Communication or marketing strategies Case Study

Communication or marketing strategies - Case Study Example There are three basic objectives behind communication strategy. These are to create awareness about the brand, to shape the consumer's outlook towards it and also to stimulate her purchasing intent towards the brand. This process has become significantly more important nowadays due to influx of huge numbers of alternative products in any category and due to the ever increasing number of choices in front of the consumer; in the automobile industry the situation is not any different. So to entice the consumer towards a brand and to excite her to buy the product, then making sure that she stays on with the brand and makes a repeat purchase are some of the fundamental imperative objectives of any communication strategy. (Vos M., Schoemaker H., Rusland G., 2004). Ford Motor Company was established in the year 1919 in US. The company produces a range of automobiles from cars to trucks and buses under brands like Ford, Lincoln, Mercury, Volvo. The company also deals in financial services, the prominent among them being Ford Motor Credit Company also know as Ford Credit. (Full Description, April 2009) Under Cars the brands are Focus sedan, Focus Coupe, Fusion Mustang and Tauras.I n Hybrids the brands are Fusion hybrid an Escape hybrid. The crossover brands are Taurus X, Flex and Edge. SUVs comprise of Escape, Sport Trac, Expedition and Explorer. The trucks range consists of Ranger, F-150, F-250 Super Duty, F - 450 Super Duty and E-Series. Important marketing campaigns: Important marketing campaigns in recent times; objectives, target and strategies: Bold Moves Campaign - In 2006 May, Ford launched a new campaign under the concept 'Bold Moves' to inspire buyers to recognize and appreciate the company's bold new image. The campaign uses famous singer Kelly Clarkson's music with images and video portraying cars and buyers. The goal behind the campaign has been to change the mindset of the consumer towards Ford vehicles which have not been selling in large number. Critics have argued about the campaign pointing out that only a bold campaign would not be making any difference rather a bold product portfolio would help the company in notching up sales. Some experts said that the company had launched the campaign keeping in mind the future also. They said Ford might be using this campaign to make the consumer ready for its future launch of bold vehicles. JWT Marriott was the agency behind the campaign and they claimed that the campaign was a long term one with a complete turn around of the brand on their minds. The turn around effort w as termed the Way Forward by the company.( Ford's bold moves fall flat with viewers, August 2006) The Bold Moves campaign was used massively for the Ford crossover vehicle the new EDGE. The company planned to spend more than $100 million behind advertising for the EDGE model. The campaign consisted of television ads on various language TVs which included English, Chinese, Korean, Spanish, etc. famous singer Beyonce Knowles was roped in for singing in the ads.

Email writing regarding whether or not to join the organization Essay

Email writing regarding whether or not to join the organization regarding Nikes Honduran situation - Essay Example hink that once Nike heard about the conditions of the workers at each of these factories that they should have pulled their contracts from these factories and looked for other places to fulfill their orders without violating the rights of their workers. Furthermore, I do believe that Nike changed their stance when Universities in the United States started to pull licensing contracts from Nike and the potential of losing money became a factor. There really is no way to know for certain whether or not the students, universities, and workers ever received all the information. But after reading a few articles, in my opinion, it looks as a whole no body ever had all the facts. What facts they do have seem to be coming just from the two workers touring the country with the reasoning behind why the two factories closed rather than resolve the situation. And whether or not students should be activists, I do believe that students should try to do something. I do believe that companies should pay attention to them. But at the same time, companies should also have ways to disclose information to their main offices from their factories as to determine whether or not their standards and practices are being followed. I hope my opinions help you on making a decision whether or not we should be involved with USAS. If you have any further questions, you can reach me by phone at 123-456-7890 or by e-mail at 123456789@email.com Yoshikane, Akito. "Honduran Workers Speak Out Against Nikes Labor Violations." In These Times. n.p., April 21, 2009. Web. 26 Sep 2011.

Treatment and Interventions for Osteoarthritis

Treatment and Interventions for Osteoarthritis INTRODUCTION Osteoarthritis is very common among the old age people. It is also termed as wear and tear arthritis as it occurs when the protective cartilage, surrounding the bones, wears and tears down. In the present case study, an old woman, 87 years of age, is admitted into the hospital as she was found near her bed. Although she was lucid and conscious, she was incapable to walk on her own. This report studies intensively the case of Mrs. Mabel and outlines the problems faced by patients like her, who have had past history of osteoarthritis. The report also identifies the potential treatment options and the interventions necessary in such cases. ASSESSMENT The two basic nursing assessment tools for assessing the health condition of Mrs. Mabel are the Brief Pain Inventory (BPI) and the Geriatric Depression Scale (GDS). In the former, an intensive analysis of pain including its location, history and interference with activities (Seyed K. Malakouti et al. 2006). The pain is recorded on a scale of 10, with 0 representing no pain and 10 representing pain as bad as you can imagine. The latter tool was designed to assess the depression score in the older patients. Score 11 or greater than 11indicates severe depression. This tool has screening efficiency as it relies on affective rather than the physical symptoms (Tito Mendoza 2006). CLIENT’s HEALTH PROBLEMS Studying the case of Mrs. Mabel, it is evident that the three health problems related to her are the inflammation, severe joint pain and cold and cough. Inflammation occurs when the chemicals from the body are released to the site of infection or injury. Mrs. Mabel was found to have inflammation in her lower leg i.e. swelling and persistent pain, possibly due to leakage of fluid into the tissues. Since cold and cough is generally a symptom in every old patient, in case of Mrs. Mabel it is important to treat the joint inflammation first, followed by the pain and eventually the medications for addressing cough and cold. The pain in osteoarthritis is generally caused when the wear and tear of the cartilage, that surrounds the joint, is to a great extent, such that the ligaments and the tendons are completely stretched out, causing pain. The cartilage acts as a shock absorber and also reduces friction in the joints. Lastly, since we know that Mrs. Mabel had been a smoker in the past, the chances of suffering from cold and cough are pretty high. It is therefore necessary to address the inflammation first, so that the pain in that area is comparatively reduced and then give pharmacological or non pharmacological assistance in reducing the pain in other joints as well. To ensure safe and quality care of Mrs. Mabel, these problems should be addressed in accordance with their priorities. The age factor of Mrs. Mabel should also be taken into consideration as many treatment options, even most of the medications, will prove to be harmful for her age. She should be given the support to move along and also be encouraged to participate in daily activities. GOALS The major goals of osteoarthritis treatment include alleviation of pain and restoring the normal functioning of the person. Since Mrs.Mabel has a serious pain issue such that she complains about it frequently and it is hampering her normal being, it is important to address and treat her pain and reduce her discomfort. Another goal should be to restore her normal functioning. As we know that the right leg of Mrs. Mabel is comparatively shorter than the left leg, she faces problem in moving around and needs a constant support to assist her mobility. Therefore, it is important to address the inflammation in her lower leg and prevent its reoccurrence. To address these goals, the patient generally receives both pharmacological and non pharmacological treatment, the former comprising of drugs and NSAIDs, while the latter comprising of therapies and the physical exercises. Surgical interventions have also suggested that if the joints are severely damaged, then the only option available for treatment is the partial or complete replacement of the joint. INTERVENTIONS The first and the foremost goal is to relieve pain and that can be mediated by psychological intervention techniques like providing education through various programs, coping skills training (CST) and cognitive behavioral therapy (CBT). These techniques help in enhancing self efficacy, help in managing stress, reduce helplessness and catastrophizing. Most patients have easy access to the basic medical care but the psychological aspects are generally neglected. The most commonly used educational intervention is the community based Arthritis Self Management Program, which targets the self efficacy skills and helps in management of arthritis symptoms (Catherine Backman 2006). On the other hand, CBT and CST approaches include cognitive and behavioral exercises like guided imagery or relaxation, changing activity patterns, etc. These exercises help in active coping and alleviation of pain in the osteoarthritis’ patients. The second goal is t restore the normal functioning of the joints and this can be achieved by rehabilitation program that helps in motion of the knee and thereby reduces pain also. The patient is advised to do regular exercises including heel prop exercises, prone hang exercises and also the towel extension stretches. These exercises help in knee extension which is opposite and equal to the normal knee. If the patients do not receive any help from this exercise regime then a hyperextension device (Elite Seat, manufactured by the kneebourne Therapeutic) can be used along with other devices that are used for extension purposes (K. Donald Shelbourne 2007). The rehabilitation program also aims in educating the patients about their daily habits and they should change them in order to relieve tension on the knee and relax. Certain aerobic exercises like bike, stair stepping machine or elliptical machines are also the part of the program. The patients are also encouraged to maintain complet e motion so that the non pharmacological approach provides relief that is permanent as compared to the relief obtained via pharmacological drugs and other analgesics (K. Donald Shelbourn 2007). DISCHARGE There are various problems faced by the elderly patients post discharge after getting the treatment for osteoarthritis done. Like in case of Mrs. Mabel, even after getting the surgery for arthritis done, she still complains of persistent pain in her legs. Post discharge issues generally include comorbid physical health problems, depression, and limitation in the functional capacity and improper dietary regulation (T. James 2005). Among all the patients of osteoarthritis, majority of them report persistent pain, even after the surgery. Another issue is the tight check on the weight because osteoarthritis can be severely influenced by obesity and can prove fatal. Next problem or issue faced by the patients post discharge is the intake of medications on a regular basis. Post discharge medications like Acetaminophen and NSAIDs are generally given to the patients. The former is used to reduce pain if taken in prescribed dose and the latter helps in providing relief from swelling and the p ain due to it. Apart from the medications, the doctors generally advise regular physiotherapy exercises that will help in keeping the join in motion and gradually provide the necessary extension to the joints such that the normal functioning is restored. Therefore there are many issues governing the discharge from the hospital. In order to address these issues it important to discuss the problems with the health care specialist first. Older people find it very difficult to cope with the pain and the reduced mobility. They have to keep themselves dependent on various analgesics and the anti inflammatory medicines that help in relieving pain and providing the necessary comfort. In case of Mrs. Mabel she was detected with an inflammation on her lower leg. Likewise, post discharge, there is high risk of inflammation, blood clots and swelling. Even after being treated, the patient may encounter situations of helplessness and depression, which may arise as a result of incapability to part icipate in the routine or daily activities and thereby developing high levels of anxiety. In order to avoid or prevent these issues, the family must take the responsibility of their older loved ones, once they are discharged. Their support, care and continuous monitoring will enable the patients to cope with the prevailing situation and help in quick recovery. CONCLUSION This report gives a detailed description about the symptoms, causes and the crises faced by Mrs. Mabel. It outlines the major interventions and strategies that will her cope with her situation. Techniques like education through various programs, coping skills training (CST) and cognitive behavioral therapy (CBT), work on the psychological aspect of the patient. Along with these the rehabilitation regime also aids in helping the patient by reducing pain and swelling. The major goals of the patient care have also been outlined in this report like the goals of alleviating the pain and restoring the normal functioning of the joints. To summarize, this report is important as it throws light on the condition of the patient and the necessary plan of action that is adopted for the care. It also draws attention towards the post discharge problems, that the patient will face and lists out the strategies that can help and address those issues.

Accounting Principals :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Memo   Ã‚  Ã‚  Ã‚  Ã‚  In any business no matter how big or small financial statements are crucial if achieving success is the ultimate goal. There are three main types of financial statements, they are: Income statement, balance sheet and statement of owner’s equity. All three of these financial statements can be looked upon to see where changes can be made in a company to ensure better success.   Ã‚  Ã‚  Ã‚  Ã‚  The income statement is important because it presents the revenues and expenses allowing a company to see the net income or net loss. It is prepared by simply subtracting the expenses from the revenues.   Ã‚  Ã‚  Ã‚  Ã‚  The balance sheet however is critical in reporting the assets, liabilities and owner’s equity up until a specified date. When preparing this financial statement a company simply takes all of their assets (cash, accounts payable, supplies, equipment etc.) and adds them together to get a total dollar amount for all assets. A company also takes all liabilities and owner's equity and adds them together as well. This enables the company to get a total dollar amount for all liabilities and owner’s equity just as it can with assets.   Ã‚  Ã‚  Ã‚  Ã‚  The statement of owner’s equity is a simple statement that summarizes the changes in owner’s equity for a specified period of time. It is calculated by the simple formula of: Beginning owner’s equity + additional investments + net income - drawings = ending owner’s equity This financial statement allows the company to see if they are increasing, maintaining, or losing owner’s equity.   Ã‚  Ã‚  Ã‚  Ã‚  All three of these financial statements have an interrelationship with one another because each statement uses the numbers from the preceding statement. For instance the statement of owner’s equity could not be determined without the having the income statement. The reason for this is because one must know the net income/net loss for determining owner’s equity. Also the balance sheet could not be formulated without having the statement of owner’s equity because it to is needed when determining total liabilities and owner’s equity within the balance sheet.

Female Education And A Nations Development Education Essay

Female instruction is indispensable for the development of a state. This is chiefly because adult females are involved in all kinds of activities both at a regional degree and at the community degree such as kid bearing and family jobs etc. Hence it is really of import to supply quality instruction to adult females to assist them lend to the development of the state in a meaningful manner. Assorted surveies show that adult females ‘s instruction is really of import in order to better the socio-economic place of their households. It is the inequality in entree to instruction for female pupils that prevents them from obtaining the indispensable instruction necessary for their well being and their household ‘s development. The traditional thought of many societies that adult females are merely supposed to make the family work has contributed mostly to the low degrees of female instruction around the Earth. It is seen nevertheless that the societies that have focused on suppl ying better instruction to adult females have better indexs of societal public assistance. These societies for illustration have lower infant mortality rate apart from that the issue of lower birthrate rates, besides increased life anticipation, improved nutrition and most significantly better chances for their kids. Other factors such as residential position and parent ‘s concern and attitude towards female pupils besides plays an of import function in bettering the educational position of female pupils in any society. Parent ‘s degree of instruction besides has a direct impact on their girl ‘s instruction. The nexus between the female parent and girl is the strongest. Poverty, parent ‘s professional position, deficiency of skilled instructors and deficiency of inducements such as scholarships for adult females, want of parental attention and proper educational policies affect the criterion of female instruction. ( I.A. Adetunde, 2008 ) Therefore Women ‘s instruction is a really of import issue. Womans who are educated can do profound picks in the affair of wellness, nutrition and basic upbringing of a kid. There is great impact on infant mortality wellness, birthrate, productiveness and a kid ‘s academic public presentation if adult females are educated. On 8th March 2004 Laura Bush ( the first lady at that clip ) said on the adult females ‘s twenty-four hours that when a adult females is denied instruction â€Å" you ‘ve denied half of the population the opportunity to win and the opportunity to lend to a society and to a civilization. † she besides said that â€Å" Womans are more likely to be able to do informed pick so that their kids do n't endure from malnutrition or other diseases and guarantee that their kids can have best wellness attention. † In Every civilization, the duty of the upbringing and nourishing of a kid lies in the custodies of the female parent. Due to this duty the adult females ‘s instruction has gained rather an importance globally. Surveies reveal that adult females ‘s instruction has strong deductions on every facet of a kid ‘s upbringing and one of them is the kid ‘s academic public presentation. Children of educated female parents are seen to hold better academic public presentation as compared to kids of less or uneducated female parents. ( Tahir Andrabi, Jishnu Das, Asim Ijaz Khwaja: March 2009 ) Educated female parents can assist their kids throughout their life, but most significantly they can assist their kids in their early yearss of instruction. They try to indulge their kids in more productive educational activities apart from what they study at school. This enhances the kid ‘s educational capablenesss and helps them achieve success. Harmonizing to a survey an extra twelvemonth of station compulsory schooling of a female parent has a positive impact on their kid ‘s academic public presentation i.e. â€Å" female parents who stay in full clip instruction beyond the minimal school go forthing age are more likely to show positive educational attitudes and behaviors such as reading to their kids † . ( Leon Feinstein and Ricardo Sabates: January 2008 ) â€Å" Higher instruction is systematically associated with a higher likeliness of matrimony, whereas less instruction is associated with a higher likeliness of divorce † ( Jennifer March Augustine, 2010 ) . Therefore educated female parents tend to hold more stable relationships and household position. This in bend affects their kids ‘s academic public presentation. Children have a healthy environment to populate in and therefore can concentrate more on their surveies and execute good. The flow of resources such as clip, money and socio-emotional support etc from the female parent to kids is affected by this relationship position. ( Jennifer March Augustine, 2010 ) . Marital and birthrate forms have been seen to alter over the last few decennaries. Womans who are more educated ( college alumnuss ) have been the least likely to acquire married and have kids historically. Today nevertheless, the state of affairs is altering and this matrimony spread is gnawing The returns to marriage hold changed. College educated adult females marry subsequently, do non see matrimony as a â€Å" fiscal security † , have fewer kids and worsening divorce rates since 1970 ‘s as compared to adult females without college grades. These factors help adult females to hold a better and a healthier household life which in bend helps them in their Childs upbringing. The kids of more educated adult females therefore can concentrate more on their surveies as they have a healthier environment to analyze in and so they perform good ( Adam Isen Feb. 2010 ) . A Mothers instruction influences a kid largely during the kid ‘s early old ages of instruction ( primary instruction ) . Educated female parents make their kids pass more clip in out-of-door activities, reading etc and are concerned about their kid ‘s advancement at school and have outlooks of the kid ‘s future educational accomplishments.This encourages the kid to concentrate more on h is surveies and enhances his capablenesss. ( Leon Feinstein and Ricardo Sabates: January 2008 ) . Furthermore there are significant intergenerational returns to instruction. An extra twelvemonth of a female parent ‘s schooling makes a positive part to the Childs academic public presentation. It increases the Childs public presentation on a standardised math trial by about 0.1 of a standard divergence and reduces the incidence of behavioral jobs particularly for kids aged 7-8.There are assorted channels that transmit the consequence of maternal instruction to the kid, including parental investings throughout different phases of a Childs life and household environment. Educated adult females tend to hold a healthier place environment with better and more stable household lives which so contribute to their Childs educational excellence. Maternal instruction besides reduces grade repeat and the incidence of behavioral jobs. Educated female parents fundamentally avoid early childbirth, are more likely to be married to educated work forces and tend to hold higher incomes. Thus th ey can lend in several ways to their Childs instruction for illustration through books, affecting them in extracurricular activities or purchasing them a computing machine. This extra investing pays off in the signifier of improved child public presentation in all academic facets of his life. Even if educated female parents work more they do non pretermit their kids as they are cognizant of the negative effects of making so ( Pedro Carneiro, Sep 2007 ) . Besides educated female parents tend to pass more clip with their kids and their kids tend to pass more clip analyzing outside school therefore there is a strong impact of maternal instruction on their kid ‘s trial tonss. ( Tahir Andrabi, Jishnu Das and Asim Ijaz Khwaja, March 2009 ) . Educated female parents bring in more encouragement and ability for their kids to win in life. Children of educated female parents are normally more confident, free from anxiousnesss, ambitious, self reliant and more focussed. It is seen that an addition in female parent ‘s instruction leads to an addition in the pupils ‘ accomplishment at school.Those female parents who stayed on in instruction instead than merely holding the basic primary instruction can assist their kids in a better manner. A direct relationship is seen between a female parent ‘s instruction degree and their kid ‘s academic public presentation. ( Azra Parveen & A ; Muhammad Tayyab Alam 2008 ) . Traditionally it has been thought that an addition in investing in adult females ‘s schooling wages off in the signifier of increased schooling of the following coevals. Some writers have a different position nevertheless. Harmonizing to them the positive relationship between mother-child schooling can non wholly be considered true as it is slightly colored upward due to the correlativities between schooling and assortative coupling and heritable â€Å" ability † . The other surveies, they argue have non considered these factors and therefore reason demoing a positive relationship between mother-child schooling and instruction. â€Å" An addition in the schooling of adult females does non hold good effects in footings of the schooling of kids † ( Jere R. Behrman and Mark R. Rosenzweig, 2002 ) . Increases maternal schooling and instruction alternatively makes the female parents concentrate less on their places, household and specifically their kids. It is emphasize d that the clip of the adult females is an indispensable factor in childbirth and therefore adult females should concentrate more on their households and non on instruction. This, they argue will take to a better academic hereafter for their kid. Better schooling of the female parent nevertheless can better a Childs wellness in certain state of affairss. Basically the consequence of puting in adult females ‘s schooling requires attending to the function played by schooling in the labour and matrimony market for adult females. ( Jere R. Behrman and Mark R. Rosenzweig, 2002 ) Literacy position of female parents besides strongly affects the wellness and nutritionary province of their kids therefore literate female parents can take better attention of their kid ‘s wellness and protect them against several diseases. With illiterate female parents nevertheless there are opportunities of kids developing malnutrition particularly kids less than three old ages of age who are scraggy. Malnutrition negatively affects the kid ‘s academic public presentation. An educated female parent takes better attention of their Childs wellness and therefore their kid is more successful throughout his life. Although there is a positive correlativity between a female parent ‘s instruction and their Childs wellness some surveies reveal that there is barely any important consequence of a female parent ‘s instruction on Childs wellness if female parents have got merely primary instruction. Further it has been found that the first three old ages of female pare nt ‘s instruction has no impact on the Childs wellness. The impact is seen after the first three old ages and the consequence is non additive in instruction. After 4 to 6 old ages of instruction, the magnitude of this consequence becomes little but so once more picks up after 1 old ages of instruction. ( Meherun Ahmed May 2009 ) . However, some bookmans do non wholly back up the correlativity that there is a strong causal relationship between maternal instruction and child wellness. Harmonizing to them this nexus has barely been analyzed decently utilizing the most appropriate statistical theoretical accounts. They are utilizing the community-level fixed-effects theoretical accounts and therefore reason â€Å" maternal instruction may be a placeholder for the socioeconomic position of the family every bit good as for features of the community of abode † . Therefore harmonizing to them there is a possibility that the positive relationship between maternal instruction and child wellness may be untrue. By commanding for a few socioeconomic variables the maternal education/child wellness nexus is seen to be weak. Three markers of kid wellness viz. infant mortality, immunisation position and kids ‘s height-for-age have been examined. Maternal instruction has a important impact on height-for-age and inf ant mortality in merely a few states around the universe. However on the other manus maternal instruction has a strong positive consequence on kids ‘s immunisation position in about half of the states of the universe even after implementing the community and single degree controls. ( SONALDE DESAI AND SOUMYA ALVA, 1998 ) Harmonizing to another survey, educated parents tend to hold educated kids. The writer focused on analyzing whether the intergenerational transmittal of human capital is more behavioral ( raising ) or innate ( nature ) . The information collected helped in dividing familial from environmental parental influences. Consequences of the analysis emphasised that the raising constituent is more of import for both parents ( female parent and male parent ) .The instruction of the most educated female grownup in a family has a strong positive consequence on the schooling of the kids in that family. This holds true for a Childs biological parents and for the parents of an adopted kid. It can be said that the more the female parent is educated, the better the Childs academic public presentation. When male childs and misss are analysed individually it is seen that if the raising constituent is isolated, the male parents education affairs more for male childs whereas a female parents instruction affairs more for misss. The positive effects of the instruction of the adoptive parents are merely seen for kids related to the caput of their new families ( Damien de Walque, 2005 ) .Research UndertakingLiterature ReviewByAsna ShahidSection G07U0469Submitted toAnam TahirLahore School of Economics

Alzheimer’s Disease – Essay 2

Alzheimer's Disease Joy Pachowicz PSY 350 Professor Alina Sheppe Perez May 15, 201 Introduction Alzheimer's disease, despite being so widespread, is not really considered part of the aging process. According to Robert Feldman, author of the textbook, â€Å"Understanding Psychology†, only 19% of people who are ages 75 to 84 suffer from this disease. It is only once they pass the age of 85, that the elderly need to be more concerned about the possibility of developing Alzheimer's disease. ( Feldman, p. 446) Fifty percent of all people over 85 years of age suffer from Alzheimer's disease and researchers believe that if no cure for the disease is found by the year 2050; there will be 14 million people affected by this disease. (Feldman, p. 446) What is Alzheimer's disease and how is it diagnosed? What are its symptoms and who are most likely to develop this disease? The purpose of this paper is to explore what Alzheimer's disease is and offer some suggestions of how to approach it in the future. What is Alzheimer's Disease? According to the Alzheimer's Foundation of America, Alzheimer's Disease is a â€Å"progressive, degenerative disorder that attacks the brain's nerve cells, or neurons, resulting in the loss of memory, thinking, language skills, and behavioral changes† (www. alzfdn. org) With Alzheimer's disease, neuron cells are destroyed in the hippocampus, and this is what sparks the loss of short term memory; and as neuron cells die in the cerebral cortex, so too the functionality of language and clear thinking sees a marked decline in the person who has developed Alzheimer's disease (www. lzfdn. org) With Alzheimer's disease, there is diminished production of the neurotransmitter, acetylcholine. Acetylcholine is a neurotransmitter that is very much involved with our ability to memorize and retain information; so, if there is a decrease in Acetylcholine; our memory's ability to function suffers greatly. (Feldman, p. 66) Symptoms of Alzheimer's Disease How does one know to even consult with a specialist or seek out one's physician regarding Alzheimer's disease? There are some telltale symptoms that set up red flags of warning. If you see any of these symptoms, please see a physician to determine if you have Alzheimer's disease: 1. Memory Loss that disrupts Daily Life 2. Difficulties in planning events or solving problems 3. Difficulties performing familiar tasks or household work 4. Confusion with time or place. 5. Troubles interpreting visual images and spacial relationships 6. Problems with forming words or with communicating Losing items and not being able to remember what one recently did. 7. Failing and poor judgement 8. Withdrawal from work or social activities 9. Changes in Mood or Behavioral ( www. lz. org) Now just because you may have one or all these doesn't necessarily mean you have Alzheimer's disease. Time is very much a key element in acting on these symptoms. If these symptoms persist over a long period of time; then it's time to have a professional evaluation of the symptoms. . Diagnosing Alzheimer's Disease According to the Alzheimer's Association, there are several steps to take when try ing to diagnose Alzheimer's disease. First, one must consult with his/her medical doctor. When going, it’s important to take a copy of one's whole medical history. While at the consultation, one can be given a mental status test. Along with this test, a physical and neurological exam should be given. Blood tests should be taken to rule out other possible causes of memory loss. (www. alz. org) The specialists one could see to determine whether one is suffering from Alzheimer's disease and not some other illness are: Psychologists, Neurologists and Psychiatrist. (www. alz. org) Stages of Alzheimer’s Disease As with other diseases, Alzheimer’s has varying stages it progresses through as it develops in the body and affects the brain. The first stage consists of the mere manifestation of the symptoms of Alzheimer’s disease, which we have already listed: memory problems, difficulty forming words, forgetfulness etc. ( www. nia. nih. gov) The next stage would be what doctors would label the mild stage of Alzheimer’s disease. During this stage, cognitive abilities are more impaired. There are difficulties with handling money or paying bills. Repeating things over and over again begin to be notice. (www. nia. nih. gov) The mild stage gives way to the moderate stage of Alzheimer’s disease. New symptoms appear and older ones worsen. Memory continues to decline in this stage. In this stage it becomes more and more difficult to recognize family and friends. In the moderate stage of Alzheimer’s disease there are hallucinations and paranoia. It’s more difficult to get dressed, wash and perform simple task. ( www. nia. nih. gov) The final stage of Alzheimer’s disease is the severe stage. People with severe Alzheimer’s disease spend most their time in bed, sleeping. Their body shuts down. ( www. nia. nih. gov) Treating Alzheimer’s disease Since Alzheimer’s disease is caused by a plaque buildup in the synapse that prevents the communication of neurons, one to another; researchers have found a way to allow these neurons to communicate despite this buildup. Donepezil is one such drug that has been released for the treatment of Alzheimer’s disease. Another name for this drug is Aricept. What Aricept does is increases the memory’s capacity. ( Feldman, p. 229) There are other drugs being tested; but, right now the most popular treatment for Alzheimer’s disease is the use of Aricept. In the News Researchers of Banner Sun Health Research Institute have been studying the relationship that copper and cholesterol have to Alzheimer’s disease. They believe that dementia is caused by tangles and plaque in the brain. Copper has been implicated in the increased progression of Alzheimer’s disease in those who have the disease. Cholesterol, which is a major cause of plaque buildup in other parts of the body, therefore, it can be a contributing cause of plaque buildup in the brain. (redorbit. com) â€Å"In the BSHRI study, Sparks and his team performed a pilot study of long-term dietary cholesterol in four groups of rabbits. One group was administered normal food and water and three groups were administered increasing levels of a cholesterol diet for five months. Significantly, plasma levels of tau increased by 40 to 50 percent in each of the cholesterol-fed animal groups after five months of the experimental diet† (redorbit. com) In another research program being conducted by scientists through the USF Health Byrd Alzheimer’s Institute, Indiana University and Florida’s Alzheimer’s Disease Research Center; a certain protein: beta amyloid was singled out to be the cause of neurons malfunctioning that causes memory oss which is associated with Alzheimer’s Disease. (redorbit. com) â€Å"By identifying a brand new and extremely important target of the amyloid protein's toxicity, we can develop drugs for Alzheimer's disease that may protect the motors from inhibition and allow the brain to regenerate properly,† said principal investigator Huntington Potter, PhD, a prof essor of Molecular Medicine who holds the Pfeiffer Endowed Chair for Alzheimer's Disease Research. † (redorbit. com) Coping with Alzheimer’s disease â€Å"There are many ways to fight the adverse symptoms of Alzheimer’s disease. Below are some ways a person can cope with Alzheimer’s disease: †¢ Keep a notebook handy to record important numbers, appointments and dates. †¢ Use sticky note to help remember things of importance †¢ Keep important phone numbers next to telephone (in large print) †¢ Have a contact who will call to remind of meal times, appointments or other. †¢ Use a calendar to keep track of the day of week. †¢ Keep photos of important people around; have names of who these important people are somewhere on the picture. †¢ When going out always have another person to go along, to avoid getting lost. For Care Providers †¢ â€Å"Providing a healthy lifestyle is a must. Good nutrition, exercise and appropriate social interactions all help to develop a healthy environment for the Alzheimer’s patient. †¢ Have a planned daily routine .. so that Alzheimer’s patient can develop a sense of accomplishment and value. †¢ Choose proper tim es for activities. Many times night time is not a good time for Alzheimer’s patients. †¢ Encourage independence with the Alzheimer’s patient, let them do for themselves as much as possible. †¢ Speak slowly and calmly †¢ Make eye contact. Give simple instructions â€Å" (webmd. com) Conclusion Alzheimer’s disease is a widely spread disease that affects a great number of elderly people worldwide. While it is frequently associated with old age; it is not considered part of the aging process. Recent studies provided some hopeful ways to help stop the spread of Alzheimer’s disease, and also provided warnings of what can happen if a cure to Alzheimer’s disease is not found.. While a person may show many symptoms of Alzheimer’s disease, only a medical doctor can confirm whether Alzheimer’s disease is present. Through various tests, doctors rule out other possible diseases before focusing on Alzheimer’s disease. Alzheimer’s disease has many stages and faces and the best approach is to arrest it while it’s in its early stages. Once Alzheimer’s settles in and brain cells start dying, the only thing left to do is to accommodate the limitations that come with the disease. Educating oneself about Alzheimer’s disease is a must for everyone. More than likely, every one of us will come face to face with it in one fashion or another. We will either be taking care of someone who has it; or, we will develop it ourselves. Alzheimer’s disease affects both the patient and those around him/her. Take time to become knowledgeable of this disease, id worth the effort. . References Alzheimer’s Disease: Special Tips for Maintaining a Normal life. Retrieved From. http://www. webmd. com/alzheimers/caregivers-09/memory-tips Coping With Alzheimer’s: Special Instructions for Care Providers. Retrieved From http://www. webmd. com/alzheimers/caregivers-09/caregivers-tips Feldman. R. F. (2008). Understanding Psychology. (8th Edition). NYC. New York. McGraw/Hill. National Institute On Aging. Care giver Guide. Retrieved from. http://www. nia. nih. gov/Alzheimers/Publications/caregiverguide. htm National Institute on Aging. Tips for Care Givers. Retrieved from. http://www. nia. nih. gov/nia. nih. gov Researchers Find Further Evidence Linking Alzheimer's Disease to Copper and Cholesterol Retrieved from. http://www. redorbit. com/news/health/2046137/banner_sun_health_research_institute_res earchers_find_further_evidence_linking/index. html

Leadership portrated in the movie, Crimson Tide.

Leadership portrated in the movie, Crimson Tide. Introduction.Set in Archbury Airfield, England, during World War II, "Twelve O'Clock High" is full of engaging individuals whose character development reveal insights into the different approaches to leadership and their resultant effectiveness. The movie centralizes on the American 918th Bomber Group, a flight crew suffering from low-moral, dismal performance and "hard luck" after several unsuccessful flight missions. However, their luck drastically changes under the leadership of a dedicated, relentless general bent on boosting the crew's morale and performance though self-actualization, motivation and pride.Many characters in this report display exemplary leadership qualities, but also highlight poor elements of leadership whose contrast sheds light on what truly makes an effective leader. Keith Davenport is the compassionate general and comrade to the 918th flight crew, who, after several mission mishaps with high crew and aircraft losses, is replaced by General Frank Savage. Sav age is a disciplined hard-ass who whips the flight crew into shape by introducing discipline, direction and structure within the 918 flight crew.They Don't Know (Savage song)Through it all, Major General Pritchard, the 'higher-up' in charge of delegating authority, reveals snapshots of leadership that his role plays towards the eventual success of the 918 flight crew.This report will highlight and compare these character's roles and approaches to leading the 918th crew towards self-actualization, success and excellence. Namely, this report will emphasize the four crucial elements of being a good leader that they display throughout the course of the movie: taking charge, maintaining strategic vision, communications and teamwork, and personal integrity. These components of leadership will be discussed in detail with supporting examples to reveal more insight into the crucial elements that make up a good leader.Taking Charge.An effective leader possesses the will, desire and the know-h ow of how to take charge in any situation. Prime examples...

The Atomic Bomb in World War 2 essays

The Atomic Bomb in World War 2 essays Atomic Bombing: Americas Only Choice It was discovered at the University of Chicago that neutrons striking the element uranium caused the atoms to split apart. The discovery, based on Einsteins E=mc2 theory that mass has the potential to unleash great amounts of raw energy, showed that among the pieces of a split atom were newly produced neutrons. These might encounter other uranium nuclei, cause them to split, and start a chain reaction. If the chain reaction were limited to a moderate pace, a new source of energy could be the result. The chain reaction could release energy rapidly and with explosive force. Albert Einstein informed President Roosevelt about the possibility of the Germans making an atomic bomb. In late 1939 President Roosevelt ordered an American effort to make an atomic bomb before the Germans. This project to produce the atomic bomb was named the Manhattan Project. Industrial and research activities took place at such sites as Los Alamos, New Mexico; Oak Ridge, Tennessee; and Hanford, Washington. J. Robert Oppenheimer, known as the father of the bomb, led the Manhattan Project: he directed the design and building of the bomb from 1943 to 1945. The first atomic bomb was successfully exploded on July 16, 1945, near Alamogordo, New Mexico. There was a debate over whether dropping the remaining two bombs (Little Boy and Fat Man) could be avoided. Many people offered alternatives they saw as more morally justifiable. One alternative was an invasion of the Japan mainland, but most Americans wanted to avoid this option at all costs, since it involved the loss of a predicted one million American lives, as well as huge numbers of Japanese. It has also been argued that a demonstration could have been held for Japanese officials on an uninhabited island. This, if it had worked, would have spared Hiroshima and Nagasaki devastation while still revealing the atom bomb's fantastic power to the Japanese. ...

Definition and Examples of Vowels in English

Definition and Examples of Vowels in English Written English has a 26-letter alphabet. Of the 26, 20 are proper consonants, five are proper vowels, and one, the letter Y, can either be either a consonant or a vowel depending on usage. The proper vowels are A, E, I, O, and U. Coming from the Latin word for voice, vowels are the part of speech that is created by the relatively free passage of breath through the larynx and the mouth. When the mouth is obstructed during speech production- most often by the tongue or teeth- the resulting sound is a consonant. One Vowel, Many Pronunciations Vowels comprise the  principal sounds of syllables and form a major category of phonemes which are the distinct sets of sounds that allow a listener to distinguish one word from another  in speech.  Standard spoken English  has approximately 20 distinct vowel sounds, although regional dialectal variations account for more. As you can imagine, with each one potentially symbolizing multiple sounds on any written page, vowels letters are kept busy. How a vowel is pronounced in English depends very much on who is pronouncing it and where they hail from. There are currently as many as 160 distinct English-language dialects worldwide. For example, Standard American English has fewer vowel distinctions than Standard Southern British English, so while a Londoner from Mayfair would likely pronounce the words merry, marry, and Mary in three distinctly different ways, for the majority of Americans all three sound pretty much the same. With 29, England has the largest number of distinct dialects, and that doesnt even take dialects from Wales, Scotland, Northern Ireland, The Isle of Man, or the Channel Islands into account. The United States has 27 recorded dialects; India clocks in at 14 distinct dialects, followed closely by Ireland with 13, and Australia with 9. Long and Short Vowels In the English language, each of the vowels can be pronounced more than one way, but the two most common variations are long pronunciation and short pronunciation. These variations are often represented by typographical signs: a curved  symbol  above a vowel represents short pronunciation: ÄÆ', Ä•, Ä ­, Ã… , Ã… ­, while long  pronunciation  has by a horizontal line above the  vowel: Ä , Ä“, Ä «, Ã… , Ã… «. Vowels that have long pronunciations are most often modified by a secondary vowel thats generally silent. In words such as late or tune, the letter e is added to modify the main vowel sound, while in words such as goat or beat, the modifying vowel is the letter a, and in words such as night, knight, flight, and right, the long vowel i is modified by the letters gh. Fast Facts: Examples of Short and Long Vowel Pronunciation The Letter A- Short pronunciation: My hat sat on the mat. (hÄÆ't, sÄÆ't, mÄÆ't); Long Pronunciation: He ate the date on my plate. (Ä te, dÄ te, plÄ te)The Letter E- Short pronunciation: She let her pet get wet. (lÄ•t, pÄ•t, gÄ•t, wÄ•t); Long Pronunciation: His feet beat a neat retreat. (fÄ“et, bÄ“at, nÄ“at, rÄ“trÄ“at)The Letter I- Short pronunciation: Spit out that pit and I quit! (spÄ ­t, pÄ ­t, quÄ ­t); Long Pronunciation: The site of the bite from the mite was red. (sÄ «te, bÄ «te, mÄ «te.)The Letter O- Short pronunciation: That spot on the pots got rot. (spÃ… t, pÃ… t, gÃ… t, rÃ… t); Long Pronunciation: I wrote the quote on the note. (wrÃ… te, quÃ… te, nÃ… te)The Letter U- Short pronunciation: He cut the nut with a knife from his hut. (nut, cut, hut); Long Pronunciation: The mute on his lute was acute. (lÃ… «te, mÃ… «te, acÃ… «te) Vowel Pronunciation Rulebreakers While long and short are the most common vowel pronunciations, many words with vowel combinations do not follow these rules. For example, doubling the o in the word moon produces a long u (Ã… «) sound, while the y in duty not only modifies the u to an ew sound but rather than being silent, is pronounced as its own syllable with a long e (Ä“) sound. Words that must be pronounced on a case by case basis- such as aardvark, height, and diet- can be even more confusing for those first learning English. Using Phonetics to Pronounce Vowels Correctly As challenging as it may be to learn every correct vowel pronunciation with so many rules and exceptions, theres actually a fairly easy-to-learn system that can help to guide you. Phonetics is the branch of  linguistics  that deals with how  speech  is produced and offers a system of written symbols that represents each component sound in a language. Learning phonetics is an extra step in knowing how to pronounce words correctly but its not difficult and the results can be well worth the effort. In fact, actors often use phonetics to break words down into component sounds when they are required to speak in a dialect or accent that is not a reflection of their native voice.

Future of American Transportation Policy Essay Example | Topics and Well Written Essays - 1250 words

Future of American Transportation Policy - Essay Example Transport is very important for any society to flourish, and in advanced countries like America, the demand for automated or motorized mobility has evolved and increased significantly since the 1970's. Due to the fact that the transport sector is highly dependent on carbon fuels, it is expected to account for a large portion greenhouse gas emitted into the air in developed countries like the U.S.A. in the future, and contribute greatly to global climate change. However, about 70% of world population lives in developing regions, where per capita travel demand is currently low. Future trends in mobility-both passenger and freight-in these regions will be of critical importance for the world's fuel supply and carbon dioxide (CO2) emissions over the 21st century. Many previous studies dealing with travel demand have tended to focus on a very detailed level and short time horizon, and are therefore of limited use for examining the long-term issues outlined above. This paper will also analyse the future demand for motorized transportation. Since the 1980's, when the Just-In-Time (JIT) practices were popularised, the companies have strived to decrease inventory levels and increase overall production costs. The JIT programs have had a good effect on service and production processes, and this success has also caused some changes in the transportation industry. Since Transport is often an activity that is induced either by production activities or by socio-cultural functions, it can be assessed within these categories, and it can also be assessed as a separate system. The demand for transport involves more than moving people and freight across certain distances; it also has to do with speed. For example, looking through history, the amount of time that people are willing to devote to travelling seems to be rather constant, across various world regions, and these days, the distances covered continue to increase, while the total amount of time spent on these distances remains constant, because of increased speed brought about by switching to faster means of transport.In all honesty, most people in the richer countries of the world would agree that we do enjoy our transportation systems. Our transport systems enable us to travel exactly when we want to, usually from door to door, whether we want to travel alone or with our family and friends, and we want to travel with our baggage or not. We get our goods delivered routinely by the freight distribution network, which supports our lifestyle, and satisfies our delivery needs, so why should we worry about the future of the transportation network and how the energy that drives our transportation might possibly be affecting our environment The reason is that the size of these transportation systems, and their seemingly relentless growth cannot be overlooked.These systems consume fuels that are petroleum-based, like gasoline and diesel, on a very large scale. During combustion, the carbon that these fuels contain is oxidized to the greenhouse gas carbon dioxide, due to the fact that they are used so massively, the amount of carbon dioxide that gets

Small Business Planning and Entrepreneurship Essay

Small Business Planning and Entrepreneurship - Essay Example Thus, the entrepreneurial mindset add value in the business environment through turning problems into opportunities where the common mindset may not perceive any solution to such problems, considering that if the solutions to the problem were obvious, then, the problems would already have been resolved (Gerber, 2012:n.p.). The GET results indicate that an individual scoring highly in the need for achievement criteria as forward thinking, optimistic, self sufficient and results oriented. In this respect, this entrepreneurial mindset is essential to add value to the business environment, through establishing and sustaining a positive attitude regardless of the challenges that might be faced by the business (Whiteman, 2003:77). The concept of optimism means that the entrepreneur still keeps a positive attitude even when there are numerous negative voices that say it cannot be done. While a common mindset will yield to pessimism and give up on trying, the entrepreneurial mindset is unrelenting and keeps forging ahead with seeking solutions for the existing problems (Anders & Lois 2005:33). Therefore, as opposed to a business owner or a manager, creating a business for an entrepreneur is like writing a book, considering that for an entrepreneur, the business created is not merely a business, but something that has a meaning, and which drives the entrepreneur to continue pursuing the vision, even when it is apparent that there are high risks for the business failure (Gerber, 2012:n.p.). According to the Schumpeter’s innovation theory of entrepreneurship, an entrepreneur is that individual who perceives the opportunity to innovate, thus taking a different path from the normal path trodden by the society, in meeting the same societal need (McCraw, 2007:72). The entrepreneur will chart entirely new paths through which the problems within the

A banana Essay Example | Topics and Well Written Essays - 500 words

A banana - Essay Example Bananas come from the â€Å"genus Musa of the family Musaceae† (â€Å"banana†), and the seedless, edible ones come from the â€Å"species M. acuminata Colla or the hybrid M. X paradisiaca L.† (Morton 30). The different species of banana provide a clue to the fruit’s geographical origins, which is usually found in countries with tropical climates like Brazil, India, and Indonesia. Having various hybrids, meanwhile, further expands the fruit’s varieties and ensures continuous cultivation and propagation. Bananas are classified into major groups, such as Sucrier and Gros Michel, the Cavendish subgroup, and other cultivars (Morton 35). Mostly found in Colombia, the Philippines, and Burma, bananas from the Sucrier group are small in size, mostly sweet, and covered in thin skin (Morton 35). Due to their size and taste, bananas from this group are readily consumable and incorporated in dessert recipes. The Gros Michel group produces bananas that are larger from the ones in Sucrier group, yellow in color, and usually found in South America, Central Africa, and the Caribbean (Morton 36). The Cavendish subgroup, meanwhile, includes the Giant Cavendish, Dwarf Cavendish, and Bungulan (Morton 37). Medium-sized, thin-skinned, and delicate, the Dwarf Cavendish is usually found in China, East Africa, and South Africa. The Giant Cavendish is larger than Dwarf Cavendish, and closely resembles the Gros Michel (Morton 37). Riping unevenly during winter and prone to storage spoilage, Bungulan is mostl y used for cooking in Jamaica (Morton 38). Banana uses for food are as diverse as its varieties and hybrids. Eaten raw, a banana is peeled, sliced, or mixed with other fruits. Bursts of sweetness and undertones of tanginess are released from biting the soft, starchy flesh of a banana. Broiled or baked ripe bananas can be served with peanuts and brown sugar (Morton 41). When added in dessert recipes, a banana’s flavor and mushy

Intro to Relat Dbase Mgt Syst week1 Essay Example | Topics and Well Written Essays - 250 words

Intro to Relat Dbase Mgt Syst week1 - Essay Example These include entities such as students, lecturers, courses, lecture halls, faculties and perhaps dormitories. For this project the key entities under consideration are the students, instructors, and courses. Therefore, it is logical that the first tables to be identified be Students, Instructors, and Courses tables. These are the tables in the 1st Normal Form. These key tables contain attributes that describe the entities they represent. However, the design follows two more tables that do not represent any key attributes that are initially identified. Relative Database Design makes use of relationships that are implemented using foreign keys that originate from parent tables. This process; therefore, proves challenging to implement while still exercising referential integrity. The two extra tables make the design practical since separation of the key entities is paramount (Churcher, 2012). Modification of a key entity does not affect the other key entities. These two tables are Students Allocation table and Instructor Allocation tables. Their attributes contain foreign keys for Students and Instructor tables, and they represent the action of ‘allocating’, which becomes

Poem Imagery Essay Example | Topics and Well Written Essays - 500 words

Poem Imagery - Essay Example By personifying nature as a "crowd" the poet is escaping his solitude. The poet goes on to give human characteristics to the daffodils by describing them as "dancing in the breeze". The following lines give the reader the sense that the poet is going even further into his curing of loneliness by personifying nature as he assimilates the daffodils with stars"continuous as the stars that shine". He was just comparing himself to a cloud and a few lines later, the poet compares the daffodils to stars, also a celestial object. He is identifying with the daffodils. His personification of the daffodils continues in the line "tossing their heads in sprightly dance". By giving the daffodils human characteristics, he is able to find comfort in their presence thus emphasizing his loneliness from the beginning, even more so. In hindsight, he is claiming to not have realized the beauty or the importance of this moment in time as he goes on to say"I gazed- and gazed but -little thought, What wealth the show to me had brought". He continues with this tense of remembering by saying "for off when on my couch I lie, in vacant or in pensive mood, they flash upon that inward eye, that is the bliss of solitude".

Two articles summary ( one page for each) Article

Two articles summary ( one page for each) - Article Example He gives the example of the episode, â€Å"A Streetcar Named Marge.† The episode uses allusions to A Streetcar Named Desire, Ayn Rand, The Great Escape, and Hitchcock’s The Birds. Matheson argues that these allusions are not for satire, but to capture deep meanings and to connect them to the story and the characters. These allusions are successful in keeping the humor tight and meaningful in The Simpsons. Apart from quotationalism, hyper-ironism shows the bleak humor of the show. Matheson asserts that modern society has â€Å"a pervasive crisis of authority,† which the show also describes through its undercutting of moral positions, including its own cynicism. He says that hyper-ironism is present in how The Simpsons attacks itself for its lack of strong and clear moral values and direction. Matheson argues that The Simpsons is funny because of its combination of quotationalism and hyper-ironism that see the society as it is, filled with cold and lost people tryi ng to hang on to traditional values while adapting new ones. Walter Benjamin provides a general history of the evolution of art. He asserts that changes in the economic structure have created changes in art. Like the economic structure, art is losing its essence, or â€Å"aura,† the inner force that comes from art’s uniqueness. He argues that mechanical reproduction has destroyed art by reinforcing oppressive socioeconomic systems. Benjamin explores the loss of art in the modern mechanical age. His first main point is that technology removes the purity of art. Technology makes art reproducible or mass-produced, which destroys art’s aura. Aura is lost in mass production because authenticity cannot be reproduced as it leads to the lost authority of the original maker. His second point is that art is as oppressive as the economic structure. Art is oppressive because it puts the masses in their controlled position, as they consume symbols and images that protect

Poem Imagery Essay Example | Topics and Well Written Essays - 500 words

Poem Imagery - Essay Example By personifying nature as a "crowd" the poet is escaping his solitude. The poet goes on to give human characteristics to the daffodils by describing them as "dancing in the breeze". The following lines give the reader the sense that the poet is going even further into his curing of loneliness by personifying nature as he assimilates the daffodils with stars"continuous as the stars that shine". He was just comparing himself to a cloud and a few lines later, the poet compares the daffodils to stars, also a celestial object. He is identifying with the daffodils. His personification of the daffodils continues in the line "tossing their heads in sprightly dance". By giving the daffodils human characteristics, he is able to find comfort in their presence thus emphasizing his loneliness from the beginning, even more so. In hindsight, he is claiming to not have realized the beauty or the importance of this moment in time as he goes on to say"I gazed- and gazed but -little thought, What wealth the show to me had brought". He continues with this tense of remembering by saying "for off when on my couch I lie, in vacant or in pensive mood, they flash upon that inward eye, that is the bliss of solitude".

Personalisation in Health and Social Care Essay Example for Free

Personalisation in Health and Social Care Essay Autism affects around 1 in 100 people, it affects how they communicate and how they see the world around them. The condition affects people in different ways some may live a fairly independent life, others may have accompany learning disabilities and need more specialist care. Autism is a lifelong developmental disability and affects how they see the world around them. People with Autism have said that the world around them can feel like a mass of people, places and events, which they struggle to make sense of. They also find it hard relating to people, understanding them and taking part in everyday family life and social events. People with Autism have difficulties with the following; social communication, social interaction and social imagination, these are known as the ‘triad of impairments’. The difficulties these cause in people’s lives include finding it difficult to form friendships, understanding and interoperating people’s feelings and actions, understanding danger, coping with changes and new or unfamiliar situations. The main problems with communication that people with autism have, are taking what people say literally, understanding jokes and sarcasm and people’s body language and facial expressions, it is important to speak in a clear and consistent way to enable people with Autism time to process what has been said. The characteristics of people with Autism may vary, but the main ones consist of love of routine, if their routines are changed or disrupted it can cause upset and agitation although if they are given enough time and explanation it may be more comfortable for them. Sensory sensitivity, this can occur in one or more of the senses, it can be hypersensitivity or hypo-sensitivity. Special interests, this can be intense interests from an early age and can be anything from art, music, maths or computers. Learning disability, this can affect all areas of a person’s life which involves learning for example; how people learn at school to learning daily living skills. An early diagnosis by a health professional will make a difference because with the right help and support a person with Autism will make good progress. ASPERGER SYNDROME Asperger syndrome is a form of Autism and has all of the characteristics and difficulties as Autism although is not accompanied with a learning disability, but may have specific learning difficulties. These may include dyslexia, dyspraxia, ADHD or epilepsy. People with Asperger syndrome have a big love of routine, they may have rules and ritiuals which they must live by to make sense of their world. Children may line things up, collect and organise things and can be very repetitive. Their special interests can be very intense and sometimes obsessive, they have a big focus on learning and with the correct help and support can do well with studying in their chosen interest. Unlike Autism, Asperger syndrome is harder to diagnose due to the wide variety of symptoms and may not be recognised until adulthood. Some people find the diagnoses unhelpful as it is an unwanted label although for others it is helpful to be able to seek help and support to manage needs and behaviours. Asberger synd rome is quite often known as the ‘hidden disability and there is no cure.

Strategic Analysis of Manchester United

Strategic Analysis of Manchester United The Football Industry The Barclays Premier League The aim of this report is to undertake a detailed strategic analysis of the Manchester United F.C. with regard to its resource capability and competitive positioning, the organisations strategic fit with its environment and its management style with an emphasis on the cultural context of its strategy together (stakeholder expectations). To this end the mission, vision, goals and strategies of the Club will be taken into consideration while strategically evaluating and interpreting its management at business (competitive advantage) and functional (customer value) level. A variety of strategic analysis tools are going to be used in order to wholly evaluate both internal and external implications on the environment the Club operates within. These will primarily include SWOT and PEST analysis, Porters four corners analysis, and Value chain analysis. Market Environment Analysis Brief analysis of the market English football, and the FA Premier League (FAPL) in particular, is today a bigger business than it has ever been, generating record revenues both within its stadia and through the rising value of its broadcast rights. The game is on TV in more countries than ever before and watched by an increasing number of passionate fans all around the world. Despite the rising cost of attendance, football grounds are as full as they have ever been and FAPL matchday revenues have doubled in just eight years. But broadcast rights fees are expected soon to account for a majority share of income and younger consumers appear not to be inheriting the club ties that older fans were born into. Mintels research shows that footballs appeal to brands lies in its continued ability to reach mass mainstream audiences rather than in the value of its core audience, which is largely apathetic towards sponsors and their products (over half of fans claim not to pay attention to who sponsors what, while just 16% say the brand that sponsors their club matters to them). Football is well insulated against recession by the multi-year nature of its media and commercial agreements and by the fact that up to half of all seats are paid for before a ball is kicked through season ticket sales. However, the experience of the 1980s recession (where between 1978 and 1984 average attendances in the top flight collapsed from over 28,000 to under 19,000) shows that attendance is vulnerable in a downturn, so that matchday revenues in the 2009/10 season could be at risk. Barclays Premier League Roles and Objectives The mission of the Premier League is to effectively Manage, continually improve and be regarded as the worlds best league football competition and in this way Generate increased commercial value, using the resulting revenues to further enhance competitions and strengthen the long-term future of the Premier League and its clubs. Other objectives include: Increasing interest in the Leagues competitions, promote accessibility to live games and ensure that media exposure is used to optimum effect. Useing the Leagues power and influence responsibly to improve the game in the UK and abroad through partnership with the FA, UEFA and other bodies. Createing a quality of competition that provides a platform from which our member clubs can achieve unparalleled success in European or World competitions (source: Barclays Premier League official website). Relationship with the clubs The Premier League is owned by 20 Shareholders the member clubs, whose membership in the league is dependent on the performance of their football team in the Barclays Premier League. Another co-owner of The Premier League is the Football Association. While they have the right of veto in special occasions as the appointment of Chairman and Chief Executive Officer, they are not involved in the decision making process regarding any other area of the Premier League work. The statutory company responsibilities are managed by the Board of Directors who are also running the day to day business. Relationship with other football bodies The Barclays Premier League is widely regarded as the most elite club competition in world football. The Premier League comes under the jurisdiction of the Football Association (the FA) and must submit its rules on yearly basis for approval. Along with its British partners in Scotland, Wales and Northern Ireland, the FA comes under the control of the European governing body the Union of European Football Associations (UEFA). Formed in 1954 and based in Geneva, UEFA works and acts on behalf of the member associations to promote football and ensure its well-being on the continent. The organisation is responsible for many high-profile competitions, some involving national teams such as the prestigious European Championships. UEFAs premier club competitions are the European Champions League and the UEFA Cup, in which Premier League clubs aspire to compete and succeed on a yearly basis. The FA and the 50 other associations of UEFA are all affiliated with the worlds governing body the Federation of International Football Associations, or FIFA. It was formed in 1904 and is now one of the biggest sports organisations worldwide striving to safeguard the good image of the game internationally and it is responsible for the Laws of the Game. FIFA can also boast the World Cup as its prized asset the ultimate stage on which a professional footballer can perform and a tournament which captures the imagination of the entire planet (source: Barclays Premier League official website). Manchester United Club Profile Manchester United plc operates as a professional football club in the United Kingdom. Its subsidiaries are Manchester United Football Club, Manchester United Catering (Agency Company), and Manchester United Interactive. In addition, the company through a joint venture with Manchester United PLC, Granada, and British Sky Broadcasting, operates MUTV, the companys official channel. The company owns 33.3 per cent in MUTV. Since the late 1990s, the club has been one of the richest in the world with the highest revenue of any football club, and is currently ranked as the richest and most valuable club in any sport, with an estimated value of around  £1.136billion as of April 2009. Manchester United was a founding member of the now defunct G-14 group of Europes leading football clubs, and its replacement, the European Club Association. (Source:Forbes.com) Manchester United are the most successfulPremier League club having won the title10 times With a start in 1993 when manager Sir Alex Ferguson ended a 26-year wait to lift thePremier League crown. Manchester United Strategic Analysis For the purposes of this report is will be assumed that Strategic Analysis fits within the descriptions below: the process of conducting research on the business environment within which an organisation operates and on the organisation itself, in order to formulate strategy. BNET Business Dictionary a theoretically informed understanding of the environment in which an organisation is operating, together with an understanding of the organisations interaction with its environment in order to improve organisational efficiency and effectiveness by increasing the organisations capacity to deploy and redeploy its resources intelligently. Professor Les Worrall, Wolverhampton Business School The market environment comprises a combination of the Barclays Premier League industry itself and the wider macro environment in which Manchester United F.C. operates. In addition, it highlights the market environments and critic success factors. The unique resources of Manchester United and the core competences of the Club are outlined in the analysis described below. SWOT Analysis In order to conduct a comprehensive market environment analysis and evaluate the conditions in the market environment that Manchester United F.C. occupies, a brief introduction of the Barclays Premier League and Manchester United F.C., summarizing the key aspects in a SWOT analysis Which will be the first step towards implementing a range of analytical tools (fig.1) The SWOT Analysis is the most popular instrument utilized in strategic planning and organizational problem solving. PEST analysis The purpose of the PEST analysis below is to briefly outline the political and legal, economic, sociocultural and technological issues together with their implications on the performance of The Club, hence describing the external environment within Manchester United operates (fig 2) Porters four corners analysis The four corners analysis is a useful tool for analysing competitors as it emphasises that the objective of competitive analysis should always be on generating insights into the future. In this case the model is used to develop a profile of the likely strategy changes a competitor might make and how successful it might be and determine competitors probable reaction to the range of industry shifts and environmental changes that may occur (Fig. 3) Quite straightforward, the competitors future strategy stems from the competitors motivation to exceed or overperform another Club and sets a variety of objectives pr actions to be completed with the implementation of their prospective strategy. However, these objectives should reflect on the Clubs capabilities as well as the skills of the individual players and staff at senior management level. Here it is essential to develop a clear assumption on what creates value for a specific team as well as what are the relationships and networks the respective business has developed. For instance, Manchester United is one of the most successful teams in the history of football resulting in average attendance higher than any other team in the UK and extremely high brand consciousness (fig. 4). This means that together with the Clubs financial stability, strength of the senior management team and proven ability to serve a variety of channels Manchester United PLC is well on the way of creating and implementing in a sustainable way a winning strategy. Value chain analysis Further to the description above, value chain analysis is based on the principle that organisations exist to create value for their customers. Furtermore it is a comprehensive technique for analysing an organisations source of competitive advantage. In the analysis, the organisations activities are divided into separate sets of activities that add value. The organisation can more effectively evaluate its internal capabilities by identifying and examining each of these activities. Each value adding activity is considered to be a source of competitive advantage. For Manchester United these include Manchester United Football Club, Manchester United Catering (Agency Company), and Manchester United Interactive, the joint venture with Manchester United PLC, Granada, and British Sky Broadcasting, that operates MUTV. These are run on the basis of primary and support activities, as Primary activities are those that physically create a product, as well as market the product, deliver the produc t to the customer and provide after-sales support and Support activities are those that facilitate the primary activities. Crucial for the organisation is the process of identifying the activities that are critical to customers satisfaction and market success, such as creating competitiove advantage in competitions, hence the ticket sales and merchandising activity regarded to the process. Strategic fit Analysis The foremost field of research that is required to be taken into account is the whole new product development and research concerning Manchester Uniteds existing product selection. This is required to be examined principally as if Manchester United requires guaranteeing that they are doing well in their present market prior to going into a new market. At first, Manchester United will require investigating into their existing product selection, however, with such broad variety of products, it is vital for Manchester United to assess which of their products are perforating well in the market. Conclusion Manchester United is in a very competitive spot at present Currently ranked as the richest and most valuable club in any sport, with an estimated value of around  £1.136billion. It has the highest average attendance than any other team in English football and receives a large amount of funds through sponsorships and agreements (merchandising). Nonetheless the Club requires to be cautious that they are not getting self-satisfied and that they are focusing on the market, and the requirements of their clients and followers. By implementing the research into their markets, it will allow them to build up products for the clients, which will bring about sustained support from the fans and success. References Dess G Miller A. (1998) Strategic Management, 3rd edition, McGraw Hill Johnson G Lynch R. (2003) Corporate Strategy, 3rd edition, FT/Prentice Hall Pettinger R (2004) Contemporary Strategic Management, Palgrave McMillan, Basingstoke Scholes K Whittington R. (2005,) Exploring Corporate Strategy: Text and Cases, 7th edition, FT/Prentice Hall Weeks, P. (2006), Managing People, Finance and Marketing, Pearson Education Limited, Essex http://www.cbc.ca/sports/story/2004/05/22/manchesterunited040522.html http://www.european-football-statistics.co.uk/attn/attneng.htm. http://www.forbes.com/lists/2009/34/soccer-values-09_Soccer-Team-Valuations_Rank.html. http://www.manutd.com http:// www.news.bbc.co.uk/1/hi/business/4463534.stm http://www.premierleague.com http://www.skysports.com/story/0,19528,11667_2972778,00.html Mintel reports Anglia Ruskin University Digital Library

A Comaprison of the Millers Tale and Merchants Tale Essay -- compari

Comparing Miller's Tale and Merchant's Tale Alison in the Miller's Tale and May of the Merchant's Tale are similar in several ways. Both are young women who have married men much older than themselves. They both become involved with young, manipulative men. They also conspire to and do cuckold their husbands. This is not what marriage is about and it is demonstrated in both tales. What makes the Miller's Tale bawdy comedy and the Merchant's tale bitter satire is in the characterization. In the Miller's tale we are giving stereotyped characters. The principals are cardboard cut-outs sent into farcical motion. The Merchant's Tale gives us much more background and detail of the character's lives. The reader is more involved and can feel their situations. Here we will focus on the two women of each tale and how they demonstrate this difference. Alison is described as young and wild. She is like an animal: " Thereto she koude skippe and make game/ As any kyde or calf folwynge his dame" (I. 3259-60). We know that she would be willing to go along with any idea as long as it is "fun". We can see her childish immaturity in the scenes where she lets Absalom "kiss" her. We do not learn the details of her marriage such as her feeling toward John, her husband. We simply know that it is a mis-matched marriage with a large age gap between them. May is not described in much detail compared to Alison. She is simply young, meek and beautiful. The disgusting details of her marriage though are clearly shown. January makes speeches about his desire to consummate his marriage and loathingly promises to take his time. We are with May when the real horror she feels at having to sleep with January is describe... ...In response she acts impertinent and insulted: "'This thank have I for I have maad yow see/ Allas,' quod she, 'that evere I was so kinde!'" (IV. 2388-89). How ridiculous and awful that January believes her explanation. Therefore we can see while both stories have similar elements, the Miller's Tale is straight comedy. The reader is not shown the emotions of the characters. Alison is not a fully developed character. She is and stays what she was described as in the beginning of the tale: an eighteen year old wild girl. The tale is more a parody on courtly love. In contrast, in the Merchant's Tale the reader is shown the disgusting details of January's motives and subsequent marriage. May's character is more fleshed out, the assaults against her explicitly shown. We may feel sorry for the carpenter but January never gets our sympathy.

Politics, Power, and Purpose in Shakespeares Measure for Measure Essay

Politics, Power, and Purpose in Shakespeare's Measure for Measure In Shakespeare's Measure for Measure, Vincentio, Duke of Vienna, observing that his Dukedom has fallen into licentiousness and chaos through his neglectful government, has pretended to leave Vienna and has turned over the government to Angelo, his upright and up-tight Deputy; and that the Duke has resolved to remain in Vienna, in disguise, so that he may observe how Angelo's character is revealed or transformed in the crucible of the power with which he has been invested. The Duke tells Friar Thomas, who is party to the plot: Lord Angelo is precise, Stands at a guard with envy, scarce confesses That his blood flows, or that his appetite Is more to bread than stone. Hence shall we see If power change purpose, what our seemers be. (1.3.5-54) My subject is how "power" changes--or at least influences--"purpose." But the "purpose" in question is not, as in the play, the government of a city or of a state, nor even (as in the case of Angelo) the government of one's psychological and physical appetites, but the creation of a work of art, of a theatrical performance. Talking about Angelo, the Duke poses his assertion as a conditional: he wishes to test "if power change purpose." My hypothesis is that, in the theatre, power does indeed change purpose. I base this hypothesis upon several premises: that the theatre, as a complex collaborative art form, depends upon the coordination of the talents and temperaments of a wide range of individuals; that, in the theatre, these individuals must be organized into a process which inescapably involves the establishment and articulation of power; that theatrical artists are, by their very nature, sensitive, e... ...ulates the other characters and, like a playwright, creates scenarios for them to play; etc., etc. I am, I believe, arguing something else altogether. The play is not alluding to its mode of performance to tell its story. The play and the performance are simply telling the same story: a story about the same power relationships that informed the process by which the performance was created. It's not that life is like the theatre. It's that the play and the performance and the theatre in general are built upon the raw materials of life: upon wayward human beings struggling to work together to live with one another in the world. The story that any production of Measure for Measure tells is that power, in the theatre as in life, changes purpose. Just as the Duke tests Angelo, when we go to the theatre, we go to see, "If power change purpose, what our seemers be."

How To Prevent Snacth Theives

Be alert and aware – This has been said countless times but it must be reiterated that you can never be too careful. You need to be aware of your surroundings and if ever in doubt, listen to your hunch. There’s a reason why it’s called a woman’s instinct. Do not compromise on your safety.Avoid ‘easy target’ areas – Snatch thefts are usually committed in dark and deserted roads or alleys. This also applies to lift landing. If you’re coming home late whether by walking or driving, try to get someone to wait for you. And don’t take shortcuts, they are usually quiet and deserted.Change your habits – Do not wear expensive jewellery and display it publicly, avoid talking or texting while walking down the street, try to walk against the flow of traffic so that you can see any oncoming danger and if driving, always lock the doors after you get in.Be bag savvy – Clasp bags securely under your arms and never let it han g off your shoulder to avoid being dragged if you’re rob by a bike-riding thief. Never leave your handbag or wallet in plain view for everyone to see, most especially in the car.Separate the important – It is advisable to keep your IC, driving license and banks cards in a pocket or separate pouch. If the thief demands for your valuables, hand them over and if possible, throw them away from you. Your life is worth much more than your possessions.In cases of emergency, smartphones users are now able to download an app called ‘MyDistress‘ which is available for both iPhone and Android. The app is linked directly to PDRM and provides immediate help the moment you activate the distress call, this is done by sending out an alert through your phone.There some very simple tips that could make the difference between being a potential target and being safe. Avoid quiet roadsThe streets of Johor Baru tend to be quieter as you leave the city centre. While most roads ar e lit, some have dark areas.There are many side roads ideal for those lying in wait.Taking short cuts through dark alleys or poorly-lit roads should also be avoided because you just never know who may be lurking in the shadows.Keep valuables hiddenIt's common to see female pillion riders with handbags slung to one side while at the same time hanging on to the rider for support. Riders also like to use waist pouches to keep their valuables. If you have a box or stash space under your seat, use it.Keep bags away from your sides and place them in the centre or between yourself and your pillion. Practise putting your wallet in the front pocket instead of your rear one. Remember, a snatch thief only has one pass to steal from you. If your valuables are out of the way, it will only make it harder for him to target you.Watch the watcherIf you're at a coffee shop waiting for your motorbike to be serviced, take note of those around you. Are there others paying too much attention to you?When you make a move to start your motorcycle, do you see them doing the same? If so, hold on to your horses.Tell the restaurant owner or a passing cop about your suspicions. Your actions could discourage a would-be snatch thief.Ride alertAs a rider you should be conscious of the vehicles around you. Using your mirrors, you will be able to tell if you're being tailed, or if another vehicle is too close to you. If you feel your space is being invaded, break away or let the person overtake. But first you must be mindful of leaving a gap between yourself and the next rider – just in case an arm or a leg stretches out to greet you. When riding in a convoy, look out for other riders in your group, who may need help in case of an emergency. Making a run for it on your motorcycle could be an option, but do so carefully. Head to crowded areas, or if possible ride straight to the police station.

The Impact of the New Wave of Financial Regulation for European Energy Markets

Energy Policy 47 (2012) 468–477 Contents lists available at SciVerse ScienceDirect Energy Policy journal homepage: www. elsevier. com/locate/enpol The impact of the new wave of ? nancial regulation for European energy markets Luuk Nijman n School of Public Policy, University College London, London, WC1H 9QU, UK H I G H L I G H T S c c c c c The European Commission has put forward a set of ? nancial legislation to stabilize both ? nancial markets and energy prices. This article assesses the impact of this ? ancial regulation on energy markets. It shows that the theoretical and empirical effects of key elements in this legislation are ambiguous. It argues that, if enacted, particular market parties such as energy companies should not be exempted. It concludes that this set of legislation will not necessarily bring about the effects the Commission desires. a r t i c l e i n f o Article history: Received 9 November 2011 Accepted 14 May 2012 Available online 31 May 2012 Keywords: F inancial legislation Regulation European Union a b s t r a c tAs the ? nancial and physical markets for energy have increasingly become intertwined, energy trade is also covered by ? nancial legislation. The European Commission wishes to strengthen this ? nancial regulation of energy trade. It has put forward a set of regulatory proposals aimed at stabilizing ? nancial markets and limiting volatility of energy prices. The most noteworthy are EMIR, MAD, REMIT and the revised MiFID. Key elements are transparency, new trading venues, central clearing obligations and mandatory transaction reporting.This article evaluates the likely outcomes for energy markets, given the new incentives for market parties. It argues that although there is no ground to exempt particular energy market participants such as energy companies from ? nancial legislation, increased regulation will not necessarily bring about the effects the Commission desires. The causal link between derivatives trading and volat ility of energy prices is not known precisely and many of the economic effects of the proposed legislation are theoretically and empirically ambiguous. Moreover, potentially con? cting instruments and objectives risk policy inconsistency. & 2012 Elsevier Ltd. All rights reserved. 1. Introduction1 The volatility of energy prices in recent years has generated political pressure to put these price movements under control. Simultaneously, in the aftermath of the ? nancial crisis, the European Commission has set itself an ambitious regulatory reform agenda for the ? nancial markets. This includes both a strengthening of existing ? nancial regulation, as well as several new proposals. As the ? nancial and physical markets have become intertwined – EU legislation de? es many energy contracts as ‘? nancial instruments’ – regulation in ? nancial markets will affect energy markets too. Tel. : ? 447833025035. E-mail address: l. nijman. [email  protected] ac. uk 1 T he author would like to thank the two anonymous reviewers for their time and useful comments that contributed to this paper, as well as Jerry de Leeuw and dr. Geert Reuten who were willing to share their expertise on the subject during the research phase. 0301-4215/$ – see front matter & 2012 Elsevier Ltd. All rights reserved. http://dx. doi. org/10. 1016/j. enpol. 2012. 05. 030 nRecognizing this interdependence of ? nancial and energy markets, the proposed set of ? nancial legislation has two objectives. First, it wishes to reduce systemic risk in ? nancial markets and avert some of the domino effects that unfolded in the recent crisis. Second, as this ? nancial legislation also covers trade in commodity derivatives, it seeks to curb volatility of energy prices. The proposed regulatory package contains a number of requirements for market participants. These range from transaction reporting obligations and enhanced transparency to compulsory central clearing.Such requirements pose new incentives for market parties in their trading activities. In turn, the way they react to these incentives affects market outcomes. Because this ? nancial legislation will cover energy trade as well, it is likely to have signi? cant consequences for energy markets. This article addresses the question whether, in light of the potential implications for energy markets, the proposed changes to ? nancial legislation will have the effects the European Commission desires. L. Nijman / Energy Policy 47 (2012) 468–477 469 This question derives its relevance from three aspects.First, the academic literature has generally focussed on the appropriate regulatory design for speci? c markets, for instance in relation to the liberalization of European energy markets or the stability of ? nancial markets. As also noted by Diaz-Rainey et al. (2011), little research has been done regarding cross-market effects of ? nancial regulation on energy markets. Now that the line between the tr aditional ? nancial and energy markets has become blurred, the link between the two deserves more attention. Second, it may prove useful not just to point out which aspects of energy trading may come under ? ancial regulation, but to take the analysis one step further and examine how participants in the energy markets are likely to react to the incentives this new legislation offers them. The success of regulation hinges on how market participants adapt their behaviour to it, not just the substance of the legislation itself. Third, to the extent that these proposals are motivated by electoral calls for a strong response to ? nancial instability and energy price volatility, whether or not they will actually bring this about may have political rami? cations as well.Methodologically, the research question will be addressed as follows. As a ? rst step, the legislative proposals, regulations and directives in question will be analysed to sketch the proposed legal framework and distil the most relevant aspects for energy trading parties. Second, the economic literature is drawn upon to assess the theoretical and empirical consequences for market conditions of these regulatory changes. As the aim of the article is to invoke a number of potential market effects to be evaluated empirically in later work, no particular model or theoretical framework is employed at this point.Although in this article the focus will be on energy, with the utilities serving the retail markets for electricity and natural gas as the main concern, the intertwining of the physical and ? nancial markets has also involved other types of commodities too. 2 The new ? nancial legislation aims to step up regulation of trading in commodity derivatives as a whole. Some of the conclusions therefore also apply to the markets for other commodities than energy. This article will proceed as follows. Section two will illustrate the intertwinement of physical and ? nancial markets and the rationale to step u p regulation.The third section will outline the recent wave of (? nancial) legislation that would apply to energy markets. Section four will point out how key elements in this legislation will affect market participants and how their reactions could in turn impact market outcomes. The subsequent section will assess whether these outcomes are in line with the objectives set out by the Commission. In other words, is the proposed regulatory package the appropriate instrument to achieve the Commission’s goals? A ? nal section concludes. 2. 1. Energy price uncertainty Energy prices are highly volatile and dif? ult to model. This creates substantial price risk for market parties, especially for those in the retail markets (Pilipovic, 2007). Price uncertainty has several origins, depending on the energy product. For electricity, chief among the physical characteristics that create extreme volatility is limited storability. Demand has to match supply at all times, which can even crea te negative prices. Moreover, electricity and natural gas depend on a transmission network to link supplier and consumer. Apart from capacity constraints, the geographical separation of networks leads to substantial price disparities.For the energy markets in general, price drivers are manifold – ranging from single events like political turmoil or a power outage to general policy changes – and dif? cult to model. Finally, long-run factors, like future availability of reserves, show little or no correlation with shortterm price drivers such as sudden supply disruptions or spikes in demand (Kiesel et al. , 2009). As an illustration of the price volatility this results in, it is estimated that whereas daily price volatility of treasuries and stocks is around 0. 5–1. %, it is 1. 5–4% for crude oil and natural gas and 30% for electricity (Weron, 2001, 4). Typical spot prices for electricity vary from h25/MW h to h80/MW h within a trading day (EEX, 2011). The unpredictability of prices creates risk for parties with positions in energy contracts. Therefore, certain contracts, ‘derivatives’, are used by market participants to make this uncertainty more manageable. A derivative can be de? ned as ‘‘a risk transfer agreement, the value of which is derived from the value of an underlying asset’’ (ISDA, 2011).An energy derivative does two things (Macey, 1996). First, it transforms uncertainty about energy prices into calculable risk. Second, it transfers this risk to a counterparty that has a comparative advantage in bearing it because of an open position or a different risk appetite. 2. 2. Types of derivatives and trading purposes Derivatives exist in many different forms, but they can be headed under three general types: forwards/futures, swaps and options. Essentially, each type reduces price risk by setting a future transaction of energy at a price that is known in advance. Although the underlying prod uct (where the derivative derives its value from) can be virtually anything, energy market parties most frequently trade natural gas, electricity, oil, coal and increasingly emission rights. Two further distinctions deserve attention: the way of settlement and the trading place. Settlement can either take place in cash, whereby the net value of the contract at the time of settlement is exchanged, or physically by delivering the energy. Derivatives can either be traded on an organized exchange or bilaterally, ‘‘over the counter’’ (OTC).Exchange-traded derivatives are standardized, prices on these regulated markets are transparent and trade takes place anonymously. In contrast, OTC-contracts 3 A forward contract is the agreement to buy or sell a predetermined amount of energy, at a speci? ed price (the ‘‘forward price’’) at a certain date in the future. Futures are basically identical to forwards. The difference often encountered in the literature is that unlike forwards, futures are standardized, exchange-traded, ‘marked to market’ on a daily basis and involve smaller delivery quantities. However, forwards sometimes exhibit one or more of hese aspects too, which makes the distinction rather arbitrary. A swap is a transaction whereby parties agree to exchange one thing for the other: a ? oating price for a ? xed price, without actually exchanging the assets that generate these prices. An option is a contract that gives the buyer the right, but not the obligation, to buy (a ‘‘call’’ option) or to sell (a ‘‘put’’ option) a set quantity of energy at a predetermined ‘‘strike’’ price, at (or before) a certain date in the future. 2. Intertwinement of physical and ? nancial markets This section will ? st deal with the aspects of energy prices that led to the creation of certain ? nancial instruments, called derivatives. It will then illustrate how physical and ? nancial markets have become intertwined. It ? nishes with a discussion about the potential risks of energy derivatives trading, which motivate the current push for regulation. 2 European legislation (Art. 2 (1) COM (2006) 1287) de? nes commodities as ‘‘any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity. ’ 470 L. Nijman / Energy Policy 47 (2012) 468–477 can be speci? cally tailored to participants’ needs, contract speci? cations are not publicly disclosed and participants know their counterparties. 2. 3. The intertwinement of physical and ? nancial markets The use of derivatives has resulted in an intertwinement of physical and ? nancial markets. Two trends lie at the root of this. The ? rst concerns the nature of the trade in energy and commodities. This now predominantly takes place in cash rather than physically.An illustration is the fact that the increase in derivatives trading outpaces the growth in production and consumption by far (Basu and Gavin, 2011). 4 This ‘? nancialisation’ of commodity markets (IMF, 2008, 83) is re? ected in the EU’s de? nition of a ? nancial instrument: Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (EC, 2011d, 168). The Commission reasoned that commodity derivatives (spot contracts are not considered ? ancial instruments) are ‘‘traded in such a manner as to give rise to regulatory issues comparable to traditional ? nancial instruments’’ (EC, 2004). A second trend relates to the market participants. Not just energy companies trade energy and commodities, also institutions traditionally belonging to the ? nancial services sector such as (investment) banks, pension funds and hedge funds are taking large positions in energy and other commodities markets. Worldwide, institutional investors’ holdings of commodity products increased from h13bn. n 2003 to h170–205bn. in 2008 (EC, 2011a, 2). A similar growth can be observed in investment banks’ physical assets portfolios (Perryman, 2010). Factor that contributed to this development were the lowinterest rate environment in capital and equity markets that spurred a ‘search for yield’ and structural changes in ? nancial markets that allowed institutions to increase their leverage, freeing up liquidity (DNB, 2007; Oliver Wyman, 2006; DNB, 2011). The ? nancialisation of commodity trading and the advent of new participants boosted trading volumes. As Fig. shows, in the period 2003–2008 the notional amount (the value of the underlying products) of outstanding commodity derivatives worldwide in the OTC markets grew twelvefold to $13. 2 trillion. Gross market value (the value of the contracts themselves, what is actually exchanged) in the OTC markets grew more than twentyfold during the same period. Although expanding less than this OTC trade, on regulated exchanges the notional amount of commodity derivatives trading roughly doubled in 2003–2008. Within the broader class of commodities, exact data for energy derivatives are dif? ult to obtain. The reason for this is that until recently most trade – 85% according to some estimates – took place outside of regulated exchanges, in the less transparent OTC markets (The City UK, 2011). This opacity forms one of the motivations to enhance regulatory oversight. For regulated exchanges, where precise numbers for energy are accessible, a similar expansion can be witnessed. The volume of power traded on European exchanges doubled over the period described above, while natural gas trading quadrupled (IEA, 2009; EGL, 2011). During the ? nancial crisis in 2008, a signi? ant shif t occurred away from OTC trade to regulated exchanges as a result of tighter regulation and a ‘? ight for quality’ to less risky trading. While the worldwide notional value of OTC commodity derivatives fell by 4 Global oil consumption is only 6% of the volume of oil being traded daily on the major exchanges in the form of derivatives. In the Dutch electricity market for instance, the volume of OTC-traded forward contracts represents more than 500% of actual electricity consumption (EC, 2007). more than three quarters, on exchanges it grew by 123% (Perryman, 2010). 2. 4. Bene? s and risks of derivatives trading Trading energy derivatives involves bene? ts as well as costs for market participants and society as a whole. The main bene? t is that the use of derivatives offers a risk management tool to hedge a portfolio (Pilipovic, 2007). The need to hedge the price risk created by energy price volatility has become more pressing in the decades since the 1970s oil shocks (Br unet and Shafe, 2007). The deregulation of natural gas and electricity markets made prices less stable, as they were no longer set by regulators but allowed to ? uctuate with market conditions.Financial institutions may purchase energy derivatives to hedge in? ation risk or price changes of other assets. Sharing or redistributing risks has obvious macroeconomic bene? ts. A second purpose of derivatives trading is to bene? t from arbitrage opportunities that stem from price differences for equivalent assets. In theory, exploiting arbitrage opportunities eliminates them so it facilitates price ? nding for energy products. Third, trading derivatives offers a more ef? cient means of speculation than trading the physical product. Speculation theoretically adds to market liquidity and contributes to price discovery.It should be noted that the line between speculation, hedging and arbitrage is often blurred (Hickey, 2011). However, the trade in derivatives entails serious risks at various levels, which warrants government regulation. The role played by derivatives in the buildup and escalation of the 2008  ? nancial crisis underscores this (Larosiere, 2009). The most straightforward risk is counterparty credit risk, the risk of another party defaulting and not being able to ful? ll its contract obligations. Especially in the less transparent OTC markets, it can be dif? cult to evaluate the counterparty’s creditworthiness.In an interconnected market, a default can have detrimental effects not only for the parties involved in a transaction, but also for the market as a whole. This systemic risk is enhanced by the fact that derivatives enable traders to greatly leverage their positions (Partnoy, 1997). In an opaque interconnected market, where parties cannot assess their precise exposure to one another, a default can lead to ‘? re sales’ when trust disappears. Such herding behaviour can cause a sudden dry-up of liquidity. In the energy markets, apar t from the ? nancial implications, this may have knock-on effects for the physical supply of energy too.The California power crises in 2000 and 2001 illustrated the potential consequences of poorly regulated energy derivatives trading (Brunet and Shafe, 2007). This example also demonstrates the risk of market manipulation. The cases of Enron’s fraudulent energy derivatives trading or the Amaranth hedge fund, charged with unlawful action in the natural gas markets (FERC, 2007), are notorious in this respect. A ? nal suspected risk is still vigorously debated. The booming of the trade in energy derivatives ignited a discussion to what extent this caused volatility in the value of the underlying, energy prices themselves.The one side claims that energy prices exceed their ‘fundamental’ values by far and have become unrelated to supply and demand factors. Speculation in derivatives markets would have been responsible for price bubbles and volatility (Masters and Whit e, 2008). The opposite view is that this logic is based on a ? awed understanding of derivatives. As for every position in a contract there is someone taking the opposite position, it is a zero-sum game. Therefore, the amount of derivatives trading does not affect the price of the underlying (Basu and Gavin, 2011).A G8 task force speci? cally set up to investigate this issue concluded that ‘‘economic fundamentals, rather than speculative activity, are L. Nijman / Energy Policy 47 (2012) 468–477 471 14000 12000 Billions of dollars 10000 8000 6000 4000 2000 0 Global OTC trade in commodity derivatives Notional amount Gross market value Ju n. ‘9 Ju 9 n. ‘0 Ju 0 n. ‘0 Ju 1 n. ‘0 Ju 2 n. ‘0 Ju 3 n. ‘0 Ju 4 n. ‘0 Ju 5 n. ‘0 Ju 6 n. ‘0 Ju 7 n. ‘0 Ju 8 n. ‘0 Ju 9 n. ‘1 0 to a central trade repository that is accessible by the European Securities and Markets Authority (ESMA), the ? nancial regulator.Sec ond, the trade repositories publish aggregate positions by class of derivatives – commercially sensitive information at the transaction level remains undisclosed. This should facilitate price ? nding. Finally, EMIR further stipulates that all ‘‘eligible’’ (standardized) OTC derivatives will have to be cleared by a central counterparty (CCP). 5 As CCPs generally require more collateral to be withheld, systemic resilience should increase. Non-? nancial institutions are not subject to the clearing obligation as long as the scale of their OTC derivatives trading does not exceed a clearing threshold.It is assumed that trading below this level serves hedging rather than speculation and does not pose systemic risk (EC, 2010a). In practice, most energy derivatives trading takes place below this threshold. 3. 2. MiFID 2 Whereas EMIR only covers OTC-derivatives, MiFID deals with all ? nancial instruments, including energy derivatives (EC, 2011d). MiFID, which entered into force in 2007, is principally directed at investment ? rms. The ? nancial crisis revealed shortcomings in MiFID with respect to supervisory powers and transparency. It also failed to keep pace with technological innovations, such as algorithmic trading.Most relevant for energy trade is the fact that commodity derivatives originally largely fell beyond its scope. The large volatility in these markets formed one of the key reasons to revise MiFID and increase regulatory oversight. The consultation round that preceded the new proposals in October 2011 received no less than 4200 reactions, many of which from energy companies. The essential elements of the revised legislation are: transaction reporting to the national ? nancial regulator who operate in coordination with ESMA, public disclosure of bid and ask prices and the classi? ation of different kinds of trading venues to stimulate competition among them. MiFID 2 is expected to signi? cantly impact energy trade. First, t he exemptions that commodity traders bene? ted from in the original MiFID will be narrowed, although energy companies (if trading on their own account in commodity derivatives) are likely to remain excluded. Also, a position reporting obligation will be introduced for commodity derivatives, to assess potential speculation. Crucially, the capacities on the side of ? nancial regulators to intervene are greatly enhanced.This includes the power to set position limits. Furthermore – like EMIR – MiFID 2 will curb OTC trade to a great extent, by requiring all standardized derivatives to be traded on an organized trading venue. Only transactions in bespoke derivatives are allowed to take place over the counter. Finally, for emission allowances also the spot trade will be brought under the scope of MiFID. 3. 3. MAD The Market Abuse Directive dates back to 2003, but in the aftermath of the ? nancial crisis the Commission wishes to strengthen it (EC, 2011b). MAD aims to increase the integrity of ? ancial markets by prohibiting market abuse. This can either be ‘insider dealing’ or ‘market manipulation’. Market participants are 5 A CCP is an institution placed between counterparties in ? nancial contracts. As such, it becomes the ‘‘buyer to every seller and the seller to every buyer’’ (cf BIS, 2004, 6; Graaf and Stegeman, 2011). Instead of executing a transaction with each other they now conclude this transaction with the CCP. This way, one counterparty’s default does not cause the collapse of other market participants, which could put the entire system at risk.By ‘netting’ transactions, a CCP can both reduce the amount of transactions as well as counterparty credit risk for everyone involved The CCP covers the credit risk it is exposed to by requiring members to post margins—an amount of collateral. Fig. 1. Global OTC trade in commodity derivatives [Based on BIS, 2010]. a plausibl e explanation for price changes in commodities’’ (IOSCO, 2009, 3). In any case, it is outside the question that the opposite holds: volatile energy prices create a demand for derivatives to hedge risk, but also because it opens up opportunities for speculation and arbitrage.The intricacies of this debate are beyond the scope of this paper. What matters are the policy measures currently taken under the suspicion that energy price volatility does indeed constitute a serious risk of derivatives trading. Together with the systemic risks for ? nancial and energy markets, this forms an important rationale to put derivatives trading under more scrutiny. The European Commission stated that ‘‘derivative contracts [y] often serve as a benchmark price discovery feeding into retail energy and food prices’’ (EC, 2011d, 8). Moreover, ‘‘the increased presence of ? ancial investors [y] may have led to excessive price increases and volatilityâ€⠄¢Ã¢â‚¬â„¢ (EC, 2011e, 3). In sum, physical and ? nancial markets have become intertwined. To curb price volatility in the former and ensure stability in the latter, a vast set of legislative initiatives at the EU-level has been put forward. The next section will deal with these proposals in more detail. 3. The wave of regulation To achieve its twin objectives of fostering stability in both the energy and ? nancial markets, the European Commission has put forward a number of regulatory proposals.The most important initiatives that will have an effect on energy trading are the European Market Infrastructure Regulation (EMIR), the new Markets in Financial Instruments Directive (MiFID 2) and the updated Market Abuse Directive (MAD). For energy markets speci? cally, the Regulation on Energy Market Integrity and Transparency (REMIT) is the most noteworthy development. Fig. 2 illustrates these pieces of legislation graphically. This section will brie? y elaborate on each of these proposal s, before distilling the aspects that will have the most signi? cant impact on energy markets. 3. 1.EMIR EMIR, adopted early 2012, seeks to address the risks involved in derivatives trading that were exposed by the ? nancial crisis. Because the overwhelming majority of derivatives are traded in the less transparent OTC markets where the build-up of systemic risk is less visible, EMIR aims to implement the G20 ambitions of shifting all trade in standardized OTC derivatives to regulated exchanges (G20, 2011). EMIR seeks to complement the revised MiFID (EC, 2011c). A ? rst important feature is the reporting of all trade in OTC derivatives 472 L. Nijman / Energy Policy 47 (2012) 468–477 REMIT Energy markets legislationThird Energy Package Energy trade Financial markets legislation MiFID CRD EMIR MAD Existing, not (yet) under review Existing, under review Proposed Fig. 2. Existing and proposed regulations impacting energy trade. required to disclose price sensitive information. Si multaneously with MiFID 2, a new proposal for MAD was presented, with important consequences for energy trade. Again, the perceived gaps in regulation for commodity trade form one of the key issues to be addressed. Hitherto, someone could bene? t in energy derivatives transactions from inside information about the energy spot markets.A ? rst step taken by MAD is to counter such information asymmetries by covering more than just the ? nancial markets. To the extent that information in the spot markets for energy can be expected to in? uence prices of derived ? nancial instruments, it also falls under MAD. This cross-market approach works the other way too. Moreover, the interpretation of what constitutes insider information regarding commodity derivatives is widened and brought in line with other ? nancial instruments. Also, more trading venues will fall under the scope of MAD. The Directive covers all ? ancial instruments admitted to trading on a regulated market, irrespective of wh ether trade actually takes place there or elsewhere. Finally, regulators are given more authorities to request documentation when a breach of MAD is suspected and if necessary to impose sanctions, even in case of ‘attempted market manipulation’. 3. 4. REMIT REMIT is largely analogous to MAD, but addresses market abuse in wholesale markets for electricity and natural gas speci? cally (EC, 2010b). REMIT represents an important step in the recognition by the EU of the intertwinement of ? ancial and physical markets. It de? nes wholesale energy products as being both physical energy products as well as derived ? nancial instruments. 6 REMIT aims to ? ll the gap between regulations for 6 ‘‘‘Wholesale energy products’ means [y] (a) contracts for the supply of natural gas and electricity; (b) derivatives relating to natural gas and electricity; (c) contracts relating to the transportation of natural gas or electricity; (d) derivatives relating to the t ransportation of natural gas or electricity’’ (EC, 2010c, 12). each of these spheres.The volatility and rise of energy prices that market abuse would bring about is on one of REMIT’s main concerns. The Regulation covers both spot and forward transactions. Inside information is de? ned rather vaguely as information that ‘‘a reasonable market participant is likely to use as part of the basis for his decision to enter into a transaction’’ (EC, 2010c). The de? nition of market manipulation is equivalent to the one MAD employs. As an example, the Commission mentions an event in which an energy company would make it appear as if the capacity of energy generation or transmission is other than what is actually available.REMIT greatly reduces information asymmetries in energy trade between energy companies and other derivatives traders. This legislation is likely to result in an abundance of information for the new regulator it establishes, the Agency for the Cooperation of Energy Regulators (ACER). All transactions on wholesale energy markets will have to be reported there. REMIT will take effect as of January 2013. 3. 5. Overview: The key elements In sum, a plethora of rules seems likely to exert a decisive in? uence on the way energy trading is conducted.For a long time, energy companies maintained a rather passive attitude towards the Commission proposals. In the spring of 2011 however, the seriousness of the legislative set and the Commission’s adamancy to push through with it appeared to have dawned upon energy companies. Since, they have been busy consulting sector organizations, authorities and each other about the upcoming changes. A consultation paper by RWE, a large German energy company, even argues it would ‘‘totally change the business model of European commodity traders’’ (RWE, 2011, 5). The elements in the regulatory package that are most likely to exert a signi? ant effect boil down to just a handful. Table 1 lists these. The next section will deal with these elements separately L. Nijman / Energy Policy 47 (2012) 468–477 473 Table 1 Essential elements for energy trade in (new) EU legislation. Element Transparency Emergence of new platforms Central clearing of OTCderivatives Mandatory use of regulated exchanges Capital requirements Transaction reporting Legislation MiFID, REMIT, MAD MiFID EMIR MiFID CRD, EMIR MAD (to national ? nancial regulator), EMIR (to trade repositories and ESMA), REMIT (to ACER), MiFID (to national ? ancial regulator), Third Energy Package (to national energy regulator) to assess the incentives each offers for market participants and the market outcomes that can be expected. 4. Implications for energy companies: Incentives and market effects To assess the potential impact of the new ? nancial legislation on energy markets, a yardstick to measure this effect is needed. Market quality involves multiple elements: liquidity,7 price discovery, volatility, transaction costs and stability (ISDA, 2009). These aspects are positively correlated. This section will evaluate the key elements identi? d above by looking at the incentives they present to traders and how their responses could in turn impact this broad notion of market quality. 4. 1. Transparency Transparency – ranging from the publication of positions to the disclosure of price sensitive information – is present in different forms in each of the proposals. The theoretical effects of improved transparency on markets are ambiguous (Degryse, 2008). According to the Commission, transparency makes ‘true’ price discovery easier, bringing about fair price formation (EC, 2004). A number of empirical studies support this line of reasoning (Baruch, 2005; Boehmer et al. 2005). On the contrary, other research suggests that it could lead to a deterioration of liquidity: participants who are better informed about ‘actual’ p rices become reluctant to post orders because it would give away their advantage (Harris, 1997; Madhavan et al. , 2005). Others conclude that it depends on the transaction size: transparency deteriorates liquidity for large transactions, but not for small transactions (Elstob, 2011). Because MiFID entered into force in 2007, it is possible to look at some tentative empirical results of enhanced transparency so far to form an expectation of what could happen in energy arkets. It is dif? cult to disentangle the impact of MiFID from that of the ? nancial crisis and the advent of automated high frequency trading (HFT) (Gresse, 2011). However, after an initial worsening of liquidity, recent results suggest a slightly positive effect of increased transparency under MiFID (Degryse et al. , 2010). Apart from these more ‘objective’ ? ndings, a recent consultation of market participants’ perceptions of the transparency requirements of MiFID yielded inconclusive results too (City of London, 2011).Transparency had neither improved nor worsened price discovery in their view. Energy companies are not too keen on increasing transparency. This is not surprising, as it could 7 A liquid market is ‘‘one in which buyers and sellers can trade into and out of positions quickly and without having large price effects’’ (O’Hara 2004, 1). involve commercially sensitive information (Eurogas, 2011). As German energy giant E. ON stated it: ‘‘Publishing post execution data [y] without unintentionally disclosing suf? cient information for market participants to identity the trade parties is very dif? ult’’ (E. ON, 2011, 8). The publication of fundamental data (e. g. , planned energy generation) is not likely to be a panacea either. It does remove an important information advantage that energy companies currently possess over other ? nancial market participants because they are directly able to in? uence the physi cal amount being traded. They can also be expected to be more knowledgeable about retail market developments. However, this in? uence on the production side is limited to those parties that have their own generation facilities.Since the unbundling under liberalization, for many suppliers this is no longer the case. Also, if energy (spot) markets are rendered more stable, the question remains what the subsequent effect for the ? nancial side of the markets will be. A reduction of trading there could conceivably involve lower liquidity and a degree of instability. If increased transparency does bring about the liquid and stable markets the Commission wishes to accomplish, market participants face a tradeoff with respect to this regulation. In the short run, a less transparent market offers attractive pro? opportunities for parties with superior knowledge in the presence of information asymmetries. On the other hand, in the long run the higher risk in these markets also entail higher ? nancing costs: risk management is more demanding, accounting standards require more capital to be kept aside and a larger share of the company’s maximum ‘value at risk’ is taken up, which leaves less room for other trades. In short, the transparency requirements seem to add only little to liquidity and market stability but do take away some important information advantages energy companies currently possess. . 2. Market fragmentation: New platforms MiFID aims to pave the way for new trading platforms to emerge and compete with incumbent trading venues. The theoretical effects of the emergence of new platforms where energy is traded are ambiguous. On the positive side, competition could induce lower trading costs (Biais et al. , 2000). Also, innovation and specialization is stimulated (Degryse, 2008). A potential positive effect on liquidity is twofold. First, lower fees would attract more participants, increasing total trade.Second, as traders shift assets acros s trading venues to exploit arbitrage opportunities, the total volume of trade increases, again improving liquidity (Cantillon and Yin, 2011). It is even thinkable that all trade moves to a single market; the most liquid market attracts traders, rendering it even more liquid (Degryse et al. , 2010). This would then lower transaction costs because of economies of scale. 474 L. Nijman / Energy Policy 47 (2012) 468–477 On the negative side, if a given trading volume is dispersed across venues, liquidity deteriorates per venue.Price discovery could work more ef? ciently if all trade takes place on one single platform. Moreover, trades have a larger price impact if the volume on a certain platform is lower. This results in more volatility. A ? nal effect could be that with the same asset trading on multiple platforms, tracking prices and ? nding a suitable counterparty becomes more costly (Davies, 2008). Information asymmetries about actual prices could increase (AFM, 2008). The e arly results of the original MiFID can again offer some empirical insights.Fragmentation has indeed occurred (Fidessa, 2011). The effect is ambivalent. On the one hand, the expected reduction in trading costs has taken place. Fees per transaction decreased by as much as 25–90% across the EU, which is estimated to have added 0. 7–0. 8% to EU GDP (City of London, 2010). On the other hand, two negative consequences can be witnessed. Fragmentation of a given volume across venues means these individual platforms are more sensitive than would have been the case if all trade were concentrated in a single location (Valiante and Assi, 2011).Also, a reduction in average trade size as they are dispersed cancels out the effect of lower transaction costs, as the number of transactions has exploded. Taking all this together however, the net effect of fragmentation has been slightly positive (Gresse, 2011). In sum, although the theoretical effects are ambiguous, empirical results sug gest the impact of fragmentation for energy markets could be positive. As a result of lower trading costs, between 0. 1 and 0. 5% less return on an investment is needed to yield the same revenue.If passed on to retail markets, this could lead to lower consumer prices for energy. 4. 3. Mandatory central clearing Although the views among scholars and market participants on the effects of mandatory central clearing greatly diverge, there is agreement that the impact on energy markets could be signi? cant (Grootveld and Zebregs, 2011; Graaf and Stegeman, 2011; EC, 2010a; RWE, 2011). The rationale for creating a central counter party (CCP) is that by greatly reducing counterparty credit risk, domino effects are precluded and markets will be more stable.However, because of some static and dynamic side effects, this is not necessarily the case. First, although systemic risk may be reduced, all the risk is concentrated at the CCP (Citigroup, 2006). As a result, CCPs may become ‘too bi g to fail’. Given the large margins demanded, a default is not very likely. But if it occurs the CCP could very well be ‘too big to save’. Close monitoring of CCPs is key. A second effect is more dynamic, as it relates to market participants’ responses to a change in incentives. For central clearing to work, derivatives must be clearable.A derivative is ‘‘eligible’’ for clearing if it is suf? ciently liquid; that is, a CCP can easily ? nd counterparties. The less standardized the order, the more dif? cult this is. Previously, two transaction parties could  reduce risk exposure vis-a-vis one another by simply netting their mutually outstanding positions. Under central clearing however, a situation may occur where a negative position in a standardized contract is cleared centrally, while a positive position in a speci? c contract can only be cleared bilaterally. This way, a market party is left with the entire risk exposure for its positive position.In short, if only a part of the derivatives contracts is standardized, systemic risk may well increase under central clearing. Market parties who view this risk as less costly than the margins they have to post at the CCP have an incentive to circumvent central clearing by devising highly speci? c contracts. Indeed, energy companies often claim that the derivatives they trade are too unique to be cleared centrally (EFET, 2010). A third effect, also more dynamic, depends on the subsequent choices made by parties that are also active in the physical (retail) markets.Supposedly, the margins demanded by CCPs reduce energy companies’ working capital (RWE, 2011). They back their objections to central clearing by arguing that it would cause a plunge in investments in infrastructure and generation capacity and, ultimately, increases in consumer prices (EEI, 2010). These arguments can easily be countered. First, as market participants receive interest compensation o n the margins they post, the extra costs are limited to the difference between this compensation and the interest paid on loans to fund infrastructural investments.Second, as these rules are directed to the trading desks of energy companies, the ‘physical’ asset side of the company is not relevant. In turn, energy companies claim that a reduction in the funds available for the trading desk means it has to engage in even riskier trading to meet the same targets. However, a trading desk with a return target certainly does not resonate with the claim that trading only serves hedging purposes. These points also pertain to the capital requirements demanded by EMIR and the Capital Requirements Directive (CRD). For the CRD, the exemptions applying to the energy sector will be reviewed in 2013.A ? nal effect concerns the clearinghouses that play the role of a CCP. Competition on the market for clearinghouses gives them an incentive to lower their fees. At the same time, competi tion presents them with a tradeoff between increasing the range of derivatives they are willing to clear and the risk of not being able to ? nd a counterparty. The result could be ‘adverse selection’ where it ends up with the most risky counterparties and the least clearable contracts. In sum, central clearing could bring about a signi? cant reduction in systemic risk by avoiding domino effects.However, market parties have some perverse incentives related to standardization that should be considered. Also, CCPs need to be monitored closely to prevent them from becoming ‘too big to fail’ or from taking on too much risk. 4. 4. Transaction reporting Another key element in all the proposals is transaction reporting to the regulator in question. Although in theory it would facilitate the detection of market abuse, there are a few caveats. First, it is rather vague what regulators will actually do with the abundance of transaction data and how it will create more stable energy and ? ancial markets. The capacity to impose sanctions is very limited. At energy regulator ACER, only six people are responsible for analyzing the data for every wholesale energy transaction in the EU (EC, 2010c). Moreover, one may ask whether ? nancial regulators can be expected to possess the expertise needed to make informed judgments about the energy markets. Maybe sector-speci? c regulation would be more appropriate. This is also the advice given to the European Commission in a combined report by ? nancial and energy market regulators CESR8 (now ESMA) and ERGEG (2008). Second, the amount of reporting poses a considerable administrative burden on market participants that increases transaction costs while potentially overshooting its goals. A dispersion of competences among authorities (ESMA, ACER, ERGEG and national regulators) may create confusion and risks double reporting. Each regulator requires data to be submitted in a different format and with different sp eci? cations. Simply keeping 8 9 Committee of European Securities Regulators. European Energy Regulators Group for Electricity and Gas. L. Nijman / Energy Policy 47 (2012) 468–477 475 he transaction records, only to be submitted to regulators if so requested, could reduce administrative costs. 5. Is the regulatory package the appropriate instrument? This section will explore whether, given the effects outlined above, the proposed legislation is the appropriate instrument to bring about what the Commission desires. This question consists of two subquestions. First, if enacted, should this ? nancial legislation extend to non-? nancial institutions in the energy markets too? If the answer is af? rmative, this then raises the second question whether this particular set of ? ancial legislation is the right instrument to accomplish the Commission’s objectives. 5. 1. Is subjecting non-? nancial institutions to ? nancial legislation necessary? A large part of the discussion th at emanated from the Commission’s proposals revolved around the question whether they should also cover non-? nancial institutions such as energy companies. This question is somewhat misplaced, as the proposals seek to expand supervision on energy derivatives trading, not so much on the institutions trading them. However, the key objection expressed by energy companies in particular is that subjecting them to ? ancial legislation is misguided because of the nature of their business. Their motivations to trade would differ fundamentally from ? nancial institutions (E. ON, 2011). Five arguments are generally presented to back this claim. Under closer scrutiny, each loses its validity. A ? rst fundamental difference between ? nancial and non? nancial energy traders is that the latter are involved in the production of the underlying asset. Their ? nancial positions are ‘‘naturally’’ one-sided – offset by a position in the physical market.Behind en ergy companies there are solid assets like a power plant or a grid. The problem with this argument is that it negates the changing nature of the European energy markets. As a result of liberalization, a growing number of suppliers do not have their own physical assets. A second argument advanced by energy companies is that they do not pose the same systemic risk as ? nancial institutions. Unlike the banks that turned out to be ‘‘too big to fail’’, the withdrawal of an energy company from the market would not create a ? nancial meltdown. For three reasons, this argument fails to hold stake.First, whether an institution poses systemic risk is not an appropriate criterion to decide whether or not to regulate it. Small banks are not exempted from ? nancial regulation either. What matters is the level playing ? eld, not the players. Second, the importance of energy for the wider economy would actually make an energy company’s default more worrisome. The s upply of energy is just as crucial for the economy as the supply of credit. Third, there is not just a macroeconomic risk but also an energy market risk. Although in many respects Enron was a unique case, its collapse resulted in power outages and major ? ancial losses for both energy companies and ? nancial institutions trading energy derivatives (Brunet and Shafe, 2007). A third reason why non-? nancial institutions would pose less systemic risk is a low level of market concentration (EFET, 2010). However, several studies have pointed out that market concentration in the European energy markets is still much higher than envisioned when market liberalizations were introduced. This also applies to the ? nancial energy markets. A Commission inquiry concluded that ‘‘even the most developed forward markets remain dependent upon on the few players that enjoy a net xcess of generation compared to their retail supplies’’ (EC, 2007, 139). Fourth, non-? nancial ins titutions do not take deposits and do not give investment advice. Although this is certainly true, it is a grey area. It is a matter of interpretation whether an energy company putting the electricity that a ? rm no longer plans to use back on the forward market at the most favorable terms is providing investment advice or not. Moreover, whether the funds involved in derivatives trading come from clients’ energy bills or from deposits is not relevant, what matters is the risk of trading them (EFET, 2010).Whether energy companies speculate or not is beyond the scope of this article. The point is that the line between hedging and speculation is blurry and almost impossible to monitor precisely. Moreover, ? nancial institutions may just as well be involved in the energy markets for hedging purposes. In sum, if the European Commission wishes to stabilize markets by strengthening ? nancial regulation, there is no convincing argument why non-? nancial institutions, trading the same (? nancial) instruments as ? nancial institutions, should be excluded.Although the exemptions are considerably narrowed in the new proposals, the ‘‘trading on own account’’ exemption remains in place. Given the Commissions own ? nding that the trade in energy products poses the same risks as other ? nancial instruments, this distinction is not entirely justi? ed. 5. 2. Is the proposed package the right instrument to stabilize markets? If it makes sense to subject non-? nancial institutions to the same legislation as their ? nancial counterparties in energy trade, this then raises the question whether this entire package of legislation constitutes the most appropriate tool to stabilize markets.For three reasons, this is not necessarily the case. First, the unclear link between derivatives trading and energy price volatility creates some serious concerns. As pointed out in Section 2, volatile energy prices create a demand for derivatives. Therefore, curtaili ng commodity derivatives trading is a strange response to volatile commodity prices. It removes market parties’ solution to cope with this volatility. Furthermore, as it is much less clear whether derivatives trading also causes energy price volatility, drawing up legislation under the assumption that is does may be ill-advised.Second, the Commission statements often miss the point that policy makers themselves have contributed to the uncertainty that drives derivatives trading. One factor is the deregulation of energy markets. This increased the exposure of energy companies to price volatility, enhancing the need to trade derivatives. Consumers may well bear the costs of more complex risk management by energy companies (New York Times, 5. 5. 2011). Moreover, deregulation prompted a move to derivatives trading to provide for an alternative source of revenue. In other words, this legislation may run counter to the key EU objective of market liberalization.Another way in which political factors have added to volatile energy markets has been regulatory uncertainty. An undecided environmental sustainability agenda and uncertainty about future ? nancial legislation discourages long-term investments and intensi? es the importance of active risk management. Third, as the previous section illustrated, the market outcomes of the proposed legislation are theoretically ambiguous and dif? cult to estimate beforehand. In some cases, the result can even be a deterioration of market quality along one or more dimensions.This applies to both ? nancial and physical markets. Therefore, implementing such a broad set of measures at the same time is a step that could be too ? rm. It is important to maintain a healthy balance on two fronts. The deadweight loss in economic terms caused by a reduction in trading as participants 476 L. Nijman / Energy Policy 47 (2012) 468–477 face higher transaction costs to comply with regulation needs to be balanced against the bene? t to society of more stable markets (Partnoy, 1997). Only if the latter outweighs the former, the negative side effects are acceptable.Second, a balance needs to be struck between the stability provided by standardization and close supervision on the one hand and the economic bene? ts of ? nancial innovation and the ability for parties to devise contracts that meet their speci? c needs on the other. In sum, the Commission should not take it for granted that tightened regulation will automatically result either in more stability of ? nancial markets or less volatility of commodity prices. However, whether or not to implement it is in the end a political tradeoff. If responding to political pressure to send a strong signal to ? ancial markets is the overriding objective, then the Commission should proceed. If on the other hand energy market liberalization is the guiding motive, then energy derivatives trading should be facilitated because liberalization creates a demand for increased ri sk management. Speci? c energy market considerations, such as security of supply, sustainability or reasonable consumer prices are other factors to take into account. the aim of reducing volatility, but with the sole effect of deteriorating liquidity. This only adds to volatility. Moreover, maybe too many (con? icting) objectives are simultaneously pursued for the energy markets.These range from liberalized and competitive energy markets, security of supply, reasonable consumer prices, environmental sustainability, stable ? nancial markets, energy price volatility to energy price moderation. It is important to keep the famous Tinbergen rule in mind: for each policy target there usually has to be at least one policy instrument. Increased regulation is one instrument, but cannot be suf? cient to accomplish all these targets simultaneously. References ? [AFM] Autoriteit Financiele Markten, 2008. Markets in Financial Instruments Directive—In 82 vragen door de MiFID. 2nd ed. Janua ry 2008. Baruch, S. 2005. Who bene? ts from an open limit-order book? Journal of Business 78 (4), 1267–1306. Basu, P. , Gavin, W. T. , 2011. What explains the growth in commodity derivatives? Federal Reserve Bank of St. Louis Review 93 (1), 37–48. [BIS] Bank for International Settlements, 2004. Recommendations for Central Counterparties, Consultative Report. March 2004. [BIS] Bank for International Settlements, 2010. Amounts Outstanding of OTC Equity-Linked and Commodity Derivatives. Semiannual OTC Derivatives Statistics. June 2010. Biais, B. , Martimort, D. , Rochet, J. C. , 2000. Competing mechanisms in a common value environment.Econometrica 82 (82), 251–288. Boehmer, E. , Saar, G. , Yu, L. , 2005. Lifting the veil: an analysis of pre-trade transparency at the NYSE. Journal of Financial Markets 8, 217–264. Brunet, A. , Shafe, M. , 2007. Beyond enron: regulation in energy derivatives trading. Northwestern Journal of International Law & Business 27, 665à ¢â‚¬â€œ706. Cantillon, E. , Yin, P. , 2011. Competition between exchanges: A research agenda. International Journal of Industrial Organization 29 (3), 329–336. CESR, ERGEG, 2008. CESR and ERGEG Advice to the European Commission in the Context of the Third Energy Package. Response to Question F. 0 – Market Abuse. CESR/08–739. Citigroup, 2006. CCPs: A User’s Perspective. Discussion Paper for the Joint Conference of the European Central Bank and the Federal Reserve Bank of Chicago on Issues Related to Central Counterparty Clearing. April 2006. City of London, 2010. Understanding the Impact of MiFID. Special Interest Series. October 2010. City of London, 2011. Impact of MiFID in the Context of Global and National Regulatory Innovations, European Study. London Economics, 37. May 2011. Davies, R. J. , 2008. MiFID and a Changing Competitive Landscape. Babson College Working Paper Series.April 2008. ? Degryse, H. , 2008. MiFID: competitie op ? nanciele markten en ? nancieel toezicht. Economische Statistische Berichten 93, 51–57. Degryse, H. de Jong, F. , Van Kervel, V. , 2010. The Impact of MiFID on the Quality of Euronext. Working paper, Tilburg University. Diaz-Rainey, I. , Siems, M. , Ashton, J. , 2011. The Financial Regulation of European Wholesale Energy and Environmental Markets. USAEE-IAEE Working Paper 11–070. March 2011. ? [DNB] De Nederlandsche Bank, 2007. Overzicht Financiele Stabiliteit in Nederland. 5, Spring 2007. ? [DNB] De Nederlandsche Bank, 2011.Overzicht Financiele Stabiliteit in Nederland. 13, Spring 2011. [EEI] Edison Electric Institute, 2010. US Energy Companies Response to OTC Derivatives Reform: Energy Sector Impacts. January 2010. [EEX] European Energy Exchange, 2011. Hour Contracts; Spot Hourly Auction. European Electricity Index. 25 May 2011. [EFET] European Federation of Energy Traders, 2010. EFET Response to Public Consultation by the Directorate General for Internal Market and Services on Derivati ves and Market Infrastructures (‘‘EC Consultation’’). 9. 7. 2010. EGL, 2011. View on Electricity Markets. No. 116. February 2011. Elstob, P. 2011. FSA at Odds with European Commission Over Aspects of MiFID II. WBC. 29, March 2011. E. ON, 2011. E. ON’s Position on: Consultation on the Review of the Markets in Financial Instruments Directive (MiFID). 2. 2. 2011. Eurogas, 2011. Eurogas Cover Note on MIFID, 2. 2. 2011. European Commission, 2004. Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004, on Markets in Financial Instruments Amending Council Directives 85/611/EC and 93/6/EEC and Directive 200/12/ EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ L 145, 30. 4. 2004.European Commission, 2007. DG Competition Report on Energy Sector Inquiry Part 1. 10. 1. 2007. Brussels, SEC (2006) 1724. European Commission, 2010a. Proposal for a Regulation of the European Parliament and of the Council on OTC Derivatives, Central Counterparties and Trade Repositories. Brussels, COM (2010) 484 ? nal. 6. Concluding thoughts The ? nancial and physical energy markets have become intertwined. This article has described the vast set of ? nancial legislation that, if pushed through, would have signi? cant consequences for European energy markets. The European Commission seeks to stabilize both ? ancial markets and energy prices by regulating the trade in ? nancial instruments, including energy derivatives. Key elements in this regulatory package are transparency, the emergence of new trading platforms, central clearing of OTC derivatives and transaction reporting. Having assessed some of the theoretical effects of these aspects by looking at the new incentives they offer participants in the energy markets, this article has advanced two arguments. First, if the Commission wishes to strengthen the regulation of trade in energy derivatives, it should extend this regulation to al l market participants.There are no compelling arguments to exempt non-? nancial institutions, such as energy companies. Second, it would be misguided to expect that stepping up regulation of energy derivatives trading automatically reduces volatility; neither in the ? nancial, nor in the physical energy markets. The precise link between derivatives trading remains unclear, the political discourse itself has added to volatility and this legislation may have some ambiguous and unintended effects. Therefore, it would be advisable to take a more cautious stance and carefully weigh the various costs and bene? ts.If the Commission decides to push through with the whole package, a few caveats are in order. First, overlaps and gaps between the several regulations should be avoided. For instance, it would be sensible to establish a single regulator for the energy sector instead of conferring competences upon four different ones. Gaps exists between de? nitions. For example, REMIT de? nes ins ide information by referring to the owner of the product. Financial legislation on the other hand refers to the originator. It is unclear which one of the two is responsible for the reporting and transparency obligations. Another caveat relates to the con? ence in the political discourse in increased regulation and the ability of regulators to prevent ? nancial crises. Being engulfed in transaction data does not mean regulators will have the knowledge or the agility to immediately act upon it. It may be a necessary measure, but it is by no means suf? cient. A third risk the Commission needs to avoid is policy inconsistency. It should be careful not to implement regulation with L. Nijman / Energy Policy 47 (2012) 468–477 477 European Commission, 2010b. Proposal for a Regulation of the European Parliament and of the Council on Energy Market Integrity and Transparency.Brussels, COM (2010) 726 ? nal. European Commission, 2010c. Impact Assessment, Accompanying the Proposal for a R egulation of the European Parliament and of the Council on Energy Market Integrity and Transparency. Brussels, SEC (2010) 1511. European Commission, 2011a. Communication from the Commission to the European Parliament, The Council, the European Economic and Social Committee and the Committee of the Regions, Tackling the Challenges in Commodity Markets and on Raw Materials. Brussels, COM (2011) 25 ? nal. European Commission, 2011b. Proposal for a Regulation of theEuropean Parliament and of the Council on Insider Dealing and Market Manipulation (Market Abuse). Brussels, COM (2011) 651 ? nal. European Commission 2011c. Proposal for a Regulation of the European Parliament and of the Council on Markets in Financial Instruments and Amending Regulation [EMIR] on OTC Derivatives, Central Counterparties and Trade Repositories. Brussels, COM (2011) 652 ? nal. European Commission, 2011d. Proposal for a Directive of the European Parliament and of the Council on Markets in Financial Instruments R epealing Directive 2004/39/EC of the European Parliament and of the Council.Brussels, COM (2011) 656 ? nal. European Commission, 2011e. Commission Staff Working Paper, Executive Summary of the Impact Assessment, Accompanying the Do