes, that we read in English was about a mentally retarded person, named Charlie who had an operation to increase his intelligence, but the operation was a failure and Charlie is slow again. He wants to move now so society won't ridicule him for being slow again. Daniel Keyes wrote this short story for good reasons. Daniel Keyes wrote "Flowers for Angernon" to show people from an outside look on how we treat mentally challenged people. When you treat people as you always do, you don't see how mean or how cruel it really may be. It could just be your personality or the way you were brought up. By him writing a story on a mentally challenged person wanting to become smart to be accepted by society, and be able to be seen as a "normal" person, at any length or means, was to show us, the society, how we treat mentally challenged people. He could possibly have seen a mentally challenged person being treated poorly, or perhaps was related to one and wanted to tell the society it was not right, but put it in a way by which it touched people in their own way, depending on how they interpret the story. In the story, there was a point where Charlie was at a party and they got him drunk, and made him dance with a girl. Charlie had never been with a girl before and didn't know what to do. They were tripping him when he was trying to dance with the girl. Later after the operation when he is smart he says "...people were laughing and making fun of me..." Maybe Daniel Keyes has seen something like this happen before done to someone mentally challenged. Daniel Keyes point of view of improving intelligence by artificial means, is that he is against it. In the end he told through Charlie in an odd way that he had wished he never would have had the operation because he now people will have seen how he was once mentally challenged, then became smart and then became slower again. He was afraid that society wouldn't accept him. "I dont want Miss. Kinnian to feel sorry for me. Evry body feels sorry at the factery and I dont want that eather so Im going someplace where nobody knows that Charlie Gordon was once a genus and now he cant even reed a book or rite good." When Charlie went back to work he was confronted by a man who made a rude comment, but a CO-worker who used to make fun of him and set him up to fail stuck up for him. But later Charlie said that he wishes to go to New York to get away from everyone. That is where Daniel Keyes states that he wouldn't want the operation to be done. This is the statement Charlie made: "...Im going someplace where nobody knows that Charlie Gordon was once a genus..." I think that where Daniel Keyes point was made because if he (Charlie) had never had the operation, he wouldn't be trying to get away from society, he would have never known what being a "genius" even meant. Daniel Keyes stated in the story, " It was evil when Eve listened to the snake and ate from the tree of knowledge. It was evil when she saw that she was naked. If not for that none of us would ever have to grow old and sick and die." That is where in his own way Daniel Keyes is saying we shouldn't try and play God , and change human flaw. If Charlie never he was slower then the wouldn't want more intelligent. When Charlie first found out that Algernon's intelligence had started disintegrating, Charlie was trying really hard to figure out why and how to stop it. "I've got to find the reason for the sharp regression in Algernon. I've got to know if and when it will happen to me." Charlie had a fear of becoming slow again. He was also trying to show that if in fact we ever do come up with a way to make artificial intelligence in the future, what will we do if it is not a success. In the story he made it kind of clear that the "lab rat", Charlie, did feel bad and cheated at the fact that his intelligence was but a mere tease and that it

community policing essays

community policing essays Community Policing*Picture*Grade:B+Language:EnglishSystem:Four-Year CollegeCountry:USAAuthors Comments: : Crime is defined as commission of an act or act of omission that violates the law and is punishable by the state. Crimes are considered injurious to society and the community. As defined by law, a crime includes both the act,or actus rea, and the intent to commit the act, or mens rea. Criminal intent involves an intellectual apprehension of factual elements of the act or acts commanded or enjoined by the law. It is usually inferred from the apparently voluntary commission of an overt act. Criminal liability is relieved in the case of insanity. Legal minors are also relieved of criminal liability, as are persons subjected to coercion or duress to such a degree as to render the commission of criminal acts involuntary. In most countries, crimes are defined and punished pursuant to statutes. Punishments may include death, imprisonment, exile, fines, forfeiture of property, removal from public office, and disqualification from holding such office. Unless the act of which a defendant is accused is expressly defined by statute as a crime, no indictment or conviction for the commission of such an act can be legally sustained. This provision is important in establishing the difference between government by law and arbitrary or dictatorial government. Under common law, a crime was generally classified as treason, felony, or misdemeanor, but many offenses could not be defined exactly, and the rule was adopted that any immoral act tending to the prejudice of the community was, per se, a crime, and punishable by the courts. Crimes are now usually classified as mala in se, which includes acts, such as murder, so offensive to morals as to be obviously criminal; and mala prohibita, which are violations of specific regulatory statutes, such as traffic violations, that ordinarily would not be punishable in the absence of statutory enactme...

Machiavelli The prince Essay Example | Topics and Well Written Essays - 1000 words

Machiavelli The prince - Essay Example Although some scholars perceive his theories as real and well grounded, there is a lot of opposition to the kind of power that Machiavelli advocates for. In reality, Machiavelli, in his political theories, propounded a doctrine of evil, contrary to the expectation of the contemporary political democracy. Machiavelli claims that naturally political leaders are bound to offend those who they govern to gain power over them and be able to control them. He explicitly states that there is a natural and ordinary necessity that â€Å"†¦ one must always offend those over whom he becomes a prince†¦Ã¢â‚¬  to express his regard for the need of offense to exercise power over the citizens in a political sphere (8). Many critics have argued that these words of Machiavelli point out to a domineering kingship which ensures that the subjects of political systems are subdued to the worship of the king. In other words, the best king is one who is able to induce fear among his subjects to mak e them obedient and abiding to his leadership strategies. In the contemporary political systems, there is more criticism of autocratic leadership and use of force, torture or cruelty to suppress the opinions or ideas of the public. Democrats have advocated that leaders be more considerate of the public opinions to formulate a more integrative leadership and better governing principles. Reflecting on the words of Machiavelli, he is a proponent of evil leadership, a leadership that has no place in the modern political systems. Another reason why Machiavelli has been criticized as a preacher of evil is because of his advocacy for use of brute force rather than diplomacy in conquering enemies. He employs an analogical reference of the leadership of Moses and Cyrus who were both, in his opinion, armed with a force to drive their nations to success. Machiavelli provides that leaders have two options, either to beg to use force, yet he warns that â€Å"In the first case they always come t o ill and never accomplish anything†¦.† (23). Here, he suggests that leaders have to use force while handling their enemies otherwise they are doomed to fail. The evil that Machiavelli preaches here is that all nations rise against their enemies, engage their armed forces to conquer their enemies. Contemporarily, diplomacy is perceived to be a superior tool in initiating crisis management between rivalry countries. In modern political systems, the principles of Machiavelli seem to be completely inverted version of successful leadership. Today engagement of forces among rivalry countries is an in formidable evil that cannot be tolerated in the political spheres. From his theory, mercy, faith and love are sources of weaknesses of in political leaders and hatred, cruelty and exploitation are admirable in leadership. Machiavelli points out that the combat skills of a leader depend on their ability to use force and laws to maintain faith in the public domain. While recognizing that use of laws is more human and that use of forces is meant for animals, he proposes that both be engaged in political leadership. He commends that it is best to choose â€Å"†¦the fox and the lion†¦Ã¢â‚¬  because a prudent leaders should not show faith to the people (69). Critics have found a lot of evil in this statement that presumes that a

Company report Research Paper Example | Topics and Well Written Essays - 1500 words

Company report - Research Paper Example One of those companies is Facebook. This is a company that was conceived in a Harvard dorm room but whose services are available almost everywhere and therefore we affects the lives of multiple people. The founder was a young student, Mark Zuckerberg. Facebook today has become the industry leader along Twitter and other companies. They are more commonly referred to as social media. Their power seems to have no bounds too. Its initial aims were to connect multiple numbers of people over the internet. Those aims have largely been fulfilled today since Facebook has around a billion users around the world. Such a huge number undoubtedly poses huge potential for the company. The company recently became a publicly listed company amidst tension that such a move was bound to fail. The critics say that Facebook has to explore alternative revenue streams like advertising, precisely the sort of thing the users abhor. This leaves the company in a sort of dilemma. In the course of writing this company report, I shall analyze this company from different viewpoints. The first is from its performance in the markets. This is usually a reliable indicator for the sort of direction in which a company is headed. The main advantage of the markets is that they respond simultaneously when anything important involving the company happens. Another yardstick shall be marketing. This is usually the be all and end all as far as some companies are concerned. We shall look at the role that advertising has played in this company. The third yardstick shall be the financial position of the company. We shall explore whether the company is self sustaining. Finally we shall look at the important matter of strategy and planning. Which mix of the two has the company employed and how successful has it been. After a long period of anticipation and speculation, this company finally went public on the week of 29th January 2012. Facebook’s offering to the public also doubled up as

Qualitative Studies Essay Example | Topics and Well Written Essays - 1500 words

Qualitative Studies - Essay Example Therefore, the discussions and observations are structured loosely, thus allowing for the expression of a "full range of beliefs, feelings, and behaviours" (Polit and Beck, 2007, 57). However, in contrast to quantitative studies, analysis and interpretation are ongoing and concurrent activities that will continue to guide choices about the next sample with concurrent modifications of the types of questions or necessary observations. Thus with the goal of clustering together of related types of narrative information into a coherent scheme of time consuming and intensive data analysis, the sample needs to be determined. The aim of most qualitative studies is to discover meaning and to uncover multiple realities, and so generalizability is not a guiding criterion as in quantitative studies. Thus probability sampling is not necessary. Randomly selected population may not necessarily be good informants, and thus the sampling method must be one of nonprobability methods. These include: extreme or deviant case sampling, typical case sampling, and snowball sampling (Cochran, 1977, 13-47). This means, there must be a purpose for any particular sampling method. In probability sampling, elements are selected by nonrandom methods. ... These are convenience, quota, and purposive (Polit and Beck, 2007, 292). Convenience Sampling A convenience sample can be defined as a sample in which research subjects are recruited based on their ease of availability, or in other words, the sample comprises of the most conveniently available subjects. Essentially, individuals who are the most ready, willing, and able to participate in the study are the ones who are selected to participate. In qualitative research, it may be helpful to use a convenience sample to test the appropriateness of interview questions. This is an inexpensive and quick way to test the design of the study by approaching an interested group of people first before embarking on a larger, longer, and more expensive study (Diekmann & Smith, 1989, 418-430). The main problem with such sampling is that the available subjects might be atypical of the population of interest with regard to critical variables. It has been argued that convenience samples can lack transferability or external validity in qualitative research. Thus although this is simple and more co st-effective, it is important to remember that the participants recruited are not necessarily reflective of the population being studied, and they may not necessarily be reflective of all view points, and thus the research may be criticized to be biased (Polit and Beck, 2007, 292). Quota Sampling (Stratified Purposeful) This is also known as quota sampling in which the researcher identifies population strata and also determines the number of participants needed from each stratum. To be able to determine this, the information about the population characteristics is necessary, since it should represent diverse segments preferable in a representative

Organ System of the Human Body

Organ System of the Human Body The human body is composed of different organs with each performing a specific function. These organs do not work alone, but combine their functionality to work as systems. An organ system is usually composed of different organs which perform closely related functions and work collectively to perform a common purpose (Anatomy 1). The human body is composed of ten major organ systems. The endocrine system is among these ten major organ systems. Its main role is to relay chemical messages, known as hormones, throughout the body. It is usually integrated with the nervous system and together distributes these hormones which regulate growth, nutrient absorption, water re absorption among other processes. The endocrine system is composed of many glands which secrete different endocrine hormones. These glands include the pituitary gland, hypothalamus, adrenal gland, pineal body, thyroid gland, pancreas, lay-dig cells in the testes and the ovaries. The hypothalamus acts as the major link between the endocrine system and the nervous system (Hoskins 15). The pituitary gland located at the base of the brain is commonly referred to as the master gland, due to its secretions of many hormones which regulate the activities of the other glands (Nussey and Whitehead 41). These glands are ductless and they secrete hormones into the blood system where they are transported to their target tissues (endocrinology). Although we may not always think about them, these glands and the hormones they produce influence nearly all the functions of the body, and control almost all the cells, organs and organ systems. This systems controls metabolism, tissue function, growth, regulates the mood and reproduction processes (Nussey and Whitehead 39). The system regulates its self mainly through negative feedback mechanism where production of a specific hormone acts as the check mechanism to avoid over production. The pancreas which is one of the glands of the endocrine system produces two major hormones (among others) which are glucagon and insulin. These two hormones work in conjunction to regulate the glucose levels in the body at appreciable levels. The secretion is specifically done by special cells called the islets of Langerhans (islets of Langerhans). Islets of Langerhans are divided into alpha and beta cells. The beta cells produce insulin while the alpha cells produce glucagon. Like all the other organ systems of the body, the endocrine system can also be affected by different diseases. One of these diseases is diabetes mellitus. Diabetes mellitus is a common endocrine disorder directly related to the dysfunction of the pancreas. This disease is caused by the decreased secretion of insulin by the islets of Langerhans leading to diabetes mellitus type I closely associated with young individuals or decreased responsiveness of the target cells to the action of insulin leading to diabetes mellitus type II, closely associated with the aged (McDowell, Matthews and Brown 97). Diabetes type one is mostly autoimmune where the body marks its beta cells for destruction. It is also thought to be caused by a certain virus which destroys the beta cells. There has been mounting evidence that diabetes is caused by a form of genetic predisposition, leading to some degree of heredity. Diabetes symptoms are; excessive thirst leading to increased water or fluid intake, production of excess urine, weight loss, fatigue and lethargy. Excessive urination is caused by the presence of glucose in the urine after the amounts of glucose in the blood exceeds the renal threshold, a condition known as glycosuria (Colwell 85). This disease is wide spread in the US, with almost eight per cent of the whole population being affected. The most prevalent type of diabetes is type two and its evident in about ninety per cent of all diabetes cases. Diabetes is a life style disease mostly affecting the obese, people who dont exercise frequently and people with the tendency of eating junk food. It is also a hereditary disease, polygenic in nature, and only expressed by a specific combination of genes. Diabetes not only affects the endocrine system but the whole body at large. It deprives all the body cells of the required energy leading to weight loss and lethargy. Some cells of the body like brain cells utilize only glucose for energy purposes and suffer a lot in the event of untreated diabetes. The whole endocrine system is affected especially the mechanisms dealing with osmoregulation. The body has to strain to maintain a steady body pressure regardless of the increased out put of fluids (McDowell, Matthews and Brown 67). The pituitary gland which is responsible for maintaining a constant body pressure through the production of vasopressin hormone has to work against these challenges and ensure constant re-absorption of water. As mentioned earlier on, all endocrine glands suffer loss of energy leading to slowing of their functions. Among the other organ systems affected by this disease, the excretory system is the most affected as it is charged with the duties of filtering the excess glucose out of the body. Kidneys and ureters are overworked till they can reach their maximum rates (threshold) where they can no longer handle the amount of glucose (MedicineNet 4). Economically, this disease affects not only the victim, but also the family. It is expensive to treat, and one does not cease medication once affected. The patients take insulin shots or tablets most part of their remaining life. Some of other therapies available are also very expensive to conduct and will affect the patients finance. When the condition is extreme or is not diagnosed early enough, the victim may be required to quit or suspend some his/her economically rewarding activities to concentrate on treatment. Hospitalization also causes withdrawal from normal daily activities. This disease impacts negatively on the social activities of the affected individuals. One is forced to quite some social habits like drinking which may even cause him some friends. Some social events such as meetings, parties, family outings may be affected especially in the event of hospitalization. Works cited Anatomy. Microsoft ® Student 2007 [DVD]. .Redmond, WA: Microsoft Corporation, 2006. Endocrinology. Encyclopedia Britannica. Encyclopedia Britannica 2007 Deluxe Edition. Chicago: Encyclop?dia Britannica, 2009. Islets of Langerhans. Encyclopedia Britannica. 2009. Encyclopedia Britannica Online. 28 Jul. 2009 http://www.britannica.com/EBchecked/topic/329670/islets-of-Langerhans Colwell, John. Diabetes. Gulf Professional Publishing, 2003 Hoskins, Graham. Endocrinology: the glands and their functions. Taylor Francis, 1944 McDowell, Joan, Matthews, David and Brown, Florence. Diabetes: a handbook for the primary care healthcare team. Elsevier Health Sciences, 2007 MedicineNet. Diabetes Mellitus. Retrieved on 28th July, 2009 from http://www.medicinenet.com/diabetes_mellitus/discussion-17.htm Nussey, Stephen and Whitehead, Saffron. Endocrinology: an integrated approach. Taylor Francis, 2001

Networking and Communication Essay -- Technology, iPod, iTouch

Introduction Through many generations, technology has innovated and advanced itself to meet the demands of the consumer market. Consumers desire products that will enhance their social networking and communication. One of the most powerful products to keep consumers socially connected was the iPod touch. The iPod touch is not only a portable media player; it has numerous applications from all forms of entertainment to social networking. Apple marketed the first iPod touch in September of 2007, and by present day; it is rare to find any individual without one. Background As the iTouch is able to download music, videos, and movies, there are all kinds of legal ethical issues that are involved such as copyright infringements. In addition, since they are mobile devices, users can connect to the Internet through any unsecured wireless network, even if it means they are stealing the service. Additionally, there are various social issues drawn in since the Touch acts as a form of communication. With users constantly updating their statuses and the convenience of the tracking tool, it creates severe problems for stalking and cyber security. Another thing that has come up recently is that Apple is now offering subscriptions to magazines, newspapers, and etc. that can be read on the Touch. The problem is that one has to pay for and download an application from the Apple store in order to read them, even though one has already paid for a subscription to the magazine. The iPod Touch has doubtlessly strengthened sociability between people, but it also shaped problems for cyber stalking and personal safety. Ethical legal issues Copyright infringement becomes a severe problem when consumers illegally download music, videos, and movi... ...out privacy. Conclusion The iPod touch has created copious benefits for consumers, and for that reason, it is uncommon to spot an individual without one. Ever since the iPod touch first appeared in the market, it has generated amazing sales for the Apple company. Since the Touch is indeed a mobile device, many ethical, legal, security, and social issues come into play. Legal issues such as copyright infringement, ethical issues such as cheating on exams, security issues like the tracking gadget, and problems with social networking are all issues involved with the new technology. The different issues are building and connecting upon each other. Despite the issues encountered, the iPod Touch is a powerful gadget with various applications and entertainment. It has enhanced and simplified communication and networking to meet the demands of its consumers’ generation.

Small Business Plan

Small Business Plan m m C C Executive Summary Proposed Name of business: Chocolate Milk Proposed address: Prime function of the business: providing a variety of clothing to men Mission statement of the business: to provide Men with quality clothing, having a variety and a great location. Vision of the business: aim of the business is to expand and franchise to allow customers to purchase quality clothing Legal structure of the business: legal structure of Chocolate Milk is a private company that is an incorporated business with limited liability.Chocolate Milk has become a sole trader, positive highs of becoming a sole trader is that you are able to make your own decisions. If the business is interested in expanding in the future it will then become a franchise, doing so will expand the business so it then becomes well known and is a great marketing strategy. C C The products your business will sell: C C M M Casual T-shirts M M C C Dressy tops (club wear) M M C C M M Jeans pants (lon g /and shorts) Jackets / jumpers (ranging from all different materials) Swimwear (trending shorts) Accessories ( backpacks, sunglasses, bracelets)Financial goals of the business: Expanding into a franchise Having a variety of men’s clothing (shoes, hats, jewellery) To expand and produce chocolate milks own clothing line Social goals of the business: Personal goals of the business: Situation Analysis Target Market: the target market of chocolate milks business is targeting the ages of 17 to 26 these are the ages that continue to stay with the trend, the most popular clothing being casual but indie, meaning fashion that will stir the normal trend, and may even bring the old ones in. Key competitors:The key competitors of chocolate milk are a variety of high fashion trend stores that have become very popular are: These stores are high competitors because they have franchised and expanded their business. They have gone further to put up a online store for their brand, which has e xpanded them further, it is a good market plan that boosts up your business, and gets your name/brand known all over the world. These stores are a main threat to chocolate milk because they serve for the same age group and have the same fashion trends. The establishment stage of the business:Chocolate milk has many characteristics of the establishment stage of the business life cycle some are: Positive cash flow Creating name/brand of the business and registering it as your own Monitoring the business and evaluating the weakness’s and improving on it to then set a firm foundation for your business, for the future years, and continually improving Having a healthy customer base flowing in Benefiting your business by having a positive amount of profit Having high quality staff that will represent your business Continually staying on top of all the financial work within the business Swot Analysis  ¦| | | |Outline strengths(internal)| | Outline weaknesses (internal)| Outline opp ortunities (external)| Outline threats(external)| * Customer loyalty * Having popular products * Keeping up with fashions trends within the market * Having high quality staff that are continually proving themselves| | * Main weakness the business faces is that it hasn’t expanded to be an online store to further more opportunities * And having only one location is a very big challenge because advertising has to be very high * Only targeting men| * To target the online market sales * Having new technology to increase our customer base (advertising on high end sites that will gain interest of customers)| * Customers are continually using the online buying instead of going into stores which threatens chocolate milk. * People make cheaper clothes that look the same as chocolate milks brands. | Operations plan Key products that will sell: Key products that chocolate milk will sell are high new quality clothing all original and unique in their own way, the clothing brands we are to sell are what will bring the business to have a high product sales. Service offered: Chocolate milk is located in one of the high fashion places in Sydney, this gives us a variety of great customers, having a large store that operates with a large range of clothing, walking into the store gives males a variety they need. Equipment required:Equipment chocolate milk will need to operate the store and to be able to display all the products will be a variety of different shelves, racks, tables, dressing rooms, POS ( two, point of sale), a steam iron ( for the more delicate items that crease), those are the items needed. Laws and regulations: As any business they need to follow the laws and regulations that the Government put down, by doing this your bettering your business by having guidelines and rules, this really contributes to your business/workplace. Some of the laws and regualstions that chocolate milk needs to abide by are: * New South Wales Occupational Health and Safety Act 200 0 * Sex Discrimination Act 1984 * The Age Discrimination Act 2004 * Equal Employment Opportunity * Fair Trading Act * Fair Work Act * Australian consumer rights * NSW Tax laws and regulationsSuppliers and their location and what they are supplying: Levi – Levi home base is located in ‘San Francisco, the United States’ since the company’s founding in 1853. But through the years their headquarters have branched out and some of these locations are now in Brussels-Europe, Middle East and North Africa, Singapore – Asia Pacific Division Headquarters. This brand/label will supply Chocolate Milk with high quality jeans, ranging from all different types of denim material, and all having a unique design. Address/location/country/Telephone/Fax San Francisco, U. S. A| Europe, Middle East and North Africa| Singapore| Levi Strauss & Co. 1155 Battery StreetSan Francisco, CA 94111U. S. A.Tel: (415) 501-6000Fax: (415) 501-7112| Levi Strauss Europe, Middle East and N orth Africa (LSEMA) Avenue Arnaud Fraiteur 15-23 1050 Brussels, Belgium Tel: (32-2) 641-6011| 1 Kim Seng Promenade #16-01 Great World City East Tower Singapore 237994 Tel: (65) 735-9303 Fax: (65) 735-2923| Wrangler – Its headquarters is in Greensboro, North Carolina in the United States, with headquarters in a variety of locations throughout the world. Some of them are based in North America, Asia, Latin America, and Europe. This brand/label will provide chocolate milk with top of the range; jeans, T-shirt, Jackets, and accessories that will help your fashion trends throughout the seaons. Australian headquarters based in Victoria TRUE ALLIANCE 270 DAREBIN RD FAIRFIELD VICTORIA AUSTRALIA 3078 +61 3 9481 9999 Factors affecting choice of suppliers:Chocolate Milk has chosen these brand/labels for the purpose that they are well known all over the world, they have the trending fashion for men that is very popular, all the brands have high quality clothing they all brands appeal to target market being male men of the ages17 to 29. These labels are well known for the quality product they produce and with this comes affordable prices. Shop layout My shop layout is convenient in many ways not just to my business that is very high in advertising of the products but the way the public view it from the outside as well. I want my shop to be known as a well-respected business throughout the community. The way I’ve designed my shop is to bring customers in, hoping they’ll be intrigued by the displays and the whole cleanness of the shop, the environment is clean that I am in, so my shop shouldn’t ever be below standards.I have defined clear exits signs (emergency exits) making it easy for people to view and the shop is very open and spread out so there should be an obstacles in the way in case of an emergency, this also help my customers to walk freely throughout the shop not feeling confined. The theme of the shop is wild and free letting the young youth of our generation be shown through all the displaying furniture, having unusual displays to present the product this is how we intrigue our target market, by the unusual. Inventory Control: The way I will be able to monitor my inventory flow (stock), I will be coming into work on the day the business is closed ‘Wednesday’ being that day and I will be going through all the items my ‘inventory’ whether that be the clothes, accessories.I will be filling out how many items we have out on display and at the back (storage) and the sheet I have printed will tell me how many I should have in stock, and I will then count up how many we have displaying and out back in storage, and then come up with a final sheet to see if any of the stock is missing. Example inventory control sheet: Date: Wednesday 25th of July| Name: clothing stock take| Label| Item Code| Category| The quantity you should have in stock| Quantity you have:| Inventory lost | Levi| M308352929723 | Jackets- denim| 20| 20| | Wrangler| S934U935U2020| Original wrangler T-shirt -cotton| 15| 13| 2| Element| D9234834E0343| Hat| 5| 5| | Stussy| H2349743752H2| Singlet| 11| 11| | | | | | | | | | | | | |Quality control procedures- Depending on the flow of inventory that is getting sold, that will decided on the amount of stock that will be brought . Whether extra stock should be brought for a popular item (one that is getting sold out). Again buying more stock and new stock for the seasons depends on sales. Employment relations Plan: The levels of staffing in Chocolate Milk are: 1 full time 5 part time staff Recruitment process/ development program: The recruitment approach that chocolate milk uses is a 7 stage process, this process consists of: After this you will begin training, 5 training shifts where you will be shown through the procedures of the shop and POS.After this you will begin training, 5 training shifts where you will be shown through the procedures of the shop and POS. Website (www. chocolatemilk. com. au) Website (www. chocolatemilk. com. au) You will attend an introduction day going through the shop and answering any questions. You will attend an introduction day going through the shop and answering any questions. Options- career -fill out cover letter and resume plus availability (hours & days ) Options- career -fill out cover letter and resume plus availability (hours & days ) Then after the 5 shifts you are able to be on your own if needed, but you will be watched for a 3 month period Then after the 5 shifts you are able to be on your own if needed, but you will be watched for a 3 month periodIf you receive a call back again after the face to face interview you have been successful and received the job If you receive a call back again after the face to face interview you have been successful and received the job If selected you will receive a phone call, (an over the phone interview) If selected you will receive a phone call, (an over the pho ne interview) During face to face interview you will be asked a series of questions and fill out more application forms During face to face interview you will be asked a series of questions and fill out more application forms If selected again after the interview you will be called to have a face to face interview If selected again after the interview you will be called to have a face to face interviewNew employees go through a introduction day, this day will give them more insight on the business they will soon be working for. This day consists of going through the everyday procedures, and going through all the rules and regulations of the business. When rostered on they will be going through five training shifts, these training shifts will consist of learning: * Learning POS (Point Of Sale) ( greeting the customer) * Team work ( a successful business is only successful if everyone works together) * Floor duties ( moment of truth- be polite to customers by greeting them) * Decision making * Emergency exit meeting point Employee wages: * Full time staff – $ 20 an hour Part time staff – $ 16 an hour Days| Danielle| Jess| Mel| Stephanie| Nicole| Mechelen| Hours open| Monday| Danielle| Jess| | | | | 7hrs| Tuesday| Danielle| | | | Nicole| | 7hrs| Wednesday| Danielle (stock)| —–| ——-| ————-| ———-| ————| 2hrs| Thursday| Danielle| Jess| Mel| | | | 7hrs| Friday| | | | Stephanie| | | 4hrs| Saturday| Danielle| | | | Nicole| Mechelen| | Sunday| ———–| ——-| ——-| ————-| ———–| ————| ———–| Total worked hours during the week:| 30hrs| 14hrs | 7hrs| 4hrs| 14hrs| 7hrs| | On-costs for the business Some on-costs of Chocolate Milk are: * OH&S requirements Long service leave * Sick leave * Holiday pay * Maternity leave * Leave loading * Wages * Insurance Non-monetary benefits: Chocolate Milk has many non-monetary benefits for staff members that have done great work and have shown that they are following work procedures and guidelines; some of these are: * Retailer voucher * Movie voucher * Discount on products Worker appraisal process: * Promotions within the business * Rewards received ( extra benefits, for following working procedures) Marketing Plan Marketing objectives: Chocolate Milks marketing objective is to increase the business of the store (getting the name known) by 40% in the next 12 months.By doing this we will have a high customer base, and we will be able to add more features to our stores: e. g. Loyalty cards, giving our employees discounts and promotional offers. Competitive advantage of this business Chocolate Milk as a business has many competitive advantages such as; * Unique clothing * High up in all fashion trends * Staff continue to help the business grow * Targeting the young youth Product strategies| Pricing strategies| Promotion strategies| Distribution strategies| -great quality products-unique designs-the products that are sold are eye catching -| Chocolate uses Market price method of pricing-the products sold at Chocolate milk have a price mark-up of 2. (250%)| Upselling of business– staff tell customers the benefits of the storeA big promotional strategy are loyalty cards Advertising- advertising on high end sites or social networks for example Facebook, and magazines | The distribution method used for Chocolate Milk is:ProducerwholesalerretailerCustomer| Financial Plan Type of finance required: The owner equity is 20’000 to start up the business while the loan was 10’000. This was the best option of finance because Chocolate Milk needed this to start up the business and push through all the circumstances and challenges of the establishment stage of a business. Breakeven point – Breakeven point in ne eded to see the estimate amount of goods you need to sell to make a profit. Break even = total fixed costs Unit price – variable costs per unit 193508 40 – 15 = 7740. 32 000 $000 108 Breakeven6 Variable costs , Fixed costs4 Revenue20 100 200 300 400 500 600 700 800 1000$0000 $0000 | Revenue: Revenue Statement Chocolate Milk For year ending Sales 500 000 Less COGS 80 000 Gross Profit 420 000 Less Operating Expenses Selling expenses Advertising 2000 Wages 88608Deliveries 1000 91608 Aministrative expenses Rent 104000 Telephone 2000 Stationary 200 106200 Financial Expenses Insurance 1500 1500 199308 Net profit 220692 Revenue Statement Chocolate Milk For year ending Sales 500 000 Less COGS 80 000 Gross Profit 420 000 Less Operating ExpensesSelling expenses Advertising 2000 Wages 88608 Deliveries 1000 91608 Aministrative expenses Rent 104000 Telephone 2000 Stationary 200 106200 Financial Expenses Insurance 1500 1500 199308 Net profit 220692 This Revenue statement allows the business to be financially stable. Due to the high cost of rent and wages, the business may suffer through the year and not make a substantial amount of net-profit.Even though these expenses of the business are very high it is necessary and relevant, this revenue statement shows that needs to increase sales so the net profit will not be as affect when all the expenses are paid. Balance Sheet: This Balance Sheet shows that the businesses assets to liabilities and owners’ equity are balanced. This allows Chocolate milk to be financially stable. Balance SheetChocolate MilkAssets LiabilitiesCurrent AssetsCurrent Liabilities Accounts Receivable 19000Accounts Payable 900stock 3400 Non-current AssetsNon-current LiabilitiesEquipment 590Loan 2090Owner’s EquityCapital 20 0002299022990|