Data Collection for Discrete Trials

Discrete trial teaching is the basic instructional technique used in Applied Behavior Analysis. Once a specific skill is identified and operationalized, there are several ways to record success. Since trials are generally multiple probes of since skills, when you collect data you want your data to reflect several things: Correct responses, Non-responses, Incorrect responses, and Prompted responses. Usually, a goal is written in a way to name what each response will look like: John will touch a letter from a field of three.When presented with a colored sorting bear, Belinda will correctly place it on a plate of the matching colorWhen presented with a set of counters from 1 to 5, Mark will correctly count the counters. When you use a discrete trial teaching approach, you may want to create a program to teach a skill. Clearly, you will want to be shaping the behavior/skill you are teaching, starting with the antecedent skills. I.e., if the skill you are teaching is recognizing colors, you will want to start with a benchmark that asks the child to distinguish between two colors, in other words, John, touch red, from a field of two (say, red and blue.) Your program could be called Color Recognition, and would probably expand to all the primary colors, the secondary colors and finally the secondary colors, white, black and brown. In each of these cases, the child is asked to complete a discrete task (therefore, discrete trials) and the observer can easily record whether their response was Correct, Incorrect, Non-Responsive, or whether the child needed to be Prompted. You may want to record what level of prompting was required: physical, oral or gestural. You can use a record sheet to record these and plan how you will fade prompting. A Free Printable Record Sheet Use this free printable record sheet  to record five days of the particular task. You certainly dont need to record every day the child is in your classroom, but by providing you with five days, this worksheet is a little more accessible for those of you would like to keep a sheet a week for data collection. There is a space next to each p on each column that you can use to record what kind of prompt if you are using this form not only to record your trial by trial but also to fade prompting. At the bottom is also a place to keep percents. This form provides 20 spaces: you certainly only need to use as many trials as your student usually can attend to. Some low functioning students may only successfully complete 5 or 6 of the tasks. 10 is of course optimal, because you can quickly create a percent, and ten is a fairly decent representation of a students skills. Sometimes, however, students will resist doing more than 5, and building up the number of successful responses may be one of your goals: they may otherwise stop responding or respond with anything to get you to leave them alone. There are spaces at the bottom of each column for next to write when you are expanding your field (say, from three to four) or adding more numbers or letters in letter recognition. There is also a place for notes: perhaps you know the child didnt sleep well the night before (a note from Mom) or he or she was really distracted: you may want to record that in the notes, so you give the program another shot the next day. Hopefully, this data sheet provides you the flexibility you need to successfully record your students work.

High Risk Family Assessment Health Promotion - 1593 Words

High-Risk Family Assessment Health Promotion Drug and Alcohol Abuse Substance abuse can occur with legal drugs like alcohol, tobacco and prescription medications, illegal drugs that are purchased on the street, or prescription drugs used for reasons other than health. Alcohol is the most frequently used legal drug, and cocaine, heroin, and marijuana are the most commonly used illegal drugs. Each drug has precise effects on body systems. Some drugs can lead to acute and chronic problems; some even can cause death. Nurses are among the few health care professionals who assess and care for substance abusers. As such, they should be equipped to distinguish the symptoms of substance abuse and put into practice measures to support and help these people (Bailes, 1998). Substance abuse involving drugs, alcohol, or both is linked with a variety of negative social conditions, including family disturbances, monetary problems, lost output, and failure in school, domestic violence, child abuse, and crime. Furthermore, both social attitudes and legal answers to the use of alcohol and illicit drugs make substance abuse one of the most multifaceted public health issues. Estimates of the total overall costs of substance abuse in the United States, including lost productivity and health- and crime-related costs, exceed $600 billion annually (Substance Abuse, 2012). 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Psychology Essay Critical Evaluation of Machin and Spall (2004) Free Essays

Abstract A critical evaluation of a paper by Machin and Spall which develops a practical model for supporting people suffering from grief and loss through counselling. The model is rooted in a measurement scale, the ‘Adult Attitude to Grief Scale’ which is extended in scope. Machin and Spall’s paper is briefly summarised, then key strengths and weaknesses are highlighted. We will write a custom essay sample on Psychology Essay: Critical Evaluation of Machin and Spall (2004) or any similar topic only for you Order Now 1. Introduction The following critically evaluates a paper by Linda Machin and Bob Spall, ‘Mapping grief: a study in practice using a quantitative and qualitative approach to exploring and addressing the range of responses to loss’, published in 2004. The paper will be briefly summarised, bringing out the key features of the study. Then a number of aspects will be considered in more detail with a critical perspective, highlighting strengths and weaknesses of the paper. Overall, this is an interesting study with a useful practical model proposed, but certain areas seem to have been overlooked. 2. Review 2.1 Overview Machin and Spall’s study is an ambitious attempt to further develop a relatively recent scale for measuring grief, the ‘Adult Attitude to Grief Scale’ (AAG). They have a three-fold aim: first to test the scale further, second to extend its use to other forms of loss, and third to map its use as a therapeutic tool. The scale was developed by Machin (2001) and consists of 9 items rated on a five-point Likert scale from ‘strongly agree’ to ‘strongly disagree’. The nine items can be grouped into sub-categories indicating whether the grief response is ‘overwhelmed’, ‘controlled’ or ‘balanced’. Initially tested on 94 respondents, the present study tests its use amongst 15 elderly men and women. The scale was extended to reflect losses other than bereavement, themes to develop in further counselling sessions were explored, and a flow-chart introduced to create a link between quantitative and qualitative ele ments. Their study took part in three phases, loosely associated with the three aims outlined above. Phase one gathered quantitative data (age, sex and nature of referral for respondents, and responses to the AAG). Phase two amplified responses from the scale and was linked to individual expressions of grief explored in richer detail in counselling. This phase identified themes in dealing with grief including the role of socialisation and the way other people’s attitudes had an impact. Phase three examined the implications of the previous phases for therapy. In a fairly extended discussion, the authors briefly relate their scale to other work in the field, including theories of grief, and set out a 6-stage model for counselling practice protocol. This is clearly explained, and suggests a practical use for the scale. First, the client completes the AAG. This is then assessed by the therapist with the three groupings (overwhelmed, balanced and controlled) in mind. The data illuminates whether the client is biased towards any one or more of the three grief responses. In stage four, the data extracted is used as a basis for exploring themes in more depth with client, and is followed by looking at the influences of social pressures upon the client’s grief. Finally, there is a move in therapy to help the client establish control or balance. 2.2 Critical Discussion Overall, this study develops an innovative way to use a measurement scale for grief and bereavement. In contrast with many studies looking at measurement scales, the authors are clearly concerned that the scale’s practical use is developed. The way that the model for using the scale is developed by the authors allows a clear plan for helping people deal with grief through counselling and therapy.The model is well explained and appears easy to implement. However, there are a number of areas which are more problematic.First, the theoretical context of the scale in terms of other measurements of grief and theories of loss is underdeveloped. In this paper, Machin and Spall do not compare the scale to other measurements of grief and loss. In fact, there exist a number of other models, for example the ‘Inventory of Complicated Grief’ (Prigerson et al 1995), the ‘Grief Measurement Scale’ (Jacobs et al, 1986) and the Grief Experience Questionnaire (Barrett and Scott 1989), and it would have been useful to find out how the AAG relates to these earlier attempts at measurement. Does the AAG incorporate insights from earlier scales, for example, or does it offer a new approach? In addition, there could be more discussion of how the scale relates to wider theoretical perspectives on grief. There are a number of theories regarding the process of grief and loss. Dual Process theory, for example, suggests that experiences of loss are determined by two distinct sets of stressors: loss-oriented stressors (concerning the deceased person and appraisals of what loss means for example) and restoration-oriented stressors (these concern how people deal with the changes that grief brings about, for example rebuilding a sense of self). Dual process theory further suggests that the two sets cannot be processed at once, and that the person suffering the loss oscillates between one or the other. Attachment theory, on the other hand, describes grief and loss in terms of ‘styles’ of attachment which are learned in early childhood and determine responses to grief. The way in which the child relates to the attachment figure (usually the mother) shapes the way in w hich that person handles subsequent experience of loss and separation (Worden 2009). Elsewhere, Machin has provided a useful further elaboration of the scale (Machin 2005) where the three sub-categories of the scale (in their earlier version ‘overwhelmed’, ‘resilient’ and ‘controlled’ are clearly explained first in terms of how each translates into client assumptions and responses to loss, and second how they translate into other theoretical models. For example, Machin explains (2005), in terms of Ainsworth et al’s (1978) ‘attachment style’ theory, overwhelmed becomes ‘anxious / ambivalent attachment’ and in terms of the dual process model (Stroebe and Schut 1999), overwhelmed translates into ‘loss orientation’. In the current paper it would have been useful to have information of this nature. In addition, the paper lacks any discussion of first the relationship between the three sub-scales (overwhelmed, balanced, controlled), and second which of the three positions represents the best position for the client. It becomes clear during the study that a ‘balanced’ perspective is best for the client, however this is not elaborated, nor backed up with any theoretical discussion of responses to grief, of the sort which occurs in Machin’s earlier paper (2005). Curiously, the authors do, however, take such a perspective on what seems a less intuitive question – what happens if bias is towards ‘balance’ and equally distributed towards ‘overwhelmed’ and controlledHere there is an attempt to tie the model to theory, but discussion is scant, and a more detailed theoretical perspective would have been welcome. Another interesting point about the study is the way it combines qualitative and quantitative research. These are often treated as distinct methods of data collection, with quantitative research taking a scientific perspective, testing hypotheses and collecting numbers, and qualitative research concerned to look at subjective experience in greater depth and through text and words (Babbie 2010). However, they are increasingly used to complement each other in a ‘mixed methods’ approach. Such an approach can allow more innovative linking between results, creative design and allow for a problem-focused approach (Denscombe 2007). In this study, Machin and Spall certainly demonstrate a creative approach and one rooted in problem solving, as they use the quantitative data to identify areas of concern for individual clients and feed into subsequent therapy sessions. However, it can be asked whether they fully utilise quantitative techniques. They certainly collect numerical da ta from respondents, however there is no statistical analysis of results to show general patterns, for example looking at mean scores for responses or similar. Additionally, quantitative data is most usually gathered to test a hypothesis or explore research questions (Polgar and Thomas 2008), and there is no clear setting out of hypotheses here. In addition, there are questions about sampling. While there is no one method of generating the ‘correct’ sample size, there is a general idea that at least 30 respondents should be included to generate statistically significant results (Denscombe 2007). This study uses only 15 respondents. In addition, there are questions about the method by which the respondents interviewed (the ‘sample’) were selected. The aim in research is to provide information about a general population (Rubin and Babbie 2009); in this case, adults who have suffered bereavement or loss. In order that results can be generalised from the peopl e included in the study to the overall population of interest, the sample selection should be free from bias and representative of the larger population (Rubin and Babbie 2009). However, in this study, the respondents were all selected through the ‘Older Adults Speciality’, which might have introduced bias, for example if they were from a particular geographical location, from a particular ethnic group, if they happened to be people who responded in a particular way to interviews or to counselling for example. A final point is that it might have been useful to have more information about the respondents who took part in the study. While the paper develops a model for practice, it does not look at the way the participants responded to the six-stage process. Did the process help them deal with their grief for example The results of administering the measurement scale after the therapeutic process would have provided insight into whether the model is effective for helping patients deal with grief and loss. 3. Conclusion The above discussion has looked at a paper by Machin and Spall (2004). This is an interesting and ambitious attempt to marry quantitative and qualitative approaches to research in order to test and extend a measurement scale for grief. The authors develop a seemingly useful model for practical use by counsellors and therapists. However, there are seemingly some problems with the study, for example the lack of integration with theory, and problems with the study’s methodology. 4. References Ainsworth, M, Blehar, M, Waters, E, and Wall, S (1978) Patterns of Attachment. Erlbaum, Hillsdale, NJ Babbie, E R (2010) The Practice of Social Research (12th edn.), Cengage Learning, Belmont, CA. Barrett, T W and Scott, T B (1989) ‘Development of the Grief Experience Questionnaire’, Suicide Life Threat Behav, 19:201-215. Denscombe, M (2007) The good research guide: for small-scale social research projects (3rd edn.), McGraw-Hill International, Maidenhead, Berks. Jacobs, S C, Kasl, S V, Osfeld, A, Berkman, L And Charpentier, P (1986) ‘The measurement of grief: age and sex variation’, British Journal of Medical Psychology, 59, 305-310. Machin, L (2001) ‘Exploring a framework for understanding the range of responses to loss; a study of clients receiving bereavement counselling’, Unpublished PhD thesis, Keele University, UK. Machin, L, and Spall, B (2004) ‘Mapping grief: a study in practice using a quantitative and qualitiative approach to exploring and addressing the range of responses to loss’, Counselling and Psychotherapy Research, 4:1, 9-17. Machin, L (2005). The adult attitude to grief scale: A method for mapping grief. [online] Retrieved 25/02/11, The 7th International Conference on Grief and Bereavement in Contemporary Society, from http://www.crusebereavementcare.org.uk/intlconf/pdfs/Machin,%20Linda.pdf Polgar, S and Thomas, S A (2008) Introduction to research in the health sciences (5th edn.) Churchill-Livingston, Edinburgh Prigerson, H G, Maciejewski, P K, Reynolds, C F, Bierhals, A J, Newsom, J T, Fasiczkaa, A, Frank, E, Doman, J, and Miller, M (1995) ‘Inventory of complicated grief: A scale to measure maladaptive symptoms of loss’, Psychiatry Research, 59:1-2, 65-79. Rubin, A and Babbie, E R (2009) Essential Research Methods for Social Work (2nd edn) Cengage Learning, 2009 Belmont CA Stroebe, M and Schut, H (1999) ‘The Dual process model of coping with bereavement: rationale and description’, Death studies, 23,197-224 Worden, J W (2009) Grief counseling and grief therapy: a handbook for the mental health practitioner (4th edn.), Springer Publishing Company, New York. 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Book of night women free essay sample

The Book of Night Women by Marlon James is an incredibly authentic-feeling novel that brings into play many deep issues for being a piece of fiction. I found this book to be a real page-turner that helped, among other things, to widen my understanding of the institution of slavery in the West Indies as well as the dynamics of the relationships between the slave and master. It is this often confusing relationship that I wish to further explore in this paper. In the story our main character, Lilith, ends up developing feelings for her master, an Irishman named Robert Quinn. The character Quinn is a white slave owner that seems to understand that the institution of slavery is an evil one, but does not know what to do about it, so he goes on with life the way it is. It is hard to hate him, but its hard to like him as well. We will write a custom essay sample on Book of night women or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Being an Irishman, he is lower on the social hierarchy put in place by the slave owning community, and because of this he searches for pity and tries to relate to Lilith, his slave. He compares their lives and social standings, which to me seems almost ridiculous, but to him is a completely legitimate understanding. He does treat Lilith with a certain respect that no other slave owners in the story gives to her. One example that stands out in my mind is the matter of their sexual relationship being more tender and loving than the usual animalistic approach that many of the other masters take out on the slave women. No, fucking. No, rutting like animals, like the animal all white man think black woman be. But he say something when he coming and he hold on to her so weak, like she be the master and is all he can do to hold on. However, Robert Quinn and Lilith are still clearly not equal to one another in the way that Quinn so desperatly tries to convey to her. I feel that the time period placed on this story plays a significant role in Robert Quinns treatment of Lilith as a woman. At first glance, even if he is a bit more kind to her, such as insisting that Lilith sit and eat with him while she stands in the corner just watching (something she is accostomed to), and telling her that he wishes to teach her how to ride a horse; he is still incredibly demanding of her. He still tells her that he expects a hearty meal when he returns home late, and that she should clean his home, etc. But keeping this in context, this is how the average woman would have been treated at the time. Robert Quinn is treating her much more like they are in the average relationship based gender roles of the time, and much less like the usual master and slave relationship. This was a somewhat confusing aspect of the text, that unless put into the perspective time, could be completely missed. It is apparent though, that Robert Quinn wants Lilith to feel this connection between the two of them. He wants her to feel as if she is a free woman when she is with him, so much so that he almost forces this upon her. As if demanding her to be a free woman when in his company, which is redicoulous and hypacritical. In conclussion, Marlon James does a great job at unfolding this relationship to his readers in a way that touches many aspects of the gender and class roles of the time. It is my opinion that no matter how much Lilith wanted to hate her master, Robert Quinn, she could not simply because of his often soft treatment of her; even if he was agressive and even brutal at times, there were true feelings between the two of them. No matter how misguided the opinions of Robert Quinn may seem, he truely beleived what he infered about his low social standings and the resulting connections he made with Lilith.

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REFLECTIVE REPORT OF PRESENTATION - Essay Example I came to learn quite a number of things through my own presentation as well as those of my colleagues. The presentation was scheduled for the 28th of February 2014, an aspect that happened. Both the students and the assessors were seated in the year one classroom ready for the presentations at 11:00 a.m. Due the number of students that had presentations the time, some time was spent which led to the culmination of the presentations at 16:30 pm. The timing allowed scheduling of the presentations into two sessions; the morning and afternoon sessions. Personally, I was scheduled to present in the afternoon session, which kicked off at around 14:30 pm, immediately after the lunch break. I specifically took the stand at around 15:45 pm and did the presentation within the ten minutes that were set by the assessors. The team of assessors included; Bernadine, Dr. Paige, Florence and Dr. Tukasi. The feedback from the assessors provided a challenge for me to improve on my presentation skills. The preparation for the presentation was a daunting task for me. I understood that I needed to give my best especially based on the poor performance in last year’s presentation. my determination was evident; I made quite a number of consultations with friends and educators. In addition, I visited the British library where I visited a number of books and journals that expanded my understanding on the inspirations of the Bible and how they affect the life of a Christian. Some of the materials visited included; All these sources among others that were not directly quoted provided meaningful insight while laid a good platform for understanding of the topic. In addition, some other books as well as the internet provided some guidelines on public presentation. During my research and preparation phase, I came across a lot of literature. There was so much information that was available in the books as well as the internet sources. However, the internet sources lacked

The Churchs Teaching On Euthanasia Assignment Example | Topics and Well Written Essays - 1500 words

The Churchs Teaching On Euthanasia - Assignment Example A person suffering from severe pain may not deserve to experience it from a humanitarian point of view. Thus, euthanasia or an act of mercy killing has become one of the most debatable issues in contemporary time because for some it might be the right answer but for others, it is the wrong way around.For instance, Catholic Church strongly opposes euthanasia. It is evident that the church strongly believes that it is a crime before God. Catholic Church believes that it is only God who has the right to take back our lives since He creates them. Thus, He alone has the right to destroy what He has created. Euthanasia, as defined to be mercy killing, is just a way to eliminate the pain from the point of view of those who supported it. However, the Catholic Church strongly opposes it due to its strong stand that it is not actually eliminating the pain but actually the patient. This stand can be clearly elaborated based on how the Catholic Church defined the value of life (Vatican, 1980). I n this point of view of the church, euthanasia is considered a way just like of a murder in which the patient is denied his or her right to live. This is due to the point of the church that with euthanasia it is life by itself which has to be eliminated from the person. The Catholic Church strongly opposes euthanasia because based on its stand, the very act of eliminating life of an individual even though it may help him from not experiencing too much adverse pain should not be initiated by human hands.

Low MicroRNA-21 Expression in HPV-Induced Carcinogenesis

Low MicroRNA-21 Expression in HPV-Induced Carcinogenesis Low microRNA-21 expression in the development of a favorable microenvironment for HPV-induced carcinogenesis Introduction Human papillomaviruses (HPVs) are the most common sexually transmitted agents. High risk types of Human Papillomavirus, as HPV16, are the causative agents of virtually all cases of cervical cancer and a significant proportion of other anogenital cancers, as well as some head and neck cancers [1-3]. The K14-HPV16 transgenic mice model is specially used to study the HPV-associated squamous cells cancers. In this model, the expression of early region genes (E2-E8) of HPV-16 is driven by the keratin 14 promoter/enhancer [4]. The K14-HPV16 transgenic mice develop epidermal hyperplastic lesions that progress to dysplastic lesions and ultimately to invasive cancer. The expression of HPV oncogenes E6 and E7 induces epithelial carcinogenesis through well-defined premalignant stages before de novo carcinoma development [5]. The basal cells are mitotically active and thus may develop further mutations in response to a proliferative stimulus, and the expression of K14 has been shown to persist in well-differentiated squamous carcinomas [6]. This model of multistep epithelial neoplasia will facilitate the study of both the epigenetic and the genetic factors that regulate neoplastic progression and coordinate malignant conversion. MicroRNAs (miRNA) are small, noncoding RNAs that regulate gene expression by base pairing with mRNAs, leading to the inhibition of mRNA translation or its degradation. In normal cells, miRNAs control numerous processes including proliferation, differentiation and apoptosis [7]. Furthermore, these molecules are described as key regulators in many diseases including, neurological disorders, cardiovascular diseases, viral infections and cancer. Some miRNAs are lost during tumorigenesis whereas other miRNAs are upregulated. Previous data indicates that miRNAs are important to distinguish subtypes of cancers, where the histological diagnosis is complex and difficult. Furthermore, it also may be a useful tool to diagnose cancers of unknown origin and to study cancer predisposition [8]. MicroRNA-21 (miR-21) has been implicated in various aspects of carcinogenesis. In most solid tumors, miR-21 is overexpressed and thus influences cell proliferation, differentiation and apoptosis [9-11]. However, the interplay between miRNAs, human papillomavirus (HPV) genes and how these interactions contribute to HPV-associated cancers remain elusive and not well understood. The tumor microenvironment associated to miRNAs plays an increasingly appreciated role in cancer (ref whiteside) however, the microenvironment prior to tumorigenesis can influence the carcinogenesis process. In this study we investigated the expression profile of microRNA-21 in K14-HPV16 transgenic mice, using ear and chest skin samples. Thus, we evaluate the importance of the microenvironment associated with the miR-21 expression and predisposition to HPV-induced carcinogenesis. Material and methods Transgenic mice K14-HPV16 mice on a FVB/N background were generously donated by Drs. Jeffrey Arbeit and Douglas Hanahan, from the University of California, through the USA National Cancer Institute Mouse Repository. Generation of K14-HPV mice has been previously reported [12]. After one week quarantine, the animals were kept as breeder pairs in accordance with National (Portaria 1005/92 dated October the 23rd) and European (EU Directive 2010/63/EU) legislation, under controlled conditions of temperature (23 ±2 ºC), light-dark cycle (12h light/12h dark) and relative humidity (50 ±10%), using hardwood bedding. A standard diet (Global Diet 2014, Harlan, Barcelona) and water were provided ad libitum. Health checks were performed daily. Genotyping of HPV-E6 and E2 (referencias genotipagem Hugo?) 15 offspring females from consecutive litters were genotyped at weaning, using tail tip samples. To genotyping were used tail tips of mice of the strain FVB, wild-type or hemizygous. Tissue lysis was performed using MAGNAPure DNA Tissue Lysis Buffer and Proteinase K for 17 h at 65  °C. Nucleic acids were extracted by the High Pure Viral Nucleic Acid Kit following the manufacturers instructions. To test the efficacy of the method of DNA extraction was investigated the presence of mouse-ÃŽ ²-globin gene. The presence of integrated HPV was assessed by amplification of HPV-E6 and HPV-E2 genes by polymerase chain reaction methodology (PCR) in-house. The resulting genotypes were confirmed to the respective phenotypes. After genotype determination, all animals were sacrificed at 22 to 26 weeks-old and completely necropsied. Ear and chest skin samples were collected into TRIzol (Invitrogen) for miRNA analysis and matched samples were collected into 10% neutral buffered formalin for histological processing. For these procedures, 13 skin samples (ear and chest) of 8 hemizygous females (+ / -) were collected. As control were used 14 skin samples of 7 wild-type females (- / -). Histology Skin samples were fixated in 10% neutral buffered formalin for 48 hours, routinely processed and paraffin-embedded. Histological sections (2 µm-thick) were obtained and stained with haematoxylin and eosin (HE) for examination on light microscopy. Samples and their lesions were classified as normal skin, epidermal hyperplasia and epidermal in situ carcinoma by two independent, blind researchers (CL and RGC). miRNA expression analysis To study miRNA-21 expression, the skin samples were macerated with the TRIzol reagent (Invitrogen) for RNA preservation. The extraction of total RNA was performed using aHigh Pure RNA Isolation Kit(Roche Applied Science), according to manufacturer’s instructions. RNA quality was assessed by measuring the absorbance at 260 nm and its purity was evaluated by the ratio of absorbance at 260/280 nm. cDNA synthesis The conversion of miRNA to cDNA was performed using TaqMan ® MicroRNA Reverse Transcription Kit ( PN 4366596 , Applied Biosystems ®, Foster CA, USA ), using sequence-specific stem-loop primers from each miRNA (miR-21 and snoRNA-202). The amplification conditions were as follows: 30 min at 15 °C, 52 min at 42 ºC and finally 10 min at 85 °C. miRNA-21 relative quantification We used qPCR technique to measure the relative expression of miR-21 (StepOne Real-time PCR Systems; final volume: 20 uL, with1Ãâ€" TaqMan ® Universal Master Mix II Applied Biosystems, Foster City, California USA; 1x MicroRNA Assay (Applied Biosystems, Foster City, California USA) and 2 uL cDNA. As endogenous control, we used snoRNA-202. Statistical Analysis Data analysis was performed by the computer software IBM ®SPSS  ®Statistics for Windows (Version 20.0). The 2ΔΔCt method, along with Student’s t-test was used in order to evaluate any statistical differences in the normalized expression of the miR-21. To analyze the normalized relative expression (-ΔCt) of the different groups, we considered the results corresponding to 99% representation of the population ( ±2).      Results Genotyping and histological analysis We observed the presence of integrated HPV DNA (E6 and E2 ORF) in 53% of mice. All cases with HPV-E6 expression also presented HPV-E2 expression. All mice with integrated HPV DNA demonstrated, phenotypically, various degrees of persistent epidermal and squamous mucosal hyperplasia, characteristic lesions associated to HPV infection, previously described in Arbeit et al. study [12]. After histologic evaluation we observed that, in all cases with integrated HPV DNA, the ear tissues presented epidermal in situ carcinomas while the chest tissues showed epidermal hyperplasia. In wild-type mice we observed normal histology. MiRNA-21 expression profile in tissue of transgenic versus wild-type mice To investigate a possible direct influence of HPV16 on the miR-21 expression profile, we analyzed the relative expression between the all tissues (ear and chest) of transgenic mice and the tissues of the control group. We did not found statistical difference in expression levels between both groups (p=0,615). When we compare the miRNA-21 expression in ear and chest samples, singly, we also did not found statistical difference in expression levels between transgenic and wild type mice (Fig.2). MiRNA-21 expression profile in normal tissue To study the miR-21 normal expression profile in tissues, we quantified the expression of miR-21 in the ear and chest skin samples of the control group. We observed that the ear tissues have lower expression levels when compared to chest tissue (p = 0.036) (Fig.3 a)). Mir-21 expression profile in tissues of transgenic mice To compare the relation between miR-21 expression and lesion type, we analyzed the histology of ear and chest samples from transgenic mice and we quantified the expression of miR-21 in the same. We detected that lower expression levels of miR-21 are associated with cancerous lesions as in situ carcinomas (ear) compared with hyperplastic lesions (chest) (p=0,043) (Fig.3 b)). Discussion Recent studies have associated miR-21 to the pathogenesis of various diseases, including cancer. (ref) MiR-21 overexpression is observed in the majority of carcinomas and hematological malignancies. However, understanding of the potential role of miRNA-21 in previous microenvironment to the development of HPV-associated lesions remains elusive. In cervical cancer, it is accepted that HPV infection is the most important factor for transition from normal cervical epithelium to cervical pre-neoplastic intraepithelial neoplasia and subsequently to invasive cervical cancer. However, the influence of others factors including the microenvironment are poorly investigated. Microenvironment associated to miR-21 may be key factor to the predisposition of cancer. We studied that the expression of miR-21 in normal tissues could be important in development of HPV-associated tumors. Our results demonstrate that, in transgenic mice, all ear tissues presented epidermal in situ carcinomas and chest tissues showed epidermal hyperplasia. Thus, we hypothesize that these interesting facts could be related to different miR-21 profile expression of both tissues. Our results indicate that there is no statistically significant difference between the miR-21 expression in HPV-positive samples and controls, concluding therefore that the presence of HPV does not directly influence the expression of this microRNA. This result is consistent with the hypothesis that differences in the miR-21 expression existing in the normal tissue microenvironment are an important determinant of the HPV-induced carcinogenesis process. Several studies have expanded the concept that inflammation is a critical component of tumour progression. Many cancers arise from sites of infection, chronic irritation and inflammation [13]. Thomas X. Lu et al., identified an IL-12/IFN-g–dependent pathway as the most prominent upregulated pathway in the lungs of OVAchallenged miR-21-/- mice compared with wild-type littermate controls, providing substantial evidence that this is the major pathway dysregulated in the miR-21–deficient mice [14]. As IL-12 is a major cytokine that regulates Th1 versus Th2 decisions primarily by inducing T cells to produce the Th1 cytokine IFN-ÃŽ ³ [15], may be related to inflammation responsible for tumor progression. These facts that relate the miR-21 downregulation with increased inflammation may explain our findings that tissues with lower miR-21 expression are more likely to develop a carcinogenic pathway. Pten has been verified as a miR-21 target in pancreatic cancer, hepatocellular cancer and squamous cell carcinoma [16, 17]. (†¦) References 1.Walboomers, J.M., et al., Human papillomavirus is a necessary cause of invasive cervical cancer worldwide. J Pathol, 1999. 189(1): p. 12-9. 2.Watson, M., et al., Using population-based cancer registry data to assess the burden of human papillomavirus-associated cancers in the United States: overview of methods. Cancer, 2008. 113(10 Suppl): p. 2841-54. 3.Major, T., et al., The characteristics of human papillomavirus DNA in head and neck cancers and papillomas. J Clin Pathol, 2005. 58(1): p. 51-5. 4.Coussens, L.M., D. Hanahan, and J.M. Arbeit, Genetic predisposition and parameters of malignant progression in K14-HPV16 transgenic mice. Am J Pathol, 1996. 149(6): p. 1899-917. 5.Masset, A., et al., Unimpeded skin carcinogenesis in K14-HPV16 transgenic mice deficient for plasminogen activator inhibitor. Int J Cancer, 2011. 128(2): p. 283-93. 6.Stoler, A., et al., Use of monospecific antisera and cRNA probes to localize the major changes in keratin expression during normal and abnormal epidermal differentiation. J Cell Biol, 1988. 107(2): p. 427-46. 7.Chen, C.Z., MicroRNAs as oncogenes and tumor suppressors. N Engl J Med, 2005. 353(17): p. 1768-71. 8.Paranjape, T., F.J. Slack, and J.B. Weidhaas, MicroRNAs: tools for cancer diagnostics. Gut, 2009. 58(11): p. 1546-54. 9.Chan, J.A., A.M. Krichevsky, and K.S. Kosik, MicroRNA-21 is an antiapoptotic factor in human glioblastoma cells. Cancer Res, 2005. 65(14): p. 6029-33. 10.Iyevleva, A.G., et al., High level of miR-21, miR-10b, and miR-31 expression in bilateral vs. unilateral breast carcinomas. Breast Cancer Res Treat, 2012. 131(3): p. 1049-59. 11.Kulda, V., et al., Relevance of miR-21 and miR-143 expression in tissue samples of colorectal carcinoma and its liver metastases. Cancer Genet Cytogenet, 2010. 200(2): p. 154-60. 12.Arbeit, J.M., et al., Progressive squamous epithelial neoplasia in K14-human papillomavirus type 16 transgenic mice. J Virol, 1994. 68(7): p. 4358-68. 13.Coussens, L.M. and Z. Werb, Inflammation and cancer. Nature, 2002. 420(6917): p. 860-7. 14.Lu, T.X., et al., MicroRNA-21 limits in vivo immune response-mediated activation of the IL-12/IFN-gamma pathway, Th1 polarization, and the severity of delayed-type hypersensitivity. J Immunol, 2011. 187(6): p. 3362-73. 15.Gately, M.K., et al., The interleukin-12/interleukin-12-receptor system: role in normal and pathologic immune responses. Annu Rev Immunol, 1998. 16: p. 495-521. 16.Darido, C., et al., Targeting of the tumor suppressor GRHL3 by a miR-21-dependent proto-oncogenic network results in PTEN loss and tumorigenesis. Cancer Cell, 2011. 20(5): p. 635-48. 17.Meng, F., et al., MicroRNA-21 regulates expression of the PTEN tumor suppressor gene in human hepatocellular cancer. Gastroenterology, 2007. 133(2): p. 647-58. Fig. 1 Mice genotyping. The presence of integrated HPV was assessed by amplification of HPV-E2 (b) and HPV-E6 (c) genes by polymerase chain reaction methodology (PCR) in-house. Mouse-ÃŽ ²-globin gene was used as endogenous control (a). Fig. 2 Normalized relative expression of miR-21 in transgenic mice (HPV+) and wild-type mice (HPV-), in ear (a) and chest tissue (b). 1

The Vermont Teddy Bear Company :: Business Marketing

The Vermont Teddy Bear Company Introduction The Vermont Teddy Bear Company (VTBC) was founded in 1981 by John Sorinto. Unfortunately, for John, the company became too big for him to oversee since he was an entrepreneur. However, he gracefully stepped down in 1995 and supported the hiring of a new CEO that would lead the company into its future success (Vincelette, p. 27-3). One thing that has remained is the companies focus. The Vermont Teddy Bear's "...focus has been to design, manufacture, and direct market the best teddy bears made in America using quality American materials and labor." (p. 27-1) In fact, "American made with American materials" is the basis of the company's mission statement. Planning for the future of Vermont Teddy Bear Co. Inc it is important that we consider conditions/trends in the internal environment of the company that may impact the future success of the company. These factors (conditions/trends) involve financial resources, human resources, the quality of products and services provided the efficiency of internal processes, student and stakeholder satisfaction, and the company culture. Specification of these factors will allow us to: 1) identify their potential impact on the market; 2) assess the probability that they will continue; 3) categorize them as strengths or challenges; 4) rank them in terms of how well the company is doing in each category. The internal strengths and weakness analysis examines the recent performance of the Vermont Teddy Bear Co. Inc in terms of marketing, finance, operations and logistics, research and development, human resource management and information systems. The purpose of this analysis is to provide the data for the gap analysis -- the current performance of Vermont Teddy Bear Co. Inc and the desired (vision) performance required to successfully increase market share and customer satisfaction. Since strengths and weaknesses involve the study of the internal structure, or come from within the organization. This process is extremely important because Vermont Teddy Bear Co. Inc may want to develop new goals that should allow them to maximize its position relative to each functional area. 1 Opportunities   Ã‚  Ã‚  Larger manufacturing facility   Ã‚  Retail stores   Ã‚  Ã‚  Made in America   Ã‚  Ã‚  Production and Service, Customer perspective Threats   Ã‚  Ã‚  Ã‚  Competitors (chocolates, flowers, and greeting cards)   Ã‚  Ã‚  Ã‚  Disney /Patents, Trademarks, and licenses   Ã‚  Ã‚  Ã‚  Bear Grams   Ã‚  Ã‚  Ã‚  Ã‚   2 .20 .07 .18 .15. .20 .10 .10   Ã‚  Ã‚  Ã‚  Ã‚   3 4.6 4.2 5.0 4.2 3.6 2.8 2.5   Ã‚  Ã‚  Ã‚  Ã‚   4 0.92 0.29 0.90 0.63 0.72 0.28 0.25  Ã‚  Ã‚  Ã‚  Ã‚   The small village, the Teddy Bear Common More retail stores are willing sell Attracts more Americans. The company provided unique and original customized products to everyone, from ages 1-100. advantage of national and international distribution opportunities The customers became confused and allowed Disney to enter the personalized teddy bear gift market.

Evolution of Technology Essay

â€Å"Men are only so good as their technical developments allows them to be† (Orwell 56). When the technology boom occurred in the 1990s and beyond, a typical student’s backpack would consist of a boondoggle, leather-bound planner, pager, cassette player, 3. 5 inch floppy disk, and a hardcover textbook. Time advanced, and eventually made its way into the 2000s, when then a backpack would hold a keychain game, CD player, soft cover textbook with a CD-ROM, and a box-shaped cell phone. Technology continued to grow into the next decade with backpacks full of smart phones, laptops, graphic calculators, receipts for online textbook purchases, MP3 players, a backup charger, and a 4GB flash drive attached to the bag’s zipper. Evolution of technology has come into major play, and has begun to conquer today’s society with one discovery at a time. For example, as assembly lines become familiar to many, technology advancements closely follow. While hundreds of employees used to manually run a factory, the majority of the hard work is now done by machines, also known as artificial labor. This change has affected business owners positively, thus allowing for new positions to help run the technology and to ensure all is running well. After such advancements were formed in our society, hundreds to thousands of new companies and manufacturing plants have been built, resulting in a major increase of available jobs to the middle class, which currently, the majority of United States citizens currently occupy. Recently, IBM teamed up with Corporate Service Corps (CSC) in order to send 30 volunteers out into different countries to work on technology-related assistance, such as distance learning programs, and upgraded laser eye treatments. The fact that advanced technology can help to save millions of lives has been one of the biggest reasons for such a large demand. IBM plan to take on several projects in different countries such as India, Brazil, China, Egypt, Ghana, and more. A total of 12 teams will go into each of those countries and successfully complete the projects for better technology-based education and eye treatments, which will cost approximately $250,000 each, all paid for by IBM. The overall project has not only opened up new opportunities for those willing to add this adventurous project to their resume, but it’s also reaching out to communities in dire need, something that the latest technology has allowed to be done. Furthermore, technology has been able to expedite the process of sending aid to places I need more quickly and efficiently with the release of new features to currently existing pieces of technology, as well as software applications. Renowned author Sarah Murray explains, â€Å"When a huge earthquake hit Haiti in 2010, the addition of Haitian Creole – spoken by 8m people in that country – to Microsoft’s online translation engine, which was achieved in just five days, helped humanitarian workers who needed to be able to translate quickly. Something as simple as an online translation system, a piece of virtual technology, was able to help save thousands to millions of lives in Haiti. One of the biggest issues in aid relief is the language and unfamiliar surrounding barrier, which Microsoft has been able to defeat with the use of several applications. The company has been closely working with skilled programmers to create certain software which allow for a variety of functions, such as Twisted Pair Wave software, which allows humanitarian professionals to keep in contact with one another from any device by keeping connected to one specific network. Relief workers can then locate others in the area by sending a ping signal to the network, which helps when in an entirely new environment and unsure of the native language. Technology continues to save the lives of many, by creating jobs that allow people to continue and support their family, as well as being able to provide support for those in a life-or-death situation when it comes down to the essentials such as food, water, and housing. Some fortunate people fail to realize how difficult it really is to obtain such aid. While technology has helped to eradicate useless jobs and help to decrease labor costs, it has resulted in the creation new useful jobs, such as manufacturing the actual technology to be used in a computer, and a computer specialist field that help to put the newly-made computers to use. Thus, if a job is able to be taken over by a machine that is incapable of independent thought, the job may be less suitable for a human being. While ATMs have replaced bank-tellers, we now have newly found jobs which focus on repairing, and manufacturing the ATM machines; it works like a two-edged sword.

Evaluating the Internet Essays

Evaluating the Internet Essays Evaluating the Internet Essay Evaluating the Internet Essay Internet is one of the most influential tools in the world today. This technology advancement has caused changes on how people study, communicate, and shop. With its capacity to spread information at a faster phase, the Internet provides various links to different websites to locate more easily research materials and resources (Johnson). The Internet also links people who are separated by distance via communication advancement (Comer 4). On-line shopping also benefits professionals who cannot find time to go to the mall (Comer 198). Thus, there is no doubt that the Internet can be evaluated by discussing its impact on communication, education and shopping. Douglas Johnson’s online article mentions how technology is really effective in processing and producing necessary information (Johnson). As a result, education is made easier by the Internet via online university programs. Nowadays, students are more exposed to â€Å"word processors, databases, spreadsheets, presentation programs, multimedia authoring tools, e-mail, video production equipment, digital reference materials, electronic indexes, and network search engines† (Johnson). The Internet is indeed helpful in getting students to do their homework easily (Johnson). Moreover, productivity is increased because more time is saved in doing online researches compared to library researches (Johnson). Aside form the benefits of the Internet to students and education, communication is also enhanced by the Internet by changing the stereotypical way of people’s connection. The Internet makes communication more convenient, reliable, and faster (Comer 167). Paper mails are changed into e-mails or electronic mails, while long distance calls are changed into instant messaging and on-line voice calls (Comer 158). Since easy access is achieved by people in communicating with their loved ones abroad, they feel more connected and will be less mindful of the distance between them. Consequently, the Internet has brought people closer, supporting families, organizations, and communities in the process. Work can also be done at home using the Internet and company websites (Comer 198). It also allows people to meet and greet new people on-line using forums and websites like MySpace and many more (Comer 207). Web camera connection is also one good feature of the Internet since it provides a seemingly face to face interaction between two people who are far from each other. Hence, the Internet does not only pave the way for communication development but for socialization as well. Many shoppers now do their shopping on line because they find it hard going to malls and buy things for themselves. Working professionals can shop for things online, pay using credit cards, and just wait until it is shipped to their houses. The Internet also allows people to access online auctions like eBay where almost every needs and wants are posted and put on sale (Comer 243). The Internet has also led to new sources of revenue. Advertisements are posted in the Internet for a fee since more and more people are using this technology everyday (Comer 255). Meanwhile, networking makes it possible for people to earn even at home by just clicking their mouse and interacting with others (Comer 260). Internet is revolutionizing people’s lives by making enormous changes in governments, businesses, schools, and homes worldwide (Comer 4). Internet technology has worked so well in resulting in sudden success in the fields of communication, education, and business. It is an invention that has capabilities beyond human capacity. It stores more than what humans can memorize, it sends out messages faster than what is expected, and it gives more profit for businesses by reaching out international clients. The Internet has grown so much, and its growth has really involved and impacted much of the world. Comer, Douglas E. The Internet Book. New Jersey: Prentice Hall, 2000. Johnson, Doug. â€Å"Evaluating the Impact of Technology: The Less Simple Answer.† From Now on: The Educational Technology Journal 5 (January/February 1996). 23 June 2008 http://fno.org/jan96/reply.html

6 Top College Interview Tips How to Prepare Effectively

6 Top College Interview Tips How to Prepare Effectively SAT / ACT Prep Online Guides and Tips Many of the top colleges either recommend or require interviews. To give yourself the best opportunity to make a good impression in your interviews, and to improve your chances of getting accepted to these schools, you should absolutely prepare for your interviews. In this article, I'll explain exactly how prepare for a collegeinterview, and I'll give you detailed college interview tipsthat should make you more comfortable and confident during the interview process. Introduction toCollege Interviews An interview provides the college with an opportunity to give you more information about the school and answer any of your questions about the school and the application process. Additionally, the interview gives the school an opportunity to learn more about you, your interests, and how you’ll be able to contribute to the school. Only a small percentage of colleges recommend or require an interview. Most large public universities don’t offer interviews because theysimply havetoo many applicants. Typically, the colleges that offer interviews are very selective private colleges. Check a college's website or contact the admission office to determine if interviews are offered and how to schedule one. Interviews can be on-campus, usually with an admissions representative, or off-campus near where you live, usually with a graduate of the college. Also, they can be evaluative, meaning that your interview impacts admission decisions, or they can be informational, meaning that they’re just designed to provide you with more information about the school or one of its programs. Two schools thatoffer evaluative interviews are Harvard and Princeton while Cornell and Vassar have informational interviews. Which Colleges Require Interviews? Check outthe complete list of colleges that require interviews to learn about all of the schools that recommend or require interviews. All of the Ivy League schools outside of Cornell either recommend or require interviews. Other colleges that recommend or require interviews include Duke, Emory, Bowdoin, University of Chicago, MIT, and Georgetown. Some colleges that offer optional interviews include Stanford, Tufts, Vanderbilt, and Vassar. Duke recommends interviews, and it has updated the look of its mascot. (Duke University Archives/Flickr) How to Set Up a College Interview Once you decide which schools you’re applying to, find out if they offer interviews. Also, you need to make a note of how and when to set up interviews. For schools that give interviews, you’ll often be contacted after you submit your application with information about setting up an interview. Generally, interviews are conducted in the fall if you're applying early, and they're conducted in the winter if you apply under regular decision.If you're given the option of having an interview, you should interview. Interviewing shows the school that you're genuinely interested in attending, and demonstrating interest can help your chances of gaining admission. Also, the interview gives the school an opportunity to learn more about you outside of what's in your application, and you get to learn more about the school. Why Do You Need to Prepare For an Interview? Most colleges stress that interviews are opportunities for the school to get to know more about you and for you to get to know more about the school. You may assume that because you know about yourself, there’s no real need to prepare. You may think that all you have to do is honestly answer the questions you’re asked. While it's true that you primarily just have to candidly answer questions about yourself, preparation can help youappear more confident and givemore thoughtful answers. Also, if you prepare, you'll be able to ask questions that demonstrate your interest in the school and show that you've done substantial research. Some additional preparation can help separate you from the thousands of students who are interviewing for these selective schools. If you prepare, you can be as confident as this guy. How to Prepare for a CollegeInterview Your preparation for your interviews consists ofthree major components: research, practicing answers to questions, and preparing questions to ask the interviewer. I’ll explain how to do all three and how they’ll benefit you during your interview. Step 1: Research the School Well before your interview, you should research as much about the school as possible. Focus your research on why the school would be a good fit for you and your needs. Because you should have done extensive research before you decided to apply, this should be mostly review and shouldn’t be too time-consuming. Consider how the school will be able to meet your needs and what you're looking for in a college. You can research anything of interest to you, whether it's related to academics, campus life, extracurriculars, study abroad programs, or athletics. If you want to pursue a specific major, you can learn about its course requirements, professors, and any special programs for students in that major. Use the school's website, college finders, search websites, and guidebooks to help you learn about the school. Your research will help you prepare for questions you may be asked, and it will help you come up with questions for your interviewer. Step 2: Prepare for Your InterviewAnswer Check out this article for a specific guide on the questions you should prepare for. Some common ones include: Why are you interested in this college? What are your academic strengths? What do you plan to be doing ten years from now? The questions you'll be asked pertain to your personality, character, goals, and why you think the school would be a good fit for you. To prepare, you should jot down some notes and practice your responses to the most common interview questions. Remember that the school wants to learn about what makes you unique. So, if you're asked about your greatest strength, don't just say that you're hardworking. That's a response that could be given by thousands of students. If you think you're especially diligent, you can reveal an anecdote that demonstrates your exceptional work ethic. Being able to give specific examples will make your answers much stronger and more believable. While it's not a bad idea to practice answering common questions, you don't want to try to memorize your answers or write them out word for word. You should appear conversational in the interview, and you don't want to have to stress about remembering the exact words of your prepared answers. Incorporate information from your research into your answer about why the school would be a good fit for you. Try to include information that's not too superficial or obvious. Don't just say you want to be a doctor and the school has a good pre-med program. Go into more depth. What about the pre-med program makes it a good program for you? What resources or classes that the school offers appeal to you? You can do a mock interview with a teacher, counselor, parent, or friend. Have somebody ask you common interview questions and practice responding as if you were in the interview. Step 3: Prepare Questions for Your Interviewer Remember that the interview is not only an opportunity for the interviewer to learn about you; it’s also an opportunity for you to learn more about the school. Asking questions shows you’re engaged and that you’re taking the college selection process seriously. Refer to this post for good questions to ask in an interview. I recommend preparing at least 2-3 questions. Here are a couple of examples of good questions: What advice would you have for me as an incoming freshman? I heard about (insert name of on-campus event). Have you participated? What's it like? Your questions should either be related to your research about the school, personal questions for the interviewer (but not inappropriately personal), or related to something the interviewer said or revealed during the interview. When you prepare questions, don't come up with questions that can be easily answered through basic research. Don't ask where the school is located or if it has a certain major. You should know the answers to those questions before the interview. Just like your answers to interview questions, your questions for the interviewer should be deeper and demonstrate thought. 3 College Interview Tips for the Day Of By the day of your collegeinterview, you should be extremely knowledgeable about the school, prepared to answer common interview questions, and have a few questions prepared for your interviewer. Here are some college interview tips to follow the day you interview. By this point, your hard work is mostly done, and now you get a chance to learn more about the school and show what a superstar you are. Tip 1: Dress Well When it comes to college interview attire, it’s better to err on the side of looking too formal than too casual. You want to appear like you’re taking the interview seriously, and you want to present yourself in a professional manner. Tip 2: Be Punctual I assume this goes without saying, but make sure you’re on time. Nothing gives a worse first impression than showing up late to a meeting. If something out of your control happens and you’re running late, contact the interviewer to let him/her know. Tip 3: Relax If you’ve made basic preparations and you’re polite to your interviewer, most likely, your interview will only be able to help your chances of admission. Also, so you don't stress too much, remember that the interview is only a minor factor in determining whether or not you're accepted to a school. Try your best to just be yourself. These colleges want to learn about you, so don't be overly worried about giving the "right" answers to questions. Give genuine answers and feel free to show your personality. What's Next? As you continue to research colleges and the college application process, make sure you know the complete application timeline and how many colleges to apply to. If you're striving to get into the most prestigious colleges, learn helpful tips from a Harvard graduate. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Communiction Theories Essay Example | Topics and Well Written Essays - 250 words - 5

Communiction Theories - Essay Example Production of communication is on different levels with different kinds of individuals. When strangers meet for the first time, they do not know a lot about each other, they converse so that they can know each other better (Littlejohn & Foss 246). The individuals go through definite steps as well as checkpoints so that uncertainty can be diminished about one other and shape a thought of whether one individual likes or detests the other. Whatever one of the individuals says cannot ultimately be true and may leave the other individual with uncertainty. As individuals communicate they make plans to achieve their goals. These plans may include passive strategies by observing the individual, active strategies by asking other individuals about the personality or looking up information, and interactive strategies by making inquiries and self-disclosure. At extremely uncertain time’s individuals become more cautious and depend more on data presented in diverse circumstances, which they find truthful. When individuals do not have a lot of certainty they lose self-assurance, in their individual plans and put together contingency plans (Littlejohn & Foss 287). Elevated heights of uncertainty builds distance among individuals and non-verbal self-expression have a propensity to assist in the trim down of this uncertainty. Berger generates theorems by combining axioms to capitulate a predictable conclusion. For instance, if connection reduces uncertainty and diminished uncertainty elevates liking, then it is obvious that connection and liking are optimistically interconnected. This can be proved because this correlation exists in extensively reputable findings in studies on interpersonal

REPUBLIC of ANGOLA Research Proposal Example | Topics and Well Written Essays - 1500 words

REPUBLIC of ANGOLA - Research Proposal Example We will begin with an introduction which will provide an overview of this country, discuss key facts and situate Angola within the present context. Following this brief overview, we will discuss Angola today with relation to the history of this country and situate present-day Angola within a historical context. Aiming to provide as much explanatory power as possible, this historical overview will be comprehensive, exploratory and in-depth. Following this, we will focus on the major industries and services within Angola and discuss the economic engines of the Angolan economy. We will then discuss the present Angola situation in light of struggle for independence and a 27 year civil war. This research paper will then conclude with an overview of key economic facts and a summation of the present economic situation in Angola today. Angola, officially called the Republic of Angola, is a Portuguese-speaking Presidential Republic which gained independence from Portugal just over thirty three years ago in 1975. As a Portuguese-speaking country in Africa, Angola is just one of a handful of former Portuguese colonies on the continent which has kept the tongue and made it an official language (Cape Verde, Guinea-Bissau, Mozambique, Sà £o Tomà © and Prà ­ncipe, and Equatorial Guinea are the other majority Portuguese-speaking countries of Africa). In order to understand Angola today it is essential that we understand her history and as the largest country in the African empire of Portugal, Angola was heavily influenced by the colonial tradition. Because it is so important, the history of Portuguese influence in Angola will be discussed in-depth below. We now turn to a concise overview of Angola today. As the largest and most populous country in Luso-Africa, Angola has an estimated population of nearly 13 million people. As mentioned above, Portuguese is the official language of the country but other languages are spoken amongst the

Stakeholder Essay Example | Topics and Well Written Essays - 1250 words

Stakeholder - Essay Example Without a clear consensus on how to define a stakeholder, the essential question that most definitions attempt to answer is, ‘What is a stake?’ The two definitions above certainly represent a contrast in broad versus narrow viewpoints of stakeholders. With Clarkson’s (1995) narrow perspective, a distinction can be made between stakeholders that voluntarily or involuntarily bear some form of risk. Voluntary stakeholders are those that bear risk based on an investment of either capital, human, or financial value in a firm. Involuntary stakeholders are at risk due to the activities of the firm. The common element between both types of stakeholders is risk, and without risk there is no stake (Mitchell et al., 1997). In the broader definition offered by Freeman (1984), the list of possible stakeholders is so expansive that it could include almost anyone or any entity. Diverse groups such as suppliers, community, industry, local government, neighbors, lobby groups, labor unions, and the natural environment have been included as stakeholders under this broad definition. The broadness of this definition (i.e. â€Å"can effect or is affected by†) allows the stake to be either unidirectional or bidirectional, and there is no requirement for reciprocal action as in a contract or with a relationship (Mitchell et al., 1997). From the critical perspective, Freeman’s definition (1984) is so broad that it would include everyone or every entity, except those with no power to affect the firm and have no relationship to the firm. The claim that a stakeholder is â€Å"any group or individual who can effect, or is affected by, the achievement of an organisation’s objectives† (Freeman, 1984: 46) is so broad that it is not falsifiable. In contrast, Clarkson’s definition (1995) uses risk to represent some form of legitimate claim

Media Effects Body Image Essay Example for Free

Media Effects Body Image Essay Over the past 10 years, mass media and the access to social networks has evolved substantially causing the effects of negative self-image and what is considered beautiful. Body image expectations for both African-American male and female share the battles of society’s expectations, yet African American women body images come with a stricter and more unhealthy stigma; growth of social media such as Facebook, Instagram and Twitter brings these expectations of self-image into our homes and our children minds. â€Å"The Internet is easily the most pervasive form of mediated communication that we encounter in our lives. Even traditional forms of mass communication drive us toward the Internet† (Bryant, Thompson Finklea, 295). Social networks influences negative self-image and expectations of what is beautiful to society. Beauty expectations has a long standing history into our lives, but comparing the increase in body augmentations, extreme dieting and even bulimia nervous in our generation is heavily related to mass media. Over exposure to social networks may contribute to the development of low discrepancy for sexual desire with partner, negative views toward self-body image, and even the need to seek illegal avenues for plastic surgery. As humans, we tend to rate ourselves pretty harsh and I believe social media networks have caused an increase for the expectations of body image. Recently, the media has had a huge impact on relationships, the proper raising of children and especially the ideal body that an African- American woman should have. Although, I do highly believe that we should improve woman’s health, I also know that every person doesn’t look like the model we see on television. In the African American culture, recently, it has been a turn of times and the media thin-ideal is being curvy within our community. Every new music video and social media networks put the black woman with the tiny waist with huge thighs and butt as the perfect woman. The impact of the  media is causing a change in African American women views on their lives, body and overall expectations as what a black woman should look like. It is well known that obesity and being curvier than other races is well documented withi n society, yet it’s now becoming an issue with our society to enhance these features that we are so well known for. Even for the common thin-ideal woman that is often portrayed in the media is typically 15% below the average weight of women, representing an unrealistic standard of thinness (tall, with narrow hips, long legs, and thin thighs) (Johnson, Tobin, Steinberg, 1989). Yet within the African American culture, video vixens promote their bodies as a sign of owning who they are and controlling the situation regardless of what they may have on. Still another perspective is that of Melyssa Ford, â€Å"the highest paid video girl to date† (Byrd and Solomon, 2005) who describes her vulnerability on video shoots, objectification by men, and the process of reclaiming power over her own body, which she describes as her commodity. Without denial, Melyssa Ford is a well-educated woman and one of the few vixens who have used her body to open doors to new opportunities, but believing her body is the golden ticket is the main issue that I have with the media influence. These contrasting perspectives demonstrate the complexity of issues (e.g., the range of perceptions about woman’s objectification) and pose critical questions for scholars who seek to understand contemporary Black women’s experiences (Byrd and Solomon, 2005). The idea that the African American woman has been created as an object and should have a particular body to be accepted into their culture as the ideal African American woman. Black culture has always been the more voluptuous curves in women, yet those women were considered cornbread fed and the ones who weren’t blessed with these assets, didn’t go out their way for unethical surgical practices. The social media negative influence on African American women growing up within the 21st century has made it seem the simple life is depending on the curves of your body, instead the knowledge of your mind and the power in your beliefs. Proper parenting is started at home, yet with social networks being such a part of our children’s lives, the media is also in the homes. In the process of the media influence, I believe the importance of the media understanding the black culture and the expectations of a woman’s curves also cause many medical issues that we are associated with, such as: Type I and II diabetes,  high blood pressure and obesity. With overweight being accepted in most black families homes, the media and social networks should deter as much as possible from promoting the oversexed woman is the ideal woman. The effect social networks has on the children coming behind us is powerful and I believe the power of the media should be used more effectively. There is evidence that social media influences behaviors at home because women such as Ford promotes her body as her job, just as woman who is a part of the corporate community, but her body expectation is for her job, natural African American women are not all curvy. I had the opportunity to speak with several close friends who utilize social networks as often as I do and I wanted to know their take on their own body image when looking at different women on Facebook or Instagram. Do they feel the need to conform and seek that particular body? Do they feel less beautiful that moment when looking at these women? Although all of them stated they didn’t feel any less beautiful and was comfortable within their skin, they did state it causes them to want to stay in the gym more or avoid a meal for the sake of staying the â€Å"ideal body type† as an African American woman. But 2:3 of the women claimed they did have a lower sexual discrepancy when it came to being with their mates and questioned themselves during sexual intimacy after looking at these women. 1:3 of the women even resulted in having plastic surgery for a breast implant after seeing the changes in a models career off of Instagram because she felt like this would increase her chances of finding a husband. â€Å"Social comparison theory is one of the few theories that are commonly used by mass communication scholars to understand the relationship between media exposure and body image dist urbance† (Zhang, Dixon Conrad, 266). The ideal African American woman portrayed in the media and on social networks is difficult, almost impossible, for the majority of the women if you want to live a normal, healthy life. When you have a certain type of body within the African American community, the woman seems to be more glorified by men and catches the attention quickly. Yet, often African American women who have curvy shapes find themselves not liking the attention because of comments. The effects of lower discrepancy are basically the lack of compatibility between two individuals and this may increase with the harsh media influence. I believe social networks and media influence has caused African American women to want a voluptuous body  because apparently this is what gets a man attention. â€Å"Stice and Shaw (1994), suggested that as women internalize the thin-idea/media image, they tend to experience heighted body dissatisfaction, set unrealistic body dimension goals, and ultimately engage in disordered behaviors designed to achieve the thin-ideal body image (Hawkins et al, 2004). The increase of plastic surgery within the Black American culture probably has increased within the last five years due to the wanting of large buttocks and smaller waist which media makes to believe this is what a Black woman should look like. The media so- called expectations of the perfect African American woman can’t be the only problem when it comes to the issues the culture experiences toward wanting a certain look. Possibly, the future research will get the attention of media and social media executives to realize their power over the younger generations to develop positive influences and promote healthier lifestyles. In this research, I was able to find that African-American women often compare themselves to images on social networks and although it causes them to work out more, it isn’t necessarily causing a healthier lifestyle and positive self-body image. Works Cited Bryant, Jennings, Susan Thompson, and Bruce W. Finklea. Fundamentals of Media Effects. 2nd ed. Boston, MA: McGraw-Hill, 2002. Print. Byrd, Ayana, and Akiba Solomon. Naked: Black Women Bare All About Their Skin, Hair, Hips, Lips and Other Parts. New York: Penguin Group, 2005. PsychINFO. Web. 4 Apr. 2014. . Hawkins, Nicole, P. Scott Richards, H. Mac Granley, and David M. Stein. The Impact of Exposure to the Thin- Ideal Media Image on Women. University of Houston- PsychINFO. Taylor Francis, Inc., n.d. Web. 4 Apr. 2014. Johnson, C. L., Tobin, D. I., Steinberg, S. L. (1989). Etiological, developmental and treatment considerations for bulimia. Special issue: The bulimic college student: Evaluation, treatment and prevention. Journal of College Student Psychotherapy, 3(2-4), 57-73. Stice, E. Risk Factor for Eating Pathology:

Role of Asset Securitization in Present Financial Crisis

Role of Asset Securitization in Present Financial Crisis Abstract Banks, to get rid of illiquid assets they posses and to attain financial freedom in lending, searched for new innovative techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. Banks pool up these illiquid assets like mortgage loans and sell it to agencies called as special purpose vehicle (SPV). These special purpose vehicles convert these loans in to securities and sold to investors. Before agencies sold these securities they got it rated from rating agencies. Asset securitization as a process reduced information asymmetries; increased financial slack; served as a lower cost of financing source; reduced regulatory capital; and reduced bank risk. The process of asset securitization as a whole has many advantages but by the end of year 2007 it started to crack with financial crisis. It is therefore necessary to study what went wrong in the process of asset securitization that lead to financial crisis. The study analyzes the role of asset securitization in financial crisis by analyzing the economics of asset securitization process as whole. Then in depth analysis of credit rating agencies methodologies and economics of how they rate these securities is studied. As it is difficult to analyze the rating processes and methodologies of all rating companies in this thesis I have decided to analyze Moodys investor service. Moodys has been selected because its name is synonym with quality in the market. The growth and fall of mortgage industry performance of mortgage industry have been analyzed. The factors that led to financial crisis have been analyzed. The study analyze the moodys rating methodologies and rating models and updates to rating models. The short comes in rating methodologies and rating process has been discussed. The rating models updates effect on default rate of rating has been analyzed. Finally the effect of these default rates on financial crisis has been studied and analysis of role of asset securitization in financial crisis is studied. Chapter 1 Introduction The process of asset securitization started in the year 1870 when Government National Mortgage Association (GINNIE MAC) purchased pools of loans and converted in to securities and sold these securities to investors. In the year 1970 special innovative technique called tranching were used to distribute losses involved in these pools of loans backed by mortgages and sold to investors. Kaptan and Telang (2002) Asset securitization is the process of converting illiquid assets in to cash flows. Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. In the process of asset securitization, rating agencies rating securities is crucial because rating influence the marketability of the securities. There are many rating agencies which rate Residential Mortgage Backed Securities, of these three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. These rating agencies use statistical models to analyze risk involved. Rating agencies constantly review performance of these securities and according to performance they upgrade or downgrade rating. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. This interest rate cut along with increasing housing price made people to invest in housing this helped to drive growing demand for nontraditional mortgages products. Banks have extra liquidity to lend more loans to borrowers and started to lend more and more loans to non prime borrowers, which led to poor performance of loans and in turn effected whole asset securitization. This report will explore what is the role of asset securitization in financial crisis. In order to research what is the role of asset securitization in financial crisis the following have done 1. Analysis of asset securitization process 2. Analysis of Evolution of financial crisis 3. Analysis of Rating agencies methodologies and procedures in rating process. The details of analysis techniques are explained in methodology chapter. And extensive literature review is done to get hold of the subject. Finally in depth analysis has been done to reach the goal of the report. CHAPTER-2 Professional And Academic Context 2.1 Asset Securitization Kaptan and Telang (2002) defined Asset securitization as an innovative process which channelizes flow of funds from investors to issuers in efficient manner. In simple words, the process of asset securitization starts with financial institutions like banks which pools up individual loans and create securities against them. These securities are rated and sold to investors. In words of these authors, asset securitization is the process of converting assets in to securities and in turn in to liquid cash. Origins of securitizations can be traced back to 1870`s where Government National Mortgage Association (GINNIE MAC) started selling securities that are backed by pool of mortgage loans. These securities were named as mortgage pass through securities. This process of securitization has changed in 1970 where new innovative concept of tranching was introduced in issuing the securities (tranched securities). These tranched securities are sold to investors. Kaptan and Telang (2002) (Uzun and Web, 2007) makes understanding of asset securitization more simple through an illustration of the process of asset securitization, banks which are financial intermediaries in capital market has various types of assets such as mortgage loans, car loans, leasing contracts etc on their balance sheets. These assets are not marketable so these are illiquid assets. Banks, to get rid of these illiquid assets and to attain financial freedom in lending search for new techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. So asset securitization plays a major role in converting these illiquid assets in to cash flows (liquid assets). Uzun and Web, also provide information on what kind of assets the banks securitize. These authors explain this as, the process of asset securitization starts with banks deciding which assets they want to securitize for example mortgage loans. Then bank pools these mortgage loans and sell it to trustee or separate entity which is called special purpose vehicle. (Uzun and Web, 2007) Role of Special purpose vehicle (SPV) is explained by the Securities and Exchange Staff (2008) as, SPVs either government backed agencies or private agencies such as Fannie Mac, Friede Mac, Ginnie Mac buys these loan pools and are entitled to interest and principal of underlying loans in the pools. Then SPV issues different classes of securities known as tranched securities backed by pool of loans. The role of SPV is to separate risk of newly created securities from the origin bank loans. If these SPV are not there it is very difficult to assess the risk involved with those securities underlying the loans. It is difficult to access risk because risk involved is closely related to origination bank practices. Information of origination bank practices such as how they lend loans what documentation they check before issuing loans and credit quality of loans. Securities and Exchange Staff (2008) conclude that these securities issued from this SPV isolates the risk involved from origination bank. Investors invest on these securities and investment risk is directly interrelated to credit quality of loan borrowers whose loans are offered as collateral for the securities. To boost the demand for these securities the SPV enhances credit quality by process called over collateralization and subordination. Over collateralization, is the process in which credit quality is improved by giving payment guarantee by insurer. So if there is any principal or interest default it is insured there by making investors clear in mind that there is no risk involved in investing in these securities. Over collateralization is one way of credit enhancement but the principle way of credit enhancement is done by subordination. In subordination process SPV issues different layers of tranches (securities) such as junior, mezzanine, senior tranches. If the trust experience any loss in interest or principal payment, lower most tranches, junior tranche absorb all the losses and then mezzanine tranche absorbs any more remaining losses that are left over by junior tranche leaving top most tranches, senior tranche safe from any kind of losses. So senior tranche is safe from all interest and principal default. So by process of tranching top most tranches (securities) get more demand from investors and demand reduces when it goes down the ladder up to junior tranches. Junior tranches are backed by over collateralization for its marketability in capital market. The process of tranching differentiates structured finance from normal securitization process. In normal securitization process assets are converted into securities and sold. In structured finance these securities are tranched so that at least one class of securities gets better rating when compared to average rating of all securities. The asset securitization makes calculation of risk more complex using technique called tranching. The calculation of risk is more complex because the risks involved in these pools are distributed.( Securities and Exchange Staff) (2008) Asset securitization is the process of converting illiquid assets in to cash flows (liquid assets). Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. Kaptan and Telang (2002) In brief benefits of asset securitization are reducing information asymmetries; increasing financial slack; serving as a lower cost of financing source; reducing regulatory capital; and reducing bank risk (Greenbaum and Thakor, 1987) (Kaptan, Telang (2002), (Uzun and Web, 2007) conclude that asset securitization is the process in which illiquid assets of banks are converted into cash flows or liquid assets. (Greenbaum and Thakor, 1987) conclude these techniques of asset securitization as benefits for banks as well as for investors in capital market. Securities and exchange staff concludes the process of credit enhancement using process called subordination distributed risk of loss in the whole tranche. And the process of over collateralization increased demand for these securities in capital market. Securities and Exchange Staff (2008) concluded that the process of tranching evenly distributed risk and assessing this risk is a complicated process. 2.2 Rating Agencies The main role of rating agencies in capital market is to rate the bonds and securities in specific scale. Rating agencies use qualitative and quantitative methods to access cash flows of these bonds or tranched securities. These ratings are used by investors in capital market as bench mark in investing. Thus rating agencies helped the investors in making decision to invest in capital markets by reducing information asymmetries between issuers and investors. (Committee on the Global Financial System), (2005). 2.2.1 Evolution And Role Of Rating Process According to Ruth Rudden, the evolution of rating industry started when there was a big demand for the corporate bonds in USA. The investors interested to invest in these corporate bonds were very skeptical about risk involved as they were not provided with companys credit information that issued these bonds. So there was a pressing need for an independent and third party institution to analyze credit risk of these bonds which helped the investors in making decision to invest according to their criteria. Thus credit rating agencies came into existence. (Ruth Rudden, 2007), John moody was the first to introduce credit ratings in 1909. He used rating scale to rate the bonds. These ratings were useful for investors to understand credit risks. Credit rating agencies (CRAs) stressed more on expected cash flow generated by the issuer (special purpose vehicle) ongoing business in determining the rating. In general CRAs revenues were generated from subscribes who subscribed to receive rating on debt securities. Rating agencies from the start has been rating bonds on specific scale. Mason and Rosner, concluded that the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. (Mason and Rosner, 2007) The main importance for the credit ratings rose in the capital market because of US treasury department. US treasury department said the quality of the bonds rated by rating agencies is appropriate. Ruth Rudden, concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds. (Ruth Rudden, 2007) Then with the introduction of new structure finance products, rating agencies started to rate these products as well. In one of the reports by the Committee on the Global Financial System, (2005), wrote about the Rating agencies, rated the structured finance products like asset backed securities, CDOs, RMSBs etc, same as the traditional bonds. Rating agencies performed the same function as with traditional bonds that was reducing information asymmetries between issuers and investors. Committee on the Global Financial System, (2005) Issuers of structured finance products wanted these securities to be rated on the same scale as traditional bonds so that investors think structured finance has same kind of risk that of bonds. (Mason and Rosner, 2007) spoke about the structured finance as, for past few years with the introduction of newly formed structure finance products; these CRAs are chasing the agencies that issue these structured finance products instead of subscribers for revenue. This lead to three fold increase in the revenues by CRAs and effected the integrity and base source of the aim on which rating industries are build. To meet the demand of these newly introduced structured finance products; CRAs have introduced many new models and approaches to access these products for ratings. (Mason and Rosner, 2007) The three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. 2.2.2 Rating methodologies of RMBS According to (Rousseau Stephane, 2009), all the rating agencies methodologies are almost same for rating RMBS products. First issuer of these securities approach rating agencies to rate their securities so that they can sell it in capital market. And issuer provide all the data information of the assets underlying the securities like loan data, proposed capital structure of SPV, proposed credit enhancement for each tranche of the securities. Rating agency will assign an analyst to analyze the tranches for rating it. First probable looses incurred on all tranches are calculated. Rating agencies used complex statistical models for analyzing loss. The loss analysis gives rough idea of how much credit enhancement is required for each tranche to give particular rating. Then analyst analyzes proposed capital structure of SPV to check whether it meets particular rating. Then finally analyst analysis the cash flow which gives information of interest and principal paid out of SPV and analyzes whether particular asset which is under tranche meets payment obligation. Analyst then rates each tranche and submits his rating to committee where they vote on the analyst view. Once rating is confirmed they send the rating to issues rather than publishing it. If the issuer is satisfied with the rating he makes it public. If issuer makes rating public, rating Agencies get paid if not they get breakup fee. (Rousseau Stephane, 2009). 2.2.3 Concerns on models used in RMBS According to (Danà ­elsson J, 2002), Rating traditional bonds is much easier because of availability of historical data where as rating structural products like RMBS you need much more complex models than that of normal models. As the financial system become more complex, the need for complicated statistical models becomes greater. More the complexity, lesser the reliability on these models, so does these models tends to be less reliable. It is clear from the credit crisis of 2007 that the rating agencies used over optimistic input data, inappropriate modeling and insufficient checking of data quality and permitting gaming of models. Despite of advanced models, stress tests, and all the numbers, risk models do have important role to play in modeling risk as long as its limitations are known. Risk models are good at managing particularly trading desk but when asked to model whole institution it fails. So relying on such folly statistical models to model risk is foolishness. And the numbers that these models give are inappropriate. Financial models are not simple and do not have basic or fundamental thermos to build on. These models can easily make you believe the results are accurate, the reason for these are; 1. Endogenous risk: In finance we can only model aggregate behavior. Financial modeling changes the statistical laws governing the financial system in real-time, leaving the modelers to play catch-up. This becomes especially pronounced as the financial system gets into a crisis. This is a phenomenon is called endogenous risk. 2. Quality of assumptions: we cant take it to consideration all parameters in to model so it is important to take it to consideration the main parameters that affect the outcome of the model. For example if we consider present situation of financial crisis the main parameter is liquidity which has been be ignored by modelers while modeling risk. 3. Data quality: data quality is the most and foremost important thing in statistics because the accuracy of these models depends up on quality of data. (Danà ­elsson J, 2002) To prove what Danà ­elsson J, said Vanessa G. Perry proved, there is always dearth of data on subprime market. The data that is available is proprietary lender data. And this data had drawbacks on analysis of market trends. To analyze data properly we need property records which contain information on mortgagee and mortgager, transaction price, property location, credit score, foreclosure rate of neighborhood state. This data was necessary for the rating agencies to analyze the market condition properly. Roughly to analyze loan performance, three sets of data was taken into consideration, that is the Borrower data, loan data, property data. Borrower data should contain income, FICO score, and demographics. The loan data should contain loan amount, LTV, loan type, interest rate/fee, terms such as FRM/ARM, payment history. Property data should contain location, prices, sales, foreclosure, and employment rate. One can predict the probability of default if and only if these data of loan is available. (Vanessa G. Perry, 2008). 2.2.4 Concerns on rating in RMBS According to (Committee on the Global Financial System, 2005), and (Mason and Rosner, 2007) there are many concerns on rating agencies which rated the RMBS, they are; 1. Transparency- Given the role that is played by rating agencies in removing Asymmetries, it is important that they be transparent on what they do. Rating agencies never disclosed completely their methodologies they use to rate RMBS and key assumptions and rating criteria. Credit rating agencies never accepted that the data provided by issuer of securities are not sufficient to rate. And rating agencies never provided historical performance data about their ratings. 2. Quality of rating process- there is a huge growth in RMBS market because of ease in lending loans. And at the same time these RMBS products started to get more complex. The rating agencies did not have enough staff to tackle increasingly complex products and huge volume of these products. Because of shortage of work force these rating agencies were not able to catch up with rating upgrades or downgrades accordingly with change in circumstances like issuers principal or interest short fall. 3. Conflict of interest- the rating agencies main role is to act as an intermediate between investors and issuers. This trust of being intermediate has been broken by rating agencies by charging issuers for rating products instead of getting paid by subscribers who subscribe for these ratings to invest in these products. Because of shift in the axis of being intermediate, these rating agencies got paid from issuer who in turn profited rating agencies by gaining millions of dollars. This process of issuer paying for his rating created conflict of interest. So considering profits they incur from this new role, rating agencies tend to rate products issued by these issuers a higher rating than they actually are. The issuer has ability to adjust deal structure to get desired rating. And issuer has influence on rating process. (Committee on the Global Financial System, 2005), (Mason and Rosner, 2007). 2.2.5 The role of rating agencies in the crisis According Tom Bulford (2008), (Ruth Rudden, 2007) â€Å"The credit rating agencies like Moodys, Standard and Poors and Fitch played a central role in growing the residential mortgage-backed securities, these credit rating agencies were titled to rate these securities on behalf of the huge investment banks to sell to the investors. The ratings of these securities were to identify the risk involved in the securities, they followed a particular three main flow in calculating the risk rating for the investors, the first as to interest the investors on the securities, they provided portfolios of RMBS which highlighted a certain level of risk involved in it, this was done through tranches which means, the different level of risks involved securities were put into different groups called tranches. This helped the investors in deciding whether to stay first in line during the event of default or down the queue. This was one point where the investors relayed on the ratings to invest on the securities. The other two things which they followed to rate the securities, one was data which was used in the financial models of the rating agencies to rate these securities, the data contained here are the information about the mortgage loans that are parceled by the investment banks. These mortgages came from the originators who provided all the information about the mortgagees like their credit history, income, etc. hence these originators provided information was historical. The information given source was not sure about as they stood by the words of the originators. Using this information on the models they used in the rating would off course end up being inaccurate. This made the investors relaying on the high rating given by these rating agencies and hence invested confidently. The rating agencies assured that the portfolios of mortgage backed securities were â€Å"stress tested† by ‘Monte Carlo simulation of macroeconomics variables to create a loss distribution. The assumptions were not wide enough because the rating agencies relied upon historical data, and till now MBS were concerned ‘the performance history that did exist occurred under very benign economic conditions. The reasons just dont stand on rating agencies following the historical data for the calculations but also the workload and the conflicts when the interest rates rose which laid the investment bank concentrate on getting the best ratings on the securities that is laid for sale. This increased the competition between the agencies; they did not want to lose deals and hence gave ratings as necessary with one initiative that was not to lose deals. One of the illustration proves the above comment, one of the member in an rating agency who did not want to lose a deal wrote a mail which said â€Å"I had a discussion with the team leaders here and we think that the only way to compete is to have a paradigm shift in thinking, especially with the interest rate risk†. Another said â€Å"We are meeting this week to discuss adjusting criteria for rating CDOs of real estate assets because of the ongoing threat of losing deals†. Tom Bulford (2008), Tom Bulford (2008) concluded that the roles of these rating agencies in financial crisis are to be studied thoroughly. Rating agencies main duty is reducing information asymmetries between issuers and investors but with the introduction of structured finance products rating agencies deviated from their main role of reducing information asymmetries. In fact they started to favour security issuer as they are paid for rating. Committee on the Global Financial System, (2005) concluded that role of rating agencies in capital market is to rate bonds or securities on specific scale. (Ruth Rudden, 2007), (Mason and Rosner, 2007) concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds and the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. The rating agencies got paid by issuer of securities for rating structured finance products on same scale as normal bonds. Tom Bulford (2008) concluded that change of role by rating agencies as information intermediation between issuer and investor got strained with the introduction of structured finance products. (Danà ­elsson J, 2002) concluded that to rate structured finance products rating agencies need more complex models. (Vanessa G. Perry, 2008) concluded that there is no enough historical data on subprime market and in turn this dearth of data affects accuracy of the rating process. Committee on the Global Financial System, (2005) concluded that there are some concerns relating rating process of RMBS. Tom Bulford (2008) concluded rating agencies had played their role in financial crisis and need to be blamed for their irresponsible behavior. 1.3 Subprime Crisis The roots of financial crisis are complex and obscure. The main culprits are mortgage banks brokers, rating agencies, to some extent federal reserve and government. Financial crisis started with Federal Reserve slashing interest rates to encourage spending and reduced 30-year bond issues to increase the prices. This along with American dream of home ownership triggered housing boom. This housing boom has been used by many mortgage lending banks. The introduction of FICO scores instead of traditional point based system and the off-balance sheet vehicle made lending loans easy. Loans were given to people with low credit history (sub-prime loans) Souphala, C and Anthony, P.C, (2006) 1.3.1 Evolution of the crisis According to Souphala, C and Anthony, P.C , (2006), the introduction of FICO scores instead of more traditional â€Å"point based system† credit scoring. And the off balance sheet vehicle (OBSV) made banks to lend loans to people with low credit score. This type of lending is called subprime where these borrowers are who fail credit history requirements in the standard (prime) mortgage market. The subprime lending is known as high cost lending and primarily driven by credit history and down payment where as prime lending is driven by down payment only. People thought prime lending is complicated but have great promise and great peril. The subprime lending provided opportunity for homeownership to those who havent passed credit history in the past. Lower credit history of subprime lending which could have resulted in more delinquent payments and defaulted loans. US mortgage market, which for decades was dominated by fixed rate mortgages, included nontraditional mortgages, simultaneous second-lien mortgage, and no documentation or low documentation loans. Nontraditional mortgages allow borrowers to defer payment of principal and sometimes interest and include interest only mortgages (IOs) and adjustable rate mortgages (ARMs) with flexibility payment options. Interest rates are much higher than that of prime loans, is the main reason of risk for borrowers. Strong home price appreciation and declining affordability have helped drive growing demand for nontraditional mortgage products that can be used to stretch home buying power. Souphala, C and Anthony, P.C , (2006). 1.3.2 Role of US federal government National partners in home ownership in the largest private public partnership program whose solo aim is increasing home ownership rate to all time high by the end of decade by increasing creative financing methods for mortgage loans. In this program, retailer, home builders, Fannie Mac, Freddie Mac, mortgage bankers are the partners who came up with innovative ideas such as using FICO score instead of point based system is introduced to ease the requirements to lend loans to people whose credit history is not good to get mortgage loan. Another innovation is off balance sheet vehicle which made lending loans easy. (Mason and Rosner, 2007) According to Souphala, C and Anthony, P.C , (2006),The government and the quasi-government agencies were main reason who influenced the US mortgage credit cycle by their legislative reforms and the mandates, the alternative mortgage transaction parity act in 1982 eliminated regulatory disparities between state and federal chartered mortgage by granting state chartered institutions the authority to issue alternative mortgage(sub-prime), including the use of variable interest rates and balloon payments, regardless of state mortgage lending law. The tax reform act 1986. Then stimulated demand for mortgage debt by retaining the deduction for home mortgage interest. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. Although the Fed has raised interest rates past year, mortgage rates have largely been unaffected. This interest rate cut along with increasing housing price made people to invest in housing. Home ownership is best way of making wealth in fact most households find it difficult to invest in anything but their homes. These factors helped to drive growing demand for nontraditional mortgages products that can be used to stretch buying power. Souphala, C and Anthony, P.C , (2006). 1.3.3 Financial Market Turmoil Due to poor standard of lending there has been raise in subprime loans, the delinquency rate increased in the year 2006-2007 because of subprime loans issued in previous years. The overall rise in delinquency rate is sudden and overwhelming. The market started to response to these high delinquency rates in the second half of 2006 and first half of 2007. In spite of high delinquency rate, market had confidence on highly rated tranches of subprime RMBS (senior tranches). In the second half of 2007 this confidence came to its low when credit rating agencies lowered their rating on highly rated tranches. These downgrades created uncertainty and doubt on quality of rating these rating agencies assigned. With more exposure to risk related to subprime debts, restricted liquidity of banks, the inter market for term loans was effected so there was a sharp increase in risk premium. These authors concluded that banks lost confidence and have less liquidity. This resulted in present financial cr isis. The result of this is freezing all structured finance products and cut down in non confirming mortgages. This is because of those agencies giving non confirming mortgages had lots of loans and RMBS which were