Book Review Get Your Gun - 2041 Words

Michelle Sweeney 00895121 12/11/15 Gillespie Get Your Gun â€Å"We are men of peace we are men who work and we want no quarrel. But if you destroy our peace if you take away our work if you try to range us one against the other we will know what to do. If you tell us to make the world safe for democracy we will take you seriously and by god and by Christ we will make it so. We will use the guns you force upon us we will use them to defend our very lives and the menace to our lives does not lie on the other side of a nomansland that was set apart without our consent it lies within our own boundaries here and now we have seen it and we know it.† (Trumbo, 242) This quote is from the very end of Dalton Trumbo’s Johnny Got His Gun, which is an antiwar novel about a man who was severely injured and has to live out the rest of his life in a hospital bed, unable to use any of his senses. He wants to be a constant reminder of what really happens during battle and he wants people to look at him and to be afraid of what could happen to their children or themselves. Johnny represents people’s fears and portrays them in a way that no one could in words. Antiwar movements were not as prominent during World War I as they were during World War II. People had no idea what was happening when the first war started, but once the second came around, people were more vocal about their concerns and what they should be informed about. â€Å"After the First World War the belief became substantiallyShow MoreRelated Persuasive Paper on Paintball - Original Writing895 Words   |  4 Pagesleaves crush under your feet and are not sure if anyone is following you, but a gut felling keeps you going. Then you come to a quick halt. There you stand unprotected and vulnerable to any one, as the trees close in around you. Then a twig snaps you avert your eyes to the origin of the sound. 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The American Revolution A Radical Movement Essay - 668 Words

The 13 American colonies revolted against their British rulers in 1775. The war began on April 19, when British soldiers fired on the Minutemen of Lexington, Mass. The fighting ended with the surrender of the British at Yorktown on Oct. 19, 1781. In 1783 Great Britain signed a formal treaty recognizing the independence of the colonies. Through the hardships of life in a wild, new land, the American settlers gained strength and a firm belief in the rights and liberties of the individual man. They revolted because England interfered with their trade and industry, demanded unjust taxes, and sent British troops to compel obedience. At first they fought only for their rights. After a year of war they fought for a†¦show more content†¦Between these two societies there could not be much in common. With such opposing viewpoints and extreme change in social and economic structure, America began to yearn for independence and self-rule, and break away from the rule of Imperial Britain. The many taxes imposed on the colonies by English leaders also created great conflict between the two sides. American colonist felt that they were not represented in Parliament and therefore could not tax its people. But Parliament felt that they looked out for the best interest of the entire empire, therefore had the right to enact legislation. This caused political unrest and uprisings within the colonies. Protest took the form of newspapers, sermons, and pamphlets. Riots and events such as the Boston Massacre and the Boston Tea Party began to show the colonist distrust of British rulers. With tensions rising between the factions, the Americans were opting for a drastic change in the system. When America finally decides to declare its independence and go to war, it is a sign of radical action. Britains army was four times as big and consisted of well trained and experienced soldiers. Americans, on the other hand, had soldiers who were poorly trained and equipped. 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Chapter 33 The Death Eaters Free Essays

string(572) " the steps I took, long ago, to guard myself against mortal death\? They, who had seen proofs of the immensity of my power in the times when I was mightier than any wizard living\? â€Å"And I answer myself, perhaps they believed a still greater power could exist, one that could vanquish even Lord Voldemort†¦perhaps they now pay allegiance to another†¦perhaps that champion of commoners, of Mudbloods and Muggles, Albus Dumbledore\?† At the mention of Dumbledore’s name, the members of the circle stirred, and some muttered and shook their heads\." Voldemort looked away from Harry and began examining his own body. His hands were like large, pale spiders; his long white fingers caressed his own chest, his arms, his face; the red eyes, whose pupils were slits, like a cats, gleamed still more brightly through the darkness. He held up his hands and flexed the fingers, his expression rapt and exultant. We will write a custom essay sample on Chapter 33 The Death Eaters or any similar topic only for you Order Now He took not the slightest notice of Wormtail, who lay twitching and bleeding on the ground, nor of the great snake, which had slithered back into sight and was circling Harry again, hissing. Voldemort slipped one of those unnaturally long-fingered hands into a deep pocket and drew out a wand. He caressed it gently too; and then he raised it, and pointed it at Wormtail, who was lifted off the ground and thrown against the headstone where Harry was tied; he fell to the foot of it and lay there, crumpled up and crying. Voldemort turned his scarlet eyes upon Harry, laughing a high, cold, mirthless laugh. Wormtail’s robes were shining with blood now; he had wrapped the stump of his arm in them. â€Å"My Lord†¦Ã¢â‚¬  he choked, â€Å"my Lord†¦you promised†¦you did promise†¦Ã¢â‚¬  â€Å"Hold out your arm,† said Voldemort lazily. â€Å"Oh Master†¦thank you, Master†¦Ã¢â‚¬  He extended the bleeding stump, but Voldemort laughed again. â€Å"The other arm, Wormtail.† â€Å"Master, please†¦please†¦Ã¢â‚¬  Voldemort bent down and pulled out Wormtail’s left arm; he forced the sleeve of Wormtail’s robes up past his elbow, and Harry saw something upon the skin there, something like a vivid red tattoo – a skull with a snake protruding from its mouth – the image that had appeared in the sky at the Quidditch World Cup: the Dark Mark. Voldemort examined it carefully, ignoring Wormtail’s uncontrollable weeping. â€Å"It is back,† he said softly, â€Å"they will all have noticed it†¦and now, we shall see†¦now we shall know†¦Ã¢â‚¬  He pressed his long white forefinger to the brand on Wormtail’s arm. The scar on Harry’s forehead seared with a sharp pain again, and Wormtail let out a fresh howl; Voldemort removed his fingers from Wormtail’s mark, and Harry saw that it had turned jet black. A look of cruel satisfaction on his face, Voldemort straightened up, threw back his head, and stared around at the dark graveyard. â€Å"How many will be brave enough to return when they feel it?† he whispered, his gleaming red eyes fixed upon the stars. â€Å"And how many will be foolish enough to stay away?† He began to pace up and down before Harry and Wormtail, eyes sweeping the graveyard all the while. After a minute or so, he looked down at Harry again, a cruel smile twisting his snakelike face. â€Å"You stand, Harry Potter, upon the remains of my late father,† he hissed softly. â€Å"A Muggle and a fool†¦very like your dear mother. But they both had their uses, did they not? Your mother died to defend you as a child†¦and I killed my father, and see how useful he has proved himself, in death†¦.† Voldemort laughed again. Up and down he paced, looking all around him as he walked, and the snake continued to circle in the grass. â€Å"You see that house upon the hillside, Potter? My father lived there. My mother, a witch who lived here in this village, fell in love with him. But he abandoned her when she told him what she was†¦.He didn’t like magic, my father†¦ â€Å"He left her and returned to his Muggle parents before I was even born. Potter, and she died giving birth to me, leaving me to be raised in a Muggle orphanage†¦but I vowed to find him†¦I revenged myself upon him, that fool who gave me his name†¦Tom Riddle†¦.† Still he paced, his red eyes darting from grave to grave. â€Å"Listen to me, reliving family history†¦Ã¢â‚¬  he said quietly, â€Å"why, I am growing quite sentimental†¦.But look, Harry! My true family returns†¦.† The air was suddenly full of the swishing of cloaks. Between graves, behind the yew tree, in every shadowy space, wizards were Apparating. All of them were hooded and masked. And one by one they moved forward†¦slowly, cautiously, as though they could hardly believe their eyes Voldemort stood in silence, waiting for them. Then one of the Death Eaters fell to his knees, crawled toward Voldemort and kissed the hem of his black robes. â€Å"Master†¦Master†¦Ã¢â‚¬  he murmured. The Death Eaters behind him did the same; each of them approaching Voldemort on his knees and kissing his robes, before backing away and standing up, forming a silent circle, which enclosed Tom Riddle’s grave, Harry, Voldemort, and the sobbing and twitching heap that was Wormtail. Yet they left gaps in the circle, as though waiting for more people. Voldemort, however, did not seem to expect more. He looked around at the hooded faces, and though there was no wind rustling seemed to run around the circle, as though it had shivered. â€Å"Welcome, Death Eaters,† said Voldemort quietly. â€Å"Thirteen years†¦thirteen years since last we met. Yet you answer my call as though it were yesterday, we are still united under the Dark Mark, then! Or are we?† He put back his terrible face and sniffed, his slit-like nostrils widening. â€Å"I smell guilt,† he said. â€Å"There is a stench or guilt upon the air. A second shiver ran around the circle, as though each member of it longed, but did not dare to step back from him. â€Å"I see you all, whole and healthy, with your powers intact – such prompt appearances! and I ask myself†¦why did this band of wizards never come to the aid of their master, to whom they swore eternal loyalty?† No one spoke. No one moved except Wormtail, who was upon the ground, still sobbing over his bleeding arm. â€Å"And I answer myself,† whispered Voldemort, â€Å"they must have believed me broken, they thought I was gone. They slipped back among my enemies, and they pleaded innocence, and ignorance, and bewitchment †¦. â€Å"And then I ask myself, but how could they have believed I would not rise again? They, who knew the steps I took, long ago, to guard myself against mortal death? They, who had seen proofs of the immensity of my power in the times when I was mightier than any wizard living? â€Å"And I answer myself, perhaps they believed a still greater power could exist, one that could vanquish even Lord Voldemort†¦perhaps they now pay allegiance to another†¦perhaps that champion of commoners, of Mudbloods and Muggles, Albus Dumbledore?† At the mention of Dumbledore’s name, the members of the circle stirred, and some muttered and shook their heads. Voldemort ignored them. â€Å"It is a disappointment to me†¦I confess myself disappointed†¦.† One of the men suddenly flung himself forward, breaking the circle. Trembling from head to foot, he collapsed at Voldemort’s feet. â€Å"Master!† he shrieked, â€Å"Master, forgive me! Forgive us all!† Voldemort began to laugh. He raised his wand. â€Å"Crucio!† The Death Eater on the ground writhed and shrieked; Harry was sure the sound must carry to the houses around†¦.Let the police come, he thought desperately†¦anyone†¦anything†¦ Voldemort raised his wand. The tortured Death Eater lay flat upon the ground, gasping. â€Å"Get up, Avery,† said Voldemort softly. â€Å"Stand up. You ask for forgiveness? I do not forgive. I do not forget. Thirteen long years†¦I want thirteen years’ repayment before I forgive you. Wormtail here has paid some of his debt already, have you not, Wormtail?† He looked down at Wormtail, who continued to sob. â€Å"You returned to me, not out of loyalty, but out of fear of your old friends. You deserve this pain, Wormtail. You know that, don’t you?† â€Å"Yes, Master,† moaned Wormtail, â€Å"please. Master†¦please†¦Ã¢â‚¬  â€Å"Yet you helped return me to my body,† said Voldemort coolly, watching Wormtail sob on the ground. â€Å"Worthless and traitorous as you are, you helped me†¦and Lord Voldemort rewards his helpers†¦.† Voldemort raised his wand again and whirled it through the air. A streak of what looked like molten silver hung shining in the wand’s wake. Momentarily shapeless, it writhed and then formed itself into a gleaming replica of a human hand, bright as moonlight, which soared downward and fixed itself upon Wormtail’s bleeding wrist. Wormtail’s sobbing stopped abruptly. His breathing harsh and ragged, he raised his head and stared in disbelief at the silver hand, now attached seamlessly to his arm, as though he were wearing a dazzling glove. He flexed the shining fingers, then, trembling, picked up a small twig on the ground and crushed it into powder. â€Å"My Lord,† he whispered. â€Å"Master†¦it is beautiful†¦thank you†¦thank you†¦.† He scrambled forward on his knees and kissed the hem of Voldemort’s robes. â€Å"May your loyalty never waver again, Wormtail,† said Voldemort. â€Å"No, my Lord†¦never, my Lord†¦Ã¢â‚¬  Wormtail stood up and took his place in the circle, staring at his powerful new hand, his face still shining with tears. Voldemort now approached the man on Wormtail’s right. â€Å"Lucius, my slippery friend,† he whispered, halting before him. â€Å"I am told that you have not renounced the old ways, though to the world you present a respectable face. You are still ready to take the lead in a spot of Muggle-torture, I believe? Yet you never tried to find me, Lucius†¦.Your exploits at the Quidditch World Cup were fun, I daresay†¦but might not your energies have been better directed toward finding and aiding your master?† â€Å"My Lord, I was constantly on the alert,† came Lucius Malfoy’s voice swiftly from beneath the hood. â€Å"Had there been any sign from you, any whisper of your whereabouts, I would have been at your side immediately, nothing could have prevented me -â€Å" â€Å"And yet you ran from my Mark, when a faithful Death Eater sent it into the sky last summer?† said Voldemort lazily, and Mr. Malfoy stopped talking abruptly. â€Å"Yes, I know all about that, Lucius†¦.You have disappointed me†¦.I expect more faithful service in the future.† â€Å"Of course, my Lord, of course†¦.You are merciful, thank you†¦.† Voldemort moved on, and stopped, staring at the space – large enough for two people – that separated Malfoy and the next man. â€Å"The Lestranges should stand here,† said Voldemort quietly. â€Å"But they are entombed in Azkaban. They were faithful. They went to Azkaban rather than renounce me†¦.When Azkaban is broken open, the Lestranges will be honored beyond their dreams. The dementors will join us†¦they are our natural allies†¦we will recall the banished giants†¦I shall have all my devoted servants returned to me, and an army of creatures whom all fear†¦.† He walked on. Some of the Death Eaters he passed in silence, but he paused before others and spoke to them. â€Å"Macnair†¦destroying dangerous beasts for the Ministry of Magic now, Wormtail tells me? You shall have better victims than that soon, Macnair. Lord Voldemort will provide†¦.† â€Å"Thank you, Master†¦thank you,† murmured Macnair. â€Å"And here† – Voldemort moved on to the two largest hooded figures – â€Å"we have Crabbe†¦you will do better this time, will you not, Crabbe? And you, Goyle?† They bowed clumsily, muttering dully. â€Å"Yes, Master†¦Ã¢â‚¬  â€Å"We will, Master†¦.† â€Å"The same goes for you, Nott,† said Voldemort quietly as he walked past a stooped figure in Mr. Goyles shadow. â€Å"My Lord, I prostrate myself before you, I am your most faithful -â€Å" â€Å"That will do,† said Voldemort. He had reached the largest gap of all, and he stood surveying it with his blank, red eyes, as though he could see people standing there. â€Å"And here we have six missing Death Eaters†¦three dead in my service. One, too cowardly to return†¦he will pay. One, who I believe has left me forever†¦he will be killed, of course†¦and one, who remains my most faithful servant, and who has already reentered my service.† The Death Eaters stirred, and Harry saw their eyes dart sideways at one another through their masks. â€Å"He is at Hogwarts, that faithful servant, and it was through his efforts that our young friend arrived here tonight†¦. â€Å"Yes,† said Voldemort, a grin curling his lipless mouth as the eyes of the circle flashed in Harry’s direction. â€Å"Harry Potter has kindly joined us for my rebirthing party. One might go so far as to call him my guest of honor.† There was a silence. Then the Death Eater to the right of Wormtail stepped forward, and Lucius Malfoy’s voice spoke from under the mask. â€Å"Master, we crave to know†¦we beg you to tell us†¦how you have achieved this†¦this miracle†¦how you managed to return to us†¦.† â€Å"Ah, what a story it is, Lucius,† said Voldemort. â€Å"And it begins – and ends – with my young friend here.† He walked lazily over to stand next to Harry, so that the eyes of the whole circle were upon the two of them. The snake continued to circle. â€Å"You know, of course, that they have called this boy my downfall?† Voldemort said softly, his red eyes upon Harry, whose scar began to burn so fiercely that he almost screamed in agony. â€Å"You all know that on the night I lost my powers and my body, I tried to kill him. His mother died in the attempt to save him – and unwittingly provided him with a protection I admit I had not foreseen†¦.I could not touch the boy.† Voldemort raised one of his long white fingers and put it very close to Harry’s cheek. â€Å"His mother left upon him the traces other sacrifice†¦.This is old magic, I should have remembered it, I was foolish to overlook it†¦but no matter. I can touch him now.† Harry felt the cold tip of the long white finger touch him, and thought his head would burst with the pain. Voldemort laughed softly in his ear, then took the finger away and continued addressing the Death Eaters. â€Å"I miscalculated, my friends, I admit it. My curse was deflected by the woman’s foolish sacrifice, and it rebounded upon myself. Aaah†¦pain beyond pain, my friends; nothing could have prepared me for it. I was ripped from my body, I was less than spirit, less than the meanest ghost†¦but still, I was alive. What I was, even I do not know†¦I, who have gone further than anybody along the path that leads to immortality. You know my goal – to conquer death. And now, I was tested, and it appeared that one or more of my experiments had worked†¦for I had not been killed, though the curse should have done it. Nevertheless, I was as powerless as the weakest creature alive, and without the means to help myself†¦for I had no body, and every spell that might have helped me required the use of a wand†¦. â€Å"I remember only forcing myself, sleeplessly, endlessly, second by second, to exist†¦.I settled in a faraway place, in a forest, and I waited†¦.Surely, one of my faithful Death Eaters would try and find me†¦one of them would come and perform the magic I could not, to restore me to a body†¦, but I waited in vain†¦.† The shiver ran once more around the circle of listening Death Eaters. Voldemort let the silence spiral horribly before continuing. â€Å"Only one power remained to me. I could possess the bodies of others. But I dared not go where other humans were plentiful, for I knew that the Aurors were still abroad and searching for me. I sometimes inhabited animals – snakes, of course, being my preference – but I was little better off inside them than as pure spirit, for their bodies were ill adapted to perform magic†¦and my possession of them shortened their lives; none of them lasted long†¦. â€Å"Then†¦four years ago†¦the means for my return seemed assured. A wizard – young, foolish, and gullible – wandered across my path in the forest I had made my home. Oh, he seemed the very chance I had been dreaming of†¦for he was a teacher at Dumbledore’s school†¦he was easy to bend to my will†¦he brought me back to this country, and after a while, I took possession of his body, to supervise him closely as he carried out my orders. But my plan failed. I did not manage to steal the Sorcerer’s Stone. I was not to be assured immortal life. I was thwarted†¦thwarted, once again, by Harry Potter†¦.† Silence once more; nothing was stirring, not even the leaves on the yew tree. The Death Eaters were quite motionless, the glittering eyes in their masks fixed upon Voldemort, and upon Harry. â€Å"The servant died when I left his body, and I was left as weak as ever I had been,† Voldemort continued. â€Å"I returned to my hiding place far away, and I will not pretend to you that I didn’t then fear that I might never regain my powers†¦.Yes, that was perhaps my darkest hour†¦I could not hope that I would be sent another wizard to possess†¦and I had given up hope, now, that any of my Death Eaters cared what had become of me†¦.† One or two of the masked wizards in the circle moved uncomfortably, but Voldemort took no notice. â€Å"And then, not even a year ago, when I had almost abandoned hope, it happened at last†¦a servant returned to me. Wormtail here, who had faked his own death to escape justice, was driven out of hiding by those he had once counted friends, and decided to return to his master. He sought me in the country where it had long been rumored I was hiding†¦helped, of course, by the rats he met along the way. Wormtail has a curious affinity with rats, do you not, Wormtail? His filthy little friends told him there was a place, deep in an Albanian forest, that they avoided, where small animals like themselves had met their deaths by a dark shadow that possessed them†¦. â€Å"But his journey back to me was not smooth, was it, Wormtail? For, hungry one night, on the edge of the very forest where he had hoped to find me, he foolishly stopped at an inn for some food†¦and who should he meet there, but one Bertha Jorkins, a witch from the Ministry of Magic. â€Å"Now see the way that fate favors Lord Voldemort. This might have been the end of Wormtail, and of my last hope for regeneration. But Wormtail – displaying a presence of mind I would never have expected from him – convinced Bertha Jorkins to accompany him on a nighttime stroll. He overpowered her†¦he brought her to me. And Bertha Jorkins, who might have ruined all, proved instead to be a gift beyond my wildest dreams†¦for – with a little persuasion – she became a veritable mine of information. â€Å"She told me that the Triwizard Tournament would be played at Hogwarts this year. She told me that she knew of a faithful Death Eater who would be only too willing to help me, if I could only contact him. She told me many things†¦but the means I used to break the Memory Charm upon her were powerful, and when I had extracted all useful information from her, her mind and body were both damaged beyond repair. She had now served her purpose. I could not possess her. I disposed of her.† Voldemort smiled his terrible smile, his red eyes blank and pitiless. â€Å"Wormtail’s body, of course, was ill adapted for possession, as all assumed him dead, and would attract far too much attention if noticed. However, he was the able-bodied servant I needed, and, poor wizard though he is, Wormtail was able to follow the instructions I gave him, which would return me to a rudimentary, weak body of my own, a body I would be able to inhabit while awaiting the essential ingredients for true rebirth†¦a spell or two of my own invention†¦a little help from my dear Nagini,† Voldemort’s red eyes fell upon the continually circling snake, â€Å"a potion concocted from unicorn blood, and the snake venom Nagini provided†¦I was soon returned to an almost human form, and strong enough to travel. â€Å"There was no hope of stealing the Sorcerer’s Stone anymore, for I knew that Dumbledore would have seen to it that it was destroyed. But I was willing to embrace mortal life again, before chasing immortality. I set my sights lower†¦I would settle for my old body back again, and my old strength. â€Å"I knew that to achieve this – it is an old piece of Dark Magic, the potion that revived me tonight – I would need three powerful ingredients. Well, one of them was already at hand, was it not, Wormtail? Flesh given by a servant†¦. â€Å"My father’s bone, naturally, meant that we would have to come here, where he was buried. But the blood of a foe†¦Wormtail would have had me use any wizard, would you not, Wormtail? Any wizard who had hated me†¦as so many of them still do. But I knew the one I must use, if I was to rise again, more powerful than I had been when I had fallen. I wanted Harry Potters blood. I wanted the blood of the one who had stripped me of power thirteen years ago†¦for the lingering protection his mother once gave him would then reside in my veins too†¦. â€Å"But how to get at Harry Potter? For he has been better protected than I think even he knows, protected in ways devised by Dumbledore long ago, when it fell to him to arrange the boy’s future. Dumbledore invoked an ancient magic, to ensure the boy’s protection as long as he is in his relations’ care. Not even I can touch him there†¦.Then, of course, there was the Quidditch World Cup†¦.I thought his protection might be weaker there, away from his relations and Dumbledore, but I was not yet strong enough to attempt kidnap in the midst of a horde of Ministry wizards. And then, the boy would return to Hogwarts, where he is under the crooked nose of that Muggle-loving fool from morning until night. So how could I take him? â€Å"Why†¦by using Bertha Jorkins’s information, of course. Use my one faithful Death Eater, stationed at Hogwarts, to ensure that the boy’s name was entered into the Goblet of Fire. Use my Death Eater to ensure that the boy won the tournament – that he touched the Triwizard Cup first – the cup which my Death Eater had turned into a Portkey, which would bring him here, beyond the reach of Dumbledore’s help and protection, and into my waiting arms. And here he is†¦the boy you all believed had been my downfall†¦.† Voldemort moved slowly forward and turned to face Harry. He raised his wand. â€Å"Crucio!† It was pain beyond anything Harry had ever experienced; his very bones were on fire; his head was surely splitting along his scar; his eyes were rolling madly in his head; he wanted it to end†¦to black out†¦to die†¦ And then it was gone. He was hanging limply in the ropes binding him to the headstone of Voldemort’s father, looking up into those bright red eyes through a kind of mist. The night was ringing with the sound of the Death Eaters’ laughter. â€Å"You see, I think, how foolish it was to suppose that this boy could ever have been stronger than me,† said Voldemort. â€Å"But I want there to be no mistake in anybody’s mind. Harry Potter escaped me by a lucky chance. And I am now going to prove my power by killing him, here and now, in front of you all, when there is no Dumbledore to help him, and no mother to die for him. I will give him his chance. He will be allowed to fight, and you will be left in no doubt which of us is the stronger. Just a little longer, Nagini,† he whispered, and the snake glided away through the grass to where the Death Eaters stood watching. â€Å"Now untie him, Wormtail, and give him back his wand.† How to cite Chapter 33 The Death Eaters, Essay examples

Business Communication Skills Sales and Marketing

Question: Discuss about theBusiness Communication Skillsfor Sales and Marketing. Answer: Cespedes, F. V. Bova, T., 2015. What sales people need to know about the new B2B landscape. Harvard Bussiness review. Cespedes and Bova urge in their articles that organizations need to embrace and adopt new changes which are emerging in the sales and marketing field. Specifically, they are talking about business to business sales (B2B). Firms participating in selling should know that selling process is more centered on the customer than the buyer (Cespedes Bova, 2015). Therefore, it is their role to ensure that all the selling models they design incorporate the modern elements which are cropping up in the market. They outline that the AIDA model which B2B firms employ together with CRM systems to analyze the marketing and selling strategies do not adequately address the dynamism that exists in the market. Their argument is based on Gartner research, which they say indicates a very different modern purchasing reality. According to Cespedes and Bova, the Gartner research shows that buyer no longer move sequentially through a funnel when making a purchase decision, but they work through four parallel streams. The activities involved in this streams are exploring, evaluating, engaging and experiencing. Therefore, it vital for B2B companies to understand where their customers are and how to interact with them appropriately at the different stream levels. They go forth to offer suggestions on how a firm can align their operations with these new changes. Firstly, they suggest that it is vital for a B2B business to recognize that, regardless of the path that the clients take, the sales force is of the uttermost importance. This is because the customers prefer to interact with people who will aid them reach an effective buying decision. However, they warn that despite the advancements in technology and the popularity of social media, the latter have insignificant effects on the buying habits of the clients. Therefore, B2b firms are advised not to prioritize the social media platform in engaging their customers. Cespedes and Bova further point out that, across all the buying streams the buyers emphasized on the relevance of their interactions with sellers in meeting their organization needs. Secondly, they suggest that buying is a continuous and dynamic process. This implies that changes are inevitable in this sphere. For instance, they note that customers no longer rely on references made by the sellers but prefer to obtain such information from their fellow buyers through community websites. Furthermore, they cite the role of merchant websites in influencing purchasing decisions. Hence they call for close coordination between the sales and marketing departments in B2B business. Finally, they suggest that there no given selling methodology that can address all the buyers needs. This is because aligning buying and selling is a process which is impacted upon by variable factors. Recommendations Cespedes and Bova's article challenges those in B2B business to consider integrating changes which are occurring in their environment into their selling strategies. Failure to do so will render their measures ineffective since they will not address the needs of buyers sufficiently. Rather than being carried away with the idea of social media, B2B business should concentrate on strengthening their sales force.

The Effect Of Symbolism On Character In The Glass Menagerie Essays

The Effect Of Symbolism On Character In The Glass Menagerie Symbolism is a major aspect in Tennessee William's famous play, The Glass Menagerie. On the surface, the short slice of life story seems to be simple. However, if the reader digs deeper they will find that there are several symbols that give each character a deeper meaning. Each character defines each symbol in a different way. Aside from character symbols, there is overall symbolism in this play. It is set in a memory, so it creates a soft, dream-like setting. This lends to the whole idea behind the play that the characters are unable to function in reality. There are some very noticeable symbols in The Glass Menagerie. The first is the actual glass menagerie that represents the fragility of the Wingfield's dreamlike existence. The second is the fire escape, which reflects each character's tendency to escape from reality in their own ways. The third is the yellow dress, which represents youth and the past. The gentleman caller, Jim O'Connor, represents change and also hopes for the future, as well as a reflection of Amanda's past. Tom also has his own symbols of escape. He uses his poetry and the movies to run from his problems at home. The actual animal collection, or glass menagerie, symbolizes each character and the story. Like the glass animals, the character's realities are very fragile and in danger of being shattered. It is also as though the characters are stuck in glass, unable to move or change, also like the glass animals. They are inanimate, as the characters have learned to be to hide and escape from the pain that life has given them. Laura loves the glass Schoendorfer 2 animals because her family is like them. It will not take much, like Tom leaving, to shatter their whole world. Laura is symbolized by her fragile collection of glass animals, the glass menagerie. Her favorite animal is the unique unicorn. The unicorn is different because it has a horn. When Laura was in high school, she wore a brace. The unicorn and Laura are alike in this way. When Jim dances with Laura, he knocks over the unicorn and the horn breaks off. Now it is like all of the other horses. The unicorn losing its horn is a symbol. The unicorn in its original state symbolizes something different. It is delicate, beautiful, and precious in it's own unique way. This could symbolize Laura has natural beauty in an unearthly way that is hidden by her shyness and limp. When Laura starts to talk to Jim, she gets more confidence in herself and realizes that she is not that different from everyone else in the world. The horn symbolizes a difference, an obstacle to be overcome and admired. Like Laura has to overcome her shyness and limp to become like everyone else, the unicorn loses its difference . The fire escape is a major symbol in this play. It represents a different symbol for each character. For Amanda, the fire escape is a way for her to be protected from the outside world, or reality. She cannot live in the present, and the lack of a front door makes it easy for her to avoid real life. She convinces herself that she isn't capable of leaving the safe haven she has created by locking herself inside the strange apartment. She has become trapped by her memories. Laura uses the fire escape as a symbol in a similar way. She, too, is protected from the outside world by the fire escape, and she is also limited by it because of her handicap. It will require an extra effort for Laura to overcome her limp and get out into the world using the fire escape, symbolizing how her life is more difficult because of her handicap and her delusional mother. Schoendorfer 3 Tom uses the fire escape as an escape to the outside world. He cannot live in the depressed delusions of his mother and sister's reality, so he goes out the fire escape to work, and to the movies. He even succeeds in bringing in a possible replacement for him, someone else to take care of his helpless family members, when he brings Jim O'Connor

Free Essays on The Apprenticeship Of Duddy Kravitz

The Apprenticeship of Duddy Kravitz Setting â€Å"The Apprenticeship Of Duddy Kravitz† is written by Mordecai Richler. He elaborates many wonderful and foretelling settings. â€Å"Before him spread a still blue lake and on the other side a forest of pine trees.† (page 106) This setting describes Lac St. Pierre, a lake where Duddy wants to buy land around. When Duddy was young, about fifteen, his grandfather Shimka, told him that, â€Å"A man without land is nobody.† This statement etched itself as a vivid image in Duddy’s mind. Duddy listened to his grandfather and bye the age of eighteen he was making movies and selling pinball machines so he could buy all the land around the lake. â€Å"At the time, however, most Jewish boys in Montreal who had been to high school had gone to F.F.H.S and, consequently, had studied out of â€Å"The World’s Progress† (revised) with John MacPherson.† At the beginning of the novel Duddy had attended Fletchers Field High School (F.F.H.S.). He was fifteen at the time and he was not that bright. Duddy lives in the Jewish ghetto of Montreal. Montreal is the main setting in this novel because this is where Duddy both produces and sells all his films. â€Å"Some six miles from Montreal, set high in the Laurentian Hills on a shore of a splendid blue lake, Ste. Agathe des Montes had been made the middle-class Jewish community to own a resort many years ago.† Ste. Agathe is another important setting in the novel. Duddy worked as a waiter there when he was seventeen and here he met Yvette. When the two of them had gone for a walk, Yvette showed Duddy a lake, and at first sight Duddy knew he had to buy al l of the land on this lake and he would do anything to abtain the money. The setting in â€Å"The Apprenticeship of Duddy Kravitz† helps the ongoing story. At the beginning of the novel Duddy lives in a Jewish ghetto in Montreal where he is raised by his father, Max, and goes to school at F.F.H... Free Essays on The Apprenticeship Of Duddy Kravitz Free Essays on The Apprenticeship Of Duddy Kravitz The Apprenticeship of Duddy Kravitz Setting â€Å"The Apprenticeship Of Duddy Kravitz† is written by Mordecai Richler. He elaborates many wonderful and foretelling settings. â€Å"Before him spread a still blue lake and on the other side a forest of pine trees.† (page 106) This setting describes Lac St. Pierre, a lake where Duddy wants to buy land around. When Duddy was young, about fifteen, his grandfather Shimka, told him that, â€Å"A man without land is nobody.† This statement etched itself as a vivid image in Duddy’s mind. Duddy listened to his grandfather and bye the age of eighteen he was making movies and selling pinball machines so he could buy all the land around the lake. â€Å"At the time, however, most Jewish boys in Montreal who had been to high school had gone to F.F.H.S and, consequently, had studied out of â€Å"The World’s Progress† (revised) with John MacPherson.† At the beginning of the novel Duddy had attended Fletchers Field High School (F.F.H.S.). He was fifteen at the time and he was not that bright. Duddy lives in the Jewish ghetto of Montreal. Montreal is the main setting in this novel because this is where Duddy both produces and sells all his films. â€Å"Some six miles from Montreal, set high in the Laurentian Hills on a shore of a splendid blue lake, Ste. Agathe des Montes had been made the middle-class Jewish community to own a resort many years ago.† Ste. Agathe is another important setting in the novel. Duddy worked as a waiter there when he was seventeen and here he met Yvette. When the two of them had gone for a walk, Yvette showed Duddy a lake, and at first sight Duddy knew he had to buy al l of the land on this lake and he would do anything to abtain the money. The setting in â€Å"The Apprenticeship of Duddy Kravitz† helps the ongoing story. At the beginning of the novel Duddy lives in a Jewish ghetto in Montreal where he is raised by his father, Max, and goes to school at F.F.H... Free Essays on The Apprenticeship Of Duddy Kravitz The novel â€Å"The Apprenticeship of Duddy Kravitz† is about a poor Jewish boy named Duddy growing up in the ghetto streets of Montreal on St. Urbain street. Duddy didn’t have a lot going for him, he had a brother named Lennie going to University leaving him behind and a father named Max telling stories about the Boy Wonder someone who Max believed in but didn’t believe in Duddy. Duddy only had one person to look up to and that was his grandfather Zeyda, who believed in Duddy and Duddy told him his hopes and dreams. Out of all Duddy and Zeyda talked about there was always one thing that Duddy remembered best of all. Zeyda told Duddy a â€Å"man without land is nothing†. That one sentence changed Duddy’s whole way of thinking. He became hooked on it. Building up to reach that one goal, or better thought placed in his head by his most respected friend. He worked hard to show everyone that he wasn’t nothing but something by getting his own land. It corrupted him to the point that anything would be done to keep this vision lined up and close until he reached it, breaking all moral code, leaving no honour. But to say, he, in his own way was the Boy Wonder. Stopping at nothing for this dream made relationships extremely hard for Duddy because he would even hurt the people he, so called loved to get to this dream. Duddy wanted to be in Max’s eye, someone Max could tell stories about or show off to his friends, mostly a son to be proud of. Duddy wanted to prove to every, mostly Max that he was more then just some dumb kid that was always getting in trouble and going nowhere in life. Max would tell his friends about his other son Lennie that was going to become a doctor and go to University. When Max’s friends asked about Duddy Max would tell them that Duddy was a good kid but dumb like his old man, meaning he didn’t think Duddy would go anywhere in life. Another thing that Max loved to tell about was t...

Emergency Event Assignment Example | Topics and Well Written Essays - 4250 words

Emergency Event - Assignment Example On this research the role of the ambulance paramedics are explained as well as the roles of the police. The impact of a disaster such as bushfire on tourism and environment is discussed. The federal government together with the private sectors is working hand in hand on emergency management. Efforts that are being made by Emergency Management Australia involve public education through publications, training of staff, updating of technology, and funding. The overall goal of the research is to make it clear that preparedness is the key to lessen the impact of disaster. A disaster is the effect of an occurrence that has caused tremendous damage to people and community. The aim of this paper is to show what disaster is and its effect on people and community, and to be able to combat the devastating outcome it may bring by truly understanding it, and by applying significant safety measures whenever applicable. The nature of disasters varies in forms and attacks, and generally unpredictable. It may be a result of natural phenomenon like typhoon, tornado, or earthquake but sometimes it is due to human error or irresponsibility. However, there are times when a disaster is a result of both. Its frequency can differ; it can occur more often and therefore can post a greater risk. The result of its impact differs; for example a tornado may last only fifteen minutes while a drought may stretch for years. It can come without warning, but sometimes its onset is slow, allowing longer warning time. It can invade a small area sometimes, but there are times when th e encroachment it makes is so devastatingly wide, like the eruption of Mt. Pinatubo in the Philippines. It also has different potential levels of destruction, while a cyclone may devastate an entire city, a bridge that collapsed may only affect a small area. Its relation to human vulnerability and control may also vary.  

20th-Century Art And War Essay Example | Topics and Well Written Essays - 500 words

20th-Century Art And War - Essay Example It is art that is against everything that the Hitler regime stood for, as it depicts the horrors of the bombing of the town of Basque. The UN found itself in an uncomfortable situation when it had to speak about war with the painting in its background due to its history and fame. Talking about war is a form of communication as it communicates a message. In this case, the messages were conflicting. Guernica spoke against the war while the UN was planning for war. This made it untenable for Colin Powell to talk about the war in Iraq with Guernica as his backdrop as it would be a contradiction.Loos abhorred ornamentation on objects of art because according to his understanding, it lessened the immortal beauty of its original nature. He had a moralistic approach to art in both objects and humans as he believed that they both had the capacity to become degenerate in nature and form. A human being with tattoos was just as degenerate in society as was a work of art with ornamentation accord ing to Loos.The Bauhaus was the combination of architecture, design, and art that is the foundation of modern art in construction in contemporary times. German in origin, it seeks to combine efficiency with smooth clean lines. Its focus was more on the function than aesthetics which suited the post war mood for efficiency and recovery from the ruins of war. The old buildings which had been built in the classical European fashion became relics of their time as they gave way to the new clean lines in the Bauhaus design.

Organizational Behavior Principles Assignment Example | Topics and Well Written Essays - 750 words

Organizational Behavior Principles - Assignment Example The need for the division of work, narrow definitions of assigned duties and responsibilities, established rules, procedures and methods of work, can result in resistance to change (Dalziel, Schoonover, 1988). 2. If management employs formal communication, the selective perception of employees can become the main cause of resistance to change. It can lead to a biased view of a particular situation, which fits most comfortably into a person's own perception of reality, and can cause resistance to change. 3. Threats to power come from linear organization structure. Change may be seen as a threat to the power or influence of certain groups within the organization, such as their control over decisions, resources or information. For example, managers may resist the introduction of quality circles or worker-directors because they see this as increasing the role and influence of non-managerial staff, and a threat to the power in their own positions. Where a group of people has, over a period of time, established what they perceive as their 'territorial rights' they are likely to resist change. 4. Fear of changes in economic implications is typical for all types of organizations with informal communication patterns. People are likely to resist change which is perceived as reducing either directly or indirectly their pay or other rewards, requiring an increase in work for the same level of pay or acting as a threat to their job security. People tend to have established patterns of working and a vested interest in maintaining the status quo 5. Inconvenience or possible loss of freedom comes from matrix organizations and functional organizations grouping by task (each group does something different). If the change is seen as likely to prove inconvenient, make life more difficult, reduce freedom of action or result in increased control, there will be resistance. 6. In divisional organizations grouping by product and customer (each group does the same task but for different product and customer), the main cause of resistance to change is a habit. People tend to respond to situations in an established and accustomed manner. Habits may serve as a means of comfort and security, and as a guide for easy decision making (Dalziel, Schoonover, 1988). 7. Also, if there is a diverse workforce, there is a fear of redundancy and lower pay for old employees. There is a tendency for some people to find a sense of security in the past. In times of frustration or difficulty, or when faced with new or unfamiliar ideas or methods, people may reflect on the past.  

Pricing Options using Binomial and Trinomial Methods

Pricing Options using Binomial and Trinomial Methods Published in the 1970s, the Black-Scholes-Merton model provided an entirely new definition for the financial option market, half a century later the Binomial tree option pricing model was published, and that is the true key that allows the option market to be generalized to the world. Based upon the Binomial model, the Trinomial option pricing model was built to reduce possible errors and persons thus expected it to be a better approach. Still how much better is the Trinomial model, and is it worth spending the time on calculations? These will be the key comparisons provided in this dissertation. The comparisons are based upon computer calculating time used, and approximation error. An illustrative example is used to build the data base for further comparison of the convergence speed of these two models. All the values are calculated using the Matlab program and Casio calculators in order to provide examples of the assumption that the Trinomial option pricing model is a better model in reducing the approximation error, but takes much longer than the Binomial tree model to get the results. Chapter 1 introduction The emergence of financial derivatives in the 1970s marked a highly significant and exciting event in the history of finance. Options trading began in the United States and European markets in the late eighteenth century, and over the last 20 years, options played a key role in all financial derivatives. The option price was an old question for the financial world. Back in the 1900s Louis Bachelier published his academic dissertation ThÃÆ' ©orie de la speculation (Theory of Speculation), which became known by the public as the milestone of modern finance. The random walk theory, which built a random model of the stock prices changing pattern and how it follows in the stock market, was first applied in his paper. In 1964, Paul Samuelson (Nobel Prize in Economic Science winner) revised L.Bacheliers model, and instead of the stock price he used stock returns to eliminate the negative figures which might occur in L.Bacheliers model. Based upon this new model P.Samuelson also studied the Call Option pricing problem, and built a pricing equation for it. Although the equation was quite a beauty to watch, it could not be used in real world dealings since two of the main factors depended upon the investors personal predilection. Futures and options are traded actively on many exchanges throughout the world. Before any certain systematization models of the option had been created it was impossible for people to evaluate any kind of option price in a common way. Any approximations of the price based traders personal experience would well likely result in mistakes. The only method to maximize the good of the option price would be to build a standard and systematization model and find the quantification of the option trading. This was an important event in the financial world at that time. Since the emergent of option trading, and especially of securities options trade, researchers have been busy in the studies of options pricing. In 1973, Fischer Black and Myron Scholes published The Pricing of Options and Corporate Liabilities at the University of Chicago, where they presented the famous Black-Scholes model for options pricing (B-S model for short). They derived a partial differential equation, which governs the price of the option over time. Once it has been published, the B-S model received strong responses and gained a breakthrough in this field. While some researchers conducted thorough tests on the models accuracy, many others presented various opinions on the problems in the model and expanded on them for the purposes of improvement and extension. Because of this glary partial differential equation and all of the contribution that it had created, M.Scholes and R.Merton (F.Black was deceased) both won the Nobel Prize for Economics. In 1979, Cox, Ross and Rubinstein published a paper called Option Pricing: A Simplified Approach, and in a simple manner obtained the pricing formula using the Binomial model, which was applied widely. This is the event that really changed the option trading market because it made option trading more transparent to most traders, and advanced the improvement of the market. During the option, the trading market developed more and more different sorts of option models, with the most famous and widely used models being the European option and American option. As these two options were named, they were mainly applied in Europe and America and the main difference between the two options is when the option will be fulfilled (I will fully explain this at a later stage). The Binomial option pricing model is essentially a Binomial Tree which shows possible values that an underlying asset or stock initial stock price can take, and the resulting value of the option price at each individual stage of the asset. The main idea of the tree is constructed by assuming that the stock can only go up or down by a factor related to the length of time period, and volatility of the stock. Trinomial model was developed by Prelim Boyle in 1986; it is an adjusted and improved version of the Binomial Tree. Instead of assuming the stock can only go up or down, the Trinomial Tree allows a third choiceà ¢Ã¢â€š ¬Ã¢â‚¬ the stock remains constant. Compared to the Binomial and Trinomial tree model, the Black-Scholes model is a more mathematical and theoretical model: V = SN (d1) N (d2) (Will be explained at later stage) Although the binomial option pricing model and trinomial tree values converge on the Black-Scholes formula value as the number of time steps increases. With these two simplified methods the option pricing theory and option market became more generalized and easier for the public. With the time flows, the option market began to prevail all over the world, and therefore more and more specific different types of options were created to adapt to the disparate country. In this dissertation I will mainly study and present the relation and difference between the Black-Scholes model, the Binomial Option Pricing model and the Trinomial Tree model, in both a mathematical and financial way. Chapter 1: This chapter is mainly about the Black-Scholes models differential equation, including every valuable deduction I provide a few interesting examples to give a straight forward view of this method. Chapter 2: In this chapter I will explore the Binomial pricing model with European and American options. By presenting the formulas and equations I will study how to calculate the option price and explain some basic financial terms. At the main time I will also compare the results of the Binomial Tree model to the Black-Scholes model. Chapter 3: In this chapter I will demonstrate the Trinomial model with examples and large amount of figures by using the Matlab software. The European and American options will be compared with the Trinomial model. Chapter 4: In the last chapter in my dissertation I will look at how effectively the Trinomial tree model is improved based on the Binomial model. The Matlab code I wrote will help me process this comparison up to a million steps. This will be my thesis of this dissertation and this project. 1.1 Risk Many of the valuation and risk management principles apply across all financial options. In this section, I will first briefly introduce some basic concepts and features of risk management and financial derivatives, especially the option pricing problems. RiskUncertainty of the result The risks obtained and a persons unexpected profit is the same as bringing loss or even damage to a person. In the financial market, risk is ubiquitous with: asset risk (stock), currency risk (exchange rate): credit risk, and so on. There are two ways of facing the risks. Risk Avoidance Risk-taking The process of selecting investments with higher risk in order to profit from an anticipated price movement, is called speculation. Financial derivatives are types of risk management instruments whose payoff depends upon the behaviour of the underlying assets. The most common derivatives are forward contracts, futures and options. Forward contract: A cash market transaction in which delivery of the commodity is deferred until after the contract has been made. Although the delivery is made in the future, the price is determined  on the initial trade date. The party agreeing to buy the underlying asset in the future is called a long position, and the party agreeing to sell the asset in the future is called a short position. The value of a forward position at maturity depends upon the relationship between the delivery price (K) and the underlying price (ST) at that time. For a long position this payoff is: fT = ST à ¢Ã‹â€  K For a short position, it is: fT = K à ¢Ã‹â€  ST Forward contract is normally traded over-the counter, OTC. Futures contracts are very similar to forward contracts, except they are not exchange-traded or the contract is standardized, and thus does not have the interim partial payments due to marking to market. Before studying the Binomial Tree method, I will look at what options are. 1.2Options An option is a derivative financial instrument that gives the buyer or holder the right, but not the obligation, to buy or sell an underlying financial asset or commodity. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset. An option which conveys the right to buy something is called a call option, and an option which has the right to sell is called a put option. The reference price at which the underlying may be traded is called the exercise price or strike price. Most options have an expiration date. The process of activating an option is called exercise. If the option is not exercised by the expiration date, it becomes void and worthless. The options and related concepts can be classified into the following types: 1. Exchange-traded options Exchange-traded options (also called listed options) are a class of exchange-traded derivatives. Exchange traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Since the contracts are standardized, accurate pricing models are often available. Exchange-traded options include:[4][5] stock options, commodity options, bond options and other interest rate options stock market index options or, simply, index options and options on futures contracts callable bull/bear contract 2. Over-the-counter Over-the-counter options (OTC options, also called dealer options) are traded between two private parties, and are not listed on an exchange. The terms of an OTC option are unrestricted and may be individually tailored to meet any business need. In general, at least one of the counterparties to an OTC option is a well-capitalized institution. Option types commonly traded over the counter include: Interest rate options Currency cross rate options, and Option on swaps or swaptions. 3. Option styles Some options with complex financial structures are called exotic options, and these include: Barrier option any option with the general characteristic that the underlying securitys price must pass a certain level or barrier before it can be exercised. Double barrier option-A double barrier option involves a mechanism where if either of two limit prices is crossed by the underlying, the option either can be exercised or can no longer be exercised. Cumulative Parisian barrier option -A cumulative Parisian barrier option involves a mechanism where if the total amount of time the underlying asset value has spent above or below a limit price, the option can be exercised or can no longer be exercised. Standard Parisian barrier option-A standard Parisian barrier option involves a mechanism where if the maximum amount of time the underlying asset value has spent consecutively above or below a limit price, the option can be exercised or can no longer be exercised. Binary option-A binary option pays a fixed amount or nothing at all, depending on the price of the underlying instrument at maturity. An Asian option is an option where the payoff is not determined by the underlying price at maturity but by the average underlying price over some pre-set period of time. Bermudan option an option that may be exercised only on specified dates on or before expiration. For a cleaner view, I summarized various types of options in to a table below: standard of classification Types of options Option buyers right Call option and put option Excises time of option buyers. European option and American option intrinsic value In the money options, out of the money options and at the Money options Trading place Exchange-traded options and OTC options(Over-the-counter) Structures of options exotic options and vanilla options Margin of option. Unsecured and secured options There are two main reasons why investors would use options: to reduce risk and to gain more profit such as to speculate and to hedge. These will be discussed later. There are two main types of options, one is the European option the other is American option. The European option can only be exercised on the expiry date, while the American options may be exercised at any time before or on the expiry date. Assume k is the strike price; T is the expiry date, and the payoffs Vt: Vt = (St-K) + (call option) Vt= (K-St) + (put option) In this case, S is the spot price of the underlying asset. (t=T) Next, I will discuss the option pricing problems. Options are a type of bond derivative; its price depends upon the movement of underlying assets. The change of price of underlying assets is random because it is a kind of risk asset. Once the price of underlying assets is confirmed, then the option price can be confirmed too. This is saying that at the time the price of the underlying asset is St, the option price will be Vt and there exists function V(S, t) so that Vt= (St, t). At the expiry date, the value of option VT is the payoffs. VT = (ST-K) + (call option) VT= (K-ST) + (put option) The option pricing problem is to calculate V=V(S, t), (0, V(S, T) = Especially when t=0, and let the stock price is S0, what is the premium? p=V (S0, 0) =? Therefore, the option pricing problem is a working backward problem. 1.3 Types of investors. Now, I will look at three types of people in the stock market Hedger: An individual who enters into hedging trades. Hedging is a way of reducing risk. Hedgers want to avoid exposure to adverse movements in the price of an asset. For example: A Chinese company needs to pay a British supplier one million pounds after 90days.The company is facing the risk of fluctuation of exchange rate. If there is a big exchange-rate rise, this will affect its anticipated profit because of the extra cost. If the exchange rate is 12.5 Yuan / pound. The company considers two Hedging plans in view of the probability that the exchange rate may rise. Plan 1. Buy a forward contract stated to use 12625000 Yuan to purchase one million pounds after 90days. Plan 2. Buy a call option contract stated to use 12500000 Yuan to purchase one million pounds after 90days and pay a 250000 Yuan premium (as 2%). I now list the two hedging strategies in the table below: Spot exchange rate (Yuan/pound) 90dayslater exchange rate(Yuan/pound) Without hedging Forward contract Purchase call option contract 12.5 Increase to13 13million Yuan 12,625,000 Yuan 12,750,000 Yuan Decrease to12 12million Yuan 12,625,000 Yuan 12,250,000yuan According to the statistics provided, it can be seen that there will be extra costs when the exchange rate rises if the company does not use any hedging strategies. The costs are fixed after90days if they choose the forward contract but they may miss the chance that if the exchange rate goes down, they will gain from unforeseen profit .Meanwhile the company will prevent extra costs (rise in exchange rate) and gain profits (decrease in exchange) if they choose to purchase the call options contract, but they have to pay the premium. Speculator: An individual who is taking a position in the market. Usually the individual is betting that the price of an asset will go up or that the price of an asset will go down. Options like futures provide a form of leverage. For a given investment, the use of options magnifies the financial consequences. Good outcomes become very good, while bad outcomes may cause the whole initial investment being lost. For example, assume the stock price of X at 30th of April is à ¯Ã‚ ¿Ã‚ ¡666. The stock price may go up in August, and there are two investment strategies that investors may take. Investors spend à ¯Ã‚ ¿Ã‚ ¡666000 cash on 1000 shares of stocksà ¯Ã‚ ¼Ã¢â‚¬ º Investors purchase a call option contract which ends on 22nd of August: strike price is à ¯Ã‚ ¿Ã‚ ¡680, 1000shares, assume investors paid à ¯Ã‚ ¿Ã‚ ¡39000 premium for that. We now analyze the investors investment return in two different situations. (Ignore the interest rate) Case 1.If the stock price rises up to à ¯Ã‚ ¿Ã‚ ¡730 on 22nd August. For strategy A: The investor sells stocks on 22nd August to get à ¯Ã‚ ¿Ã‚ ¡730000 in cash. Return = (730000-666000)/666000=9.6% For strategy B: The investor exercises his option and gets profit: Profit=730000-680000=à ¯Ã‚ ¿Ã‚ ¡50000 Return = (50000-39000)/39000 Case 2.If the stock price drop to à ¯Ã‚ ¿Ã‚ ¡660 instead of rise on 22nd August. Strategy A: Loss =666000-660000=à ¯Ã‚ ¿Ã‚ ¡6000 Return= (660000-666000)/666000 Strategy B: The investors profit is=0 He will lose à ¯Ã‚ ¿Ã‚ ¡39000, and the percentage loss is 100%. Arbitrageur An individual engaging in arbitrage. Arbitrage A trading strategy that takes advantage of two or more securities being mispriced relative to each other. Arbitrage opportunities cannot last for long. As arbitrageurs interfere in the market, the forces of supply and demand will bring the market back to equilibrium. Therefore, in my project most of the arguments concern financial derivatives such as option prices, and, forward contracts will be based on the assumption that no arbitrage opportunities exist. 1.4 The Black Scholes Merton model There are seven important assumptions we use to derive the Black Scholes Model: It assumes that percentage changes in the stock price in a short period of time are normally distributed. It is defined as expected return on stock per year and as volatility of the stock price per year. This assumption suggests returns on the underlying stock are normally distributed, which is reasonable for most assets that offer options. It is possible to buy and sell any amount of stock, this includes short selling. There are no transactions costs , taxes or other fees. The stock pays no dividends during the options life. There are no arbitrage opportunities. Markets are efficient and Security trading is continuous. The risk free interest rate is constant and known.(

Human Nature :: essays research papers

Human nature Grade: B Language: English System: Country: Taiwan Our life is full of problems. Reasoning is a usual way to response to problems which we concern about. We reason in response to everyday problems. For instance, asked by friends to go out dinner at a time when we have planned something else, we must decide which one is more important for us at that moment of time, and whether to decline or to adjust our schedule. Reasoning appropriate to problems like this has often been called practical. Practical reasons might be said to be reasons for acting, and it is in some sense point toward action. Practical reasoning has been much discussed by philosophers, and it is catalogued under Moral Philosophy. For Aristotle’s moral philosophy, as it appears in his document now called the Nicomachean ethics, reflects his teleological (goal-oriented) metaphyics. In the Nicomachean ethics, where Aristotle considers a science of doing, and acting in certain way to seek rational ends. The notion of Goal, or Purpose, is the principal one in his moral theory. Aristotle noted that every act is performed for some purpose, which he defined as the "good" of that act, the end at which the activity aims. We perform an act because we find its purpose to be worthwhile. Either the totality of our acts is an infinitely circular series: Every morning we get up in order to eat breakfast, we eat breakfast in order to go to work, we got to work in order to get money, we get money so we can buy food in order to be able to eat breakfast, etc., etc., etc., in which case life would be a pretty meaningless endeavor because this is just bunch of repeated and vain activities practicing if without a purpose. Or there is some ultimate good toward which the purpose of all acts are directed. If there is such a good, we should try to come to know it so that we can adjust all our acts toward it in order to avoid that saddest of all tragedies – the wasted and vain life According to Aristotle, there is general verbal agreement that the end toward which all human acts are directed is happiness; therefore, happiness is the human good since we seek happiness for its own sake, not for the sake of something else. In a sense, realizing the end of attaining happiness is an activity of making, and it’s the activity aims to make a certain kind of man, living in a certain kind of society. Happiness might be explained as the