Descriptive Language and The Lady of Shallot Essay -- The Lady of Shall

Descriptive Language and The Lady of Shallot In any piece of lyrical poetry, authors must masterfully use the language of the poem to covey the intended meaning. In order to ensure the meaning is not lost, it is imperative that the author incorporates various aspects of the narrative to escalate the poem past its face value. Alfred Tennyson’s poem â€Å"The Lady of Shallot† is no exception to the rule. From lines like â€Å"blue unclouded weather† and â€Å"the gemmy bridle glitter’d free†, one can draw that descriptive language is Tennyson’s tool to revealing the underlying meaning (Griffith 334). In each of the four parts of â€Å"The Lady of Shallot†, Tennyson uses descriptive language to convey his intended meaning to the audience. Tennyson uses Part I to show the setting of the poem, and introduces the Lady of Shallot to the audience. Part I starts off with a description of â€Å"Long fields of barley and†¦rye that clothe the wold (hilly, open country)† (Griffith 332). From this line in the opening stanza, the reader already gets a sense of where the poem takes place, a gently rolling countryside of utmost beauty. In the second stanza, lines like â€Å"Willows whiten, aspens quiver, little breezes dusk and shiver† further our mental picture of the setting (Griffith 332). Later in the stanza, we learn of â€Å"four gray walls, and four gray towers† and that â€Å"the silent isle imbowers the Lady of Shallot† (Griffith 332). Tennyson’s description in the last couple of lines of this stanza introduces the Lady of Shallot and gives a feeling of her isolation (which is quite important toward the poem’s meaning, and will be built on later in the piece). The final stanza in Part I tells how early morning workers â€Å"hear a song that echoes cheerly ... ...tiful and powerful. As soon as the Lady of Shallot decides to leave the tower, she knows her fate. And after she dies, the people of Camelot finally learn of the â€Å"fairy Lady of Shallot† (Griffith 332). Tennyson’s descriptive language in â€Å"The Lady of Shallot† is beautiful, and drastically enhances the meaning of the poem. The description of everything in the outside world is so vivid that it brings the Lady of Shallot to loose everything she has ever known. She is willing to give up her life to experience the brilliant things seen in her mirror†¦even if it is only for a few moments. Without Tennyson’s eloquent descriptiveness, â€Å"The Lady of Shallot† is much more than mere words. Bibliography: Work Cited Griffith, Kelley. â€Å"The Lady of Shallot† Narrative Fiction. Ed. Ted Buchholz. Fort Worth: Harcourt Brace College Publishers. 1994. 332-336.

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Hem Courts Tribunals service was created on 1 April. It aims to ensure that All the different needs of citizens can get a fair treatment . It deal with about 800000 tribunal cases every year. One person has received her notice of tax due from inspector of tax and her tax capability has been admitted. I'm a tax adviser, if tappets, t can ask to me about the Adverse consequences, The non-tax payer must make her appeal to HUMOR in writing. The tax payer can use the appeal form( should contain the design letter) or appeal by letter. After sending appeal to HUMOR,she can ask foot delay the payment ate. Because the rise of the BRB(bank balance rate) make her LORD increase,and she can appeal for the overcharge part. She also need to explain the ambiguity,bound and amount of tax evasion and tax avoidance. HUMOR has two methods to calculate interest,one is calculate by date,from appeal submitted date to the normal filling date. The other is calculate by the unpaid amount. To avoid interest pe nalties,it should pay attention to that payment of tax should made by the due date,interest is payable on overpayment's of tax.By paying the amount in full,taxpayer can avoid interest penalties. Once she success,she can get the overpayment back. The interest on the overpayment will also return. By this way ,HUMOR show their sincerity apologize,to show their principle of equality and humanity. Most appeals are settled by agreement with HUMOR, This can improve the efficiency of handling cases. The precondition of settlement is taxpayer can tell his condition including Jobless,income sources reduced and personal accidents. The decision can be amended,tax payment amount,tax payment date and whether to pay the fine. He HUMOR will confirm the agreement base on both sides in writing and Release documents. He taxpayer also has right to Challenge some clauses in official documents. It shows the transparency of tax payment system. If she accept the agreement. Originally scheduled tax amount c an be amended,it cognizance the tax avoidance and tax evasion again. The amount of the tax evasion before can be understand as tax avoidance now. Penalties can be avoid by paying the owed tax fully by one-time. If her case can not make her satisfied,HUMOR still can offer her a review,and collect the information. He significance is tax evasion,to ensure HUMOR/S reputation in people. At NY times can use questionnaire to ask for HUMOR. If she don't accept the agreement,she can ask HUMOR to review their decision including tax amount,tax due and penalties or ask tribunal to consider her apparel. She can ask HUMOR to review the decision and then ask the tribunal to consider her appeal . But it can not be done at the same time. When reviewing,HUMOR will appoint a new officer who was not been involved with the decision before to ensure the objectivity. The new officer will evaluate the three points in last decision. He taxpayer should give discretion to the new officer in writing to let him review the decision. Hem Courts Tribunals service was created on 1 April. It aims to ensure that All the different needs of citizens can get a fair treatment . It deal with about 800000 tribunal cases every year. The tribunal is independent of HUMOR and is part of HEM courts and tribunals service. The non- taxpayer can use the notice of appeal form to appeal. It divides into First-tier Tribunals and Upper Tribunal. First tier tribunal belongs to court system. Of KICK,let is administered by Majesty Courts and Tribunals service.If the taxpayer's complaint ease denied by first-tier tribunals can appeal to upper tribunal,but it shout admit by first tribunal. Finally,it also methods before failed, she could ask the court of apparel for help. Cases If all of her income is lower than personal allowance, ashcan complete Thebes table and apply for HUMOR at the end of the year. ,or go to a bank to claim the deduction of tax. If she is not a taxpayer, she can put the money in the building soc iety. But she need to fill out ROR. Form need to contain the personal income, marital status, your spouse's income situation, length of tax-free time. Cause of her income tax is high sprayer, so he is eligible to apply for bank interest rates, If he didn't feel satisfied, can apply for a bank refund. He need to fill in ROR Tax Repayment Form to the bank for his deduction of interest at the end of the year. It must be in-time, Overdue don't wait. If you don't pay taxes, then there is no eligible for capital gains tax . Elf you want to get back the capital gains tax, HUMOR must investigate the people, the income of last year,list the other earning sources apart from income.The following may not be as a stumbling block to block access to high tax rebate. Such as basic or old-age ensign , Industrial Death Benefit and Widowed Parent's Allowance.. Case 3 On submission of the relevant information to the Inland Revenue,that taxpayer is given a tax code. Taxes code =(various allowance+on the Job training expenses)- additional income. The tax code is then formed by dropping the final digit from this sum. The letter after the number show the attribution of the tax code. Different letter show different area of the money.For example,LULL on behalf of E 8100 allowance. TO: this weeks or month's allowance used out. Personal allowance used out or the taxpayer has pay the tax before getting income. . The features of ordinary share & preference shares. Company's main source of capital n, distribution: Have earnings to pay dividends, no earning no dividends. 3). = if;Foxfire transfer, no limit Stock price is determined by the market E, ElfГГ ¶fishing risk: there is no due date, earnings uncertainty normally,issued with Face value voting rights ,One Share-One Vote 1 . If*1, FEM.;†preferred dividends, before common stock dividends 2. He Dividend is fixed, usually pay a certain percentage of the preferred stock value determined 3. WHQL*LSIГГ ¶Cirri, Divide nds can be accumulated, usually before he annual undistributed preferred stock dividends shall be paid before any dividends Seek preferred payments in the event of liquidation, ahead of the common stock Amounts of the Liquidation limited to their face value No voting rights or restricted voting rights 7. Participating preference share 8.Conversion rights 2. What are the different listing methods available to the company to issue shares to the public? POP-94 The following methods are available to a company that seeks its shares to be listed on the ELSE for the first time(a new issue) Public offer:include offer for sale&offer for subscription Public offers: 1 . Issue cost is invasive, offering to the public, purchaser including institutional investors and private investors. 2. Because it is offering to the public, Have sufficient opportunity to raise capital.Usually public offering is suitable for those company who need to raise large amount o capital. There are a lot of companies thr ough the capital market through PIP (initial public offering) complete the financing behavior.. Public issue including offer for subscription and offer for sale. Offer for subscription Is a form of public issue directly, the issue company need more professional ability n issue and put a lot of time and material costs, general enterprise does not have the capacity to complete. Offer for sale Is a public and indirect methods of issue..Arrange issuance by underwriters for the issuing company, Most companies do not have their own ability to issue shares, so more companies will choose offer for sale.. Potential investors can use the stock issuance of company in the newspaper public subscription method stated in the prospectus to issue stocks to subscribe the company plans to develop. Fixed price offer. The sponsor has identified the stock issue price Before a public stock offering . If it is oversubscribed , subscribe issued more than quantity,then make allocation on a prorate basis.If i t is underspecified u, subscription number less than issuing number.. Institutional investors often underwriters subscribe remainder and way for the time to market sales in the future.. During offer for subscription, if the stock can't be investors fully subscribed, The offering will be aborted. Tender offer Investors declare their purchase price, the sponsor determine a tricking price according to Investors ‘offer. II investors eventually according to the tricking price bestride the offering of shares.Placing On the issuing way of placing,most stock is north offered to public, But to the particular customer or a specific directional issue stock investors. Toby the issuer or the agent. Placing Is suitable for target specific investors,the cost of this method is lower than offer for subscription and offer for sale,and suitable for the company which the total value of the offer is low. Introduction This method is not involved in the issue of new shares, Just will have issued sha res introduced to be formally listed.Introduction only applies to the stock has been ideal distributed, Thus getting broader Thus getting broader after complete circulation after complete circulation, For example, domestic company stocks listed abroad Introduction do not apply to the company to raise capital in a short time Cause cancans:immediate causes. The directly cause of the damage. Example:the company equipment was damaged by the water,the cause cancans could be the water. Susan equations:underlying reasons. An intervening cause but not directly, Indirect cause loss. Example:a mobile phone may be broken due to the hitting,the poor quality may also e the cause.Subrogation-rights transfer-subrogation is the principle that occurred when the subject-matter policyholder caused by a third party liability after the insurance company pay to policyholder, ,the company shall have the right to recover claim amounts paid to a policyholder from a negligent third party. Example:the damage off child in school due to the negligent of the school The meaning of the principle of utmost good faith is to point to: insurance contract party conclude insurance contract, and in the period of validity of the contract, shall e provided to each other the all information which may influence the contract. T the same time definitely abide by the provisions of the contract and commitment. Otherwise ,the damaged party ,can refuse to perform the contract or ask compensation for the other party. Example: When the policyholder ask for a car insurance,the insurance company must check the car condition ,and take photo,the policyholder must give all information of the car including accident record. Particular risk is risk due to personal behavior. Example: Robbery,fighting or dangerous sport.

Essay The Great Gatsby - the Ku Klux Klan - 664 Words

The Great Gatsby - The Ku Klux Klan The Great Gatsby, written by F. Scott Fitzgerald, provides a reflection on the societal issues and attitudes of a modernist, post-war era. The â€Å"Roaring Twenties† was an age of prosperity, consumerism and liberalism that led to unprecedented economic growth and significant changes in culture and lifestyle. The right to vote redefined women’s roles and gave rise to a â€Å"new breed† known as the flapper, that drank, wore excessive makeup, and flaunted her disdain for conventionalism. The introduction of prohibition led to an increased demand for black market alcohol and bootlegging, thereby providing a financial basis for organized crime. Despite the progression, the 1920s was an era of social tensions†¦show more content†¦Inspired by his viewing of The Birth Of A Nation, the second Ku Klux Klan was founded by William J. Simmons, a former Methodist preacher. The Klan emerged during the â€Å"nadir of American race relations† however the growth of the Klan developed in response to new anti-immigrant, anti-Catholic, anti-Semitic and prohibitionist agendas as a result of contemporary social beliefs. Members of the Ku Klux Klan promoted patriotism and the ideals of â€Å"One hundred percent Americanism†. They attacked modernist views, criticizing bootlegging, motion pictures and homosexual relationships, demanding stricter morality and a return to â€Å"pure† living. Whilst The Great Gatsby appears to portray modernist trends in social attitudes and behaviours, there are elements of Fitzgerald’s characters that reflect the xenophobic attitudes of the Ku Klux Klan. Tom Buchanan embodies the prejudicial views of his era, as his racism is evident from the beginning of the novel. 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The post-World War I Ku Klux Klan advocated all of the following except a. fundamentalist religion. b. opposition to birth control. c. opposition to prohibition. d. repression of pacifists. e. anti-Catholicism. 37. The Ku Klux Klan of the 1920s was a reaction against a. capitalism. Read MoreThe Memorable Periold of the 1920s in The Great Gatsby by F. Scott Fitzgerald1168 Words   |  5 Pagesmemorable period in history because numerous notable events were occurring. Throughout the 1920s, commonly referred to as the â€Å"Roaring Twenties†, were the Women’s Rights Movement, Prohibition, and The Great War, among other events. Fitzgerald grew up during this era, which he described in his novel The Great Gatsby as a time when much sinfulness and immorality was occurring. 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It has been written in late 1925, the characters in the novel focus upon a fictional town of West Egg. The plot of the story depends over the mystifying millionaire, Jay Gatsby, who has an impetuous enthusiasm for one of the most beautiful women in town, Daisy Buchanan. The theme of the novel focuses upon the American Dream that shares the experiences of the revival of the World War

Parkinson s Disease Is A Chronic Neurodegenerative Disorder

Parkinson’s disease is a chronic neurodegenerative disorder characterized by degeneration and cell loss of the substantia nigra, which causes disturbances of voluntary motor control [5]. It impairs ones ability to produce movements and is commonly associated with difficulties of daily living. Parkinson’s disease (PD) affects approximately 1.5% to 2.0% of the population over the age of sixty years old [2] and â€Å"†¦ it is estimated that 6 million individuals worldwide are currently living with PD,† [7] (pg323). Parkinson’s sufferers often experience physical distress and an altered quality of life. Pathophysiology, Risk Factors and Diagnostic Techniques A popular joke among college science majors is â€Å"you make my dopamine levels go all silly,† in reference to the physiological function of dopamine linked to hormone secretion and emotional behavior. However, dopamine plays an important functional role in movement the generation of movement [4]. A deficiency of dopamine levels in the brain leads to many life-altering side affects experienced by patients suffering from Parkinson’s disease. Parkinson’s disease is identified as a chronic progressive neurodegenerative disorder of the brain affecting the nigrostriatal dopaminergic system [1]. Among the basal ganglia network, clusters of nerve cells known as substantia nigra and their nuclei, synthesize dopamine by mesencephalic neurons [2]. It is the slow disintegration of substantia nigra that lead to Parkinson’s disease affectingShow MoreRelatedBiological Hazards And Physical Hazards1051 Words   |à ‚  5 Pagesresponse and related behavioral pathways through neural networks and interconnected neurohormonal and immune patterns. The capacity of human beings to learn about, imagine, remember, and anticipate stressful situations and their warning signs can create chronic states of vigilant arousal in the body. 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Essay on The Importance of Report Writing in Law Enforcment

Aaron Khamosh October 5, 2012 The Importance of Report Writing in Law Enforcement The popular notion nowadays regarding police work is that it is all about action and high-speed pursuits. However a less frequently mentioned aspect of police work is documentation in the form of police report writing but it serves as one of the most important tools that a police officer can utilize to help them do their jobs. Police report writing is important for a number of reasons, mainly because of the vast number of suspects that police officers deal with on a daily basis. So it is virtually impossible for any police officer to remember every detail of every case without making any notes. In some cases reports are subpoenaed even months down the†¦show more content†¦Police reports should be written immediately after debriefing to ensure that the details of what happened are accurate because as the saying goes: memory fades. The officer will also have to refer back to their reports if they are subpoenaed to a trial and will be cross-examined by the defense. The officer should be able to easily defend the facts that they inputted into the police report. A good police report serves as a great tool to determine innocence or guilt and can make or break a case, depending on how detailed or accurate it is or is not. Emphasis ought to be put into training officers on how to write effective and accurate reports so their hard work is not wasted when the suspects are brought to trial. Without a good report, police officers lose their effectiveness, because even if the suspect is brought in, they can be released later down the road if the police report lacked details, information, or accuracy. A police report is the starting point to any case. It helps to refresh an officer’s memory or to paint a picture of what happened at a crime scene if one was not there at the time. A police report can determine facts and can prove guilt or innocence. Police report writing is one of the most important parts of being an effective police officer. It is used as evidence and testimony in trials to help determine guilt or innocence. A good police report helps an officer be better at his

Banc One Corporation an Analysis of Their Hedging Strategy free essay sample

The fall in stock prices put a damper on this drive for acquiring banks with potential for earnings and growth (it had 10 pending acquisitions worth $9 billion in November 1993). In this study we analyze the possible reasons for the fall in stock price and suggest ways to stop the hemoraging. In December 1993 Banc One held presentations in New York, Boston, and San Francisco to clarify its position on the use of financial instruments known as derivatives. Banc One used Interest Rate Swaps, the most common type of derivative instrument, to manage interest rate sensitivity. At these presentations, Richard Lodge, the chief investment officer, made clear that Banc One was not a dealer but an end-user of swaps. Lodge emphasized that the bank’s position was one of hedging and not of speculating. They first started using swaps in 1983, and subsequently, when the tax reform act of 1986 eliminated the advantages of municipal bonds as a tool for managing interest rate exposure, their dependence on swaps further increased. We will write a custom essay sample on Banc One Corporation an Analysis of Their Hedging Strategy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page By 1993 the notional value of Banc One’s derivative portfolio had grown to $38 billion, a sum almost equal to half its assets! The amounts of Banc One’s swaps contracts depended on various factors such as: the loan demand, the slope of the yield curve, the amount of capital held by the bank, and the cost of cash market versus the derivative market. Interest rate swaps have several inherent advantages over bonds and other instruments: capital is preserved, liquidity is increased, swaps contracts enabled faster response to changes in market conditions, and swaps can be customized for duration and other variables. In the light of these overwhelmingly positive features of swaps and other similar instruments, Banc One was in the derivative market to stay. Hence, their task was to ease investors fears of these relatively new instruments and reassure them of the prudence of the continued use of these instruments. Banc One intended to be as transparent as possible in reporting its derivative dealings. In the rest of this study we examine the various issues involved in this complex case. USE OF SWAPS Like most regional banks, Banc ones natural balance sheet position is asset sensitive, hence interest rates on their assets reset more quickly than on their liabilities. On one hand 73% of Banc One’s assets are indexed to the prime rate, and thus vary with the market, while on the other hand, 50 to 60% of bank liabilities, mostly non-commercial loans (Certificates of Deposit) are fixed rate. This situation is exacerbated by the fact that commercial customers are more responsive to interest rate movements and will exercise their options to refinance quicker, unlike non-commercial customers who are mostly CDs holders which are considered sticky-fixed. The result of this asset sensitive position is that Banc One’s earnings rise and fall with interest rates. To minimize this interest rate exposure banks traditionally invested in short and medium-term U. S. Treasures and high quality municipal bonds as a hedge against their asset sensitive position. They would borrow at a floating rate and use the proceeds to buy U. S. treasuries and municipal bonds and thus increase their fixed rate assets. The result is a reduction in its asset sensitivity. Prior to 1986 municipal bonds had an added attraction in that banks could deduct 80% of the interest expense incurred on the money which funded their purchase. Furthermore, the income earned on the bonds was tax exempt. The result was that Banc One earned a large spread on the municipal bond hedge. The 1986 Tax Reform Act eliminated the tax deductibility feature of municipal bonds. Banc One looked for a substitute hedge that would provide high yield and safety. Mortgage backed securities (MBSs) seemed to foot the bill. However, mortgage backed pools provided lower after-tax return and carried a prepayment risk. Because the mortgagor has the option to prepay a mortgage, the holder of the MBSs are short interest rate volatility. This short position is particularly relevant when interest rates fall and mortgagors refinance mortgages en-mass. This is a double whammy for MBS holders since they become awash in cash when interest rates are low and have to re-invest this cash in an unfavorable environment. In addition, when interest rates rise MBS holders are stuck with a below market yield since now the mortgagors have a good deal and they hold on to their mortgages. To avoid the risks associated with MBS, Banc One held collatteralized mortgage obligations (CMOs). CMOs are pooled mortgage securities. The pool is divided into different groups or tranches which differ in priority of prepayment. The groupings allowed Banc One the ability to better gauge the speed of prepayment. But the prepayment risk still remained. By holding CMOs Banc One had sold a call option on interest volatility. Banc One was short volatility. Thus, the sale of the option increased the banks revenue though at the same time increased its exposure to interest rate volatility. Another disadvantage of CMOs was that they were less liquid than Treasuries or municipal bonds. However, the biggest drawback of CMOs was that the capital adequacy guide lines required that Banc One hold 50% of the principal value of the asset. Cash and Treasures required no risk adjusted weighting while municipal bonds required 20% and municipal revenue bonds required 50% weighting. In the late 1980’s Banc One realized that it could use swaps to adjust its floating to fixed position. The swap contract acted as a synthetic investment and held numerous advantages over Banc Ones prior risk management strategy. First, swaps improved Banc Ones liquidity. They also freed up capital for short term investment which provided cash when needed to repay liabilities such as CD withdraws. Second, the off-balance sheet accounting of swaps increased ROA and ROE. The receive fix rate swaps did not appear as an asset or a liability, but were disclosed in footnotes to the financial statements. Yet gains and losses would still be placed on the income statement. If the bank were to use a traditional hedge, buying a fixed rate bond and selling a floating rate security both would appear on the balance sheet: the net result being to lower traditional profitability measures. Finally, as outlined above capital adequacy requirements are a concern to all banks including Banc One. Swaps allowed Banc One to get around these requirements. HEDGING RISK vs MANAGING RISK With the success of its initial CMO and swap strategy, Banc One looked to replace these instruments with synthetic CMOs. This lead to the development of Amortized Interest Rate Swaps (AIRS). These swaps allowed for high yields in exchange for taking on prepayment risk. One of the major benefits of AIRs was the substantial reduction of capital adequacy requirements. This reduced capital requirement was cited by Banc one as one of the primary reasons for entering into AIRS. Richard Lodge was quoted by the Wall Street Journal as saying, Why in the world more banks do not use interest rate swaps to preserve capital, I dont know Its not an esoteric phenomenon anymore, WSJ February 1993. The AIRS also avoided unpredictable or idiosyncratic prepayment risk associated with MBS and CMOs. In addition the AIRS also were more liquid than traditional CMOs, an important consideration for a bank that might need or want to re-hedge its position. How do AIRS work? The AIRS replicated the mortgage backed securities with similar prepayment features. The notional amount of the AIRS were reduced or amortized if interest rates fell. As interest rates declined, the AIRS would amortize faster. Just like CMOs, Banc One would have to reinvest just when market yields were at their lowest. If market rates rose the instrument’s maturity would wind up longer than expected, again leaving Banc One with below market returns. What are the advantages of AIRS? When Banc One entered into the contract it received a fixed 120 bases points over the current Treasury security of the same maturity. By contrast, a comparable CMO would yield 100 basis points over treasury and a plain vanilla swap only 20 basis points over Treasury. Thus Banc One goosed up its returns by entering into the AIRS. In effect Banc One was willing to sell a call option on interest rate volatility in order to earn above market returns. The premium it received for selling this embedded call option was part of the 120 basis points it received. Thus Banc One was short a call option on interest rate volatility. The value of the call Banc One sold increased with interest rate volatility. Mortgage backed securities like CMOs, are tied to the high end of the yield curve because mortgages are long term obligations. The high end of the yield curve is less volatile than the short end of the curve. But the AIRS with quarterly payment periods are tied to the more volatile short end of the yield curve. The 20 additional basis points Banc One received on AIRS over traditional CMOs reflected the additional interest rate volatility sensitivity built into AIRS. The prepayment risk or amortization feature of AIRS complicated the task of measuring interest rate risk. The embedded option made Banc Ones earnings sensitivity nonlinear: Banc Ones returns now followed a convex path. This convexity or nonlinear risk profile because of the embedded options introduced a second order exposure to Banc Ones position. This second order derivative in effect exposed the bank to gamma sensitivity in addition to the delta sensitivity of interest rates. The bank now had significantly greater exposure to the volatility of interest rates. This volatility exposure was much greater than if the bank used plain vanilla swaps or Treasury securities to hedge their risks. The effectiveness of AIRS as hedging substitutes for Treasuries and CMOs depended critically on the cash flow characteristics of Banc Ones on balance sheet assets and liabilities. Banc One chose to trade the risk of increased exposure to volatility for higher earnings. This strategy would pay off for the bank if stable interest rates prevailed. When interest rates suddenly moved upwards in late 1993 and early 1994 Banc Ones interest rate volatility exposure hurt them by negatively effecting the AIRS. The question we must now ask is: Was Dick Lodge totally candid in his 1993 presentations? At the time he went on record as stating that Banc One used swaps only to hedge risk and not to speculate. Although Banc One certainly did use AIRs and other derivatives to hedge interest rate exposure, the above analysis reveals that in doing so Banc One took on exposure to interest rate volatility. Our feeling is that it would be naive to assume that Banc One did not know what it was doing. By trading volatility risks for higher returns the bank was taking a position on volatility. Labeling this as speculation may be somewhat of a strong statement, but there is no doubt that Banc One took a view and acted on it. We feel that Mr. Lodge must be more definitive in his explanation of Banc One’s derivative usage. MANAGING SWAP RISKS: BASIS RISK, COUNTER PARTY RISK Although swaps are superior to cash instruments in managing interest rate sensitivity, the use of swaps raised additional issues. Unlike Treasuries, or bonds, swap derivatives brought on basis risk and credit risk which Banc One had to deal with. The floating leg of most conventional swaps are indexed to LIBOR which changes daily. However, Banc Ones floating rate assets were mostly based on the U. S. rime rate which changed infrequently. The difference in the spread of these two indices caused a basis risk problem. To manage the bases risk Banc One entered into additional bases swaps. The bases swaps required Banc One to pay floating rate based on prime and receive floating rate based on LIBOR. This simple transaction allowed Banc One to confidently deal with the bases risk brought on by the original swap contract. The second is sue confronting Banc One was credit risk. U. S. Treasuries posed no credit risk and municipal bonds posed only minor credit risk. Swaps, however, exposed Banc One to the risk of counter party default. Swaps naturally mitigated this credit risk in two ways. First, the higher yield as compared to treasuries compensated for the additional credit risk. Second, while the entire principal of a bond or security is at risk, with a swap only the net payment, not the notional amount is at risk. Banc One went beyond these provisions by establishing strict policies for managing its counter party exposure. First, the counter parties it dealt with were rated no lower than single A. Second, Bank One constantly monitored its mark-to-market exposure to each counter party. Total derivative and direct lending exposure to any one counter party was limited by in-house guide lines. Finally, Banc One required that each counter party post collateral in the form of securities or cash against the credit exposure. The amount of collateral posted was equal to Banc Ones possible losses in one month from an extreme movement in interest rates. In addition, counter parties were required to post additional collateral as the market value of the swap changed over the life of the contract. The net result was that Banc One was not exposed to sums due for which it was not fully collateralized. If a counter party was to default, the mark-to-market value of the collateral would allow Banc One to enter into a new swap with a new counter party to replace the defaulted agreement. These collateral agreements were unique. Banc Ones solid credit rating allowed it to obtain these collateral agreements. Furthermore, Banc One disclosed the identity, notional amount, amount of collateral, potential exposure, and net credit exposure of each counter party. A list of the counter-parties with whom Banc One had swap agreements in October 1993 is shown below. STOCK PRICE Banc One’s stock price dropped dramatically during the latter half of 1993 from $44. 36 to a year end close of $35. 57, nearly a 20% drop. There are many theories to explain why the stock price dropped and why shareholder wealth suffered. We will attempt to explain the theories we subscribe to. First, Banc One was focused primarily on earnings volatility risk and had a strategy of entering into swaps which would enabled them to dampen their susceptibility to asset interest rate sensitivity. Based on their analysis, Banc One determined that an interest rate fluctuation of more than + 100 basis points was unlikely. Given this assumption, the decision was made to enter into AIRS to take advantage of higher yields for such low interest rate volatility. This strategy theoretically allowed Banc One to gain an additional 100 basis point advantage over Plain Vanilla Swaps (PVS). This swap strategy essentially guaranteed them constant positive earnings over the next ten years in the range of + 100 basis points. By effectively locking in earnings over this very small range, Banc one exposed itself to large volatility risk. Based on their analysis, the firm predicted that low volatility in interest rates would not have an effect on shareholder value. But, because stock value is the sum of all expected future cash flows discounted back at the current discount rate, its value is effected by changes in the discount rate. As interest rates increased by 175 basis points between November ‘93 and October ‘94, Banc One’s earnings decreased drastically. This reduction adversely effected the stock value. Intuition tells us that if the cash flows decrease over time and the discount rate continues to increase, the value of the stock will decrease. If we look at the mathematical implications, the formula shows us that decreased earnings means the numerator is becomes smaller while the increase in ‘r’ forces the denominator to become larger. The ultimate result is the stock price decreases. Second, the fact is that in 1993 the business world was still trying to sort out the issues associated with using derivatives, especially exotic swaps, to decrease interest rate risk. The industry was comfortable with the use of CMOs and plain vanilla swaps as risk management tools. The use of AIRS was viewed as speculative in nature and was not completely understood by many analysts and investors. Banc One’s derivative portfolio consisted of numerous AIRS and generated a large portion of the firm’s income (around 26%: $442 million out of $1. 7 billion). Although Banc One tried to formulate an extensive teaching and disclosure plan, the level of acceptance and understanding was not adequate to maintain stock value. Unfortunately, after the disclosure meetings many of the analysts and investors were left with more questions than before. This resulted in analysts and investors making subjective assessments of the firm’s future cash flows as being risky. Their assessment carried with it a risk premium, which in effect put downward pressure on stock prices. Again, intuition tells us that if the expected cash flows are risky the discount rate rises: the stock price and shareholder value will decrease. Mathematically, the denominator is increasing causing the stock price to decrease. Finally, the market was extremely leery of the use of exotic derivatives such as AIRS as risk management tools because of the events in Orange County, California, and cases involving Banker’s Trust at the time. The disaster that befell them and the apparent risks associated with the extensive use of derivatives only served to discount the positive aspects of Banc One’s strategy. Furthermore, the disclosure that Bankers Trust was Banc One’s largest counterparty (see chart on page 11) did not help quell investors fears. The market fears forced the analysts to subjectively add a risk premium, which caused downward pressure on the firm’s stock prices. As with the point above, intuition tells us that if the expected cash flows are smaller while the discount rate is rising, the stock price will decrease. INTEREST RATE VOLATILITY AND EARNINGS As we saw above, Banc One did not disclose that they had actually increased their exposure to volatility in order to earn higher yields while hedged against small movements in interest rates. During the same ten year time period, prior to 1993, Banc One had also swapped into a position to keep a relatively stable stream of earnings for the next ten years of 2. 37%. How do these two issues relate to each other and how did they adversely affect the stock and firm values? First, the issue of volatility risk is significant to Banc One because they essentially counted on interest rate movements being very small over the life of their swap agreements. They demonstrated this by entering into numerous AIR swaps, which hedged out almost all risks associated with small interest rate movements while exposing them to large volatility risk. There are two reasons why this may have happened: improper analysis of possible future interest rate fluctuations or a deliberate assumption of volatility risk in return for higher yields. Second, is volatility in earnings of significant risk to Banc One? The firm had adequately hedged against variability in earnings by essentially swapping into a situation where they were receiving a higher overall interest rate than they were paying out. By doing this, they locked in a fixed spread and stabilized their earnings. The stabilization of earnings through the year 2004 effectively resulted in a no growth earnings situation. Again, although the firm was hedged against small changes in interest rates, a large swing in interest rates would drive down earnings and force the discount rate at which future cash flows are discounted to rise, lowering the value of the stock. With the firm hedging against their exposure to changes in earnings over such a small range in interest rates, they have inadvertently exposed themselves to another increased risk in volatility. It is evident to us, that the exposure to volatility risk was the key ingredient to the devaluation of Banc One’s stock prices. The need for minimized volatility in earnings is clearly essential. There must be an appropriate balance between the value of the spread gained by investing in AIRS and the amount of exposure a firm faces in terms of interest rate volatility. DISCLOSURE Banc One realized early on that their derivative usage was being characterized as speculative in nature and that many of its investors were simply unclear on the use of derivatives as a hedging tool. Under these circumstances, the Chairman and CEO of Banc One, John B. McCoy, embarked on a plan to make full disclosure of Banc One’s off balance sheet derivatives portfolio activity. This discussion will focus primarily on the disclosure associated with one particular derivative, the interest rate swap. During the ten years prior to 1993, Banc One had made a significant move away from the use of United States Treasury securities to manage interest rate sensitivity and instead dealt with interest rate risk by careful selection of interest rate swapping arrangements. By the end of 1993, Banc One held an off balance sheet derivatives portfolio of notional value of approximately $38 billion which amounted to a sum nearly half that of the assets on its balance sheet. How important is a strategy of disclosure to Banc One? First, one must analyze the pros and cons. The most important advantage in McCoy’s opinion, was that disclosure was the only way to educate the public in the area of derivatives usage. Knowledge was the key to the market’s positive assessment of Banc One’s strategy. Further, a positive assessment of their strategy was essential to the value of the firm’s stock. Full disclosure of off-balance sheet activities was not required by the FASB and was certainly not a common practice among the other banks utilizing derivatives. What are the cons associated with disclosure of financial activities not required? One important disadvantage is that disclosure can signal other firms in the industry as to your competitive strategy. It may also dispel other firm’s fears of your ability to conduct business in a price warfare environment and actually force competitors to engage in such practices. Given that the pros far outweigh the cons in this case (and for the sake of our argument), why were McCoy’s efforts to disclose the firm’s derivatives package and its portfolio management strategy in late 1993 and early 1994, largely unsuccessful? It is our opinion that in the hopes of educating investors and analysts, McCoy and Lodge actually confused them about Banc One’s overall derivatives strategy. We hold McCoy and his financial staff accountable for several reasons. The most important reason is that in disclosing the off balance sheet figures, they did not adequately represent the risk position of the firm after the hedge was set in place. Our analysis follows: Because Banc One relied heavily on Amortizing Index swaps (AIRs), it put itself in an excellent position to manage interest rate sensitivity between the ranges of + 100 basis points. This very important decrease in exposure to small interest movements was only one half of the story and was highlighted in their derivatives presentations in New York, Boston, and San Francisco. However, the firm neglected to highlight the significant increase in exposure to interest rate movements above and below 100 basis points. Consequently, some investors and analysts were able to foresee the shift in convexity in the value function of Banc One with the heavy use of AIR swaps, and the omission of this information further added to their skepticism. The failure to address this issue had the effect of painting a picture that was to good to be true. Discounting investors’ knowledge/ignorance of all the specifics involved in derivative risk management techniques, the natural reaction of risk conscious investors is to question the perfect investment’s merit and perhaps even to put a subjective negative twist on the firm’s future cash flows and ultimate value. This inadequate disclosure contributed to the decline in the firm’s stock price. RECCOMMENDATION A basic tenet of finance is that in equilibrium the rate of return the market expects on an investment increases as the risk involved in the investment increases. A stylized representation of this is shown in the figure below. Thus, a corporation that assumes a risky strategy should anticipate the market to demand a correspondingly high return for its investment. We saw that a sizable portion of Banc Ones fixed rate investments were in mortgage backed securities, CMOs, and AIRs. These three instruments all involve prepayment risk (in addition some of the bank’s liabilities, like CDs, also involved prepayment risk). The diagram below shows the value of an AIR contract, which is really a synthetic CMO, with respect to a plain vanilla swap as a function of interest rates. Notice that, for a range of interest rates AIRs pay better than plain vanilla swaps but outside this range the value of AIRs drops below that of a plain swap. Hence, because of the three fixed income instruments: mortgages, CMOs, and AIRs, which have similar yield curves, the earnings for Banc One corporation assumes convexity with respect to interest rate fluctuations as shown in the diagram below. When this position is hedged using plain vanilla swaps the earning curve for Banc One is as shown below. As can be seen in the diagram below, for a range of interest rates Banc One’s earnings are high but if the rates were to fluctuate outside this range its earnings would drop dramatically. Banc One took this position hoping that interest rates would not fluctuate beyond this range. It took this risk in its pursuit of higher yields and lost its bet since interest rates rose higher than it had anticipated in late 1993 and early 1994. Banc One should realize that the market is efficient and the fall in their stock price was in part due to the volatility created in its earnings because of its large fixed rate portfolio of AIRs, CMOs, and mortgages which are exposed to volatility risks. Hence our recommendation to Banc One is the following: †¢Banc One should reasses the amount of risk they want to assume and expect a corresponding yield: There are no free lunches. †¢Re-hedge their fixed rate investment portfolio to reduce its volatility risk and be satisfied with a lower yield. †¢ BIBLIOGRAPHY Banc One Corporation (A): Harvard Business School Case, Dale O. Coxe, June 1995. Banc One Corporation: Asset and Liability Management. Harvard Business School Report, Ben Esty, Peter Tufano, and Jonathan Headley. Derivative use in Banks: The six ironies, Robert Albertson, Goldman Sachs Co. Journal of Applied Corporate Finance, Vol 7, No. 3, p. 52, Fall 1994. The Use of Index Amortizing Swaps by Banc One, Christopher James and Clifford Smith, Journal of Applied Corporate Finance, Vol 7, No. 3, p. 54, Fall 1994. Comments on Banc One, Ethan Heisler, Salomon Brothers, Journal of Applied Corporate Finance, Vol 7, No. 3, p. 59, Fall 1994. What Can Bankers Learn About Hedging Strategy From The Banc One Case, Edward J. Kane, Journal of Applied Corporate Finance, Vol 7, No. 3, p. 61, Fall 1994. Futures Options Swaps Forwards Default Risk AIRs Risk Management Lectures Home

More than a Change of Heart free essay sample

â€Å"I’m not related to you!† My twelve-year old self made this sentiment perfectly clear to my father across the kitchen table. I wanted absolutely nothing to do with his half of my family tree. I would have been mortified if anyone had found out that my Uncle Jeff would soon become â€Å"Aunt Joanne†. The news could not have come at a worse time. I was just about to enter middle school, the biggest adjustment I would make since starting kindergarten. Now I had to figure out how to handle this family situation as well. Couldn’t Jeff have timed this better for my sake? Was that really too much to ask? He was going to tear apart the family with this news, not to mention his marriage with Barbara, my favorite aunt. Over the next few weeks these angry thoughts took a front row seat in my mind, resulting in hasty scribbles in my journal about how horrible and inconsiderate Jeff was and unexpected outbursts at friends and family. We will write a custom essay sample on More than a Change of Heart or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the coming months this juvenile anger subsided and my curiosity about thesituation grew. Since Jeff and Barbara lived in Boston, I couldn’t keep tabs on the small physical changes that my uncle was going through. Instead, multiple changes were thrown at me all at once. During one visit, his pierced ears and the lack of his trademark facial hair were the first indications that this was no joke; he was actually going to go through with becoming a woman. At this point I started to acknowledge that I would someday be okay with this decision. That came sooner than I anticipated. A few months after seeing Jeff with his pierced ears, I met Joanne. She was the same height as Jeff, wearing size 11 women’s shoes and a short brunette wig. Her voice was higher than his, but her smile was also wider and her hug tighter than Jeff’s had ever been. She was genuinely happy and comfortable as a woman. That day I surprised myself by becoming the first in my family to begin accepting that the person who stood in front of me was the same person I had known and loved all of my life. These days I see my aunt Joanne more regularly. I am comfortable with the woman she is today and the confidence with which she carries herself. She is the first transgender member of the boards of Point Foundation and of Gay and Lesbian Advocates and Defenders, as well as a columnist for â€Å"The Advocate†. Joanne’s openness about her transformation has helped me to be comfortable speaking to others about transgender people and my experiences with them. Of the many things her involvement in the LGBT community has taught me, the most important has been to embrace everyone’s differences, whether it be race, religion, sexual identity, or even something as simple as someone’s taste in music. My appreciation is much greater now for the unique qualities that each person brings to a relationship. Living in my very homogenous community, had I not gone through this with Joanne, I would have been ill-prepared for interactions outside of my town with people of completely different backgrounds and experiences. My world has been exponentially expanded, and I’m more willing than ever to meet new people and embrace our differences. I know now that having a transgender aunt will never define me, but that my aunt’s transformation helped to bring out positive traits in me that more accurately define my character. I am emotionally stronger, I stand up for what I believe is right, I am loyal to my friends and family, and I am a more patient, accepting person. I am proud of myself for becoming one of Joanne’s biggest fans and supporters. Most of all, I am grateful that Joanne and I could embark on our journey into womanhood together.