Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.

The Yellow Wallpaper :: essays research papers

It must be about 3 a.m. I am laid up in this hospital with breast cancer writing about my life. I was married to a doctor, God rests his soul, but men in my days were not fun to be with. I had a depression problem and I believe he was more burdensome than the depression itself. There was a time when I just had a baby, I became very depressed, and my husband said it would do me well to get fresh air. I, the woman of the times, wanted to get better and I trusted my husband, and had no other way. So he took me out in the country, and I mostly stayed in this beautiful house that had become my prison with one room in particular. It was there that I realized nobody was listening to me, I had become everyone's burden, and my own burdens were not to be heard of. After all, how could I possibly have any, I was given daily baths and massages, I was not to look after my baby at all. I was feed breakfast, lunch and dinner. I was told not to write; it was most forbidden of it. They believed writing excited a woman too much; such a thing was not to be heard of. In that 1880's time a woman was to tend to her husband and the house hold. The room that I stayed in had the most absurd wallpaper. It was yellow, and it some areas it was faded or torn. I despised the wallpaper, but my dear husband said, "My love if I fix the wall paper then it will be something else I will have to fix. So this is part of your therapy. You must get used to it." After a while it seemed as if the wallpaper began to reach out at me calling my name. It seemed like a woman was trapped inside the walls. I thought to myself, "I must free her." And night I would wake up, and I would see her watching me. At first I was afraid, but now it seems as if we have become one. I watch her crawling around out in the yard from time to time desperately looking for freedom. I wanted so bad to free her, but how could I. I wanted to ask her, but how? Maybe she doesn't want this freedom I believe she so deserves.

Naming Ceremony

The Naming Ceremony of James Kofi Owusu-Ansah On February 21st 2009, I was invited to a naming ceremony at the Martin’s West Hall at Security Boulevard. It was for a three months old boy. Mr. and Mrs. Joseph Owusu- Ansah were the couple hosting the event. They are from the Akan tribe in Ghana, West Africa. The baby-naming ceremony or Out-dooring is the first of many life-cycle rituals performed in the Akan culture throughout a person's life. The Akan do not name a child until a child's been alive for seven days.The feeling is that the baby night be a spirit who has come to look at the world and then go back. After a child is born, according to tradition, the mother and child are usually kept inside for at least seven days. There is no big hoopla or big excitement about this baby for seven days. In fact, if the child should pass away before the seventh day, there is no mourning for that child. If the child lives for seven days, then it is felt that the child has come to stay an d be a part of the community.There was quite a crowd of big names of Ghanaians in the community and Dr Kwesi Mfume was among those seated at the High Table. There was a priest from the church the family attends, an appointed linguist who presented and interpreted the naming process to the guests at the ceremony. There was an elder who was the uncle of Mr. Owusu-Ansah. Traditionally, the child's name is given by one of the elders of the family. The first name is usually the day of the week on which the child was born and in this case the child was born on a Monday so he was called Kofi.The second name is something specific, and personal about the child, such as something about the birthing experience, or an ancestor's name, and since they were Christians the parents named him James, and the third name is the family's name, Owusu -Ansah. The priest said a prayer asking blessings for all who were gathered, especially for the baby. The gods and ancestors are asked to protect and guide t his child, to see that the child has the things that are needed for a good life and to help the child become a positive member of the community.The child, the father, the mother, and the godparents face the crowd. Since it was a boy the godfather had to present the baby to the crowd. The godfather lifts the child three times from the ground into the air to introduce the child to the ancestors and to the gods and says, today we show the child who sojourns with us to the morning star. † So we show the child to the earth, to the ancestors, to the heavens, and to the community, and ask for blessings for the child. The child was told what is expected of him, by responding to his name; respect his parents, elders of the society.He is told not to lie, cheat and be a responsible person in society . The main ceremony is over and the rest of the evening was full of dancing, eating and drinking, giving the baby gifts which is normally money. I was so impressed by the whole function becau se I never expected the function to be so traditional like it was back home although instead of seven days old James Kofi Owusu –Ansah was three months old, and the Americans who were invited were so comfortable and some even participated in the cultural dances.

Military Deployments Essay - 1938 Words

What is deployment? Most people think that when someone deploys they think military. Most families has or had a family member, friend who has joined the military and has deployed around the world. First what is the definition of deployment? â€Å"Deployment is the movement of an individual or entire military unit to overseas location to accomplish a task or mission† (Public Schools of North Carolina). In this research paper many subjects will be addressed that most people do not deal with in the amount that the military do like: legal matters, family issues, financial matters, and wills. Also who is affected by deployments? What are the advantages and disadvantages of deployment? Is military life different from normal civilian life?†¦show more content†¦A will tells the world how to distribute your estate, your money and possessions upon your death. The will names an executor or personal representative who will distribute your estate. A will can also be a pe rsonal representative how to dispose of the service members remains. If a service member dies without a will their property will distributed according to state law. If the service member has minor children, the state will make decisions about your children upon their death if they die without a will. These decisions may or may not be in accordance with the military members wishes. A power of attorney are legal documents where the person grants someone else the legal authority to act on their behalf to Endorse or cash check in the person’s name, sell, register, transport, or purchase the person’s vehicle, file the persons income tax records, enter or vacate military housing for the service member, buy, sell or refinance that persons real estate (Judge Advocate Generals Corps/ U.S. Navy). Second of all, a service member needs to make a plan to protect themselves from identity theft. 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Many different things can happen, in most cases when a parent deploys and the childRead MoreThe Deployment Of Military Personnel Essay884 Words   |  4 Pages As of April 12, 2015, excluding the U.S. Coast Guard, there are nearly 1.2 million active duty U.S. military personnel (Demographics of Active Duty U.S. Military, 2015). Approximately half of these men and women have a spouse and/or children that they must say goodbye to once they are deployed and deployment can last four to fif teen months. The deployment of military personnel adversely affects their families by causing negative emotional and/or behavioral changes, continuously altering theRead MoreThe Effects Military Deployment Has On Marital Relationships.1540 Words   |  7 PagesThe Effects Military Deployment has on Marital Relationships Meghan GaNung Indiana University of Pennsylvania Abstract This research paper provides a theoretical perspective on the effects that military deployment has on marital relationships. The background section investigates the five different military branches, what stressors are involved for those in military relationships, and a brief history of what military relationships were like in the past. In the literature review, readersRead MoreThe Deployment Of Military Personnel964 Words   |  4 Pagesthere was over 1.4 million active duty U.S. military personnel, of which approximately half have a spouse and/or children (Department of Defense, 2014). Once deployment orders are received, these servicemen and women must say goodbye to their loved ones for up to fifteen months. During this time of separation, these families will go through dramatic changes in an effort to make up for the absence of a spouse and/or parent. The deployment of military personnel adversely affects their families byRead MoreMilitary Sexual Trauma among US Servicewomen d uring Deployment700 Words   |  3 PagesTitle of Article: Military Sexual Trauma among US Servicewomen during Deployment: A Qualitative study Date of article: February 2014 Source (Please attach copy of article): Burns, B., Grindlay, K., Holt, K., Manski, R., Grossman, D. (2014). Military sexual trauma among US servicewomen during deployment: A qualitative study. American Journal of Public Health, 104(2), 345-349. Retrieved from http://search.proquest.com/docview/1499845673?accountid=12387 ARTICLE SUMMARY: In the surveys they

Anatotitan Facts and Figures

Name: Anatotitan (Greek for giant duck); pronounced ah-NAH-toe-TIE-tanHabitat: Woodlands of North AmericaHistorical Period: Late Cretaceous (65 to 70 million years ago)Size and Weight: About 40 feet long and 5 tonsDiet: PlantsDistinguishing Characteristics: Large size; broad, flat bill About Anatotitan It took paleontologists a long time to figure out exactly what type of dinosaur Anatotitan was. Since the discovery of its fossil remains in the late 19th century, this giant plant-eater has been classified in various ways, sometimes going by the now-unfashionable names Trachodon or Anatosaurus, or considered a species of Edmontosaurus. However, in 1990, a convincing case was presented that Anatotitan deserved its own genus in the family of large, herbivorous dinosaurs known as hadrosaurs, an idea that has since been accepted by most of the dinosaur community. A newer study, however, insists that the type specimen of Anatotitan was really a superannuated specimen of Edmontosaurus, hence its inclusion in the already-named species Edmontosaurus annectens. As you might have guessed, Anatotitan (giant duck) was named after its broad, flat, duck-like bill. However, one shouldnt take this analogy too far: the beak of a duck is a very sensitive organ (a bit like human lips), but Anatotitans bill was a hard, flat mass used mainly to dig up vegetation. Another odd feature of Anatotitan (which it shared with other hadrosaurs) is that this dinosaur was capable of running clumsily on two legs when it was chased by predators; otherwise, it spent most of its time on all four feet, munching peacefully on vegetation.

The Dangers of Living with an Eating Disorder Essay

The Dangers of Living with an Eating Disorder Imagine waking up every morning, struggling to get out of bed. The room spins. Stumbling over to the mirror, you study and criticize every last inch of your body as the words â€Å"fat, ugly, worthless† echo in your head. You then stagger to the bathroom, using the wall to hold you up. You don’t remember the last time you ate a â€Å"normal† meal. Stepping on the scale will determine your mood for the day. If it has decreased since yesterday, you have succeeded; if it has stayed the same, or worse, gone up, those voices inside your head become stronger, telling you how useless you are. Throughout your day, you skip meals and avoid food at all costs, or binge on whatever food is in sight and†¦show more content†¦Symptoms of these disorders are often both evident in those with eating disorders. According to the National Association of Anorexia Nervosa and Associated Disorders (ANAD), approximately 7 million women and 1 million men battle eating disorders in this country. Between 0.5-3.7% of females will suffer from anorexia in their lifetime, while 1.1-4.2% will suffer from bulimia. Of all those fighting anorexia it is reported that 10-25% will die as a result of their eating disorder. Eating disorders are the most fatal psychological illnesses. It truly is a deadly diet. It is also reported that 86% of those with eating disorders will have symptoms before the age of 20. One of the most staggering statistics is that one of five college women suffer from bulimia nervosa. Carolyn, a 21-year-old Queens University student suffering from years of disordered eating, said that the pressures of college trigger her negative behaviors. â€Å"I’m so constantly stressed from my program†¦pre-med, how ironic†¦that the behavior is induced every time I turn around,† Carolyn said. Eating disorders are not solely about food and weight. Although this is a major portion of their existence, they are also about a fear of independence or growing up. Eating disorders can also stem back to a very low self-esteem, lack of control, or the need to relieve anxiety and/or stress. These reasons are a major factor why they often showShow MoreRelatedWhy Weight Is The Top Popular Topic People1591 Words   |  7 Pagesunder the age of five were overweight. Once considered a high-income country problem, being overweight and obese are now on the rise in low- and middle-income countries , particularly in urban settings. More than 30 million overweight children are living in developing countries and 10 million in developed countries. Being overweight and obese are linked to more deaths worldwide than being underweight. 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E Marketing and Consumer Behaviour Samples †MyAssignmenthelp.com

Question: Discuss about the E-Marketing and Consumer Behaviour. Answer: Introduction E-Marketing is also known as the internet marketing, online marketing and web marketing. The internet marketing or the e-marketing brings together the technical and the creative features of the internet. The e-marketing relies on using the digital technologies amalgamating the same with the traditional marketing communications to achieve the objective of increasing sales of products as well as services of the company. The electronic marketing strategies comprise of the online advertising on websites and other promotional activities like social networking and informative emails (Khan, 2014). There has been a paradigm shift in the use of the internet as the prime medium of communication in the last few years. The internet has added richness to the advertising and the marketing communications by bringing together the audio, video, and text content in the same message increasing its appeal and effectiveness (Cantallops, Salvi, 2014). Through e-marketing, organisations have developed an ability to broaden the scope of their marketing communication and reach the consumers across all the geographical barriers with the help of computers and mobile phones. The consumers have also become powerful as they have an enormous information and data on a variety of topics within their reach and they can interactively control the communication experience (Fullerton, 2014). The internet has created an always-on communication habitat with the mobile devices which have created tremendous marketing opportunities for the business organisations today. Both the consumers and the marketers have access to real-time information about the buying behaviour of the customers as they transact and interact in the market (Hur, Kim, Kim, 2013). This has given rise to debate and research on discerning and evaluating the elements of e-marketing that have an impact on the online consumer buying behaviour. This assignment is aimed at preparing a research proposal on the factors of e-marketing that have an impact on the consumer buying behaviour (Lee, Ko, Tikkanen, Phan, Aiello, Donvito, Raithel, 2014). This research proposal aims to distinguish the unique factors which shape the consumers online buying behaviour and how the business organisations can increase their productivity and profitability by utilising the e-marketing tools along with the traditional marketing methods. The Section I of this assignment includes the introduction, the problem statement defining the issues, the research objectives and aims, the rationalisation or explanation of research applications, followed by the anticipated outcomes. The Section two (II) consists of the Conceptual Outline of the proposal, the research proposition, and the studyapproaches. The Third section of the study incorporates the establishment of the research, The Gantt diagrams, followed by the overall cost for the research. Problem Statement The E-marketing has developed as important aspect of marketing function of the business organisation. An increasing number of people today are active on the social media platforms and a large number of consumers use the internet-based resources to conduct a preliminary research on the services and products and also about the market reputation and the brand image of the company before arriving at a final purchase decision (Mok, Sparks, Kadampully, 2013). A study of the impact of the e-marketing features on the consumer buying behaviour will help an organisation in devising the framework of the e-marketing strategies of the organisation. This will help an organisation to improve the speed of marketing communication and explicitly define the organisational goals and which the e-marketing strategies would help to achieve (Lovelock, Patterson, 2015). For developing the right e-marketing strategies an organisation has to undertake an analysis and study of the target audience of the company. The organisations in todays digital world have to devise the e-marketing strategies for the best utilisation of the organisational resources and facilities and these would in turn help in managing the related processes and procedures in the organisation in a synchronised and smooth manner. This would result in the overall development and increase the productivity and profitability of the organisation (Yarimoglu, 2014). Research Objectives and Aims The focus area of this research plan is the study the influenceswhichE-marketing has on the customerconduct and their purchase decisions. The study would conduct a research on the aspects on e-marketing which would help the organisations in developing their e-marketing strategies based on the evaluation of the consumer behaviour (Solomon, Russell-Bennett, Previte, 2012). The aims of this study are: Evaluation of the consumer behaviour To study the effect of the E-marketing on customeractivities and effectiveness of the various approaches of E-marketing. The research will focus on the influence of E-marketing and the level of awareness created in the target audience with the help of the internet marketing tools. To understand the recall value and the remembrance value of the consumers to the various E-marketing channels. The foremost objectives of thestudy are: The consumer viewpoint about the level of trust placed by the different consumer groups on the traditional marketing and the internet based e-marketing methods of communication? What is the impact of the e-marketing on the profits, sales figures, revenues of the organisation? What are the factors that would help the firms in developing the right e-marketing strategies that would target the customer base of the organisation with the aim of achieving the vision and mission of the organisation with the use of the most effective e-marketing tools? To understand how the consumer experience of the organisation can be improved and enhanced with the help of e-marketing tools and strategies. Do the e-marketing channels affect the consumer perception and purchase decisions? Justification and the Potential Output of the research project Millions of people across the world are bound together by the internet. A large amount of information is available on the virtual platform and people everywhere tap into those information resources for a variety of purposes. In the digital age time is of great essence and consumers across the world prefer an access to all the required information instantly (Boone, Kurtz, 2013). The internet marketing or the e-marketing is fast becoming the best way to reach the target consumers across the world in the most cost-effective manner and disseminate the information in a fast and more effective manner. In the digital world of today where virtual and online platforms are gaining more importance, social media is becoming the preferred way for the consumers to discuss and exchange information on various topics, the companies have to develop good e-marketing strategies to survive in the market and gain a competitive edge over the rival firms (Laudon, Traver, 2013). E-marketing can help the organisation transcend borders, cultures, and increase the reach of an organisation by almost 60% to 70% as compared to the traditional marketing and communication tools. For any kind of e-marketing strategy to be successful, the organisations have to understand the strategies that would work the best for their particular product and service and would appeal the most to the target audience of the organisation. This research would help the organisations in getting an insight into the factors and aspects of e-marketing that have an impact on the buying behaviour of the consumers (Rahimnia, Hassanzadeh, 2013). Potential output of the research proposal: Analysis of the consumer behaviour research would help the organisations in designing e-marketing strategies that would utilise the e-marketing tools in an integrated manner. The research will help the firms to evaluate the e-marketing objectives of an organisation like building an online brand image, managing the e-marketing communication and selling channels for an increase in the revenues of the firm based on the consumer preferences and perceptions. To develop an understanding of the realistic, specific, achievable, measurable, and properly timed e-marketing objectives. Conceptual Framework The internet has gained an important place in all kinds of activities carried out in the business world today. It has changed the way companies interact with the consumers in the market and the concept of marketing in the closely inter-connected digital world platforms (Eid, El-Gohary, 2013). Although, use of the E-marketing as a primary strategy for a business organisation depends a lot on the kinds of products and services they offer and the target market segment which uses their products and services. For example, the companies which have a primarily younger target audience will need to place a lot of importance on the e-marketing channels as most of the youth today rely on the information available on the internet for making their purchase decision (Taylor, Strutton, 2010). The internet has provided numerous options to the consumers of today. This is one of the main reasons that the customers today are less loyal to any brand because of a variety of choices available to them on the virtual market platforms (Strauss, 2016). The consumers have more power in their hands today with the easy access to information about the competing organisations, their products, prices, and other features which increases the power in the hands of the consumers. The consumers prefer to associate with the companies which can offer better value to the consumers in terms of satisfying the customer expectations and fulfil their demands in a better way (Darley, Blankson, Luethge, 2010). Therefore, it has become very important for the companies to have the correct perception of the consumer choices and buying behaviour to be able to succeed in the market today. The e-marketing platforms offer the companies a chance to have a two-way interactive communication with the customers and understand their preferences, buying choices, and use this knowledge to create more value for the consumers. The e-marketing offers the organisations a tremendous opportunity and potential to enhance the procedure of the value formation for modern consumers (Punj, 2012). An internet acts as both a medium and a market for the modern day organisations and their consumers and can assume a variety of roles in the way in which the consumers and the sellers interact with each other. As compared to the traditional means of marketing, e-marketing offers a plethora of benefits for both the consumers and the organisations (Ervasti, 2013). E-marketing reduces the cost of exchanging and disseminating information, increases the speed of transfer of information, and the ease of retrieval of information. E-marketing also increases the level of consumer involvement by offering modes of one-to-one interaction with the customers which means it offers the companies the opportunity to customise their offerings and consumers get the chance to purchase tailor-made goods and services which are best suited to their needs (Dennis, Merrilees, Jayawardhena, Tiu Wright, 2009). As opposed to the traditional marketing, the e-marketing gives an opportunity to the companies to quickly adapt their policies and strategies to any changes in the external circumstances and changes in demand. The e-marketing is a much more flexible option than the traditional marketing, and the firms can quickly update, change, and add information on their e-marketing channels as per the change in consumer preferences and any changes in the demand and supply equation in the market (Park, Cho, 2012). While there is an information asymmetry that exists in the traditional marketing, with one side in the buyer-seller relationship had more information than the other side, the advent of e-marketing has reduced this asymmetry to a large extent. Besides, the cost of getting and sending the information also went down drastically with the advent of the internet, which made it easier for the companies and the buyer remove the information asymmetry (Wolny, Charoensuksai, 2014). The power has moved from the sellers dominated market to the consumer-dominated market where the customers have the necessary information to make informed choices about the companies, services, products, brands that they would like to associate with. This has increased the pressure on the business organisations to re-evaluate their traditional marketing structures and develop the new e-marketing strategies that can develop new methods of creating the right values for an increasingly informed consumer base (Darley, Blankson, Luethge, 2010). One important factor that the companies have to keep in mind is that the process of value-creation by the traditional marketing means is very different from that of the virtual and digital world. The e-marketing strategies are much more competitive and flexible and companies have to come with unique strategies to capture the attention of the consumers in the e-marketing (Punj, 2012). Research Methodology Literature Review E-marketing uses all the tools and aspects of internet advertising and promotions to elicit a desired response from the vast and unknown consumer base. In the developed economies internet forms a major part of all the dimensions of the peoples lives and the strategies of e-marketing are continuously being evolved by the companies operating in these markets (Taylor, Strutton, 2010). The ongoing research in the field has focused a lot of attention on the different factors which affect the consumer behaviour and their buying behaviour with respect to the e-marketing strategies employed by the companies. The attitude of the consumers and their faith in online shopping are the primary factors that determine their buying behaviour and in turn, the impact, that the e-marketing strategies have on such a consumer mindset and their buying behaviour (Strauss, 2016). The five-step model is the generally accepted traditional method for evaluating the purchase decision process of the potential customers. In this model, the customer starts with the identification of the need and moves on to gathering the required information about a solution to that need. On the basis of the information collected the customer moves on to evaluate the alternatives available which can help to fulfil that need or requirement. The genuineprocurement decision is dependupon the comparison of results of evaluation of all the alternatives. And finally, the fifth step is the post-purchase reaction or behaviour of the consumers which determines their level of satisfaction or dissatisfaction. This final step forms a very important building block for the perception of the consumers about a particular product, the marketing methodology, the communication process of the company, and the other such features (Oliver, 2014). Some of the other research conducted in the field of the factors that affect the consumer reactions and purchase behaviour patterns of the consumers based on the e-marketing promotional activities surmised that the risk perception and the intention of the consumer play the role of vital determinants in the success of a particular e-marketing strategy adopted by an organisation (Eid, El-Gohary, 2013). The culture and the presence of a supportive environment and atmosphere are also crucial factors in the success of a particular e-marketing strategy or tool. One of the basic elements in the adoption of e-marketing is the ease and comfort level displayed by the target audience base in their usage of the internet as a medium of seeking information and communication (Shareef, Dwivedi, Kumar, 2016). Data collection methods The data to be evaluated for the purpose of the study is the impact that e-marketing has on the consumer behaviour and their purchase behaviour. Both qualitative and quantitative data evaluation methodology will be used to define the purpose of the study. Qualitative data Questionnaires: For the study, the primary data would be sourced with the help of questionnaires. The questionnaires prepared for the research will consist of closed ended questions. The asked queries in the survey will be definedas per the objectives and aims of the study. The questionnaires will be sent to the sample segment via e-mail and personal interaction (Aryee, Walumbwa, Seidu, Otaye, 2016). Surveys and online forums: Information collected from the online surveys and interactive online forums about the peoples perception about the e-marketing initiatives and the methods of e-marketing communication will be collected and analysed to give an idea about the perception of the consumers towards the e-marketing and the use of different modes of e-marketing for different groups of services and products (Laudon, Traver, 2013). Data analysis The data collected will be analysed using the descriptive data evaluation methods. The quantitative analysis will be done with the help of pie charts, diagrams, excel sheets, statistical and mathematical tools available online in the different scholarly articles which would be useful in analysing the data accurately for the purpose of the study. For the purpose of validity testing, the regression analysis will be used. Concepts and models from the literature on the subject will be used for qualitative analysis of the outcomes of the information and discoveries of the study. Relationships between the parameters will be examined based on the answers to the questionnaires and the reviews. Section III Organisation of the Study The Study has been organised as under Chapter I It comprises the study proposal mentioned in this assignment. Chapter II Chapter two will focus on the case-study pertaining to e-marketing in detail. Chapter III - This Chapter will comprise of the details of the research methodology used for the purpose of the study. Chapter IV Chapter four will analyse the result and discoveries defined by the proposed study. Chapter V Chapter five will summarise and explains the significant sightings of the research and their implications in the business world. Gantt Chart Time taken by the each development of the project is given below: Task Start date End date Duration Project Proposal 25/09/2017 09/10/2017 15 days Literature Review 10/10/2017 23/12/2017 75 days Data Collection 24/12/2018 06/02/2018 60 days Data Analysis 07/02/2018 08/03/2018 30 days Report Submission 09/03/2018 07/04/2018 30 days Deliverables and Milestones Project Budget and Justification The budget to complete this project within the timeframe as specified by the Gantt chart will be approximately $5500. The specifications of the budget are: The literature review will consist of using the online resources, purchasing of journal and textbooks, all of which are not available for free, and will cost approximately $1500. Data collection with the help of questionnaires and surveys will require the printing and postage charges, travelling and telephone expenses. Some of the questionnaires will be sent by email but the probability of such emails ending up in the junk box is very high. Therefore, questionnaires will be distributed by post, travelling and approaching the target audience in person. In some cases, telephone will be used as a medium to approach the target audience. This will cost around $2500. In certain cases, the data collection by independent research agencies will have to be purchased and this would need an allocation of a budget of around $1500. Task Estimated Budget Literature Review $ 1600 Collection of the data $ 2400 Analysis of the data $ 1500 Total Cost $ 5500 References Aryee, S., Walumbwa, F. O., Seidu, E. Y., Otaye, L. E. (2016). Developing and leveraging capital resource to promote service quality: Testing a theory of performance.Journal of management,Vol. 42, Issue 2, pp. 480-499. Retrieved from:https://journals.sagepub.com/doi/abs/10.1177/0149206312471394 Boone, L. E., Kurtz, D. L. (2013).Contemporary marketing.Cengage learning. Retrieved from: https://books.google.co.in/books?hl=enlr=id=UaMWAAAAQBAJoi=fndpg=PP1dq=E-marketing+2013ots=NtHw_GVKxMsig=CABdoqsJMCDKSFlR7rC5FEtGsUI#v=onepageq=E-marketing%202013f=false Cantallops, A. S., Salvi, F. (2014). New consumer behavior: A review of research on eWOM and hotels.International Journal of Hospitality Management,Vol. 36, pp. 41-51. Retrieved From:https://www.sciencedirect.com/science/article/pii/S0278431913001126 Darley, W. K., Blankson, C., Luethge, D. J. (2010). 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