Water Resources Assignment Example | Topics and Well Written Essays - 250 words

Water Resources - Assignment Example At Sattler and Brussels focuses, the volume of release demonstrates closeness in the ecological states of the territories encompassing the waterway. Along these lines, Guadalupe River covers territories with comparable climatic conditions that don't change unexpectedly making the release to be even. The climatic states of the two regions is moderately same, making the release volumes generally equivalent, with the every day greatest and day by day least changing insignificantly. The zones around the branches didn't enlist changes in the land utilize that could influence the measure of release. There is a noteworthy connection between's the stream and precipitation as saw in the difference in the volume of release. The long periods of January to April register consistent precipitation with the remainder of the years having insignificant precipitation. The connection between the insignificant, most extreme and mean release is consistent with negligible variety in the release demonstrating the closeness of the ecological

The World Of Hair :: essays research papers

In The World of Hair All through time, the universe of hair, and now the notable field of cosmetology have raisin and fell. I can recall when dark ladies were wearing Afros and Caucasian ladies easy routes and now things have advancing into throughout the entire these streaming hairdos and also the present wellbeing nowadays on our hair. Appears as though the days on juices and berries were hairs most joyful time. Presently going thur how we deal with our hair is precarious however here are some incredible methods of keeping steady over each strand. Realizing that mornings or the most noticeably awful time for us all here is the standard to keeping a very much prepared and solid yield on hair. In the event that you have short hair of any kind than this is the mammoth showy for it, a great shower wash before you start that hot shower. Also, wash twice to safeguard that there will be no oil develop on the grounds that old can back a hairdo off or even leave a style right speechless. Next you would need to apply and great protein based conditioner, for example, cholesterol and permit it to stay on the hair structure root to tip of the span of your shower and when you flush than your hair washes this strategy spares time and work. Since your hair is all-perfect and you need and brisk technique for drying it; and before we get the drying part lets stop and think session how we need to where our hair, presently observing as we have a short weaved length with around 8 crawls of hair to work with we have to apply a styling help and that would be as a moisturizer or cream. I lean toward the moisturizer myself, so apply the setting salve to the hair this will go about as a fixative that will secure the style. Next we are prepared to blow with a handheld blow dryer; this procedure will take twenty to twenty-five min. In the wake of blowing the hair dry we are prepared to style the hair. Since we have concluded that we need some ricochet and twist in our hair for the day here is the manner by which we will get the outcomes required for a day at the workplace and a night on the town. You will require a medium to enormous hair curler (a warmth inspired instrument) and a light styling splash.

Hindi Essay Topics For Class - 6 Tips For Writing Better Indo-India Essays

Hindi Essay Topics For Class - 6 Tips For Writing Better Indo-India EssaysHindi essay topics for class should be easy enough for students to grasp, but it is also important that they are concise and to the point. If students have difficulty completing the assignments due, then it would be quite unfortunate if you do not have any work to show for it. In this article I will outline some tips on how to write more effectively for your Hindi essays.The first tip to writing well about Hindi is to always be focused. In other words, try to make sure that your focus is the topic of the piece. If the assignment is about how to get past a difficult situation or setting, then for the sake of the essay you need to have some sort of direction. Also try to ensure that you don't focus on the negative aspects of the situation and instead concentrate on what's going to happen in the future.Another tip on writing a good Hindi essay is to always end each paragraph with a question mark or a short comment . When doing this ensure that you are asking a question that's going to take away from the focus of the discussion, as this helps to add some depth to the piece. This can be done by asking questions like what are the positives and negatives of the situation, what will the solution for the problem be and why is it so hard to solve the problem. By doing this you should allow yourself to be focused for the remainder of the paragraph.It is important to also establish a connection between the topic of the Hindi essay and the overall story line. For example, if you are discussing how to solve a problem that involves politics, then you need to make sure that you don't spend too much time talking about the politics of the country. Instead it's better to spend a little bit of time discussing some of the positives of the country such as its uniqueness and culture.This is also a good tip to make sure that you connect the topic to the right conclusion. It is important to ensure that your conclu sion is the outcome of the entire story line and not just a small part of it.Another tip to write a better Hindi essay is to ensure that you do not make grammatical mistakes. This is an extremely common problem with most students and does not help to their essay. Rather make sure that you check your work and double-check anything that you are unsure of.Finally, make sure that you learn English. This is an excellent way to make sure that you understand everything that you read and will give you a more comprehensive understanding of the language.These tips are a few of the tips on writing better Hindi essay topics for class. Following these tips will ensure that you write better assignments and get better grades on your Hindi essays.

Marketing Strategy Marketing Strategies - 1910 Words

5. Marketing Strategy The following marketing strategies will be used for Meet to create awareness and propagate the attractiveness of Meet to the world. 5. a) Advertisement/Promotion: It will be advertised via various online markets like Windows store, Apple store and Google Play Store. The number of downloads and rating in these pages prove to be significant in deciding trial decision. Additional advertisement may be done for major markets like China, India and US. 5. b) Launch on New Year: Tying the promotions up with the New Year can attract immense interest. Meet will have a baby cartoon character as its mascot (indicating the birth of a new fashionable and cool messenger), who speaks, pings and emotes a lot through stickers. The baby can later be made into a young teenager and stop ageing indicating the willingness of everyone to remain as a teenager when the entire world seems within reach and nothing seems impossible. 5. c) Tie up with Telcos: Tie up with telcos to promote the use of Meet will be done. The data packs can have freebies dedicated to Meet Messenger. The promotion of such packs with freebies dedicated to Meet Messenger will increase awareness and prompt customer trials making use of the attractiveness attached with the word â€Å"FREE†. Customers want to use up anything that they have for FREE with validity defined. 5. d) Promotion on applications by partners Gaming online has become a trend and promotions can be run before the start and after the end ofShow MoreRelatedMarketing Strategy1138 Words   |  5 PagesChapter 1 Marketing in Today’s Economy Exercise 1.1 CarsDirect http://www.carsdirect.com 1. Explore the CarsDirect website, including pricing a vehicle of your choice. How successful is CarsDirect in reducing the hassles associated with buying an automobile? 2. Does the design of the CarsDirect website convey confidence and trust in the car buying process? How has CarsDirect answered consumers’ concerns over the lack of a human element in their marketspace? Exercise 1.2 DaytonaRead MoreMarketing Plan For A Marketing Strategy909 Words   |  4 PagesA marketing plan is crucial to the survival of an organization. Marketing plans need to be well thought out and target a certain market. The market that an organization chooses will demonstrate what direction they want the organization to head in. However, choosing just one market will be problematic to the organization because they will be missing out on other opportunities to grow. The organization needs to operate like the old sane, kill two birds with one stone. Therefore, if an organizationRead MoreMarketing Strategies For Uber s Marketing Strategy1786 Words   |  8 PagesCurrent Marketing Strategy By December 2015, Uber has raised total equity funding of $6.61 billion in 12 rounds from 52 investors (Exhibit 2: Uber’s Investment Rounds) (CrunchBase, 2015). Compared to its seed capital of $200,000, the company has expanded enormously in these few years. Besides its evolving service lines, Uber is actively investing and developing marketing campaigns. This is highly related to Uber’s success in attracting customers, which is the most important revenue stream of theRead MoreMarketing Plan For A Marketing Strategy Essay906 Words   |  4 Pagesestimates and financials required for the proper and effective conduct of this marketing plan throughout calendar year 2016 by On-Target of SoCal can best be broken down and expressed within the following three major categories; implied, specified, and shared marketing activities. Each of which will be further addressed in the following paragraphs. Implied Marketing Tasks The Implied Marketing Tasks include all those marketing activities conducted directly and routinely by the entire staff of On-TargetRead MoreMarketing : Direct Marketing Strategies Essay1037 Words   |  5 PagesDIRECT MARKETING Direct Marketing is a form of advert in which a producer of one business introduces physical materials on market to consumers or other business entities and informs them about the services or products in stalk for them. The producer addresses customers through different channels such as mail, e-mail, phone, in person, etc. When one engages in direct market, he/she is not expected to make general adverts like the adverts on billboards to promote a brand or make people aware of theRead MoreMarketing Plan For A Marketing Strategy1897 Words   |  8 PagesMarketing plans are essential to businesses and companies in terms of coming up with a meticulous plan to market and advertise products, such as food brands you would see on supermarket shelves. For example, marketing and advertising highly revolves around a marketing plan as it plays an important role in organising and facilitating a marketing campaign (Kotler et al., 2009). Marketing plans consist of multiple different components/sec tions which, when put together form the overall plan as a wholeRead MoreAmazons Marketing Strategy1993 Words   |  8 PagesAbstract The purpose of this paper is to evaluate the marketing process of online retailer Amazon.com, Inc. Amazon.com provides a number of retail services as well as web and storage services. The corporate strategy framework, as discussed in Cravens amp; Piercy’s Strategic Marketing text, will be used to examine the background of the company and define its current position. The corporate framework includes the following: (1) corporate vision (2) corporate objectives toward vision (3) resourcesRead MoreThe Marketing Strategy Of Walmart1496 Words   |  6 Pagesrecognition by consumers escalate to never before seen heights. Because of this brand recognition, it has become important for businesses to design their websites to reflect their overall marketing strategies. This is especially important in the retail world. All retail businesses have a similar overall marketing strategy of generating sales and retaining the customer for future sales. Most of the retail giants still greatly rely on the success of their brick and mortar stores to turn a profit. HoweverRead MoreDells Marketing Strategy1802 Words   |  8 Pagesalways been careful in sustaining its marketing strategy of providing standard-based computing solutions (Official Website 2004). Today Dell is the third largest computer manufacturer in the world. On January 2004 Dell reports net revenue approximately $41,444 millions and 46000 employees (Annual report 2004). Marketing Environment Dells strategy is global. It realizes that being closer to the customers is essential in carrying out its marketing strategies as well as in enabling it to build customerRead MoreThe Marketing Strategy Of Walmart Essay1748 Words   |  7 Pagesdepartment where they work in (Sang-Hung, 2006). This is a great marketing strategy, because it doesn’t allow the consumer to feel that they are walking throughout the store without constant assistant. There are also employees who job is to provide the consumer with samples of products throughout the store on a daily basis, this allows the consumer to try the product before they buy it (Sang-Hung, 2006). This marketing strategy can be used as a survey technique that measure whether the product

About Social Media Censorship - Free Essay Example

Sample details Pages: 5 Words: 1504 Downloads: 6 Date added: 2019/06/12 Category Society Essay Level High school Topics: Censorship Essay Did you like this example? In the last two centuries communication has drastically changed. The internet has opened many doors. Everyone is able to communicate with whoever they want to and whenever they want to whether near or far. Don’t waste time! Our writers will create an original "About Social Media Censorship" essay for you Create order Nobody has to pay for long distance calls anymore, everything can be done over the internet, which brings me to my topic social media censorship. Due to social media people all over the world have access to other peoplers social media. Some even go to the length of creating fake accounts and voice whatever they feel like even if itrs wrong. They would never say that face to face. Social media gives them the upper hand to hide behind a screen. Once their posting is out there it can never be taken back. Further research must be done to prevent harmful and unethical postings. One might call it dictatorship, but others call it protection not only for adults but especially for children. While the First Amendment gives us freedom of speech, the government should control social media by legalizing social media censorship to prevent other from hurting innocent people and keeping our children safe, since everybody has access to the internet, perpetrators have a secret way of being harmful tow ards their victims without taking responsibility for their actions while hiding behind their screen, children are affected by it as well and do not realize how it can negatively affect their future, and social media tracks our every move without our knowledge or permission. Social media is an umbrella term that is being referred to all online communities. It encourages communication between users and it also gives them the change to develop and interact with an enormous range of online content. Social media has affected our life in every step of the way. Its not only affecting us outside of the home but within our own four walls as well. It prevents face-to-face communication, alters childrenrs brain while also being exposed to predators. Children go online and think everyone is telling them the truth while yet lying through their teeth. Social media gives a platform of fake news and fake lives. You can basically post whatever you want yet no one would know whether itrs true or not. Facebook and Instagram are known to be online platforms where people post the perfect moment yet while they are broken on the inside. It gives them sense of still having the perfect life they can present to others. Since mobile devices control most of the globe, everyone has easier access to social media, where they can connect anywhere and anytime. A study by New York Times Consumer Insight Group reveals the reasons and a statistic why people share their information on social media. Instead of social media being a handy to stay in contact with family and friends, itrs impacting our society. It controls and shapes culture, education, businesses, politics, and everything else. For example, Wikipedia is known as a site where everyone can post things without being verified for accuracy. That site was banned as a research site from many businesses including schools. It is also said to say when you google kids shows such as Blues Clues instead of getting just the kids shows, the search engines pull up pornography. This should never happen; our children should never be thrown into the hands of the big bad wolf also known as the freedom of social media, especially since most schools use chrome books for education instead of actual school books. Even though the chrome books are an amazing invention, the internet access should be minimized to only educational information that goes hand in hand with the rules of the school. About 68% of all internet users are using the Facebook platform (Gramlich, 2018). Since they are feeding off interactions between users, they become more powerful as they continue to grow. For example, if you google a pizza place eventually you will be getting advertisements on the social media site about that pizza place or similar ones. Social media is tracking your every move. Even though people bring an awareness to the issues of social media, it seems like most of the users arent taking it seriously. More and more people are sharing their personal information that they would have never shared before, without realizing that once itrs posted it stays in the cloud even if they delete it of their electronics. Most users arent aware that recruiter make their hiring decision based on the information they find on social media, especially Facebook since its one of the most popular platforms. Social media works as walking talking resume, it also works as a free advertisement for businesses. I strongly believe that the government needs to get involved and legalize censorship in social media. Social media should not decide what can be posted on their platform and what cant. Just like in the case of Alex Jones who created fake new sites on social media and once they were under fire, they banned him from their platform. Alex Jones has been doing it for many years. The social medias went as far as removing his sites from the search engine. You literally have to know the full URL to be able to get to his sites. It was ok for social media to have him on their sites because he had a lot of followers and thatrs what attracted more users but once they were negatively affected by it, they banned him. We should have freedom of speech but to the point that it is facts and not lies. The information that gets posted online should be run through a department that makes sure not falsified information is being posted for the world to see. This should also be included in the protection of our children. There should be an online standard set that if it does cause red flags it cant be posted. So many children use the social media to hide behind the screen and cyberbullying other children (Byrne, 2018). The suicide in children has drastically increased due to cyberbullying. And a lot of parents are not aware of whatrs going in until its too late. My child was a victim of cyberbullying but because of my IT background I was able to trace every step of that bully and report to the police. If I would not have done all my diligent homework, I would not have been successful to stop it and that bully would have continued to spread roomers online about my child. Since there was another child who fell into the traps of the bully, we wanted to make sure that the child who caused all that hurt had to take responsibility for her actions. I believe this would have never happened if we had better control over social media since a big number of parents dont do their job and parent their children accordingly. Social media needs to be given restrictions in regards of following users online. We should not worry whether our privacy is being violated or not. Even though everyone can go online it should not give everyone the right to follow us and publish advertisements on our site without our approval. If I, as a user of these platforms want to post something that I enjoy and its according to the censorship I should be able to do that on my terms. If they dont get stopped now who knows how much further, they will go. As we can see it in the discovery channel with Microsoft. Bill Gates invented Microsoft and created a monopoly where other developers had no chance to stand against him. It went as far as him facing a Monopoly lawsuit. Social media is an amazing tool if used right. It not only gives us more job opportunities, but it also gives us the chance to communicate with loved ones who are spread out through the entire world. While it is an amazing tool to use, we need to realize how dangerous it can be. The users are just like little children who need someone to watch over them to make sure they are doing the right thing, and no one can hurt them. Not everyone understands how it works, not because they dont want to but because it can come very complex and boring to a point. Most companies make their hiring decisions based on what they find online which leads to a lot of great people not being hired just because they made a mistake posting things online, they would never say or show at their employment. Social medias act now as resumes which can either make you or break you and thatrs why I believe social media censorship should be legalized. Another very popular social media platform which is considered as a professional network is LinkeIn. This site is important for any users who want to stand out in their profession. This site also allows people to create and market their own brand, and employers search for potential employees.

9/11 Conspiracy Theory - Essay 1 - 1258 Words

9-11 Conspiracy Theory. Introduction. September 11th, 2001; two planes crash into each tower of the World Trade Center, one in to the Pentagon, and one â€Å"crashes† in Pennsylvania. The government tells us that the attacks were committed by Al Qaeda, a Muslim extremist terrorist group. That it was a â€Å"cowardly surprise attack.† They do not offer any proof, except, a likely fake, video tape, of Bin Laden; translated by government translators. A pattern? We took the government’s word for it. How ironic. The US government most likely knew that the attacks were coming, or even actually committed them themselves. In this paper is prima facie evidence of this. Evidence that cannot be ignored. Also included is an explanation of why the government†¦show more content†¦Leading the writers of this paper to believe that there were demolition explosives installed in the towers. This was likely done by the contractors that were in the World Trade Center on 9-11. Figure 2. Figure 3. (On next page) When the tower collapses there are 2 independent clouds of smoke and debris that appear in rapid succession to each other. The photos on the right have markings on them. The red circle indicates the first cloud the yellow one the second cloud. This is prima facie evidence of the presence of demolition explosives. The two clouds indicating 2 places where the explosives were installed. Consistent with an implosion. Why? Many people wonder â€Å"Why would the US government do such a thing?† There are several reasons, most likely a combination of them. Firstly, it permitted the restriction of human rights. Now Americans can be arrested and held indefinitely without being charged or given access to a lawyer. The government now has greater surveillance rights over citizens. Now the FBI can â€Å"monitor political and religious meetings inside the United States now, even when there is no suspicion of a crime.† The government can now investigate what â€Å"books Americans borrow from the library.† Also, the treatment of POWs captured in Afghanistan and held at camp X-ray is in violation of the Geneva Convention. Also, the attack caused congress to declare war on â€Å"terrorism.† What this accomplished was that if the government decides to attackShow MoreRelatedThe Events That Took Place On September 111144 Words   |  5 PagesKrishonda Depp English 102 Essay 3: Persuasive November 20, 2014 9/11 Conspiracy . The events that took place on September 11, 2001 will go down in history as the most tragic disasters to hit the United States of America. The destruction of the Twin Towers is a very controversial issue and is still being talked about today. It was devastating for us to see the towers fall and thousands of Americans lose their lives. It happened so fast that a lot of the details were overlooked, but now thirteenRead More Racial Controversy Surrounding the Assassination of Martin Luther King, Jr.3071 Words   |  13 Pagesof this â€Å"dumping† of responsibilities occurred with the assassination of King. It may be a possibility that the many different conspiracy theories that evolved after King’s assassination were created in a way to avoid Caucasians admitting that a single white person shot and killed the head of the Civil Rights Movement. Along with the many different conspiracy theories, there has been an uncovering of faults in the FBI’s investigati on, some of which include not taking African-Americans’ eyewitnessRead MoreAustralia and the Great Depression1704 Words   |  7 PagesDepression of the late 1920s. Australia was one of the worst effected countries in the World. This essay will look at why Australia lead the world into Depression in the late 1920s and why it suffered from its effects for so long. A depression is defined as A period of drastic decline in a national or international economy, characterized by decreasing business activity, falling prices, and unemployment. 1 During a depression money becomes limited which in turn leads to businesses going bankrupt andRead MoreHow Did 9 / 11 Affect The United States Of America?2151 Words   |  9 PagesHow did 9/11 affect the United States of America? On September 11, 2001 one of the world’s most tragic terrorist attacks happened to the United States; Terrorist’s hijacked four planes and crashed two of them into the World trade center located in New York city the third plane crashed into the pentagon and the last one was crashed somewhere in Pennsylvania on a field. Many lives were taken away that day; because of this tragic attack different sparks of questions and conversations raised toRead MoreNew World Order in Conspiracy Theory13987 Words   |  56 Pages------------------------------------------------- New World Order (conspiracy theory) This article is about the use of the term  New World Order  in conspiracy theory. For other uses, see  New World Order (disambiguation). The reverse side of the  Great Seal of the United States  (1776). The Latin phrase novus ordo seclorum, appearing on the reverse side of the Great Seal since 1782 and on the back of the  U.S one-dollar bill  since 1935, means New Order of the Ages and only alludes to the beginningRead MoreHiv, Its Origin And Evolutionary Effects Essay2370 Words   |  10 PagesPhilosophy of Biology Essay. TITLE: HIV, its origin and evolutionary effects. Name: Alice Herrera / 00053342 Contents Page Abstract.............................................................................................................1 Introduction........................................................................................................1-2 Origin of HIV.......................................................................................................3-4 HowRead MoreElements of Postmodernism in Ishmael Reeds Mumbo Jumbo, Don Delillos White Noise, Toni Morrisons Beloved and Thomas Pynchons the Crying of Lot 496348 Words   |  26 Pagesescape. Pynchon’s use of surrealism and creation of vast, varied, and incredible conspiracy theories in The Crying of Lot 49 is one more prominent characteristic of postmodern fiction. Postmodernism represents an â€Å"antifoundational philosophy† since it is â€Å"a form of skepticism about authority, received wisdom and cultural and political norms†[1] therefore such instances of conspiracy theories are a common feature of nearly every postmodern novel. All of the above mentionedRead MoreEnron : Ethics And Law1828 Words   |  8 PagesEnron – Ethics and Law Essay Mike Towle MBA 6070X Professor Louis Benedict October 17, 2014 TOWLE 2 The Enron Jeffrey Skilling and Ken Lay knew was one they kept to themselves and a few chosen colleagues. The rest of the world saw a global oil company on the cutting edge of its business and paving a path that other American firms could follow. In its trail, investors were getting rich, employees found reward and satisfaction, and the community it called home thought itRead MoreSeparate Muslims From State Outline1894 Words   |  8 Pagesadvocates considering Islam gives approval of segregation, provides obligations of the religions followers to commit senseless acts of violence, and because of the fact that Islam allows systematic lying as a religious policy. Throughout this research essay we will discuss facts in regards to traditional and modern Islamic ideology while deciding whether someone of such beliefs has a place in a position of power over others. There is sufficient evidence in the forms of statements from Islamic leadersRead More9/11 Persuasive Speech Outline4068 Words   |  17 Pages9/11 What they dont want you to knowÂ… I. Introduction a. Where could the US Government have ever gotten the idea for the terrorist attacks of 9/11 i. 12/7/42, Japan attacks Pearl Harbor, historians suggest the US Government had fair warning of the attacks and instructed US Military at Pearl Harbor to let it happen on purpose, thus giving the U.S. a reason to enter the war. ii. 10/17/62, after the failed Bay of Pigs invasion, the US Government was looking for another way to stage an attack

Financial Management Exacta Organization

Questions: 1. Exacta, s.a., is a major French producer, based in Lyon, of precision machine tools. About two-thirds of its output is exported. The majority of these sales are within the European Union. However, the company also has a thriving business in the United States, despite strong competition from several U.S. firms. Exacta usually receives payment for exported goods within two months of the invoice date, so that at any point in time only about one-sixth of annual exports to the United States are exposed to US Dollar currency risk. The company believes that its North American business is now large enough to justify a local manufacturing operation, and it has recently decided to establish a plant in South Carolina. Most of the output from this plant will be sold in the United States, but the company believes that there should also be opportunities for future sales in Canada and Mexico.The South Carolina plant will involve a total investment of $380 million and is expected to be in operati on by the year 2015. Annual revenues from the plant are expected to be about $420 million and the company forecasts net profits of $52 million a year. Once the plant is up and running, it should be able to operate for several years without substantial additional investment. Although there is widespread enthusiasm for the project, several members of the management team have expressed anxiety about possible currency risk. M. Pangloss, the finance director, reassured them that the company was not a stranger to currency risk; after all, the company is already exporting about $320 million of machine tools each year to the United States and has managed to exchange its dollar revenue for euros without any major losses. But not everybody was convinced by this argument. For example, the CEO, M. B. Bardot, pointed out that the $380 million to be invested would substantially increase the amount of money at risk if the dollar fell relative to the euro. M. Bardot was notoriously risk-averse on f inancial matters and would push for complete hedging if practical. M. Pangloss attempted to reassure the CEO. At the same time, he secretly shared some of the anxieties about exchange rate risk. Nearly all the revenues from the South Carolina plant would be in U.S. dollars and the bulk of the $380 million investment would likewise be incurred in the United States. About two-thirds of the operating costs would be in dollars, but the remaining one-third would represent payment for components brought in from Lyon plus the charge by the head office for management services and use of patents. The company has yet to decide whether to invoice its U.S. operation in dollars or euros for these purchases from the parent company. M. Pangloss is optimistic that the company can hedge itself against currency risk. His favoured solution is for Exacta to finance the plant by a $380 million issue of dollar bonds. That way the dollar investment would be offset by a matching dollar liability. An altern ative is for the company to sell forward at the beginning of each year the expected revenues from the U.S. plant. But he realizes from experience that these simple solutions might carry hidden dangers. He decides to slow down and think more systematically about the additional exchange risk from the U.S. operation. Questions a. What would Exactas true exposure be from its new U.S. operations, and how would it change from the companys current exposure? b. Given that exposure, what would be the most effective and inexpensive approach to hedging? 2. Discuss how diversification reduces risk. Comment on the beta of a portfolio with a large number of randomly selected stocks. (Hint: your discussion should include the increased importance of diversification post 2008 financial crisis.) Answer: 1. Background Information According to the given information it can be denoted that being the leading manufacturer of exactitude machine tools located in Lyons, Exacta, S. a., is looking forward to build a local plant for manufacturing in United States. The larger part of sales of the company is with the European Union. In United States, Exacta exports almost two-third of its output. Agreed by Exacta, s.a, management group, the sales level at United States is not only sufficient enough but also is in huge in order to have a unit in local manufacturing. The company also anticipates that in future there are possibilities of Expansion of business activities in the Market of Mexico and Canada. The Financial director of Exacta Organization, Mr. Pangloss, seems to be curious about this new venture after surveying the circumstances. With the provided information it was clear In South Carolina, the preliminary investment in order to establish the manufacturing plant; $380 million will be required. The facts state that there is a big opportunity to be successful, but then there are some shortcomings and anxieties related to the risks for expansion of business in International forum. The CEO of the Company Mr. M. B. Bardot as considered has clarified worried regarding the probable in reference to the exchange rate or the Currency. As per the information, though it is clear that Mr. M. Pangloss has made his efforts in order to boost the confidence of the CEO by stating the possible risk related to currency is not a new challenge for the organization. It can be true as according to the fact, presently the Organization is exporting tools of machine in US every year, whose worth is around $320 million. To do so, the company never witnessed any type of losses that are significant that were incurred due to risk of exchange rates and the dollar revenues for Euro. The information also did explore that recently the Company exercises a credit period of two month in order to pay for its goods which are exported. Hence, it indicates that about one-sixth part of money [previously stated as 320 million] has been before and now depicts to the currency oriented risk, at any point of time. Again it has also been stated that Mr. Pangloss has faith in the companys sufficiency in to prevaricate itself against risk related to currency with issuing bond as a way. Hence, it can be stated that certain initiatives might check and correct the amount of investment with the help of an equivalent dollar liability. This transaction would be in dollars. In reference to the given context of the information, it point towards the existence of another alternative for the company. It demonstrates that the Company can sell forward the expected revenue contract of $420 million preceding the progress with this project. Before proceeding with this project such kind of inform ation would help the Organization. Now, It is a fact that as the Director in Finance, Mr. Pangloss is acquainted with the fact that the responsibility to carefully handle the risk in regard to the exchange rate depends on him. The exchange rate might increase in future if such investments are made. In accordance with the information given, it can be denoted that an opportunity to earn probable amount of profit around $52 million per year can be made, if other affecting factors doesnt change. There wont be the requirement of any type of excess investment during operation that would exceed the time frame. This kind of Expansion in the U.S. market will increase the international survival of Exacta, which is advantageous for the company. Hence, it can be inferred that Mr. Pangloss as the manager in finance department needs to investigate and speculate any sort of dependent matters from U.S. investment. This can be done by the help of using techniques to check its existing as well as factual exposure. These techniques will help to take a decision on which certain specific method of hedging will be effective and would not be cost effective to the organization. Statement of the problem: From its new operation in U.S market what would be the true exposure of Exacta How the exposures from its new operation will, will differ from that of the current exposure of the company? In respect to that exposure, what could be the possible low cost and effective approach for hedging? The required options for management review. The two available alternatives for management review like: In requirement of the establishment of this new plan in South Carolina of United States of America, an investment of 380 dollar can be made by issuing bonds of US dollars. This would balance the amount of investment in dollars can be done with the aid of a equivalent liability of Dollars. To sell forward the contract of probable revenue of 420 million dollars before proceeding with the project, as this could an effective option for the organization (Announcements, 2014). Required financial information: The following are the information that would support in conclusions, is as follows: $380 million is the total amount to be invested for the new plant in United States. The operation expects annual revenue will be around $420 million. The net profit annually as per the expectation will be $52 million. $320 million is already being exported each year without any loss incurred in regard to exchange risk and currency. According to the CEO Mr. M.B. Bardot, the amount of investment of $380 million might be able to prove to make a significant amount of loss for dollar depreciation against Euro. The revenue will be earned in dollars from South Carolina new plant. About 2/3rd of the operating cost will be in Dollars. 1/3rd contribution would be from head office charges for services in management and patent use, and apparatus fetched from Lyons. In charge for patents, the decision of using Euro or Dollar is yet to be decided. Table 1: US $ per Euro *Shows U.S. $ per Euro Spot Rate Fwd Rate 1 Month 3 Months 1 Year Euro 1.25 1.2501 1.25 1.2507 Source: https://www.xe.com/currencyconverter/convert/?From=EURTo=USD The above table represents the exchange rate of US dollar with Euro. From the above table, it can be said that in one month, the euro will be worth same as it is now. This indicates that the Euro is holding its value till one month (Berk DeMarzo, 2007). The table also shows that in three months, the Euro will have gone down the value and in one year, the euro will have gone up in value. Therefore, it indicates that, while in three month time, there are more Euros required to buy $1, in one year time, it will be the opposite, that is, there will be less Euros required to buy $1. Table 2: Exacta Currency Risk Description U.S. $ - now Euro - now Euro - 1 month Euro - 3months Euro - 1 year Investment $ 380,000,000.00 304,000,000.00 303,975,681.95 304,000,000.00 303,829,855.28 Annual revenues $ 420,000,000.00 336,000,000.00 335,973,122.15 336,000,000.00 335,811,945.31 Net Profits $ 52,000,000.00 41,600,000.00 41,596,672.27 41,600,000.00 41,576,717.04 2/3 Op Costs $ 245,333,333.33 196,266,666.67 196,250,966.59 196,266,666.67 196,156,818.85 1/3 Op Costs $ 122,666,666.67 98,133,333.33 98,125,483.29 98,133,333.33 98,078,409.42 * U.S. dollar price = euro price in France / # Euros per dollar * Euro price = $ price in U.S. / # $ per euro (Bos, Mahieu Dijk, 2001; Campbell, Medeiros Viceira, 2007) The above table provides details of the two investment strategies along with their currency risk exposure in terms of spot rate, 1 month forward rate, 3 months forward rate, and 1 year forward rate. Now, from the above table it is noted that if the organization aims to sell forward expected revenue, then, it will evidenced gain of 336,000,000.00 - 335,811,945.31 = 188,054.69 Now, since, the payment is received within two months of purchase, only 1 / 6 th of the money will 2. The risk management practices are the most significant aspect of Portfolio optimization succeeding to global financial crisis. Many expansions have taken place in the whole process of portfolio risk management. Nevertheless the construction for diversification using portfolio theories have become the pillars of investment decisions (christoffersen,2003). The global financial crisis of 2008 saw many doubts in the financial markets on the benefits and the limitations of diversification. At the same time the importance of diversification in reducing the risk of the portfolios came out (chen Yu, 2011 ; Moran, 2010). The section here will go through a proper study on the process of diversification and its advantages and disadvantages. The diversification of the portfolio principally rotates around the mean variance analysis to develop its risk return aspect (Figlewski, 2003; Hicks, 2000; Horcher, 2005). As per the mean variance analysis the diversification of the portfolio is done in two different ways(Jorion,2005; King Slorach, 1996; Lucas, 2010). At first a specific risk or variance level, the level of expected rate of return is determined, then for a specific return level, the risk or variance of the portfolio can be maximized to a good extent. Markowitz said that, by using any of the two approaches, the portfolio can be estimated (Arnold, 2013). The portfolios then collected in the mean variance space are termed as efficient frontier (Berk, 2013). Thus by eliminating the non-efficient portfolios, and mean variance analysis, diversification of portfolios can be estimated. Markowitz formulated that on a given level of risk a rationale investor will accept the portfolio which has the largest expected return on investment. Specifically, modern theory of portfolio endeavours to account for the risks and expected return. In short, it represents the most expected return at a given amount of risk at one point of time. The mathematical model developed by Markowitz f or the optimization of portfolios can be formulated as shown below: Min w w Subject to, w e = 1 w = m Where, denotes the covariance matrix of stock returns; W = (w1, w2, , wn) = vector of portfolio weights; = vector of expected return; m = target portfolio return; e = (1, 1, 1, , 1) from the view of an individual investor, optimizing the risk return trade off can be estimated using the above given optimization problem shows that the method of diversification does not only applies on risk alleviation but also it also guides the investors in making through investment decisions( Chen Yu, 2011; Moran,2010). The traditional portfolio theory has three strata of diversification of the portfolio. At first the allocation of capital is done then the needs to employ the allocation of assts is done and then it is followed by the selection of security ( Roache Merritt, 2006). The process of allocating capital rotates around the process of allocating capital between highly risky and marginal risky assets. The allocation of the capital depends on the overall estimated risk of the portfolio( Chen Yu, 2011 ; Moran, 2010). It tells about the amount of capital that should be invested on risky assets( Clarke, silve and Thorley,2013; Duchin Levy, 2009). So, this is an important f actor that determines the level of return of the portfolio considering this particular level of risk(Ross, Westerfield Jordan, 2000; Ross, Westerfield Jaffe, 2005). Once the allocation of capital has been done the allocation of the assets takes place. This explores the capacity of each asset and determines the level of risk that it holds and the market to which it belongs(Campbell, Mederios Viceira, 2007). The allocation of the assets generally specifies the level of risk it holds and the portfolio that it belongs to( Rudin Morgan, 2006). The proportion of assets allocation is adjusted after fix intervals in order to maintain a particular level of return. The figure that is mentioned below represents a proposed asset allocation at a particular investor`s portfolio. Figure: Proposed asset allocation: [source: Smart, Megginson Gitman, 2004]. The proportion of assets that must be included in the portfolio entirely depends on the expected level of return and the risks that are associated with all these assets ( Campbell, Medeiros Viceira, 2007). Here the figure shows that the domestic stocks include 35% of risks, bonds intermediate have 28%of risks, and international securities have 12% risks. If the portfolio is fairly diversified, then the risk of the portfolio is actually much lesser than the sum of each single asset(Duchin Levy, 2009). The third step of diversification of portfolio rotates around the selection of security. In this stage a security is being selected from each of the asset criteria. This is an indication that there is an opportunity to utilize company or industry diversification( Clarke, Silva Thorley, 2013; Duchin Levy, 2009). An important outcome that can be seen here is that if an investor invests at various securities from various industries instead of selecting a huge number of securities from on e industry, then it would reduce the risk associated with it. It will minimize the level of risk (Berk, DeMarzo and Harford, 2012). The three steps known as the levels of diversification(Smart, Megginson Gitman, 2004). Figure: Level of diversification: [ Source: Smart, Megginnson Gitman, 2004] The market crash that took place in the 2008, the portfolio had become highly volatile. The shortcomings of diversifications can easily be understood by this figure. The figure given below shows the mean correlation of the S P 500 indices increased during dot-com bubble as well as the attack of 9/11. Hence there was a huge global melt down in that year. The world economy saw a major drop in the investments and there was no profit on portfolios and the risk on investment was very less. Figure: The average correlation of the sectors in the S P 500 indices is calculated over two year rolling window.[ Source: Clarke, Silva Thorley, 2013]. The expectancy of portfolio diversification is significant for a long run which can mislead the investors. Thus the investors should invest in multiple securities in order to minimize the risk. Financial analysis Table 1: US $ per Euro Shows US $ per Euro Spot Rate Fwd Rate 1 Month 3 Months 1 Year Euro 1.14 1.47 3.72 14.5 Source: https://www.investing.com/currencies/eur-usd-forward-rates From the above table, it shows the valuable exchange rate of US dollar with Euro. From the table, it is observed that the value of will be increased in one month. It indicates the positive trend of Euro. This table shows that the value of Euro will go up to 3.72 within three month. The value of forward rate will further increase within one year. This data indicates that there will be fewer Euros required to purchase one dollar and in one year there will be less Euro required to purchase one dollar. Table 2: The Currency Risk of Exacta Description U.S. $ - now Euro - now Euro - 1 month Euro - 3months Euro - 1 year Investment $ 380,000,000.00 333,333,333.33 258,503,401.36 102,150,537.63 26,206,896.55 Annual revenues $ 420,000,000.00 368,421,052.63 285,714,285.71 112,903,225.81 28,965,517.24 Net Profits $ 52,000,000.00 45,614,035.09 35,374,149.66 13,978,494.62 3,586,206.90 2/3 Op Costs $ 245,333,333.33 215,204,678.36 166,893,424.04 65,949,820.79 16,919,540.23 1/3 Op Costs $ 122,666,666.67 107,602,339.18 83,446,712.02 32,974,910.39 8,459,770.11 Euro price in France/ Euro per dollar = U. S dollar price $ Price in US / $ per euro = Euro Price (Bos, Mahieu Dijk, 2001; Campbell, Medeiros Viceira, 2007) From the above table, represents the two investment strategy as per their above mention currency risk exposure according to the value of spot rate, one month forward rate, 3 month forward rate as well 1 year forward rate. There is an opportunity to get the profit if the company develops the strategy to sell the forward expected revenue. It will provide a gain of ( 112,903,225.81 28,965,517.24) = 83937708.57. As per the data, the payment is received within two month of purchase, 1/6 of the total money will be at risk. In this calculation, the value of the risk will be 83937708.57 * (1,6) = 13989618 In the above data, the change in dollar will be = (14.5 1.14)/ 1.14 = 11.72 Conclusion and recommendations: The prime company Exacta is one of the affluent of the invoice its US operation in Euros which relates to the selling activities as per the parent organization (Campbell, Medeiros Viceira, 2007). The main reason of that the value of Euro is increasing within the time frame of one year during the operation. The above calculation indicates, at the time of payment made, this will be beneficial for the organization than the payment is occurred in dollars (Chen Yu, 2011; Moran, 2010). As per the prior reason, it concluded that this happened due to the fact that the operation of the company in the US will provide fewer amount of the Euros within one year of the operation as per the comparison of the strategy in the US. a) From the above calculation it is observed that the new operation in the U.S, This Company Exacta get the transaction exposure. This will happened due to the delay of two months as per the payment in term of foreign currency transaction. In the above context, it is observed that M Pangloss have to estimate current exposure as per the risk related to currency which considered one sixth as per the total annual sales of $ 320 million, which will provide the total amount of $ 53.33 million. On the other way The Exacta true exposure of its new operation will be $ 174.67 million. This data is the combination of the operating expenses and the net profit. This is one of the fact that the as the organization has developed a plan to take loan as per the US dollar that need to be funded in the investment amount $ 380 million. This decision need to be taken as per the reason that the US revenue has to employ to mitigate the interest on the debt. In this case, the net income is one the main component return to France over the cost related management fees and patents. The organization has to make decision to get the money as per Euros over France of $ 380 million as per the same purpose. In this case, the company requires counterbalancing of the speculation in the $ 420 million of the annual revenues with the one sixth portion of the current risk. If the management of the company selected this option, then the company will get $ 70 million at the risk from the revenue and the investment risk will be $ 253.33 million, this combined the value of $ 323.33 million. It also observed that the value of dollar depreciated against the value of euro within the time frame of one year by 11.72. In this case the transaction exposure is not negligible. On the other hand it is also said that 11.72 will decreased according to the euro proceeds. In this case the organization should sell forward dollar (Coyle, 2000). This is happened due to the exports of this company taken place in term of Euros. b) From the table 1, it is observed that the value of Euro will be appreciated within one year of time. M. Panglosss need to sell one year forward which expected the revenue contract per year is going to be ineffective as per the US dollar. When the company sell one year forward in US dollar then it will lose money as the value of euro is appreciating and on the other hand the value of the dollar is decreasing. As per the circumstances, to develop the most effective approach of hedging for this company which require certain measure like issuing US dollar bond of the South Carolina Plant, management se rvice fees in Euros as well as bill the home office patent. When the company takes this measure then the risk related to the exchanging currency will be reduced (Campbell, Medeiros Viceira, 2007). Another reason is that the patent and management fees will be paid out of the one third of the total cost which generates from France. The sales of one year forward revenue contract in term of Euros represents that this company gets more investment if the management of the company use spot rate (Berk, DeMarzo and Stangeland, 2010). As per the proposal, the selling of forward expected revenue contract is very effective idea. This is helpful as the management of the company accepted the payment within the two month of purchase (Brealey, Myers and Marcus, 2012). It also noted that the one sixth of the total value is considering the currency risk as per the time frame due to the selling of forward expected revenue contract (Fisher Kumar, 2010). If the above scenario deviates from the calculated revenue then the company will face the trouble. From the calculation it can be observed that the 380 million dollar bonds as per the funding of U.S. plant which can be treated as ineffective investment. The main reason of that the dollar bonds have to be issued as per the US dollar that can provide positive impact to the company (Campbell, Medeiros Viceira, 2007). From the above charts it can concluded that the value of dollar is going to depreciate within the time frame of one year (Brooks, 2013). This situation raises the question if the investors are going to invest in bonds or not. If they invest then they will face the definite loss. In this case the bond holders have to sell the bonds as the money will provide more value to them. 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