Islamic Change Over Time Essay Essay Example for Free

Islamic Change Over Time Essay Essay By the early eighteenth century, the Ottoman Empire was in decline. The weak rulers of the empire left the way open for power struggles among officials, religious experts, and Janissary commanders. Provincial administrators and landholders conspired to drain revenue from the central treasury. The general economy suffered from competition with the West as imported goods ruined local industry. European rivals took advantage of Ottoman weakness. The Austrians pushed the Ottomans from Hungary and the northern Balkans. Russia expanded into the Caucasus and Crimea. The subject Christian peoples of the Balkans challenged their rulers: the Greeks won independence 1830, and Serbia won independence in 1867. European military assaults and diseases destroyed existing civilizations. African and Asian civilizations were able to withstand the early European arrival, but the latter’s continuing development by the end of the eighteenth century made them dominant. The subordinate civilizations reacted differently. Some retreated into an idealized past; others absorbed ideas from their rulers. The various efforts at resistance did not all succeed. Some civilizations survived; others collapsed. The leaders and thinkers of the Islamic world were divided about how to reverse decline and drive back Europeans. They argued over a spectrum ranging from a return to the past to the adoption of Western ways. By the nineteenth century, the Arabs under the weakened Ottoman Empire were exposed to the danger of European conquest. The loss of Islamic territory to the Europeans engendered a sense of crisis in the Middle East. The Muslims had faced the threat of the West since the Middle Ages. Muslims shared many aspects of culture with Judeo-Christian and Greek tradition; their civilization had contributed to the rise of the West. The Muslims had many centers to defend; the fall of the Ottoman Empire did not mean the end of Islamic independence. They had time to learn during the long Western advance. Muslims could cling to the truths of Islam and survive as a people,

The College Diet and Its Effect On Eating Habits Essay -- Eating Disor

The College Diet and Its Effect On Eating Habits Food -- it is a necessity. There is not one person who does not think about it on a daily basis. For a college student, the quality of food available is not always to the highest of standards. Many students can not afford to buy expensive food or eat out on a regular basis. Many times their only option left is to eat from their school’s dining halls. The transition into college can be one of the most exciting times in a young adult’s life. They are starting a new chapter in their lives that may have a lasting effect on their future. Many new friendships will be made, along with countless amounts of changes in their life including new habitat, change in income, workload amounts, and eating habits. Change in eating habits is one of the most significant changes a college student experiences. There are many different factors for this change such as being away from home and home-cooked meals, late night snacks, increase in alcoholic beverage consumption, along with the fact that many college students now have a meal plan to eat at their college dining halls. At Northeastern University, the Dining Services Department works very hard to try to accommodate the many different needs of their students. Bill Fantasia (Director of Residential Dining), failed to respond to several attempts to set up an interview regarding the dining hall’s healthy aspects, however, research and trips to the dining hall provided information on the options offered. Many college dining halls have a limited amount of diverse foods. The presence of healthy foods may sometimes only be the salad bar. The lack of healthy food, along with the idea of having an endless supply of the food offered during e... ...genetic, environmental, and social factors. College-life includes many of these factors and occurs more often in college-aged females than males. Another fact is that the males in college tend to dine more frequently at the school's dining halls than females. About 43 percent of males surveyed eat 10-15 times a week at Northeastern’s dining halls; whereas only about 14 percent of females do. However, 50 percent of females surveyed eat 1-4 times a week, whereas only 7 percent of males eat 1-4 times a week. There are many books out for college students, if they are interested in eating well while living at school. One such book is called the College Student’s Guide to Eating Well on Campus by Ann Selkowitz, M.S., R.D., L.D. This book describes the basics of nutrition, along with why the freshman 15 occurs and how to avoid it and other healthy eating techniques. The College Diet and Its Effect On Eating Habits Essay -- Eating Disor The College Diet and Its Effect On Eating Habits Food -- it is a necessity. There is not one person who does not think about it on a daily basis. For a college student, the quality of food available is not always to the highest of standards. Many students can not afford to buy expensive food or eat out on a regular basis. Many times their only option left is to eat from their school’s dining halls. The transition into college can be one of the most exciting times in a young adult’s life. They are starting a new chapter in their lives that may have a lasting effect on their future. Many new friendships will be made, along with countless amounts of changes in their life including new habitat, change in income, workload amounts, and eating habits. Change in eating habits is one of the most significant changes a college student experiences. There are many different factors for this change such as being away from home and home-cooked meals, late night snacks, increase in alcoholic beverage consumption, along with the fact that many college students now have a meal plan to eat at their college dining halls. At Northeastern University, the Dining Services Department works very hard to try to accommodate the many different needs of their students. Bill Fantasia (Director of Residential Dining), failed to respond to several attempts to set up an interview regarding the dining hall’s healthy aspects, however, research and trips to the dining hall provided information on the options offered. Many college dining halls have a limited amount of diverse foods. The presence of healthy foods may sometimes only be the salad bar. The lack of healthy food, along with the idea of having an endless supply of the food offered during e... ...genetic, environmental, and social factors. College-life includes many of these factors and occurs more often in college-aged females than males. Another fact is that the males in college tend to dine more frequently at the school's dining halls than females. About 43 percent of males surveyed eat 10-15 times a week at Northeastern’s dining halls; whereas only about 14 percent of females do. However, 50 percent of females surveyed eat 1-4 times a week, whereas only 7 percent of males eat 1-4 times a week. There are many books out for college students, if they are interested in eating well while living at school. One such book is called the College Student’s Guide to Eating Well on Campus by Ann Selkowitz, M.S., R.D., L.D. This book describes the basics of nutrition, along with why the freshman 15 occurs and how to avoid it and other healthy eating techniques.

Australian Aboriginal Culture Essay

Introduction Aboriginals or indigenous Australians are the native people of Australia. Aboriginals were nomadic people who came to Australia about 40,000 – 60,000 years ago from Southeast Asia. Religion is a great part of Aboriginal culture. The essay answers these questions: What do Aboriginals belief? What is a Kinship system? What is Dreaming and Dreamtime? What rituals does Aboriginals have? Religion The Aborigines have a complex belief in creation, spirits and culture that gives a definite distinctiveness from any other religion in the world. Thousands of years ago, Australian Aboriginal people were living in accordance with their dreamtime beliefs- today, a majority of the Aboriginal community profess allegiance to Christianity, and only 3% still adhere to traditional beliefs. These beliefs have provided the Aboriginal people with guidance and perspective on all aspects of life. There were many variants to these beliefs and practises throughout the many Aboriginal tribal areas, but all Aboriginal people have developed an intimate relationship between themselves and their environment. They see themselves as spiritually bound to the natural world. The Dreamtime The Dreamtime specifically refers to the period of time when the creators made the territory of a tribe and all it contained. It was a period when patterns of living were established and laws were laid down for human beings to follow. The Dreamtime is linked with many aspects of Aboriginal practise, including rituals, storytelling and Aboriginal lore. Artwork Traditional Aboriginal art was inspired by religious ceremonies or rituals. Modern Aboriginal art is a vital part of the world’s oldest continuous cultural tradition. It is also one of the most brilliant and exciting areas of modern art. It is based on animals or patterns. All the designs, painted or drawn, have a story behind them. Many of the Dreamtime stories are told using artwork because there were so many different aboriginal languages in every region that the people couldn’t understand people from the other tribes. Language Groups There are about 150 existing language groups this day, the number of the groups has been decreasing rapidly after the Europeans came to Australia. In Aboriginal culture the language isn’t only a form of communication, it is used to mark territory. It is possible that people from tribe only fifty kilometres away cannot understand the other tribes language at all. Aboriginal Language groups (http://www. ewb. org. au/images/uploads/2010challenge/Language%20Map. jpg) Elders Certain senior male members of traditional language groups may become Elders. Elders are initiated men who are selected to be ritual leaders upon the basis of their personal qualities such as bravery and compassion and their knowledge of the Law. Elders provide leadership in matters affecting the group, including dispute resolution, educating the young and advising on marriage partners. In traditional Aboriginal society the advice of the Elders is usually unquestioned. Elders assume responsibility for sacred objects, spiritual matters and the performance of ritual. The Elders are vested with custodianship of the Law. Their duty is to honour and maintain the Law, and pass it down to the next generation. Elder(http://www. digital-photo. com.au/gallery/d/4113-1/Aboriginal-Elder-Cedric-Playing-Sticks-IMG_4397. jpg) Kinship System In traditional Aboriginal society inter-personal relationships are governed by a Complex system of rules, known as the classificatory system of kinship. The kinship system is based upon an expanded concept of family, and a concomitant extension of family rights and obligations. The kinship system enables each person in a language group to ascertain precisely where he or she stands in relation to every other person in that group and to Persons outside that group. By providing a mental map of social relationships, each person knows precisely how to behave in relation to every other person. Adulthood When children approach puberty they are required to undergo ritual initiation processes. When a girl reaches her puberty she will be initiated into womanhood, which means she has to start doing the same things than the other women in the camp. She can become a food gatherer, sexual partner or she can start taking care of the young children or the elders. When a girl reaches her womanhood she will go through ritual acts what are body-painting, ornamentation and body-cleansing. When boy approaches puberty he is physically removed from his family to life for an extended period away from the group. The people in the group are forbidden to say the boys name during this period of time. The boy is taught the rights and duties of a adult male. The boy will also learn the secrets of the sacred laws. Before becoming man, the boy’s worthiness and courage will be tested. These tests include piercing the body or circumcision and sleep deprivation. After these rituals the person can get married. Marriage. In traditional Aboriginal society marriages are very important. Marriage can be decided when the bride is very young or sometimes even unborn. Usually man is in his thirties when he gets married. Women can be many years younger than the man, but may have been married before and widowed because the earlier husband has died. Death and after life The aboriginal people took a great amount of care to ensure that a deceased spirit could find its’ way to the sky or a ‘spirit-place’, by sitting by the person’s grave and mourning. After death, the relatives took a number of precautions against the deceased person’s spirit returning to their camp. This involved them in taking a zigzag course to the burial ground to trick the deceased spirit about the direction back to their camp. After a death, some tribes beat their bodies with sticks or clubs, or cut themselves with shells or stone knives to cause bleeding. In these instances, the period of sorrow or mourning was considered to be at an end when their wounds were healed. After the mourning period was completed, it was disrespectful to say the dead person’s name in some time, the time depended how the person had died. The people also believed that a person’s spirit could visit living people to harm or warn them of danger. This usually resulted in an inquiry about the death of a person who was considered to have died too early or in unusual way. Funeral Totems (http://nursing322fall09. files. wordpress. com/2009/11/funeral-totems. jpg) References: http://www. indigenousaustralia. info http://fi. wikipedia. org/wiki/Aboriginaali http://en. wikipedia. org/wiki/Indigenous_Australians.

Turnbull compliance in risk management - Free Essay Example

Sample details Pages: 8 Words: 2509 Downloads: 1 Date added: 2017/06/26 Category Management Essay Type Argumentative essay Did you like this example? Briefing Document on ensuring Turnbull compliance and implementing an enhanced Risk Management programme Introduction Snibbo Metal Fasterners Ltd was initially created by Jonathan Snibb from a patented fastener call à ¢Ã¢â€š ¬Ã…“Reepokà ¢Ã¢â€š ¬Ã‚  in 1926. He turned over control to his son Adrian in 1935 and currently employees over 600 employees which are mostly based in Leeds. The company is currently a Limited organization in which Adrian Snibbo owns 50% and the Ablel family is in control of the other 50%. They currently do not have an operational risk manager and the new Deputy Managing Director is having many problems instituting changes for the organization as he is forced to answer directly to the two major shareholders. Operating within Turnbull compliance along with developing other sound risk management policies should enable Snibbo Metal Fasteners Ltd to increase competitive advantage and increase shareholder value. The first step to make th is a reality is an weekend educational workshop on risk management and ità ¢Ã¢â€š ¬Ã¢â€ž ¢s future implications to Snibbo Metal Fasteners Ltd. Workshop Section 1- Theory and Gross Action Part A- Identifying what operational risk management (ORM) is- The most basic idea for operational risk management is to look at every process within the organization and break it down into ità ¢Ã¢â€š ¬Ã¢â€ž ¢s component actions. Each one of these actions are dependent on another which will lead into a web of dependency within the organization. For Snibbo Metal Fasteners the most obvious dependency is that they are dependent on their supplier Plastic Fittings Ltd. ORM is used during this to assess all the processes within the firm to develop strategies and production methods to lower this risk of dependency. The majority of this is done through analysis and continuing production changes to manage the risk and lower the chance for any future problems. Advantages of effective risk manage ment is almost completely implied in the name, a company who has established risk management policies is less likely to fail and generates more consumer confidence and therefore gains competitive advantage along with increased shareholder value. A key ORM action are the ideals outlined in the Turnbull Report in 1999. Part B- Turnbull Report- Continuing ORM for internal control- The Turnbull Report is a guide for managers to establish ongoing risk management for all internal actions. Policies formulated based on the report are used to create a dynamic risk management environment within the organization that are monitored all the time by the directors. Within this, the directors themselves must operate with these ideals as well by adhering to strict guide lines and goals set at regular monthly if not weekly basis. Past ORM policies were usually created and monitored yearly which is very different from Turnbull ideas which are required to be embedded into every action that the co mpany takes. Below is a list of the key Turnbull concepts. 1. Policies to be embedded within the firms actions instead of being operated as a separated entity 2. Be able to change in accordance to new risk within and out of the company 3. Empowerment of Managers to implement changes to lower risk in their own areas Section 2 will cover the individual implications on Snibbo Metal Fasteners Ltd. along with the major policy changes to enforce this idea Part C- Action By identifying the large advantages of an established risk management policy we have decided to hire an Operational Risk Manager to encourage change immediately. Section two covers the concerns within Snibbo Metal Fasteners and Section three covers the implementation plan to address these concerns. It should be noted that Turnbull compliance is only one factor in effective risk management and all policies are required to be flexible in accordance to the situation. Section 2- Issues Part A- Goals/ Di rector Communication Snibbo Metal Fasteners Ltd. Truly needs to establish goals along with pre-established powers granted to the managing bodies. Currently the new director Cain has been trying to make positive changes only to be stopped by Abel. As Snibb and Abel are both major shareholders and Directors within the company, it should be them who sit down along with Cain and establish a business strategy for the next period. Within this Cain along with the new operational risk manager should be in charge of the implementation of this and given the necessary authority to make change. This would create a more positive environment for the firm to operate within and allows the organization to operate more like a limited entity which is out to create shareholder value over the current situation of a glorified partnership. Part B- Current Production Analysis As there was not a previous risk manager, a thorough assessment of the firms production methods needs to be analyzed to det ermine if any current risk of not delivering to clients exists. These need to be looked at to establish a current risk level within the firm and then to implement any required changes based on the level. Once all immediate changes are instituted employees should be educated and guided through nonstop risk management processes in order to establish ongoing risk management in accordance with the Turnbull report. Part C- Human Resource Protection The strongest factor in the risk management process are the people (Crouhy and Mark, 2003). This is even more true with Turnbull compliance as it is dependent on ità ¢Ã¢â€š ¬Ã¢â€ž ¢s employees to constantly monitor risk levels in the firm. Currently Snibbo Metal Fasteners Ltd pays its employees all under 20,000 a year with no perks at all. This will contribute to the overall risk as they must have a higher then normal turnover rate. The more experienced an employee has within the firms environment, the better they will produce and more appropriately for this brief, the better they will be able to access current risk and be able to make required adjustments. The end result is by implementing a bonus and/ or benefits scheme into the employment package Snibb and Abel will be able to increase production and lower risk which all contributes to increased shareholder value. Part D- Suppliers With the current notion of changing their sole supplier, they need to assess several possibilities. The current delivery of products to the clients from order is 10 days. With the current supplier being near, this decreases the overall risk of the value chain as any production problems will not be delayed further from supplier delivery. By taking on a supplier half way across the world, the risk increases even if the costs decrease as any problems will be amplified by the large increase in delivery time. A look at the Chinese firms production methods and quality assurance policy should be required before any action is taken. On ce this is done, the current supplier still should not be completely cut out of the business as they have been dependable for years and could help if there are any delays from China. Part E- Value Chain Analysis- Internal/ External The basis of managing risk is for effective strategies to operate within in order to generate value for consumers and therefore increase competitive advantage. To do this, you need to determine how you compare to your competitors. A value chain analysis would be a requirement on any competitors that Snibbo Metal Fasteners Ltd. has in order to compare to their own. This would then be assessed and any required changes to either meet or defeat the competitors be implemented if possible. This would enable Snibbo to possibly increase their market share but at the very least maintain their current one. Within this, research should be done into new international markets to determine if there are any future possibilities for expansion. Part F- Indirect R isk Assessment As there is an obvious production engine which needs to be analyzed, there can be other factors of risk that could harm Snibboà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. This could include health and safety issues, improper accounting methods, discrimatory employment practices, or even improper levels of employee training which could lead to neglect. These are all legal issues which need to be enforced efficiently and effectively. Although these risks are minimal, any one of them is capable of bringing production to a halt or be extremely expensive. Proper polices need to be addressed to ensure all of these risk problems are handled correctly. Section 3- The Plan Part A- Hire Operational Risk Manager (ORM) This needs to be done first as the best risk managers are experienced which mean they will know what to look for in concerns to problems. The first task of the manager is assess any current risk and implement policies or structural changes to fix the problems. The scope of the ORMà ¢Ã¢â€š ¬Ã¢â€ž ¢s job is to be an informer to the Directors and an educator to the employees. By having a risk specialist on the factory floor the overall risk management capabilities will be increase everyday as he/she creates a learning environment within the workplace. This is an important factor to operate within the Turnbull guidelines as education institutes risk management into every action. On a monthly basis (unless something requires immediate attention) the ORM will produce risk reports to the Directors along with any suggestions for change. Conceptually it should be important to keep the manager in close relation to the Directors in concerns to company strategy but kept a part from developing company direction to ensure risk assessment is done as impartial as possible(Crouhy and Mark, 2003). Part B- Research Current Competitive Advantage Done to create an accurate picture of the industry and to determine any future strengths, weaknesses opportunit ies and threats. Once this is established both internally and externally, proper competitive advantage can be recognized and possible opportunities or threats can be noted for future strategic action. This research should also include analysis into the new supplier option for packaging. Part C- Development of Concise Goals and Direction Snibbo Metal Fasteners Ltd has been having problems with the direction. Snibbs and Abel both want the company to be successful but are unwilling to give Cain the power to make the required changes. Snibbs, Abel , Cain and the new ORM need to sit down and discuss their operations with the idea of instituting change. These goals are not necessarily just for sales but for change in any operations. To be effective risk managers they need to look at the companies efficiency, technological changes, competitors, branding, financial, procedural, political and determine what changes can be made to maximize good for the firm with all these forces (Blackb urn, 1999). Once established Cain and the ORM need to be empowered to make these changes. Part D- Policy Formation Once the company goals have been established, it is up to Cain and the new ORM to establish new policies to produce the desired results. The following is a list of policies to combat the recognized risk problems: 1. Production Streamlining- See if increased technology, training, or operational management can lower costs or increase production. This includes decisions made on the supplier change (a mix of the two would lower risk while gaining some cost saving benefits) 2. Quality Control- Step by step quality control measures need to be implemented in order to protect all stages of the production system from any risk. 3. Employee Education- Workshops similar to the current one to keep employees updated with risk management processes 4. Bonus/ Benefit Schemes for Employees- developed to increase production and lower turnover 5. Health and Safety Comm ittee- A core group of employees created to assess and handle any health and safety concerns in the work place 6. Standardized Processes- To ensure quality control, all steps in the process will require quality checks. This extends past actual production to standardize any query formation, sales, changes etc. What this will do is set everything into ità ¢Ã¢â€š ¬Ã¢â€ž ¢s own monitorable process so that any changes/ requests within the company will be authorized by the right people before action takes place. The end results is the people who have the most knowledge of risk on a subject will be able to review the request before taking action. The key with this to promote Turnbull compliance is to ensure that the processes are created to be hassle free so not to hinder the operating activities of the company from bureaucracy. Plan E- Reporting Different from normal ORM, the Turnbull Report encourages constant reporting which is developed with the regular production methods. On a monthly or possibly even weekly or daily basis risk management reports need to be generated for all fields in the business. During production, quality control tests need to be done before components are passed to the next stage, periodic employee reviews need to be done to assess the labor force, monthly financial reports along with sales invoices need to be checked for performance problems. All of this gives an up to date picture of performance and risk which can be used to determine if any changes need to be made. Plan F- Assessment With the constant reporting to management, company strategies can be adjusted on a short term basis to compensate for changes in the market or internally (Blackburn, 1999). This assessment and ability to change current policy very quickly will allow Snibbo a competitive advantage in their industry. Plan G- Constant Improvement/ Research Turnbull compliance is all about continuing change and Snibbo should take advantage of this. The compe tition is constantly changing and Snibbo needs to be educated at every step internally and externally. The process for risk assessment as laid out before is used to improve current operations but as it is repeated on a daily, weekly, monthly level the company starts to become more and more dynamic. The ability to change enables the company to constantly lower risk while becoming more and more competitive (Crouhy and Mark, 2003). This may require an investment into market research but the majority of the information will be available to the company as they maintain a learning environment. Everytime the process repeats itself, employees are becoming more and more educated on risk management which allows for a constantly increase capacity to manage risk. After this, the directors and ORM gather together to determine the next periods goals and to assess any other risk related issues. Conclusion The main problems with Snibbo Metal Fasteners Ltd is that the shareholders are also the directors. This skew of shareholder value versus managerial competence makes it hard for a none owning director to make changes. Turnbull ideals is very effective in lowering this risk as goals are set before the changes which empowers the manager to institute change. Cainà ¢Ã¢â€š ¬Ã¢â€ž ¢s ideas are good but required a ORM to communicate their risks along with the ability to accurately weigh these risks. The introduction of a ORM is important to any company but they are only limited by their own knowledge so should not be completely dependent on. The best risk management practice is the employment of an educated and competent human resource which can predict and lower risk before any problems occur. References S Blackburn (1999) Managing Risk and achieving Turnbull compliance Accountants issue 417, October isbn 1 84140 416 Stephen Ward, (2004) Risk Management: organisation and context Witherby Co Ltd Crouhy, Michel and Mark, Robert( 2003)à ¢Ã¢â€š ¬Ã‚ Risk Managemen tà ¢Ã¢â€š ¬Ã‚  McGraw-Hill. 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Business Casual Dress Code Of The Workplace - 1569 Words

Business casual dress code in the workplace is becoming increasingly standard. The effect on job performance has not been made aware of whether casual dress has any effect at all. There are benefits to wearing casual clothing in the workplace, such as good morale, open communication between managers and employees, and a lack of cost to the employer (Gutierrez Freese, 1999, p. 35-36). It all depends on the companies you work for and what they consider as business casual or if they meet with the public on a daily basis will affect the dress code. Culture also plays a big factor in the dress code at the companies. A dress code policy that may demand business attire may affect the company especially if you are in an industry that has a casual dress code. An employee should be able to come off as a professional without having to dress like one† (McPherson, 1997, p. 146). Business casual dress code should be the norm for all organizations because it shows balance as a compa ny as well as setting certain guidelines to know what is appropriate for work. Also, it is based on the nature of the business that you are in and this determines the norm for the organizations. The trend of the casual dress has diverse origins. It is easy to dress men on business casual, but women are more complicated when it comes to what women prefer as business casual wear. If a business casual dress code exists, employees will appreciate knowing the expectations from the company. EmployeesShow MoreRelatedDress Code And Dress Codes1565 Words   |  7 Pagescomes to dress code, every individual has a different viewpoint for its implementation. There are clothes that could be fashionable to one person but seen as offensive to another. A dress code can be justifiable when put into a situation that really does require certain attire to be worn. 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Persuasive Essay On Growing Up - 1829 Words

From the day you are born, to the day you die, society applies pressure to who you think you should be. Growing older does not free you from all the expectations of your youth, and sometimes, wisdom and freedom do not come with age. Throughout your entire life, you will be told what you should look like and what you should enjoy doing. Growing up comes with restrictions; more responsibility, sometimes less stability and a whole new set of expectations for how you should look. You lose the freedom to dream and explore yourself due to the expectations of others. It can also come with wisdom, friendship and maybe even love. Kids are told to figure out who they are as people when they are only young, but they have a long life ahead of them to†¦show more content†¦Long grey hair and a beard are not things associated with being a baby. Babies are small with no teeth, they giggle at nothing and always look happy. Once you become a teen, acne is everywhere, hair is dyed a horrid col or and your clothing decisions can be debatable. Adults are put together, old people look peaceful, heaven forbid someone over the age of 18 has pink hair! What is the point in living your life, if you cannot be yourself? Life should come with freedom instead of constrictions. It does not matter how old you are, looking a certain way is not exclusive to any age group. Since you were young, you have likely heard adults say, â€Å"Teenagers are lazy,† or â€Å"Wisdom comes with age.† These statements generalize people, making it seem wrong to be an old person who is not the smartest or a hard-working teenager. Consequently, humans tend to conform to these clichà ©s, because they may become ridiculed if choosing to remain astray. Benjamin is anything but expected, and his behaviors are not always of typical kids. He eventually tries to fit in, like most people do and acts immaturely. 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Analysis Of The Three Financial Models Free Essays

Introduction Bankruptcy refers to the state of an individual who is unable to pay his or her debts and against whom a bankruptcy order has been made by a court. Such orders deprive bankrupts of their property, which is then used to pay their debts. Bankruptcy proceedings are started by a petition, which may be presented to the court by (1) a creditor or creditors; (2) a person affected by a voluntary arrangement to pay debts set up by the debtor under the Insolvency Act 1986; (3) the Director of Public Prosecutions; or (4) the debtor. We will write a custom essay sample on Analysis Of The Three Financial Models or any similar topic only for you Order Now (Smullen and Hand, 2003). If we assume that a corporation is a separate legal entity thus qualifying as a legal person, we can adopt the above definition to define bankruptcy in the context of the corporation or corporate bankruptcy as the state of a corporation that is unable to pay its debts and against which bankruptcy order has been made by a court. (Smullen and Hand, 2003). Analysis of the models for predicting bankruptcy. There are three main approaches to predicting bankruptcy which include: accounting analytical approach, option theoretical approach and the statistical approach. Becchetti and Sierra (2002: p. 2100).   Under the statistical approach corporate failure risk is analyzed through four widely known methods which make use of balance sheet ratios: linear or quadratic discriminate analysis, logistic regression analysis, probit regression analysis and neural network analysis. For the purposes of this paper we will limit our analysis to three basic financial models, which include the Z-Score model, the discriminant model and the Black-Scholes-Merton Probability. We also describe the application of these models in corporations. 1. The Z-Score Bankruptcy Prediction Model The Z-score prediction model was developed by Altman in 1968. (Grice and Ingram, 2001: p. 53). The Z-score model applies multivariate discriminant analysis (MDA) and employs financial ratios as input variables to predict financial distress. (Tzeng et al, 2007: p. 297). According to Grice and Ingram (2001: p. 53), Altman (1968) used a sample of 33 non-bankrupt manufacturing firms from 1946-1965. Grice and Ingram (2001) assert that despite the fact that the z-score model exhibit high accuracy rates using both estimation and hold-out samples, (95% and 84%), its generalizability to industries and periods outside of those in the original sample has received little attention. This model has be widely used in a variety of industries to evaluate financial conditions of firms and it is continuously being used in many business situations including bankruptcy prediction and other financial stress conditions. Grice and Ingram (2001) carried out a test on the z-score model based three basic tests which include the model’s ability to predict bankruptcy today as opposed to periods in which it was developed, the usefulness of the model in predicting bankruptcy in non-manufacturing as well as manufacturing firms and its ability to predict bankruptcy in financial stress conditions other than bankruptcy. Their findings show that although the model is useful in predicting bankruptcy as well as other financial conditions, the models accuracy is significantly lower in recent periods than that reported in the original work by Altman (1968).Grice and Ingram (2001) also find significant differences in the model’s coefficients from those reported by Altman. Based on these findings, Grice and Ingram (2001) suggest that better accuracy can be achieved by re-estimating the model coefficients using estimation from periods close to test periods. In addition Grice and Altman (2001) find that the including non-manufacturing firms in the sample, further weakens the accuracy of the model. 1.1 Application of the Z-Score model Commercial banks use the model as part of the periodic loan review process; investment bankers use the model in security and portfolio analysis. It has been employed as a management decision tool and as an analysis tool by auditors to assess their clients’ abilities to continue as going concerns (Grice and Ingram, 2001: p. 53). 2. The Black-Scholes-Merton Model. According to Reisz and Perlich (2007) following from Black and Scholes (1973) and Merton (1974), the common stock of a firm can be seen as a standard call option on the underlying assets of the firm. It is assumed that shareholders have sold the corporation to creditors, and hold the option of buying it back by paying face value (plus interest) of their debt obligations. (Reisz and Perlich, 2007: p. 2). On the other hand, using put/call parity, we can see shareholders as holding the firm’s assets (bought after borrowing money from creditors) as well as a put option with exercise price equal to the face value equal to value of debt. (Reisz and Perlich, 2007: p. 2). In the event where the where the firm value is below the exercise price, that is, where the price of the firm is below the face value of the debt at maturity, shareholders can freely work walk away without repaying their debt obligations. (Reisz and Perlich, 2007: p. 2). This is similar to selling the firm to the bondholers at the face value of the debt. (Reisz and Perlich, 2007: p. 2). Reisz and Perlich, (2007: p. 2) asserts that such an equity-based valuation model can lead to better bankruptcy predictions. In a study by Hillegeist et al. (2004), it was found that the probabilities of bankruptcy backed out from the a Black-Scholes-Merton structural model are up to 14 times more informative that ones inferred from accounting-based statistics such as the Altman (1968) Z-score. (Reisz and Perlich, 2007: p. 2). However despite the merits of this Black-Scholes-Merton model, it does not provide any rationale for observed managerial (bounded) risk choices. (Reisz and Perlich, 2007: p. 3). In addition, probabilities of default (PDs) coming from this framework are miscalibrated. (Reisz and Perlich, 2007: p. 3). 3. The Mutiple Discriminant Model Multiple discriminant analysis (MDA) is a statistical technique employed in the classification of an observation into one of several a priori groupings, dependent upon the observation’s individual characteristics. It is primarily useful in the classification and/or prediction in problems where the dependent variable appears in qualitative form for example, male or female, bankrupt or non-bankrupt. Therefore the first step is to establish explicit group classifications. The number of original groupings may be two or more. The MDA model is advantageous in that it considers the entire profile of characteristics common to the relevant firms, as well as the interaction of these properties. Conversely, a univariate study can only consider the measurement used for grouping assignments one at a time. Another important advantage of the MDA model is the reduction of the analyst’s space dimensionality.   When analysing a comprehensive list of financial ratios in assessing a firm’s bankruptcy potential, there is reason to believe that some of the measurements will have a high degree of collinearity or correlation with each other. (Altman, 1968). 3.1 Application of Multiple Discriminant Model Following its first application in the 1930s, the MDA model has been used in many studies and disciplines. In its earlier days it was used only in Biology and behavioural sciences. Today, the model has been applied successfully in financial problems such as credit evaluation and investment classification. For example, Walter made use of the model to classify high and low price earnings ratio firms, and Smith applied the model in the classification of firms into standard investment categories. BIBLIOGRAPHY A market-based framework for bankruptcy prediction. Alexander S. Reisz and Claudia Perlich. Journal of Financial Stability, 2007, Pages 1-47.  A real-valued genetic algorithm to optimize the parameters of support vector machine for predicting bankruptcy. Chih-Hung Wu Gwo-Hshiung Tzeng Yeong-Jia Goo   Wen-Chang Fang. Expert Systems with Applications Volume 32, 2007 Pages 397–408  Ã¢â‚¬Å"Bankruptcy†Ã‚  Ã‚  A Dictionary of Finance and Banking. John Smullen and Nicholas Hand. Oxford University Press 2005. Oxford Reference Online. Oxford University Press.   Ã‚  http://www.oxfordreference.com/views/ENTRY.html?subview=Mainentry=t20.e278 Bankruptcy risk and productive efficiency in manufacturing firms. Leonardo Becchetti and Jaime Sierra Journal of Banking Finance,  Volume 27, Issue 11,  November 2003,  Pages 2099-2120 Tests of the generalizability of Altman’s bankruptcy prediction model. John Stephen Grice and Robert W. Ingram. Journal of Business Research Volume 54, 2001 Pages 53-61. Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. Edward I Altman. Journal of Finance, Volume 27, Issue 4, September 1968, Pages 589-689. How to cite Analysis Of The Three Financial Models, Essay examples