Bond Case Analysis Essay

Summary of Facts Gilda Sears who is enrolled in an Investments class has picked a project on bond price theorems. The two main theorems that she decided to illustrate dealt with coupon rate and term-to-maturity and how these factors influence the price. Thus she included 2 bonds with the same rating and term with a different coupon rate, as well as two bonds with the same rating and coupon rate with different terms. She thought that if the bond markets were efficient, bonds with similar characteristics would be priced so that there would be little difference in the YTM. Besides S&P, she also looked at Moody’s for additional information. There was an increase in the interest rates over 1984-1986 and hence observed the actual YTM at different point in time. Three periods were selected: November 1, 1984, 1985, and 1986. The theorem states that YTM and price, as well as coupon rate and price, should have an inverse relationship, while bond duration and price should have a direct relationship. ** Please refer to Annexure 1 for a summary on the Factual Numbers in the case. Problems The following are the problems of the case: Q1: Using the prices given, calculate the percentage price changes for the three periods for the Boston Edison and American Brand bonds and explain the difference between the changes. Q2: Using the prices given, calculate the percentage price changes for the three periods for the AT&T and Batimore Gas bonds and explain the difference between the changes. Q3: Also, assuming there is a significant decline in interest rates, which of the four bonds would provide the largest potential capital gain? Analysis and Solution ** Please Refer to Annexure 2 for Solution to I and II I. Boston Edison and American Brand * The two bonds have the same rating and maturity dates, but different coupon rates. * American Brand has a higher coupon rate (5.87%) than Boston Edison (4.25%) * The percentage change in the bond prices is inversely related to the YTM and the Coupon Rate. * The difference in the price increase was more significant in the second and the third period. * While the two bonds had comparable percentage price increase in the first period (1985 to 1986), the difference became much more significant in the subsequent periods, where the bond with a lower coupon rate was much higher. * Hence, this is in sync with the Bond Price Theorem. II. AT&T and Baltimore Gas and Electric * The two bonds have the same rating and coupon rates, but different maturity dates. * AT&T has a longer term (2/15/01) than Baltimore Gas and Electric (12/15/98) * The percent increase in price was much more significant in the first period, where the bond with the longer YTM had almost doubled the bond with the shorter YTM. * The percent decline in interest rate was also slightly greater for the bond with a longer maturity date, as longer maturity makes bond price more sensitive to interest rates. III. Largest potential capital gain ** Please Refer to Annexure 3 for Solution to III * I calculated the duration of the bond to make a selection of the bond with the potential capital gain in the advent of a decline in the interest  rates. * Though shorter duration minimizes the risk of actively trading in bonds, bonds with longer durations are less susceptible to fluctuation. * Hence, among the 4 bonds, AT&T is the one with the maximum duration and hence will entail a larger potential gain.

Final Gay Marriage Essay

Gay marriage should be legal because as woman and man, all individuals have the same right in society; because same-sex couples can constitute a good based family; because it is just a way to make official a common union nowadays, even with the religious issue; because it is not related to polygamy; and because love matters and it does not differ in nature according to the sex of its object or the person who experiences it. The first reason why same sex marriage should be legal is because it is fair for all individuals to have the same rights in society. With the end of sodomy laws, a recent decision of the U.  S. Supreme Court, conservatives have lost their last excuse to write off gay lives and love as unworthy of social accommodation. But whatever ones feel about the reasoning of the decision, its results is clear: gay Americans are no longer criminals. Even if they were, as murderers on death row that have the constitutional right to marriage, they should have too. Marriage is a very sacred arrangement. It is a lifetime commitment said to be only between man and woman. These two people should love or be in love with each other. Over the years homosexuality has come to the forefront. The question of should homosexuals be allowed to marry each other has had the world in an uproar. Homosexuals, indeed should be able to marry each other with the same benefits as man and woman. Homosexual marriages was made legal for the first time in 2001 by the Netherlands. Canada was the first country to marry Homosexual couples from all nations to formally commit. Extending recognition to non traditional relationships is not an attempt to undermine the family. But rather an effort to recognize today’s realities and to end decimation. Legalizing gay marriages help change and help the lives of so many struggling gay teens. It will reduce depression in gay teens and children. It will give children and teens hope knowing that its okay to marry someone of the same sex. The majority of teenage suicides today are being committed because the child was bullied in school as a result of his/her sexual orientation. The same acceptance that will come about due to legalizing gay marriage will show teens that homosexuality is accepted and respected in society. We need to explain to younger generations that being different (in any aspect of our lives) is not a social disability, so that they will never feel the need to take their own lives because they are gay. In Christianity, marriage is a life long commitment under god. It is well known to many Christians that practicing homosexuality is a major sin. How can a union, which is created for man and woman, under god, bond two partners of the same sex if it is stated in god’s book that it is morally wrong? Homosexuals should be allowed to make a lifetime commitment to their partners, but it should be called something other than marriage and should not be under god. The biggest problem the gay population faces regarding legal marriage is the Christians. A true Christian doesn’t want a married gay couple to have the same title as he and his wife have, because they take the vowel under god seriously. A firm believer would say that a gay marriage is absurd. Homosexuality goes against nature because we were given sexual organs for the purpose of reproduction, not for pleasure. It is believed that homosexuals will be forsaken for committing abominable acts and, through some misinterpretations, also deserve death. When gay pride walks are taking place, some Christians protest this in the name of Jesus. The story of Sodom and Gomorrah, in the bible, is one filled with vivid pictures of the cities’ destruction mainly because of the overindulgence of homosexual freedom. Some Christians believe that can happen again and that the lord will show no mercy. Many diseases can be inherited through anal sex; some say this is a punishment sent from god for the injustice. Legalizing gay marriages will help increase the adoption rate. A lot of gay couples male or female also want to have children but have trouble conceiving. By legalizing gay marriage across all states, adoption agencies will be forced to grant the same respect and rights to homosexual couples. There are over 500,000 children currently living without parents in the United States; gay marriage will increase the chances for thousands of foster children to gain loving parents and families. Americans have negative beliefs about homosexuality. Same sex marriage is a particularly fruitful case for several reasons. Same sex marriages in the USA impinges on deeply held views about sexual morality, family religion and equal rights. A March 20–24 CBS News Poll shows that 53% of Americans support same-sex marriage, 39% oppose, and 8% are undecided. The same poll also finds that 33% of Americans who now think same-sex couples should be allowed to legally marry say they once held the opposite view and have changed their opinion. Homosexuals should have the same privileges as heterosexuals. Need to be allowed not only to get married in any state they live in. According the NCSL (National Conference of State Legislatures) June 27, 2011 here is a list of states that issue marriage licenses to same sex couples. Hawaii was the first state to recognize same-sex marriage. Massachusetts, Connecticut, California, Iowa, Vermont, New Hampshire, New York and the District of Columbia. States that recognize same-sex marriage from other states are Rhode Island, New York, and Maryland. States that grant nearly all state-level spousal rights to unmarried couples (domestic partnerships) are California, Oregon, Nevada, and Washington. Obtain insurance and benefits through their place of employment. They should be about to make decisions in hospitals for their spouse in case of emergency. States that provide some state level spousal rights to unmarried couples (domestic partnerships) are Hawaii, Maine, Wisconsin and the District of Columbia. With all this being said, I feel you still can’t help you fall in love with whether it be heterosexual or homosexual. In today’s society your going to be judge on a lot of things you do so, I feel that if you care happy with yourself and your sexuality why shouldn’t you be able to express in out in the world. You are no different from anyone else, so you should be treated as a equal. Gay rights are human rights.

Bennett Explores the Fine Line Between Wisdom in ‘the History Boys’

Bennett explores the fine line between wisdom and foolishness in ‘The History Boys’. Discuss with reference to this comedic drama. The fine line between wisdom and foolery has often been explored and blurred in dramatic comedies throughout the ages. Often, in Shakespeare’s plays especially, the fool figure turns out to be the wisest figure out of all of the other characters, and is used as a way to make a comment on the social context of the time.This theme is present in ‘The History Boys’, as Bennett mostly uses characters as a way of exploring the fine line. He also uses scenes and themes during the play to explore the fine line between wisdom and foolishness, but he tends to focus on using the characters to explore the line instead. The Headmaster is a character with whom, when first introduced to, the audience would appoint the title of ‘foolish’, as Bennett shows him to be a very foolish character.However, this would differ from Shak espeare’s fool; in his plays the fools were often the wisest of characters, but in this circumstance, with this character, the Headmaster acts foolish without becoming ‘the fool’ from Shakespeare, as the Headmaster doesn’t have the hidden wisdom and knowledge Shakespeare’s fools had. For instance, when discussing competing schools in the league tables with Mrs Lintott, he says ‘†¦Leighton Park. Or is than an open prison?No matter†¦Ã¢â‚¬â„¢ This quote shows the reader what a foolish man Bennett has created; a headmaster not knowing the difference between a competing school in the league tables and a prison is absurd. However, it helps Bennett to show the fine line between wisdom and foolery, as some members of the audience may think that the Headmaster is wise in some of the decisions he makes, as he does know methods to get the students to achieve academic levels that allow entry into Oxbridge.Another moment where Bennett explores th e fine line is when he says, upon discussing Oxbridge with the supply teacher Irwin, ‘I thought of going to, but this was the fifties. Change was in the air†¦Ã¢â‚¬â„¢ The first impression given of him from this line of speech is that the characters around him must be able to see through his lies and see the fool that he ultimately is; in the fifties, life was the same as in the forties; it was the sixties where ‘change was in the air’ and the characters around the Headmaster would know that he was ying to cover the fact that he wasn’t academically smart enough to attend Oxbridge. This does show him to hold some wisdom, however, as he was smart enough to cover up the fact that he didn’t attend Oxbridge, even if the lie wasn’t successful, and that he is wise as he does want the best for the boys, but again, this is outweighed by the foolish decision that is to get the boys to Oxbridge to raise the school in the league tables to ‘†¦enhance its reputation and thereby his own career†¦Ã¢â‚¬â„¢ showing he is mostly trying to get the boys do to well for his benefit.Bennett also uses the character of the Headmaster to make a social comment of the schooling at the time he wrote the play, hinting that headmasters of schools often tried to get the better grades for the students only to pull their school up in the league tables, and thereby improve their own reputations of headmasters. A second character Bennett uses to explore the fine line between wisdom and foolishness is Hector, one of the boy’s teachers.One of the first impressions we get of Hector is that he is a character who Bennett presents to be very wise; he has taught the boys so well they can quote literature at any time of the day in the correct context ‘†¦Posner (Edgar) ‘Look up, My Lord. ’ Timms (Kent) ‘Vex not his ghost†¦Ã¢â‚¬â„¢ This is quite a feat to achieve, and it also shows that he too knows and und erstands when and where to quote literature, again showing his wisdom.However, this is a point where Bennett does show how fine the line between wisdom and foolishness actually is, as some people may view this skill as useless, as it probably won’t be able to help them in their university or working life, unless they pursue a career where literature and the need to quote it is needed, so this act may be viewed as quite foolish; spending time teaching the boys something they probably won’t need in their future lives, despite the fact that they and Hector may be considered wise for having this skill.Bennett does show Hector to be a character who does act very foolish sometimes; ‘No Headmaster, (He covers his ears. )†¦Non. Absolument non. Non. Non. Non†¦Ã¢â‚¬â„¢. The stage directions used here make Hector act like a naughty child who is refusing to stop what they’re doing; a grown man, who is a teacher nonetheless, acting this way does appear to be a fool to people around him, even if they know he is only pretending. However, this is one of the moments where you can explicitly tell that Bennett is exploring the fine line etween wisdom and foolishness and is showing indeed how very fine it is; some people may see past Hector acting like a fool and see him to be very wise; he knows that if he carries on refusing to do what the Headmaster askes of him, the Headmaster may well just give up and drop the subject. This could be down to the fact that Hector doesn’t view the Headmaster as a wise man; more of a fool who you can walk over and expect to carry on doing things the way you want to, even if the Headmaster is against it. ‘A hand on a boy’s genitals at fifty miles an hour, and you call it nothing? This is a very important quote in showing how Bennett explores the fine line. Hector is a very wise man; he has a deep understanding and knowledge of literature, he has helped get the boys A-Levels up to the standa rds of Oxbridge and is, academically, quite smart. However, the quote shows that, in terms of his judgements, he is quite a fool; the acts he performed were frowned upon by society at the time, and show to many people that he has crossed the line between wisdom and foolishness with ease without really realising it. †¦transmission of knowledge†¦Ã¢â‚¬â„¢ This also shows how his judgements are foolish, and how he can be seen to be a fool by many people; when he is confronted about his actions, he uses quotes from poetry to try to get out of the confrontation. By the end of the play, many people would probably see Hector as a very wise man, but a man who has the tendency to cross the fine line between wisdom and foolishness, whilst others would see him as only being a fool, despite his knowledge in literature.Overall, Hector is probably Bennett’s main way to explore the fine line between wisdom and foolishness, as Hector crosses the line countless times without realisin g it himself. Another way Bennett explores the fine line between wisdom and foolishness is by using scenes, such as the French Scene. This scene takes place towards the start of the play, and is where Hector and the boys practise speaking fluent French by acting out a scene of their choice in French. Mais une maison de passe ou tous les clients utilisent le subjonctif ou le conditionnel, oui? ’ (But a brothel where all clients use the subjunctive or conditional, yes? ) This quote is taken from the scene and helps to show the wise and the foolish sides of Hector; he and the students are acting out a scene in fluent French (which in itself is a very academic skill for the students to have learnt) and Hector is quite wise in getting them to practise using their French in everyday scenes, thus improving their fluency.However, the foolish part is the fact that the scene they are all acting out is a brothel, which is a very foolish thing to do considering where they are (in a schoo l), but the fact that Hector keeps on going on about their grammar whilst speaking French does show some wisdom, with the fact that he knows exactly how to get the boys to improve their fluency and grammatical skill in French, but in a very foolish circumstance. A third way the fine line between wisdom and foolishness is through themes; specifically the themes of sexuality and sex.For sexuality; ‘†¦Don’t touch him†¦Ã¢â‚¬â„¢ This quote is quite important in showing the fine line between wisdom and foolishness, as it is said when Hector and Irwin are discussing Hector’s early retirement, teaching and Dakin. Bennett shows here that Hector’s foolish decisions have turned him into a wiser man, who is advising Irwin on how not to make the same foolish mistake he did. The foolishness here makes the scene quite tragic rather than comic. For the theme of sex, the fine line is explored when Dakin and Scripps have a conversation together about Fiona (the He admaster’s secretary). †¦like particularly her tits, which only fell after a prolonged campaign some three weeks ago†¦Ã¢â‚¬â„¢ The wordplay in this conversation is very foolish indeed, which Scripps finds funny albeit embarrassing, but the wisdom in Dakin is evident by the way Dakin applies military logistics to a new context with ease, using the semantic field of war. Overall, these are the main ways Bennett uses to explore the fine line between wisdom and foolishness in ‘The History Boys’, mainly using the characters of the Headmaster and Hector.

Issues in Human Sexuality Essay Example | Topics and Well Written Essays - 1500 words

Issues in Human Sexuality - Essay Example And this depression is exclusive to women, so the article says. â€Å"However, depression scores between females who used to condoms and those who did not engage in sexual intercourse were not significantly different.† I think this last statement is significant. This makes us come to the conclusion that those to who took part in an act of coitus and those who did not are liable to be in a state of depression. If a woman is prone to depression, she can very well be depressed as well as not whether having coitus or not. And in the latter case the question of the antidepressant effects of semen does not arise at all. But most of the studies on the subject points out to the view that semen does act an anti depressant. It is found that â€Å"seminal plasma testosterone, estrogen, follicle stimulating hormone and luteinizing hormone, prolactin and a number of different prostaglandins.† Many of these compounds are absorbed through the vagina. These postulates were tested methodically at The State University of New York at Albany. The volunteers were from those who attended the upper division undergraduate courses. One could safely state that these were at a stage when they were at the height of sexual activity. The tests produced results that in a large measure agreed with the hypothesis that semen has antidepressant properties in females after sexual intercourse. It was conducted in terms of Beck Depression Inventory or BDI as is popularly known. It is a widely used measure of individual differences in depressive symptoms. But like most tests it did not produce results that conclusively prove the hypothesis. But the deviations that were apparent were not of any great proportions.

Significance of the Watergate Scandal Essay Example | Topics and Well Written Essays - 750 words

Significance of the Watergate Scandal - Essay Example When it was later found out that the people were under the president’s payroll, the case led to his indictment. This was after running for re-election, in 1972, and winning. This paper will review the significance of this event, and some of the changes that followed in the U.S. policies after this event. It is true that this event shaped the country’s law after it erupted. Those involved were either directly or indirectly in the committee that was campaigning to re-elect the president. After all these events and the eventual resignation of the president, some changes in the laws were evident (Henretta and Jonathon 2009, 859). One of the changes that became clear to the people was the fact, â€Å"politicians could no longer be trusted.† This is what led to the election of a rather unknown party to be president. This was in the year 1977, when Jimmy Carter became president of the United States. The scandal gave the American people disillusionment about their govern ment. â€Å"It was during this period that people started having different thoughts about the war in Vietnam.† The president’s powers had to be curtailed due to the above reasons. They were curtailed in the sense that, the president had limited powers, especially when it came to matters concerning the state’s money, the deployment of troops to war, and the freedom to information. The National Congress was responsible for this move which was largely appreciated by the people in the United States. â€Å"The War Powers Act, reining on the president’s powers to deploy U.S. forces without congressional approval.† During this move, there was evidence that proved one thing; no one is above the law, not even the president. During the curtailing of the president’s powers, the freedom of the press got a new meaning (Henretta and Jonathon 2009, 860). All this was in the first amendment, in the constitution. If it is true, then, â€Å"it is the pressâ €™s responsibility to print it regardless of the position or power of those involved.† In another area, the Freedom of the Information Act became stronger. This meant, â€Å"People could now get access to government documents that are accessible to the public.† If the people of the state feel like they need to get information about some of the government’s activities, then it is possible to get documents with information (Henretta and Jonathon 2009, 860). These documents can let them know about what the government is about to do. If they happen to, â€Å"agree or disagree with any of their activities, it is their fundamental right to do so.† To date, government related documents are located online (Biagi 2011, 97). The internet can allow anyone, and everyone in the world to access government related documents. This is in order to find out what the powerful nation is doing, and if it is legal under the constitution. Through this event, the constitutionà ¢â‚¬â„¢s and people’s belief in the system was affirmed. â€Å"The belief of equality and justice became a reality to many.† It became evident even to the highest office in the land, that is, the president’s office. The people in the scandal got to understand the full extent of the law. It was while in office that the president operated on a level one would consider full of arrogance (Henretta and Jonathon 2009, 860). However, as the law demanded that they pay the price for their actions, they could no longer ignore the fact, â€Å"they were not above the law.†

How Professing Bible Believing Evangelical Christians View their Thesis Proposal

How Professing Bible Believing Evangelical Christians View their Responsibility to the Great Commission - Thesis Proposal Example Once that has been established, the reasons that the Great Commission has been largely abandoned will be explored in order to seek answers to the reasons that Christians are no longer as vigilant about attending the mandates that would define their personal ministries. One of the important messages that Mathew gave to the followers of Christ was that they should go forth and spread the message of the sacrifice that Christ made for the world.1 In creating and participating in missionary work, the followers of Christ would support the message of love and forgiveness and spread the message that salvation was available through belief. Culpepper writes â€Å"The Great Commission comes to us from the context of a caring community of faith†.2 Missionary work is more than just spreading the message of salvation. It is a method of showing what the love of Christ means and serving the world so that suffering can come to an end. Missionary work is intended to motivate people to think about the world and their culture, putting Christian beliefs into context with how change will make a difference in their lives. This is done by preaching, by witnessing, and by showing the light of Christian care for the troubles of the world. Where many religions tried to make people believe that their suffering was intended by their god or gods, Christians intend to show others that their burdens can be lifted through God. Much of this is through service to the suffering.3 The fact remains, however, that there has not been a continuation of increased numbers, suggesting that the mandate to continue the spread of Christianity has met with less effort. The purpose of this study is to find reasons and excuses that are being used by Christians for not putting significant effort into missionary work. Through an examination of the literature associated to the question, the topic will be explored and examined in order to find answers to the questions that have been put

Industerial operations part 2 Coursework Example | Topics and Well Written Essays - 750 words

Industerial operations part 2 - Coursework Example Smoothness and color are important non-dimensional attributes in the ‘Paper Pro’ punch. Its body must be designed as per customers’ wants and preferences. For instance, if it is to be used in an office, it must have a corporate look that will often appeal to the consumer. The ‘Paper Pro’ punch can be customer-tailored to meet the specific needs and preferences of divergent consumers. Steel is among the world’s toughest alloys and thus used in making ‘Paper Pro’ punch. While plastic might be used in manufacturing ‘Paper Pro’ punch, the produced product might be too weak to withstand pressure that consumers are likely to exert in the process of using the object and is, therefore, incongruous. The basic process of strengthening the lever and punches part is by using harder steel in the process of making these parts. Moreover, it is also to be noted that to strengthen the steel several factors are taken into consideration. In this regard, if the heated steel cools down at a very slow rate, then the steel would be stronger. Besides, another aspect is the galvanization of the parts to reduce the corrosion of the same for greater effectiveness. In the process of galvanization, the steel is dipped into the molten zinc. This results into the formation of zinc-oxide layer in the surface of the parts. After this special zinc paint is also applied to the same to thwart oxidization. In the process of making a better hole punch tools, the steels that are received by ‘Paper Pro’ are more braced. These steels can be used to make the final parts of punches and levers. These steels are now required to be galvanized and hence, make the punches and the levers free from corrosion. The products, which are having plastic as the material for making the lever parts should be replaced by steel. The molder must mold the steel accordingly and electrify it to circumvent it from rusting. For the purpose of galvanizing the parts, an