Investment Management Essay Example for Free

Investment Management Essay Both hedge funds and mutual funds are â€Å"pooled† instruments, but there are more differences than similarities between them. Three kinds of differences are going to introduce in the following part which are strategy, risk and reward. Strategy: The hedge funds managers have fewer limits to deal with, they can sell short, use derivatives and use leverage, and otherwise, they can also change the strategy significantly if they think it is appropriate. The mutual fund managers cannot be as flexible as hedge fund managers. In case they changes the strategy of the fund, the may be accused of â€Å"style drift†. Risk: As hedge funds are managed much more aggressive than the mutual fund, they can take speculative positions in derivative securities and have the ability to short sell stocks. This will obviously increase the leverage and the risk of the fund. Mutual funds are the opposite of the hedge funds, taking highly leveraged positions is not allowed and managers should take solid strategy to make the funds safe. Reward: Hedge funds take an aggressive strategy which has high risks to seek absolute returns (it means they want to produce positive return no matter what the market performance is). Mutual funds are managed relative to an index benchmark which means their return is steady because they are judged on their variance from that benchmark. 3. Arbitrage opportunity 3. 1 According to the case study, during the IPO of Ubid, there is only 20% equity offer to public, and remaining 80% will distribute to CC’s shareholders after 6 months. The arbitrage opportunity is appear because if we own CC’s share that we will receive Ubid’s share after six months. In that reason, we should form a portfolio which combines long position of CC and short position of Ubid. In Dec 9, there was 10,238,703 CC’s share outstanding and 9,146,883 Ubid’s share outstanding. However the 80% of Ubid’s share will distributed to CC’s shareholders after 6 month of IPO. In that reason, we can assume that 80% of Ubid’s share is subjected to CC’s share. (10,238,703? 80%)/9,146,883=0. 715 If we have long position on 1 share of CC, we should take 0. 715 short position of Ubid’s share. 3. 2 Based on the output in section 3. 1, the arbitrage opportunity has arise when we have 1 long position on CC’s share and 0. 15 short position on Ubid’s share. Therefore we need short sell the Ubid’s share and buy CC’s share. Assume that we buy 1 share of CC and short sell 0. 715 share of Ubid. After 6 months later. In addition, after 6 months, the 80% Ubid’s share will distribute to CC’s shareholders, therefore, after 6 months we have 1 share of CC will receive 0. 715 share of Ubid. Subject to 1 s hare of CC, we have 0. 715 share short position of Ubid. In that reason we will have a portfolio that combine 1 long position of CC and 0. 715 short position of Ubid. The total payoff of portfolio is sum of payoff in both position is: Price of CC after six month price of CC + 0. 715? price of Ubid. As we mention before, our return is the total payoff of portfolio. According to the equation of payoff of portfolio, even the price of CC is drop to Zero, we also will generate positive return which is price difference between Ubid and CC, and this is our minimum return Price difference of Ubid and CC is 0. 715? 35. 6875-22. 75=2. 767 and the initial margin is 50% for long and short position, therefore the capital required is 50%? 2. 75+50%? 35. 6875=29. 22. The minimum rate of return is 4. Risks in arbitrage The arbitrage means that investors find temporary risk-free profit from misprice at inefficient market. Therefore, arbitrageurs will face risk lower than other investors. However, some of risks can limit arbitrageur to seek risk free profit. Firstly, arbitrageurs need to bear the fundamental risk. Although arbitrageurs can eliminate unsystematic ( firm-specific) risk by portfolio diversification, they cannot mitigate systematic risk which arises from market contracture. This lead to some of bad news or policies can cause negative effects on fundament value and arbitrageurs’ profits. Thus, the fundamental risk can limit arbitrageurs to invest in inefficient market. Secondly, noise trader risk will limit arbitrage. High percentages of noise traders who make irrational investment of decision in market will lead price and risk level to be different with expected level for arbitrageurs, and cause misprice to be reduced. Thus the profit of arbitrage will be limit by noise trader risk. Finally, arbitrageurs will also face high implement cost. Implement cost includes commission, bid-ask spread, price impact, short sell cost and identification cost. High cost will cause arbitrageur loss interest on seeking misprice in inefficient market.

Rollo May Theory of Personality Analysis

Rollo May Theory of Personality Analysis Rollo Reese May was born on April 21, 1909, in Ada Ohio to Earl Tittle and Matie Boughton, he was the first son and the second child of six children. Both of his parents were not well educated and there was very intellectual motivation in the household. Mays parents didnt get along and ended up getting a divorce. (Dr. C. George Boeree, 1998, 2006, p. 1) May older sister was diagnosis with schizophrenic and the father blame the illness on too much education. Growing up May was not close to his parents and really disliked his mother, he considered his mom as a bitch-kitty on wheels. He believed that his mothers behavior and his older sister schizophrenia caused him to have two failed marriages. (Rabinowitz, Good, Cozad, 1989). Mays was married three times and had two failed marriages, from his first wife he had three children a son and two daughters, he stood marry for 30 years in his first marriage due to the children, but then realized the marriage wasnt going to get better and end up divorcing his first wife, his second marriage was also unsuccessful. The last woman that he married was name Georgia Miller Johnson and was a Jungian analyst and that marriage lasted from 1988 until he died of tuberculosis, his son Robert Rollo was a director of counseling at Amherst College and his twin sister Carolyn Jane was a social worker and artist and the third child was Allegra Anne who was a documentary film writer and a single mother of two adopted multiracial children. (Bugental, 1996, p. 418). May attend college at Michigan State University and major in English and was asked to leave because he became an editor of a radical student magazine, he then transferred to Oberlin College where he received his BA in the year of 1930. After graduating, he pursued in art and was traveling through Europe with a group of artist. He stood in Europe from 1930 until 1933 and addition to his study of art, he taught at an American College in Greece where he took summer seminars that was taught by Alfred Adler in Vienna. In his second year while being in Europe, he began to question the meaning of his life when he came down with tuberculosis, While being in an sanatorium, he was faced with the possibility of death, he had a lot of time to read many literatures, he came across a literatures that was on the writer named Soren Kierkegaard, who was a Danish religious writer, a person that was inspired of existential movement. May became inspired of Soren Kierkegaard words of wisdom that it gave May the inspiration of coming up with his own theory. (Dr. C. George Boeree, 1998, 2006) Rollo Reese May was best known as an American existential psychologist and he was referred as the father of existential psychotherapy. May was associated with the humanistic psychology; he had a different way of thinking on the Human existence, then other psychologist, his human existence was sharper on the tragic dimension. According to Dr. C. George Boeree, (1998, 2006) on Mays personality Theories, stated that Rollo Reese May, used different terms and invented new words from some of existentialism old ideas, for example the word destiny is the same as thrownness and it is combined with the word fallenness, which mean that part of peoples lives that is determine for them, he also gave another example of the word courage, which was used more often than the traditional term authenticity, which meant facing ones anxiety and then raise above it. (Dr. C. George Boeree, 1998, 2006). According to Serlin, llene, Mays work was maintained by the balance between darkness and light, between the experiential and the intellectual. May considered the fundamental questions of human existence as the nature of evil, love and will and the meaning of anxiety and the important of myth. May inspired many people and it came from his ability to name the void of create in its face, to name evil but worked toward the good, to see meaningless, but to discover meaning and to face death, but create life. May was in the antiwar movement and many other social causes, he taught and mentored countless students and called himself a gentle rebel (Serlin, llene A. Tikkun, January 1995. pg. 65), in the face of an increasing dehumanized world. Rollo Reese May Theories of Personalities While being under influenced of Freud, Kierkegaard and Tillich, May developed a theory of personality that was based on existential philosophy and from that, he accepted the following terms: Dasein means a particular person in a world that is particular time and existing is under a particular set of circumstances. Mays Three Modes of Existence: Umwelt is the interaction with the physical world, Mitwelt, is the interaction with other humans and the Eigenwelt is the interaction with oneself. Alienation is when a person is estranged of aspect of the nature, which results of feeling lonely, emptiness and despair this happens because the three modes of existence is alienated from nature and from other people. Mays describe freedom, which a person can be free to choose the meaning of their own existence. Since a person is free to choose what type a person they become, they have to be responsible for what they become, another person circumstance of their fate can be praise or blamed for the nature of their existence, because we are responsible for ourselves. Ontology is the study of being. Within existentialism, ontological analysis is directed at understanding the essence of humans in general and of individual in particular. Phenomenology is the study of conscious experience as it exists for the person without any attempts to reduce, divide or compartmentalize it in anyway. Authenticity, if people live their lives in accordance with values that are freely chosen, they are living authentic lives, if however if people conform to values established by others, they have not exercised their personal freedom and are therefore living inauthentic lives, inauthentic is causally related to neurotic anxiety and guilt and the feeling of loneliness, ineffectiveness, self alienation and despair. Death because humans are mortal and because death is the ultimate state of nonbeing, awareness of ones inevitable death can cause anxiety. The source of anxiety is part of human existence and cannot be voided. The awareness of death, however, can add vitality to life by motivating a person as much out of life as possible in the limited time available. Thrownness is the circumstanced of a persons lives which it cant be control. Other existentialist referred this as thrownness and May refers it as destiny. May was the only existential psychologist that discusses certain stages, not as strict as the Freudian development. Mays Stages: Innocence is the pre self conscious stage of an infant, it is the innocent of premoral that is neither bad or good, the description that was given is like a wild animal who kills to eat and since the animal has to eat, he or she has to do what is must. Rebellion stage, the childhood and adolescent is when the ego or self-consciousness of the contrast with an adult from the no of a two years old to the no way of a teenager, which mean the rebellious person wants their freedom and does not yet understand of the responsibility that goes along with it. A teenager would like to use their allowance money on what ever they want, but still what the parent to provide the money and still complain about the parent not being fair. Ordinary stage is when the normal adult ego, conventional and a little boring, perhaps they have learned that the responsibility, but find it too demanding, and so seek refuge in conformity and traditional values. Creative is an authentic adult, the existential stage, beyond ego and self-actualizing. This is the person who, accepting destiny, faces anxiety with courage. Human Dilemma According to May (1967), the human dilemma is when people can view themselves as both the subject and the object at the same time. Mays description of the object-subject dichotomy is done in various ways, which is not always consistence. People are capable of seeing themselves as an object to things that happens to them, which are influenced by their destiny. Objectives are events of variables that are caused through stress that can cause a persons behavior, which is the stimulation that happens in certain ways and the way people respond to that certain way. Subjective is when the person is aware of the fact is happening to them and acts on the information, which gives them the determination of experience that are valuable and which one are not valuable to them and then act according to the personal formulations. (May, 1977, pp.198-201) May description of self-relatedness is distinguished of a human that rest from nature. It is mans capacity to stand outside himself, to know he is the subject as well as the object of experience, to see himself as the entity who is acting in the world of objects (May, 1967, p. 75). Humans can view the world and we can also view ourselves viewing and the self-relatedness or consciousness of our self allows the humans to escape the determinism and personal influence what we do. Humans consciousness of ones self can give us the power to stand outside of the rigid chain of stimulus and response to pause and by that pause can throw some weight on either side that can cast some decision and what the response will be, (May, 1953, p. 161). According to May feeling on these two psychologists, Skinner and Rogers, he felt that they had emphasized one side of the dilemma but was at the expense of others. Skinner had avoided the subjective of experience, May felt that people dont react to their inner experience of their environment, but they do see their environment in terms of their past experience and they do interpret the terms of their own symbols of hope and fear,(May, 1967, p. 15). Mays description of intentionality meant all mental acts are purely subjective of the way it is intended or that relates to the events that are from the outside of themselves. The example that was given, love is a subjective experience but one must love someone of something. Perception is a subject experience but one must perceive something. (May, 1969, pp. 224-225) Importance of Myth May believed that myth is the way of making sense in a senseless world, and is a narrative pattern that gives the significance to the society of existence (1991, p. 15), the problem in the society as cults, drug addiction, suicide and depression are traced of the lack of myths that can provide the individuals with a sense of their inner security. Anxiety and Guilt May was really interested in the human anxiety and guilt; he rejected Freuds interpretation of anxiety as the result from conflict that is between a persons biological needs and the demands of society. May felt that Freuds analyzed was too biological and compartmentalized and Freuds anxiety viewed his results from the conflict of the id, ego, and superego, but May approved on Kierkegaards existential definition instead because Kierkegaard theory of human freedom and anxiety went hand and hand. Normal anxiety is when a person experience the attempt to expand ones conscious or when the new values is displaced with the old ones due to changes in the person circumstances and it is an integral of a healthy growth, Mays theory consists that all growth of anxiety is the creation of surrender past values (May, 1967, p. 80). Neurotic anxiety is when a person hasnt met their normal anxiety on the time of the actual crisis in their growth and the threat to their values, which the neurotic anxiety ends in the result of the previous unmet normal anxiety (May, 1967, p. 80). In my understanding of Mays theory on normal anxiety and neurotic anxiety, one is when the person is having a problem, but not major and the problem can be solve. Example, when it is time to write a paper my normal anxiety kicks in and I start feeling shortness of breathe and then I cant concentrate on what I am doing and then I have to walk away for a little while to relax. Neurotic anxiety is when a person have problems and cant control their feeling and start to think that life is not going to get better for them, they start to become depress, feeling lonely and dont what to do anything with their lives, but it all depends on the circumstances the person is going through. May had four description of love and they are Sex, Eros, Philia and agape: Sex is the biological drives that can be satisfy by engaging in sexual intercourse, the same way eating a meal that can satisfy the hunger drive, which both can be triggered by the need and the availability of an object that will satisfy the need, (May, 1969, p.73). May one important wad daimons was the eros which to him was love not sex and in the Greek mythology was the minor god pictured as a young man and later the eros had transferred into an annoying little cupid, he understood that love was the need that people have to become as one with another person and was referred of an ancient Greek story that was by Aristophanes, that people was originally a four legged, four armed and a two headed creature and people became to prideful that the gods spilt the people into two, male and female and had cursed us with the never ending desire to recover the people missing in half, according to May, like any daimon, eros it is a good thing until it takes over the personality and the people would become obsessed with it. May also believe that the theory of will is another important concept and it was the ability for a person to organize their lives in order to achieve in their goals and that will is also a daimon that can have potential to take over a pe rson. Another definition of will is the ability to make a wish to come true. (Boeree, C. George, 1998, 2006) Philia is the third of love which is a friendship or a brotherly love. According to May, Eros cannot last for long without Philia because the tension of continuous attraction and passion would be too great (May, 1969). Philia is the relaxation in the presence of the beloved with accepts the others being as being; it is simply liking to be with the other, liking to rest with the other, liking the rhythm of the walk, the voice, the whole being of the other. Agape is the fourth type of loving, which May, 1969, p. 310), is the unselfishness of concern for ones partner and the aspect of love that is unconditional. New Science of Human: According to May an approach of the study on human nature, should not reduce the collection of habits, brain functions, genetically determined traits, early experiences or environmental events, all that is needed for science of humans are based on the ontological characteristic of humans and that science should take into consideration of human freedom and the importance of their phenomenological experience, the use of symbols and myths and the ability of the past, present and future in making decisions should value the process. Empirical Research are done by most existential theorists that are unconcern with the empirical validation of their concepts and believe that the place to validate their concepts is when the arena of everyday life, or in the therapeutic situation and not with a systematic laboratory or field of investigations. According to Van Kaam, (1966), an existential psychologist summarized the viewpoint: Experience such as responsibility, dread, anxiety, despair, freedom, love, wonder or decision cannot be measured or experimented with, they are simply there and can only be explicated in their givenness (Van Kaam, 1966, p. 187). May did not rejected the idea of the objective study of humans, but felt that the traditional scientific methodology was not appropriate, but he felt, what was needed was an approach of the studies of humans as whole, unique, complex beings. Many sciences welcomed Mays idea of developing of science more appropriate to the study of humans and not based on the assumptions and techniques of the natural science (Hergenhanh Olson, 2007, p. 32). Conclusion Rollo Reese May theories of Personality was inspiring, because as a psychologist, he consider the people as human beings, not just an experimental objective. His theories explain of different type of anxiety and what they meant in the human nature, he also explains the difference of love and the will to achieve in a goal. I felt that May Reese Rollo, really care for the people and once he became sick of Tuberculosis, he needed to let people know the understanding and the meaning of death and that people shouldnt be afraid of it, because one day we are going to leave the earth and we shouldnt be afraid of the word death. I remember telling my mom that I was scared of getting old and scare of dying and I didnt understand why I felt this way, but as I got older and realized that one day, we would have to leave this earth and we should enjoy the rest of our lives and shouldnt worry about dying and God would know when it is time for us to go.

Macbeth--a Tragic Hero Essay -- essays research papers

MacBeth In the play Macbeth by William Shakespeare, the character of Macbeth is discovered to be a classic example of a tragic hero. Macbeth is a very ambitious and courageous person who lets three main things turn him into a violent individual. Two of the points, which most greatly contribute to Macbeth’s fall, are the prophecy, which were told to him by the witches, and how Lady Macbeth influenced and manipulated Macbeth's judgment. These two factors along with his tremendous ambition to be king is what caused him to fall from a noble man who was loyal to his king to a violent man who would kill his king to become king! The prophecies, which were told by the witches, was one of the factors that contributed to the fall of his character. If the witches would not have told him that he was going to become the Thane of Cawdor, Thane of Glamis, and King of Scotland, maybe Macbeth would not have went on this killing rampage and maybe order would have still been in Scotland. The only thing the prophecies did was, boost Macbeth’s ambition to be king and to control the future. When the witches told Macbeth all these good things, Macbeth felt as if he could not be beaten. He felt as if every thing was going like he wanted it to. That is until he hears the apparitions. The influence of Lady Macbeth also contributed to the fall of Macbeth’s character. Lady Macbeth's character in the beginning reveals that she is a lovable person. We find out later that in actuality Lady Macbeth was...

Research Paper -- essays papers

Research Paper In the United States, starting salaries for teachers who have completed a four-year degree are far lower compared to many other professions, which also require a four-year degree. In most states, teachers must undergo testing and other rigorous certification requirements, but they are given the same consideration or status as beginning professionals in other areas. Although attractive incentives are offered, the compensation does not compare to the long hours of work and schooling required for a teaching career. A four-year degree is a requirement in most various professions although the salaries show a significant range in the pay scale. In order to become a teacher in any state a Bachelor’s Degree must be completed from a four-year program at one’s college. Each state has its own set of requirements for its students to complete in order to teach therefore the degree earned is not compatible from state to state (ERIC, 2000, par. 6). Teachers are also limited in the degree earned because they are only able to teach in certain levels (early, elementary, secondary, etc.) and are not able to move around. A paralegal is able to enter their field with just a two-year degree and earn almost $10,000 more then a beginning teacher. With comparison to a computer programmer, a Bachelor’s Degree is required in any computer related field, not limiting the students to a specific program. Also, since computer programmers are in such high demand, companies will higher people with Associates Degrees or provide incentives for non-computer degree people in return for schooling them while they work for their computer degree (Lincoln University). This is unfair and limits teachers to only having one specific career choice... ...stock of options trend. (2000, February 21). Electronic Engineering Times. Retrieved April 7, 2003, from http://www.eetasia.com Greenhouse, S. (2002, October 21). Teachers’ pay: The impact of raising salaries? The New York Times. Retrieved April 5, 2003, from http://walkingbear.com Litke, G. (2002, October 21). Teacher shortage sets stage for salary increase. WCBD-TV Charleston, South Carolina. Retrieved April 5, 2003, from http://www.wcbd.com/education NEA debate demonstrates complexity of teacher pay issue. (2000, July 5). National Education Association. Retrieved April 29, 2003, from http://www.nea.org Social workers. (n.d.). U.S. Department of Labor. Retrieved April 21, 2003, from http://www.stats.bls.gov So you want to be a teacher. (2000). ERIC Digest #282860. Retrieved April 12, 2003, from http://www.ericfacility.net/ericdigests

Essay --

Samah Elmeri International Marketing 17 November, 2013 Abercrombie & Fitch Introduction For the purposes of this paper we will be discussing the boycott effects on Abercrombie & Fitch; a U.S based clothing company. At first we will analyse the concept of boycotting international companies to understand the different choices boycotters make when targeting the guilty company. We will look at the history of the company; it’s beginnings, evolution of concept, failures and successes. An important part of this paper will be assessing the main factors and reasons that led to the boycott. We are going to be analysing the effects of the boycott keeping in mind that although the reasons behind the controversial boycott have taken place a couple of years ago, only in 2013 has the boycott been initiated by several different parties involved. To be able to understand what triggered the boycott to begin we are going to try to understand how it all came about to begin with. There are several concerned parties in the boycott and each have their own agenda and reasoning to boyco tt the company. To give a more thorough analysis of the initiators of this particular boycott their relation to one another will be discussed in the paper. Another important part of the boycott is the different types of effects that these boycotters have on the company. We will closely study the reasons, the effects, the affected parties, and the path for damage control and reconciliation chosen by Abercrombie & Fitch as well as its results both the negative and the positive. Finally we will discuss the effectiveness of the boycott on the Abercrombie’s internationalization, market strategy, competitiveness, and market activities. Boycott History of Abercrombie and F... ...escribes Jeffries business savvy skills saying; â€Å"If history is any indication, Jeffries won’t let anyone — â€Å"girlcotting† high school feminists, humourless Asians, angry shareholders, thong-hating parents, lawsuit-happy minorities, nosy journalists, copycat competitors or uptight moralists — get in his way.† Another important issue that was addressed in the Business Report article is the fact that A&F only carries larger sizes in the men’s clothing because athletes are expected to buy A&F clothes however in the women’s clothing lines sizes are smaller and do not carry to larger sized females. â€Å"He doesn’t want larger people shopping in his store, he wants thin and beautiful people,† Lewis said. â€Å"He doesn’t want his core customers to see people who aren’t as hot as them wearing his clothing. People who wear his clothing should feel like they’re one of the ‘cool kids.â€℠¢Ã¢â‚¬ 

Farewell to Arms by Hemingway

Roxane Noffra Mr. Livingston 06/11/2012 Task 2 In uk/farewell-to-manzanar-2/">Farewell to arms, written by Hemingway, we can appreciate how the (Henry) protagonist grew due to his relationship with Catherine and his experiences in war. His growth represents a genre convention: a typical development in the characters, overall in the protagonists. At the beginning of this book, Henry is characterized as being a drunken, womanizer fascinated with the nightlife; in fact, when he knew Catherine, he considered her just as another adventure, as the women he used to meet in the brothel.In chapter 3, it’s easy to noticed how Henry indulged the temptation preferring to drink and having fun with girls, just for pleasure, without getting involved in a serious relationship â€Å" . . . and the strange excitement of waking and no knowing who it was with you . . . † (pag. 13). Through his best friend Rinaldi, Henry met Catherine, the woman that will influence his changed.She was a mat ure woman, a woman that had a fiancee who died in a battle before they could get married; In fact, she had a different perspective of war from Henry’s point of view, she was more realistic about it instead Henry was not even interesting in the war, he did not really know why he joined the war effort. However, as his experiences in war intensify, he became deeply pessimistic about the war. However, he realizes that his love for Catherine is the only thing he is willing to commit himself to, considering her as his religion.One of the relevant developments of Henry character is how his point of view toward war changed. On chapter 5 the difference between Catherine and Henry’s point of view is highlighted through their conversation in which Catherine looks more mature and realistic â€Å" . . . Let’s drop the war. † Henry said, Catherine answered, â€Å"It’s very hard. There’s not place to drop it† but on chapter 9 when Henry had more exp erience and is in love with Catherine his point of view changed, when he responded to Passini that omething worse than war is defeat (pg. 50). In point of fact, Henry became pessimist toward war. Some of his arguments were that he had not seen or appreciated any kind of glory or sacred (pg. 185), something that they were supposed to feel and go through in war. This conversation with the Italian soldier Gino, stand out how he was growing through his experiences. He claimed that the people sacrificed themselves for nothing; there were not results in war just more number of deaths.Previously, Henry did not consider his relationship with Catherine a serious one. However when he was wounded, learned to value life and to prepare him to enter into a love relationship with Catherine. His first step to realize, that his feelings toward Catherine were different can be read in the next passage â€Å"I had treated seeing Catherine very lightly, I had gotten somewhat drunk and had nearly forgot ten to come but when I could not see her there I was feeling lonely and hollow. † (pg. 41).Here Henry is realizing that with her he was changing his manner of treat women and that being away from her affected him. First of all, she was the first person whom gave him a reason of being scared of, since had something to lose; there is a quote on page 137 said by Catherine before she confessed his pregnancy â€Å"Life isn’t hard to imagine when you’ve nothing to lose. † Here she means that until that point they did not have any to loose but now they were going to have a baby: an objective in life.But for Henry the thing that he had more fear of losing was Catherine, as we can read in the last chapter â€Å" . . . you took the baby but don’t le her die. That was all right but don’t let her die. Please, please, dear God . . . † (pg. 330) also we can see how the character desperately pleaded with God to save his love, something that never occ urred in the novel before. On contrary, Henry never showed any kind of belief in God. In fact, his relation-ship with Catherine had been the main reason of his development.Being in company with a brave and mature woman taught him those characteristics. His growth is very clear: from a guy that did never feel in love, whom loved to drink and have fun, became a responsible and mature guy, something that even his closest friend noticed. Through his experiences, he understood that one must be engaged in life and be responsible. In fact, the development of this character represents a genre convention; the author used the relationship between Henry and Catherine to highlight Henry’s growing.

International Human Resource Management Essay

1.0 Executive Summary The world of international HR management (IHRM) is changing. As companies shift operations abroad, IHRM is moving beyond expatriate programs. Today’s IHR managers are charged with scaling and managing overseas HR operations. This shift has not only created new opportunities for IHRM professionals, but also for companies looking to staff operations abroad. Possibly one of the greatest challenges facing the IHRMs is the fact that they are now dealing with not an individual employee but a whole family and their needs as a family in the relocation process. Some IHRMs find it more difficult than others to adjust to the added dimension of having to deal with the spouse and family on a more intimate level than before. After all, they are now relocating them halfway around the world and away from their support structures. They have to be prepared to get a lot more involved in the family as a whole and not just think they have to communicate with the employee only as is often the case when dealing with an employee here at home base. Throughout this assignment, we are examined the implications of differences in national culture for policy and practice in of the following aspects of human resource management: * Performance appraisal * Training and development 2.0 Training and Development Important components of international human resources management include both cross-cultural training and a clear understanding of the overseas assignment as part of a manager’s development. 2.1 Training Cross-cultural training is necessary for expatriates managers and their families before, during and after foreign assignments. As different countries have different culture, regardless how close of those areas, such as Taiwan and Mainland China, USA and Canada. Maybe they are talking the same language, however, their perception of social values, business practices are different. In Western, especially in USA, people are more individualism. In the contrary, Eastern people, such as Chinese and Japanese, people are more collectivism. The social system also different in Western and Eastern, the former is low power distant and the later is higher power distant. When those expatriates arrive, they are foreigners, not the host population, it is necessary to provide much cultural and practical background. Language training is an essential activity for everyone in the family. Although English is the dominant business language worldwide, relying on English puts the expatriates at a disadvantage. The expatriate will be unable to read trade journals and newspapers, which contain useful business information, and will be reliant on translators, which at best only slow down discussions in the process. Evan if expatriates manager is not fluent, a willingness to try communicating in local language makes a good impression on the business community. Foreign language proficiency is also vital for family members to establish a social network and accomplish the everyday tasks of maintaining a household. But cross-cultural training is much more than just language training. It should provide an appreciation of the new culture, including details of its history and folklore, economy, politics, religion, social climate, and business practices. It is easy to recognize that religion is highly important in daily life in the Middle East, but knowledge of the region’s history and an understanding of the specific practices and beliefs is important to avoid inadvertently insulting business associates or social contacts. All this training can be carried out through a variety of techniques. Language skills are often provided through classes and tapes, while cultural training utilizes many different tools. Lectures, reading materials, videotapes, and movies are useful for background information, while cultural sensitivity is more often taught through role playing, simulations and meetings with former expatriates, as well as natives of the countries now living in the parent countries. While all this training in advance of the overseas relocation is important, cultural learning takes place during the assignment as well. After the overseas assignment has ended and the employee has returned, more training is required for the entire family. The employee also must adjust to organization changes, including the inevitable promotions, transfers, and resignations that have taken place during his or her absence. Teenager find reentry particularly difficult, as they are ignorant of the most recent jargon and the latest trends, but often are more sophisticated and mature than their local friends. The employee also must adjust to organizational changes, including the inevitable promotions, transfers and registrations that have taken place during his or her absence. Returnees are anxious to know where to fit in, or if they have been gone for so long that they no longer are on a career path. 2.2 Development In the current global business environment, the overseas assignment should be a vital component in the development of top-executives. It is not only to achieve the advantages for the individual in overseas assignment, but also an organization can gain the competitive advantages from their overseas employee. It is also a chance to provide the host counties employees to broaden their global perspective through a post in the parent-country headquarter, and may make it easier for the organization to recruit and retain better quality managers in the host country. Development is an essential activity to the individual to improve the individual’s ability during the assignment and to well perform their jobs. 3.0 Performance appraisal In evaluating employee performance in international environments, other factors come into plays. For instance, the cultural differences between the United States and England are not as great as those between the United Stated and China, for example. Thus, hostility or friendliness of the cultural environment in which one manager should be considered when appraising employee performance. 3.1 The responsibilities of the evaluation There are also issues to consider regarding who will be responsible for the evaluations: the host-country management or the parent country management. Although local management would generally consider a more accurate gauge, it typically evaluates expatriates from its own cultural perspectives and expectations, which may not reflect those of the parent company. For example, in some countries, a participatory style of management is acceptable, while in other countries, hierarchical values make it disgrace to ask employees for ideas (for e.g. in Japan). This could vastly alter a supervisor’s performance appraisal. Confusion may arise from the use of parent-country evaluation forms if they are misunderstood, either because the form has been improperly translated or not translated at all, or because the evaluator is uncertain what a particular question means. The home-office managements, on the other hand, is often so remote that it may not be fully informed on what is going on in an overseas office. Because they lack access and because one organization may have numerous foreign operations to evaluate, home-office managements often measure performance by quantitative indices, such as profits, market shares, or gross sales. However, simple numbers are often quite complex in their calculations and data are not always comparable. For example, if a company has many operations in Fast East Asia, it must be aware of the accounting practices in each country. Local import tariffs can also distort pricing schedules, which alter gross sales figures, another often compared statistic. Evan when the measurements are comparable, the comparison country will have an affect. For example, factory productivity levels in Vietnam may be below those of similar plants in Thailand. Depending on where the supervisor’s results are compared, different outcomes may occur. Such issues complicate parent country management performance evaluations by numerical criteria, or indices – and can add to the emotional levels in appraisals. 3.2 Evaluation Format Other issues surround the question of selecting the best format to use in performance appraisals, If we have an overseas operation that includes both parent country nationals and host country nationals, we must determine if we will use the same forms for all employee. While most Western countries accept the concept of performance evaluation, some cultures interpret it as a sign of distrust or even an insult to an employee. This complicates a decision to use one instrument like an adjective rating scale for all employees. On the other hand, using different formats for PCNs and HCNs may create a dual track in the subsidiary, in turn creating other problems. The evaluation form presents other problems. If there is universal form for the entire corporation, an organization must determine how it will be translated accurately into the native language of each country. English forms may not be readily understood by local supervisors. For example, clerical and office jobs do not always have identical requirements in all cultures. As a result, some U.S. multinational may be hesitant about evaluating HCNs and TCNs. In some countries, notably those that support the Communist ideology, all workers are rewarded only when the group performs – with punishment or discipline being highly limited. For example, in the hotel industry in the People’s Republic of China. Without the ability to reward good individual performance or to punish poor performance, there is little motivation to have any evaluation at all. Although the subject of international performance appraisal continues to receive research attention, two general recommendations have been suggested as follow: * Modify the normal performance criteria of the evaluation sheet for a particular position to fit the overseas position and site characteristics. Expatriates who have returned from a particular site or same country can provide useful input into revising criteria to reflect the possibilities and constraints of a given location. * Include a current expatriate’s insights as part of evaluation. This means that non-standardized criteria, which are difficult to measure, will be included, perhaps in different basis for each country. This creates some administrative difficulties at headquarters, but in long run will be a more equitable system. Â   Bibliography 1. Peter J. Dowling, Denice E. Welch and Randall S. Schuler, International Human Resource Management – Managing People in a Multinational Context, South Western College Publishing, 3rd Edition 2. Nancy J. Adler, International Dimensions of Organization Behavior, South Western College Publishing, 3rd Edition 3. David A. Decenzo, Stephen P. Robbins, Human Resourc Management, John Wiley & Sons Inc., 7th Edition. 4. Ian Breadwell and Len Holden, Human resource management – a contemporary approach, FT Prentice Hall, 3rd Edition