Sunday, June 28, 2020
A Main Character Of Odyssey - Free Essay Example
In Odyssey, the main character Odysseus leaves his land and family to battle at Troy. He spends a decade later trying to return home, battling various ills and evils so that he may eventually be able to return home. In his long absence, his wife Penelope has the battle of her own to resist the suitors congregating in her home in an attempt to marry her. Their son Telemachus battles a mostly internal war in both missing his father and the suitors who are ruining his home and overtaking his life. In O Brother, Where Art Thou?, the three main characters Everett McGill, Pete Hogwallop, and Delmar Oââ¬â¢Donnell escape from a prison chain. Everett convinced his fellow inmates that he has hidden a treasure that must be recovered before his hometown is flooded from the progress of the creation of a dam. Unaware to his companions until close to the end of the film, he is actually in prison for unlawful practice of law, and the treasure does not exist. The trio travels back to McGillââ¬â¢s hometown, with many interesting adventures along the way, including meeting a blind man who foretells their future, McGillââ¬â¢s attempts to win over his wife Penny, and becoming a famous singing trio who receive a pardon for their crimes due to their immense popularity. Homerââ¬â¢s epic The Odyssey and Ethan Coen and Joel Coenââ¬â¢s movie O Brother, Where Art Thou? are very similar despite several large differences. The most notable differences between the two are the setting, the number of primary characters, and the history and story of the main character(s). There are many similarities including an array of adventures, and the pursuit of material reward. In Homerââ¬â¢s epic, the story takes place centuries ago, while the Coenââ¬â¢s movie takes place in the 1930ââ¬â¢s. These differences bring with them different cultures and values. In Odysseusââ¬â¢ time, honor was valued above nearly everything. Homer shares a story of men who were highly valued when they died in battle, which was considered a good, respectable death. In the time period McGill, Hogwallop and Oââ¬â¢Donnell lived, honor was not as valued. Rather than being men who were very well off, who left home to do battle, these three are escaped convicts. They hold no honor, something that is very evident when Everett McGill finds that his wife is engaged to another man and has lied to their daughters, preferring to tell them that their father was hit and killed by a train than to tell them he has been jailed. Odysseusââ¬â¢ wife Penelope waits for him for ten years, remaining faithful to him at all costs. She also shares her husbandââ¬â¢s good name with their son Telemachus, and they both refuse to fully accept the possibility that Odysseus is dead without irrefutable proof. In contrast, McGillââ¬â¢s wife Penny tells their three daughters that he was hit and killed by a train, to avoid the shame associated with him having a criminal record. The girls believe their mother, as they have no reason not to, and Penny becomes engaged to another man rather than remain faithful to her husband. Despite these differences, both McGill and Odysseus do what they must to get their wives back from the suitors. While McGill takes a much less violent stance, by punching his wifeââ¬â¢s fiancà © and then finding her original wedding band (his requirement to take her hand again), while Odysseus murders all the suitors in his home. These two men have different family dynamics, but the same dedicat ion to their wives and children. In the Odyssey, there is one main character. While there are three central characters, Odysseus, Telemachus, and Penelope, the story only follows one at a time, with Odysseus ultimately being the main character. In O Brother, Where Art Thou? there are three main characters. McGill, Hogwallop and Oââ¬â¢Donnell are together at almost all times. This story also has one main character that it follows, McGill, instead of following the stories of the three most important characters. The characters also have different stories and histories. Odysseus is a noble, often given the title ââ¬Å"godlike,â⬠and lives on a large property that supports his in-laws and allows him room and wealth for many flocks of animals, workers, and servants. Odysseus is well-respected, and his name is well known due to his high social status. The three in O Brother are criminals, without more than the possessions of the average middle to low class person during the time ââ¬â at least before they were jailed. Their names are originally only known because of their failures to obey the law, and because they are escaped criminals. Later on, they are known because of their hit singing ability, but that is not even under their own names, but their ââ¬Å"bandâ⬠name. While Odysseus is known for his good deeds, McGill, Hogwallop and Oââ¬â¢Donnell are known for their misdeeds. The similarities between the two stories are extensive, so I will only focus on a few. There are similarities not only in plot and the adventures the characters embark on and are involved in. In both tales, the main characters are following the strong theme of want/need to return home. Odysseus is battling gods, monsters, even visiting Hades to help him return to his family. McGill convinces two others to break out of a chained roadside jail so that he can return to his wife and daughters. In addition, both stories begin with our ââ¬Å"heroesâ⬠in captivity when they are first introduced. Odysseus is on an island with Calypso, and the three in O Brother are jailed. Both escape captivity, though through different ways. Though at opposing ends of the story, Odysseus, McGill, Hogwallop, and Oââ¬â¢Donnell end up floating on driftwood. For Odysseus, the waters are so intense because he had angered the god of the sea, Poseidon earlier in the story. Poseidon did everything in his power to keep Odysseus from getting home, though he was unable to kill Odysseus because of Zeusââ¬â¢ direct orders. As a result, Odysseus raft torn to pieces, and he floats on broken pieces until he finally attempts to swim to land. McGill and his inmates were left floating on their own coffins after the valley they were in was flooded to create a dam. They also narrowly avoided death by those who wanted to kill them, the local sheriff and his men who wanted to hang them (which was why their coffins were there). In other parts of the stories, they both have their future foretold by a blind clairvoyant (in O Brother, the clairvoyant is the blind man who gives them a ride on the handcart, in Odysseus itââ¬â¢s the prophet Theoclymenus). All four characters are seduced by sirens, though they take very different approaches to the water-loving singers. Also in line with the sirens, only one character becomes seduced by them, with Odysseus tied to the mast of his ship and Hogwallop is basically kidnapped for ransom. Another similarity would be when Odysseus and his crew meet, are terrorized by, and escape Polyphemus, the Cyclopes. In O Brother, the men meet and are mugged by Big Dan Teague, another large man who also lures them in with food (though Polyphemus lure isnââ¬â¢t intentional) and they certainly cannot beat with strength alone, and kills one of their men. There were many similarities between these two stories. It seems almost as if they are the same story, and I am honestly shocked with the wide array of similarities. Odysseusââ¬â¢ adventures today seem impossible, especially as most people now discount Greek mythology as nothing more than interesting stories from the past. By putting similar happenings in a modern context it was fun to watch and read. Although it has a some of events that can be considered fake(such as correct predictions of future events by others). By doing this paper, I now look for similarities between Homerââ¬â¢s and in other media I see. A lot of modern versions of epics and tales show similar plot and adventure. Also, the success of the movie and epic both show the interest that the general population has in an epic tale that includes plenty of ââ¬Å"actionâ⬠and a tale of romance. In the end there is many similarities and differences between the movie and epic.
Tuesday, May 19, 2020
Essay on The Media and Violence in our Society - 636 Words
Violence has always played a role in the media. It is found everywhere around the world. Media does contribute to violence in our society. This essay will prove that media does contribute to violence in our society by examining music, video games and Web Sites. Firstly, one form of violence which influences behaviour in our society is music. This sort of media is a concern to parents who are interested in the development and growth of their children because of the negative and destructive themes of some kinds of music. Letââ¬â¢s take for example the rap artist Eminem. In his album ââ¬Å"Marshall Mathersâ⬠, he talks about murdering his wife, and plans to rape and murder his mother. These violent lyrics promote hatred against women.â⬠¦show more contentâ⬠¦Secondly, another form of violence which influences behaviour in our society is video games. Almost all children play video games. An average seventh grader plays video games at least 18 hours per week and most of thos e games are violent. Young people who play a lot of violent video games have an aggressive behaviour. The main trend of video games is for players to be the bad guys, acting out criminal fantasies and earning points for attacking and killing innocent people. Even though these games are rated M, they are popular among pre-teens and teenage boys. Letââ¬â¢s take for example Grand Theft Auto 3, who was the best-selling game for PlayStation 2. The main idea of the game is too earn points by carjacking, stealing drugs from street people and pushers and also by beating up prostitutes with baseball bats after having sex with them. These types of video games do not set good examples for children and teenagers. These young minds may think that they are allowed to verbally aggress women and that doing crimes are alright. Violent video games may affect their behaviour as they get older because they may want to commit crimes and get into drugs. This proves that video games do contribute to v iolence in our society. Thirdly, the last but not least form of violence which influences behaviour in our society is Web Sites. Ever since the internet has been invented, children started having more exposure toShow MoreRelatedViolence in the Media1047 Words à |à 5 Pagesa law that bans violence in the media: in movies, on TV, in video games, and on the Internet? Adi Shimony Golden Gate University Today, media take a major part of our lives, shape our society and create reality.à The Banning violence in the media is an efficient approach the government should take to handle the growing violence in our society. I argue that the US Government should make a law that bans violence in the media. The law needs to limit broadcasting of violence content at timesRead More The Effects of Television Violence Essay1416 Words à |à 6 PagesThe Effects of Television Violence Recent attention in the media relating violence and children has created much controversy and debate. Our society has brought much focus on violence in the media and how it has effected children of all ages and races. High school shootings and increasing crime in small towns all over the country has brought forth the question of whether or not children are exposed or desensitized to too much violence in television, movies, news, and other sources. ManyRead MoreMedia Violence Essay1420 Words à |à 6 PagesViolence in the Media and how it Affects Society The effect of media is profound and far-reaching. All over the world, the media influences our values and intrudes upon our deep-seated ideologies and beliefs. Indeed the media has been a powerful force in influencing peopleââ¬â¢s perceptions, and more importantly, their behavior as well. Business, politicians, and showbiz personalities pay huge sums of money to media firms in order create an image or change an existing one. Politics in particularRead More Media Violence and Its Effects Essay709 Words à |à 3 PagesThroughout decades, media have became one of the most powerful weapons in the world. As time passed, more and more varieties of media were shown, like television, magazines, and internet. From reporting the news to persuading us to buy certain products, media became the only connection between people and the world. But violence in media is shown everywhere, it is hard to turn on your media source and not find violence displayed on the screen, no matter its telev ision, internet, print media, or even radioRead MoreIncreasing Violence in Youth Culture Essay1093 Words à |à 5 PagesIncreasing Violence in Youth Culture In Bradburyââ¬â¢s dystopian classic, Fahrenheit 451, Clarisse says ââ¬Å" ââ¬ËIââ¬â¢m afraid of children my own age. They kill each otherââ¬â¢ â⬠(Bradbury 27). Bradbury claims through Fahrenheit 451 that our society is becoming increasingly violent in youthââ¬â¢s culture. Furthermore, common sense seems to dictate that as technology advances violence, increases as well. Although schools are considered to be the safest places for children, media, behavioral problems, and influences insideRead MoreAs Technology Has Evolved So Has The Way We, As A Society,1411 Words à |à 6 Pagesway we, as a society, consume media. If we look back through history, we can see violent imagery portrayed in books and art. However, after some violent school shootings, people have attempted, and failed, to pin the blame on violent media and even predict if, and when, it will happen again. However if we look at the violent tragedies, and more specifically the people who have committed them, we can see other causes for this violence. Although it can cause issues, violence in media does not causeRead MoreMass Media and Violence Essay891 Words à |à 4 PagesMass Media and Violence Is it hard to believe that just forty years ago only a few privileged American families had televisions in their home? In recent years, it is estimated that a whopping ninety-eight percent of Americans have one or more television sets in their home. Motion pictures, televisions, video games, and the internet are just some forms of mass media that have emerged since the last century. With the rise of mass media, the increase of violent behavior has increased as well. MassRead MoreExposure to Violence and Videogames844 Words à |à 3 Pagesgeneration where violence is idolized in video games and in the media. Although parents monitor and guide their children, ââ¬Å"[the] media is everywhere. TV, Internet, computer and video games all vie for our childrens attention]â⬠and often times are the sole free-time activity (American Academy of Pediatrics). As media monopolizes the adolescent generation, society has begun to look at the effects it may have especially material that promo tes violence. Although much of this violence is fictional, itRead MoreThe Effects Of Media Violence On Children873 Words à |à 4 Pages According to the Media Education Foundation, once a child reaches eighteen years of age, they have witnessed around 200,000 acts of violence and 16,000 murders (jacksonkatz.com). Our society loves entertainment and a grand portion of this entertainment contains violence. Children constantly consume violent visuals, due to their prevalence. Majority of our society is uninterested in the effects of media violence since its effects do not show immediately. Misinformation is our greatest enemy in theRead MoreMedia and Violence Essay768 Words à |à 4 PagesIn the globalization era, the first power among in this world is media. It is very important to recognize that media violence has been caused several problems in everyday life, especially, television, because we cannot only hear the sound but we can see the visual as well. If we think carefully ab out media violence, it has roots in the unease that has historically been expressed whenever a new entertainment or communications medium appears on the scene that appeals to the masses. We can seen, as
Monday, May 18, 2020
Business in China - 1131 Words
November 29th, 2012 International Business Doing Business in China The role of government when doing business in China is very important. It is especially important if you are from a different country, such as the United States, because the approaches to dealing with the government are much different. There are many factors in which should be considered when dealing with business related issues with the government. These include whether or not your business strategies go along with the plan the government has for Chinas development, understanding how the Chinese government interfaces with your business, and also how to deal with pressures from the government when they want you to do things you and your business donââ¬â¢t want to do.â⬠¦show more contentâ⬠¦There are also corrupt government officials that you potentially have to deal with. ââ¬Å"There are a hundred corrupt officials who go unpunished for each one who is punished.â⬠(Armbruster, 2007, pg.9) If that statement is even somewhat true, there has to be a large amount of corruption between officials which can go positively if you are doing business the wrong way but can also have negative effects. Having a China strategy is very important. A China strategy is a plan on how you are going to move your business into China and be successful. A China strategy is important because you have to know how to enter a market when going into a new environment, especially one as different as Chinaââ¬â¢s. ââ¬Å"China is no longer a third world country or an emerging economy. As the second largest and fastest growing economy in the world, soon to overtake the United States, it is a genuine force to be reckoned with. Within the past few years there has been a remarkable development inside China and the establishment of a significant middle class.â⬠(Watson, 2011, pg. 51) You have to be able to know what you are going to do with your business once you are in China. You also have to have a backup plan in case you need to remove your compan y for any reason. What I found most interesting about doing business in China is the many different things you have to deal with compared toShow MoreRelatedBusiness in China1188 Words à |à 5 PagesBusiness in China 1. What challenges do foreign firms face when they seek to transfer their home management style to China? 2. Discuss the reform of Chinese state-owned enterprises and related government policy changes. Evaluate the impact within the state-owned businesses and the chinese society. Chinese management Doing business in China requires a throughout understanding of their management philosophy and practices. Their management style is different in many respects from mainstreamRead MoreBusiness Organization : China And China1303 Words à |à 6 Pagesmight want to thank you for giving me the chance to compose a couple words about my study arrangement and my future prospects in China. I have dependably indicated readiness and unmistakable fascination in concentrating on Single man of Business Organization in China. There are numerous explanations behind which I have picked China to want examining my major. Initially, China is instruction well disposed nation and advancing advanced education in each conceivable way without separation of race, sexualRead MoreMaking Business in China1003 Words à |à 5 PagesBauchà © INTERNATIONAL MARKETING Chinaââ¬â¢s culture and business practices differ from Europe or even North American. As you start making business in China, having an understanding of Chinese business ââ¬Å"etiquetteâ⬠is important to your success. Knowing and practicing common customs will also help you to avoid embarrassment, and focus on the matters at hand on critical occasions. Appearance One of the most visible changes to the human landscape of China over the past few decades has been the change in dressRead MoreEssay on Business in China1030 Words à |à 5 PagesBefore doing business in China, thereââ¬â¢s a few things needed to know about this to-be home away from home for the company. A completely different world from that of the United States, this second largest supplier is as simple as our own in business etiquette, and a few simple things can go a long way. Social-cultural, economy, legal-political, and managerial differences are just a few categories of information to be taken into consideration when pursuing a business agenda in China. Social-CulturalRead MoreThe Importance Of Business In China1447 Words à |à 6 Pages ââ¬Å"We were ready to walk away from China forever, but the friends we made in Shanghai convinced us to stay. We entered the Chinese market after spending weeks walking the streets, trying to understand the economy, the culture, the people and whether they were ready for the type of business we were in: the high end, no-replica, genuine design exhibition and events business. ââ¬Å"Over the course of 3 years, we visited various Chinese cities and found Shanghai the most cosmopolitan and open-minded, withRead MoreBusiness Skills in China618 Words à |à 3 Pagesfor intelligent and younger citizens to become the 4th generation of The Communist Party of China. Along with many others Hu Jintao was chosen to be one of the future leaders. Before becoming one of the most important people in China, Hu Jintao learned the values of business. These business skills taught by his working-class father conveyed well into his style of running the country, like a business. Huââ¬â¢s Aunt had been his primary caregiver through his motherââ¬â¢s passing when Hu was just 7. YearsRead MoreFun Business In China786 Words à |à 4 Pages According to the 2016 China fan report, since 2004, an average of 40 million new fans have been added every year, and the number of Chinese fans has reached 470 million by 2016 (Song, 2017). Especially, funs spend money to express their enthusiasm, which accounts for about $330 billion of fun consumption in the young generation, according to the monthly consumption of fans. (Song, 2017). Although in spite of the large population of China, these data also surprised. And as we know, this situationRead MoreBusiness Expansion Into China819 Words à |à 3 PagesBusiness expansion into China The Americans treat conception of self on self-reliance and self promotion is more accepted as they value freedom from external interference, while for the Chinese the conception of self is viewed from a group perspective and they value self modesty as well. The other difficulty will be the language barrier that may exists between the Americans and the China dwellers. It will be ethical for the company to hire translators who will enable the clients feel at ease andRead MoreThe Business Environment Of China Essay1105 Words à |à 5 Pagesbackground of globalization and information technology, the China enterprise still face problems such as business environment. Some of the significant changes in the business environment of China includes: The conflict of centralized political and democratic requirements, the economy growth of ââ¬Ëhigh speedââ¬â¢ and ââ¬Ëlow qualityââ¬â¢ and the appreciation and depreciation of Ren Min Bi. All these changes in the business environment will affect the business as well. ï ¬ The conflict of centralized political and democraticRead MoreChina Business Sme5201 Words à |à 21 PagesChinas market reforms and accession to the WTO has led to its economy growing rapidly, to the point where it is now the fourth largest on earth, and is expected to be in the top two within the next decade (Business Monitor International, 2006). As a result, Chinas SMEs are now facing an economy flooded with foreign capital, and with a more open economic climate than in previous years, but also a much more competitive economy, where many of their previous practices are no longer relevant. This piece
Wednesday, May 6, 2020
Drug Users And Human Services Utilization An Exploratory...
The article ââ¬Å"Injection Drug Users, Crack-Cocaine Users, and Human Services Utilization: An Exploratory Studyâ⬠by Ashery, Rebecca Sager; Carlson, Robert G.; Falck, Russel S.; Siegal, Harvey A. seeks to understand the perception and experiences of drug users upon utilizing Human Social Services. The research problem being addressed is formulated around the usage of social services programs among injection drug users and crack cocaine users during a two-year period. From the abstract of this article that there are no simple answers to this problem. The research is minimal and the correlation between social services and the drugs users is non-existent. The research problem initially presented clearly within the article. According to ( Ashery, Carlson, Falck, and Siegal, 1995) the usage of examples to support the claims that further examination is required to understand the relationship between drug users and social services. It further explains perceptions and experiences among drug users. However, it would appear that the research problem was expanded to include emerging patterns that were observed over the decades by social workers. The additional information created confusion and difficulties understanding the flow of the document. The author questions if there is a correlation to drug users, the accessibility to basic needs and AIDS risk reduction intervention programs to the reduction. The author made several statements that there is additional supporting evidence that isShow MoreRelatedData Warehouse Case Study4449 Words à |à 18 PagesCase Study: A Data Warehouse for an Academic Medical Center Jonathan S. Einbinder, MD, MPH; Kenneth W. Scully, MS; Robert D. Pates, PhD; Jane R. Schubart, MBA, MS; Robert E. 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The Double Citizenship of Human Existence-Kant Essay
Taylor Ciali May 12, 2008 Dean Baer Kant-Final Paper The Double Citizenship of Human Existence Immanuel Kants theory of knowledge has been one of the most influential in modern Western philosophy. His basic premise is that we do not experience the world directly, but we do so by using certain intrinsic cognitive concepts. ââ¬Å"Appearances, to the extent that as objects they are thought in accordance with the unity of categories, are called phenomena. If, however, I suppose there to be things that are merely objects of the understanding and that, nevertheless, can be given an intuition, although not to sensible intuition, then such things would be called noumena.â⬠(A249) According to Kant, it is crucial to make a distinction betweenâ⬠¦show more contentâ⬠¦How we explain it is that it is a realm in which time has no beginning or end. Through the use of cognitive concepts to help us make sense of the world, Kantââ¬â¢s theory is primarily sense based. However, this does not mean that he only believed in the existence of the sensible or physical realm. In fact, Ka nt believed that beyond the realm of phenomena, things as if they appear, there is a realm of noumena, things as they truly are. He believed that the only way we can make sense of the idea of the noumenal realm is through our mind, our intellect. Kant argued that there must be, sensibly, things as they truly are, beyond the way we perceive things. However, they can never be experienced in the noumenal realm due to the fact we can only experience things as they appear to us, phenomena. Nevertheless, noumena must exist if for no other reason than to make sense of the world we perceive around us. Case in point, even though people experience the same object as having a different color, shape, and/or texture, depending on many different reasons, one of which being where they stand in relation to it, it does not change the fact that sensibly the object must have a true form separate then the way it is perceived. According to Kant there are three ultimate modes of consciousness: Knowing, f eeling and desiring. Knowing is understanding, desiring is reasoning and feeling is judgment. Feeling is the intermediate space between noumena, reasoning, andShow MoreRelated Cultural Differentiation and Moral Orientation: Taking an Interest in History4144 Words à |à 17 Pagesindividuals, judgement must have a dimension that can apprehend the purposiveness of those human achievements which are social in their significance and socially transmitted. In other words, such achievements transcend individual intention. 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Any action which helps towardsRead MoreThe Ethics Of Corporate Social Responsibility2955 Words à |à 12 PagesOn very common situations of the foundries outsourcing companies, does not mean can be ignore the production process management, especially in the growing environmental awareness of human rights and labor hypertonic, consumers are also concerned about purchase the product is how are they manufactured and process. This has been deemed an important indicator of corporate social responsibility (CSR) and business ethics. The ethics of corporate social responsibility disclosure have historically beenRead Mo re Case Study on Rape Victims Essay3962 Words à |à 16 Pagessuggest that the hotline operator remain honest, because any rational being would have reasoned lying to be ethically wrong in a just society. But, what if lying to the victim means that the caller is convinced to prosecute her rapist? 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Midsummer Nights Dream Essay Summary Example For Students
Midsummer Nights Dream Essay Summary In Shakespeares, MIDSUMMER NIGHTS DREAM, he wrote about a tragedy that he turned into a comedy. He did this to show his audience how stupid humans can act upon their emotions. There are three plots that tie together with one main situation. There is Hermia and Lysander, two star crossed lovers that cant be together. Hermias father wants her to marry Demetrius who Hermias bestfriend Helena loves. Demetrius loves Hermia and trys to pursue her. Then there is Oberon and Titania the King and Queen of the fairies. Oberon is jealous of Titania because she has an Indian boy that shes spending all her time with. He wants the baby and they have a quarrel about it. So as revenge he gets his servant Puck, a fairy, to put a potion in her eyes to distract her when Oberon steals her baby. But this potion made her fall inlove with the first living thing she saw which cooincidently was a jack ass. At first Oberon was amused but then he realized he didnt like how her attention was on the jack ass and not him. Last but not least is a group of dorky guys who are making a play for the first time. Their play is about a tragic love story that ends up in the death of both the lovers because they couldnt be together. The fairies and these clowns that are making the play are very essential for the main plot of Hermia and Lysander and their problems, because it shows how people really act and how their effects are showed in the play. The fairies are essential to the main plot because without Puck there wouldnt have been a comedy at all. Even though he brought confusion to Hermia and Helena about how Lysander and Demetrius both all of the sudden fall inlove with Hermia, at the end Oberon fixed the situation so everyone would be happy. The clowns are also needed because the play they are acting out shows if two lovers cant have each other the way they do, they act on emotions instead of logic and reality, they would take dramatic actions. This play within the play was suppose to show how if you try to keep people away from each other when they dont want to be separated they will do something to act upon your rule. Just like Lysander and Hermia running away to be together against her fathers wishes. Without this play, Theseus would have never seen it and talked to Hermias father to change his mind and allowing his daughter to marry Lysander. What Shakespeare is trying to tell his audience is that if you try to stop lovers from being with one another, theyll find another way or do something terrible. Without these subplots in the play there would be no happy ending for everyone.
Fundamentals of Hedging Derivatives and Swaps
Question: 1. The yield curve is flat at 6% per annum. What is the value of a Forward Rate Agreement where the holder receives interest at the rate of 8% per annum for a six-month period on a principal of $1,000 starting in two years? All rates are compounded semi-annually. Explain your answer. 2. A trader has a portfolio worth $5 million that mirrors the performance of a stock index. The stock index is currently 1,250. Futures contracts trade on the index with one contract being on 250 times the index. To remove market risk from the portfolio the trader should short or long in the forward or futures market? A company enters into a short futures contract to sell 50,000 units of a commodity for 70 cents per unit. The initial margin is $4,000 and the maintenance margin is $3,000. What is the futures price per unit above which there will be a margin call? 3. In which of the following cases is an asset NOT considered constructively sold? Explain your reasoning. A. The owner shorts the asset B. The owner buys an in-the-money put option on the asset C. The owner shorts a forward contract on the asset. D. The owner shorts a futures contract on the stock Answer: 1. FV of $1000 in five semi-annual periods 1000*(1+0.08/2) = 1040 PV= $ 1040/ (1+ 0.06/2) ^5 = $ 862.60878 Rounding it to $ 862.61 Investment does not start with accruing interest rate for the period of 2 years, that is 4 Semi-annual periods starting from today) After that, interest is paid after an additional 6 month of period on total of 5 semi-annual periods starting from today 2.1) Particulars Amount Portfolio $5,000,000 Stock Index price 1250 Future contract (1250 * 250) = 312,500 The number of contract required = 5,000,000 / (1250 * 250) = 5,000,000 / 312,500 = 16 contracts The portfolio mainly mirrors the stock index so selling 16 contracts might mainly help in nullifying the risk that might be incurred from volatility. Thus, short future position comprising of 16 contracts might mainly help in reducing the risk of market declines in the future. 2.b) Particulars Amount Future contracts 50,000 units Initial margin $4000 Maintenance Margin $3000 Commodity price 70 cent Calculation = (0.72-0.70) * 50,000 = 0.02 * 50,000 = 1,000 The difference between initial margin and maintenance margin is $1,000. Thus, if the contract attains a loss of $1,000 then a margin call will be activated. The future price of the commodity is 70 cents. Thus, if the price rises to 72 cents then the margin call will be activities [(0.72-0.70) * 50,000] = $1,000. Furthermore, it could be concluded that if the prices rises of 72 cents the margin call of the short position will be activated (Webber 2011). 3. From the options given, B is the correct answer. This is because profits on the assets have to be recognized in the options A, C and D. As far as holder of the asset is concerned, it cannot be deferred in profit recognition matters with indication of trading activities (RheinlaÃÅ'Ãâ nder and Sexton 2011). In the given case, B option is the answer, as asset is not considered for constructively sold in any form (Barnett and Cohn 2011). In other words, purchasing money by using put option is profit-locking system in the asset without triggering immediate liability of tax activities. Reference List Barnett, Gary and Joshua D Cohn. 2011.Fundamentals Of Swaps Other Derivatives, 2011. New York, NY: Practising Law Institute. RheinlaÃÅ'Ãâ nder, Thorsten and Jenny Sexton. 2011.Hedging Derivatives. New Jersey: World Scientific. Webber, Nick. 2011.Implementing Models Of Financial Derivatives. Chichester, U.K.: Wiley.
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