Types And Causes Of Liquidity Risk Finance Essay

Types And Causes Of Liquidity Risk Finance Essay In  finance,  liquidity risk  is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit). OR Liquidity risk is the current and prospective risk to earnings or capital arising from a banks inability to meet its obligations when they come due without incurring unacceptable losses. Liquidity risk includes the inability to manage unplanned decreases or changes in funding sources. Liquidity risk also arises from the failure to recognize or address changes in market conditions that affect the ability to liquidate assets quickly and with minimal loss in value. 2.1-Types of Liquidity risk: Asset liquidity   Due to the lack of liquidity in market an asset can not be sold it is basically subset of market risk. This can be done by: Widening bid/offer spread Making explicit liquidity reserves Lengthening holding period for Vary calculations Funding liquidity   Risk that liability: Cannot be met when they fall due Can only be met at an uneconomic price Can be name-specific or systemic 2.2- Causes of Liquidity Risk: There are many causes of liquidity risk liquidity risk actually arises when the one party wants to trading an asset cannot do it because in the market no one wants to trade that asset .The persons who are about to hold or currently hold the asset and want to trade that asset then liquidity risk become partial important to them as it affects their ability to do business. From drop of price to zero is very different from that appearance of liquidity risk. In the case when the assets price drop to zero then market said that asset is valueless. On the other hand when one party found that the other party is not interested in buying and selling of an asset then it become a big problem for the participant of a market to find the other interested party. So we can say that in the emerging markets or low volume markets the risk of liquidity is higher. Due to uncertain liquidity the liquidity risk is known as a financial risk. When the credit rating falls the institution may lose its liquidity, in this way rapid unexpected cash outflows, or as a result of this happening the counterparties may avoid the business of buying and selling with or borrowing the loan to the institutions. A firm is also exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. The firm is also seen to the risk of liquidity when the markets in they depend are under the liquidity loss. Liquidity risks tend to compound other risks. If a trading organization has a position in an illiquid asset, its limited ability to liquidate that position at short notice will compound its market risk. Let us suppose a firm has a cash flows offsetting on a given day of with two different counter parties. If the counter party do not make the payment and become a payment defaults. In this way firm will have to make the cash from some other sources in order to make payment. Credit risk is the risk arises due to the liquidity. A position can be hedged against market risk but still entail liquidity risk. This is true in the above credit risk example-the two payments are offsetting, so they entail credit risk but not market risk. Another example is the 1993  Metallgesellschaft  debacle. Futures contracts were used to hedge an Over-the-counter finance OTC obligation. It is debatable whether the hedge was effective from a market risk standpoint, but it was the liquidity crisis caused by staggering margin calls on the futures that forced Metallgesellschaft to unwind the positions. As compared to the risks like market, credit and other risks the liquidity risk is also has to be managed. It is impossible to isolate the liquidity risk because it has the tendency to compound the other risks overall the most simple circumstances. Liquidity risk does not exit in the comprehensive metrics. In order to assessed the liquidity risk the certain techniques of asset liability management can be applied on a day by day basis. A simple test is conducted for the liquidity risk in ordered to see the net cash flows. Any day which shows a sizeable negative cash flow is of concern. Analyses such as these cannot easily take into account contingent cash flows, such as cash flows from derivatives or mortgage-backed securities. If an organizations cash flows are largely contingent, liquidity risk may be assessed using some form of scenario analysis. A general approach using scenario analysis might entail the following high-level steps: Construct multiple scenarios for market movements and defaults over a given period of time Assess day-to-day cash flows under each scenario. Because  balance sheets  differ so significantly from one organization to the next, there is little standardization in how such analyses are implemented. Regulators are primarily concerned about systemic and implications of liquidity risk. 2.3- Liquidity gap The liquidity gap is the net liquid assets of a firm. As a static measure of liquidity risk it gives no indication of how the gap would change with an increase in the firms marginal funding cost. 2.4- Liquidity risk elasticity: Culp denotes the change of net of assets over funded liabilities that occur when the liquidity premium on the banks marginal funding cost rises by a small amount as the liquidity risk elasticity. For banks this would be measured as a spread over libor, for nonfinancial the LRE would be measured as a spread over commercial paper rates. Problems with the use of liquidity risk elasticity are that it assumes parallel changes in funding spread across all maturities and that it is only accurate for small changes in funding spreads. 2.5- Measures of Asset Liquidity: Following are the measures of asset liquidity. 2.5.1. Bid-offer spread: The  bid-offer spread  is used by market participants as an asset liquidity measure. To compare different products the ratio of the spread to the products mid price can be used. The smaller the ratio the more liquid the asset is. This spread is comprised of operational costs, administrative and processing costs as well as the compensation required for the possibility of trading with a more informed trader. 2.5.2. Market depth: Hachmeister refers to  market depth  as the amount of an asset that can be bought and sold at various bid-ask spreads.  Slippage  is related to the concept of market depth. Knight and Satchell mention a flow trader needs to consider the effect of executing a large order on the market and to adjust the bid-ask spread accordingly. They calculate the liquidity cost as the difference of the execution price and the initial execution price. 2.5.3. Immediacy: Immediacy refers to the time needed to successfully trade a certain amount of an asset at a prescribed cost. 2.5.4. Resilience: Hachmeister identifies the fourth dimension of liquidity as the speed with which prices return to former levels after a large transaction. Unlike the other measures resilience can only be determined over a period of time. 2.6- Managing Liquidity Risk 2.6.1-Liquidity-adjusted value at risk: Liquidity-adjusted VAR incorporates exogenous liquidity risk into  Value at Risk. It can be defined at VAR + ELC (Exogenous Liquidity Cost). The ELC is the worst expected half-spread at a particular confidence level. Another adjustment is to consider VAR over the period of time needed to liquidate the portfolio. VAR can be calculated over this time period. The  BIS  mentions a number of institutions are exploring the use of liquidity adjusted-VAR, in which the holding periods in the risk assessment are adjusted by the length of time required to unwind positions.   2.6.2-Liquidity at risk: Greenspan (1999) discusses management of foreign exchange reserves. The Liquidity at risk measure is suggested. A countrys liquidity position under a range of possible outcomes for relevant financial variables (exchange rates, commodity prices, credit spreads, etc.) is considered. It might be possible to express a standard in terms of the probabilities of different outcomes. For example, an acceptable debt structure could have an average maturity averaged over estimated distributions for relevant financial variables in excess of a certain limit. In addition, countries could be expected to hold sufficient liquid reserves to ensure that they could avoid new borrowing for one year with certain ex ante probability, such as 95 percent of the time. 2.6.3-Scenario analysis-based contingency plans: The FDIC discuss liquidity risk management and write Contingency funding plans should incorporate events that could rapidly affect an institutions liquidity, including a sudden inability to securitize assets, tightening of collateral requirements or other restrictive terms associated with secured borrowings, or the loss of a large depositor or counterparty.Greenspans liquidity at risk concept is an example of scenario based liquidity risk management. 2.6.4-Diversification of liquidity providers: If several liquidity providers are on call then if any of those providers increases its costs of supplying liquidity, the impact of this is reduced. The American Academy of Actuaries wrote While a company is in good financial shape, it may wish to establish durable, ever-green (i.e., always available) liquidity lines of credit. The credit issuer should have an appropriately high credit rating to increase the chances that the resources will be there when needed.   2.6.5-Derivatives: The five derivatives that are discuss by bhaduri,meissner yon created specifically for hedging liquidity risk. Withdrawal option: A put of the illiquid underlying at the market price. Bermudan-style return put option: Right to put the option at a specified strike. Return swap: Swap the underlings return for LIBOR paid periodically. Return swaption: Option to enter into the return swap. Liquidity option: Knock-in barrier option, where the barrier is liquidity metric. other Funding sources are abundant and provide a competitive cost advantage. Funding is widely diversified. There is little or no reliance on wholesale funding sources or credit-sensitive funds providers. Market alternatives exceed demand for liquidity, with no adverse changes expected. Capacity to augment liquidity through asset sales and/or securitization is strong and the Bank has an established record in accessing these markets. The volume of wholesale liabilities with embedded options is low. The Bank is not vulnerable to funding difficulties should a material adverse change occur in market perception. Support provided by the parent company is strong. Earnings and capital exposure from the liquidity risk profile is negligible. -Quantity of Liquidity Risk Indicators: In order to assess the quantity of liquidity risk the following indicator should be used. Every characteristic is not necessary to be demonstrated. 2.7.1-Low: The sources of funding are abundant and provide a advantage of competitive cost. Funding is generally expanded. There is little or no reliance on wholesale funding sources or other credit-sensitive funds providers. On the sources of wholesale funding or others providers of credit sensitive fund in it there is no trust. The demand for liquidity goes above by the market alternatives and there are no any expected changes. Capacity to augment liquidity through asset sales and/or securitization is strong and the Bank has an established record in accessing these markets. The wholesale liabilities have a low volume with fixed options. The Bank is not weak to funding difficulties should a material adverse change occur in market perception. The parent company provides the support which is strong. Earnings and capital exposure from the liquidity risk profile is negligible. 2.7.2-Moderate The funding sources which are sufficient are available that provides a liquidity which is cost effective. Funding is generally expanded, by a few providers that may share their common objectives and their economic influences, but no significant concentrations. The wholesale funding is clear and it has a modest reliance. The market alternatives that is available in order to meet the demand for liquidity on reasonable terms. The Bank possesses the potential capacity to expand liquidity through asset sales and/or securitization. The bank has a modest experience in order to access these markets Some wholesale funds contain embedded options, but potential impact is not significant. The Bank is not excessively vulnerable to funding difficulties should a material. the adequate support is provided by the parent company. Earnings or capital exposure from the liquidity risk profile is manageable. 2.7.3-High: Funding sources and liability structures suggest current or potential difficulty in maintaining long-term and cost-effective liquidity. Borrowing sources may be concentrated in a few providers or providers with common investment objectives or economic influences. A significant reliance on wholesale funds is evident. Liquidity needs are increasing, but sources of market alternatives at reasonable terms, costs, and tenors are declining. The Bank exhibits little capacity or potential to augment liquidity through asset sales or securitization. A lack of experience accessing these markets or unfavorable reputation may make this option questionable. Material volumes of wholesale funds contain embedded options. The potential impact is significant. The Banks liquidity profile makes it vulnerable to funding difficulties should a material adverse change occur. Parent company provides a little or unknown support. Potential exposure to loss of earnings or capital due to high liability costs or unplanned asset reduction may be substantial. Liquidity risk management Achieving best practice Managing liquidity risk is often about applied common sense, like operational risk it requires a firm-wide approach and this places a high demand on the right processes and procedures. Any management information system used to mitigate liquidity risk should be: Accurate The best way of encouraging accuracy is to keep reporting simple. Communicative Report and information should speak plainly. Regular Timely reporting allows managers to judge changes in the market and their organizations liquidity profile. Comprehensive Must reflect your organizational reality, such as different entities, jurisdictions and regulations. Realistic Scenario must be rigorous if risk is to be identified in real situations. 2.8-Quality of Liquidity Risk Management The following indicators, as appropriate, should be used when assessing the quality of liquidity risk management. 2.8.1-Strong The polices are approved by the board and communicate guidelines effectively for the liquidity risk management and responsibilities are designated. The liquidity risk management process is effective in identifying, measuring, monitoring, and controlling liquidity risk. The process of liquidity risk management is effective for identifying liquidity risk, for measuring, monitoring, and controlling the liquidity risk. A sound culture reflects that has proven Liquidity risk is fully understood by the management in all the aspects. Management anticipates and responds well to changing market conditions. The contingency funding plan is well-developed, effective and useful. The plan incorporates reasonable assumptions, scenarios, and crisis management planning, and is tailored to the needs of the institution. Management information systems focus on significant issues and produce timely, accurate, complete, and meaningful information to enable effective management of liquidity. Internal audit is comprehensive and effective. The scope and frequency are reasonable. 2.8.2-Satisfactory Polices are approved by the Board which communicate adequately guidance for liquidity risk management and responsibilities are assigned. There may be a minor weakness present. The liquidity risk management process is generally effective in identifying, measuring, monitoring, and controlling liquidity. There may be minor weaknesses given the complexity of the risks undertaken, but these are easily corrected. .the key aspects of liquidity risk are reasonably understands by the management. Management adequately responds to changes in market conditions when changes occur in the market conditions the management respond adequately. The plan of contingency funding is adequate. The plan is current, reasonably addresses most relevant issues, and contains an adequate level of detail including multiple scenario analysis. The plan may require minor refinement. Management information systems adequately capture concentrations and rollover risk, and are timely, accurate, and complete. Recommendations are minor and do not impact effectiveness. Internal audit is reasonable. Any weaknesses are minor and do not impair effectiveness or reliance on audit findings. 2.8.3-Weak The Board has approved policies which are insufficient or incomplete. In one or more material respects the policy is incomplete .the process of liquidity risk management is useless in identifying, monitoring and controlling the liquidity risk This may be true in one or more material respects, given the complexity of the risks undertaken. The liquidity risk does not fully understand by the management. In the conditions when the market changes the management does not take any timely or suitable actions and do not participate. . The contingency funding plan is inadequate or nonexistent. The plan may not consider cost-effectiveness or availability of funds in a non-investment grade or CAMEL 3 environment. The information systems of management are deficient. The plan may be there but they do not adopted by the institutions, it is not reasonable, or they are not implemented as it should be. The information which is material may be a incomplete or lacking. Due to one or more material deficiencies the internal auditor coverage is missing or useless. 2.9-Common problems and misconceptions: Liquidity  risk  is one of the least understood and most underestimated risks that financial markets participants are exposed to. Reasons for this include: à ¢Ã¢â€š ¬Ã‚ ¢ Under normal market conditions,  liquidity  problems are not observed à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  risk  does not lend itself to readily usable measures à ¢Ã¢â€š ¬Ã‚ ¢ Despite specific BIS recommendations,  liquidity  risk  management  is left out of capital adequacy calculations due to a lack of control and regulation à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  management is often confused with liquidity  risk  management à ¢Ã¢â€š ¬Ã‚ ¢ Market and credit  risk  management  focus on assets, while  liquidity  risk can stem from liabilities as well Liquidity  risk  is also different in nature to market and credit  risk  and needs to be thought of differently; à ¢Ã¢â€š ¬Ã‚ ¢ Normal markets analyses (expected or going-concern situations) are insufficient; liquidity  risk  can only be understood with scenario-based stress testing à ¢Ã¢â€š ¬Ã‚ ¢ Historical measures of  liquidity  are irrelevant; prospective views are essential à ¢Ã¢â€š ¬Ã‚ ¢ Liquidity  risk  cannot be readily hedged, and can only be militated against through rigorous monitoring and controls à ¢Ã¢â€š ¬Ã‚ ¢ The pricing of many instruments does not properly charge for  liquidity .

Equality, Diversity and Rights Essay

Diversity overall is what makes everyone a unique human being, for example the human race is incredibly diverse. There are different aspects of diversity in a contemporary British Society, which could be skin colour, religion, heritage, hair colour, education, gender, social class, race, political opinion, marital status and family structure could be some for example. It is important to be open to differences and celebrate it because that way you can take advantage of everyone’s talent. You need to be prepared for changes as things are changing within the whole of Britain and working population, for example people from ethnic minorities make up 7.9% of the UK population and in London its 31%. It is an advantage living in a diverse society as everyone is different and everyone has their own opinions. Equality overall is about fairness which means making judgements from discrimination it is also about natural justice which is basic/fundamental judicial extended to a person with rights at issue, it is also about being impartial and reasonable which means showing lack of favourism and being liable to give a account of one’s actions. The British society is viewed as one that tolerates the beliefs and values of others; tolerance means to tolerate unfavourable conditions. Although there are those who are intolerant to others, our laws and the way we live in society means that we are a society tolerant to others differences and we are open-minded. There are people within society that pre-judge which means that you judge without knowing the facts, they may also generalise which means having a general overview of something, there is also attitude which people may do which is a mental state involving beliefs and feeling, all these three things are negative to society as this could l ead to discrimination towards some-one. We all have the right to be respected, treated equally and also not discriminated against, treated in a dignified way, allowed privacy, protected from danger or harm, allowed access to personal information (confidentiality), allowed to communicate using preferred methods and cared for in such ways that means our needs and takes account for our choices. We also need to have respect this is being polite, having open body language, being an active listener, being honest, by asking them if they are ok, addressing the person with their preferred name, give them a choice, and most of all give them dignity and privacy. Everybody as a British citizen has their own right, which could be to be the religion you want to be, the right to be free from discrimination, a freedom of speech, a right to education, the right to choice your lifestyle and your clothing, the right to work, the right to be in a relationship and to get married, right to have children, right to be treated medically, and the right to have the right trial. You also have the right to be protected from danger and harm. Care Value Base The care value base is a range of standards for health and social care. It is designed to guide the practice of professionals working in the area. The aim of the standards is to improve client’s quality of life, by ensuring that each person gets the care that is appropriate for them as an individual. This care value base offers guidance in three main areas of health and social care it also sets standards, these three areas are: * Fostering equality and diversity – which is recognising and supporting people’s individual needs. * Fostering people’s rights and responsibilities – which means supporting a client’s right to choose their own life style and helping them to accept their responsibilities. * Maintaining confidentiality of information – which means that any information client’s give you is private and confidential whether it is verbal, written or electronic. You have to avoid a lot of things on the Care Value Base which are: * Stereotyping because you may make assumptions on them based on their sex, race, age nationality or sexuality for example. * Prejudice because you can’t not like some-one just on how they live or their personal background and carers have to ensure prejudice doesn’t affect the quality of care given to service users/clients * Discrimination because there are so many ways of discriminating against some-one as there are so many different types of people. Discrimination is overall the result of prejudice and stereotyping but worse and it also means providing poorer or better care to some people. * Race Discrimination because you can’t treat some-one differently because of the colour of their skin or their racial background * Sex Discrimination because you can’t treat different genders (male or female) differently you have to treat them in the same way. * Age Discrimination because you can’t treat some-one less favourably because of their age. * Disabili ty Discrimination because if some-one has a disability it doesn’t mean they are any different to us therefore you have to treat them the same. You also need to make sure that service users/clients are aware of their rights and responsibilities in care setting, which are: Clients have the right to: Clients have a responsibility to: * Not discriminate against others * Respect the confidentiality of others * Do no harm to others * Not be discriminated against * Confidentiality * Their own beliefs and values There is also a legal requirement to keep all personal records confidential. The 1998 Data Protection Act states that date has to be secure, accurate, and that it can only be used for limited purposes. Potential Affects on Service Users when Discriminated Against If a service user has been discriminated against or not been able to their right or not been treated equally to all the other service users then the service users may feel a lot of feelings and may not want to be there, there are many emotions the service users may feel such as: * Distress because they are not getting the full attention they could be getting from their carer’s, and they might need the attention they require which they are not getting. * Not want to be there, this is because they are not being treated as though they deserve to be there; therefore they will feel like they shouldn’t be there like every other service user is. * Embarrassed because other service users may be always looking at them and they may be thinking that they are getting treated probably whereas they aren’t. * Scared because something might be wrong with them, however the service user is not being told because they are not being treated equally. * Might bring back previous exper iences this is because they may have been through this experience before at another occasion. * Be out of his/her comfort zone, this might be because they are used to being treated equally and right by family/friends however where the service user is now they are not. * Worried because the service user is not getting totally cared for therefore he has got no-one to talk to about things such as things he worries about therefore the service user is going to worry more. * Cry for help, this might be because they may have got that worried, stressed, angry etc. that they need to cry and plead for their attention from carer’s. * May be in pain, this may because the service user hasn’t been checked out by carers and they wouldn’t have access to pain killers etc. * May even be scared of dieing, this is because they haven’t been comforted by carers/friends in the care home, hospital etc. * Upset because they don’t know why they are being treated differently to everyone else and why they are not getting the right service they should be getting. * Angry because they are not getting the professional service that should be given to them. There will be many other emotions the service user will be feeling and this would but the service user in a very awkward way of feeling and may start to not eat, or not take part in any activities or may make him just want to sit down all day and do nothing which is not good for the service user. The service user would expect a lot of things from the carer such as: *Respect towards them- because they this is what they expect from the carer and this is the way they would like to be treated as they treat the carer with respect * Politeness- because if the carer is not polite it wouldn’t be a professional attitude towards the service user. * To be told what or what’s going to happen to them- this would be rude and the service user would want to know what is going on and what they are going to do or what they are doing to them. The service user would also need to give consent that they are willing to do this. * To be reassured- if the service user is upset, angry, scared etc, the carer would be expected to reassure them, and tell them everything will be okay and to talk to them politely and not to make them more upset. * A clean bed- the service user will expect a clean bed, if this is not done then the service user could be laid in their own soil/sick etc. * Clean equipment- should be used as cross contamination could happen between certain services users, clean equipment should also be used because one of the service users may have something contagious therefore it would pass onto another service user. * Appropriate language- because this would be unprofessional if the carer was talking to a service user with inappropriate language therefore appropriate language should be used at all times. * Treated with profession- because the service user expects this. * Privacy- because the service user may feel embarrassed other service users/carers watching them being treated or getting changed for example therefore when privacy is need by the service user the carer should always give them it. Privacy may be letting the service user have some time to themselves. * To be informed- this should be done to every service user because the service user needs to know what is wrong with them, what is going to happen, when they may be able to leave if they are in a hospital for example. * Given a choice- the service needs to be given a choice because what they may need to happen may be against their religion, they also may not want this to happen, they may be allergic to what they need to do, however these are only a few examples of why service users need to be given a choice. It is also known as discriminated if this does not happen. * Basic needs- the service users needs to have basic needs such as clean water for them to shower/bath in, they also need basic facilities such as a clean toilet/wash basin. The service user will also expect drinks/food to eat. * Trust- the service user will also expect trust from the carer because the service user will tell their carer things, that may be private or they may not but whether they are or not the carer should not tell any-one else unless it could cause harm to other service users or anybody else. * Equal opportunities- the service user will also expect to be treated equally to every other service user as the service user will be discriminated against. * Good hygiene- the service users will expect the carers and the surrounding to be hygienic. * Dignity- the service user will expect the carer to treat them with dignity because they expect respect, politeness etc. * Confidentiality- the service user will expect their individual files to be kept confidential, they will also expect their carers to be confidential about them out of work therefore they shouldn’t say to anyone out of work who they are and what’s wrong with them. The Importance of Promoting Equal and recognising Diversity & Respecting Rights Promoting equality is a very important issue in the health and social care sector; this is because equality in a health and social care setting means the right for all staff and patients to be treated as equals. This also means that you should treat some-one the way you would like to be treated however as a carer this can not apply to you because if a service user was speaking to you impolite, this doesn’t mean you can talk to them rudely aswell as you are a professional. The main reason inequality exists is the misunderstanding by today’s society towards diversity. Diversity can be a lot of things it can be from the classic norms, and can be used in the form of age, gender, race, religion, sexual orientation aswell as many other equal unfair reasons. Also by promoting equality you are allowing growth and freedom of an expression for each person.

Environmental Justice Issue Of Environmental...

Introduction I propose to add the environmental justice issue of environmental discrimination into the Great Lakes Restoration Initiative. To do so, I will investigate specific issues and regulation deficiencies that are negatively impacting the Great Lakes’ reserves, and develop a plan of action on your behalf. As you are aware, protecting the Great Lakes is critically important. It is not only the largest source of freshwater in the United States but in the whole world. Indiana, Illinois, Michigan, Minnesota, New York, Ohio, Pennsylvania, and Wisconsin border the Great Lakes, and all of those states use it as a water source for a total of about 10 million people. Since the passing of the Clean Water Act, industries like U.S. Steel Industry have been using the loopholes found in the bill to further their profit, and as a side effect has caused damage to the water supply, disproportionately affecting people in marginalized communities. By using these loopholes, the Great Lakes are continually polluted, which causes appalling damage to the millions of people who use the water for drinking and other water-centric necessities. Also, aging infrastructure causes leaking pipes, corroding pipes that jeopardize the water systems, and failing sewage treatment plants. These infrastructure problems not only disproportionate effect marginalized communities but all communities suffer when the Great Lakes become polluted. Since there is already an initiative to combatShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesMorrow Jr. 161 6 Locating the United States in Twentieth-Century World History †¢ Carl J. Guarneri 213 7 The Technopolitics of Cold War: Toward a Transregional Perspective †¢ Gabrielle Hecht and Paul N. Edwards 271 8 A Century of Environmental Transitions †¢ Richard P. Tucker 315 About the Contributors †¢ 343 _ IN TR OD UC TIO N Michael Adas B y any of the customary measures we deploy to demarcate historical epochs, the twentieth century does not appear toRead MoreThe Unhcr13403 Words   |  54 Pagespledged US$576.5 million in initial funding. Additional funds are expected during the year. Figures from www.unhcr.org V. People of Concerns for UNHCR As being only authorized organization in the UN protecting human rights, the UNHCR is dealing with issues of groups of people who need help from International community. UNHCR defined those people as follows in its source of information: * Stateless people: Nationality is a legal bond between a state and an individual, and statelessness refers toRead MoreMonsanto: Better Living Through Genetic Engineering96204 Words   |  385 PagesCochlearâ„ ¢ – an Australian C A S E O N E high-technology leader Delta Faucet: Global entrepreneurship in an emerging market C A S E T W O DaimlerChrysler: Corporate governance dynamics in a global company C A S E T H R E E Gunns and the greens: Governance issues in Tasmania C A S E F O U R Succeeding in the Sydney indie music industry C A S E F I V E Nucor in 2005 C A S E S I X News Corp in 2005: Consolidating the DirecTV acquisition C A S E S E V E N Shanghai Volkswagen: Implementing project management inRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagestransmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book,Read MoreDeveloping Management Skills404131 Words   |  1617 PagesCredits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright  © 2011, 2007, 2005, 2002, 1998 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction,Read MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesdiscussions, and even debates. In the gentle environment of the classroom, students can hone their analytical skills and also their persuasive skills—not selling products but selling their ideas—and defend them against critical scrutiny. This is great practice for the arena of business to come. NEW TO THIS EDITION In contrast to the early editions, which examined only notable mistakes, and based on your favorable comments about recent editions, I have again included some well-known successesRead MoreMedicare Policy Analysis447966 Words   |  1792 PagesRequirements reforming health insurance marketplace. Sec. 202. Protecting the choice to keep current coverage. Subtitle B—Standards Guaranteeing Access to Affordable Coverage Sec. 211. Prohibiting preexisting condition exclusions. Sec. 212. Guaranteed issue and renewal for insured plans and prohibiting rescissions. Sec. 213. Insurance rating rules. Sec. 214. Nondiscrimination in benefits; parity in mental health and substance abuse disorder benefits. Sec. 215. Ensuring adequacy of provider networks

Americas Fascination with Serial Killers - 692 Words

As Boorstin identified, we choose who is famous by our attention, what they do in fact is not what determines their fate. Fame is no longer about the deed behind it, but simply the spectacle – Hitler made the cover of Time magazine seven times, Stalin following with 12 covers of his own. The line between people we love to love and people we love to hate is becoming thinner and blurred, so we thrust not only heroes into the public view but also ‘villains’. This confusion between fame and celebrity owes a lot to the change in newspapers over time; where once they delivered unbiased and detailed factual accounts on events that happened, in the new age of mass media they began to compete with the magazines. Tabloidisation meant that rather than objective articles based on fact we were instead victim to the ‘murder hype’, with sensation-fuelled stories about the latest fashionable murder trial, the papers giving the killers their own stage name and persona to match. The idea of giving serial killers their own moniker is something that has contributed tremendously to the glamorisation of killers, because it is much like a stage name that you would give an actor or a singer. The names can either relate to the act or style of killings – i.e Jack The Ripper, which conjures a mental image of the killer at work – or could be to do with their location as in ‘The Boston Strangler’. This trend seems to originate from the United States, for it is across their newspapers and news shows thatShow MoreRelatedSerial Killers in Modern Society1558 Words   |  6 PagesSerial Killers in Modern Society Introduction For hundreds of years, serial killers have actually been a huge fascination all over the world. Even though society has an undeveloped idea as to what a serial killer is and how they function, there is much more to serial killers that people are probably unaware of. In spite of classic myths regarding serial killers which are displayed a lot in movies, this essay will recognize serial killers as irregular as the individual that utilizes various strategiesRead MorePsychological Profile of a Killer1577 Words   |  7 Pageselevation in serial killings. To give some insight into the scale of the problem posed by the serial killer, in the United States can be gained from examining the statistics for just one year. In 1989 (the last year for which detailed figures are available) there were 21,500 recorded homicides, of which some 5,000 are unsolved. Unofficial sources believe that as many as a hundred serial killers may be at large at any given time. Add to this the number of known victims of serial killers, then betweenRead MoreHow Serial Killers came to be Essay1921 Words   |  8 PagesA serial killer is traditional defined as the separate killings of three or more people by an individual over a certain period of time, usually with breaks between the murders. (Angela Pilson, p. 2, 2011) This definition has been accepted by both the police and academics and therefore provides a useful frame of reference (Kevin Haggerty, p.1, 2009). The paper will seek to provide the readers with an explanation of how serial killers came to be and h ow they are portrayed in the media. Several serialRead MoreNature vs Nurture1880 Words   |  8 Pagesjmg6242@truman.edu America has a fascination with serial killers. Everything about them is interesting to us. There are so many questions that we have. It is incomprehensible to most people how someone can go out and kill dozens of people, seemingly without any remorse. Although we have such a deep interest in killers, we often do not know how to differentiate between them. All too often, we label anybody who has killed a few people as a serial killer, but that is not the case. There areRead More profile of a killer Essay examples1561 Words   |  7 Pageselevation in serial killings. To give some insight into the scale of the problem posed by the serial killer, in the United States can be gained from examining the statistics for just one year. In 1989 (the last year for which detailed figures are available) there were 21,500 recorded homicides, of which some 5,000 are unsolved. Unofficial sources believe that as many as a hundred serial killers may be at large at any given time. Add to this the number of known victims of serial killers, then betweenRead MoreThe Horror Of The Television Show Dexter Essay1958 Words   |  8 Pages Modern America’s increased fascination with crime dramas can be attributed to the majority’s desire to see good triumph over evil. The hunting, processing, and eventual punishment of evil evokes feelings of satisfaction in viewers, as justice is one of the moral principles ingrained in our society. In popular media, law enforcement is oftentimes presented as being insufficient in upholding justice, calling for the intervention of a hero; a figure capable of recognizing and punishing evil withoutRead MoreAnalysis Of The Book The Devil Of The White City 1851 Words   |  8 Pagesextreme stress that all of the Architects experienced, as the construction was slow to start, slow to build, and was filled with shortages, deaths, and awful communication. The second narrative is centered around H.H. Holmes, one of America’s first notorious serial killers. His narrative takes place in his â€Å"Murder Castle† and shows his complicated history and his numerous cr edit scams, identity scams, and most importantly, murders. It is also important to note Patrick Prendergast, an Irish immigrantRead MoreThe Red City By Erik Larson2041 Words   |  9 Pagesthat happened behind the scenes at the 1893 World’s Fair are recounted and used to analyze how society was impacted. The good reviews of this book help highlight the cultural importance of the 1893 World’s Fair, architect Daniel H. Burnham, and serial killer H.H. Holmes have on society today. H.H. Holmes was brought up in a small town in New Hampshire and was projected to have a normal life, or so they had thought. Holmes was born as Herman Webster Mudgett on May 16th, 1861 in Gilmanton, NH (â€Å"HRead MoreH. H. Holmes2284 Words   |  10 PagesDR. H. H. Holmes, One of Americas first Serial Killers. Tommy Smith Criminal Justice Case Study Instructor: Dennis Stephens 3/24/11 Bibliography Borowski, John (November 2005). Estrada, Dimas. ed. The Strange Case of Dr. H. H. Holmes: Worlds First Serial Killer. West Hollywood, CA: Waterfront Productions. â€Å"H. H. Holmes Biography.† 2011 AE Television Networks http://www.biography.com/articles/H.-H.-Holmes-307622?part=1 Holmes, H. H. Holmes Own Story. Burk McFetridge, 1895. Ramsland, KatherineRead More An Analysis of Joyce Carol Oates’ Where Are You Going, Where Have You Been1902 Words   |  8 Pagesfive volumes of poetry, six editions of plays, eight books of essays, and countless more umcollected works (Kellman 487). As the format for her writing varies, so does her subject matter. Her creations cover a wide range of genres, but Oates main fascination is contemporary America with its colliding social and economic forces, its philosophical contradictions, its wayward, often violent energies (Johnson 8). Oates works, and somethimes even Oates herself, have been subject to responses ranging from