Theoretical Perspectives as Rituals of Power and Knowledge Essay Example for Free

Theoretical Perspectives as Rituals of Power and Knowledge Essay â€Å"Pornography is a panoptic function. It is everything watch by a mechanical eye†¦Optics is the genius of the West, and voyeurism is its major mechanism of control.† Monica Sjoo and Barbara Mor, The Great Cosmic Mother, p. 328. In order to begin to understand â€Å"panoptic functions,† such as the function of pornography as expressed in the headlining quote, one must understand these functions as structures for generalization, in order to later deconstruct deeper and more hidden meanings. In this sense, theoretical perspectives are always selective, yet it is within this selectivity that we can begin to unearth very deeply layered psychological and societal mechanisms of control. This essay will outline three historical mechanisms of social control (Christian demonology, classic criminology and the sciences of the medicalization of social control), and will juxtapose said mechanisms against the backdrop of sadistic pornography as a highly structured, ritualized agency for power and the creation of the â€Å"Other.† The essay will conclude with suggestions for a reduction in social mechanisms of hegemony and the creation of â€Å"otherness,† through an individual reduction in the psychological creation of â€Å"Other.† Christian demonology Christian demonology is an early tactic of the Roman Catholic Church, and a subsequent tactic of the modern-day deliverance-oriented Pentecostal ministries. In the case of demonology, the ecclesiastic power center felt that there was a need to utilize hegemonic tactics by creating a clear enemy in the form of a spirit force given all the qualities abhorred in humans. A clear evil was created for the reduction of deviant behaviors. A study into demonology will render a comprehensive list, given by the Church, of characteristics and activities in humans that create an association or an invocation for a possible demon take-over. Such activities as yoga, martial arts, female prayer gatherings, telepathy, seduction, and divination are all examples of activities that bring about demon possessions in human beings. Often demons are said to be the creators of negative emotions in humans. Many times, the Church would appeal to demonology for the explanation of any perceived deviance in behavior, particularly among women.   The organization (in this case, church) outlines clear behaviors and psychological characteristics deemed as â€Å"offensive† or â€Å"sinful.† The power structure then creates an outside force that has the power to take over the most intimate part of a human being: his/her very soul. The soul is captured by a fictitious being incapable of eradication by the human. In â€Å"The Great Cosmic Mother: Rediscovering the Religion of the Earth† (Monica Sjoo and Barbara Mor), we can see how, through fear tactics, the human being has been placed in a situation of inferiority, and must then appeal to the Church itself for the remedy and the perceived deviance. The female element, the relationship of the human to the all-encompassing reality out there, has become territory of the white male dominating power. The Church, in this fashion, is both the creator and the eradicator of evil, of sin, or of social deviance. Human morality in the Other (the sinner) is created, judged and remedied through the interaction with the power structure. Christian demonology is a clear example of what Stephen Pfohl refers to as â€Å"social control†, stating that â€Å"When effective, social control ritually reduces, expels, or constrains what is other to the dominant organization of power within a specific historical period.† Through the creation of a demon possessive force, Church hegemonies successfully ritualize a categorization of behaving and thinking considered moral, and others that are considered evil, sick, immoral or crazy. This is the creation of deviance. Core rituals and images of demonic social control include the social contract, rational hedonism, and the calculation of pleasure and pain. These are concepts are drawn upon in Stephen Pfohl’s â€Å"Images of Deviance and Social Control.† The social contract, in the case of demonology, there is an implied agreement between the Church and the people, whereby a social order is established. In this sense, people give up some say over particular beliefs, in order to receive the protection of the authoritative body. In this sense, we can see how quickly people are ready to give up rights over action in order to receive a free pass into heaven. Rational hedonism involves an understanding of reality based on the search for pleasure and the avoidance of pain. The calculation of pleasure can be different to differing individuals.   Sexual sadism is an example of this, thus pleasures cannot be judged based on their qualities.   Ritually, the creators of demonology devised an entire host of rituals and images to further enforce the creation of deviance. Exorcism of demons, witch hunts, literature on demons, as well as specific cleansing techniques and remedies should one come in contact with such demons.   (though, again, some discussion of the core images and rituals of this form of social control would be helpful). As you point out, sadism is about domination and humiliation, but Susan Griffin offers a more robust definition of it. This definition involves the (masculine) othering of sexuality, nature, desire, and Eros†¦which, once projected onto the bodies of women, becomes a target of (sadistic) control. Perhaps this process of othering is similar to that you noticed in the demonic perspective. Perhaps, too, the sadistic fear and resulting domination of bodies resembles the medicalization of control over human bodies. Finally, in â€Å"Images of Deviance and Social Control† there are several relevant passages on sadism and these perspectives. See, for example, the closing section of the chapter on the classical perspective and also consider the witch burnings of the demonic perspective. Grade: C+ Please take these comments into consideration and revise the paper. Thank you!! Classical Crminology Classical criminology, an 18th and early 19th century reform to the justice and the prison system, it is associated with authors such as Cesare Beccaria (1738-1794), Jeremy Bentham (1748-1832), Samuel Romilly (1757-1818). These philosophers claimed to be advocates of principles of rights, fairness and due process in place of retribution, arbitrariness and brutality within the justice system. Critics of classical criminology claim that the system was a mere cover-up to the more outright systems of torture of the time, replacing blatant and barbaric control mechanisms with more subtle ones.   Ã¢â‚¬Å"Critical criminologists see in these reforms a tool by which the new industrial order of capitalism was able to maintain class rule through appearing to apply objective and neutral rules of justice rather than obvious and direct class domination through coercion.† A part of classical criminology involves Social Control theory, whereby the process of socialization is furthered, building what is perceived â€Å"self-control† and lessening â€Å"anti-social† behaviors either by direct punishments or by more internal guilt-based controls. The Medicalization of Social Control Medicalization can be defined as â€Å"the process by which non-medical problems come to be defined and treated as if they are medical issues.† Recent times have witnessed an explosion of the medicalization of many areas of human experience and pathology. Alcoholism, emotional problems such as anxiety and depression, and even the experience of menopause in women, have been claimed by the medical community to be areas where an allopathic response is necessary. The dramatic growth in the number of categories of mental illness as explained the various versions of the DSM (diagnostic and statistical manual of mental illness) are primary examples. For instance, the current (DSM-IV) version lists impotence, premature ejaculation, jet lag, and caffeine intoxication as mental illnesses. In this sense, many of the body and mind’s processes are given somatic remedies through Western medical processes and medicines. If we think of our natural bodies and the processes that accompany it, we can see that this is truly our most intimate and personal sphere. In the case example of a woman with menopause, here we can clearly see how the medicalization of a woman’s natural hormonal changes are surrounded in discourses of negativity. Women are made to feel as if something is essentially wrong with them. The medical community can then cash in on these feelings of deviance in women, offering a plethora of remedies at a heavy cost. This process, named by Irvin K. Zola, extended the realm of medicine to formerly non-medical areas of life. In its extreme form, it includes social deviance, and even aging, as medical problems. The medical community, as a hegemony, has extended its discourse of power over into the realms of a person’s natural right to even die, making them feel like death itself is a condition of deviance. In this way, yet again, the individual is placed in an inferior state, stripped of power over their bodies ´ natural tendencies. Simply put, doctors are placed within the hierarchal structure as priests or shamans, the controllers of the power, the ultimate oracles for the human condition and the decision makers regarding our bodies as medicine corners more and more areas of our lives.   The medicalitzation of phenomena also follow ritualistic behavior. In much the same way as a priest tells us how to behave morally in order to avoid damnation, and a psychologist tells us how to behave socially in order to avoid imprisonment, similarly, medical doctors and pharmaceutical companies lay claim on bodies by instructing them how to behave in order to be free from disease. This ritual is based on imagery, which comes to us in the form of the mass media. The mass media represents the motivating ritualization force behind medicalization, whereby viewers are constantly being presented with a list of new diseases and the remedies offered to relieve these problems. Unfortunately, many of the so-called diseases are in fact natural processes in the pathway of life. Rituals of Sadistic Pornography as Related to Power Structure Deeply embedded into each of these three previously outlined power structures is an inherent need for group control. This is a reflection of an individual need for control, and of an inherent dissatisfaction with one’s own self. Nowhere can this be clearer seen than in sadistic pornography. In her book, Pornography and Silence, Susan Griffin eloquently describes the process of control in pornography. There need not be pain transpiring between the two people. The essential element is control and humiliation. One must be in control of the other, and own must humiliate the other in this culture to have power over another is a form of humiliation also objectification is a form of humiliation. We can extend this metaphor towards each of the aforementioned structures, whereby hegemony represents the sadist. A simple look into the definition of the two terms reinforces this belief. Hegemony is defined as the dominance or leadership of one social group or nation over another. A sadist is defined as someone who enjoys inflicting pain over another. The very nature of dominance is the clear intent to subordinate another, and in this lies the need for control as seen in demonology, classical criminology and medicalization. It is also the basic structure for any system, whether capitalism, racism, or religion, whereby one imposes power over another. â€Å"Group-ness† is the nature of humans, as well as many animals. We have the tendency to form groups for emotional and biological well-being. Against this backdrop, it is not to say that the nature of groups is sadistic, and therefore grouping is the problem. It is possible to create groups for social cohesion and working together in a way the supports the rights of the individual. This involves a commitment on the part of each individual to only be responsible for his/her own actions. It requires a deep realization, on a psychological level within the individual, that the creation of â€Å"Otherness† will do nothing but further alienate. In this light, we can begin to heal these destructive social devices through an acceptance of the individual right to have ownership of his/her body and processes as well as modes of behavior and expression. Sources (1) Griffin, Susan. â€Å"Pornography and Silence: Culture’s Revenge Against Nature† (2) Mor, Barbara. Sjoo, Monica. â€Å"The Great Cosmic Mother: Rediscovering the Religion of the Earth† (3) Pfohl, Stephen. â€Å"Images of Deviance and Social Control: A Sociological History† (4) Williams, Patricia. â€Å"The Alchemy of Race and Rights: Diary of a Law Professor† Web Sources: http://en.wikipedia.org/wiki/Neo-classical_school http://www.uta.fi/laitokset/tsph/health/society/medicalisation.html Online Dictionary of the Social Sciences. bitbucket.icaap.org/dict.pl?term=CLASSICAL%20CRIMINOLOGY 7k

Fortinbras as Foil for Shakespeares Hamlet Essay -- GCSE Coursework S

Fortinbras as Foil for Hamlet In the play, Hamlet, by William Shakespeare, the character of Fortinbras, has been used as a foil for the main character, Hamlet. Hamlet and Fortinbras have lost their fathers to untimely deaths. Claudius killed Hamlet's father, King Hamlet, and King Hamlet killed Fortinbras' father. Both Hamlet and Fortinbras have vowed to seek revenge for the deaths of their fathers. Since the revenge tactics of Hamlet and Fortinbras are completely different, Hamlet perceives the actions of Fortinbras as better than his own and the actions of Fortinbras, then, encourage Hamlet to act without hesitating.      Hamlet, after learning that his father's death was a murder and vowing to take revenge, wants to be certain that what he has been told is the absolute truth before he attempts to take revenge on Claudius. Even after Hamlet is sure beyond any shadow of a doubt that Claudius is the murderer, he hesitates to kill him. Fortinbras, on the other hand, has been taking action even before the play begins. As the play opens, the audience learns that Denmark is in a state of alert; the country has been preparing for a war. From Horatio, the audience also learns that the young Fortinbras is getting ready his "lawless resolutes"(I.i.111) for action against Denmark for the killing of his father and for the return of lands previously owned by Norway (I. i. 79-107).   These differences between Hamlet and Fortinbras' actions are further mentioned in Hamlet's last soliloquy (IV. iv. 32-66).    Before the soliloquy begins, Hamlet has been informed by one of Fortinbras' Captains that Norway is preparing to fight Poland over a "little patch of land"(IV.iv.19) and that twenty thousand men are eager to fight for th... ...nts itself. Hamlet is so determined to do something he does not wish to think about the consequences anymore.    Works Cited and Consulted: Bradley, A.C. "Shakespeare's Tragic Period--Hamlet." Shakespearean Tragedy: Lectures on Hamlet, Othello, King Lear, and Macbeth. Toronto: MacMillan, 1967. Danson, Lawrence. "Tragic Alphabet." Modern Critical Interpretations: Hamlet. Ed. Harold Bloom. New York City: Chelsea House Publishers, 1986. 65-86 Manning, John. "Symbola and Emblemata in Hamlet." New Essays on Hamlet. Ed. Mark Thornton Burnett and John Manning. New York: AMS Press, 1994. 11-18. Rose, Mark. "Reforming the Role." Modern Critical Interpretations: Hamlet. Ed. Harold Bloom. New York City: Chelsea House Publishers, 1986. 117-128 Wagner, Valeria. "Losing the Name of Action." New Essays on Hamlet. New York: AMS Press, 1994. 135-152.   

Marketing Syllabus Spring

The student will then have ten (10) days to respond in one of the following ways: Sign the form and request a meeting with the Academic Dean to discuss the allegations and or proposed sanctions; Sign and return the form to the Academic Dean accepting responsibility for the violation and agreeing to the recommended sanction(s); If the student fails to respond within thirty (30) days, a hold will be placed on the students account and the right to participate in the resolution of the allegation will be forfeited.Formal Resolutions: If the alleged violation could result in the suspension or dismissal from the university, or if the student or faculty member requests a formal resolution, the Academic Dean will notify the faculty member and the student(s) that a formal hearing of the Academic Dishonesty Committee will be convened. The committee will be comprised of seven (7) full time faculty members to be appointed by the Vice-President for Academic Affairs on an annual basis. The Academic Dean will serve as chair and will not have voting privileges. The Vice-President for Student Development will serve as an ex officio member of the committee.The Academic Dean will schedule a hearing in a timely manner and all parties will be notified often and location. If the accused student requests, the Academic Dean will assist the student in securing a member of the university community to advise and assist the student in preparing for the hearing. All parties will have the opportunity to present his/her evidence to the committee. The documents, testimony and record of the hearings will be confidential. Upon completion of the testimony, the Committee will meet in closed chambers and vote on the disposition of the student's status at the university.Penalties: Depending upon the intent and severity of the violation, a student found responsible for any act of academic dishonesty will be subject to one or more of the following penalties: The student is placed on academic honor pro bation until graduation. For any student on academic honor probation, a second violation will result in a minimum sanction of one semester of suspension from the university. In addition to academic honor probation, a student might also receive a grade of â€Å"F† on the assignment or test; students might also receive an â€Å"P' in the course; or be suspended or dismissed from the university.No provision will be made for the student to receive a â€Å"W† regardless of whether the professor or student initiate said request. If the student receives a grade of â€Å"F† for the course or is suspended or dismissed from the university, the transcript will indicate the grade with â€Å"HP† and/or the notation â€Å"Academic Honor Suspension (Dismissal). † All students found guilty of academic honor violations shall have a written letter detailing the violation and sanction placed in their permanent record. Copies of this letter will also be sent to the f aculty member of the course, appropriate College Dean, and to the Vice-President for StudentDevelopment. Appeals: A student may submit a written appeal of a guilty finding to the Vicissitude for Academic Affairs within ten days of receipt of the original decision. Appeals must be based on new evidence, additional information, or procedural errors or misconduct. The Vice-President's decision is final. 4) Exam Policy: The administration of a final examination prior to the date designated is considered a violation of University policy; therefore, no final exams for this course will be given other than on the specified day and time without the express approval of the Dean of the College of Business and Management.Such exceptions may be given for only the most extreme and sensitive cases. Other than such exceptions, no â€Å"make-up† examinations shall be administered. It is essential that each student plan accordingly, especially regarding post-term travel plans. 5) Accommodation Statement: â€Å"Lynn University makes reasonable accommodations for qualified students with documented disabilities under the Americans with Disabilities Act (DAD) and Section 504 of the Rehabilitation Act. If special accommodations are needed, please contact the DAD compliance Officer at 561-237-7069 or [email  protected] Du to assist in commenting and defining those needs.Accommodations are not retroactive therefore, for any accommodation the instructor must be presented with the form specifying the needs. The Academic DAD Specialist is located in the Green Center. 6) Incomplete Grade: A. For a student to be eligible to receive an incomplete for a course: 1) The student must provide to the dean of students documentation of the extenuating circumstance(s) that prevent him/her from satisfying the course requirements and learning outcomes of that particular course. 2) The student, at the time of applying for an incomplete, must have employed 2/3 of the term and have a passing gr ade.B. The application process: 1) The student will have the option of applying for an incomplete in one or more courses. 2) The student will obtain and complete the incomplete application form and bring it to the dean of students with appropriate documentation. The dean of students will verify that the student's application satisfies the eligibility criteria. If the application satisfies the eligibility criteria then the dean of students will return the approved form to the student who will then take the form to the professor of the course.The professor and student will draw out contract, which includes but is not limited to: all coursework to be completed and the deadline for this material to be submitted. After the student agrees to the terms of the contract and signs the form, the professor will take the contract to the dean of his/her college. The dean will then review the contract and sign the form upon approval. The â€Å"l† is now official and the contract is binding. The dean of the college will distribute copies of the contract to the professor, the student, the dean of students and the Registrar.Each recipient will place the copied contract in the appropriate file. The roofless will keep one copy and the original will be placed in the student's file in the college of his/her major. C. The form: 1) Will be available online. 2) Will contain current grade, what specific assignments are to be completed due date for all material (not to exceed One year beyond the original term final grade due date), and state that the final course grade will be a ‘W† if the student does not complete the requirements. 7) Withdrawals: Students are limited to eight undergraduate and three graduate course withdrawals. ) Assignments: Papers must be submitted ONLY through the Assignment link n Blackboard. For assistance with Blackboard, contact the IT Help Desk at 561-2377979. Late papers will not be accepted without penalty without the prior consent of the professor. Extensions may be granted on an individual basis and will only be granted for particularly sensitive cases. The granting of makeup papers shall be at the sole discretion of the professor and will not be given except for particularly sensitive cases that are discussed at length with the professor.In any group project, the student is expected to become an integral team member, with active input, interaction, and contributions. Once mea members have been selected, it is the responsibility of the team to agree upon the work assignment and allocation of team resources. A student who does not completely follow through with that student's commitments to the team will not receive a passing grade for the project. 9) Dress code: For all activities in the classroom that involve a guest presenter, as well as for field study visitations, the student shall be required to dress in business casual attire.If the instructor determines that the student's appearance is inappropriate for a sc heduled activity, the student will not be permitted to participate. 0) Questions and concerns: Students who have concerns or questions regarding academic matters relating to this course are urged to consult with the instructor. Students should be familiar with information found in the current Lynn University Academic Catalog. Required Texts Articles, Videos, and e-mails throughout the term as provided by the professor, including postings on this course's Blackboard companion site.Suggested Reading and Sources (1) Street & Smith's Sports Business Journal, subscription available at www. Superciliousness's. Com Course Requirements Each student will complete all assignments and is responsible for Discussion Board postings on Blackboard. Details about each of these projects are attached to this syllabus. You may complete any assignment in any order you please. Try to complete one project every two weeks, and to complete your Discussion board posts on a Weekly basis. All work is due by Fr iday Feb. 27 at 1 1 :pm properly posted in Blackboard.Grading Grading is based on the following system: Deal Maker USB LOC Discussion Board USB Advertising USB Launch Party Total 20 points 100 points Grades for each of the factors listed above will be posted progressively throughout the semester, and will be accessible to the student through the university online Blackboard system. Student final grades shall be rounded by tenths to the nearest whole number. A grade of exactly one-half point shall be rounded to the next highest whole number. Student grades shall not be rounded by hundredths to the nearest tenth.

Images of the Greek-Roman God Apollo

The Japanese Verb Conjugations of Matsu

If youre in a Japanese-speaking community, knowing the Japanese word for to wait can come in handy in terms of everyday interactions. Maybe youre running late to a social event and need to apologize for keeping people waiting, or perhaps you have to push back a meeting at work for a few minutes. Maybe the host at a restaurant needs to ask you to wait before being seated.   These charts will help you learn about verb groups and conjugations for the Japanese verb matsu, which means to wait. If you are not familiar with Japanese verb groups and conjugations, it is recommended that you click  here  for a review before you learn individual verb conjugations. Matsu Verb Conjugation matsu (to wait): Group 1   Informal Present(Dictionary Form) matsu Formal Present(~ masu Form) machimasu Informal Past (~ ta Form) matta Formal Past machimashita Informal Negative(~ nai Form) matanai Formal Negative machimasen Informal Past Negative matanakatta Formal Past Negative machimasen deshita ~ te Form matte Conditional mateba Volitional matou Passive matareru Causative mataseru Potential materu Imperative(Command) mate Sentence Examples Matasete gomennasai. I am sorry to keep you waiting. Koko de matte kudasai. Please wait here. Mou sukoshi materu? Can you wait a little longer?

The Investment Analysis and Strategy of the Coca-Cola Company Research Paper

Essays on The Investment Analysis and Strategy of the Coca-Cola Company Research Paper ï » ¿ The Investment Analysis and Strategy of the Coca-Cola Company 1.Computation of the Rate of Expected Return for Coca-Cola Company E(RKO): Coca-Cola Company (KO) shares, as shown above, are relatively low-risk, low-return assets. Its beta, at 0.61, accordingly reflects that investing in KO involves systematic risks that are lower than the prevailing market risk. It further means that KO shares, in the course of trading, are bound to be less volatile than the market as a whole. (Reilly Brown 1997:289) The relatively stable nature of KO shares, however, cannot bring about higher returns. This observation is in agreement with the accepted rule regarding the risk and returns. Generally, the expected return rates to be generated by securities increase as the risks that the investment is exposed to increase as well. This is known to be applicable up to certain limited levels of risks and returns. The prevailing adverse economic conditions have further contributed to the low expected returns of KO shares. Risk-free rates of treasury bills are at their lowest point these days and market rates of return even of a blue chip like KO cannot be exempted from the general slowdown of business. The average dividend yield of KO, then, has lowered. All these slumped returns resulted to the computed expected returns of only 1.69% for KO. Particulars Assumptions Risk-Free Rate (RFR) 0.18% RFR is pegged at the 3-month Treasury rate, per Bloomberg. Beta (ßKO) 0.60 The beta figure is taken from the Google Finance website. Please see attached Excel file. Market Rate of Return (RM) 2.70% RM is assumed to be equal to the 5-year average dividend yield of KO, per Yahoo! Finance. E(RKO) = RFR + ßKO (RM - RFR) = 0.18% + (0.60) (2.70% - 0.18%) = 0.18% + (0.60) (2.52%) = 0.18% + 1.512% = 1.69% 2. Systematic Risk Factors Concerning Discount Rates Systematic risks can never be totally eliminated. They arise from continuing attempts of portfolio managers to make their respective portfolios as diversified as possible to hopefully spread out the risk and to avoid those big risks associated with putting all of one’s eggs in just one basket. Thus, while their portfolios are never totally free from risks, they become subject to yet another risk – one that stemmed from the so-called â€Å"co-movements† of paired assets that were simultaneously borrowed and lent by two parties. Technically, systematic risk pertains to a part of an asset’s variance that is not caused by the asset on its own but, instead, by the market portfolio as a whole. They cover economic, political, technology and business risks, among others. (Reilly Brown 1997:22) Just as returns vary according to risks involved and vice versa, discount rates for projects are set in different ranges that match the different systematic risk factors that are taken into account during the finalization of the packaged project. Portfolio managers and analysts employ different mechanisms in their attempts to make sure that all possible factors that may contribute to the overall risk of investing in an asset are well accounted for or are imputed in the return rates to be used in the course of security trading and similar transactions. One such mechanism is the close monitoring of the security market indices. A good number of those who need to forecast as accurately as possible the movements of stock prices, currencies, bonds and treasury interests and other variables that can significantly affect the total market values of their respective investment portfolios and funds seriously study the security market indices (Reilly Brown 1997:152). They closely watch these indices – stock market indices, hedge fund indices, etc. – as if the securities making up their portfolios would increase or decrease in value in unison with their selected indices. Institutional investors on look out for relatively conservative investments, as well, track the movement of indices as a way to measure the levels of risks that currently prevail in the securities markets (Amenc Goltz 2008:50). However, risks cannot be determined by the movements of indices alone. Discounts that are set based on analyses of indices, therefore, can turn out to be grossly miscalculated. This practice can be improved if decision-makers in the finance world would do well to remember that the indices can sometimes be influenced by just a few select securities on any given day at the bourse. The indices, therefore, do not necessarily relay the true picture of a particular security or of an entire industry. These indices are products of interrelated securities put together by different selected criteria and methods of computations. (Brooks Kat 2002:30) For one, the companies behind the indices were selected based on the sizes of their capitalization. Among companies that are publicly listed, those with the biggest capital figures in their respective industries have been made part of the indices. However, there could have been other equally important criteria for such selection, such as the averag e profitability rates and the financial leverages of the companies (Amec Goltz 2008: 56). The limitations and complexities that indices represent should sufficiently warn investors and analysts about how to interpret them in relation to the market, the industries and the specific securities that make up each of them. It would be wise to remember that markets do not always behave rationally. The daily fluctuations of the different indices of the financial markets across the globe cannot always be justified by valid and fundamental reasons. Authors Amenc and Goltz firmly also point out that the various indices for both equity and hedge fund markets are heterogenerous and that this presents a â€Å"problem of representativeness† (2008:54) that analysts should be wary of. Even stock indices of the same markets (e.g., SP and FTSE of New York Stock Exchange) have been proven to not agree on the average net returns of stocks for a given period. The systematic risk factors presented by one index would be indicative of a certain risk level; then another index of the same securities market would be naming an altogether different risk level. Thus, decision-makers setting discount rates for projects of even the same risk levels could actually end up adapting different rates plainly because they did not use the same specific index. This commonly used mechanism for setting rates turns out to yield no definite answers. Meanwhile, some analysts deem it worth their while to make out existing patterns or relationships among the effective rates of returns that apply to securities of various countries such as America, United Kingdom and Japan. The comparability of the economic indicators of different countries, however, has remained to be questionable. After all, there are major inconsistencies that exist in the range of the accounting practices, the taxation laws and other considerable factors. (Aliber Click 1993:359) Basing decisions on trends of other countries – collective trends – is not an effective way to quantify the prevailing risks in any given country. The economic, political and cultural peculiarities of individual countries would constitute another case the â€Å"problem of representativeness† (Amenc and Goltz 2008:54) exists. The recommended way to examine systematic risk factors that would clearly define the levels of risks that companies are exposed to whenever they set discount rates is to zero in on the securities and the companies that issued them. On top of these, the sectors they respectively belong to and the economy in general would all have to be examined firsthand – and not through any selected index. Facts that should matter to investors are not always disclosed in the financial statements and annual reports of listed companies and those managing mutual and hedge funds. The lessons taught by Enron should ever be fresh in the minds of those in the position to make investment decisions. The Enron fiasco was totally expected and practically came out of nowhere. Nothing in the trends of then-current indices held out any warning or any slight sign that a financial catastrophe of such huge magnitude was on its way. Indeed, the market crash that ensued was akin to an unexpected, uninvited guest that forced his way in. Suddenly, the financial world was in chaos. A lot of discount rates previously set turned out to be the culprits responsible for the heavy losses of a number of funds and securities traded. The crisis happened as it did because nobody was looking. They knitted fiction and sold it off as real. (McLean Elkind 2004:219) To counter similar dilemmas, there is the need to advocate transparency among involved parties. Companies should disclose all relevant matters that can possibly affect the decisions of the various users of the financial information that they are mandated by law to provide. It has been pointed out that transparency should be viewed as a means to an end. Transparency per se will not help in determining what discount rates ought to be set for projects. But it can bring to the light the accurate information that discount rates should be based on. (Amenc and Goltz 2008:58) List of References Yahoo! Finance (2009) The Coca-Cola Company (KO) [online] available from [accessed 28 July 2009] Bloomberg (2009) Government Bonds: U.S. Treasuries [online] available from http://www.bloomberg.com/markets/rates/index.html [accessed 28 July 2009] Reilly, F. K. Brown (1997) Investment Analysis and Portfolio Management 5th Edition. Orlando, FL: The Dryden Press. Aliber, R. R. Click (1993) Readings in International Business: A Decision Approach. MIT Press. McLean, B. P. Elkind (2004) The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. New York: The Penguin Group. Google Finance (2009) The Coca-Cola Company (KO) [online] available from http://www.google.com/finance?q=NYSE:KO [accessed 28 July 2009] Amenc, N. F. Goltz (2008) ‘Revisiting the Limits of Hedge Fund Indices: A Comparative Approach. The Journal of Alternative Investments Spring Issue 50-63 Brooks, C. H. Kat (2002) ‘The Statistical Properties of Hedge Fund Indes Returns and Their Implications for Investors.’ Journal of Alternative Investments 5, 26-44

Citi Group Restructuring Free Essays

Background It all began with the financial crisis of 2007-2008, a crisis which was of a scale that had never been seen before. Many economists called it even worse than the Great Depression. Whether it was or not, that’s something that could be argued. We will write a custom essay sample on Citi Group Restructuring or any similar topic only for you Order Now But everyone was of the view that the crisis is really very serious. As a result of it large financial institutions collapsed, banks were being bailed out by the national governments and stock markets tanked to their new lows. This caused the collapse of housing markets in many countries, consumer spending suffered immensely as a result, industries went bankrupt, businesses closed down and unemployment peaked. There were many reasons that were put forth by various economists. A report presented in the US senate called it as the â€Å"failure of regulators, credit agencies and markets†. Citigroup’s Sufferings According to a US government’s report which came into the light in 2011, Citigroup which was the third largest US bank in terms of assets at that time was on the verge of failure. Regulators were going to pull the plugs on it anytime as depositors were withdrawing their deposits and bank’s counterparties also declined to give credits to the bank. How Citigroup moved to new setup? Citigroup suffered losses for five consecutive quarters. In the fifth quarter, in fact its losses were to the tune of $ 8. 29 billion. Many in the Citigroup agreed to the fact that unless something is done to sharpen its strategy, Citigroup will never regain its glory and perform accordingly. As a result, Citigroup started analyzing its business and strategies. It was found that Citigroup was involved in too many business segments which stopped it from focusing on its core interest area. While analyzing, everything big or small was examined. Citigroup in its annual report called the analysis as â€Å"wide ranging and dispassionate†. The outcome of this analysis was that the Citigroup finally decided to realign the group’s various business interests in two broad segments: Citicorp and Citi Holdings. The thinking behind this new setup was that this structure will help the company focus on its core business areas which in turn would improve the overall performance, while at the same time realizing the value from its non-core assets. The new structure would look like this: In Citicorp, businesses which were core to the group’s strategy and which offered maximum earnings potential to its shareholders with appropriate risk parameters were placed. These businesses are: †¢ Global Transaction Services – Treasury and Trade Solutions Securities and Fund Services †¢ Securities and Banking – Global Banking – Global Markets – Citi Private Bank – Citi Capital Advisors †¢ Regional Consumer Banking – Four Regional Consumer Banks in North America, EMEA (Europe, Middle East, and Africa), Latin America and Asia that each include retail banking, local commercial banking and Citi-branded cards (Source: http://www. citigroup. com/citi/in vestor/quarterly/2010) Citicorp, according to the new structure will be a relationship driven global bank, to serve both consumers and businesses. The assets of Citicorp include its core assets located across the globe with strong presence in emerging markets like India, China etc. Citicorp will have the capability to take deposits from customers throughout the world in a manner so that maximum return could be availed. Citicorp will have the capacity to serve local customers globally and global customers in a highly localized way. While in Citi Holdings, assets and businesses which were not central to Citi’s strategy were placed. But that does not mean that those assets were not good. Some have had very high value in their own right. Some were big iconic brands like Morgan Stanley Smith Barney joint venture. Citi Holdings includes: †¢ Brokerage and Asset Management, which includes the Morgan Stanley Smith Barney joint venture †¢ Local Consumer Lending – North America, which includes residential and commercial real estate loans; auto, student and personal loans; and retail partner cards International, which includes Western Europe consumer banking and other consumer finance franchises around the world †¢ Special Asset Pool, which includes non-core assets, many of which are illiquid in current markets Citi Holdings will consist of non-core businesses which attract long term investments. But since those businesses are not the core one, therefore they do not enhance the performance of the group as a whole and in fact they compete for the limited resources that the company could employ in a h ighly risky and volatile situation. It was expected that the management team of Citi Holdings will restructure, divest and manage its business in a way that maximizes the value and will take the group forward in a tough economic situation Vikram Pandit, then CEO of Citigroup in one of his interview talked about â€Å"accelerating the implementation of its newly evolved strategy to focus on its core business†. Given the market conditions and business sentiments, Vikram Pandit wanted to streamline the business of Citigroup as soon as possible to further strengthen its position and better serve its clients. How to cite Citi Group Restructuring, Papers