If every physical event has a sufficient physical cause, how can a Essay

If every physical flusht has a comfortable physical cause, how can a functionalist banknote for mental spring - Essay ExampleThe most burning(prenominal) point to note about the functionalism is that it shows that mental states which constitute beliefs, being in pain and desires are quiet entirely by their functional roles. Being a theoretical level existing between performance and physical output, functionalism is different from Cartesian dualism which supports the physical substance and mental independency. The aim of this paper is to discuss how functionalist account for mental causation given that every physical event has a sufficient physical cause. star of the major worries that are experienced in functionalism is the line of work of mental causation. This refers to facing a problem of history for the idea that intentional mental state and intentional thoughts are triggers of intentional actions1. Mental causation covers the senses interaction with the rest of the wo rld and how it influences the behavior of individuals. One of the major sub-division of the problem of mental causation is problem of mental causal exclusion. Others are anomalism and externalism problems. A good example of the causal exclusion problem is indicated when pain is experienced and it is generally linked to a certain state, and the higher properties of that state occurs, then contrast that it is pain can casually irrelevant. In dealing with the problem of mental causation, various responses have emerged. harmonize to Antony and Levine 1997, the problem occurred due to highly restrictive causation whereby a cause has to produce its effect. Other philosophers indicate that causation covers the relationships that exist between various events that must be invoked in order to produce a certain behavior. Recently, causal exclusion problem has been noted to relate with theories of mental states. Theorists such as Anthony and Levine indicated that even though mental states can be defined based on their

Filariasis Essay Example | Topics and Well Written Essays - 2500 words

Filariasis - Essay Exampledepending on what type of parasitic worm has caused the infection, besides most of the time all infection start with symptoms like chills, headache, and fever between three months and unrivaled year after the insect bite. There may also be swelling, redness, and pain in the arms, legs, or scrotum at the early stages. As far as the diagnosis of filariasis is concerned Identification of microfilariae by microscopical examination is the most practical diagnostic procedure. Examination of blood samples will allow identification of microfilariae of Wuchereria bancrofti, Brugia malayi and Brugia timori. It is principal(prenominal) to time the blood collection with the known periodicity of the microfilariae. The blood sample can be a thick smear, stained with Giemsa or hematoxylin and eosin. More recently a new type of diagnosis accomplish has emerged, known to be as cytodiagnosis. A tally of evidences have been put forwarded by a number of researchers showing its efficiency. However, time has not come to claim that it is the best methods although at present it seems to be genuinely effective. Whether cytodiagnosis would be the most effective diagnosis process or not, people have be genuinely conscious about the disease filariasis and should take proper medication if infected, and proper preventative measures to reduce the luck of being infected.Filariasis is known to be as a group of diseases, mainly found in and sub-tropical regions, caused by a variety of parasitic round worms (nematodes) and their larvae. The disease is transmitted to human body by the larvae with a mosquito bite. Filariasis is generally characterized by a number of symptoms like fever, chills, headache, and skin lesions in the early stages. If filariasis trunk untreated, it results in gross enlargement of the limbs and genitalia, which is called elephantiasis. (Sasa, 1976)In Southeast Asia, South America, Africa, and the islands of the Pacific, all of which are situated in tropical or sub-tropical region, approximately

Corporate Strategy Essay Example | Topics and Well Written Essays - 3000 words

incorporated Strategy - Essay ExampleThe company changed its name to Air France KLM, though the two companies operate separately. Delta Airlines had a linkr with Northwest Airlines in the years between 2008 and 2010 that made the former become the worlds No.2 passenger carrier afterward coupled Airlines. The company still maintains the Delta name. We besides visit United Airlines that coordinated with Continental Airlines in 2010 to become the worlds largest air lane company/carrier. Airline acquisitions and mergers have implications on airline customers and employees. These crease moves have some interlinked factors that are important in understanding what really takes conduct Efficiency, approvals, competition, strife and benefits to the airline customers (Kelly et al, 2002). In the airline industry, mergers and acquisitions are purely strategical and are pursued after putting several factors into consideration Service quality and image of the other airline, possibility o f the other airline company to have partnerships with airlines considered industry rivals and the area covered by the other airline, which is of interest. Strategically speaking, an airline entity would merge with another airline company that operates on different routes from those that it operates. This expands flight coverage and helps in avoiding overlapping of flights in any given routes. One of the effects of acquisitions and mergers on airline customers is that air fares increase. Such business moves go down the number of operators thus reduction in competition. The result is an increase in fares and rates. Acquisitions and mergers are most sprightly when there are equity markets with low volatility and low rates in interests. There is also an upward trend in mergers and acquisitions, when stocks trade in low multiples. Mergers and acquisitions have the tendency of being instigated and control by market conditions and factors that are favorable (Kelly et al, 2002). The driv e to transact mergers and acquisitions mainly starts with the parties involved who have strategic objectives that are to be achieved at the tail end of such transactions. The strategic objectives of selling and buying fulfil in a manner that fuels the transaction process. For instance, the parties involved may enter into such agreements in come out to stay afloat in the market or the merger and acquisition plan will assuage a leaner, profitable, and successful company. These transactions could be done with the objective of strategically positioning the resultant business entity for the necessary growth. There are strategic reasons that explain the existence of these kinds of businesses financial growths, achievement of vertical integration, distance competition, asset acquisitions, expansion into new markets, gaining of intellectual property (IP), acquisition of new customers and clientele, expansion into complimentary service and products, and the need to outdo threats on entit y services and products (Bierly & Coombs, 2004). There were developments that led the above named airline companies to venture into these kinds of agreements. United airlines merger with continental airlines was driven by the urge to create the worlds most stipendiary airline that would taste success in the competitive domestic and spherical airline sector. The resultant entity would broaden unique and superior services and products to its prospective customers. The resultant company would also serve a global airline network of 370 destinations. The

Biography of an African Essay Example | Topics and Well Written Essays - 1250 words

Biography of an African - Essay ExampleThese facts, combined with act political struggles in Ethiopia, fixate bringing books to children rather difficult, to say the least.Yohannes Gebregeorgis fell in love with books at the age of 19 when someone loaned him a romance novel. While his childhood in Ethiopia was happy, books were rare, and reading a romance novel simply for the pleasure of it sparked his later commitment to sharing that experience with as some(prenominal) of his fellow countrymen as possible (Coeyman, 2002).Gebregeorgis fled his native country and emigrated to the United States in 1982, where he earned a masters degree in library science. He found his calling when he conjugate the San Francisco Public Librarys childrens department. He worked there for more than a decade in the first place a good idea took his life down a different path. A colleague asked Gebregeorgis to make a list of Ethiopian childrens books so the library could add them to the collection. When he found none after months of searching, Gebregeorgis used his disappointment in a positive way by setting up a publishing group and the Ethiopian Books for Children and Educational Foundation in 1998 (Coeyman, 2002 EthiopiaReads.org, 2008 Reading Today, 2008).As with intimately all grass-roots non-profits dedicated to such a specific task, no matter how worthy the endeavor specie was hard to raise. Gebregeorgis did what all grass-roots fundraisers do he didnt wait for the big donors to come through he developed a fundraising vehicle of his own. Kilu Mammo (Silly Mammo) grew out of this dream, for both its literary value and its fundraising appeal. The EBCEF made this innocent story its first imprint in 1998 (Reading Today, 2008). The publishing group has since published books written in Amharic as well as Oromo and Tigrignya (Tigrigna), three of the many languages spoken in Ethiopia, in

Running the Government without Debt Essay Example | Topics and Well Written Essays - 2250 words

Running the Government without Debt - undertake ExampleHowever, what is equally disturbing is that the US authorities moved away from surplus budgets during the latter diaphragm and never even gave it a rethink. There has been a attach tendency to succumb to populist agendas and vested interests which marked the post-surplus era in the US economy. In most cases, popular sentiment is but a frontlet for narrow political gains. This era has seen a marked increase in spending, not only for newfangled ventures but also for cutting megabucks unnecessary and wasteful expenditure. While running a government without debt is likened to running a company, we conveniently forget that a company does so out of a insufficiency of choice. No company screw afford or receive the luxury of unlimited credit and eventually should plough its profits back into the system. Only in the rarest of rare cases can a company bet a bailout package. However, such amount of moneys are time bound and come at a price. Hence, a equilibrize or surplus deficit is the only way out for a sound financial system. 1. Curtailing braggy Spending The three areas that can directly impact federal spending are defense, social security, health care and interest on debt. Striking at these revenue guzzlers will eliminate the imply for deficit budgets. As the saying goes, a penny saved is a penny earned. Defense seems to be unmatchable area of spending where the only way is the way up. After the end of the cold war era, the need for maintaining massive armaments has become irrelevant. The US, with its relative isolation from Europe, Asia and Africa does not require increased spending in accouterments either in the long or short term. Intervention in foreign countries should be brought down to the barest minimum. Instead of unilateral incursions into certain earths, the US should focus on diplomatic initiatives as a measure to reform them. This would keep public anger at check by reducing losse s and reverses suffered by the military abroad. The use of the armed forces should be restricted to peace keeping and for ensuring that humanitarian aid reaches the think target. The nations nuclear arsenal should be used only as a obstructer and not to encourage an arms race among carrys. Social Security is another area where reforms are called for. The crownwork on payroll tax should be removed so that income over the threshold limit can be brought under the tax net. Gradually raising this rate can cover the shortfall in this area over the course of time. With a graying population, one should take a serious note of the solitude age. This should be gradually and progressively raised to 75 to compensate for the additional expense incurred by maintaining the bribe retirement age. Likewise, we need to identify the extent of retirees who are affluent enough to either be taxed or have their benefits curtailed. Health Care is the third area which can do with cost cuts. As cyclooxy genase (April 5, 2011) reports in CNBC, there is a need to shift the burden on Medicare and Medicaid spending from the patients, and thereby the state to the providers of health care i.e. hospitals. As in the case of social security, the age for eligibility to Medicare can also be increased from the present 65 to reduce costs. Debt Interest is the area that could seriously affect the debt levels over time. With much public debt owned by foreigners, interest payments leave the country rather than circulate within the nation if US citizens received the interest on debt. 2. Increasing the Revenue Directly increasing the revenue by

Buddhist Discourses Essay Example | Topics and Well Written Essays - 250 words

Buddhist Discourses - Essay ExampleFirstly the conversation centers upon extraneous and internal anxieties experienced by a person. Buddha says that the anguish about something non-existent externally can be overwhelm by the realization that the possession of things is impermanent (Early Discourses, 110). What mine was before is not certainly mine now. If a person understands this truth, he will have no external anxiety. Also a person who thinks he will become a permanent thing and remain so for eternity after expiration becomes anxious if he is exposed to the dhamma as taught by the tathagata or his disciple. The teaching eliminates all standpoints of speculative views which quest obstinacy, favoritism, and possessiveness, produces an effect of calming of all dispositions to actions, forsakes all attachments, and destroys craving (Early Discourses, 110). The teaching is for nibbana, the complete freedom from suffering. This internal anxiety could be overcome if the person does n ot think he will be permanent and whence expose himself to the teaching. At the end of this part of the conversation, the disciples do not seem to continue their quest for firmness to the anxiety. Buddha simply starts asking questions about permanency of things. It was not clear how the internal anxiety could be overcome, implication the process of removal of the anxiety.

The Invasion of Sicily Essay Example | Topics and Well Written Essays - 2000 words

The Invasion of Sicily - Essay ExampleThe intrusion of Sicily had been on the agenda constantly since the Casablanca Conference of January 1943. The success of the TORCH landings in French North Africa the previous November was the incubus of Franklin D. Roosevelts and Winston Churchills plan for a seaborne assault as soon as the Axis had been defeated in Tunisia. TORCH was the scratch line major amphibious assault against the Axis, although, in the Pacific, the marines landed on Guadalcanal on Aug 7th. It had to be staged from Continental US, go almost 3000 miles, through U boat infested waters, land troops on hostile beaches, and thence keep the sea lanes open for reinforcements2.While TORCH had been mostly unopposed, Sicily, it was estimated, would be a more unwieldy conquest because the Italians would be then fighting on their home ground, andtressed by good German troops. That notwithstanding, the allies remained undaunted. A blend of the battle-hardened men of Eighth Army under Montgomery, the profusion of US warfare ammunition and other materials, and American troops of the Seventh Army under Patton were considered enough to overwhelm the island fortress and bring the war to mainland Italy. Amphibious ships and landing craft were the resource that defined Allied military schema in 1943-4, and it took six months to assemble enough for the main component of HUSKY, an operation involving 150,000 men and 3,000 ships.The Allied invasion of Sicily also known as Operation Husky was a major World War II invasion. During the invasion, the Allies took Sicily from the Axis. The Allies were primarily from the American, British, and Canadian armies. The axis represented Italy and Nazi Germany. The invasion is often referred to as a grand scale airborne and amphibious exercise, supplemented with approximately six weeks of land combat. The invasion of Sicily, put down all over the world, was heralded by Canadian newspapers. The invasion is described as one that was roaring with little fatalities3. The reader is encouraged with the impression of the shock and awe that Iraq was met by the United States and British forces in the 21st century. Clearly, one reading the tales of control and courage would never guess that Sicily was seized with worthy resistance. Newspaper accounts supply the at home reader with the spectacle of British and Canadian forces entering Sicilian borders with some stubborn resistance, but the tone is one of confidence. Eisenhower himself statesThe enemys losses in men and equipment sincethe commencement of the campaign had beenenormous. Of his panzer divisions, the equivalentof five had been done for(p) and a further sixseverely mauled. The equivalent of 20 infantry divisions had been eliminated and 12 more(including 3 crack parachute divisions) had been badly cut up. Three divisions were trappedin Brittany and another division was isolatedin the Channel Islands. By 25 August the enemy had lost, in round numbers, 400,000 killed, wounded, or captured, of which entire 200,000 were prisoners of war4. While the newspapers report with pride, the accomplishments of the axis, the history books tell a different story. Tales of heroism and outstanding bravery were reported in Canada. Indeed, one officer who rallied his troops by stating Never mind the Germans, they cant shoot swell was

To what extent does the rise of China pose a fundamental challenge to Essay

To what extent does the full of China pose a fundamental challenge to the liberal globe order - Essay utilizationIt is remarkable how China has managed to rise from a country struggling to develop into a leading spherical economy in just three decades. During the past three decades, the United States exercised hegemony over knowledge base(prenominal) affairs, in particular after the collapse of the Soviet Union. Today, however, China has taken a leading position in world affairs especially in terms of economic prowess. China is poised to surpass the United States in exercising global hegemony in the near future. Such views have stemmed from the fact that China has make gamyly complex systems of conducting global business that has enabled Chinas economy to grow rapidly. Although China has maintain that it does not wish to father a global hegemonic state, there is speculation that circumstances will military group China to do so. Therefore, the route that Western countries will handle Chinas ascent to global affairs will conclude the outcome of liberal internationalism. The international arena will either become a hegemonic or multi-polar environment with Chinas ascent to power. The apprehension on Chinas ability to challenge the liberal world order is based on Chinas internal politics, which are characterized by an autocracy that feels no need to uphold the rule of law. Accordingly, it is speculated that if China surpasses the United States as a superpower, then the former will conduct international law and politics in standardised fashion as it does domestically. The Communist Party in China has led the country to a unchangeable political-economy, evident during the recent global recession (Ross & Zhu, 2008 pp. 219). While Western countries and in particular the United States was finish up hard by the recession, the Communist-Party led government of China was able to withstand the recession and maintain high economic growth rates. As a result, the Yuan is rapidly gaining international value and is on the way to rivaling the US dollar, an occurrence that will surely solidify Chinas international stature (Inkenberry, 2011). In line with this argument, it is speculated that once China achieves the superpower status, it will run international political-economic affairs using the aforesaid(prenominal) policies used by the Communist Party domestically. Most Western countries view the communist government as being led by corrupt officials and people with total disregard for the rule of law. Considering this view point, numerous are worried that if China uses the policies promulgated by the communists in the international arena, then the liberal world order will be under serious

Domestic violence and risk assessment frameworks (Bachelor social work Essay

Domestic violence and risk sound judgment frameworks (Bachelor social work Australia) - Essay ExampleAn essential framework that can be used in domestic risk assessment is the Family and Domestic Violence Common Risk Assessment and Risk wariness Framework (Department of Child Protection, 2011). This is a standardized way of identifying, assessing, and responding to domestic violence in families. The framework sets a standard that assessors can employ in identifying a victim of domestic violence frameworks have to stave off ignorance of any case that may turn fatal afterwards. The model has a common framework in risk assessment and management to ensure all the relevant information is captured, acted on, and avoiding decisions based on neither information (DCP, 2011). This is in line with risk framework approach standard guidelines that seek to establish principles, induce policies, and assess the risk, deciding plans for the risk, and managing the risk (Titterton 2005).To use th is framework with a client, it is important to determine the correlates of domestic violence as Rigg et al (2010) suggests. This would involve determining any prior relationship of aggression to understand the muniment of the violence in the family the risk portrays a historical context and does not occur once (Rigg eta l. 2010). The bordering step would be identifying the demographic characteristics these are critical in arrangement and determining risk prevalence, understanding the mental constructs of both the partners as men who commit such violence have shown differences in mental constructs from those who do not. The next step would be to identify the psychopathy most abuses portray more psychological problem than non-abusers (Riggs et al, 2010).The questions to ask in such a case will be directed at understanding the trends as indicated above. Stilth et al (2004) suggested the use of an assessment, which may help understand the individuals

Herbert hoover Essay Example | Topics and Well Written Essays - 750 words

Herbert hoover - Essay ExampleHis contribution to public service and his humanitarian playact during the war became the pride of American people back home. He exhorted his people to economize and save fodder so that more people could be fed during the great famine of Europe and asserted steadfastly that even enemies (Russian people) would also be extended armed service in the form of food supply. When a novice inquired if he was not thus helping Bolshevism, Hoover retorted, Twenty million people are starving. some(prenominal) their politics, they shall be fed (whitehouse.gov).In 1928, he became a natural choice for the republicans for Presidency and was elected with a big margin. Hoover was basically a comm iodinr and a technocrat who had earned his millions, working in mines in different countries of the world. He was dragged into limelight because of his widespread business contacts across world and as an American, he could help Americans who were trapped in the war that had broken out in the Europe. Prior to becoming President, he had extensively served people in various capacity and therefore, when he became president, welfare of the people became his primary concern, especially farmers. His native belief that as a representative of the people, it was his duty to promote measures that would facilitate people to improve their socio-economic conditions. It was one of the main reasons that his opponents in Congress were often at loggerheads with him he was quite vocal when he comprehend that his good work was being sabotaged by others for their own vested interests.During his presidency, in 1929, America was hit by the belabor economic disaster which resulted in the nastiest ever financial meltdown and long economic depression. The stock grocery store crash had the cascading effect with widespread bankruptcy of businesses and banks resulting in huge number of unemployed people. During this time, Hoover support people to remain optimist and work toge ther to help

Different ways to compete in the soft drink business Case Study

assorted ways to compete in the soft drink business - Case Study Example by means of the sales of internet routers, the alliance managed to raise high revenue of approximately ten billion dollars. However, this was brought to an complete in the year 2008 when the motive of products from the company such as internet hardware dropped. At this point, the trump action to be taken by any manager who wants to save the company from collapsing is to contain leeway on the business plan and strategies so as to fix the problem. John Chambers was precise quick-scented and keen on the issue after realizing that the market of internet router could not raise the great meshwork that were required to match the standards of the company, he embarked on another business plan. The plan was to shift in to very new markets and industries. One of the strategies was to expand in a rapid way from the software business and the middle internet hardware to the consumer electronic industry. His first s tep to implement the plan was to associate with companies that were already producing products connect to the internet. The CEO sought to get hold of the companies that dealt with internet bandwidth products so as to increase the consumer demand since this would end in to a high demand for the Ciscos products. Through John Chambers, Cisco make an announcement in the year 2009 that it would make a payment of $590 for purchasing pure digital for making impression camcorders that are more colorful and are pocket sized. This further increased the financial stead of Cisco due to the fact that over two million people could access and share the video through the web (Jones & George, 263-264). If I were the manager of Cisco system, I could pass water done the same things he did or come up with a plan with strategy for implementation that would end up in high performance. It is always believed that better plans always reflects on a bright future for the business and that inadequacy of a business plan results in to hesitations , mistaken business decisions and false steps. Having this in mind, I would make a plan for a good number of reasons. Its importance is to give the company proper(ip) direction for the right purpose since the plan contains the objectives that the organization has to achieve and the strategies to be used. I believe this would have a great impact on the company so that as soon as the demand of the Internet s products provided by the Cisco Company goes down, then the strategies of the plan would help save the company from collapsing. This could be done by linking the company to other industries that produce items that are the same as the ones produced by Cisco to come up with a better opinion to help increase the consumer demand (Covey, 162). The challenge of proper planning and formulating a proper strategy to implement it was well overcomed by the CEO of Samsung electronics, downwind Kun. In the year 2000, the company which was mainly base d in Korea emerged to be in the second range in terms of profit among the companies in global technology coming just after the Microsoft. at that place were strategies and steps that were followed by the organization which enabled them to attain their targeted goal. Under the guidance of Lee Kun, Samsung electronics developed and built competencies as the first step in the manufacturing of low-priced products. The second step was to put all the efforts in the catch up with of R&D. At the end, the organization used those

Alfred The Great Research Paper Example | Topics and Well Written Essays - 750 words

Alfred The Great - Research musical theme ExampleKing Alfred the Great is said to have quoted I desired to live worthily as long as I lived, and to leave after my life, to the men who should come after me, the memory of me in good works.Alfred the Great is best remembered by many historians for his military feats. His victories against the Danes prove his capabilities as a smashing warrior. He is credited with having built the first royal navy to combat the Danes. Alfred adopted the Danish schema of building fortified bases. The Danes were defeated by the army of Alfred in May 878 in the Battle of Edington. When Alfred in the long run managed to defeat the Danes, instead of avenging the attacks, exhibited true statesmanship. He entertained the defeated Danish monarch and signed the agreement of Wedmore, whereby he accepted the Danish occupation of East Anglia. Wessex was secured for Alfred and this resulted in lasting peace.According to the peace treaty, Guthorn was baptised in to the Christian faith and is troops from Wessex. Alfred Recognize the Danish control of East Anglia and a few move of Mercia. In a nonher treaty signed in 886 called the Danelaw the partition of England was formalized. After this, Alfred began fortifying his kingdom with forts to secure it from invasions. To join on his defenses, Alfred constructed a fleet of ships and thereby came to be famously called the Father of the English Navy. (Britannia)The life of King Alfred is a life of quiet virtue and unobtrusive success. (Alfred the Great The Truth Teller, Maker of England, 848-899 by Beatrice Adelaide Lees). He does not arouse strong feelings of passion that inspire poetry. Instead he is remembered as a friend of the poor, an abetter _or_ abettor of the clergy and a scholar king. Being a scholar himself, he is known to have translated many Latin books into the tongue of the Anglo Saxons. One of Alfreds contemporary works that was left unfinished was a Latin throwaway by Asser, a Welshman who was Alfreds

Corporate Financial Risk Management Essay Example | Topics and Well Written Essays - 750 words

Corporate Financial Risk Management - Essay ExampleTherefore, it is recommendable for the theatre to escape against price volatility by buying futures contract. Table of contents Introduction 4 Designing of the hedge strategy4 An assessment of the extend to of the above hedging strategy5 Advantages and disadvantages of futures contract .6 apply of financial derivates7 Conclusion and recommendations...8 References9 Introduction Financial engineers have developed a compute securities and derivates such as futures and contracts, these financial derivatives can be used in hedging and as risk of exposure mitigation strategies. In order to offer delineation of how financial derivates helps firm in militating against losses that may occur due to changes in market factors below is report on cooper works, outlining and delineating the appendage of is way through derivatives. Designing of the hedging strategy Hedging can simply be defined as mechanism of shielding the firm against l osses that may occur due to changes in the market parameters. In the case of copper works the firm annual demand of cooper is vulnerable to the prices change, in the process of the interaction of the demand and supply of cooper. For the firm to mitigate price volatility which is beyond the control of the firm there is needed for the firm to buyer futures contract that would enable the firm hedge against the changes in prices of cooper. As policy of the firm to hedge 80% of its exposure therefore with each contract having a capableness of 25000 pounds then we can only hedge against 800000 pounds, equivalent to 32 contracts. In reference to the nature of the cooper market it was advisable to take long position on all futures contract, in addition to this the composition should have two future trade open at same as asset management technique to mitigate against sever losses that would otherwise occur if prices of future contract declined significantly. An assessment of the impact of the above hedging strategy Go Long for 32 contracts 372.30 cents Initial bank = $64000 Maintenance molding = $48000 Date Price futures contract in cents Profit/ loss Margin Account Notes October 2010 372.30 - $64000 February 2011 369.0 -$26400 $37600 Take $10400 to fix the margin level February 2011 370.2 - $48000 lordly 2011 365.00 -$41600 $6400 Take $41600 from property to reinstate the margin level August 2011 364.80 - $4800 February 2012 377.00 $97600 $145600 February 2012 376.50 - August 2012 388.00 $92000 $237600 Total Gross profit/loss = $121,600 From the above the initial margin level can be estimated as follows, Initial margin level = 2000x 40x0.8= $ 64000 From the analysis above there are two margin calls to reinstate the maintenance level the total. Margin calls can be ascertained to be 10400+41600= 52000 should obtain from the cash deposited by the cash broker. Advantages and disadvantages of futures contract Many financial derivatives are primarily to mitigates t he from risk but on top of this derivates also have the following benefits to the firm, 1. In future contract parties have

Disneyland Paris & Legoland Essay Example | Topics and Well Written Essays - 4000 words

Disneyland genus Paris & Legoland - Essay ExampleVisitor attractions can easily be considered as one of the main economical and social matters in the world today, and this is speaking of theme park curiously particularly Disneyland Paris and Legoland are two of the most recognized and well known theme set in the world, and so in order to be adapted to understand the purpose and reasoning skunk theme parks in general, as well as how these two in particular move and what they are all about, t present are several questions in particular that need to be answered richly and thoroughly 1.What is the historical development of Disneyland Paris and Legoland? 2What is the range of current position in the field for Disneyland Paris and Legoland? 3.How does the caution and ownership and levels of provision work in Disneyland Paris and Legoland? 4.What is the market for theme parks in general and what is its potential for expansion as a market? 5.What are the key operational management is sues? 6.What are some present and future trends and other key related issues that are involved here? By thoroughly and rather elaborately answering these questions, we will not only be able to come to a much more knowledgeable and understanding viewpoint on the subject matter at hand altogether, but as well, we will be able to understand theme parks as a whole in general, and furthermore, we will be able to see how they actually work, what instance of market they refer to, what the issues are if any, and what trends are in relation to them

Analyze an evaluate the impact of volunteer tourism on host Essay

Analyze an evaluate the concern of volunteer touristry on emcee communities - Essay ExampleIntroduction Volunteer tourism refers to the change of location to destinations not only for leisure but also to participate in charitable projects, in which the traveller is interested, on a voluntary basis. This is therefore a form of tourism that poses both the tourist and the swarm to vast loving interaction, leading to cultural exchanges and understanding of each others ways of living. These interactions are bound to solvent to modifications in the host environment (destination) depending on the types of projects participated in and their levels of intensity (Guttentag, 2009). Besides social interaction, this type of tourism has a range of impacts both beneficial and detrimental to the local community. Positive impacts include cultural identity, finical cultural awareness and appreciation, economic development of the local community (depending on the kind of activities participate d in), global interactions, line creation which finally eliminates the problems of unemployment and poverty in the destination area (Guttentag, 2009). ... so exposed to higher levels of environmental pollution owing to the tourists way of life that encourages plenty of garbage disposal from packed and carry-away foods, the containers of which if not vigorous disposed leads to increased pollution. This paper seeks to analyze the possible positive and negative impacts of volunteer tourism to the host community in a wider detail while at the same time evaluating them in a sustainable approach that will provide an attainable balance of tourism and its activities/projects. Background of Volunteer touristry In the 19th century, voluntary activities had their consequence from the altruistic and missionary movements so as to curb the rattling specific and clear class divisions that existed in the society. Many institutions created to curb these divisions relied on volunteer workers. In the flash half of the 20th century, volunteer sector and international tourism growth as a social phenomenon changed. Mass tourism growth exposed tourist to international cultures in an uncontrolled and exploitative manner. With the emergence of concepts like eco-tourism, responsible tourism and sustainable tourism as the alternatives to mass tourism, the media played a list role in exposing the exploitation of resources and communities on a global scale and the very clear divisions amidst the poor and the rich. The success of international initiatives to provide promotional outlets for the voluntary and charity contributions saw the growing financial aid to goodwill activities. (Michelle Callanan, 2009) In the recent past charities have teamed up with tour operators to create combined fundraising and mishap holidays with an aim to promote an image of ethical and social responsibility. The motive for tourists to engage in voluntary tourism originates from

Listening Journals 4 Essay Example | Topics and Well Written Essays - 1500 words

Listening Journals 4 - Essay ExampleChapter 10 Further focus is given the role that the minority groups in the States vie in developing America in this chapter, which is named Pacific Crossings From Japan to the Land of Money Trees the source sees Japan as a model to exemplify the role played by the Japanese in the Pacific crossing. At some point, the author was critical of the Japanese people and labeled their action as being ill-planned because their migration had actually constituted a movement from a more blissful and independent center to one that was not that much promising for them. Page 341-350 In the opinion of the writer, the World War II was not something that the Americans were prepared for. However, as a means of stamping their ever growing global dominance down, they necessitate to partake. This generally brought a dilemma on them as a people, of which there was the need for them to solve. It is for this reason the depicted object World War II American Dilemmas is selected for this component of the book. Various ways in which America played the racial card to ensure that the African American and Japanese America population were put in the beginning the war was discussed. Page 359-361 The early parts of this chapter compares the Chinese to the Japanese in what the writer refers to as button up move to distort the Japanese propaganda. This is because for all that while, there had been a perception that the Americans had put the Japanese in a corner where self freedom used to promote personal development was not possible. exclusively given the fact that most Chinese Americans had outperform this labeling was a means of touting that propaganda. The theme of Chinese Americans To lock away the Distorted Japanese Propaganda selected by the writer can therefore be said to have fitted the call much perfectly. Page 380-382 When America undertook the Hiroshima bombings during the final stages of the World War II in 1945, they tried to let off thei r actions. But in the perspective of the writer, this was unspoilt another move of Holocaust that was experienced in Germ whatever by the Nazi government and other parts of Europe. It is not surprising therefore that the title for this section of the fourteenth chapter was A Holocaust Called Hiroshima. This is because the writer sees the move as a calculated attempt to suppress the Japanese as a people, rather than other explanations that were given. Page 402-404 As part of the broader chapter title which bordered on Clamors of Change, the writer limits these pages to a unit titled Asian Americans A Model Minority for Blacks? The comparison of races continues in these pages of the book as the writer compares the Asian American population with the Black population who were predominantly do up of Africans. In the opinion of the writer, the Asian Americans were a perfect model minority, exemplifying how possible it was for any minority group to come out of the shells of oppression to see personal transformation and growth. Page 411-418 Vietnam is modeled as a nation that would not allow just any form of oppression to overcome it. This is because the nation rises high on its own defenses, exhibiting what the writer refers to as a Dragons teeth of Fire. The writer believed that this was a situation with both merits and demerits. The merit was in the fact that a nation should just not succumb to oppression while the demerit was that

Peer Evaluations in Enhancing Written and Oral Communication Essay Example for Free

Peer Evaluations in Enhancing Written and Oral Communication EssayCommunicative practices such as writing and reading be cardinal components in the facilitation of education and learning. For educators, they moldiness(prenominal) realize the relative importance of these communication practices for they are critical in the enhancement of learning. One way to address this is by creating peer review mechanisms. Though such may prove to be an important component in the facilitation of education, there are cultural impediments that unfold to surround the facilitation of peer military ratings.When we deal with English-as-a-second-language students, cultural factors may influence both the operation and outcomes of peer response groups. (Nelson, 1997, p. 78) By being constantly aware of these issues, one jakes create effective peer evaluation mechanism that is free from cultural bias and prejudice. A collective action and approach must be created by instructors and teachers to address such problem.To maintain the group cohesion and harmonious social communications interpersonal relations valued by collectivist cultures, collectivists use indirect means of communicating messages that may differently be disruptive to the group. (Nelson, 1997, p. 82) Thus, giving of vital information is an important tool and component in the boilers suit facilitation of peer evaluations in enhancing communication practices.By being informed of cultural differences in communication, they may be better able to interpret the feedback they receive from the English-as-the-second-language students and also better able to provide these students with effective feedback. (Nelson, 1997, p. 83) Enhancing the makeup Skills Effectiveness in writing is one facet that students must acquire in school as it is vital in the overall communication process not only in the educational empyrean but in different aspects of society.By enhancing such skills, an international student can be c ommensurate and remained at level with native speakers of the language. The main barrier and impediment in such scenario is the lack of expertness in the local and native language. The study of Koffolt and Holt showcases several important mechanisms that can improve writing skills of international students. The article seeks to showcase how teachers can be a vital part in the overall facilitation of efficient writing among students.By doing these, students can get the development in the realm of writing. Teachers who play a more(prenominal) active role in guiding their students through the entire writing process of gathering ideas, organizing, drafting, and revise can help students produce writing that is thoughtful, coherent, and polished. (Koffolt and Holt, 1997, p. 53) By providing several important measures that a teacher must consider is an important process to guide students in the overall facilitation of improving writing capabilities.One important method is by creating f eedbacks on writing works by international students. By doing this, the student can actively assess his/her standing as far as competency in writing is concerned. The existence of a feedback system gives them the opportunity to correct deficiencies in content, language and style. (Koffolt and Holt, 1997, p. 54) For the part of instructors, there must be an active collaboration with an international student as far as writing is concerned.The instructor must recognize the relative challenges that an international student may face during the course of writing. That is why it is essential for the teacher to actively create writing strategies that will help improve the overall capacity of the student to write. However, the teacher must recognize that the process of such endeavor is not easy. Writing is seldom a additive activity, and it is common for writers to go back and forth among different steps of the writing process as they terminated a major writing task. (Koffolt and Holt, 1997, p. 56)

The Life We’ve Always Wanted Essay Example for Free

The bearing Weve Al managements cherished Es introduce nates Ortbergs (2002) book, The Life Youve of all time Wanted Spiritual Disciplines for universal People, describes the methods by which all middling tribe may achieve their goals for the present vitality and beyond. The book is rough spiritual transformation, or morphing, which is described by the reference as the inward and real formation of the essential nature of a person (p. 23). Ortberg reminds the readers that they could be one with deity, the Holy Spirit, and Jesus Christ. To do so, however, readers essential be willing to understand their shortcomings on the way of spirituality. They moldiness know whether they are disappointed with themselves and/or life in general. Ortberg describes his own disappointments, too, allowing the reader to adjoin to an ordinary person who has given serious thought to living a life he had endlessly wanted. The life we puddle always wanted revolves around our personal rela tionships with God. The author reminds the reader that God is accessible, and when we petition we mustiness bear in mind that Jesus Christ is right next to us. Moreover, ordinary persons must seek intimacy with God.According to Ortberg, Practices such as reading Scripture and praying are important non because they prove how spiritual we are but because God can use them to lead us into life (p. 43). These practices train people to comprehend to God. Ortberg insists that it is possible for all ordinary people to listen to God. However, the following conditions must be met (1) Ordinary persons who are ready to successfully spend their lives with the focusing of God must believe in The Life Weve Always Wanted 3Him and (2) They must actually begin following His guidance by loving people and loving Him, and by healing themselves of the sickness of hurry, as the author describes it. The author describes many ways in which ordinary people stop themselves from following the guidance of Jesus Christ. Ordinary people may be selfish or lazy when conditions require them to help their brothers and sisters. They may also stop believing that they are servants of God by being vane, prideful, and stubborn. Ortberg writes, We have all, in our own way been trying to take Gods place ever since Eden (p.99). However, people who pretend to be their own gods cannot enjoy the guidance of God, who knows everything and is therefore fitted to guide them best. In order to live the lives they have always wanted, ordinary people are required to confess their sins to God. Being free of guilt and confuse in front God is necessary for the cultivation of a sound relationship with Him. The book drives home the feature that joyfulness, silence, meditation, and an unhurried way of life would help ordinary people to achieve the best in both worlds.Still, Ortberg concerns himself with the present life when he narrates the stories of ordinary people in relation to the subject of the boo k. Indeed, the book is in the first place about achieving success in the present life by obeying God, e. g. by loving God and His people, and by comprehend to Him with earnestness and knowing that He would not disappoint us. Concrete Response During the last devil years, I have actually tried my best to be Christ like. Jesus Christ had verbalise that if we try to be one with him we may be able to do everything that he could do, andThe Life Weve Always Wanted 4 more. I was very interested in learning to heal myself and others, as come up as to enjoy the life I have always wanted. So, I spent a keen deal of time in prayer, meditation, and reading the Scripture. For some time I was truly able to listen to God. I knew that He was talking to me, and guiding me. It definitely required me to slow down to be able to listen to Him. As soon as I entered a period of being extremely busy, however, I lost the connection. As a matter of fact, I forgot how God used to talk to me.It still bot hers me to take that I do not spy Gods voice plane if I taste it now. Although Ortberg has extensively written about listening to God, I still cannot do it. I have only forgotten how to listen to God, and there is no way that anybody can remind me about the method I had used to listen to Him. It was and remains a personal experience. Even if Ortbergs writing eventually manages to remind me about the way I used to listen to God I believe it would not be possible until and unless God allows me to listen to Him and to know that it is He.Reflection Jesus Christ had clearly stated that we must be one with him. He was a Messiah, and Ortberg reminds us that ordinary people are servants rather than Messiahs. So, if ordinary people do not have the potential of being Messiahs, why did Jesus Christ say that we should be one with him? If Jesus Christ were living on earth today, the suffering of human beings would for certain have lessened. Conflicts around the world are on the increase, and so are diseases. Ortberg The Life Weve Always Wanted 5quotes William Iverson who had written, A pound of meat would surely be affected by a thread pound of salt and adds, If this is real Christianity, the salt of the earth where is the effect of which Jesus spoke? (p. 33). It bothers me that Ortberg mentions this because he has not been able to help our world the way Jesus is expected to. Almost everybody can talk. As distant as results are concerned, I would not be able to give enough credit to Ortberg for ever-changing our world. Jesus did not write books.Perhaps, therefore, Ortberg should spend more time in prayer, meditation, and reading the Scripture before he is actually able to influence the world in the manner of Jesus. In my opinion, it is enough for ordinary people to read and understand the Scripture on their own. People that are constantly talking about the Gospel instead of practicing it should reflect on their own spiritual disciplining process. It seems to me t hat all believers ought to practice more and recommend less. Action The answers to all human problems can be resolved by understanding the Scripture.To a wizard who is experiencing problems, therefore, I would mention the Scripture and the fact that nothing is impossible for the human being who believes and follows revealed knowledge. However, I recognize the fact that most people do not give thought to the Scripture nowadays even as they experience severe diseases. It is for this reason that I would simply mention the Scripture instead of explaining it in great depth, unless, of course, I encounter people who truly believe that God would love to help them. The Life Weve Always Wanted 6As mentioned before, I seem to have lost the connection with God that I had experienced at the time I was genuinely motivated to be one with Him. I have experienced success in life since that time. Still, I miss listening to Him and knowing it is He. In the near future, therefore, I would like to sp end time in silence and prayer to start listening to Him again. I would pray for Him to talk with me, with the knowledge that He is with me and would answer my prayer right away, provided that I check into to completely rid myself of the sickness of hurry.

Justifying The State Essay Example for Free

Justifying The State EssayQ1 If the recount is not a free organisation, how can superstar be under either promise to adapt its commands?This is a question about preciselyifying the demesne. What D. D. Raphael calls the grounds of policy-making obligation.1 If the invoke can be justified in whatsoever manner then so can the commands it makes, whether it is voluntary or not. This would be a loo out built on individual consent obligation to the commands of the maintain would flow from that consent. This move will discuss the possibility of justifying of the state by the conceit of a social scale d experience. The state when it creates a law draws a line one cannot cross without consequences. For clarity I am talking about a serious law, specifically one that obviously has a moral base, the law against murder for example. An individualist might say I invite no intention of crossing that line anyway because I believe it would be morally amiss(p) to do so. The l aw in his oddball whitethorn as well not exist. Just by not breaking a law it can appear as though he supports it. When what he might agree with is what the law defends/upholds /represents, and that is the moral principle behind it. This is one reason why some people appear to uphold the law when in fact all they may be doing is chase a personal moral code. or simply agreeing with the basic rational stamp sh ard by most people that murder is wrong or (maybe) tax for the NHS is good for example. I suggest this simile can be applied when questioning many commands of the state.When I obey the state by remunerative taxes, I may not be doing so because I am get too by law but for other reasons including moral ones. Socialists (as do many others) might argue that they are contented to pay to a greater extent tax in return for a wider societal benefit that includes all, i.e. as in the National Health Service. Therefore a socialist might argue that she paid her National indemnificat ion not because the law obligates her too, but because it fits her moral spatial relations and outlook anyway. The fact that she has no legal right to stand to pay becomes relevant in this case only if she actually doesnt.The above argument is Lockean to the extent that it appeals to the subject of individual consent.2 It is also in part my own picture, which is (I think) essentially individualist in nature, though not libertarian. The relevance of my own view to this essay is that when thinking about this question, I realised that I had no idea what my own moral position was regarding some of the most crucial problems and contradictions of political philosophy. Many of these questions require (I think) a moral stance in order to be able to make sense of them. This may seem kindred a non-academic approach as if I am personalising or reducing this essay to subjective notions, however the questions and issues of political philosophy are in large part moral questions and issues th at thereof excite as a basis, personal moral opinions.Lockes view according to Wolff is that obligations to the institutions of the state must be justified in terms of the will, choices or decisions of those over whom they have authority.3 Justification of the institutions of the state that enforce obligation then is reliant on the idea that personal self-direction is of premier value. Will Kymlicka defines this as the belief that the individual is morally foregoing to the community. angiotensin converting enzyme objection to this is the communitarian argument that the individual is not morally prior to the community instead individuals are a product of the community.4 There are other objectors to Lockes idea that autonomy is the primary value. Wolff writes that Bentham considered the primary value is not autonomy but happiness whether we consent to the state is irrelevant.5 This utilitarian argument is that the happiness of society, as a whole is of more value than personal autonomy or the happiness of the few or one. And that therefore one has a duty to obey the commands of the state as it pursues this goal. So if the state decides that having nuclear weapons is for the greater good (happiness) then I would be obligated to pay my share of tax for them whatever I thought. I may be against nuclear weapons or the military in general for moral reasons (pacifism for example) but my moral objection is sacrificed for the greater happiness. The problem political philosophers face is finding ways to solve issues like the one above. Just how does one justify the state? One speculation is the idea of the social contract.Wolff here defines the project of the social contract theory.The project of screening that individuals consent to the state lies behind the idea of social contract theory. If, somehow or other, it can be shown that every individual has consented to the state, or formed a contract with the state, or made a contract with each other to create a s tate, then the problem appears to be solved.6It is difficult to support the idea that the state, and thereby its commands and responding obligations, can be justified by the theory of a social contract. The theory of a social contract tries to justify political obligation as being based on an unquestioning promise, like the obligation to obey the rules of a voluntary association.7If there were such a contract (based on the idea that the state is a voluntary organisation) the problem of individual obligation to the state would be solved. One could join (or leave) institutions of the state at will, and not be subject to state penalties. This is clearly not so. To explain this further I can ask a different question how much like a voluntary association is the state? The consensus among political philosophers is I think that the state is not a voluntary organisation. To be born is to be joined to it. As Raphael says the universality of the states jurisdiction makes its compulsory chara cter more pervasive and more evident.8 Individuals are inextricably linked to it in many ways, for example through the financial/legal institutions. Neither of these institutions are voluntary, they both carry obligations that are enforceable by law. For a comparison I will examine what I think a voluntary organisation is. The obligations I have to the UEA regarding my degree, I agree to honour. They were stated, I accepted. This does not mean I think the UEA is perfect. Just because I am obligated, (I agreed to the UEA rules) does not mean I cannot criticise the parking problem.What is important is that I chose to join. My obligations to the UEA are voluntary, and I can withdraw from them voluntarily and leave the university should I choose. This is not possible in the case of the state. I am subject to the rules whether I like it or not.9 As a general philosophical attitude I am nervous or sceptical of organisations people are forced to join or have to remain joined to, this inclu des the idea of a state. This could be framed as, (if this sentence makes sense) I do not like the idea that there is a group I am unable not to join. These reasons might help to explain why I am generally sceptical of some of the motives of our own state.So where does this leave us? The above contentions highlight some of the problems of the social contract theory. The central objection to it is that the state is not voluntary therefore there can be no mutually agreed contract. Nor has there historically ever been one. As Wolff observes, if there ever was a social contract What is the narrate? Which museum is it in?10 The idea of a supposed(a) contract is an attempt to solve this problem. It does not swear on any formal notion of actual consent, be it historical, express, or tacit.11 The hypothetical contract relies on hypothetical consent. If hypothetical consent were possible it would provide a moral reason for political obligation. That is the division the question this essa y is discussing implicitly implies is missing. The idea asks us to imagine a position from where we could successfully manage a social contract.Rawls idea is a very complex one that effects many issues. In his Theory of Justice, Rawls sets out primarily to establish what moral principles should govern the basic structure of a just society.12 Rawls Theory of Justice suggests a set of specific moral principles that he hopes will achieve this consensus view. It is these principles that critics of the theory in the main object to. What they are concerned with is the kind of society that would emerge from behind any veil of ignorance whatever its character. For the purpose of this essay the idea of a veil of ignorance which is subject to many conditions, is the fraud Rawls uses to argue for consent.If people can agree on what would be just, (which he argues is possible using the principles he suggests) from behind a veil of ignorance the consent reached would be a voluntary contract. A gain the problem remains, what principles unfeignedly constitute a just society are not clear. Objections to Rawls ideas include the libertarian critique. Kukathas and Pettit13 argue that for principled libertarians like Nozick the state that would emerge from Rawlss theory is bound to seem inherently evil.14 Nozicks objections are based on his libertarian view that Individuals have rights, and there are things no person or group may do to them (without violating their rights)15To discontinue is this essay is very difficult the argument I have tried to demonstrate is that one cannot be under any obligation to obey the commands of the state using the social contract model. I have argued that the social contract fails because it is not consensual. I have also tried to show that the idea of hypothetical contract cannot work because the veil of ignorance still does not produce consent because people cannot agree on what the principles of a just state are. One can only be obligated to obey the commands of the state (I think) when its principles are consensual.BibliographyChandran Kukathas and Philip Pettit, Rawls, A Theory of Justice and its Critics, (Polity Press 1990)Kymlicka, Will, Contemporary governmental philosophy.Raphael, D D, Problems of Political Philosophy, (Macmillan press 1990)Wolff, Jonathan, An Introduction to Political Philosophy, (oxford University Press 1996)Colin DunlopHis IIPolitical PhilosophyDr Kathleen Stock04-04-03Q1 If the state is not a voluntary organisation, how can one be under any obligation to obey its commands?1 Raphael, D D, Problems of Political Philosophy, p1752 Wolff, Jonathan, An Introduction to Political Philosophy, p383 Ibid.p384 See Kymlicka, Will, Contemporary Political philosophy, Ch5 (I think) his handling multiculturalism and communitarianism.5 Ibid.p386 Ibid.p437 Raphael, D D, Problems of Political Philosophy, p1828 Ibid.p1819 Ibid.p18110 Wolff, Jonathan, An Introduction to Political Philosophy, p4411 Ibid.p4412 Chan dran Kukathas and Philip Pettit, Rawls, A Theory of Justice and its Critics, p3613 Ibid. See chapter 5 The Libertarian pass judgment14 Ibid.p7415 Robert Nozick quoted by Chandran Kukathas and Philip Pettit in, Rawls, A Theory of Justice and its Critics, p76

Generic Visual Perception Processor Essay Example for Free

Generic Visual experience Processor EssayThe generic visual perception processor (GVPP) has been developed after 10 long years of scientific effort . Generic Visual Perception Processor (GVPP) can automatically detect determinations and track their movement in real-time. The GVPP, which crunches 20 trillion instructions per second (BIPS), models the homophile perceptual process at the hardware level by mimicking the soften temporal and spatial functions of the middle-to-brain system.The processor sees its environsment as a stream of histograms regarding the location and velocity of object lenss. GVPP has been demonstrated as capable of culture-in-place to solve a variety of pattern recognition problems. It boasts automatic normalization for varying object size, orientation and lighting conditions, and can function in solar daylight or darkness. This electronic eye on a chit can now handle most tasks that a normal human eye can. That includes driving safely, selecting r ipe fruits, reading and recognizing things.Sadly, though modeled on the visual perception capabilities of the human brain, the chip is not really a medical marvel, poised to cure the blind Introduction ofGVPP The GVPP tracks an object, rigd as a certain set of hue, luminance and saturation values in a specific shape, from ready to frame in a video stream by anticipating where its leading and trailing edges make differences with the background. That content it can track an object through varying light sources or changes in size, as when an object gets closer to the viewer or moves farther away.The GVPPS major performance strength over current-day vision systems is its adaptation to varying light conditions. Todays vision systems dictate uniform shadow less illumination ,and even side by side(p) generation prototype systems, designed to work under normal lighting conditions, can be utilize only dawn to dusk. The GVPP on the other hand, adapt to real time changes in lighting witho ut recalibration, day or light. For many decades the field of computing has been trapped by the limitations of the traditional processors.Many futuristic technologies befuddle been bound by limitations of these processors . These limitations stemmed from the basic architecture of these processors. Traditional processors work by slicing each and every complex program into simple tasks that a processor could execute. This requires an existence of an algorithm for solution of the limited problem. But there are many situations where there is an inexistence of an algorithm or inability of a human to understand the algorithm. even off in these extreme cases GVPP performs well.It can solve a problem with its uneasy learning function. Neural networks are extremely fault tolerant. By their design even if a group of neurons get, the neuronic network only suffers a smooth degradation of the performance. It wont abruptly fail to work. This is a important difference, from traditional proce ssors as they fail to work even if a few components are damaged. GVPP recognizes stores , matches and process patterns. Even if pattern is not recognizable to a human programmer in input the neural network, it volition dig it out from the input.Thus GVPP becomes an efficient tool for applications like the pattern matching and recognition HOW IT whole shebang Basically the chip is made of neural network modeled resembling the structure of human brain. The basic portion here is a neuron. There are large number of input lines and an output line to a neuron. Each neuron is capable of implementing a simple function. It takes the weighted sum of its inputs and produces an output that is fed into the next layer. The weights assigned to each input are a variable quantity.A large number of such neurons interconnected form a neural network. Every input that is given to the neural network gets contractable over entire network via direct connections called synaptic connections and feed ba ck paths. Thus the signal ripples in the neural network, every time changing the weighted values associated with each input of every neuron. These changes in the ripples will naturally direct the weights to modify into those values that will become stable .That is, those values does not change. At this point the information about the signal is stored as the weighted values of inputs in the neural network. A neural network geometrizes computation. When we draw the state diagram of a neural network, the network military action burrows a trajectory in this state space. The trajectory begins with a computation problem. The problem specifies initial conditions which define the beginning of trajectory in the state space.

Pros and Cons of Minimum Wage Essay Example for Free

Pros and Cons of Minimum Wage EssayThe vast volume of economists believe the stripped operate law costs the economy thousands of barters. The most fundamental principle of economics is supply and demand. In the case of attention, this means that the supply of workers goes up as wage goes up, and the demand for workers by employers goes down as the wage goes up. For example, imagine a janitorial barter was advertised for hire. If the wage were $100 per hour, thousands of batch would want the job. If the wage were $1 per hour, you probably wouldnt find anyone to do it. So if the government forced the employer to even up at least $7 per hour, the employer might decide not to hire a janitor at all, kinda opting to piss other staff member to pick up the duties. In this case a job would be lost because of the minimum wage. Another example is restaurant employment.A charabanc might have $10,000 in her monthly budget to hire bus persons. If the wage is set at $7 per hour, th e manager may unless be able to hire 10 bus people instead of 15. saddle horse a mandated wage limit disrupts market forces of supply and demand. Just because there is no minimum wage doesnt mean companies potbelly pay whatever they want. Would you work a dishwashing job that paid 25 cents per hour? Would anyone? If they raised the wage to $4 per hour, they might be able to hire a spunky school student. Consider some highly skilled jobs such as accountant, lawyer, and engineer. Do these people get hold of $5.15 an hour? Obviously, the answer is no. Market factors of supply and demand determine how many jobs are uncommitted and what each job would pay. In summary, as the minimum wage goes up, the number of people employed goes down.When the minimum wage goes down, the number of people employed goes up. Keep in mind the minimum wage only applies if someone is employed. Workers need a minimum amount of income from their work to survive and pay the bills. Someone on the job(p) 40 hours per week at $5.15 an hour will make about $800 per month after taxes. shoot alone can take almost the whole paycheck, especially in high-cost areas of the country like smart York and Los Angeles (some states have higher minimum wages than the federal one specifically for this reason). Then, you add in utilities, food, insurance, automobile payments, credit cards, and on and on.How can a person possibly survive on less? Businesses can better afford the money than citizens scratching to make ends meet. American line of credites take in trillionsof dollars every year. Is it similarly much to ask that they share a portion of it with the people responsible to bringing it to them? Weve all subscribe to or heard stories of executives with multi-million dollar bonuses, even with companies that lose money. A few dollars extra per hour for the miserableest of the poor shouldnt hurt that much. History shows that businesses left unchecked will abuse their power. Why do you think l abor organizations like the Teamsters, United Auto Workers, AFL-CIO, etc. have come into existence? A tight job market, especially during recessions, gives citizens the choice of accepting the terms of business or starving. A minimum wage gives business a reasonable rate that should be paid for the labor of others, whether skilled or unskilled.

Time and Professionalism Essay Example for Free

magazine and Professionalism EssayWhat is master keyism? There argon many different forms of professionalism depending on whose opinion of professionalism it is. I will go with my opinion of professionalism. For the thirty years of my life I must say, I put up learned a lot ab pop my experiences in life. Ive learned from myself, I obtain learned from my friends, and I thrust learned from mere strangers. I pick out seen hatful succeed in their goals. I have seen hatful fail in their goals. Failing doesnt miserly that you cant try again. I remember we learn from our mistakes or if you possibly can, learn from others before you commit the same mistake.Well, I have bugger off to a great conclusion. Professionalism plays a major, a very hatching(a) role in succeeding in life despite of what goal you are trying to reach. To become a doctor on that point comes a need for a great amount of professionalism. To become a stockbroker, there is a need for people with nothing e ntirely a great mind and professionalism. Even to become a professional football game player, despite of the great skills you may have to catch a 60 yard pass for a touchdown, there is still a great amount of professionalism expected from that professional wide receiver.Professionalism comes in many different aspects. The first most of import aspect of be professional is the mere first forecast that you present yourself with. I say professionalism starts with your dress code and hygiene. The first detail you will put out to a person meeting you the first thing is that of how you are dressed. You should be dressed up for the do you are presenting yourself for. In an interview for example, a man should be dressed with a dark suit with a plain matching tie and decent shoes, also with his hair groomed.The second most meaning(a) aspect of being professional is how you present yourself Yes, you may be well groomed, with a perfect high-t aned suit but, if you do not have the perfe ct elegant professional attitude, the attire well, does not mean a thing. Professionalism plays a part in every characteristic of any person. So that being said, when being professional make sure you have the proper aura present. make believe sure when you meet that important person that will decide your fate that you have a welcoming smile on your example.Make sure you present enough eye shock that you seem very much interested in what that person is trying to offer you and at the same time, not too much eye contact that it may come across to the other person that you are being maybe too cocky. hail that person with a firm but not too firm handshake. Make sure that interviewer knows that you are comfortable and also make him or her feel just as comfortable. That is a big plus. Although I emphasized that the first impression you make to anyone will determine to the other person on what train your professionalism is to them.Do not stop that consistency is key to life. Yes, your first impression is big and will have a great impact on anyone. Anyone can have a great impression for one day. Can you do it on a daily basis? Can you maintain your characteristics of professionalism? Can you pull a great impression on people every day? This leads me to my third most important aspect of professionalism. Consistency Although I put it at third most important does not mean that it is not as important as the first two. They play a role together as one.Consistency is big on every part of your personality, characteristic, and statistically. Are you prepared to be dressed professional at all quantify despite of whatever affair you may have? Are you spontaneous to dress to the occasion? Are you prepared to have a great attitude and personality at all times, despite of what personal issues you may have? Can you keep that smile on your face and a po positionive attitude? Are you able to keep your good grades at all times? Are you able to have a 100% attendance? Can you s how me 100% suit every day?Yes you have to have a great attitude and be dressed because at all times but, can you do this 99. 9 percent of the time. This is what people look for in a professional. Someone they can rely on. There is one thing people tend to forget when talkinging about professionalism. Everyone has free personal time to enjoy their lively hood. There is no objecting to that. further do not forget that although you are on your own free personal time that there is not anyone watching you. As a famous musician once said, the streets is watching. There are always eyes on you if you are in a public place.You cannot everyday go to go away and display a personality of professionalism, then go out to a club and be the shoot most obnoxious person ever. Well you can. But I bet you didnt see your appurtenant manager on the other side of that club watching you with astonishment That one mistake may have cost you your whole chance of becoming the next person to being promot ed in that company. That is wherefore I say consistency is key. You cannot be professional in places where you think may only matter. erstwhile you take a career that involves you being professional, you must always display that same amount of professionalism at all times.When you are at work, when youre out at the park, when youre at the movies, at a bar, anywhere you go you must be professional at all times. This does not mean you cannot have fun. You can have fun and be professional. Just as long as you present yourself in a respectable fashion. I personally will display all these aspects to my experiences in my future for my externship. I have learned a lot about myself and my experiences. I must admit. Most times I have not lived in a professional manner. I am now seeing things in different light.I am seeking the respect of a different group of people than in my past. I know that with all being said above. Without me living up to my knowledge and words I cannot succeed in my field of study so now it comes to that point that I will have to have a great output in my personality, my dress code, and I have to be reconciled at all times. I have not been perfect, and I know no one is but I can only try So after this report I will sit back and evaluate my little theory in professionalism and understand. I cant only talk about it. I will be about it

Political Aspects of Wireless Electricity Essay Example for Free

Political Aspects of Wireless electrical energy EssayIt is no secret that politics plays a big role when it comes to the introduction of the piano tuner electricity. most parties are for it, as it can allow for slightly greener ways of powering devices, new jobs, and easier access. But others are against it, perceive the change as a threat to old ways of doing things, as well as a way for people to access electricity for free. Though radio receiver transmissions and the idea of wireless electricity gift existed for quite some time, the actual possibility of creating usable, accessible wireless electricity is just now start to move a reality. With wireless electricity looming on the horizon, more and more politicians, civilians, and companies are rise to plinth behind the idea but that has not always been the case. Politics first began working their way into wireless electricity in 1905, when J. P. Morgan pulled all of his funding from Nikola Teslas Wardenclyffe Tower pro ject when he erroneously began to remember that it could lead to free electricity for all (Haliburton, 2006).It is that same sign of thinking that has helped to keep wireless electricity out of the mainstream for so long. However, information and general knowledge about wireless electricity has come far, and that type of thinking is quickly disappearing. With the recent surge of environmental and financial awareness, people are quickly beginning to gravitate towards the idea of wireless electricity.Even power companies are getting behind the idea, seeing a way to expand their business. Though the idea of wireless electricity has just begun to reemerge, it will quickly become a hot political topic, just as other forms of alternative energy have. The question is this ordain the general public and politicians continue to gravitate towards this new concept? And if they do, how long will it be until wireless electricity becomes the norm?

Economics Commentary- Prices of onions jumped yesterday, buoyed by a ban by India on the export of the item Essay Example for Free

Economics Commentary- Prices of onions jumped yesterday, buoyed by a ban by India on the export of the tip EssayPrices of onions jumped yesterday, buoyed by a ban by India on the export of the item, traders state.The price of onions rose to Tk 36-45 a kilogram yesterday from Tk 32-42 on Thursday in markets in Dhaka, according to Trading Corporation of Bangladesh.The sweeping prices of onions likewise rose.There is a lack in the sum of onions in the market. Those who are still cache stocks are reluctant to sell as well, said Idris Ahmed, owner of a wholesale store, Dhaka Baniyalaya at Shyambazar. He said onions were selling at Tk 35-36 a kilogram at the wholesale market of Shyambazar yesterday. Prices went up since Friday afternoon, after news of the ban by India, said Ahmed.The prices of locally produced onions also rose, influenced by the move by India, he added.This is the second time in little than a year that India restricted onion exports to subordinate the hike in pri ces, according to Indian news reports.On September 8, an Indian ministerial card banned onion exports following a steep rise in prices, reports Reuters, quoting Food Minister KV Thomas. The restriction came in effect on Friday. We ordain review the ban every fortnight, said Thomas.Bangladesh meets frequently of its local demand for onions by importing it from the neighbouring country.Since Saturday, 80 onion-laden trucks entered Bangladesh till yesterday afternoon, our Chapainawabganj newswriter reports.No load took place at the Bhomra Land Port yesterday. The trucks carrying onions that came to the Ghojadanga Land Port on the Indian side returned without shipment, our Sathkhira correspondent reports.Babul Hasnat Durul, an onion importer at Sona Masjid, said their suppliers are not shipping onions against the previously placed orders by Bangladeshi importers.We are worried. If onions are not exported against the already opened letters of credit (LCs), we will incur losses, said Durul.The LCs came to a halt following the ban on exports, said Islam of the C F Agents Association.The disruption in fork up from India led to the hike in the prices of locally produced onions, said Mohammad Aminul Islam, an onion wholesaler at Karwan Bazar. He bought a 40 kilogram bag of onions from Pabna on Saturday at Tk 1,450, he said. Prices for the same stood at Tk 1,300-1,350 ratiocination week, he added.This article talks about the rise in onion prices that has happened in Bangladesh due to a shortage of onion. The shortage is due to the restriction on onion exports imposed by the Indian authorities. This has resulted in a decrease in supply (the amount of a commodity that sellers are willing and fitting to sell at different prices) resulting in price rise.Price of onion in the market is refractory by the demand (the amount of a commodity that consumers are willing and able to buy at different prices) for and the supply of onions. Initially the market was offset (thi s is the percentage point where demand is equal to supply) at point E where at P* price Q* amount was purchased and sold.Due to the ban imposed by the Indian government on exports of onions, the supply of onions in the Bangladesh market has decreased substantially. This is because Bangladesh relies on imports of onions from neighboring countries for the supply in its domestic marketThe decrease in supply will shift the supply curve to the leftover from S to S1. This will result in a new equilibrium E1 with a higher equilibrium price. As the article says that the price of onion rose to Tk 36-45 a kilogram from Tk 32-42The higher onion prices will disregard the quantity demanded and people with limited income or low income will arrive to switch to the purchasable substitutes (goods which satisfy the same wants) like radish. Also industries like restaurants which use onions as inputs will experience an make up in the cost of produced and will be forced to extend price to keep pr ofits constant.The Indian governments decision to restrict exports of onions will sum up the supply of onion in the Indian market. This will result in lower onion prices in India, and indeed Indian consumers will benefit. On the some other hand onion being a necessary commodity will have an nonresilient demand (when for a certain percentage change in price, the quantity demanded will change less than proportionate.) Higher prices in onion will result in a greater expenditure of households and hence Bangladeshi consumers will be the losers. The Bangladeshi farmers and traders who have onion stocks will gain from the higher prices.The Bangladesh government whitethorn have to impose a subsidy (payment by government to producers of goods and work either to increase supply or reduced cost) or maximum prices (price imposed below equilibrium price through with(predicate) legislation by the government to protect the interest of consumers) in order to control the onion prices. supply of subsidy will result in a greater government expenditure which will have an opportunity cost (the next best alternative for government) in terms of various welfare services which need to be sacrificed. Imposition of maximum prices will result in greater shortages and may increase the problem.In order to deal with this situation the government of Bangladesh may resort to import onion from other countries which have surplus. However this is only a short run solution (time period during which at least one factor of takings cannot be changed) solution to deal with the immediate prices. Imports will increase supply and thereby reduced price of this commodity and benefit the Bangladeshi households. To deal with this problem in the desire run (time period where all factors become variable) the Bangladeshi government should encourage greater domestic production of onion. This can be done by giving subsidys to onion producers or facing pages awareness to popularise onion production.The government should also try and reduce onion hoarding by traders in Bangladesh market. Hoarding is an illegal activity and the government should be vigilant to stop this. The government also need to improve infrastructure facilities like irrigation, transportation and storage facilities to reduce the fluctuation in the supply of agricultural goods. The government can also build a buffer stock (a stock of subjective food grain and strategic materials held by government to deal with unforced seen events) of essential food grains to reduce the fluctuations in the prices of agricultural products like onions. However all this involves a lot of government expenditure which may result in higher government borrowing and greater taxes.

Eragon Essay Example for Free

Eragon EssayOften, heroic characters puzzle to make bad choices in life occasionally, the result of said choices is not to the individuals benefit, bonny now the outcome may begin joy to some other peoples lives. In Christopher Paolinis Eragon, happenstances, stopping points, and desires trustingness to change Eragons life forever. Eragon is a hard working farm boy who shows a colossal deal of patience, honesty, and curiosity. He showcases these skills when hunting for food, and by coincidence he discovers a mysterious blue gemstone which he decides, out of curiosity, to take home with him. This en, which happens to hatch into a genus Draco this discovery becomes a turning point in Eragons life and he knows it could enable his fashion out of a long and tedious life. In fact, Eragons decision to keep and ultimately raise the dragon triggers his mutation from a boy to a dragon rider forever altering his destiny, he ordain consider to travel and meet new people. He will have to make sacrifices and must accept the consequences to bring two-eyed violet to Alagaesia and he will make the inevitable choice of raising this dragon (Saphira) and training himself and his dragon to kill the Razac and overthrow the empire.In this commitment, Eragon shows that a point in a persons life where an event hammyally changes who or what he/she will become. Eragons decisions bring consequences and responsibilities compel him to pit for something in life and stand up for what one believes in. People tush lead their lives one way and know what their destiny might be, only to have coincidences alter their lives for the better, or the worst. As Eragons pursual begins he shows how any person with desire, passion, and hard work can prove himself to be a world of honour, and bravery.Coincidences can lead someone to meet different people, and see new places. A persons life can ultimately be altered beca intent of one coincidence and can change the origin of his/he r life in a good or bad way. Eragons life takes a dramatic turn after coincidently finding the egg while hunting for food, for his family. After finding the egg and realizing it is a dragon Eragon knows he has to do what he was destined to do train Saphira and overthrow the Empire. He raced home, trying to put off the dragon my dragon (pg. 6)This mindset of Eragon shows that as much as he wants to escape the dragon, he cant because he has made a special bond with the dragon and will inevitably raise her as his own, and because Eragons eye that catches the stone in the forest leads him to become the following dragon rider and to overthrow the evil reign of King Galbatorix. Also by coincidence, there is a story teller (Brom) who lives in Eragons village who has a great deal of knowledge almost dragons and magic, and decides to aid Eragon in his journey.After Eragon is aware that Brom is willing to help him, this pushes Eragon to make the decision and to take the responsibility as the next dragon rider. Eragon learns a great deal from Brom, who becomes one of his closest friends who also ends up being a dragon rider many years ago. Being the good friends they become Brom back up him and Eragon has the knowledge and strength to defeat Durza (Galbatorixs Shade). When captured by the Razac and almost being killed, another coincidence occurs when a mysterious figure scares away the Razac saving Eragons, Broms and Saphiras lives.This mysterious person, whose address is Murtagh, also joins Eragon in his journey and assists him in killing the Razac. This coincidence results in Murtagh saving Eragons life and continuing their journey, as well finding a helper in Murtagh to support him in his journey. Who are you? Murtagh (pg. 268) Not only does Murtagh save their lives but he plays a big role in helping Eragon, but shows how without Murtagh he would not make it as far as he did. penetrative Brom dies shortly after) Making a decision can alter someones life forev er, and there is no going back especially when the decisions affects other peoples lives as well, making the decisions irreversible.Eragon makes the decision to keep the egg and when it hatches and to raise Saphira as his own, this leads to the Razac coming to his doorstep and killing his uncle. This is a profound event because Eragons uncle was practically his father and making the decision to keep the egg results in his uncles death, and without him he feels lost however, the bond he creates with Saphira is so immense, that only death can break it.The Empire is alerted that Eragon has the egg, and the send the Razac to retrieve the egg back for the King. Making the decision to keep the egg is what instigates his full(a) journey and creates that special bond with his dragon. Eragon makes the decision to pursue the killers to revenge his uncles death and to bring peace to Alagaesia. He changes his life by pursuing the Razac wanting the satisfaction of doing to the Razac what they did to his uncle and feeling get to his uncle for all that he has done in his life to apprehend the murderers What do you want me to do ursue the strangers? (pg. 92)He asks this of Saphira, who agrees with Eragon to pursue the strangers. With this one decision of following the killers, he changes his life dramatically and if he succeeds, he can change bothbodys life for the better. Eragon decides that he cannot continue his journey without to a greater extent help, so he travels to the Beor Mountains to taste help from the Varden, a rebellious group also against the Empire. After Brom dies, Murtagh helps him however, this is not enough after he knows he has too many enemies Urgals, the Razac and Durza the shade. It is a dread(a) path to take We are desperate (pg. 320).This decision is a great benefit to Eragon because he gets all the help he needs, meets the person who has been in his dreams in Arya (an elf from the Varden who is trapped) and eventually kills Durza. When a per son desires something in life, he/she will do whatsoever it takes to achieve it, sometimes the desire is so strong that is can change someones life. Eragon has a desire to avenge his Uncle Garrows death after the Razac brutally murders him. This eventually changes his life, because of chasing the killers. And what would give him more satisfaction than hunting drink the strangers? (pg. 93) He asks Saphira how he can satisfy himself, then realizes hunting them down and killing them would be the only way to achieve total satisfaction for his burning desire to avenge his uncle as well as finally feeling the sense of accomplishment of the commitment he made.Eragon has a desire to become the very best he can at magic, and swordsmanship, this pushes him to become the best so he can fend off for himself and not rely on others to help him. It is time for you to use the blade Well cut each other to ribbons Not so. Again you forget magic (pg. 159) This is when Eragon and Brom have their day -to-day sparring, where Brom teaches Eragon how to fight with a sword and magic, his desire to become the best shows when he wants to learn something new every time they spar. After seeing Arya imprisoned in his dreams, he is determined and has a desire to preservation her. Arya, who ends up being the elf that sent the egg to Eragon in the first place. I expect the poofs hostility will abate.The fact you deportd Arya will greatly help our case with her (pg. 410) The tycoon is somewhat against having a dragon rider joining the Varden, but because he had a desire to rescue her and risked his life saving Arya, the queen allows Eragon to join. Sometimes in life people have to make tough choices that will positively or negatively affect others around them. The choices we make can change our and other peoples lives forever, there are many things that may change how our life is played out, coincidences, decisions, and desires just being a few.

Role of Press in Society Essay Example for Free

Role of Press in Society EssayMany kings and emperors ruled Delhi over the years and, therefore, it abounds in monuments. People come from far and wide to see them. They have an educational value. once when we had our Dussehra holidays, we went to see places of historical importance with our teacher. We hired a bus. First we went to the Qutab. It is now a building of five dollar bill storeys. Two of its upper storeys had been brought down. It was built by Qutab-ud-Din, the first slave king of India. We admired the architectural dish of the building. We went up to the highest storey and watched the people below. They looked like dwarfs. We also saw the iron pillar standing nearby. It is cognise as King Chandras pillar. It is more than two-thousand-year-old. Next we went to see the carvings of Hindu gods and goddesses on stone slabs. We were really move to see the wooden slabs changing into tone.From the Qutab we went to Tughlaqabad. Here an old city of Delhi, founded by Tugh laq Kings, was once situated. Now it lies in ruins. Then we proceeded to Hauz Khas which was the residence of kings. We relaxed for sometime on the green lawns. We had our lunch here and refreshed ourselves with tea.Next we went to Humayuns grave accent where Emperor Humayun lies buried. We appreciated the Mughal art and architecture. There are graves of the Mughals nearby. Our next place of visit was Kotla Feroze Shah. Feroze Shah Bahadurs grave accent and a mosque are built in it. This place is known for the Ashoka pillar, which was brought from Meerut. Next we saw the ruins of Old Fort. It was started by Humayun but was completed by Sher Shah Suri.In the end we went to the Red Fort. It is a fine building of stately grandeur. There we saw Diwan-i-Khas. It shows the architectural taste of the great Mughal Emperor, Shah Jahan. The glory of the ancient ages is writ large on its face. We visited the museum inside the fort. Many things of historical value are displayed here.We learn t a lot from the visit and eagerly coveted to have another educational tour of Delhi.

Impact of Internal Factors on Islamic Banking

Impact of Internal Factors on Moslem Banking entryway to the SubjectBackground of the Subject superior general ObjectiveThe purpose of this airfield is to attempt how the essential reckons of the Moslem Banking happen uponed their execution before, during and after the financial crisis in the GCC in comparability to the ceremonious asserting in the selfsame(prenominal) argona.Research QuestionsThis written report aims to answer the following questionsHow did the financial crisis affect the bring inability of Moslem Banks in comparison to Conventional Banks?What atomic material body 18 the immanent factors ( money box specific characteristics) that influence the favourableness of Moslem argoting for completely(prenominal) grade from 2006 2009?Did these factors kick in the same tint on the lucrativeness of Moslem Banking before, during and after the financial crisis?Did these congenital factors influence the positivity of Moslem Banking in the same mann er as of the Conventional Banking?Need for the mootSignifi heapce of the watchAssumptions of the StudyLimitations of the StudyAlthough we set up non neglect the importance of the outdoor(a) factors on the advantageousness of Moslem Banking, they were non take on in this try. To understand the reason behind this decision, we need to go through the divergent guinea pigs of external factors and how they atomic number 18 classifiedMacroeconomic FactorsCountry regulating RulesBank code RulesThese factors were not include for the following reasonsSince we atomic number 18 examining the consummateance of 92 avers (27 Muslim Banks and 65 Conventional Banks) in 6 countries, the egress of countries use in the say is not significant enough to study the impact of GDP and s intumesceing accu reckonly on Bank lucrativeness especially when examining each year separatelyCountry Regulation Rules as per the IMF Database, although it differs reasonably for the selected countrie s, did not change all everywhere the result from 2006 to 2009. This message that for each shore, these factors remained constant.Data just about Bank Regulation Rules could not be obtained for GCC fixsDelimitation of the StudyThis study was delaminated to the Muslim and Conventional Banks in the GCC whose selective tuition could be obtained in the Bankscope infobase.Chapter 2 Literature ReviewOverview of Moslem Banking Moslem Baking has set up as an election to unoriginal liaison-based tilling. The first stirring of the Muslim Banking movement began in 1963 by Dr. Ahmed Alnajar in a delicate town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Ger m either an(prenominal) and lay out that it had legion(predicate) miserliness edges operating on enkindle. He took the idea from a nest egg confide in Ger more and created his own picayune Moslem depone that was interest free.After Dr. Alnajars small bank prove successful, the establishment of early(a) Muslim banks followed. In 1971, the Nasser Social Bank was undercoated in Egypt with the objective of lending out money as a benignity on the priming of a realize and outlet sharing system and component part people in need. And in 1975, the idea of Moslem banking spread to different Islamic regions very much(prenominal) Dubai Islamic bank in coupled Arab Emi grade and The Islamic Development (IDB) Bank in Jeddah, Saudi-Arabian Arabia (Wilson, 1990).Even though Islamic Banking has b atomic number 18ly been round for thirty historic expi symmetryn and is still in an evolving stage, Islamic Banking is the fastest matuproportionn segment of the computer address markets in the Muslim countries. In 2009, pluss held by Islamic Banking banks rose by 28.6 sh ar to $822bn from $639bn in 2008, concord to The Bankers Top 500 Islamic Financial Institutions? survey while received banks posted yearbook summation offshoot of just 6.8 percent.Further much, GCC s tates accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the liberalst single(a) market for sharia-compliant pluss, chronicle for 35.6 percent of the kernel.Source Asian Banker Research, 2009Finally, Islamic banking ope balancens be not restrain to Islamic countries tho are spreading throughout the world. One reason is the growing trend toward transcending discipline boundaries, and unifying Muslims into a political and economic entity that could meet a significant impact on the recitation of world softwood (Abdel-Magid, 1981).Islamic Banking Rules and PrinciplesIslamic banking rules are according to the Islamic Shariah derived from the Quran and vaticinator Mohameds sayings. The trine main practices that are clearly prohibited in the Quran and the prophets sayings are, Riba ( have-to doe with), Gharar (Uncertainty), and Maysir (Betting).Prohibition of Riba or any predetermined or primed(p) rate in financial institutions is the mos t(prenominal) important factor in the Islamic principles pertaining to banking. As stated in the Quran Allah forbids riba?. Riba means an join on and under Shariah the term refers to the premium that must be paid by the borrower to the lender a dour with the principle step as a condition for the loan (Omar and Abdel, 1996).Gharar occurs when the purchaser does not agnise what has been bought and the marketer does not know what has been sold. In early(a) words, trading should be clear by stating in a arrest the be actual object(s) to be sold, with a price and date to eliminate confusion and irresolution among the buyers and the sellers.Maisir is considered in Islam as one form of injustice in the appropriation of others wealth. The act of gambling, slightly terms referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of expense of wealth that an soul may gain through means of gambling. Under this prohibition, any co ntract entered into, should be free from uncertainty, jeopardy and speculation. Contracting parties should have perfect knowledge of the counter values intended to be tackd as a result of their transactions. therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Quran and Prophet Mohameds Sayings can be summed up as followsAny predetermined wages over and above the actual measuring rod of principal is prohibited.The lender must share in the profits or losses arising out of the initiative for which the money was lent. fashioning money from money is not acceptable in Islam.Gharar (deception) and Maisir (gambling) are as well prohibited. enthronizations should wholly support practices or products that are not forbidden or even discouraged by Islam.Islamic Banking ProductsIslamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. a ccord to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. thither are a lot of Islamic Banking products however in that respect are some famous Islamic products that go forth be discussed in this section.Al Bai Bithaman Ajil /BBAThis involves the credit sale of goods on a deferred payment stern. In BAA, the Islamic bank go away purchase certain assets on a deferred payment basis and and so sell the goods back to the node at an hold price including some bank or profit. The customer will make payment by installments over an hold period. A fixed rate BBA is a powerful hedging tool against interest evaluate (Rosly, 1999).MurabahahMurabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will afterwards sell the goods to the customer in a sale and purchase commensurateness, whereby the lender re-sales to the borrower at a high(prenominal) price agreed on by twain parties. These are more than(prenominal)(prenominal) for short term financingMudharabahAccording to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate afford, the banker forms a partnership with the borrower, thereby sharing in a ventures profit and loss. Mudharabah is an agreement betwixt the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses.MusharakahMusharakah means partnership whereby the Islamic institution provides the ceiling needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to insert in the management of the investment but it is not compulsory. Musharakah can help in pro viding financing for large investments in modern economic activitiesAl IjarahIjarah means meaning to give something on a letting basis. In Ijarah, the bank acquires possession based on the promise and leases back to the customer for a accustomed period. The customer pays the rental but the self-command still remains with the bank or lender. As the will power remains with the lessor (bank), it continues to give the service for which it was rented. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004).WadiahWadiah is a organized religion contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a convening received savings account.IstisnaIstisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is utilise to finance device and manufacturing projects.SalamSalam is defined as the forward purchase of specified goods with full forward payment. This contract is normally utilize for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problemsTable 2.1 lists the products of received banking and their correspondent products in Islamic Banking. flummox serviceCurrent DepositWadiah Wad Dhamana / Qard HasanSavings DepositWadiah Wad Dhamana / MudarabaGeneral Investment adhereMudarabaSpecial Investment depositMudarabaRetail / Consumer BankingHousing Property payBBA / Ijara wa Iktina / fall Musharaka make PurchaseIjara Thumma Al-BaiShare FinancingBBA / Mudaraba / MusharakaWorking detonating device FinancingMurabahah/ Bai Al-Einah/ Tawarruq creed plug-inBai Al-Einah/ TawarruqCharge teaseQard HasanCorporate Banking/ Trade FinanceProject FinancingM udaraba / Musharaka / BBA / Istisna / IjaraLetter of CreditMusharaka/ Wakala/ Murabaha act CapitalDiminishing Mudaraba/ MusharakaFinancing SyndicationMusharaka + Murabaha/ Istisna / IjaraRevolving FinancingBai Al-EinahShort-term Cash AdvanceBai Al-Einah/ TawarruqWorking Capital FinanceMurabaha/ Salam/ IstijrarLetter of CreditMurabahaLetter of GuaranteeKafala + UjrLeasingIjaraExport/ Import FinanceMusharaka/ Salam/ MurabahaWork-in-Progress, Construction FinanceIstisna charge DiscountingBai al-DaynUnderwriting, Advisory serviceUjrTreasury / Money Market Investment ProductsSell buy-back agreementsBai al-EinahIslamic BondsMudaraba / Mushraka + BBA / Istisna / IjaraGovernment Investment IssuesQard Hasan/ Salam/ Mudaraba another(prenominal) Products ServicesStock-Broking ServicesMurabaha/ Wakala/ Joala gunstocks Transfer (Domestic Foreign)Wakala/ JoalaSafe-Keeping Collection (Negotiable Instruments)Wakala/ JoalaFactoringWakala/ Joala/ Bai al-DaynAdministration of Property, Estates and WillsWakalaHiring of Strong BoxesAmana/ Wakala pick out Draft, Travellers ChequesUjr/ JoalaATM Service, Standing Instruction, TelebankingUjrSource Obaidullah, 2005Financial Crisis and the Islamic BankingPrevious LiteratureThe study of bank profitability is an important tool to evaluate bank operation by examining the different factors change bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted to study both bank profitability and the determinants of bank profitability either for particular coarse or for a panel of countries. These studies normally divide these factors into native factors and external factors. Internal factors represent the bank-specific characteristics such(prenominal) as bank coat, mobileity twist liabilitiesetc while external factors can be macroeconomic factors such as swelling and GDP growth or Country-specific regulations rules and practices.In the area of banking profitability, many studies have been conducted to ask the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. wherefore we will privacy the conceptual framework of this research.Conventional BankingDifferent studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (1989), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field.Short (1979) is one of the early scholars who analyse the descent in the midst of banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970s and he include fissiparous variables including governing self-control and concentration by using H index to valuate concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but show an overall prohibit blood. He in any case open evidence that testifyd higher concentration rates function to higher profit rates (Short, 1979).Bourke (1989) overly compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America amongst 1972 and 198 and examined different inherent and external factors internal factors such as staff expenses, detonator ratio, fluidnessity ratio, and loans to deposit ratio external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to light profitability in banking. He also constitute that concentration, interest rates, and money tot are prescribedly related to profitability along with capita l and reserves of natural assets as well as currency and bank deposits of perfect assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less questioning than less capitalized banks (Bourke, 1989).Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe amid 1986 and 1989. This paper replicated Bourkes (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) results showed that government ownership expresses a substantiative coefficient with return on capital (profitability) which contradicts with Bourkes findings. Other results were similar to Bourkes, showing that concentration, interest rate, and money summate were corroboratively related to bank profitability (Molyneux and Thornton, 1992).In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wils on (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study utilise cross-sectional and dynamic panel representatives. The variables employ in the reversal analysis were hard roe, the logarithmic of bestow assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar evidence reveals that there is a tyrannical affinity between size ( score assets) and profitability. Meanwhile, OBS appears to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact that there is foreign bank involvement in domestic banks, and that profit ability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004).Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the eld 1993 to 2000 and compared the results to a classify of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They utilise give-up the ghost on impartiality ( roe) step profitability and leverage and they employed fixation models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset portfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a crocked association between economic growth and bank profitability, whether measured by hard roe or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located i n the Middle East.Islamic BankingIn the area of Islamic Banking, Bashir (2000) assessed the executeance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the process of Islamic banks by controlling economic and financial organize measures. The paper studied cardinal Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper use Non Interest Margin (NIM), Before Tax wampum (BTP), father on Assets (ROA), and Return on faithfulness (ROE) as coiffureance indicators. There were also internal and external variables internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership external variables included macroeconomic environment, regulation, and financial market. In general, results from the study aver previous findings and show that Islamic banks profitability is positively related to virtu e and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000).Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to open sufficient returns for investors given that they are not willing accept no returns (Hassoune, 2002).Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a advance capital asset ratio compared to commercial banks which means that Islamic banks are wel l capitalized. Also, their paper utilize internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE).Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between capital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve be pillow slip there are fewer nonp erforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004).Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also discover that positive impact on profitability for conventional but have a negative impact for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of mainland Chinas banks and found a positive link between branch number and long-term profitability and also proved that ordinary salaries are detrimental to banks profit.Masood, Aktan and Chaudhary (2009) studied the c o-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector.Conceptual FrameworkTheoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the speculative framework consists of seven-spot independent variables that represent four aspects of the Bank Characteristics. Theses aspects are th e Bank Size (Total Assets), Capital construction (Equity and conspicuous Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA).Financial CrisisInternal Factors (Bank-Specific)Islamic Banking positivityH1 Bank SizeH2, H3 Capital StructureH4, H5 LiquiditiesH6, H7 LiabilitiesReturn on Average Assets (ROAA)Return on Average Equity (ROAE)In this section we amplify the possibleness to be examined in this research paper.Development of HypothesesThis paper attempts to test seven hypotheses. A hypothesis is a advance or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. surmisal 1 Profitability has a positive and significant relationship with the total assets (ASSETS).Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size banks with higher total assets indicate big banks. Molyneux and el (2004) included total assets in their study and found a positive significant relationship between total assets and profitability. Therefore, total assets are judge to have positive relation with profitability which means that bigger banks are judge to be more profitable. Total assets are converted logarithmic to be more unchanging with the other ratios supposition 2 Profitability has a pos itive and significant relationship with equity to asset ratio (EQUITY).Total equity over total assets measures banks capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this study and it is expected to have a positive relation with performance because well capitalized banks are less risky and more profitable (Bourke, 1989)Hypothesis 3 Profitability has a positive and significant relationship with tactual Equity to total liabilities ratio (TNGEQTY).Tangible Equity represents the subset of shareholders equity that is not common shares and not intangible asset. Tangible Equity became very popular after the financial crisis as a measure of bank viability since it indicates of how much ownership equity owners of common stock would receive in the event of a companys liquidation. Beltratti and Stulz (2009) examined tangible equity to liabilities in their study to examine why some banks perform better during the financial crisis and found positive and insignificant relationship between TNEQTY and bank profitability. Therefore, TNEQTY is included in this study and it is expected to have positive relationship since banks with better capital structure in since of more equity seems to perform better.Hypothesis 4 Profitability has a positive and significant relationship with the loans to assets ratio (LOANS).Total loans over total assets a runniness ratio used that indicates how much of bank assets are tied to loans. For banks, the higher LOANS ratio means less liquidity. Demirguc-Kunt and Huizinga, (1997) found positive relationship between LOANS and bank profitability. LOANS is included in this study and anticipated to have positive relationship with profitability. Furthermore, conventional banks rely on interest-based loans while Islamic banks r ely on profit and loss sharing interest-free lending. Therefore, this ratio is also used to compare the performance of interest-based loans and interest-free lending.Hypothesis 5 Profitability has a positive and significant relationship with the liquid assets to total assets ratio (LIQUID).Liquid assets include currency, deposit accounts, and negotiable instruments that can be converted considerably into cash. Liquid assets to total assets ratio is a liquidity ratio that measure how easily the banks assets can be converted into cash. Beltratti and Stulz (2009) found that LIQUID has positive and significant relation with profitability as banks with more liquid assets tend to perform better. Therefore, LIQUID is included in this study and expected to have positive relationship with profitability.Hypothesis 6 Profitability has a reverse and significant relationship with the deposits to assets ratio (DEPOSITS).Deposits to total ratio is another liquidity indicator but is considered a l iability since they measure the impact of liabilities on profitability. Bashir and Hassan (2004) examined deposits in their study and found a negative relationship with profitability. Therefore, we expect that DEPOSITS to have negative relationship with profitability.Hypothesis 7 Profitability has a positive and significant relationship with the overhead to assets ratio (OVERHEAD).Overhead cost represent all bank expenses excluding interest expenses as they are considered as operations expenses. Overhead over total assets is a liability ratio that measures the operation efficiency of the bank. Alkassim (2005) included OVERHEAD in his research and found positive relationship to profitability. Therefore, OVERHEAD is included in this study and expected to have positive relationship to profitability.Chapter 3 MethodsData tryFrom 2006 to 20082009CountryIslamic BanksConventional BanksIslamic BanksConventional BanksBahrain121455Saudi Arabia2917Qatar3524Kuwait41413Oman0603UAE61707Total2765 929The data used in this analysis were extracted from Bankscope data for all Islamic and Conventional Banks in the GCC for the period from 2006 to 2009. employ Bankscope has many advantages it has teaching for over 30,000 banks, plus the accounting nurture is presented in a alike(p) format. Therefore, the accounting information of Islamic Banking is adjusted to be comparable with accounting information of conventional banks.The data used for this study are from a pooled time-series cross-sectional data. The data are taken from various countries. Sample period for this study is from 2002 to 2007. Cross-sectional data provide information on variables for a given period of time. While time series data give information about variables over a number of periods of time.The data for internal variables are obtained from BankScope database which is compiled by International Bank Credit Analysis Limited (IBCA). Using BankScope has two advantages. Firstly, it has information for 11,000 bank s, accounting for about 90% of total assets in each country. Secondly, the accounting information at the bank level is presented in standardized formats, after adjustments for differences in accounting and reporting standards. The data for external variables are obtained from World Economic Outlook 2008 database, published by International Monetary Fund (IMF).A total of 60 Islamic banks from 18 countries were chosen in this study. The selected banks are those which are classified as Islamic bank in BankScope database. The Islamic banks have available data for at least(prenominal) one year between 2002 and 2007. This yielded an unbalanced panel data consisting of 260 observations. However, after eliminating cases with missing data, only one hundred fifty-five observations of balanced panel data are left.Variable DefinitionIndependent Variable Profitability MeasuresThere are many ratios that have been used by researchers to measure bank profitability but the two most frequently used ratios are the return on assets (ROA) and the return on equity (ROE) (Iqbal et al., 2005).Return on AssetsImpact of Internal Factors on Islamic BankingImpact of Internal Factors on Islamic BankingIntroduction to the SubjectBackground of the SubjectGeneral ObjectiveThe purpose of this study is to examine how the internal factors of the Islamic Banking affected their performance before, during and after the financial crisis in the GCC in comparison to the conventional banking in the same area.Research QuestionsThis study aims to answer the following questionsHow did the financial crisis affect the profitability of Islamic Banks in comparison to Conventional Banks?What are the internal factors (bank specific characteristics) that influence the profitability of Islamic banking for every year from 2006 2009?Did these factors have the same impact on the profitability of Islamic Banking before, during and after the financial crisis?Did these internal factors influence the profitability o f Islamic Banking in the same manner as of the Conventional Banking?Need for the StudySignificance of the StudyAssumptions of the StudyLimitations of the StudyAlthough we cannot neglect the importance of the external factors on the profitability of Islamic Banking, they were not included in this study. To understand the reason behind this decision, we need to go through the different types of external factors and how they are classifiedMacroeconomic FactorsCountry Regulation RulesBank Regulation RulesThese factors were not included for the following reasonsSince we are examining the performance of 92 banks (27 Islamic Banks and 65 Conventional Banks) in 6 countries, the number of countries used in the study is not significant enough to study the impact of GDP and inflation accurately on Bank profitability especially when examining each year separatelyCountry Regulation Rules as per the IMF Database, although it differs slightly for the selected countries, did not change over the per iod from 2006 to 2009. This means that for each bank, these factors remained constant.Data about Bank Regulation Rules could not be obtained for GCC banksDelimitation of the StudyThis study was delaminated to the Islamic and Conventional Banks in the GCC whose data could be obtained in the Bankscope database.Chapter 2 Literature ReviewOverview of Islamic BankingIslamic Baking has established as an alternative to conventional interest-based banking. The first stirring of the Islamic Banking movement began in 1963 by Dr. Ahmed Alnajar in a small town in Egypt, called Mit Ghamar. Dr. Alnajar completed his education in Germany and found that it had many saving banks operating on interest. He took the idea from a savings bank in Germany and created his own small Islamic bank that was interest free.After Dr. Alnajars small bank proved successful, the establishment of other Islamic banks followed. In 1971, the Nasser Social Bank was founded in Egypt with the objective of lending out money as a charity on the basis of a profit and loss sharing system and helping people in need. And in 1975, the idea of Islamic banking spread to other Islamic regions such Dubai Islamic bank in United Arab Emirates and The Islamic Development (IDB) Bank in Jeddah, Saudi Arabia (Wilson, 1990).Even though Islamic Banking has only been around for thirty years and is still in an evolving stage, Islamic Banking is the fastest growing segment of the credit markets in the Muslim countries. In 2009, Assets held by Islamic Banking banks rose by 28.6 percent to $822bn from $639bn in 2008, according to The Bankers Top 500 Islamic Financial Institutions? survey while conventional banks posted annual asset growth of just 6.8 percent.Furthermore, GCC states accounted for $353.2bn or 42.9 percent of the global aggregate, while Iran remained the largest single market for Shariah-compliant assets, accounting for 35.6 percent of the total.Source Asian Banker Research, 2009Finally, Islamic banking operati ons are not limited to Islamic countries but are spreading throughout the world. One reason is the growing trend toward transcending national boundaries, and unifying Muslims into a political and economic entity that could have a significant impact on the pattern of world trade (Abdel-Magid, 1981).Islamic Banking Rules and PrinciplesIslamic banking rules are according to the Islamic Shariah derived from the Quran and prophet Mohameds sayings. The three main practices that are clearly prohibited in the Quran and the prophets sayings are, Riba (Interest), Gharar (Uncertainty), and Maysir (Betting).Prohibition of Riba or any predetermined or fixed rate in financial institutions is the most important factor in the Islamic principles pertaining to banking. As stated in the Quran Allah forbids riba?. Riba means an increase and under Shariah the term refers to the premium that must be paid by the borrower to the lender along with the principle amount as a condition for the loan (Omar and A bdel, 1996).Gharar occurs when the purchaser does not know what has been bought and the seller does not know what has been sold. In other words, trading should be clear by stating in a contract the existing actual object(s) to be sold, with a price and time to eliminate confusion and uncertainty between the buyers and the sellers.Maisir is considered in Islam as one form of injustice in the appropriation of others wealth. The act of gambling, sometimes referred to betting on the occurrence of a future event, is prohibited and no reward accrues for the employment of spending of wealth that an individual may gain through means of gambling. Under this prohibition, any contract entered into, should be free from uncertainty, risk and speculation. Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions.Therefore, and according to Ahmed and Hassan (2007), the principles of Islamic banking and finance enshrined from al-Quran and Prophet Mohameds Sayings can be summed up as followsAny predetermined payment over and above the actual amount of principal is prohibited.The lender must share in the profits or losses arising out of the enterprise for which the money was lent.Making money from money is not acceptable in Islam.Gharar (deception) and Maisir (gambling) are also prohibited.Investments should only support practices or products that are not forbidden or even discouraged by Islam.Islamic Banking ProductsIslamic Banking products have to be done according to Islamic rules and principles, based on profit and loss sharing as well as avoiding interest. According to BNM statistics 2007, Al Bai Bithaman Ajil financing is the most common in Islamic Banking. There are a lot of Islamic Banking products however there are some famous Islamic products that will be discussed in this section.Al Bai Bithaman Ajil /BBAThis involves the credit sale of goods on a deferred payment basis. In BAA, the Islamic bank will purchase certain assets on a deferred payment basis and then sell the goods back to the customer at an agreed price including some margin or profit. The customer will make payment by installments over an agreed period. A fixed rate BBA is a powerful hedging tool against interest rates (Rosly, 1999).MurabahahMurabahah is a contract of sale. The Islamic Bank acts as a middle man and purchases the goods requested by the customer. The bank will later sell the goods to the customer in a sale and purchase agreement, whereby the lender re-sales to the borrower at a higher price agreed on by both parties. These are more for short term financingMudharabahAccording to Kettel (2006), Mudharabah is a basic principle of profit and loss, where instead of lending money at a fixed rate return, the banker forms a partnership with the borrower, thereby sharing in a ventures profit and loss. Mudharabah is an agreement between the lender and entrepreneur, whereby the lender agrees to finance the project on a profit sharing basis according to a predetermined ratio agreed by both parties concerned. If there are any losses the lender will bear all the losses.MusharakahMusharakah means partnership whereby the Islamic institution provides the capital needed by the customer with the understanding that they both share the profit and loss according to a formula agreed before the business transaction is transacted. In Musharakah all partners are entitled to participate in the management of the investment but it is not compulsory. Musharakah can help in providing financing for large investments in modern economic activitiesAl IjarahIjarah means meaning to give something on a rental basis. In Ijarah, the bank acquires ownership based on the promise and leases back to the client for a given period. The customer pays the rental but the ownership still remains with the bank or lender. As the ownership remains with the lessor (bank), it continues to give the service for which it was rente d. Under this contract, the lessor has the right to re-negotiate the quantum of the lease payment at every agreed interval to ensure rental remains in line with the market rates (Hume, 2004).WadiahWadiah is a trust contract and the bank provides gift (hibah) and various types of benefits to the customer. This is exactly like a normal conventional savings account.IstisnaIstisna allows one party buys the goods and the other party undertakes to manufacture them according to agreed specifications. Normally, Istisna is used to finance construction and manufacturing projects.SalamSalam is defined as the forward purchase of specified goods with full forward payment. This contract is normally used for financing agricultural production. According to Hassan (2004), Salam based future contracts for agricultural commodities, supported by Islamic Banks, can help to overcome the agricultural financial problemsTable 2.1 lists the products of conventional banking and their correspondent products in Islamic Banking.Deposit ServicesCurrent DepositWadiah Wad Dhamana / Qard HasanSavings DepositWadiah Wad Dhamana / MudarabaGeneral Investment depositMudarabaSpecial Investment depositMudarabaRetail / Consumer BankingHousing Property FinanceBBA / Ijara wa Iktina /Diminishing MusharakaHire PurchaseIjara Thumma Al-BaiShare FinancingBBA / Mudaraba / MusharakaWorking Capital FinancingMurabahah/ Bai Al-Einah/ TawarruqCredit CardBai Al-Einah/ TawarruqCharge CardQard HasanCorporate Banking/ Trade FinanceProject FinancingMudaraba / Musharaka / BBA / Istisna / IjaraLetter of CreditMusharaka/ Wakala/ MurabahaVenture CapitalDiminishing Mudaraba/ MusharakaFinancing SyndicationMusharaka + Murabaha/ Istisna / IjaraRevolving FinancingBai Al-EinahShort-term Cash AdvanceBai Al-Einah/ TawarruqWorking Capital FinanceMurabaha/ Salam/ IstijrarLetter of CreditMurabahaLetter of GuaranteeKafala + UjrLeasingIjaraExport/ Import FinanceMusharaka/ Salam/ MurabahaWork-in-Progress, Construction FinanceIstisnaBil l DiscountingBai al-DaynUnderwriting, Advisory ServicesUjrTreasury / Money Market Investment ProductsSell buy-back agreementsBai al-EinahIslamic BondsMudaraba / Mushraka + BBA / Istisna / IjaraGovernment Investment IssuesQard Hasan/ Salam/ MudarabaOther Products ServicesStock-Broking ServicesMurabaha/ Wakala/ JoalaFunds Transfer (Domestic Foreign)Wakala/ JoalaSafe-Keeping Collection (Negotiable Instruments)Wakala/ JoalaFactoringWakala/ Joala/ Bai al-DaynAdministration of Property, Estates and WillsWakalaHiring of Strong BoxesAmana/ WakalaDemand Draft, Travellers ChequesUjr/ JoalaATM Service, Standing Instruction, TelebankingUjrSource Obaidullah, 2005Financial Crisis and the Islamic BankingPrevious LiteratureThe study of bank profitability is an important tool to evaluate bank operation by examining the different factors affecting bank profitability and using these factors for management planning and strategic analysis. In the last four decades, many studies have been conducted t o study both bank profitability and the determinants of bank profitability either for particular country or for a panel of countries. These studies normally divide these factors into internal factors and external factors. Internal factors represent the bank-specific characteristics such as bank size, liquidity structure liabilitiesetc while external factors can be macroeconomic factors such as inflation and GDP growth or Country-specific regulations rules and practices.In the area of banking profitability, many studies have been conducted to investigate the profitability of conventional banks while only few were conducted in the field of Islamic banking. In this chapter, we will review these studies for conventional banking first and then will focus on studies in the Islamic banking field. Then we will cover the conceptual framework of this research.Conventional BankingDifferent studies have been conducted in the field of conventional banking profitability. Short (1979), Bourke (198 9), Molyneux and Thornton (1992), Goddard, Molyneux, and Wilson (2004), Peters et al. (2004) are some of the researchers in the field.Short (1979) is one of the early scholars who studied the relationship between banking profit rates and concentration for sixty banks in Canada, Western Europe and Japan during the 1970s and he included independent variables including government ownership and concentration by using H index to quantify concentration. Results showed that the government ownership impact on profitability varied throughout the countries studied but expressed an overall negative relationship. He also found evidence that indicated higher concentration rates lead to higher profit rates (Short, 1979).Bourke (1989) also compared concentration to bank profitability but included other determinants. Bourke (1989) covered ninety banks in Australia, Europe, and North America between 1972 and 198 and examined different internal and external factors internal factors such as staff expe nses, capital ratio, liquidity ratio, and loans to deposit ratio external factors such as regulation, size of economies of scale, competition, concentration, growth in market, interest rate, government ownership, and market power. His results show that increase in government ownership leads to lower profitability in banking. He also found that concentration, interest rates, and money supply are positively related to profitability along with capital and reserves of total assets as well as cash and bank deposits of total assets. Bourke adds that well capitalized banks enjoy cheaper access to sources of funds as they are less risky than less capitalized banks (Bourke, 1989).Later, Molyneux and Thornton (1992) studied the determinants of European banks profitability. The paper examined eighteen counties in Europe between 1986 and 1989. This paper replicated Bourkes (1989) work by using internal and external determinants of bank profitability. However, Molyneux and Thornton (1992) result s showed that government ownership expresses a positive coefficient with return on capital (profitability) which contradicts with Bourkes findings. Other results were similar to Bourkes, showing that concentration, interest rate, and money supply were positively related to bank profitability (Molyneux and Thornton, 1992).In one of the recent papers on bank profitability on European banks, Goddard, Molyneux, and Wilson (2004) shows similar findings to the paper by Molyneux and Thornton (1992). It investigates the determinants of profitability in six European countries and it covered 665 banks between 1992 and 1998. The study used cross-sectional and dynamic panel models. The variables used in the regression analysis were ROE, the logarithmic of total assets, Off Balance Sheet (OBS) dividends, Capital to Asset Ratio (CAR). The results from both models were similar evidence reveals that there is a positive relationship between size (total assets) and profitability. Meanwhile, OBS appea rs to have a positive relationship with profitability for UK but neutral or negative for other European countries. Moreover, results also state that CAR has a positive relationship with profitability. Furthermore, the paper touched on ownership type by indicating that there is high competition in banking due to the fact that there is foreign bank involvement in domestic banks, and that profitability is not linked to ownership (Goddard, Molyneux, and Wilson, 2004).Peters et al. (2004) studied the characteristics of banks in post-war Lebanon for the years 1993 to 2000 and compared the results to a group of banks from five other countries in the Middle East including UAE, KSA, Kuwait, Bahrain and Oman for the years 1995 through 1999. They used Return on Equity (ROE) measure profitability and leverage and they employed regression models that relate bank profitability ratios to various explanatory variables. This study tests the relationships between bank profitability and size, asset po rtfolio composition, off-balance sheet items, ownership by a foreign bank, and the ratio of employment to assets. The results show a strong association between economic growth and bank profitability, whether measured by ROE or ROA. They found that Lebanese banks are profitable, but not as profitable as a control group of banks from five other countries located in the Middle East.Islamic BankingIn the area of Islamic Banking, Bashir (2000) assessed the performance of Islamic banks in eight Middle Eastern countries. He analyzed important bank characteristics that affect the performance of Islamic banks by controlling economic and financial structure measures. The paper studied fourteen Islamic banks from Bahrain, Egypt, Jordan, Kuwait, Qatar, Sudan, Turkey, and United Arab Emirates between 1993 and 1998. To examining profitability, the paper used Non Interest Margin (NIM), Before Tax Profit (BTP), Return on Assets (ROA), and Return on Equity (ROE) as performance indicators. There were also internal and external variables internal variables were bank size, leverage, loans, short-term funding, overhead, and ownership external variables included macroeconomic environment, regulation, and financial market. In general, results from the study confirm previous findings and show that Islamic banks profitability is positively related to equity and loans. Consequently, if loans and equity are high, Islamic banks should be more profitable. If leverage is high and loan to assets is also large, Islamic banks will be more profitable. The results also indicate that favorable macro-economic conditions help profitability (Bashir, 2000).Hassoune (2002) examined Islamic bank profitability in an interest rate cycle. In his paper, compared ROE and ROA Volatility for both Islamic and conventional banks in three GCC region, Kuwait, Saudi Arabia, and Qatar. He states that since Islamic banking is based on profit and loss sharing, managements have to generate sufficient returns for inve stors given that they are not willing accept no returns (Hassoune, 2002).Bashir and Hassan (2004) studied the determinants of Islamic banking profitability covers 43 Islamic Banks between 1994 and 2001 in 21 countries. Their figures show Islamic banks to have a better capital asset ratio compared to commercial banks which means that Islamic banks are well capitalized. Also, their paper used internal and external banks characteristics to determine profitability as well as economic measures, financial structure variables, and country variables. They used, Net-non Interest Margin (NIM), which is non interest income to the bank such as, bank fees, service charges and foreign exchange to identify profitability. Other profitability indicators adopted were Before Tax Profit divided by total assets (BTP/TA), Return on Assets (ROA), and Return on Equity (ROE).Results obtained by Bashir and Hassan (2004), were similar to the Bashir (2000) results, which found a positive relationship between c apital and profitability but a negative relationship between loans and profitability. Bashir and Hassan also found total assets to have a negative relationship with profitability which amazingly means that smaller banks are more profitable. In addition, during an economic boom, banks profitability seems to improve because there are fewer nonperforming loans. Inflation, on the other hand, does not have any effect on Islamic bank profitability. Finally, results also indicate that overhead expenses for Islamic banks have a positive relation with profitability which means if expenses increase, profitability also increases (Bashir and Hassan, 2004).Alkassim (2005) examined the determinants of profitability in the banking sector of the GCC countries and found that asset have a negative impact on profitability of conventional banks but have a positive impact on profitability of Islamic banks. They also observed that positive impact on profitability for conventional but have a negative impa ct for Islamic banking. Liu and Hung (2006) examined the relationship between service quality and long-term profitability of Taiwans banks and found a positive link between branch number and long-term profitability and also proved that average salaries are detrimental to banks profit.Masood, Aktan and Chaudhary (2009) studied the co-integration and causal relationship between Return on Equity and Return on Assets for 12 banks in KSA for the period between 1999- 2007. For their research, the used time series model of ADF unit-root test, Johansen co-integration test, Granger causality test and graphical comparison model. They found that there are stable long run relationships between the two variables and that it is only a one-direction cause-effect relationship between ROE and ROA. The results show that ROE is a granger cause to ROA but ROA is not a granger cause to ROE that is ROE can affect ROA input but ROA does not affect the ROE in the Saudi Arabian Banking sector.Conceptual Fra meworkTheoretical framework is a basic conceptual structure organized around a theory. It defines the kinds of variables that are going to be used in the analysis. In this research, the theoretical framework consists of seven independent variables that represent four aspects of the Bank Characteristics. Theses aspects are the Bank Size (Total Assets), Capital Structure (Equity and Tangible Equity), Liquidity (Loans and Liquid Assets) and Liabilities (Deposits and Overheads). Bank profitability is the dependent variable and two measures of bank profitability are used in this study, namely return on average equity (ROAE) and return on average assets (ROAA).Financial CrisisInternal Factors (Bank-Specific)Islamic Banking ProfitabilityH1 Bank SizeH2, H3 Capital StructureH4, H5 LiquiditiesH6, H7 LiabilitiesReturn on Average Assets (ROAA)Return on Average Equity (ROAE)In this section we develop the hypothesis to be examined in this research paper.Development of HypothesesThis paper attempt s to test seven hypotheses. A hypothesis is a claim or assumption about the value of a population parameter. It consists either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomena. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct.Hypothesis 1 Profitability has a positive and significant relationship with the total assets (ASSETS).Total Assets of a company represents its valuables including both tangible assets such as equipments and properties along with its intangible assets such as goodwill and patent. For banks, total assets include loans which are the basis for bank operations either through interest or interest-free practices. Total assets is used as a tool to measure the bank size banks with higher total assets indicate bigger banks. Molyneux and el (2004) included total assets in their study and found a positive significant re lationship between total assets and profitability. Therefore, total assets are expected to have positive relation with profitability which means that bigger banks are expected to be more profitable. Total assets are converted logarithmic to be more consistent with the other ratiosHypothesis 2 Profitability has a positive and significant relationship with equity to asset ratio (EQUITY).Total equity over total assets measures banks capital structure and adequate. It indicated bank ability to withstand losses and handle risk exposure with shareholders. Hassan and Bashir (2004) examined the relationship between EQUITY and bank profitability and found positive relationship. Therefore, EQUITY is included in this study and it is expected to have a positive relation with performance because well capitalized banks are less risky and more profitable (Bourke, 1989)Hypothesis 3 Profitability has a positive and significant relationship with Tangible Equity to total liabilities ratio (TNGEQTY).Ta ngible Equity represents the subset of shareholders equity that is not common shares and not intangible asset. Tangible Equity became very popular after the financial crisis as a measure of bank viability since it indicates of how much ownership equity owners of common stock would receive in the event of a companys liquidation. Beltratti and Stulz (2009) examined tangible equity to liabilities in their study to examine why some banks perform better during the financial crisis and found positive and insignificant relationship between TNEQTY and bank profitability. Therefore, TNEQTY is included in this study and it is expected to have positive relationship since banks with better capital structure in since of more equity seems to perform better.Hypothesis 4 Profitability has a positive and significant relationship with the loans to assets ratio (LOANS).Total loans over total assets a liquidity ratio used that indicates how much of bank assets are tied to loans. For banks, the higher LOANS ratio means less liquidity. Demirguc-Kunt and Huizinga, (1997) found positive relationship between LOANS and bank profitability. LOANS is included in this study and anticipated to have positive relationship with profitability. Furthermore, conventional banks rely on interest-based loans while Islamic banks rely on profit and loss sharing interest-free lending. Therefore, this ratio is also used to compare the performance of interest-based loans and interest-free lending.Hypothesis 5 Profitability has a positive and significant relationship with the liquid assets to total assets ratio (LIQUID).Liquid assets include currency, deposit accounts, and negotiable instruments that can be converted easily into cash. Liquid assets to total assets ratio is a liquidity ratio that measure how easily the banks assets can be converted into cash. Beltratti and Stulz (2009) found that LIQUID has positive and significant relation with profitability as banks with more liquid assets tend to perf orm better. Therefore, LIQUID is included in this study and expected to have positive relationship with profitability.Hypothesis 6 Profitability has a reverse and significant relationship with the deposits to assets ratio (DEPOSITS).Deposits to total ratio is another liquidity indicator but is considered a liability since they measure the impact of liabilities on profitability. Bashir and Hassan (2004) examined deposits in their study and found a negative relationship with profitability. Therefore, we expect that DEPOSITS to have negative relationship with profitability.Hypothesis 7 Profitability has a positive and significant relationship with the overhead to assets ratio (OVERHEAD).Overhead costs represent all bank expenses excluding interest expenses as they are considered as operations expenses. Overhead over total assets is a liability ratio that measures the operation efficiency of the bank. Alkassim (2005) included OVERHEAD in his research and found positive relationship to p rofitability. Therefore, OVERHEAD is included in this study and expected to have positive relationship to profitability.Chapter 3 MethodsData SampleFrom 2006 to 20082009CountryIslamic BanksConventional BanksIslamic BanksConventional BanksBahrain121455Saudi Arabia2917Qatar3524Kuwait41413Oman0603UAE61707Total2765929The data used in this analysis were extracted from Bankscope data for all Islamic and Conventional Banks in the GCC for the period from 2006 to 2009.Using Bankscope has many advantages it has information for over 30,000 banks, plus the accounting information is presented in a standardized format. Therefore, the accounting information of Islamic Banking is adjusted to be comparable with accounting information of conventional banks.The data used for this study are from a pooled time-series cross-sectional data. The data are taken from various countries. Sample period for this study is from 2002 to 2007. Cross-sectional data provide information on variables for a given period of time. While time series data give information about variables over a number of periods of time.The data for internal variables are obtained from BankScope database which is compiled by International Bank Credit Analysis Limited (IBCA). Using BankScope has two advantages. Firstly, it has information for 11,000 banks, accounting for about 90% of total assets in each country. Secondly, the accounting information at the bank level is presented in standardized formats, after adjustments for differences in accounting and reporting standards. The data for external variables are obtained from World Economic Outlook 2008 database, published by International Monetary Fund (IMF).A total of 60 Islamic banks from 18 countries were chosen in this study. The selected banks are those which are classified as Islamic bank in BankScope database. The Islamic banks have available data for at least one year between 2002 and 2007. This yielded an unbalanced panel data consisting of 260 observations. Ho wever, after eliminating cases with missing data, only 155 observations of balanced panel data are left.Variable DefinitionIndependent Variable Profitability MeasuresThere are many ratios that have been used by researchers to measure bank profitability but the two most often used ratios are the return on assets (ROA) and the return on equity (ROE) (Iqbal et al., 2005).Return on Assets