African American History and Women Timeline 1870-1899

[Previous] [Next] Women and African American History: 1870-1899 1870 †¢ 15th Amendment to the US Constitution gave the right to vote without regard to race, color, or previous condition of servitude -- but the Amendment did not apply to African American women (or any other women) †¢ Susan McKinney Stewart, an early African American woman physician, received an M.D. from the New York Medical College and Hospital for Women 1871 †¢ (October 6) Fisk University Jubilee Singers began their first-ever national tour, singing gospel music to raise money for the University 1872 †¢ (April) Charlotte Ray admitted to the Washington, DC, bar; she graduated that year from Howard University Law School 1873 †¢ Sarah Moore Grimke died (abolitionist, womens rights proponent, sister of Angelina Grimke Weld) 1874 1875 †¢ (July 10) Mary McLeod Bethune born †¢ Civil Rights Act of 1875 outlaws discrimination in public accomodations (invalidated in Plessy v. Ferguson, 1896) 1876 1877 †¢ Rutherford B. Hayes ended Reconstruction by withdrawing US Army troops from the South 1878 1879 †¢ Mary Eliza Mahoney graduated from the nursing school at the New England Hospital for Women and Children, Boston, becoming the first African American professional nurse †¢ Angelina Emily Grimke Weld died (abolitionist, womens rights proponent, sister of Sarah Moore Grimke) 1880 †¢ (October 20)  Lydia Maria Child  died (abolitionist, writer) †¢ (November 11)  Lucretia Mott  died (Quaker abolitionist and womens rights advocate) 1881 †¢ Tennessee passed first Jim Crow laws †¢ Sophia B. Packard and Harriet E. Giles founded Spelman College, the first college for African American women 1882 †¢Ã‚  (September 8)  Sarah Mapps Douglass  died 1883 †¢ (November 26)  Sojourner Truth  died (abolitionist, womens rights proponent, minister, lecturer) †¢Ã‚  Mary Ann Shadd Cary  became the second African American woman in the United States to earn a law degree 1884 †¢Ã‚  Mary Church Terrell  (then Mary Church) graduated from Oberlin College (activist, clubwoman) †¢ (January 24)  Helen Pitts  married Frederick Douglass, setting off controversy and opposition to their interracial marriage 1885 †¢ (June 6)  ALelia Walker, daughter of  Madam C.J. Walker, born (activist, executive, Harlem Renaissance figure) †¢ Sarah Goode received the first patent awarded to an African American woman 1886 1887 1888 1889 †¢ (January 28) Prudence Crandall died (educator) 1890 †¢ Emma Frances Grayson Merritt (1860-1933) established the first U.S. kindergarten for African American students †¢Ã‚  The House of Bondage, a collection of slave narratives, published, written by former slave Octavia R. Albert †¢Ã‚  Clarence and Corinne or Gods Way  published by the American Baptist Publication, the first Sunday School book written by an African American †¢ Janie Porter Barrett founded the Locust Street Settlement House in Hampton, Virginia 1891 †¢ newspaper  Freedom: a Revolutionary Anarchist-Communist Monthly  founded by  Lucy Parsons 1892 †¢ Anna Julia Cooper published  Voice of the South, writing of the status of African American women †¢Ã‚  Hallie Brown  served as lady principal (dean of women), Tuskegee Institute †¢ President Benjamin Harrison entertained by Sissieretta Jones (singer) †¢ Frances Ellen Watkins Harper published  Iola Leroy: or Shadows Uplifted †¢ Patent issued for an ironing board invented by Sarah Boone †¢ (January)  Bessie Coleman  born (pilot) - or 1893 †¢ (October)  Ida B. Wells  published  Southern Horrors: Lynch Law and in All Its Phases, beginning her public anti-lynching campaign †¢ (-1894) many African American womens clubs were founded for race and womens progress New York City (Victoria Earle Matthews)Brooklyn (Susan McKinney)Boston (Josephine St. Pierre Ruffin) 1893 †¢ World Columbian Exposition largely excluded African Americans. A few African American women spoke at the fairs Womens Congress on The Intellectual Progress of Colored Women of the US Since Emancipation: Fannie Barrier Williams spoke on the responsibility of white men for sexual exploitation of African American women. Anna Julia Cooper and Fanny Jackson Coppin also spoke.Ida B. Wells, Frederick Douglass, and Ferdinand Barnett wrote The Reason Why the Colored American is Not in the Columbian Exposition. †¢ African Methodist Episcopal Church founded the Womens Home and Foreign Missionary Society †¢ publication of  The Autobiography of Amanda Berry Smith, AME Evangelist †¢ Fanny Kemble died (wrote about slavery) †¢Ã‚  Lucy Stone  died (editor, abolitionist, womens rights advocate) †¢ (April 13)  Nella Larson  born (writer, nurse) †¢ (June 5)  Mary Ann Shadd Cary  died (journalist, teacher, abolitionist, activist) †¢ (-1903)  Hallie Brown  served as professor of elocution at Wilberforce University 1894 †¢ Sarah Parker Remond died (anti-slavery lecturer whose British lectures probably helped keep the British from entering the American Civil War on the side of the Confederacy) †¢ National Association of Colored Women began publishing  The Womans Era †¢ Gertrude Mossell published  The Work of the Afro-American Woman 1895 †¢ National Federation of Afro-American Women founded by about 100 women from ten different states, the first national federation of black womens clubs. Margaret Washington was elected the first president. Founders included Josephine St. Pierre Ruffin,  Mary Church Terrell, Fannie Barrier Williams †¢Ã‚  Ida B. Wells  published  Red Record, a statistical study of lynching †¢ Frederick Douglass died (abolitionist, womens rights activist, lecturer) 1896 †¢ National Federation of African American Women and the Colored Womens League merged into the National Association of Colored Women, selecting  Mary Church Terrell  as president †¢ (March 18) Supreme Court in  Plessy v. Ferguson  upholds Louisiana law segregating railway cars, invalidating the Civil Rights Act of 1875, and leading to the passage of many more Jim Crow laws †¢ (July 1)  Harriet Beecher Stowe  died (writer) †¢ (July 21) National Association of Colored Women formed;  Mary Church Terrell, president 1897 †¢ Harriet Tubman won pension for her Civil War military service †¢ Victoria Earle Matthews founded the White Rose Mission to provide aid to Southern black women moving to New York City †¢ Phillis Wheatley Home for Aged Colored Ladies founded by Fannie M. Richards in Detroit -- the first of many named for the poet  Phillis Wheatley  to provide housing and services for single African American women in large cities †¢ Charlamae Rollins born (writer, librarian) †¢Ã‚  A Slave Girls Story  published, autobiography of Kate Drumgold †¢Ã‚  Marita Bonner  born (writer, teacher) 1899 †¢Ã‚  Maggie Lena Walker  became head (Right Worthy Grand Secretary) of the Independent Order of St. Luke Society, which she helped transform into an effective philanthropic society in Richmond, Virginia [Previous] [Next] [1492-1699] [1700-1799] [1800-1859] [1860-1869] [1870-1899] [1900-1919] [1910-1919] [1920-1929] [1930-1939] [1940-1949] [1950-1959] [1960-1969] [1970-1979] [1980-1989] [1990-1999] [2000-]

Supply Side Economics Economic Policy - 804 Words

Do you ever wonder what economic policy is? Economic policy is actions that the government takes to influence the economy in different types of ways, or policies. The actions the government takes can include setting interest rates through the federal reserve, who handles all the money in currency. The government can also regulate how much money they use on different expenditures. The government also uses economic policy when they set tax rates. The types of policies are supply-side economics, demand-side economics, and monetary policy. This essay will cover all these policies. The first concept is supply-side economics. Supply-side economics is a theory that economists believe that economic growth can be most successfully created by putting more money into capital. This concept argues that by lowering barriers on production of goods, and services will also help the economy grow. The term supply-side economics was first believed to have been coined by journalist Jude Wanniski in 1 975, but other sources say that the idea originally came President Nixon s former economic advisor Herbert Stein. One way that supply-side economics was utilized in our history was during the presidency of Ronald Reagan. He planned to cut down tax rates by 30% during his presidency. He made this happen by relieving the tax payments of the rich, so they could invest more money in the economy. This stimulated jobs, and economic growth. Throughout his first term, tax rates were cut byShow MoreRelatedFiscal Policy, Crowding out, Supply-side, Economics1957 Words   |  8 Pages Economics Assignment #2 Question I. Fiscal Policy and the Crowding Out Effect. (a) What is the essence of the accounting identity (the so called saving investment identity) that the two distinguished professors refer to? 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Historical Landmarks in the Philippines free essay sample

Adams In the year 1900, an American Governor named William Taft was fascinated by Baguids gentle weather especially during summer when Manila would be really hot that many American adventurers and missionaries would choose to stay north of Manila. Some of them landed in a village along the shoreline of Pasaleng Bay on the lower slopes of the northwestern peak of the Cordillera mountain rages called Tinamburan which is now known as Pancian, Pagudpud where peace-loving tribesmen were residing. There were lots of deers and wild pigs in those days. The villagers feasted on birds they caught and also squirrels and wild fruits. People believed that Adams as blessed and called it Karayan ni Adan which means River of Adam. This was to honor the first man on earth which they learned from the Spaniards. From then the place was called Adams. Before 1918, Adams was made into a reservation for cultural minorities. Their forefathers choice to possess properties was to live deep in the forest beds. It was called their own for a living and be it was to support their families. Later, it was created and recognized as a Municipality District by virtue of law passed by the defunct Department of Interior. Bacarra Bacarra is bounded on the north by the Municipality of Pasuquin, on the east by Vintar; on the south by Laoag City; and on the west by China Sea. It has a land area of 66. 07 square kilometers, with a population of 27,827 in 1995. The first settler of the town was an Igorot named Bacsalandoc, who became its first chief. The present site of the Roman Catholic Church was the spot where he built his hut. In 1590, the Augustinians started missionary work in Bacarra which was at that time, was reported to be an encomienda of one Capitan Castillo and one Andres de Hermosa. It had one convent with two priests ministering to 4,000 souls. In 1956, the convent was granted the status of a priory with the right to vote in the provincial chapters. In 1599, Bacarra had the following visitas: San Nicolas de Vintar, Santiago de Pasuquin, Bambang san Lorenzo de Banguisan (Bangui), Sta. Catalina de Adang and Vera. In 1603, Bacarra became a visita of Laoag. In 1608, it was made a vicariate under the immediate Jurisdiction of the father provincial. In 1614, it became an independent parish. Agriculture is the main industry of the Bacarrehos. Farmers raise rice, tobacco, corn, garlic, onion, mongo beans, sugarcane, cotton and vegetables. Fishing is the second major industry of the people. Both its sea and river teem with fish which include the legendary bac-bacarra. They also engage in woodworking and weaving. The Bacarrehos, like other ilocanos, are adventurous, industrious and are incessantly in quest of greener pastures. Long before the great rush of Filipinos to foreign lands, there were already thousands of them abroad, particularly in the U. S. mainland. Their remittances are a strong boost to the economy of the town. The electrification program of the government to the remote barangays has sparked the interest of balikbayans who have Joined hands in the development of the town. In the arly 1970s, Bacarra won the National Barangay Award (Barangay Category) when it registered Badoc the most numb a kbayan who visited the country. The town Badoc got its name from badok-badok (phleumpratense). It is a plant which abounds locality. Its lands are of 66. 41 square kilometers and with a population of 26,737 in 1995. The first settlers of Badoc belonged to a tribe officially known as Tingguian and also known as ltneg by the Ilocanos. The Spaniards first explored the area in 1572 when Juan de Salcedo made an expedition to the north. He returned in 1574 to formally organize the government of locos. He made Badoc an encomienda of Juan de la Pena. In 1714, Badoc became an independent parish. In the late 18th and first half of the 19th century, the cultivation of indigo became a lucrative business in Badoc and the rest of locos. Badoc was occupied by the revolutionary forces of General Manuel Tinio during the Philippine Revolution of 1898. When the war went against America, the town and the surrounding areas of Badoc and Paoay became the fields of operation of the guerillas of Gregorio Aglipay. When Gregrio Aglipay established the Philippine Independent Church, Badoc became one of the centers of the newly established eligious sc. Today, Badoc remains an agricultural town but continues on towards progress. The major sources of income of the people are farming, fishing, salt-making and cottage industries like the weaving of cotton cloth and the making of basi wise. An irrigation system serves over 500 hectares of agricultural lands producing primary crops like tobacco, garlic, and onions. Bangui Bangui is bounded by the Bangui Bay on the north; the Municipality of Burgos on the west; Pagudpud on the northeast; Dumalneg on the east; and Adams on the southeast. The town is 66 kilometers away north of locos Nortes capital, Laoag. About 10 kilometers south of the town is the famous Zigzag Road which provides travelers a sweeping view of Banguis verdant mountains, the blue sea, and the flowing river that sneaks through its western barrios. It has a total land area of 163. 59 square kilometers and is composed of 15 barangays, with a population of 13,774 in 1995. The first mission of Bangui was established by the Augustinians of February 14, 1607 supposedly at the request of one Capitan Ribero, the encomendero of the place. The natives who rejected baptism were called pagans and they were driven away from their lands. Those who accepted baptism were called Christians. In 1624, the town was made into a parish with Father Pedro Valenzuela as the first minister. The Spanish missionaries considered the date as the foundation year of Bangui. During the revolution in 1896, the remnants of the Spanish army in Luzon, driven b superior Filipino forces under the command of General Jorico retreated to Bangui and took their last foothold in the are. Bangui is famous for its swimming resort along a circumferential bay which is considered as the best scenery in the whole island of Luzon. The livelih ot the people comes trom tarming, fishing, and mat-making. The construction of the Pl . Million Lipsoc communal irrigation dam project in Bangui is a boon to its agricultural economy. The dam can irrigate 205 hectares of land and will benefit some 300 farmers in seven adjacent barangays, resulting in increased production of rice, corn, garlic, vegetables, and mongo. Bangui today is already considered as an urban community. It is groomed as a possible site for a free port or specialized economic zone because of its favorable location. Furthermore, when the Laoag-Allacapan road is fully completed, it will enhance Banguis emerging rominence, extending its influence as far as the eastern towns of Cagayan Province. Banna (Espiritu) Banna is bounded on the north by Marcos and Dingras; on the northeast by Batac; and on the east by Mt. Sicapoo. It is one of the smallest towns of the province, having a land area of only 97. 68 square kilometers. Banna had a population of 1 5,975 in 1995. The municipality used to be known as Banna. It has preserved this name until 1964. According to legend, Banna had pre-hispanic origin. It was a prosperous village, inhabited bt Tinggguian settlers, located in the eastern part of locos Norte. It was ruled by a chieftain named Banna. Whose wisdom and courage united and emboldened his people. It was said that when the Spanish colonizers tried to Christianize the village, Banna resisted. He fought the Spanish priest. Soldiers and native Christian settlers who treacherously railed it while Banna and his subjects were celebrating his birthday. The Tingguians were defeated, but managed to escape with their chief. What was left of their settlements was consequently turned into a Spanish town, with a parish priest and native local officials. In honor of its former re-hispanic ruler, its inhabitants preferred to call their new Christian village, Banna. During the Spanish regime, banna was a barrio of bigger towns like batac and Dingras. Archival records show that the eastern part of its Magalis River was once a part of Dingras and its western part, of the town of Batac. During the American administration, particularly in 1913, Bannas status as a barrio became a subject of discussion among its residents, especially Governor Santiago Espiritu, who worked hard to make it own. It became a town that same year, with one named Ishmael as its first Presidente Municipal. On June 18, 1964, by virtue of Republic Act No. 3997, the towns name was changed to Espiritu, in honor of Governor Espiritu. Though small, Espiritu is a progressive town. Rice, garlic, cotton and beans and other vegetables are its principal cash crops. As for its home industries, the town is famous for its woven Ilocano blankets, bathrobes, bed spreads and pillow cases, which are highly priced in manila as well as the neighboring provinces. Batac City The town was founded by the Augustinians in 1587 under the patronage of the Immaculate Conception. It is the second oldest town established by the Augustinians n the province of locos Norte. Hence, in 1987 Batac reached its 4th centennials. Batac was officially organized into a ministry on January 5, 1586. The first priest assigned to catnecize the natives ot tile community was Fr. Esteban Marin, an Augustinian who probably arrived in Batac in 1585. Paoay and Dinglas (Dingras) were then the visitas of Batac. Folk history states that there were two villages in Batac during the early part of tile foundation of the town, one was an ltneg community which occupied sitio Nangalisan and a Christian community occupying San Jose. The irst site of tile poblacion was in San Jose, which is now called Barangay Palpalicong. It is said that the ethnic minority groups of Bangui and Nueva Era are the pre-Spanish descendants of early inhabitants of Batac. The Augustinians considered the people of Batac more civilized than tile other tribes, because they were better than the other Indios in personal cleanliness. The word Batac in a local dialect translates as pull. More loosely, it refers to the peoples pulling their efforts together. Batac has an interesting colloquial origin of its name. According to a legend, set in pre- ettlement Batac, a man fell into a deep hole while he was digging for the root crop camangeg. He struggled to get out but could not despite his best efforts. He cried for help but nobody was around. He waited for hours and had given up hope of being saved. Fortunately, two men from the neighboring town of Paoay happened to pass by. They heard the man shouting and traced it to where he was trapped. Upon seeing him, they heared the man said Bataquennac! Bataquennac! The two men did not understand until the man explained that he was saying, Pull me up! Pull me up! They did Just that. When the two men reached their hometown, they told their story to their friends. Since then, the town has been called Batac, which is derived from the word bataquennac. Burgos The town was first known as Nagparitan, the early inhabitants were calledMumburi and known as a wild and fierce people who prevented the Christianized natives from settling in the vicinity. When the Spaniards came to the area, the people staged a revolt, captured the priest and mutilated his body. Because of this incident, the Spaniards change the name of Nagparitan, meaning prohibit, to Nagpartian which means the place of slau ghter. In 1903, Nagpartian was then fused with the Municipality of Bangui because of the unstable condition due to low collection of government taxes. On February 28, 1914, by virtue of a legislative act, Nagpartian was renamed Burgos in honor of one of the three martyred priest, Fr, Jose Burgos. Sehor Juan Ignacio was the first Presidente Municipal of the town. Majority of people in the municipality are engaged in the production of commercial crops like rice, garlic, tomato, mongo and corn. However, aside from producing agricultural products, most of them also venture into fishing, livestock and swine-raisin, rice illing, and cottage industries like furniture and hollow-blocks making, smelting, salt- making, and mat weaving. The town is endowed with scenic and tourist-attracting shores or coastline from plain white beaches in Barangays. Paayas and Bobon to rugged and sharp cliffs naturally formed through the centuries like Gagamtan Cliff in Barangay Bayog, and Kapur-purawan Cliff in Barangay Saoit. The Digging Falls is another pride of the town, with a beautiful cascade at the boundary of Barangays Ablan and Buduan, certainly a perfect place for local and foreign tourist to spend their summer escapade. Another worth-mentioning tourist attraction is the historic Cape BoJeador Lighthouse, built during the latter part of the 19th century. Located on a top of a hill overlooking the vast expanse of the China Sea, it serves as a beacon light to passing ships and to local fishermen . Because ot i ts high elevation, it otters travelers with a panoramic view of the rugged coastline of Burgos Carasi The name Carasi is derived from the word Carosikis, a tree of exuberant growth later called Carasi. The site is near a forest which made people believed that the ltnegs were the first lowlanders to settle, staying as late as 1902. Carasi was a formerly a sitio of Sta. Maria, Piddig, locos Norte. It became a municipal district in 1903 under Piddig, which was then completely occupied by the ltneg tribes. In 1913, Juan Melad Infiel was appointed alcalde of Carasi. With foresight that Parparia (now Barbaqueza) would become a good ground for settlement, Melad encouraged his tribements to settle in the place. Some stayed in Parparia while the others went to Carasi. In 1923, when Carasi was already a municipal district of Piddig, it was designated as the Non- Christian Reservation in Nagpapalcan. It was proclaimed the following year a a Cultural Minority Resevation. In 1939, Juan Cawada was appointed alcalde of the town. He led the townspeople in the ambuscade against the Japanese in Pan- panniqui. He served as alcalde until the end of the war. He run unopposed in the local election in 1946. He was succeded by Gerardo Aguibay who pioneered a tax declaration campaigne and subdivided the district into small political units creating Barbaqueza, Virbira and Angset. The election of 1959 brought more progress and development to the town under its longest serving mayor, Cecilio S. Bulil-lit. He was responsible for the issueance of a Presidential Decree declaring Carasi as a regular own on May 16, 1983. The inhibitants of Carasi raise rice, corn and vegetables which are the towns main products. Secondary products include rattan, lumber, firewood and gogo bark. The Pan-panniqui and Cora Rivers are potential tourist spots. Currimao This town was formerly a barrio of Paoay. It was made a municipality by virtue of an Executive Order issued by Governor General Francis Burton Harrison on December 28, 1920, and officially inaugurated as a municipality on January 21, 1921. Several rivers, like the Tipcal or Gang River, Manglaoi Norte River, Maglaoi Sur River and the Poblacion River, serve as outlets for water during the rainy days. At the Palacapac Spring, Barangay Pias Sur, a water reservoir was built ten years ago. It still supplies the adjacent Barangay with portable water. Since the spring cannot supply the residents with enough water the whole year round, the people also resort to the used of open wells. Farming is the primary source of livelihood. Most of the agricultural lands are devoted to rice while other corps like corn, garlic, sugar cane tobacco and vegetables is also grown. The farmers practice crop rotation and diversification herein crops are planted utilizing the same area. The farmers sell their products direct to customers. Still other practice the barter system especially during good fishing season when the fishermen may exchange their catch for agricultural crops like rice. Fishing is also a good means of livelihood. The catch usually consists of tuna, mackerel, tangigi, lapu-lapu, talakitok, maya-maya, and others. Other marines products are seaweeds like pukpuklo, kulot and aragon-ilik. The fresh waters yield mudfish, catfish, tilapia and gurami. The town has no minerals resources or deposits t commercial value because i t nas no big mountain ranges. However, it n abundant supplies of bamboo, cogon, and fire wood and sea sand. Bamboo and fire wood are of great commercial value. Upland grasses grow tall and teeming on the hill sides and in the fields which yield excellent feed for cows, carabaos, horses, goats and other livestock. Dingras The town was said to have derived from the names of Ding and Ras. Ding was the son of a chieftain called Naaslag, who ruled the northern part of the river of Dingras. Ras, on the otherhand, was the daughter of Allawigan, the chief of the southern part of he river. At one time, these two chiefs were in perennial war with each other. One day, son Ding defeated the warriors of Allawigan. Ding took ras as his prize from the conquered northern ruler and married her. The union ended the feud between Naaslag and Allawigan. As the two kingdoms merged as one great power in the valley, their place became known henceforth known as Dingras. In 1598, the Augustinians founded Dingras as Ginglas. On the same year, it was placed under the patronage of San Jose. Dingras became one of the oldest and biggest ministries in the entire locos region until year 1690. It was one of the visitas of batac in 1589. On July 8 of that year, Dingras was made a ministry with Fray Bartolome Conrado as its first parish priest. As such, it remained as one of the six encomiendas in locos of the King of Spain in 1591. However, on October 31, 1603, Dingras was given back as visita to Batac, perhaps, because of its failure to become the mission center for the conversion of the interior settlements in the locos. In 1680, the Augustinians built a church. However it was destroyed by a strong earthquake in 1707. Another church which was more spacious and massive was erected by Fray Damaso Vieztez. In 1838, Fathers Deza and Franco remodeled the church impressively. But fire later gutted the edifice. Te ruins still evidence of a once splendid structure, regarded by historians as one of the three earthquake baroque churches. The others are those of Magsingal (locos Sur Province) and Laoag City. Rice has remained the major agricultural income earner with tobacco coming in as a closed second. The farmers of Dingras also hybrid corns, garlic, vegetables bananas and coffee. They are engaged in poultry raising piggery, as well as in weaving. The streams across rive fields yield fish in abundance. Dumalneg About 90 percent of the inhabitants of the municipality belong to the cultural minority group. Originally, its population was composed purely of mountain tribal people, but intermarriages and migrations caused the assimilation of lowlanders into the municipality through the passage of Sanggunian Panlalawigan Resolution No. 78. A proclamation was issued by the Office of the President upon its approval. The only church in the municipality was erected by Aglipayans. It influenced the conversion of the natives into the Christian faith by baptism and marriage according to church laws. The necessary of the municipality to the national highway leading to Bangui and the availability of public utility Jeeps and motorized tricycles make transportation easy. If transportation is not available, one could easily walk from Dumalneg to Barangay Lanao og Bangui, where the national highway connects several municipalities ot locos Norte, including Laoag ty, to Cagayan and Isabela. Agriculture is the primary source of livelihood of the people, who plant such root crops as gabi, camote and tugue. Some derive meager incomes from planting maliket, an upland rice variety and from the gathering of forest products like firewood rattan nd nito. A few of them are also engaged in fishing and in hunting wild animals like deer and pigs. Aside from the natural its native beauty of the place, the peoples tradition like chewing beetle nuts, including its native costumers such as Baog or G- string for men and tapis for women. As well as its captivating dance called tadek are some of Bumalnegs tourist attractions. Marcos The town was created on June 22, 1963 under Republic Act 3753. The seven barangays of Dingras namely: Caparian, Biding, Escoda, Culao, Alabaan, Ragas, and Agunit were separated from the municipality and constituted into A new town called Marcos in honor of the late Don Mariano Marcos, the father of then President Ferdinand E. Marcos. The author of this act was former Congressman Simeon M. Valdez of the second district of locos Norte. On March 6, 1976, a monument of Don Mariano Marcos, installed at the town plaza, was unveiled. And on August 23 of the same year, Proclamation No. 92-A was issued reserving for townsite purpose of the municipal government of Marcos, a parcel of land situated in Barangay Biding as the towns seat of government. Marcos is called Promise land by the inhabitants because of its vast expanse of contiguous and fertile delta areas. The town has lush vegetation and terrain which is suitable for rice faming- the main livelihood of the Ilocanos. Marcos is being groomed to become for bread basket of locos Norte in the near future. To sustain this vision, various infrastructure projects have been developed. One of these are the Boris-Kuripat Gravity Irrigation Dam. The dam is 6. 2 meters high and 43 meters long with concrete slabs and slush ways. When fully operational, it will benefit not only the farmers of Marcos town but also the famers of the neighboring towns of locos Norte. The Municipality of Marcos aspires to rise to rominence as another important town in the Province of locos Norte and this is not a remote possibility considering the towns potential as a growth center. Nueva Era This site had been a Spanish settlement as early as 1672. A local historian claimed that it was originally peopled by 800 Tingguians who came from Abra. It was believed that they were the progeny of the missionaries and other foreigners like the Calibug Bulawa, Kapitan Tico, Santiago Duyan and Cipriano Acnam. The town was created out of the union of nine Rancherias, namely; Padsan, Cabittauran, Paor, Patoc, Pagpagong, Bugayong, Uguis and Tabangran. The conversion into a municipality was sought in a petition by their ltneg settlers, led by Calibog, their chieftain. The approval of the petition came on New Years Day, hence, the towns name, which means new age. The early town development started with the leadership of Ulpiano Acuam, who became the town Mayor in 1 The highway trom Nueva Era to Laoag construction of roads connecting Nueva Era to the Provinces of locos Sur and Abra were two of the major projects that were completed.. Education was also the priority of Acuams administration, a municipal high school was opened and all barangays of he town were provided with elementary and primary schools. Most of the people in the municipality are engaged in farming, with rce, garlic, and tobacco as their primary products. One-fourth of its land, which lies at the foot of the Cordillera Mountain ranges, is irrigated by several rivers such as Badoc, Padsan and Bongo, Although, a prominently agricultural town, some of its inhabitants are also involved in small businesses. The town has bewitching scenic attractions to offer. The Cacanan Falls, Papa Dam, Tree Park, Mine Site, and the Piaw Falls are among the ideal sites for natural love excursionists and travelers. Also, the view from a high-lying municipal buildings view deck provides sightseers a panoramic vista of the mountain town. Pagudpud Pagudpud was formerly a barrio of the town of Bangui. A group of political leaders, headed by Rafael Rebianos, petitioned its separation from Bangui, but they failed. After World War II, another group, this time led by Constantino Benemerito, revived the old petition. Through the recommendation of Dr. Damso Samonte, then the Cogressman of the first District, President Ramon Magsaysay signed Executive Order No. 3 on February 3, 1954, separating Pagudpud from Bangui and granting it the status of a town. However, on February 16, 1957 President Ramon Magsaysay issued Executive Order No. 240 abolishing the Municipality of Pagudpud and returning the barrios comprising it to the Municipailty of Bangui, Pagudpud included. Following Magsasays death in a plane crash on March 17, 1957, influential people from Pagudpud and prominent political fgures from the provinc e made representations with the Office of the President to make Pagudpud an independent municipality. On January 14, 1959, President Carlos P. Garcia issued Executive Order No. 328, reverting Pagudpud to the status of an independent municipality and returning to it all its former barrios. Most of the people in the town are engaged in farming, hunting, fishing and livestock and raising poultry. Rice is the major agricultural crop, while coconut, corn, garlic and vegetables are the other important crops grown in the municipality. Copper, feldspar, tektite, pyrite and magnetic minerals are also abundant in this locality. The town produces enough feldspar to supply the needs of ceramic manufacturing firms in Metro Manila. With its peace-loving people, rich natural resources, and breathtaking tourist attractions like the Sand White Beach, the Kabigan Falls, The Banua Presidential Guest House, the Bagong Lipunan Lodge, The alf-moon shaped Malingay Bay, and the Maramraot Dam, the first dam constructed in the Philippines, Pagudpud may someday be the Garden City of the North. Paoay To spearhead the spiritual conquest of locos Norte during the early years of Spanish rule, the Augustinians founded Paoay in 1593 along with other towns of locos Norte, locos Sur, Abra and La Union. On February 2, 1818, a royal Decree was issued dividing the locos province into locos Norte and locos Sur. Paoay was annexed to locos Norte. Simultaneously revolts against the Spanish colonial government broke out in Paoay and in other neighboring towns. One of which was the protest against the May 14, 1814 decree of Fredinand VII abrogating the liberal Spanish Constitution of 1812. However, poor leadership and inferior arms resulted in the failure of the revolt. At the outbreak of the revolution in 1896, a chapter of the Katipunan was organized by Gabriel Dumlao in Paoay. During the Filipino-American War (1898-1902), the town suffered tremendous losses of lives and property. The stubborn resistance of the people against the American occupation of the town led to the indiscriminate burning of houses and the incarceration of suspected rebels. Paoay has a high agricultural yields and stable handicraft industries. The major crop of the town is garlic, sometimes called white gold by the farmers deriving their income from this produce. Other agricultural crops are rice, corn, tobacco, sugarcane, and vegetables. The town is also noted for its weaving industry. Among its finished products are blankets, towels and pillow cases, which are favorite souvenir items of foreign and local visitors. He long stretch of Paoays coastline is both an intensive fishing ground and a site for many beach resorts. The town is also rich in cultural and historical andmarks. A two-storey Spanish-style brick house, better known as the Malacahang of the North, nestling on top of a hill overlooking the legendary lake in Barangay Suba was coverted into a museum by the government. The Paoay Church, on eof the best religious structures left by the Spaniards, built and completed in 1699 to 1707 under forced labor, is regarded as the embodiment of the colonial Filipino style. Pasuquin ltnegs were the first settlers of the town. They were followed by a group known as the Ibaliws, who were the first to put up encampments with flat roofs of cogon grass and arge tree leaves. Pasuquin was a visita of Bacarra I early times. It became an independent parish in 1784. Its church was a built in the early 19th century through forced labor. The towns titular patron is Santiago Apostol. In 1944, when the town was occupied by the Japanese, the church was turned into headquarters. It was said that many guerillas were beheaded in this edifice. At present, it is still I ruins. The townspeople are involved in farming, fishing, mining and commerce. Rice is the main crop while garlic is considered as the second most important product. Feldspar ining, a non-metallic material, is also common in the town wherein raw materials are brought to Manila for processing. Favored with good waters, the people along the coastal areas depend mostly on fishing for their livelihood. Noted fishports are Tulnagan, Davila, Nalvo, Bingsang and Puyupuyan. Pasuquin is also known for its fine, sandy beaches and its salt-making industry. Puyupuyan Beach in Raquiza cove is popular. Tourist spots that can be found in the area are the following, namely: Imelda Garden at Naang-angri falls which is famous for its underground caves, swimming ool and cottages; the Paredes Air Station, 2,000 feet above sea level with its radar and clubhouse; and the old watch tower in barangay Puyupuyan. Piddig Piddig is picturesquely spread on the crests and slopes ot rolling hills between the Guisit and Baramban rivers. Because of it hilly position, the people calledPidipid which was later changed to Piddig. The area of what is now Piddig was probably a part of Batak, which was established by the Augustinians on January 1 5, 1585. It was subsequently elevated into a visita when Dingras was made into a ministry. Finally, it was established as a parish in 1775. In 1762, the Spanish authorities conscripted the skilled native archers of Piddig known as the Tingguian, in the pursuit of Gabriela Silang and her troops who led and continued the armed rebellion after the treacherous death of her husband, Diego Silang. Gabriela was overpowered by the Piddig pursuers and was brought to Vigan where was hanged in October 1763. During the Philippine Revolution, Piddig was occupied by the revolutionary forces of General Manuel Tinio in August 1898. In Filipino-American War that was to follow, the town became a part of the operational area of Bishop Aglipays guerrillas. In 1902, Aglipay established the Philppine Independent Church. At the height of the World War II, Piddig and the surrounding towns became the strong hold of guerrilla resistance against the occupying Japanese forces in locos Norte. It was also in this town that the 15th Infantry USAFFE-NL was formed. This command was responsible for the liberation of the locos Region from the Japanese. Piddig was also made the military capital of locos Norte when the 21st Infantry was stationed there during the early part of war. Piddig is home to Sgt. Teofilo Ildefonso, a great swimmer and a war hero. A monument has been erected to honor him. The town is also the birthplace of Claro Caluya, the prince of locos poets. Piddig is basically an agricultural town. Its primary crops are rice, garlic, tobacco, sugarcane, and a variety of vegetables. Its chief cottage industry, which dates back to the Spanish Era, is weaving cloth. The place is known for its blankets, bathrobes, towels, bedsheets, pillows and clothings. The towns suaco (cigar pipe) is greatly admired for its tide industry. Pit-lili Piddig is onev of the youngest and smallest town of the Province of locos Norte. Historically, the town of Pinili was used as training ground of the Sandatahans led by Bishop gregorio Aglipay, the founder of the Aglipayan Church, who used his influence as a Catholic priest to prevent the execution of the Filipinos at the height of the Filipino-American War. Pinili, which means selected, was chosen as the name of the town because it was here that Bishop Aglipay constructed his hideout as a last ditch effort to foght the aggressors. On November 28, 1919, the petition of 1,180 residents was elevated to the Governor-General to established Pinili as a town through the help of Bishop Aglipay and the endorsement of the Provincial Council. Likewise, local leaders also negotiated for the establishment of a Philippine Independent Churc, cemetery and school for lower grades. Finally, Pinili was established as a town on January 1, 1920 by virtue of an Executive Order which was signed on December 20, 1919. The first mass of the Philippine Independent Church was celebrated here by Supreme Bishop Gregorio Aglipay. Following the establishment of the Aglipayan Church in 1804, other denominations took root, namely the United Church of Christ (Iglesia ni Cristo) in 1910,

Measuring and Managing Process Performance Essay Example

Measuring and Managing Process Performance Essay After reading this chapter, you will be able to: 1) define sunk costs and explain why sunk costs are not relevant. 2) analyze make-or-buy decisions. 3) demonstrate the influence of qualitative factors in making decisions. 4) compare the different types of facilities layouts. 5) explain the theory of constraints 6)demonstrate the value of just-in-time manufacturing systems. 7)describe the concept of the cost of quality. ) calcurate the cost savings resulting from reductions in inventories,reduction in production cycle time,production yields improvement, and reductions in rework and defect rates. 2 Short Case For 50 years,the Tobor Toy Company had been producing high-qulity plastic toys for children. In early 2006,Tobor experienced a large drop in sales and market share. After some investigations,this loss was attributed to a significant decreases in the quality of the product and to general delays in getting it to customers. After several weeks of study,Don and a cross-functional team of management personnel documented and numerous shop floor problems.Don Pielin,senior manager’s report to top management raised several questions. 1. Should many of the existing machines,including the major injectionmolding machine must be replaced. 2. What should the company do about the local vendor who produced the faulty computer chips? 3. Would it make sense to implement an entirely new production process such as JIT? 3 This chapter presents three types of facility designs(1) Process layouts,(2)product layouts,and (3)cellular manufacturing-all if which can be used to help organizations reduce costs.We follow this with a discussion of how organizations can reduce costs by ensuring that they focus on improving the quality of their processes. Finally the JIT manufacturing system is presented as a system that integrates many of the ideas we discuss in the chapter. 4 1. Evaluationof Financial Implications(p. 208) Managers must evaluate the financial implications of decisions that require trade-offs between the costs and the benefits of different alternatives. 2. Sunk Costs are not relevant.When choosing among different alternatives, managers should concentrate only on the costs and revenues that differ across the decisions alternative ;these are the relevant cost/revenues. 5 Opportunity costs by difinition are also relevant costs for any decision. One category of costs that often causes confusion for decisions makers consists of those incurred in the past,or sunk costs. Sunk costs are the costs of resources that already have been committed and cannot be influenced by any current action of devision. 6 ) Relevant Costs for the replacement of a machine Exhibit 5-2 Bonner Cmpany:relevant costs and revenues Cost increase and cash outflows Cost savings and Cash inflows 1. Disposal of the $50,000 Old newtech machine 2. Montly cost saving labor materials Maintenance $4,400 1,000 800 $6,200 1. Down payment on the new precision machine 2. Monthly lease payments on the Precision machine $50,0000 $ 6,000 7 3)Summary of Relevant Costs Manager must be able to identify the costs and revenues relevant for the evaluation of alternatives.Equally important,they must recognize that some costs and revenues are not relevant in such evaluations. 4)Assuming Responsibility for Decisions On a technical level,the correct decision for Bonner Company is to dispose of the machine and replace it;however,because they are concerned about their reputations within their own organizations,not all managers would do so. 8 3 Make or Buy Decisions Management accountants often supply information about relevant costs and revenues to help managers make special one-time decisions.One example is a make-or-buy decisions. As managers attempt to reduce costs and increase the competitiveness of their products, they face decisions about whether their companies should manufacture some parts and components for their products in-house or subcontract with another company to supply t hese parts and components. Exhibit 5-3 displays details of the two lowest quates from outside suppliers for a representative lamp in each of the four product lines manufactured in-house. The lowest bid is lower than the total in-house manufacturing cost of each lamp.Ray should accept the outisde bid and terminate the in-house production of these product? 9 Exhibit 5-3 sommers motors,Inc. Product line Standard rear Standard Multicolored lump Front Halogen Rear Lamp Lamp Curved Side and Rear Lamp 18? 4 CS418 Dimension Product number Product cost per unit Direct material Direct labor Unit-related support Batch-related support Product-sustaiining over Facility-sustaining over Total manufactuirng costs Bids from outside suppliers Lowest Second lowest Annual Production(units) 20? 6 SR214 14? SF120 14? 4 MR314 36 22 14 10 6 8 96 82 88 36,000 49 25 16 16 12 10 128 109 116 48,500 56 24 18 19 14 11 142 140 147 6,800 58 28 20 22 19 14 161 156 164 8,700 10 1) Avoidable Costs To answer the previ ous questions,the decision maker must identify what costs are relevant for the decision. To summarize the analysis so far,if product SR214 is outsourced , Sommers Motors can avoid 3,168,000 of manufacturing costs. This is 216,000 more than the total price of 2,952,000 ($82? 36,000)that Sommers Motors has to pay the outside supplier.Avoidable Production Costs Direct Material costs Direct Labor Costs Unit-related support costs Batch-related support cost Product-sustaining support costs Cost to ouside supplier Increase in Profits from outsourcing 1,296,000 792,000 504,000 360,000 216,000 3,168,000 2,953,000 216,000 11 2)Qualitaitve Factors One is the permanence of lower price if you would use outsourcers. Second is the realiability of the suppliers in quality and deliveries. Third is technological innovation factors for our own product advantage. 12 4 Facility Layout SystemsManagers must consider the entire operations process within a facility. Process layouts, 2) product layouts, and 3)cellular manufacturing Regardless of the type of facility design, a central goal of the design process is to streamline operations and thus increase the operating income of the system, one method that can guide this process for all three designs is the theory of constraints(TOC). The TOC means that operating income can be increased by carefully managing the bottlenecks in a process. The TOC relies on the use of three measures;1) throughput contribution;2)investments and 3)operating costs. 3 1) Throughput contribution: the difference between revenues and direct materials for the quantitiy of product sold. 2) Investment:the materials costs contained in raw materials,work-in-process,and finished goods inventories. 3) Operating costs;are all other costs except for direct materials costs 14 1) Process Layouts To understand why inventories stockpile in conventional processing systems and thus increase cycle time,we must understand the conventional way that factory or office facilities a re organized.In a process layout,all similar equipment or functions are grouped together. But,some oraganizations have developed innovative approaches to eliminate many of costs relating to moving and storing,which are siginificant non-valueadded cost associated with process layout systems. 15 In a product layout, equipment is organized to accommodate the production of a specific product;an automobile assembly line or a package line for cereal or milk, for example ,is a product layout. 2)Product layout 16 5 Cellular manufacturingThe third approach to facilities layout ,cellular manufacturing ,refers to the organization of a plant into a number of cells so that within each cell all machines required to manufacture a group of similar products arranged in close proximity to each other. Exhibit 5-5 17 6 Inventory Costs and Processing Time 1)Inventory and Processing time Batch production create inventory and create the delays associated with storng and moving inventory. 2)Inventory-relat ed costs Demand for inventory lead to huge costs in organizations,including the cost of moving,handling,and storing the work-in process,in addition to costs due to obsolence or damage. 8 3)Costs and benefits of changing to a NEW Layout: An example using Cellular Manufacturing Old system : The plant manufactures 128 different products that have been grouped into eight product lines for accounting purposes, based on common product features and production processes. This production flow required storage of work-in-process inventory for a long time and at several times before the beginning of the next production stage. Manufacturing cycle time is measured as the time from the receipt of the raw materials from the supplier to the delivery of the finished goods to the distributions and customers.To evaluate how much of the old cycle time was spent in inventory,we need to know how organizations asses the efficiency of their manufacturing processes. One widely used measure is processing cyc le efficiency(PCE) and is calculated as follows: PCE= Processing time/ (processing time + moving time + storage time +inspection time) 19 20 4) reorganization: A primary objective of the reorganization of the San Rafael plant layout was to reduce the production cycle time. Thus ,the plant was reorganized into eight manufacturing cells in addition to the casting department.Exhibit 5-7 depicts the production flows under the new plant layout. When comparing Exhibit 5-6 and 5-7,notice that San Rafael Electric Corporation did not reduce the amount of time spent on manufacturing operations after the change is the same as the time spent before the change (see Exhibit 5-6). However,the cycle time is reduced substantially in the new plant layout from 28 to only 12 days. 21 22 5) Analysis of relevant costs and benefits Has this change helped improve the profitability of the Pasadena plant?The Pasadena plant controller ,identified the following costs associated with the implemantationof the ch anges in the plant layout: Moving machines ands reinstallation $600,000 Training workers for cellelar manufacturing +$400,000 Total costs $1,000,000 Three types of benefits from the plant reorganization; (1) Increase in sales because of the decrease in production cycle time (2) A reduction in inventory-related costs because of the decrease in the amount and handling of work-in-process inventory. 3) An improvement in quality since defective process are detected much faster ,before many defective items have been produced. 23 6) Summary of Costs and Benefits The information on cost saving resulting from the change in the plant layout(see the exhibit 5-10). He estimated that annual benefits were $829,620. In comparison,the one-time costs of implementing the change were only $1,000,000. If benefits from the change layout continue to accrue at the same rate for at least 3 more months,the total benefits will exceed the amount that San Rafel invested in the project: $829,620 ? 5/12 =$ 1,037 ,025 In particular, we have seen that financing is a principal inventory-related cost. It is important to consider the cost, although financing costs are often not emphasised in many traditional cost accounting systems. 24 7 Cost of Nonconformance and Quality Issues(p. 226) The premise underlaying cost reduction efforts today is to decrease costs while maintaining or improving product quality in order to be competitive. If the quality of products and services does not conform to quality standards, then the organization incurs a cost known as the cost of nonconformance to quality standards. 1)Satifying customer expectations regarding the attributes and performance of the product ,such as in functionality and feasures. (2) Wnsuring that the technical aspects of the product’s design and performance ,such as whether it performs to the standard expected,conform to the manufacurer’s standards. 25 1)Quality standards 2) Costs of Quality Control 3) Prevention Costs Appraisal C osts Internal Failure Costs External Failure Costs Exhibit 5-12 Example of quality-related costs Prevention costsQuality engineering Quality training Statistical process control Suppler certifications Research of customer needs Internal failure costs Downtime due to defects Waste Net cost of scrap Rework costs Appraisal costs Inspection /testing of incoming Maintenance of test equipment process control monitaring product quaility audits external failure costs Product liability lawsuits Repair costs in the field returned products product liability recalls service calls warranty claims 26 8 Just-in-time manufacturingA compehensive and effective manufacturing system that integrates many of the idea discussed in this chapter is just-in-time manufacturing. 1) Implication of JIT manufacturing JIT manufacturing is simple in theory but hard to achieve inpractice. At the core of the JIT is a highly-trained workforce whose task is to carry put activites using the hightest standards of quality . 27 2) JIT manufactuirng and Management Accounting JIT manufactuirng has two major for management accounting.First,management accounting must support the move to JIT manufacturing by monitaring ,identifying, and communicating to decisions makers the sources of delays,error,and waste in the system. (1)Defect rates (2)Cycle times (3)Percent of time that deliveries are on time (4)Order accuracy (5)Actual production as percent of planned production (6) Actual machine time available compared with planned machine time available. 28 9 Tobor Toy Company Revisited 1) 2) 3) 4) 5) 6) 7) We return into see how Tobor Toy company fared after its adoption of the JIT manufacturing system.Production flows Effects on work-in-process inventory Effects on production Costs Cost of rework Cost of carrying work-in-process inventory Benefits from increased sales Summary of costs and benefits 29 30 Summary 1) The impact of managerial decision and actions that affect the organization’s activities and processes is evaluated by managers. 2) Managers evaluate the financial impact of recent activiy and process decisions,such as improved plant layouts 3)The JIT manufacturing systems has many possitive effects on the level of work-in-process inventory,the cost of support activities of handling and storing work-in-process inventory. 31

Options and Derivatives Chapter Essay Example

Options and Derivatives Chapter Paper A trader is hedging when she has an exposure to the price of an asset and takes position in a derivative to offset the exposure. In a speculation the trader has no exposure to offset. She is betting on the future movements in the price of the asset. Arbitrage involves taking a position in two or more different markets to lock in a profit. Problem 1,3, What is the difference between entering into a long forward contract when the forward price is SO and taking a long position in a call option with a strike price of $50? In the first case the trader is obligated to buy the asset for $50. The trader does not have a choice. ) In the second case the trader has an option to buy the asset for $50. The trader does not have to exercise the option. ) Problem 1. 4. Explain carefully the difference between selling a call option and buying a put option. Selling a call option implies giving someone else the right to buy an asset from you. It gives you a payoff of Buying a put option involves buying an option from someone else. It gives a payoff of In both cases the potential payoff is. When you write a call option, the payoff is negative or zero. This is because the counterparts chooses Whether to exercise. ) When you buy a put option, the payoff is zero or positive. (This is because you choose Whether to exercise. Problem 1. 5. An investor enters into a short foamed contract to sell 100,000 British pounds for LIST dollars at an exchange rate of 1. 4000 US dollars per pound. How much does the investor gain or lose if the exchange rate at the end of the contract is (a) 1. 3900 and (b) 1. 4200? (a) The investor is obligated to sell pounds for 14000 when they are worth 1. 3900. The gain is (1. 4000-1. 3900) $1,000. B) The investor is obligated to sell pounds for 14000 when they are worth 1. 4200. The loss is $2,000 Problem 1,6, A trader enters into a short cotton futures contract when the futures price is 50 cents per pound. The contract is for the delivery of 50,000 pounds Ho w much does the trader gain or lose if the cotton price at the end of the contract is (a) 4820 cents per pound; (b) 51. 30 cents per pound? (a) The trader sells for 50 cents per pound something that is worth 48. 20 cents per pound. Gain (b) The trader sells for 50 cents per pound something that is worth 51. 30 cents per pound. Loss . Problem 1. 7, Suppose that you write a put contract with a strike price of $40 and an expiration date in three months, The current stock price is SIS and the contract is on 100 shares. What have you committed yourself to? How much could you gain or lose? Vow have sold a put option. You have agreed to buy ICC shares for $40 per share if the part/ on the other side of the contract chooses to exercise the right to sell for this price, The option will be exercised only when the price of stock is below $40. Suppose, for example, that the option is exercised when the price is $30. We will write a custom essay sample on Options and Derivatives Chapter specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Options and Derivatives Chapter specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Options and Derivatives Chapter specifically for you FOR ONLY $16.38 $13.9/page Hire Writer You have to buy at $40 shares that are worth $30; you lose 510 per share, or $1 ,OHO in total. Fifth option is exercised when the price is 520, you lose 520 per share, or $2,000 in total. The worst that can happen is that the price of the stock declines o almost zero during the three-month period. This highly unlikely event would cost you $4,000. In return for the possible future losses, you receive the price of the option from the purchaser. Problem 1. 8. What is the difference between the over-the-counter market and the exchange- traded market? What are the bid and Offer quotes Of a market maker in the over- the-counter market? The over-the-counter market is a telephone- and computer-linked network of financial institutions, fund managers, and corporate treasurers where two participants can enter into any mutually acceptable contract. An exchange- rated market is a market organized by an exchange where traders either meet physically or community electronically and the contracts that can be traded have been defined by the exchange. When a market maker quotes a bid and an offer, the bid is the price at which the market maker is prepared to buy and the offer is the price at which the market maker is prepared to sell. Problem 1. 9. You would like to speculate on a rise in the price off certain stock. The current stock price is $29, and a three-month call with a strike of $30 costs $2. 90. You have $5,800 to invest. Identify two alternative strategies, one involving an investment in the stock and the other involving investment in the option. What are the potential gains and losses from each? One strategy would be to buy 200 shares. Another would be to buy 2,000 options. Fifth share price does well the second strategy will give rise to greater gains. For example, if the share price goes up to $40 you gain from the second strategy and only from the first strategy. However, if the share price does badly, the second sweater gives greater losses. For example, fifth share price goes down to 525, the first strategy leads to a loss of whereas the second strategy leads to a loss of the whole $5,800 investment. This example shows that options contain built in leverage. Problem l, 10. Suppose you own 5,000 shares that are worth $25 each. How can put options be used to provide you with insurance against a decline in the value of your holding over the next four months? You could buy 50 put option contracts (each on 100 shares) with a strike price of 525 and an expiration date in four months. If at the end of four months the stock price proves to be less than $25, you can exercise the options and sell the shares for $25 each. Problem 1. 11 _ When first issued, a stock provides funds for a company. Is the same true of an exchange-traded stock option? Discuss. An exchange-traded stock option provides no funds for the company. It is a security sold by one investor to another. The company is not involved. By contrast, a stock when it is first issued is sold by the company to investors and does provide funds for the company. Problem 1. 12. Explain why a futures contract can be used for either speculation or hedging. If an investor has an exposure to the price of an asset, he or she can hedge with futures contracts. If the investor will gain when the price decreases and lose when the price increases, a long futures position will hedge the risk. If the investor will lose when the price decreases and gain when the price increases, a short futures position will hedge the risk. Thus either a long or a short futures position can be entered into for hedging purposes, If the investor has no exposure to the price of the underlying asset, entering into a futures contract is speculation, If the investor takes a long position, he or she gains when the assets price increases and loses when it decreases. Fifth investor takes a short position, he or she loses venue the assets price increases and gains when it decreases. Problem 1. 13_ Suppose that a March call option to buy a share for $50 costs $2. 50 and is held until March. Under What circumstances Will the holder Of the option make a profit? Ender what circumstances will the option be exercised? Draw a diagram showing how the profit on a long position in the option depends on the stock price at the maturity of the option. The holder of the option will gain if the price of the stock is above SIS. 50 in March. (This ignores the time value of money. ) The option will be exercised if the price of the stock is above S IS. O in March. The profit as a function of the stock rice is shown in Figure SSL. L. Figure SSL. L Profit from long position in problem I . 13 Problem 1. 14_ Suppose that a June put option to sell a share for $60 costs $4 and is held until June. Under what circumstances will the seller of the option (i. A, the party with a short position) make a profit? Underwear circumstances will the option be exercised? Draw a diagram showing how the profit from a short position in the option depends on the stock price at the maturity of the option. The seller of the option will lose money if the price of the stock is below $56. 00 in June. (This ignores the time value Of money. The option Will be exercised if the price of the stock is below $60. 00 in June. The profit as a function of the stock price is shown in Figure IS . 2- Figure SSL. Profit from short position in Problem 1. 14 Problem 1. 15. It is May and a trader writes a September call option with a strike price of 520. The stock price is $18, and the option price is $2. Describe the investors cash flows if the option is held until September and the stock price is SIS at this time. The trader has an inflow of $2 in May and an outflow of in September _ The 52 is the cash received f rom the sale of the option. The $5 is the result of the option being exercised. The investor has to buy the stock for $25 in September and sell it to the purchaser of the option for $20. Problem 1. 16. A trader writes a December put option With a strike price Of 530. The price Of the option is $4. Under what circumstances does the trader make a gain? The trader makes a gain fifth price of the stock is above $26 at the time of exercise. (This ignores the time value of money. ) Problem 1. 17. A company knows that it is due to receive a certain amount of a foreign currency in four months. What type of option contract is appropriate for hedging? A long position in a tour-month put option can provide insurance against the exchange rate falling below the strike price. It ensures that the foreign currency can be sold tort at least the strike price. Problem 1. 18. A IIS company expects to have to pay I million Canadian dollars in six months, Explain how the exchange rate risk can be hedged using (a) a poniard contract; (b) an option. The company could enter into a long forward contract to buy I million Canadian dollars in six months. This would have the effect of locking in an exchange rate equal to the current forward exchange rate Alternatively the company could ay a call option giving it the right (but not the obligation) to purchase 1 million Canadian dollars at a certain exchange rate in six months. This would provide insurance against a strong Canadian dollar in six months while still allowing the company to benefit from a weak Canadian dollar at that time. Problem 1. 19. A trader enters into a short forward contract on 100 million yen. The foamed exchange rate is 50. 0080 per yen. How much does the trader gain or lose if the exchange rate at the end of the contract is (a) $0. 0074 per yen; (b) $0. 0091 per yen? A) The trader sells 100 million yen for $0. 0080 per yen when the exchange rate is 0,0074 per yen. The gain is millions of dollars or $60,000, b) The trader sells 100 million yen for 50. 080 per yen when the exchange rate is $0. 0091 per yen. The loss is millions of dollars or SSL problem 1,20. The Chicago Board of Trade offers a futures contract on long-term Treasury bonds. Characterize the investors likely to use this contract. Most investors will use the contract because they want to do one of the following: a) Hedge an exposure to long-term interest rates. B) Specul ate on the future direction of long-term interest rates. C) Arbitrage between the spot and futures markets for Treasury bonds. This contract is discussed in Chapter 6. Problem 1. 21. Options and futures are zero-sum games. What do you think is meant by this statement? The statement means that the gain (loss) to the party with the short position is equal to the loss (gain) to the party with the long position. In aggregate, the net gain to all parties is zero. Problem 1. 22. Describe the profit from the following portfolio: a long forward contract on an asset and a long European put option on the asset with the same maturity as the forward contract and a strike price that is equal to the forward price of the asset t the time the portfolio is set up. The terminal value of the long forward contract is: where is the price of the asset at maturity and is the delivery price, which is the same as the forward price of the asset at the time the portfolio is set up). The terminal value of the put option is: The terminal value of the portfolio is therefore This is the same as the terminal value Of a European call option With the same maturity as the forward contract and a strike price equal to. This result is illustrated in the Figure IS 3. The profit equals the terminal value Of the call option less the amount paid for the put option. It does not cost anything to enter into the forward contract. Figure 51. 3 Profit from portfolio in Problem 1. 22 Problem 1,23. In the sass, Bankers Trust developed index currency option notes (ICONS). These are bonds in which the amount received by the holder at maturity varies with a foreign exchange rate. One example was its trade with the Long Term Credit Bank of Japan, The ICON specified that if the yen-U. S. Dollar exchange rate, is greater than 169 yen per dollar at maturity (in 1395), the holder of the bond receives IS,COO, If it is less than 169 yen per dollar, the amount received by the holder of the bond is When the exchange rate is below 84. 5, nothing is received by the holder at maturity. Show that this ICON is a combination Of a regular bond and two options. Suppose that the yen exchange rate (yen per dollar) at maturity of the ICON is. The payoff from the ICON is When the payoff can be written The payoff from an ICON is the payoff from: (a) A regular bond (b) A short position in call options to buy 169,000 yen with an exercise price to 1/169 (c) A long position in call options to buy 169,000 yen with an exercise price of 1/84. 5 This is demonstrated by the following table, which shows the terminal alee of the various components of the position Bond Short Calls Long Calls Whole position 1000 Problem 1. 4. On July I , 201 1, a company enters into a forward contract to buy 10 million Japanese yen on January 1, 2012. On September 1, 201 1, it enters into a forward contract to sell 10 million Japanese yen on January I, 2012. Describe the payoff from this strategy. Suppose that the forward price for the contract entered into on July 1, 2011 is and that the forward price f or the contract entered into on September I, 2011 is with both and being measured as dollars per yen. Fifth value of one Japanese en (measured in LIST dollars) is on January I , 2012, then the value Of the first contract (in millions of dollars) at that time is while the value of the second contract (per yen sold) at that time is: The total payoff from the two contracts is therefore Thus fifth forward price for delivery on January 1, 2012 increased between July 1 , 201 1 and September 1, 201 1 the company will make a profit. (Note that the yen/ USED exchange rate is usually expressed as the number of yen per USED not as the number to USED per yen) Problem 1. 25. Suppose that USED-sterling spot and forward exchange rates are as follows: Spot 1 _SASS go-day forward 1. 4556 I go-day forward 1. 4518 What opportunities are open to an arbitrageur in the following situations? (a) A 180-day European call option to buy II for $1. 42 costs 2 cents. (b) A go-day European put option to sell El for $1. 43 costs 2 cents. (a) The arbitrageur buys a 180-day call option and takes a short position in a 180- day forward contract. If is the terminal spot rate, the profit from the call option The profit from the short forward contract is The profit from the strategy is therefore This is 1. 4318-SST when SST 1. 42 This shows that the profit is always positive. x

Chant and Cant

Chant and Cant Chant and Cant Chant and Cant By Maeve Maddox My dear friend, clear your mind of cant. You may say to a man, Sir, I am your most humble servant. You are not his most humble servant. You tell a man, I am sorry you had such bad weather and were so much wet. You dont care sixpence whether he is wet or dry. You talk in this manner; it is a mode of talking in Society: but dont think foolishly. (Johnson to Boswell, May 15, 1783) The word cant as Samuel Johnson uses it here means empty talk, insincere expressions of feelings or beliefs the speaker doesnt really have. The OED gives various other meanings for the word cant, including: A pet phrase, a trick of words; esp. a stock phrase that is much affected at the time, or is repeated as a matter of habit or form. Phraseology taken up and used for fashions sake, without being a genuine expression of sentiment Affected or unreal use of religious or pietistic phraseology; language (or action) implying the pretended assumption of goodness or piety. Cant is a doublet of chant. Both come from French chanter to sing. In a broad sense, a chant is a song, but what most people think of as a chant is a monotonous song, not particularly melodious, and usually unaccompanied by a musical instrument. Chant can also be used as a verb: Monks chant their prayers. Magicians chant their spells. How did a word meaning song or to sing give rise to one meaning empty talk? Canting was a term applied to the sing-song whining pleas of beggars asking for charity. What the beggars said was perceived as insincere and their way of saying it was like singing. Thus the word cant in Dr. Johnsons sense was born. By the way, Dr. Johnsons advice to Boswell remains as valuable to writers today as it was in 1783. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Writing Prompts 10150 Synonyms for â€Å"Idea†Adverbs and Hyphens

Infosys in China Essay Example | Topics and Well Written Essays - 1750 words

Infosys in China - Essay Example These centers would look after new projects on software, IT and ITES (ICMR, 2006, p.9). The report deals with some of the issues faced by Infosys in China on its way to expansion and also the role of Global Delivery Model. It suggests measures for a better development in China and also other emerging countries. Background Infosys was started by a group of seven members in the year 1981. It incorporated with the name Infosys Consultant Private Ltd. From the very beginning Infosys was depended on the overseas business. The founder of Infosys, Narayana Murthy operated its business in India while the other seven went to US and started working for their corporate clients. Reebok was Infosys first US based client. The company earned revenue of Rs 1.2 million in 1981. 1981 was a period when India did not experience the growth of computers, so licensing of computers would take a longer period. Infosys did not have the space needed to install a computer, thus it hired a premise of a customer where the new employees would be provided training. It also concentrated in the fields like retailing, distribution, finance and telecommunications. Infosys has entered into a joint venture with Kurt Salmon Associate (ICMR, 2006, p.2). Infosys being the first company to get listed on NASDAQ stock exchange. It accounted a net profit of $US 152.1 million at the end of the quarterly result. USA is its main source of revenue; it is planning to expand in Europe and Asia. Infosys in china is merely focusing on its local clients. It has been recognized as one of the fastest growing company (IBEF, n.d., p.1). In the year 2000, 78% of revenue came from North America, 14.8% from Europe and only 1.4% from India. By 2005, Infosys mode of operation was proximity development, which consisted of 9 and off shore software development about 17, mainly operating in India. Infosys is also facing a tough competition from other It giants because of the liberalization that has effected India and its econo my (ICMR, 2006, p.3). An important achievement for the company came its way when it pioneered the Global Delivery Model. With the help of this model work can be done at places where it suited the most, its economical and least risk of acceptance. The company is using level 5 of CMM and PCMM. It has been awarded Asia’s Most Admirable Knowledge Enterprise in the year 2002. Infosys operates mostly in Bangalore, being the head quarter in India (Kochikar & Suresh, 2004, p.3). Issue Statement Factors that led to enter the Chinese Market In the year 2006, Infosys reported that it has achieved a milestone of US $ 2billion. Thus its revenue increased at a high rate by 33.5% in the financial year 2005-2006. But the subsidiary in China had suffered a loss of 83.9 million. The projected employee rate in China was in between 800-1000 but the China office had only 500 employees. Thus Infosys decided to enter the china market. In the year 2004, Infosys entered China as a part of its global extension plan. The reason behind Infosys entering China was the high demand of the employees due to globalization. Since the demand is rising there prevails a shortage of manpower. NASSCOM estimated that there would be a shortage of 250000 employees in the IT sector. Thus china was the option for Infosys as it’s comparable with India in terms of salary and quality of