Internet Governance Is The Development Media Essay

Web Governance Is The Development Media Essay Not many Internet clients will manage how an email far and wide is sent or how tapping on a hyperlink a WWW page shows up. All things considered, history information on the Internet and basic innovation is of huge incentive to the individuals who need to mediate in controlling the Internet. This is on the grounds that the Internet is solid because of the fast turn of events and it varies from other existing types of media. The hazardous development of the Internet, be that as it may, with its numerous specialized advancements and worldwide arrive at was not really an equal adjustment of the distinctive state rules. The advancement of the Internet was related with a formerly unrivaled normalization process. Web administration is the advancement andâ applicationâ by governments, the private area and common society, in their separate jobs, of shared standards, standards, rules, dynamic methods, and projects that shape the development and utilization of the Internet. The web has permitted the total populace to communicate just as their musings and thoughts and correspondence has never been so open. With the capacity to run a global firm every minute of every day because of data went through messages, wikis, and so on. Furthermore, the openness of current issues refreshes as and when they happen empowers most of the world to connect like never before previously. Considering, an investigation has indicated that there is a lot of more youthful clients inside the UK that utilization the web day by day. Furthermore, for each age section that it builds, the every day use diminishes. This shows over the long haul the clients will keep on developing just as the aptitudes and information identified with the web. So as to oversee the web on a worldwide scale, there should be consistent change and modifications to the administering bodies so as to adjust to the expanding liberal perspectives on the more youthful ages. Administration of the web, similarly as with the system itself, is something that will be constantly of significance. For its overseeing to keep at a comparative pace of progress to the framework, the administering bodies need to settle on the regions of issues which are generally significant. This would be best dictated by thinking about what zones are building up the snappiest inside the web stage. This exposition will thoroughly analyze the distinction among East and West thoughts and whether there will ever be an administering body that has unlimited oversight of the web and if there will ever be a worldwide comprehension comparable to the openness of everything. GO WEST The right to speak freely of discourse The web is an open way to communicate assessments, considerations, thoughts and convictions. The issue with administering this is everybody has various perspectives on what ought to and shouldnt be permitted. Interpersonal interaction is a fundamental way that online clients can openly voice themselves and with the quantity of clients utilizing this stage as an approach to convey, talking the circumstance of what is and isnt acknowledged around the world. As referenced already, this is difficult to screen because of individuals associating with one another all inclusive and refreshing others on their life. Interpersonal interaction and different methods of cross outskirt inflows make it difficult to oversee this. As of not long ago, the administration of the Internet is to a great extent ward of the U.S. organization Internet Corporation for Assigned Names and Numbers (ICANN), which decides, for instance, the endings of such locations Com and sorted out connecting critical web addresses with intelligible PC numerical codes. The U.S. needs to keep on overseeing Internet addresses, while others incline toward this assignment the United Nations or some other body without further ado before the beginning of an UN gathering on the data society isn't an answer for the stewing strife for a considerable length of time over control of the Internet in sight. The European Union might want to locate the center ground at the World Summit on the Information Society (WSIS). Be that as it may, notwithstanding developing protection from the U.S. eyewitnesses see minimal possibility of this event. Established in 1998, ICANN is situated in California and is heavily influenced by the U.S. Division of Commerce. In spite of past desires, the U.S. government has as of late reported its expectation to hold this control later on. It is a non-administrative association in the organization, architects, researchers and basic Internet clients are spoken to and which will assist with explaining the hierarchical and specialized issues. ICANN will choose sooner rather than later including the presentation of new location spaces as an enhancement. Before ICANN, the U.S. government controlled for all intents and purposes alone alongside contracted organizations or volunteers to compose the worldwide PC arrange. The U.S. predominance was in accordance with the causes of the Internet as an exploration and training system specifically in U.S. colleges, however insufficient in the period of worldwide extension of the system and has been viewed as basic in numerous nations. The European Union backings itself an UN proposition giving a global administration of the Internet, so the World Wide Web will be just and straightforward association. The United States considers the control undermined by a worldwide body and in this manner an understanding shows up far-fetched. It was referenced by the U.S. assignment head at the ongoing World Summit that it would be better not to reach an understanding than to end with a terrible one. Digital CRIME Sadly, ICANN is regularly observed as an operator of the US legislature of which the capacities would effortlessly have the option to be accomplished by an UN body. The issue of varieties in web utilization overall arent tended to by the body nor does it structure specialized guidelines for the web. ICANN positively has its constraints. The year 2012 has demonstrated one thing with respect to cybercrime; not just powerless passwords can be split effectively, even very much made sure about records are undependable from programmers. New safety efforts are earnestly required so as to attempt to make the information put online safe. To condemn the administering body moreover, ICANN doesnt manage any web content; regardless of whether that might be sex entertainment, spam or cybercrime. For the way that there arent any administering bodies for a worldwide security for cybercrime, there ought to be no dependence on site pages and passwords leaving well enough alone. It is at present prescribed to utilize various passwords so as to limit such dangers that on the off chance that a programmer had the option to get to something, at that point there wouldnt be a method of getting to something different. The year 2012 repudiated to a great extent on huge information bank burglaries simply like the Playstation Network-breakdown of 2011. There were 6.5 million taken passwords from LinkedIn, followed intently by 1.5 million taken passwords from eHarmony, 450,000 taken data for logins from Yahoo Voice, and heaps of information taken from different sources as well. Dropbox had issues in 2012 with respect to spam. Dropbox clients were out of nowhere sent a huge whole of spam messages and it was just when the issue was investigated that they discovered that it was expected to hacking into a record. The programmers had figured out how to get to one of the representatives accounts and thusly accessed an archive containing many email locations of the clients. In spite of the fact that there was negligible harm, if there was administration set up, this kind of issue wouldnt have happened. Theft Look East The right to speak freely of discourse China In spite of the fact that the right to speak freely of discourse is available through the web gateway, China and other socialist nations uphold decides inside the nations that just permit the populace to see certain sites. China manufactured the Great Wall of China to keep the spot secure, yet in addition to ward impacts off. China currently utilizes oversight and web separating as an approach to do likewise through data. This is known as the Great Firewall of China. Typically, a firewall will shield your PC from pernicious sites or projects, though in China it works the other way around. An entire nation is cut off by the Great Firewall of significant data, just as of free detailing of social networks, where a free trade of thoughts is conceivable. The nation is associated by a solitary hub in Shanghai with the World Wide Web, and there are server farms set up by the Communist government to screen all traffic. What doesn't fit with the measures set up is sifted through. The Chinese government requires its 500 million Internet clients to enlist with their genuine names. Another law expresses that they should distinguish themselves to the Internet specialist organizations and this new guideline serves the more noteworthy security of private data and the defending of open interests. Just as this insurance against outcasts, the Chinese government even make their own foundation of person to person communication, for example, Weibo (Chinese form of Twitter), so as to permit the Chinese populace to communicate yet at the same time be observed. By keeping these types of stages to a littler scope it implies that it very well may be effectively controlled, yet there are sure points that are not permitted to be voiced in any event, when they are confined to the nation. Russia In Russia, there is a law that came into power, which guarantees that the Internet specialist organization squares future sites and substance that is as of now accessible. Before it was placed vigorously there had been a lot of analysis, the Russian Wikipedia fought with a 24-hour strike before the reception of the law, yet without progress. In any case, the law gives another, increasingly significant change with it, which is the usage of utilizing an innovation that makes it conceivable to screen the whole Internet traffic, inhabitants of Russia clients, perpetual and robotized E-sends, site sees, visits. This permits the entirety of the specialists to keep on recording with insignificant exertion or even control. The standard of Internet restriction for Russian specialists is the same old thing like with a significant number of the Eastern piece of the world. This permits the legislature to even now direct wha

Battle of Loos in World War I

Clash of Loos in World War I The Battle of Loos was battled September 25-October 14, 1915, during World War I (1914-1918). Trying to end channel fighting and resume a war of development, British and French powers arranged joint offensives in Artois and Champagne for late 1915. Assaulting on September 25, the attack denoted the first occasion when that the British Army sent toxin gas in enormous amounts. Enduring about three weeks, the Battle of Loos saw the British make a few gains yet at an incredibly significant expense. At the point when the battling finished in mid-October, British misfortunes were around twice those endured by the Germans. Foundation Notwithstanding overwhelming battling in the spring of 1915, the Western Front remained to a great extent stale as Allied endeavors in Artois fizzled and the German ambush at the Second Battle of Ypres was turned around. Moving his concentrate east, German Chief of Staff Erich von Falkenhayn gave orders for the development of protections inside and out along the Western Front. This prompted the formation of a three-mile arrangement of channels moored by a bleeding edge and second line. As fortifications showed up through the mid year, the Allied authorities started making arrangements for future activity. Revamping as extra soldiers opened up, the British before long assumed control over the front as far south as the Somme. As troops were moved, General Joseph Joffre, the general French authority, tried to reestablish the hostile in Artois throughout the fall alongside an attack in Champagne. For what might get known as the Third Battle of Artois, the French planned to strike around Souchez while the British were mentioned to assault Loos. Duty regarding the British attack tumbled to General Sir Douglas Haigs First Army. In spite of the fact that Joffre was anxious for an attack in the Loos territory, Haig felt the ground was horrible (Map). The British Plan Communicating these worries and others with respect to an absence of overwhelming weapons and shells to Field Marshal Sir John French, administrator of the British Expeditionary Force, Haig was viably rebuked as the legislative issues of the collusion necessitated that the ambush continue. Hesitantly pushing ahead, he proposed to assault along a six division front in the hole among Loos and the La Bassee Canal. The underlying ambush was to be directed by three customary divisions (first, second, seventh), two as of late raised New Army divisions (ninth fifteenth Scottish), and a Territorial division (47th), just as to be gone before by a four-day assault. <img information srcset=https://www.thoughtco.com/thmb/Llr2yF0O-fZQX4UNpf7zrBFhfSs=/300x0/filters:no_upscale():max_bytes(150000):strip_icc()/sir-john-french-56a61bf83df78cf7728b628c.jpg 300w, https://www.thoughtco.com/thmb/FCXz26ZAzZPV_Iej9Ebvsl_jtXM=/852x0/filters:no_upscale():max_bytes(150000):strip_icc()/sir-john-french-56a61bf83df78cf7728b628c.jpg 852w, https://www.thoughtco.com/thmb/rjW9LnxB2qvnULSI44WMa7gz7iM=/1404x0/filters:no_upscale():max_bytes(150000):strip_icc()/sir-john-french-56a61bf83df78cf7728b628c.jpg 1404w, https://www.thoughtco.com/thmb/vRsXrokJYN9C3EKgOndUji5Kggs=/2508x0/filters:no_upscale():max_bytes(150000):strip_icc()/sir-john-french-56a61bf83df78cf7728b628c.jpg 2508w information src=https://www.thoughtco.com/thmb/u09q4oLJzWNdxkgGtW75aKeRK_4=/2508x1920/filters:no_upscale():max_bytes(150000):strip_icc()/sir-john-french-56a61bf83df78cf7728b628c.jpg src=//:0 alt=sir-john-french.jpg class=lazyload information click-tracked=true information img-lightbox=true information expand=300 id=mntl-sc-square image_1-0-10 information following container=true /> Field Marshal Sir John French. Photo Source: Public Domain When a break was opened in the German lines, the 21st and 24th Divisions (both New Army) and mounted force would be sent in to misuse the opening and assault the second line of German guards. While Haig needed these divisions discharged and accessible for sure fire use, French declined expressing they would not be required until the second day of the fight. As a major aspect of the underlying assault, Haig proposed to discharge 5,100 chambers of chlorine gas towards the German lines. On September 21, the British started a four-day starter siege of the ambush zone. Clash of Loos Strife: World War I (1914-1918)Dates: September 25-October 8, 1915Armies and Commanders:BritishField Marshal Sir John FrenchGeneral Sir Douglas Haig6 divisionsGermansCrown Prince RupprechtSixth ArmyCasualties:British: 59,247Germans: around 26,000 The Attack Begins Around 5:50 a.m. on September 25, the chlorine gas was discharged and after forty minutes the British infantry started progressing. Leaving their channels, the British found that the gas had not been successful and huge mists waited between the lines. Because of the low quality of British gas veils and breathing challenges, the assailants endured 2,632 gas losses (7 passings) as they pushed ahead. Regardless of this early disappointment, the British had the option to make progress in the south and immediately caught the town of Loos before proceeding towards Lens. In different regions, the development was more slow as the powerless primer siege had neglected to clear the German spiked metal or genuinely harm the protectors. Subsequently, misfortunes mounted as German big guns and automatic weapons chop down the aggressors. Toward the north of Loos, components of the seventh and ninth Scottish prevailing with regards to breaking the considerable Hohenzollern Redoubt. With his soldiers gaining ground, Haig mentioned that the 21st and 24th Divisions be discharged for sure fire use. French conceded this solicitation and the two divisions started moving from their positions six miles behind the lines. Carcass Field of Loos Travel delays forestalled the 21st and 24th from arriving at the war zone until that night. Extra development issues implied that they were not in position to ambush the second line of German protections until the evening of the September 26. Meanwhile, the Germans hustled fortifications to the region, reinforcing their resistances and mounting counterattacks against the British. Framing into ten attack sections, the 21st and 24th astonished the Germans when they started progressing without cannons spread on the evening of the 26th. <img information srcset=https://www.thoughtco.com/thmb/CjHkCqXCucZ_UjeeO8Cw61sQlPY=/300x0/filters:no_upscale():max_bytes(150000):strip_icc()/157841_slice-2aa79563e4fd43daa096167e8083cc40.jpg 300w, https://www.thoughtco.com/thmb/xAtWno3xJ4v8Nj4-VvX4gAsCGYo=/417x0/filters:no_upscale():max_bytes(150000):strip_icc()/157841_slice-2aa79563e4fd43daa096167e8083cc40.jpg 417w, https://www.thoughtco.com/thmb/lsr7oDuPQQ-6_N4DYuIJ3hUyp8w=/534x0/filters:no_upscale():max_bytes(150000):strip_icc()/157841_slice-2aa79563e4fd43daa096167e8083cc40.jpg 534w, https://www.thoughtco.com/thmb/uq2xArUiUk1rLC6roMabep8qsoM=/768x0/filters:no_upscale():max_bytes(150000):strip_icc()/157841_slice-2aa79563e4fd43daa096167e8083cc40.jpg 768w information src=https://www.thoughtco.com/thmb/6A48wRN5Xbb5beN7lUrlgolE3KM=/768x384/filters:no_upscale():max_bytes(150000):strip_icc()/157841_slice-2aa79563e4fd43daa096167e8083cc40.jpg src=//:0 alt=Gas over the Loos front line, 1915. class=lazyload information click-tracked=true information img-lightbox=true information expand=300 id=mntl-sc-square image_1-0-22 information following container=true /> Gas assault on the Hohenzollern Redoubt, October 1915. Open Domain To a great extent unaffected by the prior battling and bombardments, the German second line opened with a dangerous blend of automatic weapon and rifle shoot. Chop down by the thousand, the two new divisions lost over half of their quality very quickly. Alarmed at the foe misfortunes, the Germans stopped fire and permitted the British survivors to withdraw left alone. Throughout the following a few days, battling proceeded with an emphasis on the region around the Hohenzollern Redoubt. By October 3, the Germans had re-taken a great part of the fortress. On October 8, the Germans propelled an enormous counterattack against the Loos position. This was to a great extent vanquished by decided British obstruction. Subsequently, the counter-hostile was stopped that night. Looking to solidify the Hohenzollern Redoubt position, the British arranged a significant assault for October 13. Gone before by another gas assault, the exertion generally neglected to accomplish its destinations. With this mishap, significant activities stopped however irregular battling proceeded in the region which saw the Germans recover the Hohenzollern Redoubt. Repercussions The Battle of Loos saw the British make minor gains in return for around 50,000 setbacks. German misfortunes are evaluated at around 25,000. Despite the fact that some ground had been picked up, the battling at Loos demonstrated a disappointment as the British couldn't get through the German lines. French powers somewhere else in Artois and Champagne met a comparable destiny. The misfortune at Loos added to the ruin of French as leader of the BEF. A powerlessness to work with the French and dynamic politicking by his officials prompted his expulsion and supplanting with Haig in December 1915.

Credit Ratings Role In The Financial Crisis - Free Essay Example

The global financial systemà ¢Ã¢â€š ¬Ã¢â€ž ¢s institutional framework has been evolving over time.Every crisis has helped decipher a gap in the financial structure which is then fixed by the regulating authorities.It hasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t been very often that the regulators were able to identify the gaps before the market identified it.This does not serve the purpose of existence of regulatory authorities.In future the role of regulatory authorities should be pro active in nature rather than reactive mode of undertaking corrective actions. The subprime crisis which originated in the united states led to a global melt down which was severe.The mortgage market in the United States saw a tremendous growth in the initial years of the 21st century. Subprime borrowers started obtaining mortgages due to availability of cheap credit, lenient lending practices and appreciation in real estate values. These mortgages were inturn sold by the lenders to investment banks who packaged them into exotic securities and sold them to high risk taking investors seeking high returns. Investors had faith in these packaged securities primarily because of Credit Rating Agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ (CRA) ratings of these securities as à ¢Ã¢â€š ¬Ã…“investment gradeà ¢Ã¢â€š ¬?. In 2007, the tide turned and credit became expensive. Home values dropped. Majority of the subprime buyers started defaulting their loan payments. The CRAs rapidly downgraded all the securities for which they had given favourable ratings. This dissertation is undertaken to understand the emergence of structured financial products, the rating process followed by the credit rating agencies for rating them and the mistakes done by the rating agencies, a major contributor to the subprime mess in the United States which had ripple effect across financial markets all over the world. Literature Review: The following research papers and articles have been referred and reviewed in order to gain indepth knowledge about the work done about the dissertation topic under consideration. This would facilitate a clear understanding of different view points to the issue and enable a comprehensive analysis of the topic. According to V.Gupta,R.K.Mittal K.Bhalla (2010),low interest rates ,abundant liquidity and a chase for yield led to the emergence of sub prime lending which was given undue support by the credit rating agencies. Credit rating agencies gave investment grade ratings to securitization transactions based on subprime mortgage loans.The CRAs combined lower rated mortgage loans with equity to form mezzanine CDO enabling a higher credit rating . Also CRAs used the same risk metric for assessment of all instruments. The CRAs assigned supersafe, triple-A ratings to structured products that later turned out to be extremely risky, and in some cases worthless. This has been illustrated with few examples of downgrades.The paper concludes that The regulatory framework should also facilitate the conduct of stress tests by users on key model parameters, and provide for the disclosure by credit rating agencies of the economic assumptions underlying their rating of structured products. According to Katz and Salinas (2009), faulty credit ratings and the flawed rating process have been the key drivers to the financial crisis 2007-2008. While the easy availability of (what turned out to be flawed) ratings fueled the growth of thismarket, the subsequent downgrades in ratings accelerated the marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s collapse.The paper suggests that While corporate debt ratings are based on publicly available, audited financial statements, structured debt ratings are based on nonpublic, nonstandard, unaudited information supplied by the originator or nominal issuer. Moreover, rating agencies had no obligation to perform due diligence to assess the accuracy of the information and often relied on representations and warranties from the issuers about the quality of the data, which later proved to be inadequate. The researchers note that the credit rating agencies have always been slow to react to market events and a few examples have been quoted.Few measures suggested by t he researchers include managing conflict of interest, better transparency, direct government oversight etc. According to Fender and Kiff (2004) , rating od collateralised debt obligations involves assumptions such as default probability, recovery rates and correlated defaults of pool assets. The research paper analyses one of the rating methodologies used which is termed as Binomial Expansion Technique.A comparative analysis of this method and Monte corlo Simulation is done. The paper elaborates the implications of usage of different techniques on the rating outcomes. It finally discusses how methodological differences might induce issuers to strategically select rating agencies to get CDOS rated. According to Barnett- Hart(2009), Collateralized debt obligations (CDOs) have been responsible for $542 billion in write-downs at financial institutions since the beginning of the credit crisis.The poor CDO performance has been attributed to inclusion of low quality collateral with exposure to U.S residential housing market.The role of CDO underwriters and credit rating agencies in the crisis have been discussed. The credit rating agencies failed to rate the performance of CDOS precisely due to over automation in rating methodologies and heavy reliance on input whose accuracy was not verified. The researcher concludes that by understanding the CDO market meltdown story more effective regulatory and economic policies and practices to prevent history from repeating itself in the future. According to Securities and Exchange commission(2008), few observations about credit rating agencies with respect to CDOS have been made.SEC claims that few credit rating agencies could not deal with the substantial increase in the number and complexity of the CDOS since 2002. Rating agencies failed to document significant steps in rating of CDOS including reasons behind deviation from the models. Also the internal audit procedure of rating agencies varied significantly.The report summarises the remedial actions that the Nationally Recognised Statistical Rating Organisations(NRSRO) would take after the SEC examined them and came up with issues to be looked into. Under the new law and rules, NRSROs are required to make certain public disclosures, make and retain certain records, furnish certain financial reports to the Commission, establish procedures to manage the handling of material non-public information and disclose and manage conflicts of interest. The Commissionà ¢Ã¢â€š ¬Ã¢â€ž ¢s rules additionally prohibit an NRSRO from having certain conflicts of interest and engaging in certain unfair, abusive, or coercive practices. According to Partnoy (2008), Credit rating agencies have been the primary drivers of second level securitisation.Investors did not examine the underlying assets and depended on parameters set by rating agencies to assess the CDOS. If the Credit rating agencies had used reasonable and accurate models and assumptions , the CDO transactions would not have been problematic. The paper suggests some policy prescriptions which include elimination of explicit reliance on credit ratings and the claims made by rating agencies that the ratings are mere opinions should not be accepted any longer. The researcher suggests that rolling average of market measures is a much better representation of the instrument than the unchanged credit rating .Credit default swap spreads would provide a warning about the CDOs and their true performance in the market. According to M.K.Datar(2011), the role of CRAs in the crisis has attracted attention basically owing to the severe downgrades during the initial stages of the crisis. The conflict of interest in the payment model has been discussed and the author suggests that investor pay model should be adopted as the issuer pay model creates a bias as rating agencies might be prone to give good ratings because the issuers are paying for it.An alternative platform pay model has been suggested in the paper wherein an issuer approaches a clearing house (platform) with a preset fee to get a rating. The platform would get the ratings done from a pool of recognised CRAs. This process avoids direct contact between the issuer and the rating agency.The paper concludes that better disclosures by CRAs and their subsidiaries in respect of details of earning from rating and non-rating revenues, default and transition statistics would play a key role in improved governance in CRAs. Problem Definition: The dissertation work is undertaken to understand the reasons behind the emergence of the subprime crisis in late 2000s and the role of credit rating agencies in the crisis.The study is divided into two parts studying the pre crisis and post crisis situations and analysing the change in credit ratings of various complex instruments in response to the crisis. The objectives are briefly stated as below: Understand the evolution of structured financial products Understand the causes of subprime crisis Study the credit rating process for CDOS Study the factors that drove the rapid downgrade of CDOs in the initial meltdown stages Analyse the flaws in the rating process which led to failure in forecasting true performance. Suggestions and corrective action for facilitating accuracy in credit ratings of complex products. Research methodology: Research Design: The method adopted for research is causal research wherein the problem in question is understood and the degree of impact of the cause on the effect under study is analysed. The financial crisis that began in 2007 is studied and the contribution of credit ratings to the crisis is analysed. Credit ratings serve as the control group in this research. Finally suggestions for improvement in credit ratings and measures to be taken are proposed. Methods and Techniques of data collection and analysis: To achieve the research objectives, secondary data from reliable sources are being used. Thorough study of the existing literature is being done to understand different ideas and view points on the topic which would facilitate a comprehensive analysis of the issue. Methodology adopted for rating complex products by leading credit rating agencies has been studied in detail which includes statistical tools and financial models. Data sources: Data is being obtained from various secondary data sources for study and analysis. The major sources used for research are as follows: Credit Rating Agencies websites and reports Banking for International Settlements(BIS) working papers and reports Securities and Exchange Commission reports Journals and papers published on Credit ratings contribution to the Crisis. DRIVERS TO EMERGENCE OF FINANCIAL CRISIS 2007-2008: The financial crisis was fuelled right from the early 2000s through various factors , the most important of which is sub-prime lending. This inturn led to construction of CDOs at a later stage in order to transfer the concentrated risk of banks to the investors . Hence it is vital to get a clear idea about the emergence of sub prime lending and evolution of CDOs . Sub-Prime lending: The sub-prime mortgage market caters to customers who are unable to meet normal credit and/or documentation requirements for mortgages. Subprime lending is riskier than normal lending for the banks. Hence banks tend to charge a higher interest rate to compensate for the risk. Over the past decade, this mark-up over prime rates has been about 2%, making lending potentially very lucrative. Only by the mid-1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s did the subprime mortgage market begin to take off as a number of factors emerged which apparently mitigated the default risk on such loans and hence led to an increasing number of banks lending ever-larger amounts to this sector. Some important factors which contributed to a boom in subprime lending are discussed below. Introduction to Sub Prime Lending: Evolution of Structured Financial Products: Collateralised debt obligations have been one of the complex financial products which have been instrumental in driving the financial system into a crisis. The evolution of CDOs needs to be understood in order to study the emergence of the financial crisis. The basic principle behind a CDO involves re-packaging of fixed income securities and division of their cash flows according to a specified structure. A CDO is constructed by creating a à ¢Ã¢â€š ¬Ã…“brain-deadà ¢Ã¢â€š ¬? company, a special purpose entity (SPE) or structured investment vehicle (SIV), which buys assets and issues bonds backed by the assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flows. The bonds are divided into a number of tranches with different claims on the principal and interest generated by the CDOà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. The mechanics of a typical CDO are illustrated in Diagram A.[1] In order to understand the sudden growth in the demand for CDOs which in turn led to the financial crisis , it is vital to list out the reasons behind the growth of CDOs which are as below. Rationale behind growth of CDOs: Securitisation has been a way that helped banks to bundle loans and sell it to investors or make it off-balance sheet items .Once these items are removed from the balance sheet the capital adequacy gets more space and hence banks make new loans and the process continues. This basically facilitates banks to free up cash and easily meet BASEL norms for capital adequacy. The second rationale is re-allocation of risk.CDOs helps banks reduce the concentration of risk and also create securities as per specific requirements and risk profiles of the investors. This facilitated institutional investors to purchase CDOs as they can invest only in highly rated à ¢Ã¢â€š ¬Ã…“ investment grade securitiesà ¢Ã¢â€š ¬?. CDOs allowed these investors to gain exposure to assets that, on their own, had been too risky, while investors looking to take more risk and receive potentially higher returns could buy the most junior or à ¢Ã¢â€š ¬Ã…“equityà ¢Ã¢â€š ¬? CDO tranches.[2] These are the major reasons behind growth of CDOs . Banks only thought of their own benefits and growth and the aftermath of this action was left to the market to face in reality few years down the lane . The consequences of this act of the highly knowledgeable financial community has been faced by people across the globe. Credit Ratings and CDOs: An overview Investors invest in securities based on various criteria one such being reliable ratings given by well known credit rating agencies. Credit rating agencies(CRA) were basically formed to guide investors assess risk of fixed income securities. CRAs have played a major role in the growth of CDOs market as investors relied on the ratings given to these complex structures and based their investments majorly on these credit ratings. They used credit ratings in place of their due diligence for assessment of CDOs. Credit rating agencies are approved by Nationally recognised Statistical rating organisation(NRSRO) . There are three well known players in the U.S financial market which are Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Fitch Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s These three agencies rated CDOs and the fees generated by rating CDOs were quite high which led to record profits . The percentage of CDO deals that were rated by the credit rating agencies has been given in the below diagram. Source: UBS CDO research Note: The percentage total exceeds 100 as the same instruments have been rated by more than one agency. Revenue earned by the rating agencies has grown since 2002 which has been depicted in the diagram below: Source:thismatter.com/money According to Mark Adelson, current Chief Credit Officer at SP: à ¢Ã¢â€š ¬Ã…“ The advent of CDOs in the mid-1980s was a watershed event for the evolution of rating definitions. Until the first CDOs, rating agencies were only producers of ratings; they were not consumers. With the arrival of CDOs, rating agencies made use of their previous ratings as ingredients for making new ratings à ¢Ã¢â€š ¬Ã¢â‚¬Å" they had to eat their own cooking. For rating CDOs, the agencies used ratings as the primary basis for ascribing mathematical properties (e.g., default probabilities or expected losses) to bonds.[3]à ¢Ã¢â€š ¬? Credit rating agencies failed to examine the accuracy of the prior collateral ratings. They also used other rating agencies ratings as base for rating CDOS without verifying accuracy.To adjust for the shortcomings in other agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ ratings they used a system called notching where the rating would be decreased by one notch if the rating has been done by another rating agency. For example , if Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s is rating a CDO which has a collateral rated BB+ by Fitch , Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s would consider the rating as BB and plug it into their rating model. No analysis of accuracy had been done and it would be assumed that the notching would compensate for any errors in the rating done by Fitch. Figure below illustrates a comparison between the collateral ratings and the corresponding CDO ratings at the beginning and also the current scenario. This shows that the CRAs somehow gave huge amounts of AAA rated CDO securities from collateral with much lower ratings, reassuring the fact that that main reason why CDOs were so profitable in 2005-2007 is that it was possible to generate a high proportion of highly rated securities from lower quality assets. That practice backfired, resulting in massive downgrades of the CDO tranches as it became apparent that the rating agencies had been overly optimistic. While in 2005-2007, the initial ratings given to CDO tranches were on average better than the ratings of their underlying collateral assets, current CDO tranche ratings are worse than their associated collateral pool ratings which is an area that needs attention. The following figure shows the downgrades of CDOs over the years. The numbers on the y-axis correspond to the rating scale with lower numbers equal to higher-quality ratings (1=AAA, 22=D). An overview about the credit ratings and CDOs has been done. The following section elaborates the rating methodologies adopted by the rating agencies which have different variables considered for the purpose of rating the complex financial instruments and the assumptions behind them. CDO Rating Methodology: CDOs are based on portfolios of instruments combined together and not on a single loan. Rating these complex structures requires ascertaining a probability of default (PD) to each instrument in the portfolio and involves assumptions relating to recovery rates and default correlations. Thus it combines credit risk assessments of the individual assets and estimates about default correlations using credit risk modelling. There are two widely used methodologies for rating CDOs namely Binomial expansion technique Monte Carlo Simulation Each method is discussed initially and then a comparison is done between the techniques and their impact on the ratings. Steps in the Rating Process: The reliability of a CDO rating depends on the agencyà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to assess the credit risk in the underlying asset pool and accurate modelling of the distribution of cash flows from the asset pool to different groups. All rating agencies generally follow a two stage rating process. In the first stage, analytical models are used to assess credit risk. The tools applied for analysing CDO pools differ according to the nature of underlying assets and are also based on the rating agencies. The second stage of the process comprises of structural analysis. This stage involves detailed modelling of cash flows, legal assessments and evaluations of third parties involved in the deal such as asset managers. The results of the cash flow analysis are used as input in the credit model in the form of adjustments in particular model assumptions. Finally, all information is aggregated and combined into a single, alphanumeric rating which is benchmarked to the historical performance of bonds. RATING METHODOLOGIES: The famous CDO rating methodology is based on Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s quantitative approach for determining expected losses for CDO tranches which is called the binomial expansion technique (BET). BET was introduced in the year 1996 and is still used in CDO analysis along with a number of other new methodologies. The method relies on the use of à ¢Ã¢â€š ¬Ã…“diversity scoreà ¢Ã¢â€š ¬? (DS) which is used to map the underlying CDO portfolio with a hypothetical portfolio that consists of homogeneous assets equal to the diversity score. For calculating expected loss distributions a simpler hypothetical portfolio of homogeneous, uncorrelated securities is used in place of the original portfolio. As the number of assets in the hypothetical pool is assumed to equal the diversity score, it will be lower than the number of assets in the actual CDO portfolio to account for uncorrelatedness under the BET. Given the homogeneous nature of the hypothetical portfolio, the behaviour of the asset pool can be explained by DS+1 default scenarios with default occurring for 0 assets, 1 asset, DS assets, where the probability of each scenario is calculated using the binomial formula. After working out the cash flows and losses under each default scenario, the obtained output from the binomial distribution are converted into estimates of the portfolio and tranche loss distributions. An alternative method that is used in by three major rating agencies is Monte Carlo simulation technique which estimates the default properties of the underlying CDO asset pool based on repeated trials of random defaults with correlation structure that is assumed. In this process, default events are simulated within a credit risk model, where default occurs when the value of assets fall below that of its liabilities. The modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s main inputs are asset-level probabilities of default and pair-wise correlations of assets, which are converted into an estimate of the entire poolà ¢Ã¢â€š ¬Ã¢â€ž ¢s loss distribution. This distribution is used with other inputs, to determine the required subordination level (level of credit enhancement) for each CDO tranche, where desired tranche ratings are assumed constant or given.MC approaches give more accurate loss distribution estimates, they are computer intensive and take a long time to provide accurate results. Especially for cash flow CDOs it is very difficult to construct an efficient MC simulation that accounts for all cash flow nuances .Sometimes it takes hours for an MC simulation to determine the subordination level for an AAA tranche and this can be complicated when further assumptions are made. In managed portfolios, the relative value of the simulation approachà ¢Ã¢â€š ¬Ã¢â€ž ¢s asset-by-asset analysis is less while some of the BETà ¢Ã¢â€š ¬Ã¢â€ž ¢s implicit simplifying assumptions (like equal position sizes) closely resemble typical covenants in managed deals. The choice of rating methodology basically considers a trade-off between accuracy and efficiency, and the result may differ for certain types of CDO structures. This is one of the reasons for Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to introduce a new Monte Carlo simulation-based method called CDOROM to rate static synthetic CDOs, while it continues to use the BET and its modifications for rating cash CDOs and managed structures.

Alice Walker Essay - 1482 Words

Best known for her Pulitzer Prize-winning novel The Color Purple, Alice Walker portrays black women struggling for sexual as well as racial equality and emerging as strong, creative individuals. Walker was born on February 9, 1944, in Eatonton, Georgia, the eighth child of Willie Lee and Minnie Grant Walker. When Walker was eight, her right eye was injured by one of her brothers, resulting in permanent damage to her eye and facial disfigurement that isolated her as a child. This is where her feminine point of view first emerged in a household where girls were forced to do the domestic chores unaided by the brothers. Throughout her writing career, Alice Walker has been involved in the black movement and displays strong feelings towards†¦show more content†¦amp;#9;Walker is very much of a feminist, which is demonstrated by the previous quote. According to David Bradley of The New York Times, amp;quot;She coined the term amp;quot;womanistamp;quot; which she used to describe the Black women’s issues that are at the heart of so much of her workamp;quot;(1984). One of the major themes that she had incorporated within several of her writings was the difference between black and white authors, along with the Women’s Movement. She contemplated the fact that black women had been suppressed for so long that they would never know what kind of great artists they may have lost during all the times while there was slavery. This is what the short story amp;quot;In Search of Our Mother’s Gardensamp;quot; discusses. The title has a special meaning because Walker is referring to her own mother. In this work, she discusses all the talents of older black women writers such as Phyllis Wheatley and Zora Neal Hurston. What she is referring to in the title is her own mother’s talent in art and gardening. She talks about how well known her mother was for her gardening skills that even strangers would stop and admire her handiwork. She points out the fact that it was so beautiful that her childhood, which was filled with poverty and sadness, was made a little more bearable because of it. When she thinks back on it, all she remembers is the beautiful neighborhood, and hasShow MoreRelatedMeridian, by Alice Walker874 Words   |  4 PagesThe women of the late sixties, although some are older than others, in Alice Walker’s fiction that exhibit the qualities of the developing, emergent model are g reatly influenced through the era of the Civil Rights Movement. Motherhood is a major theme in modern women’s literature, which examines as a sacred, powerful, and spiritual component of the woman’s life. Alice Walker does not choose Southern black women to be her major protagonists only because she is one, but because she had discoveredRead MoreThe Color Purple by Alice Walker675 Words   |  3 Pagesthe world exist for their own reasons. They were not made for humans any more than black people were made for white, or women created for men.† Straight from the mouth of Alice Walker this quote was spoken in order to point out that fact that none of God’s creatures were put on this Earth to be someone else’s property. Alice Walker is an African-American novelist and poet who took part in the 1960’s civil rights movement in Mississippi. Walkers creative vision was sparked by the financial sufferingRead MoreThe Color Purple By Alice Walker1444 Words   |  6 PagesNicholas English Mrs. Kennedy English III 18 October 2014 RadaRada Alice Walker Alice Walker as a writer, artist, short story author, dissident and women s activist has constructed a well-known notoriety around the world. Her exceptionally acclaimed novel The Color Purple turned out in 1982, won her a Pulitzer Prize in 1983 and the American Book Award, the first African American lady to win these two grants. (Alice) Everyday Use is one of her famous and grand short stories in which she addressesRead MoreThe Color Purple by Alice Walker926 Words   |  4 PagesThe award-winning novel, â€Å"The Color Purple† by Alice Walker, is a story about a woman going through cruel things such as: incest, rape, and physical abuse. This greatly written novel comes from a very active feminist author who used many of her own experiences, as well as things that were happening during that era, in her writing. â€Å"The Color Purple† takes place in the early 1900s, and symbolizes the economic, emotional, and social deprivation that African American women faced in Sou thern statesRead MoreThe Color Purple By Alice Walker1540 Words   |  7 Pages Alice Walker is an award winning   author, most famously recognized for her novel   The Color Purple ;aside from being a novelist Walker is also a poet,essayist and activist .Her writing explores various social aspects as it concerns women and also celebrates political as well as social revolution. Walker has gained the reputation of being a prominent spokesperson and a symbolic figure for black feminism. Proper analyzation   of Walker s work comes from the   knowledge on her early life, educationalRead MoreThe Color Purple By Alice Walker1355 Words   |  6 PagesSiera Osborne Mr.Karr Composition 1 4 December, 2015 Just A Single Purple Wildflower In A Field Of Weeds Alice walker once said, â€Å"No person is your friend (or kin) who demands your silence, or denies your right to grow and be perceived as fully blossomed as you were intended. Or who belittles in any fashion the gifts you labor so to bring into the world.† The color purple has timelessly been used to convey pictures of power and ambition, it is also associated with the feeling of independence. TheRead MoreThe Color Purple by Alice Walker1100 Words   |  5 PagesThe Color Purple by Alice Walker is a story written in 1982 that is about the life struggles of a young African American woman named Celie. The novel takes the reader through several main topics including the poor treatment of African American women, domestic abuse, family relationships, and also religion. The story takes place mostly in rural Georgia in the early 1900’s and demonstrates the difficult life of sharecropper families. Specifically how life was endured from the perspective of an AfricanRead More Alice Walker and the Color Purple887 Words   |  4 PagesAlice Walker is an African-American woman’s activist/feminist and author who was born in the early 1940s, in Eatonton, Georgia. Walker lived in the the rural south at a time when there were heavy poverty and racial violence amongst most African Americans. The circumstances that Walker faced ended up contributing to the person that she is today and it is reflected in many of her novels. Even throughout the trials and tribulations that Walker endured, she was still able to succeed in life. As a youngRead MoreThe Color Purple By Alice Walker3360 Words   |  14 Pagesâ€Å"Womanist is to feminist as purple is to lavender† (Yahwon). Alice Walker views herself as a womanist. Although a womanist and feminist are similar, the two terms are not exactly the same. According to Professor Tamara Baeouboeuf-Lafonant: [Womanism] focuses on the experiences and knowledge bases of black women [which] recognizes and interrogates the social realities of slavery, segregation, sexism, and economic exploitation this group has experienced during its history in the United States. FurthermoreRead MoreThe Color Purple By Alice Walker1707 Words   |  7 PagesAlice Walker, the author of The Color Purple, grew up in the harsh conditions of the South in the 1940’s. Alice walker was raised in the middle of the Women’s Rights Movement and had to find hope to get through all of the challenges she had to face. In The Color Purple, Alice Walker uses the main character, Celie, as an example of hope. Hope helps Celie overcome oppression, abuse, and other challenges. Celie is used as an example of the life of a woman during the time of the Civil Rights Movement

Factors that Influenced Shakespeares Writing of Romeo and...

Factors that Influenced Shakespeares Writing of Romeo and Juliet Shakespeare was clearly influenced by the events of his time, and this is apparent especially in Romeo and Juliet. To dismiss this play as a mere fable is to overlook some very important religious and political changes of the time which are evidently woven into the storyline of the play. Shakespeares religious beliefs are uncertain, but it is known that his father was Catholic, and that he lived in a time of religious stratification across both community and family ties. As a result of the queens toleration for vagueness in this area, people became accustomed to religious tension and confusion at a very personal level. Many†¦show more content†¦The youth of England however, were not content with the Settlement. This applies especially to the Protestant youth who wanted the Reformation to be completed on a model provided by Jean Calvins Geneva. Otherwise known as Puritans, they viewed the Settlement as a kind of intermediate state. This extreme version of Protestantism, as well as the remaining Catholics whose loyalty still belonged only to the Pope, continued to prevent the nation from reaching religious stability. Shakespeare, who was a loyal subject and supporter of the queen, offers a commentary on this situation in Romeo and Juliet. The Queens church reflected her own likings for the externals of Catholic worship and she hated the religious enthusiasm of the Puritan movement. The Settlement also allowed her to stay in control over the state religion, whereas the Puritan belief in independent church government undermined her power and the national unity she tried to reach. Although it would seem that Romeo and Juliet is a criticism of the well-known social rules that regarded marriage as being contradictory to actual romantic love, a closer reading of the text shows that the youth in the play are the ones whose actions result in violence and death. Shakespeare seems to dispute the individualsShow MoreRelatedShakespeare in Love Essay2078 Words   |  9 Pagesworking on, Romeo and Juliet, in which love is not meant to be due to the many obstacles in the way. Shakespeares life in the film is very comparable to Romeos life in Romeo and Juliet. William Shakespeares life in the film and the play he is writing has several similarities and differences. In my opinion, this is one of the best movies and books to compare. Shakespeare in Love is a fairly accurate representation of the life of William Shakespeare at the time he was writing Romeo and JulietRead MorePoe vs. Shakespeare Essay1556 Words   |  7 Pagessimilarities and differences between the two. 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Although Shakespeare found use for most of the material through his several Roman plays, for Julius Caesar he focused on Plutarch’s Life of Julius Caesar and Marcus Brutus (Mabillard, 2000). Coriolanus, one of Shakespeares laterRead MoreWilliam Shakespeare s A Midsummer Night s Dream Essay2005 Words   |  9 PagesIn William Shakespeare’s A Midsummer Night’s Dream, Shakespeare crafts a play with three very different viewpoints that can be in terpreted in many ways, some with obvious interpretations and other with much less obvious ones. Shakespeare also ends A midsummer Night’s Dream, with an apology that is just as less obvious as some of the play’s interpretation. 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Frank Baum proposed writing a modern fairy tale that banished stereotypical elements, he included the genie as well as the dwarf and the fairy as stereotypes to go. Ferdowsis Shahnameh, the national epic of Iran, is a mythical and heroic retelling of Persian history. Amir Arsalan was also a popular mythical Persian story, which has influenced some modern works of fantasy fiction, such as The Heroic Legend of Arslan. A famous example

Idea Of Launching A New Product In The Market †Free Samples

Question: Discuss about the Project Plan Launching A New Product . Answer: Project introduction The following project plan would entirely be based over the idea of Launching a new product in the market. Since, the plan would be for launching a new product, which would be a Micro SD card, this particular project plan would be no less than a marketing plan. Now a typical marketing plan includes certain aspects that would be ignored in this following project plan since, this can be referred as a preliminary plan. However, it also is necessary to involve the details of the product that would be offered to a precise targeted market segment (Bharadwaj et.al, 2013). The educational background is a demographic element that can be considered for segmenting a market, which automatically is created by students. Almost everyone in this precise student or the young segment have an access to mobile devices that they use for their daily purposes of communicating and personal entertainment. For this reason, they need space, enough to store anything they wish; the world has moved into the era of mobile technology along with high-end communication technologies, which clearly justifies the viability o f this project plan (Bhuiyan, 2011). Project teams and their roles The project would certainly be divided into a group of people including the following: Product designer: The first and foremost important role would be of this particular individual. This is the individual that would develop the product in the most innovative and adequate manner. Since, the idea is about launching a Micro SD card that would provide enough space that have never been offered. Thus, it is important for this individual to decide upon; micro SD cards that are available in the market are mostly about 1 GB to 128 GB. This space for some users isnt enough, thus creates the opportunity for the product to be launched. The space that would offer is 256 GB; the designer would also consider the compatibility of devices for some devices might find this much space incompatible (Blank, 2013). Marketing manager: This would be the individual that would be given maximum responsibilities; however he would as well be work closely under managements supervision. The marketing manager would develop the marketing mix, would conduct the STP if he/she feels the need for it, and would develop strategies for targeting and then positioning the product effectively. He would also conduct SWOT and PESTLE for developing a clear understanding about personal strengths and weakness along with the current market conditions (Djelassi and Decoopman, 2013). Workers: These would be teams that will give shape to the product idea that has been finalized. The teams would as well be supervised by their individual project managers that would ensure that each one of the workers is putting his/her best efforts. Product manager: This particular individual would ensure that the final output matches the different standards of quality. Customers demand nothing but quality of the product they are willing to spend their money upon. Thus, this particular person has an important role to play. PR: The PR would be entitled with the responsibility to establish relation with the targeted customer segment along with the probable customers as well. The PR would be allotted a portion of the budget to conduct PR events, such as fair or anything the individual finds suitable (Nicholas et.al, 2011). Project stages and key deliverables Fundamentally there are multiple stages that every entrepreneur must consider before he/she is determined to launch a new product into the market that already has different options for this particular category of product. The stages are: Starting early: It always works for an organization that initiates their launching activities approximately 4-8 weeks early. It would be a waste of time, if an organization is waiting for the right time. Any time that the entrepreneur is planning to launch is right; however, one must maintain the curiosity among the customers (Werbach, 2013). Making the product available to the influencing customers: In other words celebrities; almost 80% of the segment that has been targeted for this project considers celebrities to be their idols (politicians, players, movie stars, singers etc.). An access to such individuals would certainly mean greater potential outcome (Durmu?o?lu and Barczak, 2011). Maintaining low profile: Either developing a contingency plan or maintaining low profile would be better. In case the product that is to be offered is truly innovative one must not expect an enormous release. Unusual: Customers have a tendency to be highly curious to whatever seems new and different. Thus, doing something unusual might click. Seeding social gaps with leaks: Targeting individuals that are naturally eager interested to anything they see would be another way for launching in a better manner. Project time management This particular segment would include the WBS Figure 1: WBS for the product launch Gantt chart The Gantt chart for this particular project would incorporate every tiny detail that would generate for accomplishing the entire task of launching the micro SD card in consideration to the time slot for each activity (Molina-Castillo et.al, 2011). Figure 2: Gantt chart Budget Since, this project would be concerned about launching a new product, it is necessary to decide the budget for executing the entire chain of activities. Marketing activities tend to attract major portion of the budget than actual production of the product (Ernst et.al, 2011). Thus almost 60% of the budget would be directed towards the marketing activities along with the PR activities. Quality plan In order to ensure that the product has been developed considering the maximum quality standard, it is necessary for the management to develop a quality plan. APQP or the Advance Product Quality Planning Standard has been defined to be the organized method for describing along with establishing important steps for ensuring customers are satisfied with the products and services (McGrath, 2013). Risk register The risk register is typically a record or a catalogue virtual or real (hand written) containing every possible risk that the organization might have to come across during its operations. The risk register for this project might incorporate the following: Name of the risk Probability Marketing risks Higher (Since the marketing activities have been allotted with major portion of the budget) Distribution risks Moderate (Since, acquiring new product despite of its size is easy and can be done using internet) Mass appeal Higher (Since, one segment of the market might not consider the approach suitable or preferable that other segment would find attractive) Sustainability risk High (Due to the large number of production houses) References Bharadwaj, A., El Sawy, O.A., Pavlou, P.A. and Venkatraman, N.V., 2013. Digital business strategy: toward a next generation of insights. Bhuiyan, N., 2011. A framework for successful new product development.Journal of Industrial Engineering and Management,4(4), pp.746-770. Blank, S., 2013.The four steps to the epiphany: successful strategies for products that win. BookBaby. Djelassi, S. and Decoopman, I., 2013. Customers' participation in product development through crowdsourcing: Issues and implications.Industrial Marketing Management,42(5), pp.683-692. Durmu?o?lu, S.S. and Barczak, G., 2011. The use of information technology tools in new product development phases: Analysis of effects on new product innovativeness, quality, and market performance.Industrial Marketing Management,40(2), pp.321-330. Ernst, H., Hoyer, W.D., Krafft, M. and Krieger, K., 2011. Customer relationship management and company performancethe mediating role of new product performance.Journal of the Academy of Marketing Science,39(2), pp.290-306. McGrath, R.G., 2013.The end of competitive advantage: How to keep your strategy moving as fast as your business. Harvard Business Review Press. Molina-Castillo, F.J., Jimenez-Jimenez, D. and Munuera-Aleman, J.L., 2011. Product competence exploitation and exploration strategies: The impact on new product performance through quality and innovativeness.Industrial Marketing Management,40(7), pp.1172-1182. Nicholas, J., Ledwith, A. and Perks, H., 2011. New product development best practice in SME and large organisations: theory vs practice.European Journal of Innovation Management,14(2), pp.227-251. Werbach, A., 2013.Strategy for sustainability: A business manifesto. Harvard Business Press.

Review Of After Hours Essays - American People Of German Descent

Review Of After Hours Review of After Hours On Thursday, November 30, I went to see some Kutztown students perform After Hours at Schaeffer Auditorium. It was an all around great show. With the help of a talented band, they did a wonderful job. I'm really not interested in the kind of music that they sang, but they kept my attention the whole time. I thought the back-up band, or whatever you want to call them, was great. You could tell that they really enjoyed what they were playing, and what they were hearing. Alan Apple, who played the piano, was very entertaining. Personally, I thought he made the whole performance even better than it already was. He was very funny and showed great enthusiasm. With Steven Meashey on bass, Andy Scoles on drums, and Joseph Mixon on guitar, everything sounded terrific. The singers themselves had wonderful voices. The only think I didn't like about the show was the music; only because I don't like that kind of music. But because of their great singing and energy, my attention was kept throughout the whole show. The soloists sounded great. I especially loved the way everyone danced their own way, but they stilled seemed so together. After hours was a very enjoyable show. The students and musicians did a wonderful job. I really had a nice time watching and listening to them. Even though I am not really interested in that kind of music, they made me see what people do like about the music. Music