Saturday, December 28, 2019
Extreme Sports Motivation - 3174 Words
Extreme Sports Motivational Factors Lawrence Cannon December 4, 2011 PE 5880 Abstract In the 1970s, extreme sports had been growing rapidly since its introduction. However, there has been little research done on extreme sport participants. In specific, the reason why consumers participate in extreme sports has not yet been investigated, although the number of participants and spectators of extreme sports is rapidly growing. Since motivation is a significant factor of sport participation behavior, it is essential for the sport marketer to understand psychological needs and motivations of extreme sport participants. The purpose of this study is to analyze motivational factors of people who become involved in extreme sports.â⬠¦show more contentâ⬠¦To fill this gap within the sport industry and sport study, there is just as much need to explore the motivation of sport consumption. Without any understanding of the motives of sport customers, sport marketers cannot successfully achieve their marketing outcomes. Thus, an investigation of what motivates sport consumption would be the first step for future development of the action sport industry. Purpose The purpose of this study is to analyze motivational factors of people who become involved in extreme sports. This study will advance the knowledge base of consumer motivation research in the field of sport marketing and provide implications for sport marketers within the emerging sport industry. This study is meaningful because the consumption motivation provides a more in-depth useful tool for determining the behavior of consumers than asking ââ¬Å"whyâ⬠(Beck, 1990). The Significance of the Study The goal of this study is to develop a better understanding of extreme sports consumers and action sport itself, then further investigate motivational factors of participants in action sports. Moreover, this research contributes to the extreme sport industry and the field of sport marketing by developing a knowledge base of extreme sport participants.Show MoreRelatedPros And Cons Of Extreme Sports1334 Words à |à 6 Pagesworld today is the proliferation and integration of extreme sports. This is a very important trend, and I am going to talk about the reason why the trend has emerged through brief history, pros and cons. My goal is to make sure that this trend is well-understood. Extreme sports are more popular among young people; we could say that the spectacular stunts used in these wild sports attract mostly younger generation. Most participants in these sports put their lives at risk, follow their idols steps.Read MoreWinning vs Participation in Youth Sport1031 Words à |à 5 Pagesgeneral public and find out if the competition aspect of sports is more important than participation. Key Terms for this topic: Winning: Can be defined as relating to the act of being successful; victorious. (http://www.thefreedictionary.com/winning) Participation: Can be defined as taking part of, or engagement: the act of sharing in the activities of a group. (http://wordnetweb.princeton.edu/perl/webwn?s=participation) Sport: Can be defined as an activity involving physical exertionRead MoreCritically analyse why self-awareness is important in becoming an effective sport business manager1269 Words à |à 6 Pagesï » ¿Effective sport business manager Human beings are complex and diverse and therefore self-awareness is an important aspect for personal development and effectiveness (Moore 2009). When we understand ourselves in many areas, we become more self-aware (Kravitz Schubert 2009). According to Goleman (2003), there are key areas that form the basis of self-awareness including personality traits, habits, emotions, the psychological needs driving our behaviors and personal values. First, when we understandRead MoreHazing And The Hazing Act Of 2003828 Words à |à 4 Pagesin power, to submit to physical assaults, to consume offensive foods or alcohol, the threat of bodily harm or death, or the deprivation or abridgement of any rightâ⬠(Schneider,2009,p194). Hazing is usually a ritual that sororities fraternities and sports teams have in place to initiate newcomers. The ââ¬Å"Hazing Prohibition Act of 2003â⬠was put in place to prevent harsh hazing antics that was created as a way to see who would be the weakest l ink and be cut from the team. While some healthy competitionsRead MoreAfrican American And Hispanic Women893 Words à |à 4 Pagesspent on a childââ¬â¢s participation in sports or exercise before an adult (Steenhuis, Nooy, Moes, Schuit, 2009). That same study showed that participation in memberships to facilities by the Hispanic population would only be considered if there were extreme discounts or freebies. Motivation is not reserved for a specific age, race, or gender, but is instead something that each must contest in different and sometimes unique ways; the complexities of motivation lie in its two forms, intrinsic and extrinsicRead MoreSport Psychology : Sports Psychology1599 Words à |à 7 PagesSports Psychology Sports psychology is a relatively new topic of research that first started out in 1925 as a preparation tactic for athletes before an important event to increase chances of success (Joyce, 2008). In the world today sports psychology is increasingly being used in sports but also manipulated into research to use in organizational groups. Athletes are always looking for the next way to win, even if it is by the smallest of margins, however, competition may be fierce and very competitiveRead MoreMktg 2101 Red Bull Case Study Essay826 Words à |à 4 Pagescompany can expand its current activities to begin the process will lie in the correct marketing strategies; in particular I believe that the continued sponsorship of extreme events in these regions will be the perfect way to introduce young people to the product in an exciting new way. 2. How does Red Bull arouse the motivations of customers to purchase its energy drinks? Red Bull and Mateschitz explain ââ¬Å"we are always looking for a more creative, different point of viewâ⬠(Dolan 2005) to promoteRead MoreNegative Leadership and Youth Sports Essay1021 Words à |à 5 Pagesimpactful leaders of children in every community is a youth sports coach. In 2006 it was estimated that forty-one million children played youth sports (Hilgers, 2006). So if so many kids are playing youth sports why do we sit back and let bad leaders influence them? These youth coaches are more influential on a childââ¬â¢s perception of a leader than Teachers, Principals of Schools and in some cases even more than their parents. A youth sports coach is influencing and teaching our children to become leadersRead MoreThe Benefits Of High School Sports1315 Words à |à 6 Pagessuccessful and popular sports programs that date back past the 19 century and have been a hit to this day. But in the US, high school sports are becoming too much of a necessity, students are more worried about how they will play their sport over how their grades are or if they are caught up in school. But has anyone ever considered, what might occur if these US high schools were to discontinue their sports teams? Would the schools benefit or become hinder? If high school sports were canceled in theRead MoreThe Sports Ethics Of Sports975 Words à |à 4 PagesMilan Hosta argues the ethicality of sports lying within the true meaning behind the game being played. Whether t he ethics lies with the players of the game, the money it brings, or the sole concept of the sport, ethics is still a major question in this situation. Are sports more than just a game, when we look further into it? Milan explains that rules of sports are based up of moral principles to differ right from wrong in a game. Sports are more than just game. They justify peopleââ¬â¢s character
Friday, December 20, 2019
Candide, And Years After Voltaire s Death - 1596 Words
Franà §ois-Marie Arouet known as Voltaire, born 1694 was a French Enlightenment writer and philosopher. Voltaire produced works in many forms including plays, poems, novels, and many other works. His most famous work is Candide, and years after Voltaireââ¬â¢s death (1778) Candide is still an amazing book to many readers. The story begins in Westphalia, where the protagonist, Candide, lives in the castle of Baron of Thunder-ten-Tronckh. Candide is the illegitimate nephew of the Baron, the town suspects he is the son of the Baronââ¬â¢s sister with a town man. He is being tutored by a philosopher named Pangloss. Pangloss teaches Candide how to be optimistic and the idea that ââ¬Å"all is for the best in this best of all worlds.â⬠So Candide is raised in this philosophy and blindly accepts all of Panglossââ¬â¢ teachings, but when life experiences hit Candide he begins to question his way of thinking. Candide falls in love with the Baronââ¬â¢s teenage daughter, Cunegond e. One day they share an intimate kiss which the Baron witnesses and bands Candide from his home. He is now all alone and hungry and gets aided by soldiers but later he is forced to fight in the army. This is when Candideââ¬â¢s life begins to take turns. The main theme of the novel is the conditions humans face. Candide is struggling on how to go about life, he has been educated by Pangloss to be optimistic. It is all he knows, but if Candide had just accepted it without any struggle, the book would not be interesting. Instead, Candide doubtsShow MoreRelatedThe Candide : An Era Of Enlightenment Philosopher Essay1355 Words à |à 6 PagesFranà §ois-Marie Arouet, also known as Voltaire after his writings exiled him from france, was an Era of Enlightenment philosopher that focused on social oppression, Government corruption, and fanaticism; i.e, optimistic philosophy and religion. Voltaire s writing style was indignantly satirical to the late middle ages system, but despite exile from France because of his writing, he became popular among the masses for his philosophy. Candide, one of Voltaire s more famous works, expresses lack ofRead MoreCultivating The Gardens : Candide And Night1577 Words à |à 7 PagesChris Skowron Professor Dwan Simmons English 2110 November 26th, 2014 Cultivating the gardens: Candide and Night The Holocaust was a genocide in which approximately six million Jews were killed by the Nazi regime under the command of Adolf Hitler. While many did perish during the holocaust, some survived to tell the haunting tales of what they endured. One of which was a young Romanian man named Elie Wiesel, a Jewish-American professor and political activist. (The Elie Wiesel Foundation for Humanity)Read More`` Candide `` : A Satirical Adventure Through The Writings Of Voltaire2648 Words à |à 11 PagesThe book ââ¬Å"Candideâ⬠takes readers on a satirical adventure through the writings of Voltaire. His novel is a humorous yet ridiculous mockery of the Old Regime ideologies in which he critiques the political, social, and religious beliefs of this time; Gottfried Wilhelm von Leibnizââ¬â¢s ideas in particular. He believed that people perceive imperfections in the world only because they do not understand Godââ¬â¢s grand plan. Voltaire does not accept the existence of a perfect God, absence of choice and blindRead MoreEssay on Voltaires Candide Character Analysis1426 Words à |à 6 PagesVoltaires Candide Character Analysis Voltaires Candide seems to display a world of horror, one filled with floggings, rapes, robberies, unjust executions, disease, natural disasters, betrayals and cannibalism. Pangloss, the philosopher, has a constant optimistic view throughout the entire novel even despite all of the cruelty in the world. While looking back on the book I couldnt think of many characters that displayed admirable qualities. Even though Pangloss stuck to his views that everythingRead MoreVoltaire s Candide : Candide1766 Words à |à 8 PagesVoltaire: Candide In Voltaireââ¬â¢s satirical novella Candide, he analyzes and criticizes the absolutist perspectives that were common of his era. By constructing his characters to each represent a different absolutist faith, he uses comedy to exaggerate and emphasize the faults in each perspective, ultimately describing the world through a cynical lens. As an influential writer of the Enlightenment period, Voltaireââ¬â¢s dispute of faith aligns with the enlightened goals of separating the individual fromRead MoreMWDS Candide4817 Words à |à 20 Pages Major Work Data Sheet: Candide Title: Candide Author: Voltaire Date of Publication: 1759 Genre: Satire, ââ¬ËConte Philosophiqueââ¬â¢ (Philosophical Fiction) Biographical information about the author: Francois-Marie Arouet, better known as Voltaire, was born in 1694 in Paris, France. Though his father wanted him to become a lawyer, Voltaire long held a great passion for writing, and rather than going to law school, spent his time extensively composing poetry, essays, and historical studies. His widespreadRead MoreThe French Revolution And The Revolution Of The Late 1700 S1280 Words à |à 6 Pages1700ââ¬â¢s. Evidence of this can be seen simply by looking back at world history. History shows that many philosophies of the American Revolution were actually ideas that either closely parallel or are directly taken from the writing of various French scholars, such as Voltaire and The Baron De Montesquieu. The very essence of American politics, Democracy, is in actuality, a French concept as well. Democracy was originally created following the French Revolution to replace the Monarchy. Voltaire, whoRead MoreThe Transformation of Europe Essay1252 Words à |à 6 PagesOver two-hundred years ago, Europe was a vastly different place. To the modern eye, the Europe of the 18th Century would be unrecognizable compared to its current state. However, the road to this new Europe has been not been all kicks and giggles, but a rather rough and tumble journey. Due to the introduction of new ways of thinking, the occurrences of multiple revolutions, changes in government style and leadership, which led to the creation and extinction of numerous countries as well as rearrangementRead More Satire2542 Words à |à 11 Pagesallowing the audience to an interpretation of their place among the criticism. Some of most lasting works of satire exemplify such a function, most specifically through the end-states of the protagonists. Orwellââ¬â¢s Nineteen Eighty-Four, Voltaireââ¬â¢s Candide, and Jonathan Swiftââ¬â¢s Gulliverââ¬â¢s Travels all exemplify end-states of protagonists that emphasize conclusions to the moral and philosophical problems posed by the authors. Yet, each also exhibits a degree of ambiguity, which allows the audience toRead MoreAnalysis Of The Green Knight By William Armitage And Candide By Voltaire1821 Words à |à 8 Pages Every great fantasy has an adventure that challenges the central character s purpose and reason for their quest. The two different protagonist in these novels, encounters trials and tests that helps lead them down a distinctive paths in their venture. When comparing the two novels The Green Knight by Simon Armitage and Candide by Voltaire, readers are exposed to two different types of characters with lots of similarities. Both are young, honest and innocent in their societies, both protagonist
Thursday, December 12, 2019
Price Of Glory Essay Example For Students
Price Of Glory Essay * *A new movie called The Price of Glory is opening Friday, March*31,2000 all over. However, this movie will only be out for two weeks, if the*community does not support it. **This a movie about a Latino boxing family and it is refreshing to*see a movie about a Latino family where the roles are actually played by*Latino actors. The movie stars Jimmy Smitts, Jon Seda, and Paul Rodriguez*in a*role you wouldnt expect. We got the chance to preview the movie last night*and it is a great movie with a lot of comedy and still very heart-warming. **An actor from American Me was there promoting the movie and he*said that the African-American community has organized a group called the*Weekend group and every time a new movie comes out starring an*African-American*actor or director over 2 million people go to the opening day and support the*movie.They are trying to get a similar group started in the Latino community. *actor or director over 2 million people go to the opening day and support the*movie.They are trying to get a similar group started in the Latino community. ** If you are tired of seeing us in roles of gang-bangers, gardeners,*housemaids, heres a chance to do something about it and enjoy an*excellent movie. The movie will not be getting a lot of publicity at all*so spread the word, and if you see it and like it, go see it again!*If it makes a difference, OZOMATLI is on the soundtrack!:*Pass the word. The movie stars Jimmy Smits (formerly of N.Y.P.D. *Blue):** The Sacramento Hispanic Chamber or Commerce was responsible*for bringing the premier of The Price of Glory to Sacramento. It is an*excellent movie. You really have to go see it. At the premier they*announced that the movie will begin showing on March 31st. They told us*how important it is to go see a movie the first two weekends that it is out. *If the movie does*not generate enough ticket sales during the first two weekends it is pulled*from the theater. *Anyway, excellent LATINO actors, director and producer. The*company that paid for the movie to be produced,New Line Cinema, decided*not to advertise this movie to the American market. The only advertisement is*word of mouth. So, please help support positive Latino movies and tell*everyone*you know to go see it during the first or second weekend its out. See your*local newspaper for locations. Film and Cinema
Wednesday, December 4, 2019
Marketing And The Media Essay Example For Students
Marketing And The Media Essay Matthew CourtneyMay 2000Media Ethics and Their Relation to Business In this world, there is an obvious connection between the media and its involvement in business ethics. No matter what the form of media looked at, they all have the ability of being either an aid to businessââ¬â¢s success or a detriment. The press and the media are responsible for reporting news, issues and events as clearly as possible. Any distortions can cause the message being sent to be misinterpreted or completely wrong. News organizations are given a responsibility of representing the public interest. In order to gain the publicââ¬â¢s trust, such broadcasters are required to work within the parameters of ethical and responsible new casting. No matter what the issue, company or news being reported on, every media organization works off of a Code of Ethics. This is a sort of safeguard to the honesty of the organization. It demands truth telling, privacy of individuals being documented, and avoids the many conflicts that could possibly arise as a result of misinforming the public. Stylebooks are also used in order to form a generalized style of writing to allow for easy read through, from one writer to the next. There are many different kinds of businesses in this world. The successes of these businesses are primarily as a result of their reputation. The media winds up being a medium that forms many of the reputations. The way a news broadcast, print, radio and even Internet presents a company has a great effect on the resulting emotion or feeling one associates with a business or company. This is why the media ethics are so important to the introduction, growth, and development of a company. Large companies rely on their name in the media and are always ready to respond to any situation with a quick answer or rebuttal. In addition to the reputation of a company being important, so is the reputation of the organization doing the broadcast. Names in the business world that are known to be accurate and reliable include CNN, CSPAN, local news stations such as CBS, NBC, ABC etc. Those who watch the business world closely are more inclined to go to reliable sources for their information. What is reported on these stations are considered as true based mainly on their past records. But when the occasion does arise, where the media goes about treating a business, or situation in an unethical manner many problems arise. In order to understand this type of situation clearly, it is good to look at actual examples where the media ethics become involved in communicating or the miscommunication of a business. Many recent problems in the media world are being attributed to the advances in technology. Although these advances are great and making life easier, things are being done so quickly that many important steps are being forgotten. In the rush to present a story first, many journalists are forgetting to be accurate and balanced in their covered stories. The pressures of live broadcast are requiring journalists to focus on a new set of questions in order to check and be sure the position and format in which they present their story is clear of any unethical issues. A committee known as SPJ is focused on the ethics of journalism in all forms of media and claims ââ¬Å"The SPJ Code of Ethics encourages journalists to minimize harm by recognizing that our coverage can hurt, cause discomfort or be insensitive. During an event we must remember to ââ¬Ëshow good task. Avoid pandering to lurid curiosity.â⬠Being aware is the most important thing. As long as the media is aware of the impact they will have on their audience, they will be better able to communicate the core of what is at hand. In the business world there is so much competition, that failure is a common thing. In order to be secure in the business world ethics becomes unavoidable. The press and media are attracted to ethical issues on both sides of the matters. A business that is ethical will be regarded and presented almost always in an ethical manner. These are the ones who succeed and are able to make a reputation that will give them confidence to make it in the real world. Thos e who are unethical will eventually be deemed with that quality. It is a negative quality that can destroy a company. This is where the media tends to play such a crucial part of the situation. The role of the media and the press is to communicate to the public a number of aspects of a company or business. The media must portray a company in a certain way in order to gain the initial attention of the public. This may be originally done through advertising. Yet, the already established companies are the ones who are relying on the press to update the city, town or nation on their current situations in the business world. Every medium the media has, whether it be news, radio etc. is given the opportunity through words to present a business in either a positive or negative view, serious or joking manner, respectable or untrustworthy company etc. With so many options at hand, business wind up putting a lot of trust in these organizations. Of course, some will be able to carry out such a responsibility better, and this is where the positioning of oneââ¬â¢s business becomes important. CNN isnââ¬â¢t going to look at the local neighborhood bakery; instead they are going to fo cus both their time and energy on the large banks, investing companies, real estate firms etc. The business magazines are going to look at the biggest names in the field because that is what they are responsible for looking at. Craneââ¬â¢s will look at only the top real estate and property management companies because they have given themselves a reputation for only focusing on the best. Positioning plays a major role on both the media end and the business end. Newspapers and news broadcasts are to hold the responsibility of reporting accurately at a very high standard. If there wrong information regarding a business is reported, there are many effects and outcomes that can be triggered. From the business worldââ¬â¢s perspective everyone is well aware of the role of ethics. In every decision made, businesses are required to look at the situation and make in all cases an ethical decision. It is interesting to look at the role of ethics in businesses compared to the role of ethics in life. For one reason or another, business ethics seem to be held in higher regard. This may be plain and simply because money is involved and everyone is out to succeed. When you see business ethics in that light is clear how important the media is in creating clear communication lines of all business ethics- to the best of their abilities. TRIBUNEMany times in the mission statement of a media organization, you can tell how highly they hold ethics as a part of their company and their reporting. Of course every mission statement will vary, but one underlying element is whether or not the ethics are valued. More or less, ethics can be the backbone to most statements and if followed, it will result in an ethical company. LOCAL PARTY COMMITTEE SUMMARY EssayIn order to be the success that they are, they have drawn up a number of policies that they go by. The main one I found to be of ethical importance is as follows:ââ¬Å"Public policies should be market driven and industry led. Policies should be developed collaboratively, with input from industry leaders, government officials, and perhaps most importantly, consumers and other stakeholders. Public or private gatekeepers should not be allowed to prevent new entry, deny business opportunities or limit the free flow of information in the Internet.â⬠AOL has been called one of the most popular companies in the Internet market. Everything they are communicating over their Internet waves must be of value. AOL must communicate all ethical business matters in order to be regarded and trusted by other companies. Those businesses that refuse to look after their own self-interests will not be in business long enough to have any impact. At the same time, however, there can certainly be regard for a larger purpose. For some businesses, commitment to a larger purpose would be simply learning the difference between right and wrong, while others take a more responsible view of the role they play in the lives of their employees, their customers, and ultimately how they affect the world. AOL did just that and is a major success because of it. AOL shows its users the importance of a company with value and passes these ideals onto its users. It is careful to represent only that which has worth. The media is the connection between businesses and the consumer. Through this connection there is always a careful eye taken by the media to focus on the various actions of companies and their corporate ethics. The media plays a major role in communicating these ethics because they wind up playing such an evident part in the consumerââ¬â¢s decision-making process. The concepts of right and wrong seem so simple on the surface. Websterââ¬â¢s defines morality as adherence to a standard of right human conduct. Superficially, that definition would be easy for the simple to understand. When the focus is narrowed, however, it seems that the concept of morality grays in its boundaries. Unfortunately, wrong to some becomes acceptable by others. Morality is not only the black and white that the simple so seemingly effortlessly can see, with that clear line of separation between it and immorality. In the media world, it is necessary to view these black and white areas as simple as possibl e in order for the most generalized understanding to occur. The media becomes successful in connecting the ethics of business with the consumer mind when all is done in the correct context and with no distortions at all. For the media to act responsibly is for the media to act intelligently. Much of what is called ââ¬Å"unethical conductâ⬠is unintelligent conduct. The media must fulfill their roll as contributing to the ethics of business and in a way representing everything in a truthful manner. A business places this trust in the media, while at the same time the media relies on the trust that whatever they are reporting is in reality carried out by the business. The press and the media must be reliable in the dealings with all businesses no matter what there status in the business world. All companies must be treated fairly and given the chance to prove their value to the customer. The media and the press have the ability to reach all kinds of people, of all ages, and all over the world. Having this much power it is clear that they have an impact unlike many others. PBSIn doing this research I came across one of FAIRââ¬â¢s reports on the Public Broadcasting Station. Everyone is aware that this form of television is exactly that- public. The mission of PBS is simply, ââ¬Å"to provide a voice for groups in the community that may otherwise be unheard.â⬠This station and form of media is based on value not money. Itââ¬â¢s reputation has been built up to be only ââ¬Ënotedââ¬â¢ by a limited audience. Much of the business world that PBS presents is readily available on CNN, CSPAN, and MSNBC etc. This inattention by public television to a wide ranged audience, such as the views and experiences of working people is of concern due to the large growth of business programs and the increasing visibility of the corporate voice. PBS is commonly regarded as that of a teaching channel. This organization prides itself on the organizations and companies it presents to its audience no matter how limited it may be. PBS holds strong against privatizing and feeling confident on relying on sponsors to support their organization. This form of media probably can be noted as having among the best intentions. Educational motives, creates what may be the most honest and truthful form of communication. That which PBS presents looks to give its viewers the clearest picture of what is being scene. Perhaps this programming which may not be regarded as highly as other stations- may deliver the best in communicating the ethics of business and what it means to be a part of the corporate world to its viewers. IN SUMLooking at the role the press and media plays in communicating the ethics of business makes you look at the wider spectrum of what exactly a organization is reporting and the manner in which they are presenting the material. Ethics is a big part of humanity and the only thing that at least attempts at keeping things honest. If the media and the press were not responsible for looking at various companies and reporting their findings to the consumer, then many companies would attempt at taking advantage of individuals. Companies receive the majority of their reputation, whether it be weak or strong, due to the media. The media reinforces ethics. It is a constant reminder that the ethics in the corporate world are not to be forgotten. This is important for the sake of honest trade, consumer loyalty and the well being of all markets in the world. The individual organizations that make up the ââ¬Å"mediaâ⬠hold this responsibility once there mission statement notes they have a loyalty to their reader, listener, viewer etc. Ethics and the media go hand in hand, the roles they play within each other are indispensable. Websites contacted for information:Marketing Essays
Thursday, November 28, 2019
The Obstacle Race by Germaine Greer
Germaine Greer books reflect issues affecting women artists. She is a feminist writer who explores the works of female painters. She looked at the contribution female painters have achieved. In her book, The Obstacle Race, Greer analyses the works and destiny of women artists.Advertising We will write a custom essay sample on The Obstacle Race by Germaine Greer specifically for you for only $16.05 $11/page Learn More She keenly observes why women have not excelled in the field of art. The author points at such issues like social, economic and gender factors as the main cause of women oppression in every aspect of their lives. Greer points out that for women to achieve their true excellence, they have to fight the conventional roles society imposed on them (Nochlin 30). Greer notes that a fundamental obstacle to progress of women is the institution of family. Whereas one should get all the support from family, it is ironical to observe that it is the fami ly which is destroying womenââ¬â¢s career in arts as well as other fields. Greer gives Marietta as an example. Mariettaââ¬â¢s father jealously guarded her to the point of destroying her talent. Though Marietta was a highly gifted artist, there are extremely few traces of her paintings left. Female artists also faced obstacles from potential lovers. These men presented obstacles to prosperity of women artists. Greer uses a character like Frida, whose works and life Diego significantly influenced negatively. The relationships lead to termination of the development and prosperity of female painters as they take the roles of a wife and mother. Greer laments the loss of arts done by female artists. She writes that societyââ¬â¢s physical neglect of women painting is worse than cultural vandalism. Greer symbolically equates this to a form of rape. She keeps on referring to neglected oeuvre, which is slowly disappearing. Greer alludes to names, which can longer be remembered. Socie ty considers women painting as non significance leading to their disappearance. This is how the vital part of womenââ¬â¢s heritage is missing in history.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Greer demonstrates that women painters who the society gave praise also ended up worse. Excessive praises lead to confinement of women artists. The society saw womanly arts as the solution to those qualities of arts rejected in menââ¬â¢s work. Their paintings failed to survive changing times in history and tastes. People thought that some painting done by women were the works of men. The public subjected successful women painters to gossips related to promiscuity such as Artemisia Gentileschi. Other female artists became the objects of desire for the society. Creative women working in different arts share common obstacles and challenges. These obstacles and challenges range from economic, so cial and to some extent, personal. The politics of male dominance is an issue of concern among women for a long time. The society perceives women artists and their conditions in the art industry from the view point of their male counterparts. John Stuart Mill recognizes the subjectivity and distortion of issues affecting female artists. This situation must be corrected to give an accurate view of women artistsââ¬â¢ situations. In fact, Nolchin suggests that women should solve their own problems. The economic situations result into hardship among women artists. Women artists who were not lucky enough to possess considerable fortunes often had their careers at limbo. Nolchin blames the poor economic status of women in society and the education system. At the same time, she points out issues of racism among the dominant whites who could have affected the contribution of female painters in art (Nochlin 50). The social order in society creates social injustice to women artists. Histor y distorts achievements of women artist. This is because there has never been a way to capture achievements of women and reflect them later in an accurate and non distorted way. The cultural ideological of the time subjected women professionalism to inadequacies and biases. Further, feminist scholars note that any question regarding female artists will provoke a chain-reaction, leading to other issues rather than the issue at hand. Talented female artists existed. However, history has never fully investigated their works or contribution to the field of art. Their contributions are neither recognized nor appreciated.Advertising We will write a custom essay sample on The Obstacle Race by Germaine Greer specifically for you for only $16.05 $11/page Learn More Since the period of feminism movements, the issue of gender and education took center stage. Rosenberg and Thurber bring issues of gender equity into art classroom. Equity requires that differences be tween men and women be recognized and provided for in gender studies. The authors are extending the same opportunities available to men through recognizing areas of gender inequality and reducing them via art and gender studies. For instance, inequality in recognition of feminist artists can only be addressed through gender and art education (Rosenberg Thurber 140). The studies try to recognize and value the ways in which women are different from men (identity). Women experience sexual, cultural and bodily variations from men, which the society should recognize and celebrate. These scholars put emphasis on enhancing the position of women as artists and projecting their values into artistic life. The study is critical of social equality methods where the male dominance is the norm against which society perceives women, and where womenââ¬â¢s position transcends so as to achieve equality. Gender and art studies try to address the socially conceived male dominance nature as the meth ods of evaluation seen relevant to social inclusion. The studies address the equality and difference rather than their incompatible oppositions. Gender inequality exists among social and cultural groups. However, gender and art studies show that equality can exist out of mutual respect for each gender, and affirmation of one another in their differences. These studies try to work out a strategy of artistsââ¬â¢ group consciousness. Group consciousness will ensure mutual recognition and affirmation of group differences among artists of various forms of arts (Rosenberg Thurber 30). Gender-related ideas and assumptions have affected womenââ¬â¢s creative abilities is several ways. Studies suggest that women demonstrate their creative abilities in several ways from aesthetic sensitivity, personal, relationships to public life.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Female artists have realized their creative abilities and expressed them in several spheres of life. This has enabled them to develop their talents. Female artists are in a position of adjusting to problems they encounter. A number of creative women have nurtured their skills throughout due to achievements made by feminism movements. The developments associated with gender equality have sensitized women, and they are striving to have their artistic works gain recognition. For instance, female authors often portray issues affecting them in their works. At the same time, they can demand equal representation in art arena. Gender-related ideas tend to encourage women to minimize the gender gap that previously existed. Historically, society isolated and labeled successful female artists with sexual connotations. People never appreciated and recognized women artists. In fact, their works disappeared due to negligence. Female artists have become more assertive and have demonstrated their v ital and various creative abilities. Gender and art studies show that women have emerged strongly and now competing aggressively with their male counterparts. Works Cited Nochlin, Linda. Women, Art, And Power And Other Essays. New York: Westview Press , 1989. Print. Rosenberg, Martin Thurber, Frances. Gender Matters in Art Education. Worcester, MA: Davis Publications, 2007. Print. This essay on The Obstacle Race by Germaine Greer was written and submitted by user Jaylah Q. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Sunday, November 24, 2019
Genital Herpes essays
Genital Herpes essays For my human sexuality research paper, I have chosen to write about sexual transmitted diseases. Sexual transmitted diseases, also called STDs, are a growing problem that America faces year after year. When people talk about STDs, the main kind that comes to mind is HIV and AIDS. However, there are many other STDs out there that are threatening the lives of millions. The sexual transmitted disease that I will be writing about is genital herpes. To make this research paper easier for people to understand the deadly disease, I have made this paper a question Herpes or herpes simplex is a common viral infection that often causes sores or blemishes on the skin, especially on the face or in the genital area. Genital herpes consist of Herpes Type I, which is transmitted by oral and respirator secretions, affects the skin and mucous membranes and commonly produces cold sores of fever blisters. Herpes Type II primarily affects the genital area and is transmitted by sexually contact. However, cross-infection may result from oral genital sex. I will discuss Herpes Type II. Genital herpes requires intimate body contact, either through intercourse or oral sex, that being genital-to-genital, rectal-to-rectal, and mouth-to-rectum. These variations in modes of body contact lead to the finding of Herpes I in the genital area and or Herpes II on the mouth, a function of oral sex. A first infection with genital herpes generally occurs three to seven days after sexual exposure. Often people do not notice this infection for the first time, while others have their worst outbreak. Symptoms vary from a slight fever to a group of blisters, which crust over and disappear. To determine whether the symptoms you have just experienced are in fact a herpes virus, you can have two separated blood tests f ...
Thursday, November 21, 2019
Scorecard Essay Example | Topics and Well Written Essays - 3500 words
Scorecard - Essay Example Promising results have been reported in the for-profit and governmental organizations already supporting the use of the balanced scorecard and its applicability. Keywords: Balanced Scorecard (BSC), Ministry of Education (MOE), National Center for Education Development (NCED), The Trends in International Mathematics and Science Study (TMISS), and Progress in International Reading Literacy Study (PIRLS) Applying a Balanced Scorecard to the Kuwaiti Government Education System: An Initial Approach for Reforming Education Introduction In the past few decades, there have been numerous calls and demands for reforming the educational system in Kuwait. Many decision makers in the education were under the belief that if they just tweak and implement new ideas in the system, then it would work. Unfortunately, the number of fragmented solutions toward reforming education did not help the situation in the least. The solutions and ideas presented were limitless and included such concepts as flash drives, new textbooks, special programs, new curriculum, bribing students to learn, more extensive examinations, and list goes on an on. Each new idea was initially supported and tossed around various academic circles, then quickly forgotten as a new and better idea for reform was presented, with more empty promises that this new strategy would really work this time around. The Kuwaiti educational system is sick, and the intention or pretense to improve is not enough. To achieve these lofty goals for reform, professionals in the field of education need to seriously regard what exactly needs improving, and then developing sound strategies about such improvement will be measured moving forward. The elements of reform within various levels of the educational system should be seen as a complete picture. This involves having a core target that must be focused and at the center of the system. Successful efforts at improving the education system should be measured by a clear set of goals t hat are linked to the needs of both parents and students (Stone & Dahir, 2006; Gysbers & Henderson, 2000). This drive for educational reform has focused attention on the measurement of student performance by various organizations existent in the system. This paper will focus, to a large degree, on the current discussion by researchers regarding the adaption of a new methodology aimed at reforming the education system in Kuwait. This is most commonly referred to as the Balanced Scorecard. This paper is further aimed to stimulate and provide an informative discussion about the reforms needed based on the conceptual framework of the balanced scorecard. It also outlines a vision for the future of education in the region and gives an overview of key challenges, and makes recommendations for future action. Literature Review Kuwaiti Educational System Kuwait has invested considerable amounts of its oil wealth into developing a comprehensive public education system. The system ranges from p reschool, starting at the age of four, to five years of primary, four years of intermediate level education, and three years of secondary schooling. The academic system in Kuwait is highly centralized. The Ministry of Education manages and regulates districts and their schools. It is also responsible for developing and providing curriculum, textbooks, and the hiring of teachers. The evaluation for student achievement in Kuwait, for
Wednesday, November 20, 2019
Check the pic Assignment Example | Topics and Well Written Essays - 1500 words
Check the pic - Assignment Example Moreover, on the canvas, some patches of earth tones are visible and this can be interpreted as streams of water. The entire image appears to be immersed in a large water body, probably an ocean. A short distance from the pale brown colored patches, there is a green patch which looks more of vegetation. The vegetation seems to be similarly immersed in water. Despite this, the vegetation looks health and easily distracts attention from the shapeless pale brown images. There is a thick line that runs vertically on the canvas dividing the canvas into two equal portions. On the left side of the canvas, there is a formless figure which looks more of a replication of the image on the right side. This indicates the artistââ¬â¢s prowess in utilizing negative space in creating a masterpiece that communicates the intended meaning without diluting the message or controlling the audienceââ¬â¢s mind by providing any kind of realistic information in the image; not even the title can help in making any meaningful interpretations. I strongly believe that through PH-244 of 1953 Still wanted to express the way life was changing in America. The pale brown patches imply the hardship that Americans, particularly the blacks, were undergoing in America, and the green patch denotes a land where all suffering Americans were eagerly eyeing for. For many Americans, during the time of the painting, life had lost meaning, and Still decided to use his artistic prowess in championing for their liberation and equal treatment. Clyfford Still made the image more abstract and avoided giving any meaningful title so that it could have a large audience which could associate themselves with the occurrences in America during the 1950s. PH-244 of 1953 portrays abstraction at its best. In the second image, Still uses some red patches, black color, white and brown to create the image
Monday, November 18, 2019
Career Management and Development Essay Example | Topics and Well Written Essays - 3000 words
Career Management and Development - Essay Example This paper attempts to understand and discuss various facets of career management and development in close focus with graduate careers. The discussion also aims to create an awareness of the present workplace scenario, its issues, challenges and methods to overcome it. Career theories and its relevance and the implications of the broader social forces on career are also looked at. For our purpose of understanding let us view the discussion using the banking segment in the UK as an illustration. Job description: a) Establishing and nurturing healthy customer relationships. b) Planning and implementing effective sales strategies. c) Evaluating the effectiveness of new and existing financial products. d) Offer operational support as part of daily routine. e) Being a part of the team achieve targets. f)Processing data to produce accurate facts, figures and reports. Work Conditions And Benefits: 'Range of typical salaries for entrants on graduate management trainee programmes: 23,000 - 32,000 (usually part of a package including a 'signing on' bonus of 3,000 - 5,000). Working hours are generally nine to five but extra hours are required from time to time. Part-time, flexible working and career break opportunities do exist. The demands of fulfilling annual targets, meeting corporate objectives, and continued professional development training may sometimes give rise to stress,' says a website called prospect. Requirements For New Entrants: Although the banking sector is open to all, some functions may requires specialisation in disciplines such as mathematics; finance; business studies; economics; law; accounting. A good honours degree, usually a 2.1 or above, is required. However, entry at other levels is possible for graduates with less than a 2.1 or with an HND, especially if applicants have relevant work experience. Pre-entry work experience in the form vacation work, sandwich placements (paid or unpaid), internships and temporary or permanent work experience in a financial, customer-led environment, such as sales is desirable. In addition to an excellent academic record, graduates also need to have excellent interpersonal skills; leadership qualities; exemplary written and oral communication skills; analytical skills; willingness to relocate; flexibility and adaptability in responding to change; creative thinking and an enquiring mind; enthusiasm and a commitment to further training. With banks going global and expanding their product and service portfolio, IT skills have become advantageous, in depth knowledge of the national and international industry along with sound business acumen are essential. Training Programs and Methods: There are a variety of training options provided for new entrants joining graduate training programmes. On-the-job training, Specialised technical training, or entry to a specific functional area such as human resources, accountancy or computing, or to comply with regulatory requirements are just a few to name. Internal and external training provided in various forms like work-shadowing experienced colleagues, evening classes, a limited number of day-release courses, distance learning packages and workshops. In-house training is becoming increasingly popular. Some banks also provide training
Friday, November 15, 2019
Influencing Factors Of Foreign Tourism To Japan Cultural Studies Essay
Influencing Factors Of Foreign Tourism To Japan Cultural Studies Essay Over the last few decades, the international travel market has grown tremendously. According to the World Tourism Organization, number of international travelers reached a record of 842 million in 2006 and 898 million in 2007. The growth rate in 2007 reached 6%, which is 1.5% higher than the value of 2006. The strongest growth occurred in Africa; however, Asia Pacific region also had a great increase number of international travelers. In 2007 alone, 185 million people visited Asia. (Choi, Lee 1) International travel has become very accessible to many people because of technical advancement in transportation. For instance, it only takes about thirteen hours to get from JFK Airport in New York, United States to Narita Airport in Tokyo, Japan. Japan Airline provides travel back and forth ticket at a price of $964.33. (www.jal.com) Before the advancement in technology, any international trip took longer time and was more expensive. However, the technical development in transportation system is effectively triggering and stimulating more people to travel internationally. Large numbers of people are now interested in Asia. (Choi, Lee 1) The number of international travelers is increasing every year. What are some convincible factors that trigger people to come to Asia? Because of its diverse cultural activities, Japan is one factor that influences people to travel to Asia. Japan is an island located in the East Asia, surrounded by North Korea and South Korea. It is a small island but has potential to captivate tourist from all over the world. Before moving ahead, it is important to define terms that will be continuously discussed in this paper. What is the definition of travel? Merriam Webster Online Dictionary defines travel as To move or undergo transmission one place to another. (www.merriam-webster.com/dictionary/travel) This indicates that travel is a peoples movement between relatively distant geographical location for any purpose and any duration, with or without any means of transportation. Travel also covers all the activities performed during a movement. It is a broader concept of trip. Travel can be local, regional, domestic or international. Then, who is considered a tourist? In the United States, the National Tourism Resources Review Commission (1973) defined tourist as one who travels away from home for a distance of at least 50 miles (one way) for business, pleasure, personal affairs, or any other purpose except to commute to work, whether he or she stays overnight or returns the same day. (Masberg, 67) Then why are international tourists interested in traveling to Japan? What is unique about Japan? First, knowing concise background of Japan would help to find the answers to these questions. Brief Description of Japan Japan is an island nation in East Asia, located in the Pacific Ocean. It is surrounded by the east of the Sea of Japan (also called East Sea), People of Republic of China, North Korea, South Korea and Russia and stretches from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. Japan is composed of over 3,000 islands, making it an archipelago. The four largest islands are Honshu, Hokkaido, Kyushu, and Shikoku. These four main islands together accounts for 97% of Japans land area. It has sufficient rainfall for agriculture on the main islands, with no dry season. Hokkaido and northern Honshu have cold winters with good ski resorts but limited agriculture. In contrast, the two thirds of southern Honshu and the Shikoku Island and Kyushu have humid subtropical climates. Most of the islands are mountainous, many volcanic; for example, Japans highest peak, Mount Fuji, is a volcano. Japan has the worlds tenth largest population, with about 128 million people. The capital of Japan is Tokyo, located in Honshu. The government is a Parliamentary democracy. The size of Japan is about 145,856 square miles (slightly smaller than California) and Japan is homogeneous (0.6% Korean) with one language. Buddhism and Shinto are the major religions and only about 0.8% of the population is Christian. The currency of Japan is the Yen. Entering Japan is relatively easy because it is part of the visa waiver program, which means that a visa is not required for visits less than 90 days. Shopping is a main attraction in Japan; common items include Japanese handicrafts and art objects, jewelry, silks, furs, and pottery pieces. Japan has not historically looked to tourism as a major foreign income earner as it had such a huge trade surplus in the 1980s. However, from the 1990s, the government started to take an active role in promoting inbound tourism. The government is both involved in domestic and international tourism. It promotes and provides information about tourism in Japan and establishes a number of programs and offices to develop a broad variety of tourism attractions in Japan while maintaining quality of its natural environment setting. Japan also established a government organization, JNTO (Japan National Tourism Organization). JNYO is a non-profit organization established by a government, and it provides free multilingual information on travel in Japan. The most visited places by visitors are the following: Sapporo, Tohoku, Tokyo and its surrounding area, Chubu, Kansai, Chugoku, Island of Kyushu, and Okinawa Island. Sapporo, the capital of Hokkaido, hosted the 1972 winter Olympics, and it annually has a festival called the Snow Festival. It is a festival where people present gigantic snow images by famous artists. Secondly, Tohoku is located in the northeastern section of the main island of Honshu and is very famous for its hot springs. Tokyo and the surrounding areas are located in Honshu, where visitors can observe the unique blend of the East and West culture. Another most visited location is Chubu, which is the center of the main island, Honshu. The Japanese Alps are located in Chufu, and the Japanese Alps consist of beautiful scenery. Kansai, another metropolitan area in Japan besides Tokyo, also has many important temples (historical attractions) and interesting cultural festivals. Chugoku, the western end of the island of Hon shu, is known for its beautiful beaches. Many water activities are played here. The Island of Kyushu has a subtropical climate and operates 6 national parks that attract visitors. Lastly, the Island of Okinawa is a tropical island with the wealth of national beauty, such as the sunny skies and the subtropical plants. As one can see from above, Japan has a variety of attractions. It has been and will be the center of the Asian tourism market. As the center of the Asian tourism market, Japan has exclusive aspects that other Asian countries do not contain. Japan has preserved those cultural factors well enough to encourage foreigner to learn about it. Different aspects of Japan have made it possible for influencing numerous tourists to travel to Japan. Now, this essay will focus on each aspect that influences foreign tourists to travel to Japan. Those aspects include food/cuisine, Japanese traditional lodging, sports, and business. Food of Japan Japanese food is well known to the other parts of the world. Many foreigners are familiar with sushi and ramen, which are the major representation of Japanese food. Nevertheless, there are other types of Japanese cuisine that are still unknown to the foreigners yet can strongly fascinate the foreign travelers to Japan. Japanese cuisine that will be focused on this paper is Sushi, Sukiyaki and Nabemono, Tempura, Tofu and Natto, Menrui, Mochi, Tsukemono, and Ocha. Japanese cuisine is a piece of an art work. Aesthetic display of the food is considered very crucial while serving the food to the guests. Learning the context of the cuisine is one side factors that tourists can enjoy while eating the food: how the food fits into Japanese life, what its history has contributed, how it is properly chosen and consumed, and others. Japan remains one of the countries where food represents lineage, going back to history. Thus, an understating of Japanese cuisine helps one to understand the Japanese thoughts. (Donald 12) Sushi Sushi, as one of Japans most representative food, is fairly known to people. Most large cities around the world have sushi shops. Craig Claiborne defines sushi as an assortment of small morsels of freshest raw fish and seafood presents into cold rice lightly seasoned with vinegar. (Donald, 14) This definition perfectly correct; however, there are more factors to it. Sushi is a delight to the eye, a revelation to the tongue, and an engrossing culinary happening that those who have partaken will not soon forget. (Donald, 14) When one walks into a sushi shop in Japan, the master and the waiters loudly shouts Irasshaimase! This is a phrase to welcome the guests who enter the restaurant. There is usually a long counter of white cypress. Behind the counter, there are glass-cased, ice cooled array of fish fillets and shellfish, all fresh, sometimes alive. Before the main sushi dish, a waiter serves a cup of hot green tea, a small dish for soy sauce, Oshibori (hand towel), miso soup, and picked gingers to refresh ones mouth between bites. Most popular sushi menus are maguro (tuna), toro (the marbled underside of the tuna), chu-toro (a half marbled side section of the tuna), uni (sea urchin roe), ebi (shrimp, boiled or alive), tao (sea bream), ika (squid), akagai (aki shell), hamachi (young yellowtail), tako (octopus), ikura (salmon roe), anago (conger eel), awabi (abalone). The master also creates special menus that change as seasonal fish and shellfish changes. Upon hearing an order, the sushi master starts his performance. He cuts and slices the fish and shellfish delicately. Then, he scoops a double fingerful of rice, and add bits of washabi (horseradish) and quickly forms an oblong ball, firmly capped by the seafood. This is the most popularly known regional type of sushi, Nigiri sushi. Nigiri sushi originated from Edo (Tokyo) in the nineteenth century. Because of the fast speed, it is called the worlds first fast food. Sukiyaki Ronald Barthes describes Sukiyaki as a stew whose every element can be known and recognized, since it is made in front of you, on your table, without interruption while you are eating ità ¢Ã¢â ¬Ã ¦It is the very essence of the market that comes to you, its freshness, its naturalness, its diversity, and even its classification, which turns the simple substance into the promise of an event. (Ronald 21) Sukiyaki is classified as a nabemono, which means food is cooked usually at the table in a single pot or pan, and is thought of as being a winter meal. There are few different ways to cook sukiyaki: Kansai (Osaka-Kyoto) area way, Kanto (Tokyo-Yokohama) area way, Nagasaki way, and others. The most well known sukiyaki is from Kansai area. In the Kansai area, a lump of beef suet is melted in the shallow iron pan over medium heat. Then very thin slice of beef are place in the bottom of the pan. After the beef color changed to brown, one put other ingredients such as tofu, mushroom, onion, and konnaku (Japanese style jelly). The liquid is then poured into the pan. The liquid is consists of soy sauce, water, little bit of sugar, and sweet sake. Knowing the right time to pour the liquid is the key to make a delicious sukiyaki. Meanwhile, one should break raw eggs into a bowl, and add little bit of soy sauce. This becomes the sauce for meat and vegetables in the sukiyaki. Meat and vegetables are dipped into this sauce right before eating. Sukiyaki gets delicious as the cooking progresses, because the juice from the beef and vegetables makes the taste fascinating. In Kanto area, the liquid is poured first, and the meat and vegetables are added to the heated liquid. This way of cooking makes Sukiyaki more like a stew that foreigners are more familiar with. In Nagasaki, the meat is grounded. This slight adjustment of meat distinctively changes the taste of the dish. Sukiyaki has been eaten since 1860, when the country was open to foreigners and the new Maiji emperor began his reign. Before, eating meat was prohibited in Japan, because the Japanese believed in Buddhism. However, Emperor Maiji changed the law and made beef and other meat available for Japanese citizens. Gradually, Japanese citizens enjoyed eating meat, and sukiyaki is one Japanese style cuisine that developed from this era. As people enjoyed eating meat, there was a famous aphorism, which said A man who does not eat beef is an uncivilized man. (Donald 25) Tempura Tempura is delicately deep-fried seafood and vegetables, served hot and crisp, lacy golden on the outside, juicy and succulent on the inside. (Donald 26) Tempura is not a traditional Japanese food. It was introduced by Portuguese when missionaries and merchants from Portugal actively visited Japan around sixteenth century. Common types of tempura that one can get in Japan are Kuruma ebi (prawn), shiba ebi (shrimp), ika (squid), kaibashira (scallop), anago (conger eel), kisu (a small fish known as sillago), haze (goby), ginpo (gunnel), megochi (flathead). Tempura should be made just before eating it. Besides being strict about the freshness of what goes inside of tempura (such as shrimp, and squid), the Japanese are picky about the batter, also known as koromo in Japanese. Koromo literary means clothes in Japanese. It should be lumpy and be filled with air bubbles so that the texture of tempura becomes lighter. Also, the coating should be thin rather than thick. Besides the crunchiness, Japanese wants to enjoy the natural taste of the material that is inside of the batter. Therefore, the batter should be practically see-through. Tofu and Natto Tofu is also well known to international community. It came from China very long time ago and became another food that represents Japanese cuisine. Tofu is one of the most protean foods. It can be boiled, broiled, baked, fried, steamed, marinated, dried, frozen, and eaten fresh. Interesting thing is that each method changes the taste of tofu completely. Baked tofu and boiled tofu tastes extremely differently. Kyoto is best known for a good tofu. Recently, there are restaurants opening up that only serve tofu. It is one food that is loved by vegetarian travelers to Japan. Natto might be unfamiliar to international travelers. It is made out of soybean, just like tofu. Natto is fermented soybeans which is rotten stinking slimly soybeans. It is somewhat similar to a ripe cheese. Natto is served in a small lump and should first be stirred with chopsticks to make it stickier. Then, raw eggs, sliced and chopped onions, soy sauce is mixed together with natto. This mixture is then eaten with hot rice. Even if the smell of natto is strong, it is still a typical breakfast menu in Japan. It is very healthy and diet helping cuisine. Menrui Menrui in Japanese means noodle types. This indicates that menrui includes all the types of noodle cuisine that is available in Japan. There are a great variety of shapes and sizes of noodle. The two most popular types of noodles are the wheat-based noodles which are associated with Osaka and the south of Japan, and buckwheat-based noodles associated with Tokyo and the north of Japan. (Donald 54) Wheat-based noodles come in a variety of shapes, but the best know type is called udon. Udon is somewhat flat and wide. Somen is another type of what-based noodle that is more slender and a bit of vegetarian oil is used in the preparation. Buckwheat-based is called soba, and it comes with a single variety: long, thin, brown in color. There are some variations of soba. People used green tea to make soba. Therefore, the color of the noodle becomes green, instead of brown. Soba and Udon can be served both hot and cold. For a hot noodle dish, a noodle is first boiled in water, then scooped out and place in a bowl. After that, toppings and other ingredients are added. Finally, broth is poured. There are great varieties for soup and toppings. For a cold dish, boiled noodle is rinsed with hold water, and served on draining screened plate that is made out of bamboo. The noodles are decorated with little bit of dried laver, and dipped into soy sauce then quickly removed from the sauce. Another major menrui is ramen. This is also originated from China; however, Japanese changed the food into its own style and taste. Now, each region of Japan developed their own style of ramen, and there are tours within Japan to go around each region and taste the different ramen. Many distinctive local version of ramen were established as the shops in each region concentrated on the varieties of soup seasonings and toppings appreciated by local people. (Naomichi, 252) Among the best known is Sapporo ramen, from Hokkaido, which features heavy noodles, a rich thick broth seasoned with miso instead of the more common soy sauce, and locally produced toppings of butter and maize. Mochi Mochi is made out of a one type of rice, mocha-gome, and it is regarded as a unique and special food. Freshly pounded mochi is very soft and easy to eat, but it quickly gets hard and must be grilled or reheated to become edible. It is eaten during the most important ritual ceremony, the New Year. On a New Years Day, a plain white mochi is toasted and served with soy sauce. A white mochi can also be put either in a soup or as is or is eaten along with the other ingredients of this festive soup. This soup is called ozoni. Mochi can be served as a dessert as well. Mochi stuffed with sweet red bean paste is called daifuku. This can be seen as the traditional Japanese dessert that was eaten with green tea. Tsukemono Tsukemono means preserved food in Japanese. Preserved food is an important part of most dietary tradition in Japan. It is pickled food, which means that the food is stored away with a quantity of salt and transformed into sour salty products that will keep for a long time. There are several type of method to pickle vegetables and fish. Kyoto is famous for its variety of traditional tsukemono. Ocha/Tea After the meal is done, the national beverage, ocha is served. Although green tea is usually associated with Japan, there are many types of teas available in Japan. Houjicha and genmaicha are two common teas that the tastes are slightly bitter. The color of those tea is rather brown than green, and it is the most affordable tea that is available in Japan. Sencha is one rank upper than houjicha and genmaicha. The leaves used in Sencha have been picked with greater care and there are no stems. The finest tea is called gyokuro. The oldest and finest bushes of leaves were used to make this tea. As one can see, Japan has a very diverse food culture. Sushi and Japanese noodles are well known cuisine that portrays the food culture of Japan. However, there is more variety of Japanese food that delivers the thoughts of Japanese. As foreign tourists find more about those cuisines, the number of tourists will continuously increase. Lodging of Japan Japan has the privilege of possessing two types of lodging: Japanese inns and western hotels. Japanese inn is called ryokan (ryo-journey, kan-mansion) in Japanese. Ryokans historical origins are strongly rooted in Japanese society, and ryokan resisted the introduction of Western forms of lodging. (Anguis, Moon 76) One can find enormous amount of information about these two types of lodging in Japan by just searching on the internet. Generally speaking, hotels show less variety, with only few categories such as resorts hotel, de luxe hotels, and so on. On the other hand, any travel magazine published for Japanese travel shows an amazing number of extremely specialized categories of ryokan, such as spa ryokan, ryokan associated with Japanese famous writers, secret ryokan, very famous ryokan, wooden built ryokan, ryokan visited by Japanese emperor, ryokan for Japanese cuisine associated with the seasons, etc. (Anguis 76) Japanese categorized ryokan into a very specific sector, so that p eople can easily find ryokan that they are looking for. Compare to the Western hotel room size, the size of ryokans room is relatively small. Moreover, the western hotels construction and management is sustained by huge capital investments, whereas ryokan does not have large capital to fund their operation. How can ryokan still compete with the western hotels in Japan? Instead of being the part of shelter along the road, ryokan has become the purpose of the travel itself. (Anguis 77) Staying in a ryokan usually follows the same pattern. Guests usually check in between three and four oclock in the afternoon. Shoes are deposited in the entrance, and picked up when guests are leaving the ryokan. Upon the arrival at ryokan, guests are greeted by a kimonoclad maid and she leads to their rooms, where she serves tea and sweets, while explaining the schedule of their stays. Visitors are encouraged to change their everyday clothes and dress on the cotton kimono, yukata. They can have an early bath time in either inside or outside baths. While the guests are away, the room is prepared for dinner. After the dinner, second bath might be encouraged while cleaning after dinner and futon spread on the tatami. (Cogswell 40) Each room is covered with tatami, straw mats. The main room has a little shrine, similar to an altar that is raised slightly from the floor at the one side of the room. Doors in ryokan are usually slide doors. Doors are made out of paper and framed in woodwork, and they are used to break up the space. Japanese architecture and design are clean and simple. Japanese buildings tend to harmoniously blend with the natural environment. Ryokan originated during Nara period (710-784). For much of the 20th century, it was just any Japanese inn that people had stayed. People somewhat had negative ideas about it since there were no privacy. For instance, the bath was communal. During steamy summers, everyone slept with their doors and windows wide open to the breeze. From the competition with the Western style hotel, the number of ryokan declined from 80 thousand in 1988 to fewer than 60 thousand in 2005. (Brown, 128) Recently however, the ryokan is trying to change the perception of people towards ryokan. For instance a group of thirty ryokan have formed The ryokan Collection to market themselves as boutique inns, with designer flourishes, architectural details and cultural authenticity. (Brown, 129) The ryokan of Kyoto, a former imperial city and a popular tourist destination, are among the first to have instituted modernizing touches-and with much flair and frills. English-speaking staff and Western-style breakfasts are now available even at the citys legendary Hiiragiya and Tawaraya ryokan-both centuries old and famed for their refined aesthetics, attention to detail, and guest lists that have included royalty and Hollywood stars. Sports in Japan (Sports Tourism) Baseball in Japan Baseball was first introduced by Horace Wilson, who was an American expatriate educator, in 1872. Since then, baseball has grown as the major sports played by Japanese. Baseball is called Yakyuà ¼Ãâ à ©Ã¢â¬ ¡Ã
½Ã §Ã Ãâà ¼Ã¢â¬ ° in Japanese. It combines Chinese character for field (à ©Ã¢â¬ ¡Ã
½ ya)and ball(à §Ã Ãâ kyu). The major event that attracted the foreigner to focus ones attention on Japanese baseball was World Baseball Classic. Japan won the championship in both 2006 and 2009. This attracted peoples attention towards Japanese style baseball. Now, tourists are willing to tour the Japanese professional baseball league and baseball arena for the professional baseball teams became the major attraction destination. Japanese professional baseball has two leagues, just like professional baseball in United States. One is called Central League, and other one is called Pacific League. Each league has six teams. The professional baseball season is eight months long and it begins on April, and a Championship is held on October. Teams play 144 games in total. Teams that are included in Central leagues are: Yomiuri Giants (Tokyo), Tokyo Yakult Swallows (Tokyo), Yokohama BayStars (Yokohama), Chunichi Dragons (Nagoya), Hanshin Tigers (Osaka), Hiroshima Toyo Carp (Hiroshima). Teams that are included in Pacific leagues are Hokkaido Nippon-Ham Fighters (Sapporo), Tohoku Rakuten Golden Eagles (Sendai), Saitama Seibu Lions (Saitama), Chiba Lotte Marines (Chiba), Orix Buffaloes (Osaka), Fukuoka SoftBank Hawks (Fukuoka). The professional baseball teams representing major cities of Japan. For instance, Yomiuri Giant is a professional team that is located in Tokyo. It has a dorm called Tokyo Dome, which has 45,000 seats. The average viewers of each game are 40,755. Foreign tourists are now visiting these domes of professional baseball teams, and experiencing the Japanese baseball game. Sumo in Japan Sumo wrestling is a competitive contact sport where a wrestler, also known as a rikishi, attempts to force another wrestler out of a circular ring or dohyo. The sumo wrestler also attempts to force the other to touch the ground with another body part other than the soles of the feet. Originating in Japan, it is the only country where this sport is practiced professionally. The tradition of Sumo is very antiquated. It still includes many ritual events, such as the use of salt to purify the dohyo, from the Shinto Religion. Rikishi follows the rule laid down by the Sumo Association, and professional sumo players are directed to live in sumo training stables, known as heya in Japanese. There are six Grand Sumo tournaments, also called honbasho, each year. Three of the tournaments take place at Tokyo in January, May, and September. The place where those three tournaments are held is called the Sumo Hall, Ryogoku Kokugikan in Japanese, and this place has become one of the major attraction places for people to visit in Tokyo. Another tournament is held at Osaka in March. Fifth one is held at Nagoya in July, and the last one takes place at Fukuoka in November. Each tournament begins on a Sunday and lasts for fifteen days. There are two teams in a professional sumo tournament. Each top wrestler, also referred as yokozuna, in the two divisions has one match per day, and other lower leveled wrestlers have one game every two days. The schedule is constructed in a way that the highest ranked wrestlers compete at the very end of the day. The top wrestlers match usually begins at six oclock in the evening. At the end of the fifteenth day, the wrestler who wins the most matche s wins the tournament championship. If there are ties in the score, those two wrestlers compete with each other and the winner of that game takes the championship. Since sumo is only professionally played in Japan, foreign travelers are eager to watch the game while they are visiting Japan. Japanese Festivals Festivals are called matsuri in Japan. A most eloquent form of worship, Japanese festivals are intimate, joyous encounters with the divine. (Vilhar, Anderson, 5) The image of modern Japan tends to minimize the significance of these ancient religious practices. Yet, matsuri has have been continuously provided people with a strong spiritual identity as Japanese. Although Japanese no longer perceive matsuri as a ritual ceremony, it still lays heavy emphasis on the Shinto religion originated from Japan. The act of worship culminated in the celebration of matsuri. Derived from the verb matsuru (to worship), matsuri serves as a means for the people to offer divine world their prayers, gifts, and joy. Matsuri is time for communication with their gods and ancestral spirits. Many of the matsuri is related to rice growing, the very foundation of Japanese culture. There are no certain set dates for matsuri. Dates vary from area to area. Almost every town has at least one matsuri in late summer or early autumn, usually related to the rice harvest season. During a matsuri, people go out in the streets for a memorable time. Almost every town in Japan prepares its own matsuri; however, the size of the festival varies from one town to another. Each year, approximately 100,000 people gather to attend some of the major matsuris. Major matsuris take place in large cities, such as Tokyo and Kyoto. Some people living in suburban or rural areas travel by airplane to go to the matsuris because they want to enjoy the once a year event. In contrast, some matsuris are really small, generally attracting only the local people. Indifferent of the size of the festival, one can learn about the culture and tradition of Japan through matsuris. First of all, most of the people coming to a matsuri wear Japanese traditional clothes, called Yukata. The word originates from Yukatabire, which means clothes that one wears after taking a shower. Therefore, they are made out of thin cotton. Since Japan gets very hot in the summer, people tend to were Yukata rather than other clothes. The color of the Yukata is another interesting factor that reflects Japanese culture. Women tend to wear bright colors, such as yellow, pink, and bright blue. Men tend to wear cool colors, such as grey and dark blue. These colors represent nature. Bright colors such as red and pink illustrate the flowers, and earthtone colors such as grey and dark blue represent the sky or earth. The Yukatas colors help create the very exciting and fascinating atmosphere of the Matsuri. It seems as if colorful lights are illuminating the dark summer streets of Japan. Food also makes the matsuri very interesting. All kinds of food can be found at the matsuri. There is Japanese style barbeque, ice cream, candy, Japanese style pizza, and numerous other dishes. One of the major matsuri foods is called yakisoba. The word literally means burned noodle. It is called burned since the noodle is placed on a hot steel plate, instead of being boiled with water. Cabbage, carrots, meat and special sauces are also put on the plate and mixed with noodles. Moreover, there is a lot of entertainment waiting at a matsuri. First of all, there is a game called catching the goldfish. A player is given a thin paper that has a plastic handle, which he/she uses to scoop goldfish from a small pool until the paper tears apart. This game is very difficult. However, catching the fish is no longer a goal of this game as people start playing. People cheer for the players as they watch, which provides a bonding experience with my friends and family. Japanese traditional music is played in Matsuri, and is another big part of matsuris entertainment. The special host plays Wadaiko, Japanese traditional drum, as the main instrument in the matsuri since it is the oldest instrument in Japan. Moreover, it is believed that the sound of drum motivates people. While the drums are played, many people sing the song that goes with the beat. Also, there is a dance that goes with the music. People enjoy the dance and claim to release their everyday stress through the dance. Last but not least, the fireworks are the highlight of the matsuri. In Japan, one counts the number of shots to describe the size of the fireworks. The number of the shots depends on the towns. Each shot had certain meanings. For example, there was one fireworks display that had the image of red leaves in fall. There is an urban legend. It is believed that a couple that sees the first firework in the matsuri will be able to stay together forever. However, it is important that they hold hands when they watch the fireworks. This mystical, yet adorable legend makes people want to participate even more in the matsuri. The matsuri is not just a fun event. The dress, food, games, and music of the Matsuri portrays the culture of Japan. The Matsuri has endured a long time and will continue to be celebrated by gener
Wednesday, November 13, 2019
Human Trafficking Essay -- Ethical Issues, Sexual Exploitation
The Trafficking Victims Protection Act of 2000 and The Trafficking Victims Protection Reauthorization Acts of 2003 and 2005 have defined sex trafficking as a commercial sexual act or acts that are induced by fraud, coercion, or in which the person to perform these sexual acts are under the age of eighteen Blackburn, Taylor and Davis (2010). The sex industry in Cambodia and Thailand consists of men, women, and children. In order for there to be enforced labor and sex trafficking there has to be forms of illegal immigration to these economies, though not all human traffickers are kidnapped or forced into sex work, many choose to do this work. Singh and Hart (2007) have labeled Thailand as a country of many prostitutes and its reputation derives from human trafficking and sexual exploitation, especially sexual exploitation of children. Sex trafficking is used to entice tourists to the country to please sexual fantasies Blackburn, Taylor and Davis (2010). Blackburn, Taylor and Davis (2010) indicate estimating human trafficking and sexual exploitation data is difficult provide. Although, it is estimated that thirty thousand children involved in the Thai sex trade is up to seventy-five thousand children younger than the age of sixteen working in brothels, bars, and nightclubs, and that Thailandââ¬â¢s gross income ranges in the twenty-two billion dollars. Singh and Hart (2007) claim their estimates differ from the reality of the true number of commercial sex workers. Though similar to Blackburn, Taylor and Davis (2010) they provided that the number range from sixty thousand to seventy-five thousand to four hundred thousand sex workers in Thailand. According to Singh and Hart (2007), The World Tourism Organization reported in 2004, th... ...at beach resort near Bangkok, Thailand and many pedophiles from around the world come there. Since there are organizations like Fight Against Child Exploitation which influence the prosecution of pedophiles after they return to their country. The authors state the police are a part of the sex trafficking problem in both Cambodia and Thailand because brothels pay monthly payment to the police for protection, and some brothels are private owned by government, military, or police officials. The Royal Cambodian National Police attempted to develop a special unit on human trafficking and juvenile crime, because this effect produced little progress, the entire national police department was told to get training on human trafficking, child exploitation, ethical behavior that led to corruption, and receiving serves from prostitutes Blackburn, Taylor and Davis (2010).
Sunday, November 10, 2019
Gandhi, King, and Mandela What Made Non-Violence Work?
In the Twentieth Century, the great leaders Mohandas Gandhi, Nelson Mandela, and Martin Luther King Jr. all used non-violence to bring about change to their respective countries. What made nonresistance work was the charisma of the leaders to persuade the people to not fight back, the peaceful protests, the leadersââ¬â¢ willingness to accept their punishments, and their struggle for unity. In order for non-violence to work, people have to be non-violent. Each of these leaders were so powerful that they convinced even aggressive people to fight by not fighting.In Mandelaââ¬â¢s case, he viewed nonresistance as the only way to bring democracy to everyone in South Africa because the government was many times more powerful than the movement (document 3). If Mandela had used violence, his people would have been hopelessly crushed and would remain oppressed. Martin Luther King persuaded all volunteers to give up all possible weapons before going to protest (document 5). He convinced t he volunteers that all they needed to have was the ideology that they were right. Gandhi wrote a letter to Lord Irwin stating that if something is not done about the injustice of the British, he would lead a protest on the Salt Laws (document 1).Gandhi gathered volunteers and taught the importance of life. Nonresistance worked so well because the peaceful protests gave off such a powerful message. Mandela campaigned for volunteers to not retaliate even when they are being attacked (document 6). He convinced people fighting back would ultimately lead to their failure. King took part in counter sit-ins where black people peacefully protested segregated lunch counters (document 1). The peace of the movement showed how extreme and hateful the majority of white people were at the time. After Gandhi was arrested, one Englishman documented Mme. Naidu leading a peaceful protest that lead to hundreds of people getting beat without flinching a muscle (document 4).The cruelty was so great that even the Englishman had to turn away from the gross and sickening display. One of the key factors that made non-violence work was that the leaders openly accepted their punishments. Gandhi did not hesitate to go to jail, where he spent 2,338 days total (document 7). King noted that people rushed down to the police station to be arrested in the Montgomery bus boycott (document 8). He himself was arrested 37 times and jailed 14 times. Nelson Mandela discussed with other officials what would happen if they received the death sentence (document 9). He was prepared toà die knowing that he would inspire more people to fight for democracy.Finally, non-violence worked because the leaders all made an effort to unify their country. After the British became more violent, Gandhi tried to appease the British by protesting with peace (document 10). Salt on the Lionââ¬â¢s tail represents Gandhiââ¬â¢s effort to pacify the British. Martin Luther King addressed in his speech that he would li ke to see white and black people integrate together without hatred (document 11). In this perspective, King is a hero for all of America by unifying it regardless of skin color. Mandela discovered in prison that he wanted freedom for all people in South Africa (document 12).When both sides stand together, everyone wins in the battle for democracy. Mohandas Gandhi, Nelson Mandela, and Martin Luther King Jr. are all incredible people who stood up for social equality. Through non-violent ways, they lead the world to become a greater place. They all persuaded their people to peacefully protest and to not resist their attackers. They all also sacrificed to unify their country and gladly suffered the consequences of doing so.
Friday, November 8, 2019
Reasons Why Investment Trusts Trade at a Discount The WritePass Journal
Reasons Why Investment Trusts Trade at a Discount Abstract Reasons Why Investment Trusts Trade at a Discount Abstract IntroductionReasons for discounting Investment TrustsMisestimating the Net Asset Value (NAV)Agency Costs and Managerial AbilityTaxesInvestor SentimentConclusion ReferencesRelated Abstract The fact that investment trusts and close-end funds in general trade at a discount has elicited debates among financial scholars and practitioners, often referred to as the closed-end puzzle. Based on this, this paper explores and explains some of the reasons that investment trusts trade at a discount. It also provides an in-depth explanation of characteristics of close-ended funds and conditions that lead to the classification of the share price as either a discount or a premium. Investment trusts trading at a discount are those trading at prices that are below their net asset value. Those trading at a price higher than the net asset value are considered as being sold at a premium. Some of the main reasons that are explored in this paper include miscalculation of the net asset values of the investment trust, taxes on realized capital gains, agency costs, managerial abilities and investor sentiment. Even with the explanations that are provided in this paper, the closed-end fund prize puzzle continues to be debated upon and researched. Introduction The fact that investment trusts often trade at a discount is an aspect that has drawn interests from academics and practitioners in the field of finance. To have a better understanding of these reasons, it is ideal to provide an exhaustive definition of investment trusts. Investment trusts, which are typical to the United Kingdom, are defined by Barnhart and Rosenstein (2010) as types of investment firms that are formed with the primary aim of holding securities for other companies and the obtainment of capital from the public issue of shares trading on the stock market. They are also referred to as closed-end funds because they only offer a fixed quantity of shares that new investors can purchase from already existing shareholders (Hartzell et al., 2006). The prices of shares of investment trusts are determined by the forces of supply and demand in the share market. As a consequence, there are incidents where the price of a share may either be higher or lower than its net asset valu e. Whenever a share trades at a price that is higher than its net asset value, it is considered to be trading at a premium. On the contrary, if a share trades at a value that is lower that its net asset value, it is considered to be trading at a discount (Berk Stanton, 2007). In this regard, this report intends to discuss reasons why they trade at a discount. Reasons for discounting Investment Trusts One main characteristic of investment trusts and closed-end funds in general is the fact that they are permanent capital ventures and thus, the sharesââ¬â¢ supply is fixed (Chan et al., 2008). Numerous attempts that have been made by researchers and practitioners to explain the investment trust discounts, and have resulted in conflicting results, commonly referred to as the closed-end fund puzzle. Even though these funds are known to trade at discounts, it is important to note that newly opened investment trusts and closed-end funds in general, usually begin trading at a premium of approximately 10% of their net asset value. After their initial premium trading, they shift towards trading at a discount that is at average rate of 10% within the first 120 days. After which, discounts remain substantial. In case closed-end funds are closed or terminated, there is an increase in their share prices, which in turn eliminates the existent discounts (Cherkes et al., 2009). Explanations for investment trust discounts that have been made by researchers include the risk of liquidity, the past and future performance of shares on the market and the miscalculation of the fundââ¬â¢s net asset value. Investor sentiment is also another reason for discount trading in investment trusts (Yanran Liyan, 2007). This section intends to provide a more in-depth discussion of these reasons. Misestimating the Net Asset Value (NAV) This reason has been pointed out by Halkos and Krintas (2006), who argue that such miscalculations of the NAV can result from a possible accumulation of capital gains illiquid assets that had not been realized. The reason why funds with high capital appreciations that have been unrealized ought to trade at a discounted share price is that potential holders of such funds will assume a potential tax liability. In a research that was carried out by Kousenidis et al. (2011) on the effect of liquidity on closed-end funds, he established that there is a possibility of illiquid assets to be traded at a discount to provide higher expected returns. In support of inaccuracy of NAV measurement as a reason for discounts in closed-end fund trading, Yanran and Liyan(2007)suggested that when closed-end funds own large amounts illiquid assets or restricted stock that are not fairly trading in the market, their NAVs can fail to provide an accurate reflection of their true value. As a consequence of this, the shares might either trade at a lower or higher value than the NAV. Investment trust discounts are also affected by restricted stock holdings. However, given that such holdings are often quite small or at a zero value, they do not hold as valid reasons for investment trusts trading at a discount. For investment trusts, there is usually no assurance that there will always be an available market. Therefore, this lack of an assured redemption of shares makes their valuation to be discounted. In addition to this, investment trusts that hold relatively liquid securities are valued lower than their net asset values (NAVs) at the marketpla ce (Cherkes et al., 2009). Putting appropriate measures in place to avoid miscalculation of the trust net asset value is vital to solve this issue. Agency Costs and Managerial Ability Discounts in closed-end funds could be a reflection of poor performance in the management of the fund or an overcharge of management fees (Bradley et al., 2010). Agency costs may also vary according to the agency issues or conflicts that may occur due to different interests between agents and principals. Managerial abilities have also been listed by researchers as being among the main factors that determine whether investment trusts can trade at a premium or a discount. The theory that investment trusts can trade at a discount if the managers charge a fee was originally proposed by Boudreaux in 1973 (Berk Stanton, 2007). He suggested that if fund managers charge investors a fee but fail to add value to their investments, then the value of the fund is likely to be less than its NAV. In a case where managers add value to the investment trust, the reason why it might trade at a discount is when investors are made to believe that the fundsââ¬â¢ managers are not good at investing thei r funds. If investors believe that their money is being managed by people who are good at selecting viable investments, then the fund will trade at a premium. In a research carried out on the ownership of closed-end funds Cherkes et al.(2009) established that investment trusts with larger percentage of insider ownership are likely to trade at higher discounts. This is because investors of funds that are selling at higher discounts stand a chance of receiving windfall gains in case the funds undergo immediate liquidation at their net asset value. He also established that higher expense ratios lead to higher discounts of funds because management fees are considered as being deadweight losses. Thus, discounts are used to represent the capitalization of the management fees value. Management of trusts also affects their future performances in the market, which also determine whether investment trusts are to be traded at a discount or premium. Halkos and Krintas (2006) argue that in cases where investment trusts are managed in a highly professional manner and with a positive track record, investors may have the will to pay a premium for a share of the funds. This is also due to the fact that such trusts are often expected to maintain their superior performances in future. On the other hand, funds that are expected to underperform in the market are expected to be traded at higher discounts, mainly because of the scepticism that potential investors may have for the fund (Berk Stanton, 2007). Estimation of future performance of investment trusts can be done by comparing trends in the NAV, which are estimated on a frequent basis. It can also be done by evaluating the managerial capabilities of the fund. It can be thus argued that investment trusts whose management has a good reputation tend to perform well in the market and therefore, trade at a premium. On the contrary, poorly managed trusts fail to thrive in the market and therefore, are likely to trade at a discount. Taxes Another reason why investment trusts trade at a discount is taxes. According to Jin(2006), full taxes on the realized capital gains of a fund are paid for by the current shareholders, even though the highest percentage of their gains was accumulated before the investors bought the shares. Based on this, it can be argued that funds whose accumulated gains are large ought to trade at a price lower than their NAVs also suggests that investment trusts that have a high appreciation of unrealized capital sell at discounts because holders of such funds assume potential tax liabilities that depend on the holding periods of the investors. Berk and Stanton (2007) posit that discounts in closed-end funds are partially caused by the fact that investors usually lose valuable opportunities to trade tax because of holding shares in closed-end funds. Some of the tax trading approaches include individual portfolio movement. On comparing British and U.S. closed-end funds, Cherkes et al.(2009) establis hed that British funds do not have the freedom of distributing capital gains as the US funds do. In addition, shareholders have no liability in case the invested capital gains tax, except if they decide to put the holdings that they have in the fund up for sale. Yet U.S. and British closed-end funds behave in a quite similar manner. Thus, it can be concluded that discounts in investment trusts and closed-end funds cannot be explained based on country-specific tax factors. Investor Sentiment Many researchers have focused on the aspect of investor sentiment as a reason for discounts in investment trust trading. This hypothesis was proposed Lee, Shleifer and Thaler in 1991 (Yanran Liyan, 2007). According to them, premiums and discounts in closed-end funds are determined by the attitudes of opinions that investors have about them. To explain this hypothesis, two kinds of investors are identified. These are the noise investors and rational investors. Whereas the expectations of rational investors on their asset returns are rational, noise investorsââ¬â¢ expectations are influenced by sentiment. They have the tendency of either overestimating or underestimating the expected returns on investment. Therefore, when investment trust shares are traded, noisy and rational investors make their investments based on their respective judgments. Due to the risk associated with assets and the fact that every investor is risk averse, closed-end funds ought to trade at equilibrium pric es that reflect opinions of the noisy and rational investors, which are often discounts. A proposal was made by Halkos and Krintas (2006) that noisy investors tend to concentrate more on the closed-end fund ownership than on the ownership of the underlying assets of the funds. Pessimism by noise traders on the future of fund drives down its price to a value lower than its NAV. This causes rational investors to avoid the buying the fundââ¬â¢s shares because of the risks associated with trading the funds at a discount. Chan et al. (2008) also argue that the sentiment of noise traders is stochastic and, therefore, cannot be accurately predicted by rational traders. Particularly, it is impossible for rational investors to make a perfect forecast whether noise investors will either be pessimistic or optimistic at the time that they intend to sell their assets. Due to the fact that rational traders are careful about the prices with which they will resale their assets, the unpredictable nature of noise tradersââ¬â¢ sentiment increases the level of risk on the assets they intend to trade (Kousenidis et al., 2011). The biggest risk associated with noise investors is that they will be pessimistic at the time when rational investors intend to sell their assets, causing a drop in prices. Since there is always a risk of an adverse sentiment shift, the possibility of trading shares at a discount is always existent (Yanran Liyan, 2007). Conclusion This paper has provided an in-depth explanation of some of the reasons why investment trusts usually trade at a discount. Apart from this, other aspects of investment trusts have been explained. One of the main characteristics of investment trusts that has guided the establishment of reasons discussed in this paper is that it is a closed-end fund. This means that supply of shares is fixed, regardless of the market dynamics. Therefore, fluctuations of these funds that result into premiums or discounts are mainly caused by demand factors. The main reasons why investment trusts trade at discounts include the attitudes that investors have on the fund, commonly referred to as investor sentiment, agency costs and managerial abilities, taxes and miscalculation of the net asset value of the fund. However, the factor that is contented upon by most researchers in this field of finance is investor sentiment, which is a behavioural approach of understanding this concept. Some of the other reason s that have been cited in several other researchers include the institutional ownership and performance of the trust in the market. In future research, a more specific research could be carried out by focusing on a specific investment trust in the UK. References Barnhart, S.W. Rosenstein, S., 2010. Exchangeâ⬠Traded Fund Introductions and Closedâ⬠End Fund Discounts and Volume. Financial Review, 45(4), pp.973-94. Berk, J.B. Stanton, R., 2007. Managerial Ability, Compensation, and the Closedâ⬠End Fund Discount. The Journal of Finance, 62(2), pp.529-56. Bradley, M., Brav, A., Goldstein, I. Jiang, W., 2010. Activist arbitrage: A study of open-ending attempts of closed-end funds. Journal of Financial Economics, 95(1), pp.1-19. Chan, J.S., Jain, R. Xia, Y., 2008. Market segmentation, liquidity spillover, and closed-end country fund discounts. Journal of Financial Markets, 11(4), pp.377-99. Cherkes, M., Sagi, J. Stanton, R., 2009. A liquidity-based theory of closed-end funds. Review of Financial Studies, 22(1), pp.257-97. Halkos, G.E. Krintas, T.N., 2006. Behavioural and fundamental explanations of discounts on closed end funds: an empirical analysis. Applied Financial Economics, 16(5), pp.395-404. Hartzell, J.C., Sun, L. Titman, S., 2006. The effect of corporate governance on investment: evidence from real estate investment trusts. Real Estate Economics, 34(3), pp.343-76. Jin, L., 2006. Capital gains tax overhang and price pressure. The Journal of Finance, 61(3), pp.1399-431. Kousenidis, D.V., Maditinos, D.I. Ã
eviÃâ¡, ., 2011. Premium/Discount Of Closed-End Funds As A Measure Of Investor Sentiment: Evidence From Greece. Journal of Applied Business Research, 27(4), pp.29-52. Yanran, W. Liyan, H., 2007. Imperfect Rationality, Sentiment and Closed end fund Puzzle. Economic Research Journal, 3, pp.117-29.
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