Definition of Terms Essay

A pre-Socratic Greek realist logician. Democritus was an understudy of Leucippus and co-originator of the conviction that all issue is comprised of different perpetual, inseparable components which he called atoma or â€Å"indivisible units†, from which we get the English word particle. Mesopotamia A support of progress topographically situated between the Tigris and Euphrates streams, to a great extent relating to advanced Iraq. Sumer in southern Mesopotamia is normally viewed as the world’s most punctual progress. Urban communities in Mesopotamia later filled in as capitals of the Akkadian, Babylonian, Assyrian, Mitanni, Neo-Assyrian, Neo-Babylonian, Parthian, Sassanid and Abbasid realms. Thought An idea or deliberation framed and existing in the brain. Human capacity to ponder thoughts is related with the capacity of thinking, self-reflection, and the capacity to get and apply mind. Further, thoughts offer ascent to real ideas, or psyche speculations, which are the reason for any sort of information whether science or theory. Humbaba A massive monster of prehistoric age raised by Utu, the Sun. Humbaba orHuwawa was likewise the watchman of the Cedar Forest where the divine beings lived. Anubis The Greek name for the antiquated jackal-headed divine force of the dead in Egyptian folklore whose hieroglyphic variant is all the more precisely spelled Anpu. He is otherwise called Sekhem Em Pet. Supplications to Anubis have been discovered cut on the most antiquated burial places in Egypt; without a doubt, the Unas text (line 70) partners him with the Eye of Horus. He fills in as both a guide of the as of late withdrew and a gatekeeper of the dead. Kumarbi bit off the private parts of Anu and spat out three new divine beings. This is connected in the Hittite fantasy Kingship in Heaven: Alalu was toppled by Anu who was thus ousted by Kumarbi. At the point when Anu attempted to escape Kumarbi gnaws off his privates. Anu tells his child that he is currently pregnant with the Teshub, Tigris and Tasmisu. After hearing this Kumarbi spit the semen upon the ground and it became impregnated with two kids. Kumarbi gets pregnant and is sliced open to convey Tesub. Together, Anu and Teshub dismiss Kumarbi Tammuz Tammuz was set up to pay tribute to the eponymous god Tammuz, who began as a Sumerian shepherd-god, Dumuzid or Dumuzi, the partner of Inanna and, in his Akkadian structure, the equal associate of Ishtar. The Syrian Adonis (â€Å"lord†), who was brought into the Greek pantheon, is another partner of Tammuz,son and associate. The Aramaic name â€Å"Tammuz† appears to have been gotten from the Akkadian structure Tammuzi, in view of early Sumerian Damu-zid. Theocracy A type of government where political influence successfully rests with a little tip top fragment of society (regardless of whether recognized by riches, family or military forces). The word theocracy is from the Greek words for â€Å"few†. Aton was the focal point of Akhenaten’s religion, yet seeing Aton as Akhenaten’s god is a disentanglement. Aton is the name given to speak to the sun based plate. The term Aton was utilized to assign a plate, and since the sun was a circle, slowly became related with sun oriented divinities. Aton communicates in a roundabout way the nurturing power of light. Babylon A city of old Mesopotamia, the remnants of which can be found in present-day Al Hillah, Babil Province, Iraq, around 85 kilometers (55 mi) south of Baghdad. It was the â€Å"holy city† of Babylonia from around 2300 BC, and the seat of the Neo-Babylonian Empire from 612 BC. The Hanging Gardens of Babylon was one of the Seven Wonders of the Ancient World. The Iliad The sonnet concerns occasions during the tenth and last year in the attack of the city of Ilion, or Troy, by the Greeks (See Trojan War). The word Iliad implies â€Å"pertaining to Ilion† (in Latin, Ilium), the city legitimate, instead of Troy (in Greek, , Troia; in Latin, Troia), the state based on Ilium, over which Priam ruled. The names Ilium and Troy are regularly utilized reciprocally. Hyksos An Asiatic people who attacked the eastern Nile Delta, starting the Second Intermediate Period of Ancient Egypt. They rose to control in the seventeenth century BC, (as indicated by the conventional order) and managed Lower and Middle Egypt for a long time, framing the Fifteenth and conceivably the Sixteenth Dynasties of Egypt, (c. 1648â€1540 BC). [1] This 108-year time frame follows the Turin Canon, which gives the six lords of the Hyksos fifteenth Dynasty an all out rule length of 108 years. [2] Epimetheus Epimetheus (â€Å"hindsight†, actually â€Å"hind-thought†) was the sibling of Prometheus (â€Å"foresight†, truly â€Å"fore-thought†), a couple of Titans who â€Å"acted as delegates of mankind† (Kerenyi 1951, p 207). They were the indistinguishable children of Iapetus, who in different settings was the dad of Atlas. While Prometheus is portrayed as quick and cunning, Epimetheus is delineated as stupid. Attica A fringe (development) in Greece, containing Athens, the capital of Greece. Attica is partitioned into the prefectures of Athens, Piraeus, East Attica and West Attica. Enki A divinity in Sumerian folklore, later known as Ea in Babylonian folklore, initially boss lord of the city of Eridu. He was the divinity of specialties . The specific significance of his name is unsure: the basic interpretation is â€Å"Lord of the Earth†: the Sumerian en is deciphered as a title proportionate to â€Å"lord† Nebuchadnezzar II A leader of Babylon in the Chaldean Dynasty, who ruled c. 605 BC-562 BC. He is well known for his fantastic structure inside his capital of Babylon, his job in the Book of Daniel, and his development of the Hanging Gardens of Babylon and known among Christians and Jews for his successes of Judah and Jerusalem. Ionians One of the four principle old Greek phyla or clans, connected by their utilization of the Ionic vernacular of the Greek language whose settlements were found primarily on the Islands among Greece and Anatoliaâ€but whose people groups chose the two drifts too (offering ascend to the eponymously named locale of Ionia), which movements incorporates just the southern zones of the Greek terrain including Athens. Akhenaten Meaning Effective soul of Aten, first known as Amenhotep IV (some of the time read as Amenophis IV and significance Amun is Satisfied) before his first year, was a Pharaoh of the Eighteenth tradition of Egypt. He is particularly noted for endeavoring to propel the Egyptian populace in the monotheistic love of Aten, in spite of the fact that there are questions concerning how fruitful he was at this. Inanna The goddess of affection and war, if Inanna wasn’t lashing on her fight sandals,she was seen strutting around the avenues of her old neighborhood, hauling youngsters out of the bars to engage in sexual relations with her. Regardless of her relationship with mating and ripeness of people and creatures, Inanna was not a mother goddess, and is once in a while connected with labor. Inanna was likewise connected with downpour and storms and with the planet Venus.. Vast It is represented by the vastness sign which resembles an altered number 8. Ii shows the endless forces of a divine being top dog which is boundless. Annunaki A gathering of Sumerian and Akkadian divinities identified with, and now and again covering with, the Annuna (the ‘Fifty Great Gods’) and the Igigi (minor divine beings). The name is differently composed â€Å"da-nuna†, â€Å"da-nuna-ke4-ne†, or â€Å"da-cloister adherent na†, which means something with the impact of ‘those of illustrious blood’ or ‘princely posterity or â€Å"heaven and earth† (Anu-na-ki) The Annunaki show up in the Babylonian creation legend, Enuma Elish. Shamash Means â€Å"sun†. Both in right on time and in late engravings Sha-squash is assigned as the â€Å"offspring of Nannar,† I. e. of the moon-god, and since, in an identification of the pantheon, Sin for the most part outweighs everything else of Shamash, it is in relationship, apparently, to the moon-god that the sun-god shows up as the reliant force. Foundation An establishment of higher learning, research, or privileged enrollment. The name follows back to Plato’s school of theory, established around 385 BC at Akademia, an asylum of Athena, the goddess of astuteness, north of Athens. Sparta A Dorian Greek military city-state, initially focused in Laconia. Sparta accentuated military preparing, and subsequent to accomplishing prominent triumphs over the Athenian and Persian Empires, viewed itself as the regular defender of Greece. The Kings of Sparta were accepted to be the immediate relatives of Hercules. [ Hephaestus The Greek god whose Roman proportionate was Vulcan; he was the divine force of innovation, metal forgers, skilled workers, craftsmans, stone carvers, metals and metallurgy, and fire. He was adored in all the assembling and mechanical focuses of Greece, particularly Athens distinguished by Greek settlers in southern Italy with the spring of gushing lava divine beings Adranus of Mount Etna and Vulcanus of the Lipara islands, and his produce moved here by the writers. Uruk An old city of Sumer and later Babylonia, arranged east of the current bed of the Euphrates, on the line of the old Nil trench, in an area of swamps, exactly 30 km east of As-Samawah, Al-Muthanna, Iraq. Octavian The name Gaius Octavius. His dad, of a similar name, originated from a decent yet undistinguished group of the equestrian request and had been legislative leader of Macedonia. After Octavius’ birth, his dad gave him the name of Thurinus, conceivably to honor his triumph at Thurii over a defiant band of slaves. [ Dialectics A debate, that is, the trading of contentions and counter-contentions separately supporting recommendations (postulations) and counter-suggestions (absolute opposites). The result of the activity may not just be the invalidation of one of the pertinent perspectives, however a union or mix of the contradicting statements. Gaea The Greek goddess exemplifying the Earth. Her Roman comparable was Terra . gets from the Greek words Ge ( ) = Earth

Barangay Information System Essay

Importance of the Study - This investigation was made to discover that the utilization of living arrangement data framework will diminish the ideal opportunity for the exchange of encoding. Likewise in utilizing this framework it can perceive the individual include in this examination. To the Barangay †It will help for them to diminish the ideal opportunity for the exchange of encoding. The framework will be the evaluation like having an arrangement of the barangay for the entirety of its constituents and new individuals who will live in the spot. The framework will be successful in keeping up, looking and putting away of records of all inhabitant in the barangay. To the Residence †For they will be suited effectively for they will have a distinguishing proof that can be utilized to get to their records if there are a few changes to be done in their part. It will likewise be simple for them in mentioning some data and administrations on the grounds that the barangay had as of now have it. This will likewise guarantee the inhabitants that their data is appropriately made sure about and keep up through the control of the proposed framework. To the Secretary of the Barangay †It will assist with arranging the record and screen the data of the home. Remote For additional comprehension of the investigation, the scientists utilized diverse perusing materials identified with the data framework. These materials, for example, books, magazines, papers, theory and other web articles are fundamental in widening the information on the analysts. These will likewise direct the analysts to accomplish their objective goals by getting thoughts on other related examinations and make enhancements as could be expected under the circumstances.  According to Jennifer Rowley (2005), data framework are an apparatus to help data the board. Data frameworks are progressively being utilized in associations with the object of giving upper hand. The data frameworks utilized by associations can be gathered into various kinds, for example, exchange handling framework, official data system,â expert frameworks and office data frameworks. Data Technology has proclaimed the approach of the data society. The University of Minnesota Research and Training Center has discharged its yearly Residential Information Systems Project report. The report furnishes state-by-state insights with long haul inclines on private administrations, settings, populaces and uses for individuals with formative inabilities in state, nonstate, and Medicaid-supported private projects. Attributes of occupants, development and staffing designs in enormous state private offices are incorporated. The report utilizes 2012 information to inspect slants in private backings for individuals with formative incapacities. The report found that most of individuals with IDD that don't live with a relative live in a setting with three or less individuals with IDD, with more than three-fourths offering a home to six of less individuals. The report takes note of that there are huge contrasts in the information between states for some point territories, including setting size, holding up records, and normal uses for HCBS. O’Brien, (2011) characterizes data framework as the sorted out blend of individuals, hardware,software, correspondence systems and information assets, that control, change and disseminateinformation in an association. In halfway satisfaction for the prerequisites in Software Project introduced to the workforce of IT Department Ebora, Vanessa Grace I. Casas, Lori Anne S. Rapisora, Sheryl L. Tambongco, Steven Section 1 The Problem and Its Background Presentation Setting of the Study The examination was led at Barangay Katipunan-Bayani which has a surmised popul.ation of 8,000 inhabitants. The barangay is situated at Rodriguez Ave. Tanay, Rizal. Region guide of Barangay Katipunan-Bayani Hypothetical Framework Applied Framework Articulation of the Problem This talk about the issues of existing framework that will be resolve by the scientist through modernized Residence Information Sysytem 1. Open-source information 2. Back-up capacity incase of misfortune 3. Tedious of documenting application structure 4. Sharing of records 5. Document stockpiling Goals General The scientist intends to build up a framework that will assist the customer with reducing the heap of the barangay staffs in sparing the occupants documents. Explicit 1. Have a security to made sure about all the significant records of the occupants. 2. Have a back-up capacity record if there should be an occurrence of undermining information. 3. Have a system based for simple moving of record required. 4. Have an information base for information stockpiling. Degree and Limitation The framework is intended to have a security for the records to be made sure about thatâ only the approved individual can just deal with the framework. It very well may be saved money on an envelope for document back-up. It has information base for capacity of spared information. It can print archives, for example, Barangay Clearance, Indigency and so on. The framework can't create printed version of all out records of barangay constituents. it didn't contain habitation number.

Montessori Assignment Example | Topics and Well Written Essays - 2500 words

Montessori - Assignment Example ults for them to copy; the test in raising newborn children may lie on the management of grown-ups, yet numerous grown-ups don’t have the correct information on the most proficient method to prepare up the babies 5. stacking rings †create child’s engine, intellectual aptitudes and self-assurance; object perpetual quality box †permits kid to find changing ideas in the physical world; shape puzzles †will consolidate subjective capacity 100. distinguishing hues (shading booklet, feeling of visual), recognizing portions of the body (portions of the body, feeling of visual), distinguishing objects by feel (protests in paper pack, feeling of touch), distinguishing wellsprings of sound (tape and banner, feeling of hearing) 103. Essential objective: improve sensorial capacity; auxiliary objective: to open the kid to sensorial experience; material: object perpetual quality box; Presentation: permit the youngster to investigate the container and the items inside 1. tossing an apple will remind youngsters that they are squandering what the nature has given them; getting ready different nourishments from apple can assist kids with assessing the numerous things that the earth can accommodate human endurance 3. slow down and work at your child’s pace †kids needs to learn bit by bit yet in a pace related with his involvement with life; share family unit tasks with your kid †this is to guarantee pragmatic application, preparing and introduction 26. Guardians should control their youngsters. The positive thing about presenting the youngster to new innovation is learning things in the development world. It’s additionally helpful due to simple access. Be that as it may, innovation connected to listening movement may prompt preoccupation of child’s center. Moreover, this will lead the kid to be presented to different territories not concerning Montessori preparing. 51. go bounce. The kid giggles. She moans. She eats. She grins. He gestures. He swims. He licks. He grins. She offers gratitude. She said no. she despises it. Go run. Go swim. The feathered creature flies. The pooch barks. The feline howls. The downpour drops. The sun sparkles. the breeze

Cinderella: Difference and German Story Essay

Cinderella and Ashputtle are two unique stories dependent on a similar plot. Ashputtle is a German story, and Cinderella is from France. From what one can tell from perusing the two forms, these two nations can deliver totally different styles of composing. The accounts Ashputtle and Cinderella are fundamentally the same as in plot, yet the subtleties are totally different in various manners. The German story, Ashputtle, is an a lot harsher story. Ashputtle contains more blood and retribution, and has a darker subject to it. In this story, Ashputtle’s father appears to overlook her and not care particularly about her. Likewise in Ashputtle, toward the finish of the story, the stepsisters’ eyes were culled out by feathered creatures, as a discipline for how the acted. The blood scenes happen when the two stepsisters cut off pieces of their feet to endeavor to fit into the glass shoe, and in a matter of seconds after the fact the sovereign acknowledges what's up and takes them back to their home. The French adaptation of the story, Cinderella, is written in a lighter tone. Rather than being loaded up with retribution and blood, it is to a greater extent a serene topic, and nothing truly happens to the stepsisters toward the finish of the story. In Cinderella, her dad despite everything thinks especially about her and adores her, yet he is overruled by his significant other, Cinderella’s stepmother. Another distinction in Cinderella is that there is a pixie guardian, while in Ashputtle, the young lady goes out to her mother’s grave to supplicate and the creatures come out to support her. There are a few manners by which the narratives are comparative. The two stories clearly have fundamentally the same as plots, and the heroes have a similar character and characteristics. The majority of the characters in Ashputtle mirror their relating characters in Cinderella, for example, the stepsisters and the ruler. Both the tales depend on the fantasy of a decent young lady who is inadequately treated, however then she winds up living cheerfully ever after with an attractive sovereign. The narratives have the evil stepmother and stepsisters who treat the young lady gravely. The young lady winds up setting off to the ball and she is viewed as the most delightful young lady there, yet no one perceives her. The sovereign meets her and is astonished by her excellence and graciousness, and he wishes to wed her. Creatures additionally have a significant impact in both of the narratives, as they help out the hero in heading off to the ball. In spite of the fact that the two adaptations of the story are very unique, many key likenesses can unmistakably be seen between the two. The distinctions additionally show how two altogether different societies can deliver a similar story in their own specific manners. Today, the story has gotten worldwide, and it could be fascinating to perceive how different societies may compose their own adaptations. This equivalent circumstance happens with numerous different stories, for example, Snow White or Sleeping Beauty. Obviously, contrasts are constantly found, yet the key likenesses are an approach to connect the various variants.

5 ADHD Friendly Tips for Using a Daily Planner

5 ADHD Friendly Tips for Using a Daily Planner Mastering the art of using a daily time planner is a simple yet powerful skill when you have ADHD. It is the key to managing your life and your ADHD. Your planner becomes your memory prompt, time manager, and organizing aid. Plus, it can help reduce classic ADHD symptoms such as impulsivity, distraction, and procrastination.   A daily planner is a calendar that is divided into days and each day is divided into sections, according to time. You can write down your appointments in the appropriate time slots. Planners have a variety of names, such an agenda, diary or daytime planner. However, the function is always the same. They help you record your commitments to yourself and other people so you remember them. Here are 5 points to consider when you are using your daily planner. Paper or Electronic There can be heated debates about whether paper or electronic planners are best. Both are good, so the key to success is to pick the one that you feel most comfortable using every day. If you love paper and pen and find writing on paper helps to solidify things in your mind, then a paper planner would be a good choice. If, on the other hand, you love gadgets and all things electronic, then a digital planner would be good for you. The benefit of digital planners is they can usually be accessed from multiple devices such as your phone, tablet, and computer. This is a helpful feature when you have ADHD because if you misplace one, you are still able to access your schedule. How Many Planners You Should Have Some people have a planner for work and another for home. However, when you have ADHD it is best just to use one. Having two planners might sound logical, but it can quickly get confusing and overwhelming. Keep it simple and just have one planner for your whole life. What to Write in Your Planner Appointments with other people. These could be meetings for work, personal appointments like visiting the dentist, as well as time with family and friends. Before confirming an appointment, reach for your planner and check if you are available on that day at that time before confirming. Next, write it down immediately before you forget. Appointments with yourself.  These are times you block out in your agenda so you can perform a particular task. For example, it might be an item from your to do list. Making appointments with yourself means you become more productive and time doesnt just slip away.  These appointments also provide mental relief because even if you cant do a task right away, you know exactly when you will have time to do it.   Include Transition Times When you are writing appointments down in your planner, write down the time of the appointment and the time it will take you to travel there. This helps you to arrive on time for all your appointments. The more the use your planner, the better you will get at estimating travel time. Also, schedule transition time between the appointments you book with yourself. This is important when you have ADHD as you need time to disconnect from one task before starting on the next. When you do this, you will avoid feeling irritable, anxious, or angry. How Often Do You Look at Your Planner? In order for planners to be effective, you need to use them regularly! Always look at your planner first thing in the morning to have a clear and up-to-date image of what your day looks like. Also, throughout the day, look at your planner to remind you of your activities and to update it with new appointments as they are arranged. Happy planning.

Study On The Variability In Foreign Exchange Rate - Free Essay Example

1.0. Introduction Variability in foreign exchange (FX) rate has been one of the major economic and financial factors affecting cash flows and common stocks value. After the collapse of post-war Bretton Woods fixed exchange rates in the 1970s, the relative prices of currencies began to fluctuate. The rapid expansion in international trade and adoption of floating exchange rate regimes by many countries led to increase exchange rate volatility. As economic integration and globalization have been increasing year by year, exchange rate movements have become very important source of risk for financial firms as well as non-financial firms. In this context, it is very important to mention that virtually all existing empirical studies estimate currency exchange rate exposures on the basis of share prices. However, the assessment of cash flow and stock price exposures which will be studied in this research will represent a rational alternative to the analysis of stock price exposures. In fact, it is the impact of exchange rate risk on corporate cash flows rather than equity prices per se, that is emphasized in the theoretical literature on corporate risk management, either for tax reasons, managerial performance, bankruptcy, investment decisions or compensation purposes. Jacque (1996) points out that change in a companys earnings due to unexpected foreign currency exchange rate changes relatively to their domestic currency is considered as foreign exchange rate risks. Changes in exchange rates may affect firms profitability and value. Exchange rate changes can also impact on the level of competitiveness of the firms which are exposed to exchange rate risk, or affect the value of their net assets denominated in foreign currencies. Adler and Dumas (1984) show that even firms whose entire operations are domestic may have affects of exchange rates of foreign currencies, if their output and input prices are influenced by currency movements. Moreover, Eiteman et al. (2006) says that in general, firms are exposed to three types of foreign exchange risk: translation exposure, transaction exposure and economic exposure. Translation and transaction exposures are accounting based and defined in terms of the book values of assets and liabilities denominated in foreign currency. In practice, economic exposure is computed as the net sensitivity of some aggregate measure of firm value to currency fluctuations. Economic exposure contains of the direct and indirect effects of currency fluctuations by focusing on the net sensitivity. At the corporate level, changes in exchange rates affect the firm value, because future cash flows of the firm will change with exchange rate fluctuations. In other words, exchange rate changes have important implications for financial decision-making and for firm profitability. It is widely believed that changing exchange rates affect the competitiveness of firms engaged in international competition. According to Luehrman (1991), a falling home currency promotes the competitiveness of firms in home country by allowing them to undercut prices charged for goods manufactured abroad. Many simple partial equilibrium models (e.g. Shapiro) predict an increase in the value of the home country firm in response to a real drop in the value of the home currency. Economic theory suggests that under a floating exchange rate regime, exchange rate appreciation reduces the competitiveness of export markets; it has a negative effect on the domestic stock market. Conversely, if the country is import denominated, exchange rate appreciation may have positive affect on the stock market by lowering input costs. Problem statement As economic integration and globalization have been increasing year by year, exchange rate movements have become very important source of risk for financial firms as well as non-financial firms. Also, the internationalization of capital markets has resulted in inflow of vast sums of funds between countries and in the cross listing of equities. This has therefore made investors and firms more interested in the volatility of exchange rate and its effect on stock price and stock market volatility. According to Yucel and Kurt (2003), floating exchange rate appreciation reduces the competitiveness of export markets; and has a negative effect on share prices as well as the domestic stock market. On the other hand, for import dominated country, it may have positive effect on the stock market by lowering input costs. Malaysia presents an example of an open economy which engages in international trade with several countries and hence susceptible to foreign exchange rate volatility. Malaysian exchange and trade system have been liberalized for many years. Malaysia now follows a floating exchange rate policy. Malaysian economy has been suffered from Asian financial crisis 1997 and World financial crisis 2008. As a result volatility in foreign exchange rate and deviation from purchasing power parity might become persistent in the economy. Most of the firms operating in Malaysia are affected in many ways from these economic conditions. The firms have faced higher business risk and foreign exchange risk. However, empirical evidence on the influence of foreign exchange market volatility on stock market is largely inconsistent. These have been in the contest of developed economies. Mishra (2004) found no theoretical consensus on the interaction between stock prices and exchange rate. However, Solnik (2000) argues that there is a negative correlation between stock market and local currency. The openness of a countrys economy is recognized as a cause of volatili ty of its market. Malaysia presents a classic example of an open economy which engages in international trade transaction. Moreover, with advert of globalization, developing economies are becoming more integrated into developed economies as the results of increasing flow of imports and exports. Malaysia is not an exception. A cursory examination of foreign exchange rate history in Malaysia shows some considerable level of volatility. Therefore, it would be interesting to explore the effect of its foreign exchange volatility on cash flows as well as stock prices of its non-financial companies. Again, much work on the effect of the exchange rate volatility in the developing country like Malaysia has not been done. Thus, for that reason the study intended look at the effect of foreign exchange exposure on companies cash flows and stock prices in Malaysia. Research objectives Objective of the current research is to determine whether cash flows and stock prices of companies are affected by exchange rate exposure. This research project attempts to assess the economic exposures of the firms chosen from the Bursa Malaysia Main market. The issues are important for investors as well as corporate risk management. To examine the relationship between cash flows of the companies and exchange rates; To examine the relationship between stock prices of the companies and exchange rates; To determine which currencies have major influence on the companies cash flows? To determine which currencies have major influence on the companies stock prices? Research questions The research aims to find answers to the following questions: Whether cash flows of the companies exposed to exchange rate risk? Whether stock prices of the companies exposed to exchange rate risk? Which currencies have major influence on the companies cash flows? Which currencies have major influence on the companies stock prices? Significance of the study The estimation of exchange rate exposure is a relatively new area in international finance. After 1973, managers and economists become more concerned about the exchange rate fluctuations on firms. Also, for the past decade, researchers have been empirically investigating the exchange rate exposure of the firms. Following Adler Dumas (1984) most of the research measures the exposure as the elasticity between change in firm value and exchange rate. Empirically, this exposure elasticity is obtained from a regression of stock returns on an exchange rate change (Bodnar Wong, 2000). In practice, there is little general agreement on the use of appropriate choice of à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"aggregate measure. In this research project it is focused on the impact of economic exposure of Malaysian firms values. Corporate managers will also be interested in the exposures of corporate cash flow measures such as sales, operating cash flow and earnings for reasons of corporate planning and risk management. Scope of the study The current study one of the new studies in international finance and risk management. In general, the research will assess the economic exposures for the companies listed in Bursa Malaysia Main Market from the years 2000 to 2008. For the research, first, all sample companies stock returns will be regressed on exchange rate change and market return. In the second step, companies will be examined according to one specific character, which is export volume. LITERATURE REVIEW Introduction It is also noticeable whether the firms cash flows are sensitive to exchange rate movements. Perhaps we should also point out the fact that Grambovas and McLeay (2006) are convinced that empirical analysis confirm that currency fluctuations may affect firm values, especially with consideration to the influence of foreign exchange rate movements on the firms cash flows and their accounting earnings, and on their stock prices. Previous literature Miller Reuer (1998) conducted a study on the implications of differences in strategy and industry structure for firms economic exposures to foreign exchange rate movements. According to their results, 13-17 % of US manufacturing firms exposed for foreign exchange rate movements. Also they indicated that foreign direct investment reduces economic exposure to foreign exhange rate movements. Martin and Mauer suggest that economic exposure, which typically has a longer-term time dimension, encompasses the competitive and indirect effects of exchange rate risk. Many academics such as Hodder (1982), Marston (2001) Pringle (1995), Shapiro (1975) and von Ungern-Sternberg von Weizsacker (1990) argue that unlike transaction exposure, economic exposure can affect even domestic firms. Economic exposure arises from changes in the sales prices and volumes, and the cost of inputs of the firm and its competitors as a result of exchange rate changes. Miller Reuer (1998) and Sundaram Black (1 992) argued that geographically positioning production, sales, sourcing, and financing operations is effective for reducing economic exposure. Glaum, Brunner and Himmet (2000) examined the economic exposure of German corporations to change in DM/US dollar exchange rate. They found that German firms are significantly exposed to changes in DM/US dollar rate. Several studies focused on the some companies and they demonstrated that exporter firms stock values are more sensitive to change in foreign exchange rates (Mao and Kao, 1990; Bortov and Bodnar, 1992). The study by SÃÆ' ¶hnke M. Bartram (2007) found significant exposure of several firms to at least one of the foreign exchange rates, and significant exposures found by them were more frequent at long-term horizons. They also argue that the impact of exchange rate risk on share prices and cash flows is similar and determined by a correlated set of economic factors. Moreover, Dominguez and Tesar (2006) found that exchan ge rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to exchange rate risk. Exposure is correlated with firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level. Martin and Mauer (2003) pointed out that cash flow effects are greater for long-term lags than for short-term lags in exchange rate movements. This result may occur because transaction exposure is easier to assess and hedge, whereas economic exposure is more difficult to recognize and hedge. While Bartram (2007) suggests significant exposure of several firms to at least one of the foreign exchange rates such as CAD, JPY and EUR, and significant exposures determined by Bartram (2007) were more frequent at long-term horizons. The percentage of firms observed fo r which stock price and earnings exposures were considerably different was relatively low, though it increased with time horizon. Finally, he was convinced that the impact of exchange rate risk on stock prices and cash flows is similar and determined by a related set of economic factors. Batram and Karolyi (2006) took a new look at the exposure puzzle by studying the potential impact of the introduction of the Euro on stock returns of 3,220 non-financial firms from 20 countries. Their findings suggest that the introduction of the Euro decreased foreign exchange rate exposure, but these changes are statistically and economically small. According to Tesar and Dominguez (2006), factors such as firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level may influence economic exposure of the companies. These factors may either increase the companies economic exposure or decrease. These factors influence on the companies economic exposure will depend on how significantly these factors are correlated with the companies cash flows and operations, and if there are significant correlation between them, we should also point out whether these significant correlations are positive or negative. Empirical analysis by Grambovas and McLeay (2006) confirmed that exchange rate fluctuations will affect firm values, especially with regard to the influence of exchange rate movements on the cash flows and accounting earnings of companies with international exposure, and on their stock prices. Recent studies by Priestley and Odegaard (2007) studied the exchange rate exposures by orthogonalizing the market returns with respect to changes in exchange rates and a set of macroeconomic factors. Their findings suggest that the extent of exposures is only fully exposed when it is subdivided the sample period into regimes and at the same time used an orthogonalized market portfolio in the regression. Batram and Karoly i (2006) studied the exposure puzzle by looking at the potential impact of the introduction of the Euro on stock returns of 3,220 non-financial firms from different 20 countries. It was found that the introduction of the Euro had decreased foreign exchange rate exposure, but the changes were statistically and economically very small. However, Bae, Kwon, and Li (2008) having studied the exchange rate exposure and risk premium by using data on American depositary receipts (ADR) of Australia, France, Japan and the U.K., found that changes in the exchange rates were negatively correlated with the underlying shares of ADRs, but they were positively correlated to ADR returns observed in the U.S. markets. Moreover, they discovered that U.S. and local investors require different risk premiums for exchange rate risks presented in ADR investments. Griffin and Stulz (2001) found weak evidence of statistically significant exchange rate exposures, and the economic significance of the estimate d exposures was low. A first main study of the foreign exchange exposure fact done by Jorion (1990) found a significant impact of foreign exchange rate risk on share prices for 5.2 percent of the analyzed 287 U.S. MNCs at the 5 percent level. Choi and Prasad 1995 developed a model and examined the exchange rate sensitivity of 409 US multinational firms. Their findings indicated that change in exchange rate affected firm value. They found that 60 percent of firms had significant exchange rate exposure. In their study, Choi and Prasad (1995) found that 14.9 percent of the individual firms in the U.S. and 10 percent of the industry portfolios showed a significant exchange rate exposure at the 10 percent level, corroborating earlier findings. Domely and Sheehy (1996) found contemporaneous relation between the foreign exchange rate and the market value of large exporters in their study. Comparable results were found outside the United States by He and Ng (1998). For instance only s ome multinational companies in Japan (26.3% and 53.8% for different time periods) showed a significant exchange rate exposure with regard to a multilateral exchange rate index. Some studies look into the exposure of industry portfolios in several countries, there were found percentage yields of companies with significant exposure of 15% (United States), 4% (Japan) and 6% (United Kingdom) by Prasad and Rajan (1995), or 23% (United States), 21% (Canada) and 25% (Japan) by Bodnar and Gentry (1993) at the 5% level. Study by Bartram and Karolyi (2006) suggests that the FX rate exposure of non-financial firms is systematically linked to firm characteristics such as sales, the percentage of foreign sales in general and in Europe in particular, regional factors like geography, strength of currency and industry characteristics like competition, traded goods. Study examined by Allayannis and Ihrig (2001) speak about stock price exposure to international trade activities of U.S. industries, an d Bodnar et al. (2002) mention the significance of pass-through for exposure. Moreover, Starks and Wei (2004) found that the scale of exchange rate exposure is linked to proxies for probabilities of financial distress, product uniqueness and growth opportunities. However, the evidence of corporate foreign exchange rate exposures on a cash flow basis is very thin and inadequate to individual case studies. Garner and Shapiro (1984) investigated the foreign exchange rate exposure of Vulcan Materials Company by regressing changes of its quarterly operating cash flows on changes in the exchange rate of USD against GBP, and showed only small and statistically irrelevant foreign exchange rate exposures. Moreover, Oxelheim and Wihlborg (1995) use quarterly changes of total cash flow, commercial cash flow and sales revenue as dependent variables in the exposure analysis of Volvo Cars. Results by Oxelheim and Wihlborg (1995) indicate that the financial situation of the company reduces expo sures with regard to changes in the DEM/SEK exchange rate only to a modest degree. One more study by Bartram (2005) investigated the exposure of a large nonfinancial company based on proprietary internal as well as external capital markets data. Analysis by Bartram (2005) illustrated that the irrelevance of foreign exchange rate exposures of wide-ranging performance measures such as total cash flow and/or share price can be explained by hedging at the company level. Several studies focused on the some companies and they demonstrated that exporter firms stock values are more sensitive to change in foreign exchange rates (Mao and Kao, 1990; Bortov and Bodnar, 1992). In the most of the studies foreign exchange exposure was measured by regression analysis by using stock returns. Adler and Simon (1986) measured economic exposure as the slope of stock return on exchange rate change. Jorions (1990) model was established by adding the return of the market to control for market movemen ts. As Jorion, Booth and Rotenberg (1990) and Bodnar and Gentry (1993) examined economic exposure with market return, Miller and Reuner (2000) estimated economic exposure by multivariate modelling approach. They applied three-currency model, also add some specified macroeconomic variables such overall stock market return and interest rates. Flanney and James (1984) and Sweeney and Warga (1986) also used interest rates in their models. Doneely and Sheehy (1996) formed a porfolio with 39 companies, and examined the relationship between abnormal return on exporting firms portfolio and return on sterling. Khoo (1994) estimated mining companies economic exposure by using exchange rates, interest rates and price of oil. METHODOLOGY 3.0. Economic Exposure Measurement In order to measure Malaysian companies economic exposure I decided to follow Adler Simon (1986) model. I will measure economic exposure as the slope coefficient from a regression of stock returns on exchange rates. R it = ÃŽÂ ±i + ÃŽÂ ²i et + eit (1) ÃŽÂ ±i = constant term R it = Stock return for company i. et = Percentage change in exchange rate The coefficient ÃŽÂ ²i represents the sensitivity of a company is stock returns to exchange rate movements. In the model exchange rate quotation is direct quotation for Malaysia. In other words it is shown as MYR per one unit of the foreign currency. Positive value of ÃŽÂ ²i means that a depreciation of MYR corresponds to an increase in the value of company i. In the study, I will apply another model as Jorion approach. Jorian introduced another macroeconomic variable market return to control for market movements. To control for the à ¢Ã¢â€š ¬Ã‹Å"common macroeconomic influences on total exposure elastici ties; most emprical studies include the return to a market portfolio with the exchange rate variable in their emprical models (Bodnar Wong, 2000). R it = ÃŽÂ ±i + ÃŽÂ ²1i et + ÃŽÂ ²2i Rmt + eit (2) ÃŽÂ ±i = constant term R it = Stock return for company i. et = Percentage change in exchange rate Rmt = Market return Ordinary least squares regression was used to estimate models. Exchange rate movements can be measured in nominal or real terms. Real movements are defined as nominal movements adjusted for price level changes across countries. In some studies (Khoo, 1994; Bodnar and Wong, 2000), since real and nominal exchange rates are highly correlated both or one of them are used. Also in some studies trade weighed foreign exchange rate used. The exchange rate used in the study is real effective exchange rate, which is calculated by the Bank Negara (Malaysian Central Bank). The market index I employ will be FTSE Bursa Malaysia Mid 70 Index. In both mod el, it will be focused on individual firm value. Choi and Prasad (1995) state that examining exchange rate risk on aggregate level, on portfolio or market index, may not reveal the true exchange risk sensitivity of firm value. They claim that a firm level study is necessary to understand whether and why individual firms display varying sensitivity to exchange risk. I follow their approach in my analysis. 3.1. Data In order to examine Malaysian companies economic exposure, I constructed a sample. Sample companies stocks are publicly traded in FTSE Bursa Malaysia market. Only medium and big sized companies will be included. It will be used monthly data to estimate exchange rate sensitivity of the equity for the period from January 2000 to December 2008. Sample companies economic exposure will be examined in two steps. First, all sample companies stock returns will be regressed on exchange rate change and market return. In the second step, companies will be examined according to one specific character, which is export volume. The companies will be divided into two: exporter and non-exporter firms. It will be identified companies as an exporter company, if their foreign sales level is at least 20% of total sales in 2000. Individual stock returns for companies and FTSE Bursa Malaysia market return data will be collected from Bursa Malaysia sources and DataStream in UUM Library.

Ida Tarbell Muckraker, Journalist, Monopoly Critic

Ida Tarbell (November 5, 1857–January 6, 1944) was a critic of corporate power and muckraking journalist. Famous for her exposà ©s  of corporate America and for biographies of Abraham Lincoln, Tarbell was added to the National Womens Hall of Fame in 2000. In 1999, when NYUs Department of Journalism ranked important works of journalism from the 20th century, Ida Tarbells work on Standard Oil made fifth place. She appeared on a U.S. postage stamp in September 2002 in a four-part collection honoring women in journalism. Fast Facts: Ida Tarbell Known For: Writing exposà ©s about corporate monopolies and biographies on historical figuresBorn: November 5, 1857 in Amity Township, PennsylvaniaParents: Franklin Sumner Tarbell Sr. and Esther Ann TarbellDied: January 6, 1944 in Bridgeport, ConnecticutEducation: Allegheny College, Sorbonne, and the University of ParisPublished Works: The History of the Standard Oil Company, The Business of Being a Woman, The Ways of Women, and All in the Days WorkAwards and Honors: Member of the National Womens Hall of FameNotable Quote: Sacredness of human life! The world has never believed it! It has been with life that we settled our quarrels, won wives, gold and land, defended ideas, imposed religions. We have held that a death toll was a necessary part of every human achievement, whether sport, war or industry. A moments rage over the horror of it, and we have sunk into indifference. Early Life Originally from Pennsylvania, where her father made his fortune in the oil boom and then lost his business due to Rockefellers monopoly on oil, Ida Tarbell read widely in her childhood. She attended Allegheny College to prepare for a teaching career. She was the only woman in her class. She graduated in 1880 with a degree in science, but she didnt work as a teacher or a scientist. Instead, she turned to writing. Writing Career She took a job with the Chautauquan,  writing about social issues of the day. She  decided to go to Paris where she studied at the Sorbonne and University of Paris. She  supported herself by writing for American magazines, including writing biographies of such French figures as Napoleon Bonaparte and Louis Pasteur for  McClures Magazine. In 1894, Ida Tarbell was hired by McClures Magazine and returned to America.  Her Lincoln series was very popular, bringing in more than one hundred thousand new subscribers to the magazine.  She published some of her articles as books, including biographies of Napoleon, Madame Roland, and President Lincoln. In 1896, she was made a contributing editor. As  McClures  published more about social issues of the day, Tarbell began to write about the corruption and abuses of public and corporate power. This type of journalism was branded muckraking by President Theodore Roosevelt. Standard Oil and American Magazine Ida Tarbell is best known for the two-volume work, originally nineteen  articles for McClures, on John D. Rockefeller and his oil interests, titled The History of the Standard Oil Company and published in 1904. The exposà © resulted in federal action and, eventually, the breakup of the Standard Oil Company of New Jersey under the 1911 Sherman Antitrust Act. Her father, who had lost his fortune when driven out of business by the Rockefeller company,  originally warned her not to write about the company. He feared they would destroy the magazine and that she would lose her job. From 1906 to 1915, Ida Tarbell joined other writers at the American magazine, where she was a writer, editor, and co-owner. After the magazine was sold in 1915, she hit the lecture circuit and worked as a freelance writer. Later Writings Ida Tarbell wrote other books, including several more on Lincoln, an autobiography in 1939, and two books on women: The Business of Being a Woman in 1912 and The Ways of Women in 1915. In these, she argued that womens best contribution was with home and family. She repeatedly turned down requests to become involved in causes like birth control and woman suffrage. In 1916, President Woodrow Wilson offered Tarbell a government position. Though she did not accept his offer, in 1919 she was part of his Industrial Conference and President Hardings 1925 Unemployment Conference. She continued writing and traveled to Italy where she wrote about the fearful despot just rising in power, Benito Mussolini. Ida Tarbell published her autobiography in 1939,  All in the Days Work. In her later years, she enjoyed time on her Connecticut farm. In 1944 she died of pneumonia  in a hospital near her farm.