Study On The Determination Of Exchange Rates Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3412 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? It is a theory which says that exchange rates between currencies are in stable position when their purchasing power is the similar in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries price level of a fixed level of goods and services. When a countrys domestic price level is increasing (i.e., a country experiences inflation), that countrys exchange rate must depreciated in order to return to PPP. There are two versions to Purchasing power parity (PPP) and has been called as Absolute PPP This concept explains about the exchange rate between two countries will be identical to the ratio of the price levels for those two countries. This concept is derived from a basic idea known as the law of one price, which states that the real price of a good must be the same across all countries. Don’t waste time! Our writers will create an original "Study On The Determination Of Exchange Rates Finance Essay" essay for you Create order Relative PPP: Relative PPP refers to rates of changes of price levels, that is, inflation rates. This proposition states that the rate of appreciation of a currency is equal to the difference in inflation rates between the foreign and the home country. The  balance of payments approach  (BOP) Under the BOP approach, the home price of a foreign currency is determined just like the price of any commodity. The price is determined by connecting the market demand and supply curves for that foreign currency. Demand and supply for foreign exchange is determined by the flows of currency created by international dealings. According to the BOP theory of exchange rates, the supply and demand for a currency arise from the flows related to the BOP such as Foreign direct investments Exchange rate regimes Portfolio investment etc Equilibrium exchange rates are determined when the BOP is in equilibrium. Exchange rates will move in response to a BOP imbalance and, therefore, will restore the equilibrium to the BOP. Asset Market Approach It argues exchange rates are determined by the supply and demand from a wide range of financial assets: Movements in the supply and demand for financial assets revise exchange rates. Movements in monetary and fiscal policy revise the expected returns and perceived relative risks of financial assets, which in turn alter exchange rates. The  asset market approach  assumes that whether foreign investors are willing to hold claims in monetary form depends on an widespread set of investment consideration or drivers such as Relative real interest rates Prospects for economic growth Capital market liquidity Political safety Corporate governance practices Speculation Theories of Fund Flow Funds flow is defined as the net of all cash inflows and outflows coming in and going out of  various financial assets. Fund flow is usually measured on a monthly or quarterly or on a periodic basis.  The performance of an asset or fund is not taken into account, only share redemptions (outflows) and share purchases (inflows).   Net inflows create excess cash for managers to invest, which theoretically creates demand for securities such as stocks and bonds.  Ãƒâ€š Law of one price The theory that the price of a given security, commodity or asset will have the same price when exchange rates are taken into consideration. The law of one price is another way of stating the concept of purchasing power parity. The law of one price exists due to arbitrage opportunities. If the price of a security, commodity or asset is different in two different markets, then an arbitrageur will purchase  the asset in the cheaper market and sell it where prices are higher. When the purchasing power parity doesnt hold, arbitrage profits will persist until the price converges across markets. The spot exchange rate is the price that is quote for immediate (spot) arrangement (payment and delivery). Spot settlement is usually considered to be a couplar of business days from deal date. The spot exchange rate is normally close to the current market rate because the  transaction  occurs immediately and not some time in the future. The forward exchange rates it the rate where contract price are set now but the delivery and payment will occur at a future date. Forward Spread is the price difference between the forward price of the security and spot price of the same security over a same period of time. Forward Spread can be calculated by taking the spot price today and forward price one month from today. Pounds to Dollars Appendix A Dollars to Pounds Appendix B From the above graph (with reference to appendix A ) we can see the time series of the pound versus the dollar and vice versa. In January 2010 it was ( £0.6187 = 1US Dollar) but in February 2010 it was ( £0.6645= 1US Dollar), from this we can see the Dollar has appreciated by ({0.6645-0.6187} ÃÆ'Æ’-0.6187) = 0.07%%. And then for the next 4 months the pound rate has been fluctuating since September 2010. Appreciation of Pound The main reason for appreciation of any currency would be higher interest rates and lower inflation. If interest rates high then more investors invest in UK so it makes it more attractive to save money in the UK banks and UK financial securities like bonds. This will lead to increased demand for the sterling. If inflation is lower then it will make UK goods more attractive then US and hence the demand goes up. Depreciation of Pound Pound depreciates because of interest rate may go down and inflation go high making it investors a least return for their investments. . Other market factors also contribute for a currency to appreciate or depreciate as well. If there is demand for a particular currency then the currency will appreciate. Market Reasons for Pound to depreciate in the last six months: Low number of mortgage approvals and mortgage lending and consumer credit rose. Concerns about a tepid economic recovery, high public debt and political uncertainty. Sentiment has also deteriorated in the last week after the Bank of England said it stood ready to return to its asset-buying scheme if economic conditions warranted (Reporting by Naomi Tajitsu; editing by Stephen Nisbet) Foreign Exchange Risk Exposure Foreign exchange risk is the risk that domestic values of assets, liabilities or operating income may increase or decreases due to surprising changes in exchange rates. Foreign currency exposures risk arises when a company has an income or expenditure or an asset or liability in a currency other than that of the balance sheet currency. When the exchange rate movements become completely volatile it may sometimes destabilize the cash flows of the business. Such destabilization of cash flows that which affect the profitability of the business is the risk from foreign currency exposures. Classification of Exposures Transaction exposures Translation exposures Economic exposures Transaction Exposure Transaction exposure  is the gain or loss that might incurred on the settlement of foreign exchange transaction. Transaction included such as the sale / purchase of product or services lending or borrowing of money or any Other transaction involving mergers and acquisitions. Example: The US firm loan of 10M US dollars at a rate of .65 today and the time of repayment of loan when the rate goes down to .59.Then the profitability of the transaction may be completely wiped out due to the adverse movement of the exchange rate.. Such transaction exposures arise whenever business has foreign currency denominated in receipt and payment. Translation Exposure (Accounting Exposures) Translation exposure is defined as an increase or decrease in the parent companys net worth caused by a change in exchange rates since last translation. Translation exposure arises because of the need to translate foreign currency assets or liabilities into the home currency for the purpose of finalizing the accounts for any given period. A typical example of translation exposure is the treatment of foreign currency borrowings. For Example Consider that a UK company has borrowed dollars to finance the import of capital goods worth $1, 00,000. When the import materializes the exchange rate was say .65 per dollar. The fixed asset imported was therefore capitalized in the company books for  £65,000. If there is no change in the exchange rate the company would have provided depreciation on the asset valued at  £65,000 for finalizing its accounts for the year in which the asset was purchased. If at the time of finalization of the accounts the exchange rate has moved to say  £.70 per dollar, the dollar loan has to be translated involving translation loss of  £5,000. The book value of the asset thus becomes  £70,000 and consequently higher depreciation has to be provided thus reducing the net profit.   Economic Exposure Economic exposure expresses the extent to which the value of the firm would be affected by unexpected changes in exchange rates. Economic Exposure to an exchange rate is the risk that a change in the exchange rate affects the companys competitive position in the market. Economic exposure affects the profitability over a longer term span than transaction and even translation exposure. Economic exposure cannot be hedged as well. Ways to overcome Exposure: Hedging via lead and lag:   One way of reducing transaction exposure is leading and lagging foreign currency receipts and payments. To lead means to pay or collect early, where as lag means to pay or collect late. The firm would like to lead soft currency receivables and lag hard currency receivables to avoid the loss from depreciation of the soft currency and benefit from the appreciation of the hard currency. For the same reason, the firm will attempt to lead the hard currency payables and lag soft currency payables. To the extent that the firm can effectively implement the Lead/Lag strategy, the transaction exposure the firm faces can be reduced. Invoicing in the Local Currency The firm can reduce the exchange risk by choosing the currency of invoice. Firm can avoid exchange rate risk by invoicing in domestic currency, there by shifting exchange rate risk on to buyer. Because of this act firm may lose its customers who wants them to be invoice in their local currency. Forwards A forward contract is an agreement between two entities to buy or sell the underlying asset at a future date, at todays pre-agreed price. This is one most direct method of eliminating transaction exposure is to hedge the risk with a forward exchange contract. For example, The loan of 10M by US firm to UK Company can eliminate the foreign exposure by depositing 10M to its bank at 1 yr forward rate. No matter what happens to the exchange rate over the period, the company will not make a loss on the loan to UK Company. Futures: Currency and Interest Rates A futures contract is an arrangement between two parties to buy or sell the underlying asset at a future date at todays future price. Futures contracts differ from forward contracts in the sense that they are standardized and exchange traded. The ultimate goal of an investor in using futures contracts is to  hedge perfectly to avoid their risk. By locking the prices at appropriate rate it removes the uncertainty about the future price. The value (F) of a futures contract is the existing spot price (S) multiplied by one plus the interest rate over period (t), plus the cost of storage which is a function of time and the current spot price. Interest rate futures are the largely traded futures contracts in the world. They are based on relative interest rates and are used to hedge interest rate exposure. The value of an interest rate contract at maturity (V) is the notional principal value of the contract (N) multiplied by the spot interest rate on the maturity date of the contract (Si,t+n) minus the futures rate on interest (i) at time (t) that matures (n) periods later (Fi,t,n). Swaps An interest rate swap is a that transfors fixed payments into variable obligations or vice versa. Foreign exchange swaps allow a firm to quickly restructure its balance sheet, by giving it the opportunity to exchange fixed obligations for interest-sensitive obligations (or vice versa). A  currency swap  is an agreement between two parties to exchange the principal loan amount and interest applicable on it in one currency with the principal and interest payments on an equal loan  in another currency. These contracts are valid for a specific period, which could range up to ten years, and are typically used to exchange fixed-rate interest payments for floating-rate payments  on dates specified by the two parties. Interest Rate Swaps One party pays a fixed rate of interest; the other pays a floating rate of interest. The fixed interest payment remains unchanged throughout the life of the deal. It is paid annually, semi-annually or quarterly in arrears. The floating interest is paid on a three or six monthly basis. Because it is reset using the relevant Libor rate it will vary depending on short term interest rates. It too is paid in arrears. Different Types of Foreign Currency Options: A currency option is same as the stock option except that the underlying asset is foreign exchange. The buyer of option has the right but no obligation to enter into a contract with the seller. Hence the buyer of a currency option has the right to his advantage to enter into the specified contracts. American Option: An American option provides the buyer the right to exercise the option at any time between the date of writing and the maturity date. An option contract which is exercised at any time between the date of purchase and the expiration date European option A European option can be exercised only on the expiration date and not before. Options There are two types of options calls and puts. Call Options give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. A  call option will have intrinsic value only when the spot price is above strike price Put Options give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. A Put option will have intrinsic value only when the spot price is below the strike price. Deep in the money option: An option with an exercise price, or strike price considerably below (for a call option) or above (for a put option) the market price of the underlying asset. Considerably, below/above is considered one strike price below/above the market price of the underlying asset.   When Call Options expires in the Money Option, then the Money call options will be automatically  exercise if there is enough funds to buy the underlying stocks at the strike price you bought the call options. If there is enough money in the trading account to buy (take delivery of) the underlying stock, then it should be sold and take profit before the call options expires. It is arguable the same that some one could exercise the in the money call options, take delivery of the underlying stock and then immediately sell the stocks or can make same profit by simply selling the options and the cost involved will be more in the case of exercise, buying and selling of the stocks. For example , if the current price of the underlying stock of A Ltd was  £50, a call option with a strike price of  £40 would be considered deep in the money. On the exercise of the option the holder can gain a profit of  £10 pounds. Reasons why options with different expiration date are traded at different premiums. Purchase of option can limit the exposure risk. The option writer always accepts the risk which purchaser avoids. The writer therefore needs to be paid in compensation. The cost of an option to a purchaser is known as the option premium. Option price is made up of intrinsic value and time premium. The intrinsic value is calculated on the assumption it expires today. Time premium depends on the difference between todays date and expiry date. The longer the expiry dates the higher the premium. Time value is equal to the total premium less the intrinsic value. Time value also called as the extrinsic value. It reflects the amount of money buyers are willing to pay in expectation that an option will be worth exercising at or before expiration Holding a longer expiration options gives an edge over the option holder who holds the short expiration date. Longer option holder will have longer time span to track the currency movement and can exercise them when it is the most be neficial to him. Choice of call or put option to British exporter. The GBP is depreciating against US$: For example: $1.7 =  £1 or  £0.70 = $1 ( For simple reason assume round figures) Now $1.4=  £1 or  £0.80 = $1 The above said figures suggest that the Pounds is depreciating against the US$ or in other words the US$ is appreciating against the Pound. This indicates that the GBP is getting cheaper against US$. If this situation could be handled properly then it will be beneficial to both importer and exporter. The assumption is that the British exporter sells goods to a US based customer and the US customer pays in the US$; and rarely the British exporter has to convert the US$ receipt in to the GBP. If the GBP depreciates against the US$, it is considered to be a favourable movement for the British exporter as he gets more GBPs. For example, if the customer owes him $10,000 when $1.7= £1. And forward rate is used, at the time when payment will be due, is $1.4 = £1. Therefore the receipt in the GBP is: Previously: $10 ,000/$1.7 =  £5883.23 If the GBP depreciates: $10,000/ $1.4 =  £7142.857 Hence it can be seen from the above figures that depreciation of the GBP is actually beneficial to the British exporter. Instead the risk that the exporter faces is the GBP appreciation against the US$. Lets assume that the forward rate is $1.9 =  £1. In that situation the GBP receipt will be as follows. Previously: $10,000/$1.7 =  £66,667 If the GBP appreciates: $10,000/$1.9 =  £5263.158 Exporter may wish to hedge against risk of the GBP being appreciates against the US$. The currency options are one of the hedging instruments available to the exporter. Provided that the GBP is to appreciates against the US$ and exporter occasionally receives the payment in the US$, he may wish to buy the Put options for the US$. He may buy put option to sell the US$ to option writer at $1.7: £1 or  £0.70:$1. So, in the future if the GBP depreciates and price becomes $1.4: £1 or  £0.80:$1 then he will abandon the option or let the option expire The other possibility is that the exporter may want to use the options for speculation purposes. If it is probable that the GBP is to depreciate against the US$, he may wish to buy the call options of the US$. The call option will give him the right to buy the currency at specified rate, which in our case is  £0.70:$1. Eventually when the GBP will depreciate to  £0.80:$1 he can exercise his option and buy the currency for  £0.70:$1 and sell it for  £0.80:$1. This will earn him handsome profit of  £0.10 per US$. REFERENCES USED ACCA TEXT BOOKS CIMA TEXT BOOKS INTERNET ESPECIALLY WEBSITES LECTURE HANDOUTS POUNDS2DOLLARS WEBSITE INVESTOPEDIA,WICKEDPEDIA CFA FINANCIAL ANALYSIST BOOKS LIBRARY RESEARCH INCLUDES GOING THROUGH VARIOUS BOOKS WRITTEN BY VARIOUS AUTHORS PRESS RELEASES AND JOURNAL RELEASES Bodie, Zvi; Kane, Alex; and Marcus, Alan J. (2002) Investments, 5th edition, publishe d by McGraw-Hill. Bodnar, Gordon M. and Wong, M.H. Franco (2000), Estimating rate exposures: some weighty issues. Working Paper 7497, National Bureau of Economic Research. Choi, Jongmoo Jay, and Prasad, Anita Mehra, (1995) Exchange risk sensitivity and its determinants: A firm and industry analysis of U.S. Multinationals, Financial Management, Vol 24, No 3, p. 77-88. Eiteman, David K., Stonehill, Arthur I., and Moffett, Michael H. (2001) Multinational Business Finance 9th edition, published by Addison-Wesley Longman, Inc. Jorion, Philippe. (1990) The exchange-rate exposure of U.S. multinationals, Journal of Business, Vol. 63 Issue 3, p.331 Levich, Richard M. (2001) International Financial Markets, 2nd edition, published by McGraw-Hill. Miller, Kent D. and Reuer, Jeffery J. (1998) Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements, Journal of International Business Studies, 29, 2, (Third Quarter), 493-514. Pantzalis, Christos, Simkins, Betty J ., and Laux, Paul A. (2001) Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations, Journal of International Business Studies, 32, 4, p. 793-812. Solnik, Bruno, (2000) International Investments 4th edition Published by Addison-Wesley Copyright Addison Wesley Longman WEBSITES USED WWW.SCRIBD.COM https://en.allexperts.com/q/Management-Consulting-2802/2009/10/International-Financial-Management.htm https://www.wendyjeffus.com/images/Foreign_Exchange_Instruments%2C_Measuring_and_Managing_Foreign_Exchange_Exposure.doc

The Decline Of The Mayan Civilization - 1196 Words

The rise of civilizations significantly increased as the world made its shift from the Paleolithic Era to the Neolithic Era and onward. The Mayan civilization arose as a part of Mesoamerica during the sixteenth century. Occupying the regions of Central America and Mexico, the Mayans had a strong impact on the world with militaristic and influence from the invention of advancements. The earliest record of the Mayan existence dates back to circa 400 B.C. The Mayan Civilization extended over a time period dating back to 400 B.C to approximately 1517 A.D. This domination lasted for approximately 1200 years until their mysterious disappearing. This civilization hit its height throughout the time period of 200 A.D to 900 A.D. Many factors led†¦show more content†¦The Mayan territory charted to populate the areas of Guatemala, Honduras, Belize, Ecuador, El Salvador, and the southern tip of Mexico. Overpopulation began to occur as the growth of the empire extended. Urban areas sur rounding the large trade cities including Tikal and Chichen Itza, often had populations over 2000 people. Rural areas which were agriculturally dependent, were often populated with 200-400 people. The main centers of trade and urban areas were constructed out of limestone. This limestone was easily taken over by growing plants in which overtook the area. Deforestation then occurred to make more level farming area to provide food to the inhabitants. Tikal was home to rainforests and was one of the first cities to experience the downfall. According to NASA, â€Å"They had to burn 20 trees to heat the limestone for making just 1 square meter of the lime plaster they used to build their tremendous temples, reservoirs, and monuments (Coulter, 20). The burning of these trees resulted in detrimental environmental issues in which would soon harm to Mayan civilization due to removing carbon from the air. The Mayan civilization continued to undergo climate changes. Severe drought was brought upon the area following the deforestation. The Mayan civilization was prone to tropical climate in which influenced their making of the calendar. High rainfall was normal to the area and benefitted theShow MoreRelatedThe Decline Of The Mayan Civilization1143 Words   |  5 PagesThe early Mayan civilization had lowly beginnings. They rose to remarkable heights in a seemingly inhospitable land. As Maya scholar Arthur Demarest said â€Å"Such a civilization, had no business there.† The Mayans had to battle with torrential rain in the rainy season, and when the weather turned hot, it scorched the land and their water supplies would plummet. They were always faced with floods or drought. They were probably forced here due to overcrowding from other tribes. But nonetheless they beganRead MoreThe Fall of the Mayan Empire Essay1517 Words   |  7 Pages The fall of the Mayan Empire The collapse of the Mayan Empire is one of history’s greatest mysteries. 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Differences in time period, geographical landscapes, and other circumstances mean no direct correlations are possible, but the outstanding point ofRead MoreMayan Civilization and Culture1077 Words   |  5 Pages The Ancient Mayan civilization contained nearly two-thirds of Mesoamerica. The area included mostly volcanic mountains to porous limestone, also referred to as the lowlands in the more central regions. Mayan civilization extended from Bel ize and Mexico’s Yucatan Peninsula in the north, to Honduras in the south. What made the Mayans stand out to me the most, were their complex societies, which were built and modernized far ahead of its time in a tropical rainforest climate (Aissen, 1992). NormallyRead MoreThe Decline Of The Mayan, Aztec, And Inca Empires837 Words   |  4 PagesThe Decline of the Mayan, Aztec, and Inca Empires From 250 A.D. to the late 1500’s A.D., three civilizations, the Mayans, the Aztecs, and the Incas controlled Central and South America. Their decline happened for many different reasons. The Spanish conquistadors was one of the most common and deadliest, due to their advanced weapons and diseases they brought. It seems that wherever the Spanish went, bad things always happened. Innocent people were killed for no reason, cities were massacred and

Informed Consent Free Essays

Ethics Paper Informed Consent in Industrial/Psychological Research July 31, 2011 Foundations of Industrial/Organizational Psychology Abstract There are certain conditions where reasonable exceptions that APA ethical standards and federal guidelines insure in research that human participation will be ethical due to informed consent. In federal guidelines the preferred mechanism is informed consent in order to protect the human participants (APA, 1992). Informed Consent Informed consent is when an individual gives permission to participate in future events after receiving instruction about the events they may wish to be a part of. We will write a custom essay sample on Informed Consent or any similar topic only for you Order Now Informed consent is put in place to prevent lawsuits. Obtaining consent is similar in all circumstances (Jones, 2011). In order to be considered valid, informed consent must be given voluntarily from a participant that is competent (Cherry, 2011). When is Informed Consent Required? In order to arrive at a better understanding of the subject matter, research is necessary. When conducting research and using human participants, the need to know whether informed consent is necessary is vital. To err on the side of safety, always obtain informed consent in any research situation if you have any doubts as to the necessity (Cherry, 2011). Require and acquire informed consent if: 1). Participants answer questions in their native language. Determine what data is needed, true/false or multiple choice questions, or surveys and whether or not this material can provide needed data. 2). When using a small group of participants, but determine ahead of time how many participants you will need. 3). When using identifying information or questions answered regarding sensitive or controversial language from your participants, also make the decision whether you can allow the participants to remain anonymous (Cherry, 2011). Exceptions to Informed Consent There are very limited conditions where both the APA and federal guidelines allow exceptions to informed consent. The APA is less explicit to the necessary conditions for exceptions, where the federal guidelines are very explicit. Examples are as follows: There has to be minimal risk involved in the research, the welfare of the participants’ rights are not affected by either altering or waiving informed consent, without the waiver, the research cannot be practically carried out, or having participated, upon completion of the research, the participants can be informed. These are the only exceptions the federal guidelines allow to informed consent (45 CFR Part 46, 1991). In I/O Psychology, field studies allow for exceptions to informed consent that sometimes meet these conditions. On occasion, there is data collection that serves both science and practice that is collected from employees. An example would be recording a telephone conversation at the local phone company where customer service employees and customers are monitored for coaching related to employee relations and/or performance. The customer and employee are informed of the conversation being recorded. If the data was going to be used in a study such as persuasion or negotiation, by the researcher, or as a study, both the customer and the employee would have to be informed of the purpose of the research prior to the recording and a consent needed to participate or the need of an acceptable exception to informed consent would apply (Ilgen Bell, 2001). There have been a number of conditions that continue to cause or raise concern regarding the researchers’ ability to rationalize exceptions to informed consent, this being in spite of I/O Psychological research being carried out in ways that protect the research participants’ well-being without the use of informed consent, one being a shift in the oversight of the ethical treatment of research participants. Once upon a time, (IRBs) or Institutional Review Boards were established at organizations and were involved in the conduct and research protocols, for human participant treatment. IRB members were gathered from outside and inside the organization to represent the expectations and values of communities. Board members values of the treatment of human participants in research and also by the ethical standards that were affiliated by the professional associations of the ethical standards (IRB, 1997). Control over what is and what is not reasonable treatment of human participants, today, still exists in IRBs and the ethical standards of scientific associations, such as the APA. An example is authors submitting their work to psychological journals such as Psychological Science, are instructed to inform the public that, â€Å"Investigations on human participants must include a statement indicating that informed consent was obtained†¦Ã¢â‚¬  (Psychological Science, 1999). Informed consent is required; there is no option for exceptions (APA, 1992). Conclusion When obtained from the participant or participants’ legally authorized representative, documented in a consistent manner with the Health and Human Services protection of human participants regulations, and with applicable laws of the jurisdiction in which the research is conducted, informed consent is considered legally effective. In other words, the regulations ensure that an investigator should seek consent only under circumstances that provide the participant or a representative that is legally authorized the sufficient opportunity to consider if they are willing to participate and minimizes the possibility of undue influence or coercion. The information should be presented in a manner that is understandable to the participant or legal representative. Exculpatory language is not to be included whether written or oral with informed consent requirements in the regulations and are not intended to override any applicable local, state, or federal laws that require additional information to be legally effective for consent (45 CFR 46. 116(e), 1991). References American Psychological Association. Committee for the Protection of Human Participants in Research. 1992). Ethical Principles. American Psychologist, 47. Cherry, K. (2011). What is Informed Consent? Retrieved from http://psychology. about. com/od/iindex/g/def_informedcon. htm on July 31, 2011. Federal Register. (1991). Protection of human subjects: Title 45, Code of Federal Regulations, Part 46, Vol. 56 Number 28003. June 18. Federal Register (1997). Protection of human subjects: Suggested revisions to the Institutional Review Board (IRB) expedited review list. Vol. 62. Number 217. 60607, November 10, pp. 1-8 Ilgen, D. R. Bell, B. S. (2001). Conducting Industrial and Organizational Psychological Research: Institutional Review of Research in Work Organizations. Ethics and Behavior, 11, 395-412. Jones, A. (2011). How to obtain consent. Retrieved from www. ehow. com/how_7789509_obtain_informed-consent. html on July 31, 2011. Psychological Sciences. (1999). Information for contributors, 10, inside back cover of each issue. How to cite Informed Consent, Papers

Analysis of The Road Not Taken Essay Example For Students

Analysis of The Road Not Taken Essay Choice: An Analysis of The Road Not Taken Essay The Road Not Taken (1916) tells of someone faced with two of lifes decisions however only one can be chosen. Whichever road is taken will be final and will determine the direction that their life takes. Frost drives this poem by a calm and collective narrative, spoken by the traveler of the diverged roads. Who is speaking with himself trying to convince himself of which road is the better choice. Frost wrote this poem using standard, modern language. In line one Frost introduces the diverging roads, which are his main metaphors. Diverging being the key word in this line because it suggests that the traveler must make a choice. Line two the speaker expresses his grief of not being able to travel both. Yet, the choice is not easy, since long I stood (1.3) before coming to a decision. The next two lines examines the path as best as he can, but his vision is limited because the path bends and is covered over. This indicates that the speaker would like to know more about this road but is prevented by the immediate environment. Six through eight seems to be suggesting that the second path mentioned is a more attractive choice because it appears to have not been traveled recently. However, he seems to contradict himself since he also describes the path as being just as fair as the first rather than better. Although the poet breaks after line ten, the main idea continues into the third stanza, creating a link between these parts of the poem. Here the speaker states that the paths are really about the same.(2. 10). Neither path has recently been traveled, although he is searching fro a clear logical reason to decide one path over the other, he cannot find a suitable reason. Lines 13 15 the speaker makes his decision, he tries to persuade himself that he could take both paths but manages to simultaneously admit that such a hope is unrealistic. The exclamation point after line 13 conveys excitement, but that excitement is severed by his admission in the following lines. way leads on to way, I doubted if I should ever come back(3.14,15). In the final stanza, lines 16-20 the tone of the poem changes completely. This is the only stanza that begins with a new sentence, indicating that it is a stronger break from the previous ideas. The speaker puts himself in a future situation discussing his life. What he states here seems to contradict what he has said earlier. From his future prospective he says that the paths where different and that he did not choose the one most traveled by. Perhaps he will in the future actually believe this and he only wishes that he could choose in the present the one less traveled by. (5.20) The Road Not Taken was structured by Frost to form four quintains. The majority of the lines contain nine syllables. This structure is maintained through out the poem. The stanzas are arranged like that of a thought. One continues to undermine the other, much like decision making. Our first thoughts are always second-guessed by our second and so forth until we make our final decision, which cancels out all that was thought before. This is what Frost manages to do in the arrangement of his stanzas. Imagery is the primary concept of this work. The two roads are each described in such a way that the reader can easy picture the dilemma faced by the traveler. Image is so precise that we can picture the first road bending to the right while the other bends in the opposite direction. The image of one being grassy and wanting wear(2. .u98c971484a053a8582efeac7c21598aa , .u98c971484a053a8582efeac7c21598aa .postImageUrl , .u98c971484a053a8582efeac7c21598aa .centered-text-area { min-height: 80px; position: relative; } .u98c971484a053a8582efeac7c21598aa , .u98c971484a053a8582efeac7c21598aa:hover , .u98c971484a053a8582efeac7c21598aa:visited , .u98c971484a053a8582efeac7c21598aa:active { border:0!important; } .u98c971484a053a8582efeac7c21598aa .clearfix:after { content: ""; display: table; clear: both; } .u98c971484a053a8582efeac7c21598aa { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u98c971484a053a8582efeac7c21598aa:active , .u98c971484a053a8582efeac7c21598aa:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u98c971484a053a8582efeac7c21598aa .centered-text-area { width: 100%; position: relative ; } .u98c971484a053a8582efeac7c21598aa .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u98c971484a053a8582efeac7c21598aa .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u98c971484a053a8582efeac7c21598aa .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u98c971484a053a8582efeac7c21598aa:hover .ctaButton { background-color: #34495E!important; } .u98c971484a053a8582efeac7c21598aa .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u98c971484a053a8582efeac7c21598aa .u98c971484a053a8582efeac7c21598aa-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u98c971484a053a8582efeac7c21598aa:after { content: ""; display: block; clear: both; } READ: Musee Des Beaux Arts Persuasive Essay8) seems to maintain in the readers mind even after it is mentioned that they appear just the same. Imagery is the means used by Frost to convey the poems message. The Road Not Taken, follows an a,b,a,a,b rhyme patter which is consistent through out the poem. Its nine syllables make up an iambic tetrameter, which is not consistent but is the overbearing meter at work. In line 22 repetition is used which stresses the word ages. This is to suggest .