Literature Review Of Graduacting Project Finance Essay - Free Essay Example

The purpose of this literature review is to understand how the operational risks are managed, prevented and how much it cost by non-managing and managing it for financial establishment. To study the operational risk management of banks and the impact of the non-management of operational risks for a French financial sector, our research will particularly focuses under the certain financial regulation like Basel III and scientific articles about the management of operational risks. It will permit to have a clear idea of the positions of those companies about it. Firstly, we are going to have an overview of risks in general then operational risks for different types of business companies to then evolve on worldwide regulation towards the latest one Basel III. The literature review is going to be based on scientific reviews and the Bank for International Settlement reports for studying position of regulators and banks about operational risks. To better know of what the top ic is all about, it is compulsory to explain how are define the risks for Basel committee and then go further with the operational risks. The BIS (Bank for International Settlement) has created in 1974 the Basel Committee on Banking Supervision (BCBS) in Basel in Switzerland. The aim is to create a worldwide banking regulation by publishing a set of minimum capital requirements for banks however the Committee cannot obliged countries to follow those rules. The representatives members are from central banks and regulatory authorities mainly from leader countries i.e. G 20 countries and they use to meet 4 times per year. It has been created because of the systemic impact of the bankruptcy of Herstatt Bank in Germany. Basel I in 1988 focused on the capital measurement system with the COOKE ratio where 8% of a credit has to be financed by bank equity. Then Basel II in 2004 has as goal to create an international standard for banking regulators to control how much capital banks need to put aside to guard against the types of financial and operational risks banks (and the whole economy) thanks to the Mac Donough ratio. For Jayamaha (2005), Basel II needs a separation between the capital allocations for operational risk. This ratio does not only take into account the credit risk but also the operational risk and the market risk (cf bcbs 196). In response to crises and the bankruptcy of Lehman Brothers, banks have from 2013 to 2018 to implement the new rules adopted of Basel III. For Basel committee (bcbs 222), the risk management will be part of the politic of banks and that decisions in terms of risk coverage, analysis and interpretation, scalability and comparability across group institutions will have be take to as a priority i.e. A bank should determine risk reporting requirements to best suit its own business models and risk profiles. For example, an aggregated risk report should include, but not be limited to, the following information: capital adequacy, r egulatory capital, capital and liquidity ratio projections, credit risk, market risk, operational risk, liquidity risk, stress testing results, inter- and intra-risk concentrations, and funding positions and plans As the regulation advice, managing all the risks (specific, systemic, liquidity, counterparty, interest rate, FOREX, operationalÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦) are the most important to not lose money for companies. This interrogation is very important for the financial sector because it is one of the main reasons where most of the problems come from leading a loss of money and then clients. Almost all of the banks and big brokers have a risk management department but it is still quite new in this sector. In this regard, the BIS took into account numerous factors that have an influence over the value change: volatility, credit rating, correlation with risky assets, investors confidence (the flight to quality), and the liquidity of these assets (that is, the speed at which they can be traded without a loss of value). It has been found that these factors have a crucial impact on banks profitability and solvency, and that banks should have a tighter risk management policy regarding the counterparty risk (avoidance of exposure above 1% of the total balance sheet) and the quality of assets (they should not be pledged, nor collateralized). This study is a good start to analyze the Basel III ratio as it establishes the variables that have an influence over banks financial positions. Thus, operational risks began to be managed from Basel Agreement II in order to allocate an amount of equity. Before those companies was not managing those risks and realized that after scandals, frauds and crises that it was mandatory to take into account the operational risk in the management of the banks. This topic is actual because it has been highlighted thanks to the different crises, fraud and events that occurred this last 4 years. These events have showed t hat managing risk especially operating risks is essential from different point of views. Besides, operational risks are linked to people, to the management, the intra and inter-communication. A good management can avoid spending money for mistakes that you be averted and keep a good reputation. Thus it will go through a huge improvement for banks and huge development for brokers these next few years. Thereby this graduating project will be based on being efficient in case of operating problems and control at the maximum operational risks. First of all, an operational risk is defined for the Basel committee as the risk of loss resulting from inadequate or failed due to procedures, human factors and systems or from external causes. Legal risks are not included but strategic risks are (BCBS, 2003). Nonetheless, this definition evolved during the creation of Basel II because at the beginning the Basel committee didnt define it like that. However not everybody is agreed on this def inition, Vanini (2004) criticized it and Wild West Semantico defined it as any risk other than credit risk and market. To come back to Basel II agreement, it structured the operational risks in 7 types : internal and external frauds, employment relation and safety at work, customer, business and product relations, damage to physical assets, business disruption and system failures and execution of operations, deliveries and process which allow us to study on different cases regarding on what face more a broker. Jobst (2007) agrees on the definition below by splitting it in two categorizes : internal and external operational risk. He spilt internal risks in various risks as people risks by attributing loss exposure to the potential for failure of people from management failure, organizational structure or other human failures, which may be exacerbated by poor training, inadequate controls, poor staffing resources, or other factors, then the process risk, with the breakdown of esta blished processes, failure of following processes or inadequate process mapping within business lines and finally technology or system risk, which reflects the operational exposure to disruptions and outright system failure in both internal and outsourced operations. These risks are applicable in the course of regular business operations, such as breaches in internal controls and monitoring, internal and external fraud, legal claims or business disruptions and improper business practices but also goes more further by defining it as the risk of some adverse outcome resulting from acts undertaken (or neglected) in carrying out business activities, inadequate or failed internal processes and information systems, misconduct by people or from external events. This definition includes legal risk from the failure to comply with laws as well as prudent ethical standards and contractual obligations, but excludes strategic and reputational risk. On the side of external risk, Jobs (2007) expan d his point of view based on environmental factors, such as a new competitor that changes the business paradigm, a major political and regulatory regime change, unforeseen (natural) disasters, terrorism, vandalism, and other such factors that are outside the control of the firm. For Jarrow (2008), he defines the operational risks into two types which create loss processes. The first one is the risk of a loss due to the firms operating technology and the second one the risk of a loss due to agency costs. He argues that the current methodology for the determination of economic capital for operational risk is overstated. It is biased high because the computation omits the banks net present value (NPV) generating process. Although it is conceptually possible to estimate the operational risk processes parameters using only market prices, the non-observability of the firms value makes this an unlikely possibility, except in rare cases. Instead, we argue that data internal to the firm, in conjunction with standard hazard rate estimation procedures, provides a more fruitful alternative. So the assessment and the management of operational risks are different regarding activities in the financial sector ant countries. We also have to adapt the estimation of operational risks regarding the type of companies i.e. banks, credit establishment, brokers and also on the countries where the businesses are based Spain, France, England, China, India, United StatesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦thats why we are going to do. Operations risks are linked to internal control and analysis of internal losses of companies. To take into account the percentage of those risks, a risk mapping has been done and imposed for and by banks. For Bon Michel (XXXX 71930056) This approach is part of an effort to streamline the complexity in an uncertain world with the crisis, we had the demonstration in the financial sector where figures mean everything and nothing at the same time. So this mapping risk was created to reassure managers, regulatorsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. But for Bon Michel (XXXX 71930056) can we really trust the results of the mapping? Taleb (2009) thinks that : Rationality itself could be an obstacle to the identification of a risk often characterized by the interdependence of causes because of the complexity. Operational risks, as we saw on Basel, are linked to people so that risk by nature is strongly linked to the human component (Power, 2005). It is then in a continuous process of interaction that the construction of intelligence risks can generate a change in the perception of risk by the same individuals and thus of their actions. Bon Michel But we also have to adapt the estimation of operational risks regarding the type of companies i.e. banks, credit establishment, brokers and also on the countries where the businesses are based Spain, France, England, China, India, United StatesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦thats why we are goi ng to do. To begin with Hedge Funds, the definition of operational risks is slightly different. For (CAPCO 2005) it includes the operating environment of the fund i.e. middle and back office functions such as trade processing, accounting, administration, valuation and reporting. This combination of Multiple Risksspans these categories. The evidence of non managing risks has been highlighted especially for Hedge Funds From a survey  [1]  , it resulted that over 10 years (1996-2006) half of the hedge funds went to bankruptcy because of an insufficient control of operational risk only (43843882). For most of them, fraud is the main reason i.e. embezzlement or false valuations of capital. (43443142 dà ©ja rà ©f en bas) as the graph below shows (CAPCO 2005) : Figure 1: graphs showing the different types of risk failure and the detail of operational risks Breakdown of Fund Failures Attributed to Operational Risk Only by Operational Issue The opacity of the management of operational risk exist because those companies are not obliged to provide information to investors about the management process and risks linked to operational risks. Besides, Hedge funds have a specific structure, usually off shore companies trading on OTC (Over The Counter) in illiquid products market or by doing arbitrage so it result that operational risks are specific thus it is less easy to prevent it. Regulations tried to implement for each complex product a prospectus. However, all the operations risks cannot be mentioned on it and defined due to a lack of maturity of the industry and its opacity so these prospectus alert investors to be aware of the risks known. Risks related to the operational weaknesses of hedge funds significantly outweigh the levels of financial risk, which are usually the focus of the managers attention and investors concerns. If we assume that the universe of investable funds is 2,500, the failure rate can be estimated at 0.6%, which represents a very high probability of default in the context of funds of hedge funds that invest in 10 to 25 vehicles EDHEC Une meilleure prise en compte des risques opà ©rationnels sera nà ©cessaire pour retrouver la confiance des investisseurs notamment à   la suite des scandales rà ©cents SOL : managing operational risks working paper EDHEC Credit establishments have to follow Basel rules (BCBC, 2006) and regulations. For example, Power (2005) established that the operational risk assessment differs from traditional risks of the bank including the absence of known outstanding. It is diffuse, multifaceted and ambiguous. That is all the complexity of the assessment of operational risks. It is based on the probability of a risk occur. And the risks as we saw before are various so even more difficult to manage and prevent. Banks are split in different activities; traditionally it is composed of retail banking, corporate and investment banking. However, these last few years bank s developed a new service, the online banking specialized in stock exchange for individual investors. This was really an expectation from customers so most of the French banks have their own online brokers under a different brand name. They are doing advertising to bring the clients of the retail bank but also clients from others competitors. Those brokers had a huge development and didnt focus on risk management. Usually the Director of Operation also deals and solves the risks problems in these small entities. All the banks for traditional activities and others brokers in France or abroad particularly in the FOREX market have a risk management department because they understood it was primordial. Thereby we will focus more on what has been done and developed in those companies and how it has been treated on the research side. The operation risks are those that use the most of equities after credit risks. To solve the operating losses, three strategies have been implemented in t he banking system : the internal controls inside the department i.e. the back office and the management control the operations, the internal audit where a specialized department checks the operations to ensure that policies and procedures are followed and external audits where it is an external and independent institution who checks the financial statements and more. Those three actions permit to reduce operational risks and its cost. To focus on internal controls, for Arnold, Larsen, Hollinger, ODoherty, and Milne (2008), the problem of banks is that they dont care about it and are done by a spawned allegations of moral hazard and for Anna Chernobai, Philippe Jorion, and Fan Yu (2011) this is the consequences of a weak internal control environment so it makes loss an enormous amount of money. In the same article, they illustrate it by taking the example of the Trader Jerome Kerviel in Socià ©tà © Gà ©nà ©rale in 2008 that made a loss of $7.2 billion due to unauthorized tradi ng and that the management did nothing by letting him trade. However, for Alberto Balestra (2006), there is existing internal control procedures but because of a lack of compliance companies makes big losses. For the internal and external audit, the approach is quite different, the first one has to be permanent and the second one is usually periodic. The Basel committee defines what the banks have to do to manage its internal audit of its operational risk like create an operational risk management function responsible for codifying firm-level policies and procedures concerning operational risk management and risk-reporting system for operational risk; and for developing strategies to identify. And for the GCAP (group of Assistance to poor) the internal control is define by checking all the following points : The financial information and operating data are accurate and reliable, the policies and internal procedures are followed, the business risks of the institution are identifie d and minimized, resources are used efficiently and economically, the institutions objectives are being achieved and the external regulations are met. J. Cernes agreed to say that Internal audit sees his expanded role, including the control of new skills related to this development. Although for Balestra (2006), the operational risk manager can have difficulties to do it so it has to ask help from rely also on reengineers for this operational auditing. From the external point of view of an independent auditor, C. Cox (2008) director of the Securities and Exchange Commission (SEC) agreed that his agency failed to act for nearly a decade on credible allegations about Bernard Madoff, whose fraudulent internal controls allowed a Ponzi scheme that cost hedge fund investors as much as $50 billion The goal of these auditors is to check the financial statements, records, transactions, and transactions of a structure by an external party to express an opinion on the financial statements o f the IMF. However, Markus Leippold (2003) doubts on the notion of managing risk and more particularly on finding a reasonable notion of diversification but also on the evaluation and quantification of the benefits from altering value chains and work flow structures For George S. Oldfield and Anthony M. Santomero (1997) the level of effort focused on reducing these risks can be communicated to shareholders and cost-justified. To conclude, for Leippold and Vanini (2003), the operation risk occurs at low frequency but it has a high impact. Usually it comes from of human behaviors. In 2001, the Basel committee realized a survey on 89 international banks, a bank has been affected by an average of 528 instances of operational risks, mainly on retail banking, generating an average loss per unit average of 10 000 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬. It follows a gross loss average of 90 million ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ per institution. For Jeffery Atik (2010) Not all risks can b e anticipated. Indeed, it is difficult to manage risks that cannot be imagined (those that are outside of experience) although experience teaches that unanticipated and unimagined events do occur in reference to those crises. So we can see the difficulties to understand and limit the impact of the operational risks. Lots of things have been done from the past events on how to calculate the operational risks with the Value At Risk (VaR) but almost nothing has been done yet to limit the impact of operational risks on the financial sector after the recent past events of these last four years. From what we saw, risk management has been studies on its definition or on the calculation on the VaR few years ago. However, the risk management is still quite new on the financial sector and even more for operating risks on the way how to manage it. Thanks to the past, it has to be re-studies to improve its management to avoid to repeat mistake and to find of the possible risks that it could occur. From few examples, when one problem occurs it costs a lot for the bank but it is quite surprising that it can still happen nowadays. With the crises and recent frauds, it was obvious that nothing has been done on this topic. The Basel committee is working on Basel III thus the operation risks will be more controlled and highlighted. Like that, the banks would less suffer of the impact of a bad management of operating risks. Besides, after all the crisis and scandals like as seen earlier for Socià ©tà © Gà ©nà ©rales case in 2008 or even for Barings in 1995, Calyon in 2006 or famous internal frauds like JP Morgan Chase in 2006, Bank of China in 2007 or commercial litigation in 2006 with the Deutsche Bank or fire in the headquarter of the Credit Lyonnais in 1996, these scandals do not give a positive image of the bank. The press uses to relay it in the headline for few days or months. Clients, customers read it and after the word of mouth begin. This external communicati on cannot be controlled by the bank. Generally, this is the worse for a company. The employees and managers suffer also of that so training has to be done to surpass the impact of the event and be able to give an answer to all the attack they have from the family and clients. This impact of the management of operation risks has never been studied in term of figures for the bank and from the human side. The intangible assets are a very important notion than operating risks affect for years like the brand name, the image, the reputation. Even external events affect banks like attacks because citizens do not trust in institutions, fear appearÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ During the crises, the bankrupt of a bank or a scandal like Madoffs system was able to affect the entire sector and by definition all the others banks, which lead that clients wanted to withdraw their economies. So it would be important to see what the impact of the management is in all those cases of systemic cr isis. Ethic is a bad word in finance so it has to change by re-establishing a good image of the finance sector, in what way a new culture. The change has to be done from the top of the management i.e. operational risks could be avoided if a good management, a day to day management for example, would be implementing and if the employees would care about their banks. In this globalized world, people have to be reassured; the confidence is one of key word and important data that everybody forgot because the goal was to make money without any respect and trust toward the counterparty. The aim of the management of operational risks is to reinforce transparency and restore confidence. That goal always existed but events, scandals have updated it. Operating problems majority come from an error from the machines or an error from the human. Thus to avoid it, it could be possible to implement very strict strategies to eliminate it by capitalizing the mistakes whether voluntary or not . The banks should, as what has been done before control and audit from a restrictive point of view but also train employees. A bonus could be given if the employee reacts in a good way, do not try to fraud and promote its company simply is a good employee. In my previous company i.e. a broker, there were a risk manager and all the employees received at the beginning a training to face to potential problems. This should be compulsory because it permits to go through all the problems with clients but also in intern with the crash of the trading platformÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ In France, it is coming but not in this way, they oblige the employees to pass an internal exam to be apt to face to it, some companies ask to pass the AMF (French Market Authorities) certification. However it has to become compulsory to everybody, like that when employees know what they can or cannot do for an internal or external situation, they wont try to cheat, hide or fraud because they will be aw are of the damage that it can cost for them, for the department, for the company and at the end for the clients. Besides, different departments are involved in the management of operating risks, like the general inspection, IT, back office, communication, customer services, investors relationsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦so all those employees has to be trained to face to it hereby one of the solutions is to reinforce the corporate culture, like that, employees will be involved in their job but also in the improvement of their company. Sometimes, board of directors and managers are not also in the best position for that, because they can have strange behaviors and reactions i.e. panic of the management of Kerviel case. They can forget the common sense and act as individual careerists. It would be interesting to study the impact of training in time of crisis and how to react to those cases, like that companies would control the situation. Nevertheless to rebuild a good relat ionship with the clients, the big famous banks created online bank with less fees and more attractive contracts, products and new names than their mother societies. Those brokers were not impacted by the crises and by the bad image of the banker. The reason why, is because there are new companies with no background like the major banks where most of population believe that they are not clear, corrupted and use to make a lot of speculation. Clients built this bad image on operating risks that occurs for banks. The managers didnt get the important of those risks so it would be nice to study it by getting information from clients, employees and managers to understand the importance of the operating risk, the management that they do, how they prevent, avoid and communicate on it from an old and traditional but also from a broker point of view. To conclude, the impact of a non-management has to be measured recently, the BIS wrote in 1998 a document on the management of operational risks. It has not been done since the crises and the internal events, fraud that occurred these last 5 years. Clients, customers, prospects, employees, directors are suffering of the non-management of operations risks and it has to be studied with the help of the stakeholders to find a compromise and begin to solve it. 71930056 p327 Si là ©valuation quantitative du risque a à ©tà © le premier exercice rà ©alisà © par les banques (Lamarque et Maurer, 2009), en tà ©moignent les nombreuses recherches qui se sont orientà ©es vers une approche quantitative (Frachot et alii, 2003 ; Klugman et alii, 1998 ; King, 2001), le rà ´le de la composante humaine dans le risque lui mà ªme et dans son processus didentification rend particulià ¨rement intà ©ressante toute approche de nature qualitative. Comme le soulignent Lamarque et Maurer (2009), lapproche quantitative du risque opà ©rationnel, compte tenu de sa difficile prà ©visibilità ©, est  « insuffisante pour maà ®tri ser ces risques et la gravità © des à ©và ¨nements exceptionnels est extrà ªmement difficile à   à ©valuer  ». Cest gà ©nà ©ralement lapparition mà ªme du risque qui permet de le connaà ®tre et donc de le gà ©rer de manià ¨re efficace, cest-à  -dire a posteriori. Si lorganisation se caractà ©rise par sa diversità © et sa complexità © (Weick, 1995), celles-ci constituent un frein à   lidentification prà ©cise du risque futur. Sources : https://www.bis.org/bcbs Arnold M., Larsen P. T., Hollinger P., ODoherty J. and Milne R. (2008) The outsider: How Kerviel exposed lax controls at Socià ©tà © Gà ©nà ©rale, In The Financial Times, February 7th, London. Atik, Jeffery, (2010) Basel II and Extreme Risk Analysis. Loyola-LA Legal Studies Paper No. 2010-40. Available at SSRN: https://ssrn.com/abstract=1677682 Balestra A., (2006) Quantification of Operational Risk, Mohassaba S.A., Geneva. Basel committee (2006), International Convergence of Capital Measurement and Capital Standards, A Revised Framework, Comprehensive Version of the compilation of the June 2004 Basel II Framework Bon-Michel, B 2011, La cartographie des risques : de la rationalisation du futur à   lapprentissage du risque. Cas de lidentification du risque opà ©rationnel au sein dun à ©tablissement de crà ©dit. (French), Revue Management Et Avenir, 48, pp. 326-341 Capco White Paper (2003) Understanding and Mitigating Operational Risk in Hedge Fund Investments  Ãƒâ€šÃ‚ » Carter L. F. (2011) MANAGING RISK IN OPERATIONS Academy of Information and Management Sciences Journal, Volume 14, Number 2 Chernobai A., Jorion P., Yu F. (2011) The Determinants of Operational Risk in U.S. Financial Institutions Journal Of Financial And Quantitative Analysis Vol. 46, No. 6, Dec. 2011, pp. 1683- 1725 Control sur le comità © de Bale (1998), Gestion du risque opà ©rationnel Cox C. (2008) Director of the Securities and Exchange Commission (SEC) SEC Press Release 2008-297 Giraud J.R (2004) The Management of Hedge FundsOperational Risks EDHEC RISK AND ASSET MANAGEMENT RESEARCH CENTER Jarrow, RA 2008, Operational risk, Journal Of Banking Finance, 32, 5, pp. 870-879, Business Source Complete, EBSCO. Jobst, AA 2007, The treatment of operational risk under the New Basel framework: Critical issues, Journal Of Banking Regulation, 8, 4, pp. 316-352, Business Source Complete, EBSCO. Leippoldy M., Vaniniz P. (2003) The Quantification of Operational Risk Vanini P. (2003) Operational Risk: A Practitioners View Journal of Risk, Vol. 5, No. 3, pp. 1-16, 2003  «Ãƒâ€šÃ‚  LES HEDGE FUNDS FACE AU RISQUE OPÉRATIONNEL  Ãƒâ€šÃ‚ » 2009, Revue Banque/Banque Magazine, 714, pp. 71-73 Weiss A., and Nikitin G. (2004), Foreign Portfolio Investment Improves Performance: Evidence from the Czech Republic, Topics in Economic Analysis and Policy, 48, 817-38 Power M. (2005),  « The invention of opera tional risk  », Review of International Political Economy, 12(4), p. 577-599. Taleb N.-N. (2009), Errors, Robustness, and the Fourth Quadrant, International Journal of Forecasting theory and research, Englewood Cliffs, Prenctice-Hall, p. 10-37.

Why is Hamlet a Truly Tragic Character

Why is Hamlet a Truly Tragic Character? The story of Hamlet, a prince whose father was killed by his uncle and then called upon his son to avenge on him, was known to the reader long before William Shakespeare used to create his best-known tragedy. However, he was definitely the author who managed to shift the key attention of the audience from the tragedy of circumstances to the tragedy of true human feelings. But what makes Hamlet a truly tragic character? The tragedy of Hamlet is not the tragedy of death. Although the prince is mesmerized by its mystery, he is not afraid of it. Even if the death of a person is tragic, according to Shakespeares opinion, the real tragedy lies in the moral decay of a human being, which leads to the slippery path of self-destruction. Hamlet is the person of extraordinary positive features. However, he is deeply disappointed in people, as he has seen the betrayal and the murders of those who were important for him. As he looses his faith in people, he also loses love and the real value of life. Pretending to be mad, he balances on a very thin borderline between the reality and a deep psychosis, which results from the understanding of how sinful human nature can be. In this way, the real tragedy of Hamlet is the extraordinary morality of his character. If he was like the other characters of the play, he could get used to the world of evil, pretending, cheating, adapting to the circumstances. This is absolutely impossible for him, but he does not know how to fight the evil and how to beat it. So, he is doomed to death due to his honesty, sensitivity and idealism.

Gothic Architecture And Its Impact On The Modern World

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The second cathedral you will journey through is the Exeter Cathedral, which demonstrates an entirely opposite design. The gothic architecture of this building is depicted on all sides, and can be seen on even the smallest of items within the cathedral. Both of these complex structures feature distinct designs, each with their own intended purpose. These visual walkthroughs will touch on the buildings architectural aspects and why they were selected to impress their visitors. Picture yourself atop one of the highest points in France, Mount Anis, overlooking the entire town. In front ofShow MoreRelatedThe History of Gothic Architecture in Italy Essay1711 Words   |  7 PagesAbbott Suger wanted to make Saint Denis a magnificent showplace as the royal Abbey church of France and burial place of French kings. Ribbed vault which were capable of spanning large areas was designed to make gothic churches larger. 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I wanted to explore how a space or room can be seen as art and how it can create moods and feelings just as strongly and easily and traditional pieces. A particular piece of spatial design thatRead MoreThe Industrial Revolution During Mid 19th Century843 Words   |  4 PagesWith the Industrial Revolution at its dawn during mid-19th century, England’s Northern towns and cities began to alter drastically as advances in science and technology were proceeding to reshape the world. Beyond just transforming the society and its culture; industry, technology, and commerce, as agents of reforming the old social order, brought an immense demand for the urbanization of towns and cities. Consequently, the cities of North ern England went through an architectural metamorphosis ofRead MoreGothic Architecture: Ruskins Influence on Britain2646 Words   |  11 PagesJohn Ruskin was not an architect by trade. However, he had a strong impact on architecture in Britain in more ways than any other architect of his time. Ruskin was an English art critic and social thinker, but he maintained a deep passion for architecture. Ruskin published many works on architecture, naturalism in art, and moral issues–his essays on art and architecture were especially influential in the Victorian period. Ruskin was born on February 8th, 1819 in London, England. He became very wellRead MoreModernism, Modernity and Modernisation: Urban Growth in Melbourne Between the Wars1533 Words   |  7 Pageswhat mans eye seeks in our era, in our time, is not the ponderous solidity of traditional architecture where everything was built to four walls around a room and spaces that were finite. But rather our eyes seek transparency, lightness... being able to look through things.† (http://australia.gov.au/about-australia/australian-story/modern-austn-architecture) Although Seidler’s designs flourished after World War Two, his works utilised the new materials, technology and machinery that the Modernist

History and Major Milestones

History and Major Milestones History and Major Milestones History and Major Milestones History and Major Milestones History and Major Milestones History and Major Milestones

Discrimination Has Been Around For Centuries Essay

Discrimination has been around for centuries. According to Webster’s dictionary (2016), Discrimination is the practice of unfairly treating a person or group of people differently from other people or groups of people. Race, gender, age, and sexual orientation can all be reasons as to why individuals experiences discrimination, as well as a person’s national origin, weight, and religion. Discrimination has caused enormous suffering across history. In today’s society discrimination still exists, it is far less prevalent however it remains in certain areas, such as the labor market. A research study on race and gender differences in employment typically assumes discrimination as an important causal mechanism (Roscigno, Garcia, Zeher, 2007). The workplace has sometimes been referred to as an unwelcoming place for women due to the multiple forms of gender differences present (Stamarski Son Hing, 2015). Examples of how workplace discrimination negatively aï ¬â‚¬ects women’s earnings and opportunities are the gender income gap, the scarcity of women in leadership, and the longer time required for women versus men to advance in their careers (Stamarski Son Hing, 2015). According to Roscigno et al., (2007), Race and gender in the labor market have received considerate attention by researchers over the past twenty years. Researchers have also gained evidence to report that men earn more than women even when they are in the same occupation (Roscigno et al., 2007). InShow MoreRelatedThe Ideas Of Discrimination During The 20th Century1164 Words   |  5 PagesThe Ideas of Discrimination A controversial topic since the 20th century, discrimination was and continues to be a concept of heated discussion all over the world. In the past one hundred years, we have continued to make an effort to defeat discrimination, but a closer look shows that, even with all the effort put against it, discrimination still runs rampant all around the world. Since the United Nations adopted the Universal Declaration of Human Rights in 1948, the entire world has made large advancementsRead MoreRacism And Racism985 Words   |  4 Pages‘racism’ is often used, but is overlooked due to its constant reoccurrence in society. Although it is tossed around as a general term, it can be overshadowed and its meaning and disgust can be hidden well. Racism can be defined as the idea that one’s qualities are more supreme than another’s based on their skin color; some attributes reflecting racism are acting out false accusations, discrimination and hate. Accusation Racism is a blanket term for a wide variety of oppression that people of colorRead MoreGender Roles And Gender Responsibilities1116 Words   |  5 Pagestoday’s societies depending on the geographical areas around the world, gender roles are socially divided. However other geographic countries completely equal, such as Iceland. Laws such as a third gender option at birth, then decision followed by the child. The third gender option would be judged negatively in some other geographic parts of our globally social societies. What kind of impact do gender roles have on our society? There has been many changes in gender roles recently. Feminist approachRead MoreRacial Discrimination : Racism And Discrimination1244 Words   |  5 PagesRacial discrimination has been an ugly face lingering around for generations. It baffles me how it still exists today. It’s interesting to me because how do you know who to discriminate against. What type of individual will promote such distasteful thoughts? Why is racial discrimination still relevant? I guess the real question will be is how to overcome racial discrimination. The beginning of racial discrimination stems from when the European settlers landed in America and conquered the NativeRead MoreSexual Identity Discrimination1297 Words   |  5 PagesSexual Identity Discrimination According to the American Psychological Association, sexual orientation is defined as an enduring pattern of emotional, romantic, and/or sexual attractions to men, women, or both sexes (APA, 2008). Moreover, the definition offered suggests that sexual orientation does not solely relate as a characteristic of an individual but is most reflective of a relationship with another individual (APA, 2008). In the United States, those with a sexual orientation describedRead MoreCaste : Emphasis On Discrimination1542 Words   |  7 PagesCaste: Emphasis on Discrimination Nelson Mandela was once quoted stating â€Å"We pledge ourselves to liberate all our people from the continuing bondage of poverty, deprivation, suffering, gender and other discrimination† (Brainy Quote, n.d., retrieved November 30, 2016). When Mandella made this statement, it is unclear if he was referring to any one society, or country; although it was clear he was referring to the discrimination of all people. In the 21st century where there is a continuing emphasisRead MoreB Dubois Prejudice And Discrimination1717 Words   |  7 PagesW.E.B Dubois-Prejudice and Discrimination Since the beginning of history around the 1600’s slavery was common, and people were used to pick crops and do other things their owners required of them. Slavery lasted till around the late 1800’s when the 13th amendment was adopted and slavery was abolished. In the 20th and 21st century is when African Americans were starting to be treated as first class citizens. Today one of the most powerful men in the United States is an African American; he holdsRead MoreRacial Separatism1395 Words   |  6 Pagescharacteristics. The introduction of these terms produces racial discrimination within a society. Racial discrimination has been a thorn in the side of yesterdays, todays and future generations because of its adverse effect on critical areas of ones life such as healthcare, economics, wealth and social media. Racial discrimination whether indirect or direct is a part of life that is constantly being battled with on a daily basis. Racial discrimination and welfare goes hand in hand if you were African AmericanRead MoreDiscrimination In The Kite Runner1698 Words   |  7 PagesFor centuries, society has been plagued with the sickness that is discrimination. People have taken it upon themselves to have the right to discriminate against others, basing their prejudice on parts of others that they themselves cannot control such as age, race or gender. From past to present, many have faced segregation and the damaging ripple effect it has on their lives. This is especially true for minorities in the world who are singled out and treated as inferiors based on physical traits

The Death Penalty The History - 1297 Words

The Death Penalty: The History Death is said to be the worst punishment one can obtain. The law has been made in a way that the ultimate worst punishment one can receive is the death penalty. The action of killing others in the name of the law has been around since before 1000 BC and is still around to this day. There was a time when any crime committed would result in your death, whether you stole 4 pence or you murdered your neighbour. As time went on, the laws have become more just, allowing only those who has committed a terrible crime to be put to death or even abolishing the death penalty altogether depending on the location. Historically the abolishment or diminishment of the death penalty proved to be much more successful. In the†¦show more content†¦Another large set of laws that was used and has now influenced law in our day is The Draconian Law written in 7th century Greece. This set of laws made almost every crime punishable by death. According to Kenny Sarisky from California State University , in 11th century England they didn t have any sort of containment facilities so they would use death as a way to solve all crimes. They would hold trials but they weren’t just in any way. They would make the convicted criminals perform tasks such as hold a burning hot lead rod then bandage their wounds, if three days later their wounds were infected then they would be killed. Petty criminals were sentenced to death as well, one record was of a man who stole 4 pence in 1278 who was killed. Depending on what crime they committed or what class in society they were, criminals would suffer different deaths. For the lower class they would get hung because it was considered the most demeaning (Sarisky). Most women would be burned at the stake for their crimes although only 10% of criminal cases in Europe were women (McGlynn). The main crime committed by woman was infanticide which was the act of killing your own child. Often they would kill their daughters because families prefere d having sons. Dead bodies or severed body parts of the criminals who received the death penalty would sometimes become toys for the children who would kick them around or beatShow MoreRelatedHistory of the Death Penalty1652 Words   |  7 PagesForms of the Death Penalty Ancient China - First established death penalty laws 18th century BCE - Code of king Hammurabi of Babylon - Earliest form of unified system of justice. Death penalty for 25 crimes, including an â€Å"eye for an Eye† 16th century BCE - Egypt - first historically recorded death sentence (a man was accused of using magic) 14th century BCE - Hittite code - also prescribed the death penalty 621 BCE - Draconian code of Athens - ‘the death penalty appliedRead MoreHistory of the Death Penalty517 Words   |  2 Pages Beheading? Firing Squad? Hanging? Falling from a height? All forms of the death penalty. Not only do they have the death penalty in America but also in other places like Britain, Saudi Arabia, Iran and many other places. The first death penalty laws go way back to the eighteenth century, in Babylon. In the tenth century hanging was the major execution style, later in this century William the Conqueror did not allow people to be hanged for any reason unless in times of war, that didn’t lastRead MoreThe Death Penalty Throughout History1074 Words   |  5 PagesThis paper explores how society has influenced the development of the death penalty throughout history. It begins with a brief explanation of the origins of capital punishment, referencing the first known documentation of actions punishable by death. The paper goes on to explore different methods of execution and how they have progressed and changed over the years. Documented cases at different points of history are referenced to show the relationship of time periods and beliefs to the implementationRead MoreHistory of Death Penalty in Texas2397 Words   |  10 PagesHistory of the Death Penalty in Texas During the historical era in the state of Texas, the use of the death penalty was common and frequent; before 1923 districts carried out executions themselves, in the form of hanging. However in 1923 the state of Texas prepared every execution to be carried out by the state in Huntsville using the electric chair as the method of execution. The state of Texas put to death their first prisoner by electrocution on February 8, 1924 and there were four more executionsRead MoreHistory and Laws of Death Penalty2834 Words   |  11 PagesDeath penalty is the execution of an offender who is sentenced to death after being convicted for committing a heinous crime. Death penalty differs from extrajudicial penalty in the sense that for a person to be penalised to death he or she must be convicted by law, whereas extrajudicial penalty is carried out without the permission of the court. Death penalty and capital punishment are often used interchangeably but there is a marked difference between the two. Death penalty becomes capital punishmentRead MoreThe History of the Death Penalty Essay2059 Words   |  9 PagesThroughout the history of man there has always existed a sort of rule pertaining to retribution for just and unjust acts. For the just came rewards, and for the unjust came punishments. This has been a law as old as time. One philosophy about the treatment of the unjust is most controversial in modern time and throughout our history; which is is the ethical decision of a death penalty. This controversial issue of punishment by death has been going on for centuries. It dates back to as early as 399Read MoreDeath Penalties Throughout History1443 Words   |  6 Pagesput the perpetrator to death. Ancient civilizations to modern day people have implemented the death penalty to ensure the well-being, and sometimes discipline, of societies around the globe. The first official legal use of the death penalty dates back to the eighteenth century B.C. in the Code of King Hammurabi of Babylon. Here the King noted 25 crimes to be punishable by death. In seventh century B.C. Greece, the Draconian Code of Athens established death as the only penalty to be dealt for all crimesRead MoreDeath Penalty Changes throughout History605 Words   |  2 Pagesand left 31 wounded, for which he was sentenced to death. The capital punishment system allows for such atrocious criminals to be fairly punished and kept off the streets thus giving families of the victims much needed closure .Capital punishment is the lawful infliction of death as punishment for a crime. The death penalty has been around since the existence of man if you killed someone you would be killed. Capital punishments were also the penalty for many crimes in the British colonies before theRead MoreHistory of the Death Penalty and Why It Is Not Wrong Essay3300 Words   |  14 Pagesâ€Å"I personally have always voted for the death penalty because I believe that people who go out prepared to take the lives of other people forfeit their own right to live. I believe that the death penalty should be used only very rarely, but I believe that no-one should go out certain that no matter how cruel, how vicious, how hideous their murder, they themselves will not suffer the death penalty.† – Margaret Thatcher The death penalty has been promoted for thousands of years, for countlessRead MoreDeath Penalty : The Penalty1475 Words   |  6 Pages DEATH PENALTY BY TURKI ARUGI 6/15/2015 ELS LANGUAGE CENER Death Penalty When someone hears about death penalty the first thing that comes up to the mind is murder, robbery, treachery but not every crime is punishable by death penalty. It is indeed a punishment for severe crimes which are not forgivable or can be done in a prison. Sometimes death penalty is the only option left for the government or it may be too dangerous to let the person to stay alive. Death penalty is one of the most

Imported Cars Essay Example For Students

Imported Cars Essay Picture yourself in Orange County, California. As you walk on the gravel covered road, you spy a bright neon green Honda Prelude. When you take a close look, you will see all kinds of logos. Pokemon, Honda, Greddy, Mugen, Transformer, TriZone, Kamikaze, Weapon R, Neuspeed, Barely Street Legal, HKS, Xenon, DC Sports, Catz, Nakayama, Venom, Napolex, Tokico, Momo, Honda Sport, and Street Glow are all popular logos you can find anywhere. As you turn a cheek, the suns bright beam is reflecting off the shiny chrome wheels. Since it is hurting your eyes, you turn around; right in front of you is a sticker that says Greddy Racing Exhaust System. As your eyes wonder downward, you see the 4. 5-inch exhaust tip. You stand up and leave with a huge smile and say, That is going to be my car one day. Stickers are the main characters in import car shows. You can always get stickers of anything and about anything if your car is great, as any import car owner hopes it to be. To have millions of people admire your car as much as you do, your car will need to be unique by using manufacture logos. The manufacture owner then gives you their logos, turbo chargers, leather seats, exhaust systems, and so on. It is obvious that import cars are more for looks then speed. Spoilers are the main item for dressing up the rear of the car. You can always keep the old-fashion manufacture spoiler that came with your car, but the spoiler that really makes heads turn are the custom made ones. Favorites among the custom spoilers are the samurai sword holder and the high wing. The high wing is made for looks and little for speed. The only true owners of the high wing spoilers are Toyota owners. Samurai sword holder spoilers are basically the same as three-piece spoilers. The three-piece spoilers are only for looks because they do not have the aerodynamic figure or slick designs. Chang 44 Every running car has to have an exhaust system. If you want a lot of speed, you would want a racing exhaust system. A racing exhaust system contains a racing header, a provision pipe with a custom tip. Mini draggers are another approach for looks, sound, and some speed. You can hear a mini dragger from miles away. My mommy always told me If you cant say anything nice then dont say it all. Therefore, Im not going to say anything bad about the manufacturers stock exhaust system. You will be able to find the sports exhaust system in the after market. The sports exhaust is the inexpensive exhaust; all because it is mainly for looks then speed. There are many choices available for the interest of the owner. The most important accent to any import car is the body kit. The regular manufacture body is within a traditional framework. The manufacture style will catch some attention, however, with a custom, wide body, or shogun body kit will really set you apart. A custom body kit is the most expensive of the three, but it is really worth it. For example, you can have your name engraved in the body of the car. Half of the import car owners that I know have a custom or wide body kit on the car. The wide body gives the car a reassuring feeling. You feel like a big man driving a unique car. The shogun body kit is basically a vampire look. It makes other racers feel a little scared. Color gives the car and its driver a personality. Dark metallic colors represent no fear, ready to go anytime. .ub058b3c7e77cc2f3ed191d6b8b1e6271 , .ub058b3c7e77cc2f3ed191d6b8b1e6271 .postImageUrl , .ub058b3c7e77cc2f3ed191d6b8b1e6271 .centered-text-area { min-height: 80px; position: relative; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 , .ub058b3c7e77cc2f3ed191d6b8b1e6271:hover , .ub058b3c7e77cc2f3ed191d6b8b1e6271:visited , .ub058b3c7e77cc2f3ed191d6b8b1e6271:active { border:0!important; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .clearfix:after { content: ""; display: table; clear: both; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub058b3c7e77cc2f3ed191d6b8b1e6271:active , .ub058b3c7e77cc2f3ed191d6b8b1e6271:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .centered-text-area { width: 100%; position: relative ; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub058b3c7e77cc2f3ed191d6b8b1e6271:hover .ctaButton { background-color: #34495E!important; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub058b3c7e77cc2f3ed191d6b8b1e6271 .ub058b3c7e77cc2f3ed191d6b8b1e6271-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub058b3c7e77cc2f3ed191d6b8b1e6271:after { content: ""; display: block; clear: both; } READ: Emily Dickinson EssayBright metallic colors, on the other hand, shows signs of happiness and fun. Lights really turn heads at night. If you have different taillights, you would most likely get the popular points from people. Custom taillights are very popular at import shows and highly priced. If you cant afford custom taillights, all you would have would be stickers on your lights, which would look weird and cheap. Rims are the wheels to success. The three main kinds of rims are racing designs, ADR designs, and alloy wheels. If you want good rims, you should go with racing designs. Racing designs are lightweight and durable with slick designs. ADR however are rims that are all for looks. ADR rims are heavy and very durable with slick designs. Alloy rims are mostly for speed. Since alloy is so light, they are not as durable. However, they consist of many slick designs. To conclude this research paper, which cars are really indeed are for looks then speed. All of the examples I have given you are few of many things that make your car look better and possibly make your car slower then it really is.