Business law - Contract problems, FIRAC case, and short summary Assignment

Business law - Contract issues, FIRAC case, and short outline - Assignment Example to be limited by the understanding, rule of misrepresentation covers agreements of offer of merchandise for an expense of at any rate $ 500 and requires such agreements to be recorded as a hard copy (Clarkson, et al, p. 234, 303). Hodge went into an agreement to work for Evans on the prime condition that the agreement would be changeless. His condition was acknowledged yet he was terminated inside a year. Hodge has sued for a break of agreement while Evans contends that the oral agreement is unenforceable. Watkins and Iams went into an every year sustainable agreement where Watkins, depended on a guarantee, to be the sole distributer of Iams’ items in Michigan. The restored agreement in 1993 anyway maintained the company’s authority to delegate some other merchant in Michigan. Iams then advised Watkins that its agreement would not be restored and gotten another organization. Watkins has since sued for penetrate of agreement, misrepresentation, and promissory ‘estoppel’. An agreement that either doesn't include land, is enforceable inside a year, isn't an agreement of assurance, isn't a guarantee that includes â€Å"consideration of marriage† and isn't available to be purchased of merchandise worth at any rate $ 500 dollars doesn't really need to be recorded as a hard copy (Clarkson, et al., p. 304). Promissory estoppels additionally makes risk on guarantees depended upon in contracts (Clarkson, et al, p. 259). Dyer bought a vehicle with composed arrangements that no duties were remembered for the cost. While the agreement limited the consent to its composed terms, the salesman guaranteed her that business charge was at that point paid. She has acknowledged in any case and has sued for break. The parole proof standard gives that oral understanding that goes before or is made close by a composed agreement, in which the gatherings proposed to be completely limited by the composed agreement, is prohibited. The standard anyway has special cases that incorporate â€Å"contract in this way changed, voidable or void agreements, contracts containing equivocal terms, and fragmented contracts† among others (Clarkson, et al,

Changing roles of women in japan Research Paper

Changing jobs of ladies in japan - Research Paper Example Additionally, the Taisho time in the year 1912 sustained Japan’s excursion to the comparing innovation by grasping increasingly Western societies. The sexual orientation working of the ladies inside Japanese society changed from the Tokugawa age to the relating World War I. Inside the ages of Tokugawa and Meiji, ladies were mostly appointed family obligations and obligations and had limited rights. All things considered, during the period of Taisho and ensuing to World War I, ladies started to encourage for equity in this way repelling the basic customary sexual orientation belief systems. Various ladies didn't buy in to the conventional sexual orientation obligations by either turning out to be geishas or whores. This came about to various discussions among both the female and comparing male activists with respect to the issues of women’s obligations that were viewed as methods for wiping out prostitutions (Yu, 89-125). The job of ladies inside Japan is amazingly diffe ring when contrasted with the obligation of the current ladies inside the western human advancement. In any case, this the equivalent to the obligation ladies embrace inside the American forty years prior. By and by ladies inside Japan are required to commit their hidden energies in raising their posterity while men devote themselves to vocations (Farris, 122-245). In any case, there is a heightening inside Japanese ladies with respect to communicating enthusiasm for the full time professions. Larger part of the ladies are youthful and single without posterity. In addition, they are very instructed (Mo?hwald, 23-79). Writing survey Since 1940’s ladies in japan have sought after to adjust the good old duty of a working lady who transform into a mother and a housewife after marriage.... Since 1940’s ladies in japan have sought after to change the good old duty of a working lady who transform into a mother and a housewife after marriage. This is unmistakably explained in their view of Japanese family association and marriage. The current society shows an up and coming gathering of youthful and taught ladies who seek after a profession as a working lady while likewise still partake in their regenerative jobs. The change mostly started after World War II when Japanese ladies grew rather an increasingly close to home way to deal with life. At first, Women held on to get more seasoned so as to wed, a large portion of them regularly inhabited home longer, visiting to Hawaii, and adding to the monetary advancement with their little salary. By and large, the current Japanese society is described with the decrease in orchestrated relationships; rather numerous ladies are assuming liability to wind up spouses. In contrast with the past, ladies keep on working much afte r marriage and conceiving an offspring. In any case the changes in the general public, wedded ladies what work's identity is as yet thought to be a danger to the family. Disparity among ladies and men is as yet gigantic paying little mind to the new changes and various mentalities towards customary family life. The thought can be advocated with the well known customary articulation that expresses that â€Å"Good spouse, savvy mother. As it is a custom in numerous nations and social acts of various networks of the world, ladies in Japan were abused and ruled by their male partners for an extremely lengthy timespan.

Data Analysis in Business Skills

Question: Talk about the Data Analysis in Business Skills. Answer: Presentation This report depends on the serious and showcasing investigation of the Monash University. The advertising investigation of the Monash University assists with recognizing its key position, openings, and dangers in the Australian market. Additionally, in this report, it investigations the different models like PEST examination, Competitor investigations, SWOT investigations, Value position investigations, division and target advertise investigation to assess the key abilities in the market. These models help the college to gauge the level of its seriousness. It likewise assists with taking vital choices in the drawn out which advantages to create adequate income. Monash University is an Australian University situated in Melbourne, Australia. It was established in the year 1958.It is second most seasoned college in the province of Victoria. It is recorded under top 10 Universities of Australia. The University is biggest in understudies body size around 40,300 incorporates national and global understudies and it has seven neighborhood and worldwide grounds (ABS, 2017). It gives a great deal of undergrad and postgraduate courses to the understudies and fundamentally centers around the examination field. In addition, Monash likewise organization with government, NGOs and organizations to get significant and refreshed data on current issues and patterns that could be refreshed their schedule and understudies can pick up the refreshed information which is valuable for present and worldwide setting. In addition, University gives the pragmatic learning condition to the understudies so they can apply their learnings in their professional success (Australianuniversities, 2017). It gives the occurrence grounds life, grant programs and adaptable education costs for understudies. The University the board settles on key choices to stay serious in an Australia. Market Summary and Demand Assessment of Monash University Monash University promoting plan is to build up the successful procedure to stay serious in the market. The University refreshes their prospectus as indicated by the present patterns of the market. likewise it centers around the examination part of their educational plan. Monash University mindful understudies and standard update their courses as indicated by the changing patterns of the market. The advertising outline of the college is to give pragmatic figuring out how to their understudies so they can upgrade their capacities in corporate culture (Monash University, 2017).Demand appraisal alludes that the general interest of the University in the Market. The University has selected the most elevated number of neighborhood and global understudies in the Australia in past late years. The commonsense learning approach and spotlight on inquire about based examination makes their interest high in the market. The all around qualified staff, great grounds life, adaptable expenses structu re and full time occupant program make the understudies diverse in the serious world. Target market and Segmentation of Monash University The objective markets of the Monash University are nearby and global understudies for their various courses. Additionally, the college focuses on the understudies associations and high qualified personnel that encourages its to achieve its targets. In future, the college will focus on the working experts for their official projects. The primary point of the college is to give the quality instruction to their understudies. The division of the Monash college is center around the beneath regions (Intead, 2017). In the above given figure it delineates that the Universitys fragment showcase is yearning understudies, working experts, amateurs and industry experts. In each section Monash gives the quality, inventive and handy methodology in their educational plan. Current Marketing Mix Analysis Monash University actualizes the four Ps of showcasing blend methodology for example Item/Service, Price, Distribution, and Promotion. The Below given table shows the short portrayal of advertising system. Item It incorporates the Universities refreshed projects or courses for the understudies for different streams. The courses offered by the college in the field of Engineering, IT, Business and Pharmacy for all understudies (Lilien and Grewal, 2012). Appropriation The college offers the full-time private projects and separation learning affirmations for universal and neighborhood understudies. Alongside this it additionally offers the courses for Working experts who needs to get early advancements in their organization. This methodology encourages University to get higher enlistments. Cost Monash University adjusts the adaptable valuing technique for the understudies as per their inclination tests scores. The college gives the grant to the understudies based on their scores in ILETS and TOEFL (Gajic, 2012). Advancement The college utilized the print and electronic media (Newspapers, TV, Ads, Social media and Hoardings) for advancements. Alongside that, the college takes an interest in instruction reasonable each meeting to get a most extreme number of affirmations for their offered courses. Vermin Analysis Political Factors The Australian government has taken numerous activities in the field of instruction programs. Australia proficiency rate is acceptable for example 96% both in male and females at the age of 15-24 years in 2013.The stable Australian world of politics underpins University to give astounding training to their understudies (ABS, 2017). Financial Factors It is one of the biggest entrepreneur economies on the planet. The administration segment contributes most extreme in their economy. The present business rate is 61% that is higher when contrasted with a year ago (Austrade, 2017). These variables help the college to urge greatest understudies to seek after their examinations. Social Factors The blended culture, high proficiency rate and current expectations for everyday comforts of the individuals energize understudies towards great instruction. The great social qualities bolster University to most extreme enrollments in various courses. Innovative Factors The legislature spends significantly in innovation and framework. These ventures help University to give refreshed courses to understudies. However, enormous ventures of government it is valuable for understudies to turn into a decent business person. Contender Analysis The Literacy rate increments in Australia in the past late years. Additionally, Australia is the most energized school goal decision for the neighborhood and worldwide understudies. As per the most recent review of training experts, it portrays that 88% of understudies are happy with Australian instruction. In addition, 65% of the global understudies seek after their investigations from Australian colleges (UNESCO, 2017). These investigations and components make the earth serious in the instruction field. In addition, there are numerous contenders exists in the market which offers similar courses at alluring costs and advantages. Monash embraces the adaptable charges structure, down to earth learning approach and industry arranged courses to stay serious in the market. Besides, Monash initiates the accomplished resources and constantly advancements in their prospectus as indicated by the changing business sector patterns. The Below given table portrays the rundown of contenders and t heir qualities and shortcomings. Name of Competitors Quality and Weakness 1) Australian National University Assortment of courses and great notoriety in advertise Charges structure is high when contrasted with different colleges 2) University of Melbourne Industry arranged learning approach Constrained nearness 3) University of Sydney Offices and luxuries are acceptable Concentrate more on hypothetical methodology. SWOT Analysis SWOT investigation helps the University of evaluate its fundamental components to get serious in the market. Qualities Most established University and most noteworthy understudies enlistments consistently. High Interaction with understudies and staff Viable learning approach Industry arranged courses at adaptable costs Great condition and framework (van Wijngaarden, 2012). Shortcomings Absence of subsidizing and budgetary help for staff grant Encouraging methodology is intense that makes it hard for understudies to comprehend the ideas Concentrate more on inquire about examinations as it were Assets are not sufficient for enlistment, determination, maintenance, and promoting Openings Online instruction opens more open doors for University to catch high piece of the pie Training changes in numerous nations that advantage the University to target more understudies Australian government adaptable strategies in the regions of instruction improvement Global and Off-grounds (separation learnings programs) Relocation of International understudies for higher investigations is expanding as of late. Dangers High rivalry in the training field Maintenance of qualified workforce is hard for the college if more significant compensations are offer from contenders (UIS, 2017). Worth and Brand Positioning Analyses Monash University is building up its notoriety and incentive because of its progressed and refreshed educating techniques. In addition, it is likewise the most seasoned college in the Victoria State. The business situated learning approach and adaptable expenses structure with great luxuries situated particular in the Australian training segment. Other than this, the University underpins the understudies through their on the web and officials programs which help to provide food the present needs of the professional workplace. All the while college leads the preparation and vocation movement programs for the understudies to improve their abilities and learning aptitudes (MU, 2017). The Universities additionally tie up with the various networks to improve their image an incentive in the market. End According to the above report investigation, it is reasoned that Monash University has performed well in the training business. It is the main college with the most noteworthy number o

Essay Writing Styles in the World

<h1>Essay Writing Styles in the World</h1><p>The various styles of exposition writing on the planet can be decided by its motivation. In a portion of the passages, you will locate no initial section or the sentence is only a depiction of an occasion yet in others, you discover the writer needs to enlighten the perusers something concerning what he/she thinks about the topic.</p><p></p><p>When composing a passage about something, you are truly talking with the peruser yet in the event that you are composing a paper, at that point it is for your own advantage that you are accountable for making a section. Here are some significant standards to remember when composing a section in an essay.</p><p></p><p>First and premier, you have to come to a meaningful conclusion or get over your message. While composing a passage, there are four components that ought to be kept in mind.</p><p></p><p>If you reali ze that there is an occasion happening that the perusers can identify with, it is imperative to place in insights about the reality. Try not to stay in the subtleties, as this will allow the peruser to overlook and get exhausted with the principle message. By placing in subtleties, you are really mentioning to the perusers what is significant and what is less essential to the event.</p><p></p><p>The significant thought is consistently to write something down and always remember that. There is nothing amiss with composing a one-page section since it is one of the most essential things you can do recorded as a hard copy an essay.</p><p></p><p>If the peruser can comprehend that you know something about the subject and this is significant, at that point the passage that follows ought to have something like '... also, there is something else or we can peruse a book'. The thought is to enlighten the perusers concerning something and the most ideal approach to do this is to put down a section which has two things in it.</p><p></p><p>If you can associate the occasions with the reason or you can show the peruser how you got the data, at that point a passage can be composed well. This will keep the peruser intrigued and help them to recall what you were attempting to say.</p>

Health Care Essay Samples For IELTS - How to Master the Vocabulary

Health Care Essay Samples For IELTS - How to Master the VocabularyThe IELTS essay sample is very common among IELTS students as they want to be able to learn the vocabulary words and also learn some medical terms in detail. The reasons that you are trying to take the IELTS is to obtain a high score. It is not that you want to impress everyone in your class. But it is also to be able to secure a position in the IELTS exam.As a matter of fact, it is very common to use some health services in many countries in Europe and Asia. Of course, the Chinese know a lot about the health services in these places. Many people in these countries can recite these words from memory. In many ways, this has made the IELTS essay sample to be more familiar. This is because the people that you may see in your city or region know these words from time to time.With that being said, it is no longer a problem that you may not be able to know all the IELTS essay samples. You will still have to find out these wo rds and phrases through the newspapers or other sources. If you cannot speak English well, then you can use a translation of the English words. You just have to look for an appropriate phrase that you may choose from the list of the essay samples.To give you more options, it is good to know that there are also language and health essay samples. You may be able to use this for you to improve your English skills. There are also some online essays which can help you learn some medical terms. They are also able to show you some medical terms that you may not know.After that, it is best to also get the IELTS. The IELTS is made for people who want to be able to improve their English level. You can use it as well as the IELTS essay samples. They are not alike. Some may require grammar practice while others are much easier to understand.However, you may want to know that the skills of the English level for those that take the IELTS have been raised since earlier years. When you learn the En glish language, you will have a more confident level of speaking. You will also be able to communicate better in conversations. You will also be able to use a lot of words and phrases for yourself and your family.In addition, you should also know that you have to have a basic understanding of health care administration as well as the health care administration of a specific region. This is because in the United States, the health care administration covers a wide area that you may need to visit in order to be familiar with some terms and their definitions. In this case, you will be able to make some health care documentation too.To top it all, when you are taking the IELTS, you will also need to know about health care administration and the actual way that the health care administration works. This is because these terms will be important for you to pass the exam.

Most Noticeable Questbridge Can You Submit Your College Essay

<h1> Most Noticeable Questbridge Can You Submit Your College Essay </h1> <h2> What the In-Crowd Won't Tell You About Questbridge Can You Submit Your College Essay </h2> <p>Interviews aren't required for confirmation. Finalists will continue to submit additional materials for the specific schools they've positioned. Match finalists aren't required to v supplemental article, however are expected to demonstrate their testing inclination. </p> <p>Nevertheless, your acknowledgment isn't last until you get your acknowledgment notice from Washington and Lee. After you sign in, you will be able to complete the Bowdoin Supplement, which contains a snappy article and your testing inclinations. The extraordinary thing with the grant program is they give full grant that have the maximum of educational cost alongside a total cost of board. In the event that you might want to win the opposition, you should present the perfect exposition to the entrance advisory board. </p> <p>I wasn't named a finalist. In most of occurrences, finalists will be mentioned to bring a camping bed. </p> <p>The qualification is that your money related guide offer will be founded on the evaluated cost of your books instead of the genuine sticker price of books and you won't consequently get grant to cover the cost of medical coverage. The nearby piece of the opposition occurs toward the beginning of March. One of the absolute first schools in America established more than 300 decades prior, Yale has since made sure about its situation among the most renowned instructive organizations on earth. The opposition occurs toward the beginning of March. </p> <h2> The Fundamentals of Questbridge Can You Submit Your College Essay That You Can Benefit From Starting Today</h2> <p>This area is the place you're enter increasingly careful insights regarding yourself. There's no sure number of body passages for an article and an extraordinary section has one essential issue. Once more, you are going to tap the title in the dim bar for each segment to have the option to open this up and answer its inquiries. A rundown of transitional gadgets are accessible here.</p> <h2> If You Read Nothing Else Today, Read This Report on Questbridge Can You Submit Your College Essay</h2> <p>Now you have a decent feeling of your story, you can begin handling the punctuation and modification . Consider the distinction right language structure can make between these 2 sentences. Your papers must be elegantly composed, and it's constantly extraordinary to have somebody that you trust edit them (lack of regard is promptly preventable!) An article with significant blunders or even reliable minor errors will make it difficult for perusers to focus on the story you're attempting to educate them about yourself. </p> <p>You may likewise choose to be contemplated during our Early Decision II plan, yet you need to connect with your confirmations official in order to have your application changed to EDII. Quora are very essential to your QuestBridge application. Should you do that now, your application won't ever arrive. The Common Application likewise accompanies an individual exposition. </p> <p>Applicants considered in the ordinary choice procedure are assessed using unequivocally a similar survey methodology, and are equipped for the specific need-based monetary guide. This inquiry is tantamount to some Common Application prompts. It's additionally essential to analyze the state sanctioned testing page in guaranteeing you'll satisfy test necessities. On the off chance that you need to incorporate additional materials to enhance your application, we'll acknowledge these items.</p> <p>College papers are incredibly private, individual organizations, along these lines it's obvious to perceive any reason why you wouldn't have to impart it to somebody. Despite the fact that this undertaking requires only a couple of things to complete, most understudies discover it very extreme to make an article with quality. Understudies are regularly asked to clarify the explanation behind what good reason they need to find out about a particular school or scholarly field in these supplemental papers, which are ordinarily shorter than the most significant article. So far as the understudies are included, composing an examination paper is among the hardest and baffling undertaking as they would see it. </p> <p>Two new paper alternatives are included, and some of the past inquiries are reexamined. Now and then you probably won't realize that you've wandered off subject. Likewise, remember that a subject shouldn't be particularly exciting to be novel. Offer an article regarding any matter of your determination. </p> <p>Every school might need to know where you dwell, who your folks are, and the manner in which you scored on the SAT. Conceded understudies who select to enlist will be approached to submit official score reports. Check to be certain your scores are sent. </p> <p>You're ready to discover progressively about the Quest Scholarship here. SAT Subject tests aren't required. </p>

Life, Death, and Persuasive Essay Samples 3rd Grade

<h1> Life, Death, and Persuasive Essay Samples third Grade </h1> <h2> Persuasive Essay Samples third Grade Explained</h2> <p>Also, people need to examine another feeling. Convince your sister or sibling that will assist you with talking your folks into something you might want to do. Type the name of the specific individual whom you're endeavoring to reach. In the event that it's conceivable to tie down another person to trust in you, at that point you're substantially more slanted to convince them.</p> <p>An article composing administration can be a significant instructing and learning device for everyone associated with training. In contrast to points for center school or higher school, tolerable school subjects are to some degree all the more testing to find. Maybe the most convincing motivation to take a gander at a school uniform strategy is the chance of a stamped decline in savagery among understudies. An arrangement of required school outfits would be helpful for families notwithstanding for understudies. </p> <h2>What You Should Do About Persuasive Essay Samples third Grade Starting in the Next Six Minutes </h2> <p>There are two or three simple rules to follow to have the option to be in a situation to create a phenomenal influential exposition. Arrangement when you have arranged your substance, consider the designing of your letter. Outline Objectives To present the objective of feeling composing. See Writing Guides for instances of this kind of freebee. </p> <p>A very much organized conversation paper empowers the peruser to track with the flood of thought in an easy manner with no interruption. It supplies an away from of what the exposition is probably going to cover. This instructive article will support journalists and understudies to fathom the capacity of the powerful exposition layout and the best approach to begin setting one up. By method of model, PERSONAL or CONFIDENTIAL. </p> <p>Consider writing test the all out point that you like to put over, after which compose it into a scope of words. For example, an educator could dish out a few minutes talking about what makes a solid contention, and after that request that understudies offer and give input on each other's announcements of contention for a moving toward exposition. Likewise, there's no proof of higher grades. </p> <p>In a similar path as some other office, keeping a school open takes a mess of cash. Maybe there's a check in time in your to wn that has caused it unimaginable that you to do night shifts. The school day should be shorter. Convince your instructor to have a field trip. </p> <p>Partner or gathering work Setting aside two or three minutes in class for understudies to talk with each other about their composing can be useful. Other than your resume, we moreover need three references and a rundown of past businesses throughout the previous 3 decades, along with their telephone numbers. Regardless of whether you might want to fix an issue with your bank or you need somebody that will support you or accomplish something for you, Persuasive letters can get the work done. Convince your instructor to give the class an award to function admirably done. </p> <p>In most of cases, you're not anticipated to choose any side of the contention. Remember you should deliver a few indispensable focuses that will bolster your case This should be a solitary sentence articulation that is exceptionally clear and brief. If you don't mind have confidence your reaction will be treated with privacy. In the event that need to get the reaction of beneficiary to be i n support of yourself then it is basic for you to comprehend the topic in a whole profundity, so you can draft a letter likewise. </p> <h2> Persuasive Essay Samples third Grade Features </h2> <p>ForA business purposes, influential composing can be used to accomplish the enthusiasm of the crowd about a particular item or backing. You're anticipated to talk about all the essences of the issues that encompass the exposition. You wish to snatch your peruser's advantage. Furnishing the peruser with the essential outline of the association of the conversation ensures that the flood of thought is comprehended in the whole article body. </p>

Cuny College Essay Writing Tips

<h1>Cuny College Essay Writing Tips</h1><p>One of the most unpleasant pieces of getting ready for a Cuny College paper is having the option to really compose it. You can't simply write down your considerations and not have the option to put them down organized appropriately. In view of that, here are a few hints on the most proficient method to compose an article with words that make you cringe.</p><p></p><p>When you compose an exposition, it needs to stream well. Your article needs to have a strong structure which implies that you should prepare. Don't simply arbitrarily begin composing and anticipate that the stream should work itself out for you.</p><p></p><p>When composing your Cuny College paper, you have to consider how much data you need to cover. In the event that you are just going to specify a couple of themes, at that point this will be a lot simpler for you.</p><p></p><p>Many school expositions have references to some past examinations you may have found out about. You have to ensure that you compose the entirety of the references so as to not turn into an untimely idea. You ought to consistently begin each page with the essayist's acquaintance and proceed with the finish of the page with the end. In the event that you set up them you won't have to return and look into anything and the composing will flow.</p><p></p><p>The utilization of records and passages has been around for quite a while however is as yet significant recorded as a hard copy Cuny College expositions. You may end up coming up short on thoughts on the off chance that you don't list things and dismantle them all together. Ensure that you have enough space to move around in the paper as you go.</p><p></p><p>Keep as a primary concern that the utilization of expressions like 'and then'then' in the utilization of appropriate language structure will he lp you colossally. This doesn't imply that you can quit thinking outside about the container and don't compose with your sound judgment. It just implies that you need to observe some fundamental principles of grammar.</p><p></p><p>There are a ton of subjects that can be canvassed in school papers. You should have the option to consider these points all alone. Show them out all alone so you are not subject to anybody else.</p><p></p><p>There are a great deal of tips that you can discover when you are composing Cuny College papers. It takes a smidgen of training to get the stream down yet it will pay off in the end.</p>

Study On The Determinants Of Financial Derivatives - Free Essay Example

Introduction Our research article is à ¢Ã¢â€š ¬Ã…“Determinants of Financial Derivativesà ¢Ã¢â€š ¬?. Before moving towards the definition of main purpose and significance of our research article, we want to give a brief introduction of the core keywords of our research article which are à ¢Ã¢â€š ¬Ã…“Financial Derivativesà ¢Ã¢â€š ¬?. 1.1. Introduction A derivative is a financial instrument (or more simply, an agreement between two people/two parties) that has a value determined by the future price of something else. Derivatives can be thought of as bets on the price of something. Suppose you bet with your friend on the price of a bushel of corn. If the price in one year is less than $3 your friend pays you $1. If the price is more than $3 you pay your friend $1. Thus, the underlying in the agreement is the price of corn and the value of the agreement to you depends on that underlying.[1] So derivatives are the collective name used for a broad class of financial instruments that derive their value from other financial instruments (known as the underlying), events or conditions. Essentially, a derivative is a contract between two parties where the value of the contract is linked to the price of another financial instrument or by a specified event or condition. Derivatives are usually broadly categorized by the: Relationsh ip between the underlying and the derivative (e.g. forward, option, swap) Type of underlying (e.g. equity derivatives, foreign exchange derivatives, interest rate derivatives, commodity derivatives or credit derivatives) Market in which they trade (e.g., exchange traded or over-the-counter) Pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded optionality) Another arbitrary distinction is between: Vanilla derivatives (simple and more common) and Exotic derivatives (more complicated and specialized) There is no definitive rule for distinguishing one from the other, so the distinction is mostly a matter of custom. Derivatives are used by investors to Provide leverage or gearing, such that a small movement in the underlying value can cause a large difference in the value of the derivative Speculate and to make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or ou t of a specified range, reaches a certain level) Hedge or mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out Obtain exposure to underlying where it is not possible to trade in the underlying (e.g. weather derivatives) Create optionability where the value of the derivative is linked to a specific condition or event (e.g. the underlying reaching a specific price level) Uses Hedging Hedging is a technique that attempts to reduce risk. In this respect, derivatives can be considered a form of insurance. Derivatives allow risk about the price of the underlying asset to be transferred from one party to another. For example, a wheat farmer and a miller could sign a futures contract to exchange a specified amount of cash for a specified amount of wheat in the future. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. However, there is still the risk that no wheat will be available because of events unspecified by the contract, like the weather, or that one party will renege on the contract. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counter-party risk. From another perspective, the farmer and the miller both reduce a risk and acquire a risk when they sign the futures contract: The farmer reduces the risk that the price of wheat will fall below the price specified in the contract and acquires the risk that the price of wheat will rise above the price specified in the contract (thereby losing additional income that he could have earned). The miller, on the other hand, acquires the risk that the price of wheat will fall below the price specified in the contract (thereby paying more in the future than he otherwise would) and reduces the risk that the price of wheat will rise above the price specified in the contract. In this sense, one party is the insurer (risk taker) for one type of risk, and the counter-party is the insurer (risk taker) for another type of risk. Hedging also occurs when an individual or institution buys an asset (like a commodity, a bond that has coupon payments, a stock that pays dividends, and so on) and sells it using a futures contract. The individual or institution has access to the asset for a specified amount of time, and then can sell it in the future at a specified price according to the futures contract. Of course, this allows the individual or institution the benefit of holding the asset while reducing the risk that the future selling price will deviate unexpectedly from the markets current assessment of the future value of the asset. Derivatives traded at the Chicago Board of Trade. Derivatives serve a legitimate business purpose. For example, a corporation borrows a large sum of money at a specific interest rate.[2] The rate of interest on the loan resets every six months. The corporation is concerned that the rate of interest may be much higher in six months. The corporation could buy a forward rate agreement (FRA). A forward rate agreement is a contract to pay a fixed rate of interest six months after purchases on a notional sum of money.[3] If the interest rate after six months is above the contract rate the seller pays the difference to the corporation, or FRA buyer. If the rate is lower the corporation would pay the difference to the seller. The purchase of the FRA would serve to reduce the uncertainty concerning the rate increase and stabilize earnings. Speculation and arbitrage Derivatives can be used to acquire risk, rather than to insure or hedge against risk. Thus, some individuals and institutions will enter into a derivative contract to speculate on the value of the underlying asset, betting that the party seeking insurance will be wrong about the future value of the underlying asset. Speculators will want to be able to buy an asset in the future at a low price according to a derivative contract when the future market price is high, or to sell an asset in the future at a high price according to a derivative contract when the future market price is low. Individuals and institutions may also look for arbitrage opportunities, as when the current buying price of an asset falls below the price specified in a futures contract to sell the asset. Speculative trading in derivatives gained a great deal of notoriety in 1995 when Nick Leeson, a trader at Barings Bank, made poor and unauthorized investments in futures contracts. Through a combination of poo r judgment, lack of oversight by the banks management and by regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion loss that bankrupted the centuries-old institution. Types of derivatives OTC and Exchange-traded Broadly speaking there are two distinct groups of derivative contracts, which are distinguished by the way they are traded in the market: Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivative market is the largest market for derivatives, and is largely unregulated with respect to disclosure of information between the parties, since the OTC market is made up of banks and other highly sophisticated parties, such as hedge funds. Reporting of OTC amounts are difficult because trades can occur in private, without activity being visible on any exchange. According to the Bank for International Settlements, the total outstanding notional amount is $684 trillion (as of June 2008).[5] Of this total notional amount, 67% are interest rate contra cts, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counter-party risk, like an ordinary contract, since each counter-party relies on the other to perform. Exchange-traded derivative contracts (ETD) are those derivatives instruments that are traded via specialized derivatives exchanges or other exchanges. A derivatives exchange is a market where individualsà ¢Ã¢â€š ¬Ã¢â€ž ¢ trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes Initial margin from both sides of the trade to act as a guarantee. The worlds largest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures Options), Eurex (which lists a wide range of Europea n products such as interest rate index products), and CME Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York Mercantile Exchange). According to BIS, the Scombined turnover in the worlds derivatives exchanges totaled USD 344 trillion during Q4 2005. Some types of derivative instruments also may trade on traditional exchanges. For instance, hybrid instruments such as convertible bonds and/or convertible preferred may be listed on stock or bond exchanges. Also, warrants (or rights) may be listed on equity exchanges. Performance Rights, Cash xPRTs and various other instruments that essentially consist of a complex set of options bundled into a simple package are routinely listed on equity exchanges. Like other derivatives, these publicly traded derivatives provide investors access to risk/reward and volatility characteristics that, while related to an underlying commodity, nonetheless are distinct ive. Common derivative contract types There are three major classes of derivatives: Futures/Forwards are contracts to buy or sell an asset on or before a future date at a price specified today? A futures contract differs from a forward contract in that the futures contract is a standardized contract written by a clearing house that operates an exchange where the contract can be bought and sold, while a forward contract is a non-standardized contract written by the parties themselves. Options are contracts that give the owner the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an asset. The price at which the sale takes place is known as the strike price, and is specified at the time the parties enter into the option. The option contract also specifies a maturity date. In the case of a European option, the owner has the right to require the sale to take place on (but not before) the maturity date; in the case of an American option, the owner can require the sale to take place at any time up to the maturi ty date. If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction. Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies/exchange rates, bonds/interest rates, commodities, stocks or other assets. More complex derivatives can be created by combining the elements of these basic types. For example, the holder of a swaption has the right, but not the obligation, to enter into a swap on or before a specified future date. 1.2. PROBLEM STATEMENT: The problem statement on which we are doing research is as follows: What are the Determinants that define the activities towards Financial Derivatives? 1.3. OBJECTIVE OF THE STUDY: The main objective of our research is that which one of this independent variable like Risk, Yield Spread etc affects the financial derivatives the most or which one of the following indicates the most involvement in financial derivative. 1.4. Limitations:- There are few limitations which are as under. The data which we are considering is only from Islamabad stock exchange. Out of numerous variables we have selected only four. 1.5. Plan:- Rest of the thesis is organized as fallows. In chapter II we have produced a literature review. In chapter III Data is collected and statistical tools are applied. In chapter IV the results are interpreted. In chapter V conclusions and recommendations are given. Chapter II Literature Review Credit derivatives and risk aversion in this article author discuss the valuation of credit derivatives in extreme regimes such as when the time-to-maturity is short, or when payoff is contingent upon a large number of defaults, as with senior trenches of collateralized debt obligations. In these cases, risk aversion may play an important role, especially when there is little liquidity, and utility-indifference valuation may apply. Specifically, we analyze how short-term yield spreads from default able bonds in a structural model may be raised due to investor risk aversion. Using derivatives to manage risk this Refers to some well-publicized failures with derivatives, and seeks explanations for these problems; points to the role of the US treasury department as a profit centre, and presents a three-phase risk management framework for the successful use of derivatives risk identification/determination of the desired risk profile, implementation (to include factors such as the rol e of the board in the co-ordination of resources), evaluation/feedback. Shows how three celebrated cases of derivatives fiasco failed in respect of various aspects of this framework (these being Gibson Greetings, Procter Gamble and Metallgesellschaft AG). Petersen and Thiagarajan (2000) Estimates and compares the risk exposure of two firms operating in the gold mining industry. Suggests that the difference between the two firms lies in the risks that they choose to manage and the tools that they use. It presents an extensive analysis of the building blocks underlying the effects of risk management including operating cash flows, taxable income, investment opportunities and equity risk exposure. Shows how one uses adjustments to the quality of ore extracted as a partial hedge against gold price fluctuations, whilst the other uses derivatives to reduce the fluctuations in its revenues and therefore operating cash flows. Comments on the incentives for risk reduction and their effec t on the management of gold price risk, noting that compensation strategies can lead to differing managerial objectives. Argues that the use of alternative forms of risk management is a conscious choice by firms and that the use of derivatives should be seen against the alternative tools available. Alister and Mansfield (1980) states that Derivatives have been an expanding and controversial feature of the financial markets since the late 1980s. They are used by a wide range of manufacturers and investors to manage risk. This paper analyses the role and potential of financial derivatives investment property portfolio management. The limitations and problems of direct investment in commercial property are briefly discussed and the main principles and types of derivatives are analysed and explained. The potential of financial derivatives to mitigate many of the problems associated with direct property investment is examined. The management of foreign currency risk: derivatives us e and the natural hedge of geographic diversification Summer 1999 Notes the lack of evidence of large companies use of foreign exchange derivatives (FXDs), related to the geographical diversification natural hedge, an alternative method of avoiding risk. Builds a model of company behavior, sampling 309 US companies by industry, including FXD, foreign sales, a sales-based Herfindahl index, and market value. Finds a significant and positive relationship between the use of FXDs and the level of foreign exchange exposure; and a negative relationship between geographic dispersion and FXD. Shows that there are economies of scale in FXD use, and that the findings are robust to industry membership and geographic diversification. Emory presents evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994-1996 data for a sample of Fortune5 00 firms, I estimate a set of simultaneous equations that captures managers incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives, I find a significant negative association between derivatives notional amounts and proxies for the magnitude of discretionary accruals. Gay and Nam analyzed the underinvestment problem as a determinant of corporate hedging policy. We find evidence of a positive relation between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s derivatives use and its growth opportunities, as proxied by several alternative measures. For firms with enhanced investment opportunities, derivatives use is greater when they also have relatively low cash stocks. Firms whose investment expenditures are positively correlated with internal cash flows tend to have smaller derivatives positions, which suggest potential natural hedges. Our findings support the argument that firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ derivatives use may partly be driven by the need to avoid potential underinvestment problems. Patil (2008) states that the Reserve Bank of Indias Working Group on Rupee Derivatives has, interalia, recommended introduction of exchange traded derivatives to supplement OTC derivatives. But before we introduce exchange traded interest rates futures it is necessary to be fully aware of the ground realities. The basic issue is the healthy development of the market and abolition of the regulations that artificially protect the interests of a set of intermediaries whose role and functions have got significantly reduced with massive induction of IT applications into the capital and financial markets. Regulatory reforms should facilitate continuous reduction in transaction costs and up gradation of transactional efficiency across different segments of the market. A regulatory regime that ends up protecting the role of certain players merely because they played a useful role in the past in the development of some segments of the markets would be doing a disservice Hentschel and Kothari makes Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical academic studies of corporate derivatives use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives. We find that many firms manage their exposures with large derivatives positions. Nonetheless, compared to firms that do not use financial derivatives, firms that use derivatives display few, if any, measurable differences in risk that are associated with the use of derivatives. Brinson, Randolph Hood and Beebower (1986), states that in order to delineate investment responsibility and measure performance contribution, pension plan sponsors and investment managers need a clear and relevant method of attributing returns to those activities that compose the investment management process- investment policy, market timing and security selection. The authors provide a simple framework based on a passive, benchmark portfolio representing the plans long-term asset classes, weighted by their long-term allocations. Returns on this investment policy portfolio are compared with the actual returns resulting from the combination of investment policy plus market timing (over or underweighting asset classes relative to the plan benchmark) and security selection (active selection within an asset class). Data from 91 large U.S. pension plans over the 1974-83 period indicate that investment policy dominates investment strategy (market timing and security selection), explaining on average 93.6 per cent of the variation in tota l plan return. The actual mean average total return on the portfolio over the period was 9.01 per cent, versus 10.11 per cent for the benchmark portfolio. Active management cost the average plan 1.10 per cent per year, although its effects on individual plans varied greatly, adding as much as 3.69 per cent per year. Although investment strategy can result in significant returns, these are dwarfed by the return contribution from investment policy-the selection of asset classes and their normal weights. Markides (1995) concluded that there is increasing evidence (especially in the business press) that over the past decade, many U.S. corporations have restructured. For example, Lewis (1990: 43) estimates that nearly half of large U.S. corporations have restructured in the 1980s. Similarly, a special report on corporate restructuring published in the Wall Street Journal (1985: 1) found that out of the 850 of North Americas largest corporations, 398 (47%) of them restructured. A major problem with many of these studies on restructuring is that they do not define exactly what is meant by restructuring. Corporate actions such as share repurchasing, refocusing, alliances, consolidations and leveraged recapitalizations can all fall under the general term restructuring; therefore, a researcher needs to look at these forms of restructuring separately if any generalizations are to be made. In this study, we focus on one specific type of restructuring, namely corporate refocusing. By this we mean the voluntary or involuntary reduction in the diversification of U.S. firms-usually, but not necessarily, achieved through major divestitures-what Bhagat, Shleifer, and Vishny (1990) call the return to corporate specialization. We focus on this type of restructuring because according to the existing evidence it is by far the most common and most beneficial form of restructuring undertaken by firms (e.g., Lewis, 1990; Wall Street Journal, 1985). According to existing evidence , a significant proportion of major diversified firms in the U.S. have reduced their diversification in the 1980s by refocusing on their core businesses (for statistical evidence, see Lichtenberg, 1990; Mark- ides, 1990; Porter, 1987; Williams, Paez and Sanders, 1988). For example, Markides (1993) reported that at least 20 percent and as many as 50 percent of the Fortune 500 firms refocused in the period 1981-87. He also found that refocusing is a 1980s phenomenon: using the Rumelt (1974) strategic categories of diversification, he reported that whereas only 1 percent of the Fortune 500 firms were refocusing in the 1960s, more than 20 percent were doing so in the 1980s. Other studies have shown that these refocusing firms are characterized by high diversification and poor profitability relative to their industry counter- parts, and that refocusing is associated ex-ante with improved stockmarket value (e.g., Comment and Jarrell, 1991; Markides, 1992a,b; Montgom- ery and Wilson, 1986) . Yet, as Shleifer and Vishny (1991: 54) argue, there is very little ex- post evidence that refocusing is associated with profitability improvements. Doukas and Lang In this study they present evidence that geographic diversification increases shareholder value and improves long-term performance when firms engage in core-related foreign direct (greenfield) investments. Non-core-related foreign investments are found to be associated with both short-term and long-term losses. Our results suggest that the synergy gains stemming from the internalization of markets are rooted in the core business of the firm. Geographic diversification outside the core business of the firm bears strongly against the prediction of the internalization hypothesis. The analysis also shows that, regardless of the industrial structure of the firm (that is, number of segments), foreign direct investments outside the core business of the firm are associated with a loss in shareholder value, whereas core-relat ed (focused) foreign direct investments are found to be value increasing. Unrelated international diversification, however, is less harmful for diversified (multi- segment) than specialized (single-segment) firms. The larger gains to diversified firms suggest that operational and internal capital market efficiency gains are considerably greater in multi-segment than single-segment firms when both expand their core business overseas. James and Finkelshtain (1965) said the effects of multivariate risk are examined in a model of portfolio choice. The conditions under which portfolio choices are separable from consumption decisions are derived. Unless the appropriate restrictions hold on investors preferences or on the probability distribution of risks, the optimal portfolio is affected by other risks. This requires generalizing the usual measures of risk aversion. With one risky asset, matrix measures of risk aversion are used to generalize the results of Arrow (1965) and Pratt (196 4) concerning the effects of risk aversion and wealth on the optimal portfolio. With two risky assets, the choices made by two investors coincide if and only if their generalized risk-aversion measures are identical. Rosss notion of stronger risk aversion is then used to characterize the effect of risk aversion on the level of investment in the riskier asset. Browne (2000) tells us that Active portfolio management is concerned with objectives related to the out performance of the return of a target benchmark portfolio. In this paper, we consider a dynamic active portfolio management problem where the objective is related to the tradeoff between the achievement of performance goals and the risk of a shortfall. Specifically, we consider an objective that relates the probability of achieving a given performance objective to the time it takes to achieve the objective. This allows a new direct quantitative analysis of the risk/return tradeoff, with risk defined directly in terms of pr obability of shortfall relative to the bench- mark, and return defined in terms of the expected time to reach investment goals relative to the benchmark. The resulting optimal policy is a state-dependent policy that provides new insights. As a special case, our analysis includes the case where the investor wants to minimize the expected time until a given performance goal is reached subject to a constraint on the shortfall probability. On the basis of this literature review we have developed the following Theoretical framework. 2.2. THEORATICAL FRAMEWORK: The importance of: Risk_ Response Index Yield Spread_ Response Index Liquidity_ Response Index Geographical Diversification_ Response Index Financial Derivatives (Swap, Option, Future and Forward Contracts) For 2.3 Hypothesis: H0:  µ 3.5 H1:  µ à ¢Ã¢â‚¬ °Ã‚ ¥ 3.5 If the mean respondent is 3.5 or above it means the factor is important because at the rating scale 1 is for strongly disagree and 5 is for strongly agree. Chapter III Data and Methodology 3.1. NATURE OF STUDY: This study was descriptive in nature and will describe the Risk, Yield spread, Liquidity, Geographical diversification in the term of determinants of Financial Derivatives. The study setting for this study is non-contrived in nature i.e. it was conducted in the normal work place and routine working conditions. 3.2. PRIMARY DATA COLLECTION: Data for this study was collected from the participants of the Islamabad Stock Exchange. These people were working or participating in the stock exchange where the people had knowledge about risk, yield spread, liquidity and geographical diversification. That is why; it was easier for us to conduct our research in Islamabad Stock Exchange to conclude our results that which one of the following factors like risk, yield spread, liquidity, and geographical diversification shows the maximum involvement in the determining of financial derivatives. 3.3. RESPONDENTS OF RESEARCH: Data were collected from 100 participants. Participants were asked to fill the questionnaire which was helpful to lead us towards the result and conclusion of our research. All participants were asked to write down on the questionnaire their gender and age. 3.4. RESEARCH INSTRUMENT: Questionnaire is an efficient data collection mechanism where we know exactly what is required and measures the variables of interest. Questionnaires were made with enough number of questions covering all the related areas. This helped us to conclude our result by measuring the affect of determinants on financial derivatives. Questionnaires were personally handed over to the participants by us. All surveys were completed during working hours. Respondents were guaranteed that their data would remain confidential. Respondents were instructed to indicate their opinions about the questions to rate on a Likert Scale. This scale was designed to examine how strongly respondents agree or disagree with statements on a 5-points scale with the following anchors; 1 2 3 4 5 Strongly Disagree Disagree Neutral Agree Strongly Agree 3.5. DATA INTERPRETATION: Statistical tools were used for the interpretation of data. These tools included t-test, correlation and descriptive statistics to find the involvement of independent variables in determining the financial derivatives. In other words, statistical tool of correlation were applied to interpret the relationship between the indexes of independent variables and t-test was used to determine the involvement of independent variable in determining the financial derivatives. The total data was divided into two halves: Participants Below median age (39 and below) Participants above median age (above 39) We have applied sample mean test at  µ=3.5. Chapter IV Findings R1: Risky nature of instrument is not a matter of concern for me. R2: Since high risk means high return therefore I will shift to the risky securities. R3: Would you shift from one stock to another to reduce risk at the cost of return? R4: It is feasible to add a percentage of low risk securities to a portfolio. L1: Is a highly liquid security attractive to an investor L2: The stocks in which you trade are relatively liquid which attracts you towards them. L3: Liquidity reflects the performance of a firm therefore for diversification it is important Y1: Yield spread helps the investor to determine which security would be the better investment. Y2: Change in demand supply of the securities effect the yield spread change therefore I shift towards low yield spread. Y3: The market is forecasting a greater risk of default which implies a slowing economy (narrowing of spreads between bonds of different risk ratings) G1: Geographical diversification increase s the potential return on your investment / portfolio. G2: Geographical diversification allows combining a diversification across domestic and foreign securities. JUNIOR: Risk:  R1 R2 R3 R4 T cal -3.21 -0.77 -3.24 -2.12 T tab 2 2 2 2 Mean 2.96 3.38 3.1 3.2 Standard deviation 1.18 1.09 0.86 0.99 In case of R1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R4, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. Liquidity:  L1 L2 L3 T cal 1.94 -0.69 -0.28 T tab 2 2 2 Mean 3.76 3.42 3.46 Standard deviation 0.94 0.81 0.99 In case of L1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of L2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of L3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. Yield spread:  Y1 Y2 Y3 T cal 0.13 -1.19 -2.60 T tab 2 2 2 Mean 3.52 3.32 3.14 Standard deviation 1.05 1.06 0.97 In case of Y1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of Y2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of Y3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. Geographical Diversification:  G1 G2 T cal 0.32 -0.92 T tab 2 2 Mean 3.54 3.36 Standard deviation 0.89 0.92 In case of G1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of G2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. SENIOR: Risk:  R1 R2 R3 R4 T cal -3.44 -2.68 0 5.06 T tab 2 2 2 2 Mean 2.56 3.02 3.5 4.2 Standard deviation 1.51 1.25 1.02 0.97 In case of R1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of R4, H0 is rejected it implies people consider this factor as important determinant of financial derivative. Liquidity:  L1 L2 L3 T cal 3.95 3.59 1.78 T tab 2 2 2 Mean 4.08 3.98 3.74 Standard deviation 1.03 0.94 0.94 In case of L1, H0 is rejected it implies people consider this factor as important determinant of financial derivative. In case of L2, H0 is rejected it implies people consider this factor as important determinant of financial derivative. In case of L3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. Yield spread:  Y1 Y2 Y3 T cal 3.94 -3.16 -0.92 T tab 2 2 2 Mean 3.86 3.1 3.34 Standard deviation 0.64 0.89 1.22 In case of Y1, H0 is rejected it implies people consider this factor as important determinant of financial derivative. In case of Y2, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of Y3, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. Geographical Diversification:  G1 G2 T cal 1.75 5.56 T tab 2 2 Mean 3.72 4.02 Standard deviation 0.88 0.65 In case of G1, H0 is accepted it implies people do not consider this factor as important determinant of financial derivative. In case of G2, H0 is rejected it implies people consider this factor as important determinant of financial derivative. Junior: Correlations R_Index L_Index Y_Index G_Index R_Index Pearson Correlation 1 .310* .002 .163 Sig. (2-tailed) .029 .991 .257 N 50 50 50 50 L_Index Pearson Correlation .310* 1 .366** .326* Sig. (2-tailed) .029 .009 .021 N 50 50 50 50 Y_Index Pearson Correlation .002 .366** 1 .616** Sig. (2-tailed) .991 .009 .000 N 50 50 50 50 G_Index Pearson Correlation .163 .326* .616** 1 Sig. (2-tailed) .257 .021 .000 N 50 50 50 50 *. Correlation is significant at the 0.05 level (2-tailed). In this table above: Association between R_Index and L_Index is 31% which shows a medium relationship. Association between R_Index and Y_Index is 2% which shoes a weak relationship. Association between R_Index and G_Index is 16% which shows a weak relationship Association between L_Index and Y_Index is 36% which shows a medium relationship. Association between L_Index and G_ndex is 32% which shows a medium relationship. Association between Y_Index and G_Index is 61% which shows relatively significant relationship. Senior: Correlations R_Index L_Index Y_Index G_Index R_Index Pearson Correlation 1 .605** .240 .423** Sig. (2-tailed) .000 .093 .002 N 50 50 50 50 L_Index Pearson Correlation .605** 1 .219 .689** Sig. (2-tailed) .000 .126 .000 N 50 50 50 50 Y_Index Pearson Correlation .240 .219 1 .068 Sig. (2-tailed) .093 .126 .640 N 50 50 50 50 G_Index Pearson Correlation .423** .689** .068 1 Sig. (2-tailed) .002 .000 .640 N 50 50 50 50 *. Correlation is significant at the 0.05 level (2-tailed). In this table above: Association between R_Index and L_Index is 60% which shows a medium relationship. Association between R_Index and Y_Index is 24% which shows weak relationship. Association between R_Index and G_Index is 42% which shows a medium relationship. Association between L_Index and Y_Index is 21% which shows weak relationship. Association between L_Index and G_ndex is 68% which shows relatively significant relationship. Association between Y_Index and G_Index is 6% which shows relatively significant relationship. Descriptive Statistics: (junior) Descriptive Statistics N Minimum Maximum Mean Std. Deviation R_Index 50 2 4 3.16 .584 L_Index 50 2 5 3.55 .689 Y_Index 50 1 5 3.33 .812 G_Index 50 1 5 3.45 .835 Valid N (listwise) 50 Descriptive Statistics: (Senior) Descriptive Statistics N Minimum Maximum Mean Std. Deviation R_Index 50 2 5 3.57 .530 L_Index 50 2 5 3.93 .765 Y_Index 50 2 5 3.43 .664 G_Index 50 2 5 3.87 .596 Valid N (listwise) 50 Chapter V Conclusion and Recommendations: Conclusion: This research was mainly conducted to assess the indication of the involvement of Risk, Yield Spread, Liquidity and Geographical Diversification on Financial Derivatives. The influence of these four independent variables was examined. Data was collected by questionnaires which were given or distributed in the Islamabad Stock Exchange participants. We have used the sample mean test (t-test) to find the major influence of these four Risk, Yield Spread, Liquidity and Geographical Diversification on Financial Derivatives. From this study we can conclude that in case of juniors none of these four factors affects majorly in the determination of financial derivatives. While in the case of seniors not fully but partially all factors are important in the determination of financial derivatives. That means the senior investors just look the factors in determining or doing diversification. In Pakistani market these factors play some role because here the market is manipulated my big investo rs, the market rates or index is influenced by the speculations in the market. So by this we concluded that the seniors do consider these factors the reason for diversification in Pakistani Market. It might be due to their age they are frightened of loss. This means that we should improve our trade relations with our neighboring countries or countries located geographically near to us. Thus, to make our research more purposeful, we have made some recommendations which are as follows. Recommendations: Awareness should be increased amongst the investors regarding the risk factor of each stock. A standard should be developed to identify the risk factor attached with every stock and this information should be made public. Investors should be educated about the calculations of yield spread of every stock. A standard should be developed to identify the liquidity factor attached with every stock and this information should be made public. Investors should be educated about how to decrease risk factor by using various diversification techniques. REFERENCES: Markides, Constantinos C. (1995), à ¢Ã¢â€š ¬Ã…“Diversification, Restructuring and Economic Performanceà ¢Ã¢â€š ¬?, Strategic Management Journal, Vol. 16, No. 2 (Feb., 1995), pp. 101-118. Gay, Gerald D. and Nam, Jouahn (1998) . The Underinvestment Problem and Corporate Derivatives Useà ¢Ã¢â€š ¬?, Financial Management, Vol. 27, No. 4, Winter 1998, pages 53 69 Brinson, Gary P. Randolph Hood, Beebower, Gilbert L. (1986), à ¢Ã¢â€š ¬Ã…“Determinants of Portfolio Performanceà ¢Ã¢â€š ¬?, Financial Analysts Journal, Vol. 42, No. 4 (Jul. Aug., 1986), pp. 39-44 Finkelshtain, Israel and Chalfant, James A ( 1993), à ¢Ã¢â€š ¬Ã…“Portfolio Choices in the Presence of Other Risksà ¢Ã¢â€š ¬?, Management Science, Vol. 39, No. 8 (Aug., 1993), pp. 925-936 Doukas, John A. and Lang, L. H. P. (2003), à ¢Ã¢â€š ¬Ã…“Foreign Direct Investment, Diversification and Firm Performanceà ¢Ã¢â€š ¬?, Journal of International Business Studies, Vol. 34, No. 2, Focused Issue: The Future of Mu ltinational Enterprise: 25 Years Later (Mar., 2003), pp. 153-172. Ludger Hentschel and S. P. Kothari Source: The Journal (2001).à ¢Ã¢â€š ¬? Are Corporations Reducing or Taking Risks with Derivatives?à ¢Ã¢â€š ¬?, The Journal of Financial and Quantitative Analysis, Vol. 36, No. 1 (Mar., 2001), pp. 93- 118. Patrick MC Alister and Jhon R Mansfield. Investment property portfolio management and financial derivatives, Petersen M A and Thiagarajan SR (2000). Risk measurement and hedging: with and without derivatives, Patil, R H (2003), à ¢Ã¢â€š ¬Ã…“Exchange traded interest rate derivativesà ¢Ã¢â€š ¬?. Economic and Political Weekly, Vol. 38, No. 8, Money, Banking and Finance (Feb. 22-28, 2003), pp. 755-756+758-760 Browne Sid (2000),à ¢Ã¢â€š ¬?Risk-Constrained Dynamic Active Portfolio Managementà ¢Ã¢â€š ¬?, Management Science, Vol. 46, No. 9, Stochastic Models and Simulation (Sep., 2000), pp. 1188-1199.

Medical School Admissions Essay Examples - Simple Tips For Great Writing

<h1>Medical School Admissions Essay Examples - Simple Tips For Great Writing</h1><p>Writing a decent clinical school affirmation paper can be trying for a trying doctor. This is particularly valid for the individuals who may not be excellent authors in any case. You should likewise realize that these papers are examined by confirmations officials every day, and that you should invest your best energy to make a decent impression.</p><p></p><p>One of the main things you ought to do when composing a clinical school affirmation article tests is perused the example a few times before you even start to compose. It may not be self-evident, however composing what you have perused will help you enormously in getting it and in making an association with your crowd. Your articles ought to be deliberately created and ought to persuade the confirmations official that you have an unmistakable, compact, and effectively reasonable clarification for your educ ational program vitae. This will make the confirmations official glance at your articles with a greater amount of a receptive outlook than they would otherwise.</p><p></p><p>You will likewise need to take a gander at the example contains a segment on the best way to compose a clinical school paper. Most models remember an area for organizing and a segment on spelling. The format is basic just as the syntax and accentuation. It is fundamental that your understudies comprehend what they are taking a gander at and that the paper is appropriately organized. Organizing mistakes can cause issues among understudy and school instructor and can make them be turned down for admission.</p><p></p><p>Not just will your composition to be impeded by punctuation and spelling blunders, yet you will likewise need to guarantee that your perusing appreciation abilities are satisfactory. Your paper tests ought to remember inquiries for a few subjects. You will need to have the option to respond to inquiries concerning the topic, and you will need to have the option to identify with the article points by giving models from your own life or experiences.</p><p></p><p>When composing expositions on scholastic subjects, you should focus on clinical school confirmation paper tests that remember a segment for themes inside the clinical field. Points can be on courses or clinical school subjects, regardless of whether you are applying to a clinical school or a general clinical school. The subjects in these kinds of exposition tests should concentrate on your experience as a doctor. Your articles ought to show that you are a genuine and capable clinical student.</p><p></p><p>You will need to be comfortable with your particular state prerequisites so as to have the option to make a superb contention on the clinical school affirmations exposition tests you compose. You may need to give letters of p roposal from your past clinical teachers, past colleagues, or even others that realize you well. You ought to recollect that these papers are assessed by a confirmations official, so the more help you can give, the happier you will be.</p><p></p><p>There are a wide range of clinical school exposition tests you can browse, and you will need to choose one that centers around your own circumstance. You will need to have the option to express how you are unique in relation to different candidates. It is significant that you set aside some effort to recognize precisely what your qualities and shortcomings are. The confirmations officials checking on your expositions will need to perceive any reason why you have the right to be a going to physician.</p><p></p><p>These tips should assist you with getting your profession looking fruitful so far with regards to class affirmations. With the correct article tests, your clinical school affirmation s exposition will be better for it. You ought to likewise search for assets online that will assist you with writing papers such that will intrigue school confirmations officers.</p>

Tips For Writing An Essay For College

Tips For Writing An Essay For CollegeIf you have a question about writing an essay for college, there are a few tips to consider. Each of these tips is simple and can be used in any college.One great way to get feedback on your essay is to simply talk to other students. Most college seniors don't even write their essays. They just rely on the assistance of professors or advisers to help them. If you ask someone else how they did on the essay, you may be able to learn from their mistakes and use that as your guide.A good way to do this is to take a class where you don't know anybody, but you can meet other students in your own class. Some of the smartest people in the world are college seniors, so this is a great way to get feedback. Just talk to them, give them suggestions, and see what they do with it.Another tip for writing an essay for college is to find out what your friends have done with theirs. Some people write a big essay on top of an area of interest. Other people work off a theme or concept. If you are unsure if you want to write something like this, try writing in a different style than you normally would.If you have read the tips for writing an essay for college, but you still don't know exactly what you want to say, you can always use a textbook to write your college essay. Remember, that college is the most important time of your life. You want to be well prepared well, so take all of the tips for writing an essay for college, use it, and then bring in what you learned.Writing an essay for college is not something that will be mastered overnight. It will take some time to come up with and develop a winning idea. With a little patience and understanding, you can master writing your essay, and it won't matter how many professors and advisers you talk to until you get the right one. This is an important job, and you need to look at it that way.Writing an essay for college is not rocket science, but it will take some effort. If you plan carefully and put some thought into it, you can write a good essay that will impress your college admissions officers. Don't worry about the time it will take, just focus on coming up with the best essay for college.

Learn How to Write A Credible Essay From A Credible Sample

<h1>Learn How to Write A Credible Essay From A Credible Sample</h1><p>Casual test papers is the sort of thing that is everywhere throughout the web yet is simply not so much about the scholastic side of things. What is really required here is to know the correct ones and the correct method to approach them.</p><p></p><p>Casual tests are the most famous sort of expositions. They will be your manual for gaining a four year college education from a lofty college and you will get familiar with the manners by which it is finished. I'm certain that you will begin getting reactions exceptionally not long after sending these out to planned managers or maybe even friends.</p><p></p><p>In most cases you will find that they originate from generally excellent quality staff at a school. These will show up as a course, as a pamphlet, a section or a class bundle. A great deal of universities exploit this reality by remembering them f or these.</p><p></p><p>The content isn't what is significant. The significant thing is to have a fascinating one. The great ones are instructive, fun and simple to peruse. It will have huge amounts of watchwords that will enable the perusers to discover what they are searching for without stressing a lot over the paragraphs.</p><p></p><p>If you are truly keen on a school junior college, you have to accomplish something other than convey a great many resumes. You have to search for universities that are searching for a substitution for a settled school with its own notoriety and long standing. Do a tad of burrowing and you will without a doubt end up with one of the top contenders.</p><p></p><p>Yes, you will most likely need to do a smidgen of difficult work and there will be a couple of miserable minutes en route. The most significant thing is that you will prove to be the best when everything is said and done. This is the place having the option to peruse is so important.</p><p></p><p>Overall, in the event that you truly need to dominate the match, you ought to follow the best easygoing examples and think of your very own portion. They will be extremely valuable during the time spent figuring out how to be a fruitful writer.</p>

How to Synthesize Long Research Papers

Step by step instructions to Synthesize Long Research PapersIf you need to combine long research papers, at that point it is significant that you have a decent diagram. Likewise, you should ensure that you realize what you are doing before you start. The following are a few hints for incorporating your examination papers.First, you ought to decide how much time you should finish the venture. This incorporates discovering the length of the paper, number of pages, and the estimated number of research papers that you will be chipping away at. On the off chance that you are working with less papers, at that point you can rearrange the procedure. However, in the event that you are working with numerous papers, at that point you may need to enlist somebody to assist you with the procedure. This is particularly evident in the event that you are disposing of different sorts of archives that you may be working with.Second, you should discover what sort of research papers you will be taking a shot at. Do you have to deal with complex research papers? Or then again do you have to deal with examine papers that are essential in nature? There are a wide range of kinds of research papers. You have to discover what your needs are with the goal that you can be set up for all of them.Third, you should ensure that you have included enough data for the task. It is significant that you incorporate the examination materials that are required for every point that you have to chip away at. On the off chance that you don't, at that point you won't have the option to get the data you need. This is the reason it is significant that you ensure that you have adequate data before you start the project.Fourth, you ought not hold up until the last moment to integrate your examination papers. The cutoff time to turn in the undertaking may go back and forth. Simultaneously, on the off chance that you don't get it completed inside the predefined cutoff time, at that point you may need to go thro ugh more cash so as to complete it. At the point when you are working with numerous papers, at that point this can happen all the time.Fifth, when you are taking a shot at an engineered paper, at that point you should attempt to be sorted out. On the off chance that you are not composed, at that point you will invest a great deal of energy scanning for the papers that you need. Likewise, you may need to work out a ton of paper. In this way, it is significant that you plan ahead.Sixth, it is likewise significant that you make notes about the exploration papers that you are taking a shot at. It may be useful to make a rundown of the papers that you have to finish for every one of the points that you have. At that point, you would then be able to organize the papers.When you are taking a shot at orchestrating your examination papers, at that point it is significant that you focus on everything about you can. Obviously, in the event that you need to be effective, at that point you have to ensure that you adhere to the entirety of the guidelines that you are given. At the point when you are taking a shot at a venture this way, it is significant that you are sorted out and that you have incorporated the data that you need.

Writing An Argument Essay For Anxiety Disorders

Writing An Argument Essay For Anxiety DisordersWriting an argument essay for anxiety disorders can be quite a challenge. Even for those who have been writing for quite some time, it can still be an especially difficult task. The reason why this is so is because the topic is often vague and often general - there isn't a clearly defined problem to begin with.In fact, there is often a degree of social stigma attached to it that makes people reluctant to discuss it with others. Anxiety disorders are too often regarded as taboo subjects - rather than a legitimate concern. But if you can overcome these obstacles, then the task of writing an argument essay for anxiety disorders becomes much easier.The initial problem with writing an essay on this topic is that no matter how you phrase it, it will almost always be difficult to define a precise problem. Not everyone experiences anxiety disorders and each person will have different experiences. No one knows for sure what causes them, nor can a nyone say with certainty what symptoms to look out for.The only way to find out if a person's symptoms are consistent over time and from person to person is to get a second opinion. The problem with a second opinion is that most people who seek professional help for their anxiety don't feel that they are ready to ask for it. They feel that their anxiety will improve once they receive professional help.This is not necessarily true - many people aren't ready to seek professional help until they feel that their situation has worsened. Without good professional help, they may feel that there is no point in having it because they won't be able to see any improvements.Another problem with getting help for your symptoms is that there is very little or no funding for professionals to receive help from, and this means that the work of professional help for anxiety disorders will need to be done on a freelance basis, meaning that it will need to be written up quickly, quickly. Professional he lp for anxiety disorders often involves days and weeks of hard work and writing - and it can be hard to find the time to do it.The third problem with writing an essay on the topic of anxiety disorders is that there is very little information about the problems that the sufferers face in society. There is no published source of data on this topic. It is almost impossible to find out what exactly causes anxiety and what symptoms to look out for in a day to day basis.So even if someone could somehow find some good data to use for the essay, it would be of little use if they weren't able to apply it to their own case. Even though it may seem like it isn't important enough to put into an essay, the effects of not having an accurate diagnosis for your symptoms can be extremely serious.

The Insider Secret on Cause/effect Essay Topics Uncovered

<h1> The Insider Secret on Cause/impact Essay Topics Uncovered </h1> <h2> The Hidden Treasure of Cause/impact Essay Topics</h2> <p>Our proficient journalists are happy to assist you with any circumstances and logical results venture that you need to get composed. The clarifications for why people practice and the mental results. </p> <p>Before whatever else, it's an incredible plan to make a rundown of every potential outcome and the makes connected your subject to enable your theme to turn out to be increasingly engaged. There are a few districts to investigate while searching for appropriate motivation and impact points. Utilizing oversight on the web and the conceivable results. </p> <p>There are two or three stages which you can use to help you draft a circumstances and logical results paper. At that point you should clarify what your chief point is. Before you start taking a shot at your absolute first draft, make a rundown of causes and relating results. What's more, the section's significant substance should be a perfectly clear examination and portrayal of the association among impact and cause. </p> <h2>The Basics of Cause/impact Essay Topics </h2> <p>If you're scanning for motivation for your subject, you can run over thoughts from the ensuing rundown. It is a normal strategy to arrange your considerations and start a productive conversation. On the other side, in the occasion the subject allocated is your decision, what you could do is to introduce a pattern, wonder or occasion. It is essential to take note of that if choosing a theme on history and world occasions, you need to guarantee that there's sufficient subtleties on it. </p> <h2> Gossip, Deception and Cause/impact Essay Topics</h2> <p>When you get your assignments, while it is for school, college or higher school, verify you read the bearings to perceive the prerequisites completely. Expounding on the explanation and impact exposition points identified with the school's ubiquity or enduring the underlying year in school may be fine to snatch the enthusiasm of your friends. The absolute first sentence in the section, along with the previous one's last sentence, should offer a smooth progress and one which is clear. Understudies from center school should pick the subject strings since they might be not knowledgeable to satisfy the test. </p> <h2> The One Thing to Do for Cause/impact Essay Topics </h2> <p>In most of occurrences, the data you as of now have won't be adequate to make a nitty gritty, enthralling paper, that is the reason you'll be approached to perform research to secure as much extra d ata as you can. Do a little research on the off chance that you know nothing about the theme doled out. Research might be basic. In spite of the way that you lead examine on every single potential point, take notes. </p> <p>The one distinction is you don't should put page numbers when it has to do with the layout areas. There are numerous types of articles there on the planet you can simply lose your head. You need to complete research all together for your focuses and thoughts will have the fundamental supporting subtleties. At that point give an exhaustive clarification using suitable transitional words. </p> <h2> Cause/impact Essay Topics - Dead or Alive? </h2> <p>Your article needs to demonstrate your theory explanation. In the occasion the theme isn't depicted expressly, you ought to pick the thought without anyone else. Endeavor to choose a point you are acquainted with. All the more regularly you'll have to choose your own circumstances and logical results exposition subject. </p> <p>In most of cases, you ought to just present the subject, stress why realizing how to complete the methodology might be valuable, portray the activities to follow, and make an outline toward the end of the paper to make an excellent point at the flourishing examination. Following that, it's conceivable to suggest explicit treatment. </p> <p>As it was conceded above, picking a subject is essential with respect to making your optimal paper. In the event that you have issues choosing a subject or composing an entire article, we see how to give assistance. As you get down to composing this kind of article, endeavor to track with the explanation and impact paper plot as it's the most noteworthy thing that may ensure you're getting your exposition right. Examine the rundown of the most interesting circumstances and logical results article subjects accessible to create your paper stick out!</p> <p>Then you need to express your contentions and gracefully models. The completion of your acquaintance passage should with be a proposal proclamation. What's increasingly significant is to incorporate suitable change words to show the manner in which each initial sentence of the sections is about the end sentence of the last passage. </p>

Finding the Right College Essay Prompts This Year

<h1>Finding the Right College Essay Prompts This Year</h1><p>The Common App would one say one is of the most famous school papers brief, yet is it a similar this year? A few understudies would state indeed, others would state no. In this way, how would you choose which Common App exposition prompts are the best this year?</p><p></p><p>Well, a portion of the Common App paper prompts appear to be somewhat unsurprising to me. For instance, I feel like the 'am I so brilliant?' question is essentially the equivalent consistently, which is to discover out:</p><p></p><p>What is my present and ongoing enthusiasm for? What's the contrast between my inclinations and my interests? Is there any association between my inclinations and my work at home?</p><p></p><p>And what did you think about this individual before you became acquainted with them through your preferred band? How was this individual before th eir enthusiasm for your band turned into your energy? What was this individual like before they turned into your preferred band member?</p><p></p><p>I feel that a portion of the Common App article prompts will be practically indistinguishable from a year ago. All in all, as an understudy, what are your contemplations on this? What's changed or improved since last year?</p><p></p><p>One thing that I saw was some significant changes. The inquiries and prompts in the College Writing Center appeared to be progressively open-finished, and more in accordance with what the Common App should be. Be that as it may, I've heard that the Common App is likewise trying understudies to perceive how their articles are composed, by permitting them to take tests that will test them on their composing skills.</p><p></p><p>In rundown, it would seem that Common App paper prompts will be entirely like a year ago, despite the fact tha t I think some about the prompts will be somewhat unique. Be that as it may, I figure it will in any case be fundamentally the same as. In this way, in case you're searching for another approach to compose your exposition, this is the most straightforward approach to do it.</p><p></p><p>Here's an indication - If you're despite everything experiencing difficulty finding the correct paper prompts for school, you can generally Google it. You'll likely discover a huge amount of school exposition prompts at no cost.</p>