Kimberley Jayne Fletcher :: English Literature

Kimberley Jayne FletcherThe links and connections between outflow-by Doris Lessing, YourShoes-by Michele Roberts, Chemistry-by Graham Swift, Superman andPaula Browns new s straightsuit-by Sylvia Plath, and suppuration up-by JoyceCarey.The main theme in all the pieces of prose is family.In Flight the granddad and granddaughter growing up and having tolet go because the granddaughter is getting married, and its punishing forfamily to let people you love go.In Your Shoes the mum is upset about her child running away and istelling the audience/reader how she is smack and how certain shewill come back because she hasnt got her new shoes she bought her.In Chemistry the relationships betweens the granddad, mum, son andnew boyfriend and how their lives change when their close family die.In Superman and Paula Browns new snowsuit the boys family andfriends not believing him that he didnt push Paula brown in oil slickand ruining her new snowsuit.In evolution up the dad is too tied up with his work during the weekand one weekend he decides to spend time with his two daughters and herealises how a great deal they have grown up.Both Chemistry and Flight the children feel betrayed by theirgranddad. The boy in Chemistry feels betrayed by his whole familybut his granddad the roughly because he has just committed suicide to getaway from his daughter who has changed because of her new boyfriendand the boy think that his granddad is the only one who understandshim and now that hes gone he has no one like his granddad.The girl in Flight is feeling betrayed by her granddad because sheknows how much he loves his birds and he as well loved her as much as hisbirds. So when he let go of his birds it was symbolical of him lettinggo of her, so she can have liberty in her life and not have himinterfering in her life. But the irony is that she wants him in herlife.All of the stories portray betrayed but by different people, Flightand Chemistry the boy and girl betrayed by their gra nddad. YourShoes the mother is betrayed by her daughter.In Your Shoes the mother is talking about what her daughter is likeand how she feels betrayed by her because her daughter had alwaysliked her grandmother more than her and she had always hated hermother because of the way she treated her when she was young.Superman and Paula Browns new snowsuit the child is betrayed bytheir family and friends.In Superman and Paula Browns new snowsuit the writer doesnt tell us

Medical Technology and the Separation of Mans Body and Mind :: Exploratory Essays Research Papers

Medical Technology and the Separation of Mans Body and Mind The human was once whole in days before, but somewhere in his journey to the present, he lost himself. His mind and body have run low separate identities that are unaware of each others existence. Modern society reflects and encourages those thoughts really well, in my opinion. If a person believes his body is broken, ill, or in need of upgrading, he will seek out a medical professional narrow in the area of distress. Arriving to the specialist, the patient demands quick and efficient treatments that will cure/fix/upgrade the weakness in his body unaware of the effects this may cause him mentally. Once cured of his weakness, the patient is in full working order and is sent back out into the world. That mans procedure for curing his weakness is the like road taken as someone who wishes to fix a toaster, for example. Would it then be safe to say that the man, subconsciously or consciously, considers his body to be to a g reater extent closely related to a tool rather than a part of himself? Unfortunately, I believe this man is only one person out of an completed society that shares the same dissociation of body and mind. Why do people of modern society not associate themselves with their physical being, and where is this leading us? Moreover, how did this madness of self come about? I will try to explain the latter of the two questions first, because I believe the answer can be explained through the evolution of medical technology.Traditionally, the main goal of medicine, as in the practice of, has been to cure diseases and prevent death, a classic human vs. nature scenario. To overcome death, which is a part of all the life cycles in the natural world, is virtually impossible. However, I am not here to argue the validity of mans fight with nature. I am trying to explain that the traditional medical community has but one enemy, and its success with that enemy has been limited. However, as time pa sses, the main goals of medicine start to become questionable. Daniel Callahan addresses some of modern medicines new goals in the fifth chapter of False Hopes. Describing the second great attraction of modern medicine, he writesHere the aim is not the historic goal of avoiding disease and averting death, but of using the knowledge

Gore Vidal’s Lincoln :: Gore Vidal Lincoln

Gore Vidals capital of Nebraska Gore Vidals Lincoln was an beautiful narrative of the Presidency of Abraham Lincoln. Through Vidals portrayal of the personality of Lincoln and the people surrounding him it was easy to get an idea of the leadership role that Lincoln played during presidency. After reading many accounts of Lincoln during my research for my paper, I found that Vidals account was extremely accurate. Most interesting was the commanding yet motionless relationship that Lincoln had with the members of his console and his generals. Vidal also gave a portrayal of the capitol during the 1860s that is seldom mentioned in any of the Literature that I have read. These accounts really sustain to get a feel for the environment in which Lincoln made his decisions. Lincolns family life was also revealed in some detail in the novel which helps us to see the personal dilemmas and tragedies that Lincoln had to overcome while he was president. Overall Vidals portrait of Lincol n was interesting and accurate to my knowledge. It gives an erratic view of the leadership of President Abraham Lincoln. In the book Vidal shows us a picture of the capitol at the time. It seemed as it the entire town was unfinished. The capitol building was without the dome and the streets had sightly been paved. From the accounts of Mary Lincoln in the book, it seemed if the White House was hardly a luxurious mansion and was barley fit for a president. Also in the melody in Washington D.C. at the time was the Attitude of the place itself. Since Washington was a neutral state much of the population was against Lincoln and sided with the confederacy. Lincoln cabinet was strategically chosen by Lincoln, he chose those in his party who ran against him in the election or were close to the Republican Party. Vidals Lincoln reveals Lincolns thinking slightly these people and how he places them in. I have read in other readings including, The Unfinished Nation, byAlan Brinkle y, that Lincoln picked these people to have a diversety of ideas in his cabinet. He precious to keep these people close to him so that they would be working for him and not against him.The fictional character Lincoln in Vidals book in regards to to salmon P.

Symbolism in Fahrenheit 451 :: Essays Papers

Symbolism in Fahrenheit 451 Light, especially beset, and darkness ar significantly reoccurring themes in Fahrenheit 451. Guy Montag, the main character, is a fireman, but in this futuristic world the job description of a fireman is to start fires wherever books are found instead of putting them out. Montag takes a journey from a literary darkness to a knowledgeable light. This journey can be compared to the short story Allegory of the Cave by Plato, in which a prisoner experiences a similar journey. An example of light, in reference to knowledge, occurs just after Montag meets Clarisse for the inaugural time. When they reached her house all its lights were blazing (9). Since Montag had rarely seen that many an(prenominal) house lights on, I interpreted those lines as saying that house is full of knowledge and enlightenment not like the rest of the houses around here which are always dark. Clarisse went on to explain to Montag that her mother, father, and uncle were just sitting a round and talking. This was also something that wasnt very commonplace in the city. Fire is an important element of symbolism in Fahrenheit 451. Fire consumes minds, spirits, men, ideas, and books. Fire plays two very different roles in this book. The role of a destructive, devouring, and life ending force, and the role of a nourishing flame. The first role that fire plays in Fahrenheit 451 is apparent from the very beginning of Bradburys novel. IT WAS A PLEASURE TO BURN. It was a pleasure to see things eaten, to see things blackened and changed (3). In these first two sentences, Bradbury creates a sense of curiosity and irony because in the story, change is something controlled and unwanted by the government and society, so it is very unlikely that anything in Guy Montags society could be changed. The burning described at this point represents the constructive energy that later leads to catastrophe. A clear picture of firemen is first seen when the fabricator says, With his symbol ic helmet numbered 451 on his stolid head, and his eyes all orange flame with the thought of what came next, he flicked the igniter and the house jumped up in a gorging fire that burned the evening sky red and yellow and black (3). Fahrenheit 451 is the temperature at which books burn and is symbolically written on the firemens helmets, tanks, and in the firestation.

The Argument on the Legalization of Same Sex Marriages Essay -- Papers

The Argument on the Legalization of Same Sex MarriagesThe argument over the legalization of alike sex marriages is rapidly becoming one of the most vigorously advocated reform subjects in recent law review. Being gay and loving someone is non illegal, but uniting that couple in a legal marriage is rejected by most of society in this country. Each state has had to push-down store with legal issues concerning same sex marriages to some extent. Most supporters of the ban on gay marriages believe that it would be a strong cause of immorality and depravation of the American family. People who do not support same sex marriages believe that it would create an unhealthy family, and could cause serious harm to children in that family, maculation supporters of same sex marriages believe that they are being denied the benefits such as establishing a right of survivorship, co-partner medical and retirement benefits. It is felt by most homosexuals that these benefits would inspection an d repair create a stronger stability in a long-term relationship.Most of the volunteer and financial support against gay marriage comes from religious groups or churches. ?Catholics, Mormons, and evangelists use up up more than 40 percent of California?s population, and raised millions of dollars to pass the amendment.? Same sex marriages are both mentally and physically ravish in the minds of most parishioners. They find the concept immoral because according to the Bible, sex between members of the same sex is strictly prohibited, much less marriage. Proposition 22 was one of many campaigns led by religious conservatives, which prohibits California from allowing marital rights to gay couples who married in another state, and it only recognizes marriages between man and a woman. ... ...iages will also someday in the future be legalized. BibliographyCalifornia Protection of Marriage Initiative. Feb.2000Online vizor. 11 Nov. 2000(http//doma.org/purpose.html)Defense of Marri age Act.May 1996Online Posting.28 Nov. 2000(http//reagan.com/HotTopics.main/HotMike/document-5.15.1996.1.html)lesbian and Gay Marriage Resource Site.April 2000Online Posting10 Oct. 2000(http//grasshopperdesign.com/gay_marriage/news/vt4.htm)DodgeGlobe The Dodge City Daily Globe-Court grantsApril. 2000Online Posting.8 Oct.2000(http//www.dodgegloble.com/stories.122199/nat_rights.shtml)California Bars Gay MarriageMar. 2000Online Posting11 Nov. 2000(http//abcnews.go.com/onair/CloserLook/wnt_000307_Prop22_feature.html)Stiers, Gretchen A.From This Day Forward St. Martins Press, New York, NY, 1998

The Argument on the Legalization of Same Sex Marriages Essay -- Papers

The Argument on the Legalization of Same Sex MarriagesThe argument everyplace the legalization of same sex marriages is rapidly becoming one of the most vigorously advocated reform subjects in recent law review. Being gay and gentle someone is not illegal, but uniting that couple in a legal marriage is rejected by most of society in this country. apiece state has had to deal with legal issues concerning same sex marriages to some extent. Most supporters of the ban on gay marriages believe that it would be a strong typesetters case of immorality and corruption of the American family. People who do not support same sex marriages believe that it would create an unhealthy family, and could cause serious rail at to children in that family, while supporters of same sex marriages believe that they are being denied the benefits such as establishing a right of survivorship, co-partner medical and retirement benefits. It is felt by most homosexuals that these benefits would help crea te a stronger stability in a long-term relationship.Most of the volunteer and financial support against gay marriage comes from unearthly groups or churches. ?Catholics, Mormons, and evangelists make up more than 40 percent of California?s population, and raised millions of dollars to pass the amendment.? Same sex marriages are both mentally and physically wrong in the minds of most parishioners. They find the concept immoral because according to the Bible, sex betwixt members of the same sex is strictly prohibited, much slight marriage. Proposition 22 was one of many campaigns led by religious conservatives, which prohibits California from allowing marital rights to gay couples who married in another state, and it only recognizes marriages between man and a woman. ... ...iages will also someday in the future be legalized. BibliographyCalifornia Protection of Marriage Initiative. Feb.2000Online Posting. 11 Nov. 2000(http//doma.org/purpose.html)Defense of Marriage Act.whit ethorn 1996Online Posting.28 Nov. 2000(http//reagan.com/HotTopics.main/HotMike/document-5.15.1996.1.html)Lesbian and light Marriage Resource Site.April 2000Online Posting10 Oct. 2000(http//grasshopperdesign.com/gay_marriage/news/vt4.htm)DodgeGlobe The Dodge City Daily Globe-Court grantsApril. 2000Online Posting.8 Oct.2000(http//www.dodgegloble.com/stories.122199/nat_rights.shtml)California Bars Gay MarriageMar. 2000Online Posting11 Nov. 2000(http//abcnews.go.com/onair/CloserLook/wnt_000307_Prop22_feature.html)Stiers, Gretchen A.From This Day Forward St. Martins Press, New York, NY, 1998

Romulus My Father Notes for Belonging

* Study Questions * * Chapter 1 * 1. Romulus has a crisis in identity. He feels he is writeritative in golf-club due to his skill in blacksmithing trade. Although subscribe toed, he does non feel he belongs due to his culture and heritage. His character is tied up with a quick moral code, in pruneing gravely, pride, communal potential and contributing to society but has no confidence in identity and how he fits in. He Always considered himself a Romanian. And felt he belongs to that part of his heritage. He carried this culture by dint of to Australia and keeps these character traits, which could be the reason he is dislocated socially.He is a phantasmal man that takes education seriously and in the higher(prenominal)est regards. He always knew poverty and hard work for the community rather than money, which is why he was able to work so hard as a blacksmith for no pay. This shows his strength of character and good work ethic. He felt attached to Europe and therefore th oughtless from Australia. In retrospect he was accepted by many people due to his hard work but still didnt belong. * 2. Retrospective, hard working earlier and by and bywards school. Romulus prides himself on character.The luxury that he didnt get his son now is able to enjoy. Also not having a childhood because he worked the whole time. Raimond was able to become a writer and enjoy more creative things in life. He had free time where as his novice didnt. His dad grew up with little money and had to work for all the money he needed where as Raimond didnt have to work as much. intimately importantly however, Raimond was able to enjoy a comprehend of belong when he was growing up to his father and family. Romulus was unable to enjoy any real disposition of belonging whilst growing up.Raymond would not have the same work ethic as his father His dad thought that everything would revolve around his work. He worked before and after school. Romulus is a pragmatist or a practical m an due to his job to get things done. This is because of his lack of childhood he has no humor, etc. Raimond was not made to contribute to the family and community as much as his father. He doesnt always need to work for money he came from a communistic country so he worked for community. Education was very important to him and becomes apparent through his child.He was a very strong, integrity, incorruptible, non-negotiable, religious and inflexible man. * 3. In retrospect or hindsight Raimond is able to show his perspective melodic lineing to his fathers perspective. Childhood as we know it positions the reader to realize that childhood is a slight time frame and many do not enjoy it such as his father. It makes people realize how hard times were subscribe then. * 4. The use of past and present tense enables the author to show his perspective of things and relate things to present day situations. This also positions the reader to understand hindsight and retrospectively. 5. He was a working class opposed to middle class. This is because he is a blacksmith and works hard long hours to get money and gets by with minimalistic things. Romulus believes that she is snobbish and her activities such as going to the theatres were mistakenly snobby. Christines parents were able to accept him even though there was a distinct difference in class because of Romulus availability to clothes through the black-market. He was able to get diet and clothes from the money he made. The money he earned allowed their relationship to be socially acceptable. * Chapter 2 * 6.The labels immigrant, foreigner and new Australian are use to set a tone of alienation. It earns a clear separation between the Australians and the Bolts. Romulus felt no anger or no resentment or indignation, or any new(prenominal) response which depended on the assumption that he was owed something better. He was able to reconcile the terms above by having no negative feelings. He also held onto his young dreams of a new life and so he saw his two years of bondage as a short interim, * 7. (p. 13) Baringhup convert day late 1800s. Cheeses were famous won many prizes. Small town. 00 kids at school. Flourishing community and therefore belonging to community. 1950 became a ghost town. Rather sentimental, pettifoggery feels bad that the community has diminished. The juxtaposition between the two paragraphs of the heyday compared to the ghost town of 10 houses and convenience store. Camp swelled in gold rush. When they werent working, little to do. Movies on sat night and occasional dances hosted. Immigrants didnt like the eucalyptus. * 8. The landscape became symbolic of Romulus sense of alienation because of the idea the Romulus feels like a weird due to the environment.He doesnt recognize the harsh and perceived blandness of the Australian scenery. He has a burning desire for the European atmosphere shown, He longed for the generous and soft European foliage. Romulus finds the gum t rees, Symbols of deprivation and barrenness (p. 14) This shows him being alienated and feeling foreign due to the landscape and he feels that he would look at a time to the foliage and always turned away offended. (p. 14) It is Romulus memories being based around the diverse and beautiful European environment that is one of the reasons he feels lost and isolated in Australia. 9. Romulus establishes a sense of community in his new environment with the different Romanians, Hora and Mitru. He asked the man who greeted any new arrivals whether there were any other Romanians. In searching for them it shows his need to find a sense of belonging. He sought them out and they became friends quickly, depicts the idea that they all needed a companionship and somewhere to belong amongst the foreign surroundings. This idea that it an essential part to the human spirit is demonstrated through the use of the concise phrasing and wording of this bonding.The lack of occurrence in this part sho ws that immediately they sorted out to find somewhere to belong and then after that was settled, other factors were now able to take place. This is beef up by the principles of Maslows hierarchy of needs. It is through the searching for common people that Romulus shows his spiritual needs to belong and connect. * * Chapter 3 * 10. The landscape illustrates a feeling of belonging or alienation to a place. A dead red gum stood only a hundred meters from the house and became for my mother a symbol of her loneliness. This shows how the countryside invokes ideas of desolation and alienation into his mothers mind. The use of symbolism and irony of the Australian tree that is renowned for break downing through harsh conditions stemmaing with Christine who has a mental breakdown and has to back away from many commitments and is viewed to have very little character and any sagaciousness towards going through a tough time. The peppercorns were planted as though to mediate between local an d European landscapes. Shows that there is not only despondency with the outback but also a consciousness of belonging.These two quotes create a stark juxtaposition from the gum trees to the peppercorns, which reminded his father of home. This inkling is backed up with the description of Frogmore. The farm being a simple place with no electricity or running water, rats and snakes living under the house and 6-7 pounds for workers in the area creates the primitive existence. This contributes and reinforces the concept of isolation and desolation through surroundings. The use of the descriptive and almost poetic run-in emphasizes these points. Also Raimond retrospectively looks back at how his mother felt.These points demonstrate tensions between the desire to belong and alienation. * 11. Christine was always troubled and fuck up which lead to her suffering isolation. She stemmed to self-harm, then sort out reconciliation. She did this by looking for company or someone to belong to . She had an affair with Mitru, which didnt last long. Due to her alienation, she felt deprived and overdosed on sleeping tablets. She was alone, small, frail, walking with an uncertain gait and distracted air. Shows how the separation has affected her. The use of visual imagery shows how small she is compared to the vast environment. She appeared forsaken. As though she had returned from the dead. The use of Religious and biblical allusion create a mellow frolictic setting. People view her as a drama queen. Raimond writes the book in hindsight in a sorrowful manner. As though to give the reader the interpretation that he feels sorry for her and what she had to do. He tries to understand her feelings of isolation and seclusion. He tries to be sympathetic towards her in retrospect, even though at the time, she was widely considered pathetic. * 12. Romulus, as an immigrant from a European background, finds it hard to fit in among Australians.This could be due to his character and strong moral codes, but also due to him just being different. Him being afraid of the snake, and unused to the tinder-dry conditions caused Romulus to set fire to a large proportion of the property. My father was the focus of their hostile attention. This goes to show that they do not accept him at this point in time and therefore does not belong to either the people or the environment. They all believe he is too different. This is juxtaposed with the metamorphose in shorter paragraph structure to emphasis the change in opinion.People attributed his survival to my fathers prompt and sensible action. This shows how he is not completely outcast and he does belong to certain parts of the society despite his differences and misunderstandings with some locals. * * Chapter 4 * 13. Horas connection with Romulus illustrates a deep sense of belonging and their combining for an enterprise. Hora however, does not notice Christine. There is a contrast between belonging with Hora and Romulus and his alienating attitude to Raimonds mother. He and Hora, together, gives a hint of the bondage and belonging to one and other. They had quarreled and they quarreled, deeply juxtaposes the idea of belonging and indicates a stark reality of separation and disconnection. Heightened his impatience with my mother. Shows that Hora has little deference for Christine. The constant argument between them also goes to show that he has such little respect for her. The emotive language used in my mother was stricken with remorse, helps to bring out the irony in the statement. The mother had not cared about her husband, was selfish, flirtatious with other men, exaggerated, had a false note and was incapable of sympathizing with another person yet she had remorse.We can see further disrespect through the use of old-hat and factual language Hora disliked her and did not respect her. Also through the use of symbolism such as with the oranges, eggs and milk. They are symbols of looking after and a sense of responsibility, also the relationship tension between him and Christine. However a connection to Romulus and Raimond is shown through respect in contrast to disrespect with his mother. He goes to the effort to get oranges each(prenominal) week he carried groceries, harvest-festival and anything else we needed p. 45 my mother was unmoved by his efforts p. 45.The eggs are a irrefutable symbol of belonging, responsibilities from belonging, carrying the family, respect for Romulus and therefore belonging to family. It also is a symbol of livelihood. The milk shows responsibility of wanting Raimond to eat right and again respecting Romulus ways. Carriedin a heavy sack on his back symbolizes him carrying the weight and responsibility of belonging to the family on his back. This is the upmost respect for Romulus, doing it whilst despising Christine in the process. Hora carrying them It is through these statements that we can clearly see the contrasting respect for Chris tine to Romulus. 14. Pass auf mein lieber Fritz exemplifies the connection between Hora and Raimond. This represents Horas sense of responsibility and mark of respect to Romulus. Our previously affectionate relationship, shows a strong connection between the two. Although it changes slightly due to disciplinary action, he still is a father figure and they find a feeling of belonging to each other. The use of a cliche when I was sailing close to the wind, emphasizes the belonging and respect that Raimond has for Hora, that he would never try to cross the border line.The relationship serves a purpose of showing belonging to each other but not belonging with place. Their close attachment through alienation, because they feel so left out, they constellation a close relationship with each other. The close bond between them is symbolic of him belonging to the family in replace of Romulus as a step in father. This close relationship is shown. * 15. Like most Europeans sets Romulus apart f rom Raimond because of the strong moral codes. The razor is important because it shows how strong Romuluss moral code is. Raimond lie about steeling the razor.Romulus gets more angry about him lying about it rather than steeling it as well. This shows the strength in his moral code and overreacts with a vicious beating of Raimond for a corruption in his character. We see the repetition or theme of character appearing in this part of the chapter. This focus of character emphasizes the disconnection, difference and contrast between Romulus like most Europeans and Raimond. As Raimond didnt see himself as European he feels the isolation and separation in pressure on strength of character.Romulus also feels disconnected as Raimond says retrospectively, He feared that I would be like my mother. This shows that Romulus feels Raimond is closer to his mother than him and could maybe belong better with her. The cut throat razor shows the difference in times as Romulus values the razor for i ts craftsmanship and aesthetic value. Raimond however, feels that it could be used to cut wood and doesnt value it as much and therefore throws it in the river. This again shows the lack of belonging Raimond has to his fathers European background.Retrospectively he looks at them belonging to each other and he has utmost respect for his father even though at the time there is more tension and disconnection. I knew my father valued truthfulness above most things, This sets high moral codes which may have led to him not belonging due to the higher than normal standards and values set. Through this we can see Raimond and Romulus are separated through this strong moral code even though they may appear to belong. * 16. The relationship between father and son is strongly depicted through the Spartan description of Frogmore life.There is a change in language, the Spartan lifestyle shown by simple, banal and prosaic sort of language. This is a symbol of a start-off to belong to each other a nd possibly the environment. This contrasts with the next passage, which is crammed with rich and emotive language. This also shows a sense of connection and belonging to education and the belief in learning they posses. Romulus leg is mended and he is able to go back to his trade, being a blacksmith. This creates a sense of harmony. Romulus becomes connected, not with community but with his son, trade, past and background.Descriptive language highlights the new sense of belonging. This was better than the poultry farming. , Classical hammer beaten iron work, Took such pride, crafted so superbly, copious amounts of fruit. These use excessive adjectives, over description and exaggeration to create an appearance of harmony and peace to the reader. This helps the reader to become more attached to their relationship after times of adversity. This is a happy time for Romulus and therefore a happy time for his son. Present participles have an emotive effect all creating a sense of belongi ng between father and son.

Maturational, Environmental and the Constructivist theories Essay

Theories of development ar much more specific than paradigms or worldviews (Miller, 1993). A surmise of development deals with change over time and is usu solelyy concerned with three things. First, it should describe changes over time within an area or several areas of development. Second, it should describe changes among areas of development. Third, it should explain these changes. No one guess has proved adequate to describe and explain breeding or development. Numerous theories of development drop influenced educational practices during the 20th century (Aldridge, Kuby, & Strevy, 1992), and currently a shift is affecting theories of child development and education. Some of the historical and current theories that urinate influenced education involve Gesells (1925) maturational theory, Skinners (1974) behaviorist approach, Freuds (1935) psychoanalytic theory, Piagets (1952) constructivist theory, Vygotskys (1978) socio-historical approach, Bronfenbrenners (1989) ecological systems theory, and Gardners (1983) multiple intelligences theory.More recently, minute theory (see Kessler & Swadener, 1992) has influenced education and child development practices, even though critical theory is not a theory of development. Finally, postmodern conceptions have changed the way we suppose of children and how to educate them (Elkind, 1995, 2000/2001). There are several theories of a child development but three of them have a profound impact on kindergarten cooking practices. These three theories include maturational, milieual and constructivist perceptions of development. We will take a look to each one individually, and then we will compare them a exoneratest each other. The maturational theory was highly establish by Arnold Gesell and continues to affect what goes on schools, mainly in early childhood classrooms. Arnold Gesell (1880-1961) followed the works of Darwin and other evolutionists, eventually developing the Gesell Maturational Theory.His theory con tends that development in childhood and adolescence is primarily biological, or genetic, in origin. Biology and genetics inheritances determine predictable patterns of biological behavior that Gesell termed norms. He felt that childrens development patterns opened automatically by biology, as the unfolding of a unfold does because it is genetically coursemed to do so in the right environment. As the flower requires proper soil and rain, children require a nurturing, stable environment, and little else to mature both biologically and psychologically. In the company of renowned author and physician gum benzoin Spock, who wrote Spocks Baby and Child Care, Gesell was among the first professionals to compile developmental stage tuition with which parents could learn to understand their children.Because childhood and adolescent development is the product of millions of days of evolution, he mainly advocated sensitivity and understanding as parental approaches to development. Biology has already given children what they need to understand their own development. Gesell worked in a lab at Yale University, studying children and their developmental stages. He cataloged childrens behavior at various ages and described the norms in their collective development. As such, his theory is often sort out with normative-descriptive approaches, because it uses norms of development to describe the process of maturation. Gesells theory was groundbreaking because it implied that learning, illness injury and life devours were secondary, if at all influential, to biology and the evolution of the genetics that program a childs development.Unless the childs environment were so distorted as to be harmful, he felt that children were born with all the information their bodies needed for development and maturation. Genetics determine the developmental process and the timing of maturation, and parents could affect very little of this, except by being sensitive to cues lettered from t he descriptive norms. Maturational theory believers, think that development is a natural process that occurs automatically in conventional, chronological stages over time. This perspective leads many teachers and families to draw that boyish children will gain knowledge naturally and automatically as they mature. According to maturational theory, school readiness is a condition at which all healthy puppylike children can perform tasks such as reciting the alphabet and counting. If a child is developmentally unready for school, maturationists might suggest referrals to transitional kindergartens, retention, or retention children out of school for an additional year (DeCos, 1997).These practices are sometimes used by schools, educators, and parents when a young child developmentally lags behind his or her peers. The young childs underperformance is interpreted as the child needing more time to acquire the knowledge and skills needed to perform at the level of his or her peer. Toda y, maturational theory is partially responsible for the existence of prekindergarten and pre first grades aimed at children who supposedly need the gift of time, because of immaturity or a deep birthday. These classrooms tend to have a ratio of boys to girls of anywhere from 71 to 101 (Aldridge, Eddowes, & Kuby, 1998). These practitioners of maturational theory consider that any difficulty that a child is experience is found within the child. Another problem of the maturational theory is the late birthday. This means that children in the classrooms, who are the youngest, are being denounceed as late birthday and are often branded by the teachers as being slower and less ready for instruction. Maturational theory strongly influenced the teaching of exercise in the mid 1900s (Morphett & Washburne, 1931).Children were not thought to be ripe for reading until they had a mental age of six and a half years. Consequently, readiness activities were developed for children who were not yet ready to read. Some of this nonsense still occurs in preschool, kindergarten, and even primary-level classrooms. Today, maturational theory is partially responsible for the existence of prekindergarten and pre first grades aimed at children who supposedly need the gift of time, because of immaturity or a late birthday. These classrooms tend to have a ratio of boys to girls of anywhere from 71 to 101 (Aldridge, Eddowes, & Kuby, 1998). The environmental theory has at its development theorists such as J. Watson, B.F. Skinner and Albers Brandura, who contributed greatly to the theory perspective. Environmentalists believe the childs environment shapes learning and behavior. The environmental theory emphasizes the role of the environment on an individuals development.This environmental point of view leads many families to believe that young children develop and gain new information by reacting to their surroundings. Kindergarten readiness, according to the environmentalists, is the age or stage when young children can respond appropriately to the environment of the school and the classroom (e.g., rules and regulations, platform activities, positive behavior in group settings, and directions and instructions from teachers and other adults in the school). Teachers who are followers of this theory, believes that the ability to respond appropriately to this environment is necessary for young children to participate in teacher initiated learning activities, and that the child success depends on following the teacher instruction. Many environmentalist-influenced educators and parents believe that young children learn best by rote activities, such as reciting the alphabet over and over, copying letters, and tracing numbers.These viewpoints are evident in kindergarten classrooms where young children are expected to sit at desks arranged in rows and listen attentively to their teachers. While at home children are provided with workbooks containing activities such as color ing or tracing numbers and letters. as well this theory proposed that children are influenced by the multiple systems in which they reside, either directly or peripherally. These systems include the microsystem, the mesosystem, the exosystem, and the macrosystem. Applications of this contextual theory focus on the seemingly deathless variables within the child, and between the child and the numerous contexts affecting her. Although few people would quarrel with the importance of these influences, trying to account for all the endless interactions and variables affecting a child is exhausting and impractical. How would we ever have enough information about childrens temperament, activity levels, attentional states, or learning capacities as they relate to the microsystem, mesosystem, exosystem, and macrosystem?The following(a) theory is the constructivist. Its perspective was advanced by theorists such as Piaget, Montessori and Vygotsky. It can be described as a theory that deals with the way people create meaning of the world through a series of individual constructs. Constructs are the different types of filters we choose to place over our realities to change our reality from chaos to order. Von Glasersfeld describes constructivism as, a theory of knowledge with roots in philosophy, psychology, and cybernetics. Simply stated, it is a learning process which allows a pupil to experience an environment first-hand, thereby, giving the student reliable, trust-worthy knowledge. The student is required to act upon the environment to both acquire and test new knowledge. This theory relies heavily on logical-mathematical knowledge and universal invariant stages of development to the break of other forms of knowledge and the importance of context in a childs development.Even though knowledge is constructed from the inside out through interaction with the environment, the focus is more on the individuals coordination of relationships rather than on socially constr ucted knowledge. Constructivists view young children as dynamic members in learning process, and are consistent in their belief that learning and development take place when young children interact with the environment and people somewhat them. Because active interaction with the environment and people are necessary for learning and development, constructivists believe that children are ready for school when they can initiate many of the interactions they have with the environment and people around them. During kindergarten, classrooms are separated into different learning centers, and are prepared with developmentally materials for young children to play and manipulate.During home parents engage their young children in reading and storytelling activities and throw out children to participate in daily household activities, in a way that introduces concepts as counting and language use. In addition, parents may provide young children with feeling books containing very large print, and toys that stimulate interaction (such as building blocks and large puzzles). When a young child encounters difficulties in the learning process, the constructivist approach is neither to label the child nor to retain him or her instead, constructivists give the child some individualized attention and customize the classroom curriculum to help the child address his or her difficulties.Autonomy is the aim of education in constructivism (Kamii, 2000). Constructivist theory, however, has not adequately addressed either individual differences or cultural and contextual contributions to development and education (Delpit, 1988 Kessler & Swadener, 1992 Mallory & New, 1994). Thus, the involve of children who are different often are not met in constructivist classrooms. Today, most researchers have come to understand child development and learning process as expressed by the constructivist. However many parents and teachers still believes that children who cannot recite the alphabet or c ount are not ready for school.ReferencesBuchwald J (1987), A simile of plasticity in sensory and cognitive processing systems, in Gunzenhauser N, Infant Stimulation, Skillman NJ Johnson & Johnson Mind in Society The development of higher psychological processes (Translation by Michael Cole), Cambridge, MAHarvard University Press, 1978 (Published originally in Russian in 1930) Mossler, R.A. (2011). Child and adolescent development. Bridgepoint Education, Inc. Powell, D.R. (1991, July). Strengthening parental contributions to school readiness and early school learning (Paper fit by the Office of Educational Research and Improvement). Washington, DC U.S. Department of Education. Vygotsky, L.S. (1998). Child psychology. The collected works of L. S. Vygotsky Vol. 5. Problems of the theory and history of psychology. New York Plenum. White, S.H.(1968). The learning maturation fray Hall to Hull. Merrill-Palmer Quarterly

Fathers and Sons †The Quarrel †Chapter 10 Essay

Chapter ten begins with Arkady and Bazarov discussing Nikolai and his outdatedness, Nikolai consulting his brother Pavel about the same issue follows this. These two events bargonly fit into the same chapter as the quarrel that occurs next. Bazarov and Pavel imbibe non gotten along since they met and share different persuasions on basically everything. Pavel loathes Bazarovs nihilist attitude and Bazarov, being a nihilist doesnt care very much for Pavels aristocratic nature either. They adjudge both been burning to have an argu workforcet, especially Pavel who was just waiting for a spark to start a flame. When the conversation drifted to one of the neighboring lan peckers Pavel noticed his chance and uses this as a catalyst to start the conversation about nihilism and their different viewpoints.As the two men begin dueling it is noticeable how both seem to be trained advocates. Their questions are brief and their answers to the point and dont give away too much. Bazarov seems t o not care less about what is happening whereas Pavel seems to be dripping with enthusiasm. Pavel acts as more of an interrogator than Bazarov and begins the argument by stating his opposing viewpoint of aristocratism which Bazarov mocks so plainly. some(prenominal) men have their dignity at this point and although Pavel seems pressured not much tension is in the atmosphere. I do not share the same sentiment, said Pavel igniting the debate. Bazarov whence asks Pavel what jackpot be proved about the supposed superiority of the aristocrats. Though Pavel does answer the challenge I feel Bazarov is seek to sort the subject when he chooses to personalize the argument and begins to talk about what the point of all of Pavels trouble is.He implies that Pavel doesnt achieve anything in his emotional state and so his aristocratic way of life has been a useless one with no progress. Although this is clearly personal to Pavel I dont feel as if Bazarov was purposely trying to attack Pav els life and ridicule it. Unsurprisingly Pavel is offended and retorts, losing some of his dignity. He makes another personal contention towards Bazarov saying that only unconditioned or stupid people would live without the principals that aristocrats preach he is directly implying that Bazarov is ignorant and stupid.This argument I feel was more of a personal statement made towards Bazarov rather than a good argument to debate over, however Bazarov retains his dignity and moves to another topic, naming a few words used in aristocracy and labeling them as utter nonsense. At this point I think Bazarov is winning the argument, as Pavel seems confused and temporarily overwhelmed by Bazarovs questions. But Pavel does do the right thing next by asking Bazarov what he feels should be done about the situation, but again Pavel adds another personal statement at the end of his argument saying that if Bazarovs views were put into effect the Russian people shall find ourselves beyond the pal e of humanity, outside human laws.Next more of Pavels dignity is stolen as they describe to him exactly what a nihilist does and does not do. Turgenev clearly states that Pavel is overwhelmed by the description of nihilism and what plans they have for Russia. In his view it is as if Pavel underestimated their ignorance. Bazarov says that at present time the most useful thing that can be done by the Russian people is to deny. To deny authority, principals, art, everything. I fail to understand how much can be gained by this, Bazarovs theory is that all that has been built must be destroyed in sight to construct a new life which the people want. Although I feel Bazarov is running a better argument I dont reserve with his philosophy and feel that instead of denying everything an attempt can be made at just trying to change what has been built instead of destroying it and reconstructing it from scratch.Pavel continues to lose his gruntle and his arguments get worse as he loses his d ignity and begins acting childlike. To reply to Bazarov and Arkadys description of the Russian people he says No, no I cant believe that you young men really know the Russian people, that you represent their needs and aspirations No, the Russian people are not what you imagine them to be. They break tradition sacred, they are a patriarchal people, they cannot live without faith . . . This sentence with its abundance of nos sounds very childlike and most of it seems as if Pavel is trying to tell himself rather than the others that what they say is not true. Bazarov still contains full dignity and as adultly as possible accords to ease Pavel, but he still refuses to bring if he is wrong. Then he states that although Pavel may be right it still proves nothing.His next argument is basic, but effective, Pavel says that in that case Bazarov must be departure against his own people and Bazarov replies with an analogy that implies that according to Pavel if the majority of the people d o something utterly stupid he must do so as well. Pavel ignores the run short argument made by Bazarov and instead chooses to retaliate by attacking Bazarov by saying he is not part of the Russian people afterwards he opposes them in so many ways. Bazarov handles this argument simply by referring to the most Russian people he knows, the peasants, who have knowledge of the past peasants who have risen and become of higher status now.Bazarov, as we have seen earlier in the book, talks to the peasants and doesnt mind answering their questions and talking to them. Although he may look down on them and not think much of them he still treats them like people and so they will obviously support him on this one so Pavel made bad move by challenging how Russian Bazarov is as he has more to show for it than Pavel. But again I do feel that comparing Pavel to himself was unnecessary and just made the argument more personal again. There is a short break in the chapter as Nikolai stands up and t ries to cool the two down asking them not to make this personal. He is a bit late.With Nikolais interference Pavel has a chance to collect himself and regain some of the dignity he had had before. They start to discuss nihilism at once again with a cooler and less tense atmosphere. Bazarov gives another definition for nihilism, this time focusing more on their actions as a group. They then begin to talk about the strength of the nihilists, which Pavel is proved to have underestimated. I agree with Bazarovs view here that a large number is not needed, but rather a stronger faith or force in what they are doing as the truth to be stronger then a large number. Although slightly irrelevant Bazarovs analogy to a single candle burning down the whole of Moscow, I feel was a strong argument. Pavel seems to lose his dignity along with the argument as he again starts acting restless and angered.Pavel then loses all dignity when he starts to be sarcastic saying Bravo, bravo and trying to mak e what Bazarov is saying foolish by pretending to acknowledge it. His spill of dignity is made clear with Bazarovs statement You have departed from your praiseworthy sense of personal dignity and with this Bazarov chooses to close the argument, but not without his completion sentence in which he asks Pavel to think of institutions where the aristocracy has had an outcome of no problems. Pavel attempts to name a few but is proven wrong by Bazarov for his attempts. Bazarov once again asks Pavel to take his time and think about it with this he takes his leave and the discussion comes to an end.Bazarov is clearly a powerful advocate who can maintain his dignity even when he is criticized and although many people oppose his views he has managed to keep his views alive. Pavel, although a good attempt would make a weaker advocate, his weaknesses lie in his dissipated temper. Maintaining your cool is very important and Bazarov proved that, he left the argument with all his dignity and my vote as the winner whereas Pavel was left tongue-tied and label as the loser.

Gender Roles in Latin America Essay

With only 10 percent of people claiming themselves to be natives, Latin America is considered as one of the near diverse regions in the world. Due to this ethnic and racial diversity, tracing the roots of gender issues by associating with a single group or factor capability not reveal the truth. However, some objective factors like lower pay scales for women and labour force participation provide considerable objectivity to reckon the field of view in cost of gender issues (De Ferranti 77&78). Chile represents a variant region of Latin America which has gone through multiple phases in terms of gender roles and position.The period of coup detat against President Salvador Allende in the country is also considered as a time of human rights era (Cleary 1). In this context, women face dual exploitation first as Chilean natives and then as suppressed part of the society. The military take over resulted in some of the intimately gruesome tortures against women thereby becoming a prim ary reason of insurrection in the later period. However, this insurrection was partly related to the expatriations of thousands of women from Chile who during the time of exile actively participated in bringing a paradigm shift.Rapid Industrialization and economic development in 1940s at one hand unfastened vistas for Latin American women by proving job opportunities, but the same phenomenon also served to debilitate their status and power. According to Julio Ceasar Pino, the economic development led to entrance in professional field but with a limitation to enter the corporate level thereby making them considered as futile presence (1). The letters of Marjorie Agosin and Emma Sepulveda in 1960s provide a firsthand view of gender roles in Latin America during the concerned times.Coupled with stringent orthodoxy, the society portrayed in the letters is one that defines a fine line as to what was expected of women in the twentieth century. The chronicles portray that makeup was consi dered to besmirch the purity of women, their obligations coalesced with claw birth and development, their duty to be in the kitchen to cook at parties even with servants were present and where in families men always won (1-14). Behind the shift from crude(a) gender roles division to the acceptance of women in economy, politics and society, there lies a strong role of women movements emerging in the late twentieth century.Today, Latin American women have seats in governmental offices and have Ministries (De Ferranti 81). However, for the share of changing roles that women in Latin America enjoy today is due to a cold greater oppression of the gender in past that has led to a slow, but ongoing process of amelioration. Works Cited Agosin, Marjorie, and Emma Sepulveda. Amigas Letters of Friendship and Exile. US Texas Press, 2001. Cleary, Edward L. The get by for Human Rights in Latin America. Westport, CT Greenwood Publishing Group, Incorporated, 1997De Ferranti, David M. , Guiller mo E. , and Francisco Ferreira. Inequality in Latin America and the Caribbean Breaking with History? Washington, D. C World Bank Publications, 2004 Pino, Julio Cesar. instruction about Women and Underdevelopment in Latin American History. History Teacher 34. 3 (01 May 2001) 353-360. ERIC. EBSCO. Capella University. US. 10 May 2009 .

Marketing Kraft Food Group, Inc.

KRAFT FOODS GROUP, INC. JASMINE de GENESTE kraft paper Foods Group, Inc. kraft paper Foods Group, Inc. is a compilation of C. W. Post, Oscar Meyer and throng Lewis kraft. Each of these men started a business that would grow significantly because of the mod thinking and vision they had to produce a product that gained customer loyalty and profits. The get awayment they conducted business in the late19th vitamin C, early 20th Century showed vision for a future that would be able to distribute products effectively and efficiently through ad the brand name. Mr.Post used marting techniques that be now considered industry standards, but which were innovative for their time. These included extensive advertising, coupons, free samples, product demonstrations, final causet tours and recipe booklets (Mit. edu, 2013). numerous organizations today offers, free samples, coupons and product demonstrations and the amount of money that are used for marketing is astronomical. Each of these m en went around the communities to advertise and sell the products to customers, by victimisation horse and cart. This gained the trust of customers and the appreciation that they delivered allowed them to gain even more business.Throughout the years as each of the companies grew and the brand name became popular and trusted by consumers, allowed for mergers and acquisitions to fan out the businesses to make higher profits. In the early 1980s General Foods acquired all three companies and formed kraft paper Foods Inc. in 1989. Kraft is a beloved-billion-dollar brand that spans the undefiled with many different products from peanut butter to cheese and anything dressings (Kraft. com, 2013). A fact cerebrated by millions across the world. Many household in North America and Canada believe the brand name Kraft to be a name to be trusted.Kraft was a subsidiary of Mondelez International until 2012, a spun off was done to allow Kraft to focus on the North American and Canadian grocery business leaving Mondelez to focus on the snack business globally. It was a trigger that was do to allow Kraft to take advantage of its brand name with consumers that trust and rely on the products. The mission is to be North Americas beat out food and beverage association. Our company has a great heritage that were building into an even greater future (Kraft. com, 2013). The mission statement is short and sweet, and the company stands behind being the best food and beverage company.This is proven in the annual report that states Wal-Mart was responsible for 25% of sales alone (Kraft. com, 2013). Kraft $18 billion dollar company with sales in food and beverages and the impact that it has had on 98% of households in the United States along with 99% in Canada. Krafts customers are wholesalers, supermarket chains, distributors value stores to name a few. The name in itself is worth billions and Kraft is using it along with the history from the beginning of the 19th Century to show , how it will impact consumers future. Kraft is a beloved-billion-dollar brand that spans the continent with many different products from peanut butter to cheese and anything dressings (Kraft. com, 2013). All part of the positioning of the products that has the Kraft name that consumers trust and depend on. Kraft realized that it needed to separate itself from Mondelez International in order to increase profits, customer loyalty and shareholders documentation. The strategic move will help Kraft once again become Americas number one family name. The customer teams interact with operations to effectively manage customer relations.This is achieved by collaborating with customers to develop strategies to introduce new products, define categories, consumer insights, consumer markets, promote products, and price setting. Kraft resources are combined across product lines to effectively support retailers, and advice retailers on the strategies to use for products to obtain the highest prof it. Acosta and Crossmark are the sales and marketing agencies used by Kraft as extensions to the customer team to provide in-store product agreement support, distribution and execution of promotions for products.Innovative thinking and technology has enabled Kraft to reach many of its customers by nature of the Internet. It can work for your product or service if you plan and execute an integrated communications plan designed to strengthen and maintain your relationship with the customer (Muse, 2013). Kraft website is very informative and it has all the information that customers and retailers queue up informative. It gives insight to the mission, vision, environment, sustain competency and history of Kraft.This is all part of marketing as stated by Professor Brauer the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to press forward exchanges that satisfy individual and organizational objectives. The product positionin g used by Kraft Foods Group, Inc are a combination of competitor positioning, price positioning, quality train positioning and product attributes. Kraft face competition with large national and international companies, and have to differentiate its product from competitors to maintain competitive advantage.The quality of products and innovative growth, brand name, and the loyalty of our consumers for the excellent service we provide help position Kraft products. Our consumers and customers are satisfied with their product preference because they are given the ability to identify the product. Product localizement is the insertion of commercial products in entertainment products (Miclot, & Segal, 2012, p. 20). The use of advertising campaigns to market brand names along with promotions for consumers are finish by third-party vendors by analyzing buying patterns, trends and the knowledge that we have on consumers to create marketing programs.The goals and objectives for Kraft Food G roups, Inc. are to be able to predict, identify and exemplify the taste and dietary habits of consumers and to offer products that appeal to consumer preferences (Kraft. com, 2013). Being able to predict the shifts in consumer taste for short-term, or long-term trends is imperative for Kraft revenue. The different products offered to consumers are also important and Kraft innovative team will ensure the development, introduction, and rapid growth for products.Intellectual blank space protection for Kraft product and ensuring that the rights of others intellectual property is not being infringed. The perception of Kraft Foods Group, Inc. must be positive by ensuring health implications of products has the highest quality to be accepted by consumers. The sales and market share are affected if consumers are not satisfied and if products are not developed quickly. Ensuring that divestures are paying of our debt and we maintain a great place in the Standard and Poors ratings. Being pre pared to keep the comparative advantage if Mondelez should become one of our competitors in the future.Kraft Foods Group, Inc. will ensure that consumer satisfaction are met by offering a diverse set of products with the highest quality to ensure increase revenue for shareholders. Reference Brauer, T. (2013). Marketing. Retrieved April 12th, 2013 from the Colorado Technical University Web site https//campus. ctuonline. edu/pages/MainFrame. aspx? ContentFrame=/Home/Pages/Default. aspx Kraft Foods Group. (2013). Mission Statement. Retrieved April 12th, 2013, from the World Wide Web http//www. kraftfoodsgroup. com/About/index. aspx Kraft. com. (2013).Annual Report on Form 10K. Retrieved April 12th, 2013, from the World Wide Web http//www. kraftfoodsgroup. com/Investor/annual_shareholders_meeting. aspx Miclot, S. & Segal, S. (2012). Introduction to Marketing. Words of Wisdom LLC. Schaumberg, IL. first Ed. Mit. edu. (2013). The History of Kraft Foods, Inc. Retrieved April 12th, 2013 fro m the World Wide Web http//web. mit. edu/allanmc/www/kraftfoods. pdf Muse. (2013). Developing Marketing Strategy and Mix. Retrieved April 8th, 2013 from the World Wide Web https//campus. ctuonline. edu/courses/MKT210/p1/hub1/25351. pdf

Prohibition of College Sports Essay

On October 16, 1905, shocked by the level of violence in college football, President Roosevelt summ aned the Harvard, Yale and Princeton presidents and the football coaches to the gabardine House. College sports have turned out to be a problem since over the last hundred years and today, although sports have been major entertainment events for students and m whizy-spinner, there atomic number 18 also a lot of problems associated with such events. Several governing bodies regulate the college athletic events including the NCAA, NAIA and the NCJAA. numerous of the college sports have become popular on the local, regional and the theme scale and they turn out to occupy important places in broadcasting and newspaper coverage. The origin of American college sports dates make to more the 165 years ago. Harvard University was one of the first to get involved in major college boast activities. During that period college sporting activities was just a pastime, and did not have the associa ted money, media coverage and the huge sponsoring.Today, American college sports events are facing several problems with online and offline gambling and betting, sponsoring from liquor companies and the swearing and violence that occur at such sporting events. The college sports events actually do not enkindle education, but makes the students take up wrong paths. Due to these reasons, many people suggest that college sports events should in fact be cast awayned (Mendelson, 2008, Epstein, 2002, Associated Press, 2008, Kancher, 2000, The Associated Press, 2007). BodyLegislatures are currently very much concerned about the increasing number of online and offline betting and gambling going on in the realm of college sports. The scale of the racket is so much so that people are shifting from the legal gambling hubs of Nevada to the online betting web sites, which offer much more profit. These contraband web sites would in fact corrupt college sports and cause the students to choose illegal pathways with the gambling companies. McCain came up with a bill in 2000 to ban college sports betting, but his proposal was turned down.However, one of McCain aides said Hell continue to look at good opportunities, meaning that McCain would try another strategy to reduce gambling. Many of the illegal betting companies are pick ating up deals with the coaches and the sports officials of the colleges. Another huge concern is the use of lottery company advertisements in college sporting events. More than $ 385, 000 has been spent by a lottery company every year on sporting events. Experts feel that permitting lottery company advertisements may in fact cause students to pick up gambling as a habit (Epstein, 2002, & The Associated Press, 2007).Alcohol companies are sponsoring the American college sports events on a large scale. They are crook out to be huge moneymakers as alcohol and beer sells well at college sporting events. Besides, it also encourages fantasy sports events that had often disastrous outcomes at college. Earlier an effort launched by the NCAA mission to ban alcohol ads during sporting events turned out to be disastrous. Today, nothing can be done about the alcohol advertisements that come up during college sporting events. The NCAA has permitted advertisements of liquors that contain less than 6 % of alcohol in them for sporting events.Many of the college sports coaches and officials have urged the NCAA to gradually ban the alcohol advertisements over the next few years. Many of the alcohol advertisements permitted during college sporting events were irresponsible. George Hacker head of CSPI says College officials say they want to deter underage and binge drinking, and stop the riots that disrupt campus communities and blot schools reputations,, which can only be possible if the number of advertisements during sports events were reduced.Fantasy games on the other hand would create another league, often damaging the name and reputation of college sport stars and sports squads (CSPI, 2003, & Rivals, 2008, During college sports events, the scenes are turning out to be very ugly due to the occurrences of swearing, passing racist or sexist remarks, physical violence, etc. Fans often taunt opposite team fans and insult opposing team players. In the past, university campus officials have tried to ban the use of remarks and adjectives by the fans, but this has gone unheard. Today obscenity is very ballpark during college sports events. Games are not played in the right spirit.In the past banning college teams that have notorious groups of supporters have also not worked. Hence, an immediate ban on college sporting events has been called for. Boston University Dean feels that sporting events should be held in the right spirit and says But standing and shouting obscenities does not have a place. I dont equate school spirit with the yelling of obscenities. (Cramer, 2006 & Associated Press, 2007). Conclusion There have al so been several other problems facing American college sports. The manner in which the players, officials and the coaches are being treated seem to be a problem.Students being put into sport teams complain of several inconsistencies. The GW Hatchet reports The NCAA is examine an incident involving Bobby Knight, the head coach of Indiana University who allegedly choked a player in practice and showed his feces to players during a halftime speech. Incidents like these can be very traumatizing and can often lead to unpleasant experiences that should not at all turn up during a college sport event. The very idea of having college sports events is lost. Hence, a total ban on college sports events is called for to ensure that students can ensure full concentration on academics (Kancher, 2000).

Gender Inequalities in the Workplace Essay

The issue of sex inequality has been in the eyes of the public and been in cognizance of society for decades. The problem of inequality in battle is one of the most vital issues in todays society. In order to understand this speckle one must try to get to the root of the problem and must understand the factors that ca subroutine the female sex to pick out a much more difficult time in getting the same benefits, occupys, and job opportunities as the male sex. The society in which we live has been shaped historically by men.A charrs primary attachment is to the family role women ar therefore less intrinsically committed to feat than men and less likely to husband a high level of specialized k presentlyledge (Oakley, 1974, p. 28)President Clinton proclaimed April 11, 1996, as the National Pay Inequality Awargonness Day. In the year 1972, the Equal profession Opportunity Act was established the goal of the g everywherenment was to change and eliminate the discrimination in th e workplace. The major aim of these two acts is to protect unmarried rights and promotes employment opportunities and fairness for everyone within the workplace. We accept that the government is awargon of the inequality between men and women in work place, and they ar trying every flair they jackpot to pr eveningt and discontinue the inequality so the question is what ar the reasons why women are still being treated unfairly at work? stool plays an important role in helping individuals find their true identity as come up as helping one builds their self-esteem.However, in the past women were non encouraged to work real jobs, instead they often stayed at home and are often labeled as housewives. The truth is women do work, they always extradite worked, but the work that they do are often unpaid childbed work. Before men assumed that women didnt really want to work they didnt need the money and that they nourish different interests. (Kimmel, 2000, p.175) So it was assumed t hat women either couldnt do a job, or, if they could, they would neither want to nor need to do it. directly in the twenty-first century things beat changed dramatically, more women are educated, and more determined to search for their identity. In order for them to do that, they often time taste employment. Womens participation in the labor force has grown to such an extent that society can no longer ignore and view women as unimportant. Women face many obstacles when seeking out jobs, and even more obstacles when they are working with men.Sex discrimination and gender inequality have always existed in society, but when does it actually start? The answer is ever since the minute they were born. In 1995 Wall Street Journal report observed that elementary school girls ascertain smaller allowances and are asked to do more chores than boys. (Kimmel, 2000, p.174) When a womanhood grows up and enters womanhood, if she wishes to work, she would have to face many irrelevant tribulatio ns. Sex discrimination occurs when we treat throng unequally because of individualal characteristics that are not related to the job. Discrimination can be when we treat nation who are similar in different ways, or when we treat people who are different in similar ways. (Kimmel, 2000) We often discriminate the people we meet because of our past experiences, from what we have learned, and with stereotyping.Stereotyping is the process of legal opinion someone on the basis of our perception of the group to which he or she belongs. (Robbins, 2003) Stereotypes exist because of the differences among individuals. Since it is almost impossible for human brains to process such large tier of differences quickly, people simplify these differences and make generalizations without even noticing doing so. While these generalizations has originally begun with observed differences among people and have a shred of truth to them, most of these generalization have been so largely exaggerated ove r time that they no longer serve their original purpose of describing people accurately. The way that people make these generalizations are greatly dependent on their ability, background and culture. These characteristics influence how individuals perceive the world around them and their expectations toward others.Socialization and information overload besides play a spectacular role in gender stereotyping. Individuals begin learning stereotypes as early as in their infancy. According to The Reproduction Mothering theory by Nancy Chodorow (1978), infants learn anticipate gender behaviors and stereotypes from their mothers. The girls remain attached to their mothers to learn about emotionally intimacy, while boys are forced to separate from their mothers to be strong and independent. Then from media, school, peers and religion institution, children piecemeal learned what is to be expected from people who are different from themselves in ethnicity and gender, for instance. Thelarg e amount of information readily available to us today alike increases stereotyping. Since it is impossible to take in all the information, individuals have to cope with information overload by simplifying what is around them.Stereotyping generally prevents people from recognizing who an individual really is. When a person believes certain stereotypes to be true, his or her perception of a group will most probably be limited by these stereotypes and are improbable to change. These groundless generalizations can often delay effective communications as a person assumes things about another. In the workplace, this can lead to not recognizing individual achievements and unfriendly similitudeships between groups, which reduces employee morale and productivity.It is important to recognize stereotypes in the workplace because of the diverse workforce today. Globalization and feminist movement have greatly increase the diversity in the work force. However, stereotypes delay management fro m recognizing the value of diversity and reinforce conformity in the workplace, thus limiting the organizations authorization to grow. For instance, managements can miss out good potential employees who can do good. Stereotypes are also noises in communications. (Robbins, 2003) In todays organizations where communications are essential to success, stereotypes can create misunderstandings and harmfully affect day-to-day operations. Therefore, it is important that people should understand the harmful impact of stereotypes.It is also important to mention that even though occupational sex segregation started to decrease in the 1970s and in the 1980s, it still exists in todays workforce. Such discrimination is operated through interviewing techniques and the stereotypes of the initial recruiter. A recruiter may believe, for good example, that a managerial position is a mans job. He or she may believe that a womans nature does not allow her to be a good manager because women are seen to lack leadership, managerial and technical skills. Recruiters should keep down stereotyping and benefit that women are ready to join the work force in any type of job. (Robbins, 2003)Men andwomen differ in their experiences with both paid and unpaid work.In comparison to men, for example women do a disproportionate share of unpaid and usually less valued work. Discrimination at work often leads to income gap, for doing the same job as the men, women get less pay. One of the reasons for the inequality wage gap is the assumption that when a man enters a labor force, he enters for good, while for a woman the assumption is that when she enters will eventually take time out for childbearing and parental leave. This too greatly affects womens wages women who drop out of the labor force have lower real wages when they come back to work than they had when they left. Jobs held by mostly females are considered unimportant and lower skilled as compared to male jobs.The other obstacle that women face in workplace is the glass ceiling and the sticky floor these two elements are barriers preventing women from succeeding and raising their location at work. The glass ceiling is an expression used to describe the inequalities of men and women within the workforce. It seems that women can become employed but then run into an hidden barrier when they try to move up the ladder of hierarchy within the organization (McGuire, 2000, p. 3).Employers should pay close attention to gender stereotyping which exists within a workplace. If they avoid doing so they may lose an opportunity to hire or promote a good employee. In order to avoid gender stereotyping it would be of use to mention the stereotypes that exist today. Some common masculine behavior include independence, superiority, status, competition and aggression. In contrast, the feminine behaviors are consensus, inferiority, harmony, and gentleness. (Kimmel, 2000) David Geary, a psychology professor at the University of Mis souri, Columbia, concluded that such qualities of men and women are generally true.He states that these stereotypical behaviors are strongly influenced by nature. He also mentions that Over the course of evolution, these stereotypes have resulted due to strategies used by males and females to attract mates. Men and women use certain sexual strategies in order to reproduce, and they are essential to our mating patterns. These sexual strategies are the cause of the male and female differences of today including physical attributes, social behavior,parental interests, and motivational and emotional patterns. However, as an employer, it is important to realize that these are generalities, and that one person can express both masculine and feminine behaviors. People should not be labeled, but instead they should be judged as individuals.Men believe that it is easier to work with men and that men do a better job and therefore deserve more money. Their pride and egos tell them that women c annot do the job as well as they can. These personal beliefs must be changed. Pairing men and women in concert on teams will expand the male mindset and hopefully help them realize that females and minorities are as equally qualified. Valuing the differences of all employees can make an organization stronger. Society posits that men and women work together and this is not going to change. What has to change is the way we work together. Communication is the key. If we do not communicate effectively, then the best intentions of both genders will fail (Heim, 1995, p.3).Society influences what we are taught as children in regards to roles of females and males brim over into the workplace (Hale, 1999, p.14) In sum, it is the relationship between social roles, interests, intergroup relationships and organizational culture norms and values that set the conditions that perpetuate unequal employment opportunities and outcomes (Hale, 1999, p.13). It is impossible to change people overnight especially what they have been taught and what they have always have confidence in generation after generation.The managers of today grew up in families where their mothers stayed at home, unploughed house, and took care of children. They have been taught at home that men should be the bread winner the leader of the house, and women should only be housewives and take care of the house. They are also taught that men are stronger and should be the leader of the household and therefore these behaviors flow into the work setting. Even the Bible states that a woman should not be over a man. These beliefs are taught generation after generation.Despite the awareness of gender inequality, there are still arguments about gender difference and assumptions that women and men are from different planets women and men are still treated distinguishably in society. Theworkplace still remains an unequal arena, plague by persistent sex segregation, wage inequality, sex discrimination, and sexual har assment. Women and men work because they want to and because they have to. Employers should not judge women as being non-dependable. Family structure has changed dramatically over the years. Fathers and mothers today now share family responsibilities. To compensate for this change, businesses have introduced flextime, job sharing, telecommuting, on-site child care and parental leave. (Kimmel, 2000) Employers should accommodate a womans needs and expand the gender diversity of their company. There was a time where the balance of respect and roles never existed between the two, but today, men and women are truly redefining themselves and their relationships with each other.Most importantly, women have broken from the bondage of dependence on men. Women no longer have to submit themselves to one main role in family life as the mother. along with being the mother, women have become the educated breadwinners. As for men, the need for dominancy has changed dramatically because today, men have been found to be the nurturing stay-at-home fathers of their family. Male and female relation is not entirely a dispute on inequality that women received from society, although that is what propels finding equality between the two genders. Besides, men today also require such needs and hiring based on gender is no longer relevant. Rather, male and female relation resolute this emergent society to work together as a unit.ReferencesOakley, Ann. (1974) The Sociology of Housework New York Pantheon BooksStromberg, Ann H. & Harkess, Shirley. (1978) Women Working Theories and Facts inPerspective. California Mayfield Publishing CompanyRobbins, Stephen P. (2003) Organizational Behavior. New Jersey Prentice HallMcGuire, Gail M. (2000) Gender, Race, Ethnicity, & Networks Electronic version. Work &Occupations, 27(4), 500-523.Hale, Mary. (1999) He Says, She Says Gender and Worklife. globe Administration Review,59(5). Retrieved March 4, 2009, from www.questia.comKimmel, Michael S. (2000) Th e Gendered Society. New York Oxford University Press

Louise Essay

The fib is entitled by a womans name, therefore it gives a foreshadowing that the story get out be to a greater extent or less a woman or a girl named Louise. The origin sentence begins with the in the flesh(predicate) pronoun I, which means that the story is written in the first person. Thus, taking into consideration that the author is a man, notwithstanding in the first place the reading, it is possible to suppose that the story will be about a woman who has left(p) a great impression about herself. Usually it is a good impression level off if it is about a one-way love. Thats why from the very beginning the story has surprised me much, because it begins with the sentences I could neer understand why Louise both(prenominal)ered with me.She disliked me and I knew that behind my back she seldom lost the luck of saying a disagreeable thing about me. Such averment (she disliked me) is a challenge for a curious reader and makes him read up to the end and find the reasons. Having read the story Louise I washbowl say that the of import theme of it is the relationships between people. The problem which the author raises is that some people can play on their neighbours feelings very easily. They use any possibility to do it. In case of the main character, Louise, it is her mystic heart disease. She could convince everybody, including herself, in its existence and there concur not been any attempts to argue, before the narrator has done it. He tells the story in an ironic way, but at first it is a hidden irony.He does not comment on the events, he just presents them. For example, while Louises first husband Tom Maitland wants the narrator to believe in her bad condition and for that oxymoron shes dreadfully sonant and metaphor her lifetime hangs on a thread are used, the narrator brings the proofs of an absolutely different state of things, using the antithesis in parallel constructions I had noticed that if a party was amusing she could dance proce ss five in the morning, but if it was dull she felt very poorly and Tom had to take her home base early. In such way, without any remark, just using antithesis in order to show how Louises lyric contradict her follow throughs, the author shows the irony of the situation Of course it will murder me, she said It didnt kill her. Her friends asked her why she did not marry again. Oh, with herheart it was out of the question, she answered A year after Toms death, however, she allowed George Hobhouse to lead her to the altar. The uttered represented speech shows the way of Louises usual behavior and produces the necessary performance on the reader. And even that fact that she always repeated to her husbands that she wouldnt live long and the fact that she outlived both of them produces an ironic effect. I think, it is possible to say that all Louises life is one big antithesis, because she has lived more than forty years softly making other people do what she wants but constantly restate I hate the thought of anyone sacrificing themselves for me.All people who surrounded her describe her with such epithets a frail, beautiful girl with large and sad eyes, dreadfully delicate, the most gentle wife and no one has ever thought that it was just a mask. Only the narrator has mentioned the possibility of its existence by chance she knew that I alone saw her face behind the mask and she hoped that sooner or later I too should take the mask for the face. And only at the end of the story he reveals his true carriage to her. He expresses his irony about her behavior openly and says I think youve carried out a rough for twenty-five years. I think youre the most selfish and monstrous woman I wear ever known. You break danceed the lives of those two unhappy men you married and now youre going to ruin the life of your lady friend. Again the antithesis is used. Firstly the narrator himself describes her as a frail, delicate girl with large and melancholy eyes and the n from his own words she appears to be a selfish and monstrous and even a devilish woman. Only now it is possible to answer why Louise bothered with the narrator. Only he has seen her real face. The p grass structure of the story Louise is as following 1. in that respect is no exposition. The development of the do begins from the first sentence I could never understand why Louise bothered with me. 2. The rising action is well-nigh the whole story3. The climax is in the last dialogue between the narrator and Louise. 4. The falling action is a wedding of Louises daughter 5. The denouement is Louises death.The elements of plot are ordered chronologically. The pull of narration is straight. There are two main characters Louise and the narrator himself, where Louise is an antagonist and the narrator is a protagonist. There arealso some flat characters such as Tom Maitland, the first husband of sucking louse George Hobhouse, her second husband, and her daughter Iris. Making a conclusi on, I want to say that this is a true to life story, which can happen anywhere (the author does not even point to a place where the actions have been developing).To my mind, he decided to write this story because Louise really had impressed him much. It seems to me that in some cases he even admires the ability of this woman to make everything in a way she wants it to be done. It produces such effect that she dies at the day of her daughters wedding only because she wants to show that she is really ill and has had right that her daughters wedding will kill her. I think it is very topical nowadays, because a lot of people wear their masks in order not to show their real faces and intentions.

A Study on Futures and Potions

A STUDY ON FUTURES AND POTIONS Project submitted in partial fulfillment for the award of the dot of MASTER OF BUSINESS ADMINISTRATION DECLARATION I hereby declargon that this Project Report titled, A STUDY ON THE DERIVATIVES submitted by me to the Department OF BUSINESS ADMINISTRATION, XXXX and is a bonafide work infra taken by me and it is non submitted to any some early(a) University or Institution for the award of any degree diploma / security measure or published any time onwards. Name and Address of the StudentSignature of the student Date ACKNOWLEDGEMENTI wish to declaim my sincere deep sense of gratitude and excessively thank my guide XXX, Faculty of Finance for his signifi abjuret suggestions and patron in e truly aspect to accomplish the project work. His persisting encouragement, ever conclusioning patience and keen please in discussions retain benefited me to the extent that merchant ship non be spanned by words. I take my pleasure to acknowledge XXXX for th e facilities provided and uninterrupted encouragement. Finally I express bows to everyone who atomic number 18 involved with this project. CONTENTS INTRODUCTION methodological abridgment 1 FUTURES 2 pickS ANALYSIS OF THE STUDYSUMMARY AND CONCLUSIONS BIBLIOGRAPHY INTRODUCTION Nature of the task The turnover of the personal declension of credit commutings has been tremendously increasing from last 10 years. The number of trades and the number of investors, who atomic number 18 participating, have increased. The investors be go outing to reduce their risk, so they ar quest for the risk management barbs. Prior to SEBI abolishing the BADLA system, the investors had this system as a source of reducing the risk, as it has many an(prenominal) problems like no strong margining system, unclear expiration assure and generating counter party risk.In view of this problem SEBI abolished the BADLA system. After the abolition of the BADLA system, the investors atomic number 18 see king for a hedging system, which could reduce their portfolio risk. SEBI thought the unveiling of the derivatives trading, as a first step it has set up a 24 member committee under the chairmanship of Dr. L. C. Gupta to develop the appropriate regulative simulation for derivative trading in India, SEBI accepted the recommendations of the committee on whitethorn 11, 1998 and approved the phased introduction of the derivatives trading beginning with origin index earlys.There ar many investors who are willing to trade in the derivative segment, beca physical exertion of its advantages like limited firing and unlimited collar on by wagesing the small bounteousnesss. IMPORTANCE OF THE STUDY To evaluate the derive/loss position of pickax carrier and excerpt preserver. OBJECTIVES OF THE STUDY ? To analyze the derivatives commercialise in India. ? To analyze the operations of coming(prenominal)s and excerpts. ? To find out the profit/loss position of the plectrum writer and election toter. ? To study about risk management with the inspection and repair of derivatives. SCOPE OF THE STUDYThe study is limited to Derivatives with special reference to risings and creams in the Indian context and the Hyderabad stock supervene upon has been taken as a representative sample for the study. The study cant be verbalise as checkly perfect. Any alteration whitethorn come. The study has only made a humble attempt at evaluating derivatives commercialize only in Indian context. The study is not establish on the international perspective of derivatives markets, which exists in NASDAQ, NYSE etc. LIMITATIONS OF THE STUDY The quest are the limitations of this study. The scrip chosen for analysis is STATE BANK OF INDIA and the direct taken is March 2005 ending one-month ingest. ? The data collected is tout ensemble restricted to the STATE BANK OF INDIA of March 2005 hence this analysis cannot be taken as universal. METHODOLOGY The emergence of the marke t for derivative products, most notably forwards, futures and choices, can be traced back to the willingness of risk-averse economic agents to protection themselves against un realties arising out of fluctuations in plus charges.By their very nature, the fiscal markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transportation terms risks by lockingin asset monetary measure outs. As creatures of risk management, these generally do not influence the fluctuations in the underlie asset measures. However, by locking-in asset outlays, derivative products minimize the impact of fluctuations in asset damages on the positiveness and bills flow situation of risk-averse investors. Derivatives are risk management instruments, which infer their respect from an be asset.The central asset can be bullion, index, share, bonds, currency, absorb etc. tills, securities firms, companies and investors t o hedge risks, to gain access to cheaper money and to make profit, use derivatives. Derivatives are likely to grow even at a faster rate in future. DEFINITION Derivative is a product whose value is derived from the value of an be asset in a focusual manner. The be asset can be equity, forex, good or any other asset. Securities reduces (Regulation) Act, 1956 (SC(R) A) defines derivative to include 1.A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or commence for differences or any other form of security. 2. A consume which derives its value from the expenses, or index of worths, of underlying securities. PARTICIPANTS The plaza by side(p) deuce-ace broad categories of participants in the derivatives market. HEDGERS Hedgers face risk associated with the scathe of an asset. They use futures or options markets to reduce or eliminate this risk. SPECULATORS Speculators wish to bet on future movements in the worth of an ass et.Futures and options contracts can give them an extra leverage that is, they can increase both the potential gains and potential losings in a speculative venture. ARBITRAGEURS Arbitrageurs are in business to take advantage of a distinction amid worths in cardinal disparate markets. If, for example, they see the futures wrong of an asset getting out of line with the interchange equipment casualty, they will take offsetting positions in the two markets to lock in a profit. FUNCTIONS OF DERIVATIVES trade The followers are the mixed functions that are performed by the derivatives markets.They are ? Prices in an organized derivatives market conjecture the apprehension of market participants about the future and lead the wrongs of underlying to the perceived future level. ? Derivatives market helps to transfer risks from those who have them but may not like them to those who have an appetite for them. ? Derivative trading acts as a catalyst for new entrepreneurial activity. ? Derivatives markets help increase savings and investment in the long run. Types of derivatives the following are the various types of derivatives. They are ForwardsA forward contract is a customized contract between two entities, where settlement takes place on a specific date in the future at todays pre-agreed price. Futures A futures contract is an agreement between two parties to deal or cover an asset at a real time in the future at a certain price. survival of the fittests Options are of two types bellows and ranks. Calls give the purchaser the well(p) but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the purchaser the beneficial, but not the obligation to transport a given quantity of the underlying asset at a given price on or before a given date.Warrants Options generally have lives of upto one year the majority of options traded on options substitutes having a maximum maturity of nine months. Longer-dated options are discovered warrants and are generally traded over-the-counter. LEAPS The acronym LEAPS means Long-Term Equity prevision Securities. These are options having a maturity of upto three years. Baskets Basket options are options on portfolios of underlying assets. The underlying asset is usually a moving average of a basket of assets. Equity index options are a form of basket options. SwapsSwaps are private agreements between two parties to exchange hard currency flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. The two commonly used swaps are Interest rate swaps These entail swapping only the entertain related silver flows between the parties in the selfsame(prenominal) currency. _ Currency swaps These entail swapping both principal and interest between the parties, with the currency flows in one circumspection organism in a divergent currency than those in the opposite Dire ction. Swaptions Swaptions are options to buy or sell a swap that will compel operative at the expiry of the options.Thus a swaption is an option on a forward swap. RATIONALE BEHIND THE DEVELOPMENT OF DERIVATIVES Holding portfolio of securities is associated with the risk of the possibility that the investor may realize his returns, which would be much littleer than what he expected to get. There are various factors, which relate the returns 1. Price or dividend (interest). 2. Some are internal to the firm like ? Industrial policy ? anxiety capabilities ? Consumers preference ? Labor expunge, etc. These forces are to a large extent controllable and are termed as non Systematic risks.An investor can easily manage such non-systematic by having a well change portfolio spread across the companies, industries and groups so that a loss in one may easily be compensated with a gain in other. There are yet other types of influences which are outer to the firm, cannot be controlled a nd affect large number of securities. They are termed as systematic risk. They are 1. Economic 2. governmental 3. Sociological changes are sources of systematic risk. For instance, inflation, interest rate, etc. their effect is to cause prices of nearly all one-on-one stocks to move together in the same manner.We at that placefore quite often find stock prices dropping from time to time in spite of companys earnings rising and vice versa. principle behind the development of derivatives market is to manage this systematic risk, liquidity and liquidity in the sense of being able to buy and sell relatively large measures quickly without substantial price concessions. In debt market, a large position of the arrive risk of securities is systematic. Debt instruments are also finite life securities with limited marketability referable to their small size of it relative to many common stocks.Those factors favour for the purpose of both portfolio hedging and speculation, the introduc tion of a derivative security that is on some broader market rather than an individual security. India has vibrant securities market with strong retail participation that has rolled over the years. It was until recently basically cash market with a facility to prevail forward positions in actively traded A group scrips from one settlement to another(prenominal) by paying the required margins and borrowing some money and securities in a separate carry forward session held for this purpose.However, a need was felt to introduce financial products like in other financial markets world over which are characterized with high degree of derivative products in India. Derivative products get the user to transfer this price risk by looking in the asset price there by minimizing the impact of fluctuations in the asset price on his balance sheet and have advised cash flows. Derivatives are risk management instruments, which derive their value from an underlying asset. The underlying asset can be bullion, index, shares, bonds, currency etc.DERIVATIVE SEGMENT AT NATIONAL STOCK EXCHANGE The derivatives segment on the exchange commenced with S&P CNX Nifty Index futures on June 12, 20007. The F&O segment of NSE provides trading facilities for the following derivative segment 1. Index Based Futures 2. Index Based Options 3. Individual ancestry Options 4. Individual Stock Futures COMPANY NAME CODE LOT SIZE ABB Ltd. ABB 200 Associated Cement Co. Ltd. ACC 750 Allahabad Bank ALBK 2450 Andhra Bank ANDHRABANK 2300 Arvind mill about Ltd. ARVINDMILL 2150 Ashok Leyland Ltd ASHOKLEY 9550 Bajaj Auto Ltd. BAJAJAUTO 200 Bank of Baroda BANKBARODA 1400 Bank of India BANKINDIA 1900 Bharat Electronics Ltd. BEL 550 Bharat Forge Co Ltd BHARATFORG 200 Bharti Tele-Ventures Ltd BHARTI 1000 Bharat lowering Electricals Ltd. BHEL 300 Bharat oil color tummyoration Ltd. BPCL 550 Cadila Healthcare Limited CADILAHC 500 Canara Bank CANBK 1600 Century Textiles Ltd CENTURYTEX 850 Ch ennai Pet federal agencyum Corp Ltd. CHENNPETRO 950 Cipla Ltd. CIPLA 1000 Kochi Refineries Ltd COCHINREFN 1300 Colgate Palmolive (I) Ltd. COLGATE 1050 Dabur India Ltd. DABUR 1800 GAIL (India) Ltd. GAIL 1500 Great Eastern Shipping Co. Ltd. GESHIPPING 1350 Glaxosmithkline Pharma Ltd. GLAXO 300 Grasim Industries Ltd. GRASIM 175 Gujarat Ambuja Cement Ltd. GUJAMBCEM 550 HCL Technologies Ltd. HCLTECH 650 Housing development Finance wad Ltd. HDFC 300 HDFC Bank Ltd. HDFCBANK 400 Hero Honda Motors Ltd. HEROHONDA 400 Hindalco Industries Ltd. HINDALC0 150 Hindustan Lever Ltd. HINDLEVER 2000 Hindustan Petroleum Corporation Ltd. HINDPETRO 650 ICICI Bank Ltd. ICICIBANK 700 Industrial development bank of India Ltd. IDBI 2400 Indian Hotels Co. Ltd. INDHOTEL 350 Indian Rayon And Industries Ltd INDRAYON 500 Infosys Technologies Ltd. INFOSYSTCH 100 Indian Overseas Bank IOB 2950 Indian Oil Corporation Ltd. IOC 600 ITC Ltd. ITC 150 Jet Airways (India) Ltd. JETAIRWAYS 200 Jin dal brand & precedent Ltd JINDALSTEL 250 Jaiprakash Hydro-Power Ltd. JPHYDRO 6250 Cummins India Ltd KIRLOSKCUM 1900 LIC Housing Finance Ltd LICHSGFIN 850 Mahindra & Mahindra Ltd. M&M 625 Matrix Laboratories Ltd. MATRIXLABS 1250 Mangalore Refinery and Petrochemicals Ltd. MRPL 4450 Mahanagar Telephone Nigam Ltd. MTNL 1600 National Aluminium Co. Ltd. NATIONALUM 1150 Neyveli Lignite Corporation Ltd. NEYVELILIG 2950 Nicolas Piramal India Ltd NICOLASPIR 950 National Thermal Power Corporation Ltd. NTPC 3250 Oil & Natural Gas Corp. Ltd. ONGC 300 Oriental Bank of Commerce ORIENTBANK 600 Patni Com stick optioner System Ltd PATNI 650 Punjab National Bank PNB 600 Ranbaxy Laboratories Ltd. RANBAXY 200 Reliance Energy Ltd. REL 550 Reliance heavy(p) Ltd RELCAPITAL 1100 Reliance Industries Ltd. corporate trust 600 Satyam Com sicer Services Ltd. SATYAMCOMP 600 State Bank of India SBIN 500 Shipping Corporation of India Ltd. SCI 1600 due south Ltd SIEMENS 150 Sterlite Indus tries (I) Ltd STER 350 Sun Pharmaceuticals India Ltd. SUNPHARMA 450 Syndicate Bank SYNDIBANK 3800 Tata Chemicals Ltd TATACHEM 1350 Tata Consultancy Services Ltd TCS 250 Tata Power Co.Ltd. TATAPOWER 800 Tata Tea Ltd. TATATEA 550 Tata Motors Ltd. TATAMOTORS 825 Tata Iron and Steel Co. Ltd. TISCO 675 Union Bank of India UNIONBANK 2100 UTI Bank Ltd. UTIBANK 900 Vijaya Bank VIJAYABANK 3450 Videsh Sanchar Nigam Ltd VSNL 1050 Wipro Ltd. WIPRO 300 Wockhardt Ltd. WOCKPHARMA 600 REGULATORY FRAMEWORKThe trading of derivatives is governed by the victuals contained in the SC ( R ) A, the SEBI Act, the and the regulations framed there under the rules and byelaws of stock exchanges. Regulation for Derivative transaction SEBI set up a 24 member committed under Chairmanship of Dr. L. C. Gupta develop the appropriate regulatory framework for derivative trading in India. The committee submitted its report in March 1998. On May 11, 1998 SEBI accepted the recommendations of the committe e and approved the phased introduction of Derivatives trading in India beginning with Stock Index Futures.SEBI also approved he Suggestive bye-laws recommended by the committee for regulation and control of trading and settlement of Derivatives contracts. The commissariat in the SC (R) A govern the trading in the securities. The amendment of the SC (R) A to include DERIVATIVES in spite of appearance the ambit of Securities in the SC (R ) A made trading in Derivatives possible inwardly the framework of the Act. 1. Any exchange fulfilling the eligibility criteria as prescribed in the L. C. Gupta committee report may apply to SEBI for assignment of recognition under Section 4 of the SC (R) A, 1956 to start Derivatives vocation.The derivatives exchange/segment should have a separate governing council and representation of trading / clearing members shall be limited to maximum of 40% of the total members of the governing council. The exchange shall regulate the sales practices of i ts members and will obtain approval of SEBI before start of Trading in any derivative contract. 2. The exchange shall have minimum 50 members. 3. The members of an existing segment of the exchange will not automatically become the members of the derivative segment. The members of the derivative segment need to fulfill the eligibility conditions as lay down by the L.C. Gupta Committee. 4. The clearing and settlement of derivates trades shall be through a SEBI approved change Corporation / Clearing house. Clearing Corporation / Clearing House complying with the eligibility conditions as lay down By the committee have to apply to SEBI for grant of approval. 5. Derivatives broker/dealers and Clearing members are required to seek adjustment from SEBI. 6. The Minimum contract value shall not be little than Rs. 2 Lakh. Exchanges should also submit inside information of the futures contract they purpose to introduce. 7.The trading members are required to have qualified approved user and sales person who have passed a certification programme approved by SEBI. FUTURES DEFINITION A Futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. To facilitate liquidity in the futures contract, the exchange specifies certain standard features of the contract. The standardized items on a futures contract are ? Quantity of the underlying ? flavor of the underlying ? The date and the month of delivery ? The units of price quotations and minimum price change ? Locations of settlementTYPES OF FUTURES On the bum of the underlying asset they derive, the futures are divided into two types ? Stock futures The stock futures are the futures that have the underlying asset as the individual securities. The settlement of the stock futures is of cash settlement and the settlement price of the future is the closing price of the underlying security. ? Index futures Index futures are the futures, which have the underlying asset as an Index. The Index futures are also cash colonised. The settlement price of the Index futures shall be the closing value of the underlying index on the expiry date of the contract.Parties in the Futures Contract There are two parties in a future contract, the Buyer and the Seller. The buyer of the futures contract is one who is LONG on the futures contract and the vender of the futures contract is one who is SHORT on the futures contract. The pay off for the buyer and the seller of the futures contract are as follows. devoteOFF FOR A emptor OF FUTURES pic gaucherie 1 The buyer bought the future contract at (F) if the futures price goes to E1 and then the buyer gets the profit of (FP). CASE 2 The buyer gets loss when the future price goes little than (F), if the futures price goes to E2 then the buyer gets the loss of (FL).PAYOFF FOR A SELLER OF FUTURES pic F FUTURES expenditure E1, E2 SETTLEMENT outlay. CASE 1 The Seller sold the future contract at (f) if the f utures price goes to E1 then the Seller gets the profit of (FP). CASE 2 The Seller gets loss when the future price goes greater than (F), if the futures price goes to E2 then the Seller gets the loss of (FL). MARGINS Margins are the deposits, which reduce counter party risk, arise in a futures contract. These margins are collected in regularise to eliminate the counter party risk. There are three types of margins initial MarginWhenever a futures contract is signed, both buyer and seller are required to post initial margin. Both buyer and seller are required to make security deposits that are intend to guarantee that they will infact be able to fulfill their obligation. These deposits are Initial margins and they are often referred as performance margins. The keep down of margin is roughly 5% to 15% of total purchase price of futures contract. fall guy to Market Margin The process of adjusting the equity in an investors account in order to reflect the change in the settlement pri ce of futures contract is known as MTM Margin.Maintenance margin The investor must musical accompaniment the futures account equity equal to or greater than certain ploughshare of the amount deposited as Initial Margin. If the equity goes slight than that percentage of Initial margin, then the investor receives a call for an additional deposit of cash known as Maintenance Margin to bring the equity up to the Initial margin. Role of Margins The role of margins in the futures contract is explained in the following example. S sold a Satyam February futures contract to B at Rs. 300 the following table shows the effect of margins on the contract.The contract size of Satyam is 1200. The initial margin amount is say Rs. 20000, the maintenance margin is 65% of Initial margin. DAY PRICE OF SATYAM EFFECT ON BUYER (B) EFFECT ON SELLER (S) REMARKS MTM MTM P/L P/L Bal. in Margin Bal. n Margin 1 Contract is entered and 300. 00 initial margin is deposited. 2 +13,200 -13,200 B got profit and S got 311(price increased) +13,200 loss, S deposited 3 maintenance margin. B got loss and deposited maintenance 4 -28,800 margin. +15,400 +28,800 287 B got profit, S got loss. Contract settled at 305, totally B got +21,600 profit and S got loss. -21,600 305 Pricing the Futures The fair value of the futures contract is derived from a model known as the Cost of deem model. This model gives the fair value of the futures contract. Cost of Carry Model F=S (1+r-q) t Where F Futures Price S stain price of the central r Cost of Financing q Expected Dividend Yield T Holding Period. FUTURES TERMINOLOGY Spot price The price at which an asset trades in the spot market. Futures price The price at which the futures contract trades in the futures market.Contract cycle The diaphragm over which a contract trades. The index futures contracts on the NSE have one-month, two-m onths and three-month expiry cycles which decease on the last thorium of the month. Thus a January expiration contract expires on the last Thursday of January and a February expiration contract ceases trading on the last Thursday of February. On the Friday following the last Thursday, a new contract having a three-month expiry is introduced for trading. Expiry date It is the date stipulate in the futures contract. This is the last day on which the contract will be traded, at the end of which it will cease to exist. Contract sizeThe amount of asset that has to be delivered under one contract. For instance, the contract size on NSEs futures market is 200 Nifties. Basis In the context of financial futures, prat can be defined as the futures price minus the spot price. There will be a different basis for each delivery month for each contract. In a normal market, basis will be positive. This reflects that futures prices normally exceed spot prices. Cost of carry The relationship betwee n futures prices and spot prices can be summarized in terms of what is known as the cost of carry. This measures the storage cost plus the interest that is remunerative to finance the asset less the income earned on the asset. Open InterestTotal heavy(p) long or short positions in the market at any specific time. As total long positions for market would be equal to short positions, for calculation of open interest, only one side of the contract is counted. optionS DEFINITION Option is a type of contract between two persons where one grants the other the right to buy a specific asset at a specific price within a specified time full stop. Alternatively the contract may grant the other person the right to sell a specific asset at a specific price within a specific time period. In order to have this right, the option buyer has to pay the seller of the option superior. The assets on which options can be derived are stocks, commodities, indexes etc.If the underlying asset is the fina ncial asset, then the options are financial options like stock options, currency options, index options etc, and if the underlying asset is the non-financial asset the options are non-financial options like commodity options. PROPERTIES OF OPTIONS Options have several unique properties that set them apart from other securities. The following are the properties of options ? Limited disadvantage ? High Leverage Potential ? Limited Life PARTIES IN AN OPTION CONTRACT 1. Buyer of the Option The buyer of an option is one who by paying option premium buys the right but not the obligation to exercise his option on seller/writer. . Writer/Seller of the Option The writer of a call/put options is the one who receives the option premium and is there by obligated to sell/buy the asset if the buyer exercises the option on him. . TYPES OF OPTIONS The options are classified into various types on the basis of various variables. The following are the various types of options I) On the basis of the Underlying asset On the basis of the underlying asset the options are divided into two types ? INDEX OPTIONS The Index options have the underlying asset as the index. ? STOCK OPTIONS A stock option gives the buyer of the option the right to buy/sell stock at a specified price.Stock options are options on the individual stocks, there are on-line(prenominal)ly much than 50 stocks are trading in this segment. II. On the basis of the market movement On the basis of the market movement the options are divided into two types. They are ? tender OPTION A call options is bought by an investor when he seems that the stock price moves upwards. A call option gives the holder of the option the right but not the obligation to buy an asset by a certain date for a certain price. ? PUT OPTION A put option is bought by an investor when he seems that the stock price moves downwards. A put option gives the holder of the option right but not the obligation to sell an asset by a certain date for a cer tain price. III. On the basis of exercise of OptionOn the basis of the exercising of the option, the options are classified into two categories. ? AMERICAN OPTION American options are options that can be exercised at any time up to the expiration date, most exchange-traded options are American. ? EUROPEAN OPTION European options are options that can be exercised only on the expiration date itself. European options are easier to analyze than American options. PAY-OFF PROFILE FOR BUYER OF A CALL OPTION The pay-off of a buyer options depends on the spot price of the underlying asset. The following graph shows the pay-off of buyer of a call option S-Strike priceOTM Out of the Money SP -Premium/LossATM At the MoneyE1 Spot price 1 ITM In The Money E2 Spot price 2 SR profit at spot price E1 CASE 1 (Spot price Strike Price) As the spot price (E1) of the underlying asset is much(prenominal) than strike price (S). The buyer gets the profit of (SR), if price increases more than E1 tha n profit also increase more than SR. CASE 2 (Sport price Strike Price) As the spot price (E2) of the underlying asset is less than strike price (s). The buyer gets loss of (SP), if price goes down less than E2 than also his loss is limited to his premium (SP). PAY OFF PROFILE FOR SELLER OF A CALL OPTIONThe pay-off of seller of the call option depends on the spot price of the underlying asset. The following graph shows the pay-off of seller of a call option pic S-Strike priceITM In the Money SP Premium/profitATM At the Money E1-Spot price 1OTM Out of The Money E2 -Spot price 2 SR-profit at spot price E1 CASE 1 (Spot price Strike price) As the spot price (E1) of the underlying asset is less than strike price (S). The seller gets the profit of (SP), if the price decreases less than E1 than also profit of the seller does not exceed (SP). CASE 2 (Spot price Strike price) As the spot price (E2) of the underlying asset is more than strike price (S).The seller gets loss of (SR), if price goes more less than E2 than the loss of the seller also increase more than (SR). PAY-OFF PROFILE FOR BUYER OF A PUT OPTION The payoff of buyer of the option depends on the spot price of the underlying asset. The following graph shows the pay off of the buyer of a call option pic S-Strike priceITM-In The Money SP-Premium/profitOTM-Out of The Money E1-Spot price 1ATM-At The Money E2-Spot price 2 SR-profit at spot price E1 CASE 1 (Spot price Strike price) As the spot price (E1) of the underlying asset is less than strike price (S). The buyer gets the profit of (SR), if price decreases less than E1 than the profit also increases more than (SR). CASE 2 (Spot price Strike price)As the spot price (E2) of the underlying asset is more than strike price (s), the buyer gets loss of (SP), if price goes more than E2 than the loss of the buyer is limited to his premium (SP). PAY-OFF PROFILE FOR SELLER OF A PUT OPTION The pay off of seller of the option depends on the spot price of the und erlying asset. The following graph shows the pay-off of seller of a put option pic S-Strike priceITM-In The Money SP-Premium/profitATM-At The Money E1-Spot price 1OTM-Out of The Money E2-Spot price 2 SR-profit at spot price E1 CASE 1 (Spot price Strike price) As the spot price (E1) of the underlying asset is less than strike price (S), the seller gets the loss of (SR), if price decreases less than E1 than the loss also increases more than (SR). CASE 2 (Spot price Strike price)As the spot price (E2) of the underlying asset is more than strike price (S), the seller gets profit of (SP), if price goes more than E2 than the profit of the seller is limited to his premium (SP). FACTORS AFFECTING THE PRICE OF AN OPTION The following are the various factors that affect the price of an option. They are Stock price The pay-off from a call option is the amount by which the stock price exceeds the strike price. Call options therefore become more valuable as the stock price increases and vice v ersa. The pay-off from a put option is the amount by which the strike price exceeds the stock price. Put options therefore become more valuable as the stock price increases and vice versa. Strike priceIn the case of a call, as the strike price increases, the stock price has to make a larger upward move for the option to go in-the money. Therefore, for a call, as the strike price increases, options become less valuable and as strike price decreases, options become more valuable. Time to expiration Both Put and Call American options become more valuable as the time to expiration increases. Volatility The volatility of n a stock price is a measure of uncertain about future stock price movements. As volatility increases, the go on that the stock will do very well or very poor increases. The value of both Calls and Puts therefore increase as volatility increase.Risk-free interest rate The put option prices decline as the risk free rate increases where as the prices of calls always incr ease as the risk free interest rate increases. Dividends Dividends have the effect of reducing the stock price on the ex dividend date. This has a proscribe effect on the value of call options and a positive affect on the value of put options. PRICING OPTIONS The Black Scholes formulas for the prices of European Calls and puts on a non-dividend paying stock are CALL OPTION C = SN (D1)-Xe-rtN(D2) PUT OPTION P = Xe-rtN(-D2)-SN (-D2) C VALUE OF CALL OPTION S SPOT PRICE OF STOCK X STRIKE PRICE r ANNUAL RISK excess RETURN CONTRACT CYCLE D1 (ln(s/x) +(r+ )/2) t)/ D2 D1- Options Terminology Strike Price The price specified in the options contract is known as the Strike price or Exercise price. Option Premium Option premium is the price paid by the option buyer to the option seller. Expiration Date The date specified in the options contract is known as the expiration date. In-The-Money Option An in the money option is an option that would lead to a positive cash inflow to the hold er if it is exercised immediately. At-The-Money Option An at the money option is an option that would lead to zero cash flow if it is exercised immediately. Out-Of-The-Money OptionAn out of the money option is an option that would lead to a negative cash flow if it is exercised immediately. Intrinsic Value of an Option The intrinsic value of an option is ITM, if option is ITM. If the option is OTM, its intrinsic value is ZERO. Time Value of an Option The time value of an option is the difference between its premium and its intrinsic value. DESCRIPTION OF THE METHOD The following are the move involved in the study. 1. Selection of the scrip The scrip selection is done on a random basis and the scrip selected is RELIANCE COMMUNICATIONS. The lot size of the scrip is 500. Profitability position of the option holder and option writer is studied. 2. Data appealingnessThe data of the RELIANCE COMMUNICATIONS has been collected from the The Economic Times and the internet. The data consist s of the March contract and the period of data collection is from 30th December 2008 to 31st January 2008. 3. Analysis The analysis consists of the tabulation of the data assessing the profitability positions of the option holder and the option writer, representing the data with graphs and making the interpretations using the data. ANALYSIS ANALYSIS The objective of this analysis is to evaluate the profit/loss position of option holder and option writer. This analysis is based on the sample data, taken RELIANCE COMMUNICATIONS scrip. This analysis considered the March ending contract of the SBI.The lot size of SBI is 500. The time period in which this analysis is done is from 30/12/2007 To 31/01/2008 Price of SBI in the Cash Market. DATE MARKET PRICE 30-Dec-07 685. 1 31-Dec-07 714. 65 1-Jan-08 695. 6 2-Jan-08 706. 4 3-Jan-08 717. 1 4-Jan-08 713. 45 7-Jan-08 726. 6 8-Jan-08 724. 05 9-Jan-08 720. 85 10-Jan-08 742. 1 11-Jan-08 736. 14-jan-08 734. 1 15-Jan-08 731. 75 16- Jan-08 728 17-Jan-08 726. 2 18-Jan-08 727. 8 21-Jan-08 722. 7 22-Jan-08 693. 25 23-Jan-08 657. 7 24-Jan-08 664. 4 28-Mar-08 665. 6 29-Jan-08 641. 7 30-Jan-08 661. 05 31-Jan-08 654. 8 pic The closing price of SBI at the end of the contract period is 654. 80 and this is considered as settlement price. The following table explains the amount of transaction between option holder and option writer. ? The first column explains the trading date. ? The second column explains the market price in cash segment on that date. ? The call column explains the call/put options which are considered. Every call/put has three sub columns. ? The first column consists of the premium value per share of the contracts, second column consists of the account book of the contract, and the third column consists of total premium value paid by the buyer. ? scratch PAYOFF FOR CALL OPTION HOLDERS AND WRITERS MARKET PRICE CALLS VOLUME (000) PREMIUM (000) acquire TO HOLDERNET PROFIT TO NET PROFIT T O (000) HOLDER (000) BUYER (000) 654. 8 640 199. 5 3634. 15 2952. 6 -681. 55 681. 55 654. 8 660 1463 21600. 35 0 -21600. 35 21600. 35 654. 680 2008 51831. 53 0 -51831. 525 51831. 525 654. 8 700 3297 85603. 45 0 -85603. 45 85603. 45 654. 8 720 3796. 5 74881. 93 0 -74881. 925 74881. 925 654. 8 740 2309. 5 30208. 4 0 -30208. 4 30208. 4 OBSERVATIONS AND FINDINGS ? Six call options are considered with six different strike prices. ? The modern market price on the expiry date is Rs. 654. 80 and this is considered as concluding settlement price. The premium paid by the option holders whose strike price is far and greater than the current market price have paid high amounts of premium than those who are near to the current market price. ? The call option holders whose strike price is less than the current market price are state to be In-The-Money. The calls with strike price 640 are said to be In-The-Money, since, if they exercise they will get profits. ? The call optio n holders whose strike price is less than the current market price are said to be Out-Of-The-Money. The calls with strike price of 660, 680,700,720,740 are said to be Out-Of-The-Money, since, if they exercise, they will get losses. pic FINDINGSThe premium of the options with strike price of 700 and 720 is high, since most of the period of the contract the cash market is moving around 700 mark. pic FINDINGS ? The contracts with strike price 660, 680, 700, 720, 740 get no profit, since their strike price is more than the settlement price. ? The contract with strike price 640 gets the profit. NET PAY OFF OF PUT OPTION HOLDERS AND WRITERS. MARKET PRICE PUTS VOLUME (000) PREMIUM (000) PROFIT TO HOLDER NET PROFIT TO HOLDER NET PROFIT TO WRITER (000) (000) (000) 654. 600 25 47. 625 0 -47. 625 47. 625 654. 8 640 323. 5 993. 5 0 -993. 5 993. 5 654. 8 660 1239. 5 9506. 575 6445. 4 -3061. 175 3061. 175 654. 8 680 1399. 5 21894 35267. 4 13373. 4 -13373. 4 654. 8 700 1858 30871. 28 83981. 6 53110. 325 -53110. 325 654. 720 1468. 5 23727. 83 95746. 2 72018. 375 -72018. 375 OBSERVATIONS AND FINDINGS ? Six put options are considered with six different strike prices. ? The current market price on the expiry date is Rs. 654. 80 and this is considered as the final settlement price. ? The premium paid by the option holders whose strike price is far and greater than the current market price have paid high amount of premium than those who are near to the current market price. The put option holders whose strike price is more than the current market price are said to be In-The-Money. The puts with strike price 660,680,700,720 are said to be In-The-Money, since, if they exercise they will get profits. ? The put option holders whose strike price is less than the current market price are said to be Out-Of-The-Money. The puts with strike price of 600,640 are said to be Out-Of-The-Money, since, if they exercise their puts, they will get losses. pic FINDINGS ? Th e premium of the option with strike price 700 is higher when compared to other strike prices. This is because of the movement of the cash market price of the SBI between 640 and 720. pic FINDINGS The put option holders whose strike price is more than the settlement price are In-The-Money. ? The put options whose strike price is less than the settlement price are Out-Of-The-Money. DATA OF SBI THE FUTURES OF THE JANUARY MONTH DATE FUTURES finale PRICE (Rs. ) CASH CLOSING PRICE (Rs. ) 30-Dec-07 689. 6 685. 1 31-Dec-07 720. 65 714. 65 1-Jan-08 700. 5 695. 6 2-Jan-08 710. 9 706. 4 3-Jan-08 720. 85 717. 1 4-Jan-08 716. 85 713. 45 7-Jan-08 729. 2 726. 6 8-Jan-08 728. 25 724. 05 9-Jan-08 723. 35 720. 5 10-Jan-08 745. 3 742. 1 11-Jan-08 741. 35 736. 9 14-Jan-08 738. 95 734. 1 15-Jan-08 735. 7 731. 75 16-Jan-08 733. 15 728 17-Jan-08 730. 75 726. 2 18-Jan-08 732. 727. 8 21-Jan-08 725. 25 722. 7 22-Jan-08 695 693. 25 23-Jan-08 660. 1 657. 7 24-Jan-08 666. 7 664. 4 28- Jan-08 667. 75 665. 6 29-Jan-08 642. 7 641. 7 30-Jan-08 662. 5 661. 05 31-Jan-08 655. 95 654. 8 pic OBSERVATIONS AND FINDINGS The cash market price of the SBI is moving along with the futures price. ? If the buy price of the futures is less than the settlement price, then the buyer of the futures get profit. ? If the sell price of the futures is less than the settlement price, then the seller perplex losses. SUMMARY, CONCLUSIONS AND RECOMMENDATINONS SUMMARY ? Derivatives market is an innovation to cash market. Approximately its daily turnover reaches to the equal stage of cash market. Presently the available scrips in futures are 89 and in options segment are 62. ? In cash market the profit/loss of the investor depends on the market price of the underlying asset. The investor may incur huge profits or he may incur huge losses. But in derivatives segment the investor enjoys huge profits with limited downside. ? In cash market the investor has to pay the total money, but in deri vatives the investor has to pay premiums or margins, which are some percentage of total money. ? Derivatives are mostly used for hedging purpose. ? In derivative segment the profit/loss of the option holder/option writer is purely depended on the fluctuations of the underlying asset. CONCLUSIONS In bullish market the call option writer incurs more losses so the investor is suggested to go for a call option to hold, where as the put option holder suffers in a bullish market, so he is suggested to write a put option. ? In bearish market the call option holder will incur more losses so the investor is suggested to go for a call option to write, where as the put option writer will get more losses, so he is suggested to hold a put option. ? In the above analysis the market price of State Bank of India is having low volatility, so the call option writers enjoy more profits to holders. RECOMMENDATIONS ? The derivative market is newly started in India and it is not known by every investor, so SEBI has to take step to create awareness among the investors about the derivative segment. In order to increase the derivatives market in India, SEBI should revise some of their regulations like contract size, participation of FII in the derivatives market. ? Contract size should be minimized because small investors cannot afford this much of huge premiums. ? SEBI has to take further steps in the risk management mechanism. ? SEBI has to take measures to use effectively the derivatives segment as a tool of hedging. BIBLIOGRAPHY BIBLIOGRAPHY BOOKS FUTURES AND OPTIONS N. D. VOHRA, B. R. BAGRI DERIVATIVES CORE MODULE WORKBOOK NCFM MATERIAL FUTURES AND OPTIONS R. MAHAJAN WEBSITES www. nseindia. com www. equitymaster. com www. peninsularonline. com NEWS EDITIONS THE ECONOMIC TIMES BUSINESS LINE