No Rainbow No Roses free essay sample

Problems surrounding Ritalin like parents and teachers wanting to Essay

Issues encompassing Ritalin like guardians and instructors needing to control kids with drugs - Essay Example Be that as it may, not all instances of patients with this issue are required to take medication. As per Dr. Fred Baughman, a guaranteed youngster nervous system specialist, one of the significant grounds of really depending on pills for children would be if ADHD is as of now putting the child’s life in danger (Null, G., n.d.). This identifies with the seriousness of the condition wherein kids’ hyperactivity could place them in perilous circumstances, hurt themselves, make undesirable associations with individuals around them and so forth. With this stated, imprudently passing judgment on a kid’s conduct and promptly finishing up the requirement for prescription isn't gainful. This is a direct result of the way that beside the various reactions of which, for example, trouble resting, dazedness, retching, loss of craving, looseness of the bowels, migraine, deadness, unpredictable heartbeat, trouble breathing, fever, hives, seizures, fomentation, engine or verbal tics, sorrow, hinders development, advances weight gain, and could even reason unexpected passing, particularly in youngsters with heart issues, it can likewise make a culture that is absolutely reliant on drugs which will overcome the estimation of determination, difficult work, and learning in the most common ways which thus are the best in instilling various qualities among individuals through experience. For guardians who may have issues with their children having absence of center in school or maybe are simply more dynamic than their companions, it is ideal to not take a gander at their conduct abstractly, rather, consider whether their conduct is as of now raising more ruckus than going to medicate use which has a ton of dangers. This is a result of the various situations where ADHD is as of now making their children genuinely hurt others or themselves, ruining them from getting a full dinner bringing about absence of nourishment, or causing them rough responses while doing the most routinary things, for example, scrubbing down

A Pestle Analysis Of The United Kingdom Economics Essay

A Pestle Analysis Of The United Kingdom Economics Essay To begin with, I would like to address the notion of PESTLE analysis. For those of you who do not know, the letters in its name stand for analysis of all the Political, Economic, Social, Technologic, Legal, and Environmental factors which influence the way businesses in the country function. So, let’s analyse these factors in the example of one country â€" the United Kingdom â€" and see what things have a favourable effect while which ones prevent businesses from proper development. Political The good things about the United Kingdom are that it is quite stable and has the government which continually takes measures to improve the working conditions for workers across the state. However, businesses might face troubles with certain corruption in different areas. However, this can be easily compensated by the effective regulatory measures. Economic Even though at the moment country’s GDP is experiencing the certain decline, it is still one of the highest ones in the world. The good thing is that the economy of the United Kingdom allows different businesses, of all sizes, enter the market and be profitable. The only problem only is that the state’s authorities are spending so much money on the migrants and free services for the population that business development does not get all the funds they need. Social There are so many migrants in the country that companies can easily get cheaper workforce, unlike the states where the natives work. Another great factor is that people have higher standards of living than elsewhere in the world and access to various free public services. However, one should bear in mind that a lot of people have to say no to higher education given its cost. As a result, the population with higher education is few in number. Technological According to the latest trend, the United Kingdom welcomes innovation. Besides, they are known to have lots of IT specialists who contribute to this market a lot. As a result of a great number of a growing number of IT specialists, there is the great competition on the market, and these professionals strive to demonstrate better results. This leads to the remarkable development of the market. Nevertheless, this country is known for their desire to save money; so they tend to hire employees from less prosperous countries to cut expenses. Thus, sometimes the quality of their services might not be satisfactory. Legal Citizens of the United Kingdom work a lot. According to the customary laws, they are supposed to work more than 40 hours unlike the legislation of other countries. That is why this law can be quite a tiring practice. Meanwhile, employees are allowed to work extra hours and get paid for them as a result. However, they have favourable conditions of maternity and paternity leaves which keep the employees happy and satisfied. Besides, there is a notion of minimum wage and all kinds of benefits for the working class. Environmental Finally, the last category I want you to look into is environmental factors. The ecology in the UK is strictly governed, and those polluting the environment have to pay high fees for it. Thus, the situation with it is much better than in many other European countries. Meanwhile, the food standards are really high, and there are special committees that monitor and control the situation with them. All in all, one can see that the UK is a great place to run the business. Of course, there are factors which might stand in the way of company’s success. But most things stimulate its growth and help its development. PESTLE analysis can be a great tool for many business people and economists, so if you are not using it yet, it is high time you learned it.

Psychological Disorder Analysis Essay example - 1519 Words

Psychological Disorder Analysis PSY/270 March 20, 2011 Psychological Disorder Analysis Marla is a 42-year-old Hispanic female who comes to the mental health clinic complaining of having trouble sleeping, feeling jumpy all of the time, and experiencing an inability to concentrate. These symptoms are causing problems for her at work, where she is an accountant (Axia College). In order to determine Marla condition a clinical interview must be conducted so more information in regards to Marla’s past life and present life can be obtained. Clinical Interview: Clinician: â€Å"Hello Marla what brings you to my office today?† Marla: â€Å"I am not sure I know there is something wrong with me but I don’t understand what or why? I just know†¦show more content†¦After that I just mainly kept to myself and concentrated on school. I spent a lot of time in my dorm and as a result I gained a lot of weight. I just always felt like I had to study a little harder than the other kids. I don’t know maybe I just wasn’t as smart as everyone else.† Clinician: â€Å" Do you have any close friends now?† Marla: â€Å"I never really stayed in touch with anyone and at work well I am always really busy. I had a dog but he ran away. Other than my laptop I guess there really isn’t anyone.† Clinician: â€Å"How do you feel about your current career?† Marla: â€Å"I like my job I mean it pays the bills. It is very repetitive and sometimes the numbers just all seem to run together. It just seems like it is the same thing every day all day.† Clinician: â€Å" Do you feel like you have accomplished most or any of your goals?† Marla: â€Å" I feel like I accomplished some like college and a degree. But I do not have a family or kids. I was told that I could get a manager position. Well if I don’t mixed up the files again I have been there for almost 20 years that’s the least they could do for me.† Clinician: â€Å"You mentioned in the beginning that you did not understand what was going on with you. Can you think of any other time of your life thatShow MoreRelatedPsychological Disorder Analysis1486 Words   |  6 PagesPsychological Disorder Analysis PSY/270 July 18, 2010 Aubrey Noble Psychological Disorder Analysis Psychological disorders can be very debilitating for those who suffer from them. Psychological disorders affect a person’s ability to function normally in their daily lives. In the following case study, you will be introduces to Marla, a Hispanic female who is suffering from an undiagnosed mental disorder. There are many different possible causes that are leading to Marla’sRead MorePsychological Disorder Analysis1506 Words   |  7 PagesPsychological Disorder Analysis Psy 270 Melissa Guynn 1-22-2012 The purpose of this assignment was to accurately diagnose Marla and to find causes and prospective treatments for her disorder. Marla is a 42 year old Hispanic female who comes to the mental health clinic complaining of having trouble sleeping, feeling â€Å"jumpy all the time,† and experiencing an inability to concentrate. (Joan Rachmel, syllabus description of final assignment) These symptoms are causing problems for her atRead MorePsychological Disorder Analysis1805 Words   |  8 PagesPSYCHOLOGICAL DISORDER ANALYSIS Psychological Disorder Analysis Amy Verhagen Axia College of University of Phoenix The diagnosis given to Maria is Dysthymic Disorder. Maria has been having trouble sleeping at night, feeling ‘jumpy’, and not able to concentrate. I suspect this has been going on for a while and possibly co-occurs with other psychological symptoms. Further questioning Maria about her past and present symptom onset will help in confirming this diagnosis to help treat her appropriatelyRead MorePsychological Analysis : Mental Disorder Essay2257 Words   |  10 PagesPsychological Analysis Given the information provided through the summary of facts provided by the court reporter and comparing the facts and possible symptoms of Mr. Wertz to those stated within the most recent edition of the Diagnostic Statistic Manual (DSM), the conclusion that I have reached is that Mr. Wertz does indeed suffer from a diagnosable mental disorder. With the description of symptoms provided, it would appear that Mr. Wertz is suffering from Post-Traumatic Stress Disorder (PTSD)Read MorePsychological Analysis Of Post Traumatic Stress Disorder886 Words   |  4 PagesAnalysis Paper Jun Chu, 80777295 Psychological Analysis Based on the knowledge of the defendant’s past experience and his report of symptoms, I believe Mr. Wertz suffers from the Post-traumatic Stress Disorder (PTSD). He has been directly exposed to the death threat on his deployment both by witnessing another soldier’s death and his own experience of â€Å"daily mortar attacks,† which meets the section A of the diagnosis criteria. His intrusion symptoms include recurrent nightmares related to the battlefieldRead MoreAnalysis of Chapter 13 Psychological Disorders Essay569 Words   |  3 PagesIn Chapter 13 we learned about Psychological Disorders. Psychological disorders can’t always be seen in everyday life, but it’s something they have to deal with every day. Psychologists have tried many different approaches to aid in a various amount of disorders and have tried to figure out the causes of them. There are many different perspectives on how to deal with a problem and analyzing it. The Psychological Approach has many different perspectives to it. In the psychodynamic perspective theRead MoreCognitive Behavioral Therapy1111 Words   |  5 Pagesinterventions for adults with anxiety disorder appears to be individual forms of Cognitive Behavioral Therapy. The mean total societal costs were lower for Cognitive Behavioral Therapy as compared to Selective serotonin reuptake inhibitors and Cognitive Behavioral Therapy and Selective serotonin reuptake inhibitors (Apeldoorn et al, 2014). In particular, self-help books are cost effective compared with other forms of treatment options. Drugs and group based psychological interventions does not appearRead MoreInfluence on Behavior and Psychological Disorders Essay658 Words   |  3 PagesRunning head: INFLUENCES ON BEHAVIOR AND PSYCHOLOGICAL DISORDERS Presentation Influences on Behavior and Psychological Disorders Presentation Jocelyn F. Oatman Sofia Moran University of Phoenix Introduction to Psychology PSY 103 Michelle McCoy-Williams October 29, 2008 Influences on Behavior and Psychological Disorders Presentation The previous evaluation on the pathophysiology of anxiety constantly records the requirement for more examination on biological characteristics of childhoodRead MorePossible Causes and Effects of Internet Addiction1189 Words   |  5 Pagespersonality disorder and if not treated properly can have a significant effect on the patient socially, psychologically and occupationally. It will be argued that the psychodynamic approach to find an underlying disorder will be a more effective approach to an intervention for an individual addicted to the internet. I will be discussing the possible intervention options, and possible causes and effects of internet addiction disorder. As well as why I believe that there is an underlying disorder and whyRead MoreThe Secret Window And Dissociative Identity Disorder1096 Words   |  5 PagesThe Secret Window and Dissociative Identity Disorder The Secret Window is a film released in 2004 directed by David Koepp and written by Stephen King. The main issue in this film is one of a psychological basis which keeps the audience on their toes and maybe even slightly confused until all of the pieces fit together at the end of the film. The purpose of this paper is to analyze the psychological issue that plagues the main character, Mort Rainey (portrayed by Johnny Depp), and identify any

Use Of Memory And Dreams During The Romantic Era - 1248 Words

Dream, Remember, then Write Imagination and creativity is part of the many influences that attribute to the writings in the Romantic Era. It influenced writers and poets to expand their art to a new horizons and veer away from the Enlightenment Era of tradition and logic. The use and significance of memory and dreams in the Romantic Era helped strengthen the inner emotions within writings, present ideas outside of traditional expectancies, and display the authors creativity and individuality throughout their writings. These works have resonated throughout history and British Literature inspiring new and old writers to explore within themselves and inside their imagination to create art that portrays their personalities in their work.†¦show more content†¦At the end of chapter 20 in Coleridge’s Biographia Literaria, Coleridge describes his own experience with poetry and its effect on others’ imagination from an outsiders point of view: â€Å"From the sphere of my own experience I can bring to my recollection three persons of no every-day powers and acquirements, who had read the poems of others with more and more unallayed pleasure, and had thought more highly of their authors, as poets; who yet have confessed to me, that from no modern work had so many passages started up anew in their minds at different times, and as different occasions had awakened a meditative mood.† (2) (paragraph 31). Coleridge sees the effect the writings of the Romantic Era has on those who are not writers which make the assistance of memory and dreams in the writings much more significant. Along with Coleridge’s significance to the Romantic Era, William Wordsworth also contributed to the movement of memory and dreams in the writings of the Romantic Era. William Wordsworth is another Romantic Writer that uses the recollection of memory and emotions to advance his poetry beyond traditional limits. In the introduction of William Wordsworth in The Norton Anthology, an excerpt describes Wordsworth’s use of memory in his work: â€Å"He frequently presents his poetry as the outgrowth of occasions on which objects or events in the present trigger a sudden renewal of feelings that he has experienced inShow MoreRelatedFrankenstein And Science : What Is The Purpose Of Science?1676 Words   |  7 PagesIn the Romantic era of Mary Shelley, scientists were the ultimate conquerors of the natural world. The Enlightenment allowed for impressive advancements in the realm of science that negated the need for mystery in nature. This fact downplayed the necessity of faith and reliance on God and emphasized the importance of logical, empirical evidence for the belief of anything and everything. Science becomes the ultimate vision of reality that Romantic writers oftentimes critique. Mary Shelley uses FrankensteinRead MoreEvolution of the American Short Story1077 Words   |  4 PagesTime Period, they were very different from the ones today, but they didn’t change abruptly. Over the different periods like the Ame rican Romanticism, Dark Romantics, Realism, Moderns, and Contemporary, the events changed the style of writing and the characteristics of the way the authors in these times wrote their stories. The authors in these eras started to revolutionize the way they wrote according to occurrences in that particular period. Another thing that affects the periods are the way publicRead MoreOscar Wilde s The Picture Of Dorian Gray1656 Words   |  7 PagesThe Victorian era is an extraordinarily complex age that occurred throughout the reign of Queen Victoria from 1837 to 1901. The Victorian Era was a tremendously exciting period that created the emergence of many various artistic styles such as literacy, poetry, and painting. In addition, the Era caused the social, political, and religious movements to flourish. The Victorian Era, although being known as the beginning of modern times, still embraced some radical views that today we would associateRead More Archetypes in John Keats La Belle Dam e Sans Merci: A Ballad1393 Words   |  6 PagesDame Sans Merci: A Ballad During the Romantic Movement in literature, numerous writers fed off one another’s ideas; thus, creating various patterns which reoccur throughout literary works. According to â€Å"The Literature Network,† John Keats is â€Å"usually regarded as the archetype of the Romantic writer.† Therefore, Keats himself is thought to be the original model for the writer during the Romantic Era. In his poem, â€Å"La Belle Dame sans Merci: A Ballad,† Keats uses various archetypes which provideRead MoreThe Nature of Emotions1244 Words   |  5 Pagesfeelings (Cooksey). Both Wordsworth and Coleridge were pioneers of the Romantic Movement which stressed the importance of expressing emotions, particularly through poetry. Nature was a key element for the Romantic movement. Romanticism encouraged exploration of feelings and many poets used nature as an inspiration for their thoughts. Another important aspect was the idea of intuition over reason. Many artists during the Romantic period sought to create art that relied on untaught reasoning insteadRead MoreRomanticism, The Supernatural and Human Existence Essay1633 Words   |  7 PagesRomanticism, The Supernatural, and Human Existence Throughout the 18th century the Romantic era dominated Western cultural thought. Romanticism was an enormous artistic movement that influenced some of the many, well-known artists we study today. Percy Shelley was one of those artists. Shelley was infamous for his anarchism, atheism, and provocative egotistic views. But for some, Shelley appeared to be a Romantic philosophical poet with beautiful works of art. Stanzas Written in Dejection-DecemberRead More Beachy Head Essay1484 Words   |  6 PagesBeachy Head When it comes to many of the essential ideas explored during the Romantic Movement, are women poets ever accredited in their influence over such themes? This is a question that arises when reading Charlotte Smith’s â€Å"Beachy Head.† The poem is so monumental, so breathtaking in its innovation, that one cannot help but to wonder why it is not more renowned in English Literature. Considering that the poem was composed around 1806 just before her death, â€Å"Beachy Head† truly strikesRead MoreComparison of Great Gatsby and Sonnets from the Portuguese Essay1420 Words   |  6 Pagesshow, we can see the changes in perspective from the Victorian Era, compared to that of the Post-WWI period, the roaring 20’s. A comparison of these texts lets us see a change in society’s view on love, the role of women in marriage, relationships, goals and ambitions (hope) and life’s meaning (morality) and also the impact of gender differences on the perspect ives conveyed. â€Å"SftP† is a series of sonnets written during the Victorian Era in the 1850s, that expressed her love and feelings for herRead MoreHow Do I Love Thee and A Dream 968 Words   |  4 Pagesbeginning of language, poetry has a role in the recollection of memories, emotions, and creativity. From the oldest surviving poem: Tale of the ship wrecked salor, by Hiratic, to todays poems; poetry has been a staple in the literary world. It is vital language because it is a literary vehicle that takes us on a ride of emotions. Poetry according to William Wordsworth should be, â€Å"The spontaneous overflow of powerful feelings.† Poems such as A Dream, by Edgar Allan Poe, and How do I love thee, by ElizabethRead More Wordsworths and Keatss Treatment of Nature1629 Words   |  6 Pages The Romantic period is perhaps the most complex and diverse period in human history. What makes Romantic period so special is that the Romantic poets took a completely different to approach to look at things from the previous era – the Enlightenment. People from the Enlightenment regarded nature as scientific and orderly principals governing the universe. On the other hand, the Romantics saw nature as the antithesis of inherited and institutionalized practices of thought, self-alienated ways of

Why Everyone Is Completely Mistaken About Immigrant Story Essay Samples Outline

Why Everyone Is Completely Mistaken About Immigrant Story Essay Samples Outline What Is So Fascinating About Immigrant Story Essay Samples Outline? The secondone is only to study a matter of immigration in its genesis so as to be prepared to discuss and debate upon the subject. A good deal of public controversy was sparked on the discourse of affirmative action, which is all about the discrimination of the immigrants at work. Explain what you did to address the issue and what you've learnt from the experience. The problem may be a scarcity of superior time to do your college essay because of academic workload or maybe you are in possession of a part-time job which has to be attended to on a daily basis. The Hidden Truth About Immigrant Story Essay Samples Outline Some individuals work 24 hours so as to have sufficient money for their rent and bills. We have to cover everything. Some folks even become sick because of working hard during the night and day. The issue is, they don't take attendance each day. Over the last decades, the movement of illegal settlers in the United States of america has been a severe matter. Despite how various laws are enacted to cope with the immigration difficulties, there are nonetheless some problems that ought to be looked unto because of the various opinions that those individuals living within the USA of America have. An individual might argue that the immigrants are people after all and that they ought to not be discriminated against even should they come illegally into the nation. Being an immigrant to the usa is not simple. These pros of illegal immigrants become overshadowed by the costs they bring to the nation. There are a lot of explanations for why folks migrate to other nations. For immigrants it's not simple to adopt the culture and the manner that individuals behave. As for each nation, the most suitable choice is to offer jobs solely for their countrymen. There's been a public outcry over affirmative action that's the discrimination of immigrants at their workplace. There has to be a body of authorities who'd monitor the illegal immigrants in a nation. Many people have a tendency to think that eradicating illegal immigration is impossible and that it cannot get the job done. Aside from that, there's been plenty of prosecutions regarding illegal immigration over the previous few decades. The stories written by our writers aren't only precise and clear, but give a very clear view of the whole story in a short period of time. This is largely due to the meaningful moral contents at the conclusion of particular stories. Meursault, in this scene, functions as an observer. It is necessary to know the key facets that could make the entire story more precise and clear. The Foolproof Immigrant Story Essay Samples Outline Strategy This illegal immigration argumentative essay looks at a few of the issues this phenomenon has on a nation. If you would like some more information regarding the immigration essay or you want one essay that's right for you, then it is possible to order one for you from this site. How To Write an Effective Paragraph A prosperous paragraph is more than merely a selection of sentences associated with the exact same topic. Immigration is a controversial subject that is seldom from the news. It's indeed practical to work abroad, especially if it's the case that you do not observe any improvement in your nation's financial landscape. The truth, nevertheless, is that high grades in most of them don't arrive so easily. As a consequence the humanity gets a financial growth. Just a couple of steps are involved. For example, short forms and colloquial English shouldn't be used. Class teachers play a crucial part within this instance. The Basics of Immigrant Story Essay Samples Outline Folks that are legitimately attempting to enter the country to find work and enhance their lives make the vast majority of foreigners moving abroad for good, but additionally, there are a tiny minority of folks who try to make the most of things like the welfare state of Britain or the other developed nations, for example, or who have even more sinister intentions. 2 Some men and women complain they don't have any free moment. Immigration does not need to be the bad man's escape in the event the government provides enough jobs for everybody. In the very first place, there's a fantastic problem of illegal. Employers hire immigrants due to the fact that they work longer hours for less money since they accept any offer so long as they get paid. But then again, it won't be easy.

Will Computers Control Humans In The Future Essays - Isaac Asimov

Will Computers Control Humans In The Future? People always tend to seek the easy way out looking for something that would make their lives easier. Machines and tools have given us the ability to do more in less time giving us, at the same time, more comfort. As the technology advances, computers become faster and more powerful. These new machines are enabling us to do more in less time making our lives easier. The increased use of computers in the future, however, might have negative results and impact on our lives. In the novel Nine Tomorrows Isaac Asimov often criticizes our reliance on computers by portraying a futuristic world where computers control humans. One of the images which Asimov describes in the book is that humans might become too dependent on computers. In one of the stories, Profession, Asimov writes about people being educated by computer programs designed to educate effortlessly a person. According to the Profession story people would no longer read books to learn and improve their knowledge. People would rely on the computers rather than "try to memorize enough to match someone else who knows" (Nine Tomorrows, Profession 55). People would not chose to study, they would only want to be educated by computer tapes. Putting in knowledge would take less time than reading books and memorizing something that would take almost no time using a computer in the futuristic world that Asimov describes. Humans might began to rely on computers and allow them to control themselves by letting computers educate people. Computers would start teaching humans what computers tell them without having any choice of creativity. Computer ould start to control humans' lives and make humans become too dependent on the computers. Another point that is criticized by Asimov is the fact that people might take their knowledge for granted allowing computers to take over and control their lives. In a story called The Feeling of Power, Asimov portrays how people started using computers to do even simple mathematical calculations. Over a long period of time people became so reliable on computers that they forgot the simplest multiplication and division rules. If someone wanted to calculate an answer they would simply use their pocket computer to do that (The Feeling of Power 77). People became too independent from the start making them forget what they have learned in the past. People in the story The Feeling of Power would take for granted what they have learned over centuries of learning and chose computers because of their ability to do their work faster. The lack of manual mathematics, which people chose to forget in the story, caused computers to be the ones to solve simple mathematics problems for the p le taking control of the humans by doing the work for them (The Feeling of Power 81-82). The reliance of computers went to such an extent that even Humans began to use computers in all fields of study and work allowing computers to control their lives by taking over and doing everything for them. According to another story in the book, Asimov also describes how computers would be able to predict probabilities of an event, future. In the story All the Troubles of the World one big computer predicted crime before it even happened, allowing the police to take the person who was going to commit the crime and release him/her after the danger has passed (All The Troubles of The World 144-145). This computer, called Multivac, controlled humans by telling the authorities about who was going to commit a crime causing someone to be imprisoned until the danger has passed. It was the computer that made the decision of someone's freedom or imprisonment and that controlled others to arrest a person it suspected of committing a crime controlling his/her destiny. The decision of imprisoning someone for a crime a person did not commit was all in the hands of a computer. It was the computer that controlled humans and their destiny and controlling other humans who believed in everything that computer told them. Multivac could not only predict the future but it also could answer many questions that would normally embarrass people if they would have to ask someone else about it. Multivac could access its vast database of trillions of pieces of knowledge and find the best solution for one's problem (All The Troubles of The World 153). All the people believed that Multivac knows the best and allowed a computer to control their lives by following the solutions Multivac had given them (All the Troubles

Lord of the Rings Evaluation essays

Lord of the Rings Evaluation essays Peter Jackson (director/writer/producer) has delivered viewers his triumphant midterm middle earth epic, Lord of the Rings: The Two Towers. Jackson wastes no time thrusting audiences into the book's action. The film begins with what appears to be a recap of Gandalf's encounter with Balrog only to reveal itself as a dream of sorts. While the joy and discovery has faded that can never again meet the vivid characters for the first time The Two Towers continues the tales fundamental good versus evil themes, as Frodo (Elijah Wood) continues to feel the burden of carrying the ring. The films singular revelation of Gollum (voiced by Andy Serkis) adds layers of moral complexity to this central conflict, as Frodo must decide what to do with this decadent and twisted creature that can guide hobbits to the black gates of Mordor, but can never bee completely trusted. With its medieval setting, chivalric and heroic idols, Jacksons imagery could not be clearer in this installment, where the t rees are sentient beings. The film goes far beyond the simplicity of being a bridge between the other books. It elevates the tension and accomplishment that was The Fellowship of the Ring, turning it into the magnificent tale that J.R.R. Tolkien aimed for. The visual aspects of this film were incredible, without much effort it is easy for the audience to be transported from their seat into the misty depths of middle earth. The outlook of the New Zealand shooting locations the vast grassy hills and the awesome snow-capped mountains are seen by a camera that loves swooping around them, making viewers feel socked in the gut and a little short of breath. The birds eye views in the beginning of the movie when Gimli, Aragon, and Legolas are en route to find the two hobbits; Mary and Pippin, transport the audience to the grassy plateaus on top of the mountains, and also near the end of the battle and Helms Deep when the rally of horses with ...

How to Prove Your Family Tree Connections

How to Prove Your Family Tree Connections There is nothing more frustrating to a genealogist than locating details on an ancestor in a published book, Web page, or database, only to later find that the information is full of errors and inconsistencies. Grandparents are often linked as parents, women bear children at the tender age of 6, and often entire branches of a family tree are attached based on nothing more than a hunch or guess. Sometimes you may not even discover the problems until sometime later, leading you to spin your wheels struggling to confirm inaccurate facts, or researching ancestors who arent even yours. What can we as genealogists do to: Make sure that our family histories are as well-researched and accurate as possible.Educate others so that all of these inaccurate family trees dont continue to procreate and multiply? How can we prove our family tree connections and encourage others to do the same? This is where the Genealogical Proof Standard established by the Board for Certification of Genealogists comes in. Genealogical Proof Standard As outlined in Genealogy Standards by the Board for Certification of Genealogists, the Genealogical Proof Standard consists of five elements: A reasonably exhaustive search for all pertinent informationA complete and accurate citation to the source of each item usedAnalysis of the collected informations quality as evidenceResolution of any conflicting or contradictory evidenceArrive at a soundly reasoned, coherently written conclusion A genealogical conclusion that meets these standards can be considered proved. It may still not be 100% accurate, but it is as close to accurate as we can attain given the information and sources available to us. Sources, Information Evidence When collecting and analyzing the evidence to prove your case, it is important first to understand how genealogists use sources, information, and evidence. Conclusions which meet the five elements of the Genealogical Proof Standard will generally continue to hold as true, even if new evidence is uncovered. The terminology used by genealogists is also a little different than what you may have learned in history class. Instead of using the terms primary source and secondary source, genealogists quantify the difference between sources (original or derivative) and the information that is derived from them (primary or secondary).   Original vs. Derivative SourcesReferring to the provenance of the record, original sources are records that contribute written, oral, or visual information not derived- copied, abstracted, transcribed, or summarized- from another written or oral record. Derivative sources are, by their definition, records which have been derived- copied, abstracted, transcribed, or summarized- from previously existing sources. Original sources usually carry more weight than derivative sources.Primary vs. Secondary InformationReferring to the quality of the information contained within a particular record, primary information comes from records created at or near the time of an event with information contributed by a person who had reasonably close knowledge of the event. Secondary information, by contrast, is information found in records created a significant amount of time after an event occurred or contributed by a person who was not present at the event. Primary information usually carries more we ight than secondary information. Direct vs. Indirect EvidenceEvidence only comes into play when we ask a question and then consider whether the information found in a particular record answers that question. Direct evidence is information that directly answers your question (e.g., When was Danny born?) without a need for other evidence to explain or interpret it. Indirect evidence, on the other hand, is circumstantial information that requires additional evidence or thought to convert it into a reliable conclusion. Direct evidence usually carries more weight than indirect evidence. These classes of sources, information, an original source, and evidence are rarely as clear-cut as they sound since information found in one particular source can be either primary or secondary. For example, a source containing primary information directly relating to the death may also provide secondary information regarding items such as the deceaseds date of birth, parents names, and even childrens names. If the information is secondary, it will have to be further assessed based on who provided that information (if known), whether or not the informant was present at the events in question, and how closely that information correlates with other sources.

Analyze and evaluate Robert Frost's The Road Not Taken Essay

Analyze and evaluate Robert Frost's The Road Not Taken - Essay Example According to Larry Finger (1978), he once told an audience, â€Å"You have to be careful of that one; it’s a tricky poem - very tricky† (478) when referring to this poem. The title of the poem is â€Å"The Road Not Taken† rather than â€Å"The Road Less Taken† (emphasis added), which provides the first clue as to the author’s original intentions and a different reading of the poem. Understanding Frost’s background enables one to analyze the poem through each of its four stanzas and trace the linguistic tools used by the author to make his personal philosophical meaning clear. Robert Frost was born in 1874 in San Francisco, California. Although he lived in small apartments throughout the city during his first 11 years, Frost is more commonly associated with the natural scenes of the New England countryside that is used in his poetry (Parini 2000, 3). When his father died, Frost moved with his mother and sister to his paternal grandparents’ home in Massachusetts until his mother found a teaching post in nearby Salem. Life was always a struggle for Frost and his family, but he did well in school and helped on the farm and eventually earned a scholarship to Dartmouth, supplemented by his grandfather, in 1892. Soon after this and before receiving a degree, he returned home to take over his mother’s unruly classroom. He did this and other odd jobs until his secret fiancà © Eleanor graduated from St. Lawrence University and they could get married (Pirini 2000). Frost then began attending Harvard until it became necessary for him to support his gr owing family. His grandfather bought him a farm that Frost attempted to work, but he eventually returned to teaching, through it all demonstrating a heavy preference and talent in the area of literature. However, by this time, his writing was beginning to gain recognition and he was developing his own style and poetic approach. â€Å"The Road Not Taken†

Executive Summary Assignment Example | Topics and Well Written Essays - 750 words

Executive Summary - Assignment Example Studies have shown that women prisoners are more infected by HIV and drug abuse as compare to male prisoners (Dolan et al, 2007). They have been found more exposed to gender based sexual assaults; such female prisoners may found suffering from personality and behaviour disorders, drug use, and unsafe practices such as tattooing with many other disorders that may threat the security of other people around them. Target Audience of the Project: The project is designed to target the female prisoners as this group has been found more prone to gender-based violence and do not receive any or special treatments in prison. To provide quality healthcare services to female prisoners suffering from HIV has become as a challenge for the correctional authorities (Plugge, 2006). Female prisoners constitute a small fraction of population imprisoned. Different females have been found imprisoned due to different reasons. A majority of female prisoners have been found engaged in drug use by injecting t he large amounts of seductive and, on the other hand, majority of other female prisoners have been found HIV carriers. Such women need psychological help, social support and quality healthcare facilities to help them overcome their health issues and to infuse positivity in their minds (Rickford, 2003). It should be kept in mind that the current healthcare programs were initially designed for male inmates as they hold the largest population in jails all around the world and especially in American prisons (Plugge, 2006). All over the world, female prisoners constitute about 5% of the total population imprisoned (Rickford, 2003). The Benefits of the Program: The program is intended to help the female prisoners suffering from HIV. This program is tailored to meet their social, psychological and healthcare needs in the period of distress. Few of the benefits of this program are: It would help in providing information to the female prisoners on HIV. This program would create awareness on how to prevent HIV transmission, treatment process, testing methods and how the risk of HIV can be minimized. The program would help the female prisoners to get a free HIV testing facility along with counselling services. The program would overall benefit the female inmates in diagnosing and treating the HIV, overcoming the other STDs and other diseases that may rise from the uses of drugs especially injections. The program is focused on benefiting the overall health of the female inmates especially their diets and adopting measures that would help them to overcome their nutritional deficiencies. The program is also focused on providing palliative care to terminally ill female prisoners along with facilitating post-exposure prophylaxis to those female prisoners who are already at risk of HIV. The Budget Justification: This program would run on funds collected from government and semi-government institutions. To meet the healthcare requirements of female patients; charities and promo tional campaigns would be launched soon to meet the financial needs of the program. Awareness programs would be launched in colleges and universities to collect funds from the students as well as different marketing strategies would be incorporated to meet the budge requirements and to help people know about the cause. Program Evaluation: The program would be evaluated on the following basis: How soon can we extend

Lonliness In Of Mice And Men :: essays research papers

Lonliness in Of Mice and Men The novel Of Mice and Men by John Steinback deals with many themes that are reflective of the time period in which the novel was written. Loneliness is one of the many themes in this novel that are reflective of the time period in which the novel was written. It is shown in many of the characters in the novel.   Ã‚  Ã‚  Ã‚  Ã‚  Loneliness is a theme in this novel that is reflective of the time period in which the novel was written. Loneliness haunts the characters in the novel Of Mice and Men. Nearly everyone in this book is a loner, and all are suspicious of George and Lennie’s companionship. Loneliness is said to cause people to become mean and afraid of everyone else. This theme is relevant in the time period in which this novel was written, the Great Depression. To make money during the Great Depression many people had to travel around to work which did not allow companionship to develop because they always moved around to different places and lacked a true home. Another cause of loneliness during the Great Depression is discrimination because of age, race, or sex.   Ã‚  Ã‚  Ã‚  Ã‚  Loneliness is demonstrated in this novel by many of its characters. One character, Crooks has to live in an isolated shack next to the barn because he is black, his only companions are his books. He shows his loneliness when Lennie and Candy comes into his room and even if he says he does not want them in his room he cannot conceal his pleasure with anger. Curly’s wife is another character that shows loneliness because she is stuck in the house often and alone.

Is Single Life or Married Life Better Essay

In my culture, you used to be required to be married in order to be treated as a grown up or an adult. That concept had been in my culture for more than a thousand years. As time changed, that concept has somewhat changed too. Nowadays, being married in an option. Many people prefer to stay single and are living happily with their choices, but many others disagree. They think that you need to be married to achieve ultimate happiness. So, what are the differences between being married and being single? The three most popular arguments between a married life and a single life are freedom, social ife and finance. Let’s start with the first difference: freedom, since it is the first thing you give up when you marry to someone. Coming along with marriage is responsibilities, it means that you have to take care of your partner, your children, you cannot just decide to do anything on your own anymore. You can’t take off and do anything you want anymore, because most of your time will be dedicated to your family. So, whenever you want to go out with your friends, you need to ask your partner for permission. Things are ifferent when you are single. When you are single, you have full control over your life, you are not bound to any responsibility but your own. If you need to take a break from the stress from your work, you can just take off by yourself. When you want to go out with your friends, you don’t need to ask anyone’s permissions. In contrast, you have busy life taking care of you parent and your children, and you don’t get enough time to go out and enjoy yourself. If you’re married, you don’t have to worry about your social life. It won’t be a hassle if you ecide to go out or need someone to hang out with because your partner will always be there. Since you and your parent have become a package, your amount of friends will become double concluding your partner’s source of friends. You get to meet more people with more choices of activity. But, things are much more difficult for a single person than a married couple in social life. People who are single always have to worry about their companion whenever they are out. They don’t have such a stable friend or partner every time they go out. Instead, they need to call many friends before they find a suitable partner for the night, or they need to spend more time making new friends. Also their choices of activity are limited and predictable since there are only some activity for single person. So in comparison, people who are married will save time in finding a partner for their social activity with a lot more choices. Last but not least, finance. It is very controversy topic whether you will save more money staying single or earn more money being a married couple. According to Tom Van Riper on Forbes. com, married couples have the advantage in the short term compared to single life, where only 9. 3% of monthly gross income goes for rent compared with 23% for single, 5. 6% vs. 8. 3% for food, 1% vs. 1. 8% for cable television, and 1. 2% vs. 2. 8% for telephone bill. In addition, auto insurers place married couple in a lower risk class, saving them money on car insurance. On the other hand, once the children enter the picture, which can bring a married couple in financial trouble, a child’s cost can goes up to $4000 per onth ascending in ages. Despite the expenses, single people actually do better in buying houses. Annually, standard deduction for a single person is $4,750 per year, where married couple stands at $7,950 per year. Moreover, married couple tend to start saving for retirement early on, while singles generally wait until they’re 40, which means singles have more free cash in their pocket than married couple. As I stated in the introduction, nowadays, being single or married is a choice, which many eople choose differently according to the perks they encountered. But beyond the perks, you need to choose wisely with another point of view where you can acknowledge advantage and disadvantage of being single or married. Married life comes with responsibility, where you need make the correct decisions every day and taking care of your partner and your children; while single life offers freedom, escape from the burden of responsibilities, but lonely in the late years of your life. It has been always a tough decision.

Stock And Bond Analysis Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3918 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Capital Market is the market that facilitate buying and selling of securities such as stocks shares and bonds or debentures. It is a place where business enterprises and governments raise their long term funds. The two major functions of capital market are liquidity and pricing securities. Don’t waste time! Our writers will create an original "Stock And Bond Analysis Finance Essay" essay for you Create order Capital Market consists of EQUITY MARKETS or STOCK MARKET, which provide financing through the issuance of shares, and enable the subsequent trading thereof and DEBT MARKETS or BOND MARKET, which provide financing through the issuance of bonds, and enable the subsequent trading thereof. The main difference between the two markets is the amount of risk and the return involved with stock and shares. Equity or stock market is governed by high risk and return, while debt market is a bit secured than the equity market. There are two types of capital market i.e. Primary market and Secondary market. Primary market: It is that market in which shares, debentures and other securities are sold for the first time for collecting long-term capital. This market is concerned with new issues. Therefore, the primary market is also called NEW ISSUE MARKET. In this market, the flow of funds is from savers to borrowers (industries), hence, it helps directly in the capital formation of the country.à ƒâ€šÃ‚   The money collected from this market is generally used by the companies to modernize the plant, machinery and buildings, for extending business, and for setting up new business unit. Secondary Market: The secondary market is that market in which the buying and selling of the previously issued securities is done. The transactions of the secondary market are generally done through the medium of stock exchange. The chief purpose of the secondary market is to create liquidity in securities. Analysis A primary market follows a particular trend, i.e. bull market and bear market. In bull market an investors buy in order to increase capital gains in the future whereas in a bear market an investors anticipate losses thus they are obliged to sell. When the Gross Domestic product and stock prices GDP Price fluctuation is an important tendency of an open market. Secondary market is affected by the change in primary market trend. Analysis and performance of Stocks: Stock Shares or stock are basically the certificate of ownership of the company. These are the one which are traded in the market. There are two types of stock i.e. common stock and preferred stock. Both these stock represent a partial ownership interest in the firm. Preferred stock has certain priority over the common stock they are generally paid fixed dividends. When a company becomes bankrupt they have an advantage of getting paid. Preferred shares do not have nay maturity date thus, they have more interest rate risk than bonds. The stock market is basically the trading groundcapital market investmentin the Companys stocks, Derivatives, and other securities. The trading in stock market is either done physically i.e. through the open outcry or through online transactions. An investor can invest i.e. buy or sell any stock as per his choice. Analysis and performance: The analysis of stock is done by considering the fundamental factors i.e. macroeconomics information, industry news and firms financial statements. Stocks are analysed through two different methods of analysis i.e. Fundamental Analysis and Technical Analysis. Fundamental Analysis: This analysis includes the economic, Industry and company analysis of the stock. Economic Analysis: It is generally noted that the stocks performance depends on the market influence that affects all stock indexes such as Dow Jones industrial average and SP 500 stock indexes. While analysing the stock prices the analyst must consider the economic conditions of the market or country. The investor should decide the time when he can invest in stock as per the economic conditions of the nation. The analyst must consider the systematic risk before investing in the stock as the prices of market are highly influenced by the economic conditions. It is important for an analyst to forecast the short tem as well as the long term economic conditions before making the investment decision. Short term forecast refers to four to five years ahead whereas long term investment refers to more than five years of the forecasting. The Indexes of Economic Indicators: The economic indicators are classified on the basis of cyclic timings i.e. leading, roughly coincident or lagging. The leading indicators are those time series of data that historically research their high points and low points in advance of total economic activity. Roughly coincident indicators reach their peaks at approximately same time as the economy and lagging indicators reached their turning point when economy has already turned in. To consider the economic factors we should also look into the GDP, disposal income, demographic factors and demand as these also affect the stock process. Industry Analysis: The stocks of different industries react differently to the market condition. Cyclic stocks are more likely to get recovered than the defensive stock. Cyclic stocks are tied up closely with the economic condition. For Industry analysis one should use the competitive strategy analysis. The key characteristics in an Industry Analysis is done by analysing past sales and past earnings performance of the industry, permanence, attitude of government towards the industry, labour conditions, competitive conditions, Industry life cycle. These are the several factors used for industry analysis. There are quite a lot of external sources of information for industry analysis such as Federal government, Investment services which includes the data in respect to Standards and Poors; the value line, Forbes, trade publications, funk and Scott index. Company Analysis: For the analysis of the stock prices of a company, it is very important to do study about the company. One need to know the performance of the company from last few years, financial analysis of last few years performance, growth rates of the company for last several years. The investor has to analyse the price to book ratio, return on assets and return on equity. The analysts tried to compute and analyse the financial health of the company by the above factors which will help in analysing the stock and value of the company. The analyst should also analyse and forecast the earnings of the company will helps in analysing the return of the stock. The regression and correlation analysis is also done in forecasting. To analyse the performance of the company trend analysis is used which utilizes regression analysis. Technical Analysis of Stock: Technical analysis looks for the recurring patterns of the stock prices and its movement so that the price of the stock can be analysed. The technical analysis is done through wide range of graphs. The graphs used for technical analysis are as under: Line graphs; Bar graphs; Candlestick graphs; Point and figure charts; Market profiles; Moving averages; Oscillators, such as relative strength indicators, stochastics, and moving average convergence and divergence indicators. Charts of Price Patterns: To analyse the stock movements, technicians rely on charts or graphs of price movements and on relative strength analysis. According to the technicians, the prices of stock follow a trend and the prices of the stock are analysed can be recognized by the same. The prices of stock generally depend on the forces of supply and demand which helps the technicians to predict the likely direction of future movements. The stock is analysed through its trendline, which shows the way in which the stock is moving. If demand is increasing more rapidly than supply and the stock shows successively higher low points, it is in an uptrend whereas lower highs indicate that supply is increasing more rapidly, and the stock is in a downtrend. An investor buys a stock when the stock follows an upward trend. Line chart: Line charts are the simplest form of chart. It consists of the line connecting series of points which indicate the prices of the shares. It can be drawn on linear as well as logarithm scale. Logarithm scales are used when the price use through wide ranges. Bar charts: This chart is used to present the economic data. This chart depicts the periodic low and high and closing prices of the stock or security. There is a vertical line which connects the periods high and low prices, with a cross mark indicating the price at the close of the period. This chart is useful in analysing the daily trading of a particular stock. Point and figure chart: This chart helps in depicting the increase and decrease in price of the stock.   X represents the prices increase and the O represents the price decline. Xs and Os are never shown in the same column. As soon as there is a reversal in the price of the stock the analysts moves to the next column for a new entry. Candle Stick Chart: This chart shows a stocks open, close, high and low in a modified three dimensional format. Horizontal axis depicts the passage of time whereas vertical axis shows the stock price. The white candles in the chart depict stock advances, with black candle representing declines. The thick portion of an entry is called the real body and the vertical line represents the wick. Risk in the Stock Market The stock market keeps fluctuating. The price movements of the stock are random and it required lot of study and analysis to study the performance of the stock. They are quite vulnerable to the economic conditions, speculation, press release, rumors and mass panic. The stock market prices may be very volatile due to the occurrences of the fast market changing events. Analysis and performance of Bonds: Bond A bond is a debt capital market instrument issued by a borrower, who is then required to repay to the lender/investor the amount borrowed plus interest, over a specified period of time. Bonds are also known as fixed income instruments, or fixed interest instruments in the sterling markets. Usually bonds are considered to be those debt securities with terms to maturity of over one year. Debt issued with a maturity of less than one year is considered to be money market debt. There are many different types of bonds that can be issued. The most common bond is the conventional (or plain vanilla or bullet) bond. This is a bond paying regular (annual or semi-annual) interest at a fixed rate over a fixed period to maturity or redemption, with the return of principal (the par or nominal value of the bond) on the maturity date. All other bonds will be variations on this. A bond is therefore a financial contract, in effect an IOU from the person or body that has issued the bond. Unlike sha res or equity capital, bonds carry no ownership privileges. An investor who has purchased a bond and thereby lent money to an institution will have no voice in the affairs of that institution and no vote at the annual general meeting. The bond remains an interest-bearing obligation of the issuer until it is repaid, which is usually the maturity date of the bond. The issuer can be anyone from a private individual to a sovereign government. Bond investment is different from that of stock investment. Bond investment is investing in the debt instrument that is issued by a company or government. The bond investor is actually lending money to the company while in return is promised to be paid the full principal amount plus a fixed periodic payout. The yield on the bond is calculated by putting together the final principal and total payouts received. The yield is the effective interest rate for the tenure of the bond. Analysis and performance of bond: For the analysis of bonds several arithmetical methods are used.   The concepts of simple and compound interest, time vale of money, future and present value of bonds or securities are used to analyze the bonds. Simple and compound interest The value of money what we invest or receive today is not the same as we get in future. The amount of money will be different as the amount invested will bear a rate of interest. Through the different rate of interests given on a particular security using the time value one can analyse the future of the money invested. Simple interest A loan that has one interest payment on maturity is accruing simple interest. On short-term instruments there is usually only the one interest payment on maturity, hence simple interest is received when the instrument expires. FV = PV(1 + r) (2.1) Where, FV is the terminal value or future value PV is the initial investment or present value r is the interest rate. Compound Interest A loan has different interest amount on maturity. The principle amount is compounded and the interest is applied on the compounded amount. FV = PV (1 + r)n where r is the periodic rate of interest (expressed as a decimal) n is the number of periods for which the sum is invested. Time value of Money: The concept of time value of money is applied to analyze the present and the future value of the bond or any other security. Present value can be calculated when the future value of the amount is given along with the rate of interest or vice versa. Bond Indices Bonds are always approaching in maturity, and because some are redeemed early, the set of bonds in a basket changes more frequently than the shares in an equity index. Considering a hypothetical international ten-year benchmark index, as a bond falls to less than say eight years maturity, it may be replaced by the current ten-year benchmark bond. This will have different risk characteristics to the bond it replaced and will trade differently in the market as a result. As the constituents of a bond index have to change more frequently, we may not always be comparing like-for-like when we consider historical index values. There is also the issue of bond coupon payments, which make up a significant proportion of a bonds overall return, and which must therefore be incorporated in the index valuation. Nevertheless bond indices are important for the same reason that equity indices are, and form the benchmark against which fund managers performance is measured. Price of Bond: Price of a bond is equal to the present value of its cash flows. A vanilla bonds cash flows are the interest payments or coupons that are paid during the life of the bond, together with the final redemption payment. It is possible to determine the cash flows with certainty only for conventional bonds of a fixed maturity. So for example, we do not know with certainty what the cash flow are for bonds that have embedded options and can be redeemed early. The coupon payments for conventional bonds are made annually, semi-annually or quarterly. Some bonds pay monthly interest. Therefore a conventional bond of fixed redemption date is made up of an annuity (its coupon payments) and the maturity payment. If the coupon is paid semi-annually, this means exactly half the coupon is paid as interest every six months. The interest rate that is used to discount a bonds cash flows (therefore called the discount rate) is the rate required by the bondholder. It is therefore known as the bonds yield. The yield on the bond will be determined by the market and is the price demanded by investors for buying it, which is why it is sometimes called the bonds return. The required yield for any bond will depend on a number of political and economic factors, including what yield is being earned by other bonds of the same class. Yield is always quoted as an annualised interest rate, so that for a semi annually paying bond exactly half of the annual rate is used to discount the cash flows. The fair price of a bond is the present value of all its cash flows. Therefore when pricing a bond we need to calculate the present value of all the coupon interest payments and the present value of the redemption payment, and sum these. In most markets bonds are generally traded on the basis of their prices but because of the complicated patterns of cash flows that different bonds can have, they are generally compared in terms of their yields. This means that a market-maker will usually qu ote a two-way price at which she will buy or sell a particular bond, but it is the yield at which the bond is trading that is important to the market-makers customer. This is because a bonds price does not actually tell us anything useful about what we are getting. Remember that in any market there will be a number of bonds with different issuers, coupons and terms to maturity. Even in a homogeneous market such as the gilt market, different gilts will trade according to their own specific characteristics. To compare bonds in the market therefore we need the yield on any bond and it is yields that we compare, not prices. A fund manager quoted a price at which she can buy a bond will be instantly aware of what yield that price represents, and whether this yield represents fair value. So it is the yield represented by the price that is the important figure for bond traders. For analysing the yield one need to calculate the current yield, simple yield to maturity, yield to maturity. Price/Yield Relationship Plain vanilla bonds the coupon is fixed, therefore it is the price of the bond that will need to fluctuate to reflect changes in market yields. It is useful sometimes to plot the relationship between yield and price for a bond. A typical price/yield profile is a convex curve. To reiterate, for a plain vanilla bond with a fixed coupon, the price is the only variable that can change to reflect changes in the market environment. When the coupon rate of a bond is equal to the market rate, the bond price will be par (100). If the required interest rate in the market moves above a bonds coupon rate at any point in time, the price of the bond will adjust downward in order for the bondholder to realise the additional return required. Similarly if the required yield moves below the coupon rate, the price will move up to equate the yield on the bond to the market rate. As a bond will redeem at par, the capital appreciation realised on maturity acts as compensation when the coupon rate is low er than the market yield. Yield-to-maturity yield curve The most commonly occurring yield curve is the yield to maturity yield curve. The curve itself is constructed by plotting the yield to maturity against the term to maturity for a group of bonds of the same class. Bonds used in constructing the curve will only rarely have an exact number of whole years to redemption; however it is often common to see yields plotted against whole years on the x-axis. This is because once a bond is designated the benchmark for that term, its yield is taken to be the representative yield. The yield to maturity yield curve is the most commonly observed curve simply because yield to maturity is the most frequent measure of return used. Since market rates will fluctuate over time, it will not be possible to achieve this (a feature known as reinvestment risk). Only zero-coupon bondholders avoid reinvestment risk as no coupon is paid during the life of a zero-coupon bond. The yield to maturity yield curve does not distinguish between different payment pa tterns that may result from bonds with different coupons, that is, the fact that low-coupon bonds pay a higher portion of their cash flows at a later date than high-coupon bonds of the same maturity. The curve also assumes an even cash flow pattern for all bonds. Therefore in this case cash flows are not discounted at the appropriate rate for the bonds in the group being used to construct the curve. To get around this bond analysts may sometimes construct a coupon yield curve, which plots yield to maturity against term to maturity for a group of bonds with the same coupon. This may be useful when a group of bonds contains some with very high coupons; high coupon bonds often trade cheap to the curve, that is they have higher yields, than corresponding bonds of same maturity but lower coupon. This is usually because of reinvestment risk and, in some markets (including the UK), for tax reasons. The coupon yield curve The coupon yield curve is a plot of the yield to maturity against term to maturity for a group of bonds with the same coupon. If we were to construct such a curve we would see that in general high-coupon bonds trade at a discount (have higher yields) relative to low-coupon bonds, because of reinvestment risk and for tax reasons. It is frequently the case that yields vary considerably with coupon for the same term to maturity, and with term to maturity for different coupons. Put another way, usually we observe different coupon curves not only at different levels but also with different shapes. Distortions arise in the yield to maturity curve if no allowance is made for coupon differences. For this reason bond analysts frequently draw a line of best fit through a plot of redemption yields, because the coupon effect in a group of bonds will produce a curve with humps and troughs. The figure below shows a hypothetical set of coupon yield curves, however since in any group of bonds it i s unusual to observe bonds with the same coupon along the entire term structure this type of curve is relatively rare. The par yield curve The par yield curve is not usually encountered in secondary market trading, however it is often constructed for use by corporate financiers and others in the new issues or primary market. The par yield curve plots yield to maturity against term to maturity for current bonds trading at par. The par yield is therefore equal to the coupon rate for bonds priced at par or near to par, as the yield to maturity for bonds priced exactly at par is equal to the coupon rate. Those involved in the primary market will use a par yield curve to determine the required coupon for a new bond that is to be issued at par. This is because investors prefer not to pay over par for a new-issue bond, so the bond requires a coupon that will result in a price at or slightly below par. The par yield curve can be derived directly from bond yields when bonds are trading at or near par. If bonds in the market are trading substantially away from par then the resulting curve will be distorted. It is then necessary to derive it by iteration from the spot yield curve. As we would observe at almost any time, it is rare to encounter bonds trading at par for any particular maturity. The market therefore uses actual non-par vanilla bond yield curves to derive zero-coupon yield curves and then constructs hypothetical par yields that would be observed were there any par bonds being traded. Risk in the Bond Market Capital market risk in the bond market arises due to interest rate changes. There is an inverse relationship existing between the interest rate and the price of the bond. Hence the bond prices are sensitive to the monetary policy of the country as well as economic changes. Summary References