Investment Management Free Essays

UNIVERSITY OF TEXAS AT DALLAS SCHOOL OF MANAGEMENT FIN6310: INVESTMENT MANAGEMENT SOLUTIONS TO PROBLEM SET #1 PROF. ARZU OZOGUZ SPRING 2013 1. Calculate the value of the following two bonds. We will write a custom essay sample on Investment Management or any similar topic only for you Order Now Assume that coupon payments are made semi-annually and that par value is $1,000 for both bonds. Coupon rate Time to maturity Yield-to-maturity Bond A 5% 5 yrs 7. 2% Bond B 5% 25 yrs 7. 2% Recalculate the bonds’ values if the yield to maturity changes to 9. 4%. Which bond is more sensitive to the changes in the yield? Will this always be the case? When the yield-to-maturity is 7. %, the bond prices are, respectively, 1 1 1. 036 0. 036 1 1. 036 0. 036 1 1. 047 0. 047 1 1. 047 0. 047 25 1000 1. 036 1000 1. 036 908. 98 1 25 746. 58 When the yield-to-maturity is 9. 4%, the bond prices are, respectively, 1 25 1000 1. 036 1000 1. 047 827. 62 1 25 579. 01 Price of bond A decreases by 8. 95%, while price of bond B drops by 22. 45%. The longer term bond is more sensitive to a given change in the discount rate. This will always be the case. Mathematically, there are more terms in the equation for the longer-term bond that are influenced by the discount rate. Practically speaking, your money is tied up longer with a longer term bond and so you will experience greater capital losses and gains when interest rates change. 2. A bond with a coupon rate of 4. 7% is priced to yield 6. 30%. Coupon is paid is semi-annually; the par value is $1,000. The bond has 5 years remaining until maturity. Assuming that market rates stay the same over the next five years, calculate the value of the bond at the beginning of each year and the amount of change in the bond’s value from year to year. Describe the behavior of the bond’s value over time. At t = 0, at issue the price will be 1 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 23. 5 1000 1. 0315 932. 28 At the end of year 1, the price becomes 1 23. 5 1000 1. 0315 1000 1. 0315 1000 1. 0315 1000 1. 0315 944. 20 1 23. 5 956. 88 1 23. 5 970. 37 1 23. 5 1000 984. 73 The price change from year to year is ? ? ? ? ? 11. 92 12. 68 13. 49 14. 36 15. 27 The bond is selling at a discount today; its price will rise to move toward par value at maturity. The change in price increases as it gets closer to maturity. 3. Suppose that you purchased a 20-year bond that pays an annual coupon of $40 and is selling at par. Calculate the one –year holding period return for each of these three cases. a. The yield-to-maturity is 5. 5% one year from now. If the yield-to-maturity is 5. 5% one year from now, the bond will be selling for 1 1 1000 1. 055 40 825. 89 1. 055 0. 055 Hence, the holding-period-return (HPR) is: 825. 89 40 1000 13. 41% 1000 b. The yield-to-maturity is the same one year from today as it is today. In this case, the bond price will remain at par and therefore the holding period return equals to coupon rate 4% c. The yield-to-maturity is 2. 5% one year from now. 1 1000 1. 025 40 1224. 68 1. 025 0. 025 Hence, the holding-period-return (HPR) is: 1224. 68 40 1000 26. 47% 1000 1 4. Plot the yield curve implied by the data in the following table. Time to maturity 3 months 6 months 1 year 2 years 5 years 10 years 15 years 20 years Yield-tomaturity 2. 40% 2. 60% 3. 00% 4. 30% 4. 80% 5. 70% 6. 40% 5. 20% Based on the Expectations Hypothesis, what does the yield curve tell us about short-term rates 5 years from now? What does it tell us about short rates 15 years from now and 20 years from now? Since the yield curve is upward sloping through the fifth year, investors expect that short term rates will be higher during that period than they are today. That is, they expect the 3-month rate to be higher than 2. 4% when five years have passed. They also expect short term rates to be higher than current rates in 15 years. This is reflected in the slope of the yield curve which is positive through year 15. However, the expectation is that after 15 years, short term rates will begin to fall again. The downward slope in the yield curve is a sign of that expectation. That is, the 3-month rate that prevails 20 years from now is expected to be lower than the 3-month rate that prevails 15 years from now. 5. The current yield curve for default free zero-coupon bonds is as follows: Maturity (years) 1 2 3 Yield-tomaturity 10% 11% 12% a. What are the implied one year forward rates? The one-year forward rate for time 2 solves the following equation: 1. 11 1. 10 1 12. 009%. Similarly, the one-year forward rate for time 3 solves That is, the equation: 1. 12 That is, 14. 0271% 1. 11 1 b. Assume that the expectations hypothesis of the term structure is correct. If market expectations are accurate, what will the yields to maturity on one year and two year zero coupon bonds be next year? We have already computed the forecast for the one year rate next year. We must now compute the expectation for the 2-years to maturity. This must equate the strategy that consists of investing for 3 years at the current 3-year spot rate with the strategy of investing at the one-year spot rate and then rolling over the profits into a two-year bond one year from now: 1. 10 1 1. 12 13. 0136%. Hence, the forecast for the one-year yield is This implies that 12. 09%, and forecast for the two-year yield is 13. 0136%. c. If you purchase a two year zero coupon bond now, what is the expected total rate of return over the next year? What if you purchase a three year zero coupon bond? You can assume that the par value is $100. We need to compute the forecasted price of the two-year zero-coupon bond at the end of the first year. Notice that by that time this has become a one-year bond. Hence its price is 1000 1. 12009 892. 79 Today the price of this bond is simply 892. 79 811. 62 does not pay any coupons, its return is given by: 1 1 10% . 11. 62. Since this bond Similarly, if you purchase a three-year zero coupon bond today, the forecasted price a year later is 1000 1. 130136 Today, this bond’s price is simply expected holding period return is 78. 295 71. 178 1 78. 295 . 71. 178. Therefore, the 10% 6. Consider the following three bonds. You are investigating how the bonds would react to changes in interest rates. Bond A Face value Years to maturity Coupon rate Yield-to-maturity $1,000 3 5. 5% 4. 80% Zero-coupon bond $1,000 2. 85 0 4. 80% Bond B $1,000 3 8. 75% 4. 80% Assume that coupons are paid once a year. . Find the duration of each bond. Bond A Time 1 2 3 Price ZCB Time 2. 85 Price Bond B Time 1 2 3 Price Cash Flow 87. 5 87. 5 1087. 5 Present value 83. 49 79. 67 944. 81 1107. 97 Weight 0. 075 0. 072 0. 853 Cash Flow 1000 Present value 874 . 92 874. 92 Weight 1. 000 Cash Flow 55 55 1055 Present value 52. 48 50. 08 916. 58 1019. 13 Weight 0. 051 0. 049 0. 899 Hence, the durations are: 0. 051 0. 075 1 1 0. 049 0. 072 2 2 0. 899 0. 853 3 3 2. 85 2. 78 2. 85 b. Calculate the modified duration of each bond. The modified durations are ? ? 2. 85 2. 72 1. 048 2. 78 2. 5 1. 048 c. Calculate the estimated percentage change in price of each bond due to a 0. 50% change in yield to maturity. The percentage change in the price of each bond due to a change in the yield? ? ? to-maturity is ? ? ? 2. 72 2. 65 0. 5% 1. 36% 1. 33% 0. 5% d. What can you conclude about the reactions of the bonds? Specifically, compare the percentage price changes of the bonds with similar durations and the bonds with similar maturities. Bonds with equal durations are more alike than bonds with equal maturities in their reactions to changes in yields. 7. Suppose that your insurance company has issued a Guaranteed Investment Contract (GIC) that matures in three years and promises to pay an interest rate of 23. 36%. The amount invested in GIC today is $150,000. You have decided to immunize your position by purchasing a bond that has a par value of $150,000, a coupon rate of 23. 36%, and four years to maturity. The bond is selling currently at par value. a. What is the future value of your company’s obligation? The future value of the obligation is $150,000 1. 2336 $281,588. 13 b. Assume that the interest rate stays at 23. 36%. At the date at which each payment is received, compute the accumulated value of reinvested coupons and the proceeds from the bond sale. How close will you come to your meeting your obligation? The bond pays a coupon of $150,000 23. 36% $35,040. If the market rates remain unchanged, at the end of year three it will be possible to sell the bond still at par. With this information, we can construct the following table: Year 1 2 3 3 Total future value Cash flow 35,040 35,040 35,040 150,000 Accumulated value 53,322. 78 43,225. 34 35,040 150,000 281,588. 13 That is, you will be able to repay your obligation in full. How to cite Investment Management, Essay examples Investment Management Free Essays 24/02/2013 1 25721 INVESTMENT MANAGEMENT Lecturers: Sean Anthonisz Nadima El-Hassan Jianxin Wang Brandon Zhu Subject Coordinator: Jianxin Wang Objectives 2 ? ? ? ? Why do you take this subject? What do you expect to learn? How much did you pay for this subject? Is this a good investment? Investment Decisions 3 ? ? How much should I invest in risky assets? How much should I invest in different risky assets? ? ? How many risky assets should I hold? When not to diversify? ? How to determine mispricing? Fair value today? Expected return next year? ? How well do asset pricing models work? ? ? 1 24/02/2013 Investment Decisions 4 ? Passive versus active investing ? ? Is market efficient? Why not? What does it take to beat the market? How to hedge and how much to hedge? Derivative pricing Trading cost, liquidity, private information ? How should I manage risk? ? ? ? How should I trade? ? ? Sources of my performance? What Do We Learn in This Subject? 5 ? ? ? ? A theoretical framework for portfolio construction. A theoretical framework for the pricing of equities and bonds. Some practical applications of asset pricing models and portfolio analysis. We will write a custom essay sample on Investment Management or any similar topic only for you Order Now Issues relating to market efficiency and investor behaviour. Course Structure 6 Funds Management Information Portfolio Theory Risk and Return Markets and Investing CAPM Factor Models APT Options Fixed Income Equities Futures 2 24/02/2013 Investment Electives 7 ? ? ? ? ? ? 25705 Financial Modelling and Forecasting 25728 Bond Portfolio Management 25729 Applied Portfolio Management 24731 International Finance 25762 Synthetic Financial Products A whole range of subjects for Quant Fin majors: technical analysis, numerical analysis, fin econometrics, stat methods, derivative pricing, interest rate modelling. Prerequisite 8 ? ? 25742 Financial Management Basic math and statistics Basic calculus and optimization Probability and distributions ? Mean, variance, standard deviation, covariance ? Linear regression by ordinary least square (OLS) ? ? ? Read the online Quantitative Review ? A very brief review next week What Is Expected – in class 9 ? Lectures are primarily aimed at Identifying and explaining key concepts and issues Highlighting the links to practice ? Completing selected problems from text ? ? ? Questions are encouraged and rewarded. ? Discussion is better than lecture Mutual respect and encouragement; Potential problems: repeated late arrivals, chatting during lecture, academic honesty Code of behavior ? ? 3 24/02/2013 What Is Expected – outside class 10 ? Address some details within the course reading materials. ? Group study is more effective ? ? Workload is about 7-8 hours per week on average (albeit uneven), including course readings, practices, and assignments. Multiple learning channels: ? ? Multiple levels of learning: ? Web-bas ed learning support Lecture material, textbook, and Excel sheets Approach to Learning 11 ? ? ? Read relevant chapters prior to lectures Attempt to identify and understand the key messages: Concepts? Issues? Connections? Ask questions during lecture. ? You paid $$$ for the opportunity ? ? Think reflect; don’t just summarize memorize. Practice using back-of-chapter questions. Approach to Learning — I listen and I forget; I see and I remember; I do and I understand. —Xun Zi Just Do It! —Nike 12 4 24/02/2013 Textbook and Readings 13 ? Bodie, Kane, Marcus, Investments, 9th Ed, McGraw-Hill/Irwin, 2011. ? You take full responsibility if using an earlier edition. ? ? ? ? Harvard Business School case study 9202-024 â€Å"Strategic Capital Management†. R. A. Haugen, Modern Investment Theory, 5th Ed, Pearson Higher Education, 2001. J. H. Cochrane, 2006, Investments Notes. Other fun books on financial markets. Assessments 14 ? Weekly online quizzes: 10 marks ? ? ? ? ? 15 MC questions in 1 hour Unlimited tries with the best mark kept Monday morning to next Wednesday midnight Once closed, quizzes cannot be reopened Best 10 marks for the semester Group-based case report Online group registration Report due 5pm Friday March 29 Late submissions carry point deduction ? Case study in lecture 6: 10 marks ? ? ? ? Assessments 15 ? Mid-session exam: 40 marks ? ? ? ? Cover lectures 1 – 6, including the case study Multiple-choice (20 marks) Short-answer questions (20 marks) No formula sheet Cover lectures 7 – 13, excluding lecture 8 Multiple-choice (20 marks) Short-answer questions (20 marks) A short list of formulas will be identified and provided during the final exam. ? Final exam: 40 marks ? ? ? ? 5 24/02/2013 Online Group Registration 16 ? ? ? ? ? ? Log in the online course website Click on â€Å"Groups† in the left panel Group names contain â€Å"1m†, â€Å"2m†, â€Å"3m†, â€Å"4m†, indicating max members = 1, 2, 3, 4, respectively. The first member is the group leader. Registration closes after 5pm on March 10. Changing group only in the most extreme circumstances. What’s Required? 17 ? ? ? Materials covered in the chapters listed in the lecture program, except certain subsections are explicitly excluded. The midsession and the final exams will focus on materials covered during lectures, with at most 3-4 multiple-choice questions in each exam on materials not covered in lectures. Materials not covered in lectures will be heavily featured in the online quizzes. Administrative Issues 8 ? Name sign: â€Å"Open† for the business of learning ? Take it out at the start of every lecture It’s good to make the lecturer know your name ? Come to consultation hours ? ? ? Other times by appointment Email for straightforward questions Complex questions are best answered through interactive discussion ? Emails will be answered before or during the next consultation hours ? 6 24/02/2013 Learning Support â €“ Postgraduate ? ? ? ? ? Need help with your postgraduate studies at UTS Business School? Are you new to university / postgraduate education? Not sure to how develop your academic skills in writing, reading, critical thinking etc.? Not sure how to complete assignments or achieve your best? Ask for help from the Learning Support Coordinator ? ? ? ? ? ? Make appointments for confidential individual help Lots of ‘online study resources’ to recommend / hardcopy study resources to share Attend the Study Skills Workshops all semester / or download them / Help by email / phone support / Email: learningsupport@uts. edu. au www:http://www. business. uts. edu. au/teaching/student/resources/studen t-learning. tml Join us on facebook UTSBlearningsupport ? Asset Classes 20 ? ? ? ? ? ? The money market The bond market The equity market The real estate market Currency markets Derivative markets ? Financial and commodities ? Others? Trading Platforms 21 ? Organized exchanges Dealership markets Auction markets ? Electronic trading ? ? ? ? OTC – NASDAQ Alternative trading systems (ATS) ? ECNs, dark pools, internal crossi ngs. ? Algorithm/high frequency trading 7 24/02/2013 High Frequency Trading 22 ? Menkveld (2011): a HFTer on Chi-X Dutch stocks from Jan 2007 to June 2008 Trades 1400 times per stock per day ? Gross profit per trade â‚ ¬0. 88 ? ? ? ? ? â‚ ¬1. 55 profit on the spread net of fees â‚ ¬0. 45 profit on positions 5 seconds â‚ ¬1. 13 loss on positions = 5 seconds Max capital committed ? â‚ ¬2 million per stock ? Implied annualized Sharpe ratio = 9. 35! ? ? Sharpe ratio for SP500 over the period = -0. 16 ? Chi-X is in Australia. Costs of Trading 23 ? Commission: fee paid to broker for making the transaction ? Exchange members/subscribers? ? Spread: Bid and ask prices Spread: ask – bid ? P89, #14 ? Market versus limit orders ? ? ? Price impact of large trades Stock Margin Trading 24 ? ? ? ? Borrow (from brokers) to purchase shares Initial margin Maintenance margin – minimum level the equity margin can be Margin call ? Call for more equity funds ? Margin arrangements differ for stocks and derivatives 8 24/02/2013 Margin Trading – Initial Conditions 25 ? ? ? ? ? X Corp: P = $70 Initial Margin = 50% Maintenance Margin = 40% 1000 Shares Purchased Initial Position: Stock $70,000 Borrowed Equity $35,000 $35,000 Maintenance Margin 26 ? ? Stock price falls to $60 per share New Position ? $60,000=$35,000(Borrowed) + 25,000(Equity) ? Margin = $25,000/$60,000 = 41. 67% How far can the price fall before a margin call? ? ? (1000P – $35,000) / 1000P = 40% P = $58. 33 ? P88, #9 Short Sale 27 ? ? Purpose: Profit from a price fall Mechanics Borrow stock through a dealer/broker Sell it and deposit proceeds and margin in an account ? Any dividend is passed back to the lender ? Closing out the position ? ? ? ? Buy back the stock and retu rn it to the lender Profits can be deposited into your own account ? Naked versus covered short sale 9 24/02/2013 Short Sale – Initial Conditions 28 Z Corp Initial Margin Maintenance Margin Initial Price Sale Proceeds Margin Account Balance 100 Shares 50% 30% $100 $10,000 $ 5,000 $15,000 Short Sale – Maintenance Margin 29 ? Stock Price Rises to $110 Stock owed Net equity ? Margin % (4000/11000) ? ? $11,000 $ 4,000 36% ? ? How much can the stock price rise before a margin call? ($15,000 – 100P) / (100P) = 30% P = $115. 38 P89, #12 Summary 30 ? Course introduction and requirements ? Think, reflect, and participate ? ? Financial markets and assets Trading of financial assets Trading platforms Transaction costs ? Margin trading and short selling ? ? 10 How to cite Investment Management, Essay examples

British Empire Essay Example For Students

British Empire Essay Wexford and Burden both have stable marriages and family backgrounds. Wexford is married to Dora, and Burden to Jenny. We can see that the two couples are on good terms with each other as the two police officers often go out for drinks together and are on good terms with each other. Also, we know from the text that their wives are friends with each other, which shows that their relationships arent just a professional one. The relationships between the two sets of detectives (Holmes, Watson, Wexford and Burden) are different. In The Adventure of the Speckled Band Holmes is considered as the main character. He is the potentate, whilst Watson plays the role of his faithful sidekick. From all of Conan Doyles past works involving Sherlock Holmes, we see that Watson is not as clever as Holmes and this one is clearly no exception. We will write a custom essay on British Empire specifically for you for only $16.38 $13.9/page Order now Watson is actually very smart, but when he is working alongside Homes, Holmes intelligence overshadows his. Although Watson is not working on the same level as Holmes, one can see that they are extremely close. This closeness between the two characters can be seen from the fact that Holmes and Watson are living on the same premises. Watsons purpose is partly as a dramatic device in which he is the narrator. This helps to keep the suspense because Holmes doesnt tell Watson anything he discovered. Although Watson is the narrator, he doesnt dominate the narrative and we can see that Holmes is the leader and he takes control. In Bloodlines, as mentioned before, Wexford and Burdens relationship is mostly a professional one although they are friendly enough towards each other to go out for drinks with each other. As said before, Wexford and Burden do not work together, where as Holmes and Watson do in the stories. Due to that fact, we cannot really compare the relationships of Wexford and Burdens with that of Holmes and Watsons. Although Burden is a police officer, he does not work with Wexford. Burdens opinions about characters and situations underline Rendells view of society. The crime and the way the facts are revealed to the reader are different in the two stories even though they are both murder crimes. In The Adventure of the Speckled Band the reader can tell who had committed the crime, but not how it was done. On the other hand, in Bloodlines, one knows how the murder was accomplished, but not who had done it. Both of the crimes involved in the two stories are murders and both stories feature stepfathers and money. In The Adventure of the Speckled Band, it is the stepfather that commits the crime. Dr. Roylott then dies at the end of the story. In Bloodlines the stepfather is already dead. Both of these men are portrayed as the enemies as Dr. Roylott killed Julia Stoner and he had planned to kill her sister, Helen Stoner as well. The reader finds out in the end of Bloodlines that Tom Peterlee was murdered by Carol Fox (his mistress), but he is also considered a bad character as he abused his wife badly. In both stories, we see that there are a lot of violence and brutality, all involving women. In the Holmes story, the reader has been given enough facts to determine who had killed Julia Stoner, but the method of the murder was not clear. Holmes knew how the crime was done but because the story is a first person narrative, from Watsons perspective, we did not find out until the end when Holmes tells Watson this. Bloodlines is different because the narrative is an omniscient one, and it tells the reader what is going on, but the person that had committed the crime is not revealed until the very end. .uaa8ccd3baffe6581820c37d0785511f1 , .uaa8ccd3baffe6581820c37d0785511f1 .postImageUrl , .uaa8ccd3baffe6581820c37d0785511f1 .centered-text-area { min-height: 80px; position: relative; } .uaa8ccd3baffe6581820c37d0785511f1 , .uaa8ccd3baffe6581820c37d0785511f1:hover , .uaa8ccd3baffe6581820c37d0785511f1:visited , .uaa8ccd3baffe6581820c37d0785511f1:active { border:0!important; } .uaa8ccd3baffe6581820c37d0785511f1 .clearfix:after { content: ""; display: table; clear: both; } .uaa8ccd3baffe6581820c37d0785511f1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uaa8ccd3baffe6581820c37d0785511f1:active , .uaa8ccd3baffe6581820c37d0785511f1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uaa8ccd3baffe6581820c37d0785511f1 .centered-text-area { width: 100%; position: relative ; } .uaa8ccd3baffe6581820c37d0785511f1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uaa8ccd3baffe6581820c37d0785511f1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uaa8ccd3baffe6581820c37d0785511f1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uaa8ccd3baffe6581820c37d0785511f1:hover .ctaButton { background-color: #34495E!important; } .uaa8ccd3baffe6581820c37d0785511f1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uaa8ccd3baffe6581820c37d0785511f1 .uaa8ccd3baffe6581820c37d0785511f1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uaa8ccd3baffe6581820c37d0785511f1:after { content: ""; display: block; clear: both; } READ: The Highwayman Poem Analysis EssayThe time and the location of The Adventure of the Speckled Band allow Dr. Roylott to be more calculating and devious about the way he commits the crime. The murder in Bloodlines was more of a spontaneous reaction to the events that precede it. The murderer in the first story premeditated the murder very carefully and the story was started before a second murder took place. The fact that Holmes was trying to prevent a second murder, without the reader actually acknowledging it creates more tension and suspense in the story. In Bloodlines, the detectives were investigating a crime that has already taken place, instead of trying to prevent an other murder from taking place (like in The Adventure of the Speckled Band). This gives the story less tension and it is less dramatic. The stories reflect the time in which they are set through superficial details as well as details with more profundity in them. The Adventure of the Speckled Band was set in the 19th century; this can be seen in a number of ways. In the opening paragraphs of the story, the narrative actually said: It was early in the year 83 Holmes pointed out to Helen Stoner that she had ridden in a dogcart, but now they dont exist anymore. The language in which the story is presented in is very formal and nobody talks like that anymore. The story suggests that quite a lot of people lived in India at that time. When Dr. Roylott was in India This is evidence that India was still a part of the British Empire and it also suggests that the story was set in the 19th century. The difference in monetary values was mentioned in the story as well. One thousand pounds is hardly worth calling a fortune now but it was considered as quite a sum of money in the 19th century. The way that the story portrayed women as inferior to men also shows the reader that the story was set in the 19th century. Helen Stoner and her sisters money was placed in the trust of her stepfather until marriage illustrates to the reader that women were regarded as inferior to men at that time. The sentences in The Adventure of the Speckled Band tend to be longer and there are a high number of clauses in the sentences.

Organisational and Environmental Factors †Free Samples to Students

Question: Discuss about the Organisational and Environmental Factors. Answer: Introduction During the past few years there has been a solution which appeared in the field of the information technology, which is the cloud computing, it is impossible to ignore it since the cloud computing enables the business to outsource the data, electronically mail, folders as well as the other programs via the virtual setups via the medium of the servers that are attached between them. This data could be reached wherever anytime (Abadi, 2009). The only necessity for the cloud computing would be to have an offered connection of the internet. The influences of the cloud computing has brought a number of changes not merely in the global efficiency of the business, in addition to their internal organization particularly in the IT department. This opportunity is modifying on the way the usual method in the business are carried out such as the back-up of the data (Abadi, 2009). The cloud computing has brought new tools as well as new perspectives of the evolution for the business which are usi ng it. The term cloud computing is regarded as the data which is stored and could be accessed via the internet and not in the traditional way from the hardware of the computers. The cloud computing for business is aimed at providing the holistic view of how cloud computing relates to the business world (Abdollahzadegan, Hussin, Razak, Moshfegh Gohary and Amini, 2013). In this research it will provide a review of the advantages and the disadvantages to which the cloud computing has brought to the business. The aim of this research is to explore on the current cloud computing market with the critical analysis of the advantages and the disadvantages it bring to the businesses (Abadi, 2009). This is geared as being the reference point to the business enterprises who are willing to use the cloud in utilizing its objective. The scope of this study has been limited to the peripheral of the cloud computing complexity and that of the business. This research would give the common reader a clear understanding to the issue which will be discussed (Alshamaila, Papagiannidis and Li, 2013). This study has a wider coverage but the focus of the study is on the advantages and the disadvantages of the cloud computing for the business. Analysis of the advantages and disadvantages of cloud computing In this section of the literature review it will highlights on the main advantages and disadvantages of the cloud computing for the business. Advantages of the cloud computing The cloud computing presents a lot of benefits for the business, some of these are as follows; Cost efficiency: The cloud computing is regarded as the cost effective method to use, sustain as well as upgrade for the business (Aljabre, 2012). The traditional desktop software cost business a lot in relation to the finances. Increasing to the licensing fees for the numerous users that could turn out to be very costly particularly for the establishment which are concerned. With regards to the cloud computing it really is offered at an appreciably lower rates and therefore it could lower on the company costs (Alshamaila, Papagiannidis and Li, 2013). Additionally, there are numerous onetime payment, pay while you go along with other scalable options available, that makes it to be particularly reasonable for the organizations. Backup and recovery: This benefit is important in that all the data is stored in the cloud, backing it up in addition to restoring the same is extremely easier than storing it on the bodily devices for example the hard drives (Alshamaila, Papagiannidis and Li, 2013). Furthermore, many of the cloud services providers are in a position to the level that they can handle the recovery of the data (Aljabre, 2012). Consequently, this make the entire process of backing along with the recovery to be much easier than the other traditional methods which are useful for storage of the data. It is also crucial that you note that in some instances, the cloud itself could be utilized as the repository backup of the data especially to the local computers. Automation of the software integration: when it comes to the cloud computing, the software integration is something which occurs automatically. This hence signifies that one does not have to take the additional initiatives to be able to personalize in addition to integrate on the software according to one preferences (Al-Rousan, 2015). This aspect typically takes care of itself. Furthermore, in the cloud computing it enables one to personalize on the numerous alternatives with significantly ease (Assuno, Calheiros, Bianchi, Netto and Buyya, 2015). The businesses are able to handpick the services as well as the software programs which they think will suit best to their organization. Scalability and performance: The aspect of scalability is an in-built feature for the deployments of the cloud. Example the cloud are integrated instantly only as required and as result, one only require to pay for the programs in addition to the data storage that one needs (Velte, Elsenpeter and Elsenpeter 2010). Hand in hand, it also comes flexibility, given that the clouds might be extended to satisfy on the altering information technology system demands (Al-Rousan, 2015). In relation to the performance, the system usually use distributed architectures which offer a great speed of the computations. Additionally, the responsibility of the provider could be to make sure that the solutions could operate on the cutting edge machinery (Al-Rousan, 2015). The situations can certainly be added for the immediately enhanced performances and the clients will surely have a use of the overall tools of the primary of the cloud through their dashboards. Device diversity and the location indepen dence: The cloud computing services could be accessed via the plethora of the electronic devices that are in a position to have accessibility to the internet. These device constitute not merely the conventional PCs, however along with the smartphones and the tablets (Assuno, Calheiros, Bianchi, Netto and Buyya, 2015). With the cloud BYOD policy they could be designed very easily, enabling the employees to bring their private owned devices to the work environment. Additionally, a client might determine which the devices to use are along with the where to access the service from (Assuno, Calheiros, Bianchi, Netto and Buyya, 2015). There is absolutely no restriction of the place and the medium. Businesses can gain access to their programs and the data from anywhere on the globe, hence making this approach to be essential for the business (Sajid and Raza, 2013). The cloud computing is this manner since it is appealing to the internal organization since it offered the versatility for the employees to gain access to on the business files whenever they are. Reduced support and hardware needs: As one move much more crucial application for the enterprise in the cloud, they might most likely note that there is no need for upgrade of the computers consistently as many of the staff can do without the higher end of the computers (Assuno, Calheiros, Bianchi, Netto and Buyya, 2015). The reason being the actual computing is not taking place on the computer. An example a two hundred dollars tablet can access the salesforce as well as the Google Apps accounts much quicker as the two thousand dollars premium computers (Aljabre, 2012). The cloud computing infrastructure requires a much smaller information technology employees as comparison to the traditional IT set up which does. This is because the organization will not be managing on the software anymore. Disadvantages of the cloud computing The business have encountered many drawbacks of the cloud computing, these aspect are discussed as below: Security: Although the providers of the cloud services implement the best security protocols, standards and the industry specification, storage of the data and vital files to the external service provider could pose a risk to the business (Assuno, Calheiros, Bianchi, Netto and Buyya, 2015). Through use of the cloud powered technologies highlights that one needs to offer your service provider with the use of these types of essential business data. Furthermore, being a public service opens up cloud providers to the security issues each day (Garrison, Wakefield and Kim, 2015). The easy of procuring along with accessing the cloud services could offer nefarious users the ability to scan, recognize along with exploit the loopholes and the vulnerabilities that might be within the system (Alshamaila, Papagiannidis and Li, 2013). An illustration might be in the multi-tenant cloud architecture in which there are several users who are hosted on the similar servers, an attacker might try to brea k into the data of the other business that are managed as well as stored on the same servers. Nonetheless, these exploits and loopholes which are inclined not to surface and the likelihood of the compromise is not great. The cloud vendors heading out of the business: The cloud computing is evolving field, and there is undoubtedly the danger that a new business might cross the business or maybe radically change on the service (Marston, Li, Bandyopadhyay, Zhang and Ghalsasi, 2011). Any specific sudden change in the service might not be too detrimental in case one was using the application for one time project, but this could be disastrous if a business is using it for the entire donor database (Rittinghouse and Ransome, 2016). When one is evaluating the cloud providers, it is important to find which options one could have when it comes to backing up as well as extracting on the data. Contracts and the obligations: when a business put their applications in the cloud they may think there application is safe. But they do not forget that the programs needs to be maintained and the OS needed to host the applications and they need to be managed and patched more regularly (Garrison, Wakefield and Kim, 2015). If the business does not make sure who is responsible for the security of the programs you are in sure trouble (Garrison, Wakefield and Kim, 2015). Therefore, when it comes to signing of a contract with the cloud service providers it is important to make it clear what are the obligations of the business and those of the cloud providers in regards to cloud security, management and data privacy. Technical issues It is true that the data as well as information on the cloud might be accessed anytime and from anyplace, there are time nevertheless that the system might have severe irregularities concerns (Raghava and Singh, 2014). The businesses should know the fact that the technology is actually prone to the outages along with other technical issues (Chandrasekaran, 2014). Even the best cloud service providers can come across such trouble, despite the high standards of the maintenance. Furthermore, organizations requires a good connection of internet to be logged to the server all the times. In case there is network and the connectivity problems the organization could be stuck. Cost: initially, the cloud computing application would seem to be less expensive compared to a particular software solution which is set up and run in-house (Garrison, Wakefield and Kim, 2015). Moreover, the companies need to ensure that the cloud programs have all the capabilities which the software should have and to identify the ones that are missing functions (Chandrasekaran, 2014). There is a need for a total cost assessment which must be carried out to make sure that these application are not costly. Most of the cloud computers vendors they present themselves as the utility dependent providers, and they more regularly claim which they only charge for which the clients use , however this is not true ins many of the case (Nkhoma, Dang and De Souza-Daw, 2013). An organization should commit to a predetermined contract that is independent to the actual use. Businesses should look closely with regards to the pricing plans and the details for each of the program. There is the challenge of inflexibility: when the organization choose a cloud computing vendor, it means they will be locking their proprietary application or the formats (Chandrasekaran, 2014). An example, it becomes impossible to insert a document which is created in another program into the Google Docs spreadsheet (Chandrasekaran, 2014). Additionally, a business needs to be able to add or even subtract the cloud computing user as necessary as their business grow. Conclusion The cloud computing has been a quick changing area which will continue undoubtedly in playing the major role for the organizations. Like everything else, the cloud computing has advantages as well as disadvantages. This technology can prove to be a great asset to the business, however it can also result in harm in case it is not comprehended and used accordingly. The cloud computing can be an opportunity for the business to balance on the efforts that are implied by the information technology management , which is limited to the disadvantage of the cloud , as discussed in the research . The major concern raised is the security concern which relates to the organization taking their business data in then cloud. The recommendation to this issue is to adopt the cloud computing to the scaled-down section of the business application to allow business to count down the advantages and determine the risks. References Abadi, D.J., 2009. Data management in the cloud: Limitations and opportunities. IEEE Data Eng. Bull., 32(1), pp.3-12. Abdollahzadegan, A., Hussin, C., Razak, A., Moshfegh Gohary, M. and Amini, M., 2013. The organizational critical success factors for adopting cloud computing in SMEs. Aljabre, A., 2012. Cloud computing for increased business value. International Journal of Business and social science, 3(1). Alshamaila, Y., Papagiannidis, S. and Li, F., 2013. Cloud computing adoption by SMEs in the north east of England: A multi-perspective framework. Journal of Enterprise Information Management, 26(3), pp.250-275. Al-Rousan, T., 2015. Cloud Computing for Global Software Development: Opportunities and Challenges. In Transportation Systems and Engineering: Concepts, Methodologies, Tools, and Applications (pp. 897-908). IGI Global. Assuno, M.D., Calheiros, R.N., Bianchi, S., Netto, M.A. and Buyya, R., 2015. Big Data computing and clouds: Trends and future directions. Journal of Parallel and Distributed Computing, 79, pp.3-15. Apostu, A., Puican, F., Ularu, G.E.A.N.I.N.A., Suciu, G. and Todoran, G., 2013. Study on advantages and disadvantages of Cloud Computingthe advantages of Telemetry Applications in the Cloud. Recent Advances in Applied Computer Science and Digital Services. New York: Wseas, 200, pp.118-123. Chandrasekaran, K., 2014. Essentials of cloud computing. CRC Press. Garrison, G., Wakefield, R.L. and Kim, S., 2015. The effects of IT capabilities and delivery model on cloud computing success and firm performance for cloud supported processes and operations. International Journal of Information Management, 35(4), pp.377-393. Gutierrez, A., Boukrami, E. and Lumsden, R., 2015. Technological, organisational and environmental factors influencing managers decision to adopt cloud computing in the UK. Journal of Enterprise Information Management, 28(6), pp.788-807. Marston, S., Li, Z., Bandyopadhyay, S., Zhang, J. and Ghalsasi, A., 2011. Cloud computingThe business perspective. Decision support systems, 51(1), pp.176-189. Nkhoma, M.Z., Dang, D.P. and De Souza-Daw, A., 2013, May. Contributing factors of cloud computing adoption: a technology-organisation-environment framework approach. In Proceedings of the European Conference on Information Management Evaluation (pp. 180-189). Raghava, N.S. and Singh, D., 2014. Comparative study on load balancing techniques in cloud computing. Open journal of mobile computing and cloud computing, 1(1). Rittinghouse, J.W. and Ransome, J.F., 2016. Cloud computing: implementation, management, and security. CRC press. Sajid, M. and Raza, Z., 2013, November. Cloud computing: Issues challenges. In International Conference on Cloud, Big Data and Trust (Vol. 20, No. 13, pp. 13-15). Velte, A.T., Velte, T.J., Elsenpeter, R.C. and Elsenpeter, R.C., 2010. Cloud computing: a practical approach (pp. 1-55). New York: McGraw-Hill.

What Pros Are Not Saying About Good Argumentative Topics for 10 Pages Essay and How It impacts You

What Pros Are Not Saying About Good Argumentative Topics for 10 Pages Essay and How It impacts You If you get to select your own topic, that's excellent. Therefore, the topic ought to be debatable! Thus, the topic you select plays a critical function. Contradictive Your topic should stir a selection of opinions among the general public. Good Argumentative Topics for 10 Pages Essay Features As an example, in college, you might be requested to compose a paper from the opposing perspective. However soon you're anticipated to file your college argumentative essay for grading, we'll write the paper for you. Make a succinct outline of what you've got to say. Only after you make your decision about the topic, you can move to the five-paragraph essay structure. Good Argumentative Topics for 10 Pages Essay - the Conspiracy An argumentative essay is a certain kind of academic writing. Professional essay writers at 5staressays can help you, when you're looking for specialists to g uide you. Thus, the topic is going to have to be well thought out because it is going to establish the caliber of your paper. There are lots of essay types, and at times the topic itself is as crucial as the form of the essay you're assigned. Life is much better than it was 50 decades ago. Deciding on your topic isn't that easy. Narrative essay topics Narrative essay is a little different from different types. Books should not be banned. Researching the topic will permit you to find out more about what fascinates you, and should you pick something you truly like, writing the essay will be more enjoyable. School should happen in the evenings. If you are fighting with attempting to fully grasp how to compose an argumentative essay that will impress and find a great grade, you first must comprehend what it is. Irrespective of how carefully you plan your academic studies, you may nevertheless be confronted with a need to compose a huge paper in no more than one night. Without the suitable guidance, you may wind up choosing college essay topics that will fail to impress the admission board or gain a chance to study in your fantasy college. You will be assigned a topic, or your professor will enable you to select your own. Occasionally it only appears simple, but plenty of students forget about the kind of academic writing they need to follow. To compose a strong argumentative essay, students should start by familiarizing themselves with a number of the common, and frequently conflicting, positions on the research topic so they can write an educated paper. In a lot of the cases at schools and colleges, the students are allowed to opt for a topic independently. In the event you've wrapped up your primary argument, but you lack the idea about what's next, you own a reason to discover online academic writing service. The shortage of fantastic support sources will end in a decrease grade. You might have to conduct a thorough research and propose your own remedy to the present issue. The procedure for getting good argumentative research essay topics is not simple. The manner in which you formulate your argument heavily is dependent upon the essay type. In many professional contexts, respectful argumentation is the thing that leads to the growth of new suggestions and perspectives . When you are finished with your essay, you must not just check it for spelling and grammatical errors, but nevertheless, it also has to be checked for logical fallacies. The essay isn't an emotional appeal but a factual one and arguments have to be substantiated. Good Argumentative Topics for 10 Pages Essay Secrets Getting in a position to compose a strong argument will allow you to succeed in society. Argumentative essay ideas can be associated with the moral facets of human life. Relevant Topics that are related to your society will engage the reader in the finest possible way. There are a lot of things to argue when it regards the law. The One Thing to Do for Good Argumentative Topics for 10 Pages Essay The ideal thing about an argumentative essay which contains social issues is you can describe your individual experience on the case of the real-life case. A number of the huge issues are usually taken by your classmates, and your instructor may find a little bored readi ng the exact same thing over and. To choose which subject you're likely to discuss, it's crucial to see the complete collection of good persuasive speech topics from the specific area of study. Another reason is to observe how well students argue on distinct views and demonstrate understanding of the studied subject.

How to Write a Sample College Level Challenge Essay

How to Write a Sample College Level Challenge EssayA sample college level Challenge Essay will help you get a clear idea of what the main points of your paper should be and how they should be expressed. Here, we will discuss the subject of sample papers. It is important that you are familiar with the sample as you will have to use it for your own and that of your students and this helps you to get a better understanding of the essay writing technique.You can write a sample in the form of a small novel or in the form of a story. It is up to you to choose which one you would like to create.Some writers find this easy as well as others find it difficult, depending on the style of writing they prefer. If you have already been writing for years then you may be able to write any style of writing, but if you are still beginning and do not have much experience in writing then you might find it hard to express yourself through the format you will be using.Of course, you need to choose the pro per format and also the type of topic you would like to write about. It is important that you choose one topic for each section of your essay and include all the information you will need to make a good subject for your challenge.For example, you will have to study the concept of evolution and you would need to write a thesis statement and also write a few sentences on each of the four quadrants of the original topic. In order to have a clear idea about this, it is best that you understand this well.You will be writing a number of essays so make sure that you will not forget anything and that you have included everything that you need in each section. It is very important that you read everything carefully before you start to write.When you go to write a sample college level Challange Essay, you will need to do some preparation beforehand, including studying your topic and preparing the draft. Make sure that you will include the key points and it is important that you know where to place them.The title is usually left to the author but you may want to write a title or introduction for your essay first before you actually start writing. It is better to write a few sentences about the topics you are going to cover before you start to write the essay and include the key points first before including all the details.

How Has Social Media Affected Academic Writing Essay Sample?

How Has Social Media Affected Academic Writing Essay Sample?The Internet has changed the way we use the World Wide Web to reach our goal in a more efficient and cost effective manner. There are literally thousands of websites out there that offer free academic writing samples for you to examine and see if this method is right for you. Most offer multiple choice questions that you need to answer, some that will help you decide on which source to choose, and some that can help you decide which academic writing samples you would like to use in your own academic writing assignment. Once you've determined which sources you would like to use, you will need to pick out your essay topics and academic writing samples, and finally compile a thesis statement that will help you win your project for the college or university.A thesis statement is a basic definition of your goals in writing your college paper or your thesis. It is a summary statement that explain the major points that you want to make in your research, and why you believe these points to be true.Have you ever looked at an essay or a composition from a student who was trying to win a competition and you were able to catch the writer's perspective? Sometimes it can be a little confusing, especially if they aren't sure how to make their argument for a particular topic. However, when you take a look at their thesis statement, you will be able to identify a number of problems with the arguments they've made.One of the main problems is that they are just relying on testimonials from other students who agree with their viewpoint and quoting from other academic writing samples without verifying these statements. While others may be using just a few examples, a high school student who has just begun their writing career may have thousands of samples to choose from.Many times, you will find that students who are trying to win a scholarship for themselves will often quote other students who have won their scholarships and theyare repeating the same information for everyone. This is fine for those who are reading academic writing samples but they may not be able to put their information together to write their own essay. In fact, the number of students who plagiarize their classmates is staggering.Since so many of the students that have won awards for winning scholarships are actually the first to use what someone else has written as an example for their own academic writing, they likely won't be able to take ownership of their work, even if they do come up with a good summary. Why is this a problem? What good is it to win a scholarship if you have to pay for all the information you use?The problem with using another student's essay or thesis statement to help you with your academic writing assignment is that you will not have any solid foundation to work from. Your writing will be based upon a student's experience, and it can be difficult to decipher what he or she is saying from what you read.Do es this mean that you shouldn't use other students' research? No, but if you truly want to have an effective thesis statement and an effective essay, then you should have your own sources and references.

Tips to Make an Argumentative Essay Topic

Tips to Make an Argumentative Essay TopicHow to make an argumentative essay topics have become the most frequently asked question that we have heard over the years. It is often asked whether it is possible to tackle such a challenge with ease. This is one of the reasons why we have organized this short article which explains some of the tricks that you need to know in order to make an argumentative essay topic in no time.An important idea that you should always remember in a piece of writing is that it should not be confined to just an abstract statement. It should be as concrete as possible. In other words, you should be able to go a step further than simply stating facts and figures. You should also use anecdotes and even personal stories. These will help you to emphasize your point more.You must not take any risks in writing your essay. Even if you know the theme of the paper, you should not be afraid to make a bold statement and talk about it for the sake of telling it off. The i mportance of the topic should not be underestimated. It should also be seen as a milestone that you are going to move forward from one point to another.The best way to do this is to get the topic from a different direction altogether. The essay should be written with the purpose of identifying the entire situation and bringing out a conclusion. As soon as you start writing, you should try to develop a state of mind in which you will be able to convince your reader. You can be able to do this only by giving a clear idea of your logic. Also, the words that you use should be precise.This is the right moment to make it clear that you cannot make a mistake. The whole point of the whole process should be based on the usage of precise and logical words. If you write the wrong words and give a conclusion that does not hold true, then you would not even be able to communicate what you were trying to say. The word 'logic' should not be ignored here. You should always consider it to be a key e lement to be present in every paper that you would be writing.Now, let us discuss how to make sure that you do not overdo it. If you write the perfect words but fail to communicate your reasoning, you will not be able to get the desired result. This would actually prove the whole thing as a failure. Hence, before you start the whole process, you should make sure that you do not make any kind of blunders.How to make an argumentative essay topics is not as difficult as you may think. All you need to do is follow some simple rules that are very helpful. By taking the help of these rules, you will not only be able to impress your reader but also create a stronger statement.