Study On The International Financial Markets Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3540 Downloads: 8 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? The financial system and the commodity market play a vital in economic performance and development. In order to provide a clear understanding, we begin with definitions of international finance as the branch of economics that studies the variations of exchange rate, foreign investment and how these affect the international trade. We introduce financial market with direct transactions between the savers e.g. Don’t waste time! Our writers will create an original "Study On The International Financial Markets Finance Essay" essay for you Create order household, firms and the government and financial intermediaries which transform the direct obligation of savers into indirect obligation of financial which have attributes that savers prefer. Intermediaries engage in receiving funds from the savers and lending to borrowers by means of purchasing from borrowers primary debt, equity or mixed type securities. The main objective of international finance is the undisturbed flow of funds from savers to borrowers regardless of national borders. The second section begins with detail explanations of commodity market and the roles they played in the economics market and the opportunities in supporting an efficient financial sector. The financial sector mobilizes savings and allocates credit across space and time. It provides not only payment services, but more importantly products which enable firms and households to cope with economic uncertainties by hedging, pooling, sharing, and pricing risks. An efficient financial sector reduces t he cost and risk of producing and trading goods and services and thus makes an important contribution to raising standards of living, investment production and consumption. INTERNATIONAL FINANCE. International finance is defined as a branch of economics that studies the variation of exchange rates, foreign investment, and how these affect international trade. Money is moved and the credit made available to the promotion of trade, reconstruction and development across national boundaries. The scope of international finance is classified into three major parts. International Financial Economics which is concerned with causes and effects of financial flows among nations application of macroeconomic theory and policy to the global economy. International Financial Management is concerned with how individual economic units cope with the complex financial environment of international business. International Financial Markets which is concerned with international financial or investment instruments, foreign exchange markets, international banking, international securities markets, financial derivatives, etc. In international finance, Borrowers, primarily corporations raises cash in two principal ways by issuing equity or by issuing debt. The equity consists largely of common stocks, but companies may also issue preferred stocks. Internationally, the raising of cash takes primarily the form of international debt issuance in the form of international debt securities offerings or international equity issuance in the form of international share offerings to investors, often combined with a foreign stock exchange listing. INTERNATIONAL EQUITY FINANCE. Equity is an ownership claims to a share in the profit and assets of a firm. According to the journal of Legal Aspects of International Finance (LAIF) 2011, A share also referred to as equity share of stock represents a share of ownership in a corporation. Equity ownership represents an ownership interest in a corporation. It comes in several forms and the most important is Ordinary Shares (Common Stock) ownership of which entitles the holder of dividend and a share of net assets value of the company. Common stock typically carries voting rights that can be exercised in corporate decisions, the right to share in distributions of the companys income, the right to purchase new shares issued by the company, and the right to a companys assets during a liquidation of the company. With preferred shares, the holder is entitled to certain level dividend payment before any dividends are distributed to ordinary share holders. Preferred stock holders do not carry voting rights like common stocks holders and cannot place the firm into liquidation. As part of international finance, international equity finance involves the issuance and sale of shares of common stock to non-residents of the country regardless of the location of the shareholders. Firms usually use equity financing when they are unable to raise sufficient funds through retained earnings or when they have to raise additional equity capital to offset debt. 1.3. INTERNATIONAL DEBT FINANCE. Is the act of a business raising operating capital or other capital by borrowing for a specific purpose. When companies borrow money, they promise to make regular interest payments and to repay the principal amount of the borrowed funds. Debt financing is divided into two categories which include, long term Debt financing such as equipment, buildings, land, or machines. The scheduled repayment of the loan and the estimated useful life of the assets extend over more than one year and short term debt financing such as purchasing inventory, supplies, or paying the wages of employees usually applies to money needed for the day to day operations of the business. Short term financing is less than one year. As part of international finance, international debt issuance comes with a disconcerting choice of legal forms of debt such as international bank loans, commercial paper, senior unsecured bonds and debentures, subordinated and unsecured notes and debentures. Other types of debt i nstruments all reflect a basic agreement on behalf of the lender to advance the borrowed funds and a promise on behalf of the borrower to return the funds lent. INTERNATIONAL FINANCIAL MARKET. According to the McKinsey Global Institutes (MGI) annual analysis of long term trends that are reshaping global capital markets, the total value of the worlds financial assets including shares, private and government debt securities, and bank deposits. Financial markets such as stock market or bond market, issue claims on individual borrowers directly to savers. Savers surpluses are transferred to borrowers. FINANCIAL SYSTEM. Financial system provides channels to transfer funds from individuals and groups who have saved money to individuals and groups who want to borrow money. Savers (or lenders) are suppliers of funds, providing funds to borrowers in returns for promises of repayment of even more funds in the future. Borrowers are demanders of funds for consumers durables, houses or business, plants and equipment, promising to repay borrowed funds based on their expectation of higher incomes in future. (Hubbard (1996)). They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. FINANCE SYSTEM CHANNEL FUNDS This shows that the financial system channels flow of funds from savers or investors to borrowers and channels returns back to the savers, both directly and indirectly. Financial markets, such as the stock market or the bond market, issue claims on individual borrowers directly to savers. Financial institutions or intermediaries, such as banks, mutual funds and insurance company act as a go betweens by holding a portfolio of assets and issuing claims based on that portfolio to savers which is made possible by the activities of financial intermediaries and financial markets. Regarding the mode of financial flows, funds flow from savers to borrowers either directly or via the operations of a financial intermediary. In the first case, borrowers receive funds directly from savers. In return, savers acquire debt, equity or mixed-type claims in the form of primary securities. Financial intermediaries facilitate this process, assisting in the design, marketing and completion of the transa ction. These financial instruments are marketable in secondary markets. The ultimate objective and benchmark of international finance is the undisturbed flow of funds from savers to borrowers regardless of national borders. FOREIGN EXCHANGE MARKET. The Foreign Exchange Market is vast in size and scope and exists to fulfill a number of purposes ranging from the finance of cross-border investment, loans, trade in goods and services and of course, currency speculation. The Foreign Exchange Market encompasses of conversion of purchasing power from one currency to another; bank deposits of foreign currency; credit denominated in foreign currency, foreign trade financing, trading in foreign currency options futures, and currency swaps. The trade of different currencies takes place on the foreign exchange markets, at prices called exchange rates. Trading occurs 24 hours a day and London is the largest Foreign Exchange center. Trading may be for spot or forward delivery. A spot contract is a binding obligation to buy or sell a certain amount of foreign currency at the current market rate. A forward contract is a binding obligation to buy or sell a certain amount of foreign currency at a pre agreed rate of exchange, on or befor e a certain date. Forward contracts are available for any period up to two years longer periods are available in certain currencies. The main players on the foreign exchange market are commercial banks, firms, nonbank financial institutions, and central banks. DERIVATIVES. Derivatives are financial instrument whose value is based on an underlying asset. Derivatives can be used to acquire risk, rather than to insure or hedge against risk, it allows investors to hedge when buying a certain asset. Hedging is a way to protect against a loss in value of an investment. For example, if the holder of a certain stock is concerned that the stock price will fall, he or she might purchase a type of option whose value will increase if the stock falls in price. The option thus provides a kind of insurance against loss for the stockholder. Derivatives have a great amount of leverage, such that a small movement in the underlying value can cause a large difference in the value of the derivative. Speculate and make a profit if the value of the underlying asset moves the way they expect. One of the types of derivatives is over the counter which is the largest market for derivatives and is largely unregulated with respect to disclosure of information between the part ies. They are contract that are traded and privately negotiated directly between the two parties without going through other intermediary. The second type of derivatives is Exchange traded derivatives which acts as an intermediary to all related transactions, and takes Initial margin from both sides of the trade to act as a guarantee The three major classes of derivatives include: Futures/Forwards which are contracts to buy or sell an asset on or before a future date at a price specified today. Options are contracts that give the owner the right, but not the obligation, to buy in the case of a call option or sell in the case of a put option an asset. Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies/exchange rates. While the major classes of derivatives of underlying asset are interest rate derivatives, foreign exchange derivatives, credit derivatives, equity derivatives and commodity derivati ves. COMMODITY MARKET AND ECONOMIC PERFORMACE Commodity markets are markets where raw or primary products are exchanged and where organized traders exchange in which standardized, graded products are bought and also the right to sell goods that plays a major role in the global economic scenario. These goods may be mineral based such as oil and natural gas, metals such as gold or copper, agricultural, cotton or wool, livestock, or foodstuffs like rice, wheat, soy and corn. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold. A commodity exchange is a market in which multiple buyers and sellers trade commodity-linked contracts on the basis of rules and procedures laid down by the exchange .Worldwide, there are 48 major commodity exchanges that trade over 96 commodities, ranging from wheat and cotton to silver and oil. Before World War II London was the centre of international trade in primary goods, but New York City has become at least as important. It is in these two cities that the international prices of many primary products are determined. Although New York often has the bigger market, many producers prefer the London market because of the large fluctuations in local demand in the United States that influence New York market prices. In some cases international commodity agreements have reduced the significance of certain commodity markets. The focus on commodity exchanges in the traditional sense that is, exchanges trading agricultural commodities, metals or energy products, as opposed to financial products (annex I). These exchanges are, however, described in the context of global futures trade, including financial contracts (annex II). 2.1 TYPES OF COMMODITY MARKET 1. SPOT MARKETS. Spot markets are markets in which a commodity is bought or sold for cash and delivery is immediate, money is exchanged and a product is obtained. Spot contracts, a less widely used form of trading, call for immediate delivery of a specified commodity and are often used to obtain the goods necessary to fulfill a futures contract. 2. FORWARD MARKETS. Forwards are advance payment for future supply, like reserving your share of next years yield. Forward contract are for future delivery of a commodity. 3. FUTURE MARKETS. Futures are a contract on future supply that wont actually be delivered. The purpose of trading in futures is either to insure against the risk of price changes (hedging) or to make a profit by speculating on the price trend. The great bulk of commodity trading is in contracts for future delivery. The operation of futures markets requires commodities of uniform quality grades in order that transactions may take place without the buyer hav ing to inspect the commodities themselves. A futures contract is an agreement to deliver or receive a certain quantity of a commodity at an agreed price at some stated time in the future. 2.2 THE ROLE OF COMMODITY MARKETSÂÂ  IN ECONOMIC. They play a very important role in the global economy in three major ways. First, reducing the price volatility and risk, the market mechanism helps to reduce price volatility by letting human nature work freely. Thereby reducing excess supply of some product in the market by producing less and if there is a shortage of some product in the market, the producers raise their prices and produce more. This brings things in balance as the market constantly adjusts to the current market situation. The system of hedging reduces risk and helps to promote economic growth as farmers, consumers, producers, distributors, etc. can lock in prices of their crops, raw material costs or other input costs. This allows market participants to better plan for their production output, consumption and capital spending budgets. Commodity markets provide the perfect system and place for buyers and sellers to use all of the available information in the market in determination of price at that moment for investment. And finally, the market helps to keep a balance between consumption and production as price adjustments are constantly being made in the market based on supply and demand. Producers and consumers alike decide how much to produce or consume based on market prices and their decisions on production and consumption levels based on daily pricing through commodity futures exchanges around the world helps to keep levels in balance. 2.3 THE ROLES OF THE FINANCIAL SECTOR IN ECONOMIC PERFORMANCES. The most three basic decisions which influence economic performance are; How much to save and how to allocate the flow of savings in investment. How much to consume. How to allocate the existing stock of wealth which would depend on each independent households opportunities, present and expected future income, health, family composition, the costs of goods and services. To examine how a financial sector affects the economy we introduce the direct financial claims. Financial claims are reflected in the flow of funds accounts as liabilities of firms, but as assets of households. Financial market infrastructure which have involved in most developed countries reduces costs e.g. accounting standards, disclosure laws and ratings agencies which would otherwise be borne by individual savers. These markets, conventions and institutions may make it possible for small savers to hold direct claims on firms and achieve a greater return for any given level of risk in allocating th eir wealth. The development of secondary markets in which direct claims are traded helps in increasing the willingness of savers to exchange real assets for direct financial claims and encourages savers to accept longer maturity claims. Brokers, which match savers and investors, as well as organized markets, which publish prices at which direct claims have recently been traded, reduce search and information costs for issues of new direct financial claims and increase the efficiency of direct financial transactions. They provide valuable price to help price new issues of direct claims and to coordinate decentralized economic activity. As indirect financial claims is by means of financial intermediaries. Financial Intermediaries purchase direct financial claims and issue their own liabilities; in essence they transform direct claims into indirect claims. Financial intermediaries monitor changes in the borrowers creditworthiness, collect and evaluate information regarding creditw orthiness at lower cost and with greater expertise than the household sector. Financial intermediary transform a direct financial claim with attributes which the borrower prefers into an indirect claim with attributes which savers prefer, this occurs when the borrower needs large amounts for relatively long periods of time, while savers prefer to hold smaller-denomination claims for shorter periods of time. By pooling the resources, the financial intermediary may be able to accommodate the preferences of both the borrower and savers. Financial intermediary transform the risky, long-term, illiquid direct claims on borrowers into safer, shorter-term, liquid claims on itself that savers prefer by diversifying reducing the financial intermediarys net exposure to a variety of risks and thus reduces the cost of hedging which makes an important contribution to raising standards of living. In addition, governments foster an elastic financial infrastructure which can withstand the u nstable in financial market prices without increasing the shocks to the real economy. 2.4. OPPORTUNITIES ARISING FROM INTERNATIONAL CONTEXT. The opportunities arising from international context is that first, we need to better understand capital markets and the products available and also todays globally reliant economies. The accessibility to foreign markets information products increases everyday and this represent a huge opportunity. Cross-border financial transaction of all kinds has become a common place for investors to make choices in different products. Diversifying in both international and domestic companies will lower their overall risk of their investment portfolio. Opening a country to trade in financial assets offers advantages similar to those that we observed introducing financial instruments in the primitive economy. International specialization on the basis of comparative advantage in financial services, like international specialization in production is likely to enhance efficiency. Confidence in the financial system encourages investors to allocate their savings through financial markets and institutions rather than to invest in non-productive assets in order to hedge against inflation or the risk of financial collapse. 2.5 RISK RISING FROM INTERNATIONAL CONTEXT. Risk is the possibility that something unpleasant, undesirable which might happen in international finance. Consequently, risk cannot be eliminated, it can only be managed and controlled and this process required proper identification and monitoring. The most risk associated with international finance is credit risk, which can be defined as the possibility of the failure of the debtor to perform its legally binding agreement in accordance with the relevant credit agreement. Market risk is associated with the trading activities of investors in securities and other financial instruments and refers to the possibility of losses arising from unfavorable movements in market prices. Traditional financial risk focuses on risks within the financial system, and then efficiency should plainly be the central goal. Foreign exchange or currency risk, which refers to the possibilities of losses attributed to fluctuations and volatility of foreign exchange rates and these can have impa ct on the return on the investment invested. International politics risk where by the government destabilization and consequent impacts on the foreign corporations. Interest rate risks refer to the exposure of the institutions financial condition to contrary the movements in interest rates. Liquidity risk is the lack of ability of a lender or borrower to accommodate decreases in liabilities or to fund increases in assets. Finally, operational risk refers to the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events. Such failures can lead to financial distress through error, fraud, or failure to perform in a timely manner or cause the interests of the financial institution to be compromised in some other way. 2.6. CONCLUSIONS The financial sector mobilizes savings and allows the allocation of credit across space and time. As seen, this not only provides payment services but more importantly products which enables firms and households to cope with the economics uncertainties. An efficient financial sector helps reduce cost and risk for production and trading of goods and services thereby play an important role in raising the standard of living. As seen, are some advantages to international equity issues. It increases as well as diversifies shareholders base. This also improves a firms image and also offering less cumbersome listing the procedures. For most investors, international equities offer the benefits of portfolio diversification and make it possible and also favorable tax treatment. Commodity market plays a vital role in international market, hedging reduces the risk for producers, consumers etc there by helping to promote economic growth. Market infrastructure helps to reduce cost which would have been borne by the individual. Its sustained the economic strength and progress in an increasingly competitive global economy and with access to advance technol ogy. Indeed, we can see how the financial system and the commodity play a vital role in international and their economics performances.

American Society Film Review - 1584 Words

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Online Trading free essay sample

This paper discusses the advantages and disadvantages of trading stocks online, as well as a history of various companies providing this service. This paper discusses the advent of online trading. The author outlines the pros and cons of trading online versus using traditional brokers. Sections of the paper include a look at specific companies providing online trading services, a history of online trading, and a brief look into the future. The stock market has been a part of peoples lives throughout the twentieth century. Millions of people around the world have money invested in their countries own respective markets. Since the coming of age of online trading, more people have been investing their money in stocks than ever before because of the advantages it offers. Online trading allows people to trade stocks quickly without the help of a broker, letting the investors have more control over their transactions. The competition between companies has helped decrease the cost of making the transactions. We will write a custom essay sample on Online Trading or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In addition to that, ordinary people now have access to information that could only be seen by brokers. Overall, online trading saves time, money and gives power to the investor rather than the broker.

Accounting Theory Half a Defence of Positive Accounting Research

Question: Discuss about the Accounting Theory Half a Defence of Positive Accounting Research. Answer: Introduction The main aim of this report is to critically evaluate the article "Half a defence of positiveaccounting research" by Dunmore (2010) in order to develop understanding in the area ofaccounting research theory. On the basis of this article, positiveaccounting research can be defined as a research which is used to successfully complete broader intellectual scientific research projects with the purpose to understand the cause and effect relationships in the world under a study (Dunmore, 2010). Positiveaccounting is considered in this article as a research program, which is aimed to develop human behaviour's casual explanations in accounting settings. The report provides a summary of the article in terms of the main arguments including aim, overall findings, and its theoretical contribution and arguments. It also discusses the value of hypothesis and its relationship with the literature review. It also identifies and discusses the theoretical framework of the paper contributing to the research element. Moreover, it also presents the article's significance and limitations by discussing methodology used and research conclusion that is justified by the methodology, impact of the limitations on the article's significance, and findings. In last, it summarizes the main points by depicting the implications of the critique. Summary of the Article The main aim of the article is to examine the ontology (system) and epistemology (philosophy) of a positive accounting research program. It is found from the article that the logic of statistical hypothesis testing while superficially correspondent to Popper's falsification criterion is not so strong. The main argument behind this is that falsification is not able to perform its normal function because many assumptions must come in the theoretical anticipation and falsifying the anticipation does not explain which assumption is wrong (Dunmore, 2010). It means that the theory cannot actually be falsified. In addition, the author also found that although the potential of the broad positivist research program is strong enough, however it is lowered by insufficiencies in the practice. For instance, some common problems were identified including 'building casually theoretical models to be tested, excessive trust on the logic of hypothesis testing, a lack of interest in the parameters' numerical value, the use of theory as a way to examine qualitative data rather than testing of the explanations, and insufficient replication to justify assurance in accepted findings that affect the use of this program' (Dunmore, 2010). The researcher also argued that the current way of using positive research in accounting is not effective and it is largely incompetent to attain scientific objectives. But at the same time, the researcher also argued that the use of 'Kuhn's description of normal' science can be quite effective in the context of positive accounting research. Thus, it can be stated that this article significantly contributes in developing knowledge towards the effective utilization of positive research program in accounting studies so that better results can be produced and objectives can be attained. It can also be stated that it is essential to use specific models to test theories, better measurement, use of parameters, and extensive replication for designing effective quantitative positive research. Research Question/Hypothesis As a part of intellectual research project, the author developed four hypothesis. The first hypothesis is related with the presence of a world, which is independent to the people's imagination. It is because people do not develop them and therefore, events in such situations cannot be controlled by individuals. The second hypothesis is that in such a kind of world, events have causes, which are also a part of the world (Dunmore, 2010). It is the reason that events are not completely random as well as the results of intervention from the outside world. The third hypothesis is that there is potential for general people to attain fairly dependable and authentic information about events in the world through a careful observation. It also indicates to the importance of observation, which is mainly used for understanding the world and its causes as event. But at the same time, it is also possible that people can be wrong in their observations as observations are not completely disconnected to the world. Lastly, the main purpose of intellectual research project is to use observation to develop knowledge about the world, mainly in the case of causation (Dunmore, 2010). Additional, individuals attempt mental models because these help in correctly mapping the casual processes that take place in the world. All these hypothesis are valuable because these provide a background to successfully conduct an intellectual enquiry. In addition, these are also valuable to prove different theories in the context of positive accounting research. In addition, the results of this article developed based on these hypothesis can be valuable to enhance the relevancy of positive accounting research. Moreover, in an intellectual research, it is also assumed that non worldly things such as gods and spirits cause an event in this world (Dunmore, 2010). But, concurrently, there is disagreement in relation to the thing that cause an event. Similarly, in this article, the role of human behaviour in the context of accounting research is discussed. The author is intended to resolve the issue that how the current practice of accounting research fails to meet the requirements to execute the research program in a successful manner. Through this article, the researcher is not affirming the truth of these hypothesis, but simply asking for a 'willing suspension of disbelief' to allow their discussion. It also indicates that these hypothesis are developed by the researcher on the basis of the literature review to clear the doubt about the truth in the context of positive accounting research. In addition, the author developed these hypothesis for this article in a tentative and conscious way by considering human experiences and value with the review of available literature. The literature review in this article is also supportive to provide sufficient proves in the context of falsification and hypothesis testing as well as the use of models and frameworks to ensure the proper utilization of positive accounting research (Dunmore, 2010). Overall, it can be stated that by developing knowledge regarding existing accounting research theories and models, literature review helps in building hypothesis for this enquiry. Theoretical Framework In this article, the author reviews the wider intellectual project in a brief manner with its system and philosophical assumptions to understand the significance as well as deficiencies of positive accounting research. The author used different theories to examine the importance and inadequacies of positive accounting research. For instance, the use of theory by Kuhn (1970) suggested that "positive research may be a paradigm which is optimal for solving accepted puzzles" (Dunmore, 2010). Concurrently, the example of positive accounting research also provides a theoretical framework for this article. For instance, through the views of Watts and Zimmerman (1978, 1986, 1990), Dunmore (2010) clarifies that the concept of "positive accounting theory" is more extensive than their particular theory. It encourages the author to find the ways that can be used to enhance the effectiveness of accounting research. In addition, the author also used a theoretical framework as 'fundamental model of rational self-interested human behaviour' suggested by Fukuyama (1995, p. 13) (Dunmore, 2010). It shows that human behaviour is not capable to defended in quantitative terms. Concurrently, it is evaluated that this model is correct about 80% of time. It is also the reason that behaviour in accounting context is examined by some accounting research without assuming rational behaviour. For example, judgements by the audit experts, use of discretion by the managers in performance evaluation systems, etc (Dunmore, 2010). At the same time, Popper's theory of falsification and hypothesis testing is also an important part of the theoretical framework of the chosen article. Scientific researchers involve the collection of both qualitative and quantitative data and Popper's criterion is helpful to understand the philosophy of science at all (Michael, 2015). The use of this theory is beneficial to perform positive accounting research in a scientific context. In this article, the criteria of falsification is applied to evaluate the possibility of developing falsified principles within the positive accounting research. As per the falsification criterion, a theory can only be scientific when the variables can be developed in terms of principles (Baruk, 2008). Moreover, audit-complexity and audit-fee are other parts of theoretical framework in this article, which are used to discuss the importance of measurement in comparison of the testing. In order to enhance the effectiveness of positive accounting research, it is essential to define and measure the concepts so that the testing can be made more reliable and valid (Mintz, 2013). In this article, through the use of principles and assumptions, normal science theory of Kuhn is discussed. This theory shows that to make sure about the presence of scientific nature in a theory, it is important to discuss common paradigm. Moreover, normal science theory states that success of each theory is not critical due to the importance of problem-solving science nature. This theory also promotes the organization of in-depth study with the adoption of a puzzle solving approach for conducting scientific enquiry (Biondi and Zambon, 2013). At the same time, this theory is considered in this article as an impo rtant way to identify the limitations of positive accounting research. The Significance and Limitations of the Article On the basis of the review of the chosen article, some implications and limitations are identified. The key strength of the article is related to the method of data collection as it enabled the researcher to define different models and theories in the context of positive accounting research (Hoque, 2006). Moreover, it also supported the researcher to justify the arguments for deficiencies in the practice of current positive accounting research. In addition to this, the inclusion of literature from qualitative and quantitative research perspective, accounting, and auditing also enabled the author to design a suitable theoretical framework for this study (Dunmore, 2010). The use of Popper's criterion was also significant to learn about the process of hypothesis testing. Concurrently, the author also found this theory's limitation as it does not include any aspect to invent a new theory. The author also discussed the importance of creativity and imagination process to enhance the streng th of positive accounting research. The consideration of ontology and epistemology of positive research by discussing interpretive and inductive aspects as well as human behaviour, rational conduct, and normal science theory are also effective to enhance the validity of this article (Wolk, Dodd, and Rozycki, 2016). In addition, it can also be discussed that the author described the theoretical conclusions from the research. For instance, the author discussed that the example of positive research in accounting has no means exhaustive, but he effectively defined that the concept of positive accounting research is large enough than the theory. The author also concluded that 'any research aiming to understand the nature and causes of particular accounting phenomena, even if those causes lie in non-rational aspects of human psychology, qualifies as positive and scientific accounting research' (Dunmore, 2010). In their views, the accounting phenomena is caused by 'the operation of rational self-interest among parties who interact through express or implied contracts in various types of organization'. The author acknowledged the limitation of this theory as Dunmore (2010) clearly discussed in this article that Watts and Zimmerman's theoretical model does not draw appreciably all the areas of positive accounting research. But, at the same time, this theory is significant to make accounting choices by the managers of the company, reporting and pricing decisions by auditors, standard setting decisions by the politicians and regulators, and expert advice offered by the academics (Mattessich, 2007). Thus, it can be stated that the author provided effective theoretical conclusions from the research that are also justified by the methodology. For example, the author provided recommendations in the article for quantitative positive research, which enhance the validity and reliability of the researc h outcomes. Conclusion In order to summarize the above discussion, it can be concluded that this article includes adequate discussion of different models and theories, which are effective to develop knowledge regarding the positive accounting research. In addition, it can also be stated that the recommendations provided in this research are also effective to successfully complete a scientific quantitative research study. In addition, the researchers can avoid insufficiencies such as building of theoretical model, lack of measurement, and hypothesis testing model in order to make sure about the success of accounting research. References Baruk, I. (2008). Causality I. A Theory of Energy, Time and Space, Volume 2. Lulu.com. Biondi, Y. and Zambon, S. (2013). Accounting and Business Economics: Insights from National Traditions. UK: Routledge. Dunmore, P.V. (2010). Half a Defence of Positive Accounting Research. Retrieved From: https://www.massey.ac.nz/~pvdunmor/HalfaDefence.pdf Hoque, Z. (2006). Methodological Issues in Accounting Research: Theories, Methods and Issues. Spiramus Press Ltd. Mattessich, R. (2007). Two Hundred Years of Accounting Research. UK: Routledge. Michael, M. (2015). Evolution by Natural Selection: Confidence, Evidence and the Gap. USA: CRC Press. Mintz, S. (2013). Accounting for the Public Interest: Perspectives on Accountability, Professionalism and Role in Society. Germany: Springer Science Business Media. Wolk, H.I., Dodd, J. L., and Rozycki, J.J. (2016). Accounting Theory: Conceptual Issues in a Political and Economic Environment. USA: SAGE Publications.

A beginners guide on how to become a teacher

A beginners guide on how to become a teacher Few people have the power to affect others’ lives as much as teachers do. From childhood classrooms to continuing education programs (because it’s never too late to be a student), teachers bring that educational expertise and commitment to their own career paths, choosing a profession that may not make them millionaires, but can bring incredible fulfillment. If you’re thinking about this profession as a student or as a career changer, we’ve got the tools you’ll need to get started- and to succeed once you become a teacher. What do you want to teach?First, it’s important to think about what you want to teach. Are you better with young kids or are you more into subjects better suited to high schoolers or college students, like advanced math or English? Sometimes picking that specialty is easy- maybe you’ve already got a passion for conjugating French verbs or are a whiz with kids who are just learning how to do the basics. If you know yo u want to be an educator but aren’t sure yet what path to take, it can’t hurt to start with a little quiz and some background info about different kinds of teaching careers.What Grade Should You Teach Based on Your Personality?10 fulfilling teaching jobs that pay more than $60k per yearHow to jumpstart your career in educationHow to become a paraprofessionalHow to become a substitute teacherHow to become a kindergarten teacher10 teaching jobs you can get outside the classroomOr maybe you’re not trying to figure out what you want to teach, so much as the why. What does the teaching field look like? What can you expect once you get in the classroom? Is it even a good fit for you? Now is the time to figure that out.A quick guide to understanding what it takes to be a teacher5 reasons teaching might not be for youWhere are the best paying teacher jobs?Once you’ve decided, â€Å"Okay, this is what I want to do,† it’s time to pick the where. Teach ing can be totally different depending on where you are- an urban classroom in Chicago may have very little in common with a rural classroom in Texas. There’s also the matter of salary. The common saying goes that teachers are chronically underpaid for everything they do, but the pay can vary pretty widely depending on where you are. If you have some geographic flexibility, it’s worth looking around the country to see where you can make the most out of your teaching salary, looking at factors like the pay itself and the cost of living. And don’t discount the â€Å"where will you be happy?† factor. If you pick Alaska due to the crazy high teacher salaries, but hate the cold, then that impacts your quality of life, and ultimately your career as well.One of the best things about teaching is that the skills are transferrable- the main difference between teaching in one place and another is that each state has different requirements, so when you’re scop ing out a place to stake your teaching career, be sure to check out what kind of training and certification are necessary for the level you want to teach.The top-paying cities for teachersThe teacher job searchThe first step on your teaching job hunt, as with any job search, is getting your resume and cover letter in order. Because education and certification are so important for future teachers, it’s important to make those elements shine in your application package, even if you don’t yet have a ton of teaching experience.Check out the following information on creating your best possible resume.Strategies for writing an ideal teacher resumeHow to write a perfect teaching resume (examples included)Does your resume pass this key checklist?Resume summaries- how to write and use themPowerful Action Verbs That Will Make Your Resume Look Like a Million BucksAnd here are some tips for writing a cover letter to get you noticed:Cover letter guide: Writing your best cover lette r for 2017How to Write a Perfect Teacher Cover Letter (Examples Included)Preparing for the interviewAnd it’s not just the resume and cover letter you need to prep- the interview is a key part of the process, whether you’re looking at your first in-person interview for a teaching job, or an interview to help you move up a level in your career.Top 5 School Administrator Interview QuestionsThe ultimate guide on how to ace any job interview8 interview strategies for introvertsDon’t underestimate the power of your interview outfit- as a teacher, you’ll be expected to look respectable and professional in the classroom and out of it. For teaching jobs, it’s best to err on the side of a conservative outfit. You don’t want to scandalize the interviewer, and make them think that you’ll show up at school in something inappropriate for kids.The 5 types of interview outfitsAs a teacher, it’s also important to have an elevator pitch beyond à ¢â‚¬Å"I’m a teacher,† or â€Å"I’m a recent grad who wants to teach.† Your elevator pitch can help you craft the narrative of who you are as a teacher, and what you value most as an educator.How to create your elevator pitch and get hiredIn the classroomOnce you’ve gotten past the job search and are thinking ahead toward settling in the classroom, there are also some tips and insights you should keep in mind even before day one of teaching.10 tips all new teachers should know10 TED Talks to inspire teachersWhatever you encounter on the road to becoming a teacher, remember: you’re choosing a path that many people are just not willing or ready to take. We want to do everything we can to help you achieve your own goals as you take on the joys and challenges of teaching. Good luck!

Market report for Dubal

Market report for Dubal Introduction The US is renowned for its rich democratic space, strong consumer power, and business astuteness. However, its economic downturn and high cost of business may impede success there.Advertising We will write a custom research paper sample on Market report for Dubal specifically for you for only $16.05 $11/page Learn More A company needs to look into the external and internal factors that will affect it when it enters the international market. The purpose of the report is to determine whether Dubal, a UAE aluminium manufacturer, should enter the US market. Macro business environment political The Unites States of America is a federal state, in which the head of state is the president and the constitution is the supreme protector of citizens’ rights. It has a strong judiciary headed by the Supreme Court and is backed by an equally influential parliamentary system. Therefore, the three centres of power are the executive, the Judiciary and Con gress. Two parties dominate the country’s politics; that is, The Democratic Party and the Republican Party. The latter part depends on business donations for campaign funding while Democrats get it from organised labour. Consequently, parties in office may make policies that protect the interests of their funders. Dubal’s ability to safeguard its needs will depend on the ruling party and their affiliations. Nonetheless, the country is a strong democracy and has a stable political environment. It is unlikely that Dubal will experience cases of war or civil conflict in this nation. Trade restrictions and protectionism exist, albeit at low levels. Constraints exist regarding the legality of a business; Dubal will have to go through a long process before being recognised as a legal entity. Additionally, zoning restrictions exist on firms that can bring goods into the country. Copyright and patent laws are quite severe in this country. Dubal may find difficulties in competi ng with older aluminium companies as they may possess patents over certain business processes.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, the country has several requirements on training workers, and licensing is a lengthy process for foreign businesses. Employers are obligated to pay for medical insurance as well other policies, so this may increase Dubal’s labour costs. The UAE and US do not have special trade agreements; however, substantial business still occurs between these two countries. As of 2011, the US had exported $15.8 billion worth of merchandise while the UAE imports about 2.4 billion worth of goods. Since the UAE is not in NAFTA or other trading groups with the US, then trade restrictions on products need to be expected. Minerals are not protected goods, so Dubal will need to pay a huge amount for its raw material-bauxite- if it c hooses to produce in the US (US Department of Energy 13). Macro business environment-economic The US has the second largest economy in the world. As of 2011, its GDP stands at $ 14.82 trillion. This implies that Dubal will have a large consumer market to sell its products to. Additionally, the country recorded a 1.5% increase in the economy. Statistics also indicate that the US is the biggest importer of goods in the world. It allows approximately $2.314 trillion worth of merchandise into its borders. If Dubal opts to enter the market as an importer, then it will have a conducive environment for doing so. The most significant contributor to the economy is the managerial sector while manufacturing accounts for only 0.7%. Dubal will not be entering into a manufacturing zone, and this could prove to be quite useful to the organisation. The US economy is still underperforming thus implying that key product markets, such as the automobile industry, have diminished demand for aluminium pr oducts. The US has several resources such as oil deposits. However, it does not have bauxite, which is the primary raw material for production of Aluminium. Dubal may, however, save on costs by sourcing its supplies from the South American market. Some bauxite-rich nations in this region include Venezuela and Brazil (CRU International 54).Advertising We will write a custom research paper sample on Market report for Dubal specifically for you for only $16.05 $11/page Learn More Unemployment rates are at an alarmingly high rate for a country of such a level. It now stands at 9.1%, and is ranked 105th. This is still an all-time low for the nation. Consumers may be hesitant to buy new commodities like cars and houses, yet these items are made from aluminium. The US’ budget deficit is also at an all-time high; it now stands at $599.9 billion while its external debt to the world is $14.71 trillion. This makes it the second most indebted nation in the world . If Dubal plans on entering such a nation, it needs to prepare for constrained buying habits and rigid monetary restrictions as the government is trying to do as much as possible to cut down on expenditure. Even loan negotiations from banks might be challenging as financial institutions are dealing with the backlash for encouraging this over expenditure. Financial institutions have created high financial obligations and losses that must be paid by consumers. Failure to honour these responsibilities could cause the entire financial sector to go bankrupt. Transport, communication and other infrastructural facilities are already set up in the country. The level of development in the US implies that most of these needs will be easily catered for. Dubal, which depends on a steady supply of electricity, will not suffer from intermittent supplies. It will also not be necessary to invest in back-up generators as the nation’s electricity suppliers are dependable. Additionally, it is relatively easy to get credit in the nation as the country is ranked 4th in the world. Enforcement of contracts is taken seriously in the US, so Dubal will be protected from contract defaults by its business partners. Furthermore, the country does not have complex business networks such as the Chinese system of family ties. Therefore, Dubal can do business with organisations from the business directory. Minimal restrictions exist among the population concerning trade. Macro business environment-social The US is a culturally diverse country, and since the UAE also possesses this trait, then it will be easy to do business there. English is the US official language, and most residents of the UAE are now familiar with it. While individuals are religious, they tend to separate religion from business life. Additionally, most individuals do not pay attention to family ties when doing business, so this will favour Dubal.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Micro environment-competition Several aluminium producers already exist in the US, such as Alcoa, Century Aluminium, RUSAL, Alcan, and Chalco. Alcoa accounts for 54% of market share in the target market, and has a presence in other parts of the world. In fact, these dominant players will minimise Dubal’s capability to operate successfully in the market. RUSAL is one of the most formidable aluminium producers in the international aluminium industry, it controls 16% of the world market and has integrated various aluminium-based firms. Some of them are producers of bauxite while others manufacture aluminium (Aluminium Industry Association 15). Furthermore, some of them even produce packaging material and electricity products. Alcan is a Canadian firm, and has an advantage over other players owing to its high product volumes. Chalco on the other hand is a Chinese-owned firm that dominates is domestic market as well as a substantial portion of the US market. Foreign competitors fr om China are a force to reckon with. The entrance of Chinese players in the US market leads to market surplus hence price declines. The market for aluminium products is highly accessible. Companies need to choose the best strategies for entry, and they have a chance at succeeding. Most equipment and resources needed to manufacture the product are found in the country, but Dubal would be better of it imported these products from its cheapest markets. Nonetheless, it is likely that, in the long run, the growth potential for this company will be quite low since the US is saturated with aluminium smelters. Approximately 12 companies are responsible for performance in this industry. However, in the next five years, it is likely that domestic demand will grow if the economy improves. Projections indicate that the US aluminium industry will increase by 12% in 2013. Such changes will stem from better energy supply, government support, and cost efficient technologies. Furthermore, consumersà ¢â‚¬â„¢ need for sustainable construction practices is likely to increase the demand for Dubal’s product (Green 46). Profitability in the aluminium industry has not been very promising. In 2009, some 6 aluminium smelters closed their businesses. The biggest problem for most organisations is high production expenditure. These organisations need to pay a lot of money to use electricity. Additionally, the US lacks bauxite resources, so many firms need to import their own resources and this costs them considerably. If Dubal opts to take production into the US, then its profitability could be substantially diminished. However, if it only treats the US as a market, then chances are that it will have a greater competitive edge. Consolidation is now a reality in the industry and could be used as a source of competitive advantage for Dubal. The most powerful player in the world-RUSAL is using this strategy to remain a market leader (Bloomberg 40). Likewise, Dubal ought to borrow and customise that approach. The firm can merge with large aluminium purchases in order to foster cost management. Vertically integrated firms in the global aluminium industry are generating their own electricity. Access and prices of power can substantially reduce if Dubal has control over them. In fact, this explains why many aluminium firms are choosing developing nations as new target locations. They can produce electricity cheaply and efficiently in those areas. If Dubal chooses to generate its own electricity, then it ought to do this in the UAE rather than in an expensive country like the US. The organisation can also instate strong governance structures that emphasise strong environmental performance, human rights, and community relations. Additionally, the firm may focus on low cost energy sources since these would cut costs and secure better prices for the product. It should also have a green innovation strategy. Dubal should consider importation as a strategy for entrance int o the US market. This will protect the organisation from the high production costs that stem from operating in the US. All processing should occur in the UAE, so that it can have a ready-product to bring into the US. The US has fewer import restrictions on aluminium than it does on bauxite. Microenvironment-customers The principal type of consumer in the US aluminium market is the manufacturer. Therefore, Dubal Aluminium should consider using B2B partnership models to do business. Some of the frequent buyers of aluminium include automobile manufactures, bicycle, motorcycle, railways and aircraft firms. Beverage manufacturers such as Pepsi and Coca Cola need to the product to make cans and foils. US consumers are generally known for their impulsiveness. However, because Dubal sells intermediary products, then the same psychology cannot be applied to their products. Many B2B approaches work by initiating a strong relationship with the targeted enterprise. Dubal needs to demonstrate th at its products are superior or that they come at a lower price with no compromise on quality. These factors will set them apart from other retailers. American firms focus on product quality more than affordability so Dubal would be better of if it focused on the first approach. In addition to these differences, it may be imperative for the company to sharpen its negotiation skills as American buyers are astute bargainers. Culture has a positive impact on business in this nation because most people are individualistic. They are highly competitive and always do due diligence before getting into a business arrangement. Furthermore, it is the most qualified person that wins a contract rather than the most affable one. As such, Dubal needs to focus on its tangible advantages and business numbers if it wants to get a market there. Conclusion The purpose of the report was to establish whether the US is a feasible target market for Dubal. It was found that the cost of production is too hig h, owing to absence of the main mineral ore and high electricity costs. Additionally, there is stiff competition from local players. However, the US ranks well in terms of ease of doing business. Dubal should produce in the UAE and consider exporting its finished products to the USA. Aluminium Industry Association. The versatile metal. London: McMillan, 2005. Print. Bloomberg, Jerry. â€Å"Short run demand and supply elasticities in the West European market for secondary aluminium.† Resources Policy 26(2005): 39-50. Print. CRU International. Report in the aluminium and alumina industry. London: CRU International, 2008. Print. Green, Samuel. Aluminium recycling and processing for energy conservation and sustainability. NY: ASM International, 2007. Print. US Department of Energy. US energy requirements for aluminium production. Washington DC: DOE Press. Print

Strategy mapping & the learning and growth perspective Essay

Strategy mapping & the learning and growth perspective - Essay Example There has been a significant revolution in the business environment attributed to formulation and implementation of strategy mapping. On the other hand, prosperity in process of formulating and implementing strategy mapping in organizations has been facilitated by application or incorporation of Balance Scorecards In this case, strategy mapping has been applied in processes of facilitating learning and growth in various organizations, while balance scorecard is used in implementation and evaluation process (Sharma, 2012). Nevertheless, this paper explains processes involved in formulation and implementation of strategy mapping, its relation to performance management, thereby establishing value propositions; in fact, this discussion will be established theoretically. The ultimate purpose of implementing strategy mapping in an organization is to bridge learning and growth gap. In this case, strategy mapping offers sets of guidelines, which facilitate increased performance management in an organization. Besides, Armitage and Scholey (2006) explain that strategy mapping offers these guidelines in a systematic format. Strategy mapping has also been considered a reference, based on four principle interest groups. Strategy mapping based on learning and growth point of view resonates around employee capabilities and other success factors. In this case, Sharma (2012) explains that employees’ capabilities relate to their levels of skills, access to transactions, continuous training and development programs. In addition, it also focuses on employee satisfaction, which has been regarded as precondition for facilitating employee productivity and level of quality in services offered to customers. Other growth factors facilitated by strategy mapping include information system capabilities, motivation and empowerment of employees in an organization (Sharma, 2012). Numerous organizations have been seeking guidance and directives to supplement effort required in implement ation of maps and scorecards. Therefore, strategic mapping and Balance Scorecards has become solutions to organizations’ problems, whereby they serves as a bridge between theories gathered from different literature and processes of implementation. On the other hand, other organizations are seeking certain consultants, which can offer benefits based on framework in strategic mapping guidelines. Furthermore, Armitage and Scholey (2006) assert that other organizations stand chance of benefiting from strategic mapping by becoming consultants. Strategy mapping facilitates communication of strategies in organizations, given that they provide guidelines, which in turn describe model applied in implementation process. The strategy map developed through this model is helpful to managers in organization (National Institute of Standards & Technology [NIST], 2012). In this case, these strategy maps become solutions to problems faced in processes of executing a strategy. Besides, these ma ps help organizations to attain desired results, through a substantially developed strategy meant to improve and align various functions in an organization. Some of these functions include, strategy planning, budgeting, compensating employees and monitoring their performance (Armitage & Scholey, 2006). In addition, strategic mapping offers ways to improve chances of implementing learning and growth strategies in organizations in order to facilitate effective operating and financial performance. Nonetheless, this paper will also focus on conducting analysis, which presents actual comparison and contrast between BAA’

Consumer Behavior. Answer 4 Questions Coursework

Consumer Behavior. Answer 4 Questions - Coursework Example All over the globe, the use of these status goods is observed and its abuse is also rather evident. Medieval ages definitely did not have status symbols, however their emergence rather proceeded from the 19th century (Denselow, 2010). Now in 2013, the idea of a status symbol somewhat differs from the one before it, and correspondingly 2012 showed an additional side of these symbols and as far as we can go, every year the ranks of these symbols changed, from nice ties, pleasant coats, gold rings to posh cars and houses. Even braces today are a part of the status symbols! Crazy as it sounds, that’s how it goes. Every year brings new modifications which also alter the current trends and fashion proceeding into newer trends every season. Yes, these symbols have no end to their existence. They have existed for years and years, if today wearing a Rolex watch and owning a sumptuous car is the idea of a status symbol, tomorrow maybe a nice villa in Miami would be the part of an ideal lifestyle. It has now become a matter of prestige to own these goods; their fewer occurrences in somebody’s life depict the non-existence of money and low status, which by the upper classes is exceedingly detested. According to them, a person without these status symbols should be led to a scaffold to be punished. It is tormenting to observe such detestation for the people who cannot afford these things. But people even believe in running around in ugly clothes, bad shoes, live without food but NOT without these luxuries. By these explicit reactions, it is rather a matter of prestige now and the denial of this statement by a few would not really matter. The universities, colleges and schools have become a status exhibiting conventional area where people come and compete to win the rank of the classiest, rich and elite person in the whole vicinity. Aren’t these places meant to increase educational programmes; they surely are but the current inclination towards status ha s changed this course into a posh museum of ranking. Modern generation sermonizes this stuff to look more up-to-date, rich and stylish. It is a matter of perception though. To look stylish and gain confidence, you can also get yourself educated, be honest and not practice chicaneries observed by a huge lot: ‘The cult of luxury shopping is spreading’ (Day, 2011). But if the youth prefers to hold on to the status symbols and not the dignified ways, then it is clearly their choice. 1) Do you believe that your peer group value â€Å"status symbols†? Status symbols are the objects of luxuries which are preached all over the world for their high demand. Definitely, with no doubt, not just my peers value them but people all over the world with access to money, or even the ones who aren’t that wealthy, are in a hunt for them to flaunt their monetary status in the society and build a brawny influential image in front of the ones around them. Status symbols do not m ake sense on any intellectual level but they have a lot to do with the social hierarchy. Society here is divided into two sectors the haves and the have-nots. Possessing a status symbol is considered to be a must have and the ones who fail to do so is considered insignificant in today’s age. It is very imperative in today’s world, because the possession of a status symbol signifies your social status, that whether you have crossed the dividing line between rich and poor and how well suited you are to the current

Obama or Romney Essay Example | Topics and Well Written Essays - 750 words

Obama or Romney - Essay Example Firstly, this brief essay will consider Romney. Romney claims to have a very different view from the President with regards to the Affordable Health Care Act of 2009. However, the fact of the matter is that while governor of Massachusetts, Romney instituted a healthcare plan statewide that served as the very inspiration for the later adoption of the Affordable Health Care Act. As such, Romney continues to attempt to distance himself from this and claim that if he is elected president he will do all in his power to overturn the legislation. Obviously, such a disconnect from action/practice and actuality does not help Romney to appear as a steadfast candidate with regards to this particular issue. Similarly, much the same is true with regards to Romney’s stance on abortion. While campaigning for the gubernatorial race of Massachusetts, Romney went out of his way to emphasize that he was a pro-choice candidate. Similarly, most of the issues that involved abortion he masterfully d odged without coming down too hard in either direction. Yet, as he is running for a nationwide audience now and not merely for the gubernatorial candidacy of a small moderately liberal northeastern state, Romney has tracked to the right significantly and now claims that he will make it a policy directive to use his power to enforce the â€Å"sanctity of life†. Such a disconnect from his prior positions begs the question to what degree Romney is merely playing to the base of the Republican/conservative movement and what degree he actually espouses such a newfound believe in the sanctity of life. The case with Obama is somewhat different. Due to the fact that Obama is a sitting president, it is much easier to measure his actions against the words that he spoke back in the 2008 presidential election cycle. Although like any politician, Obama has embellished a bit and claimed to be able to perform feats that no president be reasonably expected to perform, the fact of the matter i s that in regards to the main issues, Obama has remained decidedly issue oriented and issue focused. With respect to his campaign promise to engage with Congress to create a lasting and historic solution to the issues that face many Americans in regards to healthcare, Obama, with the help of a Democratic controlled Congress, enacted the Affordable Health Care Act of 2009. Additionally, Obama has also made good on his campaign promise to cease military operations within Iraq and bring the majority of combat troops stationed there back home. This campaign promise and its ultimate implementation was an important step due to the fact that it allowed him to take an increased role of tracking al Qaeda and in helping the United States to locate and kill Osama bin Laden; the mastermind of the September 11th attacks that killed over 3,000 United States citizens. It should be noted though that this author does have a strong issue with the President’s foreign policy. Whereas he campaign ed on a platform of military non-aggression and sought to bring the majority of US combat troops home as a function of ending the pointless Iraq war, he entirely failed to keep the

Sources of stress in elite football players

Sources of stress in elite football players Sources of stress in elite football players. Abstract In this piece we shall look at stress, its definition, and its potential occurrence in the world of the professional football player. We will examine the possible sources and use current literature sources to support our assertions. Having done that we shall examine in detail the case of Mr Vasey, a youngster who embarked on a professional football career but did not make it onto the elite circuit. We shall examine his personal account for evidence to support or refute our assessment. If you read some of the tabloid newspapers, you could be forgiven for thinking that an elite footballer’s life is little more than huge amounts of money, fast cars, a succession of pretty women and endless adulation from mindlessly adoring fans when performing on the football pitch. Some of the more disreputable papers may also dwell on a slightly different (but generally equally false) aspect of their life, the drink, drugs, sordid sex romps in hotel rooms and gambling. The truth of the matter, in the vast majority of cases, is that the elite footballer is a finely honed athlete at the peak of his training. He is required to perform daily in training routines and in the gym, less frequently on the pitch, and put himself at risk of career threatening injuries on a regular basis. All this is done in the full knowledge that he has worked his way up a professional ladder to a comparatively short window of elite performance and that there are always many more hopefuls who are climbing up behind him either waiting to push him off or to watch him as he falls. You may regard the introduction as rather melodramatic, but it is intended to illustrate the very different perceptions that are commonly held about the lifestyles of the elite footballer. In this piece we are going to review the stresses and pressures that are commonly experienced by this elite group and also how they (generally) manage to cope with them. We also intend to illustrate the theoretical problems faced by the elite footballer with a real case study of a young man, Mr Peter Vasey who has gone a long way to becoming one of the elite group and then, for various reasons, which we shall discuss, decided not to pursue it further. Stress and Stress management We all think that we know what stress is and that we can easily recognise it. It actually proves to be a very hard item to define as firstly, it is important to distinguish between physical (biological) stress and psychological stress. The two are clearly related but fundamentally different. Secondly, stress is a multitude of different responses to a multitude of different potential causes. In this piece we are going to consider the various causes of psychological stress on elite footballers. In this context we can look for a definition of stress in a particularly informative article by Crampton et al. (1995) . She reviews the various definitions of stress. â€Å"Hans Selye (1956), a pioneer in stress research, has defined stress as the non-specific response of the body to any demands made upon it (Kreitner Kinicki, 1992, p. 597). It is considered to be an internal state or reaction to anything we consciously or unconsciously perceive as a threat, either real or imagined (Clarke, 1988). Stress can evoke feelings of frustration, fear, conflict, pressure, hurt, anger, sadness, inadequacy, guilt, loneliness, or confusion (Cavanagh, 1988). Individuals feel stressed when they are fired or lose a loved one (negative stress) as well as when they are promoted or go on a vacation (positive stress). While many individuals believe they must avoid stress to live longer, Freese (1976) argues that it is the salt and spice of life and that to have no stress we would have to be dead.† Selve defines the basic â€Å"biological† interpretation of stress while the Kreitner definition starts to incorporate the possible psychological elements that generate the biological responses. Clarke adds to our understanding by considering the psychological responses that can be produced by various stresses and Cavanagh modifies the definition further by introducing the concept of positive and negative stress. Freese makes the very perceptive comment that stress is an integral and inevitable feature of life itself. This particular insight can be taken rather further insofar as there are some individuals who find stress hard to cope with (non-copers) and others who appear to positively thrive in stressful situations (copers) In terms of our footballers under consideration, we must accept that stress can, and does affect performance as we shall discuss (see on). Basic psychological   theory shows us that individuals who are less than optimally stressed may not make enough effort to achieve their designated goal whereas those who are overstressed may not be able to concentrate on the task in hand and perform to their maximum capacity. In either eventuality it is clear that optimal performance is impaired. Equally it follows that there is an optimal amount of stress to achieve optimum performance. In practical terms, that â€Å"optimal amount† is only really possible to quantify in retrospect, and that is why many would describe the work of the team manager, coach and trainer as an art rather than a science. Haspels (2004) looked specifically at the levels of stress in pre- and post-match footballers. Unsurprisingly, he found that the highest levels of stress were found pre-match in an International game. One of the standard measures of stress in the resting subject is the cortisol level. Unfortunately physical activity also puts up cortisol levels so one of the major predictors of stress was rendered useless in this study. Haspels also found that the players performed best when their stress levels were controlled before the game   Work by Anshel (2001) looked at the causes of acute stress on the playing field and came to the rather surprising conclusion that the major causes of stress in that particular situation was consistently found to be receiving what was perceived to be a bad call from the referee and making a major physical error (missed kick etc.) When these eventualities occurred, the athletes concerned tended to make negative cognitive appraisals followed by an avoidance coping strategy. The same study also found that approach coping was most commonly seen after positive appraisals. These observations clearly support the transactional coping model. The use of appraisals and coping strategy was directly dependent on the perceived nature of the stressful event. Stress is an inherent part of football. It may, in part, be added to by the unrealistic expectations of the coaches, managers and the fans. Every team in the league is told that â€Å"this year the cup will be ours† at the beginning of the season and all the training, playing and motivation will be directed towards winning it. The reality, of course, is that only one team will win it. Continued stress has been cited as the main reason for many of the younger players (including our study subject) for their lack of enjoyment and subsequently leaving the game. It is interesting to note that many sources cite youth as one of the causes of acute stress on the grounds that the youngster may not yet have developed the physical sports skills and coping strategies that the older, more experienced players have. We will not consider this element further as our concern in this piece is primarily the elite footballer who, by definition, has already mastered his game. In broad terms, according to Lazarus (1999), coping with stress consists of a person’s conscious attempt at managing the demands and intensity of events perceived as stressful or improving ones personal resources (e.g., positive affect, confidence, self-control) in attempting to reduce or manage ones perceived stress intensity. He also observes that one of the critical factors in an athlete’s adoption of a particular coping strategy is their cognitive appraisal of the stressful event or situation. Lazarus sums up his appreciation of the coping response as an athlete’s ability to accurately appraise the situation and the subsequent use of an appropriate coping strategy as the critical factor in explaining an athlete’s physiological and psychological adaptation to stress in sport.  Ã‚   Method Our method of investigation falls into two parts. In terms of the stresses faced by elite footballers and their coping mechanisms, we have consulted, appraised and quoted authoritative literature on the subject. In terms of the real problems faced by Mr. Vasey, we have interviewed him and the results of the interview are appended to this piece as appendix I Sources of potential stress Clearly there are a great many sources of potential stress that our hypothetical elite footballer may face. Broadly speaking they can be categorised into:- Sport related stress.  Ã‚  Ã‚   Performance anxiety  Ã‚  Ã‚   Alpha male problems in a team game  Ã‚  Ã‚   Age  Ã‚  Ã‚   Competition stress   Ã‚  Ã‚   Constant motivation  Ã‚  Ã‚   Exercise dependence   Ã‚  Ã‚   Constant levels of fitness  Ã‚  Ã‚   Injury concerns   Ã‚  Ã‚   Dietary concerns  Ã‚  Ã‚   Drug monitoring concerns  Ã‚  Ã‚   Premature retirement Financial  Ã‚  Ã‚  Ã‚   Living up to a perceived lifestyle  Ã‚  Ã‚  Ã‚   Transient nature of   income  Ã‚  Ã‚  Ã‚   Income dependent on continued performance Publicity related  Ã‚   Media attention  Ã‚   Family intrusion  Ã‚   Privacy intrusion Direct stress-related problems  Ã‚   Drink  Ã‚   Drugs  Ã‚   Relationship problems   Ã‚   Cognitive functioning   Let us consider each one of these potential stresses in turn Sports related stresses Performance anxiety In a well written and comprehensive article, Poczwardowski and Conroy (2002) discuss the stresses and coping mechanisms of elite performers. They categorise the various coping mechanisms into 36 sub-categories on the basis of direct interviews. The standard categorisations of problem-focused, emotion-focused, appraisal-focused, and avoidance-focused etc. were amplified and extended to cover a greater rang of detected strategies. For example   greater motivational changes after failure was reported by one athlete as a stimulus to train harder so as not to fail a second time. Stress can affect different sportsmen in different ways. Some appear to thrive and perform well, others find that it is a bar to optimum performance. Those elite footballers in the first category do not need any intervention as far as their performance in the game is concerned but an interesting study by Solberg et al. (2000)   looked at the use of different relaxation techniques pre- and post performance in elite athletes. They found that athletes who practised meditation-related relaxation techniques had their blood lactate levels returning to normal quicker than their non-relaxed counterparts. Contrary to expectation however, they found no significant difference in their levels of pre-exercise anxiety. Alpha-male problems in a team game This is an anecdotally reported phenomenon which does not appear to have been investigated from a scientific perspective. The typical alpha-male personality type is over represented in the elite footballer community. Aggression, speed, firmness of decision making, independence and rapid responses are all prized attributes of the elite footballer. These are seldom attributes that are seen in the personality types that are happy playing as an integral part of a team. Football, by its very nature, is played by a team of eleven on the pitch and off the pitch, a very much larger team is involved. Prima Donna behaviour, typical of the alpha-male, cannot be easily accommodated in such circumstances. It may be tolerated as long as the player concerned is delivering the results, but it can be an enormous cause of stress when the results stop being delivered. Age Footballers get older. In terms of their professional use, they age perhaps faster than professionals in other fields. There is a very narrow   â€Å"window of opportunity† for them to be at the top of their chosen field. To play at elite level for more than a decade is considered to be quite unusual. Part of the reason for this is the natural ageing process which is present in every other individual, but also there is the ever-present problem of both career threatening injury and also the huge wear and tear on the joints (see on) which can give rise to significant health impairment in later life. Turner et al. (2000)   examined this problem in some detail and their results make impressive reading. Their cohort were all professional footballers. 32% of whom reported having surgery on at least one occasion. Of those, over half had knee surgery and a quarter of those had complete joint replacements. 15% reported having hip surgery with another 9% awaiting surgery. Others in the group were having non-invasive treatments. Nearly half had physiotherapy in one form or another for injuries sustained during their career and over a quarter were having some form of analgesia or anti-inflammatory drugs for pain associated with football injuries. Osteoarthritis (OA) was diagnosed in at least one site in nearly half of the respondents and the vast majority of those were hips and knees. Significantly nearly 10% were registered as disabled due to OA and, very significantly, 72% of all respondents agreed with the statement   I am concerned with how OA may affect my body in the future, clearly a major source of potential stress.(Barlow et al. 2000) Although joint problems were, predictably, seen as the most common pathology, other morbidity was found. Neuropsychological problems were not uncommon, presumably related to episodes of concussion or repeated trauma such as heading the football. 10 of the group reported problems such as memory complaints, dizziness and headaches. Sport related problems included early retirement, enforced reduction in working hours or even a change to a sedentary occupation. Not only can all of this be viewed as a major source of stress to those who are suffering because of it, but also it must be stressful for the still-active player who may know what may be in store for him. Competition stress This is an area that has been extensively studied. Competition stress can be an enhancer for some players but equally it can be an inhibitor for others. There is a distinction to be made between the trait of anxiety and the state of anxiety which is quite significant and, to a large extent, is a reflection of the ability of the individual to cope with and handle the stress levels. Sanderson and Reilly (1983)   did the classic study in this field. Their target group were elite athletes. They found that the group of athletes who had the anxiety trait correlated highly with those who had high pre-race anxiety states and this correlated highly with the actual race performance. Very significantly, the greatest reduction in post-race anxiety levels was seen in those runners who performed well in their races. Constant motivation In order to maintain elite footballer status a player must find a source of constant motivation. Initially, in his adolescent training days, the motivation may be personal glory and the goal orientated drive that comes with wishing to achieve professional status. Having achieved that goal however, the player must then find other motivational drives to maintain his progress. For some, it drive comes from considerations of status and wealth, for others it could be the need for adulation and fame, others may have personal goals of achieving the pinnacle of their chosen profession, these are the achievement-junkies that are seen in any professional walk of life. Whatever the motivation, success invariable comes at a cost. Decisions, and therefore usually sacrifices, have to be made along the route of attainment and achievement. In this piece we are considering specifically the elite footballer who, by definition, has managed to achieve the peak of his career. We should perhaps also consider the   other athletes who by virtue of circumstance, situation, lack of motivation or perhaps even random differences in pre-natal myelination patterns, do not actually achieve the top of their profession. We shall discuss one such case in the case-study at the end of this piece. For every elite footballer, there are many who do not make the top echelon of players. There are arguably even more stress factors in this group who what to achieve but for one reason or another, cannot. As far as motivation is concerned, this is a major concern of every coach and manager in the country for reasons that we have set out above. Most premier teams will have psychologists who are motivational   specialists. Motivational theory is evolving at a rapid rate and reversal theory is the current â€Å"idea of the moment†. A particularly good book on the subject is edited by Apter (2001) . It deals with not only the current thinking on the subject but also the actual evolution of the reversal theory from its conception in the 70’s through to the applications of the present day. Significantly it also deals with the specific subject of stress engendered by the motivational process. It is a highly technical book and therefore we do not propose to enter into detail about its contents, but it highlights the psychological issues of burn-out, apathy and depression that are commonly seen in constantly ( and inappropriately) motivated players. In the context of elite footballers, there is a fascinating and short article by McNair (1996)   which looked at the effect of verbal encouragement on maximal effort output.   The game of football is anecdotally renowned for the aggressive verbal abuse beloved by many trainers, coaches and managers. One may argue that it is only a manifestation of their own frustrations and stresses that causes them to behave in this way and it is certainly a cause of stress to the players (clearly it is intended to be). McNair’s paper produces a cast-iron rationale for this â€Å"encouragement† as he found, by means of a very simply designed study, that verbal encouragement does increase the maximal output of skeletal muscle. Interestingly, while measuring the actual power output, he also measured the EMG tracings of the afferent nerves supplying the relevant muscles and found that verbal encouragement did not change the EMG readings, so the actual cause of the improvement was not ascertained but it was nonetheless real. Constant levels of fitness Constant levels of fitness are clearly a pre-requisite for an elite footballer. There may well be periods of injury where the fitness levels fall, but they must be quickly re-established in order to achieve optimum performance levels. Fitness, in general terms equates with earning power and job security for a elite footballer, so the overriding goal must be to achieve peak fitness at all times. This, in certain circumstances, can become an obsession (See on – exercise dependence) Exercise dependence Many studies have shown the exercise can give rise to demonstrable health benefits – both chronic and acute. There are some people for whom exercise actually becomes an obsession (Hurst et al. 2000). This is a real disease entity resulting in behaviour patterns that compel an individual to exercise despite the presence of obstacles. It also can produce both psychological and physical symptoms of withdrawal, if exercise cannot be taken (Pierce, 1994) ( Veale, 1995) (Thaxton 1982). These patterns are commoner in women and often associated with eating disorders but they are also seen in male athletes. Bamber et al. (2000)   has authored a paper which   produced a qualitative analysis of the whole issue. She found that elements of an eating disorder were always present to a greater or lesser degree, but that this was hard to quantify as many athletes will pursue closely monitored dietary regimes in any event. This syndrome is commonest in women, but does occur in men, particularly   it seems in those who have low self-esteem or a poor self-image. It may be thought that such traits are unusual in the context of elite footballers but perceived body image does not always reflect the true physique. Any experienced healthcare professional will tell you about the anorexic or muscle dysmorphic who perceives something quite different when they look in the mirror. It is commonly believed that such conditions are a result of compensation syndromes. People may have a need to try to excel in one area if they feel that they are in some way failing in another.(Bamber 2003) Injury concerns Injury is the footballer’s constant fear. Football is a fast and occasionally violent game with frequent body contact being an intrinsic part of the game plan. Injury can vary from trivial to catastrophic or even life-threatening. Most injuries will have an impact on the elite footballer either at the time of the injury or, as we have seen above, at a later stage in his life. We have referred earlier to the comparatively short earning window of the elite footballer and clearly there will be considerable stresses involved if that window is cut short for any reason. Because of the huge investment that the average elite footballer represents to any club, a huge amount of energy and resources are employed to get an injured player back onto the field of play. It has to be said that the vast majority of professional clubs act responsibly in allowing injuries to heal properly before returning the player to training, but there will be the inevitable pressure on the less-than-scrupulous coach to get the player back on the field before full recovery has taken place. This has costs to the player in terms of impaired performance and also in terms of long term problems arising from an incompletely healed injury. Ekstrand et al. (2004)   looked at the problem as a result of the 2002 World Cup. They cite one of the major reasons for injury as being the frequency of the matches in a packed calendar for the top players. Injuries which would normally be regarded as comparatively minor did not get the usual chance to heal completely before the next game was due to be played. This resulted in a rising accumulative total of injuries above what might otherwise be expected over a comparatively short period. The study found that, over the ten months of the World Cup games the average player played 36 matches. The top players form each team played, on average, 46 matches over the same period. The survey showed that the players who played in the World Cup matches sustained 29% more injuries than players from the same teams who did not play. 32% underperformed when compared to their normal standard. These players had played statistically more matches than those who were felt to have played better than expected. One major finding was that 60% of the players who had played more than one match in the week before a World Cup match were either injured or underperformed during the World Cup game. The clear inference from this study is that tiredness and physical burnout affects performance in elite footballers. At the highest levels, players, clubs and coaches should be aware that this is a real phenomenon. And, at the very least, is a considerable cause of stress to the players. Orchard and Seward (2002)   Took this concept a stage further and looked at the injuries sustained by the entire Australian Football League over seasons from 1997-2000. Their findings are a major source of concern to the elite footballer world. In a season each team of 40 players would expect to receive 39 separate injuries. Clearly some players would be injured more than once (The major predisposing factor for injury is a pre-existing injury). The injury prevalence of players missing through injury in a week was 16% with a recurrence rate of 17%. They found that the commonest injury was to the hamstrings, followed by ACL strains and then groin injuries. For an elite footballer who depends upon his ability to play for his income, these figures represent a great cause of potential stress. Before leaving this area, we should consider one other area of injury which we touched upon earlier, and that is the sequelae of concussion. Bloom et al (2004) looked at this particular problem in great detail with particular reference to the psychological changes that were observed to occur after the injury. After suffering a concussive injury, the elite footballer was found to suffer from a greater incidence of symptoms of isolation, pain,anxiety, and disruption of daily life as a result of the injury. The investigators found that a source of added stress was, unexpectedly, from other team members who appeared to be giving support but were subliminally putting pressure on the injured athlete to return to play. The investigators found a worrying number of unexpected psychological symptoms including anger, denial, depression, distress, bargaining, and shock. Clearly this needs to be both recognised and addressed if the impact of the injury is not to be a further source of stress to the injured footballer Dietary concerns The elite footballer must always be at peak fitness and as a result his diet must always be under scrutiny. Fitness generally needs a BMI in the region of 20-23. Significant weight gains beyond this range not only reduce performance levels but also increase the wear and tear on the joints. We have already discussed the extent to which the knee joint is stressed during football training and playing. Adding weight to this joint is clearly only going to add to the degenerative changes that occur. An elite footballer needs to be able to accelerate his body mass rapidly in a given direction. It follows that the greater the body weight, the greater effort is needed. He will know this both at a cerebral level and also at an instinctive level. He will know that if his weight goes up significantly then it becomes harder for him to run as fast and to turn as efficiently. The average elite footballer is therefore very careful with regard to his diet. The average man in the population can afford to go out for an occasional extravagant meal or the odd evening or two at the pub without worrying too much about the consequences. The consequences for the elite footballer are that, in doing such things he would have to reduce his calorie intake over the next few days in order to maintain the status quo. This again can become a major source of stress for many. As the years go by, the average male tends to become slower and to put on weight as a natural process. This insidious reduction in the body’s efficiency is obviously a concern to a footballer who will often try to combat this trend with ever more aggressive training programmes and dietary regimes – again another source of stress. Drug monitoring concerns A number of elite footballers have hit the headlines lately as a result of random drug tests, either through failing or missing them. Doping and drug-enhanced training is a fact of professional football life in the current climate. It follows that the regulatory powers have to be ruthless in their quest for a drug-free sport. The fact that some players do gamble against the odds and take performance enhancing medications and drugs is a reflection of the stress and pressure that they feel under to constantly perform. It equally follows that they must feel that their performance is not good enough if they need to resort to such measures. The problems do not stop at performance enhancing drugs. Stress and other factors may tempt a player to use drugs of a different sort. Recreational drugs are common in elite footballer circles. In support of this statement we would consider the paper by Turner (2003)   In which he states that a recently retired elite footballer claimed that 80% of elite footballers in Australia had either been offered or used recreational drugs. This statement was extensively reported in the Press and other sources quoted the figure as being nearer 30%. The truth of the matter will clearly never be known but it can be contrasted with the figure from the UK which shows that over 18% of all the positive drugs screening tests done on athletes are currently for recreational drugs. This can be put in perspective against the 35% positive findings for stimulants and 25% for anabolic agents Premature retirement Retirement is a fact of life for all workers.   As we have discussed earlier, retirement from active playing – and therefore from a high earning capacity tends to come at a much earlier age for a footballer. It is therefore a major incentive to keep playing at a high level for as long as possible. Retirement through the natural ageing process is something that the elite footballer obviously has to come to terms with. It is comparatively unusual for a top rank footballer to be playing into his forties. He may have the experience to play well, but he is always judged on his results, and the fact of the matter is that there will always be younger players who will generally be faster and filled with raw enthusiasm ready to jump into any vacant slot at the top. The elite footballer therefore knows that his playing days are always numbered. We have discussed earlier the problems faced by the elite footballer in respect of the ever-present danger of injury. Clearly a career-ending injury can come at any time. It can be career-ending because of a dramatic incident such as a major fracture of a major bone or it can be a more subtle process, a bad tackle gives rise to an ankle injury which, in turn gives rise to an unstable ankle that does not allow the pivoting action necessary for efficient play. It becomes obvious that the player is not performing as well as another player in the squad and therefore he is replaced with greater frequency and then he becomes dispirited and eventually dropped from the team. The end process is just the same in either eventuality – cessation of an active playing career and the concurrent loss of high earning capacity. The result can be devastating for a man who, in order to achieve elite footballer status, may well have devoted a substantial proportion of his adolescent and adult life to improving and perfecting his football skills. He finds himself effectively out of a job at an age where most men are still looking forward to at least twenty more years of productive work. The immediate openings for him are limited to training, coaching or managing, all of which are highly competitive as they have been filled by his footballing predecessors and generally, they are not as well paid as his previous career. The stresses and psychological traumas are all too easy to see if the elite footballer has not been particularly level-headed in his approach to the profession. The unlikely body of Windsor Insurance Brokers Ltd. published a study of an investigation into the career-ending incidents of professional footballers in the UK (1997)   which makes interesting reading. They did not analyse the actual levels of stress that we are concerned about in this piece, but their findings make sobering reading to the current generation of elite footballers.   It would appear that few elite footballers actually reach retirement age without a significant injury. That injury is responsible (either directly or indirectly) for the eventual d