Essay on Hero - 831 Words

HERO He Ever Regards Others What is a hero? Is it someone that â€Å"saves the day and gets the girl?† This used to be my definition of a hero until I grew up and really learned what a hero is. The dictionary says a hero is â€Å"a man of great strength and courage, favored by the gods and in part descended from them, often regarded as a half-god and worshiped after his death.† Through society though we are disillusioned to the identity of real hero’s and instead praise celebrities as such. Over time though I gained knowledge and personal insight of what a real hero is. A real hero is a person who is strong and just and stands up for what is right instead of what is popular. But each individuals definition of a hero is different and†¦show more content†¦Someone who makes you feel better even when they are down in life. But, with societal changes people are regarding heroes as top figures in Hollywood and people who make there millions by putting on a mask of false pretenses. W hen is the last time you’ve seen a celebrity drive around in a car that costs less than $100,000? Why do people revere these people so much? Is it because they’ve acted in an action movie where they got the bad guy and saved the world? We are so caught up in media that it almost seems like people can’t tell the difference between movies and real life sometimes. There may not be people out there blowing up buildings left and right to save a cat, but there are real people, real heroes out there, making this world a better place to live in for everybody. â€Å"The hero was distinguished by his achievement; the celebrity by his image or trademark. The hero created himself; the celebrity is created by the media. The hero was a big man; the celebrity is a big name.† The next time you watch TV or a movie, think about that person, and then look to someone behind the â€Å"big name.† If we didn’t have heroes this would be a world full of hopeless peo ple. I think of a hero as a person who befriends you, even though you are not the â€Å"best† person in the world and then they do something in your lifeShow MoreRelatedThe Hero As A Hero1529 Words   |  7 PagesWhen the term â€Å"Hero† is brought up, many people will have a different definition of it. According to website dictionary.com, the real definition of a ‘hero’ is â€Å"a person noted for courageous acts or nobility of character; and a person who, in the opinion of others, has special achievements, abilities, or personal qualities and is regarded as a role model or ideal.† Nowadays, the word â€Å"hero† can be associated with literally anyone. Heroism can be associated such as famous people, fictional charactersRead MoreThe Hero As A Hero1009 Words   |  5 PagesI could never fully understand what the title hero represents. It is very confusing thinking about a definition of the word hero. Growing up I had a lot of heroes. My fa vorites heroes changed as I was growing older. As a kid, Superman was my favorite hero. He could fly, stop bullets, he had laser eyes, and see through walls. It was exciting. When I grow older, John McClane was my hero. He will stop terrorist all by himself, risking everything that he got just to save the people he cares about. ItRead MoreThe Hero Of A Hero907 Words   |  4 Pagesexemplifying a hero developed into something everyone longed to do. This ambition remains today. However, obtaining a hero-like persona constitutes much more than saving a cat from a tree or helping an elderly woman cross the street. A hero not only affects the direct person in need of help, but the many around as well. In order to have the classification of a hero, one must adopt a courageous, determined, selfless, and inspiring attitude while also attaining an opportunity to show heroism. A hero must manifestRead MoreA Hero As A Hero889 Words   |  4 Pages Anyone can be a hero, even you! A hero does not have to be someone with powers or a costume. A hero is someone or something that you can look up to or admire. All heroes are not perfect, and they can make mistakes as would a regular human. There is a difference though because heroes have the enormous responsibility. They are always being signaled, and they are always expected to do the right thing. Heroes are many times forced to test their character which leads them to realize their potentialRead MoreA Hero : The Characteristics Of A Hero820 Words   |  4 Pagesa firefighter and policemen can be a hero. Firefighters and policemen are strong and courageous. They risk their lives just to save and protect an everyday stranger. That is what a hero does. Being a hero does not require having super strength or need to read minds, but being a hero does require certain qualities that make a hero. One of those qualiti es is being a leader and also being courageous. Since leadership and courage are two necessary traits of a hero, heroes are usually not weak but strongRead MoreBeowulf : A Hero Or Hero?1092 Words   |  5 PagesCole Jackson Miss Sibbach Honors English IV 10 December, 2014 To Be a Hero, or To Not Be a Hero Countless people have tried to say that Beowulf represents the qualities required of an epic hero, but many people also suggest that Beowulf does not show any of these qualities. While Beowulf shows heroic characteristics in all of his acts, both pride and greed motivate his actions. The story of Beowulf contains all of the information needed to show this, but people do not notice that which they do notRead MoreA Hero Is An Epic Hero1997 Words   |  8 Pagesâ€Å" A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles†(Reeve, Christopher). Every culture in country across the world has their own ideals for what a proper hero should be. Most will say a hero must have these core values compassion, bravery, strength, humility, and integrity. However a person does not always have to possess they traits to be considered a hero. An example of this is an epic hero, these heroes only exist in stories andRead MoreWhat Makes A Hero Or Hero?812 Words   |  4 Pagesthat man may be, in essence, a hero. Because of this stereotypical â€Å"hero†, we do not see the real heroes in life. What really IS a hero or heroine? A hero is what we make of them, although some are undeserving of this title. We make a hero. You, me, society; we all make heroes. We give them this title. Heroes are role models, and role models, in my eyes, should possess three very significant qualities. Courage, humbleness, and morality; these form a hero. The classic hero. Ah, he’s brave and bold. HeRead MoreA Hero Essay : The Meaning Of A Hero701 Words   |  3 PagesThe Meaning Of A Hero â€Å"We’re the heroes of our time. But we’re dancing with the demons in our minds.† What is it that they see in me, I ask. But maybe it’s not what they see in you, but what you are. Being a hero is what comes to you, what changes you, to become a better person and how you change other people in the process of becoming a better person. Being a hero is about what you change in yourself, for the good of other people. A hero is not something you compare to a normal person. NormalRead MoreA Hero : A Comparison Of The Hero Of Beowulf884 Words   |  4 Pagesof one of the early heroes written about. But what is a hero? The Merriam-Webster Dictionary defines a hero as: an object of extreme admiration and devotion; a mythological or legendary figure often of divine descent endowed with great strength or ability. Beowulf has many of these characteristics including great strength, and is portrayed as a legendary figure by those who look up to him. Through the entire poem, he is the epitome of a hero and displays many heroic qualities. In the poem, it states:

The Good, The Bad, And Social Media - 1534 Words

The Good, The Bad, and Social What Is Social Media in modern society of today? Social Media are networks of websites, news websites, blogs, and forums of information being acrossed the digital web often reaching the attention of the public, on a global scale. Social Media has become the beating heart of the modern era, pumping digital information to the rest of the world, and allowing society to access information from almost anywhere, but is this a good thing? Just as easily as social media can send this information, it can also send incorrect or false information to cause damage and create problems within a society but does this mean that social media is a negative commodity? Quite the contrary, just as the extent and access of social media grows, the possibility of doing good rises just slightly faster than the risks that come with it. Social Media is a righteousness that is capable of starting up projects for society with crowdfunding, it can allow almost everyone to have their opinion heard, and increase po litical participation by informing and spreading the word about what people care about the most. The first notable benefit about social media is that social media could help others by crowdfunding. Crowdfunding is a rising trend in current digital age where a fundraisers can be supported across the world by donors. Social Media spreads the word about these crowdfundings and spreads the word to people to increase physical reach of what could be done than what couldShow MoreRelatedThe Good, The Bad, And The Ugly : Sides Of Social Media Essay1264 Words   |  6 Pages The good, the bad, and the ugly: sides of social media Selfies, Likes, tweets, and posts galore. Most anywhere you go nowadays there is WiFi and access to internet. The advances of technology is helping research and making amazing medical achievements. On the entertainment side you are also always knowing what’s going on in the world and everything celebrities are doing from social media and their perfect snap chat stories. Along with every good thing in the world, technology has it’s downsidesRead MoreSocial Influences Of Social Media718 Words   |  3 PagesInfluence of Social Media Nowadays, social media has a big influence in our society. Who is didn’t use social media? Almost everyone use Social Media. Indonesia ranked 6th as the most Social Media users. After China, US, India, Brazil, and Japan. Our teenagers are so active in social media. Maybe they could be online in social media almost 24-hours per-day. But there’s a good and bad effects of social media. So, there’s some of bad and good effects of social media that we will discuss here. PeopleRead MorePro And Cons : Pros And Cons Of Social Media852 Words   |  4 PagesPros and Cons of Social Media Social Media is a place on the internet where someone can talk or interact with friends, family and/or associates. There are various types of social media and different ways of accessing it. People can go on social media through a phone, computer, tablet, or even a smart watch and there are many different types of social media like Snapchat, Facebook, and Instagram. Decades ago, the most anyone had was a phone to call someone else on but the phone was connected to aRead MoreSocial Media And Its Effect On Society1033 Words   |  5 PagesAre you concerned about the use of social media? Although the use of social media may concern only the slightest percent of people, it is still a very important privilege that many people around the world don’t have access to. Social media is important because in spite of the fact that there are many safety concerns, the use of social media is of great significance because it enables people to be able to connect with anyone they want whenever they want. Anyone can see why this might be a problemRead MoreSocial Media And Its Impact On Society1024 Words   |  5 Pagesuse of social media may concern only the slightest percent of people, it is still a very important privilege that many people around the world don’t have access to. Social media is important because in spite of the fact that there are many safety concerns, the use of social media is of great significance because it enables people to be able to connect with anyone they want whenever they want. Anyone can see why this might be a problem, but there are more things that are good about social media thanRead MoreThe Rise Of Social Media1248 Words   |  5 Pagesbusinesses still don’t pay enough attention to good customer service. This is partly because in the past, companies were a bit less likely to suffer greatly even if they didn’t always put the customer first. But the technological revolution has changed the way businesses need to look at customer service. The above benefits have become even more relevant and getting the customer service culture right can make or break a business. The rise of social media There are around 7.2 billion people on theRead MoreSocial Networking Good or Bad?964 Words   |  4 PagesSwellander English 1023 5 February 2012 Social Networking: Good or bad? In a recent poll of 1,200 registered voters on Poll Position regarding their view on social media, 53% voted harmful. (McNamara 1) Today’s world has incredibly evolved around technology, especially with the emergence of social networking. Through the sudden rise in social networking, the question that has been called recently in concern is whether social media/networking is bad or good? The Bad: the increase in online predatorsRead MoreThe Pros And Cons Of Social Media1454 Words   |  6 PagesInstagram, Snapchat, Twitter, and even Facebook. But would that be a good or bad thing? Many people can agree there are some good things about social media, but there can also be bad outcomes as well. Many people think having social media can be a bad thing, because of all the strangers, negative comments, and being afraid of an account being hacked. Even though there are negative things about social media, there are a lot of good things that come from it such as, staying in touch wit h family fromRead MoreMedia Essay : The Negative Effects Of Social Media734 Words   |  3 PagesSOCIAL MEDIA According to Lisa Buyer, Social media is today’s most transparent, engaging and interactive form of public relations. It combines the true grit of real time content with the beauty of authentic peer to peer communication. social media have a lot of side effects, but there more negative effect than positive effect There are many negative effect of social media. The first one is cyberbullying. Cyberbyllying is an act of harassment towards someone else through an internet or social mediaRead MoreSocial Medi Destroying Or Creating Life965 Words   |  4 PagesSocial Media: Destroying or Creating Life. Social media has affected and transitioned the world’s culture for better and for worse. People embrace new social media as a good thing like, communication and meeting new people, a source of entertainment, job opportunities, and many more. But for others, it can totally turn it around and make it into a bad thing for them. Social media is an outbreak on the internet which lets people communicate and for you to explore new boundaries just on your computers

Sectional Models of CDS Spreads

Question: Discuss about the Sectional Models of CDS Spreads. Answer: Introduction: In the year 1998, long-term capital management (LTCM) hedge fund collapsed in the Russian crisis and a decade later. In the year 2007, the global economic crisis erupted and emphasized on the importance of the liquidity for the investors. This period seen an increase in the Spread of CDS by hundred basis point (bp) and one basis point is hundredth of a percentage point (Hertrich 2014). This created severe illiquidity in the market and many investor as well as hedge funds had to close their trading positions, which triggered a fire sale. Fire sale stands for a position, in which securities, mostly unwanted ones, have very less financial values sold to the known clients who just have no idea about what those securities are. This incidence emphasized on the values of the liquidity in the credit market and the risk models in the turmoil phase. For investors, policy makers and the researcher in the field of financial market research, it is very important to know the importance of the CDS spreads and the size of the CDS market for measuring the financial health, stability and health of the sector. It is important to understand the intensifying factors that played a major role in the recent crisis. Cifuentes et al. (2005) in their article relates to the relationship between credit risk and liquidity. They add that the recent crisis felt the perfect need to put an importance to the restricted use of the CDS and importance of having a liquid position in the market. Moreover, the article focuses on the rationality of treating the liquidity as a weak exogenous in the time series sense when compared to credit risk or the vice versa. Finally, they reveal that around 39% of the Swiss and German companies felt that credit risk is a weak endogenous for liquidity while around 4.5 % of the companies suggested that the vice-versa is true . The trading scenario was changing just before the global crisis and the market for the derivatives expanded rapidly. The liquidity of the markets dealing with derivatives assumes to have a higher value than the liquidity of the underlying assets and likely corporate bonds. Underlying assets mean the value of the securities depends on the underlying assets. If the underlying asset is corporate bonds then the amount that the investor will get is the value underlying holds at the date of the maturity. The global crisis made people knowledgeable about the actual scenario leading to the value of the underlying assets. To gauge the liquidity of the assets and other securities different models, both advanced financial and statistical used to deal with the issue of liquidity. This study focuses on the non-us markets and conducted very recently, just after the market crash of (Chen, Lesmond and Wei 2007). In addition, it is the first one to focus on the reasons of the changes in the bid ask spread ,the impact of the financial markets in general and CDS market in particular as well as the liquidity related to it (Hamilton 1994). Section 2.1 of the study covers the literature review, and section 2.2 discusses in detail the risk measures required. Section 3 is the methodology used to determine the co-relation between both risks. While Section 4 presents the samples and the subsamples used and section 5 is the empirical section divided in three parts. In this study, different financial jargons are used such as CDS, bid-ask price, trade volume, quotations and others. Liquidity and Liquidity Risk The term liquidity means the ease at which particular assets can convert into cash. Assuming a situation where the investors prefer more liquid assets and those assets priced at a higher price, and the trading costs associated with it lowered and bid ask spreads of the assets has to split up. Liquidity itself has a risk associated with it and liquidity risk related to the probability that the asset cannot trade when liquidity is stochastic (Cont and Wagalath 2013). Liquidity risk tends to be high when the probability of the tradability of the assets becomes less. This becomes at an alarming position when the probability reaches one and the market becomes illiquid. So, when the market is liquid and the liquidity risk is low then the bid ask spread found to be small and stable. The risk component, which is the same for all the market makers, is only dependent on the market structure called exogenous liquidity risk. On the other hand, the liquidity risk which varies with the size of the trading position is within the control of the market maker is called endogenous risk. The exogenous liquidity risk often cited as the bid-ask spread. In this study, both risks cited exclusively and used interchangeably. The bond market scenario has changed a lot, and the current trend has used the credit derivatives market from where the investors can take positions regarding various securities and shed off the risky positions. This helped in the emergence of the new problem in the fixed income analysis of the bonds that spread of the corporate bonds into credit risk and liquidity component. In the recent financial risk, the lack of liquidity of the investors made the events take a serious turn, and it literally shook the world (Cifuentes et al. 2005). The spread of the corpo rate bond is determined as the gap between the duty free interest rate given in the default free interest rate and the yield to maturity rate of the bonds. The Relationship between Liquidity Risk and Credit Risk The loss which triggered by the default of a debtor is called credit risk, and the risk is maximum when the probability becomes one. No such empirical theories clearly states how the risk factors interact dynamically with each other. In the Merton model, corporate bond uses as an underlying and a relation draws between the credit and liquidity risk. Whenever the credit risk increases, the liquidity risk also increases at the same time. In the recession, the liquidity shortages accompany by the rising CDS spreads, and the similarity between the bonds and CDS have made a positive relation between liquidity and illiquidity risk. Whereas another model states that in the case of short selling, the illiquid assets may often make higher prices than liquid assets depending upon the investment horizon and risk-taking capacity of the short seller. Liquidity itself finds to be a multi-dimensional concept and cannot observe directly, so it measures by a variable associated with the bid-ask spread. The cost incurred relates to the taxes and fees associate with the trading as well as the associated costs relate to it. The absolute bid price is determined as the difference between the highest and the lowest of the bid prices. Upon comparing different liquidity measures of the US Treasury securities, it is found that the bid ask spread is found to be the best proxy as per the liquidity risks. On the other hand, another model shows that alternative liquidity measures and bid ask price are highly co-related and alternative liquidity measures include the effective spread of the trading volume. Bonds, which have a rating of say AAA, known to be default free, and they often trade at a positive spread, which remains quite high as compared to the yield on treasury bonds. This paper discusses thoroughly how the difference in the value of th e spread can take a significant turn and affect the liquidity position of the entire market (Bongaerts, De Jong and Driessen 2012). CDS spreads normally trades on the standardized items and provide a pure pricing of the risk of the underlying assets. On the other hand, the bond spreads severely affected by the gap of chosen risk free benchmark and contractual agreements (Breitenfellner and Wagner 2012). Another merit of CDS spreads is that they are effective indicator of assessing the credit risk and respond quickly to the changes in the credit run than credit spreads as a result of the short sale restrictions and the funding issues associated with it. The researcher shows that about one-quarter of the corporate credit spread could define as a default prone or risky in nature due to the difference in the market spread against other different bonds (Hertrich 2014). The data of the study has a senior single of 5-year CDS risk and bid prices quoted in basis points and determined in Euros, which figured out on 24 August 2007 to 1 June 2010. This period marks the entire tenure of the financial crisis from the collapse of the Lehman Brothers to the end of the financial crisis. In addition, this paper consists of 5-year maturity CDS only as the CDS contracts thought to be the most liquid of all the contracts (Bolton and Oehmke 2013). The focus here is on the short-term relationship between the liquidity risk and the credit risk, and the imbalances are present in the liquidity risk supply and demand impact liquidity. On the other hand, in the cross sectional regression analysis, there is a tremendous amount of positive co relation between the default and liquidity components of the bond yield spread of the securities. Data and Methodology The collected data is from the database of the Credit Market Analytics, which holds the maximum number of credible data of the most active and the largest buy side investors: asset managers, hedge funds and the global investment banks. Even if the CDS markets operates as an over the counter market, the using data from the large number of investors and majority of being blue chip companies makes the data more credible and helps to mitigate the problem. One can observe that daily the CDS risk and bid prices are comparatively stable over the sampling period. Around spring 2008, just after the global investment bank bear Stearns signed a deal with J P Morgan for a merger agreement. On 16 March 2008 just after Lehman Brothers filed for bankruptcy, the bid- risk prices exhibited large amount of spikes. These incidences were one-off incidence and the prices showed volatility in those cases whereas in normal cases the bid-risk prices were low and stable (Hertrich 2014). This study is made to identify whether at the time of time series the credit risk changes are weakly exogenous with the liquidity risk changes. Various finance models are used, namely VAR model. The stationary test of Kwiatkowski shortened as KPSS model, which tests whether the mid-rate and the bid risk spread are stationary. This particular method is helpful in case of examining the causality in the stochastically trending variables. In a while, the researcher has moved forward from KPSS model to the Granger causality analysis in a bivariate VAR. It is assumed in the relative models that the mid-rate and bid ask spread are to be weakly stationary. The VAR allows only for a maximum of seven lags as this removes any sort of serial correlations. The optimal number of lags calculates by lowering the value of the Akaike criterion of information. Company ? ? ABB 0.330 1.006 CS 1.192 2.228 HOLCIUM 1.159 3.061 SwissRe 2.022 2.517 UBS 1.410 1.187 Table (1) : Granger Causality Test for Swiss Companies (Source: Ang, Goetzmann and Schaefer 2010) Company ? ? BASF 0.615 2.084 Dialmer 0.330 1.379 DBank 0.500 1.184 Lufthansa 1.065 1.802 Granger Causality Test for German Companies (Source: Cor, Dufour and Varotto 2013) Before calculating the Granger causality test, the properties and the model assumptions are checked, which helps to test the residuals for conditional heteroscedasticity, auto co relation and the non- normality method by using the related multivariate test statistics. Other methods for calculating the multivariate tests like ARCH-LM models and multivariate Jarque Bera test used exclusively to reach at the desired conclusions (Hertrich 2014). Empirical Findings Different advanced time series properties like Bid ask spread Stationarity, Mid-rate stationarity, Bid ask spread and mid-rate auto co relation used in the study. Bid ask spread stationarity looks for a time trend in the mid-rate and bid ask spread. It is found that as per the KPSS test, the bid ask spread are non-stationary whereas the changes are highly stationary. As such and until date, it is found to be no agreement on the fact that CDS bid ask spread be stationary or not. Another hypothesis also comes into play that mid-rate and bid ask spread both bounded from zero, and the traditional unit root is rejecting the null hypothesis of the unit root. The mid-rate stationarity helps in determining the difference between the mid-rate levels of the KPSS tests and a null hypothesis is included as an intercept. The findings of these test helps in according with the time series properties of the CDS spreads ,and the data presented in the study is taken from 9th August 2007 to 29th March 2010 included German and Swiss companies (Hamilton 1994). The companies that taken in the study are, ABB, Roche, Swiss Re and many others across different sectors namely; insurance, chemicals, electric, healthcare and others. The ratings of the bonds vary as per the companies are holding the bonds and normally they are in the range of CCC to AAA. In the mid-rate segment, the average is around 93% of the bonds has a default risk component and 65% has a risk to the total bond spread whereas 35% of the total of the corporate bonds known to have a liquidity risk component. Bid risk spread analyzes the changes in the mid-rate and the bid risk spread taking into consideration a very large lags and the null hypothesis serially rejected in the co related time series. The CCF determines the direction, and the co relation of the two time series observed (Campbell and Taksler 2003). Even the CCF is helpful in making important lags and leads of the mid-rate changes or the bid risk spread changes, and the stationary difference exhibits largely in the stationary difference. It is found in the study that the time difference is responsible for the change in the mid-rate changes and the bid risk price changes. This particular theory thoroughly used in the study and deductions have been made based on the above models .Also from the study, it is observed that in case of the companies from Switzerland, a major co relation co efficient found among them but not at all a healthy sign of operations. Although the epicenter of the global financial crisis was in the United S tates, but the repercussions stroked throughout the world and Switzerland is not an exception. Switzerland also felt the severity of the crash, which affected all of the companies (Hertrich 2014.). Other studies are focused mainly on the economy and companies of us, but this study focuses exclusively on the non US operations. In addition, the timing of the study took place during 2007 to 2010, in the turmoil phases. Another finding in this study is that a liquidity enhanced Capital Asset Pricing Model or a value at risk model. This inculcates the fact that liquidity should be treating as an endogenous and the control for the interaction among the liquidity with the credit risk as against the standard price method that used until date. Different models applied taking the real life scenario and the data of the study took from the recession period when the economy was showing sign of recession in mid-2007 to the end of 2010 where the economy was showing signs of improvement (Hull 2006). The recession began with the collapse of the century old Investment bank Lehman Brothers and many business houses and hedge funds close down their operations. Bear Sterns is one such investment bank that acquired by another big giant company called J P Morgan and ultimately the two companies merged. Conclusion Many economists cited the collapse of the markets caused by the illiquid market and the CDS factors. This study has thoroughly researched to the cause of particularly the bonds and the effect it presented on the overall market. Illiquid market is always a matter of concern to particularly the investors and the governments as well. The investors do not get their return at the right time and the government is unable to pay off the dues and spend on the public. The findings of the study show that how the policies the government regulatory body takes should align with the risk taking ability of the entire market. In addition, solution is providing as to how a further 2007 like incidence can avert from coming. Different views are discussing as regards to the mathematical and financial models with their application in the corporate bonds. So, the effects of applying standard testing procedures over time series analysis and the alternative methods of the application in the alternative casua lty tests in the discrete time series are discussing. This study will be helpful in averting another 2007 like scenario and the government regulatory body investors will be extra cautious in investing in a particular bond. Reference Acharya, V.V. and Pedersen, L.H., 2005. Asset pricing with liquidity risk. Journal of financial Economics,77(2), pp.375-410. Amihud, Y. and Mendelson, H., 1986. Asset pricing and the bid-ask spread. Journal of financial Economics,17(2), pp.223-249. Ang, A., Goetzmann, W.N. and Schaefer, S.M., 2010. The efficient market theory and evidence: implications for active investment management. Foundations and Trends in Finance,5(3). Bolton, P. and Oehmke, M., 2013. Strategic conduct in credit derivative markets.International Journal of Industrial Organization,31(5), pp.652-658. Bongaerts, D., De Jong, F. and Driessen, J., 2012. An asset pricing approach to liquidity effects in corporate bond markets. Breitenfellner, B. and Wagner, N., 2012. Explaining aggregate credit default swap spreads.International Review of Financial Analysis,22, pp.18-29. Campbell, J.Y. and Taksler, G.B., 2003. Equity volatility and corporate bond yields.The Journal of Finance,58(6), pp.2321-2350. Chen, L., Lesmond, D.A. and Wei, J., 2007. Corporate yield spreads and bond liquidity.The Journal of Finance,62(1), pp.119-149. Cifuentes, R., Ferrucci, G. and Shin, H.S., 2005. Liquidity risk and contagion.Journal of the European Economic Association,3(2?3), pp.556-566. Cont, R. and Wagalath, L., 2013. Running for the exit: distressed selling and endogenous correlation in financial markets.Mathematical Finance,23(4), pp.718-741. Cor, F., Dufour, A. and Varotto, S., 2013. Credit and liquidity components of corporate CDS spreads.Journal of Banking Finance,37(12), pp.5511-5525. Das, S.R., Hanouna, P. and Sarin, A., 2009. Accounting-based versus market-based cross-sectional models of CDS spreads.Journal of Banking Finance,33(4), pp.719-730. Hamilton, J.D., 1994.Time series analysis(Vol. 2). Princeton: Princeton university press. Hertrich, M., 2014. Does credit risk impact liquidity risk? Evidence from credit default swap markets. International Journal of Applied Economics, 12(2), pp. 1-46 Houweling, P. and Vorst, T., 2005. Pricing default swaps: Empirical evidence.Journal of International Money and Finance,24(8), pp.1200-1225. Hull, J.C., 2006.Options, futures, and other derivatives. Pearson Education India.

Native Americans in California Missions Essay Sample free essay sample

Spanish wanted to colonise some of America. merely like the Europeans. Building spiritual based Missions all throughout California was a manner for them to keep ultimate societal. political. and economic control. Spanish adventurers arrived on the boundary line of California during the sixteenth century. The really first Franciscan mission was built in San Diego during 1769. By 1833. 20 two Spanish Missions existed from Southern California to Northern California. Native Americans made up about tierce of those who lived and worked at the Missions. There were an estimated 310. 000 Indians life in California during the sixteenth century. The Spanish provided the Native Americans with the necessities such as nutrient. vesture. and shelter. Although the California Missions had the right purposes of supplying for the Native Americans. the Spanish acted in an inhumane and unjust manner. Junipero Serra arrived in San Diego in 1768 and take a group of Franciscans to happen belongings and more significantly. workers. He welcomed the Native Americans with unfastened weaponries and unfastened doors. In a primary papers written by Junipero Serra himself. he admitted that he used the Native Americans entirely for work. However. he said that supplying them with nutrient and shelter compensates for their difficult work. â€Å"So if households other than Indian semen from at that place. it will function the same purpose really well—that is. if we can supply for them†¦Ã¢â‚¬  ( Serra ) . Serra’s guardians province that he respected the Natives’ civilization. However. his criticizers argue that he used force to press the Native Americans to populate at the Missions against their will. Although the Natives did non hold with Serra’s beliefs and actions. they were really respectful for the most portion. For those who did non esteem Serra received physical penalty with â€Å"whips. ironss. and stocks to implement spiritual obedience† ( Serra ) . Junipero Serra was a great leader who made certain the California Missions were in order. The California Mission had worthy purposes and programs for the Native Americans. The Spanish welcomed them into their ‘homesâ₠¬â„¢ and provided them with the necessities such as nutrient. vesture. and shelter. However. life at the Missions had its effects. The Native Americans were forced to alter their full life styles – from their beliefs. their day-to-day modus operandis. to the manner they dressed and what they ate. Although anthropologists conducted that some Native Americans enjoyed their new lives. more than 80 per centum refused to change over their ways of life ( Sandos. 13 ) . For 1000s of old ages. the Natives were accustomed with their ain life style and beliefs. and all of a sudden. everything was stripped off from them. Even their personal individuality was taken off from them. The Franciscans provided each person with Spanish names which were to be used alternatively of their native birth names. â€Å"The missions were non agents of knowing captivity. but instead rapid and hence violent societal and cultural change† ( Archibald. 24 ) . The Native Americans ended up going revenue enhancement wage citizens along with being under Spanish flying 24 hours a twenty-four hours. seven yearss a hebdomad. The Franciscans had really different beliefs and traditions from the Native Americans. The Native Americans were forced to change over their faith to Roman Catholics. The Native Americans were more of a â€Å"spiritual† group instead than a spiritual group. Alternatively of believing in personified figures. such as Jesus. they believed liquors lie within their nature. Native Americans feed their energy off of nature. They believed that they are protected by the Mother Nature that surrounded them. The Spanish used faith to explicate their actions. which made it ‘okay’ for them to change over the Native American’s beliefs because they were backed up by their God ( California ) . Every individual life and working at the Mission had to be officially baptized as a rite of transition. On Sundays and vacation everyone was obligated to travel to church and worship. The Natives were forced to memorise Catholic rites. vocals. and Bibles. Prayer lasted four hours on S undays and feast yearss. On a regular footing on typical yearss. supplication lasted two hours. Catholicity was a immense portion of life at the Missions. The Missions were surrounded by Spanish soldiers so everyone was watched really closely. Once the Native Americans accepted the Spanish life style. it was about impossible to get away. It was as if they were held against their ain will. A few beginnings compare the intervention of Native Americans to slavery ( Archibald. 48 ) . Slavery is defined as an economic development that benefits merely the slave-owner. In the California Missions. the Native Americans worked entirely to supply and keep a certain life style for the Spanish. Besides minimum nutrient and shelter. the Native America’s natural human rights were stripped from them. Native America adult females made vesture. prepared repasts. cleaned the suites. and whatever domestic jobs needed to be done at the Mission. Native American female parents even had to care for Spanish kids alternatively of concentrating on their ain ( Mission ) . The Native American work f orces had to run for nutrient and construct new Missions. In add-on. they learned woodworking. leatherworkers. Smiths. and farm work. The Franciscans controlled their yearss into a strict agenda announced by church bells ( Archibald. 104 ) . If the workers were non done with their undertakings by the bells of the church bells. they would endure major effects. The Franciscans did non see their actions as imprisonment because they believed that the Providence of nutrient and shelter compensates for Natives’ difficult work. In world. the Missions were non a topographic point to populate a life of easiness nor was it a topographic point to get personal luck and prosperity. The Native Americans were non worked to decease like the slaves in southern United States at this clip. However. the rigorous ordinance. cruel and unusual penalties and forced new traditions are highly inhumane Acts of the Apostless. Harmonizing to Julio Cesar. â€Å"When I was a male child the intervention given to the Indians at the Mission was non good at all. We were at the clemency of the decision maker. who ordered us to be flogged whenever and nevertheless he took notion† ( Mission ) . Every Mission had two priests. One priest’s responsibilities were to prophesy and learn about faith. The other priest’s responsibilities were purely on the work field. He instructed and gave the Native Americans and other workers their responsibilities. The life style in the California Missions was set in a really strict agenda so it was about impossible for the Native Americans to take a interruption or get away the adversity. The Natives resisted colonisation after merely a short clip life and working at the Missions. There were a few deathly rebellions conducted by the Native Americans. They destroyed Mission belongings and even threatened to kill priests. The most ill-famed onslaught occurred in San Diego. On November 4. 1775. 100s of work forces wholly destroyed the Cuiamac Rancheria Mission of San Diego. The work forces besides killed three Hispanics. including the Father. Padre Jaime ( Sandos. 92 ) . In add-on. in 1824. another great Indian rebellion in California occurred at the Missions of Barbara. A big portion of the Mission edifice was wrecked by a big fire. On the same twenty-four hours. 100s of Native Americans attacked the Spanish gu ardians and soldiers. Leaderships of the rebellion were badly punished. Seven were executed and the others were imprisoned or required to make even crueler labour. The Natives revolted because of their hapless intervention and forced labour enforced by the soldiers and Fathers ( Sandos. 73 ) . These rebellions were among the many others throughout the sixteenth century in the California missions. This proves that the Native Americans were ferocious about acquiring different beliefs and work forced onto them. The Spanish colonists caused a batch of wellness jobs to boom all throughout California. Soon after the reaching of Spanish settlers. diseases spread from Southern California to Northern California so Native American human deaths heightened. Highly infective diseases such as variola. rubeolas. and syphilis killed 1000s of Native Americans. particularly kids. so the Indian population dropped drastically ( Sandos. 64 ) . About 60 per centum of the Mission Native Americans’ decease was due to intr oduced diseases. In merely a few decennaries. the Native American population in California decreased from 310. 000 to about 100. 000. Since the California Missions held many abodes. people lived in such confined infinites which caused contagious diseases to distribute quickly. In order to maintain the population at a steady rate for adequate workers. Mission leaders separated Native American kids from their parents to keep the children’s wellness to salvage them to work at the Missions as they got older ( California ) . The Natives were ferocious that their households were being separate. Mothers were non at that place to care for their kids. so the Native kids were on their ain. There was a deficiency of doctors to care for the ailment so non everyone could be helped. Diseases were non the lone ground why the Native population dropped drastically. They went through strict alterations in diet so their organic structures were non used to the nutrient they were eating. In add-on. malnutrition caused toxins in their organic structures. In add-on. the intense demanding manual labour is a factor that contributed to their inability to get the better of the illness. Death rates were higher than birth rates so the Mission had to maintain enrolling different folks all throughout California ( Mission ) . By 1834. there were merely approximately 15. 000 Native American occupants in the 20 two Missions. The Spanish were merely in contact with the Native Americans for personal addition. The Franciscans maintained entire economic. societal. and political control all throughout California. Very few Native Americans chose to remain at the Missions voluntarily. During their clip at the Missions. they had to carry on rough labour and all of their rights were taken off from them. Although they provided the Native Americans with nutrient. shelter. and vesture. the Franciscans treated them like slaves. The Spanish’s engagement backfired since a bulk of Native Americans died due to illness. doing them about extinct. The physical and metal demands required were a major strain on the Native Americans.