Theu.s. D. Massachusetts - 814 Words

Everyone is impacted by the public policy-making, whether it’s federal, state, and local because the results of the decision-making have a major effect of our economic welfare. At the federal level (Executives) interacts with the Congress to get their policy proposal placed on the congressional agenda. At the state level they have their own agenda priorities, and these priorities will affect how states act in the federal system, attempting to influence the federal agenda in pursuit of state-level goals. The emerging literature about states’ impacts on internal and external agendas demonstrates the importance of challenging accepted views of the interactions between federal levels. This process relates to the policy stream as it relates to the text, where policy players, either inside or outside the government, would like to secure action. For instant, in the health care area, Senator Ted Kennedy (D. Massachusetts) was active in getting health care reform on the cong ressional agenda. At the local level they interact with the governor to get their program on the agenda. The Governor interacts with Congress, since all legislation goes through Congress for action. No matter what level of the government, federal, state, or local, they all share the same outcome, and that is, having their program placed on the agenda for action. vii. Does the article fit into an existing theoretical framework? In other words, what theory (ies) does the article address that was discussed

Pablo Picasso and Cubic Art Essay - 1621 Words

Hindu believes women are creator, caretaker, destroyer and a lover. Such beliefs are common in both eastern culture and western tradition that can be seen represented in different canvases of many famous artists. From renaissance Michelangelo Angelo to abstract Pablo Picasso, artists have always painted women in different circles of life explaining different paradox of emotional feelings, spiritual beliefs, and physical representations. Explaining such themes in balanced form and in limited canvases was not possible without abstract thinking and imaginative hard work. Such trend in art can be seen in artwork of different famous artists, which they created as per their thoughts and desire broadening meaning of visual arts pouring the spices†¦show more content†¦Cubism brought a lots controversy and appraisals in the art history. Since it is introduced at the time of Einsteins theory of relativity, cubism is often called as theory of relativity in art, which Einstein denies an d says, This new artistic `language has nothing in common with the theory of Relativity.(Cassidy) The painting Girl before the Mirror was drawn in the principle of cubism that describes the different moods and faiths of a woman. The painting is in unity with colors and expressions as well as in variety with angles of viewer. Some part of the image reveals the secret desire of a women as well as her nature given biological quality, while other amazingly explains the Vanity of a person in an asymmetrical balanced form. The right half section of the painting is slightly lower than the left half and more complexity and diversity is given to the right half in an asymmetrical principle. Despite these facts and changes in different fraction of the reflection of the girl, the painting is in accordance with the proportionality scale. The middle of the image drawn between oval mirror and the girl act like a barrier between a womans desire and her limitations portraying woman as lover, and the face painted in pale white, and dark yellow color used for the head describes the power of a woman sometime called as the energy circles. The belly between the reflection in the oval mirror and the girlShow MoreRelatedPablo Picasso Cubism Essay1071 Words   |  5 PagesCRITICAL ANALYSIS TASK YEAR 10 MAJOR CRITICAL ANALYSIS TASK CRITICAL TASK ANALYSIS Step 1: Description Pablo Picasso is a widely acknowledged Spanish artist in the twentieth century. He was born in Malaga, Spain in 1881.Cubism was the first style of abstract art which evolved at the beginning of the 20th century in response to a world that was changing with unprecedented speed. In 1909, Picasso used cubism influenced by Paul Cezanne created an artwork called â€Å"The Factory at Horta de Ebro†. The paintingRead MoreReview Of George Braque s The Artist Who Painted Their Artwork 1930 Words   |  8 PagesClarissa Kirsch-Downs Dr. Conaty ARTH 150 8 December 2015 Cubism In art history 150, we are learning about different artworks and the strategies of the artist who painted their artwork. I selected my artwork because of the funky style and mystery behind the painting itself. It’s very unordinary and makes one think about what it could possibly be but after analyzing and understanding the title, then one can determine what the artwork is. My response to it was, ‘I have to write about this artwork’

Pop Art Free Essays

Beginning from England in mid asses and from USA in asses. Instead of traditional objects turning to art elements, Pop art were considered along with the spreading out of marketing corporations, concentrating on everyday objects through the application of technical trade. Meanwhile, it was in the tense period of societies across the globe, colonial issues, democratic struggle and liberation, race relations, women’s rights, etc. We will write a custom essay sample on Pop Art or any similar topic only for you Order Now Rated some challenges among college students and intellectuals, required to reassess the values of life. Artists selected images through popular trends, such as movies, comics, advertisements, especially on the medias. By using what was called â€Å"flashy† as a basis of art. Therefore, at some points some works of Pop artists were exalted to distinguish between â€Å"Intellectuals† and â€Å"low- educated† In art aspect. The essential meaning behind Pop Art Is created an Immediately deliverable sense to every class In society, It oppositely different from the esoteric oil paintings assessed and admired by art experts. To instantaneously achieve the goals, Pop Art artists experienced with some new commercial methods, such as painting, acrylic, collage on canvas by using conventional materials and silkscreen printing. In addition, the high quality of work is immediately recognized on the media or largely in popularity, such as consumer goods, advertising graphics, magazines, television, films, animation, comics. The subjects were presented with high contrast, intuition and attraction In public. Many Pop-art artists continued the traditional Idea of â€Å"art Ideation†. They highly put the Influential of their works more than concerning bout how to create them, As long as the popularity still approves Elvis, Marilyn Monroe, and other famous celebrities, as well as food labels, international brands, etc. They are become the main object of Pop Art. Pop Art is considered as a tool entering the world of painting art and sculpture to most of conventional people. For them, it is something they can immediately recognize and evaluate a work of art. They can like it or do not, but it does not make them have to worried about not seeing the beauty of a work that someone supposed a masterpiece of art. Pop Art seeks the reflection of social valuation and context where it was born. Therefore, pop artist focuses on the everyday concerns: foods, cars, money and sex. As the result, they need to use lost of daily images or sarcasms having strong visual Impacts. If criticized for related problems from themselves, they simply said that â€Å"holding the mirror up to nature – Reflecting the fact. Initially Pop Art course received scorn words from art critics. Example, Harold Rosenberg, an influential critic in the field of contemporary art has been described as hat art should care, that is coming from what is in the society where it was born, and the most important thing in Pop Art is it continues to remain one of the most popular styles of art. If the value of art is Judged by the price of the famous paintings, so the painting â€Å"False Start† (1959) by Jasper Johns was sold in 2006 for $ 80 million, is became one of the most 10 expensive paintings in history. The most important artist of Pop Art in the half of the twentieth century probably is Andy Warhol. He was successful in both of fields of magazine and ad illustrator. He also created hundreds of art forms including performance art, flimflamming, writing, etc. In 1960, Andy Warhol had decided to stir in the art’s world, He debuted the concept of painting that focused in mass produced commercial goals. Warhol began with Coke bottles and comic strips. Later that year, a friend suggested Warhol paint something that was so common, perhaps something like money and a can of soup, So he decided to paint cans of Campbell Soup. There were many flavors of Campbell Soup at that time. Warhol bought all the different kinds. Then he spent hours copying he cans on a white background. He painted the cans several time, each can was slightly different from the next. He displayed his canvases of Campbell soup, one canvas for each of the 32 types. He sold all the paintings as a set for a $1000, bringing both Warhol and Pop Art into the worldwide spotlight. But in July 1962, Warhol found the process of silk screening that could help him make his paintings faster on canvas. This technique allowing one silk-screen to create similar patterns several times, because of uses a specially prepared section of silk as stencil, and Warhol would use this style for the rest of his life. He started making paintings of celebrities straightaway, most significantly a large collection of paintings of Marilyn Monroe. Like everyone else in America, Warhol was fascinated by movie starts like Marilyn Monroe, who died from an overdose of sleeping pills. Specially upon hearing she passing, Andy Warhol decided to construct a work of art aim to dedication to her. The image he uses of Monroe is a publicity photograph from the movie Niagara. The diptych style is taken form the Byzantine icons of Christian saints. Warhol was placed 50 images all the same of the actress, in grid of 5 rows and 10 columns. The 25 images on the left side of the artwork are all in impressive color. On the other hand, the 25 images on the right side are all in black and white, with some of the images being blurring and the actress’s face barely seen, show the obviously contrast to the bright color of the left side. The strip of pictures in this work suggests the sequential images of film, the medium that made Monroe famous and the process of changing from color to black and white to almost nothing is meant to illustrate her fife and then finally to her death, as the star’s demise. How to cite Pop Art, Papers

International Finance Applied Financial Economics

Question: LA Limited is a US firm and expects to receive S$800,000 in one year. The existing spot rate of the Singapore dollar is US$0.74. The one-year forward rate of the Singapore dollar is US$0.76. LA Limited created a probability distribution for the future spot rate in one year as follows: Future Spot Rate Probability US$0.75 20% US$0.77 50 US$0.81 30 Assume that one-year put options on Singapore dollars are available, with an exercise price of US$0.77 and a premium of US$0.04 per unit. One-year call options on Singapore dollars are available with an exercise price of US$0.74 and a premium of U$0.03 per unit. Assume the following money market rates: U.S. Singapore Deposit rate 9% 6% Borrowing rate 10% 7% Given this information, determine whether a forward hedge, money market hedge, or a currency options hedge would be most appropriate. Then compare the most appropriate hedge to an unhedged strategy, and decide whether LA Limited should hedge its receivables position. Required: a. Calculate the forward contract hedge. (5 marks) b. Calculate the money market hedge. (5 marks) c. Calculate the option hedge. (5 marks) d. Briefly discuss the optimal hedge against the no hedge position of the company. e. Discuss whether the multi-national corporation (MNC) like LA Limited will risk be over-hedged its position to the extent affect the companys financial position. Answer: LA Ltd. Has Singapore $8,00,000 receivable in one year. So, under the forward contract hedge, it is afraid of Dollars($) falling. So, in order to hedge against the same, LA Ltd. Should enter into a forward contract by selling the $8,00,000 which it will receive after a year at 1 month forward $/Singapore $ rates. So, under this alternative, LA Ltd. Shall sell $8,00,000, 1 month forward and thereby get $8,00,000* 0.76 = US $ 6,08,000 at the end of 1 month. Under the money market hedge, LA Ltd. Shall follow the following steps: Borrow the Present value of Singapore $8,00,000 @ 7%per annum, implying 0.5833% for 1 month. So, borrow 8,00,000/ 1.005833 = Singapore $ 7,95,360 (approx) Sell Singapore $ 7,95,360 spot @ 0.74, getting 7,95,360* 0.74 = US $ 5,88,567 Invest US $ 5,88,567 @ 9% per annum, i.e., 0.75 % for 1 month. So, US $ inflow after 1 month = 5,88,567 * 1.0075 = US $ 5,92,981.25. LA Ltd. Has Singapore $ 8,00,000 receivable, i.e., it has foreign currency receivable. Hence, it is afraid of foreign currency, i.e. Singapore $ falling. 1 month futures U.S $ rate = (0.75* 0.2) + (0.77* 0.5) + (0.81* .30) = US $ 0.778 Here, the exercise price for the put option is US $ 0.77 with a premium of US $ 0.04, net US $ 0.73. Since the exercise price is less than the 1 month futures rate, therefore the put lapses. Yet, inflow from exercising the put option = 8,00,000* 0.73 = US $5,84,000. From the above calculations in a), (b) and (c), we find that the most optimal hedge shall be that of the forward contract hedge, since the US $ inflow after a month is the highest in this alternative. In case of no hedge position, LA Ltd. Will receive $ 8,00,000 * spot rate after a month, i.e., $ 8,00,000* 0.078 = $ 6,24,000 as compared with $ 6,08,000 under the forward cover. So, the no hedge option is a better alternative than any of the alternatives given. Large Multi- national corporations (MNCs) can manage their risk exposure by operational or financial hedging. Hedging is required because of certain unexpected changes in the foreign exchange rates and the foreign currency demand conditions. If the quantity of foreign currency inflow or outflow is certain, then, it is much easier to hedge the exchange risk exposure associated with it by using a forward contract. This eliminates the associated transaction exposure completely with a relatively simple financial hedge. However, fluctuating foreign currency cash flow represents an additional source of uncertainty for many multinationals. For certain products, demand conditions can swing dramatically from year to year, inducing large changes in foreign currency revenues. However, if the foreign currency flow is uncertain, hedging is not possible. Mello, Parsons, and Triantis (1995) consider the design of an optimal financial hedging policy for a multinational with production flexibility. Financial hedging helps alleviate the agency problem associated with the firms outstanding debt and moves equity owners to closer to the first best operating policy. Firms that utilize financial hedges must indeed determine the correct instruments and implementation that are most effective for their environment. In other words, just because a straddle strategy with foreign exchange options is successful for other firms, it does not necessarily mean that that type of hedge will be successful for all firms. Industry type, exposure, business structure, etc. must be taken into account when choosing a hedging strategy. To mitigate the impact of exchange-rate fluctuations, it has been claimed that multinational corporations can employ risk-management strategies not only through financial derivatives, but also through operational hedges. MNCs operate in a large number of foreign countries; the currencies of these countries generally do not move in the same direction at the same time. Most international companies have a financial strategy that works as a guideline and regulates the mandate regarding risk management. One major financial risk for multinational companies is the foreign exchange rate risk, which occurs when performing international transactions. The risk of currency fluctuations can be reduced and stabilized by hedging (Allayannis Weston 2001). Financial derivatives such as options, forward and swap contracts are the most financial instruments used for hedging (Black et al. 2008). Derivatives are not only used for hedging purposes; they can also be used in a speculative purpose in form o f proprietary trading. This is a way for companies to earn additional return outside their core business (Hagelin 2003). It is very crucial to determine how MNCs use financial hedge strategies, and their overall effects on firm value. It should further be noted that all of the MNCs studied do utilize some type of hedge strategies, but may not necessarily utilizing financial hedging. MNCs who utilize various financial hedges must indeed determine the correct instruments and implementation that are most effective for their environment. In other words, just because a straddle strategy with foreign exchange options is successful for an IT firm, it does not necessarily mean that that type of hedge will be successful for all IT firms. Industry type, exposure, business structure, etc. must be taken into account when choosing a hedging strategy. Although there has been no prescriptive hedge strategy for MNCs, research conducted by Yin Han (2011) suggests that the use of forward contracts i n hedge strategies will outperform the use of currency options. However, there is obviously no preferred method of hedge strategy among MNCs. The supporting evidence shows that different instruments are preferential in different economic environments. In summary, each and every MNC that engages in hedge strategies to mitigate risk must identify what the exposures are, what potential costs that exposure could inflict, and how to implement a hedge strategy that most effectively deals with that exposure. List of References Hagelin N. (2003). Why firms hedge with currency derivatives: an examination of transaction and translation exposure, Applied Financial Economics, 13(1):55-58. Allayannis, G. Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance, 20 (2): 273296 Allayannis, G. Weston, J. (2001). The use of foreign Currency Derivatives and firm market value, Review of Financial Studies, 4(3):243-256. Yin, L., Han, L. (2011). Forward or Options? Currency Risk Hedging for International Portfolios via Stochastic Programming. International Research Journal of Finance and Economics, (72), 84-99 Hagelin, N., Pramborg, B. (2004). Hedging Foreign Exchange Exposure: Risk Reduction from Transaction and Translation Hedging. Journal of Financial Management and Accounting, 15(1), 1-20. Dufey, Gunter and Srinivasulu, S. N. (1983) The case for corporate management of foreign exchange risk, Financial Management 5462. Mello, Antonio S., Parsons, John E., and Triantis, Alexander (1995) An integrated model of multinational flexibility and financial hedging, International Economic Review 39, 2751. Aliber, Robert Z. (1978) Exchange Risk and Corporate International Finance, Halsted Press, New York.