How The Cras Played A Significant Influence On Investor...
1. How The Cras Played A Significant Influence On Investor...
The "Big Three" global credit rating agencies have garnered immense scrutiny and criticism for the
role they played in the financial crisis and rightly so–they were not only at the epicenter of this
colossal debacle but also exacerbated it. There is overwhelming evidence suggesting that the
marketing and sale of the MBSs at the core of this crisis would have been virtually impossible
without the CRAs signing off. The catastrophically inaccurate ratings they granted to securities they
rated helped the markets rally and their eventual massive downgrades left not just the US but also
the world economy in utter disarray. In spite of what arguments these agencies come up with to shy
away for any responsibility the fact remains that they chose big fees and bigger market shares over
integrity in a business that relies on integrity.
To understand how the CRAs played a major role in the crisis, we must first understand why they
became such a significant influence on investor perception. Investors– both individual and
institutional look at the CRAs to provide them with risk analysis of a debt security, in form of a
credit rating, which is instrumental to these investors' decision–making process. The risk originates
due to two main factors: the ultimate mortgage holders never having met the debtors, and the sheer
complexity of these securities that comprise of parts of a plethora of loans. Most individual investors
lack the resources to gauge the creditworthiness of these loans. This
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5. Personal Statements For A Professional Advisers
In addition, we may disclose your personal information to:
your authorised representatives or your professional advisers (e.g. when requested by you to do so);
CRBs (see 'Sharing with CBRs' below);
fraud–checking agencies;
credit providers (for credit related purposes such as credit–worthiness, credit rating, credit provision
and financing);
Australian Banks, non–bank lenders and providers of credit, financial or insurance services;
our related bodies corporate;
our professional advisers, including our accountants, auditors and lawyers;
other comparison sites, mortgage brokers or providers of investment, financial or credit where it is
legal for us to do so;
government and regulatory authorities and other organisations under which we are governed, such
as ASIC and other bodies as required or authorised by law; and
organisations who manage our business, marketing and corporate strategies.
Some of the above external organisations and entities may be located outside of Australia.
Transfer of information overseas
We currently run our business in Australia but this may be expended to other countries and overseas.
We will provide a list of these countries by updating this document.
We may need to share some of your information (including credit information) with organisations
outside Australia. You should note that while they will often be subject to confidentiality or privacy
obligations, they may not always follow the particular requirements of
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6.
7. Small and Medium Enterprise
INTODUCTION Small and medium enterprise(SME's) in India have a very important place in the
Indian economy. Their contribution in terms of production, export, export, employment generation
and all round growth of the country is well known. The role of SME sector in the nation building is
well recognized not only in India, but also across the globe. The industrial engines of Japan, china,
US, Germany and Taiwan are also driven by the SME sector. Finance/credit is the most critical
component in any business process. Any industrial sector cannot work to its full capacity without
adequate flow of funds. The SME sector is working with low capacity utilization, which, however,
has now improved from 33.34% to around 52% percent. Still these ... Show more content on
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Nevertheless, the spread of SMEs is a fact, which enhances their attraction from a national or
regional policy. SIGNIFICANCE OF SMEs SMEs are considered the engine of economic growth in
both developed and developing countries, as they: Provide low cost employment since the unit cost
of persons employed is lower for SMEs than for large–size units. Assist in regional and local
development since SMEs accelerate rural industrialization by linking it with the more organized
urban sector. Help achieve fair and equitable distribution of wealth by regional dispersion of
economic activities. Contribute significantly to export revenues because of the low–cost labour
intensive nature of its products. Have a positive effect on the trade balance since SMEs generally
use indigenous raw materials. Assist in fostering a self–help and entrepreneurial culture by bringing
together skills and capital through various lending and skill enhancement schemes. Impart the
resilience to withstand economic upheavals and maintain a reasonable growth rate since being
indigenous is the key to sustainability and self–sufficiency. IMPORTANCE OF SMEs IN VARIOUS
ECONOMIES OF WORLD Small and medium enterprise has always the engine of growth for every
country, in developing as well as in transition economies. Their role in
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8.
9. What Is Standardized Work
Standardized work
Need for a system in place to solve the problem of occurrence.
1. The basic requirement for a successful plant operation is to have a system in place to solve
problems as and when it arises.
2. Find the right people to lead this system.
"How long has a skipper got to react if he spots a problem?" And "How long has a manager got to
react if a quality problem arises?"
The reaction time on any problem by Supervisor will be quicker than the plant manager who has to
wait for a report to analyze the situation. The Supervisor / Operators need to have a process for
correcting problems as and when they arise. It is 'how' a person does it and the results obtained
which matters.
It is like wartime, every time you develop ... Show more content on Helpwriting.net ...
Standardized work focuses on 5w and 1 h. 5w (who, what, when, where, and why) – who operates
the process, what does final product look and quality checks, when will it be ready, where to
complete the process, why this step essential? 1 h (how) – "how" is the process to follow the time
and resource. Overall the process should be smooth. Standardized work is best practices known and
which are put in place by documenting the process. Standardized work is to ensure optimization of
productivity, safety and quality. The goal of standardization is to ensure all 3 i.e. productivity, safety
and quality are met in highest standard. Standardized work can be defined as sequence of job
functions organized efficiently and followed by an operator repeatedly. The process of standardized
work's ultimate aim is to achieve kaizen. If there is no change or progress in standardized work, then
the plant is in regression.
As Taiichi Ohno rightly says – "People don't go to Toyota to 'work', they go there to think". "where
there is no standard, there can be no kaizen", and "Improvement is endless and
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10.
11. Financial Analysis : Credit Rating Agencies
1 Executive Summary
Organisations and governments across the world have become increasingly dependent on debt over
the last few decades. Goods and services are provided on credit and debt is granted to organisations
and governments by lenders in different parts of the world. The providers of credit facilities, also
known as investors, require a certain level of comfort that the security issuer will be able to repay
the debt.
Investors must analyse the risk associated with the globalisation in the investment market, coupled
with diversification in the types and quantities of securities issued. Credit rating agencies provide
these investors with objective analyses and independent assessments of companies and countries
that issue such securities through a credit rating. A credit rating is a statistical method used to
determine the likelihood of an individual paying back the money borrowed.
Credit rating agencies have been in existence since 1900 but it was in 1975 when Securities and
Exchange Commission (SEC) based in the United States of America formally created the
nationally–recognized statistical ratings organizations (NRSRO) and instructed broker–dealers to
only use the NRSROs' ratings. Financial institutions were able to satisfy their capital requirements
by investing in securities that received favourable ratings by one or more of the organisations. These
NRSRO are subjected to regulation by SEC.
The increased demand for ratings services by investors and securities
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12.
13. mba assignment Essay
1 . (a) What do you understand by the concept of conservatism ? Why is it also called the concept of
prudence? Why is it not applied as strongly today as it used to be in the Past ?
(b) What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ?
Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement.
2 . (a) Discuss the importance of ratio analysis for inter–firm and intra–firm comparisons including
circumstances responsible for its limitations .If any (b) Why do you understand by the term 'pay–out
ratio'? What factors are taken into consideration while determining pay–out ratio? Should a
company follow a fixed pay–out ratio policy? Discuss fully.
5 .
What ... Show more content on Helpwriting.net ...
he president of Geeta & Company believed the standard should be set at a high level to motivate the
workers and to provide adequate information for control and reasonable cost comparison. After
much discussion, management decided to use a dual standard. The labor standard of one unit every
30 minutes, recommended by the consulting firm, would be employed in the plant as a motivation
device, while a cost standard of 40 minutes per unit would be used in reporting. Management also
concluded that the workers would not be informed of the cost standard used for reporting purposes.
The production vice–president conducted several sessions prior to implementation in the plant,
informing the workers of the new standard cost system and answering questions. The new standards
were not related to incentive pay but were introduced when wages were increased to Rs7 per hour.
The standard cost system was implemented on January 1, 19––. At the end of six months of
operation, these statistics on labor performance were presented to executive management:
January February March April May June
Production (units) 5,100 5,000 4,700 4,500 4,300 4,400
Direct labor hours 3,000 2,900 2,900 3,000 3,000 3,100
Quantity Variances:
Variance based on labor standard
(one unit each 30 minutes) Rs3150 U*
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14.
15. Overview Of Cras And Its Effect On Investment Portfolios
Introduction
CRAs are like a marking system that is designed to keep the interested/related parties informed with
relevant information. It helps investors to decide how risky it is to invest in certain security or
country. It gives indication to buyer of securitised debt how likely they are to be paid back.
Although investors collect their own set of information about borrowers and impose requirements,
they also rely on these ratings to determine the appropriate securities for their investment portfolios
because it is believed that CRAs crucial role is to provide 'gatekeepers' to public security markets
and act as a neutral third–parties providing independent, objective assessment of the
creditworthiness of investments offered, firms and ... Show more content on Helpwriting.net ...
Then in 1975, SEC officially recognised S&P's, Moody's and Fitch Group as NSROs. Now these
three owns about 90% of the market share . The market shares of current rating agencies are
provided in Appendix 2.
Credit rating methodology, process and techniques used by CRAs
Some CRAs uses analyst– driven methodology, some uses model–driven methodology and some
uses mixture of both. Appendix 3 shows how analyst–driven methodology works where as model–
driven are based upon quantitative data. Financial instruments are rated based upon information
provided to CRAs by the issuer. Firms create pool of assets and sells to investors who purchase
those pools of assets by using debt securities. Then they hire CRAs to rate those securities. CRAs
assign ratings to the specific financial instruments such as corporate bonds, MBS and CDOs rather
than issuer of these instruments. We can find a similarity on ratings assigned by these big three
agencies. The commonly used scales are letter grade such as AAA, AA, A, BBB and so on with
pluses and minuses as well. The triple–A being highest ratings, followed by AA, then A and so on.
The triple–A ratings represent safest instrument, AAA to BBB represents investment grade while
ratings below this level means securities have higher risk of default . It was assumed that securities
with AAA
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16.
17. Allen Distribution Company
| Case 1: Allen Distribution Company | Would we extend the $1,000 credit line to the Morse Photo
Company? | | | 11/27/2010 |
Introduction to Case problem and important points to be covered
The core problem for Allen Distribution Company is how to distinguish from the marginal accounts
the difference between good creditors and bad creditors. Especially we show how the difference
between creditors can be utilized in practice by the credit representatives. For this we provide clear
guidelines. The option of extending the Morse Photo Company's $ 1000 credit line is used as test
case for these purposes.
To distinguish customers we divide the accounts to different categories. There are two important
points of views which in ... Show more content on Helpwriting.net ...
It exceeds the Allen Electricity's required rate of return. Thus it is reasonable to continue assessing
this particular credit line. If an account does not exceed the required rate of return in best case
scenario the account should be rejected in this phase. In the other hand if a company is a big and
loyal customer its examination should be also continued even if it does not exceed completely the
required rate of return. Nevertheless, we do not look at these situations more thoroughly since we
are concentrating on marginal account evaluation process.
Financial situation of Morse Photo Company and expected return of credit line
To asses Morse Photo Company's financial situation and creditworthiness we examine some key
figures and use Z – score model.
Morse Photo Company is rated as wolf according to Z–score, so we need to continue its
examination. If it were rated bull, we could have completed its examination and extended the credit
line. In the other hand in this phase all bear rated companies' accounts should be rejected.
Next step is to assess the Morse Photo Company's probability to default and use it as basis for
calculating expected profit for granting credit.
Log(relative chance of failure)
–––––––––––––––––––––––––––––––––––––––––––––––––
= –6.445–1.192ROA +2,307liabilities/assets – 0.346EBITDA/liabilities
P(Morse to default) = e^(–5.0824) = 0,62%
20. The Regulation And Supervision Of The European Union ( Eu )
Chapter 2
Historical amendments of the CRA III
CRA I
The regulation and supervision of the CRAs in the European Union (EU) have become an
increasingly prominent realm of European financial market regulation since the aftermath of the
financial crisis. The CRA regulation is to be considered the fundamental legal act on which the EU's
regulation on CRAs is built.
The CRA I requires the registration of a credit rating agency and supervision of the EU CRAs to be
performed by competent authorities of the Member state holding the office of the relevant CRA. In
order to protect the investors and to maintain a stable financial system only the ratings issued by
such CRAs or the ones satisfying the criteria laid under the regulation or which hold ... Show more
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Subject to these conditions the regulation allows the financial institutions in the EU to rely on
ratings issued by non EU registered CRAs for regulatory purposes provided the rating derives from
a regulatory regime endorsed by EU registered CRA. The rating activities of the non EU CRAs to
comply with the requirement of the regulation is determined by the endorsing agency however the
regulation provides that the endorsement must not be used to avoid the regulation.
Furthermore, in order to cater for systemically unimportant CRAs for the financial stability of
markets of one or more member state, a special certification regime for non EU agencies with no
presence in EU is also established under the regulation. The effect of such certification enables
ratings issued by such agencies to be used for the purpose of regulation by financial institutions
within the community without the need for endorsement subject to conditions under Art 5(6) which
also confers the power to the commission if necessary to amend the criteria for determining the
equivalence of the regulatory and supervisory framework established outside of EU to those
established by the regulation. The regulation also requires the facilitator to establish between
competent authorities of member state and those of third country CRAs an arrangement for
information exchange and supervisory coordination.
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21.
22. The Uas Control Segment Architecture (Ucs) Is A System
The UAS Control Segment Architecture (UCS) is a system interface originally focused on
developing interoperability software for UAS ground control stations (Department of Defense,
2013). UCS standards have expanded beyond the original intent of a common open architecture for
UAS greater than 20 pounds; the maritime Program Executive Office (PEO) is exploring USC in
many of its unmanned platforms (Department of Defense, 2013). UCS is able to eliminate the "stove
pipe" acquisition process with the adoption of common standards for the ground control segments
which provides interoperability as well as reducing life cycle costs (Blais, 2016). UCS
interoperability addresses the following:
1. How things relate to one another.
2. Functional ... Show more content on Helpwriting.net ...
The goal of JCUA is to provide a reference baseline system so as to compare it to other open
architectures and find differences in standards, terminology, and content (Blais, 2016). JCUA is that
standard that open systems can be measured against; the JCUA facilitates analysis of programs for
interoperability (Department of Defense, 2013). One example is terminologies, if like components
and functions are not consistently labeled across architectures it becomes difficult to determine
where they are alike or different (Gonzales & Harting 2014). As C. Blais points out in the report
"Unmanned Systems Interoperability Standards" (2016), all DOD Programs of Record (POR) are
required to comply with the Net Ready Key Performance Parameter (NRKPP) (Blais, 2016).
Net ready key performance parameter. The DOD Chief Information Officer (CIO) is responsible to
ensure that all information technology is capable of interoperability in accordance with federal law;
this includes UAS (Koester, Williams, Powers, & Vincent, 2010). Therefore, information technology
must be evaluated for interoperability compliance, the evaluation tool is the NRKPP (Koester et al.,
2010). UAS must be capable of net–centric military operations; they must be able to enter the
network, be managed securely and effectively within that network, capable of data exchange and
interoperability (Koester et al., 2010). JCAU supports DOD initiatives
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23.
24. Questions On Different Cultures Of The Americas Have...
: 3 A2.
MATH
Standard 1: Understand that shapes in different categories (e.g., rhombi, rectangles, and others) may
share attributes
(e.g., having four sides), and that the shared attributes can define a larger category (e.g.,
quadrilaterals). A2.
SCIENCE
Standard 3:
Students will understand the relationship between the force applied to an object and resulting motion
of the object.
Objective 1:
Demonstrate how forces cause changes in speed or direction of objects. A2. LITERATURE
Standard 7:
Explain how specific aspects of a text's illustrations contribute to what is conveyed by the words in a
story (e.g., create mood, emphasize aspects of a character or setting).
A2.
SOCIAL SCIENCE
Standard 2:
Students will understand cultural factors that shape a community.
Objective 2:
Explain how selected indigenous cultures of the Americas have changed over time.
A1.
VISUAL ARTS
Standard 4
(Contextualizing): The student will interpret and apply visual arts in relation to cultures, history, and
all learning.
Objective 3a:
Use a visual arts form as a help in expressing an idea in a non–art subject; e.g., a science project, the
writing of a poem, a social studies project. B1.Cooperative Learning
B1a. While in small groups the students will identify quadrilaterals in the painting. They will then
create their own work of art to display their knowledge of the characteristics of a quadrilateral. This
activity will fulfill both the math standard and art standard and using
27. The Role Of Standardisation Of Human Rights
In this essay, the writer will illuminate the role of standardisation in facilitating human rights, with
particular focus on women's rights. For a kick up, clear definitions of the key terms, standardisation
and human rights will be given. The connection between the two will be further exploited in depth
as the write up progresses. According to Wikipedia.org, human rights are 'commonly understood as
inalienable fundamental rights to which a person is inherently entitled simply because she or he is a
human being...' It follows therefore, that women's rights relate to the freedom and right that women
are entitled to simply by virtue of being a ... Show more content on Helpwriting.net ...
Statistics from The Africa Renewal Magazine (2012) revealed that women contribute 70% of
Agricultural output on the continent, with particular reference to Malawi, but they do not have as
much ownership on the land. This is because land ownership rights in Africa are largely effected by
customary law which is rather preventive of the ownership of land by women. It follows that when
these women's husbands pass on, that land is taken by the deceased's relatives according to
customary law and that is a direct antagonism to development as that woman's output is lost,
together with any hope for her financial independence. In addressing the previously mentioned
problems, standardisation plays a role in human rights of spelling out the exact requirements that
have to be effected for the implementation process. For example, in Niger, the recent changes in the
national assembly structure saw a rise in the participation of women as 15% of the seats are now
held by women, according to quotaproject.org. The rights of women indicate the participation of
women in politics then the role of the standard is to set the benchmark number of the seats to be held
by women. More so, standardisation plays a role in setting out
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28.
29. Clinical Procedures For Ocular Evaluation
Clinical optometrists take on the task of routinely evaluating and dealing with patients on a daily
basis while also attempting to maintain a healthy, successful business environment. The book
Clinical Procedures for Ocular Evaluation describes how clinical optometrists maintain healthy
relationships with patients and also detail different tests that are commonly implemented. These
tests allow for doctors to determine a patient's well–being and follow the necessary steps to improve
the state of their eyes. Clinical Procedures for Ocular Examination is a viable tool that can be used
to manage a patient's complaints and general health history, and assess which phases of examination
and problem–specific testing should be implemented. There ... Show more content on
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Since its creation in 1888, this company has been dedicated to "accelerate learning through intuitive,
engaging, efficient and effective experiences – grounded in research" (mheducation.com). Once
again, because of the esteem and reverence of its publisher, Clinical Procedures for Ocular
Examination has had its content and reliability reinforced. This book consists of several chapters
that help outline the best ways to maintain a functional and healthy work environment. The first
chapter does by explaining the best ways to treat and communicate with your patients. It emphasizes
the importance of communication and making sure the patient feels welcome, is well–informed
about whatever issues they may have, and has their questions fully and accurately answered (Kurtz
3) . The main points in this chapter are as follows: relating effectively and sensitively to patients,
conveying compassion and empathy, perceiving verbal and non–verbal communication from
patients, eliciting information from patients and observing changes in mood and activity,
communicating quickly, effectively and efficiently, reading and legibly recording observations and
test results, and completing assignments, patient records, and correspondence accurately (Kurtz 2–
23). Another important component this chapter covers is how to analyze a patient's case history and
assimilate it with their symptoms. A case history is a record of a
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30.
31. Standardized Testing Research Papers
Did you know that the United States scored below average in Mathematics? The Program for
International Student Assessment mandates a standardized test every three years that rank countries
in different subject areas. The United States was ranked 28th in 2012 and dropped to 35th in 2015 in
Mathematics. (Jackson, 2016) That information makes me wonder if standardized testing is really
working. First, I believe we need to understand what standardize testing means. A standardize test is
any form of test that is given to a large population, with questions that are the same or similar and is
scored in a specialized way. Standardize testing should be important to every human being: students,
parents, teachers, administration, tax–payers, politicians, ... Show more content on Helpwriting.net
...
Let us remember that children are the future of the United States, some will be doctors, politicians,
teachers, factory workers, chefs, and serve our country in the military. The world will be a better
place if we used standardized testing to close the gap, so we will have student achievement and
guarantee we have done everything in our power to use the data to form productive citizens. The
United States is in an education crisis, and what we have been doing for years is not working. We
have not been using standardized testing in the correct manner; we cannot justify that the Georgia
Milestones is the only assessment that can show student growth. The articles have proven that
students' success can be shown through MAP assessments, RTI assessments, and national
assessments. One last thought to leave you pondering, if a student enters the sixth grade not
knowing his multiplication facts and by the end of the year he knows all of them, did they show
growth? Student growth and achievement is any knowledge gained from the start of a year to the
end of the year, which makes standardize tests essential to prove such
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32.
33. Grammar By Haussamen
Kyle Weins on this article "I Won't Hire People Who Use Poor Grammar. Here's Why. " says that
people with less than perfect grammar are less detail oriented and as the CEO of a company he
wouldn't hire them. Brock Haussamen in his response article "What Good Writing Indicates, and
Doesn't" states that "Good writing – writing that is clear and interesting and free of most surface
errors – is a reliable indicator of certain job–related abilities. But the opposite does not hold true:
writing that looks careless and is riddled with errors does not preclude the possibility that the
applicant has other skills and plenty of determination. " which display Haussamen agreement and
more importantly, his disagreement about Weins belief of being a self–proclaimed ... Show more
content on Helpwriting.net ...
It is shown where Haussamen states "The most important job–related ability that an employer can
assume when looking at a well–written cover letter is that the applicant can read well. A good writer
is always a good reader. This is important, for even in jobs that don't require any writing, reading –
of forms and instructions at least – is usually essential. " proving his beliefs that everyone should be
able to read and write to an extent. As for Weins states "Good grammar makes good business sense –
and not just when it comes to hiring writers. Writing isn't in the official job description of most
people in our office. Still, we give our grammar test to everybody, including our salespeople, our
operations staff, and our programmers. " which partially proves his own point at the matter that
grammar is essential to being organized and maintaining stability. Though there are only two, these
are the reason that I can not refute the fact that we do need to have a well set up, fair and reasonable
standard for
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34.
35. Telus Corporation : Capital Structure Management
Telus Corporation: Capital Structure Management (Case Study)
Introduction
Telus appeared in the late 1990's by the merger of Alberta–based Telus and BC Telecom in an
environment of significant changes for the incumbent carriers who had previously enjoyed a
monopolized service offering. Soon after its creation Telus found itself in the early 2000 to be facing
major hurdles of maintaining its financing plans. The early 2000 offered an environment of
increased competition for telecom companies, saw the crash of the dot–com bubble and offered a
weaker business climate as a result of the 9/11 tragedy. Within this environment, the ratings by
credit rating companies had a profound influence on how telecom companies would continue to do
business. ... Show more content on Helpwriting.net ...
In February 2002, Call–Net Enterprises Limited, reported a $1.4 billion loss for 2001. In April 2002,
Bell Canada Enterprises stopped providing long term funding to Teleglobe, one of its major
subsidiaries. This decision caused Teleglobe to fall into bankruptcy.
Key Issues / Main Problems
Due to the changed business environment, a number of key issues came to the forefront. With the
downgrading of Telus's credit rating by credit rating companies to speculative grade from
investment grade new implications came. How could major investor support be maintained as they
rely on these ratings in investment decisions? Would Telus's securitization program fall into
jeopardy if the company's debt was downgraded to below investment grade by the Dominion Bond
Rating Service (DBRS)? How would Telus's financing plan be maintained in the light of this
downgrade? How could the reduction in revenue be addressed due to the increased competitive
environment?
Why these issues occurred
Telus's credit rating was downgraded by all three companies covering Telus. Moody downgraded
Telus's credit rating from Baa2 to Ba1 on July 25, 2002 as it requires Telus to maintain the ratio of
debt to earning before interest, taxes, depreciation and amortization to not exceed 3.8 times. DBRS
downgraded Telus's credit rating from BBB(high) to BBB on July 8, 2002 as it
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36.
37. The Importance Of Action In Advocacy
Action in Advocacy
To advocate for the standardization of educational requirements a tactical advocacy framework
utilizing Group Formulation is necessary to develop groups with the same goal (Stachowiak, 2013).
Choosing group formulation as an advocacy strategy aligns with my leadership philosophy of
servant–leadership and ACA value of practicing in an ethical manner. I feel a need to fill a
leadership gap and find a way to assist the organization with being an agent of change, even if this
means running for an elected office in an association.
If I were elected the President of AASCB, I will have to maintain an ethical balance between the
rights of the state, protecting the community, and advancing the protection. Beginning this project ...
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The process will take some time, as I will need to attend licensure board meetings to understand the
culture of the boards. Understanding the culture of the board will guide me towards the best
approach to recommend changes in current regulations. Utilizing the servant leadership approach, I
will invite other AASCB members with interest in standardizing the educational standards to attend
licensure board meetings and meetings. Incorporating other members of the group will empower
them to serve as leaders in their mesosystem, and creating a larger group of interested parties.
Funding
Advocacy is often seen as people speaking out for a compelling cause and the funding is often
overlooked. Oklahoma like other states is in a budget crisis and changing standards will have ripple
effects down to the microlevel, requiring schools in the state to obtain accreditation. The acceptance
of CACREP accredited education as the standard will make the credit requirements obsolete and
require programs to seek accreditation. This program impacts every level of professional counseling,
it is necessary to identify an appropriate funding source to promote and implement the changes to
standards at the state board level. Prior to presenting the issue to the leader of the licensure board, I
will ensure I outline sources of funding for this initiative.
The U.S. Department of Education is a useful source for funding of higher education
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38.
39. Essay about Leadership Style at Applied Research...
Date: 11/14/12
Header: Leadership Style at Applied Research Technologies, Inc.
LEADERSHIP STYLE AT APPLIED RESEARCH TECHNOLOGIES, Inc
JOHN SMITH
Dr. VALERY SHUMATE
BUS 518, ASSIGNMENT #1
STRAYER UNIVERSITY
Header: Leadership Style at Applied Research Technologies, Inc. 1. Determine the leadership style
that Peter Vyas exhibited as he considered the group's proposal and provide examples of his
behavior.
As a general manager of the Filtration Unit of Applied Research Technologies (ART), Peter Vyas
notices that his teamwork had worked hard diligently to get his project on the right track
successfully. The goal of his plan is to reconstruct a mini water–oxidation product. In spite of having
two failures to reach the outcomes of ... Show more content on Helpwriting.net ...
Header: Leadership Style at Applied Research Technologies, Inc. 2. What leadership style did Vyas'
boss, Cynthia Jackson, exhibit as she considered the proposal?
According to the article, Cynthia Jackson is informed about the Filtration Unit of ART because the
project needs her final approval (By Christopher A. Bartlett & Heather Beckham, 2012, The
McGraw–Hill companies: Project Management Leadership). She recognizes gains and losses of the
project, so she assumes that her first task is only to solve the Unit's problem. The problem of the unit
is that it fails to make a profitable new product to market in recent years. Although she attempts to
protect their team project and supports their efforts, she is wondered if it is time to cut their losses
and organize a strategy for the team. She indicates that more discipline for the unit is required to
survive the whole team.
In my point of view, Jackson's leadership style is mostly participative behavior because she strongly
shows her high supportive behavior to determine what must be done in order to the team gets back
its credibility and prestige; however, she is not sure how the task needs to be performed. For
example, she reacts to the team's Phase 1 proposal with several questions and challenges. In this
matter, there are some assumptions for her in regard with phase 1 proposal. On the other
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40.
41. Unrealistic Beauty Standards
What makes someone beautiful? This striking question has always had a complex answer rather than
simple. Society makes their interpretation of beauty with many standards that qualify for the "most
beautiful people" in the world. America's picture of the perfect lady is extremely thin however full
figured. America's picture of the perfect gentleman is also thin, yet very fit. It's always one thing or
the other, never one choice. The public has their own particular rendition of what beauty looks like,
yet american beauty happens to have a stance amongst the most startling standards. These standards
of beauty that women see each day impact their confidence and self–esteem negatively only to push
them to discover ways to fit into these unrealistic beauty criterias. Beauty standards in America are
ever–changing, but society has yet to absolutely accept the average, everyday woman. Today,
women still feel pressured to be thin but also curvaceous. Celebrities like Kim Kardashian, Jennifer
Lopez and the OG Marilyn Monroe are women that are idealized for their thin, hourglass figure.
Women who don't naturally have this figure are now achieving this look in other ways that can
manipulate their bodies. In order to achieve a curvy, hourglass figure, women have turned to plastic
surgery, diets, and waist trainers. Ladies are so constrained to resemble the perfect lady that they
will do whatever it takes to accomplish a trendy look, yet have they gone too far? Brooke Erin
Duffy, an
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42.
43. Impact Of The New Revenue Recognition Standard
Impact of the New Revenue Recognition Standard
Internship Course
Caleb Cartledge
4/11/15
Change is on the horizon and many companies are scrambling trying to figure out how the New
Revenue Recognition Standard will impact the way that they conduct business. The prospect of
bracing for a game–changing revenue recognition standard at a larger global firm is a daunting task.
GE Technical Controller Russell Hodge, CPA, commented about this stating, "I'll admit to it being a
little bit overwhelming to us. We have $150 billion of revenue and so many diverse, different
business models. It's a tough question. It's a tough thing to think about."
(http://journalofaccountancy.com/Issues/2014/Mar/revenue–recognition–20149444.htm) With
experienced well–known firms such as GE being concerned, it shows that even the most
experienced companies are concerned with how the new standards will fundamentally change the
way that they conduct business. The main purpose of this essay is to explore how the new revenue
recognition standard will effect different industries when it comes to fruition in 2017. The secondary
purpose of this essay is to discuss ways that these different companies can mitigate risk by
effectively preparing for these changes by using preventative controls.
For readers who are unfamiliar with the topics discussed above, The Financial Accounting Standards
Board recently issued a new set of standards governing revenue recognition. The new standards will
take effect on
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44.
45. Moody 's Committed No Crime Or Infraction
As was previously stated, Moody's committed no crime or infraction, yet one cannot overlook a
somewhat lax stance in regards to it's' ratings on residential mortgage backed securities. Chairman
and Chief Executive Officer of Moody's, Raymond McDaniel, testified before the Financial Crisis
Inquiry Commission that while Moody's did observe a trend in the declining quality of mortgage–
backed securities as early as 2003, that it is not the role of Moody's nor any other credit rating
agency to serve as the "gate–keeper" of the securities market and that their ratings are merely
opinions, not definitive advice or recommendation on the stability or substantiality of a particular
financial instrument.
What stakeholders were helped, and which were hurt, by Moody's actions?
The immediate beneficiaries of Moody's ratings were the securities issuers, those institutions which
provided these securities profited immensely from their continued distribution throughout the
market, as did Moody's who received sizeable fees to rate said instruments.[2] One Moody's
employee indirectly described the competitive pressures which led to the lapses in the ratings
systems,
"He described RMBS (residential mortgage backed securities) as the worst team to work on at
Moody's. It's difficult to maintain market share in a market that has become commoditized and
where Moody's expected loss analysis means higher costs for issuers.
The investors, placing great confidence in the quality of Moody's credit
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46.
47. Media 's Effect On The Self Esteem Of The Girls
The standard that the media set for the girls is almost impossible to be achieved (Serdar, n.d.). This
is probably the most dangerous effect that the media brings toward the self–esteem of the girls. It is
natural for people, especially girls to compare themselves with other people (Serdar, n.d.). This
comparison can be distinguished into 2 types, upward comparison and downward comparison. An
upward comparison occurs when the girls compare themselves to someone who seems to be better
than them. A downward comparison occurs when the girls compare themselves to someone who
seems to be worse than them. Exposure to media lead the girls to an upward comparison. Since it is
almost impossible for the girls to achieve the same level of appearance that the media set due to the
use of airbrushing method, the editing, lighting, and also the process of the models achieving those
ideal bodies, their self–esteem will be low and ways of extreme diet will result in eating disorders
such as anorexia and bulimia. Consequently, to achieve those standards of physical appearance,
there is a socially constructed idea that in order to be beautiful, that is, in order to be like those thin
models and celebrities, it is necessary to be unhealthy (Serdar, n.d.). Moreover, media lower girls'
self–esteem by promoting fashion for skinny people. When people walk inside a shop, there will be
super thin mannequins, and the girls would think that the size that the mannequins wear is the
standard size.
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48.
49. Astm515 Final Report
ASTM F1515 Micom offers test services to ASTM F1515 – Standard Practice for Measuring Light
Stability of Resilient Flooring by Color Change – as part of its UV testing services using Type BH
three–tier racks apparatus (either inclined or vertical). This practice covers specific procedures and
test conditions based on practices ASTM G151, ASTM G155, ASTM D2565 and ASTM D2244.
ASTM F1515 also covers the preparation of test specimens, the test conditions and the evaluation of
test results. Use and factors to be considered: Polymers can have their mechanical, electrical and
optical properties significantly altered when exposed to light even behind window glass. This
method is intended to quantify the amount of color change in flooring products
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50.
51. Financial Analysis : Credit Rating Agencies
1 Executive Summary
Organisations and governments across the world have become increasingly dependent on debt over
the last few decades. Goods and services are provided on credit and debt is granted to organisations
and governments by lenders in different parts of the world. The providers of credit facilities, also
known as investors, require a certain level of comfort that the security issuer will be able to repay
the debt.
Investors must analyse the risk associated with the globalisation in the investment market, coupled
with diversification in the types and quantities of securities issued. Credit rating agencies provide
these investors with objective analyses and independent assessments of companies and countries
that issue such securities through a credit rating. A credit rating is a statistical method used to
determine the likelihood of an individual paying back the money borrowed.
Credit rating agencies have been in existence since 1900 but it was in 1975 when Securities and
Exchange Commission (SEC) based in the United States of America formally created the
nationally–recognized statistical ratings organizations (NRSRO) and instructed broker–dealers to
only use the NRSROs' ratings. Financial institutions were able to satisfy their capital requirements
by investing in securities that received favourable ratings by one or more of the organisations. These
NRSRO are subjected to regulation by SEC.
The increased demand for ratings services by investors and securities
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52.
53. Notes On Credit Rating Agencies
Literature review:
Dror Pranes (2008) said that the participants of the market have a divergent expectation. But they
can be classified as optimistic or pessimistic based on set of knowledge. He also argues that the
credit rating announcement does not give any undisclosed information to the investors or the
market. It only attempts to homogenize the investor's belief.
According to Adelson (2012) credit rating plays a vital role in providing an independent opinion
about the creditworthiness of the issuer and bridging the gap between lenders and borrowers.
Lazarescu (2003) says standardising the value judgement in relation to borrowers in the current
scenario of globalisation is contributed by credit rating agency.
De Haan and Amtenbrink(2011) argued that there are flaws in the use of credit rating agencies
judgement in regulation and accounting. The agencies have a substantial impact on the bonds and
their interest. But when the bond is downgraded it is harmful. There will be herd behaviour among
investors trying to liquidate investment. Additionally Mathis (2009) said that the construction of
issuer pays is a critical problem which may result in conflict of interest. This will make the issuers to
shop the ratings. They will go for the rating agency that provides the most favourable rating.
Journal of common market studies (2012) explains that the rating agencies suffer from
shortcomings. The rating agencies maintain transparency about the data sources and the indicators.
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54.
55. The Characteristics Of Nurses In The Media
In the media, nurses are portrayed as if they are self–centered, uncaring, unprofessional, and
unintelligent. All of these characteristics are against the CNO standards. CNO standards indicates
that nurses should not act how the media has portrayed. They are expected to act and treat their
patients with respect and care. It is very hard to find a place where the media portrays nurses are
hard–working people who demonstrate clinical skill, compassion and diligence. The setting of
where nurses work is very often limited. Many shows and movies place nurses usually into hospital
settings and disregard places like long–term care and home care. The CNO standard for
professionalism that would best relate to confidentiality, leadership and use of social media would
be privacy & confidentiality.
Each nurse is required to follow the CNO's Ethics Practice Standard. Values that are included are
client well–being, client choice, respect for life, privacy & confidentiality, maintaining
commitments, truthfulness, and fairness. The media portrays nurses as if they do not respect their
clients, they are rowdy outside of their workplace, and share information everywhere. That is
opposite of what nurses are really. Every nurse tries their hardest in order to change how the media
has presented them. They do not share client information to anyone, anywhere. If they did share,
they are automatically breaking the privacy & confidentiality value of the CNO Ethics Practice
Standard. If every nurse followed the CNO standards precisely and the media acknowledged that
then we would be viewed differently. The society forms its opinions based on its own observations.
The behavior of some nurses can easily trigger a stereotype for all nurses. The society hears and sees
things and that shows them how to think about what they saw and heard. Shows like "Scrubbing In"
would've never been created if there had been no hints that some nurses behave like heart breakers,
attention seekers and fun seekers. Traditionally, nurses were as angelic, helpers to physicians yet
low–skilled. The media portraying nurses negatively could produce doubt in a patient about whether
their information will be confidential or accidentally announced somewhere. Other
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56.
57. Testing Methods, Witnessing Of Data And Calculations
Spectranetics was founded in 1984, they provide expert tools, training and support designed to help
successfully manage every cardiac lead and to eradicate restenosis and amputation, saving time,
money and, most importantly, lives. For my co–op my day to day responsibilities include
performing daily testing for the new product at both the CA and MN site using new equipment
currently in the MN site. I will be also helping to manage the flow of the Fremont, CA lab,
reviewing of testing methods, witnessing of data and calculations. For this project, I will be working
directly with Timothy Hom as he is the manager of the Fremont lab. I will also be working closely
with the Maple Grove R&D team and Ying Yang (a Sr. Analytical Development Manager here at
Spectranetics, Fremont, CA) for the validation work required for completion of the project. Since
we are an FDA regulated facility, I must follow the FDA validation protocols in order to have this
equipment ready to be used for our testing purposes.
Project
Objective
The objective of this test method was to evaluate catheter preparation, deployment and retraction in
an iliofemoral tortuous path model and measure the total quantity and size of particulates generated
from the simulated use of Stellarex 035 paclitaxel–coated balloon catheters after catheter
preparation, deployment and retraction. The transferring and validation of particulate testing method
for our new product line from our Maple grove, Minnesota site to our
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58.
59. Why Do You Want To Be A Dog Trainer
Are you in the market for a dog trainer? Do you want your dog to learn from a top notch certified
dog trainer? You may have dreams of seeing your dog in professional dog competitions and shows.
Therefore, you need to have your dog trained by a certified dog trainer to ensure the best results.
Why should you hire a certified dog trainer instead of a basic dog trainer? A certified dog trainer is
one that takes their dog training career seriously enough to become certified. You can feel
comfortable in the fact that they have met high dog training standards and passed certification
exams and tests. You don't want a fly–by–night dog trainer, but a certified dog trainer that is in it for
the long haul.
How do you find a certified dog trainer? There are numerous dog trainers available in the market
place today. Dog trainers range in age, skill level, and experience. Your neighbor might tell you that
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Try asking your dog breeder, groomer, and veterinarian. They can direct you to local dog training
schools that have certified dog trainers on their faculty. Various pet supply stores have dog training
programs that train and certify their dog trainers. Example pet supply stores include PETCO.
However, research what they mean by "certification". Is the certification by PETCO standards only
or by a universal certification? Find out what the requirements are for their certified dog trainers.
Only then can you determine if their dog trainers will supply the skill level and experience you
desire.
You need to find a dog trainer that has had comprehensive training and can proudly demonstrate that
they are a certified dog trainer. Be aware, though, that there are many "certified dog training"
schools and home correspondence courses available. Not all of these schools are credible nor do
they provide proper instruction. You need to find a dog trainer that has certification as described by
the Certification Council for Pet Dog
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60.
61. case Kroll Essay
1. Jules Kroll is planning to enter the credit ratings business. Is this a good idea? Is this a good time?
Why?
We suggest it is a good time but not a good idea for Jules Kroll to enter the credit ratings business.
In order to know whether it is right for him to do so, we have used SWOT analysis to see the
feasibility of this plan.
Strength Jules B. Kroll – the leader of Kroll Bond Rating Agency, is the formidable strength for
them to enter this new industry by his successful business career and abundant experience as an
entrepreneur. Few people ever penetrate the dark side of money, but Jules Kroll is one of them. He
has done all his life to look under the covers. The previous success and reputation of the Kroll ...
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So it is also attractive for Jules Kroll to take this opportunity to enter the credit rating industry. In
addition, the "issuer pays" model, which used by the big three rating agencies, lets companies shop
around for the best ratings, putting pressure on the agencies to inflate their grades. As a result, it is
very difficult to argue that they can adequately represent the users' side. Therefore, Jules Kroll wants
to use another model that can assign unbiased and reliable ratings.
Threat The leading ratings agencies, Moody's, Standard & Poor's and Fitch – a triumvirate some
liken to an oligopoly, almost dominate the whole market. Their long history operations, great
reputation and customers' loyalty in the industry lead them incomparable to new entrants.
Furthermore, Kroll also faces competition from new entrants like Meredith Whitney, a banking
analyst who is getting into the ratings business, and Morningstar, of mutual fund fame, and the
Chinese municipal rating agency Dagong with huge capital. Therefore, it is tough for Kroll to break
into this new industry where the three dominant incumbents have 97% of all ratings.
In conclusion, we could say it is a good time for Kroll to enter credit rating business since the big
three agencies lost considerable investor confidence during the financial crisis, and that the sector is
ripe for new blood. However, based on our SWOT analysis, we don't think it
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62.
63. Usf Case Labeling
Standard operating procedures are built around detailed actions and functions within any operation.
Although USF has a documented standard operating procedure, it is an injustice to both the
membership and the company when employees are not trained in the detailed methodologies for
which they are to perform.
During the week of the audit, many order selectors were observed performing tasks above and
beyond those stated in the company's documented preferred methods.
For example,
Order Selection – While conducting studies, employees were not following the documented
methodology of labeling cases during each obtain. Case labeling is to be performed as an internal
motion while the selector approaches each selection location and handles it ... Show more content on
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The true cause of one's substandard performance must be identified and researched as to the effect
of any system errors which may have occurred during the production week, and to ensure all down
time has been allocated for the employee throughout the time period in question. Employees may be
at no fault when put into a working environment for which they have no control, especially if placed
into a situation where the work load is not reflective of the conditions the standard was meant to
represent. Members that are performing tasks that are not a part of their regular bid positions are
most susceptible, and are more likely to be hindered by these working conditions. There is a very
high probability that if one is put into these conditions that the delay allowance especially during the
summer months could in fact be much greater than the frequencies and allowances are meant to
represent for that period of time. Members and Local 104 should request all documentation and
validate the information in reference to any discipline
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64.
65. Why A Hospital 's Bond Rating Is Important
The four fundamental factors that affect the supply of and demand for investment capital, and hence
interest rates, are productive opportunities, time preferences for consumption, risk, and inflation.
Explain how each of these factors affects the cost of money. In your discussion, explain why a
hospital 's bond rating is important and describe the different levels. (You can use any bond rating
agency for analysis).
Productive opportunities are the supply and demand of capital are based on the business 's
profitability. The higher the profits the higher the interest rate. Conversely , the lower the
profitability the lower the interest rate. The ability to borrow money is enhanced if the lender
perceives the business as profitable and the risk is lower. Time preferences are based on their time
for consumption and solely by personal preferences. This is dependent on the needs of the investor.
The basis of this is if the investor wishes to save his money for the future, that investor may accept a
lower return for future consumption. An investor who has the need for high consumption (needs
money in the short term), will lend the money only if the interest rate is high. The needs of the
investor will play into the ability for a business to borrow money. If investors need long term, future
returns, then interest rates would lower, if the investor needs money in the short term the interest
paid to attract the investor and their capital will need to be higher. Risk is based on
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66.
67. Working With A Human Service Professional
Gary 's surroundings have affected his conduct and basic leadership amid his puberty a considerable
measure. The reality his mom is a smashed and has various sweethearts does not help Gary in
particular. Gary 's choices in life stem from decisions his folks made, even more so the decisions his
mom has made, and is presently making. I feel Gary must be guardian to 11–year–old sister and
additionally his mom. Gary 's dad assumes a noteworthy part too, by not being a piece of his child 's
life. Gary is missing satisfactory data or abilities, that his folks have not gave or shown him, and that
is the reason Gary settles on such a variety of wrong choices in life. Working with a Human Service
Professional (HSP) in an equal relationship can help Gary change is basic leadership and conduct by
working personally with the Gary; Human Service Professionals (HSP) experts recognize issues and
make a plan for organizations to help Gary comprehend his issues. HSP cannot drive help on some
person who need not bother with it, and they cannot accept control over a client 's life. Gary
working with a Human Service Professional (HSP), it can help Gary by getting him set–up with the
right assets, one being a care group for adolescents battling with getting prepared for the
introduction of their tyke or dealing with their kid. Being a Human Service Professional (HSP) and
having a proportional association with your customer is essential. Therefore, when working with
Gary with the end goal him
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68.
69. The Pursuit of Organic Happiness
In today's society, many are looking for the number of owned devices as an example of their success
and pure happiness. From young kids to matured adults an ongoing cycle of needing materials has
taken great importance as if it is a necessity to continue living. However the demand for such things
has corrupt the definition of pure happiness. If one lives in communism they will ultimately not
know the true meaning of pure happiness. This is what comes with the communism lifestyle.
Steering away from the communism crowd is the key to happiness.
Communism is based on what others think you need not what we actually believe we want. In
certain careers it is believed that you need specific brand named clothes, accessories, etc. to be the
best in that specific field. From dancers to doctors, they're all alike in consistently upgrading his or
her processions just as everyone in the world is. However is it always what one wants, or what one
thinks they want because society has instilled the non–negotiable need for them to feel "happy." The
media has developed in such a way that they now control us as people. For example in "The Grill
Buying Guy," David Brooks perfectly exemplifies this when connecting a new grill to the key to
happiness for typical family men in society. He also takes it a step further and explain how some go
the extra mile to buy the grill that cost the most or has the latest details to ensure that artificial
happiness. "The guy will end up buying the grill with
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70.
71. Common Core And Standardized Assessments Essay
Common Core & Standardized Assessments Assignment Template Use this template to complete the
Common Core State Standards assignment. Type your responses in between the brackets [Like this!]
Reflecting on Your Research: Summarize the current state of the Common Core (and associated
national standards) in the United States using the assigned readings. [The Common Core standards
are currently implemented in 43 states and the District of Columbia. All of the states who use
Common Core can be an advantage by allowing students who move state to state to have the same
standards at school. Standards are ways to track the learning of students and are what the students
are supposed to know in each subject and grade level. Currently, there has been controversy about
Common Core. Valerie Lake, an eighth grade English teacher, believes that the CC intensifies the
complexity of what the teachers have to teach, but realizes that her students can actually
learn/understand more than what we (teachers) think. On the other hand, this makes the students
think more which in turn helps them learn and apply their skills to the test. Another teacher states
that the standards before did not make the students think about why they do what they do in class.
Overall, many teachers have their reasons to why they like or dislike the standards; all in all,
teachers are required to implement them in their lessons.] List the standards used in your discipline.
[STATE GOAL 28: Use the target language
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72.
73. U.s. National Bureau Of Economic Research
In December of 2007 the Great Recession hit not only the american but the world's economy.
According to the U.S. National Bureau of Economic Research (NBER) the struggle didn't end in the
United States until June 2009, and therefore had a duration of about 18 months. This global crisis
"ranks fourth in terms of the weighted sum of countries suffering it" (NBER). Consumers, who had
been the engine of the economy for the past several decades, suffered the loss of their jobs. Between
2008 and 2009, "the U.S. labor market lost 8.4 million jobs, or 6.1% of all payroll employment"
(State of Working America). This resulted in "the most sever consumer spending decline since
World War II" and the worst employment contraction since the Great Depression, reaching a peak of
10% of all the workforce on October 2009 (BLS). The economy was already faltering in the banking
sector, but it finally crashed with the dearth of credit. As a heart distributes the blood throughout the
human body, even reaching the limbs, allowing the body to work properly, the banking sector
"pumps" credit, reaching every business in every sector. When the banking sector stops giving
credit, the whole economy freezes since businesses don't have means to pay their bills. There are
reasons why the banks stopped the flow of credit, and they could have been avoided if the
government had corrected the bad manners to which the banking sector was getting used, all driven
by the ambition to generate more revenue. The
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74.
75. Advantages And Disadvantages Of Sukuk Rating
5.0 RATING
5.1 RATING DEFINITIONS
Similar to the conventional securities, Sukuk can be rated on a sovereign and corporate basis. The
rating analyst or the rating agency will mainly focus on the credit rating of the instrument and any
expected default or losses, the agency will give high priority to the legal, the structure and the
underlying assets of the Sukuk.
According to Malaysia Sukuk Market Handbook it said that credit rating especially focus in credit
risk, analyse situation where one financial obligation or commitment may become lost based on a
change in capacity and obligation underwriter readiness meet the financial commitment on time and
in line with transaction terminology. As risk payment measurement refuse, sukuk consider place
various sukuk type in market in their relative default risk matter.
Based on conditions Shariah commands sales contract, issuers of sukuk Bai Bithaman Ajil and
Murabahah sukuk obliged to make timely and full payment in price buy like marked by face value.
Same too, based on Shariahprovisions in exchange contract, issuers of sukuk Ijarahis task tied will
make full ... Show more content on Helpwriting.net ...
This is because all debt securities including Sukuk produces in Malaysia required to be completed
by one credit rating at all times. Usually, a free third party, for example credit rating (CRA) agency
responsible to make a credit rating in Malaysia. Credit rating agency makes an assessment in
corporate manufacturer capacity refuse in the debt repayment based on the credit repayment history
for all local banks in country. It only regard debt repayment tool from credit worthiness overall or
corporate manufacturer financial position. Rating will contemplate various increase tool including
guarantee, sinking fund, letter of credit or any their other mechanism reduce specific default risk of
issues. In this way, company firm may be given rating categories that are different for different debts
in time that is
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76.
77. Case1 final revised Essay
Kroll Bond Rating Agency (HBS 9–212–034)
October 23, 2014
Tzyy–Shiuan Chiu, Yuanyuan Hao, Mofan Shi, Hsin–Ping Tso
A Good Time and A Good Idea to Enter the Credit Rating Business
Jules Kroll is planning to enter into the ratings industry. To determine whether it is a good idea and a
good time for him to enter into the new business, we project the 5–year NPV for KBRA and apply
SWOT analysis to KBRA. The 5–year projected NPV is $341.1 million, a positive number. It is a
good time and a good idea for KBRA to enter the business. However, through our SWOT analysis, it
would be difficult for KBRA to become competitive in a short time. Thus we suggest it add a credit
rating division into the company to make attempts to it but not start up a ... Show more content on
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Also, without revenues from users of ratings, it will be tougher to finance startup costs and future
operating.
Beside internal factors, we examine the external factors, Opportunities and Threats, of KBRA. The
incumbent credit raters' fail in the financial crisis gave an opportunity for new rating agencies like
KBRA. After the financial crisis, the government and the investors realized the importance of
appropriate corporate credit rating. The government might tend to subsidize newly–established
rating organizations and create new regulations for credit rating in order to eliminate the oligopoly
of three big financial agencies. KBRA benefits from such environment. Also, it is easier for small or
new rating agencies like KBRA to apply a new revenue model under revised regulations.
After the financial crisis, many new rating agencies announced their entry into the credit rating
business. Many of them were prominent to the public and owned a great quantity of resource. The
entering of new firms made the credit rating industry competitive and thus posed a threat on KBRA.
The Failures of Incumbent Credit Raters
The incumbent credit raters had received severe criticism following the collapse in creditworthiness
and prices of mortgage–and asset–backed securities during the financial crisis in 2008 and 2009.
The three large rating agencies were accused of facilitating a vast bubble in these securities by
issuing overly
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