The Difference Between Un- and Dis-

The Difference Between Un-and Dis- The Difference Between Un-and Dis- The Difference Between Un-and Dis- By Maeve Maddox A peruser gets some information about contrasts between the prefixes un-and dis-. The inquiry isn't anything but difficult to address. The prefix un-has been in the language longer than dis-. The Old English prefix on-(presently spelled un-) was added to action words to demonstrated an inversion of the activity: wind/loosen up tie/unbind overlay/unfurl do/fix This prefix has stayed alive, giving us such action word contrary energies as: secure/detach clasp/unfasten spread/reveal wrap/open up Early English additionally had the prefix of refutation un-that was added to descriptors, for example, unborn and unburied. We keep on shaping negative descriptive words along these lines: miserable obscure undesirable inaccessible flighty uncool unputdownable Dis-came into English during the Middle English time frame, alongside numerous Latin and French words. The prefix dis-is identified with bis, (two), and can be utilized in the feeling of detachment: separate handicap Over the span of hundreds of years, qualifications among un-and dis-have obscured. Some of the time the prefixes are exchangeable. Now and then not. At times an apparent contrast may exist just in the brain of the individual English speaker. Numerous speakers recognize disordered and sloppy. Confused applies to the kind of individual who stuffs receipts into the sock cabinet and can never discover the vehicle keys. Chaotic applies to things which have not yet been masterminded in a composed way. By this thinking, an individual would be disordered, yet an office would be sloppy. At once, disquiet and ailment (first syllable pushed) could be utilized reciprocally with the significance condition of nervousness. Presently sickness (second syllable focused) has assumed the significance of ailment. Irate contentions are pursued over the separated implications of uninterest and lack of engagement. The contention is that uninterested ought to be utilized with the feeling of aloof, ailing in intrigue, while unbiased ought to be utilized just when the proposed significance is fair-minded. Some contend against the qualification on verifiable grounds, yet the apparent distinction in present day utilization is a valuable one. With regards to language, the individuals who esteem rationale to the exclusion of everything else are simply requesting raised circulatory strain. For instance, the thing discontent is coordinated with the descriptive word disappointed, yet the modifier that relates to the thing distress is awkward. Pretty much every one of the one can securely say about the utilization of the prefixes un-and dis-is that their right use is frequently a matter of figure of speech. The most ideal approach to ace them is to peruse, tune in, and look into faulty structures in a dependable word reference. Need to improve your English quickly a day? Get a membership and begin accepting our composing tips and activities every day! Continue learning! Peruse the Misused Words class, check our well known posts, or pick a related post below:When to use on and when to utilize inList of 50 Great Word Games for Kids and Adults10 Varieties of Syntax to Improve Your Writing

Wuthering Heights A monologue from the novel by Emily Bronte Essay Example For Students

Wuthering Heights A monolog from the novel by Emily Bronte Essay A monolog from the novel by Emily Bronte NOTE: This monolog is republished from Wuthering Heights. Emily Bronte. New York: Harper Brothers, 1848. HEATHCLIFF: She relinquished them under a hallucination, imagining in me a legend of sentiment, and anticipating boundless guilty pleasures from my gallant commitment. I can barely respect her in the light of a judicious animal, so unshakably has she continued shaping a spectacular thought of my character and following up on the bogus impressions she appreciated. Yet, finally, I think she starts to know me: I don see the senseless grins and scowls that incited me from the outset; and the silly lack of ability of observing that I was decisively when I offered her my input of her captivation and herself. It was a heavenly exertion of perspicacity to find that I didn't cherish her. I accepted, at once, no exercises could instruct her that! But it is inadequately learnt; for toward the beginning of today she reported, as a bit of shocking insight, that I had really prevailing with regards to making her despise me! A positive work of Hercules, I guarantee you! In the event that it be acc omplished, I have cause to bring thanks back. Would i be able to confide in your attestation, Isabella? It is safe to say that you are certain you detest me? We will compose a custom article on Wuthering Heights A monolog from the novel by Emily Bronte explicitly for you for just $16.38 $13.9/page Request now On the off chance that I let only you for a large portion of a day, won you come moaning and cajoling to me once more? I daresay she would prefer I had appeared to be all delicacy before you: it wounds her vanity to have reality uncovered. In any case, I don care who realizes that the enthusiasm was completely on one side: and I never lied about it. She can't blame me for giving the slightest bit of tricky delicateness. The principal thing she saw me do, on coming out of the Grange, was to hang up her little pooch; and when she argued for it, the primary words I expressed were a desire that I had the hanging of each being having a place with her, aside from one: perhaps she took that special case for herself. However, no ruthlessness disturbed her: I guess she has an inborn deference of it, if just her valuable individual were secure from injury! Presently, was it not the profundity of preposterousness of certified incompetence, for that desolate, submissive, mean-disapproved brach to dream that I could adore her? Tell your lord, Nelly, that I never, in for my entire life, met with such a miserable thing as she may be. She even disrespects the name of Linton; and Ive once in a while yielded, from unadulterated absence of development, in my examinations on what she could suffer, and still jerk despicably flinching back! In any case, let him know, additionally, to make his congenial and authoritative heart feel relaxed: that I keep carefully inside the restrictions of the law. I have maintained a strategic distance from, up to this period, giving her the scarcest option to guarantee a partition; and, whats more, shed thank no one for isolating us. On the off chance that she wanted to go, she may: the disturbance of her essence exceeds the satisfaction to be gotten from tormenting her!

The Goldilocks Class Size Conundrum

The Goldilocks Class Size Conundrum At a large university, there are certain expectations on class size and the general academic experience. Students generally take larger, lecture-style classes their freshman and sophomore year followed by smaller, more specialized classes as upperclassmen. While I’ve found this to be mostly true, there are plenty of instances where the average freshman can find their way into a small (under 30) classroom and an average senior into a large lecture hall for class. In any given semester, it has been my experience that having a mix is beneficial and keeps me engaged more than a monogamous class-size schedule. I’ve found this mix to be advantageous for a couple of reasons. While I enjoy the consistency that a lecture class brings, it can often be harder to sustain focus over the course of a semester. This occurs because there is often a lack of direct interaction between student and professor. While lecture classes are often accompanied by a discussion section, it can be difficult to get meaningful time with a professor outside of office hours. Lincoln Hall, where Ive taken a few lecture-style classes. At the same time, a smaller class offers different assignments and responsibilities than a lecture-style class. I’ve found more group projects, papers, and quizzes in smaller classes. This leads to more accountability within each class period and more direct interaction with the professor. I enjoy this style because it’s similar to the types of classes that I took in high school, and frankly, I am more comfortable with it. A mix of both lecture and smaller classes can truly give you the best of both worlds. By doing this, you can expect a combination of projects, quizzes, and larger exams that allow for variety in your studying and preparations for classes. This style of schedule tends to keep me excited about the school work I do on a daily basis and leads to better grades. Please leave any questions you have in the comment section. Talk soon. Steven Class of 2019 I’m from New Canaan, Connecticut. I'm studying Management Entrepreneurship in the Gies College of Business and Political Science in the College of Liberal Arts and Sciences.

Essay on My Adolescence and My Cognitive Development

When I was adolescent, I was strongly influenced by my cognitive development, experiences and people around me. First, I experienced typical psychological reactions which adolescences are likely to have: I had a lot of experiments; I had imaginably audience; and I experienced identity crisis. I was a person who had a lot of experiments. Because I was a late bloomer, I was not as feminine as other girls. However, I thought that I should behave more feminine to be an adult. Therefore, I suddenly changed my behaviors. For examples, I changed the way to talk and wear: I used the woman like way to talk and wore very feminine clothes. These experiments often surprised and confused people around me. Naturally, these changes did not last†¦show more content†¦Also, I understood the importance of English since I could not communicate well for my lack experience to use it. After I came back, I started to think stability and money are not only factors to decide what career I take. I came to think a job which â€Å"I† regard worthy to do is the one I should do. In my case, it is an English teacher. I decided to be a high school English teacher who can teach practical English even though it was hard to change the major I would take in a university because I belonged to the class for entrance exams for science courses. Third, my parents’ parenting style influenced strongly what I am now. They had democratic parenting style. Therefore, I could discuss with my parents even something which they did not want me to do. Also, they set some reasonable rules which I should follow, and whenever they made rules they explained me why they made such rules. They advised me when I was depressed; however, they have never forced me what to do. Throughout my experience with my parents, I could understand the importance of independence and taking responsibility of my choice. Also, because they did not force their opinions, I could develop my own ident ity without many conflicts. Lastly, since I entered this university, I have developed my religious development level into post-conventional. Because I have lived in a dorm for international students as RA, I can meet people who have different ideas about their religion. For examples, someShow MoreRelatedDevelop1294 Words   |  6 PagesName: Tutor: Task: Date: Developmental psychology Infancy and Childhood Physical development During early childhood stage, infants begin to drop their roundish baby like display. Their bones grow more proportionate with the lengthening of their legs and arms. They start to obtain fine motor skills. The newfound skills enable them to grip a pencil in a more functional way. This is a good time to provide them with puzzles and blocks, as well as to supervise them while they use paper and scissorsRead MoreCurrent Perspectives Of Psychology And Human Development Essay1634 Words   |  7 Pages INTRODUCTION This Individual Development Narrative discusses various factors relating to theories of lifespan development from birth through to my adolescent stage. This includes looking at the understanding and major theoretical perspectives of psychology and human development, its process and the influences of domains on human development across the lifespan and how they interrelate. The domains of development including Physical, Cognitive, Emotional and Socio-cultural /or moral. Also some ofRead MoreEffects Of Adolescent Addiction On Adolescence And Local And The United States News About Adolescence Essay1127 Words   |  5 PagesAddictions in Adolescence. Wong, Hall, Justice, and Hernandez, 2015) state that adolescence distinctly determined by the beginning of puberty. The professional also allude that early onset of puberty is most likely to partaken in dangerous activities such as multiple sex partners, alcohol dependence, and inappropriate adaptive styles. In this essay, I will discuss my finding of current contributions and treatments of adolescent addictions, the likelihood of spiritual development on adolescence and localRead MoreMy Life Span Development Class1372 Words   |  6 Pagesobserve my younger brother, Nathan, who just turned 15 years old. I observed him while I was at home for spring break for my Life-Span Development class that I am taking at Dordt College. Before I observed my younger brother, I followed the proper procedure of asking for consent from his mother and having her sign a confidentiality statement. I had the pleasure of using my younger adolescent brother for this report and I was able observe him while he is in this adolescent stage of development. I completedRead MorePiaget s Theory Of Cognitive Development1100 Words   |  5 Pages Piaget s theory of cognitive development, that he developed in 1936, explains how a child constructs a mental model of the world (McLeod). He disagreed with the idea that intelligence was a fixed trait, and regarded cognitive development as a process which occurs due to biological maturation and interaction with the environment (McLeod). â€Å"What Piaget wanted to do was not to measure how well children could spell or solve problems, but was more interested in was the way in which conceptsRead MoreHow Development Is The Methodical Changes And Continuities Within The Individual That Occur Between Conception And Death1470 Words   |  6 PagesDevelopment is the methodical changes and continuities in an individual that occur between conception and death (Sigelman, Rider De George-Walker, 2013). There are seven domains of development: physical/biological, psychosocial, cognitive/learning, social, emotional, behavioural and moral/spiritual (AIHW, 2011). Development of these domains occurs in stages, where each stage gives rise to behaviour that is suitable for that stage (Schmidt Neven, 2010). These foreseeable changes are known as milestonesRead MoreEssay about Lifespan Development and Eriksons Stages of Development1644 Words   |  7 PagesLifespan development is essential, as it is the changes that happen to us throughout a person’s lifespan. Our development occurs at ages stages where we develop from infancy till death. This essay will contain my life story to display the domains in 5 age stages in my lifespan development. The domains I will be exploring is in this essay is physical, emotional, cognitive, social, cultural and moral domain. The influence of biological and environmental play a significant role in my development. DevelopmentRead MoreHuman Development And The Lifespan Theory1246 Words   |  5 PagesWhile growing up my family impacted my beh avior and human develop based on the major domains of the Human Development and the Lifespan Theory. The major domains of the human developments are Physical/Biological System, Cognitive System, Emotional System, and Social Systems. Each domain s focus on things which shapes an individual life. Physical/biological system domain focuses on the genetical foundation of a person. For example, the changes in body weight or appearance; however, this could affectRead MoreErikson s Psychosocial Theory : Development Of Ego Identity1293 Words   |  6 Pagesexpanded on Freud’s psychosexual theory. Erikson later developed the psychosocial theory. This theory described the effect of one’s social experiences throughout one’s whole lifespan. One of the main elements of Erikson’s psychosocial theory is the development of ego identity. Ego identity is the conscious sense of self that we develop through social interaction. The ego was taken from Freud’s theory. Erikson added three stages to Freud’s psychosexual theory. His theory has a total of eight major stagesRead MoreAspects Of An 18 Year Old s Development1154 Words   |  5 PagesAspects of an 18-year-old’s Development The development of a person is composed of all the biological and environmental processes that make that person who he is. From personality to cognitive maturity, every aspect of his development influences who he becomes. Psychologists such as Piaget, Kohlberg, and Erikson have attempted to explain different facets of the cognitive development of humans in stages. However, this may not as clearly demonstrate cognitive development as personal experiences and

Rhetorical Analysis Of Here s Why Suspensions Won Not...

Rhetorical Strategies in â€Å"Here s Why Suspensions Won t Deter PED Users Like Maria Sharapova† The use of PED (performance-enhancing drugs) is always a popular topic especially since the Olympic game passed by. Author Zach Petersel’s article: Here s Why Suspensions Won t Deter PED Users Like Maria Sharapova claims that punishment for taking PED is incremental, while the benefits are exponential. After carefully reading the article, I think the article would be great to be printed in the Shorthorn of the University of Arlington. First of all, Zach made a clear and strong claim. He also builds his credibility by using one of the most famous cases that happened on the famous athletics to make the article, and he addresses an issue that lots of the college student will be interest in. In the article, the author, Zach claims that suspensions will not deter PED users like Maria Sharapova. Zach reasons that although the highest-paid female athlete Sharapova received a suspension of about a year because of her use of PED, she still owns some sponsorships and aids, and her net worth is about $125 million a year. Sharapova’ reputation might be untarnished because of her play to the public. Zach states that the behaviors like Sharapova’s will cause a negative effect to the society and we need to find a way to solve this problem. The article would be great to many of the readers and highly recommend it to be published in the Shorthorn because first of all, this article is coherent

Mr. Sun Free Essays

Module Code: PM002 Class/Group: Group C Module Title: Research Design and Critique Assessment: Full Research Proposal Assignment Title: An investigation into the factors that influence the Glaswegian public’s choice of car. Student ID Number: 2059626 Date of Submission: November 29th, 2012 An investigation into the factors that influence the Glaswegian public’s choice of car. Rationale The number of automobiles had risen to over 1 billion vehicles all the world in 2010, which is 20 times more than this number in 1986(Sousanis, John,2011). We will write a custom essay sample on Mr. Sun or any similar topic only for you Order Now Car plays a indispensable role in today’s society, according to a survey from World Bank(2011), the number of ownership of motor vehicles per 1,000 people is more than 500 in most of developing countries, especially for Monaco, the number was 908(World Bank Data,2009). Although cars have become more and more commonplace, but the cars are still expensive commodity, also there is no doubt that the final decisions are usually made after careful consideration when people purchasing a car(Kathuria, Singla,2012). At the same time, as the vehicle types supplied to be chosen by consumers have become more and more various. When consumer facing with abundant of choices, they become more and more confused and irresolute. With the segmentation of automobile market, the factors that affect the public’ car choices are more and more diversified. According to Couton et al. (2006), various studies have applied hedonic price modeling to show that price variation among new cars can be explained by differences in key product characteristics such as horsepower, engine capacity, speed, and safety features. However, these measurable variables may not be the main explanatory factors which will influence the choice of consumers. Based on the above mentioned content, this research will focus on the decisive factors which will impact the public’s final choice of car, especially in the Glasgow area due to investigations and studies in the field will be carried out and conducted in this city. Its results would probably benefit to car dealers and consumers. Especially for car manufacturers, they can according to consumer preferences to redesign and improve vehicles to gain better market performance. 1. What are the choices the public have when buying a car? 2. What are the main factors influencing public’s choices? . What variables affect these factors? Annotate Bibliography Banerjee,S. (2010) ,Study on Consumer Buying Behavior During Purchase of a Second Car , Journal of Marketing Communication ,6 (2),4-13. This essay describes that for different types of automobiles, the main factors affect consumer’s purchase is slightly different in choosing a particular brand is always based on the diff erent set of consumers towards various preference parameter. For different market segments of vehicle, dimensions are different. A successful car brand has had to accept and adopt these dimensions. In addition, the author also pointed out that there are many common factors influence the public’s choice between consumers to buying a second car and purchasing the first one, but there are some obvious differences between them. For example, functional level factor such as car efficacy and usefulness are main concerns for second car buyers. Moreover, this article also mentioned that a high level of investment in advertising and promotional activities may not be able to guarantee a high percentage of repeat purchase. However, a long-term stable customer relationship will probably increase the probability of second time purchase. This journal is effectively to analysis interrelationship between consumer’s first car and second car, and common facts which seem to influence the public’s purchase behavior. The survey uses a probability sampling approach conducted with the passenger car owners in India with 525 samples. However, in this article, the author does not mention the relationship and importance between satisfaction of customers on the second-hand value of the first car and loyalty for choosing the second-hand car, because a high level of satisfaction, may bring referral and repeat purchase. Randol E. Bucklin, S. Siddarth, Jorge M. Silva-Risso,(2008), â€Å"Distribution Intensity and New Car Choice†,JOURNAL OF MARKETING RESEARCH, Vol. XLV, 473-496. This journal demonstrate that the relationship between 4S shops distribution intensity of cars and brand new car buyers’ choices in the U. S. automobile market. Different from price, effect of advertising, promotional activities and other factors, distribution intensity changes relatively slow, but the distribution intensity will be affected some variables, thereby might affect decisions of consumers buying cars. Additionally, this article used information on the U. S car sales transactions gave by the Power Information Network, which included the accurate geographic locations of consumers and dealers. Non-probability sampling method was used in 55 4S shops as a samples. Dealer accessibility, dealer concentration and dealer spread would determine distribution intensity and then will largely affect the choice of the people for the car brands. This journal is relevant to the topic of this research, firstly it provides information about what factors will influence the public’s choice of car, secondly it shows how the three main variables influence the distribution intensity of each brand, so that influence the public’s choice of car. However, this study focuses on only the distribution intensity about car dealers, makes no attempt to differentiate between various different types of car, and the conclusion might not suitable for the niche car brands. Beside this, the author might overlook the fact that distribution intensity ontributes to high-end car brands. Dharmaraj,C. , Clement,S. J. ,(2010). Brand Preference Factors of Passenger Cars: An Empirical Assessment, Indiana University Press, The IUP Journal of Brand Management, 7(3),19-33. This article mainly analyzes the factors which will influence consumer’s automotive brand preference. According to the author’s study, performance of passenger ca rs are considered as the most important factor which might dominate consumer’s preference, especially for male consumers, but economic abilities are the bases of the preference. In addition, the marketing communication strategy of a car will also largely affect the overall decisions of consumers. In conclusion, the comprehensive strength of a car, such as safety factor, industrial design, stability, scientific and technological content, durability, daily use cost, re-sale value , fuel consumption, comforts and so on, each of them is factor influence people ‘s preference and choice of car. This study is highly relevant to the topic of this research and demonstrates most of factors that will influent consumer purchase preference comprehensively and systematically. Although this survey collected data using questionnaires from 712 car buyers/owners by simple random sampling, there is not any variables about the respondents are addressed. In addition, the author offers no explanation for the distinction between Indian car market and developed countries’ market, the simple random sampling method was conducted in a midsize Indian city. Therefore, it is slightly possible that the survey result might not apply for city of Glasgow. Baltas,G. , Saridakis,G. 2009),†Brand-name effects, segment differences, and product characteristics: an integrated model of the car market†, Journal of Product Brand Management, 18(2), 143 –-151. This article discusses that price of car is a main factor influence the public’s choice, and the price structure of new car market is determined by automobile characteristics, brand effects, and segment differences. A hedonic price experimental model is designed and implemented that includes brand -name heterogeneity and functional characteristics. In addition, another extensive dataset model is applied to support the brand effects and hypotheses of segment differences. According to these two models, in mainstream car market, the functional characteristics determines automobile prices largely , however in high-end car market, incremental value is added to a car because its brand value , so the connotation of the brand value decide the price of prestige brands cars in large extent. The findings of this article include relevant information to this research. Firstly, it is a great probability that price of car is one of key facts which influence the public’s choice. This article demonstrates that there are at least three reasons determine the structure of automobile prices, and analyzes the variables and decisive factors of prices in mainstream segments and high-end segments respectively. However, the research focuses on many of the variables affecting the price of car and does not take into account other factors such as the industrial design of a car and the impact of marketing strategies. At the same time, mentioned in the text, the implicit brand value will affect car prices, thereby affecting consumer’s choice, but it is possible that the brand price is difficult to be quantified accurately. Kathuria,L. M. , Singla,V. ,(2012) Purchase of Pre-Owned Small Cars in India: An Exploratory Study, The IUP Journal of Marketing Management, 11(2),63-75. This study highlights that the main factors impacting the buying choice of second hand small vehicle were purchasing power constraint, high cost-effective, improve driving skills, desire for car , high resale price, good quality of after-sales service, brand public praise and easy to maintenance. Additionally, families who want to buy new four-wheelers to replace old two-wheelers should be seen as a new market segment might be targeted for selling cars. This article contributes to understand different and similar factors between people buying a new small car and pre-owned car. Nevertheless, the article was just focus on small vehicle with a specification requirements of length? 4 meters and with an engine displacement? 1,500 cubic centimeters (cc) for diesel and petrol, therefore, the universality of the research results might have certain limitations. Methodology As can be seen from previous studies and related sources, the factors affecting people’s choice can be divided into two parts to analysis respectively. The one part is factors that influence people to buy a new car and the other is factors that influence people to choose a used car. Moreover, the new car dealers and used car markets are also often separated. Therefore, an explanatory study to illustrate the relationship between the consumer preferences and purchase factors by using a quantitative method is essential. In addition , the relationship between these two parts, as well as the positive and negative effects of factors of two parts would be explored with exploratory study concluded by a qualitative method. In modern societies, the number of car owners is very numerous, so within a short period of time to collect the data information from a large population base which is very important and not very easy. Although a case study strategy could be used to explore a contemporary phenomenon in its real life context, but it may take more time and lack breadth which makes it hard to generalize results (Saunders et al. 2009: 141-154). Beside this, survey data usually comes from standardizing academic investigating behaviors and tools, so that might make results more authoritative and reliable. Therefore, survey is a suitable research strategy for this research. According to Bryman (2012) points out that â€Å"quantitative research may sometimes be untrusted because the data can be artificial and spurious†. Because of there is a very numerous number of car owners, so a non-probability sampling would be used in this research. As here are almost 700,000 people who lived in the city of Glasgow, that means the sample size might bigger, a questionnaire is a data collection technique in which each person responds to the same set of questions, so questionnaire is more suitable for this research. Although the non-standardised interviews as a method is good for demonstrating the reasons for the decisions and attitudes of research participants (Saunders et al. 2009, 361), it would take too much time, also human and material resources. Ethic issues are defined as a situation or problem that needs people or organization to make a choice between options that must be evaluated as wrong (unethical) or right (ethical)(Business Dictionary,2012). According to the British Sociological Association(2004:2), the social research projects are designed and conducted, ethical issues are necessary to be taken into consideration. In this research, the non-maleficence which contains physical and indirect harm is the cornerstone of all the ethical issues in the research (Saunders, el at. 2007: 181). In addition, the violation personal privacy and the protection of confidentiality may be the potential ethical issues. Maximum extent to avoid the occurrence of these ethical concerns, before the implementation of the access section of research, questionnaire participants will be informed: firstly,the purpose of this research, their participation is valuable, the results of the research may contribute to R D and sales of new cars so that they can have a more suitable vehicle and a better car user experience; Secondly, respondents participate in this research follow the principles of voluntary and informed consent, whenever and wherever they can withdraw(Saunders et al, 2009:193); Thirdly, participants do not have to worry about their personal information will be faced with rick of leakage, because the questionnaire are anonymous. In addition, as car is a expensive commodity, questions on questionnaire about personal income and household economic situation of participants should be avoided, so as not to violate their privacy. Beside this, most of purchase of cars are family behavior, taking into account the special circumstances of some families, such as divorce, therefore the marriage status should avoid being asked, so as not to cause discomfort of participants. As Golafshani(2003:598) points out that the reliability is to ensure the consistency of research data collection and analysis. The risk of collecting data may do harmful to research reliability mainly relies on participants. According to Bell(2010:151), participants may finish the questionnaires inaccurately because of many reasons such as bad mood or time limited. If the participants are too excited or in a hurry, there is a small possibility that they fill the questionnaire patiently that would result in the data lacking of reliability, thereby affecting the consistency of collecting data. To solve this problem, use of internet-mediated questionnaires may be more effective, because of the respondents could complete the online questionnaire whenever and wherever they would like. The length of the questionnaire and the use of professional vocabulary may also are potential factors which may influence the research reliability. Advice from Bellk(2006:325), questionnaire is designed no more than two pages may contribute to increasing the quality and completeness. In addition, there are many specialized vocabulary in automotive sector, such as turbocharged and dual-rotor engine, that would confused participants. Therefore, common and usual words should be used as far as possible. According to cook and campbell(1979), the validity is defined as â€Å"best available approximation to the truth or falsity of a given inference, proposition or conclusion†. Firstly, The non-probability sampling will be applied in this research, due to the characteristics of this method, the non-probability sampling will cause a certain threat to validity. Moreover, in the process of collecting data, there is possibility that the instrumentation may change so that influencing the results of this research. Word Count: 2278. References: Andersson, H. (2005), â€Å"The value of safety as revealed in the Swedish car market: an application of the hedonic pricing approach†, The Journal of Risk and Uncertainty, Vol. 30 No. 3, pp. 211-39. Baltas,G. , Saridakis,C. (2009), Brand-name effects, segment differences, and product characteristics: an integrated model of the car market, Journal of Product Brand Management, 18(2),pp. 143 –-151. Belk,R. (2006), Handbook of Qualitative Research Methods. Northampton: Edward Elgar. pp. 322. Bell, J. (2010). Doing your research project, 5th edition. Berkshire: Open University Press. pp. 148-152. British Sociological Association,(2004), Statement of Ethical Practice for the Sociological Association. pp. 2-7. Bryman,A. , (2012). Social Research Method, Fourth Edition, Oxford: Oxford University Press Business Dictionary, Ethical Issue, Retrieved 21 November 2012 from http://www. businessdictionary. com/definition/ethical-issue. html Couton,C. , Gardes,F. And Thepaut,Y. (1996),Hedonic prices for environmental and safety characteristics and the Akerlof effect in the French car market. Applied Economics Letters, Vol. 3, pp. 435-40. Dharmaraj,C. , Sudhahar, C. J. ,(2010). Brand Preference Factors of Passenger Cars: An Empirical Assessment, Indiana University Press, The IUP Journal of Brand Management, 7(3),pp. 19-33. Golafshani,H. (2003),Understanding Reliability and Validity in Qualitative Research,The Qualitative Report, 8(4). PP. 597-607. http://www. nova. edu/ssss/QR/QR8-4/golafshani. pdf Kathuria,L. M. , Singla,V. ,(2012) Purchase of Pre-Owned Small Cars in India: An Exploratory Study, The IUP Journal of Marketing Management. 11(2). pp. 63-75. Reis, H. J. , Silva,S. ,and J. M. C. (2006), Hedonic price indices for new passenger cars in Portugal (1997-2001), Economic Modelling, Vol. 23, pp. 890-908. Randol,E. , Bucklin,S. , and Siddarth, Jorge M. Silva-Risso,(2008), Distribution Intensity and New Car Choice, Journal of Marketing Research, Vol. 45(3), pp. 473-496. Saunders,M. , Lewis,P. , and Thornhill,A. (2009), Research Methods for Business Students. Fifth Edition. Essex: Prentice Hall. Sousanis, and John,(2011), World Vehicle Population Tops 1 Billion Units, Wards Auto. Retrieved 17 Nov. 2012,From http://wardsauto. com/ar/world_vehicle_population_110815 Banerjee, S. (2010) ,â€Å"Study on Consumer Buying Behavior During Purchase of a Second Car† , Journal of Marketing Communication ,6 (2),pp. 4-13. White, R. (2004), How people buy cars, Admap, February, pp. 15-17. White, R. (2006), Advertising cars, Admap, July/August, pp. 14-15. How to cite Mr. Sun, Papers

Police Subculture free essay sample

Will be writing my research paper on police subculture and how the affects of police subculture impact the body of the law and how it relates to crime. Police subculture is an array of standard procedures and values that rule law enforcers activates in relation to their contractual responsibilities. Police officers were ranked the fifth most stressful job in the world. Since police work is very stressful, police officers have to deal with many hostile individuals in the public and therefore they need to defined styles to handle these unique scenarios. What I will be talking about in my paper is since Alice subculture is so different such as their values, and beliefs police share which sets them apart from other members of society. Overall will be talking about the beliefs Of police subculture psychological cause Of police subculture, changing police subculture and how police subculture affects our society. Police officers are people the society normally looks up to as epitomes of discipline and protectors of law and order; however police behavior in recent years has been anything but flawless with that being said there is a rise in the resentment and distrust in the public. We will write a custom essay sample on Police Subculture or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The public no longer trusts or respects Alice officers imposing all sorts of changes against them. Police behavior is indeed hateful in some cases especially where minorities or women are concerned. When we dig deeper into the anthropological and psychological cause of this kind of behavior, we notice that police are influenced by a flawed subculture that profound affects the attitude and behavior of most police officers.With that being said this subculture teaches them certain values and beliefs and on the other, it turns the entire police community into a cohesive group meaning causing cohesion that is essentially alienated from the mineral public. According to Adler, Mueller, and Loafer (1994) police subculture is a set of norms and values that govern police behavior, brought about by stressful working conditions plus daily interaction with an often hostile public. Police subculture is responsible for giving offers a unique working attitude and mindset.Their character and personality is profoundly altered by the vies and values that they learn from existing in this subculture. The one most important thing we notice about this subculture is the idea of insiders and outsiders that lies at the core of all its values. Police officers are constantly reminded of their role as protectors of peace and order which turns them against the general public as they view everyone outside the police department as a potential criminal or suspect.Police subculture is also essentially characterized by violence as researched indicates that, Many officers are exposed to a subculture of violence in which they encounter death almost daily. The aver age citizen generally does not witness in a lifetime the amount of death and violence a police officer experiences in one month. (violent, 1995) Dry. James Fee, a very well known figure in the world of law education and law enforcement intensified some key issues regarding police sodbuster during a police conference in April 1992.He believed that characteristics of the police subculture may be responsible for some of the apparent increase in the frequency of police complaints. He stated that many police officers feel they are soldiers in the war on crime. Fee said that this is a war they cannot win, and the realization of this leads to frustration and anger. (Eric Jackson 992) Police officers are severely affected by the values that this subculture remotes and endorses. For instance, police officers are usually alienated from the general society which puts them at a greater risk of being vulnerable to police subculture. This is because they are regularly reminded of the insider/outsider principle meaning giving rise to certain degree of separation from the public. This separation starts expanding with the passage of time until police officers cannot longer relate to the Common society this results in deeper association with police subculture, which ultimately shapes their perspective on others. Another reason they cannot relate to the public is cause of the accusations that are imposed against them.The public usually treats then with disgust and disrespect, holding them responsible for corruption and plagues police departments and for general lawlessness in the society. FRR this reason, police officers seeks validation from other police personnel, which makes the inner subculture more effective and powerful. (Christopher Cooper,2000) Violent(1995) explains: The roots of frustration emanate from the central irony of American policing: Society charges police officers with the task of regulation a pub lic that does not want to be regulated.For individual officers, the resulting frustration is exacerbated by a largely unsympathetic press, a lack of community support, and a criminal justice system that values equity over expediency. A sense of societal isolation often ensues, compelling officers to together in a defensive stance. While this occupational subculture should have been a source of inspiration, it is actually despised by many including some police officers themselves alter they realize how it damaged their vision and personality. Most police officers are racial biased as recent incidents of police brutality indicate.This is because of women and minorities are seen as weaker groups and when they refused to obey police commands, police officers see it as a direct attack on their authority. This attitude has given rise to some serious cause of police brutality against citizens and one such case was that of Thomas Jones of Philadelphia. Commenting on this case, a former U. S Marine and police officer Chi roisterer Cooper (2000) linked these kind of cases to police subculture saying Sadly, in our early tenure as cops, we instructed on the code of the police subculture. These are norms that are almost always reverse. Two such norms were operable in the Jones mob attack. The first was if a citizen runs from one of us, we are to beat him severely. Another is that if a citizen physically hurts one of use, we are to hurt that citizen even more before we bring him to the station. And if that citizen has killed a cop, he shouldnt make it to the station alive. The march-ism that characterizes police culture is also responsible for cases of domestic violence where police officers were charged for hitting their wives and using force to extract obedience.This is indeed a highly disturbing tuition, chic is posing serious threat that happiness of households where one spouse is in the police department. It has been noticed that when many police officers are domestic abusers even though they may not define their behavior in these terms. Apart from women and minorities, gay men also face serious prejudice especially if they join the police force. Chairman(1997) writes: As with women, gay men are presumed to lack such manly attributes as courage, bravery, and loyalty. And like women, when they demonstrate courage and competence, they threaten the notion that Only manly men can do police work.

Greek and Roman theatre Essay Example

Greek and Roman theatre Essay Example Greek and Roman theatre Essay Greek and Roman theatre Essay Essay Topic: History Greek Dark ages from 11th 9th century BC. Mycenaean civilisation built during these times. That collapsed and Greek civilisation started. Then more dark ages. Homers Iliad and Odyssey were born out of this time. Roman Decline of Greek government coincided with the rise of the roman republic and subsequent empire. Had emperors and senators but the government didnt pay a huge part in the theatre. Emperors used the amphitheatres more and put on gladiator shows, etc rather than plays. : Why do I personally think this type of theatre emerged according to historical epoch? Greek Worshipped the god Dionysus (Zeus son). They honoured him by holding a festival every winter to bring dead world back to life. Also one in spring to celebrate renewal of life. Very ritualistic with orgiastic dancing by women. This festival started in Attica, north Greece. It was introduced to Athens in 6th century BC by Pesistratus. Theatre was born. Four separate festivals of Dionysus but it was at the city of Dionysia where poet playwrights competed for top prizes. Roman Romans borrowed extensively from Greek theatre and then modified it. They too worshipped gods in festivals Dionysus was not one of their gods but perhaps they used the idea to worship their own gods. Also many Romans had nothing to do and so theatre was needed for entertainment. Treatment of character, plot and language. Greek Chorus and their leader, lines chanted rather than spoken. Used masks and high-soled boots to add height to the actors. Limited movements. Comedies put on at winter festival of god Dionysus and grew more popular during the decline of the Greek government. Tragedies put on at main spring festival. Theatre also used as a place for political debate. Roman Comedies and tragedies, pantomime, myths. Comedies actors wore masks for this. They were usually short, one-act plays put on at the end of longer performances. They were vulgar farces about Italian country life, packed with rude jokes and slapstick. They used a few familiar characters, i.e. Pappus old fool. Manducus greedy clown. Instantly recognised by the mask worn. Pantomime mix of opera and ballet. Plot usually serious taken from Greek myths. Parts of different characters played by one actor with different masks, he was called a Pantomimus, while the chorus sang the lyrics. Actors were usually Greek slaves or freedmen. Costume and staging. Greek Tragic costume tight-sleeved, belted tunic (chitin) a variety of cloaks over tunic and boots. Helmet-like mask with attached wig in which forehead was elevated as a sign of social status. Greek theatres had a circular orchestra. It was built into a hill, not free standing. Also had rooms behind orchestra called the Skene had doors from which actors could go off and come on stage from. Murders usually took place behind closed doors. Tiered seating. A few set pieces of scenery i.e. rocks and tombs. Scenes sometimes painted onto the Skene. Roman Wore masks to show off different characters. Masks made of linen covered wit plaster and painted. Theatre itself semi-circular stage called the orchestra, tiered seating. Series of rooms behind orchestra storage of scenery and props. Actors dressing rooms as well. It was a freestanding building (see pic) Both made use of special effects and machines. Such as a wagon (eccylema) on which bloody tableaux were displayed and a crane on which actors playing gods could be flown in. E.g. in roman theatre, the Greek myth of Daedalus and Icarus was put on in theatre. A slave would be suspended above the orchestra by crane, dropped and killed to show Icarus wings falling apart and him falling into the sea. Conventions that emerged. Roman and Greek Since roman theatre was descended from Greek, conventions are very similar. Both have a chorus, which played music to go with the play. Greek Usually more than one actor all with slightly varied costumes Roman Especially in pantomime one actor that changed masks for different characters. Usually only a couple of actors in different masks in comedies and tragedies. What was theatres social and political function at the time? Greek Entertainment. To inform about history. Put on at festivals. Roman Put on at festivals for entertainment. It was a public occasion and was free. All expenses paid for by a wealthy citizen who provided everything i.e. actors, producer, scenery and costumes. Volunteered to do it not only to benefit fellow citizens but also to gain popularity, which would be useful in local political elections.

10 cosas que debes saber sobre formularios del USCIS

10 cosas que debes saber sobre formularios del USCIS Para ser exitoso en peticiones o solicitudes al Servicio de Inmigracià ³n y Ciudadanà ­a   (USCIS) es fundamental llenar correctamente el formulario que corresponda, segà ºn el caso. Para ello, este artà ­culo brinda importante informacià ³n en 10 puntos bsicos sobre quà © se debe hacer, quà © consejos seguir para evitar problemas graves y cà ³mo hacer un seguimiento de los trmites una vez que se envà ­a el formulario.   10 cosas que debes saber sobre los formularios del USCIS 1. Las planillas del USCIS son gratuitas y se pueden obtener directamente en la pgina oficial. Hay decenas de formularios y se debe elegir la correcta, segà ºn el tipo de informacià ³n, peticià ³n o solicitud que se quiere hacer.   En ese enlace anterior se accede a todos los formularios. Para descargarlos es necesario tener adobe reader, el programa que permite abrir archivos pdf. Tambià ©n se pueden buscar por su nombre, que est siempre conformado por una letra o unas letras (AR, EOIR, G, I, N) seguido por un guià ³n y a continuacià ³n un nà ºmero. Dependiendo del formulario en ocasiones es posible realizar el trmite online, por ejemplo, para notificar el cambio de domicilio es posible descargar el formulario AR-11 en forma de archivo pdf o tambià ©n cumplir con esa obligacià ³n directamente por internet. Lo que es importe es no enviar doblemente la misma peticià ³n, una por cada medio. 2. Enviar siempre la à ºltima edicià ³n de la planilla. Frecuentemente el USCIS modifica los formularios cambiando alguna pregunta o requisito. Es muy importante fijarse en la fecha que pone expires (expiracià ³n) en la parte superior derecha del formulario.   El mejor consejo es siempre obtener el formulario justo el dà ­a en que se va a completar y asà ­ evitar enviar uno que ha quedado viejo y, por consiguiente, el USCIS no lo va a aceptar. 3. Las planillas deben llenarse en tinta negra. Adems, deben estar firmadas a mano por el solicitante de la informacià ³n, solicitud o peticià ³n. A este à ºltimo punto existen dos excepciones. En primer lugar cuando se trata de un menor de 14 aà ±os, en cuyo caso debe firmar uno de los padres o guardin legal. En segundo lugar, en el caso de personas declaradas judicialmente como incapacitadas, en cuyo caso debe firmar en su nombre su guardin legal. 4. Es muy importante leer las instrucciones de cà ³mo llenar la planilla ya que allà ­ explican informacià ³n relevante como quà © documentos deben acompaà ±arse al envà ­o el formulario. En este punto hay que tener en cuenta que se envà ­an siempre fotocopias legibles, excepto en los casos en los que expresamente se pide que se envà ­e un documento original. El USCIS puede en cualquier momento solicitar ver dicho documento. Tener en cuenta que si se envà ­a un original, como por ejemplo un pasaporte, el USCIS no lo regresa automticamente y habrà ­a que pedirle el retorno oficialmente con su debido formulario. Adems, si cualquier documento adicional que es necesario adjuntar est en un idioma que no es inglà ©s, debe traducirse a ese idioma e incluirse una carta que certifique la traduccià ³n. 5. Mentir expresamente o mediante un omisià ³n es un formulario migratorio es una violacià ³n migratoria y podrà ­a dar lugar a problemas graves. Antes de caer en la tentacià ³n de mentir, consultar con un abogado reputado y entender bien las consecuencias. 6. La tramitacià ³n de casi todos los formularios del USCIS cuestan dinero, aunque hay algunos que son gratuitos. Adems, es posible solicitar la exencià ³n del pago segà ºn el tipo de formulario y teniendo en cuenta las circunstancias del solicitante. Es importante verificar esta informacià ³n porque podrà ­a dar lugar a importantes ahorros. Por otro lado, tener en cuenta que no tener dinero no es causa razonable para no enviar un documento al USCIS cuando hay obligacià ³n de hacerlo dentro de un plazo. Por ejemplo, si un novio de ciudadana ingresa a Estados Unidos con una visa K-1, se casan antes de 90 dà ­as pero a continuacià ³n no se solicita la green card por ajuste de estatus porque no se tiene dinero para la cuota, ahà ­ hay un problema muy gordo. 7. Cualquier persona puede llenar el formulario del USCIS por sà ­ misma. Lo importante es que entienda todo lo que pide el formulario y las condiciones. No es aconsejable dejarse llevar por el consejo de amigos o familiares o proceder a llenar la planilla cuando no se comprende todo el trmite que se inicia. Por otro lado, si se cuenta con un abogado o un representante acreditado, debe cumplimentarse la planilla G-28. Es importante elegir un buen abogado, honesto, con conocimientos y que està © pendiente de las fechas de los casos y de envà ­o de documentos. Conviene desconfiar de todas las personas que ofrecen milagros o que aseguran conocer a una persona dentro del sistema que resuelve problemas a cambio de dinero. Eso, adems de ser un delito, es un fraude. 8. Completar solo la parte del formulario que aplica. Algunos documentos sirven para situaciones variadas. Es fundamental que cada uno responda y complete sà ³lo la parte que le corresponde. Por ejemplo, el I-131Application for Travel document, sirve como permiso de reentrada a los Estados Unidos para residentes permanentes, como documento de viaje para refugiados y como advance parole para extranjeros que en el momento de solicitarlo se encuentran fà ­sicamente en Estados Unidos.   Por otro lado, otro problema de confusià ³n puede surgir porque no se elige la variedad correcta de planilla segà ºn la peticià ³n que se quiere hacer. Por ejemplo, el I-129 tiene cuatro modalidades, el I-129, el I-129CW, I-129F e I-129S y sirve para propà ³sitos tan dispares como pedir a un trabajador extranjero o solicitar una visa para el prometido de un ciudadano americano. Es importante no solo elegir el formulario correcto sino tambià ©n completar sà ³lo las categorà ­as que aplican al beneficio que se pide. Y dentro de à ©stas, si alguna respuesta es ninguno contestar NONE y si es No Aplica, por ejemplo en el caso de pedir nombre de cà ³nyuges anteriores cuando se trata de una persona que no los ha tenido, escribir N/A. 9. A la hora de enviar el formulario junto con la documentacià ³n de apoyo y el pago de la cuota al lugar que se indica en las instrucciones se da la opcià ³n de un envà ­o por correo ordinario o por servicio de mensajerà ­a. Cualquiera de los dos es vlido pero, en general, da mayor confianza este à ºltimo servicio por deja constancia de la fecha de entrega. Sin embargo, no es necesario ni obligatorio. 10. Es posible hacer un seguimiento de dà ³nde estn los papeles y cà ³mo va la tramitacià ³n a travà ©s de diferentes medios, desde por internet a llamadas por telà ©fono al Servicio al Cliente del USCIS una vez que se tiene el cà ³digo que identifica al caso. A tener en cuenta En una situacià ³n como la actual es importante que los migrantes en situacià ³n de indocumentados no se presenten voluntariamente en ninguna oficina migratoria ni para recabar informacià ³n ni como acompaà ±antes. Si han sido citados es recomendable presentarse con un abogado. Este es un artà ­culo informativo. No es asesorà ­a legal.

Was Peter Berger right when he changed his views on secularization in Essay

Was Peter Berger right when he changed his views on secularization in the 1990s - Essay Example My paper hence deals with the idea that Peter Berger was right in changing his views on secularization. The paper will also deal with the different ideas that Berger worked with and related to in his studies on religion and secularization. In this context, ideas of modernization, pluralism, supply-side of religion and the rational choice theory as well as the sociological relevance of religion are considered within this paper. Secularization is the lessening of religious influence in a society; it is the loss of religious institution’s authority to dictate to the public the practices required in organized religion. Bryan Wilson talks at length about the need for another force in place of religion in a society that is heading towards or has already adopted secularization. Religion forms the crux for most people in today’s world. The need or presence of religion cannot be ignored in one’s life and it is this presence that has driven scholars from all walks of life to study the effects and consequences of religious presence in our life and to present their view points. Secularization became prominent when religious debate turned towards whether secularization was beneficial or not. For Peter Berger, secularization is, â€Å"the process by which sectors of society and culture are removed from the domination of religious institutions and symbols. It operates at three levels, one is a social structural: in the west, Christian churches have lost functions that are now performed by secular agencies.† (Berger, 1969) To put this idea into simpler terms; the importance of religion in any person’s life is reduced since religion loses its previous stature and place in an individual’s life. Earlier, individuals paid more attention to religious details and believed that religion had to function in cohesion with state policies. This is

Manage health and safety in the workplace Assignment

Manage health and safety in the workplace - Assignment Example This means that the UAE is suffering from poor health and safety practices. However, the UAE ministry of labor law regulated the health and safety act in 1980 and underwent a regulation in 1986. Risk assessments as required by legislation, regulation and organizational Work place safety and health is a framework that cultivates safe habits in all individuals in order to engender a strong safety culture in the workplace. It requires stakeholders to take measures that ensure that individuals at work place are safe and healthy (Oxford Business Group, 2008: 23). The aim of the UAE regulated Act was to push the stakeholders to eliminate or even minimize the risk that result from work related accidents. More so, the acts penalize stakeholders who do not adhere to accident preventing measures. This means that the Act contain laws that oversee the rights of employees because it offers protective equipment guidelines and advocates for first Aid and medical facilities. Health and safety regula tions and legislation and how it is applied in specific work situations Chapter 5 of the UAE Labor Law outlines workers entitlements in terms of protective safety equipment, first-aid boxes, fire procedures, ventilation, water and medical care as well as sanitation (Loney et al, 2012: NP). First he law does not permit industrial and construction workers to work during the extremely hot hours of the day in order to avoid heat related injuries. The law advocated for this relieve because a large proportion of the UAE workforce is usually at risk during the summer months since they develop heat-related illnesses that range from the mild heat rash to the serious heat exhaustion, heat injury, and heat stroke (Kanna, 2011:75). In another note, the Ministry of Labor approximated that 42% of general UAE workforce in 2010 went into the construction industry. The same statistics claim that most of these construction workers work aboveground or at high heights. In this case, the law advocates f or protective wear and height awareness programs, through which it encompasses the media, instructional posters, pamphlets and animated videos that come in different languages several languages. More so, the campaign offer manuals for supervisors and employers that contain detailed technical information that vividly explain how to improve industries into safer working places. Additionally, workers in all sectors are entitled to work two hours less than the normal working hours during the holy month of Ramadan because these individuals during the Ramadan period undergo fasting. This means that most of them might not have the needed energy to work for the required full hours. Practical application of health and safety policies and procedures in the workplace Every organization should put up all necessary measure to foresee the safety of its workforce. This means that managers and supervisors should ensure that they have installed safety instruction board in a place that is noticeable for everyone and all the staff should read it (Hughes and Ferrett, 2009. 35). The instructions should contain understandable languages that depend on the work force. In another case, most industries use machines and other heavy equipments, which mean that they should ensure that

Definition Essay - Art and Excellence :: Expository Definition Essays

Definition Essay - Art and Excellence Art is why I get up in the morning, but my definition ends there, ya know, it doesn’t seem fair that I’m living for something I can’t even define, and there you are right there in the meantime. –Ani DiFranco, â€Å"Out of Habit,† Living in Clip Art seems to be such an all-encompassing word it defies definition. The artist Ani DiFranco blatantly says in her music that she cannot define art although it is intimately and passionately tied into her life and interpersonal relationships. Ani Difranco is an artist, but why is she an artist? What about her and her music make her an artist? What makes her music art? What is the difference between this enterprise and that of being a world-class physicist? Was Einstein not a true artist? Is physics not an art? If it is an art, is it art? When one attempts to analyze and define art, these sorts of questions inevitably arise, making any objective notion of what art is exceedingly difficult to determine. In fact, we find that nearly everybody has his or her own unique conception of art. Of course, it may be argued that everybody also has his or her own unique conception of a spoon or any other idea, but art seems something over and above this. The incredible depth , richness, and complexity of art do not merely allow for, but seem to necessitate the myriad conceptions of art we find in the world around us. I believe the level to which anything can be considered art depends on the level of originality, skillfulness, effectiveness, and other such relative characteristics providing opportunities for the excellent performance or unbelievable creativity we typically associate with art. To begin explaining what is meant by art’s reliance on relative characteristics, let us analyze the word deep. How do we know when something is deep? Should we consider any body of water greater than four inches in depth deep and anything less deep shallow? It seems fairly obvious that the word depth refers solely to relative phenomena. Deep is a fairly simple property to which we make the switch from shallow at some arbitrarily and relatively defined level on the gradient of depth.

Compare and Contrast Karl Marx’s and Walt Rostow’s Theories

This essay attempts to compare and contrast Karl Marx’s and Walt Rostow’s theories of stages of social and economic development. A theory is an interconnected, logical system of concepts that provides a framework for organising and understanding observations. The function of a theory is to allow us to understand and predict the behaviour of some aspect of the world (Miller, 1993). However, each theory of development presents a different view of how and why of society growth and change. Each theory is useful though no single theory explains everything.While Karl Marx had a different notion in regard to the stages of social and economic development it can also be noted that Rostow had a different perception on the theory. The Marxian stage theory tradition is intimately linked to turning points in the historical process of capital accumulation. These turning points mark the inauguration of a period of relatively unproblematic reproduction of capitalist social relations or , symmetrically, the beginning of a period of stagnation and crisis. Traditional/Primitive Communism: This stage was characterized by societies without a class.Most people in these societies were subsistence farmers and concentrated on their own individual survival. Marx and Friedrich (1983), explain that, the productive forces were hardly developed at all and property was held in common in this stage. During this period, land was vast and population was small. People lived as individuals and tried to fend for themselves regardless of whom or what was around them. A traditional tribal structure was the order of the day while the Means of Production was in a pre or early stage.The replacement of this stage of production came about by the gradual increase in population, growth of wants and extension of external relations such as war and trade (Marx & Friedrich, 1983). According to Marx (1993), the growing independence of the individual within the community meant that it was not possib le for the traditional stage to survive. Ancient Stage: in the ancient mode of production classes were prevalent. The ruling class controlled the surplus and, therefore, controlled the lower class (Marx, 1993).In this stage, slavery was the most predominant materialisation of class struggle as the coercion and restraint  of the lower class was very direct (Laibman, 2006). The ruling class physically owned the lower class and slaves had little to no motivation to advance the productive forces by increasing their labour productivity. The ancient stage was economically supported by agriculture and the discovery of trade. During this stage there were the introduction of a new technology which mainly involved the use of animals (horses, cows and ox) and the development of two ways farming. This mode of production can be identified within Ancient Greek and Roman Empires.In Africa, this act could be identified with the Great Ghanaian Empire and the Great Egyptian Kingdom (time of the pha raohs). Feudalism: Feudalism brought about the collapse of most cultures and the rise of Capitalism, Barbarism and other socio-economic characteristics which emerged as a result of wealth amassing. This wealth amassing was in the form of property. The feudalism age was characterised by the possession of land. Furthermore, there was the possession of human beings as peasants who worked on these lands (Marx & Friedrich, 1983).Feudalism is the age that has shaped Economic Development to this day. Therefore, it can be clearly seen that over generations these classes maintain their status and serve as leaders of the land, thereby, controlling the land which is owned by the peasants. Bourgeois: The development of governments and education were the driving force of the economy and resulted in an emergence of Capitalism which took its pedigrees from the division of labour created in a means to meet rising demands and improve production.Capitalism is the current stage of production. Accordin g to Shimp (2009), bourgeois stage is dominated by private property and markets. Businesses own machines, buildings and tools which are used to produce different items that can be sold in markets to make a profit. According to Marx (1993), capitalism increasingly divides people into two groups. In a capitalist economic system, the means of production (anything used to produce goods, like factories, machines, and land) are privately owned by the bourgeoisie, or capitalist class.The capitalist lower class is coerced into working for the capitalist ruling class. Even though members of the lower class have their choice of which employers to sell their labour to, the fact remains that they sell their labour to survive (Marx & Friedrich, 1983). The Rostovian take-off model (also called â€Å"Rostow's Stages of Growth†) is one of the major historical models of economic growth. The model postulates that economic modernization occurs in five basic stages, of varying length.Traditional society, Preconditions for take-off, Take-off, Drive to maturity, Age of High mass consumption. Rostow asserts that countries go through each of these stages fairly linearly, and set out a number of conditions that were likely to occur in investment, consumption and social trends at each state. Traditional society is one whose structure is developed within limited production functions, based on Pre-Newtonian science and technology, and on Pre-Newtonian attitudes towards the physical world (Chang, 2003).This stage is characterized by subsistence agriculture or hunting & gathering; almost wholly a â€Å"primary† sector economy limited technology; a static or ‘rigid' society: lack of class or individual economic mobility, with stability prioritized and change seen negatively.Pre-conditions to â€Å"take-off† External demand for raw materials initiates economic change; development of more productive, commercial agriculture & cash crops not consumed by producers and/ or largely exported widespread and enhanced investment in changes to the physical environment to expand production (i.  e. irrigation, canals, ports) increasing spread of technology & advances in existing technologies changing social structure, with previous social equilibrium now in flux individual social mobility begins development of national identity and shared economic interests Take off – The take-off is the interval when the old blocks and resistances to steady growth are finally overcome.The forces making for economic progress, which yielded limited bursts and enclaves of modern activity, expand and come to dominate the society. Growth becomes its normal condition. Compound interest becomes built, as it were, into its habits and institutional structure (Chang, 2003, p. 7). Manufacturing begins to rationalize and scale increases in a few leading industries, as goods are made both for export and domestic consumption the â€Å"secondary† (goods-producing) sector expands and ratio of secondary vs. primary sectors in the economy shifts quickly towards secondary textiles & apparel are usually the first â€Å"take-off† industry, as happened in Great Britain's classic â€Å"Industrial Revolution† Drive to maturity is that stage when a society has effectively applied the range of (then) modern technology to the bulk of its resources (Chang, 2003, p. 59).Diversification of the industrial base; multiple industries expand & new  ones take root quickly manufacturing shifts from investment-driven (capital goods) towards consumer durables & domestic consumption rapid development of transportation infrastructure large-scale investment in social infrastructure (schools, universities, hospitals, etc. ) Age of mass consumption the industrial base dominates the economy; the primary sector is of greatly diminished weight in economy & society widespread and normative consumption of high-value consumer goods (e. g.  automobiles) consumers ty pically (if not universally), have disposable income, beyond all basic needs, for additional goods Rostow's theory is limited in many ways it is considered too generalised and only applicable to western countries.It works on the assumption that funds are effectively put into investment projects. If financial institutions are not effective this will not take place. From this failure the next assumption will not occur. The government should develop an infrastructure, to develop roads, ports, hospital and schools, if this does not occur take-off will not take place.  (Rostow, 1960).The model de-emphasizes differences between sectors in capitalistic vs. communistic societies, but seems to innately recognize that modernization can be achieved in different ways in different types of economies. There are certain similarities between Rostow's stages of growth analysis and the Marxian analysis of the historical evolution of an economy. They are both audacious attempts to interpret how whol e societies evolve from primarily an economic perspective.Both accept the reality of group and class interests in the political and social process, linked to interests of economic advantage and both accept the fact that economic change has social, political and cultural consequences. In terms of economic technique, both are based on sectoral analysis of growth process, although Marx confined himself to consumption goods and capital goods sectors, while the stages of growth are rooted in a more disaggregated analysis of leading sectors which flows from a dynamic theory of production. Both the theories would pose, in the end, the goal of true affluence for human society.From other view points, however, there are fundamental differences. The most fundamental difference between the two analyses relates to the view taken regarding human motivation. Marx interpreted human behaviour only in economic terms. According to Marx profit-maximisation is the only dominant motive of man in his econ omic activities. Rostow's stages of growth analysis are no doubt an economic way of looking at whole societies, yet they do not ignore the non-economic influences. Man is viewed as a complex unit and therefore subject to a number of social, political, cultural and emotional influences (Rostow, 1960).Marx considers the behaviour of societies as determined by economic considerations. Rostow's analysis does not accept that view. In Rostow's (1960) view, cultural, social and political forces also influence the performance of societies. Even economic performance is conditioned by the above forces. A contrast between Rostow's analysis of post-traditional and Marx's post-feudal phase—capitalism—is also worth noting. Marx held that the decisions of capitalist societies are made simply in terms of the free-market mechanism and private advantage. Marxian analysis fails to explain the emergence of a welfare state.However, Rostow's analysis of the breakdown of traditional societie s is based on convergence of motives of private profit in the modern sectors with a new sense of affronted nation ­hood (Rostow, 1960). According to Marxian analysis, history moves forward by the clash of conflicting interests and outlooks. According to Rostow, however, â€Å"the outcome of conflict in a regularly growing society is likely to be governed by ultimate consideration of communal continuity. † Marx's analysis of history was based only on the experience of British take-off and drive to maturity.At that time, no other country had reached the take-off stage. By generalizing the British case Marx missed the variety of experience in the evolution of different societies. This makes the Marxian historical sequence unduly rigid and artificial. According to G. M. Meier, Rostow's analysis can claim to be a superior alternative to the Marxian sequence. Rostows stage theory helps us â€Å"to isolate the strategic factors that constitute the necessary and sufficient conditi ons for determining the transition of an economy from a preceding, stage to a succeeding stage.†Cairncross holds that, â€Å"Rostow, like, Marx, adopts a stage approach to history. But he has failed to show how the major variables in social and economic developments operate in different situations. Cairncross says, Rostow is perhaps too anxious like Marx to dramatize history not merely to make it dramatic and give it meaning but to reduce it to a set pattern, to compare the texture of events into too narrow a framework of logic,†An approach to history in these terms may make good drama or supply the element of myth required for a popular manifesto; but it  does not make good theory or, for that matter, good history. † Again in the opinion of Cairncross, one of the greatest weaknesses of stage approach to history is that it provokes but it cannot answer the question what comes next. The engine of growth in the Marxist system is assumed to break down completely wh en capitalism fulfils its destiny; Marx has nothing to say about the laws of motion of a post-capitalist society. In Rostow's exposition, the last but presumably no' the final stage is an era of high mass consumption.Although he brood on what lies beyond affluence he cannot tells us what stages have yet to come? Vaclav Holesovsky holds that Marx's classification of history is-only an approximation to the reality and the measuring rod is a single variable—the varying form in which the surplus is appropriated from the producers. This is not the case with Rostow. He has adopted a symptomatic approach and describes features of a society at various stages of development.

Credit Ratings Role In The Financial Crisis - Free Essay Example

Sample details Pages: 12 Words: 3627 Downloads: 10 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The global financial systemà ¢Ã¢â€š ¬Ã¢â€ž ¢s institutional framework has been evolving over time.Every crisis has helped decipher a gap in the financial structure which is then fixed by the regulating authorities.It hasnà ¢Ã¢â€š ¬Ã¢â€ž ¢t been very often that the regulators were able to identify the gaps before the market identified it.This does not serve the purpose of existence of regulatory authorities.In future the role of regulatory authorities should be pro active in nature rather than reactive mode of undertaking corrective actions. The subprime crisis which originated in the united states led to a global melt down which was severe.The mortgage market in the United States saw a tremendous growth in the initial years of the 21st century. Subprime borrowers started obtaining mortgages due to availability of cheap credit, lenient lending practices and appreciation in real estate values. These mortgages were inturn sold by the lenders to investment banks who packaged them into exotic securities and sold them to high risk taking investors seeking high returns. Don’t waste time! Our writers will create an original "Credit Ratings Role In The Financial Crisis" essay for you Create order Investors had faith in these packaged securities primarily because of Credit Rating Agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ (CRA) ratings of these securities as à ¢Ã¢â€š ¬Ã…“investment gradeà ¢Ã¢â€š ¬?. In 2007, the tide turned and credit became expensive. Home values dropped. Majority of the subprime buyers started defaulting their loan payments. The CRAs rapidly downgraded all the securities for which they had given favourable ratings. This dissertation is undertaken to understand the emergence of structured financial products, the rating process followed by the credit rating agencies for rating them and the mistakes done by the rating agencies, a major contributor to the subprime mess in the United States which had ripple effect across financial markets all over the world. Literature Review: The following research papers and articles have been referred and reviewed in order to gain indepth knowledge about the work done about the dissertation topic under consideration. This would facilitate a clear understanding of different view points to the issue and enable a comprehensive analysis of the topic. According to V.Gupta,R.K.Mittal K.Bhalla (2010),low interest rates ,abundant liquidity and a chase for yield led to the emergence of sub prime lending which was given undue support by the credit rating agencies. Credit rating agencies gave investment grade ratings to securitization transactions based on subprime mortgage loans.The CRAs combined lower rated mortgage loans with equity to form mezzanine CDO enabling a higher credit rating . Also CRAs used the same risk metric for assessment of all instruments. The CRAs assigned supersafe, triple-A ratings to structured products that later turned out to be extremely risky, and in some cases worthless. This has been illustrated with few examples of downgrades.The paper concludes that The regulatory framework should also facilitate the conduct of stress tests by users on key model parameters, and provide for the disclosure by credit rating agencies of the economic assumptions underlying their rating of structured products. According to Katz and Salinas (2009), faulty credit ratings and the flawed rating process have been the key drivers to the financial crisis 2007-2008. While the easy availability of (what turned out to be flawed) ratings fueled the growth of thismarket, the subsequent downgrades in ratings accelerated the marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s collapse.The paper suggests that While corporate debt ratings are based on publicly available, audited financial statements, structured debt ratings are based on nonpublic, nonstandard, unaudited information supplied by the originator or nominal issuer. Moreover, rating agencies had no obligation to perform due diligence to assess the accuracy of the information and often relied on representations and warranties from the issuers about the quality of the data, which later proved to be inadequate. The researchers note that the credit rating agencies have always been slow to react to market events and a few examples have been quoted.Few measures suggested by t he researchers include managing conflict of interest, better transparency, direct government oversight etc. According to Fender and Kiff (2004) , rating od collateralised debt obligations involves assumptions such as default probability, recovery rates and correlated defaults of pool assets. The research paper analyses one of the rating methodologies used which is termed as Binomial Expansion Technique.A comparative analysis of this method and Monte corlo Simulation is done. The paper elaborates the implications of usage of different techniques on the rating outcomes. It finally discusses how methodological differences might induce issuers to strategically select rating agencies to get CDOS rated. According to Barnett- Hart(2009), Collateralized debt obligations (CDOs) have been responsible for $542 billion in write-downs at financial institutions since the beginning of the credit crisis.The poor CDO performance has been attributed to inclusion of low quality collateral with exposure to U.S residential housing market.The role of CDO underwriters and credit rating agencies in the crisis have been discussed. The credit rating agencies failed to rate the performance of CDOS precisely due to over automation in rating methodologies and heavy reliance on input whose accuracy was not verified. The researcher concludes that by understanding the CDO market meltdown story more effective regulatory and economic policies and practices to prevent history from repeating itself in the future. According to Securities and Exchange commission(2008), few observations about credit rating agencies with respect to CDOS have been made.SEC claims that few credit rating agencies could not deal with the substantial increase in the number and complexity of the CDOS since 2002. Rating agencies failed to document significant steps in rating of CDOS including reasons behind deviation from the models. Also the internal audit procedure of rating agencies varied significantly.The report summarises the remedial actions that the Nationally Recognised Statistical Rating Organisations(NRSRO) would take after the SEC examined them and came up with issues to be looked into. Under the new law and rules, NRSROs are required to make certain public disclosures, make and retain certain records, furnish certain financial reports to the Commission, establish procedures to manage the handling of material non-public information and disclose and manage conflicts of interest. The Commissionà ¢Ã¢â€š ¬Ã¢â€ž ¢s rules additionally prohibit an NRSRO from having certain conflicts of interest and engaging in certain unfair, abusive, or coercive practices. According to Partnoy (2008), Credit rating agencies have been the primary drivers of second level securitisation.Investors did not examine the underlying assets and depended on parameters set by rating agencies to assess the CDOS. If the Credit rating agencies had used reasonable and accurate models and assumptions , the CDO transactions would not have been problematic. The paper suggests some policy prescriptions which include elimination of explicit reliance on credit ratings and the claims made by rating agencies that the ratings are mere opinions should not be accepted any longer. The researcher suggests that rolling average of market measures is a much better representation of the instrument than the unchanged credit rating .Credit default swap spreads would provide a warning about the CDOs and their true performance in the market. According to M.K.Datar(2011), the role of CRAs in the crisis has attracted attention basically owing to the severe downgrades during the initial stages of the crisis. The conflict of interest in the payment model has been discussed and the author suggests that investor pay model should be adopted as the issuer pay model creates a bias as rating agencies might be prone to give good ratings because the issuers are paying for it.An alternative platform pay model has been suggested in the paper wherein an issuer approaches a clearing house (platform) with a preset fee to get a rating. The platform would get the ratings done from a pool of recognised CRAs. This process avoids direct contact between the issuer and the rating agency.The paper concludes that better disclosures by CRAs and their subsidiaries in respect of details of earning from rating and non-rating revenues, default and transition statistics would play a key role in improved governance in CRAs. Problem Definition: The dissertation work is undertaken to understand the reasons behind the emergence of the subprime crisis in late 2000s and the role of credit rating agencies in the crisis.The study is divided into two parts studying the pre crisis and post crisis situations and analysing the change in credit ratings of various complex instruments in response to the crisis. The objectives are briefly stated as below: Understand the evolution of structured financial products Understand the causes of subprime crisis Study the credit rating process for CDOS Study the factors that drove the rapid downgrade of CDOs in the initial meltdown stages Analyse the flaws in the rating process which led to failure in forecasting true performance. Suggestions and corrective action for facilitating accuracy in credit ratings of complex products. Research methodology: Research Design: The method adopted for research is causal research wherein the problem in question is understood and the degree of impact of the cause on the effect under study is analysed. The financial crisis that began in 2007 is studied and the contribution of credit ratings to the crisis is analysed. Credit ratings serve as the control group in this research. Finally suggestions for improvement in credit ratings and measures to be taken are proposed. Methods and Techniques of data collection and analysis: To achieve the research objectives, secondary data from reliable sources are being used. Thorough study of the existing literature is being done to understand different ideas and view points on the topic which would facilitate a comprehensive analysis of the issue. Methodology adopted for rating complex products by leading credit rating agencies has been studied in detail which includes statistical tools and financial models. Data sources: Data is being obtained from various secondary data sources for study and analysis. The major sources used for research are as follows: Credit Rating Agencies websites and reports Banking for International Settlements(BIS) working papers and reports Securities and Exchange Commission reports Journals and papers published on Credit ratings contribution to the Crisis. DRIVERS TO EMERGENCE OF FINANCIAL CRISIS 2007-2008: The financial crisis was fuelled right from the early 2000s through various factors , the most important of which is sub-prime lending. This inturn led to construction of CDOs at a later stage in order to transfer the concentrated risk of banks to the investors . Hence it is vital to get a clear idea about the emergence of sub prime lending and evolution of CDOs . Sub-Prime lending: The sub-prime mortgage market caters to customers who are unable to meet normal credit and/or documentation requirements for mortgages. Subprime lending is riskier than normal lending for the banks. Hence banks tend to charge a higher interest rate to compensate for the risk. Over the past decade, this mark-up over prime rates has been about 2%, making lending potentially very lucrative. Only by the mid-1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s did the subprime mortgage market begin to take off as a number of factors emerged which apparently mitigated the default risk on such loans and hence led to an increasing number of banks lending ever-larger amounts to this sector. Some important factors which contributed to a boom in subprime lending are discussed below. Introduction to Sub Prime Lending: Evolution of Structured Financial Products: Collateralised debt obligations have been one of the complex financial products which have been instrumental in driving the financial system into a crisis. The evolution of CDOs needs to be understood in order to study the emergence of the financial crisis. The basic principle behind a CDO involves re-packaging of fixed income securities and division of their cash flows according to a specified structure. A CDO is constructed by creating a à ¢Ã¢â€š ¬Ã…“brain-deadà ¢Ã¢â€š ¬? company, a special purpose entity (SPE) or structured investment vehicle (SIV), which buys assets and issues bonds backed by the assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ cash flows. The bonds are divided into a number of tranches with different claims on the principal and interest generated by the CDOà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. The mechanics of a typical CDO are illustrated in Diagram A.[1] In order to understand the sudden growth in the demand for CDOs which in turn led to the financial crisis , it is vital to list out the reasons behind the growth of CDOs which are as below. Rationale behind growth of CDOs: Securitisation has been a way that helped banks to bundle loans and sell it to investors or make it off-balance sheet items .Once these items are removed from the balance sheet the capital adequacy gets more space and hence banks make new loans and the process continues. This basically facilitates banks to free up cash and easily meet BASEL norms for capital adequacy. The second rationale is re-allocation of risk.CDOs helps banks reduce the concentration of risk and also create securities as per specific requirements and risk profiles of the investors. This facilitated institutional investors to purchase CDOs as they can invest only in highly rated à ¢Ã¢â€š ¬Ã…“ investment grade securitiesà ¢Ã¢â€š ¬?. CDOs allowed these investors to gain exposure to assets that, on their own, had been too risky, while investors looking to take more risk and receive potentially higher returns could buy the most junior or à ¢Ã¢â€š ¬Ã…“equityà ¢Ã¢â€š ¬? CDO tranches.[2] These are the major reasons behind growth of CDOs . Banks only thought of their own benefits and growth and the aftermath of this action was left to the market to face in reality few years down the lane . The consequences of this act of the highly knowledgeable financial community has been faced by people across the globe. Credit Ratings and CDOs: An overview Investors invest in securities based on various criteria one such being reliable ratings given by well known credit rating agencies. Credit rating agencies(CRA) were basically formed to guide investors assess risk of fixed income securities. CRAs have played a major role in the growth of CDOs market as investors relied on the ratings given to these complex structures and based their investments majorly on these credit ratings. They used credit ratings in place of their due diligence for assessment of CDOs. Credit rating agencies are approved by Nationally recognised Statistical rating organisation(NRSRO) . There are three well known players in the U.S financial market which are Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Fitch Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s These three agencies rated CDOs and the fees generated by rating CDOs were quite high which led to record profits . The percentage of CDO deals that were rated by the credit rating agencies has been given in the below diagram. Source: UBS CDO research Note: The percentage total exceeds 100 as the same instruments have been rated by more than one agency. Revenue earned by the rating agencies has grown since 2002 which has been depicted in the diagram below: Source:thismatter.com/money According to Mark Adelson, current Chief Credit Officer at SP: à ¢Ã¢â€š ¬Ã…“ The advent of CDOs in the mid-1980s was a watershed event for the evolution of rating definitions. Until the first CDOs, rating agencies were only producers of ratings; they were not consumers. With the arrival of CDOs, rating agencies made use of their previous ratings as ingredients for making new ratings à ¢Ã¢â€š ¬Ã¢â‚¬Å" they had to eat their own cooking. For rating CDOs, the agencies used ratings as the primary basis for ascribing mathematical properties (e.g., default probabilities or expected losses) to bonds.[3]à ¢Ã¢â€š ¬? Credit rating agencies failed to examine the accuracy of the prior collateral ratings. They also used other rating agencies ratings as base for rating CDOS without verifying accuracy.To adjust for the shortcomings in other agenciesà ¢Ã¢â€š ¬Ã¢â€ž ¢ ratings they used a system called notching where the rating would be decreased by one notch if the rating has been done by another rating agency. For example , if Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s is rating a CDO which has a collateral rated BB+ by Fitch , Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s would consider the rating as BB and plug it into their rating model. No analysis of accuracy had been done and it would be assumed that the notching would compensate for any errors in the rating done by Fitch. Figure below illustrates a comparison between the collateral ratings and the corresponding CDO ratings at the beginning and also the current scenario. This shows that the CRAs somehow gave huge amounts of AAA rated CDO securities from collateral with much lower ratings, reassuring the fact that that main reason why CDOs were so profitable in 2005-2007 is that it was possible to generate a high proportion of highly rated securities from lower quality assets. That practice backfired, resulting in massive downgrades of the CDO tranches as it became apparent that the rating agencies had been overly optimistic. While in 2005-2007, the initial ratings given to CDO tranches were on average better than the ratings of their underlying collateral assets, current CDO tranche ratings are worse than their associated collateral pool ratings which is an area that needs attention. The following figure shows the downgrades of CDOs over the years. The numbers on the y-axis correspond to the rating scale with lower numbers equal to higher-quality ratings (1=AAA, 22=D). An overview about the credit ratings and CDOs has been done. The following section elaborates the rating methodologies adopted by the rating agencies which have different variables considered for the purpose of rating the complex financial instruments and the assumptions behind them. CDO Rating Methodology: CDOs are based on portfolios of instruments combined together and not on a single loan. Rating these complex structures requires ascertaining a probability of default (PD) to each instrument in the portfolio and involves assumptions relating to recovery rates and default correlations. Thus it combines credit risk assessments of the individual assets and estimates about default correlations using credit risk modelling. There are two widely used methodologies for rating CDOs namely Binomial expansion technique Monte Carlo Simulation Each method is discussed initially and then a comparison is done between the techniques and their impact on the ratings. Steps in the Rating Process: The reliability of a CDO rating depends on the agencyà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to assess the credit risk in the underlying asset pool and accurate modelling of the distribution of cash flows from the asset pool to different groups. All rating agencies generally follow a two stage rating process. In the first stage, analytical models are used to assess credit risk. The tools applied for analysing CDO pools differ according to the nature of underlying assets and are also based on the rating agencies. The second stage of the process comprises of structural analysis. This stage involves detailed modelling of cash flows, legal assessments and evaluations of third parties involved in the deal such as asset managers. The results of the cash flow analysis are used as input in the credit model in the form of adjustments in particular model assumptions. Finally, all information is aggregated and combined into a single, alphanumeric rating which is benchmarked to the historical performance of bonds. RATING METHODOLOGIES: The famous CDO rating methodology is based on Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s quantitative approach for determining expected losses for CDO tranches which is called the binomial expansion technique (BET). BET was introduced in the year 1996 and is still used in CDO analysis along with a number of other new methodologies. The method relies on the use of à ¢Ã¢â€š ¬Ã…“diversity scoreà ¢Ã¢â€š ¬? (DS) which is used to map the underlying CDO portfolio with a hypothetical portfolio that consists of homogeneous assets equal to the diversity score. For calculating expected loss distributions a simpler hypothetical portfolio of homogeneous, uncorrelated securities is used in place of the original portfolio. As the number of assets in the hypothetical pool is assumed to equal the diversity score, it will be lower than the number of assets in the actual CDO portfolio to account for uncorrelatedness under the BET. Given the homogeneous nature of the hypothetical portfolio, the behaviour of the asset pool can be explained by DS+1 default scenarios with default occurring for 0 assets, 1 asset, DS assets, where the probability of each scenario is calculated using the binomial formula. After working out the cash flows and losses under each default scenario, the obtained output from the binomial distribution are converted into estimates of the portfolio and tranche loss distributions. An alternative method that is used in by three major rating agencies is Monte Carlo simulation technique which estimates the default properties of the underlying CDO asset pool based on repeated trials of random defaults with correlation structure that is assumed. In this process, default events are simulated within a credit risk model, where default occurs when the value of assets fall below that of its liabilities. The modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s main inputs are asset-level probabilities of default and pair-wise correlations of assets, which are converted into an estimate of the entire poolà ¢Ã¢â€š ¬Ã¢â€ž ¢s loss distribution. This distribution is used with other inputs, to determine the required subordination level (level of credit enhancement) for each CDO tranche, where desired tranche ratings are assumed constant or given.MC approaches give more accurate loss distribution estimates, they are computer intensive and take a long time to provide accurate results. Especially for cash flow CDOs it is very difficult to construct an efficient MC simulation that accounts for all cash flow nuances .Sometimes it takes hours for an MC simulation to determine the subordination level for an AAA tranche and this can be complicated when further assumptions are made. In managed portfolios, the relative value of the simulation approachà ¢Ã¢â€š ¬Ã¢â€ž ¢s asset-by-asset analysis is less while some of the BETà ¢Ã¢â€š ¬Ã¢â€ž ¢s implicit simplifying assumptions (like equal position sizes) closely resemble typical covenants in managed deals. The choice of rating methodology basically considers a trade-off between accuracy and efficiency, and the result may differ for certain types of CDO structures. This is one of the reasons for Moodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to introduce a new Monte Carlo simulation-based method called CDOROM to rate static synthetic CDOs, while it continues to use the BET and its modifications for rating cash CDOs and managed structures.