Employment Law Essay Example | Topics and Well Written Essays - 1500 words

Employment Law - Essay Example The company should complete the ET3 form so that they can be able to defend the claimant’s claim of unfair dismissal then present it to the employment tribunal within 28days from the time it received the claimants form. The Employment tribunal is mandated to listen to cases that arise in employment, concerning the employer or the employees over their employment rights. If the company does not present its ET3 form to the employment tribunal default judgment is likely to be entered against them, which will then preclude the company from taking part in the proceedings. If the respondent presents their ET3 form to the tribunal, the tribunal has the power to order for disclosure of all the relevant materials pertaining to the case. The employment rights are enumerated under the employment rights act. The act provides under section 36 that an agreement will be deemed to be terminated upon the last day of the period that is agreed upon. The company gave Jack a notice of termination o f his employment and therefore by virtue of the notice his employment was terminated upon the lapse of the period given for termination. ... When it comes to poor performance and misconduct the employment rights act stipulates under sections 38(2) and (3) that an employer shall only terminate the employee’s contract of employment if there is no other cause of action that can be taken. Further, the act states that, when there is a charge made against the employee for misconduct or poor performance the employee should be given the chance to respond to such a charge. It is after the employee has responded to such a charge that the employer can then effect his termination. Gross misconduct is whereby the employee conducts himself so badly that his behaviour ruins the relationship between him and his employer that leads to immediate dismissal. In the above case, the company did not give the employee an opportunity to reply to a charge of misconduct or poor performance. The company raised the allegations of his misconduct and poor performance after his contract had already been terminated. We see that it is only after th e termination of Jack’s contract that the employer became aware of the fact that he had a drinking problem and discovered the empty bottles of alcohol in his desk. Apart from Jack coming to work in an unacceptable condition, all the reasons were brought up after the employee had left the premises of the company that proves that he was not given a chance to respond to any charge that was brought against him and he was neither given a reason for his termination. The company acted wisely in giving the employee a notice of termination instead of instant termination. The tribunal considers instant termination seriously; it looks to see if the employer’s reasons for termination were reasonable and if it was fair considering the circumstances of the case. This will mean

The Great Gatsby Essay Example for Free

The Great Gatsby Essay In the novel, The Great Gatsby, F. Scott Fitzgerald uses the character of Nick Carraway as his mouthpiece, his own little spy in the lives of the characters in the novel to relate back the events happening. Because of this, there are a number of things which we need to bear in mind about his narration such as to what degree it could be biased and how the first person descriptive effects the way that we portray Nick. First being introduced into the novel, Fitzgerald has Nick Carraway talk about some advice that his father had given him when he was younger, therefore enlightening us to the way that he was brought up and how it has affected the way he is now. He still remembers the words: â€Å"Whenever you feel like criticizing any one, just remember that all the people in this world haven’t had the advantages that you’ve had. † This reveals to us that Nick is not of lower class and is very well educated, which is further reinforced by the fact that he went to Yale, one of the most highly esteemed colleges in the country. Nick explains how doesn’t judge a person, which has therefore â€Å"opened up† people to him as they shared their troubles with him. However, we also get the impression that he is uninterested in the petty problems of people’s lives, as the comparison of â€Å"curious natures† to â€Å"veteran bores† is used, suggesting that while some of the people who confided in him intrigued him, others may have just left him sitting there offering mild condolences, a â€Å"victim† who’s subject to listen to their inconveniences when they were â€Å"unsought†: he didn’t look for people to come and talk to him, they came to him. Whether this proves that he is a trustworthy character is debatable; if he told everyone about the â€Å"secret griefs† that he was privy to then he wouldn’t be trusted and have people coming to speak to him, and yet he frequently deceived the people who sought after him, feigning â€Å"sleep, preoccupation or a hostile levity† when they tried to speak, which makes you wonder what else he could have done in the lines of deception, and whether or not it went further than just lying to avoid people. It would seem that he is very good at getting along with people in public and on the surface, whilst analysing them in private, to us, the readers. The reader learns soon on that Nick is from the Middle West, but moved further east to West Egg where he’s living now to learn the bond business. West Egg and East Egg are both enormously wealthy suburbs of New York City, located on Long Island where they face the ocean, but there is a clear differentiation between the two. East Egg is the home of the aristocratic people with inherited fortunes gathered over generations, roots running deep in American society. These people place great value on tradition, family background, manners and social convention, and look at people who weren’t born into their kind of wealth – â€Å"old money† – with contempt. Those who live in West Egg are also very wealthy but they lack the sense of entitlement that those in East Egg have, as they earned their money and weren’t born into it. They aren’t as ‘polished’ or ‘refined’ in their manners, and can therefore never fit in with those from the East Egg; they lack the background of a well established family. Nick himself is â€Å"descended from the Dukes of Buccleuch†, so therefore has a rather esteemed lineage in his own right, and yet he lives a rather modest life in the West Egg in a small house he describes as an â€Å"eyesore† next to the large mansion next door belonging to Gatsby; he isn’t drowning in wealth himself, but he is connected to people like his neighbour, Gatsby, and Tom and Daisy Buchanan. Because of this, he has an insight in to what happens in the lives of these people, and this is what Fitzgerald will have intended: Nick relates what goes on from the inside, acting as the eyes, ears and mouthpiece for Fitzgerald. Although the intention of using Nick as the narrator may have been for him to give a rather objective viewpoint of the story’s events, that wasn’t truly the way that it was portrayed. Yes, he’s an outsider compared to the rest of the characters, having only recently moved to the West Egg himself and therefore not knowing too much about the lifestyles that these people are living, other than the fact that they are rich. However, he has former opinions of the characters he meets in chapter one which may or may not have clouded the way in which he describes them. Daisy Buchanan is his second cousin once removed, and it is clear that he is taken by her: he describes her as â€Å"charming† with a â€Å"low, thrilling voice† that was difficult to forget, which is a rather biased opinion of her; of course, we are still shown some of her carelessness and snobbish ways, but they are mainly through her actions, little things between the lines that could be easily overlooked if one didn’t know what to look for. Tom Buchanan on the other hand is introduced differently; through Nick, Fitzgerald first describes how he is a wealthy, athletic figure, listing his achievements and purchases before describing the man himself: he is portrayed as an arrogant man, having a â€Å"supercilious manner† and â€Å"established dominance†, thinking he’s superior to everyone around him and especially the black race as he describes how thinks it’s up to themselves, â€Å"the dominant race† to make sure that they keep the control and not any other races. He is generally described much more negatively by the narration of Nick, and this influences the way in which we perceive Tom as the automatic ‘bad guy’ in Chapter One. This perception is only accentuated when the reader finds out that he is cheating on Daisy with a woman in New York, and that men at New Haven (the college that he and Nick both attended) â€Å"hated his guts. † It is clear that he is a powerful man as his physique is referred to numerously, like the â€Å"enormous power† of his body and the â€Å"great pack of muscles† he had. He filled his boots until he â€Å"strained at the top lacing†, which could be likened to the saying that someone is too big for their boots – Tom is, both in the literal sense and the way in which he thinks that he is more important and powerful than everyone else. Heck, Fitzgerald even describes how Nick seems to think he radiates the â€Å"I’m stronger and more of a man than you are† vibe! Considering the fact that Fitzgerald has Nick introduce himself as an honest man who is â€Å"inclined to reserve all judgements†, we as readers don’t really get this impression from him in the first chapter. Not only does he already have – possibly subconscious – opinions of the Buchanans, he also has â€Å"unaffected scorn† for his neighbour Jay Gatsby, and all that he represents. However, he also says that there is â€Å"something gorgeous† about him, highlighting the fact that not only is he contradicting his previous statement when he said that he reserves judgements, but he’s contradicting his own opinion of the same man in only the next sentence! Because of all these things combined, it is uncertain to what degree the narration of Nick Carraway is actually reliable, as his own opinions can get in the way and make the narration biased. Overall, I think that Nick is portrayed as a fairly honest man in this first chapter of the novel, The Great Gatsby, but because of a few underlying things that could be picked up on, that may not be the full extent of his character. His opinion of things, even in the first chapter, contradicts itself; this not only puts into question which opinion we should agree with, but also makes us doubt his reliability as a narrator, which then in turn makes us wonder to what extent the story is accurate and in how much of it has had the illusion of the lifestyle the characters are living take over the actual reality.

The Media Influence on Public Perceptions of Crime

The Media Influence on Public Perceptions of Crime Introduction The publics knowledge of crime is primarily derived from its depiction in the media. The media affects the publics opinion of crime and punishment, and its perception of the police. If the media is responsible for the headlines, the conclusion is that it influences the publics attitude regarding crime incidents. (Muraskin and Domash 2007). Crime stories are covered extensively by the print-based media seemingly because they help to sell newspapers. Stories are often sensationalised with the intent to make attention-grabbing headlines that do not always represent the true facts; but do these articles play a part in needlessly fuelling the publics fear of crime? This dissertation will attempt to answer this question by conducting primary research in the suburban village of Stannington in Sheffield. Aims/Objectives/Hypothesis The objective of this research is to analyse the relationship between crime and the media, more specifically fear of crime levels and print-based media articles. Due to the geographic location in which the research will be conducted, two specific crime types have been chosen; personal crimes such as burglary and theft and community-based crimes such as vandalism and anti-social behaviour. These crime types were chosen as a result of the suburban area in which the study will be conducted. These crimes are those which are more likely to be of a concern to the respondents of the study and are therefore more suitable for this particular piece of research if I wish to collect an accurate data set. More serious crimes like rape, murder and assault are less likely to occur on a private, middle class housing estate and thus these crime types would probably not be a major concern to residents living in the area. Prior to conducting any research; the hypothesis chosen which predicts the outcom e of the research is that respondents who are female and who read print-based media more frequently will have an increased fear of crime in comparison to males who dont read print-based media articles. Literature Review Fear of crime Garofalo (1981:840) defined fear of crime as an emotional reaction characterized by a sense of danger and anxiety produced by the threat of physical harm elicited by perceived cues in the environment that relate to some aspect of crime. The definition of fear of crime can vary depending on the individual and their own personal experiences of crime; and this is in fact similar to how people have differing levels of fear. An individuals level of fear could be influenced by several factors. Personal experience of crime is one of many factors which can significantly increase the level of fear which a person has, with the fear of repeat victimisation a key issue in this. Balkin (1979) and Hough (1985) argue that a commonly accepted belief is that people who have been victimised, particularly in their neighbourhood, or who know others who have been similarly victimised, will tend to be more afraid. Similarly, a report published by the Beth Johnson foundation in 2006 looked at the fear of c rime in people over the age of 50. It found that several respondents who had been mugged and/or burgled had a particularly high level of fear of crime as a result of their previous experiences. This publication shows many interesting opinions of the elderly, however it does not take into account the opinions of a larger demographic of people with varying ages. As a result it allows an opportunity to conduct research on a broader scale to investigate fear of crime from people of all ages. Jewkes (2010:155) acknowledges that victims of crime will probably become more fearful about the likelihood of future victimization as a result of their experiences, however many more individuals will experience fear as a result of indirect contact with crime. Fear of crime has become a major social problem and although some of this fear can be accounted for by the actual amount of criminal activity, particularly in the neighbourhood (Kinsey et al.1986). People may come to be fearful of criminal victimisation because they perceive their immediate environment to be threatening, thus noisy neighbours, teenagers hanging around street corners and flats with broken windows may all signify to some individuals that their neighbourhood is threatening (Baumer 1985; Hunter and Baumer 1982), however much of it is caused by other subjective/perceptual and social structural factors. A substantial amount of research has already identified several factors which appear to make a contribution to fear. Box, Hale and Andrews (1988: 341) classify these under the following headings: vulnerability, environmental clues and conditions, personal knowledge of crime and victimisation, confidence in the police and criminal justice systems, perceptions of personal ris k, and seriousness of various offences. The research for this piece of work will be carried out by households in close proximity to each other; consequently the environmental conditions should be very similar for each respondent. However other factors, in particular vulnerably; personal knowledge of crime; and confidence in the police and criminal justice system should be different for every respondent. As a result, the findings of the research should be particularly diverse. In terms of fear of crime, the British Crime Survey offers an in depth insight into the British publics perception of crime, in comparison to actual crime statistics. The BCS is a face-to-face victimisation survey in which people inhabiting households in England and Wales are asked about their experiences of crime in the 12 months prior to interview. The 2009/10 BCS shows that a large proportion of people (sixty six per cent) believe crime has risen across the country as a whole in the last few years. There has been a large majority of respondents who think crime has risen at a national level since the questions were first included in 1996. Statistics provided by the Home Office (2010) show an actual decrease in a large number of crimes between 2002 and 2010. The total of sexual offences, robbery, burglary, fraud, drug offences, and the total of all recorded crime have decreased every year for the past 8 years. These figures would suggest that the publics fear of crime is unjust base d on the number of crimes which have fallen throughout Britain in recent years. It would appear that the publics perception of these high crime levels is influenced by more than just official statistics released by the Home Office, the most obvious contributor to this fear of crime being the media. Fear of crime and the media It is often argued that the media exaggerate the extent of crime in Britain. This includes newspapers, news and entertainment on television and radio, as well as crime fiction (Greer,2005). These exaggerations of crime stories which are in the public eye daily can have a substantial impact upon the publics perception of crime, but more significantly their fear of it. As previously mentioned, personal experiences of crime can often result in victims becoming increasingly fearful of being victimised; while accounts of crime from family, friends and neighbours may also have this effect. However as previous research has discovered; the most influential source to fuel fear of crime is usually the media. As Jewkes (2010) states numerous writers have examined the proposition that the media present crime stories (both factual and fictional) in ways which selectively distort and manipulate public perceptions, creating a false picture of crime which promotes stereotyping, bias, prejudice and g ross oversimplification of the facts. Their conclusion is that it is not just official statistics that misrepresent the picture of crime, but that the media are also guilty of manipulation and fuelling public fears. Roberts and Doob (1986) and Surette (1998) reaffirm this view of crime and the media in their analysis of how influential the media can be. The publics perception of victims, criminals, deviants, and law enforcement officials is largely determined by their portrayal in the mass media. Research indicates that the majority of public knowledge about crime and justice is derived from the media. Western society is fascinated with crime and justice. From films, books, newspapers, magazines, television broadcasts, to everyday conversations, we are constantly engaging in crime talk. In this sense; the mass media play an important role in the construction of criminality and the criminal justice system. Research conducted by Ditton and Duffy (1983) came to a similar conclusion to Jewkes in regards to coverage of crime stories in the media after their analysis of three Scottish newspapers. An analysis of the crime content of the newspapers (in terms of the numbers and page areas of crime reports) was completed and found that six per cent of the news involved crime, with forty five per cent of this being violent or sexual crime. This figure was then compared with actual police statistics which showed just two per cent of crime in the locality to be of a violent and/or sexual nature (Williams and Dickinson 1993:35). As a result of their findings, Ditton and Duffy came to the conclusion that this research exemplifies the level of sensationalism and exaggeration of crime stories which appear throughout print-based media. Consequently, they called for further research to be conducted to determine whether the misrepresentations of crime in newspapers influence the general perceptions of re aders. Despite a large percentage of violent or sexual crimes covered in the newspapers, it is arguable as to weather a percentage of just six out of the total of all articles in them is substantial enough to conclude that print-based media exaggerate and sensationalise as Ditton and Duffy suggested. This research took significant steps to examine the content of crime stories in print-based media and be regarded as a successful study, however it was conducted almost thirty years ago which means in terms of quantity and coverage of crime stories in modern Britain, it is somewhat outdated. In addition; the research fails to determine any links between media coverage and fear of crime, so with this in mind, the study which will be conducted for this piece of work primarily aims to investigate if there is any sort of correlation between print-based media and fear of crime in an attempt to come to a conclusion which Ditton and Duffy were unable to achieve. When the discussion takes place surrounding how influential the media can be on crime levels and fear of crime; the theory of moral panics often surfaces. This model made famous by Stanley Cohen in the 1970s with the publication of Folk Devils and Moral Panics: The creation of Mods and Rockers refers to public and political reactions to minority or marginalized individuals and groups who appear to be some kind of threat to consensual values and interests. (Jewkes 2010:74) By labelling certain groups as deviant; missing out key facts and extensively covering crime stories; the creation of moral panics by the British press has becoming arguably one of the more damaging aspects of crime coverage, causing unnecessary for fear and apprehension amongst the public. These fears when compared to actual crime statistics do appear to be uncalled for, but figures from the British Crime Survey suggest that they are still present in the minds of newspaper readings. The British Crime Survey has been conducted by the Home Office since its introduction in 1982 and from 2001 it has run continuously each year. The survey of around forty thousand adults is conducted to gain an insight into public attitudes to crime as well as other criminal justice issues, with the findings often used to assist the Government in their policy formations (Home Office 2010). The 2003 edition of the BCS was the first to ask respondents directly about their newspaper reading habits. The results showed that attitudes to crime are very much influenced by newspaper reports. Forty three per cent of tabloid readers believed that crime has increased a lot with seventeen per cent also claiming to be very worried by the threat of physical attacks (Guardian 2003). These findings are based on a very large scale with the respondents geographically located across most parts of Britain. They offer an accurate representation of the populations fear of crime and how this is influenced b y newspapers articles, however due to its large scale, a more appropriate approach to use in order to get a localised view on crime would be a study of households in one particular part of a city. This method then allows the researcher to investigate if the immediate area in which the respondent resides is influential in their levels of fear. Several other pieces of research have been carried out to understand fear of crime in both the elderly and in women respectively. A recent Age Concern reported entitled The Fear Factor: Older people and Fear of Street crime reported that forty seven per cent of those over 75 years of age and thirty seven per cent of those over fifty no longer take part in social and community activities after dark because of fear of street crime (Help the Aged 2006). Similarly an article in the Independent (2005) entitled Women and Crime: Fear in Suburbia goes into depth about the fear which single women have about being attacked in their own homes. In this article many women interviewed agreed that the media has a role to play in increasing womens fears despite official Home Office statistics suggesting total recorded crime is down by six per cent year-on-year (Independent 2005). Both pieces of research gain insight into two separate groups of society with valid and reliable data collection, however they fail to make comparisons of fear of crime levels with other groups of people. By conducting research from both men and women of varying ages, this allows for more in depth analysis, where comparisons and correlations can be made between all respondents to determine if age and/or sex are an influential factor in fear of crime levels. There has been extensive criticism of the empirical and theoretical validity of the claims that media images cultivate a misleading view of the world of crime (Howitt 1998; Ditton et al. 2004); and according to several critics, there is still not enough sufficient evidence to suggest that exposure to the media as well as other variables such as class, gender, race, place of residence and actual experience of crime can and do effect an individuals fear of becoming a victim of crime (Reiner 2006). Despite these criticisms; the research carried out for this piece of work will attempt to gather enough evidence to show that the media along with other variables does in fact influence fear of crime. Methodology The data collection method which will be used for this research is a cross-sectional questionnaire consisting of both qualitative and quantitative questions. The questionnaire will be given to twenty four randomly selected respondents living on a housing estate in the semi-rural village of Stannington, in Sheffield. At the last census (2001), the population for Stannington village was listed as 16,600 (www.stannington.org.uk). This number is far too large as it would require a significant amount of questionnaires to be produced which is unrealistic given the resources and time-frame available; therefore a combination of both cluster and systematic sampling will be used to select certain roads and houses within a small geographical location. Kalsbeek (1998) defines cluster sampling as: sampling in which sampling units (that is, households) at some point in the selection process are collections, or clusters, of population elements. For the primary sample group; eight roads on the housi ng estate will be selected as part of the cluster sampling process, then house numbers two; five and eight are to be chosen systematically. This approach eliminates any potential bias, allowing the validity of the research to be increased. Similarly; for the secondary sample group, four roads will be selected with house numbers one and ten chosen to receive the questionnaire if not all twenty four primary respondents decide to complete the questionnaire. In order to be courteous when addressing the respondents, the electoral register will be accessed at the Sheffield Town Hall to gather the names of those chosen to participate in the study. Doing this should allow for the respondents to be contacted formally whilst making it more manageable to record which households responded and those who declined. When the collection of data from the primary sample group commences, personal introductions will be made informing the randomly selected respondents what the research study is for and how they have been chosen. If the respondents then decide to take part in the study they will be given the questionnaire along with a cover sheet, outlining the instructions on how to complete the questionnaire and a brief letter explaining the purpose of the study. If the there is no one in at the chosen addresses; the questionnaire will be posted to the respondents and will be collected a week from that date. The decision to utilise a cross-sectional questionnaire was made because this method allows data to be collected relatively quickly and at a single point in time. These characteristic of data collection are very much suited for this type of research study due to the time and transport limitations which apply. A questionnaire is preferable over other designs such as a longitudinal survey or case study as it lends itself well to quantifiable data, allowing for variations to be established which may appear throughout the different variables. According to Bryman (2008:45) cross sectional studies are very effective in terms of replicability because the researcher can spell out procedures for selecting respondents, designing measures of concepts; administrating research instruments and analysing data. When the questionnaires have been collected from all respondents and the required amount of data has been gathered; it will then be analysed using the data analysis software SPSS. This software allows complex data to be interpreted very easily through the use of bivariate and multivariate crosstabulations as well as frequency tables. This data can then be used to create graphs which allow for patterns of correlation to be identified. SPSS was elected due to its capability to eliminate any issues regarding inter-coder reliability. It also lends itself well to quantitative closed-ended question data (which I intend to collect) because this form of data requires very little coding and can therefore be inputted into the programme with ease. Data Analysis Following the collection of twenty four questionnaire responses; the data was inputted into the SPSS software and the variable values were coded. After compiling frequency tables and crosstabulations it appears that the research has identified some interesting findings, which do not necessarily agree with the original hypothesis stated at the beginning of the study. Table 1 (below) shows how participants responded to the question Do newspapers influence your fear of crime? It appears that only 37.5% of people felt that their fear of being a victim of crime was influenced by newspapers. 50% stated that they werent influenced which is reasonably more than those that answered yes to the question; however it is not significantly high enough to suggest a majority because there were 3 respondents (12.5%) who were undecided. (Table 1) Do newspapers influence your fear of crime? Frequency Percent Valid Percent Cumulative Percent Valid Yes 9 37.5 37.5 37.5 No 12 50.0 50.0 87.5 Dont know 3 12.5 12.5 100.0 Total 24 100.0 100.0 When the variable of gender is factored into the same question, it appears that men are more influenced by print-based media than women. A crosstabulation of the two variables shows that 6 males in comparison to just 3 females stated that their fear was influenced by newspapers. This figure at first appears to be a surprise when compared to the Independent (2005) article (referred to earlier); which stated that the media has a role to play in increasing fear of crime levels amongst women. However when a crosstabulation was formed which analysed the gender and how often do you read national newspapers? variables; it appears that the male respondents in the study read newspapers more regularly than the females. Table 2 (below) shows that half (6) of all male respondents read a national newspaper once a week in comparison to only 2 female respondents. It also illustrates that all of the male respondents read a newspaper at least once a month in comparison to 5 females who stated that th ey never read a newspaper. (Table 2) How often do you read national newspapers? * Are you male or female? Crosstabulation Are you male or female? Total Male Female How often do you read national newspapers? Every day 2 3 5 Several times a week 2 1 3 Once a week 6 2 8 Once a fortnight 2 0 2 Once a month 0 1 1 Never 0 5 5 Total 12 12 24 With this in mind; the statistics appear to suggest that those who are subject to newspaper articles more frequently appear to be influenced by them more in terms of fear of crime. Lichtenstein et al (1978: 575) state Fear sells. Past research by Ditton and Duffy (1983) amongst others, primarily focused upon newspaper content analysis. Some evidence was found to suggest that certain crime types; in particular violent or sexual crimes appeared continuously throughout newspapers articles. This research along with several other studies has collectively suggested that sensationalism of crime stories does occur in order to sell more copies. The questionnaire given to respondents asked them Do you think newspapers sensationalise crime stories? The pie chart above shows the overwhelming majority (91.7%) of participants felt that sensationalism does occur in British newspapers. This figure is particularly high considering that 5 out of the 24 respondents stated that they didnt read newspapers. In this case the assumption could be made that those who dont read newspapers would not be fully aware of the extent to which sensationalism appears to occur. However this statis tic confirms that this is irrelevant. In a similar manner, many newspapers (and the media in general) have been accused of creating moral panics. These accusations have especially

Louis XIV :: essays research papers

Louis XIV Louis XIV was a good leader for many reasons, some of which will come out in this essay. Louis ruled with an iron fist, he didn't let anyone mess with France, and if they did , he made them suffer. Second, Louis had mercy on those who betrayed him, a trait rarely seen in his day and age. Third most he did his best to bring down the nobles of France, particularly the more richer ones who thought they were above the law. Louis ruled with an iron fist he didn't let anyone mess around with France, if anyone had the guts to even think about challenging his power over the people of France he would do he would go out of his way to make them suffer. (*1) â€Å"At the same time he regarded himself as God's deputy in France and would allow no challenge to his authority, from the Pope or anyone else† Louis got into many wars while he was ruler of France, he was quick to the draw and did not hesitate to start a war. To show the Catholics that he was still a catholic king ,Louis kept mounting pressure on the French Protestants, until 1685 when he revoked Edict of Nantes. Then he forbid anyone to practice Calvinism. To the people of France this showed great strength on the part of Louis, the fact that he could keep he kept everyone in France inline at the same time. everyone in France obeyed him because he was such a grand, rich, fair king. Louis got into many wars with other countries over the stupidest things, when Charles II were to die with no kids, he made he offered to make Louis's grandson the sole beneficiary of the vast inheritance to be left behind, Louis Accepted the the offer out of pure greed, but that dicision meant war with Austria. Although, Louis was already getting half of the money he still greedily accepted the offer, if he had not accepted the offer war could have been avoided, but hey we all make mistakes The second thing about Louis that made him a good leader was that he had Mercy on those who betrayed him which was something rarely seen in that time. Most Rulers just murdered those who betrayed them, but Louis would jail them. In the case of Louis's most important lieutenant, named Mazarin, He was charged with peculation and found guilty then sentenced to banishment from France. Instead of letting the whole ordeal go down Louis intervened and changed Mazarins sentence from banishment to imprisonment for life.

Bank Management Chapter 7

Suggested end-of-Chapter Practice Questions: Chapter Seven Chapter 71, 2, 3, 7, 11, 13, 19, 22, 29, 32, 33, problem similar to HW 1. What is the process of asset transformation performed by a financial institution? Why does this process often lead to the creation of interest rate risk? What is interest rate risk? Asset transformation by an FI involves purchasing primary assets and issuing secondary assets as a source of funds. The primary securities purchased by the FI often have maturity and liquidity characteristics that are different from the secondary securities issued by the FI.For example, a bank buys medium- to long-term bonds and makes medium-term loans with funds raised by issuing short-term deposits. Interest rate risk occurs because the prices and reinvestment income characteristics of long-term assets react differently to changes in market interest rates than the prices and interest expense characteristics of short-term deposits. Interest rate risk is the effect on prices (value) and interim cash flows (interest coupon payment) caused by changes in the level of interest rates during the life of the financial asset. . What is refinancing risk? How is refinancing risk part of interest rate risk? If an FI funds long-term fixed-rate assets with short-term liabilities, what will be the impact on earnings of an increase in the rate of interest? A decrease in the rate of interest? Refinancing risk is the uncertainty of the cost of a new source of funds that are being used to finance a long-term fixed-rate asset. This risk occurs when an FI is holding assets with maturities greater than the maturities of its liabilities.For example, if a bank has a ten-year fixed-rate loan funded by a 2-year time deposit, the bank faces a risk of borrowing new deposits, or refinancing, at a higher rate in two years. Thus, interest rate increases would reduce net interest income. The bank would benefit if the rates fall as the cost of renewing the deposits would decrease, wh ile the earning rate on the assets would not change. In this case, net interest income would increase. 3. What is reinvestment risk? How is reinvestment risk part of interest rate risk?If an FI funds short-term assets with long-term liabilities, what will be the impact on earnings of a decrease in the rate of interest? An increase in the rate of interest? Reinvestment risk is the uncertainty of the earning rate on the redeployment of assets that have matured. This risk occurs when an FI holds assets with maturities that are less than the maturities of its liabilities. For example, if a bank has a two-year loan funded by a ten-year fixed-rate time deposit, the bank faces the risk that it might be forced to lend or reinvest the money at lower rates after two years, perhaps even below the deposit rates.Also, if the bank receives periodic cash flows, such as coupon payments from a bond or monthly payments on a loan, these periodic cash flows will also be reinvested at the new lower (or higher) interest rates. Besides the effect on the income statement, this reinvestment risk may cause the realized yields on the assets to differ from the a priori expected yields. 7. How does the policy of matching the maturities of assets and liabilities work (a) to minimize interest rate risk and (b) against the asset-transformation function for FIs?A policy of maturity matching will allow changes in market interest rates to have approximately the same effect on both interest income and interest expense. An increase in rates will tend to increase both income and expense, and a decrease in rates will tend to decrease both income and expense. The changes in income and expense may not be equal because of different cash flow characteristics of the assets and liabilities. The asset-transformation function of an FI involves investing short-term liabilities into long-term assets.Maturity matching clearly works against successful implementation of this process. 11. A money market mutual f und bought $1,000,000 of two-year Treasury notes six months ago. During this time, the value of the securities has increased, but for tax reasons the mutual fund wants to postpone any sale for two more months. What type of risk does the mutual fund face for the next two months? The mutual fund faces the risk of interest rates rising and the value of the securities falling. 13. What is market risk? How do the results of this risk surface in the operating performance of financial institutions?What actions can be taken by FI management to minimize the effects of this risk? Market risk is the risk of price changes that affects any firm that trades assets and liabilities. The risk can surface because of changes in interest rates, exchange rates, or any other prices of financial assets that are traded rather than held on the balance sheet. Market risk can be minimized by using appropriate hedging techniques such as futures, options, and swaps, and by implementing controls that limit the a mount of exposure taken by market makers. 14.What is credit risk? Which types of FIs are more susceptible to this type of risk? Why? Credit risk is the possibility that promised cash flows may not occur or may only partially occur. FIs that lend money for long periods of time, whether as loans or by buying bonds, are more susceptible to this risk than those FIs that have short investment horizons. For example, life insurance companies and depository institutions generally must wait a longer time for returns to be realized than money market mutual funds and property-casualty insurance companies. 19.What is the difference between technology risk and operational risk? How does internationalizing the payments system among banks increase operational risk? Technology risk refers to the uncertainty surrounding the implementation of new technology in the operations of an FI. For example, if an FI spends millions on upgrading its computer systems but is not able to recapture its costs becaus e its productivity has not increased commensurately or because the technology has already become obsolete, it has invested in a negative NPV investment in technology.Operational risk refers to the failure of the back-room support operations necessary to maintain the smooth functioning of the operation of FIs, including settlement, clearing, and other transaction-related activities. For example, computerized payment systems such as Fedwire, CHIPS, and SWIFT allow modern financial intermediaries to transfer funds, securities, and messages across the world in seconds of real time. This creates the opportunity to engage in global financial transactions over a short term in an extremely cost-efficient manner.However, the interdependence of such transactions also creates settlement risk. Typically, any given transaction leads to other transactions as funds and securities cross the globe. If there is either a transmittal failure or high-tech fraud affecting any one of the intermediate tran sactions, this could cause an unraveling of all subsequent transactions. 22. If you expect the French franc to depreciate in the near future, would a U. S. -based FI in Paris prefer to be net long or net short in its asset positions? Discuss. The U. S.FI would prefer to be net short (liabilities greater than assets) in its asset position. The depreciation of the franc relative to the dollar means that the U. S. FI would pay back the net liability position with fewer dollars. In other words, the decrease in the foreign assets in dollar value after conversion will be less than the decrease in the value of the foreign liabilities in dollar value after conversion. 29. What is country or sovereign risk? What remedy does an FI realistically have in the event of a collapsing country or currency?Country risk involves the interference of a foreign government in the transmission of funds transfer to repay a debt by a foreign borrower. A lender FI has very little recourse in this situation unl ess the FI is able to restructure the debt or demonstrate influence over the future supply of funds to the country in question. This influence likely would involve significant working relationships with the IMF and the World Bank. 32. What is liquidity risk? What routine operating factors allow FIs to deal with this risk in times of normal economic activity?What market reality can create severe financial difficulty for an FI in times of extreme liquidity crises? Liquidity risk is the uncertainty that an FI may need to obtain large amounts of cash to meet the withdrawals of depositors or other liability claimants. In times of normal economic activity, depository FIs meet cash withdrawals by accepting new deposits and borrowing funds in the short-term money markets. However, in times of harsh liquidity crises, the FI may need to sell assets at significant losses in order to generate cash quickly. 33.Why can insolvency risk be classified as a consequence or outcome of any or all of the other types of risks? Insolvency risk is the risk that an FI may not have enough capital to offset a sudden decline in the value of its assets. This risk involves the shortfall of capital in times when the operating performance of the institution generates accounting losses. These losses may be the result of one or more of interest rate, market, credit, liquidity, sovereign, foreign exchange, technological, and off-balance-sheet risks. 34. Discuss the interrelationships among the different sources of FI risk exposure.Why would the construction of an FI’s risk management model to measure and manage only one type of risk be incomplete? Measuring each source of FI risk exposure individually creates the false impression that they are independent of each other. For example, the interest rate risk exposure of an FI could be reduced by requiring customers to take on more interest rate risk exposure through the use of floating rate products. However, this reduction in FI risk may be obtained only at the possible expense of increased credit risk. That is, customers experiencing osses resulting from unanticipated interest rate changes may be forced into insolvency, thereby increasing the FI’s default risk. Similarly, off-balance sheet risk encompasses several risks since off-balance sheet contingent contracts typically have credit risk and interest rate risk as well as currency risk. Moreover, the failure of collection and payment systems may lead corporate customers into bankruptcy. Thus, technology risk may influence the credit risk of FIs. As a result of these interdependencies, FIs have focused on developing sophisticated models that attempt to measure all of the risks faced by the FI at any point in time.Practice 1. A bank has the following balance sheet structure: AssetsLiabilities and Equity Cash$10,000Certificate of Deposit$90,000 Bond$90,000Equity $10,000 Total Assets$100,000Total Liabilities and Equity$100,000 The bond is a Eurobond; it has a te n-year maturity and a fixed-rate coupon of 6 percent. The certificate of deposit has a one-year maturity and a 4 percent fixed rate of interest. The FI expects no additional asset growth. a. What will be the net interest income (NII) at the end of the first year? Note: Net interest income equals interest income minus interest expense. b.If at the end of year 1, market interest rates have increased 100 basis points (1 percent), what will be the net interest income for the second year? Is the change in NII caused by reinvestment risk or refinancing risk? c. Assuming that market interest rates increase 1 percent. (i) What will be the market value of the bond? (ii) What will be the market value of equity? (Assume that all of the NII in part (a) is used to cover operating expenses or is distributed as dividends, so that there is no addition to retained earnings. ) a. What will be the net interest income (NII) at the end of the first year?Note: Net interest income equals interest income m inus interest expense. Interest income$5,400$90,000 x 0. 06 Interest expense 3,600$90,000 x 0. 04 Net interest income (NII)$1,800 b. If at the end of year 1, market interest rates have increased 100 basis points (1 percent), what will be the net interest income for the second year? Interest income$5,400$90,000 x 0. 06 Interest expense 4,500$90,000 x 0. 05 Net interest income (NII)$900 The decrease in net interest income is caused by the increase in financing cost without a corresponding increase in the earnings rate.The increase in market interest rates does not affect the interest income because the bond has a fixed-rate coupon for ten years. Note: this answer makes no assumption about reinvesting the first year’s interest income at the new higher rate. c. Assuming that market interest rates increase 1 percent. (i) What will be the market value of the bond? (ii) What will be the market value of equity? (Assume that all of the NII in part (a) is used to cover operating expens es or is distributed as dividends, so that there is no addition to retained earnings. Note: market value of equity falls due to lower market value of the bond If the coupon rate is 6%, yield to maturity = 7%, then using our financial calculator, N = 9 (only 9 years left), PMT = 540, I = 7%, FV = 90,000. Compute PV; find PV = -84,136. 29. Hence the market value of the bond fell from $90,000 to $84,136. 29 (a decrease of $5,863. 71). Since the interest rate on the CD has risen (it had only a one year maturity; so it gets a new interest rate when it is re-issued), the market value of the CD is $90,000 (interest rate = coupon rate on the CD).Consequently, it is the market value of equity that will decline. If the bank must sell the bond, it will sell it at the lower market value and realize the loss. The book value of equity has remained at #10,000, but the market value of equity has fallen by the amount of the decrease in the value of the bonds. This was a problem faced by banks in 200 8, when the market value of the mortgage debt and mortgage backed securities and CDOs (collateralized debt obligations) fell; some of them had negative equity in market value terms.

Generating and Pitching Story Ideas

Generating and Pitching Story Ideas With the ubiquitous presence of the Internet, coming up with story pitches and finding out where to pitch them has never been easier. There are publications for just about any hobby, industry, quirk, fetish, subculture and subject you could possibly think of. And resources abound for reaching them.Unlike assignments, with pitches you get to propose writing about something you choose. So think about what you would like to write about- stamp collecting? Minorities in the construction industry? Your personal experience with heartbreak? Whatever the subject is, you should be ready to research it, interview people about it and spend a lot of time thinking about it.Nothing new under the sunOf course, whatever it is youve thought of pitching, chances are its been written about before. So you have to find out where and how. Lexis-Nexis, usually available at the local library, is an excellent way to research articles on a certain subject. Google searches on the Web or archive searches on regi stered websites for major publications (which is usually free, although pulling up the archived stories in full may not be) can also give you a reasonable body of material. And plenty of websites with articles on that subject will pop up for free. Also check for organizations that relate to that topic, because they often list articles as well.Shape your pitch with a new angleYou dont have to search for every story written on the subject since the dawn of time. Lets say its a pitch about women in the construction industry. Dont worry about the articles written on this subject that date back more than five years ago. Thats ancient history in the world of publications. Youll probably find a good selection of stories written in major dailies and small weeklies within the past five years, but thats where the next tip comes in.Lets say you find that the New York Times has published a story about the struggles of women to succeed in the construction industry. Does that mean your pitch is a lready taken? Absolutely not. What it means is that you read the story, get a sense of what it did cover, and shape your pitch so that it will cover a whole new angle or idea that the Times story didnt. Did the Times story talk about women who faced discrimination and went on to own their own firms? Then think about interviewing women who dont own their own firms, but who operate cranes or weld iron. Youll look for women whose stories werent told by the Times. Even if the issue of discrimination is the same, every individuals story is different. Just as good literature offers new twists to old plots, so you can offer new twists to subjects of articles.Also, consider localizing a story for a local publication. Journalists for smaller hometown newspapers often take a story of national interest and apply it to their hometown readers. For example, the Atkins Diet is a nation-wide trend, but you could interview local bakeries about whether theyre losing business, and pitch the story to t he editor of a local publication.Now you have to find publications to pitch your great idea to. Fortunately, its not nearly as tough as pitching your book to publishers. I pitched several stories successfully to the New York Times Money Business section via e-mail. This was made possible by nothing more than having the right name and e-mail address. A colleague had the email and name of the Money Business editor. I sent the guy an email with a story proposal that he accepted.Editors, especially at dailies, will be typically harried and easily distracted from strange e-mails. So you have to get straight to the point, while still being polite. Make it clear in the header that you are pitching a story about thus-and-so. Dont ramble on in the body; if the editor wants to know more about your credentials or history, he or she will ask for it. Just pitch the story, emphasizing why it would be something the publications audience will eat up with their coffee or lunch. I believe this topi c/angle/knowledge would be of great interest to your readers because†¦. Attaching your resume wouldnt hurt, and you can offer to send examples of your writing if the editor wants to follow up.You can also, of course, use snail mail. Be aware, though, that particularly busy editors may take more time to plow through stacks of envelopes than to browse their email inboxes.If there is a particular publication you want to work for, call their main number and ask for editorial. You should be able to find out fairly quickly whether they are accepting freelance articles or not. Checking the website for that publication may also answer the question.An excellent online resource for insider tips on pitching to specific publications is at mediabistro.com. It does require a paid membership, though registration to access job listings that may include freelance opportunities is free. The pitch tips feature a specific publication each day and tell you what the deal is.Take the time to read thr ough a particular publication to get a sense of what kind of stories it wants. Editors find it very irritating to receive unsolicited pitches that arent appropriate for their publication. Dont assume! For example, I edit transportation stories for a weekly construction magazine. I look for stories about building major highways, bridges, rail systems and airports. If somebody sends me a pitch about manufacturing the next generation of clean-air buses, that means they didnt take them to glance through the magazine and realize that we dont cover that industry. The pitcher only saw the title transportation editor and made an assumption.That writer, however, could probably do a bit more research and find out that there are indeed several magazines that cater to the suppliers, builders and users of clean-air buses. The writer could also check out publications whose main audiences consists of concerned users- i.e. environmentalists- and pitch the story with emissions in mind. It will be a slightly different pitch to the publication who caters to transit agency officials who buy the buses.When you show that youve taken the time to find out a little bit about a given publication and thus pitch it a story that would work for its readership, youre inherently advertising that youre a good journalist and writer who does your homework.