Hand Made Music Boxes Essay

In a market where monopolistic rivalry exists, organizations work in a way wherein makers sell separated items from each other, yet comparative. This implies the item isn't homogenous. Firms can at present market their items by the featuring the slight contrasts in their yield. The different makers in this kind of market are selling their items, for this situation high quality music boxes, which fill in. Firms can control the costs in some degree inside a thin scope of costs. They enter the market if the benefits are alluring wherein they can augment their benefit and are left with abundance creation limit. In a market where there is monopolistic rivalry, there are numerous organizations, which each firm has a little piece of the overall industry and works autonomously from one another. (Salvatore, 2007) Enterprise, normal, work and capital are considered as the elements of creation in the economy. Given a firm that works a business close by made music boxes, these components of creation are significant as to pick up benefit and have the option to be serious in the market. In a monopolistic serious market, it is accepted that every one of these variables of creation are versatile, in which if these are not being utilized effectively, they will move quickly to where they can be boosted. (Harvey and Jowsey, 2007) In a venture, pioneering abilities are expected to oversee and coordinate the other three variables of creation to empower a creation of products or administrations in the market. Working a hand made music box needs aptitudes from individuals that have administrative encounters that can lead the firm into an upper hand through successful arranging and execution in creating the products required in the market. This will help in giving the business an upper hand wherein the attributes of the hand made music box of a specific firm is made with quality than that of different firms in the market. (Case and Fair, 2007) No business can work without normal or land as a major aspect of its variables of creation. Land is the place the business is being finished. It tends to be an industrial facility, building, horticultural land or office, however this ought to have an area for it to be set up. An entrance to land is required in setting up firms. (Case and Fair, 2007) Hand made music box business needs a production line for the gathering of parts and for putting away. Additionally, this business needs a shop for the merchandise to be shown with the goal that the merchandise can be seen by the shoppers that will purchase the item. Access to land and property can increase the expectation of creation just as be progressively skillful in the market. (American Journal of Economics and Sociology, 2002) Businesses figure out how to exist as a result of its work power. Firms do require individuals who can accomplish long periods of work for them. In making hand made music boxes, there can be an arrangement of different sequential construction systems. These mechanical production systems are comprised of individuals that will do explicit parts in making the hand made music boxes of the firm. Talented laborers help the firm in having upper hand in the market. In a serious market, aptitudes of laborers are essential to create great products that can be offered to shoppers. This will bring about a high bit of leeway of a specific firm that utilizes profoundly gifted specialists over those organizations that utilize lesser talented individuals. (Harvey and Jowsey, 2007) In each business setting, capital ought to be available. Capital alludes to supplies utilized by firms to create merchandise. The laborers of a hand made music box business need supplies for the creation of the merchandise. These supplies will enable the creation to be progressively compelling and proficient. In a serious market where various firms vie for items being offered to purchasers, a firm needs capital that will expand the nature of the item. This will make the firm increasingly profitable as far as yield and quality in the market. (Harvey and Jowsey, 2007) Given that the arranged market is in a monopolistic rivalry situation, a firm’s request bend will meet the industry’s request bend at the firm’s harmony level of yield and cost. (Weins, 1999) This clarifies why the interest bend is generally versatile and descending inclining, which can be related to a level, however not even interest bend. Firms in this kind of market will have less command over cost to charge their yield. A firm that makes benefit in the short-run will earn back the original investment in the long run in view of a reduction popular over the long haul, which for this situation will bring about a zero financial benefit. (Duffy, 1993) Considering the law of flexibly, monopolistic serious markets probably won't produce enormous amounts as a reaction to more significant expenses. The obstacle to the positive-amount gracefully connection is the market control and descending slanting interest bend among monopolistic serious markets. Monopolistic serious firms are viewed as value searchers as opposed to value takers since â€Å"prices will change by the correlation of minor income with peripheral expense in each conceivable cost alongside the market request bend. † Prices are not set equivalent to minor income; moreover, it isn't equivalent to negligible expense and cost. In this manner, thus, firms don't basically flexibly more amounts of merchandise at lower costs. (Harvey and Jowsey, 2007) In the short-run, singular firms carry on like a syndication in this manner they can raise their costs leaving the buyers alternatives to purchase comparable products from different firms. With respect to the since quite a while ago run, there is a free section condition where firms keep on happening in the market leaving the interest bend to consistently move leftward until when every one of the firm procures a zero financial benefit. Firms gain financial benefit or misfortune in the short run, yet in the end, new contestants will be pulled in to benefits subsequently would result to misfortunes until these organizations win zero monetary benefit. The hand made music enclose firms will contend the market for the accessible customers that will buy the merchandise.

The Dorwsy Chaperone Essay Example | Topics and Well Written Essays - 250 words

The Dorwsy Chaperone - Essay Example A large portion of the individuals need to get hitched into higher social classes. They don't cherish yet are urged to abuse different assets that their accomplices may be advertising. This is the thing that we find in the play when he Broadway young lady is prepared to exchange her profession to wed the oil big shot. The chief has had the option to relate different jobs to the genuine characters in the. The characters are for the most part familiar with their position. Their vocal projection and development in stage is all around aced particularly for the Broadway young lady. Another model id the depiction of the man in the seat presenting the play while for sure situated in the seat. He plays the title of the melodic satire the sleepy Chaperone which is an exceptionally clever type of presentation (McKellar). The general structure of the play has been up to the point. The acting and the enchantment pieces by Adolpho additionally uncovers this is a demonstration. The different melodic segments that go with this play means that its

8 Critical Cash Flow Rules

8 Critical Cash Flow Rules Did you know…Small businesses in US cite cash flow as one of their top 5 challenges82% of failed small businesses failed due to poor cash flow managementFrom an analysis of 101 failed startups, 29% were found to have failed due to lack of cashFor any entrepreneur, these figures paint a grim picture of the business environment. No-one starts a business with the expectation that it will prematurely dieâ€"though there is always the fear of that possibility.But such stats should not cause you too much worry, just concern.And with the knowledge you’re about to gain, you’ll at least be better off and can make better decisions. The same way big businesses started small and are doing well, so can yours.With good cash flow management being a critical factor in running a successful business, here are some principles to guide you.First, let’s get some basics out of the way.Positive vs Negative Cash FlowCash flow can be either positive or negative. Your business is better off when runnin g with a positive cash flow.Cash flow is positive when the amount of money coming in is more than that leaving the business.Money coming in will be through your receivables while that going out is through your payables. Receivables are mainly sales plus other revenue-generating activities your business is involved in.Payables are all the expenses you incur including external payments to lenders as well as internal ones like salaries.If you realize that your cash flow is negative, it’s time to do some work. Negative cash flow can result in serious business problems.Working Capital vs Cash FlowOne term used almost interchangeably with cash flow is working capital. Although the two are connected, they are very different.Your working capital tells you the overall strength of your business in the long-term. Cash flow on the other hand tells you about the short-term status of your business. Long-term in this case refers to more than 12 months and short-term is less than that.From an acc ounting point of view, working capital is calculated by subtracting your liabilities from your assets. The more your working capital, the more assured you can be of the profitability of your business.But working capital is not all you need to look at. Considering the above-mentioned statistics, cash flow is a major factor to consider.As much as it concerns the short-term, it is that short-term that can adversely affect your business.Money will flow in and out of your business on a daily, weekly or monthly basis.But if this flow is not well balanced and managed, the business might not exist for long enough to achieve your long-term goals.Just think about what could happen if you cannot pay your rent and salaries for four consecutive months.Won’t this affect your business negatively?You might as well be kicked out of the premises you’re running your business from. And that is assuming your employees will be waiting all this while.CASH FLOW RULES FOR A SUCCESSFUL BUSINESSWe would l ike to help you avoid being one of the businesses not succeeding due to cash flow problems.For this reason, we prepared this article to guide you on the things to keep an eye on.These seven rules will give you the ability to handle your cash flow better. With good cash flow management, you’ll have a thriving business.1. Cash is Really KingYou have heard this before. And it’s very true.The abundance of cash in your business provides numerous opportunities. In a similar way, the lack of it spells doom.The number of businesses affected by poor liquidity management are many.The key to understanding the importance of being liquid is to remember that you have periodic payments to make. Such payments are made from cash. And cash is different from sales.Many business owners tend to confuse between revenues and cash. These two are different.Revenues are simply a note of the transactions done. Only when you’re paid for those transactions do you count yourself as having received cash.2. Profits and Cash are Different ThingsFollowing the above point, profit figures can also be misleading to the less experienced business owner.If you’re struggling with these two terms, a simple differentiation is that profits don’t pay bills but cash does.Why?Because profits do not necessarily equal cash.If you take a look at your PL (Profit and Loss) report and decide that you have enough money to run your business, you’ll be wrong.The reason is that profits as per the PL report come from sales made without payments being received.Profits are therefore not the best measure of your financial status as a business. Unless you’re looking at the bigger picture, get a cash flow summary and make decisions based on that.3. Increase in Inventory Means Decrease in CashOne of the things you may be looking for as a business owner is more sales. This is a good thing and certainly worth pursuing.If you sell tangible products and want to have more stock for the expected increase in sales, good.Ask the production team to increase production.Empower your sales and marketing teams and urge them to work towards more revenues. But as you do so, note that it’s going to cost you.The cost may not be direct but it will certainly show in your cash flow summary.As you pump out more goods, either by producing or buying more from suppliers, there is a cost attached.The more inventory you have lying in your store or warehouse, the more your cash flow is stuck.Every product bought or produced costs money. That money has been spent from your cash as an expense. As more cash flows out of the business, will you be having a positive or negative cash flow?As long as expenses are higher than incomes, the situation needs correcting.4. Always Make Cash Flow ProjectionsOne way to stay safe is by making cash flow projections. This is like planning ahead of any activity.And just as planning is essential and helpful in anticipating challenges, so are cash flow projections.Making cash flow pr ojections will help you recognize potential problems before they show up.With the projection, you’ll be having a map of where you want your business to go.If after 1 month you’re not where you expected to be, then you can take a closer look to identify the problem.Without a projection, it’s impossible to do this since you have nothing to use for comparison.In making a projection, you might be tempted to make one and keep it in your mind.This can feel and sound like a quick way of going about it but it’s not the best.It would be best to engage your finance team and other managers to discuss this. If you’re the only employee of the business, then you’ll do it alone. But the important thing is to draft the projection and have physical copies at hand.You can have several in relevant files, even in the cloud for access from anywhere.5. Always Know Your Cash BalanceHow fast can you make a business decision? And how good will that decision be?Good decisions are made when knowle dge is available. Great decisions are made when insights are available. And the best decisions are made when you understand the whole situation.If cash flow problems are big enough to cause businesses to close down, then you should always be on top of things. You may not be the accountant but he reports to you. If you have a big finance department, then the FC might be the one reporting to you.Whichever the case, you need to have some financial data on your fingertips.As the business owner, you’ll be interacting with other business owners or company representatives who are decision makers. If you spotted a good business opportunity, how long would it take you to make a decision?If you’ll need to call your accountant for updates or check the latest report, someone else might get an advantage.The ability to make sound business decisions is determined by how much you understand your business and the factors affecting it.Your should know your cash flow balance. If your business has many daily transactions, you can ask to be updated twice a day. If they are few, maybe twice a week. Whichever schedule you set, just keep those numbers close.6. B2B Business Strains Your Cash FlowIf you run a B2C business, you may not be affected much by this. But if you’re in the B2B business, then keep this in mind.Any time you sell to another business, your cash flow is at stake.This doesn’t mean that you should cease B2B operations. It just means that you should be smart about them.Unlike where you sell directly to consumers and they pay you immediately, selling to other businesses means you wait for the payment.You will deliver or they’ll pick up goods then get an invoice. The invoice will be paid after 30 days, 60 days and in some cases, later than that.This can be a major challenge if you don’t have enough cash to sustain your operations.Whereas there isn’t any automatic solution to this, there are steps you can take to counter this. More on this in the section abo ut managing your cash flow.When making your cash flow projections, take this into consideration. Plan for the potential delays in receiving payments so you don’t expect too much then get disappointed.7. Business Growth Doesn’t Solve Cash Flow ProblemsAs an entrepreneur, you want your business to grow and flourish.And since cash constraints can hamper growth, you may think that growing your business will solve any cash flow problems you might have.Well, that’s wrong. In fact, it may make things worse.How?Business growth requires cash. And if you’re cash-strapped, then growth may not be possible.However, you can get external funding like loans, and that is a better way of going about growth.But if you insist on using cash to expand your business, you’ll end up in big problems.If you have cash flow problems, look for solutions from right within your business.Get the data and take a close look at it. You’ll likely spot issues which when dealt with, will release so much cash into your hands.It all boils down to reducing your periodic expenses while increasing your incomes.TIPS FOR MANAGING YOUR CASH FLOWSince it’s all about having more income and less expenses, what better way of helping you other than giving you some tips to implement?The management of cash flow requires some smart thinking.The good thing about smart thinking is that anyone can learn. This is like many other things in life, e.g communication skills, which can be learned by anyone.Here are 9 tips which will help you manage your cash flow like a pro.1. Monitor Your Cash FlowAlways monitor your cash flow. This is the only way you’ll be able to detect issues early enough. And the sooner you detect them, the easier it will be to solve them.To do this, keep an eye on your periodic expenses and cash inflows. Stay updated on major transactions in your business.You can set the limit for your finance team and ask them to notify you about any payable or receivable above a certain amount, e.g $500.This should be in addition to receiving regular updates, like weekly or monthly, depending on your preferences.2. Get Paid FasterNow here is a trick which may have been played on you without you realizing it.Have you ever been told by a supplier that if you pay on time you’ll pay less? Did you pay on time in order to save some money?No harm if you did. But just know that you fell for a trick. And just to be clear, it’s not a bad trick. It was just a case of someone acting smart. And you’ll also learn how to do the same.Realizing that less money in his pocket now is better than more money in his pocket 2 or 3 months later, the supplier gave you a discount. While you looked for savings and went for the deal, he was looking for faster payment and he got it. Source: The QuickBooks BlogTo encourage your customers, especially your B2B customers to pay you faster, offer them discounts if they pay early.If the invoice terms are 30 days after invoicing, you can offer 10% discount if the payment is made immediately. If it’s done within 3 weeks, the discount can be 7% and 5% if paid in the last week.Any payment done after the due date can attract late fees.Clearly indicate these terms on the invoice itself and don’t use the small fonts typically used for terms and conditions. It should be easy to see the offer since you’re trying to attract attention to them.Communicate the same during contract signing and maybe even mention it when making a sale.3. Pay Less QuicklyAnd just the same way you can encourage others to pay you quickly, you can also seek to pay others less quickly.Before you label this as an unfair tactic, keep in mind that you’ll have to discuss this with your suppliers. They are the ones to either agree or disagree with you r plan.If they give you some extra room in payments, go ahead and take the longest time possible.Since you’ll have it planned for, you shouldn’t get into any problems. And when the situation on your side is good, you can decide to surprise them one day with a prompt payment.The best way to look at this situation is as a negotiation. You’ll be seeking to get the best terms through which to do business with your suppliers. And if they can offer it, why not?Here is a video advising how to negotiate rates even if you already have an agreement.Try it out and see. It works perfectly well. You are looking to free up your money and you should look for ways to make that happen.4. Sell Obsolete AssetsCash flow is about in and outflow of cash, right? And positive cash flow is better than negative cash flow.So what are you doing holding on to assets you no longer use yet they can bring in money?Sell them.If these are machinery or other physical items in your offices, save the space while making some money.If it’s an old vehicle whose maintenance is high, why not sell it and get a new one on credit?Do the math and see what the trade-off looks like.But before concluding that a new one will be more expensive, consider the intangible costs involved.For example, maintaining an old vehicle might be cheaper compared to buying a new one. But what is the impact of using that old vehicle?Are deliveries often delayed due to slow speeds? Maybe due to frequent breakdowns? Or probably there is a lot of inefficiency since it can’t carry many products thus making more trips?5. Use a Cash Flow Tool for ReportingTo see the cash flow status of your business, you require a cash flow summary. This can be provided by your accountant on paper or from the accounting system you’re using.Find out from your team how much of an effort it is to generate the report. If you’re the one handling your finances, then how tasking is it to prepare a cash flow summary?And do you do it correctly? To get things running well and have the confidence that your data is accurate, consider using technology where necessary. Check out a few cash flow reporting tools and pick one if necessary.Remember that you or your team also become more productive when your work gets easier.6. Get External Financing for Big PurchasesWhen you’re about to make a big purchase, do not use cash for it.What if the deal is a real bargain?Even then, keep your cash away from the transaction.Do you remember that one of the things you’ll be doing from now on is trying to get paid faster? How sure are you that the seller isn’t doing the same thing?A rule of thumb regarding cash flow is this: always ensure you have as much cash as possible.So whatever you do, seek to always have as much cash with you as possible. You never know what’s going to happen tomorrow, the next week, month etc.And remember that cash flow problems have the ability to lead to business failure. Learn from those who went through the experience.7. Leasing is Better than BuyingThere has always been a debate on whether to lease equipment or buy them. Which side of the debate are you on?Whereas it’s easy to see buying as the better option, believe it or not, leasing is actually better.Why?Because it’s cheaper.Think about it. Between building an office block and renting a few offices in an already-built building, which is cheaper? Yes, other factors need to be considered, but in many cases, building your own office is more expensive.When you lease equipment, you don’t own it. For that reason, the one who owns it is responsible for seeing it work as expected. That sets you free from the burden of maintenance and supply of necessary accessories.For example, instead of buying a big 3-in-1 printer then maintain it yourself, you can lease one and save on maintenance. The only thing you’ll be doing is   buying printing papers.However, you still have to do your math to see the exact savings you’ll make before le asing.For a printer for instance, check how many toners or cartridges you use per month.If the cost of those toners is higher than the monthly payment you’ll make in the lease contract, then go for it.8. Get Partial Payments for Big OrdersA common situation some manufacturers find themselves in is receiving a big order, starting to work on it, then get paid after delivery.If you’re just starting out in business, you might agree to this arrangement for the sake of signing the deal.But it’s dangerous. Do you remember that payments are rarely made on time?To be safe, ask for some down payment or deposit of some sort. If the whole job costs $4,000, then ask for something like 25% of the full amount before beginning the work.This way, even if there is some delay in payment, you have at least reduced the outstanding amount.9. Have Some Cash ReservesEven after all the planning and monitoring, rarely will everything go as planned.As such, it’s wise to have some cash reserved for eme rgency cases. You can decide to make this amount a percentage, say 200% of your payables. This covers you for two months in case things get thick.To be successful with this, you will do well to be clear what “emergency” means.It should not be easy to get money from this account as that will not serve the intended purpose.This money should only be used when nothing else can be done. It should be the very last option you have.For example, you could decide that the money will only be used when your suppliers have threatened you with a lawsuit. Or when you’re almost about to be kicked out of your business premises.Whatever situation you decide to use as a definition of your business emergency, just make sure it reflects the purpose.CONCLUSIONCash flow problems are real but can be avoided with proper planning.Get to know your expenses, make projections and put a cash reserve in place.This will help you mitigate any cash flow threats.

An analysis of the volatility of precious metals - Free Essay Example

Sample details Pages: 8 Words: 2292 Downloads: 2 Date added: 2017/06/26 Category Uncategorized Essay Type Analytical essay Did you like this example? The article on commodities has focused on price co-movements and their roles in conveying information about the macroeconomic. The gold and silver are those precious metals that mainly focused by the existing research. The previous research do not examine precious metals shock and volatility cross effects, therefore there is a main weakness if one considers such applications as hedging. Don’t waste time! Our writers will create an original "An analysis of the volatility of precious metals" essay for you Create order There are three objective of study this article. The board objective of study this article is to analyze the conditional volatility and the correlation dependency and interdependency for the four major precious metal, they are gold, silver, palladium and platinum. Besides that, the second objective is to analyze the volatility feedback causes between the US dollar exchange and the four precious metal. The writer expect that the metal volatility will be higher if the US dollar is weaker. And the third objective is to derive the implications of the approximate results on variances and covariances for set up optimal portfolio designs and hedging strategies. 2.Review of the Literature The research of industrial is more ample on analyze their co-movement and the information transmissions if compare illustrating their volatility and correlation dependency and interdependence. According to McKenzie et al. (2001), that the asymmetric effects are not present and the model did not provide an adequate explanation of the data. Tully and Lucey(2007) agreed that the exchange rate is the main macroeconomic variable that will impact the golds volatility, however few other macroeconomic variable had an impact. Besides that, Batten and Lucey (2007) using intraday (high frequency) and interday data in order to analyze the gold futures contracts volatility that traded on the Chicago Board of Trade. Garman and Klass (1980) have analyze the volatility properties of the future returns by the univariate GARCH model and the alternative nonparametric Garman-Klass volatility range statistic. Furthermore, That palladium, platinum, copper and gold futures have chaotic str uctures is agree by Yang and Brorsen (1993). The volatility in the prices of nine non-oil commodities, such as gold and silver, to volatility in oil prices have compared by Plourde and Watkins (1998). 3. Data Description From January 4, 1999 until November 5, 2007, we investigated the four main precious commodity closing spot prices ,exchange rate of U.S. dollar and the federal funds rate. The COMEX in New York have traded the gold (GOLD), silver (SILV), palladium (PALL), and platinum (PLAT) and their entire price are measured in US dollars per troy ounce. Since the precious metals, specially gold, are susceptible to geopolitical crises. The precious metal are dissimilar with the oil grades, the statistics has show that the precious metals are not belong to one great pool. Based on the coefficient of variation, if compare with all precious metals prices, the gold price has the lowest historical volatility, in contract palladium price has the highest historical volatility because of the palladiums supply is relatively small. The above-ground supply of gold is more than 10% of its annual demand and production. The gold has an monetary component and it is not used oftentimes in exchange market, the refore the volatility of the gold price is low. Besides that, Gold is known to have notoriously extended bear markets, in opposite silver price is more commodity-driven than gold as its monetary element was gradually phased out. The statistics for the metals returns normally follow those for their prices. Palladium return has the highest historical volatility, it is followed by silver , in adverse gold return has the lowest if compare with the four metals. When the market is up, silver is performs better than gold, however when then market is down the silver does worse. In term of historical return means, the precious metal that highest average return is platinum, followed by silver, in contrary gold and palladium have the lowest averages in return. The historical return correlation between palladium and platinum is the highest compare with all precious metals and it is positive, followed by the correlation between returns of gold and silver. In opposite, the lowest correla tion is between gold and palladium and it is positive. There is a distinct strong correlation between gold and platinum. The change in the federal funds rate has a inverse correlation with those precious metals, same as the exchange rate. 4.Methodology We used the VARMA-GARCH model in order to concentrate on interdependence of conditional variance and correlation among the precious metals and the exchange rate. Furthermore, we have using vary types of GARCH models to analyze the hedging strategies for the bullion market. Besides that , we also have used Multivariate Dynamic Conditional Correlation GARCH model (DCC-MGARCH) in order to use it to inspect on the dynamics of the first model. 5.Empirical Results 5.1. Model I(VATMA-GARCH): The Four Precious Metals This VARMA-GARFCH Model 1 is for focus on the four precious metal in presence of geopolitics. Own shock volatility The different precious metals have vary degree of news sensitivity. The four precious metal have separated into two groups because of the news-oriented result: the gold and palladium are dropped into the high news-sensitivity group, and the silver and platinum have dropped into the low news-sensitivity group. The gold is very sensitive to news, it is because gold is the most concerned metal by the traders and policy makers. In contrast, the platinum has the lowest shock sensitivity, maybe is because it is expensive. The investor who are favor volatility should focus on the first group, and those who are more disfavor volatility should be concentrate in second group. Own volatility dependency The result have reflex that the precious metals are normally more impact by common fundamental factors than by shock. The silver and platinum are placed in the high volatility sensitivity group, in opposite gold and palladium are in the low volatility sensitivity group. The gold is comparatively less sensitive to macroeconomic variable in long run, due to its large supply of above-ground. The silver is more influenced by macroeconomic factors than gold, therefore silver is more commodity-driven then gold. If investors added the gold into the portfolio, it is possible to increase the volatility in short term but not in long term, because of its short run sensitivity to news. In contrast , in long term due to its long run above-ground supply may smoothes the fluctuations. Short-run shock interdependency The cross shock effects among all four precious metals are limited, due to the precious metal are not belong to one great pool. When there is shocks to palladium, the platinum volatility will be cool off, it is maybe because of they both are substitutes in industrial production. If there are a shock to the gold, the gold will impact positively to the silver. Furthermore, gold and silver are also used in jewelry industry, therefore the investment portfolios of gold and silver can be a safe havens. Long-run volatility interdependency The long-run cross shock affects of cross past volatility are significant to all precious metals. Gold metal is the most sensitive to long-run volatility interdependence with respect to other metal. Gold have the strongest cross volatility spillover affect on those on those other metals, it is because of the gold are used in jewelry industry and it is a part of international reserve, in contrast, other metals are used in substantially in industrial uses. The strong interdependence with gold is maybe is due to its vast above-ground supply and the gold is close relationship with the dollar. Besides that, gold are most being concerned by those traders. Silver and platinums past volatilities are offset each others current volatility, that mean they are negatively impact by common fundamental factors. Therefore, silver and platinum may not be included in a portfolio that are purposes to reducing volatility in long run. Geopolitics Those metals are sensitive to the geopolitical events, such as the 2003 Iraq war was slightly elevated the mean returns of both gold and silver as a result of flight to safety, in opposite, platinum and palladium are not show the same flight to safety in the war. Silver was responded positively to this war, while platinum and palladium are responded negatively in the long run. That mean traders of those metals are hedge diverse against volatility caused by geopolitics. Constant condition correlations (CCC) All the CCC between those precious metals return are positive. The highest CCC is between the platinum and palladium, the two metals are also used in the same industries. The second highest CCC is between the gold and silver, and both metals are the most diffusely traded among the precious metals. Besides that, both metals are also used in jewelry. In contrast, the lowest CCC is between the gold and palladium, gold is the mopt traded metal, while palladium are the least traded metal. 5.2. Model II (Expanded VARMA-GARCH): Precious Metals and Exchange Rate The expanded volatility system has included the exchange rate of dollar and the precious metals, exclude palladium. Palladium is excluded is because of three reasons. First, it have a very small annual production if compare to gold and silver. Second, it is not widely traded in the world. Lastly, it is because the VARMA-GARCH did not converge when palladium was added to other three metals. Gold is a metal that highly sensi tive monetary policy and the change in the exchange rate. The gold and the platinum are the highest in this cross exchange rate volatility, that mean that there are economic fundamental factors are related to the exchange rate volatility that intensify the volatility of precious metals. Gold has the strongest cross reversal impact, while silver and platinum have lower but also similar effect. Besides that, golds past volatility have intensify the exchange rate volatility. The gold and US dollar are integral part of international foreign reserve of central bank, gold is also first safe haven for US dollar. Those monetary policy makers are think about the gold is a harbinger of inflation. The 2003 Iraq war have impact on the both metal returns and volatility significantly. The silvers average return is the most affected, while the platinum return is impacted the least. Besides that, the war have increase the volatility of the three precious metals as well as US dollar volatility. T he gold volatility is affected most, while the platinum is the least. FRR as a monetary policy variable in the system decrease the metal volatility, it is because of the metal-to-metal volatility are modified by the metal-to-exchange rate volatility despite the strong volatility to the exchange rate from those metals. 5.3. Model III (VARMA-DCC): The Four Precious Metals This Model III is to justify on the dynamics of the Model I. 5.4. Model IV (Expanded VARMA-DCC): Precious Metals and Exchange Rate The restricting the shock and the volatility spillovers are do not impact the own shock effect much, however it have mixed effects on the own volatility spillovers. Besides that, the Model IV is to justify on the dynamics of the Model II. 6. Implications for Portfolio Designs and Hedging Strategies There are example for constructing a optimal portfolio and hedging strategic for precious metals. The first example is follows Kroner and Ng (1998) by a portfolio that can reducing the risk but did not lowering the expected return of the portfolio. For example, there are a suggestion that optimal holding gold by holding portfolio that include gold and silver, the portfolio of gold in one dollar should be 81cents for gold, and 19 cents for silvers. This optimal portfolio weight advise that traders should hold more gold than silver and also other precious metals in order to reduce the risk without reducing the expected return, because the CCC of the gold and silver are the second highest. Besides that, they also suggest that investors should hold more platinum than silver ,should be 40% for platinum and 60% for silver in their portfolio. It is because these two metals are not highly correlated. Furthermore, when come to platinum and palladium, the optimal portfolio should be 83% for platinum and 17% for palladium in favor of the exotic metal over the dull one, it is because platinum and palladium are the highest correlation among four precious metals. Besides that, in purpose of set a optimal portfolio, we also can follow example that given by Kroner and Sultan (1993) about risk minimizing hedge ratios and put it for our precious metals. In purpose of minimize the risk, a long position of one dollar is taken in a precious metal should be also hedged by a short position in another precious. According the research, the values of hedge ratio for those precious metals are lower than those for stock market. By using this strategy, one dollar buy in gold should be shorted by about 19 cents of silver. This result have show that it is more effective to hedge long gold positions by shorting palladium, it is because gold and palladium are the lowest CCC among all the pairs of precious metals. In contrast, the least effective strategy to hedge is hedging long platinum position and also to short palladium, it is because the CCC between platinum and palladium are the highest if compare with any other pairs of precious metals. That mean results show that hedging is more effective when the long position in a precious metal and hedge with short position in another precious metal that is not closely related to the first one precious metal. Besides that, there are optimal portfolio weight and hedging ratios for the three metals exclude palladium and also exchange rate in presence of monetary policy and geopolitics are given. The portfolio gold/dollar has the highest weight for the gold if compare with the three other precious metals, in adverse the silver/dollar portfolio has the lowest weight. It is because the gold is considered as the safest haven against fluctuations in the dollar, while the silver does not have enough variation benefit, such as gold and platinum. 7. Conclusions

The Positive And Positive Implications Of Freedom Of Speech

Introduction Over the years, the administrations guarantee of the right to speak freely has been giving the American people voices and privilege to be heard without fear of punishment. This began with the First Amendment of the Constitution when the law that allows every citizen the right to speech was enacted (Mason Stephenson, 2015). The idea behind freedom of speech was to ensure every person had the right to voice his/her thoughts or opinions. Enabling people to say their view is crucial to the development of the society as has been witnessed in the United States. The United States is considered as one of the most democratic nations due to many reasons including the residents’ freedom of speech and freedom of the press. Because of†¦show more content†¦As is ascribed in the constitution, every individual in the country has indispensable rights that should not be constrained in any way. The First Amendment stated that Congress should not enact laws that restrict the freedom of speech in any manner (Mason Stephenson, 2015). However, federalism has on many occasions put power where it ought not to be. Looking at many cases in the country, it is seen that federalism gives the national and state authorities control over their respective spheres of influence. Since the establishment of the Constitution, there have been negative and positive impacts of federalism on freedom of speech throughout history. One positive impact of federalism on free speech is that it ensures democracy through increased citizen participation. In a federal government, there is a division of power of the government into several units. Such an administration promotes freedom of speech as citizens are allowed to say what they think about different aspects of governance. This democracy allows the public to criticize government entities that are not performing their jobs correctly without fear of being punished (Mason Stephenson, 2015). It had also enabled people to track the delivery of promises made in manifestos of governments when the leaders were asking to be elected. Promotion of democracy is crucial forShow MoreRelatedModern Liberalism: Rousseau ´s Theory of Freedom894 Words   |  4 PagesFreedom is a difficult doctrine that takes part in politics. Philosophy emphasized entirely determined by public, particularly in sociology and economics. Liberty can clarify the distinction between negative and positive liberty, the following part of this essay covers two issues. 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Walt Disney World Free Essays

Hidden from the general public, deep in the bellies of Walt Disney World, under the Cinderella Castle is where the famed Disney Operational Command Center. In this technological wonder, the underground bunker handles over 30 million annual visitors. It is a true art form when come to how the megaresort, Disney World conduct its crowd control during the busiest times of the year. We will write a custom essay sample on Walt Disney World or any similar topic only for you Order Now Yet, the theme park operators must figure out how to speed up the pace even more. In a world of short attention spans created by video games and smartphones, the general park visitors has a culture cultural shift toward impatience. To stay ahead of these new forms of virtual competition, Disney has to evolve its information systems. Information systems improve operation at Disney in two main ways. First, it increases efficiency of existing processes by automating steps that were manual. The command center uses video cameras, computer programs, digital park maps and other cutting edge tools to automatic spot gridlock before it forms and alerts the command center operators in real time in green, yellow and red outlines. If route of Pirates of the Caribbean, the famed ride that inspired four major motion pictures on the screen changes from green to yellow, the center could respond by alerting the on duty managers to launch more boats. Also, information technology enable entirely new processes that are capable of transforming the business by change flow of information replace sequential steps with parallel steps and eliminate delays in decision making. When the line become super congested, the command center has an option involves dispatching the likes of Captain Jack Sparrow or Goofy to the queue to entertain the patrons as they wait. To alleviate mobs, the command center can summon a miniparade called â€Å"Move it! Shake it! Celebrate It! † into the less concentrated areas to siphon mass from the formed mob. To take advantage of the situation, other technicians in the command center dispatch additional workers to the surrounding restaurants to open additional registers, and greeters to hand out menus to people waiting in line. Disney is not in a position to expand the park and the park holds only so many people at one time. This means Disney must increase revenue by adding to the customer experience. Because of long waits and crowds, in the past the average Magic Kingdom visitors has had time for only 9 rides out of more than 40. In the few month after the arrival of fully functional command center, the information system managed to lift that average to 10 (Barnes). Disney provides customers with many applications for hand held devices. For example, Mobile Magic, a $1. 99 app, allows visitors to locate on site Disney mascots and receive directions to where mascots are heading and signing autographs. It will also shows where the nearest restaurant with the shortest wait is near. If I am a business or MIS manager at Disney World, I will use an application for video, digital or a mobile device that would help Disney visitors to upload personal pictures and share with each other to create a mini community during their magical vacations. How to cite Walt Disney World, Papers

McDonaldization, Religion, and Politics Essay Example

McDonaldization, Religion, and Politics Essay Today, they have more workers doing one single Job over and over again. Their actions have become rationalized, governed by scientific planning and focuses on the ends rather than the means, to the point where workers appear euthanized, a loss of human qualities or behaviors. Nationalization focuses on a few main ideas. The first idea of Nationalization is efficiency, the quickest and best way to a preferred end. A company will try to design methods and machinery for their product to be produced and in the hands of the consumer in as least amount of time as possible. The second dead is calculability, focusing on the amount of product produced with as little material used to make them. By having pre-frozen hamburger patties, a restaurant doesnt have to worry about using too much or too little ground In each of their burgers, thus saving them both time and money. The third idea is predictability; guarantee that a product will be the same each time, and in different locations. Predictability allows the consumer to know exactly what to expect where ever they choose to purchase a product. This makes consumers feel more comfortable with the product and are willing to purchase it again. The next idea Is a system of control, customers, workers, and outcomes are manipulated subtly for a desired outcome. Trash cans with the words thank you are places In some restaurants that want the consumers to throw away their own trash. This saves the restaurant money by not hiring a worker to clean up after each customer. The last idea is irrationality of rationalities; the rational system denies human reasoning. We will write a custom essay sample on McDonaldization, Religion, and Politics specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on McDonaldization, Religion, and Politics specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on McDonaldization, Religion, and Politics specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The rational system tries to hide social problems such as demutualization and health and environmental hazards. What this system does succeed In Is disenchantment, science replaces gaga In social life, leaving a since of ensnarement. One area of life that Is being most affected in the past few years is religion, beliefs and practices that identifies a sacred world past the present physical world. In many ways, modern religion is becoming Nationalized. Rationalization has occurred in that religious actions are more planned out. They are more predictable and people are becoming more complacent: get dressed, go to church, sit, stand and sing, sit, listen to the pastor, sing, give offerings, pray, and leave church ready to return next week for the same enamellings rituals. In todays collects, many censures nave Decode more worrier about the numbers and calculations of people that walk through the doors each Sunday rather than the actual religious experience for each individual. Many people view religion as an efficient way to feel better about themselves and an easy way to reach their desired ends, in some cases a life after death. According to the conflict model, religion serves the interests of more powerful individuals, rather than functional services to society. Theorists say that is keeps lower class people satisfied with their current situations, and they dont try to better homeless. They use religion as a reason to Justify their social standard of living. In this way it also keeps the social class system the same and in check. One negative thing about religion is how enemies can be created, and evidence of this can be seen through history to present day. The Crusades was an attempt to reclaim the Holy land from the Muslim people, and the basis of todays modern terrorism is rooted in religious aspects. The interpretive model talks about societal and individual religious beliefs. It tells us how faith is interpreted by many people and in many different ways. There are any different interpretations of the Holy Bible for example. The Bible says the same thing, but many styles of churches have branched off from this one book. People pick and choose what they want to believe in and what suits their individual lives and actions. They use their preferred religion to legitimate themselves. I have actually learned many things pertaining to my own religious beliefs. Vive seen how social solidarity, religion holding communities together, has impacted my up bringing in my established religious community. That the identity function, helps maintain and preserve peoples identity ,has show true in that my religion has reduced the man that I am today. The social control function, religion controls how individuals act morally, has shown me that though my morals are religiously based, some are also enforced by my social community as well. The democratic function, religion can check political leaders, tells me that religion helps me choose who to vote into power. The meaning function, gives people answers has given a purpose to life for me, and I choose to be a better person because I know that everything I do here on earth will hopefully be meaningful for my life after death. Even though religion has become more Nationalized, it is not too late to challenge his system and give religion back its true power and meaning. What it comes down too is personal choice. Dont go to churches that worry about the number of members, but a personal relationship with God. A good way to do that is not to limit or set a time for a religious gathering. If there are many candidates running for political office, dont vote for them Just because they have the same faith as you, but who they are as a leader and individual. Questioning people who are currently in power is the best way to see if they deserve their position. Most of all dont use religion as an excuse not to better your own social standards.