Thursday, February 13, 2020
Question's about the Otto group - Assignment Example Because international expansion involves much strategic planning, the Otto Group has had to design a multichannel strategy that can be successful in any environment. The key to success on a global scale is to be flexible and go along with local market conditions. The Otto Group has planned this level of international expansion well by refocusing its strategic capabilities toward these areas. Although the company has been successful before with direct marketing channels, the Otto Group will need to change its focus to internet services because this is the way that modern shopping trends are going. The key is to make sure that customers buy into this e-commerce strategy and respond well to it. The firm appears to prefer takeovers and acquisitions going by its recent history in Europe. The reason for this is because these entry modes are less risky and the company can safeguard some of its investment. The markets of Central and Eastern Europe, although relatively untouched, can be risky for outsiders to enter because there is not a great deal of economic stability. It makes sense that the Otto Group would want to use an already existing brand because this saves on start-up costs. Conversely, in the United States the company seems to have learned its lesson. After a failed acquisition in 2009, the Otto Group returned the following year with a Greenfield investment. This makes sense because the American economy is relatively stable and the company can maintain greater control over business operations. The Otto Group is entering the US market again because it realizes the mistakes that it made before. Acquiring a US company does not allow the Otto Group to use its own innovations to reach the American consumer. Now that the company has "got its feet wet," the Otto Group knows what it needs to do to succeed and it is now willing to use its own resources and capabilities. With its prior attempt, the Otto
Saturday, February 1, 2020
Entrepreneurship - Essay Example Choremonsters is striving to eliminate the tension experienced by parents when it comes to coordination of household chores. The innovation helps parents to communicate with the children and direct them on various chores. Children have an application that is linked to the childÃ¢â¬â¢s application thus improving coordination or cooperation between the parent and the child. This ostensibly makes it easy for the parent to be acquainted with their childrenÃ¢â¬â¢s performance on various chores when away from home. Moreover, Choremonsters is overcoming the ineffectiveness of chore charts. The application teaches the children how to do various tasks at an increased efficiency as compared to the traditional chore charts which children find hard to understand. Choremonsters also solves the problem of having to put excessive efforts to have the children perform chores. This niche has been in existence as there has been no application that has successful been able to digitally connect the child in such a way that enables the child to easily retrieve programmed
Friday, January 24, 2020
From Obsession to Madness in Hamlet Ã Ã Ã In Shakespeare's play Hamlet, there are several questions that come to the reader's mind regarding the emotional state of Hamlet.Ã Was Hamlet really suffering from madness, as many of his friends and family thought?Ã Was he mad or just pretending to be mad?Ã Did Hamlet start out pretending to be mad, and his obsession drove him to madness?Ã The reader gets insight into Hamlet's mental status through other characters and through Hamlet himself. If the characters had the information that Hamlet had about the murder of his father, would they have thought differently of his actions and his sanity? Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Early in the play, King Claudius and Queen Gertrude show their concern for Hamlet's emotional state.Ã Hamlet had just recently lost his father and his mother had married his father's brother.Ã When Claudius asks Hamlet "How is it that the clouds still hang on you?" (1.2.66), he is attempting to determine why Hamlet is sad or depressed.Ã At this point the reader does not see any signs of madness but is starting to see that Hamlet isn't his usual self. Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã After Claudius and Gertrude leave there is a chance to see how Hamlet really feels. In talking to himself, Hamlet states: Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã O that this too too sullied flesh would melt, Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Thaw and resolve itself into dew, Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Or that the Everlasting had not fix'd Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã His canon 'gainst self-slaughter. O God! God! Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã How weary, stale flat, and unprofitable Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Seem to me all the uses of this world! (1.2.129-133) Ã Here you begin to get a glimpse of the turmoil that Hamlet is going through. But at this point there are legi... ...peare. Ed. Gerald Chapman. Princeton, NJ: Princeton University Press, 1965. Epstein, Norrie. "One of Destiny's Casualties." Readings on Hamlet. Ed. Don Nardo. San Diego: Greenhaven Press, 1999. Rpt. of The Friendly Shakespeare: A Thoroughly Painless to the Best of the Bard. New York: Viking Penguin, 1993. p. 332-34. Gooch, Bryan N. S. "Review of The Shapes of Revenge: Victimization, Vengeance, and Vindictiveness in Shakespeare." Early Modern Literary Studies 4.1 (May, 1998): 5.1-6Ã http://purl.oclc.org/emls/04-1/rev_goo6.html. Gordon, Edward J. Introduction to Tragedy. Rochelle Park, NJ: Hayden Book Co., Inc., 1973. Jorgensen, Paul A. "Hamlet." William Shakespeare: the Tragedies. Boston: Twayne Publ., 1985. N. pag. http://www.freehomepages.com/hamlet/other/jorg-hamlet.html Shakespeare, William. Hamlet. Ed. T. J. B. Spencer. New York: Penguin, 1996.
Thursday, January 16, 2020
Compare and contrast the experience of slaves on tobacco plantations in the early seventeenth-century Chesapeake region with that of slaves on nineteenth-century cotton plantations in the Deep South. What forces transformed the institution of slavery the early seventeenth century to the nineteenth century? When approaching slavery from a historical standpoint, it is a tendency to generalize the experience of slaves. However, slavery differs per region and time period.The differing climates of the Chesapeake region and Deep South determined the crops that would be grown and consequently the severity of slave labor. Likewise, over time slavery evolved from a class based system (poor indentured servants working alongside blacks) to a racially based system, creating an identity within the slave community. However, not only the slave experience differed, the institution itself transformed.The transition from class-based slavery to racial slavery, accompanied by new technologies that made the industry more profitable, changed how the institution was run. Thus, despite a general continuity in the institution of slavery, such as it being agrarian-based and involving black subordinates, many forces changed the institution like the installment of slave codes in 1670s, making it a legal and racial practice, and the development of the cotton gin and other technological advances in the 1790s.Whilst seventeenth century slavery was characterized by smaller tobacco plantations, racially-mixed servitude, and somewhat less-demanding labor, nineteenth century slavery was characterized by large-scale cotton plantations, solely black slavery, harsh and dangerous working conditions, and syncretic slave societies within plantations. This essay will approach identifying factors of change through the general categories of beginning, middle, and end of American slavery. It will also directly compare and contrast the institutions of early Chesapeake and later Deep South slavery.Slavery i s not new and unique to United States history, and many factors caused it to change and evolve in America. The first major transformation took place in roughly the 1690s when slavery was defined legally and racially. Slavery began in the Chesapeake region as indentured servitude, granting migrants passage to the New World in exchange for a labor contract. The first Africans were brought to the Jamestown colony in 1619, joining the ranks of indentured servants and working side-by-side with whites. There was no legal definition of slavery at the time.Eventually, with significant free land to begin competitor farms, European indentured servants often finished or abandoned their indentured life to begin anew. This created an ever-growing void for labor, and presented a flaw with indentured-servitudeÃ¢â¬â if they could start their own farm, what would keep them at another? This frightened the planters, who feared rebellion and faced a lack of labor. At the same time, Africans were ste adily being brought into America for servitude. In fact, by the mid-1680s black slaves outnumbered their European counterparts.BaconÃ¢â¬â¢s Rebellion, 1676, was a rebellion staged by white descendants of or former indentured-servants living on the frontier against the government of Virginia over defending land from Indians. The result, however, was the end of indentured servitude. It presented too much of a riskÃ¢â¬â servitude would have to be continued in another way. This way was achieved when in 1682 Virginia issued a slave code that marked the first distinction that all peoples imported to the country of color were to be slaves. This was important because it introduced race into the realm of servitude.Now slavery was both legally enforced and racial. This was a significant force to the development of the black slavery and white supremacist culture we associate with American History today. Throughout the middle time period, racial slavery was concreted. In the eighteenth cen tury, it became evident that the fertile soil of the southern colonies would be instrumental to growing cash crops. Thus, the tobacco slavery practiced in the Chesapeake region boomed, increasing the demand for slaves. Tobacco was an appealing crop for planters, for it cost pennies to purchase and sold for much more.As a result, the slave trade expanded, and many companies sought to join the lucrative trade. This is shown by the Royal African Company losing its monopoly in 1698. By 1750, blacks comprised nearly half of the population in Virginia. To ensure the preservation of racial slavery, new slave codes deemed that the children of those enslaved would also be enslaved. Thus the concept of slavery for life was established. This furthered the claim of planters that the blacks they owned were in fact property or Ã¢â¬Å"chattelsÃ¢â¬ , making the racial basis of slavery unquestionable.It is clear that America was no longer just a society with slavesÃ¢â¬â the institution of slave ry was integrated with race, the economy, politics, as well as everyday life. In addition to tobacco plantations, cotton slavery was also expanding in the Deep South. As the soil became exhausted from growing tobacco in the Chesapeake area, many slave-owners found it more profitable to sell their slaves to southern plantations. Thus, though slavery remained in the Chesapeake area, the growing cotton industry moved its epicenter to the Deep South. The major forces that caused this shift will be included in the paragraph about the end of slavery.The soil was beginning to become overused because of the intensity of tobacco growing in the Chesapeake, and many plantation owners decided to sell their slaves to Southern cotton plantation owners. In the nineteenth century, the institution of slavery peaked economically and politically. Cotton slavery was a lucrative industry. This was made possible by Eli WhitneyÃ¢â¬â¢s invention of the cotton gin in 1793, and the British Industrial Revol ution. The British had an increased need for cotton for their growing textile industry. The cotton gin allowed slaves to more efficiently yield cotton.Thus, the supply-demand relationship gave rise to massive plantations, some owning hundreds of slaves. The fortunes in slavery were clear by the huge estates of planters and many acres of slave-tended fields. Although, the Atlantic Slave Trade was outlawed in 1808, the slave population in America was self-sustaining (it would eventually peak at about four million before the Civil War). In addition, illegal Atlantic slave trade continued as well as trading within the country (take for example the Second Middle Passage). Slavery, now legally restricted to southern states, was the core of the southern agrarian economy.Because it was so lucrative, planters took initiatives to ensure productivity from their slaves. Whipping was a common practice. Also, Fugitive Slave Laws gave planters the right to their slaves as property, even if they es caped to the free North. Slave codes were strict, and even an inappropriate greeting could guarantee a slave punishment. In response to rebellions like that of Denmark Vesey in 1822 or the Nat Turner Insurrection of 1831, paranoia was high. Planters used these laws to keep slaves in line, and preserve the institution of slavery.In conclusion, a clear progression is made from a legally undefined practice of servitude to a heavily legislated institution with severe punishments. Likewise, slavery developed from servitude of the lower class to racial enslavement. These developments would not be possible without the initial shift caused by BaconÃ¢â¬â¢s Rebellion and the slave codes, to the eventual invention of the cotton gin that made slavery such a lucrative venture. As a direct result of the evolving institution of slavery, slaves had different experiences at different times and places in American history.To exemplify the effects of the forces that transformed slavery, it is importa nt to examine how they altered the experience of slaves over time. To begin we will shed light on the experience of a seventeenth century Chesapeake tobacco slave. This slave would have likely worked alongside white indentured servants, considering slavery was not yet racial. Since slaves were first brought to the Chesapeake in 1619, African servants of this time may not have known English. The nuclear family of slaves often stayed together at this time, and if not they usually remained within the same region.Although the climate of the Chesapeake area is hot in the summer, the conditions were not as bad as further south. The experience of seventeenth century slaves had many similarities and differences to that of their later, Deep South counterparts. By the nineteenth century, slavery was a booming industry, especially in the Deep South where the growing demand for cotton resulted in many plantations. Similarities to the experience of seventeenth century slaves were the consistent agrarian nature of slaveryÃ¢â¬â it still involved significant manual labor.In addition, the slaves lived roughly the same way, with as much (or as little) food and sleep required to keep them productive. Although it was less apparent in the seventeenth century, the black race was always viewed as subordinate. The force that caused significant differences was the increased scale of nineteenth century slavery. It is truly the difference between a society with slaves and a slave society. The Deep South was dependent on the cotton industry. Slaves of the nineteenth century faced grueling conditions, as described in Frederick DouglassÃ¢â¬â¢s autobiography. It can be assumed the mortality rate was higher.The nuclear family of Deep South slaves was often broken apart. The marriage vow of slaves was Ã¢â¬Å"until death or distance do you part. Ã¢â¬ It was profitable to sell slaves down the river, and many slaves like Sojourner Truth watched all of their family sold away. Compared to the mixed ethnicities of slaves in the seventeenth century, by the nineteenth century American slaves formed an identity as a separate ethnic group. Most spoke English, and syncretic slave languages like Geechee and Gullah were formed. In addition, Ã¢â¬ËspiritualsÃ¢â¬â¢ (slave songs) helped the slaves survive harsh work.Deep South slaves also faced more punishment, to keep them mentally enslaved as well as physically. Overall, despite the same general structure, slavery in nineteenth century Deep South was much harsher than tobacco slavery in the Chesapeake. In addition, the resulting identities formed by slaves defined the culture and effected their lifestyles. In conclusion, many forces culminated to transform slavery from an economic to a social and racial institution. The resulting outcome was a huge and lucrative industry. This changed how slaves lived, transitioning from less-harsh work to grueling labor, as well as forming a cultural identity.
Wednesday, January 8, 2020
Sample details Pages: 2 Words: 667 Downloads: 1 Date added: 2019/04/16 Category Law Essay Level High school Topics: Minimum Wage Essay Did you like this example? I think if we were to raise the minimum wage in the United States it would end up hurting out economy as a whole. There are many facts that show an increase in the minimum wage would hurt our economy. For example the minimum wage in California has gradually been increasing since 2006. The minimum wage in California is projected to hit $15 in 2022 which is concerning to the people that live there. Since the increase in minimum wage, California has experienced a decline in employment by ten percent and it is expected to rise as the minimum wage rises. Millions of jobs are expected to be lost by 2024 when every state is projected to have $15 minimum wage. Even though it makes sense to raise minimum wage in California because of living expenses it will end up hurting them in the long run. The loss of millions of jobs is not the only bad thing about raising minimum wage. It will also cause the price of products to spike drastically and tax will increase when the minimum wage is increased. In Seattle minimum wage is increasing, and they have found that employers have reduced hours. DonÃ¢â¬â¢t waste time! Our writers will create an original "Raise The Minimum Wage" essay for you Create order Many states already have a higher minimum wage than the federal minimum wage. The federal minimum wage is $7.25 and many states like our own have a state minimum wage that is actually higher than that. For some states raising the minimum wage by a small amount makes sense because of the cost of living in those states. But raising it to $15 will have an affect on many things. If the federal minimum wage were to go up to $15 we would see a decrease in the number of low-wage workers wanting to get a higher education to get a higher paying job. The low-wage workers wouldnt have any drive to improve their skills and get a better education. This will essentially lower the number of people going to college after high school and it would hurt our economy because our work force would be full of workers with no post secondary education. According to the Pew Research Center only 2.6 percentÃ of American workers earn the minimum wage and, not surprisingly, over just half of those workers are under the age of 24. Most of the workers that are working at minimum wage are teenagers that are working part time and are just trying to make a little bit of money for things like spending and money for college. Raising the minimum wage will only benefit those working at those low paying job and will essentially be hurting the rest of society that is already earning more than the minimum wage. People pushing for this raise in minimum wage just want fairness, but according to someone attending Rutgers University what is considered fair is completely opinion based which is completely true. For example LeBron James of the Los Angeles Lakers makes 35.65 million dollars and his teammate Lonzo Ball makes 7.48 million. LeBron James is arguably one of the best players to ever play the game and has earned his paycheck. Lonzo is a second year player who still has to prove himself. This is why fairness is opinion because those two have the same job to do the same thing but LeBron has worked harder and longer and is essentially better at his job. The same can be said about other professional athletes because their skillsets are all different and there are players who have more experience than others because they have been doing it longer and have been put in difficult situations. So someone who is working at the federal minimum wage should not be making more money because it isnt fair. There is a reason that they are working at minimum wage they should also not earn more just because it isnt fair. In conclusion raising minimum wage will end up hurting the economy. Those who are working in higher paying jobs have most likely had more experience and skill than those working at minimum wage.
Monday, December 30, 2019
Sample details Pages: 15 Words: 4594 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Did you like this example? The recent financial crisis has highlighted the frailties of both the domestic and global banking markets, with attention being placed on the need for both more and better regulation. It was felt that no one had responsibility for systemic issues, the Bank of England focussed on monetary policy whilst the Financial Services Authority focussed on the supervision of individual institutions and paid insufficient attention to wider risks. There is also the view that better enforcement of current regulation would be more effective.Such focus on solving the issue should not be discouraged as the financial system is of paramount importance to the economy. DonÃ¢â¬â¢t waste time! Our writers will create an original "The Frailties Of Domestic And Global Banking Markets Finance Essay" essay for you Create order Any response does needs to be rational, as more regulation may do little beyond satisfying the calls for something to be done, and can be just as damaging as under-regulation. The global nature of the crisis has been highlighted by the European Commission response that; an efficient single market is a key factor to facilitate recovery.They stated that it is imperative; the banking sector is brought back to levels of efficiency, transparency and stability that allow confidence and reliability to be restored, to the benefit of consumers and firms alike.A threat to this is the speed of change; major countries and blocs are enacting new legislation at a pace which would have been unimaginable prior to the crisis.Indeed it is put forward that the big risk of all these regulation changes is to put enormous strain on the plumbing of the traditional system.The fact that the crisis is unlike anything we have had beforejustifies the international response. As changes are already well under way this article will look at whether they were needed or not, or whether the existing mechanisms could simply have been made to work. The article will begin by looking at the causes of the causes of the crisis. It will then go on to assess where change are being made or could be made to improve the regulatory system. Finally it will assess whether a global regulator is a possibility. Cause of the crisis It was the collapse of Lehman Brothers (one of the worlds largest investment banks) in the United States (US) that sent the crisis global. The De Larosire reportsuccinctly describes the crisis; low US interest rates and an extension of credit to those with poor credit histories played a significant role. Whilst, insufficiently regulated mortgage lending and complex securitisation financing techniques, the complexities of which regulators failed to understand, fuelled the crisis. This was compounded by a number of factors. In the UK the FSA failed to enforce regulation. Both the FSA and the Bank of England failed in ensuring financial stabilityassessing risk.There was too much focus on the micro-prudential supervision of individual banks and not sufficient focus on the macro-prudential risks of a contagion of correlated shocks. The cause of the failure in the UK was the borrowing from US banks this assisted Northern Rock in increasing its lending 42 billion in the fall of 2003 to 113 billion by the summer of 2007, which left it severely overexposed.Other failings include; the greed of bankers who were taking huge bonuses;the failure to act against massive frauds with civil sanction let alone criminal ones;the disclosure of the intervention of the Bank of England in the case of Northern Rock acting as a distress signal to the public, causing a run on the bank;insufficient advice given by credit rating agencies and other firms outside the scope of financial regulation and their lack of accountability;and finally the global complexities of financial products. Reform of the National Structure An effort has been made to introduce new regulation on the back of the good will that a financial crisis brings. Past efforts have begun too late, by which time the will to act has subsided.Legislators are keen for this not to be the case this time and they have recognised the need to; at the least take the opportunity of the crisis to reinforce institutional mechanisms so that we do not in 10 to 15 years time go through it all again.The use of reinforce is significant, as it would seem to suggest the legislators are not seeking to reform the system with purely regulatory measures. The responses will be split into the failings highlighted above. The FSA and the Bank of England The issue of who should be the regulator is seen a contentious issue in the UK. The coalition government announced on its arrival to power the return of regulatory functions to the Bank of England, a system the Conservatives used prior to Labour winning the 1997 election. The FSAs powers will be dispersed between three agencies; the Financial Policy Committee (FPC), which will be part of the bank; the Prudential Regulation Body (PRA), which will be a subsidiary of the bank; and the Consumer Protection Agency (CPMA), which will be a company limited by guarantee. It is an attempt to bring accountability into the regulatory system. The tripartite system was seen as the key weakness of the FSA, as it was claimed it had failed spectacularly in its mission to ensure financial stability and that failure cost the economy billions.The coalition believes a switch to a single regulator is the answer,meaning power has to return to the Bank due to its role as lender of last resort, which could not be filled by the FSA. Such arguments by the government are countered by the argument that the failure of the tripartite system was a result of the people involved, and it is those same people that will be moved to the Bank of England. By splitting regulation into three agencies, proper attention should be paid to both prudential regulation, an area which was overlooked by the FSA, and consumer protection.The CPMA will boost efficiency and oversight of the financial sector by combining consumer protection and conduct of business issues which were previously split between the FSA and the Office of Fair Trade (OFT). However, the separation of agencies may also cause inefficiencies. A start up bank will now need to gain approval from the PRA and CPMA, and the FPC may have an interest in the process; a bank will be subject to separate inspections by the PRA and the CPMA; and will receive separate communications and inspections from each regulator.To be successful a lot will depend on how the mechanisms of cooperation between CPMA and PRA work in practice. Lessons should be learned from the failure of the memorandum of cooperation between the FSA, Bank of England and the Treasury during the crisis. Another worry is that the transition between regulators will cause a drop in regulation,when it is most needed. The switch to the Bank of England is not without its critics, who suggest that the FSAs failed due to it having to adhere to the light touch approach.A tougher approach was promised after the crisis, as the FSA had been; doing regulation on the cheap.Hector Sants added; people should be very frightened of the FSA.Indeed the FSA have been praised for their approach to the crisis.The FSA have adopted a tougher approach and there was increased action in areas such as insider trading.Thus the criticism by the Turner Report that regulation needed to be more intrusive and more systemic through adopting intensive supervision was already being successfully addressed. Further, the Bank of England has already failed as a regulator, so it is arguable that it is not necessarily a better prospect than the FSA. The Turner review pointed out that the success of a nation to deal with a financial crisis is about as correlated to the choice of structure as it is to the choice of supervisory style.It is suggested that removing regulatory powers from the Bank of England was a good decision.So the decision to hand the powers back makes little sense other than it being a preference of the coalition government, and that perhaps it is seen as removing some of the stigma attached to the regulatory system following the crisis. An independent banking commission chaired by John Vickers (former head of OFT) has been set up to monitor the Bank of England, with the aim of highlighting any failings. It will also report every six months to the treasury on matters such as breaking up the banks, policy objectives to mitigate systemic risk, and consider the competitive advantage of banks being considered too-big-to-fail. Too-big-to-fail The too-big-to-fail ideology has also caused issues for the UK, who during the crisis adopted the practice of bailing out the banks, including Lloyds Banking Group and RBS believing that they posed too big a systemic risk to be allowed to fail. Mervyn King supported this approach of protecting the economy from the banks during the crisis, but adds that it may not seem fair and it is not when other companies, such as Jaguar, had to stand on their own two feet or go to the wall. The US has allowed its banks to fail and in the long term it is thought that this is the best approach otherwise banks will continue to take excessive risks. The FSA has previously stated that; a zero failure regime is neither; achievable in practice or desirable or in principle.So it needs to be asked why they sought to achieve this during the crisis. Mechanisms need to be developed that will allow banks to fail so as to prevent future crisis. It is the banks that need to be made to pay for their risks and not the taxpayer. Bonus culture The bonuses of bank executives and directors is an area which needs to be addressed as prior to the crisis it was uncapped. The Walker report said that it is bonuses which drove the behaviour which lead to the crisis, as bankers are assessed on short term success.Top bankers should be looking at objectives 15 years out and not on short term moves to boost the companys share prices and market cap.The crisis has lead to calls for transparency in executive pay;however there is concern about how difficult it will be to make changes in this area. At national level there is a lack of action, despite the coalition agreement having stated; detailed proposals for robust action to tackle unacceptable bonuses in the financial services sector will be brought forward.This has not occurred, and since bonus rounds are in January many have seen no impact on their bonuses. It appears there will now be no cap on bonus pools and even modest proposals to require greater disclosure of pay and bonuses have been dropped.There is a worry that over-regulation would impair international competitiveness indirectly by encouraging an uncompetitive domestic market, and directly by driving operations to less heavily regulated jurisdictions.So the government are reluctant to act too harshly. There has been some action at EU level and this will be implemented into UK law. The commission amended its 2004 and 2005 guidances on directors remuneration in listed companiesso that executive remuneration is aligned with the long term goal of the company. Further it has added a new recommendation on remuneration in the financial services sector that seeks to address perverse incentives and excessive risk-taking.On top of this, the European Parliament has passed new rules to restrict bankers bonuses; this includes deferring 40 to 60 per cent of bonuses for three to five years, and half of any immediate bonuses must be paid in shares or in other securities related to bank performance, meaning bankers can only receive 20 to 30 per cent of any bonus in upfront cash.The enactment of this legislation in Europe does cause a few problems, in particular the risk of talented staff moving to companies in other continents in search of higher cash bonuses which could weaken the UKs financial sector. Further, it does little to curtail excessive bonuses; it just means they have to be paid in a different way. The commission have also proposed limits to the payment of golden parachutes. To achieve this they seek to; limit bonus payments to a fixed term or a fixed amount and only on the basis of the non-variable component of annual remuneration;and if the termination was due to poor performance the payment cannot be made.This would have prevented Adam Applegarth (chief executive officer of Northern Rock) from receiving his 760,000 pay off and 346,000 pension top up. Capital measures There has been a growing realisation that Emergency Liquidity Assistance needs to be carried out in confidence, so as to prevent future runs on banks.As the lending of money to banks tends warn to the public of banks difficulties leading them to panic and remove their money. Also it has been recognised that there is a need for greater restrictions on bank lending, and measure to ensure increased holding of capital. If banks hold more money they can absorb shocks to the market more easily. In the recent crisis banks had a lack of liquid assets. Minimum capital requirements restrain leverage and risk taking and therefore reduce the likelihood of gambling for resurrection and reduce the effects of moral hazard.Basel III will force banks to triple their triple capital reserves they must hold against losses, as well as demanding enough liquid assets to survive the market crisis.Such requirements need to be balanced as increased capital requirements also make it harder for banks to lend during a crisis. The proposal put forward by Basel III will avoid this by ensuring that a banks minimum capital requirement falls in proportion to their losses in a crisis. Agencies previously outside regulation Credit rating agencies which had been hitherto unregulated in the UK and US and there is now plans to regulate them. Their failure to warn of the toxic nature of some collateralised debt obligations was seen as key to the banking crisis.Indeed, Consumer losses to real fraudsters must be small compared to their losses investing in high-tech companies on the advice of or through credit rating agencies.The Turner report reflected this by calling for; more supervision of unregulated activities by regulated groups, and regulated firms exposures to unregulated entities. There is no accountability for the quality of their ratings as there is no contract between the agency and user. The De Larosire report proposes that the direct authorisation of credit rating agencies should come under the newly created Agencies where they have a cross border element.It is also proposed that better enforcement of agency duties may have prevented the credit rating agencies passing on bad information to the customer. Lightly or unregulated hedge and private equity funds also need to be brought under the scope of regulation even though they played little role in the recent crisis as they too could cause systemic risks in the future.The International Monetary Fund (IMF) reflected this in their report.seeing a need to extend the perimeter of regulation to capture firms at the edges and to reduce any systemic risk they pose. Essentially there is a need for a Macro-prudential approach to regulation, all firms that can cause a potential banking crisis need to be scrutinised. Disclosure A lack of disclosure has caused problems. More disclosure would ensure an earlier, more graduated response to potential risks, enabling the regulator to respond before the problem gets excessive.By encouraging more disclosure there would not be less of a need for more regulation as the regulator would be in a better position to mitigate risks. It has been shown that banks which disclose less are generally riskier relative to the capital they hold.Difficulties facing any new system include; increased costs and burden on the banks, and pressure on the government to provide regulatory, analytical and intervention infrastructure. Reform of the International Structure The global nature of todays banking system has caused the call for international regulation. Whilst a global regulator is some way off there are plans afoot for a Pan-European regulator. Proposals for a Pan-European Regulator An issue of the crisis was the regulation of cross border EU-institutions which were poorly regulated; a solution to this is the Pan-European regulator which would be able to monitor home-country and host-country relations. It is hoped it would create a more cohesive global system of regulation by coordinating domestic and European agencies. The introduction of a Pan-European regulator is not really more regulation in itself, as the agencies it will preside over are already in place (albeit in a different form).However, the increased powers of the agencies which it presides over would mean that there would be a need for more legislation for it to succeed. The hierarchy of it and the national systems would need to be clearly defined. A Pan-European regulator could not be granted any control over fiscal policy though unless there is an EU level lender of last resort developed, as Countries would be unlikely to want to cede any more sovereignty to Europe, if they still had to bail out the banks. Basel III will propose more on the need for a Pan-European regulator, as well as the need for separate EU-regulators for banking, insurance and securities markets.These will be useful as there is a need for nations to have a better assessment of macro-prudential risk no longer can big cross border firms be allowed to be regulated solely by national regulators. There needs to be closer inspection of cross border firms which national systems are inadequate to cover. European Agencies The De Larosire report proposed a European Systemic Risk Council (ESRC) who would have responsibility for monitoring and giving advice on systemic risks to the financial system of a whole. Its policies would be responded to by the three new European Supervisory Agencies (ESAs); the European Securities and Markets Agency (ESMA), the European Banking Agency (EBA), and the European Insurance and Occupational Pensions Agency (EIOPA), who replace three similar agencies. These have been implemented as of January 2011 following calls by the European Council, that the European Parliament passes legislation to enact the agencies.Together the agencies have the aim of improving coordination between national supervisory authorities, such as the FSA, and of raising the standards of national supervision across the EU.This will be achieved by further pushing for harmonisation across the EU including an increase in the use of regulations rather than directives as the former is directly appli cable to national law.This has shown that there was a need for more regulation so as to provide more oversight of the industry. However the agencies affects of individual banks will be quite limited as they will have little, as it will be the national regulators that deal with them day to day. The UK in particular was against the ESRC having direct power over national regulators, instead preferring them to just give advice and warnings. The structure does bring about an accountability issue with regard to who answers to whom. Global regulator If anything the current crisis has highlighted a need for new laws and regulation on a wider scale than previously envisaged. Todays banks deal on a global level, to leave regulation on a nation by nation basis is not effective, and even proposals for a Pan-European regulator may not be enough. It is worth remembering the current crisis had its origins in America. What is required is a compressive overhaul of the national and international financial systems requiring ethical considerations to be taken into account.There needs to be a new and decisive approach to regulation which starts the process of reform so as to manage globalisation as a force for good in the medium term. The need for a global regulator has been voiced by the Association of British Insurers who state at the very least there is a need for strong international links, as European wide insight may not be enough. However, the possibility of a global regulator seems a long way off as different countries would be seeking to protect their differing interests. For instance it is unlikely that a growing economy like Chinas is going to want or require the same sort of regulation that an economy like the UKs would require. Further the various international standard setting agencies neither individually, nor collectively have the mandate or budget to fulfil the role or functions of global regulator. Conclusion Whilst there has been a lack of regulation in certain areas of financial services activity, the failures and the crisis have been exacerbated by lax supervision and failings in enforcement.It is supervision not regulation which is often the source of aggravation in a banking crisis.Adequate banking governance incites healthy and sustainable economic development.Not only was there a failure to mitigate the crisis there was an initial failure to act once it arrived. It has been suggested by this article that the decision to give regulatory powers back to the Bank of England makes little sense. Either it amounts to more regulation just for the sake of it, or simply a preference of the coalition government, as there are few compelling arguments for a shift away from the FSA. Whilst it is accepted the new structure will bring some efficiency gains, it is also highlighted it will be less efficient in other ways. Further it is a return to a system which has already failed numerous times. Bankers bonuses are a key area that needs reform, and whilst there has been some at EU level it is looking increasingly likely that there will be none in the UK. The need for more regulation in this area stems from the fact that there is a strong correlation between high bonuses and excessive risk taking. Thus there is a need to act to prevent future crisis. The article has also put forward that there is a need for increased minimum capital requirements so that the banks can be made to bear the costs of any future crisis. The current requirements were too low and Basel III will seek to address this. It is important however that any minimum requirement is not too excessive as it could have a negative impact on the banking industry. Credit Rating Agencies are another area which have been highlighted as an area where the regulation was previously too weak. There is a need for more regulation in order to ensure the quality of their work is improved in the future in order to protect the public and the market. Due to the fact they are currently outside the scope of legislation it will require new legislation and more regulation to achieve this. On the other hand with regards to disclosure it is proposed that it would simply require better enforcement of current regulation. It was the lack of disclosure by the firms which was a problem not the quality of the system by which they disclose. Further any new system for disclosure would come at a high cost and would likely face similar problems to the current system. Banks also need to be allowed to fail otherwise another crisis will emerge. Lessons need to be learned from the recent crisis and new legislation needs to be passed that would allow banks to fail. It has also been suggested that the proposals for a Pan-European regulator and new European agencies should not be viewed as more regulation, rather an attempt to better orchestrate the current European system. Further the bodies themselves will have little day-to-day involvement with the national banks. Further the Pan-European regulator cannot gain any significant powers over national regulators unless it makes a European lender of last resort. Finally it was proposed that a global regulator would be beneficial. However, this article suggests that it is still some way off becoming a reality, as the nations that it would involve all have different interests so it would be hard to reach a consensus. Further it is unlikely that nations would be willing to cede further sovereignty. So then as can be seen the answer to the question is not as simple as there needs to be more regulation, or more effective enforcement of current regulation. Banking regulation is a complex area and each aspect needs to be taken separately and analysed before deciding the course of action. However, what cannot be seen is what the effect of change in one area will have on another, so for that reason it is trial and error. Unfortunately, those errors are generally only highlighted by a crisis. Bibliography Materials used in Coursework Articles Alcock, Alistair Are financial services over-regulated?, (2003) 24 Comp. Law 132 Arora, Anu The 2007-9 banking crisis and the EUs regulatory response, (2010) 21(5) 603 Arora, Anu The global financial crisis a new regulatory order (2010) 8 J.B.L. 670 Catanach, Anthony H. What about effective enforcement of existing regulations? (2009) Strategic Finance, Chiu, Iris H-Y Legislative, regulatory and governance reforms in financial regulation: reflections on the global financial crisis 2010 31(6) Comp. Law 165, 165 Hall, Maximilian J.B. The evolution of the financial regulation and supervision in the UK: why we ended up with the FSA, Banca Impresa Societa, Vol. XX No.3, 377 Hall, Maximilian J.B. The sub-prime crisis, the credit crunch and bank failure: an assessment of the UK authorities response, 2009, J.F.R. C. 427, 432 Hindle, Joanne the future of regulation, (2009) 17(4) J.F.R. C. 415, 416 Jackson, Patricia Financial stability as a policy objective (2004) 11(4) J.F.C. 356, 357 Krawcheck, Simon Research conflicts point way for ratings agencies, Financial times, (21st July 2009) https://www.ft.com/cms/s/0/55b313d0-762b-11de-9e59-00144feabdc0.html#axzz1BvR2gP6T Masciandaro, Donato and others, Who pays for banking supervision? Principles and trends, (2007) 15(3) J.F.R C. 303 Mehram, H. Corporate Governance in the Banking and financial services industries, (2004) 13 Journal of financial intermediation Rachdi, Houssem The link between international supervision and banking crisis (2010) 3 Panoeconomicus 321 Rawlings, Philip reform of bank regulation in the UK: the opening salvo, (2010) 25(10) J.I.B.L.R. 522 Tomasic, Roman the financial crisis and the haphazard pursuit of financial crime, (2011) 18 J.F.C. 7 Editorial, Major reforms to banking and financial regulation put forward, (2008), 29(5) Comp. Law. 150 Verschoor, Curtis C. Should We Just Re-Regulate or Totally Restructure Banks?, (2009) Strategic Finance 13
Sunday, December 22, 2019
Title: Women and leadership Ã¢â¬â female style or male style? The Pitch: The debate about the difference in leadership style of women and men continues to attract attention since women make strides into leadership position dominated mainly by men. Men have long been holding these leadership roles and have defined styles accepted by people. Therefore, it is not surprising that women are usual the focus in terms of the discussion on gender difference in leadership styles. There seems to be great disagreement about the behaviour of women and men actually performing such roles (Eagly, 2001). This disagreement on this focus can be divided into two groups. One is the no-difference camp, who commonly agreed that there are few differenced in the leadership style of female and male leaders. The other is the gender-stereotypic camp who believed the existence of crucial differences in the leadership style between both (Alvesson, 2009). Leadership style is usually viewed as relatively stable patterns of behavior that are represented by leaders. In the circumstance of leadership, agentic and communal features seem especially relevant. For example, agentic features such as independent, dominant and competitive are more attached to men than to women. While communal features such as helpful, kind, gentle, sympathetic and personal sensitive are strongly occupied by women than men (Eagly, 2003). In addition, according to Eagly and Johannesen-Schmidt (2001), the difference between agentic andShow MoreRelatedWomen Go Into Leadership - Female Style Or Male Style?2143 Words Ã |Ã 9 PagesTitle: Women go into leadership Ã¢â¬â female style or male style? The Pitch: The debate about the difference in leadership style of women and men continues to attract attention since women make strides into leadership position dominated mainly by men. Men have long been holding these leadership roles and have defined styles accepted by people. Therefore, it is not surprising that women are usual the focus in terms of the discussion on gender difference in leadership styles. There seems to be great disagreementRead MoreEssay on Women and Men in Leadership1424 Words Ã |Ã 6 Pagesthinking styles. Many historical events have occurred that have cleared the way to analyze these differences of men and women in the workplace. These gender differences are likely to exist in the way men and women influence, communicate, and lead. The male and female gender has always been viewed as two unique and different sets of people. It is perceived that males and females have different styles when it comes to leadership. First, we will look at the leadership styles of men. Males have beenRead MoreGender in Leadership1639 Words Ã |Ã 7 PagesResearching in Business HR 3010 Title: Gender in leadership Introduction To what extent does gender affect leadership style? This literature review aims to critically identify and analyze whether female and male leadership style differ in business. It has been claimed that men make better leaders than women because of the leadership style they implicate. To this affect perhaps women have not been given a fair chance to show their leadership skills. This review will interpret international articlesRead MoreThe Leadership Of The Organizational Leadership786 Words Ã |Ã 4 PagesThe organizational leadership drivers have been historically and predominantly filled with male leaders. Determined factors, however fictitious, in writing, as well as perceived by organizational Chief Executive Officers (CEOs), Chief Financial Officers (CFOs), shareholders, Owners, and employees, female leaders were viewed through the stereotypical categories that included limitations. Moreover, gender discriminating society professes the positions for men and women would not be compensated equallyRead MoreDefinition Of Existence Of Stereotypes1630 Words Ã |Ã 7 Pagesforefront of debate, especially in relation to effective leadership in managing a company. Women were recognized as too emotional, weak or subordinate to be successful as managers. However, as time has passed, the perceptions of society have changed, and although women made the leap into many management positions, the stereotype that they are inferior to men still exists, making them feel the need to prove themselves. In management positions, women are challenged in different ways, present themselvesRead MoreWomen During The Civil War1336 Words Ã |Ã 6 Pages Women have been increasingly praised for having excellent skills for leadership. Women, more than men, manifest leadership styles associated with effective performance as leaders. However, more people prefer male than female bosses. That has made it more difficult for women to become leaders and to succeed in male-dominated leadership roles. An American woman in the workforce is often overlooked when studying the progress of American society. American women have gone through strugglesRead MoreWomen s Organizational Effectiveness Leadership Styles873 Words Ã |Ã 4 PagesFemales more than males embrace organizational effectiveness leadership styles. This is evident by the styles in motivation, expectation layout, rewards programs, and leadership enthusiasms (Zheng, 2015). Moreover, the female gender is better at acquiring social interaction talents over their male counterparts. Conversely, men are better suited for formal and informal designed measurements. These may include connecting with networks that promote from semi-formal but unwritten connections. InRead MoreA Historical Perspective Of Women1509 Words Ã |Ã 7 PagesHistorical Perspective Women entered the labor workforce in large numbers in the 1940s, yet over 70 years later debates over leadership effectiveness and gender differences are still ongoing. Through ingrained global and organizational biases, stereotypes, and conditioning, men and women are expected to bring bring two different skill sets to the boardroom. Looking at the significant body of research on the topic of gendered leadership, the overwhelming opinion is that men and women are thought to behaveRead MoreLeadership Styles Of Women And Men1713 Words Ã |Ã 7 Pagesto the Business Dictionary (2015), leadership is defined as the management staff that typically provides inspiration, objectives, operational oversight, and other administrative services to a business. Effective leadership can help prioritize objectives for subordinates and can provide guidance toward achieving the overall corporate vision. Both definitions are gender-free; however, in both cases, the leader is typically male. As women increasingly enter leadership roles that traditionally are occupiedRead MoreOrganizational Psychology : Gender And Leadership938 Words Ã |Ã 4 Pagesphenomena studied by organizational psychology underlying. Research on gender and leadership focuses on both college students and executives in various business settings. A common theme co ncerns the idea that a good leader is model described incompatible male with feminine behavior, sometimes thought of as think-Manager. For example, to provoke some settings pronounced stereotypes. If the expected leadership style of an organization at a given hora direct, exacerbate uncaring, or from top to bottom