HOW TO WRITE A GOOD ESSAY ON ANY TOPIC PART 2

6. Basic MISTAKES IN ESSAY WRITING Considering that you read this article, we reserve each option to propose that your composing aptitudes are a long way from perfect. Don’t stress: an absence of experience can be repaid with ability and endeavors. Let’s glance through the rundown of missteps that you ought to dodge in your ideal article. - Talking about nothing At the point when you are not so much intrigued by a subject and too apathetic to even think about providing significant examination, you fire making up stories, manufacture realities, and rehash your postulation articulation, over and over, utilizing various words. That’s not a smart thought. Your educator has perused a large number of papers, and you can’t stunt the person in question with your persuasiveness. Get a hold of yourself, and you will get through it! - Lack of focus Concentrate on your inquiry and don’t permit your considerations to lose the correct way. An exposition is anything but a philosophical monolog that you can begin with a sonnet and get done with a talk about the inceptions of psychological oppression. Your composing must be steady and intelligent! - Including unsupported thoughts Each announcement in your composing requires a couple of supporting subtleties: realities, cites, measurements, models, and so on. You will sound temperamental and negligent without these components. - Lexical redundancies Please, utilize a word reference! Your jargon isn't in every case enough, particularly when the logical wording is required. Now and then, it is smarter to counsel the thesaurus so as to make your composing progressively perplexing and genuine. - Ignore the undertaking As said above, there are different kinds of expositions. Each type has its own quirks, structure, and reason. You shouldn’t botch a contentious paper for an enticing or expository article. - New data in the end Another thought in a closing section is an impractical notion. The perusers don’t need to be astounded by an unforeseen detail. They are anxious to see the consistent finale of your thinking. - Absence of the theory proclamation Your theory is the source of the whole composition. That is the reason the establishment ought to be laid in the early on passage. It sets up the structure, the rationale, and the motivation behind your portrayal. - Informal language Leave all words like â€Å"wanna† and â€Å"gotta† for your friends’ messages. A casual style is unsatisfactory for scholarly papers. Utilize significant level jargon and counsel a word reference if fundamental. - Length of the sentences Equalization is everything. You can’t build up a thought appropriately utilizing four words. Simultaneously, long developments confound your perusers and thwart from following your thinking. - Misuse of words Understudies regularly confound words like â€Å"effect† and â€Å"affect,† â€Å"whose† and â€Å"those,† or â€Å"quit† and â€Å"quite.† Be mindful and edited your paper a few times. - Neglect references On the off chance that you utilize a source, it is important to refer to it appropriately. Written falsification is a typical issue of the cutting edge instructive framework. The results of written falsification can be intense regardless of whether it is by all accounts unintentional. - Punctuation botches Accentuation rules can be tangled and confounding. Anyway, you need to utilize legitimate accentuation so as to introduce your considerations in an unmistakable manner and to establish a decent connection. Be particularly cautious with: - Comma join: you should utilize a semicolon or include a combination between two free statements. - Missing comma previously and, nor, however, or, yet, and so on. - Missing subject or action word. - Unnecessary comma: you shouldn’t put commas between an autonomous condition and its needy proviso, action word and its immediate item, or two components with a combination between them. - Missing commas around interrupters: then again, luckily, truth be told, and so on. 7. Solid AND DUBIOUS SOURCES FOR YOUR ESSAY Each rancher realizes that the gather will be poor in the event that you sow a field with pitiful soil. The equivalent applies to the procedure of exposition composing. On the off chance that you utilize untrustworthy and untrusted sources, your work won’t be paid attention to. That is the reason the abilities of looking through reliable data are so significant for each essayist. Columnists have a standard that any reality ought to be affirmed with in any event three sources. This law is additionally valid for articles. In spite of the fact that it is almost difficult to comply with this standard, the referenced rule ought to be your situating point. The web is the best stockpiling of information in our reality, yet the way toward picking helpful data frequently looks like burrowing through the junk. Underneath, we’ll give a few bearings so you won’t be completely lost in this disarray. Most importantly, you should make sense of what space names you can trust. An area name is a pointer that shows a site has a place with a specific domain. We will talk about the conspicuous spaces, for example, .edu, .organization, .gov, and .com: .Edu This space name focuses to various instructive organizations. Normally, these sites are leveled out of instructive pros, so the distributed data is exceptionally dependable. .Organization The non-benefit associations have this area name. The best thing about these locales is that they don’t attempt to sell you anything or to deceive you in any conceivable manner. In barely any words, they merit your trust. .Gov This space name is utilized by the administrative establishments. Here, the data is moderately solid. In any case, a few realities may be misshaped and politicized, so you’d should be cautious. .Com You should be mindful while looking through data on these sites. The business associations are not generally principled about given information. Albeit some business sources are incredible, they may contain a great deal of covered up or clear notices. Next notice: Avoid the a great many individual landing pages and the a large number of web journals. They are called PERSONAL which is as it should be. The bloggers offer their own perspective, and they are probably not going to be experts. Obviously, these sorts of sources may be useful on the off chance that you are searching for different feelings on your subject. Be that as it may, you shouldn’t rely on their believability. Shouldn't something be said about printed sources? Let’s perceive how you can isolate peer-checked on and logical diaries from the plenty of magazines. - Scientific diaries - Terminology, formal language - Absence of advertisements (normally) - Lack of hues - Published once in a quarter of a year - Experienced and authorized creators - Other magazines - Informal language, basic jargon - Lots of advertisements - Glossy paper and brilliant printing - Published ALL THE TIME - Almost anyone We will explain one more thing: fiction books are for relaxation; true to life books are for research. Of course, you’ll need to utilize fiction as a source in the event that you compose a survey of a book of fiction, yet this reality is self-evident. You can’t depend on any Wiki-site. The clarification is basic: anyone can alter these articles, and the blue pencils are not generally there to erase the entirety of the jabber. In spite of the fact that Wikipedia is a long way from perfect, you should look at other online reference books: World Digital Library, Britannica, Scholarpedia, and others. Heaps of library assortments distributed online are a precious hotspot for your paper. You can likewise depend on data distributed online by notable papers and news organizations: The New York Times, Daily News, The Washington Post, Reuters, Associated Press, and so on. Most likely, you can give your examination in a good old manner and visit the library all alone. Truly, they despite everything exist. Recollect that there is a special case to each standard. On the off chance that you compose a sentiment paper, you may utilize any conceivable source so as to get to know every single existing perspective. Continuously take notes about your sources. This propensity will protect you from written falsification allegations. Utilize appropriate references and offer credit to your sources. Let’s sum up everything said above in this table. Great Sources - Websites that end with .edu, .organization, and .gov - Well-known online papers and news offices - Online reference books - Scientific diaries - Non-fiction books - Public, scholarly libraries Awful Sources - Most sites that end with .com - Personal landing pages and web journals - Wikipedia - Glossy magazines - Fiction books - Word of mouth 8. Normal ESSAY FORMATTING STYLES An arranging style is a specific way to deal with composing scholarly papers. When in doubt, the designing styles are normalized and acknowledged by most of instructive and examination establishments. Various orders require various ways to deal with reference and designing, which is the reason there is no all inclusive style. We will discuss three of the most across the board designs. MLA MLA (Modern Language Association) style is broadly utilized for papers in humanities and aesthetic sciences: writing, reasoning, music, and so on. MLA style doesn’t require a cover sheet. You type your name, your instructor’s name, the course, and the date in the upper left-hand corner on the primary page of your paper. In the case of stressing is fundamental, you can utilize italics. A page where you notice all sources that you’ve utilized for your article has the title â€Å"Works Cited.† We’ve referenced the most noteworthy quirks of MLA position. So as to get increasingly point by point data, if you don't mind look at our introduction. APA This style was made by the American Psychological Association, so it is ordinarily utilized for the articles on social and conduct disciplines: financial matters, history, brain science, the board, and so forth. Not at all like MLA style, APA group requires a cover sheet. At the top, each page has an alleged â€Å"running head† †a short form of your work’s title (50 images greatest). The page with sources is called â€Å"References.† This data is sufficient to see the distinction among APA and MLA groups. Before you begin designing your paper as per APA style, counsel our introduction Chicago Format The title of this style originates from the Chica

High Speed 2 (HS2) (London Birmingham Phase) Assignment

Fast 2 (HS2) (London Birmingham Phase) - Assignment Example Rapid rail is a sort of transport mode, which utilizes electric rails to offer vehicle at a quicker speed than the flow carriage railroad. It might have a speed extending from 200km/h to 350km/h. The European Union believes rapid railroad to be identical to 200-300km/h, while in India and Australia they think of it as 250-500km/h. In Japan, they have the 300km/h rails in activity. This sort of train works explicitly on zones where there are least closings. For the most part fast trains are intended for human vehicle (Zhou and Shen, 2011). Fast railroad is a creation of the Japanese as Japan was the principal nation to plan and use to assist this with shaping of transport to lessen clog in their urban areas. They build up an electric rail, which was going at a speed of 145km/h. Around then, the Japanese specialists needed to build up a type of train that was quicker and solid method of transport to facilitate the clog in urban areas of Tokyo and Osaka. In 1963, they had the option to create an electrical rail that works at a speed of 256km/h, which was utilized remembering the hour of Olympics for 1964. This train facilitated transport in Japan. In 1965, the Japanese and the French presented a comparative rail however United Kingdom turned into the primary European nation to have a normal help of rail, which goes at 200km/h in 1976.Since, at that point there has been a development in different pieces of Europe. There is likewise a development of rapid rail benefits between nations, for example, Belgium, Britain, and Fr ance. There is a fast rail among London and Paris just as Brussels â€London (Zhou and Shen, 2011). At present Japan and France are working fast rails. France has an ordinary rail, which works at a speed of 575km/h. while France works eccentric rail, which works at a speed of 581km/h. China, which has the world biggest populace, has a rail that works at a speed of 500km/h, and it turned into the

Bloodsucking Fiends: A Love Story Chapter 34

Section 34 Poop Hits the fan An influx of tension washed over Jody as she woke up. â€Å"Tommy,† she called. She jumped up and went into the living territory, not halting to turn on the light. â€Å"Tommy?† The space hushed up. She checked the replying mail: no messages. I'm not going to do this once more, she thought. I can't deal with one more night of stressing. She'd tidied up the chaos from the police search the prior night, put lemon oil on the wood, scoured out the sinks and the tubs, and watched satellite TV until day break. All the time she pondered the thing Tommy had said about sharing, about being with somebody who could comprehend what you saw and how you felt. She needed that. She needed somebody who could run the night with her, somebody who could hear the structures inhale and watch the walkways shine with heat soon after dusk. Be that as it may, she needed Tommy. She needed love. She needed the blood-high and she needed sex that contacted her heart. She needed fervor and she needed security. She needed to be a piece of the group, yet she needed to be a person. She needed to be human, however she needed the quality, the faculties, and the psychological sharpness of the vampire. She needed everything. Consider the possibility that I had a decision, she thought, if that clinical understudy could fix me, would I return to being human. It would imply that Tommy and I could remain together, yet he could never know the sentiment of being a divine being, and neither would I. Never again. So I leave; what at that point? Only i'm. More alone than I've at any point been. I detest being distant from everyone else. She quit pacing and went to the window. The cop from the prior night was out there, sitting in an earthy colored Dodge, viewing. The other cop had followed Tommy. â€Å"Tommy, you twitch. Call me.† The cop would know where Tommy was. In any case, how to get him to tell? Tempt him? Utilize the Vulcan nerve squeeze? Sleeper hold? Possibly I should simply go up there and thump on the entryway, Rivera thought. â€Å"Inspector Alphonse Rivera, San Francisco PD. In the event that you have a couple of moments, I'd prefer to converse with you about being dead. How right? Who did it? Did it piss you off?† He balanced himself in the vehicle seat and took a taste from his espresso. He was attempting to pace his smoking. Close to four cigarettes 60 minutes. He was in his forties now and he was unable to deal with the four-pack-a-night stakeouts †returning home with his throat crude, his lungs burned, and a horrible hurt in his sinuses. He checked his watch to check whether enough time had gone since he'd last lit up. Nearly. He moved down the vehicle window and something got him by the throat, removing his breath. He dropped his espresso, feeling the burn in his lap as he came to in his coat for his firearm. Something got his hand and held it like a bear trap. The hand on his throat loosened up a piece and he sucked in a short breath. He attempted to turn his head and the cinch on his throat remove his breath once more. A pretty face got through the window. â€Å"Hi,† Jody said. She relaxed her grasp on his throat a degree. â€Å"Hi,† Rivera croaked. â€Å"Feel the hold on your wrist?† Rivera felt the bear trap on his wrist fix, his hand went numb, and his entire arm lit up with torment. â€Å"Yes!† â€Å"Okay,† Jody said. â€Å"I'm almost certain I can pulverize your windpipe before you could move, yet I needed you to be certain as well. You sure?† Rivera attempted to gesture. â€Å"Good. Your accomplice followed Tommy the previous evening. Do you know where they are now?† Again Rivera endeavored to gesture. On the seat close to him, the mobile phone peeped. She discharged his arm, grabbed the weapon out of his shoulder holster, flipped off the wellbeing, and pointed it at his head, all before he could draw a solitary breath. â€Å"Take me there,† she said. Elijah Ben Sapir viewed the red spots moving around on the video screen over his face. He had stirred inclination joyous about murdering the juvenile's toy kid, at that point he saw that his home had been attacked. He was hit with a feeling so uncommon it took him some time to remember it. Dread. It had been quite a while since he'd been apprehensive. It felt better. The dabs on the screen were moving around on the harsh of the vessel, scrambling all through the principle lodge above. At regular intervals a dab would vanish off the screen, at that point return. They were getting in and out of a pontoon at the harsh. The vampire came to up and flipped a progression of flip switches. The enormous diesels on either side of his vault thundered to life. Another switch and an electric winch started pounding in the stay. â€Å"Move, move, move!† Tommy yelled into the lodge. â€Å"The motors started.† Barry got through the bring forth conveying a bronze sculpture of a ballet performer. Tommy held up at the harsh of the yacht with Drew. Troy Lee, Lash, Jeff, Glint, and the Emperor and his soldiers were at that point in the pontoon, attempting to discover space to move around the artistic creations and sculptures. â€Å"Over,† Tommy stated, taking the sculpture from Barry as the squat jumper went over the side into the arms of the holding up Animals, nearly overturning the pontoon. Tommy tossed the sculpture down to the Emperor, who got it and went to the floor of the pontoon with its weight. Tommy tossed a leg over the railing, and thought back. â€Å"Light it, Drew. Now!† Drew twisted and held his lighter as far as possible of a wax-covered portion of material that stumbled into the harsh deck and through the bring forth to the principle lodge. He watched the fire follow the path for a couple of feet, at that point stood and joined Tommy at the rail. â€Å"It's going.† They went over the rail in reverse and the Animals obliged them by moving to one side and letting them both hit the floor of the pontoon unrestricted. The pontoon reeled and corrected itself. Tommy battled for breath to provide an order. â€Å"Paddle, men!† the Emperor yelled. The Animals started to beat the water with their oars. There was an uproarious thumping commotion from the yacht as the transmission drew in and the pontoon was shaken as the twin screws connected with and started driving the yacht away from them. â€Å"Rivera,† Rivera said into the PDA. â€Å"The yacht is moving,† Cavuto said. â€Å"I think I simply supported these folks in plundering it.† He unfastened a cowhide case on the vehicle seat, uncovering a tremendous chromed programmed gun, a Desert Eagle.50-bore. It discharged shots generally the heaviness of a little canine and kicked like a jackhammer. One shot could decrease an ash square to rock. â€Å"I'm on my way,† Rivera said. â€Å"What about the girl?† Cavuto pummeled a clasp into the Desert Eagle, dropped another into his coat pocket. â€Å"She's †she'll be fine. I'm at Van Ness and Lombard. I'll be there in around three minutes. Try not to bring in backup.† â€Å"I'm not †goodness Jesus Christ!† â€Å"What?† â€Å"The screwing thing just blew up.† A wellspring of fire shot from the harsh of the Sanguine II, a second passed, and the remainder of the yacht vanished in a haze of fire that rose into the sky over her. She had cleared the sea wall and was maybe 300 yards out into the sound when the wire arrived at Drew's combustible mixed drink. The pontoon had recently made the dock when the blast went off. Tommy jumped onto the dock and watched the mushroom cloud disperse. The stun wave came in and Tommy came to back to the pontoon and got the Emperor before he went into the water. Garbage poured down around them. A pool of fire and unexploded diesel fuel spread out over the water, enlightening the entire region with a moving splendid orange. â€Å"Is this a gathering vessel, or what?† Drew yelled. The Animals mixed out of the pontoon onto the dock and started giving up the objets d'art. Tommy stood aside and watched the consume. Bummer fell down in the Emperor's arms. â€Å"Do you think we got him?† Jeff gave the Degas ballet dancer to Troy and investigated his shoulder. â€Å"Fucking A, we got him. Pleasant blend, Drew.† Drew soaked up the adoration and nearly went over the edge of the dock. The Emperor said. â€Å"I can't resist the urge to imagine that the blast may have pulled in the consideration of the specialists, refined men. I would suggest an expedient retreat.† Drew took a gander at the consuming smooth. â€Å"I wish I had some corrosive. This would be incredible on acid.† Jeff bounced down into the pontoon and gave up the last canvas, the Miro. He looked past Troy Lee, who was wrestling up the overwhelming casing, and stated, â€Å"Whoops.† â€Å"What?† Troy said. Jeff gestured past him and the Animals pivoted. Cavuto had an exceptionally enormous, gleaming gun pointed at them. â€Å"No one move!† They didn't. The spearguns were stacked on the dock. Flash held the shotgun freely next to him as he implored. He dropped it. â€Å"Drop it,† Cavuto said. â€Å"I did,† said Clint. â€Å"That's actual, he did,† Tommy said. â€Å"And before you inquired. He ought to get additional kudos for that.† Cavuto motioned with the gun. â€Å"Everybody down. On your countenances. Now!† The Animals dropped. Lazarus woofed. The Emperor ventured forward. â€Å"Officer, these youngsters have †â€Å" â€Å"Now!† Cavuto shouted. The Emperor dropped to the dock with the Animals. The screens went dull a moment before he was hammered against the side of the vault. He tumbled inside, feeling his substance consume on the steel with each turn. The vault gleamed red with the warmth and had loaded up with smoke from the singed wires and the vampire's dress. Following a couple of moments the tumbling halted. The vampire was stuck into one finish of the vault, his face against his knees. His skin was stinging and he attempted to will it to recuperate, however it had been days since he had taken care of, so the mending came gradually. He found the top by finding the crushed CRT and radar screens. Salt water showered in a fine fog from behind the screens. He pushed on the top yet it didn't move. He felt for the locks and releas

A Tale Of Glass Menagerie And The Grandmother From A Good Man

After reading so many good works of poetry and plays one begins to connect the dots on a certain trope of characters. Many different pieces of art use the headstrong character that usually gets others into trouble. A couple of characters come to mind when thinking about that trope such as Amanda Wingfield from The Glass Menagerie and the grandmother from A Good Man is Hard to Find. Amanda Wingfield is a single mother that stays home and takes care of her two kids. The grandmother is a Godly woman who lives with her family of five. On the surface these two woman look like they do not have anything in common, but they are all too similar. They both love to recollect their days in the past and they always fought so they would have their own way. The only difference among the two is that Amanda genuinely cared for her family while the grandmother only cared for herself. Though these two women meant well in their own minds neither of them ended up getting what they wanted. Amanda never su ccessfully found a gentleman caller for her daughter and the grandmother along with her family’s lives ended abruptly by a murderer. Neither of these woman got a happy ending like they wanted maybe having their head stuck into the past was not such a bad thing after all. Throughout both of these works one thing is very clear that both of these women live in the past. Amanda goes on about how she was a young Southern Belle with all these gentleman callers she did not even know what to do with.Show MoreRelatedFlannery OConnors A Good Man is Hard to Find1171 Words   |  5 Pages When one first begins to read A Good Man is Hard to Find, by Flannery O’Connor, one is assailed by the humorous petty grievances of a mother living under her son’s roof disrespected by her grandchildren and lonely in a house filled with people, clutching at memories of days long passed similar to the Tennessee Williams play, The Glass Menagerie. As the story unfolds one begins to see th e indifference of Bailey toward his family in general and especially his mother—rightly so, as the ‘old lady’Read MoreSummary Of Being The Token Negro2188 Words   |  9 Pagesâ€Å"That was a big thing in the South. You’re white, and even if you’re a Jew, since you’re white you’re better than a so-called colored. Well, I didn’t feel number one with nobody but him, and I didn’t give a hoot that he was black. He was kind! He was good! I knew that!† p. 113 This is a perfect example demonstrating how everyone is equal regardless of his/her skin color. People are so quick to judge an individual based on his/her skin color and race that they overlook the fact to get to know the person

Enterprise Risk Management - 4038 Words

Enterprise / Operational Risk Management IT Audit Manager City National Bank California State Polytechnic University, Pomona Enterprise risk management (ERM) is a relatively new discipline that focuses on identifying, analyzing, monitoring, and controlling all major risk classes (e.g., credit, market, liquidity, operational risk classes). Operational risk management (ORM) is a subset of ERM that focuses on identifying, analyzing, monitoring, and controlling operational risk. The purpose of this paper is to explain what enterprise risk management is and how operational risk management fits into the ERM framework. In our conclusion, we discuss what is likely to happen in the ERM / ORM environment over the next 5 years. Introduction As†¦show more content†¦Exhibit 1 2 Why Enterprise / Operational Risk Management? There are many reasons ERM / ORM functions are being established within corporations. following are a few of the reasons these functions are being established. Organizational Oversight Two groups have recently emphasized the importance of risk management at the organization’s highest levels. In October 1999, the National Association of Corporate Directors released its Report of the Blue Ribbon Commission on Audit Committees, which recommends that audit committees â€Å"define and use timely, focused information that is responsive to important performance measures and to the key risks they oversee.† The report states that the chair of the audit committee should develop an agenda that includes â€Å"a periodic review of risk by each significant business unit.† In January 2000, the Financial Executives Institute released the results of a survey on audit committee effectiveness. Respondents, primarily chief financial off icers and corporate controllers, ranked â€Å"key areas of business and financial risk† as most important for audit committee oversight. 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Financial Risk Management free essay sample

Financial Risk Management using Derivatives; A case of selected financial institutions in Uganda Abstract The RAP examines the management of financial risks using derivative instruments in the selected financial institutions in Uganda. Three key research objectives were examined. These included; an examination of the institutions objectives for financial risk management, an examination of the determinants of derivative use by the selected commercial banks and an exploration of how commercial banks in Uganda manage various financial risks. Two (2) key financial risks were considered; interest ate risk and foreign exchange risk. To determine the objectives of financial risk management, a study tool was developed that sought respondents views on the major reasons for managing financial risks. To identify the determinants of derivative use among the selected commercial banks, multiple linear regression was used. The volume of derivatives used by the selected banks was considered as a dependent variable and regressed with Bank profitability, Interest Rate Risk Exposure, Bank leverage position, Bank investment growth and Bank size. The variables tested in the inear regression model were based on the determinants presented in several literature reviews as key rationales for corporate use of derivative instruments. Average derivative volume was 0. 31 ; average bank profitability was 0. 34; average interest rate risk exposure was 0. 14 average leverage was 0. 43; average investment growth of the sampled commercial banks was 0. 38 and the average bank size was approximately UGX. 245Billion. The higher the volume of derivatives used, the lower the bank interest rate risk exposure. The higher the banks leverage position, the higher the amount of derivatives used. The Banking sector also continues to experience a wide disparity between the lending and deposit rates, hich have been caused by the inefficiencies with in the sector. The Industry has also experienced the listing of several companies, including DFCU Bank in 2004, and the cross listing of Jubilee Insurance Company on the Uganda Securities Exchange In 2004, the Bank of Uganda successfully issued 2-, 3-, 5-, and 10-year government bonds with hope to encourage private companies to access the debt markets. The industry has experienced the issuance of bonds by Standard Chartered Bank and awaits DFCU Limited and Nile Bank Bonds. The East African Development Bank has also been able to trade bonds on the exchange. . 4 Why a topic on financial derivative usage There has been considerable literature on the management of foreign exchange risks and interest rate risks but there are limited literature concerning Ugandan corporations in managing these risks. Previous empirical works on derivative usage has focused on large companies in advanced markets like the I-JK and USA (Grant and Marshall, 1997). Also, previous empirical works carried out to investigate the management of foreign exchange risk of large multinational companies concentrated on the management of specific exposures such as transaction and translation xposure (Collier and Davies, 1985), (Belk and Glaum, 1990) or economic exposure (Nagashy et al, 1997). There is also limited empirical study relating to interest rate risk management of financial institutions in Uganda. There is also an increasing number of new financial derivatives being developed to cope with foreign exchange risk and interest rate risk, however there is little empirical study on how different banks in Uganda use these derivatives to manage their exposures. The major objective of this RAP is to examine how some banks in Uganda manage their foreign exchange and interest rate exposure as key financial risks. . Examine the institutions objectives for financial risk management. Examine determinants for derivative use by the selected commercial banks. Examine how commercial banks manage various financial risks. 1. 6 Research approach With a huge interest in the management of financial risks, I embarked on iii. extensive review of related works especially the management of foreign exchange and interest rate risks. Special interest was placed on the applicability of derivative instruments in financial risk management. After extensive review, I was able to identify a possible area for research. As such, I formally contacted the respective financial institutions to establish whether they apply derivatives and if so, how they do it. It was also of paramount importance to obtain the relevant financial performance data. part 2 Information: Sources and its limitations Information sources for this research study were both primary and secondary. Secondary information is information that was collected for some other purpose and not necessarily the one at hand. Primary information is information collected for the first time and for a particular research study. To examine the management of inancial risks using derivatives, both primary and secondary information were collected. Secondary information was collected from the respective selected commercial banks. Bank profitability, interest rate exposure and leverage position were already computed from the financial statements of the respective banks. Investment opportunities, the size of the bank and volume of derivatives were manually computed from information on financial statements and other management reports. The major reason for using secondary information for this research was availability of financial statements and fully computed financial ratios. I only needed o locate the source of data and then extract the required information. Also, the costs for the collection of this type of research data were minimal. Information was readily available. The major foreseeable limitation of this type of research data was the degree of accuracy and reliability attached. It was assumed that management of the respective banks prepared the financial statements and the respective financial ratios in the most ethical way possible and also with full adherence to the recommended International Financial Reporting Standards (IFRS). Concerning the most common derivatives used to manage currency and interest ate risks, primary information was sought using a questionnaire. Respondents were given choices to select what they knew was the most common derivatives. The most and originality of information. Information that was obtained from the respective financial managers was taken as accurate and could be relied upon. Ethics in data collection When compiling financial ratios, they were collected OR compiled from financial statement data as it was without altering any fgures. Also, management was informed about the objectives of the research and a request was made to access the organizational financial data. Finance managers who provided the data were informed about the degree of confidentiality of the information they were providing. It was only Oxford Brookes University and perhaps management of the respective banks who could access to the final report. However, it was made clear to the finance managers that no individual name of the bank would appear in the final report because of the confidentiality principle. They were requested to have an open mind in accepting the results and recommendation in the report presented by the researcher. As primary information was collected pertaining to the mostly used derivatives, espondents were informed of the maximum amount of time for an interview and they were at liberty not to provide any responses. Research variables Derivative Volume: This was measured as the ratio of derivatives to total assets of the bank. Bank Profitability. This was measured by the Return on Assets Ratio (ROA) Interest Rate Risk Exposure. This was measured as Net Interest Margin; the difference of interest income and interest expense relative to assets. This index measures the sensitivity of the Return on Assets to changes in market yields. Leverage position: This was measured by the ratio of the book value of long-term ebt to the book value of assets (Musoke and Suhrus, 2005). Investment opportunities: These were measured as the ratio of investment expenditures to the book value of assets (Musoke and Suhrus, 2005). Bank size: This was measured by the book value of the companys total assets (cuyila et al; 2006). Empirical Model To test the hypotheses below, I employed a multiple linear regression model. It was envisaged that there is a linear relationship between derivative volume as a measure of derivative use and the banks profitability position, Interest Rate Risk Exposure, Leverage Position, investment growth potential and the bank size. Derivative volume Bank profitabilitylnterest Rate Risk ExposureBank leverage positionBank investment growthBank size a, b, c, d, e and f are beta coefficients and is the error term Research hypotheses In line with the second research objective, 5 hypotheses were developed. Studies support the expected relationships between the risks and firms characteristics. Froot, Scharfstein and Stein (1993) constructed the models of financial risk management. These models predicted that firms attempted to reduce the risks arising from large costs of potential bankruptcy, or had funding needs for future investment projects in he face of strongly asymmetric information. In many instances, such risk reduction can be achieved by the use of derivative instruments. Developing hypothesis 1 (Bank profitability) Ekuyege et al; (2008) affirm that banks which can manage interest rate risk using derivatives will be less constrained in their lending activities and will thus be able to invest in higher risk/higher yielding assets. Derivatives can free many banks from the restrictions imposed by traditional internal hedging by allowing the bank to separate its choice of assets or sources of funding from considerations of market risk. A bank ith higher profits would be more likely to have used derivatives because derivatives can be used to hedge loss in income associated with interest rate risk exposure allowing banks to take on more profitable investments. Therefore, derivative use is expected to have a positive relationship with bank profitability. There is a positive relationship between derivative use and a banks profitability position. Developing hypothesis 2 (Interest Rate Risk Exposure) In theory, banks can benefit from derivative markets because derivatives, like insurance, can be used to hedge against risk. Carefully chosen derivative deals can educe interest rate risk inherent in banking activities because the preexisting interest rate risk can sometimes be offset by a counterbalancing derivative risk. Therefore, if derivatives are used to hedge against interest rate risk, then the volume of derivatives held by a bank should be negatively related to the current interest rate risk experienced by the bank. There is a negative relationship between derivative use and a banks interest rate risk exposure Developing hypothesis 3 (Bank Leverage Position) Cuyila et al; 2006) found empirical evidence that firms with highly leveraged apital structures are more inclined to hedging by using derivatives. The probability of a firm to encounter financial distress is directly related to the size of the firms fixed claims relative to the value of its assets. Hence, hedging will be more valuable the more indebted the firm, because financial distress can lead to bankruptcy and restructuring or liquidation situations in which the firm faces direct costs of financial distress. By reducing the variance of a firms cash flows or accounting profits, hedging decreases the likelihood, and thus the expected costs, of financial distress. There is a positive relationship between derivative use and a banks leverage position. Developing hypothesis 4 (Bank Investment growth) and commodity risk, firms can decrease cash flow volatility. By reducing the cash flow volatility, firms can decrease the expected financial distress and agency costs, thereby enhancing the present value of expected future cash flows. In addition, reducing cash flow volatility can improve the probability of having sufficient internal funds for planned investments (Musoke and Suhrus, 2005) eliminating the need to either cut profitable projects or bear the transaction costs of external funding. The main hypothesis is that, if access to external financing (debt and/or equity) is costly, firms with investment projects requiring funding will hedge their cash flows to avoid a shortfall in own funds, which could precipitate a costly visit to the capital markets. An interesting empirical insight based on this rationale is that firms with substantial investment opportunities that are faced with high costs of raising funds under financial distress will be more motivated to hedge against risk exposure than average firms. There is a positive relationship between derivative use and a banks investment growth. Developing hypothesis 5 (Bank size) Other empirical studies have linked the frequency of derivative use to company size (Hushalter, 2000), (Nagashy, et al; 1997). In their studies they have argued that larger firms are more likely to hedge and use derivatives. One of the key factors in the corporate risk management rationale pertains to the costs of engaging in risk- management activities. The hedging costs include the direct transaction costs and the agency costs of ensuring that managers transact appropriately. The assumption underlying this rationale is that there are substantial economies of scale or conomically significant costs related to derivatives use. Indeed, for many banks (particularly smaller ones), the marginal benefits of hedging programs may be exceeded by marginal costs. This fact suggests that there may be sizable set-up costs related to operating a corporate risk-management program. Thus, numerous firms may not hedge at all, even though they are exposed to financial risks, simply because it is not an economically worthwhile activity. On the basis of empirical results, it can be argued that only large firms with sufficiently large risk exposures are likely to benefit from formal hedging programs. There is a positive relationship between derivative use and a bank size. Information analysis Information collected was entered in SPSS to generate the required charts and regression results. The volume derivatives used, profitability of the bank, interest rate risk exposure, leverage position, investment opportunities and size of the bank were all measured on a ratio scale. According to (Zikmund, 2002) as long as there is one dependent variable and 2 or more independent variables, the best multivariate analysis technique is linear regression when all the variables are measured on either n interval or ratio scale. part 3 Research results The volume of derivatives was computed as a ratio of derivatives to total assets of the bank. Despite the fact that average ratio of derivatives to total assets is still low; 0. 31, a minimum of 0. 05 and a maximum of 0. 67 indicates that commercial banks in Uganda are gradually embracing the use of derivatives as financial risk management instruments. Also, there was little dispersion within the volume of derivatives used for the selected commercial banks; standard deviation 0. 18. This gradual acceptance f derivatives as financial risk management instruments within the Ugandan formal financial sector had been noted by (Mugisha, 2008) who said that the continued deregulation of the financial sector, extreme international competition, continued volatilities in foreign exchange rates, interest rates and commodity prices have all resulted in an increase in derivatives. Bank Profitability was measured by the Return on Assets Ratio (ROA). With a minimum of 0. 19 and a maximum of 0. 67, average profitability was 0. 34. This is recommendable profit performance given the recent financial crisis in which most orporations made gross losses. Again, there was also limited dispersion within the profits for the selected financial institutions represented by a lower standard deviation; 0. 156. Interest Rate Risk Exposure which was measured as a net interest margin; the difference of interest income and interest expense relative to assets. It had a minimum of 0. 025 and a maximum of 0. 5 with an average exposure of 0. 14. Despite the fact that the net interest margin relative to assets was somehow low, it attracted the use of derivatives and the more derivatives used, the lesser the interest rate risk xposure. It was also discovered that there was little dispersion within the interest rate risk exposure signified by a lower standard deviation; 0. 149. The banks leverage position was measured by the ratio of the book value of long- term debt to the book value of assets. With a minimum of 0. 078 and a maximum of 0. 78, the average leverage position for the selected commercial banks was discovered to be 0. 43. This is a big fgure that certainly attracts the use of derivatives. The banks leverage position also displayed limited dispersion for the selected commercial anks; standard deviation 0. 197. Investment opportunities were also measured as the ratio of investment expenditures to the book value of assets. With a minimum value of 0. 145 and a maximum value of 0. 61 , the average investment growth in the selected commercial banks was 0. 38. There was also limited dispersion in the investment growth fgures from the selected banks; standard deviation 0. 17. Despite the fact that it was a humble average investment growth fgure, it did attract extensive use of derivatives as banks wished to hedge against risks of their future cash flows.

Examples of Speech Essay

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