How to use the knowledge the effective business communication Effect Essay

Step by step instructions to utilize the information the successful business correspondence Effect the future injobs and universities - Essay Example Messages that are conveyed in an association should be composed and sent in a way which could without much of a stretch be perused and comprehended by the correct blend of crowds that work inside an association. This implies the language utilized ought to be lucid and simple to decipher. (Jackson, 2007) Any association would beyond all doubt need to have representatives who could make out from a wide range of Internet dialects, which additionally exposes the thought of comprehension and appreciating the ‘net lingo’ †the blend of casual Internet language and the normal, every day use terms like ‘hey’, ‘u’, ‘f9’, etc. Various influences run over inside business correspondence precepts. One depends on the direct influential capacities while others are progressively quiet and inactive in nature. Thus, messages may go from a conventional nature to one of a casual one. Quest for new employment instruments inside an association may become critical when there is a need to enlist new representatives. For this procedure, introductory letters and continues are checked upon with the goal that hopeful up-and-comers could be called upon and allowed to communicate their qualities in the meeting meetings. A fruitful correspondence framework is accomplished via preparing and help for the representatives inside their workplaces and work places. Be an organization in Calcutta, Brisbane or Hong Kong, it is fundamental for the organization proprietors to comprehend the requirement for a strong stage for all individuals inside it, the ones collaborating with it and all the rest to talk openly and express the thoughts and offer the considerations which are so essential for the improvement of ties among various branch outlets of an organization and more than that, the individuals inside them. There is a requirement for a code-breaker inside the business, which comprehends what the other individual is stating and what he/she is attempting to go through his/her decisions, all the more so

Superstitions Essays (2855 words) - Luck, Superstitions, Folklore

Strange notions Strange notions. Dina Fagoth Language Arts P. 3/eighth Foundation A notion is a customary conviction that a specific activity or occasion can cause or foresee an evidently inconsequential occasion. Odd notions guarantee that an individual will pass securely starting with one phase of life then onto the next. A large number of them include somebody making purposeful move to make something occur or to forestall something from happening. A few notions return nearly to the earliest reference point of human life on Earth. The majority of them originate from old Europe and Egypt. There is no logical reason for odd notions. However, they ceaselessly are being passed on from age to age. Nearly everyone sticks on to a couple of them. Before misfortune strikes, there are a lot of things, or four leaf clovers, that can be utilized to forestall the misfortune. One, which is presumably the most normal, is a hare's foot. This is on the grounds that the quick multiplication of the bunnies is considered as riches. Another lucky trinket is the lucky charm. It is very bizarre to discover one of every a field of clovers. So whoever found a lucky charm was believed to be extremely fortunate. The intersection of the fingers, which is most likely recognizable to all, is as far as anyone knows good karma. This is on the grounds that it is said to trap the malevolence inside where the fingers cross and keep them from harming you. Another sign is the hover by bringing the thumb and index finger together. The encasing of a hover with the index finger what's more, the thumb implies everlasting life in light of the fact that a circle has no start or end and it is accepted to encase karma. For example, the wedding band represents a long also, glad marriage. Thumping on wood is something likely very notable yet numerous individuals don't comprehend its significance. Many don't have the foggiest idea where it began from. Knocking on wood returns to the good 'ol days when individuals thought divine beings lived in trees. Accordingly, when the individual thumped on wood they were asking the god-soul inside to see that karma remains with them. Iron is supposed to be significantly more fortunate than wood. Since it was utilized for different items like instruments, individuals thought it was 1endowed with enchantment. Bowed nails and pins are likewise thought of fortunate like in the expression: ?See a pin, and get it, all the day, you'll have good karma. ?See a pin, and let it lie, you'll need a pin before you bite the dust.? II. Types Incalculable exercises are engaged with strange notions. For instance, eating, dozing, working, playing, marriage, youngsters, ailment, and passing on are all piece of them. There are additionally various notions associated with creatures. Sports moreover incorporate numerous notions, baseball specifically. There are additionally numerous in ball, tennis, golf, horseback riding, and different games. Dates and occasions can likewise be offbeat. Everyone does a little something to guarantee karma when twelve o'clock arrives o'clock on New Year's Day. There are additionally strange notions about the times of the week. Clearly, there are strange notions for everything on the planet. III. Marriage No one experiences a big day without odd notions. At weddings, shoes would be tossed at the lady of the hour and man of the hour and incredible karma would be 2bestowed upon them if their carriage were hit. Her lucky man, to build up his authority, would emblematically strike the lady of the hour. Ladies would toss shoes at the bridesmaids to see who might wed straightaway. The clothing is likewise significant. The lady of the hour has numerous hues to pick from yet some are better than others like in the saying: ? Hitched in White, you have picked right. ? Hitched in Gray, you will go far away. ? Hitched in Black, you will wish yourself back. ? Hitched in Red, you will wish yourself dead. ? Hitched in Green, embarrassed to be seen. ? Hitched in Blue, you will consistently be valid. ? Hitched in Pearl, you will live in spin. ? Hitched in Yellow, embarrassed about your individual. ? Hitched in Pink, your soul will sink.? Blossoms have consistently been enormous highlights in wedding. The man of the hour is assumed to wear a bloom that shows up in the wedding bunch. Each blossom has it's own which means . For instance, an orange bloom connotes 3chastity, virtue, and exquisiteness. The red chrysanthemum represents ? I love you?. There are explicit days

Interventions for Smoking Cessation

Mediations for Smoking Cessation Presentation Wellbeing education is the â€Å"capacity to get, convey, process, and comprehend fundamental wellbeing data and administrations to make proper wellbeing decisions† (Centers for Disease Control and Prevention, 2014). Smoking is a typical addictive conduct and is terrible for wellbeing status from multiple points of view. As indicated by World Health Organization (2014) tobacco slaughters about 6,000,000 individuals for each year. In this manner, it is critical to advance people’s wellbeing education of smoking through successful intercession to improve wellbeing condition. Brief intercession is a successful technique to convey reasonable data and increment the inspiration of customers to change the substance use (Substance misuse and psychological well-being administration, 2014). Medical attendants can utilize brief intercession to improve the wellbeing education among customers with resultant better wellbeing results. This exposition will right off the bat portray the potential wellbeing effects of smoking on individual in Australia and internationally. Furthermore, it will utilize a case to dissect the smoking through phase of progress demonstrate and examine three ways to deal with change the conduct. Thirdly, it will pick the most reasonable technique to give wellbeing education to the customer. In conclusion, I will talk about how changing a singles person’s conduct can add to worldwide wellbeing. Outline of smoking Cigarette contains in excess of 7,000 synthetic substances and a large portion of them are destructive to our body. Once breathed in into the lung, these synthetic mixes will be conveyed to all the tissues of our body through blood (Centers for Disease Control and Prevention, 2014). Smoking will disable the typical development and capacity of the cells and result in malignant growth tumor development. Research demonstrated that smoking can cause numerous sorts of malignant growths in our body, for example, larynx, lung, mouth, nose, and throat disease (U.S. Division of Health and Human Services, 2010). For the cardiovascular framework, smoking will harm our veins with plaque arrangement and produce thicker vessel dividers and smaller lumen. Along these lines, smoking is a significant hazard factor for stroke and coronary illness (U.S. Division of Health and Human Services, 2010). Smoking likewise makes harm the respiratory framework, particularly the aviation route and alveoli. The e xploration indicated that interminable obstructive pneumonic malady including emphysema and incessant bronchitis are most normally identified with smoking. What's more, smoking will likewise influence the ripeness and safe framework and increment the opportunity to have type 2 diabetes (Centers for Disease Control and Prevention, 2014). To wrap things up, used smoke causes unfavorable impacts, for example, cardiovascular and respiratory sicknesses to the companions, family and network. All in all, smoking may affect the entire body and result in genuine medical issue. As indicated by World Health Organization (2014), smoking is identified with in excess of 6 million people’s passing; 5 million bite the dust straightforwardly because of tobacco use and 600,000 individuals pass on from presentation to used smoke. In Australia, around 3.1 million individuals (19.5%) are present smokers matured more than 18 years of age and among them 20.4% male and 16.3% female are every day smokers (Australian Bureau of Statistics, 2011). Smoking was liable for 20% of malignant growth passing in Australia and around 45,000 hospitalisations in New South Wales were identified with smoking (Cancer Council NSW, 2013). What's more, almost 600,000 individuals (3.6%) revealed in danger of having coronary illness and other constant conditions because of utilizing tobacco items (Australian Institute of Health and Welfare, 2013). Smoking is a typical undesirable conduct in Australia as well as everywhere throughout the world and adds to numerous sicknesses and demise. Occurrence of smoking Mr. C is a multi year elderly person who originates from Taiwan and functions as a bookkeeper in a PC organization. He had a background marked by smoking around a long time since moved on from senior secondary school. He typically smokes 10-12 cigarettes per day. Mr. C has the clinical history of type 2 diabetes. He accepts that smoking can assist him with discharging the pressure and tension. He truly appreciates the snapshot of smoking and expresses that smoking can animate reasoning. Be that as it may, Mr. C created profitable hack as of late and had brevity of breath when climbing the steps. He went to see a general expert and the doctor educated him that the beneficial hack and brevity of breath are identified with smoking. In this manner, the general professional gave Mr. C a handbook about the data of smoking and recommended him to stop smoking. In the wake of seeing the general professional, Mr. C read through the handbook and attempted to look the web for important data. He likewise examined with his family and the entirety of his family bolstered him to stop smoking. Mr. C faltered about halting smoking. Since he felt that smoking was a decent strategy for him to mitigate the pressure and fill in as a social expertise to keep up the relationship with companions and partners. What's more, he additionally thinks about that to stop smoking will be a long procedure and sets aside a great deal of effort to quit any pretense of smoking and will cause a ton of physical inconvenience. Mr. C is currently feeling undecided about stopping smoking yet he needs the side effects, for example, gainful hack and brevity of breath to leave. In this manner, he despite everything believes smoking to be a charming hobbit and can't generally quit any pretense of smoking. Phase of progress model Phase of progress model (Transtheoretical model) is a hypothesis of conduct change which was created by Prochaska and DiClemente. It contains 5 phases of changes: precontemplation, consideration, arrangement, activity and upkeep (Australia government Department of wellbeing, 2004; Prochaska, DiClemente Norcross, 1992, p. 1103). Phase of progress model is a decent strategy to survey the status of customers to change the added substance conduct, for example, smoking (Mallin, 2002, p. 1107). As indicated by Prochaska, DiClemente and Norcross (1992, p.1103), examination is the phase that customers know the unfriendly impacts because of the conduct and consider to change, anyway have not resolved to set up a strategy. In this episode, Mr. C has some physical distress, for example, gainful hack and brevity of breath during the action. In this manner, Mr. C went to a general specialist for the appraisal and discovered that smoking was the underlying driver of the side effects. Mr. C began t o look through the data about smoking and furthermore talked about with his family. Be that as it may, Mr. C didn't make a guarantee to stop smoking. Because of these highlights, Mr. C is at the phase of consideration. Another idea of the consideration stage is that patient is conflicted about the bit of leeway and detriment of the conduct (Prochaska, DiClemente Norcross, 1992, p. 1103). The customer understands the conduct will be destructive to the wellbeing condition yet at the same time believes the conduct to be with esteem (Australia government Department of wellbeing, 2004). For this situation, Mr. C expresses that smoking is a decent strategy for him to diminish the pressure and a social apparatus to keep up the relationship with companions and associates. He would not like to surrender this 30 years hobbit. Be that as it may, Mr. C additionally needed to improve the side effects. Mr. C is wavered in settling on the choice to stop smoking. Subsequently, clearly Mr. C is at the phase of consideration. Various ways to deal with change smoking Persuasive meeting is an advising procedure which can help customers to expand the inspiration to change the addictive conduct (Miller, 2010, p. 247; Ridner, Cloud, Ostapchuk, Myers, Jorayeva Ling, 2014, p. 314). Customers can be investigated and their inner conflict could be settled about stopping smoking through persuasive talking (Lai, Cahill, Qin Tang, 2010). The four standards of persuasive meeting are articulation of sympathy, create inconsistency, move with opposition and bolster self-adequacy (Miller, 2010, p. 248). During the inspirational meeting, medical caretakers can comprehend the conflicted sentiments of the customers, the troubles of changing and talk about the favorable position and detriment of stopping smoking with customers. What's more, it may improve the client’s want to change. Medical attendants may utilize the intelligent tuning in, open-finished inquiries, certification and synopsis methods to comprehend the clients’ position and have great cor respondence (Miller, 2010, p. 249; New South Wales Department of Health, 2005). An examination (Ridner, Cloud, Myers, Jorayeva Ling, 2014) discovered that after the inspirational talking, the patients smoked less cigarettes, had a higher score of self-adequacy and lower nicotine reliance. Soria, Legido, Escolano, Lopez Yeste and Montoya (2006) brought up that inspirational talking bunch has higher achievement rate contrasted with against smoking exhortation gathering. Likewise, the article additionally indicated that persuasive talking could assist customers with moving to the following phase of progress model. The above proof demonstrated that persuasive talking is a compelling brief intercession to expand the inspiration of customers to look for the wellbeing data of smoking and its treatment, and along these lines, increment the ability of stopping. 5As (ask, evaluate, counsel, help and mastermind) is a short mediation to expand the inspiration of the patient with addictive conduct (DiClemente, Delahanty, Kofeldt, Dixon, Goldberg Lucksted, 2011, p. 261). The initial step is to ask the client’s smoking conduct and get the fundamental data about the customer. Also, the availability and inspiration of customers to stop smoking will be evaluated. In this progression, phases of progress model is a decent instrument to survey the inspiration of customer. At that point, medical caretakers can convey the exhortation to the customers about the upsides and downsides of wellbeing on smoking followed by arrangement of the successful tips for customers to stop smoking. Fourthly, help the customers to expand the inspiration about stopping smoking and urge patient to stop smoking. Ultimately, the medical attendants ought to

Macbeth Themes Essays - Characters In Macbeth,

Macbeth: Themes Macbeth was composed while when Scotland came up short on a decent Leader to guard it from a Norwasian attack. During this perilous circumstance, Macbeth stood apart as the most directing figure by vanquishing the dissident armed force. His thrill towards the witches' predictions every single affirmed hey any desires for turning out to be the King and supplanting King Duncan, who came up short on the force and fearlessness to spare his nation from this intrusion. In this article, I will talk about Macbeth during the numerous encounters that he had confronted and gone over and I will show how these encounters and pressures that he confronted assisted with the end and topic of the play which yet must be comprehended. The principal signs that let us know of Macbeth's musings of turning out to be King were discovered when the King broadcasted his child, Malcolm, the beneficiary to the Scottish honored position, and Macbeth considered homicide to conquer this impediment that would keep him from turning into the King. The ruler of Cumberland! That is a stage On which I should tumble down, or probably o'erleap, For in my manner it lies. Stars, conceal your flames! Let not light observe my dark and profound wants. The eye wink at the hand; yet let that be, Which the eye fears, when it is done, to see. (Act 1:Scene 4:ln.55) At the point when Lady Macbeth knew about her significant other's prosperity and perused the letter, we very quickly feel that another wellspring of intensity had appared in the dramatization. Her words mirrored an extraordinary information on her better half and her viable way to deal with issues as found in the accompanying two stanzas. Glacis thou craftsmanship, and Cowdor, and shalt be What thou are guaranteed. However do I dread thy nature. It is too full o' the milk of human thoughtfulness To get the closest way. Thou wouldst be extraordinary; Workmanship not without aspiration, yet without The ailment ought to go to it. What however wouldst profoundly, That wouldst however holily;wouldst not play bogus But wouldst wrongly win. Thou'ldst have, incredible Glacis That which criesThus however should do,if however have it; What's more, that which rather thou dost dread to do Than wishest ought to be fixed. Hie thee here, That I may pour my spirits in thine ear Also, chasten with the valor of my tongue All that hinders thee from the brilliant round Which destiny and mystical guide doth appear To have thee delegated withal. (Act 1:Scene 5:ln.14 O, never Shall sun that morrow see! Your face, my thane, is where men May peruse peculiar issues. To dumbfound the time, Resemble the time;bear welcome in your eye, Your hand, your tongue, resemble the honest blossom, Be that as it may, be the snake under't. He that is coming Must he accommodate; and you will put This current night's extraordinary business into my dispatches, Which will to every one of our evenings and days to come, Give exclusively sovereign influence and masterdom. (Act 1:Scene 6:ln.68) Headed to kill King Duncan, Macbeth's soul originally showed up when he was absent to welcome the King upon his landing in the château. This demonstrated the absence of fortitude that Macbeth needed to confront his casualty. In the event that it were done when 'tis done, at that point 'twere well It were done rapidly. In the event that the death Could hamper up the result, and catch, With his delay, achievement, that yet this blow May be the be-all and the end-all here, However, here, upon this bank and reef of time, We'ld bounce the life to come. Be that as it may, in these cases We despite everything have judgment here, that we yet instruct Wicked directions, which being educated, return To torment the inventor.......................... (Act 1:Scene 7:ln 1) This section focused on Macbeth's feelings of dread of discipline. He got out that he was set up to endure time everlasting if just this wrongdoing would go unpunished. He perceived certain deterrents in slaughtering the King, the first and most significant being was that the King was his visitor. He likewise observed a few perils of carrying out the wrongdoing and comprehended it outcomes well. At the point when Macbeth attempted to oppose the enticement, his better half was the one that demanded him to assent the homicide. What brute was't then that made you brake this endeavor to me? At the point when you drust do it, at that point you were a man; Also, to be more than what you were, you would Be far beyond man. Nor time nor place] Did at that point

How Drinking Water Regularly While You Blog Helps You Write Better

How Drinking Water Regularly While You Blog Helps You Write Better Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!How Drinking Water Regularly While You Blog Helps You Write BetterUpdated On 15/05/2014Author : Irfan SiddiquiTopic : BloggingShort URL : http://hbb.me/1gGfnDW CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogIf blogging is your full time job, you surely spend hours on a chair. Since you have very little physical activity and if you sit in an air conditioned room, the chances that you feel thirsty are very little. Also, since you do not have a lot of physical activity, you must have added a few pounds to your frame. If you are worried about your expanding waistline, all you have to do is drink gallons of water and team it up with a healthy diet like the one from Weight Watchers. The cherry on the cake is that drinking water helps you write better as well. Wondering how? Read on.Water detoxifiesBeing a blogger, you definitely take care of your computer. You regularly clean the system, remove junk files and upgrade the system with latest versions of antivirus and firewalls. Why? It is so that your system can remain healthy. This is exactly what happens with your body. Junk foods that are typical of bloggers and low physical activity create a lot of junk in your body. So, the programming of your body turns defective and you begin to put on weight. Drinking water throws out all the toxins and cleans your body. So, drink a lot of water so that your system is clean and you do not put on weight. When your body is detoxified, blood and air circulation to the brain improves. You can think better and write better. Your blog can have high quality write ups. Alongside, you can take weight loss diet ideas from Bistro MD and adopt a healthy lifestyle to stay healthy despite being a compulsive blogger. You can download discount code or promo coupon of these companies for discounts on weight loss meals.READ6 Essentials A Blog MUST Have For Perfect LaunchWater suppressed appetit eIt has been noticed that people who spend hours in front of the computer sleep less. Also, they suffer hunger pangs more frequently than those who spend limited time in front of the computer. When you drink a lot of water, your hunger is curbed and you do not gorge on those pizzas and sausages. You can substitute junk meals with high nutrition diets and enhance weight loss, which is triggered by drinking lots of water.Water is the best zero calorie mealIn order to make the best use of water, drink a glass of water before every meal. This helps because appetite is reduced and so you eat less. Keep drinking lots of water all the time that you write and stop feeling hungry frequently. This zero calorie meal is the best for bloggers who spend in front of the computer. They achieve better fitness.Your frequent hunger pangs are thirst not hungerWhen the body is thirsty, the programming in your brain sends messages of hunger. So, you assume that you are hungry and eat. Rather, you should drink water. Stick to four small meals a day and drink lots of water in between. Like your computer, your body is also a very complexly programmed system. Interpretation of its signals in the right manner is the best way to stay healthy.IMAGE CREDIT : Chev Wilkinson/Cultura RF/GettyThis article is written by Irfan Siddiqui. He currently contributes to youlovecoupons.com where you can get the latest weight watchers promotion code.

How MBA increases soft skills that matter most to employers Hult Blog

â€Å"Day 1 ready† is a term that is repeated a lot during Hults  MBA program. You may guess that it refers to being prepared to handle finance, accounting, or marketing, the so-called â€Å"hard skills† in business school. but it’s more than that. It means that the program is designed to prepare students to be effective decision-makers on  their very first day on the job. Watch for your soft skills! According to research, the skills that employers look for the most in MBA graduates are interpersonal skills: communication, self-awareness, teamwork They are also known as â€Å"soft skills†. Employers have basically said â€Å"book smarts† are not enough to prepare people for a fast-changing and complex work environment. As future managers, we will need to make decisions constantly. We will also need to be able to justify those decisions—and live with them. This is why we are constantly challenged to think about the consequences of our decisions and the reasoning process behind them during the program. Here are the two important questions we have been trained to ask ourselves: â€Å"Why did you make this choice?† and  Ã¢â‚¬Å"How will this decision impact your environment?† The next step is to translate the answers into a feasible plan and appropriate actions. Let me tell you a story about how I applied this step to my professional and personal development. How to improve your soft skills Throughout my MBA program, I’ve been constantly seeking open and direct feedback from friends, colleagues, peers, and navigators (management consultants who provide coaching to students). I’ve learned to accept their comments, whether I agreed with them or not, without judgment. This can be very difficult at first. However, â€Å"practice makes perfect†. This is a necessary, pivotal step in increasing self-awareness because how we perceive our strengths and development opportunities can be very different from how others see them. This makes feedback key. Without truly understanding ourselves, how can we deduce our values and motivations? In the first Module of the MBA course, â€Å"Immersion,† we were introduced to the â€Å"Hult DNA† concept, in which we learned about 56 different themes, competencies, and skills that play a role in students’ development throughout the program. They can also be measured. At the end of Immersion, we were organized into teams and, based on the Hult DNA criteria, we evaluated our teammates. In my final evaluation, my peers gave me the feedback that I needed to improve my communication skills. I agreed. Personal Development Plan As a result, I created a Personal Development Plan (PDP) with actionable goals. One of them was to give a clear and concise presentation in front of my cohort. I started participating more actively in discussions to improve my English proficiency. I sought constant feedback from my classmates and professors. I ran for class representative, and volunteered to participate in every single group presentation. These actions helped me to improve my confidence within six months, and though they took me out of my comfort zone, they enhanced my relationships with my classmates. My PDP has become an ongoing plan to assess my communication skills, even after I graduate. Hult is the ideal environment in which to learn how to develop your professional mindset, interpersonal influence, and become better at collaboration and self-awareness. These skills can help you develop into a leader who contributes to a  positive and productive work  environment, and one who communicate values and goals clearly. I know, because that has been my own experience. But even more than that, these skills will give you greater respect for the unique differences we all possess, without making them obstacles toward building a cohesive team that accomplishes great results. To find out more about Hult’s programs  download a brochure.   Rafael Natali is a Hult Global Ambassador. He has a background in Information Technology with over 10 years of experience, and four as a manager. He is currently an MBA student at Hult’s London Campus, where he is enhancing his knowledge and business skills, while in the midst of a multicultural experience. Kickstart your career in Europes biggest startup cluster by studying at Hults London business school. To find out more, take a look at our blog Shifting mindsets: A recap of TEDxHultLondon 2018. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .

The World War II ( Wwii ) - 1581 Words

â€Å"I see nothing, I hear nothing, I say nothing. I was not even there!† Some people remember these words from Sgt. Schultz in the series Hogan’s Heroes, that ran from 1965 till 1971 on TV. Many people, when they hear someone is from Germany or is German, assume that these people are or have relations to the Nazi Regime. But only a few know, that during the World War II (WWII), there were a few German non-violent resistance groups. These groups tried to â€Å"fight† the Nazis from within. Just to mention a few, there was the student circle who called themselves the White Rose, another one was the Kreisau Circle, another group was The Swing Kids. But did these non-violent movement groups had any effects on the outcome of World War II? Most†¦show more content†¦He reported them to the Gestapo, who later picked also Christopher Probst up, and brought them down to the Gestapo station, where they were questioned, incarcerated, swiftly trialed for ‘high treason’ and on February 22nd 1943 executed. â€Å"When the guard came to his (Hans Scholl) cell to take him to the court for sentencing, Hans looked at the prison wall and smiled. He had written the words of Goethe that his father had often repeated: ‘Hold out in defiance of all despotism’.† (Henderson, 2005 p.42) At Professor Huber’s trial, Kurt Huber used the words of Johann Gottlieb Fichte (a German poet 1762-1814) in his defense speech: â€Å"And thou shalt act as if on thee and on thy deed depended the fate of all Germany, and thou alone must answer for it.† The White Rose was maybe not well organized when it came to standing up against the Nazi genocidal policies, but they made their voices to be heard. â€Å"They inspired other student resistance, which included a riot, street march and graffiti, while their movement was reported internationally, inspiring German POWs to write leaflets that were duplicated and airdropped by their Russian captors.† (Branagan, 2014 p.31-38) Another non-violentShow MoreRelatedWwii And The World War II953 Words   |  4 PagesWorld War II involved the vast majority of the world s nations consecutively between the years of 1939 and 1945. WWII altered the political alignment and social structure of the world. WWII began far before the invasion of Poland. Beginning with the Great Depression and the Stock Market Crash together aggressively pushing Germany in despair for economic and political revival. With the defeat of WWI, by The Treaty of Versailles, Germany was forced to accept responsibility for the war damages, payingRead MoreWorld War II ( Wwii )1312 Words   |  6 Pagescamps† are all words that make you think of World War II (WWII) and these are all closely related to WWII. What about â€Å"Rosie the Riveter†, â€Å"war bonds†, â€Å"the family dynamics†, â€Å"rubber and aluminum drives†? Does it ring any bells? These words are related to WWII also but refer to the home front. Th e absence of many men due to WWII, caused the dynamics of the workforce and of the â€Å"women’s place in the family† changed forever. In the 1930’s and before WWII America was in the (not so) Great DepressionRead MoreThe World War II ( Wwii ) Essay1626 Words   |  7 Pagesfaced countless challenges during the immediate aftermath of World War II (WWII). Firstly, this essay will examine the most important negative consequences confronted by Europe after WWII, including, the effects the war had on the European economy and political conditions. In this regard, it will look specifically at the Soviet Union, Germany, Poland and the United Kingdom. Secondly, the essay will review the numerous displaced populations WWII left behind as well as the expulsions of several GermansRead MoreThe World War II ( Wwii )1295 Words   |  6 Pagesthat resulted from the German involvement in World War II (WWII). After the war, the German economy crumbled, the nation was divided and the government was defeated soundly. Now, German economy is the 4th best worldwide, the government is thriving, and the formerly divided country is now unified. Yet even with all of these momentous achievements, the shadow of WWII still remains. Contemporary Germany has grown in stability and prosperity since World War II largely due to the German PflichtbewuÃŽ ²tseinRead MoreWorld War II ( Wwii )1312 Words   |  6 Pagescamps† are all words that make you think of World War II (WWII) and these are all closely related to WWII. What about â€Å"Rosie the Riveter†, â€Å"war bonds†, â€Å"the family dynamics†, â€Å"rubber and aluminum drives†? Does it ring any bells? These words are related to WWII also but refer to the home front. The absence of many men due to WWII, caused the dynamics of the workforce and of the â€Å"women’s place in the family† changed forever. In the 1930’s and before WWII America was in the (not so) Great DepressionRead MoreThe World War II ( Wwii )1823 Words   |  8 PagesSummary of Evidence World War II (WWII) †¢ â€Å"The Second World War was a necessary consequence of the First World War’s termination in the peace dictates of Versailles and St. Germain.† †¢ â€Å"The outbreak of the war of 1939 was caused directly by the conflict between Poland and Germany over the â€Å"Corridor† and Danzig problems.† †¢ On December 7, 1941 the Japanese bombed Pearl Harbor, Hawaii and also attacked the Philippines, Wake Island, Guam, Malaya, Thailand, Shanghai and Midway. United States ofRead MoreThe World War II ( Wwii ) Essay1875 Words   |  8 PagesWorld War II (WWII) lasted longer and killed more people than the Great War. There was not a fast victory conquered by bombers hitting the heart of the enemy. Air power’s contribution to the allied victory did not represent the ultimate fulfillment of the predictions of interwar theorists. Even though air power had an important role, and many lessons and doctrines emerged after this period, the visions of Douhet, Mitchell and others did not materialized as they expected. In this paper, I will discussRead MoreDeveloping Countries During World War II ( Wwii )1211 Words   |  5 PagesTrade policy in developing countries obtained major influence from the changing views in economic development, namely, inward looking and outward looking (Moon, 1998). For about 3 decades after World War II (WWII), the trade policy of developing countries relies on inward-looking development. This type of development is implemented through autarky trade policies to protect country’s local manufacture industry. There are so many critics delivered during the inward looking development implementationRead MoreWhy the U.S. got Involved in WWII in Patrick Herdens Book, Roosevelt Confronts Hitler: America’s Entry into World War II699 Words   |  3 PagesPatrick Hearden’s book, Roosevelt Confronts Hitler: America’s Entry into World War II, is offering an explanation as to how and why the United States got itself involved in a second world war. Hearden states, that the Japanese attack on Pearl Harbor and Nazi Germany’s declaration of war hastened United States intervention. These two reasons, however, are not the underlying foundation of why the United States entered the war, according to Hearden’s research. Through a quick examination of the chapterRead MoreWhy Did The Allies Win World War II?1480 Words   |  6 PagesAbstract Why did the Allies win World War II? (Roark 854) In this paper we will be discussing the reasons behind why the Allies were able to defeat the Axis powers in World War II. 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Hw 1-Logic Essay - 1468 Words

Philosophy 201—Practical Logic Loyola University New Orleans Ben Bayer Summer 2012 Homework #1 DUE: Tuesday, September 11th, (at 11:59pm, just before midnight) Directions For each of the listed fallacious arguments, select an answer to each of questions (a) and (b). For both (a) and (b), select ONE AND ONLY ONE answer from (i) through (vii). For most of the answers in (b) you will need to fill in the specified blanks with details from the argument to fully explain your answer. Please copy and paste the text of your answers for both (a) and (b) into your submission. For part (b) answers, type over the underscore, preferably in capital letters, to complete your answer. Problems 1. A breadbox is†¦show more content†¦But this premise is the very idea most in need of proof. It is especially controversial because__________________. xxv. Because a key concept, __________________, is implicitly redefined to make the conclusion come out as true. A more ordinary definition of that concept is something like __________________. xxvi. The premise, __________________, is false. We know this because __________________. xxvii. Because the conclusion is immediately restated through the use of words with identical meaning: __________________ means the same as __________________. xxviii. The idea most in need of proof , __________________, is being taken for granted as true, which we can tell because __________________. 3. The new oil pipeline will only cause a massive increase in noxious effluent. Therefore, we can conclude that it will result in an upswing in toxic pollution. e. What is the specific name of the error or fallacy? xxix. Premises are not known to be true: at least one is false xxx. Begging the question: mere restatement xxxi. Begging the question: restatement through synonymy xxxii. Begging the question: circular reasoning xxxiii. Begging the question: implicit controversial premises xxxiv. Begging the question: arbitrary redefinition of terms xxxv. Begging the question: other f. How do know that this fallacy isShow MoreRelatedMatching Dell - Case Summary1484 Words   |  6 Pagesof US household owsn PC in 1998 ââ€" ª Modular architecture prevalent for HW and SW, PC differed depending on configuration ââ€" ª Most HW components sourced my numerous companies and highly competitive, however the Microprocessor was controlled by INTEL with 90% share, similarly for OS , Microsoft owned the market and even 80% of the productivity SW, like word processor, ââ€" ª HW and SW started selling as integrated bundle ââ€" ª PC customers were of 4 typesRead MoreModern System Analyst Chapter 1 Essay1002 Words   |  5 Pages HW: Ch. 1 problems and exercises 1. Why is it important to use systems analysis and design methodologies when building a system? Why not just build the system in whatever way appears to be â€Å"quick and easy†? 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Examining the correlations in credit risk through data - Free Essay Example

Sample details Pages: 13 Words: 3850 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Abstract: We examine the correlation in credit risk using credit default swap (CDS) data. We find that the observable risk factors at the firm, industry, and market levels and the macroeconomic variables cannot fully explain the correlation in CDS spread changes, leaving at least 30 percent of the correlation unaccounted for. This finding suggests that contagion is not only statistically but also economically significant in causing correlation in credit risk. Don’t waste time! Our writers will create an original "Examining the correlations in credit risk through data" essay for you Create order Thus, it is important to incorporate an unobservable risk factor into credit risk models in future research. We also find, consistent with some theoretical predictions, that the correlation is countercyclical and is higher among firms with low credit ratings than among firms with high credit ratings. I. Introduction: Correlation in credit risk is a well-known phenomenon. Understanding the causes of correlated credit losses is crucial for many purposes, such as managing a portfolio, setting capital requirements for banks, and pricing structured credit products that are heavily exposed to correlations in credit risk; for example, collateralized debt obligations (CDO). This issue has become particularly important because of the rapid growth of structured credit products in the financial markets in recent years. But despite much research on the subject, we do not understand many aspects of correlation in credit risk; this paper attempts to move the literature forward. First, we explore the economic importance of contagion in credit risk correlation. This is an open empirical question. Many credit models are based on the doubly stochastic assumption that, conditional on observable risk factors, defaults are independent of each other. This assumption is widely accepted and implemented in banking to determine capital requirements.Evidence exists that contagion has a notable impact on the correlation in credit risk of firms subject to significant credit events. On the basis of these findings, some researchers have tried to include contagion in credit models. However, the economic importance of contagion in a firms credit risk correlation is not clear from the literature. If the role of contagion is statistically significant but not economically significant, modeling contagion may not be of first-order importance. But even though some researchers and practitioners reject the doubly stochastic assumption, they find that the proportion of correlation in credit risk that cannot be explained by observable risk factors is small (1 to 5 percent), which suggests that unobservable risk factors may be of minor importance in credit risk models. In this paper, we attempt to clarify this issue. We also explore the credit risk correlation pattern over time and across firms with varying credit quality. The academic literature cannot agree on these patterns either. These questions are important because credit risk has been and still is the biggest risk facing banks. And with securitization and the new products that have been developed in the financial market, credit risk has been spread out beyond the banking sector to various market segments. Ambiguity regarding these issues poses serious challenges for investors, practitioners, and regulators. In this paper, we approach credit risk in two ways. First, unlike earlier studies, we use data from the credit default swap (CDS) market. Most researchers examine the correlation in a firms credit risk using either estimated default intensity based on actual default observations or implied default probability derived from the Merton (1974) model. The former approach may not be reliable, because some default events are strategic decisions and, therefore, may not correspond to economic default.1 Also, some financially distressed companies may be able to negotiate debt restructuring to avoid default or may be acquired with bankruptcy looming on the horizon, and these informal resolutions of financial distress are difficult to identify.2, 3 The problem of reliable numbers is a serious challenge-default is a low-frequency event, and any misclassification may have a major impact on the precision of parameter estimates. Thus, the estimated default intensity might be contaminated, and this w eakness could be behind some rather surprising findings in the literature. On the other hand, default probability estimated from the Merton model could be confounded by the oversimplified assumptions behind the model. In contrast, the CDS market enables the direct measurement of credit risk by many market participants. CDS is insurance against a default by a particular company or sovereign entity (known as the reference entity). The buyer of the CDS contract makes periodic payments to the seller for the right to sell a bond issued by the reference entity for its face value if the issuer defaults. So the price of CDS contracts (or the CDS spread) is a direct measure of the credit risk of the reference entity. Because CDS spreads can be based on a wide array of credit risk models, it is also a comprehensive measure of credit risk. The second way we approach credit risk in this paper is by investigating the observable factors and their contributions to the correlation in risk. Although previous studies have incorporated some macroeconomic factors into modeling credit risk, the impact of these variables is not consistent across studies, and some results are counterintuitive. We study the impact on credit risk of various macroeconomic variables as well as firm- and market-level variables, and we model the industry effect on the credit risk of individual firms. Although many researchers have suggested that the industry effect partially accounts for the correlation in credit risk, the literature has yet to provide conclusive evidence. On the basis of monthly changes in CDS spreads from January 2001 through December 2006, we find that changes in CDS spreads are positively correlated, with an average correlation of 21 percent. Observable variables at the firm level can reduce the correlation by 8 percent, resulting in a correlation of 13 percent among the regression residuals. Market-level and macroeconomic variables are significantly associated with changes in CDS spreads, with the expected signs of the regression coefficients. These variables, together with firm-level variables, can reduce the correlation by two-thirds to 7 percent. We also confirm the existence of the industry effect and find that firms in less cyclical industries have lower correlations in credit risk. Although industry variables are significantly related to CDS spread changes in the right directions, the industry effect can be responsible for less than 1 percent of the correlation in CDS spread changes after we control for firm-level, market-le vel, and macroeconomic variables. When all observable variables are combined, they can account for about 14 percent of the correlations, leaving 7 percent unaccounted for. The main observable variables that contribute to the correlations are firm-level variables and credit spreads, which can be affected by both contagion and systematic risks. Excluding these variables, the mean correlation among the residuals is 12 percent. These findings suggest that contagion could contribute from 33 percent to 57 percent of the correlation in credit risks. We also investigate the potential nonlinearity in the relationship between credit risk and observable variables, and find that accounting for nonlinearity does not qualitatively change our findings. Thus, the evidence suggests that contagion does play an economically important role in the credit risk correlation. In addition, we find that the correlation in credit risk is countercyclical; that is, it is higher during economic downturns and lower during booms. Also, it is higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with some theoretical predictions but not with the findings based on measures from the Merton model. We believe that the results derived from CDS spreads are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure does not forecast default probability well. Since the study period was short, it included one full business cycle; thus, the results have general implications. The study period did not include the recent market turmoil; however, if contagion is a major phenomenon during severe economic downturns, failing to include the recent period of turmoil is biased only against the finding that contagion plays an important role. The evidence, therefore, suggests that modeling the unobservable risk factors should be of first-order importance for future research in credit modeling. This paper is organized as follows. In section II, there is a review of the current literature. In section III, description of the sample is given. Discussion of observable risk factors and their contributions to the correlation in credit risk is given in section IV. Section V presents results on the correlation in credit risk over time and by rating groups. In the last section, a brief conclusion is given. II. Literature Review Modelling Correlation in Credit Risk The two branches of credit risk measurement are (1) the structural approach and (2) the reduced-form approach. Structural models originate from the Merton (1974) model and assume that a company will default if the value of its assets is below a certain level; for example, the amount of its outstanding debt. The key to structural modelling is to capture the stochastic asset diffusion process, and default correlation between two companies is introduced by assuming that the stochastic processes followed by the assets of the two companies are correlated. Correlation in the stochastic asset diffusion processes of two firms can be caused by both observable risk factors and unobservable risk factors, such as contagion. The advantage of structural models is the flexibility in modeling correlation in credit risk; the disadvantage is the difficulty in implementing them empirically. The general theoretical predictions from this school are that credit risk correlation is higher for firms with a low credit rating than for those with a high credit rating, and that the correlation increases during economic downturns The reduced-form models assume that a firms default time is driven by a default intensity that varies according to changes in macroeconomic conditions In other words, when the default intensity for company A is high, the default intensity for company B tends to be high as well, which induces a default correlation between the two companies. The reduced-form models usually assume that observable risk factors are the main drivers of firm credit risk and that, after controlling for observable factors and default intensity, defaults should be independent. This is the doubly stochastic assumption. Because of its mathematical tractability, most researchers and practitioners gravitate toward this approach; thus, the doubly stochastic assumption is behind many commonly used reduced-form models to predict default, such as the duration models and the survival time copula models. The doubly stochastic assumption is also the key assumption behind the proprietary models. For instance, Moodys KMV Risk Advisor considers systematic factors using a three-level approach: (1) a composite market risk factor, (2) an industry and country risk factor, and (3) regional factors and sector indicators. The factor loading for an individual firm for each of the factors is estimated using asset variances obtained from the option theoretical model, and the factor loadings are then used to calculate co-variances for each pair of firms. In Credit Metrics, the credit transition matrix is conditioned on a credit cycle index, which shifts down when economic conditions deteriorate. The credit cycle index is obtained by regressing default rates for speculative grade bonds on the credit spread, 10-year Treasury yield, inflation rate, and growth in gross domestic product (GDP). In contrast, Credit Risk Plus incorporates cyclical factors by allowing the mean default rate to vary over the business cycle. Credit Risk Plus models find that correlation in credit risk is higher among firms with low credit ratings. In summary, the doubly stochastic assumption plays a critical role in the vast majority of credit models used in research and practice. The findings say that variations in the observable factors cannot fully explain the correlation in credit risk and that the doubly stochastic assumption is violated; however, the proportion of the correlation that cannot be explained by observable factors is rather small. The conclusion may be contaminated in two ways. First, the evidence could result from the misspecification associated with the model to predict default intensity. A different model could lead to two possibilities: (1) observable factors may be sufficient to account for the correlated default risk, or (2) the proportion not explained by observable factors could be much larger. It is not clear from the literature how the correlation in credit risk varies over business cycles and across firms with different credit quality, as studies on these subjects have yielded conflicting results. This lack of clarity poses a major challenge for investors, portfolio managers, bankers, and bank regulators. Macroeconomic Impact in Credit Risk Modelling Some studies incorporate macroeconomic conditions into credit risk models; however, researchers have used different macroeconomic variables, and some variables that are important in one paper are found to be unimportant in another. Also, some empirical results are quite counterintuitive. Some researchers find intuitive relations between credit risk and macroeconomic variables. For example, Collin-Dufresne, Goldstein, and Martin (2001) examine determinants of changes in credit spreads using changes in 10-year Treasury rates, changes in the slope of the yield curve, changes in market volatility, and monthly SP 500 returns. They find that all these variables are significantly related to changes in credit spreads, with the direction implied by structural models. Carling and colleagues (2007) investigate how macroeconomic conditions affect business defaults using a corporate portfolio from a leading Swiss retail bank. They find that the output gap, the yield curve, and consumers expectations of future economic development can help explain a firms default risk. In summary, the impact of macroeconomic variables is not consistently documented in the literature, and some results are counterintuitive. These findings add to the puzzle of whether observable risk factors can explain the correlation in credit risk. We believe that the inconsistent and sometimes counterintuitive findings may be contaminated by the noise in the default data, as default events are rare and can contain misclassifications that lead to estimation errors. CDS data are more suitable for this purpose. III. Data Description and Sample Statistics The Sample The primary data in this study are the monthly CDS data from January 2001 through December 2006. We use the five-year CDS, as this instrument is the most liquid in the CDS market. We use monthly data to match the monthly macroeconomic variables because price movements in monthly data are less contaminated than daily or weekly data by temporary imbalances between supply and demand. The CDS spread measures total credit risk, which includes both default probability (DP) and losses given default (LGD). It is widely documented that DP and LGD are positively correlated thus, the CDS spread is a comprehensive measure of total credit risk. The sample includes 523 firms (25,113 firm-month observations)-376 investment-grade firms and 147 speculative-grade firms, based on the average rating for each firm during the sample period. Our sample period (2001-2006) includes one full business cycle consisting of varying economic conditions: an economic downturn in the early period, a recovery in 2003, and a normal period afterward. Variables at the Firm, Industry, and Market Levels We use three firm-level variables to explain the changes in CDS spreads: monthly stock returns, monthly stock volatility change, and firm leverage change.According to the structural model, a firms default risk is higher when either volatility or leverage is high. Also, stock returns indicate the markets assessment of a firms future performance. Lower returns imply a dimmer outlook, which should correlate with a higher credit risk, so stock returns should be negatively associated with changes in CDS spreads. We use the following market-level variables: changes in implied market volatility (VIX), changes in market leverage, and changes in market returns (measured by NYSE-AMEX-NASDAQ value-weighted returns). An increase in either market volatility or market leverage, or a decrease in market returns, suggests a worsening economic outlook, which should be associated with an increase in credit risk. We define industry variables similarly-changes in industry volatility, changes in industry leverage, and changes in industry aggregate returns-and the same logic should hold at the industry level if there is an industry effect. Macroeconomic Variables We use real GDP growth rate and changes in capacity utilization rate to describe the business cycle. If credit risks are higher during an economic recession, we would see changes in CDS spreads negatively related to both real GDP growth rate and changes in capacity utilization rate. We also include inflation among our list of macroeconomic variables. Since previous studies have shown a negative relationship between real activity and inflation, we expected a positive relationship between inflation and credit risk. We use the following interest rate variables: changes in three-month T-bill rates, changes in term spreads (difference between the yields of 10-year T-bonds and three-month T-bills), and changes in credit spreads between BBB and AAA bonds and between AAA bonds and 10-year T-bonds. The relationship between the three-month T-bill rate and credit risk should be negative for two reasons. First, the Feds monetary policy is pro-cyclical. Second, a higher interest rate can increase the risk-neutral drift of the process of firm value, thus reducing credit risks Collin-Dufresne and colleagues (2001) and Duffee (1998) both documented a negative relationship between interest rate and credit risk. Credit risk should also be negatively related to the term spread (Estrella and Hardouvelis 1991, Estrella and Mishkin 1996, and Fama and French 1989) and positively related to both measures of credit spread (Chen 1991, Fama and French 1989, Friedman and Kuttner 1992, and Stock and Watson 1989). Data Description Table 1 provides summary statistics of the sample. For all firms, the mean CDS spread is 126.27 basis points (bps). The median and standard deviation suggest that the distribution of CDS spreads is quite skewed and volatile. The mean change in CDS spreads is small (-0.07 percent), but the range is wide (-17.78 to 23.43 percent). Both the high and low in CDS spread changes are found among the speculative-grade firms; these firms also have higher mean changes in CDS spreads. As expected, all three measures (CDS spreads, equity volatility, and firm leverage) are lower among investment-grade firms and higher among speculative-grade firms. Panel B of table 1 shows that the average CDS spread was highest in 2002; it declined sharply in 2003 and 2004, then leveled off.11 The average monthly return on the NYSE-AMEX-NASDAQ index was 0.47 percent during the sample period, and the average annualized volatility was 19.08 percent. Over the entire sample period, the mean market leverage was 0.23. The average return across the industry portfolios was 0.57 percent, and the mean annualized industry volatility was 25.27 percent. Table 1. Descriptive Statistics Table 1 shows the summary statistics of the variables used in the study. Panel A presents the descriptive statistics for the firm-level variables: five-year CDS spreads (in basis points), CDS spread percentage changes, equity returns, equity volatility, and leverage. The monthly equity volatility is computed as the annualized standard deviation based on daily returns. The firm leverage is computed as the ratio of book debt value to the sum of market capitalization and book debt value. The data are from January 2001 through December 2006. Investment-grade refers to firms with ratings at BAA or above; speculative-grade refers to firms with ratings below BAA. Panel B presents the descriptive statistics of CDS spreads by year. Panel C presents the summary statistics of the market and industry variables. VIX is the implied volatility of the SP 500 index options obtained from the Chicago Board Options Exchange. The market return is the NYSE-AMEX-NASDAQ value-weighted index returns. Other m arket (industry) variables are the value-weighted average from all firms in the market (industry). We use the Fama-French 12-industry classification. Panel A. Firm Characteristics Variables Mean Median Minimum Maximum All firms CDS (bps) 126.27 63.10 8.65 1,632.36 CDS change (%) -0.07 -0.46 -17.78 23.43 Equity return (%) 1.23 1.13 -4.26 4.86 Equity volatility 0.31 0.28 0.13 0.78 Leverage 0.32 0.29 0.00 0.94 Investment-grade CDS (bps) 60.22 47.10 8.65 444.89 CDS change (%) -0.42 -0.60 -5.06 7.93 Equity return (%) 1.18 1.13 -0.80 4.39 Equity volatility 0.27 0.25 0.16 0.64 Leverage 0.28 0.24 0.00 0.94 Speculative-grade CDS (bps) 295.23 223.24 53.81 1,632.36 CDS change (%) 8.26 5.78 -17.78 23.43 Equity return (%) 1.34 1.34 -4.26 4.86 Equity volatility 0.41 0.39 0.13 0.78 Leverage 0.44 0.43 0.06 0.92 Table 1. Descriptive Statistics (contd.) Panel B. Summary Statistics of CDS Spreads (bps) Year Mean Median Minimum Maximum 2001 151.67 83.33 17.83 3,249.57 2002 212.29 99.70 15.22 3,232.04 2003 150.72 69.62 9.84 2,508.39 2004 109.33 49.27 8.72 1,843.10 2005 107.17 44.90 5.21 2,181.16 2006 94.39 41.40 3.98 2,396.08 Panel C. Market- and Industry-Level Variables Variables Mean Median Minimum Maximum Market aggregate return (%) 0.47 1.11 -10.01 8.41 VIX (%) 19.08 16.69 10.91 39.69 Market leverage 0.23 0.23 0.19 0.27 Industry return (%) 0.57 1.57 -12.64 10.23 Industry volatility (%) 25.27 20.21 11.91 80.57 Industry leverage 0.23 0.17 0.07 0.48 IV. Observable Risk Factors and Correlation in Credit Risk Because most of our analyses involve panel data, our estimates are based on robust standard errors. We estimated these errors by assuming independence across firms, but we accounted for possible autocorrelation within the same firm. We use the contemporaneous variables on the right-hand-side variables . Market and Macroeconomic Effect Table 2 shows the effect of firm-level variables on changes in CDS spreads. We calculate the pairwise correlations (of the raw CDS spread changes or residuals from the regressions) and report the means in the last row of the table. The first column of table 2 shows that, without controlling for any observable covariates, the average correlation in changes in CDS spreads in the entire sample is 21 percent. The correlation ranges from a minimum of -30 percent to a maximum of 72 percent, and the interquartile spans a range of 30 percent. Table 2. Effect of Firm Characteristics on the Correlation in Changes in CDS Spreads Independent Variables Model 1 Model 2 Model 3 Model 4 Model 5 Equity returns -0.567*** -0.473*** [0.023] [0.025] Change in firm leverage 1.662*** 0.318*** [0.114] [0.084] Chance in equity volatility 0.199*** 0.148*** [0.015] [0.012] Constant 0.003*** -0.002*** -0.003*** 0.003*** [0.001] [0.001] [0.001] [0.001] Observations 25,113 25,113 25,113 25,113 25,113 R2 9% 5% 3% 11% Correlation/residual correlation 0.21 0.17 0.14 0.16 0.13 Industry Effect Table 5 shows the average pairwise correlation in CDS spread changes among firms in each of the 11 Fama-French industries.12 The table shows much variation in correlation in credit risk among firms in the same industry. Over the study period, the energy sector has the highest correlation among all industries, whereas the health care sector has the lowest correlation. Only four of the 11 industries have a higher average correlation than the overall average of 21 percent. The ranking of correlation by industry changed over the six-year study period. The financial industry had the highest correlation in 2001 and 2002, suggesting that an economic downturn affects financial firms more than others. The energy industry had the highest correlation from 2004 to 2006, likely driven by volatile price movements in oil. The health care, medical equipment, and drug industries had the lowest correlations in three of the six years, and consumer nondurable goods had the lowest correlation in two years. These findings suggest that less cyclical industries have lower correlations in credit risk. Table 5. Correlation in CDS Spread Changes Across Industries Year Ind1 Ind2 Ind3 Ind4 Ind5 Ind6 Ind7 Ind8 Ind9 Ind10 Ind11 2001 0.12 0.44 0.44 0.63 0.24 0.36 0.51 0.28 0.41 0.65 2002 0.13 0.43 0.26 0.26 0.14 0.41 0.43 0.38 0.24 0.17 0.45 2003 0.20 0.33 0.15 0.24 0.05 0.13 0.25 0.36 0.17 0.03 0.29 2004 0.24 0.26 0.21 0.35 0.17 0.21 0.26 0.32 0.23 0.14 0.30 2005 0.22 0.28 0.23 0.55 0.18 0.22 0.22 0.35 0.20 0.23 0.31 2006 0.06 0.07 0.09 0.33 0.17 0.11 0.12 0.26 0.22 0.06 0.13 2001-2006 0.16 0.28 0.18 0.35 0.18 0.17 0.16 0.29 0.19 0.11 0.22 V. Conclusions In this paper, we examine the correlation in credit risk using CDS data. We find that observable variables at the firm, industry, and market levels, as well as macroeconomic variables, cannot fully explain the correlation in credit risk, leaving at least one-third of the correlation in credit risk unaccounted for during the study period (2001-2006). These findings suggest that contagion may be a common phenomenon in an economy and that the doubly stochastic assumption may not hold in general. Because of the large proportion of correlation that cannot be explained by observable risk factors, future research in credit modeling should focus on incorporating unobservable risk factors into models. We also find that credit risk correlation is higher during economic downturns and higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with the theoretical predictions but inconsistent with some empirical findings based on the Merton default probability measure. We contend that our results are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure cannot accurately forecast default probabilities.

Postion Paper Who Was More Carzed Stalin Or Hitler

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The Long Lasting Effect of Alcohol on The Brain - 1208 Words

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Me Love free essay sample

Wanted: Love. It is not like there is a lack of love in my life. I have two wonderful parents, a huge family/tribe, and more best friends than I can count on my right hand. The homey atmosphere of my school, the cozy vibe I get walking downtown, I am surrounded by comfort and care. I consider the love in my life a blessing, the best one anyone could have. In college, however, I want to fall in love. Maybe with a boy, maybe with a city, maybe with a subject of study—but I’m looking to fall in love with myself. Going through high school I haven’t quite found myself, and I hope that in college I can manifest into the ‘me’ I am meant to be. Through pursuing my educational goals, living in a city with endless opportunities and millions of people, I wish to gain a better picture of the person I am, or at least the person I hope to become. We will write a custom essay sample on Me Love or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The city of Chicago is where I feel like I will best be able to find what I am looking for. Loyola University is the school where I can stay dedicated to helping people and learning from experience and others, while exploring who I am. This school stands for everything that I already believe in, but is in a city where I will be able explore a part of me that has yet to be discovered. I’m a lover. It seems slightly narrow to think that someone’s personality can be defined by one word, but if I had to chose one, ‘lover’ would be it. I love everything about my life-from NHL games to Dancing with the Stars, family and friends, Zumba classes and Shakespeare, right down to the Nutella in my pantry. There seems to be a little bit more to life than Nutella, TV, and friends, however. It’s about finding inner beauty that can’t be defined by anything other than the one who beholds it.