Learn About German Plural Nouns With -n and -en Endings

Find out About German Plural Nouns With - n and - en Endings Making a thing plural in English is quite simple. You normally simply pop a - s or - es toward the end. The German language is as yet direct, however it has some more standards to consider, because of the way that German things have sexual orientations. This is a glance at plural things that end with - n or - en.â The things in this gathering begin as for the most part ladylike and include either â€n or â€en toward the conclusion to shape the plural. There are no fix things in this gathering nor are there any umlaut changes while shaping the plural. For instance: Kick the bucket Frau (the lady, particular) becomesâ die Frauen (plural). Kick the bucket Frau geht spazieren. (The lady is going for a stroll.) Kick the bucket Frauen gehen spazieren. (The ladies are taking a walk.)Nouns in this gathering include - en when the thing in particular finishes in a consonant. For instance, der Schmerz (the torment) becomesâ die Schmerzen (the agonies). Special cases to this standard are the point at which the word finishes in the consonants l or r. At that point the thing will just include - n.For example:die Kartoffel (the potato): pass on Kartoffelnâ (the potatoes) der Vetter (the cousin): kick the bucket Vetternâ (the cousins) When things in this gathering end in a vowel, - n will be included. Special cases to this standard are the point at which the vowels are the diphthongs au or  ei.For example:die Pfau (the peacock):â die Pfauen kick the bucket Bckerei (the bakery):â pass on BckereienAlso, things that end with in include - nen in the plural. Kick the bucket Musikantin (the female artist) becomesâ die Musikantinnen. See the diagram underneath for additional instances of this plural thing gathering. Nom. represents nominative. Acc. represents accusative. Dat. represents dative. Gen. represents genitive. Plural things with â€n/en endings Case Particular Plural nom.acc.dat.gen. kick the bucket Schwester (the sister)die Schwesterder Schwester kick the bucket Schwesterndie Schwesternden Schwesternder Schwestern nom.acc.dat.gen. der Mensch (the human)den Menschendem Menschendes Menschen kick the bucket Menschendie Menschenden Menschender Menschen

College Admissions Essay: Learning is What I Do Best :: College Admissions Essays

Realizing is What I Do Best   I could reveal to you a sincere, wistful, strong anecdote about first observing a Harvard cooler magnet and feeling my first profound feelings blending some place inside my spleen.   Or then again I could fastidiously reword the various leaflets and articles about Harvard that I have scrutinized.   One more alternative is lease a little plane and skywrite, I need to go to Harvard, in brilliant toxins.   What's more, I presumably would depend on one of these techniques, had I not some genuine impetuses to go to Harvard. They depend on what I have gained from investigate, general information, discussions I have caught, and different various goodies of data sent to me by companions and family members.   As a matter of first importance, I should communicate my deference to the individuals who have concluded that instruction is, all things considered, the reason and obligation of a school and built up the priority of scholastics over games at Harvard. I'd prefer to go to a school where I, a debater, won't be seen as a peasant by football players.   Furthermore, the reputation of incredible instructive principles has contacted me right in Vancouver (OK, so it is just over the stream) and tempted, pulled in, and encouraged me to apply to Harvard. Gossipy tidbits about the symptoms of torrential slides of schoolwork and restless evenings have crawled here, as well, yet I'm capable. Following two years of shuffling secondary school, school, and extracurricular exercises, accepting assignments just at one spot might conceivably be heaven.   In conclusion, Harvard's geological area is much the same as beautiful wrapping paper and a major red bow on a current that is as of now incredible ( pardon the suggestions to the Haagen-Dasz advertisements). Living in Portland, I would be all the while away from my family in Vancouver- - and as close as I would should be! In addition to the fact that I would have the chance to turn out to be better familiar with Portland, yet in addition to decide at banter competitions for my old secondary school! The conceivable outcomes are divine.

Introduction To Combustion Questions Example

Introduction To Combustion Questions Example Introduction To Combustion Questions â€" Assignment Example > Question 1There are three basic states of matter namely solid, liquid and gas. The molecular difference of these matter states are as follows; Solid- This is the state in which the intermolecular attraction forces that exist between the molecules keep the molecules in a spatial relationship which is basically fixed since there is no free movement of molecules. Liquid- This is the state in which intermolecular forces of attraction are responsible for keeping close together but not fixed together as in solids. This means that the molecules in liquids are freer to move around as compared to solids. Gas- In gases, intermolecular forces of attraction in gases are considered the least since molecules are free to move away from each other as compared to both liquids and solids (Kuhl 2003, p. 251). Question 2Free radicals results when a fuel such as a hydrocarbon is exposed to heat which creates a bond breaking energy. This energy breaks the hydrocarbon bond creating free radicals of hydr ogen (H. ) and carbon (C. ). The breaking of this bond releases energy which leads to more fire spread as these free radicals reacts with other gases in the process of combustion (Peters 2000). Free radicals are also reactive and thus leading to more reaction which increases combustion. Question 3Heat combustion occurs when a compound undergoes absolute combustion with the presence of oxygen releasing energy as heat under normal conditions (Peters 2000). Question 4i. 46.5010C = 273 KTherefore add 46.50 to 273K Hence; 273K + 46.50= 319.5Kii. 1740F to KelvinSubtract 32 from 1740F= 142Therefore 142 divided by 1.8 yields; 142/1.8 = 78.89 Then add 273 to 78.89 Yields= 351.89K =351.89Kiii. Converting 7050C 10C = 273KThen add 273 to 7050CYields= 978Kiv. 212 0F to KelvinSubtract 32 from 2120F= 180Therefore 180 divided by 1.8 yields; 180/1.8 = 100 Then add 273 to 100 Yields= 373K =373K(Peters 2000)Question 5H3PO4 + KOH ? K3PO4+ H2OMultiply H3PO4 by 1 and the KOHby 3, in order to balance wit h the other side, multiply K3PO4 by 1 and multiply H2O by 3 which yield; H3PO4 + 3KOH ? K3PO4+ 3H2Ob. H3PO4 + Mg (OH)2 ? Mg3(PO4)2 + H2OMultiply H3PO4 by 2 and the Mg (OH)2 by 3, in order to balance with the other side, multiply H2O by 6 which yields; 2H3PO4 + 3Mg (OH)2 ? Mg3(PO4)2 + 6H2Oc. C2H6 + O2 ? CO2 + H2OMultiply C2H64 by 2 and the O2 by 7, in order to balance with the other side, multiply CO2 by 4 and multiply H2O by 6 which yield; 2C2H6 + 7O2 ? 4CO2 + 6H2Od. Ca3 (PO4)2+ SiO2 + C ? CaSiO3 + CO + PMultiply Ca3 (PO4)2by 1and the SiO2 by 3,and C by 5, in order to balance with the other side, multiply CaSiO3by 3 and multiply CO by 5 and P by 2 which yield; Ca3 (PO4)2+ 3SiO2 + 5C ? 3 CaSiO3 + 5CO + 2P(Siegenthaler 2003)Question 6The factors that determine the movement of gases and flames in an upward direction includes; Convectional current as a result of increased turbulence which is caused by combustion. The chemical type and the amount of fuel used also affect the upward mov ement of flames. The ventilation of the room contributes to the direction of the gases and flame movement since combustion is highly dependent on oxygen presence (Miyanishi 2001)

Scots Law in the UK and International Context - Free Essay Example

Sample details Pages: 8 Words: 2284 Downloads: 7 Date added: 2017/06/26 Category Law Essay Did you like this example? Scots Law in the UK and International Context Background The United Kingdom comprises three legal jurisdictions: England Wales, Northern Ireland and Scotland. While much of the body of law made by the UK Parliament in Westminster applies to all three legal jurisdictions, there are separate court systems in each jurisdiction and local laws made by national legislative bodies in Scotland, Wales and Northern Ireland. In some areas, such as commercial law, the laws of the three jurisdictions have converged over time but in others (such as property and criminal law) they have retained their distinct characteristics. While England is a common law system, Scotland has a mixed legal system which combines elements of the civil and common law traditions. The civilian practice of codification has not been followed in Scotland but the influence of civilian principles is evident in many areas of the law and often forms part of judicial reasoning in case-law. However, in line with English law, Scots law generally follows the doctrine of precedent with the result that judges are bound by decisions of superior courts on the same issue. The role of à ¢Ã¢â€š ¬Ã…“equityà ¢Ã¢â€š ¬Ã‚  in English law does not have a direct parallel in Scotland but Scottish courts do nevertheless refer to equitable principles when resolving cases where the law does not provide a clear solution. Don’t waste time! Our writers will create an original "Scots Law in the UK and International Context" essay for you Create order Constitutional Law In May 1707 the separate parliaments of Scotland and England became incorporated in the new Parliament of Great Britain which became the sole legislative authority of the new British state. In 1801, a further parliamentary union took place with Ireland leading to the creation of the United Kingdom Parliament. The latter union lasted until 1922, when the Irish Free State was founded and later became the Republic of Ireland, leaving Northern Ireland as part of the United Kingdom along with Scotland and England and Wales. The main consequence for Scots law of the 1707 Union was the loss of the capacity to legislate independently in Scotland. While Scotland sent and continues to send members of parliament to Westminster, relatively few Acts affected the development of Scots law, particularly in the century and a half following the Union of 1707. This left the Court of Session, the central civil court, considerable scope to develop the law. However, this was subject to the House of L ords which, from shortly after 1707, acted as an appellate court of last resort from all parts of Britain. Civil cases from Scotland were appealed to the House of Lords which formed a Judicial Committee to hear them. From 1876 the committee contained Scottish judges, as does its successor, the UK Supreme Court, which was established in 2009. This appellate activity is one reason why some important areas of Scots law have, since 1707, undergone considerable Anglicisation. This began in the eighteenth century as Scottish jurists and judges were influenced by English legal sources but, through both statutory development and the influence of the House of Lords, Scots law and English law in some important areas are now the same. Legislation applicable throughout the United Kingdom has created uniformity in areas such as taxation and important areas of commercial law, despite separate jurisdictions and systems of courts having been maintained. As a result of the jurisprudence of the co urts, areas of common law such as the law of contract and delict (tort) are now very similar in England and Scotland. In the Scotland Act 1998 the United Kingdom Parliament, following a referendum held in Scotland in 1997, created a new Scottish Parliament with devolved powers. A Scottish Executive was also established (now known officially as the Scottish Government). The Parliament opened in 1999 and it has the power to legislate in all areas except those which were reserved to Westminster under the 1998 Act. Such à ¢Ã¢â€š ¬Ã‹Å"reserved mattersà ¢Ã¢â€š ¬Ã¢â€ž ¢ include foreign affairs, defence, VAT and most areas of taxation, financial services and markets, consumer rights, data protection, social security, immigration, energy policy and the constitution. The Scottish Parliament sits in Edinburgh. Acts of the Scottish Parliament (ASPs) are distinct from the Acts of the United Kingdom Parliament. In particular, ASPs may be held to be invalid by the courts if they are incompati ble with human rights or infringe the powers set out under the Scotland Act 1998. International and EU Law The United Kingdom (UK) is a single multi-national state made up of England, Scotland, Wales and Northern Ireland. Whereas the UK is a sovereign state under public international law, Scotland à ¢Ã¢â€š ¬Ã¢â‚¬Å" like England, Wales and Northern Ireland à ¢Ã¢â€š ¬Ã¢â‚¬Å" is not. Thus, it is the UK à ¢Ã¢â€š ¬Ã¢â‚¬Å" rather than Scotland à ¢Ã¢â€š ¬Ã¢â‚¬Å" that becomes a party to international treaties and that is a member of international organizations like the United Nations, the EU or NATO. With regard to the implementation of international treaties into domestic law, it is important to note that the UK is a so-called à ¢Ã¢â€š ¬Ã…“dualist stateà ¢Ã¢â€š ¬Ã‚ , meaning that a treaty ratified by the UK Government does not alter UK domestic law unless and until it is incorporated into national law by domestic legislation. For example, UK legislation makes express provision for the incorporation of the Convention against Torture as well as EU law. Until such implementing legisla tion is enacted, national courts have no power to enforce the rights and obligations laid out in an international treaty. The requirement of incorporating legislation raises the question of which Parliament has the competence to adopt such legislation: the Scottish Parliament or the UK Parliament. Although devolution within the UK means that the Scottish Parliament and Scottish Government are empowered to take decisions on a range of domestic policy areas, foreign affairs and matters that affect international relations have been reserved for the UK Parliament in the Scotland Act 1998. Thus, international treaties are typically incorporated by UK law rather than separate Scottish law. A notable exception, however, is the International Criminal Court (Scotland) Act 2001 which was adopted because of Scotlandà ¢Ã¢â€š ¬Ã¢â€ž ¢s different criminal law system and which must be considered jointly with the UK International Criminal Court Act 2001. The Scottish Government remains responsi ble for ensuring that it complies with the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s international obligations in all areas devolved to it. Commercial Law While there has been a general convergence in commercial law as between the three jurisdictions in the UK, there remain material differences in some areas. In particular, since contract law and property law in Scotland remain distinct, it follows that the related aspects of commercial law also remain distinct in the absence of harmonisation. In harmonised areas of law (e.g. sale of goods, where the law in the UK has been harmonised by statute), it is common for courts in each jurisdiction to apply case-law from the other jurisdictions. Company Law. Company Law, which is statutory in its origin, is the same in all parts of the UK. Partnership Law has also been harmonised across the UK but there do remain some material differences (e.g. a partnership is a legal person only in Scotland). Financial Law. The private law of finance (e.g. contracts, funds, security interests) remains distinct as a result of the separate systems of contract and property law in Scotland. However, commercial practice means that similar techniques are often adopted in Scotland and England especially in the context of international transactions. The public law of finance (regulation) is uniform across the UK and much of it is now derived from EU law. Competition Law. This area of law is harmonised across the UK and is nowadays heavily influenced by EU law. Tax Law. Revenue and customs law is uniform across the UK. Property Law Property law is the area of Scots law where the influence of Roman law is the strongest. A strong emphasis is placed on the division between real rights (rights in items of property which are enforceable against the whole world) and personal rights (rights such as those under contract which are enforceable against particular persons). In contrast to common law systems, there is no distinction between Law and Equity and therefore no possibility of an equitable interest which is distinct from legal title. Historically, a greater emphasis has been placed on publicity in the transfer and constitution of property rights in Scotland. There is one important exception to this in the form of the Sale of Goods Act which applies across the UK and allows transfer from seller to buyer without delivery. Rights in security. Both of these factors have implications for the law of rights in security: there is no general recognition of equitable charges as a means of granting rights in security . a. Moveable property. Companies and certain other jurisitic persons can grant floating charges as a result of statutory intervention in the 20th century. Beyond the floating charge, the only right in security which can be granted over goods is pledge, which requires possession on the part of the creditor. There is no proper right in security for incorporeal property. The only way to use it as collateral (other than through the floating charge) is to assign the relevant right in security. This is an outright transfer combined with an obligation to retransfer when the debt is paid. Assignation in Scots law requires intimation to the debtor of the assigned debts. b. Land (known in Scotland as heritable property). Nearly all dealings with land are effected by registration on the Land Register and, until that happens, the grantee is vulnerable to the granterà ¢Ã¢â€š ¬Ã¢â€ž ¢s insolvency. The only right in security which can be granted over heritable property (besides the floatin g charge) is the standard security. It is created and transferred by registration of a deed in the Land Register. Trusts. Although Scots law does not recognise a division between Law and Equity, it does recognise the trust. As in common law systems, one of the most important consequences of the trust is that the trust assets are not vulnerable to the the trusteeà ¢Ã¢â€š ¬Ã¢â€ž ¢s personal creditors, particularly where the trustee is insolvent. In common law systems, this result is explained by reference to the beneficiariesà ¢Ã¢â€š ¬Ã¢â€ž ¢ equitable property interest in the trust property. In Scotland, beneficiaries have a mere personal right but trust assets are considered to be in a separate patrimony from the trusteeà ¢Ã¢â€š ¬Ã¢â€ž ¢s personal patrimony. This separation of patrimonies is said to explain the protection of the trust assets. Succession. Scots succession law reflects a mix of common law, civilian and native influences. Very few rules apply across the UK apa rt from those which regulate inheritance tax. Historically, the division between heritable property (land) and moveable property was very important. In contrast to English law, forced heirship rules entitle relatives to a fixed portion of the moveable property rather than giving discretion to the courts. The executor plays a central role in the administration of the deceasedà ¢Ã¢â€š ¬Ã¢â€ž ¢s estate. Property does not pass directly to those entitled to it under the will or rules on intestate succession. Instead, it passes to the executor, who is effectively a trustee for those who are entitled to the property and is obliged to pass the property on to them after the deceasedà ¢Ã¢â€š ¬Ã¢â€ž ¢s debts have been paid. Family Law Family law in Scotland is based largely on legislation which it does not share with any other UK jurisdiction. Accordingly, although it is possible to marry, become a parent and divorce in any part of the UK, the detailed rules governing those legal actions in Scotland will differ from the rules elsewhere. In some respects, as with the law on formation of marriage, the differences between the jurisdictions are fairly minor. However, some significant variations remain. Financial arrangements on divorce. In Scotland, division of assets on divorce is based on the à ¢Ã¢â€š ¬Ã…“clean breakà ¢Ã¢â€š ¬Ã‚  principle, where each spouse walks away from the relationship with a fair share of the matrimonial property. The aim is to avoid any continuing financial relationship between the parties, unlike elsewhere in the UK, where needs-based maintenance (alimony) payments are often ordered by the court. Cohabitation. Couples who live together without marrying in Scotland are subject to a legislative regime governing the property consequences of their relationships under the Family Law (Scotland) Act 2006. Such legislation does not exist elsewhere in the UK. Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s hearings. Scotlandà ¢Ã¢â€š ¬Ã¢â€ž ¢s unique Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Hearings system deals with all children who are in trouble or need help, including those who have committed a crime. The system is focused on welfare, with the child and relevant people in her life holding a round table discussion to decide what help or support the child requires. There is no equivalent elsewhere in the UK, where children would be dealt with through the courts or by the local authority. Criminal Law In contrast to almost every other jurisdiction worldwide, the United Kingdom has no criminal code. Many serious criminal offences (such as murder) are not actually defined in statute, but are a matter of à ¢Ã¢â€š ¬Ã…“common lawà ¢Ã¢â€š ¬Ã‚ , where the definitions have been developed by the courts over the years. The absence of a code means that the definitions of criminal offences are found spread across the common law and a wide variety of statutory materials. The structure of criminal law is largely identical across the UK. A Scottish criminal lawyer would have little difficulty in understanding English criminal law (and vice versa) but would be faced with a different set of rules from those they are familiar with in their home jurisdiction. Most serious criminal offences have different definitions à ¢Ã¢â€š ¬Ã¢â‚¬Å" and sometimes different names à ¢Ã¢â€š ¬Ã¢â‚¬Å" in Scotland and in the rest of the UK, although they cover a broadly similar range of conduct. However, w here criminal law is used as a regulatory tool (for example, where competition law creates criminal offences), this is often done in UK-wide statutes. Such statutes may create identical offences applying across the whole of the UK. University of Glasgow School of Law 2013

Environmental Ethics And Environmental History - 1379 Words

1.)Environmental ethics and environmental history Planetary management worldview, this view basically means that the reason nature exists is to meet our needs and the world s ever increasing increasing wants Stewardship worldview, this view states that we have a responsibility to take care of the earth and that we should use earth s resources for our benefit Environmental wisdom worldview, this view is for the belief that everyone completely depends on nature and that earth is here for every species, man should care for his earth Environmental justice-movement,this view’s issues revolve around equality Aldo Leopold’s writings produce most of these views Leopold is a environmental classic Important ethical question: â€Å" why should we care about the environment?† Hinduism is a nature based culture Shamanism is a nature based culture Buddhism is a nature based culture 2.Environmental disasters Floods are one of the most widespread natural disasters. In 2011 worldwide there were 154 floods, 16 droughts and 15 cases of extreme temperatures Earthquakes are a disaster of tectonic plates colliding and pushing the earth upwards or sometimes apart About 50% of buildings were flooded Damage paths of tornados can be 1 mile wide and 50 miles long Every year 26 billion people are affected by a natural disaster. Volcanos are disasters that can leave millions of people stranded when it erupts. Wildfires can be started by things such as lightning and droughts. Earthquakes are theShow MoreRelated History of the Origins of Environmental Ethics Essay1045 Words   |  5 PagesHistory of the Origins of Environmental Ethics The inspiration for environmental ethics was the first Earth Day in 1970 when environmentalists started urging philosophers who were involved with environmental groups to do something about environmental ethics. 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Twilight 19. GOODBYES Free Essays

string(33) " any more time arguing with him\." 19. GOODBYES Charlie was waiting up for me. All the house lights were on. We will write a custom essay sample on Twilight 19. GOODBYES or any similar topic only for you Order Now My mind was blank as I tried to think of a way to make him let me go. This wasn’t going to be pleasant. Edward pulled up slowly, staying well back from my truck. All three of them were acutely alert, ramrod straight in their seats, listening to every sound of the wood, looking through every shadow, catching every scent, searching for something out of place. The engine cut off, and I sat, motionless, as they continued to listen. â€Å"He’s not here,† Edward said tensely. â€Å"Let’s go.† Emmett reached over to help me get out of the harness. â€Å"Don’t worry, Bella,† he said in a low but cheerful voice, â€Å"we’ll take care of things here quickly.† I felt moisture filling up my eyes as I looked at Emmett. I barely knew him, and yet, somehow, not knowing when I would see him again after tonight was anguishing. I knew this was just a faint taste of the goodbyes I would have to survive in the next hour, and the thought made the tears begin to spill. â€Å"Alice, Emmett.† Edward’s voice was a command. They slithered soundlessly into the darkness, instantly disappearing. Edward opened my door and took my hand, then drew me into the protecting enclosure of his arm. He walked me swiftly toward the house, eyes always roving through the night. â€Å"Fifteen minutes,† he warned under his breath. â€Å"I can do this.† I sniffled. My tears had given me an inspiration. I stopped on the porch and took hold of his face in my hands. I looked fiercely into his eyes. â€Å"I love you,† I said in a low, intense voice. â€Å"I will always love you, no matter what happens now.† â€Å"Nothing is going to happen to you, Bella,† he said just as fiercely. â€Å"Just follow the plan, okay? Keep Charlie safe for me. He’s not going to like me very much after this, and I want to have the chance to apologize later.† â€Å"Get inside, Bella. We have to hurry.† His voice was urgent. â€Å"One more thing,† I whispered passionately. â€Å"Don’t listen to another word I say tonight!† He was leaning in, and so all I had to do was stretch up on my toes to kiss his surprised, frozen lips with as much force as I was capable of. Then I turned and kicked the door open. â€Å"Go away, Edward!† I yelled at him, running inside and slamming the door shut in his still-shocked face. â€Å"Bella?† Charlie had been hovering in the living room, and he was already on his feet. â€Å"Leave me alone!† I screamed at him through my tears, which were flowing relentlessly now. I ran up the stairs to my room, throwing the door shut and locking it. I ran to my bed, flinging myself on the floor to retrieve my duffel bag. I reached swiftly between the mattress and box spring to grab the knotted old sock that contained my secret cash hoard. Charlie was pounding on my door. â€Å"Bella, are you okay? What’s going on?† His voice was frightened. â€Å"I’m going borne,† I shouted, my voice breaking in the perfect spot. â€Å"Did he hurt you?† His tone edged toward anger. â€Å"No!† I shrieked a few octaves higher. I turned to my dresser, and Edward was already there, silently yanking out armfuls of random clothes, which he proceeded to throw to me. â€Å"Did he break up with you?† Charlie was perplexed. â€Å"No!† I yelled, slightly more breathless as I shoved everything into the bag. Edward threw another drawer’s contents at me. The bag was pretty much full now. â€Å"What happened, Bella?† Charlie shouted through the door, pounding again. â€Å"I broke up with him!† I shouted back, jerking on the zipper of my bag. Edward’s capable hands pushed mine away and zipped it smoothly. He put the strap carefully over my arm. â€Å"I’ll be in the truck – go!† he whispered, and pushed me toward the door. He vanished out the window. I unlocked the door and pushed past Charlie roughly, struggling with my heavy bag as I ran down the stairs. â€Å"What happened?† he yelled. He was right behind me. â€Å"I thought you liked him.† He caught my elbow in the kitchen. Though he was still bewildered, his grip was firm. He spun me around to look at him, and I could see in his face that he had no intention of letting me leave. I could think of only one way to escape, and it involved hurting him so much that I hated myself for even considering it. But I had no time, and I had to keep him safe. I glared up at my father, fresh tears in my eyes for what I was about to do. â€Å"I do like him – that’s the problem. I can’t do this anymore! I can’t put down any more roots here! I don’t want to end up trapped in this stupid, boring town like Mom! I’m not going to make the same dumb mistake she did. I hate it – I can’t stay here another minute!† His hand dropped from my arm like I’d electrocuted him. I turned away from his shocked, wounded face and headed for the door. â€Å"Bells, you can’t leave now. It’s nighttime,† he whispered behind me. I didn’t turn around. â€Å"I’ll sleep in the truck if I get tired.† â€Å"Just wait another week,† he pled, still shell-shocked. â€Å"Ren? ¦e will be back by then.† This completely derailed me. â€Å"What?† Charlie continued eagerly, almost babbling with relief as I hesitated. â€Å"She called while you were out. Things aren’t going so well in Florida, and if Phil doesn’t get signed by the end of the week, they’re going back to Arizona. The assistant coach of the Sidewinders said they might have a spot for another shortstop.† I shook my head, trying to reassemble my now-confused thoughts. Every passing second put Charlie in more danger. â€Å"I have a key,† I muttered, turning the knob. He was too close, one hand extended toward me, his face dazed. I couldn’t lose any more time arguing with him. You read "Twilight 19. GOODBYES" in category "Essay examples" I was going to have to hurt him further. â€Å"Just let me go, Charlie.† I repeated my mother’s last words as she’d walked out this same door so many years ago. I said them as angrily as I could manage, and I threw the door open. â€Å"It didn’t work out, okay? I really, really hate Forks!† My cruel words did their job – Charlie stayed frozen on the doorstep, stunned, while I ran into the night. I was hideously frightened of the empty yard. I ran wildly for the truck, visualizing a dark shadow behind me. I threw my bag in the bed and wrenched the door open. The key was waiting in the ignition. â€Å"I’ll call you tomorrow!† I yelled, wishing more than anything that I could explain everything to him right then, knowing I would never be able to. I gunned the engine and peeled out. Edward reached for my hand. â€Å"Pull over,† he said as the house, and Charlie, disappeared behind us. â€Å"I can drive,† I said through the tears pouring down my cheeks. His long hands unexpectedly gripped my waist, and his foot pushed mine off the gas pedal. He pulled me across his lap, wrenching my hands free of the wheel, and suddenly he was in the driver’s seat. The truck didn’t swerve an inch. â€Å"You wouldn’t be able to find the house,† he explained. Lights flared suddenly behind us. I stared out the back window, eyes wide with horror. â€Å"It’s just Alice,† he reassured me. He took my hand again. My mind was filled with the image of Charlie in the doorway. â€Å"The tracker?† â€Å"He heard the end of your performance,† Edward said grimly. â€Å"Charlie?† I asked in dread. â€Å"The tracker followed us. He’s running behind us now.† My body went cold. â€Å"Can we outrun him?† â€Å"No.† But he sped up as he spoke. The truck’s engine whined in protest. My plan suddenly didn’t feel so brilliant anymore. I was staring back at Alice’s headlights when the truck shuddered and a dark shadow sprung up outside the window. My bloodcurdling scream lasted a fraction of a second before Edward’s hand clamped down on my mouth. â€Å"It’s Emmett!† He released my mouth, and wound his arm around my waist. â€Å"It’s okay, Bella,† he promised. â€Å"You’re going to be safe.† We raced through the quiet town toward the north highway. â€Å"I didn’t realize you were still so bored with small-town life,† he said conversationally, and I knew he was trying to distract me. â€Å"It seemed like you were adjusting fairly well – especially recently. Maybe I was just flattering myself that I was making life more interesting for you.† â€Å"I wasn’t being nice,† I confessed, ignoring his attempt at diversion, looking down at my knees. â€Å"That was the same thing my mom said when she left him. You could say I was hitting below the belt.† â€Å"Don’t worry. He’ll forgive you.† He smiled a little, though it didn’t touch his eyes. I stared at him desperately, and he saw the naked panic in my eyes. â€Å"Bella, it’s going to be all right.† â€Å"But it won’t be all right when I’m not with you,† I whispered. â€Å"We’ll be together again in a few days,† he said, tightening his arm around me. â€Å"Don’t forget that this was your idea.† â€Å"It was the best idea – of course it was mine.† His answering smile was bleak and disappeared immediately. â€Å"Why did this happen?† I asked, my voice catching. â€Å"Why me?† He stared blackly at the road ahead. â€Å"It’s my fault – I was a fool to expose you like that.† The rage in his voice was directed internally. â€Å"That’s not what I meant,† I insisted. â€Å"I was there, big deal. It didn’t bother the other two. Why did this James decide to kill met There’re people all over the place, why me?† He hesitated, thinking before he answered. â€Å"I got a good look at his mind tonight,† he began in a low voice. â€Å"I’m not sure if there’s anything I could have done to avoid this, once he saw you. It is partially your fault.† His voice was wry. â€Å"If you didn’t smell so appallingly luscious, he might not have bothered. But when I defended you†¦ well, that made it a lot worse. He’s not used to being thwarted, no matter how insignificant the object. He thinks of himself as a hunter and nothing else. His existence is consumed with tracking, and a challenge is all he asks of life. Suddenly we’ve presented him with a beautiful challenge – a large clan of strong fighters all bent on protecting the one vulnerable element. You wouldn’t believe how euphoric he is now. It’s his favorite game, and we’ve just made it his most exciting game ever.† His tone was full of disgust. He paused a moment. â€Å"But if I had stood by, he would have killed you right then,† he said with hopeless frustration. â€Å"I thought†¦ I didn’t smell the same to the others†¦ as I do to you,† I said hesitantly. â€Å"You don’t. But that doesn’t mean that you aren’t still a temptation to every one of them. If you had appealed to the tracker – or any of them – the same way you appeal to me, it would have meant a fight right there.† I shuddered. â€Å"I don’t think I have any choice but to kill him now,† he muttered. â€Å"Carlisle won’t like it.† I could hear the tires cross the bridge, though I couldn’t see the river in the dark. I knew we were getting close. I had to ask him now. â€Å"How can you kill a vampire?† He glanced at me with unreadable eyes and his voice was suddenly harsh. â€Å"The only way to be sure is to tear him to shreds, and then burn the pieces.† â€Å"And the other two will fight with him?† â€Å"The woman will. I’m not sure about Laurent. They don’t have a very strong bond – he’s only with them for convenience. He was embarrassed by James in the meadow†¦Ã¢â‚¬  â€Å"But James and the woman – they’ll try to kill you?† I asked, my voice raw. â€Å"Bella, don’t you dare waste time worrying about me. Your only concern is keeping yourself safe and – please, please – trying not to be reckless.† â€Å"Is he still following?† â€Å"Yes. He won’t attack the house, though. Not tonight.† He turned off onto the invisible drive, with Alice following behind. We drove right up to the house. The lights inside were bright, but they did little to alleviate the blackness of the encroaching forest. Emmett had my door open before the truck was stopped; he pulled me out of the seat, tucked me like a football into his vast chest, and ran me through the door. We burst into the large white room, Edward and Alice at our sides. All of them were there; they were already on their feet at the sound of our approach. Laurent stood in their midst. I could hear low growls rumble deep in Emmett’s throat as he set me down next to Edward. â€Å"He’s tracking us,† Edward announced, glaring balefully at Laurent. Laurent’s face was unhappy. â€Å"I was afraid of that.† Alice danced to Jasper’s side and whispered in his ear; her lips quivered with the speed of her silent speech. They flew up the stairs together. Rosalie watched them, and then moved quickly to Emmett’s side. Her beautiful eyes were intense and – when they flickered unwillingly to my face – furious. â€Å"What will he do?† Carlisle asked Laurent in chilling tones. â€Å"I’m sorry,† he answered. â€Å"I was afraid, when your boy there defended her, that it would set him off.† â€Å"Can you stop him?† Laurent shook his head. â€Å"Nothing stops James when he gets started.† â€Å"We’ll stop him,† Emmett promised. There was no doubt what he meant. â€Å"You can’t bring him down. I’ve never seen anything like him in my three hundred years. He’s absolutely lethal. That’s why I joined his coven.† His coven, I thought, of course. The show of leadership in the clearing was merely that, a show. Laurent was shaking his head. He glanced at me, perplexed, and back to Carlisle. â€Å"Are you sure it’s worth it?† Edward’s enraged roar filled the room; Laurent cringed back. Carlisle looked gravely at Laurent. â€Å"I’m afraid you’re going to have to make a choice.† Laurent understood. He deliberated for a moment. His eyes took in every face, and finally swept the bright room. â€Å"I’m intrigued by the life you’ve created here. But I won’t get in the middle of this. I bear none of you any enmity, but I won’t go up against James. I think I will head north – to that clan in Denali.† He hesitated. â€Å"Don’t underestimate James. He’s got a brilliant mind and unparalleled senses. He’s every bit as comfortable in the human world as you seem to be, and he won’t come at you head on†¦ I’m sorry for what’s been unleashed here. Truly sorry.† He bowed his head, but I saw him flicker another puzzled look at me. â€Å"Go in peace,† was Carlisle’s formal answer. Laurent took another long look around himself, and then he hurried out the door. The silence lasted less than a second. â€Å"How close?† Carlisle looked to Edward. Esme was already moving; her hand touched an inconspicuous keypad on the wall, and with a groan, huge metal shutters began sealing up the glass wall. I gaped. â€Å"About three miles out past the river; he’s circling around to meet up with the female.† â€Å"What’s the plan?† â€Å"We’ll lead him off, and then Jasper and Alice will run her south.† â€Å"And then?† Edward’s tone was deadly. â€Å"As soon as Bella is clear, we hunt him.† â€Å"I guess there’s no other choice,† Carlisle agreed, his face grim. Edward turned to Rosalie. â€Å"Get her upstairs and trade clothes,† Edward commanded. She stared back at him with livid disbelief. â€Å"Why should I?† she hissed. â€Å"What is she to me? Except a menace – a danger you’ve chosen to inflict on all of us.† I flinched back from the venom in her voice. â€Å"Rose†¦Ã¢â‚¬  Emmett murmured, putting one hand on her shoulder. She shook it off. But I was watching Edward carefully, knowing his temper, worried about his reaction. He surprised me. He looked away from Rosalie as if she hadn’t spoken, as if she didn’t exist. â€Å"Esme?† he asked calmly. â€Å"Of course,† Esme murmured. Esme was at my side in half a heartbeat, swinging me up easily into her arms, and dashing up the stairs before I could gasp in shock. â€Å"What are we doing?† I asked breathlessly as she set me down in a dark room somewhere off the second-story hall. â€Å"Trying to confuse the smell. It won’t work for long, but it might help get you out.† I could hear her clothes falling to the floor. â€Å"I don’t think I’ll fit†¦Ã¢â‚¬  I hesitated, but her hands were abruptly pulling my shirt over my head. I quickly stripped my jeans off myself. She handed me something, it felt like a shirt. I struggled to get my arms through the right holes. As soon as I was done she handed me her slacks. I yanked them on, but I couldn’t get my feet out; they were too long. She deftly rolled the hems a few times so I could stand. Somehow she was already in my clothes. She pulled me back to the stairs, where Alice stood, a small leather bag in one hand. They each grabbed one of my elbows and half-carried me as they flew down the stairs. It appeared that everything had been settled downstairs in our absence. Edward and Emmett were ready to leave, Emmett carrying a heavy-looking backpack over his shoulder. Carlisle was handing something small to Esme. He turned and handed Alice the same thing – it was a tiny silver cell phone. â€Å"Esme and Rosalie will be taking your truck, Bella,† he told me as he passed. I nodded, glancing warily at Rosalie. She was glowering at Carlisle with a resentful expression. â€Å"Alice, Jasper – take the Mercedes. You’ll need the dark tint in the south.† They nodded as well. â€Å"We’re taking the Jeep.† I was surprised to see that Carlisle intended to go with Edward. I realized suddenly, with a stab of fear, that they made up the hunting party. â€Å"Alice,† Carlisle asked, â€Å"will they take the bait?† Everyone watched Alice as she closed her eyes and became incredibly still. Finally her eyes opened. â€Å"He’ll track you. The woman will follow the truck. We should be able to leave after that.† Her voice was certain. â€Å"Let’s go.† Carlisle began to walk toward the kitchen. But Edward was at my side at once. He caught me up in his iron grip, crushing me to him. He seemed unaware of his watching family as he pulled my face to his, lifting my feet off the floor. For the shortest second, his lips were icy and hard against mine. Then it was over. He set me down, still holding my face, his glorious eyes burning into mine. His eyes went blank, curiously dead, as he turned away. And they were gone. We stood there, the others looking away from me as the tears streaked noiselessly down my face. The silent moment dragged on, and then Esme’s phone vibrated in her hand. It flashed to her ear. â€Å"Now,† she said. Rosalie stalked out the front door without another glance in my direction, but Esme touched my cheek as she passed. â€Å"Be safe.† Her whisper lingered behind them as they slipped out the door. I heard my truck start thunderously, and then fade away. Jasper and Alice waited. Alice’s phone seemed to be at her ear before it buzzed. â€Å"Edward says the woman is on Esme’s trail. I’ll get the car.† She vanished into the shadows the way Edward had gone. Jasper and I looked at each other. He stood across the length of the entryway from me†¦ being careful. â€Å"You’re wrong, you know,† he said quietly. â€Å"What?† I gasped. â€Å"I can feel what you’re feeling now – and you are worth it.† â€Å"I’m not,† I mumbled. â€Å"If anything happens to them, it will be for nothing.† â€Å"You’re wrong,† he repeated, smiling kindly at me. I heard nothing, but then Alice stepped through the front door and came toward me with her arms held out. â€Å"May I?† she asked. â€Å"You’re the first one to ask permission.† I smiled wryly. She lifted me in her slender arms as easily as Emmett had, shielding me protectively, and then we flew out the door, leaving the lights bright behind us. How to cite Twilight 19. GOODBYES, Essay examples

Corporate Takeovers in the US Oil and Gas Sector

Questions: 1. Shortage of funds of sub-$50/bbl in the context of projects and dividends?2. Abolishing production-maximizing policies?3. Procedures that can be adopted to achieve a low carbon global world? Answers: Introduction The following essay evaluates the global market conditions in the oil and gas industry, emphasizing on Big Oil companies. The Big Oil consists of major international oil companies, which are spread globally. These oil entities are the world leaders in oil and gas sectors in the country. It is currently is facing an economic meltdown with decreasing oil prices, lack of fossil fuels and harmful carbon emissions degrading the environment. However, big oil entities needs to continuously pay dividends to the investors, to seek their support in building the environment. On the other hand, Ahmad (2014) stated that big oil companies needs to re-consider its maximum production capacities, which are leading to global warming. Big oil companies are facing severe lack of funds with several brands delaying its projects. Production costs have been cut down, with a huge drop in total earnings from the last year. In its effort to rectify the situation, the brand has shifted to production that makes lesser use of carbon. Big Oil is facing several obstacles in its path, and its survival depends on adapting to changing circumstances in the oil and gas sector. 1. Shortage of funds of sub-$50/bbl in the context of projects and dividends Ju, et al. (2015) opined that the collective earnings of four of the biggest oil companies Royal Dutch shell PLC, Exxon Mobil Corp, BP PLC, Chevron Corp; collective earnings have decreased by 70% from the previous year. However, in the same period, big oil companies have paid almost $28 billion as dividends to their shareholders. Wilson and VanBriesen (2012) argued that this was at least 10% increase from the previous period. It is estimated, that the dividends to be paid would be consistent, and not unpredictable like the oil prices. The total collective earnings of prominent oil companies- Royal Dutch ShellPLC,Exxon MobilCorp.,ChevronCorp.andBPPLC have fallen by 70% in the current financial year (Aloui et al. 2014). Oil prices are currently valued above $40 a barrel. According to Handfield et al. (2015), this is the lowest price since August, the last year. As such, there has been a shortage of funds at Big Oil companies. These entities believe that they have a strong financial condition, which would provide them with additional funds as and when required. Oil majors believe they have to pay regular dividends to avail investors. However, this can be harmful in the long run, and can affect the cash position of the companies. The worlds biggest oil companies are striving hard to achieve enough income to balance operational costs and dividends. Wilson and VanBriesen (2012) argued that this shortfall in funds reflects the existing state of Big Oil companies like Exxon, Shell and Chevron. The decreasing prices of oil have been a regular feature in the last 16 months. Major oil companies have reduced production costs by $30 million in the recent months, and have initiated the laying off process of employees. In addition, this has resulted in projects being delayed, with more cuts expected. As per investment bank Oppenheimer and Co, energy investor must now plan differently, due the depleted state of the existing oil companies. On the contrary, Davies et al. (2014) mentioned that decreasing production expenses could negatively influence the production capacity of Big Oil Entities. In an effort to implement cost cuts, four major BIG oil entities have postponed production of about 7.3 billions of natural gas and other liquid resources. It is the believe at Big Oil that to achieve business sustainability, operational expenditures need to be reduced than cutting down on payment of dividends. Murray (2013) has stated that without m reducing dividends by a substantial percentage would discourage investors from investing. In addition, this would not reflect well on brand reputation and goodwill of Big Oil companies in the market. Exxxons dividend has a growth rate of 6.4% per year in the last 33 years (Stackhouse and Stewart 2016). Chevron, Shell and BP have made dividends payments a priority irrespective of the market condition. The prominent energy companies emphasize on payment of dividend to investors, without considering reduced profits followed by a decreasing oil prices. Italian oil and gas entity Eni Spa has been the only exception, by reducing dividend payments by 30%, when compared to the last year (Chong et al. 2014, p. 015). 2. Abolishing production-maximizing policies According to Pedroni et al. (2013), a large portion of oil in the Middle East, coal in Australia, US and China and other fossils would have to reserved, to avoid dangerous climate change. As such, it becomes necessary to retain temperature to about the permissible 2C safety limit or below. As per the recent research published in the Journal nature, the facts and figures relating to unused fossil fuels and its locations have been stated, to prevent any dramatic changes in climate. The research work has implemented established economic models to predict that effective climate strategies would adopt cheapest fossil fuels in its production process. Using expensive fuels priced highly, which would emit carbon within the permissible limits, is also an option for manufacturing entities, which require a large amount of fossil fuel. However, Kelland (2014) mentioned that technology to remove carbon emissions have not beneficial to the global climate in general. Besides this, the technology has made no impact in retaining unused natural gas and coal. Prominent fossil fuel entities like Lukoil, Exxon Mobil, BP, Gazprom and Chevron have large oil and gas reserves (Fidler 2013). If they continue with a production maximizing policy, these natural reserves would be depleted within a short period. Coal is considered as the most harmful pollutant of all fossil fuels. As such, 82% of global coal reserves must be left untouched, to deal with global warming and climate change (Handfield et al. 2015). In countries like Australia, US and Russia all most 90% of the coal reserves have to be left unused to retain healthy climatic conditions. As per Palmer (2013) in the case of natural gas, 50 % of the global reserves should not be burned. However, important gas producers in the Russia and Middle East have to leave substantial portion underground to achieve healthy weather conditions in these places. Moreover, Europe and the United States can use almost 90% of the gas reserves, to replace coal and provide power to local entities. Fidler (2013) mentioned that only a one-third of the global oil reserves must be left untouched. As such using if oil resources would not posses any major threat to the weather conditions. However, Pribadi et al. (2014) stated that the Middle East is required t o leave almost 260bn barrels of oil in the underground, to maintain environmental balance in the region. Despite of the danger towards environmental degradation, large amount of investments are made to explore newer sources of oil and gas reserves (Stern 2014). In the previous year, fossil fuel entities incurred expenditure to the amount of $67o bn on finding better oil and gas resources (Fidler 2013). The trend relating to finding better resources of fossil fuels can be extremely harmful to the environment. In addition, experts at Big Oil feel that unconventional fossil fuel like Canadas Tar cannot be used, and should be left in the ground (Cox et al. 2016). Financial expert at Bank of England and Goldman Sachs believes that there is an inherent risk in expensive fossil fuel projects, since they are likely to incur losses due to adverse climatic changes. Kelland (2014) highlight the contradictions in government actions in different countries. This relates to implementing measures to maximize fossil fuel production, as well taking an active part in limiting global warming. 3. Procedures that can be adopted to achieve a low carbon global world The following are the plans made by oil companies to adjust to a low-carbon global world. Using natural gas Murray (2013) asserted that fossil fuels would constitute around 50 % of the global energy sources, in the current year. As such, using natural resources would produce very less carbon dioxide than in coal. Carbon dioxide being a harmful air pollutant can cause considerable damage to the atmosphere, and to the business sustainability of major oil companies (Ahmad 2014). As such, experts believe that natural gas can play a prominent role in reducing carbon dioxide in the air. Thus, Big Oil companies can adopt this approach in preservation of natural gas and utilizing it, without any wastage remains an important concern for big oil companies. Emissions from global supply chain Mitchell and Mitchell (2014) stated that due to the presence of methane, a strategic plan must be implemented to reduce methane emission form the manufacturing process. As such, required measures would assist to not only curb carbon dioxide levels, but also setting stricter methane emission goals. As per the sustainable gas institute, methane emission remains a primary concern, in reducing carbon monoxide levels in the air. Utilization of advanced technology mechanisms can reduce emission of methane largely. The necessary awareness to climate risk Business models must consider preservation of natural resources, in developing a successful business model. Oil entities need to be innovative and emit less amount of carbon dioxide as possible. Implementing a carbon-free production process would assist Big Oil to negate any harm to the social and environmental aspects in the community. In the global market scenario, the brands operating in the oil and gas industry would have to strictly monitor their business operational policies to prevent any damage to environment. Commercial Energy Handfield et al. (2015) mentioned that oil and gas companies could diversify into producing renewable energy. Big oil companies have begun investing into renewable energy by using wind power at the sea. As such, it becomes essential that oil and gas companies look for other means to production of energy. Innovation and investment in research and development is essential to the development of alternative means in developing commercial energy in the country. Huge carbon cost According to Mitchell and Mitchell (2014), a number of large business groups like BG group, BP, Statoli in the recent times introduced the global carbon price. Global carbon price is the standard cost of carbon determined by the major oil companies in the world. In this manner, use of carbon would be less in the production process. Big Oil companies can decide on a pre- settled price, so that buyers would be forced to look into other means of production. Carbon storage Fidler (2013) opined that Carbon storage techniques have evolved in the modern age, due to the wastage of oil and gas resources in the country. Big oil is using the technique of carbon capture and storage to deal with greenhouse gas emissions. Cox and Ng (2016) mentioned that this would guard against 75-90% of carbon dioxide generated from a power plant from entering the atmosphere. In the current times, CSS power projects have been a relevant part in the effort to reduce carbon emission. Last year, the first large scale power sector CSR project became operational in Canada Recommendations - The following recommendation can be made to assist Big Oil in recovering from the present situation Costeffective production- The brand can use cost effective production measures to offer quality products at reasonable price to corporate clients. As such adopting harsh production measures can further lead to global warming and environmental degradation. Hence, this would not help the firm to achieve business sustainability or corporate reputation and goodwill of the firm. Besides this, delaying business projects due to a lesser production budget would hamper the growth prospects of the brand in the end. Thus, the brand needs to change its production process from cost-cutting strategy to a cost effective strategy. Alteration in business policies- Big Oil can modify is production strategies, to avoid incurring unnecessary expenditure. The aggressive production policy adopted by these major oil entities cannot be reasonable, where prices of fuels has been decreasing at an alarming rate Conclusion It can be stated that Big Oil is currently in a continuous path of decline and is facing severe business crisis. Its lack of profitability in recent times, have contributed towards its downfall. However, the brand has implemented towards shifting to low priced non-carbon production procedures that can reduce production costs and carbon emissions in oil and natural gas productions. Besides this, the brands have adopted latest storage procedures to address issues in its production process. Through this, Big Oil feels that this would enable the brand to adapt to changing market conditions in the market. Industry experts believe that the Big Oils business strategy of maximum production has been adversely harming the environment and business prospects of Big Oil in the global market. Big Oil brand pay regular dividends to investors. As such, they have to make a balance between paying dividends and keeping surplus funds in times of crisis. Big oil needs to be proactive and implement strong measures in such a volatile market environment. References Ahmad, A., 2014.Examining risk behavior and risk management practices in oil and gas construction industry(Doctoral dissertation, Universiti Teknologi Malaysia, Faculty of Management). Aloui, R., Assa, M.S.B., Hammoudeh, S. and Nguyen, D.K., 2014. Dependence and extreme dependence of crude oil and natural gas prices with applications to risk management.Energy Economics,42, pp.332-342. Chong, Y., Hongye, J., Anlin, Y. and Dongye, Z., 2014. Study on Risk Management Effectiveness Evaluation of the Third Party Damage for Oil and Gas Pipeline.Technology Supervision in Petroleum Industry,1, p.015. Cox, R.A. and Ng, A., 2016. Corporate takeovers in the US oil and gas sector.Journal of Economic Financial Studies,4(1), pp.23-34. Davies, R.J., Almond, S., Ward, R.S., Jackson, R.B., Adams, C., Worrall, F., Herringshaw, L.G., Gluyas, J.G. and Whitehead, M.A., 2014. Oil and gas wells and their integrity: Implications for shale and unconventional resource exploitation.Marine and Petroleum Geology,56, pp.239-254. Fidler, C., 2013. Arctic Offshore Oil and Gas Development: Advancing the Efficacy of Environmental Management through Regional Strategic Environmental Assessment. Handfield, R.B., Primo, M. and de Oliveira, M.P.V., 2015. The role of effective relationship management in successful large oil and gas projects Insights from procurement executives.Journal of Strategic Contracting and Negotiation,1(1), pp.15-41. Ju, K., Su, B., Zhou, D., Zhou, P. and Zhang, Y., 2015. Oil price crisis response: Capability assessment and key indicator identification.Energy,93, pp.1353-1360. Kelland, M.A., 2014.Production chemicals for the oil and gas industry. CRC press. Mitchell, J.V. and Mitchell, B., 2014. Structural crisis in the oil and gas industry.Energy Policy,64, pp.36-42.Structural crisis in the oil and gas industry.Energy Policy,64, pp.36-42.Structural crisis in the oil and gas industry.Energy Policy,64, pp.36-42. Murray, K.E., 2013. State-scale perspective on water use and production associated with oil and gas operations, Oklahoma, US.Environmental science technology,47(9), pp.4918-4925. Palmer, K., 2013. Environmental Management of Oil and Gas Activities in the Exclusive Economic Zone and Continental Shelf of New Zealand.Journal of Energy Natural Resources Law,31(2), pp.123-146. Pedroni, P.M., Jaramillo, H., Torres, C.M.D.L., Navarrete, Z.H., Bernalà ¢Ã¢â€š ¬Ã‚ Ramirez, J. and Reed, T., 2013. A partnership approach to addressing applied ecological research needs of an oil and gas business.Journal of Applied Ecology,50(3), pp.539-543. Stackhouse, M.R. and Stewart, R., 2016. Failing to Fix What is Found: Risk Accommodation in the Oil and Gas Industry.Risk Analysis. Stern, J., 2014. International gas pricing in Europe and Asia: A crisis of fundamentals.Energy Policy,64, pp.43-48. Wilson, J.M. and VanBriesen, J.M., 2012. Oil and gas produced water management and surface drinking water sources in Pennsylvania.Environmental Practice,14(04), pp.288-300.

Voice of bamboo Review Essay Example

Voice of bamboo Review Paper Essay on Voice of bamboo Yasunari Kawabata is definitely one of those authors that most will not be understood. And even that is not the complexity of understanding how much patience. If someone is anime Makato Cynthia, what Kawabata, it is essentially the same Xingtai, for adults only. Kawabata builds on the pages of the book of great beauty slopes, thickets cryptomerias, hot springs, cherry blossom, whispering bamboo and alluring Japanese flavor. I am one of those people who are inclined to contemplation, and I was mesmerized easily recreated atmosphere. But, clearly, not only color is the fundamental thing for Kawabata. Inclined to think that its just a skill, of course, it is a consequence of the features of national culture. Have Kawabata and other purposes: exposure of intimate feelings, display defects. Of course, on a Japanese twist. Some things are not clear to me, for a variety of crops, in addition, the age limit. But maybe that is what makes the work of Kawabata manyaschim.Osobenno I was impressed by the image of eternally drunk geisha in the story Snow Country, it would seem that may be more repulsive than a drunken talkative woman. But Kawabata put in its mouth such touching replica. Truth breaking through the drunken, turbid pain, the wounded consciousness, as well as the image of the pine trees in the Voice of bamboo. Peach blossom .Menya intoxicating those unfamiliar, the colorful names: gingko trees and bush bamboo, camphor laurels, anise, which there castanopsis already mentioned I thickets kriptometry .Otchego is in love meeting in the grove kriptometry, it seems more romantic than in meeting among the mugs or the hayloft. Lovers to contemplate and to recreate these images in his voobrazhenii- Kawabata definitely enjoy. Now, I can not relate to the negative moment. Sometimes the Japanese, of course go beyond the bounds of evil, this can be accused of many representatives of this nation. A striking example of feel the same Mishima, the man who created the Golden Temple, although there is also a very immoral character, but still Im here about the other stories Mishima, which, beyond a reasonable, normal -on my opinion violated. To my great disappointment, Kawabata is no exception .Rasskaz Sleeping beauty is unique. The old man walks into the house in order to see, touch young girls euthanized at the end does not stand up, and still kills one virgin prostitute as he calls it. I do not l ike any disease, revelation, though the story made an impression, then load principle frowned, but the reading was interesting. Writer worthy, and still believe, that Nobilevskaya Prize zasluzhena.Prosto in this authors need to dive, to dissolve it, well and probably interested in Japan. We will write a custom essay sample on Voice of bamboo Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Voice of bamboo Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Voice of bamboo Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Bookstores

Bookstores You all know that most of my editorials come from the little seeds planted When you email me, my heart breaks, or my anger seethes, and my brain kicks into gear. This time an author wrote me about the sucky booksigning she had at an indie bookstore. Finally I had an excuse to write this op-ed. Bookstores are not sacrosanct, people. While some of them shine, some of them can stink. This author had an atrocious signing, with the store owner obviously not a fan of her story, her title, her hair color, who the heck knows? They stuck her in the back of the store near this tiny rack of her genre (which screamed that the owner didnt love the genre, BTW), and left her to rot for hours on a Saturday when shopping shouldve been hot. The author was mad; she was hurt. And this author has an award-winning book Because someone throws up a bookstore does not make them a god, a celebrity, or an all- knowing bibliophile. A bookstore is a business first and foremost, and some of these owners dont appreciate authors. Well, unless those authors are Stephen King, Pat Conroy, Karen White, fill-in-the-blank. Those are okay. Those are worth groveling over. The rest, well, they are hatchlings, and most of them wont live long. My point is that you need to be selective of your bookstore signing just as you are about anything else in your writing career. You dont jump at the first agent that speaks your name. You dont self-publish with the first vanity press that shoots you spam. You dont hire the first editor who quotes you a cheap rate. You dont listen to all criticism from your writing group. In other words, be true to yourself. If the fit doesnt feel right, trust your instincts and walk away. You have to be able to look at yourself in the morning. Some bookstores are fabulous. I have some in my circle Id die for. Theyve been so kind to me, and so supportive. A couple of them, however, I wont name. They shunned me because I wasnt big enough. They have their business . . . but so do I. Do not feel you have to sign . . . theres the Internet. Do not feel any bookstore is king . . . there are good and bad ones. Do not let them stick you in the back of the store . . . speak up. Too many writers think they are at the mercy of whoever will carry, sell, mention their book. No. You deserve some pride. And you have a right to be selective so you can feel proud.

Find a research based article in a business journalsand appraise the Essay

Find a research based article in a business journalsand appraise the methodology employed and the - Essay Example Primarily analyzing the business information through a set of processes can be termed as market research. It involves the use of technology for obtaining the desired information from these processes. Basic purpose of acquiring information by any organization is to assess the business environment, carry out marketing research, make sales forecasting and conduct competitor analysis. Various technologies and methodologies are used for collecting and saving the information in easily accessible format. This data is frequently used for making correct and timely decisions for enhancing the profitability. (â€Å"Business Planning,† 2005). The article under review is â€Å"Managing the development of technology-based courses success factors from eight government training courses† written by Rowley, Kurt published in Acquisition Review Quarterly; January 2003. In this article primary research techniques are employed to â€Å"determine success factors identified in traditional higher education distance learning research literature were important to technology-based course development† (Kurt, 2003) The researcher started the article by giving brief background of the subject and then reviewed the literature with accredited and authentic citations. Primary research methods of data collection were used by adopting qualitative methodology. Various formats of guided interviews were designed for primary data collection. The interview were designed in such way so that exploration process may become easier, the interview question were prepared in the light of literature review and objectives of the research.. The interviews were conducted directly for gathering more reliable data. The interview methodology was properly ratified by involving two researchers at initial stage afterwards one researcher conducted interviews. (Kurt, 2003) After collecting primary data and reviewing literature the data was analyzed systematically in the light of prior knowledge

Important Assignment about Micro economics Example | Topics and Well Written Essays - 2000 words

Important about Micro economics - Assignment Example In international business, outdoing the production of a country remains impossible as it does not relate on the national scale. Comparative advantage applies in businesses, but when it comes to doing business across the borders a nation considers more than one business. Comparative advantage and absolute advantage are two different aspects. The article compares the absolute advantage of Bangladesh and U.S. Bangladesh cannot produce more goods per unit in comparison to the United States but they can produce goods per unit at a lower price. Comparative and absolute advantage does not hinder countries from conducting business. For instance, Bangladesh may have a comparative advantage in the production of sewing garments, even if Americans can produce better. They both benefit if Americans outsource the production from Bangladesh. American can then focus on producing products that they are far much better in producing. The two economies hence grow through interaction and exposure in doin g business. Comparative and absolute advantage plays an important role in regulating product production across boundaries. According to the article, the limit to which a country retracts production depends on the goods and services in question. A country remains in comparative and absolute advantage if the regulation of production maintains. ... or services below the expected target Application The article indicates a shortage of gas in Mexico due to the surplus production in the United States. The move leads Mexico to reduce the supply of gas to its market consumers with a great margin. A surplus by the United States in the production of gas effects on the energy based companies. Main contractors including Pemex reduce their gas supplies to deal with the surplus through measures set on every producing company. Mexico hence faces a shortage due to the production boom in the United States. The relation between the U.S. and Mexican rates led to the price of gas lowering. This led to a decrease in the wholesale price hindering manufacturers from obtaining the required amount of energy. A surplus in production of gas means the two countries have to utilize the excess amount of gas in the market before producing more gas. Mexico hence suffers a shortage after its home based companies reduce the level of production. In market anal ysis, the problem arises from pricing as opposed to penalties and pipelines. The increase in imports into the Mexican market makes gas available for the local market at a cheaper price as compared to the gas offered through the local production. It becomes logical for businesses to purchase the imported, cheap gas as compared to the expensive, local produced gas. Supply and demand depends on the readily available market for selling products and services. Link: http://au.ibtimes.com/articles/381641/20120907/surplus-shale-leads-gas-shortage-mexico.htm Chapter 4: Consumer and Producer Surplus Chapter 4 terms Consumer surplus: Consumer surplus is a measure of consumer satisfaction where customers are willing to spend more on a product than the stated market price. . Producer surplus: Producer

Study on the Variability in Foreign Exchange Rate

Study on the Variability in Foreign Exchange Rate 1.0. Introduction Variability in foreign exchange (FX) rate has been one of the major economic and financial factors affecting cash flows and common stocks value. After the collapse of post-war Bretton Woods fixed exchange rates in the 1970s, the relative prices of currencies began to fluctuate. The rapid expansion in international trade and adoption of floating exchange rate regimes by many countries led to increase exchange rate volatility. As economic integration and globalization have been increasing year by year, exchange rate movements have become very important source of risk for financial firms as well as non-financial firms. In this context, it is very important to mention that virtually all existing empirical studies estimate currency exchange rate exposures on the basis of share prices. However, the assessment of cash flow and stock price exposures which will be studied in this research will represent a rational alternative to the analysis of stock price exposures. In fact, it is the impact of exchange rate risk on corporate cash flows rather than equity prices per se, that is emphasized in the theoretical literature on corporate risk management, either for tax reasons, managerial performance, bankruptcy, investment decisions or compensation purposes. Jacque (1996) points out that change in a companys earnings due to unexpected foreign currency exchange rate changes relatively to their domestic currency is considered as foreign exchange rate risks. Changes in exchange rates may affect firms profitability and value. Exchange rate changes can also impact on the level of competitiveness of the firms which are exposed to exchange rate risk, or affect the value of their net assets denominated in foreign currencies. Adler and Dumas (1984) show that even firms whose entire operations are domestic may have affects of exchange rates of foreign currencies, if their output and input prices are influenced by currency movements. Moreover, Eiteman et al. (2006) says that in general, firms are exposed to three types of foreign exchange risk: translation exposure, transaction exposure and economic exposure. Translation and transaction exposures are accounting based and defined in terms of the book values of assets and liabilities denominated in foreign currency. In practice, economic exposure is computed as the net sensitivity of some aggregate measure of firm value to currency fluctuations. Economic exposure contains of the direct and indirect effects of currency fluctuations by focusing on the net sensitivity. At the corporate level, changes in exchange rates affect the firm value, because future cash flows of the firm will change with exchange rate fluctuations. In other words, exchange rate changes have important implications for financial decision-making and for firm profitability. It is widely believed that changing exchange rates affect the competitiveness of firms engaged in international competition. According to Luehrman (1991), a falling home currency promotes the competitiveness of firms in home country by allowing them to undercut prices charged for goods manufactured abroad. Many simple partial equilibrium models (e.g. Shapiro) predict an increase in the value of the home country firm in response to a real drop in the value of the home currency. Economic theory suggests that under a floating exchange rate regime, exchange rate appreciation reduces the competitiveness of export markets; it has a negative effect on the domestic stock market. Conversely, if the country is import denominated, exchange rate appreciation may have positive affect on the stock market by lowering input costs. Problem statement As economic integration and globalization have been increasing year by year, exchange rate movements have become very important source of risk for financial firms as well as non-financial firms. Also, the internationalization of capital markets has resulted in inflow of vast sums of funds between countries and in the cross listing of equities. This has therefore made investors and firms more interested in the volatility of exchange rate and its effect on stock price and stock market volatility. According to Yucel and Kurt (2003), floating exchange rate appreciation reduces the competitiveness of export markets; and has a negative effect on share prices as well as the domestic stock market. On the other hand, for import dominated country, it may have positive effect on the stock market by lowering input costs. Malaysia presents an example of an open economy which engages in international trade with several countries and hence susceptible to foreign exchange rate volatility. Malaysian exchange and trade system have been liberalized for many years. Malaysia now follows a floating exchange rate policy. Malaysian economy has been suffered from Asian financial crisis 1997 and World financial crisis 2008. As a result volatility in foreign exchange rate and deviation from purchasing power parity might become persistent in the economy. Most of the firms operating in Malaysia are affected in many ways from these economic conditions. The firms have faced higher business risk and foreign exchange risk. However, empirical evidence on the influence of foreign exchange market volatility on stock market is largely inconsistent. These have been in the contest of developed economies. Mishra (2004) found no theoretical consensus on the interaction between stock prices and exchange rate. However, Solnik (2000) argues that there is a negative correlation between stock market and local currency. The openness of a countrys economy is recognized as a cause of volatility of its market. Malaysia presents a classic example of an open economy which engages in international trade transaction. Moreover, with advert of globalization, developing economies are becoming more integrated into developed economies as the results of increasing flow of imports and exports. Malaysia is not an exception. A cursory examination of foreign exchange rate history in Malaysia shows some considerable level of volatility. Therefore, it would be interesting to explore the effect of its foreign exchange volatility on cash flows as well as stock prices of its non-financial companies. Again, much work on the effect of the exchange rate volatility in the developing country like Malaysia has not been done. Thus, for that reason the study intended look at the effect of foreign exchange exposure on companies cash flows and stock prices in Malaysia. Research objectives Objective of the current research is to determine whether cash flows and stock prices of companies are affected by exchange rate exposure. This research project attempts to assess the economic exposures of the firms chosen from the Bursa Malaysia Main market. The issues are important for investors as well as corporate risk management. To examine the relationship between cash flows of the companies and exchange rates; To examine the relationship between stock prices of the companies and exchange rates; To determine which currencies have major influence on the companies cash flows? To determine which currencies have major influence on the companies stock prices? Research questions The research aims to find answers to the following questions: Whether cash flows of the companies exposed to exchange rate risk? Whether stock prices of the companies exposed to exchange rate risk? Which currencies have major influence on the companies cash flows? Which currencies have major influence on the companies stock prices? Significance of the study The estimation of exchange rate exposure is a relatively new area in international finance. After 1973, managers and economists become more concerned about the exchange rate fluctuations on firms. Also, for the past decade, researchers have been empirically investigating the exchange rate exposure of the firms. Following Adler Dumas (1984) most of the research measures the exposure as the elasticity between change in firm value and exchange rate. Empirically, this exposure elasticity is obtained from a regression of stock returns on an exchange rate change (Bodnar Wong, 2000). In practice, there is little general agreement on the use of appropriate choice of ‘‘aggregate measure. In this research project it is focused on the impact of economic exposure of Malaysian firms values. Corporate managers will also be interested in the exposures of corporate cash flow measures such as sales, operating cash flow and earnings for reasons of corporate planning and risk management. Scope of the study The current study one of the new studies in international finance and risk management. In general, the research will assess the economic exposures for the companies listed in Bursa Malaysia Main Market from the years 2000 to 2008. For the research, first, all sample companies stock returns will be regressed on exchange rate change and market return. In the second step, companies will be examined according to one specific character, which is export volume. LITERATURE REVIEW Introduction It is also noticeable whether the firms cash flows are sensitive to exchange rate movements. Perhaps we should also point out the fact that Grambovas and McLeay (2006) are convinced that empirical analysis confirm that currency fluctuations may affect firm values, especially with consideration to the influence of foreign exchange rate movements on the firms cash flows and their accounting earnings, and on their stock prices. Previous literature Miller Reuer (1998) conducted a study on the implications of differences in strategy and industry structure for firms economic exposures to foreign exchange rate movements. According to their results, 13-17 % of US manufacturing firms exposed for foreign exchange rate movements. Also they indicated that foreign direct investment reduces economic exposure to foreign exhange rate movements. Martin and Mauer suggest that economic exposure, which typically has a longer-term time dimension, encompasses the competitive and indirect effects of exchange rate risk. Many academics such as Hodder (1982), Marston (2001) Pringle (1995), Shapiro (1975) and von Ungern-Sternberg von Weizsacker (1990) argue that unlike transaction exposure, economic exposure can affect even domestic firms. Economic exposure arises from changes in the sales prices and volumes, and the cost of inputs of the firm and its competitors as a result of exchange rate changes. Miller Reuer (1998) and Sundaram Black (1992) argued that geographically positioning production, sales, sourcing, and financing operations is effective for reducing economic exposure. Glaum, Brunner and Himmet (2000) examined the economic exposure of German corporations to change in DM/US dollar exchange rate. They found that German firms are significantly exposed to changes in DM/US dollar rate. Several studies focused on the some companies and they demonstrated that exporter firms stock values are more sensitive to change in foreign exchange rates (Mao and Kao, 1990; Bortov and Bodnar, 1992). The study by SÃ ¶hnke M. Bartram (2007) found significant exposure of several firms to at least one of the foreign exchange rates, and significant exposures found by them were more frequent at long-term horizons. They also argue that the impact of exchange rate risk on share prices and cash flows is similar and determined by a correlated set of economic factors. Moreover, Dominguez and Tesar (2006) found that exchange rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to exchange rate risk. Exposure is correlated with firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level. Martin and Mauer (2003) pointed out that cash flow effects are greater for long-term lags than for short-term lags in exchange rate movements. This result may occur because transaction exposure is easier to assess and hedge, whereas economic exposure is more difficult to recognize and hedge. While Bartram (2007) suggests significant exposure of several firms to at least one of the foreign exchange rates such as CAD, JPY and EUR, and significant exposures determined by Bartram (2007) were more frequent at long-term horizons. The percentage of firms observed for which stock price and earnings exposures were considerably different was relatively low, though it increased with time horizon. Finally, he was convinced that the impact of exchange rate risk on stock prices and cash flows is similar and determined by a related set of economic factors. Batram and Karolyi (2006) took a new look at the exposure puzzle by studying the potential impact of the introduction of the Euro on stock returns of 3,220 non-financial firms from 20 countries. Their findings suggest that the introduction of the Euro decreased foreign exchange rate exposure, but these changes are statistically and economically small. According to Tesar and Dominguez (2006), factors such as firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level may influence economic exposure of the companies. These factors may either increase the companies economic exposure or decrease. These factors influence on the companies economic exposure will depend on how significantly these factors are correlated with the companies cash flows and operations, and if there are significant correlation between them, we should also point out whether these significant correlations are positive or negative. Empirical analysis by Grambovas and McLeay (2006) confirmed that exchange rate fluctuations will affect firm values, especially with regard to the influence of exchange rate movements on the cash flows and accounting earnings of companies with international exposure, and on their stock prices. Recent studies by Priestley and Odegaard (2007) studied the exchange rate exposures by orthogonalizing the market returns with respect to changes in exchange rates and a set of macroeconomic factors. Their findings suggest that the extent of exposures is only fully exposed when it is subdivided the sample period into regimes and at the same time used an orthogonalized market portfolio in the regression. Batram and Karolyi (2006) studied the exposure puzzle by looking at the potential impact of the introduction of the Euro on stock returns of 3,220 non-financial firms from different 20 countries. It was found that the introduction of the Euro had decreased foreign exchange rate exposure, but the changes were statistically and economically very small. However, Bae, Kwon, and Li (2008) having studied the exchange rate exposure and risk premium by using data on American depositary receipts (ADR) of Australia, France, Japan and the U.K., found that changes in the exchange rates were negat ively correlated with the underlying shares of ADRs, but they were positively correlated to ADR returns observed in the U.S. markets. Moreover, they discovered that U.S. and local investors require different risk premiums for exchange rate risks presented in ADR investments. Griffin and Stulz (2001) found weak evidence of statistically significant exchange rate exposures, and the economic significance of the estimated exposures was low. A first main study of the foreign exchange exposure fact done by Jorion (1990) found a significant impact of foreign exchange rate risk on share prices for 5.2 percent of the analyzed 287 U.S. MNCs at the 5 percent level. Choi and Prasad 1995 developed a model and examined the exchange rate sensitivity of 409 US multinational firms. Their findings indicated that change in exchange rate affected firm value. They found that 60 percent of firms had significant exchange rate exposure. In their study, Choi and Prasad (1995) found that 14.9 percent of the individual firms in the U.S. and 10 percent of the industry portfolios showed a significant exchange rate exposure at the 10 percent level, corroborating earlier findings. Domely and Sheehy (1996) found contemporaneous relation between the foreign exchange rate and the market value of large exporters in their study. Comparable results were found outside the United States by He and Ng (1998). For instance only some multinational companies in Japan (26.3% and 53.8% for different time periods) showed a significant exchange rate exposure with regard to a multilateral exchange rate index. Some studies look into the exposure of industry portfolios in several countries, there were found percentage yields of companies with significant exposure of 15% (United States), 4% (Japan) and 6% (United Kingdom) by Prasad and Rajan (1995), or 23% (United States), 21% (Canada) and 25% (Japan) by Bodnar and Gentry (1993) at the 5% level. Study by Bartram and Karolyi (2006) suggests that the FX rate exposure of non-financial firms is systematically linked to firm characteristics such as sales, the percentage of foreign sales in general and in Europe in particular, regional factors like geography, strength of currency and industry characteristics like competition, traded goods. Study examined by Allayannis and Ihrig ( 2001) speak about stock price exposure to international trade activities of U.S. industries, and Bodnar et al. (2002) mention the significance of pass-through for exposure. Moreover, Starks and Wei (2004) found that the scale of exchange rate exposure is linked to proxies for probabilities of financial distress, product uniqueness and growth opportunities. However, the evidence of corporate foreign exchange rate exposures on a cash flow basis is very thin and inadequate to individual case studies. Garner and Shapiro (1984) investigated the foreign exchange rate exposure of Vulcan Materials Company by regressing changes of its quarterly operating cash flows on changes in the exchange rate of USD against GBP, and showed only small and statistically irrelevant foreign exchange rate exposures. Moreover, Oxelheim and Wihlborg (1995) use quarterly changes of total cash flow, commercial cash flow and sales revenue as dependent variables in the exposure analysis of Volvo Cars. Results by Oxelheim and Wihlborg (1995) indicate that the financial situation of the company reduces exposures with regard to changes in the DEM/SEK exchange rate only to a modest degree. One more study by Bartram (2005) investigated the exposure of a large nonfinancial company based on proprietary internal as well as external capital markets data. Analysis by Bartram (2 005) illustrated that the irrelevance of foreign exchange rate exposures of wide-ranging performance measures such as total cash flow and/or share price can be explained by hedging at the company level. Several studies focused on the some companies and they demonstrated that exporter firms stock values are more sensitive to change in foreign exchange rates (Mao and Kao, 1990; Bortov and Bodnar, 1992). In the most of the studies foreign exchange exposure was measured by regression analysis by using stock returns. Adler and Simon (1986) measured economic exposure as the slope of stock return on exchange rate change. Jorions (1990) model was established by adding the return of the market to control for market movements. As Jorion, Booth and Rotenberg (1990) and Bodnar and Gentry (1993) examined economic exposure with market return, Miller and Reuner (2000) estimated economic exposure by multivariate modelling approach. They applied three-currency model, also add some specified macroeconomic variables such overall stock market return and interest rates. Flanney and James (1984) and Sweeney and Warga (1986) also used interest rates in their models. Doneely and Sheehy (1996) formed a porfolio with 39 companies, and examined the relationship between abnormal return on exporting firms portfolio and return on sterling. Khoo (1994) estimated mining companies economic exposure by using excha nge rates, interest rates and price of oil. METHODOLOGY 3.0. Economic Exposure Measurement In order to measure Malaysian companies economic exposure I decided to follow Adler Simon (1986) model. I will measure economic exposure as the slope coefficient from a regression of stock returns on exchange rates. R it = ÃŽ ±i + ÃŽ ²i et + eit (1) ÃŽ ±i = constant term R it = Stock return for company i. et = Percentage change in exchange rate The coefficient ÃŽ ²i represents the sensitivity of a company is stock returns to exchange rate movements. In the model exchange rate quotation is direct quotation for Malaysia. In other words it is shown as MYR per one unit of the foreign currency. Positive value of ÃŽ ²i means that a depreciation of MYR corresponds to an increase in the value of company i. In the study, I will apply another model as Jorion approach. Jorian introduced another macroeconomic variable market return to control for market movements. To control for the ‘common macroeconomic influences on total exposure elasticities; most emprical studies include the return to a market portfolio with the exchange rate variable in their emprical models (Bodnar Wong, 2000). R it = ÃŽ ±i + ÃŽ ²1i et + ÃŽ ²2i Rmt + eit (2) ÃŽ ±i = constant term R it = Stock return for company i. et = Percentage change in exchange rate Rmt = Market return Ordinary least squares regression was used to estimate models. Exchange rate movements can be measured in nominal or real terms. Real movements are defined as nominal movements adjusted for price level changes across countries. In some studies (Khoo, 1994; Bodnar and Wong, 2000), since real and nominal exchange rates are highly correlated both or one of them are used. Also in some studies trade weighed foreign exchange rate used. The exchange rate used in the study is real effective exchange rate, which is calculated by the Bank Negara (Malaysian Central Bank). The market index I employ will be FTSE Bursa Malaysia Mid 70 Index. In both model, it will be focused on individual firm value. Choi and Prasad (1995) state that examining exchange rate risk on aggregate level, on portfolio or market index, may not reveal the true exchange risk sensitivity of firm value. They claim that a firm level study is necessary to understand whether and why individual firms display varying sensitivity to exchange risk. I follow their approach in my analysis. 3.1. Data In order to examine Malaysian companies economic exposure, I constructed a sample. Sample companies stocks are publicly traded in FTSE Bursa Malaysia market. Only medium and big sized companies will be included. It will be used monthly data to estimate exchange rate sensitivity of the equity for the period from January 2000 to December 2008. Sample companies economic exposure will be examined in two steps. First, all sample companies stock returns will be regressed on exchange rate change and market return. In the second step, companies will be examined according to one specific character, which is export volume. The companies will be divided into two: exporter and non-exporter firms. It will be identified companies as an exporter company, if their foreign sales level is at least 20% of total sales in 2000. Individual stock returns for companies and FTSE Bursa Malaysia market return data will be collected from Bursa Malaysia sources and DataStream in UUM Library.