The Largest International Bond Market In The World Finance Essay

The Largest International Bond Market In The World Finance Essay Firstly, it is important to define what a bond is. A bond is a debt instrument requiring the issuer a business, a bank, an international organization, or a government to repay to the investor (the lenders) the amount borrowed plus interest (coupon rate) over a specified period. Terms are contractually fixed. Bonds issued specify a fixed date when amount borrowed is due and a remuneration (which may be fixed or variable) indexed to interest rate and not the result of the company. Default risk is reflected in yields. Indeed, the higher yields the bond provides, the more risky the investment. In order to attract investors, companies offer a higher return than the government. The bond rating help in estimating the default risk. The bonds are traded on the bond market. The development of bond market has enabled companies and government, to diversify their sources of funding. In the international bond market, we can bring out three main markets: Domestic bond market: the bonds are issued by a domestic borrower in his own country. Most of time, we can find bonds denominated in the local currency. Foreign bond market: a foreign borrower issues bonds on another market than his local market. Most of time, we can find bonds denominated in the local currency. Exchanges of bonds issued by a foreign entity are under local market authorities control. Eurobond market. We have to determinate what a Eurobond is. The word Eurobond might be misunderstood. Indeed, Eurobonds do not mean bonds of European countries or euro-denominated bonds. The original sense of the world is given in this definition A Eurobond is a bond underwritten by an international syndicate and sold in countries other than the country of the currency in which the issue is denominated The Online Encyclopedia. In others words, the bond is issued and traded in a currency which is not the home currency of the investors. Eurobonds are not traded on a specific national bond market. Thus, Eurobonds are not subjects to the rules of any country. They are issued and traded within an unregulated market. Usually, a Eurobond is issued by an international syndicate (a group of banks that acts jointly). Eurobond market is separated into two different markets: Primary market (first issue of bond). Secondary market (sell your own Eurobond to another investor). Eurobonds bought in the primary market can be sold prior to their maturity in the secondary market. In this market, Eurobonds are traded over-the-counter. Moreover, the Eurobond market is separated into sectors; the different bonds are classified taking account of the currency in which it is denominated. We can take this example to show what a Eurobond is. Firm headquartered in Scotland issues bond and increases capital in China denominated in Pound sterling. In this case, this is a Eurobond called Euro Sterling Bond. If the Scottish company issues bond in US Dollar in China, it is also a Eurobond called Euro Dollar Bond. In the United States, during the sixties, there was unfavorable tax regime in the bond market. Thats why, American companies started to issue US Dollar denominated bond outside their own country. Thus, the Eurobond market became widespread. The First Eurobond was issued in 1963. This market is still growing under development. Usually, the borrowers or investors in the Eurobond markets are large companies, international organizations or financial institutions and governments and not individuals. In order to raise funds, the governments or companies (the borrowers) can issue and sell bonds. Thus, they attract investors who want to deposit money. Each entity wins: the firms and the governments find money to finance their activities and the investors are repaid plus interest. Investors and issuers prefer to use the Eurobond markets for several reasons: The main reason why an issuer choice the Eurobond markets is that it is cheaper to obtain financing. Eurobonds are not subject to tax and largely free from government regulation. There is a great borrowing flexibility. Issuers can choice the country in which to sell their bonds. Thus, they choice countries where there is the least amount of constraints. They have to choice which country has the best bond legislation. In this manner, they can reduce their borrowings costs. That is why; obtaining financing on the Eurobond markets is cheaper than the other market. And, they can propose advantageous offers. Indeed, to attract investors, issuers have to offer investors the well-price financing (at least as competitive as those available in the long-term or equity markets in their own countries). Moreover, income investors are not subject to double tax (borrowing country and home country). Hence, the Eurobond markets give an investor a possibility of achieving a higher yield on investments (advantageous offers from issuers and less income tax). Thus, Eurobond market regulation also benefits investors. The Eurobond market is considered as extremely liquid. The liquidity of a bond depends on the ability to be bought or sold without price concessions investors usually require bond liquidity. The Eurobond markets have high liquidity because Eurobond trading takes place 24 hours a day worldwide. The Eurobond markets are easily accessible. Hence, the companies or others investors can obtain financing in an economy where financing is hard to obtain. Issuing Eurobonds gives companies wider access to the international market which they may normally not be able to access. Moreover, this wider access to the international market increases the international recognition for the companies. The international Eurobond market is composed of a wide range of investors. It is easy for the issuers to find investors who want to deposit money. Usually, some large firms issue Eurobonds to raise funds in order to set up a subsidiary abroad. Take a UK-based company for example. It wishes to establish its operations in China; the firm has to obtain Chinese Yuan for the operation. Therefore, the company must issue Eurobonds in Chinese Yuan which be sold to the buyers owning Chinese currency in another country than China. Thus, the company obtains Chinese Yuan by way of compensation of Eurobonds. Then, it gives money to its subsidiary qua  loan. In the future, the subsidiary will start making money. The latter will give its profit to reimburse the interest on the  loan  bore by the parent company. The fact of issuing Eurobonds gives the ability the parent company to reduce the risk. Indeed, the currency risk is avoided because its liability (Eurobond in Chinese Yuan) is brought into balance by its asset (loan  in Chinese Yuan), thereby, the firm will not be subject to modifications in the value of Chinese Yuan. When a bond is issued, investors name has to be registered when he buys the bond (registered form) either or the investor does not need to give his name, he can own directly the Eurobond (bearer form). Usually, the Eurobond markets us the bearer form because there is no central register. Thus, the buyer can keep his anonymity. Eurobond permits to keep investors identity hidden. It is a key characteristic for. Investors prefer to keep anonymity. And logically, instead of issuing shares to increase funds firms can use the Eurobond markets. In this manner, companies keep the whole control of it strategy. A Eurobond is a special bond. Indeed, it is not subject to regulations and constraints governments. Eurobonds are not traded on a specific national bond market. The Eurobond market is probably one of the most attractive bond markets for both issuers and investors. This is mainly due to the self-regulations and flexibility of this market. The issuer can reduce borrowing costs and find easily anywhere and anytime an entity which want to deposit money. The investor can achieve a higher yield on investments and keep his identity hidden. Today, the Eurobond market is the largest international bond market in the world.

Blade Runner Essay -- Papers

Blade Runner "Mise en scene, in discussions of film, refers to the composition of the individual film, the relation of objects, people and masses; the interplay of light and dark; the pattern of colour; the camera's position and angle of view, as well as the movement within the frame". The complete film dictionary. The Ridley Scott film Blade Runner, begins with opening credits, these are plain, bold, white text on a black background. This along with quiet music and sudden beats of drums creates a very tense atmosphere and helps with suspense; there is a very military feel to this opening sequence. We are then given an update of events, this tells us the film is set in the future and that it is a time when technology has enabled cyborg human clones, colonisation on planets in outer space and a world dominated by Large Corporations, this tells us that the genre of this film is sci-fi. ====================================================================== The opening sequence shows a vast futuristic urban ba...

Motivating Middle School Boys Essay

Abstract Middle school is a time of physical, emotional and social change for boys. When students hit middle school, academics tend to take a back seat to all of the new activity in their lives. For boys, middle school is increasingly difficult. In addition to the physical and emotional changes, the academic curriculum becomes more challenging and rigid. This does not align with a typical boy’s learning style. Many boys in middle school are struggling through hard times at home. Situations may include challenges such as little to no parental support, poverty, and malnutrition. With all of the possible circumstances disrupting their home lives, it is hard for these boys to concentrate on how to solve an equation in math class. Teachers need to motivate boys by providing relevant, hands-on curriculum. Three ways that teachers can do this is by including family members in the classroom, using friendly competition in the form of games and contests, and by relating mathematical lessons and material to real-life situations and interests that the boys might have. Introduction By seventh grade, most students have had years of poor attendance, little parental support, and many other issues related to poverty. They simply do not see the importance of mathematics in everyday life and how math can lead to better things for them. Males, in particular, want to continue the lifestyle they were raised in; showing little to no effort when it comes to the math classroom. This paper discusses three reasons why mathematics teachers should incorporate meaningful motivation strategies as a tool to motivate middle school males in the mathematics classroom. Including Family in the Classroom. One way that teachers can help to motivate boys in the middle school classroom is to include their families in the classroom. The relationship between family and school influences the academic achievement of middle school students. These family relationships and parental involvement mold students’ educational development drastically. Murdock and Miller (2003) refer to family as a major influence in how middle school boys deal with learning, peers, and motivation. They state â€Å"families play the most important role in students’ lives as they transition from elementary school to middle school†. The absence of a parent can play a very important role in the success of a student, so when the student sees that there is a connection between the classroom and their family, they are motivated to succeed. Middle school math teachers should try their best to create a sense of family cohesion and teamwork in the classroom. Teachers can do this by always making sure parents are aware of what is happening in the classroom, keeping the lines of communication open, and even incorporating projects that might need the student to work with a member of their family to complete it. Haim Ginott’s theory of congruent communication states that teachers should always use communication that is harmonious with students’ feelings about situations (Charles, 2008). This can be applied to idea of including families in the classroom because teachers need to keep the lines of communication open not only with their students, but with their students’ families. By taking the time to talk to students about situations arising in the classroom, it will be easy for teachers to communicate with parents about similar situations and the lack of motivation within the classroom. When students know that their families are involved in their academics, they are more inclined to succeed in the classroom. Introduce Competition Next, a second way that teachers can help to motivate middle school boys while in the classroom is to include the use of different games and contests. Most boys respond well to competition with their peers. They will force one another to greater speeds, improved accuracy and higher achievement in the name of winning. Boys thrive on competition, so any type of game or activity that allows them to go against a peer in a competitive manner will motivate them to perform. In the following quote, Conti explains why he believes that competitions in the math classroom can spark an interest in math for boys. â€Å"Mathematics competitions are probably the extracurricular academic programs with the widest participation. The most immediate value of these math contests is obvious – they pique students’ interest in mathematics and encourage them to value intellectual pursuits. Boys love games, and many will turn just about any activity into a contest, or in other words, something to get good at. Math contests thus inspire them to become good at mathematics just like sports encourage physical fitness. Eventually, students put aside the games. By then, hopefully an interest in the underlying activity has developed† (Conti, 2001). Teachers should create competitions by having students race against one another to solve math problems or turning a test review into a basketball game, allowing students to shoot a basket for every correct answer. The teacher could also place students in groups and award points based on certain behaviors and completed tasks. A prize would be awarded to the group with the highest score at the end of the week. Jacob Kounin would agree with this point based on his theory of lesson momentum and withitness. Kounin believes that classroom teachers should be able to do a multitude of things at one time, including presenting motivating and engaging lessons, managing the class, and being aware of the classroom surroundings (Charles, 2008). He states that good teachers keep students from getting bored or otherwise frustrated with lessons. By including competition in the form of games and contests in the classroom, the teacher is able to keep the boys motivated with a lesson while still controlling the needs of the class. When boys know they have a chance to show off their skills by winning something, they will immediately become engaged and motivated to participate. Provide Connections to Real-Life Therefore, a third way that middle school math teachers can motivate boys within the classroom is to connect the material to real-life applications. Students, particularly those who come from backgrounds that undervalue education, will benefit from this strategy. Stein (1993) expressed his belief in real-world connections revolving around math lessons by stating â€Å"Because students often feel that mathematics is the subject least relevant to their daily lives, it is an important arena in which teachers can attempt to incorporate students’ funds of knowledge in the context of culturally relevant mathematics instruction†. For middle school boys, school itself is often the least important factor in their lives. Teachers can tap into their focus by relating topics to important interests in their lives. One way for teachers to do that is to use democratic teaching; a theory of Rudolf Dreikurs. Democratic teaching occurs in a classroom in which the teacher and students work together to make decisions about how the class will function (Charles, 2008). This applies to the idea of connecting math with real-world situations. Students want to know how what they are learning will benefit them in their future lives. By brainstorming different topics and careers that the students are interested in, the teacher can then develop lessons that explain how those interests or careers are affected by mathematics. Teachers should show boys how math affects their everyday lives in areas such as: household maintenance, calculating car mileage, budgeting, making larger purchases (cars and houses), or solving problems that are important to them. Connecting math to future careers can also help to motivate boys in math class. Many unmotivated boys do not realize the importance of math for success in college or the role that math plays in careers that are not overtly math-oriented. Stein also claimed that by using problems that interest and excite the students’ curiosity, students are keen to develop important problem-solving strategies. These strategies can be applied in everyday situations, not just in the mathematics classroom. Conclusion The use of meaningful and male-related motivational strategies in middle school mathematics classrooms are a great way to motivate and help boys succeed. Most boys are very intelligent when it comes to numbers and math, however it may seem â€Å"too cool† to get good grades and to apply yourself. Middle school is where students generally begin to find themselves, and a determined teacher can help to motivate students to choose the right path. A teacher’s responsibility is to make sure they have done everything in their power to help their students succeed. This means reaching out to parents, changing lessons to fit the needs of the unmotivated students in the classroom, and changing your classroom management strategies to help engage and excite the students. With little to no parental support or guidance for many boys in the classroom, a male math teacher may be exactly what these boys need. But will these same strategies work with a female math teacher? References: Charles, C. M. (2008). Twentieth-Century Pioneers in Classroom Discipline. Building Classroom Discipline (Ninth Edition). Boston: Pearson. Conti, R. , Collins, M. A. , & Picariello, M. L. (2001). The impact of competition on intrinsic motivation and creativity: Considering gender, gender segregation  and gender role orientation. Personality and Individual Differences, 31(8), 1273- 1289 Grossman, H. (2004). Classroom behavior management for diverse and inclusive schools. (3rd edition). Maryland: Rowman & Littlefield. Murdock, T. , Miller, A. (2003). Teachers as Sources of Middle School Students’ Motivational Identity: Variable-Centered and Person-Centered Analytic Approaches. The Elementary School Journal, 103(4), 383-399. Stein, S. L. (1993). Young’s vision. The Mathematics Teacher, 86, 330-333.

Nike Swot Analysis - 1382 Words

SWOT Analysis Nike Strengths. Very good Leadership is one of Nike’s strengths. Nike is a very competitive organization. Founder and Owner, Phil Knight is often quoted as saying that â€Å"Business is war without bullets.† Nike has a healthy dislike of its competitors such as Reebok and Addidas. This competition in the market results in the company to strive to have to best products and on the market. Nike sponsors the top athletes and gains valuable coverage through the media. Nike has no factories. It does not tie up cash in buildings and manufacturing workers. They manufacture wherever they can produce high quality product at the lowest possible price. If prices rise, and products can be made cheaper elsewhere Nike will then move†¦show more content†¦Nearly half of these workers have completed senior high school. Few have work-related skills when they arrive at the factory. 95% of the workers in the nine participating factories have received pay or wage increases in the last year, consistent with government minimum wage increases, and with small exceptions the bases wages in these factories are above the regions minimum wage. Conditions for these workers have allegedly been made by campaigns of poor conditions, with commonplace harassment and abuse. Nike has sought to respond to these allegations by putting into place a code of conduct for all of its suppliers, and working with the Global Alliance to review around 21 of these factories, and to pick up and respond to issues. In developing countries the workers from the factories have to deal with verbal abuse, sexual comments, and physically abuse. In addition, sexual trade practices in recruitment and promotion were reported by at least two workers in each of two different factories, although a subsequent investigation was unable to confirm this. There is also confirmation of workers that are satisfied with their relationship with direct line supervisors, and are satisfied with management. The main concerns expressed by workers relate to their physical working environment. A lot of the Nike Company factories are experiencing serious problems leading to labor disputes. On the otherShow MoreRelatedNike Swot Analysis1214 Words   |  5 PagesSWOT analysis: Nike Introduction Like most companies, Nike has corporate strengths and weaknesses. However, in the 50 years that Nike has been in business, it has weathered most challenges. 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