Concerto genre Term Paper Example | Topics and Well Written Essays - 500 words

Concerto genre - Term Paper Example For the purposes of this genre study, I seek to research and discuss concerto genre. Particularly, I will work on piano concerto by Frantz Liszt. Frantz was renowned for his exemplary virtuosic skills with the piano. Many people still claim that his level of perfection with the piano matched Paganini with his violin. I really like his piano concerto No. 1, which was done in E-flat major. The concerto can listen on http://www.youtube.com/watch?v=KggSgpm8XuY. I would really love and welcome anyone who would help me deconstruct and analyze this concerto. I have listened to it several times and compared the concerto with others with the same artist. I wish to compare Frantz Liszt’s piano concerto No. 1 with one of the latest piano artists named John Ireland. His music can be found on http://www.rhapsody.com/artist/alan-rowlands/album/john-ireland-piano-music. After listening to the two set of music, I found some similarities albeit not much. Any assistance on comparison would be v ery welcome.Response to Post Number 2I like your approach since it is almost similar to mine. We are both exploring piano artists although yours focuses on sonata while mine focusses on concertos. Certainly, Robert Schumann did complicated pieces of sonatas. Although you have not yet generated a rhapsody URL for both artists, your link for Robert Schumann works and is good for both his history and music as well. Perhaps you should explain more about how his elements of insanity are reflected in his music.

Forms and Theories of Government Essay Example | Topics and Well Written Essays - 500 words

Forms and Theories of Government - Essay Example This is done to have an equitable distribution of property while still giving some economic freedom to the citizens3. Norway is a good example of such a form of government. A republic form of government is one which is led by the representatives of the voters. Each representative is chosen for a set period of time. The management of affairs is open to all citizens. An example of a republic is the United States of America. A dictatorship is a form of government which is autocratic and involves a single leader who is not an elected representative and often uses force to keep power. In a military dictatorship, the army keeps control. Iraq is an example of a dictatorship5. Tyranny is similar concept where the all power is vested in one single ruler who is often harsh, unjust and oppressive. A totalitarian government is the rule of a single political party over all public and private sectors. Such a political system has no limits to its authority and there is use of force and restrictions to ensure obedience6. China is an example of such a state. Anarchy is a state of affairs where there is no proper government or political system in place. This often happens after a civil war where the existing government is destroyed and rival groups fight to take control. Such a situation is present in Afghanistan where there is little writ of the state over its citizens. The United States of America is a constitution-based federal republic with a democratic convention. This means that it is a government which is ruled by representative of the citizen body. In this political system, sovereignty lies with the people who elect their representatives to run the affairs of the state. This is very different from a dictatorship, tyranny, anarchist and totalitarian regimes where there is often abuse of power and the people have little say in who is to run the nation. The person or small bodies in power are not there

Animals Under Threat of Extinction

Animals Under Threat of Extinction More than 16,000 species of animals, birds, fish and plants are under serious threat of becoming extinct. Why is this, and is there anything we can do with it? Introduction: The panda, the tiger, the blue whale and the mountain gorilla. These are just a few examples of animals critically endangered with extinction. In fact, according to the IUCN Red List, about 22 percent of all mammal species are threatened by extinction. In this assignment, I will consider a statement in our English book; More than 16,000 species of animals, birds, fish and plants are under serious threat of becoming extinct. I chose this statement because I hadnt really considered the fact before, and was shocked after having done some research to find what extinction of that many species could mean to our planet. All I know at this point is what it says in the statement. What I would like to know after having written the assignment is whether this affects us or not and if it is a global problem. I would like to learn about extinction in general, and how species actually are extinct. I also want to find out if we can stop extinction, or if extinction is a natural part of species exist ence. Is this a global problem? Many of the endangered species are essential for other species survival, and in the long run, they might even play a big part of the existence of human beings. Every single species on earth is a part of a food chain. The extinction of a species may mean the end of another group of organisms. The eventual extinction of rainforests is a good example of this. The rainforests are a huge part of life on earth as we know it. It is assumed that between 50 and 70 percent of all species on earth are somehow connected to the rainforests, and research shows the rainforests hides millions of species yet to be discovered. Once, the glorious forests covered about 14 percent of the earths surface. Today, we are down to 6 percent, and it is decreasing by more than 6000 square metres every single day. This is not only a huge crisis for the wild life in the rainforests (research shows that nearly 150 species disappear every day because of the deforestation), but through the photosynthesis process, the rainforests are responsible for 28 percent of the earths oxygen turnover. This, combined with the heavy increase in the worlds population, might turn out to be a major problem. Additionally, by tearing down the rainforests, we might miss the cure for several deceases, considering that more than 25 percent of all natural medicines ever discovered, have their roots in the rainforests. We can assume that the last few remaining rainforests will be wiped of the face of the earth within 40 years. Extinction in general. The term extinction is used when a species reaches its end of existence. An estimated 99,9 percent of every species of animals and plants ever to have existed on our planet, are now extinct, and according to an environmental article in The Independant, scientists claim that about 50 percent of all existing species today will be extinct by the 22nd century. Most extinction happens before a race is even discovered. The definition extinction is used about a species when there are no more surviving members of the species that can reproduce, to create another generation of said species. Today, the group of extinct animals increases rapidly every day. According to a recent survey by the American Museum of Natural History, 70 percent thinks that this mass extinction is an even greater threat to our existence than climate changes. Most scientists also believe that the mass extinction and its consequences are greatly underestimated, and needs to be dealt with. Endangered species: According to the International Union for Conservation of Nature, about 40 percent of every living organism on our planet is threatened with extinction. This, of course, only includes the little percentage of species discovered. There are different grades of endangerment, according to the IUCN Red List of endangered species, the first being Least Concern. This means the species faces no current threat of extinction. Some examples are the common mouse and the wood pigeon. Next category is Near threatened, and includes animals such as the tiger shark and the solitary eagle. These species may be threatened by extinction soon. The third category is called Conservation dependent. Some species under this category are the spotted hyena and the killer whale, and they are not critically endangered, but conservation programs are required . Vulnerable is the fourth grade, and these species, including the komodo dragon and the polar bear, are currently facing a risk of becoming extinct. The blue whale and the giant panda are species categorised as Endangered, and are in near future facing a great risk of becoming extinct. The species under the category Critically Endangered are facing an extreme risk of becoming extinct in near future. A species in this group is the mountain gorilla. Extinct in the wild is the category with species where only members of the species in captivation exist. The last category is Extinct, and the species under this category have reached theyre end of existence. There are no living individuals of the species. The Extinct category includes the dodo, the mammoth and more recently, the Baiji river dolphin (the species was declared extinct in 2006) and the West-African black rhinoceros (declared extinct in 2006). Why and how does a species get extinct? There are several ways for a species to get extinct. One way for a species to get extinct is if a species in its food chain faces extinction. For example, in a specific forest, the fox, the rabbit and the grass may be a part of a food chain, where the main part of the foxs diet consists of rabbits, which main diet consists of grass. If one year, the amount of grass is lower than usual, the rabbits may be failing in numbers as well, due to lack of food, and this could lead to that the amount foxes will decrease as well, because they will have a smaller amount of rabbits to feed on. In this scenario, the fox would probably go ahead and find another main source of food, but lets say the food chain is to only consist of these three species. The next year, because the amount of rabbits being eaten by foxes is lower, because the foxes didnt have as much food as usual, and the number of foxes is lower than usual, there would be an increase in the stock of rabbits. The next year again, the n umber of foxes would increase, because there is more rabbits to feed on. And like this, the food chain runs in a loop. This shows that all species depend on each other, and the amount of one species depends on the amount of another species. Climate changes are another reason for animal extinction, and the main reason for the growing concern of the polar bears existence. According to this article from a Norwegian online newspaper, the polar bears are forced to swim much longer distances than before, because of the melting of the Arctic ice. This is a huge problem for the polar bear cubs, which simply are born with a layer of fat to thin to survive for long in the ice-cold water. The melting of the ice also means it is increasingly more difficult for the polar bears to find food. Another reason for species extinction is human interaction. The dodo and the West-African black rhinoceros are great examples of this. The dodo was first seen in the early 1600s when Dutch sailors discovered the island Mauritius. The dodo had stubby wings, and was heavy and slow, an easy target for hungry Dutchmen. In less than 80 years, the dodo was extinct. The sailors who ate them and the fact that their nests were destroyed by rodents the sailors had brought with them. The West-African black rhinoceros horn was believed to be a form for aphrodisiac in parts of Yemen and China, so the species was a popular target for hunters. The species was declared extinct, when conservationists where unable to find any remaining individuals, in 2006. Conclusion. I believe there is no way for us people to stop extinction caused by natural changes, as it is a natural part of a species existence. However, endangered species caused by human actions, such as species being hunted for a part of the animal, like elephants tusks, sharks fins and rhinoceros horns is possible to stop by refuse to support these actions. The same is for the destruction of the rainforests, which I believe we need to do something about. Species extinction caused by climate changes, on the other hand, I dont think we are going to be able to stop. We cant undo whatever damage we have already caused our planet. If the climate changes turns out to be a part of human actions though, we may be able to stop future extinctions caused by changes in the climate.

Canterbury Tales :: essays research papers

Canterbury Tales as a whole was very interesting. It has introduced us to a way of life that we never knew existed. It also introduced us to a type of crude humor that we have never been exposed to. It has shown us a true side of life during the Middle Ages. We have learned many things already from our World History teachers, but to experience it first hand is a different story. To experience the jokes, the merriment, and culture opens the gates to a new world. I think that these tales have been very entertaining, and enriching. I liked all the tales that I have read. I think that Geoffrey Chaucer was right to record culture the way it is, and not have toned it down to fit the needs of religion. The culture is the way it is, and no one can change it, only to record it. Chaucer recorded like he saw it, with no bias or impure intentions. He was just an author trying to write a book, for people to read and enjoy. I think that the Miller's Tale was very interesting, and definitely showed us some of the crude humor that people in the Middle Ages liked to read about. Most of the crude descriptions, or would not even be allowed to be discussed in sex education class. It can be gruesome, yet it can also be romantic. The plot describes the two lovers, as trying to make love, yet her husband must be distracted. They scheme a clever plot to avoid detection, but a friend spoils the plan. It is a Romeo and Juliet version that is a bit twisted, and bent. The Reeve's Tale In the Prioress's Tale religious discrimination is a definite issue. It deals with the conflicts concerning Jewish, and Christian people. Although in today's times this religious conflict would not usually occur, it is still a minor issue. Most Christians do not despise Jewish people, and most Jewish people do not despise Christian people, in fact they seem to get along together pretty nicely. However in the Middle Ages people must have thought differently because this type of story would never be allowed in our library. However Chaucer has written the Tale in the way he felt that best expressed the times. The Pardoner's Tale had to do with some religious issues again. In this tale it discusses different types of sins, and tells a tale of a group of boy's sins.

Pramanik Containers And The Bottleneck

Printing plates were hard to locate when required for repeat orders which lead to constant delay in start of work. Shank and his crew often had to work overtime to complete the orders due to mismanagement of plates. Biennials is not ready to spend any money to upgrade the system but puppyish wants to improve the storage of plates. He should look to outsource storage and delivery of plates to external firm and introduce ERP technology for the same. WORD COUNT: 120 SITUATIONAL ANALYSIS Paranoia containers Pat Ltd, established in 1977 was a family based business owned by Biennials Meta in Iambi.They used to manufacture customized aerosol containers and was the sole supplier of cans to BBC Pharmacy, a large NC since 1977. An informal meeting between Biennials Meta and Moan Sings, purchasing director of BBC Company had initiated the business partnership and within a year's time Paranoia supplied aerosol cans to BBC Pharmacy. Paranoia had created a value on its own through product quality and fast service. Many new customers tied up with Paranoia because of its ever spreading capability and quality service (for which they were known) which resulted into an annual sales of about RSI 315 million by 009.Biennials was also interested in bidding for new business and supply aerosol cans to Radiant healthcare who were entering Indian market to sell deodorants. Paranoia used to manufacture aerosol cans according to specific customer requirements biz. Size, shape, diameter of cans. These requirements were met by installation of 4 high speed automatic fabrication machines which operated at a rate of 25 cans per minute. The printing department had to decorate cans according to customers specifications and this required a high-capacity machine which could print 300 parts per minute.By 2010, Puppyish Meta son of Biennials Meta Joined his family business after completing his family managed business (FM) program. On his first day in the company he walked into the printing area and saw Shank, the head printer sleeping on the Job and also observed that operation management in printing department was in total mess. Printing plates required for printing process were hardly found in time resulting in delay of entire process. Upon enquiring from Rakes the Accounts Assistant of the company he got to know that plates used for new orders were kept in storeroom after use to be subsequently used in repeat orders.But there was no proper mechanism in place for arrangement of plates so they could not be located easily. So to compensate the time lost in finding the plates employees often worked overweight to complete the order. It resulted in extra costs as workers were paid overtime wages and new plates were made only in emergency orders in case old ones were not found. Paranoia received about 60 orders per day and manufactured 30,000 cans per day. It had produced nearly 30,000 designs during last 15 years. Plates of all these customers were maintained for use in case of n ew order. Maintaining accounts of such vast data required meticulous work.But Shank insisted that they should hire another person to maintain the registers as he was already busy running the machine but this was not acceptable to Biennials. Puppyish decided to deal with the problems and discuss the same with his father. Puppyish wanted to restructure the storage operations of plates in his company, but further investment is not acceptable to his father. So Puppyish has to come up with a concrete plan whether he should introduce technology for data maintenance of printing plates, reduce the extra costs which are paid for working overtime or he would hire extra employees to maintain the registers of plates.PROBLEM STATEMENT Improper management of print plates records leading to unnecessary load on the employees of printing department resulting to the low efficiency and extra costs. Biennials was not ready to make any investments in upgrading the present system. OBJECTIVES: 1 . To impr ove operation and time managing department of printing division with minimum extra cost. 2. To store and locate printing plates in an efficient manner. 3. To introduce technology for maintaining data of printing plates and customers orders. 4. To reduce excessive work load on employees. OPTIONS: 1.Buy a new warehouse or rent it to store printing plates. 2. To introduce technology like ERP system to maintain computerized data of printing plates. 3. Hire extra people to specifically maintain printing plates registers. 4. Outsourcing the work to some company so they can maintain data storage of printing plates properly. EVALUATION OF OPTIONS: OPTIONS o c s 1. Buying a new warehouse will require lot of investments initially as well further operations costs for running the facility as well buy new equipments. It would be beneficial for proper maintenance of plates, cost incurred would hinder its implementation. Introducing ERP system will professionalism the system. It would store inform ation of each and every plate and employees will be able to prepare printing plates whenever customers place their orders. But it will require huge setup cost and they will have to hire employees and train them. 3. Hiring employees for maintaining record of plates will be a better option keeping cost factor in mind. Although it will lead to extra costs but it will be negligible as they were paying Shank and his crew overtime wages. Also it will reduce unnecessary load of current employees and they will be able concentrate properly on their work.But for maintaining huge amount of data, use of technology is advisable. 4. Outsourcing maintenance of printing plates to external firm will help Paranoia to focus on its core service of manufacturing and supplying aerosol cans which they are known for. Printing plates can be made depending on customers order and the outsourcing firm can maintain the data according to that. This will help employees of printing department to focus on decoratio ns of cans and need not worry about locating plates for every order. But this implementation requires investment and he will have to convince his father who is not willing to spend any money.RECOMMENDATION: Puppyish should try to negotiate with his father and convince him to invest money in outsourcing firm and to reduce constant bottleneck in printing department. Although hiring new employees will avoid extra costs but recommendation would be to outsource the work to the external firm. As Paranoia is well known aerosol manufacturer company,they should focus on its better quality service and fast service and let the external firm take care of the records of printing plates. This will reduce load from Shank as well as his crews shoulders and they will be able to work efficiently on printing machines.CONNECTIONAL: Puppyish has to come up with a concrete plan and convince his father and take him into confidence to invest the money into the outsourcing firm by showing him that they are already spending extra cost due to mismanagement of printing plates so they can cut down on the unnecessary spending which is affecting the company and customers not receiving their delivery orders completely due to orders becoming an emergency order. To implement the idea of outsourcing firm Puppyish should ask his team to float tenders to invite firms interested in storing and delivering printing late.CONTINGENCY PLAN: Puppyish should implement ERP technology in the firm as the data storage of the printing plates will be computerized. It will equip the company and it would help him as the company looks to expand the business in the future. Word count-11 50 UNDERTAKING To Whom It May Concern: l, Rural Augural, hereby declare that this assignment is my original work and is not copied from anyone/anywhere. If found similar with sources, I take complete responsibility of action taken thereof by WAC team. Signature NAME: Rural Augural ROLL NO: 131246 SECTION: B

Animal Behavior - Advantages of Playing Dead

Determinants of Hedging FX risk Survey of EU - Free Essay Example

Sample details Pages: 12 Words: 3670 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Hedging as defined by Judge (2006) is all tools and techniques used to Minimise Risk, these tools and techniques include use of Derivatives like Swaps, Forwards Contracts, Asset Liability Match and etc. Further Hedging can be considered to be similar to Medicine i.e. shall be used with the purpose to minimise risk however it was found that there can be different possible use of Hedging Currency risk as found in Graham and Rogers (2002) that one of the different use of Hedging can be to escape Tax, the working behind that was explained that Hedging Risk via raising debt will reduce the Tax and will improve the Debt capacity along with the Firm Value. Don’t waste time! Our writers will create an original "Determinants of Hedging FX risk Survey of EU" essay for you Create order Also to note that Smith (1995) found that some part of Corporate Hedging include Hedging with a motive to earn profit and not to minimise risk. 1.2 Background : Recent currency Appreciations and then the Depreciation resultant of The Greece scare of the government being insolvent did cause a lot of instability to the currency market as far as the Euro is concerned. The automobile industry in the world has most EU country producers, Germany being one of the biggest producers as it had producers like Daimler, Mercedes, BMW and Porsche and Italy has Ferrari, Jaguar from England and many more. This companies sell all over the world, hence this exposes them to a foreign currency risk which in turn might want the companies to minimise these risks as well. (Yahoo! Finance Graph) Taking into consideration the US Dollar which is the worlds most traded currency against Euro. The above graph suggest that the Euro was stronger against the USD as the result of huge amount of cars being imported in USA, further the current contagion effect of the Greece government the Euro has fallen and has affect some of these companies. As reported by Reed, J. (2007) that the weakening of USD has hurt the giant car manufacturer which meant that Appreciation as seen in the graph initially did hurt the BMW and so will to many more similar companies. This means that a appreciating currency company when sales its product in a country where the currency is depreciating the company will suffer lose of lower profits. Hence comparison found in the report to a similar producer i.e. Daimler that reported return on sales was 9.5 % compare to BMW 5.4 % CONTINUE. Now there are a number of ways a firm can save the losses caused by currency movements, some of them are use of Forwards, Swaps an d etc Derivatives another option is that to create a natural hedge i.e. to create an Asset Liability match as explained by Judge (2006). Some firms which have huge demand and can afford a production unit like BMW can make a production unit in Free trade Zone with in the allowed parts of Mexico near USA and then reduce the cost and hence eliminate risk. Further as suggested by Judge (2006) that while findings determinants of Hedging the past literature explains quite a bit however the answer still remains a Mystery , similarly it was found in Rogers and Graham (2002) they said in reference to the research that Hedging depends on the industry and market drivers however for Auto mobile car industry there has been no ideal method to deal with foreign exchange exposure. 1.3 Research Question : To see if there is any significant effect of currency appreciation or depreciation on the Auto Mobile car Industry in EU. In the case of Significant effect how does the company Hedge i.e. does the company outsource its production in-order to reduce or eliminate the effect of currency meaning a natural hedge or a company uses derivatives. The most important objective is to see that if there is any ideal solution that is being used in within the industry. 1.4 Hypothesis : All the hypothesis will be tested step by step, this means that H1 will be tested first and then H2 and so on. The alternative hypothesis is simply the other possible thing for instance for H1 the alternative Hypothesis i.e. HA will be Currency change has no effect on the companies in the Auto Mobile Car Industry. H1 : Currency changes has an effect on the companies in Auto Mobile Car Industry H2 : The companies do Hedge H3 : The companies do a nature Hedge i.e. an Asset Liability match H4 : The companies Hedges with the help of Derivatives 1.5 Research Aims and Objectives : Aims : One of the main aim of the research is to learn what is the general idea if any within the Automobile car Industry, however if in case of a common practice what shall be the rationale of the common practice is an important question. Further if there are no similar practices the rationale of different practices is at core importance of the study. Objectives : The first and the most important task is to review the list of similar researches done in the past, then comes the plan of an ideal analysis technique to be used taking into consideration the data availability / requirement. After the technique has been decided the required data will be collected and analysed, here there can be problems like Unbalanced Data problem as found in Judge (2002a). The problem with unbalanced data is that data for some type is missing hence shall be removed or be balanced in order to finish the analysis. And to end with after overcoming the problem of unbalanced data the analysed data will be interrelated and interpret in the authors own view and ideas. 1.6 Literature Review : Starting from Bua et al. (2009) explained currency hedging in relation to cost concept, the main aim of the research was to explain the cost concept that is conflicting with the returns on hedging however the main aim or rationale of hedging is to minimise risk but the research revolves around two other reasons of hedging i.e. Value creation and other reasons like being risk averse, or using hedging as the last resort of reducing the risk. Further the paper then goes on to explain the evidence on Hedging from Auto mobile car Industry in US and Europe. It was found out of 273 companies examined that had foreign exchange exposure, those were specifically Auto mobile car companies i.e. car makers or the engine makers or luxury interior designing firms for luxury cars, the data used was to know if the companies did hedge and if they did what was the method. The way of analysis i.e. the methodology used was a multiple factor regression the factors included Capital structure, nominal value s of the derivatives, sales (foreign and domestic), and etc. The findings of the result were further supported with a significance test to confirm if the results were meaningful. Finally the conclusion of the report was into two parts the first part of the conclusion was found that cost of hedging has a significant effect on value creation i.e. as per the theory as the cost of hedging increases the profits from the same will reduce however this will give rise to value creation if the hedge is a nature hedge i.e. an assets liability match. Hence it was concluded that an asset liability match is a better way to hedge if the company has a significant amount of sales in foreign and does report to historical price standard for the annual reports, further the other half i.e. the important half explained that for Auto mobile car Industry it was found that companies with significant car sales for instance Jaguar, BMW, Mercedes and etc were found to be using swaps for smaller hedges and for bigger hedges the most profitable i.e. the most viable option was an Asset liability match followed by forward contracts to report in the home currency. An interesting bit noted in the research was that there was no clear explanation of a rule of thumb to hedge for Auto mobile car companies and was concluded that the research still leaves A lot of work to be done yet. Further in a similar research by Judge (2006) was about what determines the hedging of foreign currency hedging by non financial firms in within the UK. The author argues that there is a relationship between Financial distress costs like interest on shares and debentures over the hedging decision i.e. totally related to Asset Liability match. It was also found that the findings were also significant with the US data that was analysed and concluded in different studies but the author argues that this might be a biased result as the data collection explained internet only and derivatives hedgers and nothing else i.e. a n arrow or result tied to a specific hedgers. Further the author explained that determining the factors leading to Hedging can include factors like Hedging for Tax Incentives, Cost of Financial Distress as found in Bua et al. (2009) alongside Graham and Rogers (2002). Further the determinants or the factors determining Hedging included Under investment costs i.e. in case of a companys globally recognised will have a better effect on a investor then a domestic company, another and one of the most logical and important factor to be considered was the amount of foreign exposure i.e. the amount of sales or the amount of cash flow generated from foreign country. Talking about the sample that was of 500 and 441 were non financial companies as on December 1995 but only 412 firms were selected to analysed i.e. for the analysis. The author used Multivariate Regression Analysis to test the data as it can include a number of variables that can be considered. Further the conclusion found was tha t there is a strong significant relationship between foreign currency hedging and financial distress costs like debenture interests and etc. Further another factors to be considered is a foreign debt, as found in Judge (2002) that about most of studies that were taken into consideration particularly in relation to the use of foreign debt found that use of foreign debt is now getting on to be a very good option for counties that have cash flow from the same foreign country, the hedge works in a way that the cash flow is settled against the distress cost arise in the country by raising the debt. This will create a hedge with number of advances i.e. increase the firm value as explained in Judge (2002) and Bua et al. (2009) reduce the distress cost hence by offsetting it against the cash flow and the most important one will be there will be no foreign exchange risk to the cash flow as it will then be settled in within. Further banks considered to be an institution that does hedging for different companies i.e. that is what banks are meant to be for, a research by Sinkey and Carter (1994) tried to explain the use of derivatives and hedging activities by Banks in within the United States the rationale was explained that banks do both deal and use it for hedging as well. The preposition of dealing with derivatives and using the same for hedging are not always the same with every bank some banks can do it and some cannot hence it was found that out of 11000 banks only 600 did both together. For banks out of the sample of 600 , the analysis were done using multiple regression similar to the above researches i.e. Judge (2002) , Bua et al. (2009) and Graham and Rogers (2002) as well. The conclusion of the research however was that there is a correlation between banks having weaker capital structure and hedging, low margin of profits and deteriorating asset management further it was found that with banks the determinants for hedging were not only for risk management howev er profit motive was considered to be an extra measure of hedging. To so sum up almost every research reviewed it was found that hedging is meant for risk management however it shall be noted that not many hedge funds manage to earn profit or super normal profit and the reason to that can be that they are not meant for profit. The ideal hedging mainly found are an asset liability match and raising foreign debt is considered to be a good example of hedging for companies with health amount of foreign operations. The determinants found were significant amount of sales in foreign country or currency, a widely operating company i.e. operations in different country, and etc. 1.7 Rationale of Research : Personal Reason : I am very much interested in Foreign currency Exchange literature, recent fluctuations in the currency market has made me keen about many factors that affect the movement of currency and one of them is import and export. Being a student I can explore a area of FX markets and determine the factors of hedging. Further the Automobile industry in EU is the biggest and best in the world which made me passionate about the research. Academic Reason : Being a student I am very keen to learn about FX market and to explore new areas of Hedging as well and for that this research will be perfect for me. 1.8 Reflection : The reflection of the research is that all the empirical research will be carried out with a greater care that is does not provide biased results. The ethical implication however that is there is no use of primary data hence it can be assumed that there is no problem. Further all the data that can be analysed are from different data source i.e. companies own annual report. 1.9 Scope : The scope of the study is for Hedging the Foreign risk that is limited to Auto mobile car industry in The European union. Further taking other factors into consideration it was found that if in case of a narrow model being formed it can be criticised in number of ways i.e. selection of model and selection of the different processes. 1.10 Action Plan : The main rationale of the research is to clear he fume that has been around the research literature reviewed and it was found that all the research has concluded that the research stays a bit handicap hence to conclude on the part of what can be a better way of hedging for auto mobile car industry in Europe. There are a number of things to be considered is the data availability i.e. in some cases companies report throughout a number of years and some times the reporting standard keeps on changing hence it is to be considered that an unbalanced data will be taken into consideration but care will be taken that it does not create any biases. Date Target 18th February, 2011 Introduction 25th February, 2011 Literature review 15th March, 2011 Data collection 23th March, 2011 Data Analysis 28th March, 2011 Data interpretation 15th March, 2011 Conclusion The tasks will be kept on till the research is finished, the first task will be to review the literature i.e. similar in terms of topic or similar in terms of Method this shall be done by 25th February, 2011., the second step will be data collection which shall be finished by the 15th of March, 2011., then taking into consideration full data support the analysis will be carried out and the interpretation will be done by 28th of March, 2011., and to end with the conclusion and finishing up activities will be done by 15th of April, 2011. 1.11 Ethical consideration : All the work presented will be original hence the code of ethics will be taken into strict consideration, all the work that has been used from other articles or resources have been marked and referenced properly. 1.12 Methodology : Taking into consideration number of surveys i.e. Literature review into consideration it was found that under most cases it was found that Multiple regression was considered to be the finest method to conclude, the justification found was that authors thought that a multiple regression model can include a different variety of factors also it is possible to include a dummy which is quiet possible in the current analysis to differentiate the different types of companies i.e. to narrow down the selection. Further all the regression analysis will be backed by a significance test as found in Judge (2002) and Graham and Rogers (2002). 1.13 Research Design : The data to be used in the analysis is purely secondary data. The data will be collected from the official site of a company or the annual reports, with annual reports it is clear that the report is published under high audit programmes. Under collection of the secondary data the only possible problem is that the data turns out to be an unbalanced data and balancing data may create biasedness however care will be taken so that the data is not wasted. 1.14 Analysis and Discussion : The collection of data will start with collection of annual reports i.e. Secondary audited data will be used, the data will then be extracted out of the annual reports like if the companies hedge, type of capital structure, derivatives used by them and etc. The analysis of this data will be done after refining the data i.e. converting the data t a value that will be similar for all the companies hence to do the analysis is easy. However care will be taken that in this process the data do not turn biased or are not manipulated in order to get a desired result. The analysis will be done using a statistical software called Stata 11 .0 v. The software will give out a result that can be used and understood by researchers under most cases hence the data so analysis via Stata 11 .0 v will be presented in a simple table format and interpreted in a manner that it is easy even for the layman to understand the interpretation and the analysis. Finally the methodology so used is a multi regression analysis; the regression will include those variables that have been significant in the past research hence to get a better result. There can be two critical part in the analysis the first part can be explained as a technical part as it is a Panel data analysis there are a number of statistical problem with the data that cannot be ignored however if this problems are then taken into account the problem with them is the analysis will be too long to conclude also then the analysis will be more technical then it will be less related to the main topic of Hedging in the automobile industry. The second part is related to the topic as it is a topic related to Hedging the topic has been narrowed to Auto mobile with the rationale that the research produces a fair and industry specific analysis. However this narrow bit can be considered to be critical, as the analysis will be down to only on industry or sector. 1.15 Implementation of Research project : The research method involves some procedures to be followed as seen in the past research however care will be taken that the research follows as missing a part of the procedure can be a critical problem. With hypothesis testing and research question the above method will be followed i.e. taken from researches taken into literature review however to specify the applicability or the validity and reliability will be tested by a statistical method called Test Statistics which will be found by a formula and will be compared to table value of the frequency that follows a T distribution. 1.16 Research Evaluation : The success of the research on the basis of the data gathered and rest on the availability, the thing with the data is that because all the companies have different reporting techniques it is hard to find the required data, also to note some companies will be French, Italian, German and etc, this companies will mostly report in their national language hence sometimes this companies make the English version of the annual report available however if the annual report is unavailable in English the company then has to be ignored in the research and if the problem is similar with more number of companies the analysis may suffer as the sample then get reduced and might produced a biased or narrow result assuming that the companies ignored will not make much difference. Reliability of the research is depend on the supervisors signature i.e. the research will be supervised by a expert in the field hence this will enable the research to be signed by an authenticated person who knows more about the field then the researcher. However the supervisor will have to keep an eye that the research is not manipulated. The advantage of the research will be to 3 types of people, firstly the advantage will be to these companies examined as the result will then suggest them and evaluate the their own strategies. The second advantage will be to the government, this will suggest to the government that how auto mobile companies hedge, because hedging itself contains risk the government has to keep an eye as a watch dog that the companies are not misusing the method of hedging hence the government after looking at the research can know if the market is safe i.e. the share holders are safe or not and this will give rise to any change that has to be done or not. Further the third advantage of the research will be to foreign exchange traders to derive the current market flow of hedging, hence if there are news about the auto mobile industry the foreign exchange traders then know how the markets shall react and hence this research and its findings will help them decide how to trade. 1.17 Conclusion : Finally it can be concluded that taking into consideration the clarity of thoughts, ideas and data collection technique the research can be completed with in the given period of time or the time frame designed, however certain barriers may obstruct the way but then depending upton the barrier the problems will be solved and taken further.