One basic assumption of Black-Scholes model Essay Example Essay Example

One basic assumption of Black-Scholes model Essay Example Paper One basic assumption of Black-Scholes model Essay Introduction One basic assumption of Black-Scholes model is that the stock price is log-normally distributed with constant volatility. However, in option market, does this assumption hold? In our paper, we try to show how wrong Black-Scholes is by challenging this assumption and illustrate the difference between Black-Scholes and real world. Method used to exam mispricing problem of Black-Scholes model About Mixlognormal: The probability distribution of the stock price might be made up of a mixture of two lognormal distributions, one for the possibility of an increase in share price and the other one of a decrease. In this way, we can capture the empirical distribution of stock price; its shape must be more accurate and accordingly more likely to be the same as the distribution of the company’s share price in the real world. One basic assumption of Black-Scholes model Essay Body Paragraphs (Precisely, if we can employ more lognormal distributions to obtain the possibility for the movement of share price, we would get better distribution to describe real world.) Therefore, we could simply test the accuracy of Black-Scholes model by comparison. About Data: We chose Six Continents as our target company to do our analysis and made a comparison between its mixlognormal distribution and Black-Scholes lognormal distribution. We chose Feb 19th as the big event date for the company, because there was a takeover bid from the management of Pizza Express on that day. The share price of Six Continents jumped more than 10% on Feb 19th and the trading volume increased more than 200%. The dates before and after the big event date are Feb 18th and Feb 20th respectively. Following this way, the mispricing drawback of Black-Scholes might be detected more easily due to the noise of big event. Interpretation of the results Using the Excel VBA programme, we got the Black- Scholes lognormal distribution and mixlognormal distribution for these two particular days. The lognormal distribution of Black-Scholes is shown in blue and the mixlognormal distribution is shown in pink. Figure 1 Mixlognormal distribution and lognormal distribution for Six Continent options on 18th, Feb 2003. Figure 2 (Figure 1 and 2 are consistent with each other. Both illustrate the option is mispriced by Black-Scholes.) Comparing these two distributions (i.e. figure 1) of the date of Feb 18th, we find that: 1, the mixlognormal distribution has a fatter left tail and thinner right tail than the lognormal distribution (This phenomenon is also supported by empirical evidence when some people analysed the S;P 500 index), and 2. Both sides of the tails in mixlognormal distribution are longer as well. 3. The right tail is longer than the left tail. For the first finding, it means that in the more accurate scenario, the volatility used to price a low strike price option (i.e. a deep-out-of-the-money put or a deep-in-the-money call) is higher than that used to price a high-strike-price-option (i.e. a deep-in -the-money put or a deep-out-of-the-money call). The second finding means that the Black-Scholes lognormal distribution chops some small probability events, but in fact, these small probability events do exist in real world. The explanation of the third finding is that the bid proposal for Six Continent leaked before the announcement date. Investors have taken the probability of takeover into consideration and predict the price will go up. The probability of the share price going up is bigger than the probability of its going down, the right tail is longer. Figure 3 Mixlognormal distribution and lognormal distribution for Six Continent options on 18th, Feb 2003. Figure 4 Comparing the mixlognormal figure with the lognormal one (i.e. figure 3) of the date of Feb 20th, we find that: 1. This relationship of the two distributions is similar to those of the date of Feb 18th. 2. The left tail is still a little bit fatter and the right side a little thinner in the mixlognormal than that of lognormal. 3. The right tail is longer than of the left tail. The interpretations of this figure are the same to the above ones. From the above comparison and analysis, we can find the reason that Black-Scholes model is often shown to misprice out-of -the money and in-the-money options relative to their at-the-money counterparts: the assumption, which states that future stock price have a lognormal distribution and equivalently future returns have a normal distribution (which both results from the assumption of stock prices following a geometric Brownian motion.), is invalid. If this assumption is neglected, the risk neutral probability density does not necessarily fall into the family of lognormal distributions but can be shaped differently. This implies, that lognormal parametric estimation of risk-neutral probabilities leads to wrong result. When we move the two mixlognorma l distributions (i.e. figure 6) together and also the two Black-Scholes distributions (i.e. figure 5) together, it is obvious to find that beside the mean of the share price moving to high level, the volatility shape changes a little. The left tail of figure before the big event dates is much fatter than the left tail of the figure after the big event date. Figure 5 Lognormal distributions of Six Continent options on 18th and 20th of Feb 2003. Figure 6 Mixlognormal distribution of Six Continent options on 18th and 20th of Feb 2003. This is understandable if we accept the explanation for the volatility smile when concerns leverage. It says that as a company’s share price declines in the value, the company’s leverage increases. Thus the equity of the company becomes more risky and its volatility increases. When the company’s share price increases, leverage decreases, then the equity become less risky and its volatility decreases. Since the bid for the Six Continen ts was accepted as favourable news for the shareholders, the share price had a big jump. According to the above explanation, its shares become less risky and thus lower volatility, so the left tail becomes thinner. Conclusion We estimated risk neutral density of equity option prices and compared mixlognormal distribution and lognormal distribution before and after big event. We found that the assumption (stock prices are log-normally distributed) of Black-Scholes does not hold in the real world and this hole can make the options mispriced. Appendix 1: The raw data of lognormal distribution for Six Continent options on 18th, Feb 2003. Trade 18-Feb-03 Maturity 16-Apr-03 r 0 T 0.1561644 F 554.5 sigma 0.4091905 mkt call strikes BS theory Sq Error moneyness weigted sq error 196 360 194.58 2.01 194.5000 0.0103 166.5 390 164.89 2.59 164.5000 0.0157 138 420 135.86 4.57 134.5000 0.034 101.5 460 99.5 3.98 94.5000 0.0421 69 500 67.93 1.14 54.5000 0.0211 38 550 37.88 0.01 4.5000 0.0032 17.5 600 18.77 1.62 45.5000 0.0356 7 650 8.34 1.8 95.5000 0.0188 2.5 700 3.36 0.75 145.5000 0.0051 1 750 1.25 0.06 195.5000 0.0003 0.5 800 0.43 0 245.5000 0 18.53 0.1862 Appendix 2: The raw data of lognormal distribution for Six Continent options on 20th, Feb, 2003. Trade 37672 Maturity 37727 r 0 T 0.15068493 F 615.5 sigma 0.36813434 mkt call strikes BS theory Sq Error moneyness weigted sq error 256.5 360 255.5013903 0.997221354 255.5 0.003903019 227 390 225.5132704 2.210364876 225.5 0.009802062 197 420 195.5835263 2.006397745 195.5 0.010262904 157.5 460 156.0819138 2.010968563 155.5 0.012932274 119.5 500 118.0715084 2.040588233 115.5 0.017667431 76.5 550 75.70383997 0.633870793 65.5 0.009677417 42.5 600 42.91727918 0.174121912 15.5 0.011233672 21 650 21.38061239 0.144865789 34.5 0.004199008 9 700 9.401761762 0.161412513 84.5 0.001910207 3.5 750 3.688784898 0.035639738 134.5 0.000264979 1 800 1.308782808 0.095346823 184.5 0.000516785 0.5 850 0.425705755 0.005519635 234.5 2.35379E-05 10.5163 1797 0.082393295 Appendix 3: The raw data of mixlognormal distribution for Six Continent options on 18th, Feb, 2003. Trade 18-Feb-03 Maturity 16-Apr-03 r 0 T 0.1561644 F 554.5 F1 613.42684 sigm1 0.0050015 F2 545.13413 sigma2 0.4331614 p 0.1371431 Cmarket X Cimplied (Cmarket-Cimplied)^2 Implied sigma by BS 196 360 194.6650299 1.782145105 0.605651935 166.5 390 165.1475618 1.82908915 0.53766516 138 420 136.4577704 2.378472184 0.502173454 101.5 460 100.7421585 0.574323782 0.454991983 69 500 69.60810609 0.369793012 0.424942163 38 550 38.86792249 0.753289445 0.410555737 17.5 600 17.00376787 0.246246324 0.393289282 7 650 6.928636732 0.005092716 0.38547187 2.5 700 2.914632833 0.171920386 0.382378979 1 750 1.14301875 0.020454363 0.394114927 0.5 800 0.422795028 0.005960608 0.417111769 8.136787075 Appendix 4: The raw data of mixlognormal distribution for Six Continent options on 20th, Feb 2003 Trade 20-Feb-03 Maturity 16-Apr-03 r 0 T 0.1506849 F 615.5 F1 631.64945 sigm1 0.005 F2 613.47651 sigm a2 0.3942533 p 0.1113462 Cmarket X Cimplied (Cmarket-Cimplied)^2 Implied sigma by BS 256.5 360 255.5039835 0.992048772 0.684121728 227 390 255.5291768 2.163320768 0.634591317 197 420 195.6487533 1.825867624 0.544725925 157.5 460 156.3364319 1.353890697 0.457835271 119.5 500 118.6654525 0.696469529 0.411053745 76.5 550 76.50974266 9.49E-05 0.380098628 42.5 600 42.7445391 0.059799374 0.363618501 21 650 20.42471433 0.330953606 0.363939585 9 700 9.572591543 0.327861075 0.362150688 3.5 750 4.077689599 0.333725272 0.363395708 1 800 1.597153827 0.356592693 0.351554917 0.5 850 0.581926491 0.00671195 0.376206304 8.447336279 We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on One basic assumption of Black-Scholes model Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Sample of Personal Statement Essay Example

Sample of Personal Statement Essay Example Sample of Personal Statement Essay Sample of Personal Statement Essay To Whom It May Concern: Re: Application of Student Visa to study in RMIT University In additional to all my documents provided, I would like to take this opportunity to write a personal statement to clarify the main reasons that drive me to study in Australia. I was born in 1981, the starting period of Chinas economy reform designed and implemented under the leadership of Mr. De Xiaoping. I have witnessed the dramatic changes in the continuous infrastructure construction, observable improvement of living standards, greater enrichment of social life, gradual deregulation of policies and strong growth of local economy. All the positive sides make everybody fond of the market economy, especially my parents, both of who are managers of property development companies. My parents have great influence on me, so when I was young, I start to learn how to keep abreast of the modern society by learning the new knowledge and skills. The world is already heading toward the new economy, although there are still some turmoil in certain fields and period. The explosive information technology changed the world in such quick and significant manners that many economists cant explain well. Meanwhile, China is joining WTO, the economy at this moment is growing at 8% annually, by further eliminating non-tariff barriers and reduce tariff rates, Chinas market will experience huge structural changes and countless opportunities will emerge to make China the hottest spot in the world economy. As a Chinese student, I am living in a new age that China is in shortage of personnel with proficient English skills, overseas education background and capability to merge east and west cultures. By choosing to study in RMIT University in Melbourne Australia, there are a few advantages that I can achieve my goal: Australia is a multicultural country, and RMIT university is a well-known multicultural university. I can learn how to interact within different cultures to improve my interpersonal skills. I also can build up a network that comprises friends from different countries and areas. Australia enjoys vast land, abundant resources, mild weather and well-managed security, it is the best destination to study. Australia has the world class educational systems, and RMIT university is well-know for its practical mission and provident objectives. By learning its IT courses, I can become an IT professional recognised in Australia and China and other places as I will have obtained professional IT skills. Australia has good relationship with China and Australia is also changing its old economy image by actively engaged into cooperation between APEC countries and regions. China is certainly the biggest potential market for Australia. With my multicultual background and Australian experience and skills, when I have completed study in Australia and returns China, I can participate into the development of business cooperation or any other relationship In short, by choosing to study in RMIT University in Australia, I will benefit greatly from the extraordinary experience for building up my professional career, and I will help to build China, my motherland, into a well-managed market economy country. I look forward that my application can be assessed and approved at your earliest convenience! Regards! xxxx

Amyotrophic Lateral Sclerosis (ALS)

Amyotrophic Lateral Sclerosis (ALS) Amyotrophic Lateral Sclerosis Amyotrophic Lateral Sclerosis (ALS) is a disease that destroys nerve cells and causes disability. The nerve cells gradually break down and die. Muscle twitching, weakness in a limb, or slurred speech is how ALS typically starts. It eventually affects the muscles needed to move, speak, and breath.The disease is progressive, and currently there is no cure for ALS. It belongs to a larger group of disorders known as motor neuron diseases, which are caused by gradual deterioration and death of motor neurons. In ALS, both the upper motor neurons and the lower motor neurons degenerate or die, and stop sending messages to the muscles. Most people with ALS die from respiratory failure, usually within 3 to 5 years from when the symptoms first appear. The majority of ALS cases are considered sporadic, which means the disease seems to occur at random with no clearly associated risk factors and no family history of the disease. Whereas around 5 to 10 percent of ALS cases are familial, which means that an individual inherits the disease from his or her parents. Signs and symptoms include: difficulty walking or doing ADLs; tripping and falling; weakness in the leg, feet, or ankles; hand weakness or clumsiness; slurred speech or trouble swallowing; muscle cramps and twitching in the arms, shoulders, and tongue; difficulty holding the head up or keeping good posture. ALS most often begins in the hands, feet, or limbs, and later spreads to other parts of the body. Muscles will progressively weaken as the disease advances. ALS doesn’t typically affect senses, thinking ability, or bowel or bladder control. In some ALS cases the disease is inherited, while the others remain with no known cause. Researchers are also looking into gene mutation, chemical imbalances, disorganized immune responses, and protein mishandling. Research is also being done into cellular defects, stem cells, family versus sporadic ALS, biomarkers, and new treatment options.Various risk factors include heredity, age, sex, and genetics. Environmental factors that may tri gger or affect risk of ALS include smoking, environmental toxin exposure, and military service. Complications that people with ALS may experience include breathing problems, speaking problems, eating problems, and dementia. Amyotrophic lateral sclerosis can be hard to diagnose early on because it mimics many other neurological diseases. Tests to rule out other conditions may include electromyogram (EMG), nerve conduction study, magnetic resonance imaging (MRI), blood and urine tests, spinal tap, or muscle biopsy. Treatment for ALS can slow the progression of symptoms, prevent complications, and make a person more comfortable. Two medications are currently approved for the treatment of ALS, Riluzole (Rilutek) and Edaravone (Radicava). A doctor may also prescribe medications to provide relief from symptoms including muscle cramps and spasms, spasticity, constipation, fatigue, excessive salivation, excessive phlegm, pain, depression, sleep problems, and uncontrolled outbursts of laughing or crying. Some therapies that people with ALS can do include breathing care, physical therapy, occupational therapy, speech therapy, nutritional support, psychological and social support.

State capitol Essay Example | Topics and Well Written Essays - 1000 words

State capitol - Essay Example it was precisely constructed in the year 1619 and was serving as the Virginia House of Burgesses and since then has been in place in its very own state reflecting its grandeur and poise in terms of the rich American political history that the country enjoys. The formal proceedings and handover of the building which led it to becoming the Capitol took place in 1788 (Spears, 2012, p. 86) under the then Governor Thomas Jefferson who would go on to become the President of United States of America. Through the different phases the building has seen numerous developments and improvements as the field of architecture and developmental works saw progress. Numbers of stories have been added to the building making it more accommodating and larger in its existence through timely modifications and additions. Underground constructions have been established which have enabled accommodating and adjusting more set of individuals and visitors in its parking areas and other surrounding localities. Defined as a model pattern based on the cubic architecture and structural design (Giordano, 2012,p. 130), it is considered novel on the account of political standing, the design so followed and the richness in terms of the architectural richness that it possesses within itself beholding the rich history spanning over more than two decades. Another significant existence of the building is the fact that it has been crafted through the ideas of the French professional craftsman who worked on it and designed it on the request and instructions of the then governor Thomas Jefferson. Owing to its importance in the context of the overall political and American civil life society, the place is a center of attention and a central hub towards the visitors from the various states within United States of America and to those who travel United States of America and have some level of affiliation and interest in

Objectives of Risk Analysis in Financial Market Essay

Objectives of Risk Analysis in Financial Market - Essay Example Every buyer in a financial market is an investor. To maximize the profit, buyers are usually ready to take risk. Risk management is a very important concept in both money and capital market. To manage the risk, investors usually diversify it. Risk in the financial market can be divided into two: Systematic risks and Unsystematic risks. Systematic Risks Systematic risk is defined as â€Å"The risk that tends to affect the entire market similarly†. (Kidwell et al. 2007) It is also known as market risk or nondiversifiable risk. Systematic risk is the risk that cannot be reduced or predicted in any manner. Systematic risks are those risks which nobody can predict. As you cannot foresee it, you cannot reduce it or protect yourself against it. For example, the recent political turmoil in Egypt sent all the share markets in the world downward. All investors lost a lot of sum. This political crisis was unpredictable and no investor was able to protect his investment against this downf all. Most investors are primarily concerned with systematic risk as they can reduce unsystematic risk through diversification. Economists use the term ‘beta’ to show the relationship between a stock’s return and the general market movement. For example, if you assign beta 1 to general market (index) and 2 to a particular share, it means if the market goes up 20%, the share goes up 40% and if the market goes down 10%, the share goes down 20%. It means, this particular share is twice as volatile as the market index. Shares with betas greater than 1 are called aggressive shares as they carry more risk than the market. In addition, they affect the entire portfolio in a greater degree than the market...This paper describes financial market, outlines different types of risks in that market and methods for buyers to reduce the risk. Financial market is a mechanism that enables buyers and sellers to meet their financial requirements. Buyers are the investors who purchase short term or long term financial assets while sellers raise funds for their short term and long term requirements. The globalization made world markets more integrated and provided more opportunities in overseas investments. Based on the instruments dealt in the market, financial market divides into money market and capital market. To maximize the profit, buyers are usually ready to take risk. Money market deals with short term trading (buying and selling) of financial assets which have maturity period of one year or less. Capital market deals with securities (debt or equity) which companies and governments used to raise long term funds. To maximize the profit, buyers are usually ready to take risk. To manage the risk, investors usually diversify it. Risk in the financial market can be divided into two: systematic risks and unsystematic risks. Systematic risk is defined as â€Å"The risk that tends to affect the entire market similarly†. It is also known as market risk or nondiversifiable risk. Systematic risk is the risk that cannot be reduced or predicted in any manner. Most investors are primarily concerned with systematic risk as they can reduce unsystematic risk through diversification. Unsystematic risk is defined as â€Å"The unique or security specific risks that tend partially to offset one another in a portfolio Foreign exchange risk occurs due to changes in exchange rate

Breakfast at Tiffany(TM)s Essay Example for Free

Breakfast at Tiffany(TM)s Essay Breakfast at Tiffanys is a romantic comedy that was released in America in the year 1961. Breakfast at Tiffanys was based on the novella by Truman capote. It introduces a young woman, played by Audrey Hepburn whose profession is a high class males escort, prostitute. When studying the film in more depth, I queried how and why a high class prostitute film could be so popular. In my article I will address and find out how and why the film is still so popular today. The film is a total of 110 minutes in length which is consequently 20 minutes longer than an average romantic comedy of today. The first scene is one of the main reasons why Breakfast at Tiffanys is so popular today. When making a film the opening scene is extremely important and needs to include certain things for the film to be popular and well selling. The opening scene of any film should set the scene and introduce the audience to the surroundings and setting of the film. When we see the character, protagonist, for the first time we are automatically drawn in by her as she is in the foreground and the only thing moving in the scene, our eyes are focused on her. The audience feels connected with her and has an opportunity to be a part of her life. The audience is then introduced to one of the main themes throughout the film of Tiffanys Tiffanys after this film became more popular and some members and shoppers of Tiffanys say that consequently Tiffanys was made by the link of the film and the well known jewellers. As the scene progresses the camera follows her from the side as she walks. Then the camera changes to behind her with the use of an over the shoulder shot to increase the already gained intimacy. The fact that she is an ordinary woman on an average day and she has nothing special makes the audience almost feel they could be her. Another reason why it is still so popular today is that it fits in with the romantic comedy criteria. Every girl or most girls love romantic comedies. The comedy can be identified in many of the scenes. For instance at the part scenes where lots of comedic techniques and ideas are used such as the cigarette burning a womans purple headdress and Holly checking the time on a mans watch consequently pouring a drink on the womans headdress. Also the cat jumping on everybody as they walked through the door. The comedy is basic and not to detailed as to not over power the romantic aspect of the film and this is why the film is still so popular. The soundtrack of the film is based around the song Moon River lyrics by Johnny Mercer, Music by Henry Mancini. The song is a total of 2 minutes 44 seconds and won an Oscar for the best original song. The music can be identified in many of the scenes, if carefully looked for. For instance in the party scene the song Moon River is played in the background but has been edited to create a more up-tempo version. The lyrics of Moon River are totally associated to the life of Holly Golightly. As the actress, Audrey Hepburn was no singer the song was very simple an only sung in one octave which almost makes the performance of the song more believable and the audience can relate to the lyrics more. The soundtrack can still be bought today from amazon and because it is still so widely available that helps the film stay so popular. Due to the advertising of the film, the film was made more popular. The poster that was widely used was the image of Audrey Hepburn on a white background with a border of blue, red and yellow. The poster has many hidden meanings in the images and colours used, for example, the border colours used, when added together, make the background colour of white. The yellow also used could mean wealth and link to jewellery from Tiffanys. Audrey Hepburns name is in capitals and black lettering as the film sold off her name. The picture of the protagonist takes up half of the poster as people aspire to be like her. The title of the film Breakfast at Tiffanys is in a red colour to represent Romance. In the background a shot of the end scene is added to show the setting of the film and to reveal the ending. All these things together make the film still so popular by creating a picture and selection of images which stick in the audiences mind for years to come. This poster can also still be bought in shops and on the internet. On Tuesday 5th December 2006 the Givenchy dress used in the 1961 film, was sold for 1.2 Million dollars which keeps Breakfast at Tiffanys constantly in todays society so the popularity of it is still withheld. Fashion of the 60s is still popular today whether that is because of the film or not, people still dress in 60s clothes and Audrey Hepburn is still kept as an admired icon. The novella that was used to base the film around had a different ending to the film. The ending of the novella resulted in Holly travelling to Brazil and sending Paul a postcard, Holly never wrote to him again. The director made the choice to change the ending for a variety of reasons. The way the novella ended was on a cliff hanger with loose ends which wouldnt make the film popular, so the director of Breakfast at Tiffanys decided to make the ending in to a typical happy, clichà ¯Ã‚ ¿Ã‚ ½d ending that ties up all loose endings as more people prefer happy endings and they stay popular after time. The way the ending of the film now ends is that the audience can walk away from the film feeling happy and uplifted full of aspiration to be like her. Sinse the ending was changed i believe that it has helped the film to be influential to our culture and stay popular after 50 years due to the film still being a part of todays present society. Breakfast at Tiffanys is still so popular today due to the hard work and important techniques used when making the film, the film was created to achieve all the necessary aspects of a romantic comedy which hasnt changed in the last 50 years consequently making the film still a big hit today.

Faulkners Light in August - Point of View :: Light August Essays

Light in August - Point of View    Most of Light in August's story is told by a third-person narrator. In some third-person novels the narrator is omniscient (all-knowing) and objective. In others he takes the point of view of the central character. In Light in August the narrator is often objective, as, for example, when reporting dialogue. But what is unusual about this novel is the way in which the narrator's point of view shifts frequently from one character to another. And even when reporting from the point of view of one character alone, the narrator sometimes stays on the surface of that character's speech and thoughts, while at other times he has access to memories so deep the character himself may not be consciously aware of them.    The difference between this shifting point of view and the point of view of an omniscient narrator is important. For example, you first hear of Joe Christmas from Byron's point of view. Byron seems a sympathetic character, so you tend to accept what he says. Later you see Joe Christmas from his own point of view but without access to his deepest thoughts and feelings. When (in Chapter 6) the narrator finally dives into Joe's buried memories, you get a completely different picture of him. But in Chapter 19 you see his final escape and murder from the point of view of Percy Grimm. One of Faulkner's purposes in this approach is to contrast public images with private realities. The Joe Christmas that the town of Jefferson knows is different from the Joe Christmas seen from within, and Faulkner's shifting point of view keeps you aware of that and other such contrasts.    Occasionally one of Light in August's characters tells his story in the first person, for example, the furniture dealer in Chapter 21.

Discussion Questions

DQ1: Please describe the kinds of evidence that a plaintiff can present in order to establish a negligent act. In a negligence suit, the plaintiff has the burden of proving that the defendant did not act as a reasonable person would have acted under the circumstances. The court will instruct the jury as to the standard of conduct required of the defendant. For example, a defendant sued for negligent driving is judged according to how a reasonable person would have driven in the same circumstances.A plaintiff has a variety of means of proving that a defendant did not act as the hypothetical reasonable person would have acted. The plaintiff can show that the defendant violated a statute designed to protect against the type of injury that occurred to the plaintiff. Also, a plaintiff might introduce expert witnesses, evidence of a customary practice, or circumstantial evidence. DQ2. Research one court case addressing Health Care Law that corresponds to the material in this seminar's read ing and write a 1-2 paragraph summary of the case.Please be sure to include the case name in your reference listing and the source of your information. The case that I chose to write on came from our textbook, but I did some additional research online and found more information on this particular case. The case involves a mother and father who filed a wrongful death suit against their OB/GYN’s for the wrongful death of their unborn son. Initially, the court found in favor of the physicians, but after an appeal process to the U. S. Supreme Court of Appeals, they were granted a judgment in their favor. Tara Reese went to the Fort Worth Osteopathic Medical Center emergency room in her seventh month of pregnancy, complaining of a racing pulse and dizziness. Doctors determined that she had a high pulse rate and high blood pressure and sent her to the labor and delivery room for further observation. On multiple occasions through the course of the evening, doctors monitored the hear t tones of the fetus, which were often difficult to detect. The following morning the doctors confirmed that the fetus would be stillborn.Tara and her husband, Donnie Reese, brought suit against Fort Worth Osteopathic Hospital, Osteopathic Family Medicine Clinics, Craig Smith, D. O. , Roberta Beals, D. O. , Reid Culton, D. O. , and John Chapman, D. O. (health care providers), for negligence, gross negligence, and vicarious liability, seeking damages under the wrongful death and survival statutes and for personal injuries to Tara Reese. The trial court granted summary judgment in favor of all health care providers. The Reeses appealed all claims except that against Dr.Chapman. The court of appeals affirmed the summary judgment disposing of Donnie Reeses individual bystander claim, but reversed the remainder of the summary judgment, remanding the case to the trial court. The health care providers petitioned this Court for review, arguing that the court of appeals incorrectly held that the Reeses could assert wrongful death and survival actions and that Tara Reese could assert her own individual claim. Donnie Reese did not appeal the adverse judgment against his individual claim. (Phillips, 2003) Essentially, this case has a lot of grey area that borders on the hot topic of abortion and whether a fetus is considered alive and entitled to all the rights before it is born. Another issue I found with this case is that you are going to find the same types of cases across the U. S. with different outcomes depending on the state in which the trial was held. References Phillips, T. U. S. Supreme Court of Appeals, the Second District of Texas. (2003). Reese v. fort worth osteopathic hospital inc. (02-1061). Retrieved from THE SUPREME COURT OF TEXAS website: http://www. supreme. courts. state. tx. us/historical

Rock Ideology

Does popular music equate to commercial success? Is mass appeal enough to describe popular music? The answers to these questions may not come in handy. Oftentimes, what are considered to be popular music are the ones that are often played in the radio or promoted through various television shows and programs. Record sales and concert attendance are also important factors in determining (popular music). Yet, if one has to take a closer look, the above-given considerations can be summed up in achieving commercial triumph. However, for experts, there is a thing line that demarcates popular music from those that have emerged victorious from the economy of music making. Through the years, various musical genres have emerged. Their existence can be attributed for several reasons. First, music goes through a series of changes and transformations. Each and every generation of musicians and artists are on a constant experiment on how to create new sounds that can possible exceed the expectations of their predecessors. The other reason stems from the fact that the audience’s musical needs vary from time to time. Like food, music is a media commodity that must be constantly consumed by its specific target market or audience. But the moment wherein the peaks of satiety levels have been already reached, there is a strong tendency for an individual to look or crave for another media commodity that can attend to his or her demands. If music is viewed both as a commodity and a form of expression, then there is no doubt that being popular is also relative to being commercially triumphant. However, this generic notion tends to abolish music’s true meaning, essence, value and social significance. Commercial success, if such will be used as framework for what accounts as popular music stripped off the latter’s intrinsic and intangible characteristics and features. Each musical genre goes through such concerns. Musicians and artists alike are trapped within the norms of creating music for profit and at the same time maintaining their musical integrity and artistry. With regards to categorizing popular music, it is apparent that Rock and Roll often finds itself as the center of argument between music scholars and expert. Many Rock and Roll bands have managed to become commercially efficient, yet some stress that the lack of musical authenticity deprives them from being considered as popular music. On the other hand, it cannot be denied that there are some Rock and Roll bands which have remained popular only to a few selective audiences, their commercial appeal is not highlighted, yet they are often tagged as popular music. This discussion aims to tackle how Rock and Roll struggles to balance its profit-based orientation and at the same time preserve the pure and unadulterated nature of its music. The paper will also deal with rock ideology, its effect on the music’s fan base and youth culture and on the overall nature of Rock and Roll per se. Rockin the Youth Culture Beebe, Fullbrook and Saunders (2002) explained that Rock and Roll and youth culture are interrelated to each other. The two readily share a special relationship. Rock and Roll is the youth and the youth is Rock and Roll. The two seem to find it hard to be separated from each other. For one reason, a number of youth groups are able to relate to the themes perpetuated by Rock and Roll. The music became the youth’s language in articulating their own concerns and issues that cannot be overtly expressed through direct communication or confrontational scenarios. As Epstein (1998) emphasized, rock music played an important role within many youth subcultural groups wherein musical tastes and preferences provide a sense of belongingness and togetherness. Rock and Roll allowed these youngsters to relate and identify themselves to the youth’s basic needs and demands (Epstein, 1998). Gillet (1996) explained that Rock music is able to provide pleasure—the kind of satisfaction that no other musical genres can provide. But of course, this is something that extends beyond entertainment purposes. Through co-optation, as Grossberg (1997) maintains, the intersection of youth culture and Rock and Roll is preserved and sustained. Rock and Roll and Popular Music Kellog (2003) discussed that popular music is a representation or reflection of the cultural facets of society wherein it emanates. He added that the evolution of Rock and Roll is heavily influenced by the post-war era. In a time wherein a nation is trying to recover from war’s damages, the seemingly antagonistic and hostile nature of rock and roll would not really come as a surprise. It is not uncommon for such music to tackle social dilemmas that are experienced by the community. This is most especially felt during the times wherein Rock and Roll is on the process of growth and development. In Latin America for example, rock music functioned for propaganda purposes (Hernandez, L’Hoeste   & Zolov, 2004). Going back, it can be seen that such music is not merely used for entertainment activities. To give pleasure and at the same time take into consideration society’s critical issues transformed rock music into something that is revolutionary in nature. Commercially Popular Sterns (2001) emphasized that Rock and Roll is â€Å"eminently commercial.† The glitter and glamour that is associated with it is a concrete sign of a consumer-oriented music. There is the desire to garner mass appeal which is nonetheless avoided by those individuals that belong to the counter-culture (Sterns, 2001). Placing too much importance on form over substance makes Rock music prone to being a â€Å"consumer item (Sterns, 2001).† However, Hernandez, L’Hoeste and Zolov (2004) mentioned that under the circumstances wherein Rock music strayed from entertainment function, Rock and Roll as popular music has now differentiated itself from music that are commercially produced, this is of course in reference to the Latin American Rock music scene. Rock as popular music in contrast to rock as consumer item can be differentiated into four different ways. The latter’s differences are deeply characterized by its content and social function. First of all, rock as popular music possesses â€Å"intrinsic intent† which is to promote awareness to social and political issues (Hernandez, L’Hoeste & Zolov, 2004). Secondly, it breaks free from â€Å"bodily gratifications, wherein Rock is produced as something worth listening since it embodies the Pan Latin-American dream (Hernandez, L’Hoeste & Zolov, 2004). The lat but definitely not the least is that Rock has revolutionized the term â€Å"popular† wherein it previously refer to music created via the use of indigenous instruments (Hernandez, L’Hoeste & Zolov, 2004). In the meantime, going against commerciality, most especially as for the case of Rock and Roll bands may seem too complicated. This stems from the fact that these musicians earn their bread and butter from this industry. Yet, in as much as musical authenticity and artistry is concerned in popular music, Marshall (2005) explained that popular music must adhere to the canons of music making in the Romantic period. During those times, music creation was focused on maintaining the â€Å"truth† in artist and music’s intention, regardless of whether it would be socially accepted or not by many (Marshall, 2005). Rock Ideology In order to preserve authenticity in rock music, may bands have successfully practiced the so-called rock ideology (Frith, 2007). Rock ideology purports that the music has an exclusive   fan base or community that highlights their individualistic approach and orientations (Frith, 2007). This is in stark contrast to pop icons and celebrities whose popularities are attained through excessive media hype and exaggeration. In other words, rock to maintain its ideology must create music that is not present in other genres and would cater to a specific set of audience. In this aspect, rock and roll is famous but its scope and coverage is far by more limited and narrow. It can be categorized as popular music but only within smaller groups, compared to music that follows a certain kind of formula. Once and for all, rock as popular music is something that cannot be readily digested and appreciated by everybody else. And so through following its ideological threshold, the genre qualifies into the context of popular music—something that is worth listening and packed with cultural and social significance. References Beebe, R.; Fullbrook, D and Saunders, B. (2002) Rock Over the Edge: Transformation in   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Popular Music Culture.   USA: Duke University Press Epstein, J. (1998). Youth Culture: Identity in a Postmodern World. Massachusetts:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Blackwell Publishing Frith, S. (2007). Taking Popular Music Seriously: Selected Essays. Hampshire, England:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ashgate Publishing Gillett, C. (1996). The Sound of the City: The Rise of Rock and Roll. USA: Da Capo Press Grossberg, L. (1997). Dancing in Spite of Myself: Essays on Popular Culture. USA: Duke   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   University Press Hernandez, D; L’Hoeste, H and Zolov, E. (2004). Rockin’ Las Americas: The Global Politics   Ã‚   of Rock in Latin/o America. Pittsbyurgh, USA: University of Pittsburgh Press Kellog, W. (2003). American History The Easy Way. New York: Barron’s Online Bookstore Marshall, L. (2005). Bootlegging: Romanticism and Copyright in the Music Industry.   Ã‚  Ã‚  Ã‚  Ã‚   London: Sage Publications Sterns, P (2001). Consumerism in World History: The Global Transformation of Desire. London: Routledge

How to Be a Good College Roommate

How to Be a Good College Roommate Living with a roommate can often seem complicated and overwhelming, especially in college. Between sharing a tiny space with someone you barely know and trying to respect each others very busy lives, your roommate relationship can quickly implode if you arent careful. So just what can you do to be a good roommate amidst everything else you have going on? Fortunately, being a good roommate boils down to a few simple rules. Be Kind Sure, youre both stressed out, have way too much work to do, need to get more sleep, and havent had any privacy since the day school started. No matter how stress/tired/cranky/annoyed you are, however, you still must be kind. Always. Be Respectful Respect comes in all forms in a roommate relationship. Respect your roomies need for space and quiet sometimes. Respect the requests your roommate makes of you, even if you think those requests are silly. Respect your roommates stuff, from their laptop to their milk in the fridge. And respect them as a person. Be a Good Listener Sometimes, your roommate may want to talk to you about something they have going on in their personal life; sometimes, they may want to talk to you about things theyd like changed in the room. And sometimes theyll communicate a million things to you without opening their mouth. Be a good listener to your roommate, paying attention to them when theyre communicating with you and truly hearing what they have to say (even if it is through silence). Be Clear and Communicative Being forthcoming with your own needs is just as important as being a good listener. If something is bothering you, talk about it; if you just want some alone time, say so; if you are feeling overwhelmed and just need to vent to your roommate for a little while, ask if they have a few minutes. Roommates arent mind readers, so its important for you to communicate with your roommate in a genuine, clear, constructive way as often as possible. Be Honest Trying to gloss over little problems will just make them grow until they get humongous and unavoidable. Be honest about what you need as a roommate and ask that your roommate do the same. Additionally, if something happens that will affect your roommate, confess it. Its much better to be honest from the beginning than further corrode a delicate situation. Be Flexible Living with a roommate requires a lot of flexibility. Be honest with yourself about what kinds of things you can compromise and bend a little on. The things that matter most to you might not matter at all to your roommate, and vice versa. You might be surprised by how much you can learn by being flexible and adaptable when needed. Be Generous You dont have to buy your roommate tons of things to be a generous roommate. Generosity comes in all kinds of forms in college. Offer to help in little ways, from adding their towel to your load of laundry to saving a piece of pizza from your own delivery when your roommates up late somewhere else finishing a lab report. A little generosity can go a long way without costing you too much money or effort. Be Firm on Whats Important Although it might feel like youre doing the right thing at the time, you wont be a good roommate if you compromise too much of yourself and what you need. Be firm on whats important to you, no matter how silly you might feel at first. The things that matter most to you are the things that help define who you are; being firm in some areas of your life is healthy and productive. Your roommate ideally will respect your principles, value systems, and unique living preferences once you communicate about what you value most.

Tort reform for the health insurance industry Essay

Tort reform for the health insurance industry - Essay Example Thus it is up to the US government to play a very significant role in bringing such costs under their control, so that it becomes easily affordable for all the citizens in the US. (www.aaos.org) The Tort reform is a law that has been created by the US government, which is aimed at reducing the proceedings of the court. Ever since its introduction the Tort reform in the medical insurance field, it has been a matter of debate for most of the people in the US. The Tort reform has been especially introduced into the healthcare sector, with an idea of looking up into the issues relating to the malpractices, that often occur in the medical field and also the lawsuits that are being filed in this sector. This results in an increase in the cost of the insurance providers. (www.aaos.org) As a result of these hidden factors the parties involved in the insurance coverage, which includes the insured as well as the insurance provider often gets exploited by such undue costs. It is with this aim t hat the US government has brought about the Tort reform, so as to ensure that the interests of both the parties are safeguarded and at the same time justice is meted out to them in the medical field. ... (www.allbusiness.com) Hence due to threat of medical liability reform, the doctors across the US have become very much conscious about their liabilities when treating patients. But though the insurance costs are on the increase in the US and individuals are being made to pay more for their healthcare insurance, still the Tort reform has made it possible for safeguarding the US citizens from getting unduly exploited by the medical professionals and get insurance protection. (www.aaos.org) Areas that require Tort Reform The area that requires a major Tort reform is the agricultural sector in which, the farmers and the families who are involved in agricultural activities are totally exposed to high risks. There have been many cases of fatalities and serious injuries which have made the agricultural community to force the US government to go forward with Tort reforms, which will ensure the safety and the financial help through insurance, in case of accidents during the course of farming. Statistics also point to the fact of the urgent need for Tort reforms in this sector, since the number of accidents and fatalities are ever on the increase in this particular field. (www.aaos.org) Tort reforms are also very much required to bring about reforms to the various industries and the business establishments that are spread across the US. This will ensure a sort of liability of all those involved and will also simultaneously safeguard the various industries and business firms. This will give them more power which will help them to increase their business and also give them a feeling of security as well as confidence. This will make them to do business under a free and fair business atmosphere. Thus the Tort reforms are very much needed in these sectors, since it

Share Trading Assignment Essay Example | Topics and Well Written Essays - 2000 words

Share Trading Assignment - Essay Example Trading Activities Buying of Shares with the notional ?100,000 888 Holdings PLC (888.L) ?31.25 as at September 30, 2011 11:07 Prev Close: 32.75 Open: 32.25 Bid: 35.50 Ask: 36.00 1y Target Est: 1.05 Beta: N/A Next Earnings Date: N/A Purchase cost ?54,000.00 1,500 shares times the ask price of ?36.00 per share. Stamp Duty ?270.00 ?32,750 times 0.005 (Note: 0.005 = 0.5%) Brokers commission ?10.00 It is ?10.00 whatever the size of the trade. Total ?54,280.00 Shares of 888 Holdings Plc seemed to be very lucrative hence the desire to buy them. What’s more, there has been an increasing trend in the value of shares of 888 Holdings Plc, which made it even more lucrative. Vodafone Group PLC (VOD.L) ?166.25 as at September 30, 2011 Prev Close: 166.25 Open: 167.15 Bid: 168.30 Ask: 168.35 1y Target Est: 199.14 Beta: N/A Next Earnings Date: N/A Purchase cost ?45,454.50 270 shares times the ask price of ?168.35 per share. Stamp Duty ?227.27 ?13,300 times 0.005 (Note: 0.005 = 0.5%) Brokers co mmission ?10.00 It is ?10.00 whatever the size of the trade. Total ?45,691.77 Despite recent drop in the value of shares, Vodafone Plc shares seemed attractive to invest in given the status of the company. The company has grown considerable thus proving that there is possibility of future prospects. What’s more, there were indications that the firm’s share is very attractive in the market hence trading on the shares may be very easy. The total amount invested in the two firms is given by 1,500 shares of 888 Holdings Plc ?54,280.00 270 shares of Vodafone Plc ?45,691.77 Total ?99,971.77 Selling of Shares 888 Holdings PLC (888.L) ?72.00 3.25(4.73%) 11:07 (April 16, 2012) Prev Close: 68.75 Open: 68.25 Bid: 71.50 Ask: 72.00 1y Target Est: 1.05 Beta: N/A Next Earnings Date: N/A Selling Revenue ?107,250.00 1500 shares times the ask price of ?71.50 per share. Brokers commission ?10.00 It is ?10.00 whatever the size of the trade. Total ?107,240.00 Vodafone Group PLC (VOD.L) 71. 54 2.09(1.23%) 11:12AM (April 16, 2012) Prev Close: 169.45 Open: 169.35 Bid: 171.50 Ask: 171.55 1y Target Est: 199.14 Beta: N/A Next Earnings Date: N/A Purchase cost ?46,305.00 270 shares times the ask price of ?171.50 per share. Brokers commission ?10.00 It is ?10.00 whatever the size of the trade. Total ?46,295.00 Total Revenue obtained from selling the shares 1,500 shares of 888 Holdings Plc ?107,240.00 270 shares of Vodafone Plc ?46,295.00 Total ?153,535.00 Percentage Profit from the Trading * 100 = 53.53% FTSE All-Share index is 5,300 on September 31, 2011 and 5,678 on April 16, 2012 at 1400 hours. = 7.13% Therefore, on the basis of the above calculations on Percentage profit and FTSE All-share index, there is no doubt that the trading was able to beat the FTSE All-share index. Critical diary Trading within the stock exchange market is a tricky and challenging aspect of commerce. Every individual involved in investment or trading within the stock exchange market has to be equip ped with adequate and up to date information on the performance of the various stocks or shares within the stock exchange market. One way of attaining such adequate and up to date information is extensive reading and listening to business news. Consequently, before engaging in this trade, I read many articles, journals, listened to and watched much business news. From the articles, journal