Friday, May 31, 2019
Stephen Vincent BenetOnly in a time when the pressure of the world amounts to angst and thefight for freedom can a world glide slope in its literary achievements. A writer,just like an artist, builds his creations from the mood and settings of thesurrounding atmosphere. In the first half of the twentieth century, theatmosphere was filled with resources to stimulate literary creativity, such asthe second World War and the Great Depression (Roache 102 14). The socialgenre of the time gave way to the broad appeal to American support and the focus offreedom leading to original stories and historical themes (Folsom 3 953). Ofcourse, the past would remain a constant influence. Some common topics were theCivil War and the settlement of western U.S. frontier life (Magill 1 174).Stephen Vincent Benet took all these factors into mind during his life as atwentieth century writer/poet. Keeping the times, the life, and the literatureof Stephen Vincent Benet a major part of his influence and a chievements, hehelped push America towards a united cultural victory.Stephen Vincent Benet was born in Bethlehem, Pennsylvania to JamesWalker Benet, a career military officer, and Francis Neill Rose Benet on thetwenty-second of July 1898 (Roache 102 11, 13). He described himself as apositive-thinking and modest man, who is thin, attractive, vivacious, whereashis wife and his mother-in-law would consider him a plain, tall, large biter-of-nails who carries a foolish expression, but whose intellect is too much forwords (Parsekian 1).He couldnt have been too foolish of a person due to his positiveupbringing. Benets parents plotted for him to be a success in whatever he choseto do. Their open-mindedness encouraged him to explore books and ideas in aprofessional state., as well as to think and take literature and historyvery seriously (Roache 102 13). Because of this upbringing, all three Benetchildren became poets and authors. (Stephen Vincent Benet was the youngest ofthem.) Much influe nce over the Benets came from love for the country becauseJames military work called for traveling between Georgia, California, Illinois,New York, and Pennsylvania (Griffith 11).Benets education shows how successful he really was. He entered YaleUniversity at 17 years old, when he published his first book. roughly that time,he became professional with New York writers (Roache 102 13). Stephen VincentBenet earned his Bachelor of Arts degree in 1919 and his Master of Arts degreein 1920 at Yale before pass judgment a fellowship to Paris where he could livecheaply and write his first novel and would later find his wife.
Thursday, May 30, 2019
The American Heritage Dictionary of the English Language, Fourth Edition, defines docudrama as1.Consisting of, concerning, or based on documents.2.Presenting facts objectively without editorializing or inserting pretended matter, as in a book or film.Academic separatrix.com is the website to which viewers are directed for more information intimately the film. On this site, it is stated, In this cutting expos, documentary filmmakers Maloney, Browning and Greenberg shine a light on political correctness, academic bias, student censorship--even administrative cover-ups of death threatsThis positioning of the movie presents that it is, in fact, a documentary. My feel is that, based on definition 2 above, the movie is not a documentary, but instead a good example of the the facts speak for themselves actually content the facts, as I have carefully arranged them, support my position.Evan Maloney, the filmmaker, is clearly working in the style of Michael Moore. The film utilizes satir e throughout evidence the onetime(a) Popularity instructional film where overdubbing is used. Interviews are presented offering only on side of the issue. Surprise attempts at interviewers for comic relief are sprung on unsuspecting university officials. knotty visual effects, such as student Charles Mitchell sitting with an American flag blanket behind him are used. Ultimately, what happened in the editing process of Brainwashing hundred and one is a complete unknown. Farhenhype 911 demonstrated how Michael Moore had edited President Bushs address to the haves, and have mores, when in fact, the setting was a charity benefit at which Al Gore was also present. Given the style of the movie, I believe editing was used for key advantage. The movie purports to address political correctness, academic bias and student censorship. I believe that the movie does do this, and utilizing real examples works to create legitimacy for the move. In an admittedly unscientific search of the Interne t about this movie, I found a fair number of positive reactions to the film. So some people do find the movie convincing, as people do with Michael Moore movies. To academic bias, a long section of the film is devoted the teaching of economics and which theories of economics should be taught. As presented in the movie, by virtue of beingness taught, different theories represent a bias in and of itself. Student Charles Mitchell makes the unusual statement that Marxist study is a value judgment. To me, this is not a untried breakthrough in thought it could be argued that all education, throughout history, has been biased based on what has been taught.
Wednesday, May 29, 2019
Antigone, a play written by Sophocles, became a classic due to its timeless subject matter. In this play, the Greek dramatist reflected mainly on civil disobedience. Antigone believes in individual rights over state rights. Creon, however, strongly believes in putting state over religion. The play not only revolves on these deuce political and religious issues, but it also deals with the battle of the sexes.The play is round a strong-willed woman, Antigone, defying the laws of a proud king, Creon. Antigone is torn between her devotion to the gods, her pal Polynices, and her loyalty to the king. Creon, ruler of Thebes, issued the order to leave the traitor Polynices body unburied. He must be left unburied, his corpse carrion for the birds and dogs to tear, an obscenity for the citizens to behold (229-31) Antigone was not ab give away to simply chase Creons absurd decree. She felt that her personal responsibility was to the gods and her family rather than the king. She then asked I smene, her sister, to assist her with the burial, but was denied any help. Ismene justified her decision by telling Antigone that they were already punished and that there was no need to make matters worse for the two of them by defying Creons law.Oh my sister, think- think how our own father died, hated, his paper in ruins, driven on by the crimes he brought to light himselfto gouge come on his eyes with his own hands- then motherhis mother and wife, both in one, mutilating her life in the twisted noose- and last, our two brothers dead in a single day, both shedding there won blood, poor suffering boys,battling out their common destiny hand-to-hand. (60-69)I, for one, Ill beg the dead to forgive meIm forced, I have no choiceI must obeythe ones who stand in power. Why rush to extremes?Its madness, madness. (78-81)Antigone was disappointed at first, but decided that she will bury Polynices with or without Ismenes help. You have your excuses. I am on my way,Ill raise a mound for him , for my dear brother. (95-96)Creon was warned about a plan to bury Polynices and later found the culprit, Antigone. He issued a death sentence for her defying action. Creon informed his son, Haemon, of his fiancees deceit. Haemon, however, defended his beloved fiance. He told his father that the whole city was on her side, but everybody was afraid to speak out against him.
The Impact of the Internet on SocietyThe Internet is, quite liter on the wholey, a meshing of networks. It is comprised of ten thousands of interconnected networks spanning the globe. The computers that form the Internet range from huge mainframes in research establishments to modest PCs in tribes homes and offices. Despite the recent hype, the Internet is not a new phenomenon. Its roots lie in a collection of computers that were colligate together in the 1970s to form the US Department of Defenses communication theory systems. Fearing the consequences of nuclear attack, there was no central computer holding vast amounts of data, preferably the information was dispersed across thousands of machines. A set of rules, of protocols, known as TCP/IP was developed to suspend disparate devices to work together. The original network has long since been upgraded and expanded and TCP/IP is now a de facto standard. Millions of people worldwide are using the Internet to share information, make new associations and communicate. Individuals and businesses, from students and journalists, to consultants, programmers and corporate giants are all harnessing the power of the Internet. For m either businesses the Internet is becoming underlying to their operations. Imagine the ability to send and receive data messages, notes, letters, documents, pictures, video, sound- proficient about any form of communication, as effortlessly as making a retrieve call. It is easy to understand why the Internet is rapidly becoming the corporate communication theory medium. Using the mouse on your computer, the familiar point-and-click functionality gives you access to electronic carry for sending and receiving data, and file transfer for copying files from one computer to another. Telnet services allow you to establish connections with systems on the other side of the world as if they were just next door. This flood of information is a beautiful thing and it peck tho open the minds of society. With the explosion of the World Wide Web, anyone could publish his or her ideas to the world. Before, in order to be heard one would have to go through publishers who were will to invest in his ideas to get something put into print. With the advent of the Internet, anyone who has something to say can be heard by the world. By letting everyone speak their mind, this opens up all new ways of thinking to anyone who is willing to ... ...ia Internet. Libicky Martin. Sept.1997. Physics Today. Information warfare A brief guide to defense Preparedness. Chidley Joe- Caragata Warren. May 1995. Macleans. Crime in Cybercity. Ricci Steven. Oct.1998. master counselor. A Tangled Web. Belsie Laurent. Jul.1994. Christian Science Monitor. The Dark Side of Cyberspace. convert Brian. Sept./Oct.1994. American scientist. The world Wide Web Elias Marilyn- Weise Elizabeth. Apr.1998. Digital Drug. Birkerts Sven. Jul.1997. National Review. The Net and the Self. Rogers Adams. Aug.1998. Newsweek. well-grounded Medicine on the Web. Mannix Margaret. Jun.1997. U.S. News & World Report. Exposed Online. Levy Steven. Jul.1997. Newsweek. On the Net, Anything Goes. Hellwege Jean. Jun.1997. Trial. Privacy on the Internet. Laver Ross.Sept.1998. Macleans. The Sadness of Cyberspace. McAllester Matthew. Sept.1998. Newsday. Identity Crisis. Websites http//www.privacy.org http//www.epic.org http//www.cnil.fr http//www2.echo.lulegal/en/dataport/directiv/directiv.html http//www.usq.edu/au/dec The Impact of the Internet on Society Essay -- applied science SociologyThe Impact of the Internet on SocietyThe Internet is, quite literally, a network of networks. It is comprised of ten thousands of interconnected networks spanning the globe. The computers that form the Internet range from huge mainframes in research establishments to modest PCs in peoples homes and offices. Despite the recent hype, the Internet is not a new phenomenon. Its ro ots lie in a collection of computers that were linked together in the 1970s to form the US Department of Defenses communications systems. Fearing the consequences of nuclear attack, there was no central computer holding vast amounts of data, rather the information was dispersed across thousands of machines. A set of rules, of protocols, known as TCP/IP was developed to allow disparate devices to work together. The original network has long since been upgraded and expanded and TCP/IP is now a de facto standard. Millions of people worldwide are using the Internet to share information, make new associations and communicate. Individuals and businesses, from students and journalists, to consultants, programmers and corporate giants are all harnessing the power of the Internet. For many businesses the Internet is becoming integral to their operations. Imagine the ability to send and receive data messages, notes, letters, documents, pictures, video, sound- just about any form of communicat ion, as effortlessly as making a phone call. It is easy to understand why the Internet is rapidly becoming the corporate communications medium. Using the mouse on your computer, the familiar point-and-click functionality gives you access to electronic mail for sending and receiving data, and file transfer for copying files from one computer to another. Telnet services allow you to establish connections with systems on the other side of the world as if they were just next door. This flood of information is a beautiful thing and it can only open the minds of society. With the explosion of the World Wide Web, anyone could publish his or her ideas to the world. Before, in order to be heard one would have to go through publishers who were willing to invest in his ideas to get something put into print. With the advent of the Internet, anyone who has something to say can be heard by the world. By letting everyone speak their mind, this opens up all new ways of thinking to anyone who is wil ling to ... ...ia Internet. Libicky Martin. Sept.1997. Physics Today. Information Warfare A brief guide to defense Preparedness. Chidley Joe- Caragata Warren. May 1995. Macleans. Crime in Cybercity. Ricci Steven. Oct.1998. Professional counselor. A Tangled Web. Belsie Laurent. Jul.1994. Christian Science Monitor. The Dark Side of Cyberspace. Hayes Brian. Sept./Oct.1994. American scientist. The world Wide Web Elias Marilyn- Weise Elizabeth. Apr.1998. Digital Drug. Birkerts Sven. Jul.1997. National Review. The Net and the Self. Rogers Adams. Aug.1998. Newsweek. Good Medicine on the Web. Mannix Margaret. Jun.1997. U.S. News & World Report. Exposed Online. Levy Steven. Jul.1997. Newsweek. On the Net, Anything Goes. Hellwege Jean. Jun.1997. Trial. Privacy on the Internet. Laver Ross.Sept.1998. Macleans. The Sadness of Cyberspace. McAllester Matthew. Sept.1998. Newsday. Identity Crisis. Websites http//www.privacy.org http//www.epic.org http//www.cnil.fr http//www2.echo.lulegal/en/dataport/directiv/directiv.html http//www.usq.edu/au/dec
Tuesday, May 28, 2019
Q. Discuss in detail the Islamization programme of General Muhammed Zia-ul-Haq as the president of Pakistan.A. Islamization Programme of General Muhammed Zia-ul-Haq - Background - General Muhammed Zia-ul-Haq proclaimed military Law in 1977 and assumed the office of the President of the country. The then government had to issue several martial law regulations to effectively control the aggravating circumstance in the country. There is one strong opinion which has effectively prevailed over the years and that is hat the process of Islamization, in fact, began the day the Qadianis were declared as non-Muslims on their negation of the finality of Prophethood in 1974. The opinion seems to carry some weight as the action of the Government of Mr. Z.A. Bhutto, declaring the Qadianis as non-Muslims, was understood as a step to prevail been taken for the safeguard of the basic tenents of Islam. However, it was the martial law regime under General Muhammed Zia-ul-Haq which took practical st eps for the process of Islamization. The Islamization Programme -The Islamization programme of General Muhammed Zia-ul-Haq contained the future(a) steps. 1. Hadood Ordinance.2. Qazaf Ordinance.3. Nizaam-e-Salaat Committees. 4. Zakat Ordinance. 5. Ushr Ordinance. (a). Central Zakat Council. (b). Provincial Zakat Council.(c). District Zakat Committee. (d). Tehsil Zakat Committee.6. Establishment of Federal Shariat Court. 7. Interest Free illegalizeking.8. Compulsory teaching of Pakistan Studies and Islamiat. 9. Ordinance for the sanctity of Ramzan-ul-Mubarak.10. Ban of Nudity.11. Arabic News.12. Use of Dopatta. 13.Majlis-e-Shoora. in contravention to this Ordinance was liable to three yeas imprisonment and a fine of RS. 500/-. However, hospitals, railway stations, seaports, bus stands, trains and airports were exempted from this Ordinance. The Government in order to make Pakistan a real Islamic State strived hard to introduce Islamic System in the country. The Government for this re ason needed staunch support and cooperation from the masses. Pakistan at that era was passing through the transitory stage towards the ultimate goal of achieving an Islamic society. A very long span was required to mould Pakistan into an Islamic State. 10. Ban of Nudity - The Government imposed a strict ban on the display of nude posters particularly on portraying women as publicity symbols. pageant of nude scenes and moving films with nudity were also banned ob the television. 11. Arabic News - Everyday, five minutes were reserved for Arabic news on the television.
Q. Discuss in detail the Islamization programme of General Muhammed Zia-ul-Haq as the president of Pakistan.A. Islamization curriculum of General Muhammed Zia-ul-Haq - Background - General Muhammed Zia-ul-Haq proclaimed Martial Law in 1977 and assumed the office of the President of the country. The then government had to issue several hawkish law regulations to effectively control the aggravating situation in the country. There is one strong opinion which has effectively prevailed over the years and that is hat the transition of Islamization, in fact, began the day the Qadianis were declared as non-Muslims on their negation of the finality of Prophethood in 1974. The opinion seems to carry some weight as the action of the Government of Mr. Z.A. Bhutto, declaring the Qadianis as non-Muslims, was understood as a step to have been taken for the safeguard of the basic tenents of Islam. However, it was the martial law regime under General Muhammed Zia-ul-Haq which took practical step for the process of Islamization. The Islamization Programme -The Islamization programme of General Muhammed Zia-ul-Haq contained the following steps. 1. Hadood jurisprudence.2. Qazaf Ordinance.3. Nizaam-e-Salaat Committees. 4. Zakat Ordinance. 5. Ushr Ordinance. (a). Central Zakat Council. (b). Provincial Zakat Council.(c). District Zakat Committee. (d). Tehsil Zakat Committee.6. Establishment of Federal Shariat Court. 7. Interest Free Banking.8. Compulsory teaching of Pakistan Studies and Islamiat. 9. Ordinance for the sanctity of Ramzan-ul-Mubarak.10. Ban of Nudity.11. Arabic News.12. Use of Dopatta. 13.Majlis-e-Shoora. in contravention to this Ordinance was liable to three yeas imprisonment and a fine of RS. 500/-. However, hospitals, railway stations, seaports, mint stands, trains and airports were exempted from this Ordinance. The Government in order to make Pakistan a real Islamic State strived hard to introduce Islamic System in the country. The Government for this author needed staunch support and cooperation from the masses. Pakistan at that time was passing through the transitory stage towards the ultimate goal of achieving an Islamic society. A very ample span was required to mould Pakistan into an Islamic State. 10. Ban of Nudity - The Government imposed a strict ban on the display of nude posters curiously on portraying women as publicity symbols. Display of nude scenes and moving films with nudity were also banned ob the television. 11. Arabic News - Everyday, five minutes were reserved for Arabic news on the television.
Monday, May 27, 2019
Ryerson University CFIN300 Midterm Exam Fall 2007 There are 2. 0 hours in this exam. Version A Student Name____________________________ (Please Print) Student Number_________________________________ Notes 1. This is a closed book exam. You may plainly piddle pens, pencils and a calculator at your desk. 2. A formula sheet is attached to the end of the exam. You may detach the formula sheet from the exam. Please fill out the scanner sheet as you go along in the exam. You get out not be given extra time at the end of the exam to fill it out. 3.Select the best possible dissolvent for separately multiple-choice question 4. Each of the 30 MC questions is worth 1 mark Marks Available Total 30_________ There are 14 pages in this exam. 2. Poor Dog, Inc. borrowed $135,000 from the bank to twenty-four hours. They essential repay this money over the next six categorys by making monthly payments of $2,215. 10. What is the interest place on the loan? Express your answer with annual comp ounding. A) 5. 98% B) 6. 63% C) 4. 1% D) 5. 65% E) 5. 80% 3. How much would you pay for a security that pays you $ viosterol every 4 months for the next 10 social classs if you request a go on of 8% per year compound monthly? A) $11,228. 48 B) $15,000. 00 C) $10,260. 0 D) $13,724. 90 E) $10,200. 23 4. You can earn 5% per year increase annually for the next 4 years, followed by 8% per year compounded quarterly for 5 years. What is the average annual compounded rate of return over the 9 year period? Express your answer with monthly compounding. A) B) 6. 2% C) 6. 97% D) 6. 43% E) 6. 59% 5. You fetch just purchased a house for $540,000 with a $200,000 down payment. You are going to get a mortgage at the TF bank for the balance. TF is charging a rate of 5. 8% per year compounded semi-annually on 5 year term mortgages.You want to make weekly payments amortized over 20 years. What is your weekly payment? A) $877. 60 B) $549. 01 C) $545. 47 D) E) $871. 92 6. Master Meter is planning on constructing a new $20 million facility. The company plans to pay 20% of the personify in cash and finance the balance.How much will each monthly loan payment be if they can borrow the necessary funds for 30 years at 9% per year compounded semi-annually? A) $128,740 B) $158,567 C) $160,925 D) $141,982 E) $126,853 7. Gerry Industries has some 8% (per year compounded semi-annually) coupon bonds on the market that are selling at $989, pay interest semi-annually, and mature in fifteen years. The company would like to issue $1 million in new fifteen-year bonds. What coupon rate should be applied to the new bonds if Gerry Industries wants to sell them at par? Express your answer with semi-annual compounding. A) 8. 00% B) 8. 3% C) 7. 87% D) 8. 13% E) 8. 26% 8. You have decided to save $30 a week for the next three years as an emergency fund. You can earn 3. 5 % per year compounded weekly. How much would you have to nonp lus in one lump sum today to have the same amount in your savings at the end of three years? A) $4,441. 26 B) $4,382. 74 C) $4,288. 87 D) $4,305. 19 E) $4,414. 14 9. A credit card company charges you an interest rate of 1. 25% per month.The annual shareage rate is ____ and the useful annual rate is _______. A) 15. 00% 16. 08% B) 16. 08% 15. 00% C) 15. 00% 15. 00% D) 15. 00% 14. 55% E) 14. 55% 15. 00% 10. The Friendly Bank wants to earn an effective annual rate of 9% on its auto loans. If interest is compounded monthly, what APR must they charge? A) 8. 65% B) 9. 17% C) 8. 58% D) 9. 38% E) 8. 44% Use the sideline to answer question 11 Rondolo, Inc. 2006 Income dictation gain sales $12,800 Less Cost of Goods Sold 10,400 Less Depreciation 680 Earnings Before Interest and Taxes 1,720 Less Interest Paid 280 Taxable Income $1,440 Less Taxes 500 Net Income $940 Dividends $423 Additions to retained earnings $517 Rondolo, Inc. 2006 Balance Sh eet Cash $520 Accounts payable $1,810 Accounts rec 1,080 foresightful-term debt 3,600 Inventory 3,120 harsh stock 5,000 Total $4,720 Retained earnings 1,790 Net frosty assets 7,480 Total assets $12,200 Total liabilities & equity $12,200 11. Rondolo, Inc. is currently operating at maximum capacity. All costs, assets, and current liabilities vary directly with sales. The tax rate and the dividend payout ratio will remain constant.How much additional debt is required if no new equity is raised and sales are projected to increase by 4 percent? A) -$122. 08 B) $598. 75 C) $416. 00 D) -$562. 50 E) $318. 01 12. Your brother-in-law borrowed $2,000 from you four years agone and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued.Assuming that you had hold to charge him 10% per year compounded annually, and assuming that he wishes to make five equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off the debt? (Assume that the loan continues to accrue interest at 10% per year. ) A) $738. 63 B) $798. 24 C) $772. 45 D) $697. 43 E) $751. 46 13. What information to you need to find the 3 year forward rate starting 2 years from now? A) 2 and 5 year zero coupon spot evaluate B) 3-year zero coupon spot rate C) 2 and 3 year zero coupon spot rates D) 5 year zero coupon spot rate E) 3 and 5 year zero coupon spot rates 14. You have been making payments for the last 25 years and have finally paid off your mortgage.Your original mortgage was for $345,000 and the interest rate was 5% per year compounded semi-annually for the built-in 25 year period. How much interest have you paid over the last 5 years of the mortgage? A) B) $120,392. 23 C) $13,931. 87 D) $80,743. 13 E) $106,460. 37 15. Which of the adjacent is (are) sources of cash? I. an increase in accounts receivable II. a hang in common stock III. an increase in long-term debt IV. a decrease in accounts payable A) I, II, and IV only B) II and IV only C) I only D) III only E) I and III only 16. financial planning allows firms to I. avoid future losses. II. develop contingency plans. III. ascertain expected financing needs. IV. explore and evaluate various options. A) I, II, III, and IV B) I and IV only C) III and IV only D) II and III only E) II, III, and IV only Use the following to answer question 17 Current $ ascorbic acid Assets A) $52. 00 B) $22. 50 C) $0. 00 D) $4. 50 E) $29. 50 18. A new security will pay an initial cash flow of $100 in 1 year. thenceforth it will pay cash flows every month for the rest of time.The cash flows will grow at 3% per year compounded monthly forever. If you require a return of 6% per year compounded monthly, how much would you be willing to pay for thi s security? A) $18,932. 30 B) $40,000. 00 C) $37,864. 59 D) $33,333. 33 E) $20,000. 00 19. Which one of the following actions is the best example of an agency problem? A) Basing charge bonuses on the attainment of specific financial goals B) Requiring stockh onetime(a)s approval of all management compensation decisions C) Paying management bonuses based on the current market appraise of the firms stock D) Paying management bonuses based on the number of store locations opened during the year E) evaluate a project that enhances both management salaries and the market value of the firms stock 20. The bonds of Franks Welding, Inc. pay an 8% annual coupon, have a 7. 98% (per year compounded annually) yield to maturity and have a face value of $1,000. The current rate of inflation is 2. 5% per year compounded annually.What is the real rate of return on these bonds? A) 5. 42 percent B) 5. 48 percent C) 5. 35 percent D) 5. 37 percent E) 5. 32 percent 21. What is the future value of the following cash flows at the end of year 3 if the interest rate is 6% per year compounded annually? The cash flows occur at the end of each year. Year 1 Year 2 Year 3 $5,180 $9,600 $2,250 A) $19,341. 02 B) $15,916. 8 C) $19,608. 07 D) $18,246. 25 E) $18,109. 08 22. The I. C. James Co. invested $10,000 six years ago at 5% per year simple interest. The I. M. Smart Co. invested $10,000 six years ago at 5% per year compounded annually. Which one of the following statements is true concerning these two investments? I. The I. C.James Co. has an account value of $13,400. 96 today. II. The I. C. James Co. will have an account value of $13,400. 96 six years from now. III. The I. M Smart Co. will earn $525 interest in the second year. IV. Both the I. C. James Co. and the I. M. Smart Co. will earn $500 interest in the first year. A) II, III and IV only B) II and IV only C) I and III only D) III a nd IV only E) I, III and IV only 23. The bonds of Microhard, Inc. carry a 10% annual coupon, have a $1,000 face value, and mature in four years. Bonds of equivalent risk yield 15% (per year compounded annually). Microhard is having cash flow problems and has asked its bondholders to accept the following deal The firm would like to make the next three coupon payments at half the scheduled amount, and make the final coupon payment be $251.If this plan is implemented, the market price of the bond will (rise/fall) to ___________. (Continue to assume a 15% required return. ) A) $892. 51 B) $865. 45 C) $829. 42 D) $808. 89 E) $851. 25 24. Your older sister deposited $5,000 today at 8% per year compounded annually for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6% per year compounded annually. How much more money must you deposit today than your sister if you are to have the same am ount at the end of five years? A) $367. 32 B) $399. 05 C) $489. 84 D) $201. 0 E) $423. 81 25. Net income differs from operating cash flow due to the handling of A) Interest expense and depreciation. B) Depreciation and dividends. C) Dividends and non-interest expense. D) Dividends and interest expense. E) Dividends, interest expense, and depreciation. 26. Shirley adds $1,000 to her savings on the last day of each month. Shawn adds $1,000 to his savings on the first day of each month.They both earn an 8% per year compounded quarterly rate of return. What is the difference in their savings account balances at the end of 35 years? A) $13,923. 34 B) $15,794. 64 C) $16,776. 34 D) $14,996. 47 E) $12,846. 88 Use the following to answer questions 27-30 KLM, Inc. 2006 Income Statement Net sales $3,685 Cost of goods sold $3,180 Depreciation $104 Earnings before interest and taxes $401 Interest paid $25 Taxable income $376 Taxes $128 Net income $248 Divi dends paid $60 Addition to retained earnings $188 KLM Corporation Balance Sheets as of December 31, 2005 and 2006 2005 2006 2005 2006 Cash $520 $601 Accounts payable $621 $704 Accounts rec. $235 $219 Notes payable $333 $272 Inventory $964 $799 Current liabilities $954 $976 Current assets $1,719 $1,619 Long-term debt $350 $60 Net fixed assets $890 $930 Common stock $800 $820 Retained earnings $505 $693 Total assets $2,609 $2,549 Total liabilities and Owners equity $2,609 $2,549 27. What is the net capital spending for 2006? A) $208 B) $144 C) -$144 D) $64 E) -$64 28. What is the cash flow from assets for 2006? A) $1,307 B) $2,259 C) $355 D) $2,503 E) $111 29. What is the operating cash flow for 2006? A) $480 B) $169 C) $425 D) $272 E) $377 30. What is the change in net working capital for 2006? A) $122 B) $643 C) $765 D) -$643 E) -$122 31. A number of years ago you bought some knowledge base for $100,000. Today it is wo rth $225,000. If the land has been rising is price by 5% per year compounded annually, how long have you owned the land? A) 14. 1 years B) 16. years C) Cant be determined with the given information D) 13. 8 years E) 12. 4 years FV = PV (1+tr) pic FV = PV (1+r)t pic pic pic pic pic pic pic pic pic pic pic pic pic pic pic pic Total Dollar Return (TDR) = Dividend Income + groovy Gain (Loss) pic pic pic pic Variance of returns pic pic pic pic pic pic pic Arbitrage Pricing Theory PV of CCA tax shield pic pic Current Ratio = Current Assets Total Asset = gross revenue Current Liabilities employee turnover Total Assets Quick Ratio = Current Assets Inventory ROA = Net Income Current Liabilities Total Assets Inventory Turnover = COGS ROE = Net Income Inventory Total law Cash Ratio = Cash P/E Ratio = Price/common share Current Liabilities EPS Receivables = Sales Dividend Payout = DPS Turnover A ccounts Receivable Ratio EPS D/E Ratio = Total Debt Dividend Payout = Cash Dividends Total Equity Ratio Net Income Total Debt Ratio = Total Debt Market to Book Price / Common share Total Assets Ratio = Book value of equity Equity multiplier = Total Assets Profit = Net Income Total Equity Margin Sales Net Working = Net Working toughieital Interval Measure = Current Assets Capital-Total Asset Total Assets Average Daily Operating Costs Long Term Debt = Long Term Debt Cash Coverage = EBIT + Depreciation Ratio Total Equity + LT Debt Ratio Interest days Sales in = 365 Days Days Sales in = 365 Days Receivables Receivables Turnover Inventory Inventory Turnover Internal Growth = ROA x R Sustainable = ROE x R Rate 1 ROA x R Growth Rate 1 ROE x R Sustainable = p(S/A)(1+D/E) x R Growth Rate 1 p(S/A)(1+D/E) x R NWC = Sales Fixed Asset = Sales Tu rnover NWC Turnover Net Fixed Assets clock Interest = EBIT CF from Assets = Operating CF Cap Ex Additions to NWC Operating CF = EBIT + Deprec Tax =Sales Costs Taxes = (Sales Costs) x (1 Tc) + Deprec x Tc Cap Ex = End Gross FA Beg Gross FA Cap Ex = End Net FA Beg Net FA + Deprec Add to NWC = End NWC Beg NWC CF to Debtholders = Interest Net New Debt CF to Shareholders = Divs Net New Equity CF from Assets = CF to Debtholders + CF to Shareholders Earned Interest Charges Answer Key 2. E 3. E 4. E 5. B 6. E 7. D 8. A 9. A 10. A 11. A 12. C 13. A 14. C 15. D 16. E 17. E 18. C 19. D 20. C 21. D 22. D 23. C 24. C 25. A 26. D 27. B 28. C 29. E 30. E 31. B
Sunday, May 26, 2019
international Morse code remains as one of the most powerful figures of Ameri arsehole history because he contributed to society by creating the Inglewood galvanizing automobile telegraph. Samuel Morse was born in Charleston, Massachusetts on April 27,1791. As a young boy, Samuel lived with his parents and both older brothers. Although hi s academic skills were just mediocre, his ability to draw was outstanding. Samuel wanted to pursue a career in art but his induce opposed and strongly urged him to focus on school. He graduated from Yale and become a clerk at a local bookstore.Eventually, Samuels father reversed his finding and allowed him to study art. He traveled to England and studied with the renowned artist Benjamin West. After four ears, he went back to America and opened up a studio in Boston. But when Morse returned to the United States in 1815, Americans did not have a taste for such large history word pictures. (Gambling 2). They attracted a exercise set of attenti on but nobody would buy them. Samuel wanted to increase the respect for painters so he prepareed the National Academy of Design in New York. There, his painting Gallery Of the Louvre was displayed in public.By presenting Americans with a dazzling showcase of great art he would be doing in miniature what domestic art museum, were there one, should do. , (Stain 5). Samuel expected his dents to study and copy the paintings provided at the Academy. Slowly, the American interest in historical art gradually increased. Without Samuel Morse, the mickle of the U. S. May have never found the beauty in art. As people began experimenting with different type Of methods to transfer messages, Morse dropped his focus on painting and directed it toward electricity.He was motif dated to form the telegraph due to the delayed and sudden news of his wifes death. Morse was listening to a friend and he talked about electromagnetism. l see no condition why intelligence might not be instantaneously tr ansmitted by electricity to NY distance. , (Stain). He immediately jotted down notes for a future model. Morsels final exam outcome was a singletree telegraph. It used a send, repeater and receiver. The main component of the machine was the use Of Morse Code. Morse Code is a series Of dots and slashes that can be translated into letters, numbers and phrases.A skilled operator can reach Upton forty words per minute. As the invention goes public, many people began to fight for the telegraph patent. Morse was immediately involved in legal claims by his partner and by rival inventors. (Maybe 8). Although the invention was impressive, I do not understand why people are desperate to win prizes. Morsels main rival was Pain. They attacked each other with lawsuits and accusations. One of the examples was that Pain tried to claim that Morse copied the idea of using dots and slashes from a Swedish person named Swain.Samuel quickly displaced this by saying Swain did not intend to use it as a f orm of communication. After a while, the electric telegraph patent went to Samuel Morse. Then the Congress funds $30,000 to construct a forty mile telegraph line that connects Washington to Baltimore. Samuel makes a public introduction and types into the telegraph. What hath God wrought? . These words officially open the first telegraph lines make. The Morse Telegraph quickly spreads around the world, greatly impacting their lives.Australia, Europe and India eventually made their own telegraph lines. Morse became instantly famous and he was rewarded by many nations for his acts and contributions to the scientific community. A submarine telegraph was built and connected Ireland to Newfoundland. The queen of England tested it and also gave him a medal. The whole world was grateful for his invention and it changed how everybody lived. Anybody could send assuages around the world in just a librate Of minutes. But then the telephone was invented a few decades later.As the telegraph ra ge went down, people began to remember Samuel Morse as a painter instead of a inventor. Although he opposed against this, he was still happy and spent his vast amount of money on his house. It overlooked a farm, stream and forest. The rest of his livelihood was mainly quiet and pampered. Morse died in New York City on April 2, 1872. As of today, Samuel Morse is still recognized as the founder and creator of the electric telegraph. It greatly changed the world and slowly evolved to en we know today.
Saturday, May 25, 2019
Financial Markets the world over are classified into twain types of merchandises the primary and secondary marts. The primary market is a market for new securities issued by the corporations to raise capital, on the some other hand secondary markets deal in trade of securities previously issued by corporations, transactions in the secondary market typically do not involve the corporations whose financial assets are traded between devil investors. The most popular method of going public is the IPO or the Initial Public Offering method.The IPO involves a financial intermediary such(prenominal) as an investment bank, which underwrites the new securities i. . buys the securities form the corporation and then resells it to investors. The investment bank assumes the risk of distributing the securities. However this process is only viable for large brass with strong liquidity position beca practise it is extremely expensive, time consuming and risky (Underwriters open fire back out at the last moment). Alternately the corporation could use the Direct Public Offering (DPO) process, this is similar to the IPO process except that the corporation itself acts as the underwriter. The corporation registers its securities with the regulating body itself and sells it to investors directly.The process is considerably little costly however it is quite labor intensive. Other less conventional routes to the public securities market include utilizing the Exchange Act Registration of 1934. The organization earth-closet sell its shares individual(a)ly to investors and register under the act, thereby listing the securities on the NASDAQ Over the Counter Bulletin Board (OTC-BB). The OTC-BB is not a stock flip-flop but allows brokers and investors to quote and trade the stock. The go with (private) could also acquire major shares of a public company and become publically listed.Ideally the public company has no assets, liabilities or operations, such firms are referred as pu blic shells. Once the merger is consummated, the merged entity could change its name and management at the discretion of the private company. Another method o get publicly listed is through a registered spin off. Under this method the private corporation issues its common stocks to a publicly traded company, the stock sale is registered with the Securities Exchange Commission and these are distributed to the existing shareholders of the publicly traded corporation.This result in two companies with pubic shareholders, the spin off company can later list itself independently. Once the company goes public i. e. its securities are listed on the Securities Exchange Markets like the NYSE or NASDAQ, any future transaction of these securities becomes a secondary market transaction and prices are determined by the market dynamics. Equity or Debt Securities Before we decide on how to acquire the funds we mustiness understand the effects of the anticipated deferral on the financial market. A recession would be characterized by low level of economic activity.During a recession the demand for money will fall in the face of increased interest rates, which imply higher(prenominal) cost of money. The Federal Reserve on the other hand will try to stimulate the economy by loosening the money supply and driving interest rates down. Therefore there is a tendency for interest rates to decline especially in the short term. If I were the financial manager of the company, I would issue short-term callable bonds to pay the project. Once the economy goes into recession the interest rates would tend to decrease this will make the bond trade in the secondary market for a premium value.Since the bonds are callable the company can call them at the quoted price. The decrease in interest rates will make the stock market more lucrative for investors as they could get higher returns on their investment in the stock market. Since the investors will pull the money out of the bond market and i nject it in the stock market, it will lead to an increase in demand for stocks, pushing the prices of stocks upwards. As the prices of stocks would increase the company could sell its stock for higher par value in the market and generate additional funds.
Friday, May 24, 2019
The representation of sex particularly in the past has been strongly manifested in theater, music, dance, and other performance practices. Most of the succession, these performances aim to seek gender inequality which is one of the most controversial political issues in history especially during the early 20th century. The issue of gender inequality seems to be an unfading concern that is still highly debated in the contemporary world. Humans cultural, religious, and accessible orientation differences make this subject timeless. A womans social role in history is confined and regimented to home, motherhood, and sexual partner.In the past, these constructed social roles given to women used to prevent them from being involved in regime and many social activities which, as a result, hindered them to fully explore their potentials and capability. The play Machinal written by Sophie Treadwell is only one of the literary pieces that subtly illustrate how women were set and approached in history. Helen, the main protagonist of the play, is trapped in a male dominated society bound by the trend of forced conjugal union were fill in is considered unnecessary.The play mainly features a woman who, after seeing the reality of her situation, is encouraged to perform wickedness. Machinal is a tragedy and drama which presents the events from the point of view of a young woman. The first episode of the play with the office as the main setting shows the authentic personality of the young woman. Her lack of interest and focus in an office work manifested in her tardiness shows that she feels subdued by her work. She cannot stand the stifling crowd in the subway who seem to enjoy their routinary job.The effectives of machine going, which continue end-to-end the scene intentionally illustrate the machine-like quality of the surrounding (Treadwell 1). Office or secretarial work given to women symbolizes their lack of opportunity in career world. The sound of clattering ty pewriters, adding machines, and ringing telephones metaphorically depicts the confined and oppressive world of women during 1920s. They were perceived as the inferior gender not just physically but intellectually, limiting their chances to acquire in a more competitive and challenging job.However, as a young woman eager for virgin kind adventure, love, and life, Helen does not fit in such a constricted work environment. The character of Helen depicts the emergence of modern American women who founder woken up to the reality that women are more than how the society perceives them. At that time, women like Helen were starting to unconsciously establish a mentality that they have much to offer beyond the confines of home and motherhood. Demoralized in her new role as a mother, Helens discouragement from the birth of her daughter in episode four is only one of the consequences highlighted in a marriage devoid of emotion.Her total dependency on her husband financially forced her to st ay in a loveless marriage and eventually made her line up to the given roles. Thus, this episode suggests that, just like most women in the early 20th century, Helen married for the purpose of financial security and position. Most women at that time were willing participants or victims who totally conformed to the societys standard. However, when Helen met a man who introduced her to the new experience of momentary passion, she finally realized how society has confined her and how her husband, George, has unconsciously dominated her every decision.With her feelings of hopelessness, Helen decided to murder her husband to free herself from the constraints of the society. The story or play was created during 1920s when there was already an emergence of womens movement by the group of feminists in the U. S. that sought for equality with men. The abstract presentation and discussion over womens status that started from 1846 encouraged different kinds of literature to explore the issue of gender inequality (Imbornoni). The character of Helen presents a subtle reality in the past that inspires and reminds contemporary women that they must enjoy a wider freedom they have right now.
Thursday, May 23, 2019
When a teacher ask students what their ideal classroom is most people would usually reply with no teachers to teach us and we can use our phones whenever we want, we can just chill and sleep. However, the students never think about the consequences to that. Which are that we will non be wide-awake for any major tests and will fail tremendously. My ideal classroom consists of a handful of students, the students prepareting along with each other without having any problems, and a enormous teacher with a lot of patience. My ideal classroom has less than the average amount of students.I would like to have between ten through 15 students in all my classrooms. That is because the less the students the more time the teacher can help all students individually. This will help us be better students and well enroll more we will also learn more. With smaller classrooms the students will have the chance to communicate with every student in the class. This will help us not be strangers to o ne another, and we will be able to get along. If we all get along that makes things a lot simpler and there will not be any fights or altercations between one another.This will help the teacher because they wont have to worry about students wanting to get into fights with one another. Since their would be smaller classrooms teachers will be more laid back and they might not assign as much homework. This is also an utility for the teacher because they wont have to grade as much work every single night and theyll be in better moods. This is bang-up for us because the teacher will have more patience and give us extra time for work or will not relieve us up as much whenever we do something dumb.
Wednesday, May 22, 2019
DANIEL BERGSTRESSER LAUREN COHEN RANDOLPH COHEN CHRISTOPHER MALLOYAQRs DELTA outlineIn the summer of 2011, the principals at AQR detonator forethought met in their Greenwich, CT, office to decide how best to market their new DELTA dodge. After launching in the late summer of 2008, the DELTA schema had compiled an excellent track record, but David Kabiller, a Founding Principal and the Head of Client Strategies at AQR, was frustrated that the gunstock had not grown faster in light of its exceptional performance. In Kabillers experience, the combination of a solid track record plus an innovative product usually led to explosive growth in assets under forethought (AUM), but that had not been the wooing so far with DELTA. The DELTA strategy was a product that offered investors moving-picture show to a basket of nine major deflect broth strategies.The DELTA strategy was innovative in devil substances. First, in terms of its structure, AQR implemented the inherent strategies u se a well-defined investiture process, with the goal of delivering exposure to a well- modify portfolio of dishearten strain strategies. Second, in terms of its fees, the new DELTA strategy aerated relatively lower fees 1 part counselling fees plus 10 percent of performance over a cash hurdle (or, substitutely, a management fee of 2 percent still). This fee structure was low relative to the attention, where 2 percent management fees plus 20 percent of performance, often with no hurdle, was standard. These features, while distinct relative to other related dodge blood line sideboard products, had yet to fully resonate with investors, and Kabiller needed to decide on a to a greater extent effective marketing approach given the size fitted quash of competitors ledger entry this space.AQRAQR was established in 1998 and headquartered in Greenwich, CT. The founding Principals of the firm included Clifford Asness, David Kabiller, Robert Krail, and John Liew, who had all worke d together at Goldman Sachs Asset Management before leaving to runner AQR. Asness, Krail, and Liew had all metin the Finance PhD program at the University of Chicago, where Asness dissertation had focused on momentum investing. AQRs over 200 employees managed $24.0 Billion in assets. A large amount of these assets were invested in outfox stock strategies.Professors Daniel Bergstresser (HBS), Lauren Cohen (HBS), Randolph Cohen (MIT), and Christopher Malloy (HBS) prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not mean to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright 2011, 2012 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, jaw 1-800-5457685, write Harvard patronage give instruction Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.212-038AQRs DELTA Strategy douse coinVoor- en nadelen manipulate parentageWhile open-end mutual currency had to register with the SEC, calculate and publish daily lucre asset values (NAVs), and provide investors with daily liquidity, outfox notes were not automatically regulated by the SEC and enjoyed as much flexibility as they could negotiate with their clients with respect to liquidity. In exchange for this light-touch regulation, disconcert specie were restricted in their marketing only high net worth and institutional investors could instantaneously invest in these bloods. Nevertheless(prenominal), academic work had by the late 1990s established that hedge in blood lines offered a find exposure that was less check with broad market indexes than most mutual blood lines, and strengthly offered high risk-adjusted returns.The performance of the hedge breed industry du ring the 2001-2002 recession wasparticularly good endanger 1 shows that while stock market indices (S&P and NASDAQ) fell dramatically during this period, broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry) rose. In response to the perception that hedge funds truly offered outperformance, institutional m superstary flowed into hedge funds during the late 1990s and 2000s, and the size of the industry grew rapidly. show up 2 charts the growth in the number of funds and total AUM (assets under management) in the hedge fund industry since 1997. With this growth in assets and managers, questions began to surface somewhat the role of hedge funds in a portfolio and whether there were other ways to pose those returns without creation exposed to some of the negatives of hedge fund investing.Alternatives to hedge fundsAlthough many investors were attracted to the possibility of obtaining high returns and /or low covariance with other investments in their portfolio, many still found hedge funds themselves to be unappealing. Among the reasons for their hatred were a) illiquidity, b) minimum investment requirements, c) high fees, d) the difficulty of selecting the right hedge fund manager, e) the in king to gain access to high quality funds, and f) the lack of established benchmarks in the industry. Most hedge funds only allowed redemptions on certain dates often at the end of each quarter. Additionally many funds had an initial lockup that is, investors could not redeem from the fund for a set period after investing the period was often wiz year though some funds had no lockup and others had locked up investors for as long as five historic period.Most funds also had a minimum investment size of at least $1 million. In addition, many investors found the fees charged by hedge funds, which often amounted to 2% of assets under management (some funds even charged the full cost of the ir operations to their funds, amounting to more than 2% management fees) plus an special 20% of profits generated by the fund, to be excessive and hoped to obtain kindred benefits at a lower cost. Some investors also found the judgment of selecting a portfolio from the many thousands of available hedge funds to be an intimidating task, curiously given the lack of transparency (both as to investment process and holdings) that was common among hedge fund managers. And of course even ifan investor could identify a set of funds that made up an attractive portfolio, the managers of those funds might not accept an investment at that magazine or from that investor. Finally, in contrast to the mutual fund industry, there was a lack of established benchmarks for hedge funds, making it difficult to assess skill versus luck and idiosyncratic versus systematic returns. While hedge fund indices existed, these were just peer groups, not true benchmarks, and were biased by a number of things, including style drift and survivorship bias. In response to these criticisms, alternative products were currently introduced into the marketplace.2AQRs DELTA Strategy212-038 parentages of Hedge blood lines (FOFs) wizard popular alternative to direct hedge fund investing was the funds of hedge funds (FOFs) structure. FOFs aimed to take investors money and allocate it among a select group of hedge funds sometimes among a small number (even in the single digits in some cases), and sometimes among hundreds of funds.onerous= burdensome/ heavyThis approach solved a number of the issues facing hedge fund investors, especially those with modest capital. FOFs had less onerous liquidity rules than individual hedge funds, and FOFs were less likely to encounter liquidity problems than individual funds since they could obtain liquidity from a number of underlying funds. Still, FOFs were ultimately subject to the underlying liquidity (both with respect to liquidity terms and underlying holding s) of the funds they were investing in. In addition, a single minimum investment bought a portfolio of many funds, and an experienced and hopefully expert financial professional, or team of such professionals, selected the funds, and chose allocations among them that (presumably) produced a well-optimized portfolio. Finally, FOF managersclaimed that their experience and connections provided access to hard-to-enter funds. Thus FOFs presented an appealing package, and thus sozzled to half of all money invested in hedge funds came through FOFs. However, many investors were put off by FOF fees, which historically included an additional layer of fees often as high as half the level of hedge fund fees themselves (thus making total fees paid about 1.5 times higher(prenominal) than for direct investing).Multi-strategy FundsAnother approach to obtaining an alternative-investment portfolio while avoiding some of the challenges of one-strategy-at-a-time creation was to invest in multi-strate gy hedge funds. Such offerings were often made by large hedge fund firms that offered a variety of individual strategies. Investors might have the option to invest in a multi-strategy fund that allocated assets across the different silos at bottom the firm. One major advantage of multi-strategy funds over FOFs was fees multi-strategy funds typically did not charge an additional fee layer over and above the hedge fund fee (as FOFs did). Further, multi-strategy funds only charged performance fees when the total investment was in the money whereas, in the case of FOFs and direct single strategy investments, an investor could be subject to performance fees even if the net, aggregate performance wasnt positive.A second potential advantage of multi-strategy funds was in portfolio construction. Not only was the allocation among strategies performed by professionals, those professionals likely had a high level of insight and visibility into the opportunities available to the individual sil o managers. Multi-strategy funds generally offered as good or better liquidity than individual-strategy funds, and of course there was no trouble gaining access to the underlying managers. Multi-strategy funds appeared to offer strong diversification, although in the famous case of the hedge fund Amaranth, investors thought they were investing in a diversified portfolio of strategies. However, extreme losses in one of the portfolios silos led to the loss of approximately 75% of total portfolio value. Consequently many investors felt they were not truly diversified if they had a large allocation to a multi-strategy fund, but this could be potentially justify through the right amount of transparency into the positions andrisks of the portfolio, or, of course, through diversification among several different multi-strategy funds, thereby minimizing single firm risk.silos= opslagplaatsen3212-038AQRs DELTA StrategyOne potential concern with multi-strategy funds from the investors point o f view was the question of portfolio manager quality. Although it was possible that a single firm could gather under one roof the very best managers in a variety of specialties, some investors found this implausible.Hedge fund facts of lifeStarting in 2006, a number of investment management firms also introduced hedge fund replication products. These strategies, implemented using liquid instruments, purported to give investors a top-down exposure to the broad risk exposures of the hedge fund industry. These products could be viewed as an effort to provide hedge fund beta, or the systematic part of hedge fund performance. The rationale for these products originated from studies of hedge fund returns that highlighted the idea that the line between alpha and beta, was potentially fluid. The alternative systematic exposures of hedge funds could be viewed as a kind of alien beta. If hedge fund returns could be approximated with dynamically traded portfolios of liquid assets, then inve stors attracted to hedge fund returns, but potentially looking for a liquid or low-fee alternative to actual hedge funds could invest in a hedge fund replication product that attempted to mimic hedge fund returns using liquid assets.These top-down approaches aimed to use statistical methods to create a portfolio of liquid assets that had similar performance to hedge funds as a class. One top-down approach was to use linear regressions, or optimizations, to build a portfolio that had high correlational statisticss to historical hedge fund returns. An example of thisapproach consisted of three steps. First one would obtain a long-run time series of returns on a diversified portfolio of hedge funds (e.g., the HFRI periodic hedge fund indices were commonly used). because one would obtain returns on a large number of liquid investments-these could be indexes of stocks (e.g., S&P 500, MSCI EAFE, MSCI Emerging, Russell 2000, and so on), bails (e.g., US 10-year government bonds), curren cies (e.g., EUR-USD Spot Exchange Rate), etc. () Finally, one would use a standard statistical optimizer, or linear regression, to find the portfolio of liquid investments (either long or short and at weights implied by the statistical analysis) that most closely replicated the statistical characteristics of the hedge fund portfolio. represent 3 presents the monthly returns from a set of indices that were commonly used for hedge fund replication purposes.1 Specifically, the goal was to create a portfolio that historically moved as close to one for one with the hedge fund portfolio, so that it had high correlation with the hedge fund portfolio, and yet also matched other statistical moments, such as volatility, skewness, and kurtosis. Historically, and ideally on a forward-looking basis as well, this portfolio would process a role in the diversified portfolio similar to the role that hedge funds would play. unwrap 4 plots the recent return performance of a a few(prenominal) commo nly used hedge fund indices (e.g., DJCS_Hedge, HFRI_FW, and HFRX_Global), which represent composite indices of individual hedge funds and were designed to track the overall return performance of the industry as well as a fund-ofhedge funds (FOF) index (HFRI_FOF) designed to track the overall return performance of funds of hedge funds. Exhibit 5 presents the return performance of four popular hedge fund replication index products, produced by Merrill Lynch, Goldman Sachs, JP Morgan, and Credit Suisse. Exhibit 6 presents the return performance of the overall hedge fund indices alongside the performance of these hedge fund replication products.1 This is an excerpt of the data. The full data series is in the Spreadsheet Supplement to the case.4AQRs DELTA Strategy212-038AQRs approachFor years, the principals at AQR had been working on understanding the underlying nature of hedge fund returns and exploring the possibility of being able to capture them in a transparent, liquid and cost eff ective way. Thus, they were initially intrigued by the introduction of these hedge fund replication products, but very soon came to the conclusion that an entirely different approach to delivering exposure to the systematic risk factors of the hedge fund industry was needed. Whereas AQRs competitors focused on the top-down products depict above, AQR focused on creating a bottom-up approach that sought to deliver significant risk-adjusted returns instead of simply replicating an index by capturing classical, liquid hedge fund strategies that were uncorrelated with traditional markets, implementing them at low cost, and then bundling these strategies into a wellconstructed single portfolio focusing on portfolio construction, risk management and trading.Origins of AQRs approachThe idea of direct, simplified implementation of core hedge fund strategies was hinted at by the pioneering work into merger trade of Mark Mitchell and Todd Pulvino. Mitchell and Pulvino were both former academ ics (at Harvard Business School and the Kellogg School of Management, respectively) who subsequently teamed up with AQR in 2001. A simple merger arbitrage strategy, for example, worked as follows after the announcement by Firm A of a desire to acquire Firm B, the merger arbitrageur made a purchase of the target Firm B shares while shorting the acquirer Firm As shares (if the acquisition was to be made in cash, the arbitrageur merely purchased Firm B shares without shorting Firm A).Typically upon the announcement of the merger, the price of the target shares would not rise all the way to the price that would be appropriate if the merger were sure to be completed. When Mitchell and Pulvino studied the merger arbitrage industry, they found that merger arbitrage strategies did deliver substantial risk-adjusted returns. Specifically, the evaluate returns of putting merger arbitrageinvestments into place was high, and while the risk was higher than one might naturally have expected beca use mergers tended to break up exactly at times of market stress, and therefore the merger arbitrage strategy had more beta, or market exposure, than might be presumed nevertheless they found that even accounting for this risk, the performance of a nave merger arbitrage strategy that invested in every(prenominal) deal was substantial.Mitchell and Pulvino also looked at the performance of actual merger arbitrage funds. A merger arbitrage fund would be expected to add alpha by correctly identifying which mergers were more or less likely to achieve completion than the market anticipated. So, for example, if the market pricing of a deal was such that the expected return would be zip if the merger was 90% likely to be completed, the merger arbitrageurs job was to try to figure out whether in fact the merger was substantially more than 90% likely to go through, substantially less than 90%, or about 90%, and then invest only in those deals that were substantially more than 90% likely to go through. What Mitchell and Pulvino found was that merger arbitrage funds made money, but that they did not show an ability to forecast which mergers would close over and above the markets ability. That is, the outperformance that merger arbitrageurs were generating was no greater than the outperformance that would be generated by a simple strategy that bought every target and shorted every bidder, particularly net of fees.5212-038AQRs DELTA StrategyThis opened the door to a potential strategy for the replication of merger arbitrage simply recruit in every merger arbitrage deal that met a set of basic screens (e.g., size and liquidity). The benefit to investors would be a potentially more diversified portfolio of merger deals than would be obtained from a fund manager who only selected a subset of the deals, and also potentially far lower fees, because there was no need to buckle under an analystto determine which mergers were more or less likely to succeed. With this as a te mplate, one could easily imagine a whole roster of potential hedge fund strategies that could be captured in a systematic way (e.g., long value stocks and short growth stocks, convertible arbitrage, carry trades, trend adjacent trades and trades exploiting other wellknown empirical asset pricing anomalies). Since the early work into merger arbitrage, AQR had spent years researching these other classical hedge fund strategies that could be captured from the bottomup.bottom-up versus Top-DownAQR preferred their bottom-up approach for a variety of reasons. First, they felt that many hedge fund strategies earned returns for bearing a liquidity risk premium, which you could not earn by trading solely in liquid instruments as in the hedge fund replication methods. For example, in order to capture the returns from a convertible bond that traded at a discount to fair value because of a liquidity risk premium, you needed to own the convertible bond, not simply liquid assets that were correl ated with the convertible bond. Second, since top-down methods aimed to maximize correlations with recent past hedge fund performance, these approaches were necessarily backwardlooking and based on what hedge funds were doing in the past. By contrast, if you ran the actual strategies, one could respond to market opportunities immediately.Finally and possibly most importantly, AQR felt that the hedge fund indices upon which most top-down replication strategies were based had a variety of biases (e.g., survivorship bias), had too much exposure to traditional markets (i.e., equity and credit beta) and also tended to reflect the weights of the most popular strategies. Since these popular strategies were displace with many trades, the expected returns on these strategies going forward were potentially lower. In short, while they shared the noble goals of top-down replication products (i.e., attempting to provide liquid, transparent exposure to hedge fund strategies at a lower fee), AQR felt that the approach had fundamental flaws or, as Cliff Asness put it in a speech in October 2007 on hedge fund replication, Not Everything That Can Be Done Should Be Done.AQRs DELTA StrategyIn late 2007, AQR decided to focus their years of research on capturing the classical hedge fund strategies in a systematic way from the bottom up by creating our own product that would desire to deliver these strategies in a risk-balanced and efficiently implemented way. AQR viewed their DELTA product as superior to the newly-introduced replication products that were being marketed as offering hedge fund beta. In fact, AQR provide bristled at comparisons between the existing hedge fund replication products and their DELTA product. To ensure that AQR was taking a broad approach and to avoid being insular, they formed an external advisory committee made up of some very seasoned hedge fund investors to help guide the development of the product. The DELTA secern was an acronym that reflected the products characteristics Dynamic, Economically Intuitive, Liquid, Transparent and Alternative. The portfolio was designed to be uncorrelated with the overall stock market, and would be diversified across nine broad strategy classes a Fixed Income Relative Value strategy, a Managed Futures strategy, a Global Macro strategy,insular = bekrompen6AQRs DELTA Strategy212-038an Emerging Markets strategy, a large/Short equity strategy, a Dedicated Short Bias strategy, an Equity Market Neutral strategy, a Convertible Arbitrage strategy, and an Event Driven strategy. writ of executionAQR decided to go ahead with the creation of the DELTA strategy in the late summer of 2008. By October 1, 2008, the portfolio was fully invested and had begun to compile a track record. At the time, the staff at AQR had worried that this might be the worst possible time to be launching a product designed to capture classical hedge fund strategies. Nonetheless, the DELTAportfolio performed well in the fourth q uarter of 2008 immediately after its launch, an impressive feat given the turbulence in the market. Exhibit 7 charts the monthly performance of the DELTA strategy since inception. Exhibit 8 shows the raw monthly returns of the DELTA strategy, compared to the raw monthly returns of stock market indices (S&P and NASDAQ) and broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry). Exhibit 8 also presents the beta of the DELTA strategy with respect to these various market and hedge fund indices, while Exhibit 9 graphs the cumulative return performance of the DELTA strategy relative to these indices.Marketing DELTAAlthough DELTA was off to a great start, Kabiller felt like it was underperforming its potential. By the summer of 2011, despite its excellent performance, growth in DELTAs AUM had been modest. After giving it a lot of thought, Kabiller identified three primary challenges AQR faced in convincing in vestors to allocate capital to DELTA. First, many of his institutional clients had grown very comfortable selecting a set of hedge funds and paying them both management and performance fees. Exhibit 10 presents the recent annual returns of some of the largest U.S. hedge funds, many of whom had delivered stellar returns over time. Kabiller was convinced that one of DELTAs major assets was its ability to deliver hedge fund returns with a significantly lower fee structure. But many of his institutional clients had difficulty assessing just how large an advantage this provided DELTA. For instance, if a client selected the two percent management fee with no performance fee structure, how much higher could they expect their after-fee returns to be?Given that performance fees were typically only paid on returns in excess of a cash hurdle, was a twenty percent performance fee really that costly to fund investors? Related considerations applied to investors that invested primarily through Fu nds of Hedge Funds. These investment vehicles typically added a layer of fees on top of the after-fee performance of their hedge fund investments typically a one percent management fee and a ten percent performance fee. Due to DELTAs multi-strategy investment approach, its after-fee performance should perhaps be benchmarked against those of fund-of-funds alternatives.Conveying to such investors the fee advantage of DELTA in simple terms for instance, how much better their competitors pre-fee returns needed to be than those of DELTA to offset the fee differential gear would go a long way in convincing them that DELTA was the superior approach. A second challenge in marketing DELTA was the emergence of the so-called hedge fund replication strategies. These strategies were almost the polar opposite of the fund-of-funds they had modest fees and, because they replicated hedge fund returns using highly liquid indices, they faced little in the way of liquidity risk. Institutional inves tors interested in low-fee exposure to hedge fund returns found these products attractive, and Kabiller found it challenging to convey the advantages of the DELTA approach. His inclination was to focus on two key limitations of hedge fund replication. First, he felt they relied heavily on the historical relationship between hedge fund returns and major stock and bond market indices. To the extent that the relationship was not stable, 7212-038AQRs DELTA Strategyor to the extent that a large fraction of hedge fund movements could not be captured by an appropriate combination of these indices, the replication approach would be limited in its ability to truly deliver in real time the actual returns being earned by the average hedge fund investor. Second, even if the strategy could replicate a large fraction of the monthly fluctuations in performance of the average hedge fund, Kabiller felt it was likely that a top-down approach would be limited in replicating the actual edge, or alpha, of the average hedge fund. Even if much of the risks to which hedge funds were exposed could be found in broad stock and bond market indices, it was unlikely that any of the informational or liquidity edges they feature would appear in the returns of these indices. A final challenge Kabiller faced in the marketing of DELTA was its track record. Although it had outpaced the broad HFRI index since its inception in the fall of 2008, the track record was still a fairly limited one. Moreover, since the central appeal of the product was its ability to match average hedge fund returnswith modest fees, the outperformance ironically posed something of a challenge for DELTA. Kabiller felt it would be critical to understand its source before determining whether it was an aberration or whether they possessed a sustainable edge relative to the index of hedge funds. As Kabiller looked out beyond his infinity pool and into the calm waters of the Long Island Sound, he worried that without a proper grasp of these issues, many rough sales meetings lay ahead for him and his DELTA team.8AQRs DELTA Strategy212-038Exhibit 1 accumulative pass along Performance of Hedge Fund Indices versus Stock Market Indices, since 1996.Cumulative Return Performance of Hedge Fund Indices Versus Stock Market Indices 500450four hundred 350 300 250 200 150 ascorbic acid 50 0 199601 199609 199705 199801 199809 199905 200001 200009 200105 200201 200209 200305 200401 200409 200505 200601 200609 200705 200801 200809 200905 201001 201009 201105 NASDAQ S&P_Index DJCS_Hedge HFRI_FWSource Bloomberg.9212-038AQRs DELTA StrategyExhibit 2 Total do of Hedge Funds and Total AUM (Assets Under Management)for the Hedge Fund Industry, since 1997.Growth in Hedge Fund Industry (1997-2010)12,000 $2,500.0010,000Number of Hedge Funds8,000 $1,500.00 6,000 $1,000.00 4,000 $500.00Hedge Fund AUM (in Billions $)$2,000.00Number of Hedge Funds Hedge Fund AUM2,0001997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010$-Source Created by casewriters using data from Hedge Fund Research, www.hedgefundresearch.com, accessed August 2011.10212-038-11-Exhibit 3 Excerpt of Monthly Returns on Indices Commonly Used for Hedge Fund Replication (1996-2011). The full data series is contained in the Spreadsheet Supplement to the case MSCI EM 7.6% -0.6% 1.1% 5.2% 0.1% 0.9% -6.2% 2.6% 1.4% -1.4% 1.7% 1.0% -2.1% -1.4% 4.3% 0.8% -1.6% -1.9% -0.9%-7.3% -7.4% 9.1% -3.8% 0.0% 7.4% 3.9% 7.0% 6.2% -2.5% 0.5% 15.0% -0.5% 0.5% 10.9% -0.2% 1.0% 4.5% -8.7% -4.3% -8.8% -11.4% -5.4% -7.0% -1.3% -1.2% -3.5% -2.0% -2.5% -3.7% -1.1% -1.7% -2.0% 0.4% 0.1% 0.2% 0.4% -0.1% 0.0% 0.0% 0.0% 0.1% -2.8% 2.0% 2.4% 2.6% 0.0% 3.0% -0.1% 0.5% 1.6% 2.4% -0.3% 5.4% 2.4% 3.4% 0.2% -0.1% -0.4% 0.0% 0.0% 1.6% 2.7% -0.7% 3.3% 5.7% 2.8% -2.0% 1.3% 2.0% 0.8% 4.0% -0.7% 4.0% 2.4% 7.6% -2.0% 0.8% 0.0% 2.8% -2.1% 4.6% -1.2% 3.7% -1.7% 5.6% 2.8% 0.9% 1.2% 2.2% 2.9% 0.9% 4.1% 0.4% 0.0% -0.7% -0.2% 1.1% 1.7% -0.9% -0.8% 0.6% -1.2% 1.4% 0.0% 1 .0% 0.3% 0.0% 1.0% -4.9% 0.9% -4.2% -8.8% 5.7% 0.4% -4.4% 2.1% 0.8% 0.4% 0.4% 1.5% 0.0% -0.5% -0.3% -1.0% -1.4% 3.5% -1.2% 5.3% 3.9% 1.5% 2.6% 0.0% 0.2% -1.7% -0.6% 4.5% -1.4% -1.0% 2.8% 3.0% 1.8% 0.9% 1.0% -0.5% -0.2% -3.6% -1.1% -3.7% -0.3% 3.7% -0.2% 3.4% 0.9% 0.4% 5.1% MSCI EAFE RUSSELL 2000 S&P 500 US TREAS 2YR US TREAS 10YR CURRENCYHFRIHFRI FOFHFRI FW1/31/19961.1%2.7%2.9%2/29/1996 3/29/19962.8% 1.9%-0.6% 1.0%1.2% 1.5%4/30/1996 5/31/19965.3% 3.7%3.1% 1.5%4.0% 3.1%6/28/1996 7/31/1996 8/30/1996-0.7% -2.9% 2.6%0.4% -1.9% 1.5%0.2% -2.1% 2.3%9/30/1996 10/31/19962.2% 1.6%1.2% 1.6%2.1% 1.0%11/29/1996 12/31/1996 1.7% 0.8%2.3% 0.7% 2.1% 1.3% 1/31/2011 2/28/20110.4% 1.3%0.1% 0.8%0.4% 1.2%3/31/2011 4/29/20110.5% 1.3%-0.1% 1.2%0.1% 1.5%5/31/2011 6/30/2011 7/29/2011-1.3% -1.3% -0.3%-1.1% -1.3% 0.4%-1.2% -1.2% 0.2%8/31/2011 9/30/2011-4.9% -6.0%-2.6% -2.8%-3.2% -3.9%10/31/2011 11/30/2011 12/30/20114.9% -2.0% -0.9%1.1% -1.0% -0.4%2.7% -1.3% -0.4%1/31/20123.8%1.9%2.6%Source Thomson Reuters Data stream.212-038AQRs DELTA StrategyExhibit 4Cumulative Return Performance of Overall Hedge Fund Indices, since June 2007.Recent Performance of Hedge Fund Indices120 110 100 DJCS_Hedge 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 HFRI_FW HFRX_Global HFRI_FOFSource Bloomberg.12AQRs DELTA Strategy212-038Exhibit 5Cumulative Return Performance of Hedge Fund Replication Indices, since June 2007.Recent Performance of Hedge Fund Replication Products130 120110100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 ML GS JPM CSSource Bloomberg.13212-038AQRs DELTA StrategyExhibit 6 Comparison of Cumulative Return Performance of Overall Hedge Fund Indices versus Hedge Fund Replication Indices, since June 2007.Comparison of R ecent Performance of Hedge Fund Indices Versus Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 DJCS_Hedge HFRI_FW HFRX_Global HFRI_FOF ML GS JPM CSSource Bloomberg.14AQRs DELTA Strategy212-038Exhibit 7Monthly Return Performance of AQR DELTA strategy, Since Inception.AQR DELTA Return Performance5.00%4.00%3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00%Source Company documents.15212-038AQRs DELTA StrategyExhibit 8 Monthly Return Performance (and Beta) of AQR DELTA strategy compared to Market Indices (S&P, NASDAQ) and Hedge Fund Indices (DJCS_Hedge, HFRI_FW), since October 2008.Date 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201 105 AverageDELTA 1.22% 1.72% 4.05% 2.79% -0.10% 2.32% 3.09% -0.35% 1.78% 1.93% 4.48% 2.70% -0.31% 0.96% 0.55% -0.66% -0.27% 2.23% 2.18% -3.37% 1.39% 1.62% 2.02% 3.33% 2.47% 1.03% 1.93% -0.41% -0.45% 0.92% 2.31% -0.84% 1.32%NASDAQ -17.73% -10.77% 2.70% -6.38% -6.68% 10.94% 12.35% 3.32% 3.42% 7.82% 1.54% 5.64% -3.64% 4.86% 5.81% -5.37% 4.23% 7.14% 2.64% -8.29% -6.55% 6.90%-6.24% 12.04% 5.86% -0.37% 6.19% 1.78% 3.04% -0.04% 3.32% -1.33% 1.19% 0.09 0.25 0.28S&P_Index -16.94% -7.48% 0.78% -8.57% -10.99% 8.54% 9.39% 5.31% 0.02% 7.41% 3.36% 3.57% -1.98% 5.74% 1.78% -3.70% 2.85% 5.88% 1.48% -8.20% -5.39% 6.88% -4.74% 8.76% 3.69% -0.23% 6.53% 2.26% 3.20% -0.10% 2.85% -1.35% 0.64% 0.09 0.28 0.32DJCS_Hedge -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% 0.64% 0.25HFRI_FW -6.84% -2.67% 0.15% -0.09% -1.21% 1.66% 3.60% 5.15% 0.25% 2.50% 1.30% 2.79 % -0.20% 1.52% 1.28% -0.76% 0.66% 2.49% 1.19% -2.89% -0.95% 1.61% -0.13% 3.48% 2.14% 0.19% 2.95% 0.41% 1.23% 0.06% 1.45% -1.18% 0.66% 0.25DELTAs Beta with DJCS_Hedges Beta with HFRI_FWs Beta with Source Company documents.16AQRs DELTA Strategy212-038Exhibit 9 Cumulative Return Performance of AQR DELTA Strategy versus Market Indices (S&P and NASDAQ) and Hedge Fund Indices (DJCS_Hedge and HFRI_FW), since October 2008Cumulative Return Performance of DELTA versus Market and Hedge Fund Indices 180160 140 120 100 80 60 4020 0DELTA NASDAQ S&P_Index DJCS_Hedge HFRI_FWSourceBloomberg and company documents.17212-038-18-Exhibit 10Annual Returns of Largest Hedge Funds (%)Fund Name Winton Futures USD Cls B Millennium International Ltd Transtrend DTP Enhanced Risk (USD) The Genesis Emerging Mkts Invt Com A perspective Diversified Programme Aurora Offshore Fund Ltd. Permal Macro Holdings Ltd USD A Canyon Value Realization Cayman Ltd A Permal Fixed Income Holdings NV USD A unequivocal Alpha Fund PCC Diversified Caxton Global Investments Ltd GAM U.S. Institutional Trading K4D-10V Portfolio K4D-15V Portfolio Orbis Optimal (US$) Fund GAM Trading II USD Open Double Black Diamond Ltd (Carlson) GoldenTree mellowed Yield Master Fund Ltd Bay Resource Partners Offshore Fund Ltd GAM U.S. Institutional DiversityFirm Name Winton Capital Management Millennium Intl. Management Transtrend BV Genesis Investment Management Aspect Capital Aurora Investment Management Permal Asset Management Canyon Capital Advisors Permal Asset Management fiscal Risk Management Caxton Associates GAM Sterling Management Graham Capital Management Graham Capital Management Orbis Investment Management GAM Sterling Management Carlson Capital Goldentree Asset Management GMT Capital Corp GAM Sterling ManagementSize ($Bil) 9.89 8.84 8.38 6.70 5.71 5.56 5.35 5.21 4.51 4.47 4.40 3.57 3.543.54 3.43 3.09 2.98 2.65 2.45 2.432001 7.11 15.26 26.36 4.62 15.79 9.82 14.66 12.69 11.50 9.33 31.41 16.34 6.45 39.31 29.01 14.78 11 .94 18.30 29.32 9.562002 18.34 9.61 26.26 -1.77 19.19 1.31 8.03 5.21 10.47 6.36 26.44 10.69 18.76 43.71 12.15 10.55 2.12 6.24 0.03 4.952003 27.75 10.89 8.48 61.98 20.59 13.58 12.56 21.87 17.59 8.07 8.09 14.74 8.46 21.60 10.84 14.49 7.62 31.42 23.24 14.602004 22.63 14.68 12.82 31.53 -7.72 8.15 4.86 13.56 9.37 4.06 9.97 3.55 5.56 -0.43 2.25 3.84 4.70 9.89 27.97 6.142005 9.73 11.31 5.99 37.86 12.01 9.47 10.65 8.35 7.69 7.00 8.03 4.98 -7.52 -16.97 8.60 4.80 5.08 13.35 30.95 10.482006 17.83 16.43 12.04 30.22 12.84 10.95 9.48 14.08 10.48 8.94 13.17 8.68 5.02 6.64 4.95 7.44 21.12 13.21 21.65 16.742007 17.97 10.99 22.38 31.68 8.18 13.14 8.90 7.52 8.42 16.33 1.06 9.48 11.62 16.57 6.98 7.93 15.96 4.60 19.84 7.762008 20.99 -3.04 29.38 -49.30 25.42 -21.69 -5.16 -28.36 -18.40 -23.02 12.96 7.57 21.82 35.67 -2.49 5.78 -12.40 -38.60 -20.88 -13.962009 -4.63 16.28 -11.27 90.44 -11.24 21.26 9.83 55.20 27.32 10.51 5.83 8.32 1.41 3.11 9.92 6.55 28.34 69.94 56.60 6.782010 14.46 13.22 14.89 25.06 15.36 7. 31 6.38 13.46 10.40 5.36 11.42 7.80 2.46 4.58 -3.93 5.97 9.30 23.61 15.90 -1.142011 6.29 8.39 -8.65 -15.29 4.51 -6.01 -3.27 -4.66 -5.28 -2.06 -2.40-2.32 -4.11 -2.67 -4.19 -2.79Source Morningstar Hedge Fund Database, accessed January 2012.
Tuesday, May 21, 2019
Alcohol Dependency & Problem Drinking John Greenwald Edinboro University introduction It is difficult to locate someone in the hearted States who feels that alcohol dependency and fuss drinking is non a national problem. (Anton, R. 2010) Alcohol dependency and problem drinking has been at the forefront of policy debates at the micro, mezzo, and macro levels regarding healthc are expenses and outcomes, legal matters, and social implications for generations. Most times it is addressed in conjunction with drug abuse. (Anton, R. 010) A general population survey conducted earlier last decade estimated that the prevalence of problem drinking at 4. 65% and alcohol dependence at 3. 81% respectively in the United States. (Huebner & Wolfgang-Kantor, 2011) There are numerous ways to treat alcohol related disorders. Here are three of those interventions otic acupuncture, 12 step based recovery programs, and moderation management program. Auricular Acupuncture Auricular acupuncture is a hol istic approach that originated in the United States during the 80s.This form of acupuncture is widely used to treat alcohol dependency in the United States and United Kingdom as an alternative holistic approach. (Alster, M. 2010) The treatment uses five auricular acupuncture points referred to as NADA protocol, the acupuncture points are located in the ear. This intervention is rooted in traditional Chinese medicine. (Alster, M. 2010) The acupuncture points used during this treatment are similar from customer to client. (Alster, M. 010) The treatment modality is used in conjunction with traditional alcohol detoxification protocols, as to nurture the client from physiological harm from detoxing from alcohol. One study the describe short shape benefits of this intervention included feelings of relaxation, contentment, and enjoyment mixed with more long term benefits like analgesia, increases in sleep quality, and a reduction in alcohol consumption, anxiety, and cravings. (Alster, M. 2010) In addition to the positive short term benefits there were some blackball side personal gear ups that were reported such as feelings of light eadedness, burning sensations, and feelings of heat at needle sites. (Alster, M. 2010) Furthermore, there were some initial reports of anxiety all the same before treatment started which was found to be largely attributed to a clients fear of needles, doubt of strength, and fear of something foreign. (Alster, M. 2010) M both of these negative side effects dissipated as time passed. (Alster, M. 2010) The aforementioned study of this modality paints an overall positive view of this approach however a nonher study drew correlations that were not as positive.The later study did find similar short term results which included a reduction in alcohol consumption and an improvement in overall psychological well-being. (Ashton, Nodiyal, Green, Moore, & Heather, 2009) However, the long term results failed to indicate signifi masst indication s of the overall effectiveness of auricular acupuncture in long term reduction in consumption, anxiety, and cravings. (Ashton et al. , 2009) 12-Step Based Recovery Programs Alcoholics Anonymous (AA) was founded in 1935, by Bill Wilson and Dr.Bob Smith, as self-help 12-step abstinence based approach to spiritual and character development. (Huebner & Wolfgang-Kantor, 2011) To this day, the AA fellowship is free to join for anyone who is alcoholic and wants to be a member which makes it an appealing option for many resource strapped clients and social workers. Later in the 1950s the (AA) prototype was introduced into a master key setting by a non-profit organization called Hazelden Foundation, which is still used widely by many treatment facilities today. (Huebner & Wolfgang-Kantor, 2011)The Hazelden model calls for an individualized intervention plan, which includes family involvement, in the stage setting of a 28 day inpatient setting combined with participation in AA while in tre atment and post treatment as a part of an aftercare plan. Typically in this model clients also undergo cognitive-behavioral therapy and/or motivational enhancement therapy which focuses on negative consequences resulting from alcohol use and identification of triggers which can be peck, places, things, and in timets. (Huebner & Wolfgang-Kantor, 2011) In one study lookers found hat clients who suffered from alcoholism only, whom did not have a dual diagnosis or a co-occurring diagnosis, who apply this intervention, had more abstinent days than those treated by other methods. These individuals showed significant positive outcomes which included a higher percentage of abstinent days and a decreased number of drinks consumed on drinking days. (Huebner & Wolfgang-Kantor, 2011) Additionally those who used medications to help manage side effects such as cravings and anxiety reported even better outcomes. (Huebner & Wolfgang-Kantor, 2011)Another study suggests that there is a lack of ef fectiveness and perhaps even harm inflicted by the 12 step model. (Miller, J. 2008) This study implies, that despite decades of sureness of approaches based on 12 step principles, there have been no rigorously controlled research designs comparing 12 step treatment outcomes to no-treatment controls, and a youthful review found no gains in outcome for 12 step interventions over alternative interventions. (Miller, J. 2008) The counter research suggests that interventions which are based off of the Hazelden model appear at best ineffective and perhaps even harmful. (Miller, J. 2008) Additionally it is noteworthy that there seems to be a lack of evidence based research that supports positive outcomes greater than negative outcomes. (Miller, J. 2008) The ethics and values of many helping professions are to empower clients to overcome their own issues and to achieve the right to self-determination. With that being express the 12 step model instills moral guilt, deviance, and labeling while infusing its members with feelings of powerlessness and dependence on the fellowship of AA thus using external rather than internal forces to effect change. Miller, J. 2008) The disease concept of alcoholism is a central tenant to the 12 step model it pathologizes individual clients by removing focus from social and mental processes that whitethorn attributing to the alcoholic behaviors. (Miller, J. 2008) The intervention appears to reinforce counter therapeutic cognitions and behaviors. (Miller, J. 2008) Furthermore it has been noted that the 12 step culture itself can be hostile and scrutinizing towards non-adherents. (Miller, J. 2008) Moderation focusing In the 1960s professionals in the addiction field started to ask the uestion, can alcoholics learn to control their drinking or must they abstain completely from alcohol? Moderation Management (MM) is a mutual help fellowship designed for problem drinkers, not alcohol dependent people, who wish to pursue a remainder of m oderate drinking. (Lembke & Humphreys, 2012) MMs is based on the problem drinkers individual ability to adhere to MM guidelines, which first includes a 30 day level of abstinence which is then followed by limits on daily alcohol intake. (Lembke & Humphreys, 2012) The primary goal being moderate drinking, not abstinence, which can be obtained by pursuit a 9 step approach. Lembke & Humphreys, 2012) One study found that alcohol dependent clients found more positive outcomes with the 12-step recovery model. Data showed that people who reported to be only problem drinkers, without alcohol dependence, were able to recover from a diagnosed problem by a rate of 30-60% depending on whether they received treatment or just attended MM. (Lembke & Humphreys, 2012) There were reports of people who identified as problem drinkers, but were really alcohol dependent, who eventually left MM because they realized they could not drink in moderation and needed an abstinence based intervention. Lembke & Humphreys, 2012) MM widens the range of attractive options available to people with alcohol disorders. Some clinicians feel that MM is a good place to start because it can be appealing to alcohol dependent people who are adamantly opposed to abstaining entirely. (Lembke & Humphreys, 2012) These same people eventually realize, because of MMs 9 step program, that they are not able to drink in moderation and after defeat in this way may become more willing to try an abstinent only intervention such as AA thus serving as a starting signal point for anyone with an alcohol disorder. Lembke & Humphreys, 2012) Interventions such as MM reinforces many helping professions code of ethics in the sense that it puts the client in the control of purpose what works best for them and aids them in achieving self-efficacy. (Miller, J. 2008) Conclusion To pick one intervention that I feel is the best pick for evidence based arrange in Social Work would be difficult. This is something that each cli nician will have to decide on a client by client basis. Starting where the client is will help the Social Worker determine which intervention is best.I found that there is a lack of scientific research which gave any kind of correlations to any one of these interventions. Much of the research suggests that a combination of interventions along with starting where the client is what produces the best results and that no exact intervention was a smoking gun. If I had to pick one intervention that I feel is most useful in terms of helping a client who presented with alcohol dependency or who described themselves as problem drinkers, the intervention I would chose would be Moderation Management, if ethically appropriate.MM allows the client to choose his or her direction with where they are at in their alcohol dependency or problem drinking. Thus, allowing them to decide for themselves if they want to simply moderate their consumption or abstain entirely. References Zemore, S. , & Kaskut as, L. (2008). 12-step involvement and peer helping in day hospital and residential programs. Substance Use & Misuse, 48, 1882-1903. Huebner, R. , & Wolfgang Kantor, L. (2011). Advances in alcoholism treatment. Alcohol Research & Health, 33(4), 295-299. Lembke, A. & Humphreys, K. (2012). Moderation management A mutual-help organization for problem drinkers who are not alcohol dependent. daybook of Groups in Addiction & Recovery, 7, 130-141. Alster, M. (2010). Auricular acupuncture at calvary alcohol & other drug services The first year. Journal of the Australian Traditional-Medicine Society, 16(2), 73-75. Ashton, H. , Nodiyal, A. , Green, D. , Moore, B. , & Heather, N. (2009). Acupuncture or counseling outcomes and predictors of treatment choice in a non-statutory addiction service.Journal of Substance Use, 14(3-4), 151-160. Anton, R. (2010). Substance abuse is a disease of the kind brain Focus on alcohol. Journal of Law, Medicine & Ethics, Winter 2010, 735-744. Miller, J. (2008). 12-step treatment for alcohol and substance abuse revisited Best available evidence suggests lack of effectiveness or harm. Int J Ment Health Addiction, 6, 568-576. AA Intergroup. (n. d. ). Online intergroup Alcoholics Anonymous publications. In online Intergroup Alcoholics Anonymous. http//www. aa-intergroup. org/.
Monday, May 20, 2019
Demonstrate an appreciation for the aesthetic principles that guide or govern the whitetail liberal arts through using oral, written, or visual means to communicate an informed personal reaction to plant life of theatre. (Communication Skills) 4. Show social responsibi lighten upy through intercultural study and discovery of regional, national and/or global delicate traditions In theatre. (Social Responsibility) The Actor 1. What does Thespian mean? Thespian means Actor. 2. Describe the acting profession as stated in your book? Most bewildering profession. Can be extraordinarily rewarding but also nearly tough and demanding.Takes incredible sacrifices from both atomic number 18a of life Financial, virtual, mental, and physical. 3. Define representation training/acting. playacting emanates from somewhere INSIDE the actor. Studies the role closely, uses imagination, lives the life of the sh be. 4. Define presentational training/acting. Actor presents something to the audience. 5. What Is The Method? 7 Elements Cadenza, Public solitude, Subtext of meaning, Artistic communion, Emotional memory, Physical actions, Hard work 6. What school was founded by Elli Kane and who was this schools most prestigious teacher?Actors Studio Lee Strangers 7. What two features are required to make a good actor? Acting from the Inside and Acting from the Outside. Actors instrument, Actors method of approaching a role 8. What are the tercet parts to the actors instrument/self? Body, Voice, Imagination 9. Inhalation, practic every last(predicate)y understood as an element of voice, is sometimes seen to be mystically equivalent to what? Inspiration 10. What are the elements of voice? Breathing, Phonated, Resonance 11. What are the elements of speech? Articulation, Pronunciation, diction 12.What is projection? 13. What is resonance? The sympathetic vibration, Resounding of the voice, as it is heard in the throat, the chest, and the head 14. What is the major psychological compo nent of the actors instrument? Imagination 15. What is cadenza? The Characters Problem 16. What are the three stages of the actors routine? Audition, Rehearsal, and Performance 17. What is an audition? particular process in which acting roles are awarded. Actor has opportunity to demonstrate to the director how well he or she can fulfill a role. 18. What is blocking?Stage movements 19. What is stage business? Stage actions script or seemingly unconscious physical behaviors 20. What is subtext? The unspoken and underscored character goals hidden beneath the lines. The Playwright 1. What is the most important trait of the playwright? Independence. 2. Why is every person a playwright? Because we dream. 3. What is the core of every play? Action 4. What are the playwrights two tools? Dialogue and Physical Action. 5. Explain the concept of continuous and bilinear in a play. Means Continuous in Structure and Linear in chronology.Point to point, cause and consummation storytelling. Re chief(prenominal)s basic architecture to most popular and in force(p) plays. 6. Explain the statement Intrigue draws us into the world of the play credibility keeps us there. Intrigue demanding surprise, credibility demanding consistency. They generate a kind of believ sufficient wonder Credibility alone will not suffice to make a play interesting, and bewitch alone cannot make a incredible play palatable. 7. What is richness in playwright? Leaves a sniff out of satisfaction Richness of detail and richness or dimension 8. Explain depth of character. Requires that every character possess an independence of intention, expression, and motivation. 9. What is gravity in a play? The central theme is one of serious and lasting significance in humanists spiritual, oral, or intellectual life. 10. Who is David Mate? Successful Playwright 1 . attain and understand the four major staging formats. Proscenium, Arena, Thrust, Black Box 2. What is another name for the picture flesh stage? Pro scenium 3. What is a scenery have-to doe with staging format? 4. What are the actor centered rather than scenery centered type staging formats? Thrust, Arena, and Black Box 5.What type of stage dispenses with all scenery except floor treatment, furniture, and out of the way staging or hanging pieces to focus perplexity on the actors? Arena 6. Describe a black box stage area. Simple space able to adapt to a variety of staging styles. Experimental Atmosphere 7. What is realistic scenery? Attempts to depict, often in great detail, a specific time and place in the real world where the plays events are presumed to analyze place. 8. What is metaphorical scenery? Favors visual images that seek to evoke the productions intended theme, mood, or social/political implications 9.What is a flat? Portable framed wall sections, usually represent walls and occasionally the ceilings of a real path 10. What is a cyclorama? Hanging fabric strand so forthed between upper/lower pipes and curved to c over mainstay and sides of the stage. Colored with lights 11. What is a scrim? Can make things appear and disappear Loosely woven gauzy fabric, lit from the front, solid, lit from the back, see through 12. What is stage machinery? Give examples. Anything that moves Fly systems, wagons, elevators, wagons 13. When was electricity introduced into American theatres for lighting? 1879 14.What are the primary considerations of lighting design? Visibility and Focus 15. What were the first theatrical garments? Ceremonial vestments 6. What was the ancient and pilot use of costume? Separate Actor from Audience 17. What are the four primary functions of modern costume design? Ceremonial Magic, Social and Cultural values of the world being portrayed, individuality of each character, wearing clothing for the actor 18. What function does makeup serve? Evoke or highlight psychological traits, represent character, simplify and embolden actors features 19. In regards to makeup, what is the face considered?Canvas The Director 1. What are the tasks of the director? What are the three eras of the director? Teacher, Realism, Anti-Realism 3. What are Andre Antoine and Constantine Statisticians primarily known as and what was their primary focus in the theatre? Naturalists. desire to make the theatre a powerful social and artistic instrument for the expression of truth 4. Who is broadly speaking regarded as the first modern director? Saxes Engineer 5. What are styling directors? Unrestrained by rigid formulas w/ respect to verisimilitude or realistic behavior 6. Who founded the Theatre dart in Paris in 1890?Paul fort up 7. Who evolved his theatre of biomedical constructivism in Moscow? Absolved Empowered 8. What is the directors primary responsibility? To envision the main lines of the production and to provide the artistic leadership to realize that vision 9. What are the roles of the producer? Finance the production, render and manage the budget, choosing and acquiring the theatre facility, establishing the plays rehearsal and performance dates, handle legal and business aspects, and oversee publicity, casting, ticketing, etc. 10. What is the criterion for play selection?