Dead Mens Path Theme Analysis Literature Essay

Dead Mens Path Theme Analysis Literature Essay Dead Mens Path is a short story written in 1972 by African Author Chinua Achebe. It is about Michael Obi, a young and energetic man excited about all things modern who is just assigned a position to run a traditional school. Not long into the job, he finds that along with his misguided zeal, ignoring the traditions of his people can have great consequences. Obi is a bright and enthusiastic young man who is excited to find out that he will be the new headmaster of a school that has been in desperate need of help for some time. Obi was considered a pivotal teacher and he and his wife are both forward thinking and eager to share the modern life with everyone. Chinua Achebe shows the Obis modern enthusiasm by writing: We shall do our best, she Obis wife) replied. We shall have such beautiful gardens and everything will be just modern and delightful He also shows Obis views of the traditionalist people by attacking their character referring to them as, these old and superannuated people in the teaching field. Of his two goals for the school, one was to make the grounds a place of beauty. An upcoming inspection was the perfect motivation to begin what he thought to be great improvements. In time the gardens blossomed with beautiful red and yellow flowers. As Obi is admiring his work, he comes across an old woman from the village who walks str aight across the flowers onto what Obe discovers to be an old faint almost unused path. Obi speaks to a teacher and finds out exactly what the path was used for. It amazes me, said Obi to one of the teachers who had been three years in the school, that you people allowed the villagers to make use of this footpath. It is simply incredible. He shook his head. The path, the teacher said apologetically, appears to be very important to them. Although it is hardly used, it connects the village shrine with their place of burial. Obi didnt care about the reason and for fear that the coming inspector may see people on school grounds who didnt belong, demanded that the footpath be closed off immediately regardless of warnings from the teacher. The path was then blocked with heavy logs and reinforced with barbed wire. A priest was sent by the outraged villagers to try and talk some sense into Obi, pressing upon him the significance that the path has not to just the villagers, but also the dead who walk the path.Look here my son, this path was here before you were born and before your father was born. The whole life of the village depends on it. Our dead relatives depart by it and our ancestors visit us by it. But most important, it is the path of children coming in to be born. Obi rejected the priests words and in mocking replied to him Dead men dont walk. he dismissed his ancestry and instead chose the modern way. The path remained blocked and a few days later a village woman died in childbirth. The villagers took that as a sign that if the path remains blocked they would suffer great misfortune. Believing that the mother would be unable to rest in peace and the child unable to walk the path and enter the world, the villagers became agitated and tore down a school building as well as everything used to block the path and the flowers planted to impress the inspector. When the inspector finally arrived, he was presented with grounds that were completely destroyed along w ith a headmaster who thought only about himself and erasing the past to become modern. In the story, with the descriptions of the pretentious headmaster and his lack of respect for the elders and their traditions the narrator clearly has taken sides with the villagers. Chinua Achebe writes, The whole purpose of our school is to eradicate such beliefs as that. Dead men do not require footpaths. The whole idea is just fantastic. Our duty is to teach your children to laugh at such ideas. The main point in question in the story is in reference to the villagers beliefs and customs and the importance it held in their lives. Obi was wrong in his thinking and in his methods, believing that he can just cut the people off from what in our time would be considered a funeral. When it comes to the destruction and rejection of something that was and is important to people such as traditions no matter how old the customs may be, nobody has the right to negate a persons background and nobody has the ability to remove a persons belief and substitute it with their own. An unfamiliar cul tures belief may seem fanciful but to those who believe it, it is as much a vital part of their lives as technology is in ours. The heart of a persons belief is in having faith although what you believe can never be proven. What happens in death is a perfect example of this. Nobody alive can know what happens after death so we are left with our imaginations to hope that our loved ones are in a better place rather than in the ground or left as ashes. People need that faith to carry on because at times the thought of never again seeing those people can be unbearable. Our ancestors traditions and customs are important because the only knowledge we have of things we have no proof on is in the things passed down for generations. Just as the story explained, the villagers were so strong in their beliefs of the path that when it became blocked they attacked the school and everything that was blocking the sacred path: The beautiful hedges were torn up not just near the path but right around the schoolflowers trampledone of the school buildings torn down The importance of a persons culture is more than just the faith of a single person, it connects a group of people who believe alike and allows them to work together with the same end results. As stated in Achebes Dead Mens Path, contemporary community shouldnt do as Obi and try to eradicate the core of a peoples beliefs which, with his mocking reply to the priest is just what he tried to do. Our duty is to teach your children to laugh at such ideas. It is important to remember and to honor traditions. Many people fight to keep their traditions alive, whether its an old woman making her 80th annual pilgrimage to a Mexican cemetery to light a candle at Dona Candelaria de Sapiens grave or Native American tribe members dressed in full ceremonial clothing dancing to celebrate the coming rain. In Achebes story, the people fought to keep the path free so that those who pass on can rest in peace and the traditions of the vill agers can carry on for generations to come, far beyond the lives of the priests, villagers and Obi.

Women’s New Role Essay -- Essays Papers

Women’s New Role In coming to understand what it meant to be a girl I was affected by my era, women’s sports, and the place that I was raised, as much as the independent feminist spirit that my mom was exposed to and possessed. My mother’s mom raised her to believe and accept the traditional female role. My grandmother put emphasis on the women staying home and existing solely as a support system for the man. She found comfort and security knowing that it was the man’s burden to â€Å"bring home the bacon.† My mother, however; was influenced by the time and took it upon herself to take care of herself and make her own money. At a young age she along with many other women of her time wanted to rebel against the expected role and thus have a more fulfilling life. Family and children were an important priority for her but she felt strongly that she could do more. Her parents had a wonderful and loving relationship but her father had three massive heart attacks at age 42 a nd was not suppose to live a year. My mother was one of the oldest of eight children and was well aware of her mother’s very frightening predicament. This aforementioned life experience and her inherent desire to educate herself made her believe that women could do more. My mother did want to marry but wanted to be in the marriage because she wanted to not because she had to stay in an unpleasant situation. She wanted to make it on her own. She did not want a man to control her and most of all to tell her what to do. Her competitive drive for success in the business world was luckily passed on to me and gave me the confidence and perseverance that I need to get through life. My mother taught me that I was a woman, so things may be harder and that I must never e... ...s influential as my role models on the women’s US national team. They all gave me the courage and confidence in myself as a woman. Today I am happy to see that women are coming together and trying to inspire each other to take on the world. By simply typing in â€Å"Women Role model† in goggle I found several sites for women engineers, doctors, and writers trying to make something out of their lives. I was happy to see that someday when my daughter is trying to pursue her dream that she will have options because of the risks these women took. And I will be proud to be able to say that I was one of those women. Work Cited Dorance, Anson. Telephone interview. 29 May 2003. Gonzales, Monica. Personal interview. 30 May 2003. Hamm, Mia. Go for the Goal. HaperCollings. NY 1999. Lilly, Kristine. Personal interview. 30 May 2003. UNCtarheel.com.May 31 2003.

Research Process and Terminology Paper Essay

The aim of this paper is to address the linkage between foreign direct investment (FDI) flows and the number of natural disasters. By using the data of 94 countries in the period of 1984 to 2004 and applying a variety of empirical tests, the result appears that natural hazards have significantly negative effects on FDI of countries. A. Economic Effects of Natural Disasters and The Determinants of Foreign Direct Investment Economic Effects of Natural Disasters There are three patterns that concern with the economic effects of natural hazard. The first two strands concentrates on the primary or short-term effects and long-term effects of hazards on economy. While the short-term effect strand achieves abundant evidences of negative disasters’ impacts on GDP, the long-term effect strand cannot reach a clear conclusion. The third strand focuses on the capacity to mitigate the destructive effects of natural risks. A brief conclusion is that the negative impacts of risks can be diminished by country’s institutions. Determinant of Foreign Direct Investment There are three types of foreign direct investment, namely: (1) Operating new (2) Moving an existing (3) Moving a part of existing The first type is considered as location decision and categorized in pull factor, the latter two types are relocation decision and belong to push factor. Following this logic, propositional pull factors to put in models are the level of openness and the size of the economy. Obviously, the push  factor in models is natural risks. Other determinants which are mainly focused are institutions, such as government infrastructure, political freedom, corruption, etc. B. Data and Methods The data for analyzing impacts of natural disasters on FDI flows are taken from the EMDAT, which provides by the institution Center for Research on the Epidemiology of Disasters (CRED) and World Bank. Some observations were dropped because of missing data, the data which is used in this research contains an unbalance panel with 1,822 country-year observations from 94 countries (29 in Africa, 17 in Asia, 22 in Europe and 26 in Americas) in the period 1984-2004. Table 2 presents descriptions of dependent and independent variables. (TABLE 2) At this point, it is important to look again at two primary variables which devoted to results of empirical tests. The first key variable is FDI, which is measured by the total net inflows of foreign direct investment as a percentage of GDP. FDI is the dependent variable in all models. The second key variable relates to natural hazards. Since both recent and longerterm risks have its impacts on investors, the authors deliver four variables that are concerned with the number of natural risks happening in four time period: Total events in the prior year, total events in the prior 5 years, total events in the prior 10 years, total events in the prior 25 years. Table 3 shows the correlations between FDI/GDP and each of four variables referring to the measures of natural risks. (TABLE 3) It is undoubtedly true that both the counted measure as number of natural hazards and the monetary measure as the estimation of â€Å"dollar value of damages† affect decision makers. While it can be argue that result as the dollar amount of damages may have substantial influence on investors’ decisions, it is obvious that estimating the consequence of natural disasters is complex and not as accurate as â€Å"counts of disasters†. For this  reason, models will mainly focus on counts of disasters. Moreover, the research emphasizes on five types of natural hazards that severely devastate infrastructures, physical capital and labor forces. As such, these five types are earthquakes, floods, volcanoes, landslide and windstorms (include hurricanes). The following two variables which refer to the degree of openness and incentive in trade and investment are Trade and Investment. The former is taken from World Bank’s 2008 World Development Indicators and the latter is provided by Political Risk Services Group, assembled by the IRIS Center at the University of Maryland. Regarding to a country’s reliability for trade and investment, the investment variable is the estimation of three factors: contract viability/risk of exportation, repatriation of profits and delay in payments. These three factors are rank from 0 to 12 and the higher value illustrates the higher risk in investment. The final three variables in the base model are Inflation, Gov. stability and Rule of law. The Inflation variable is the inflation level of each country in a particular year and taken from 2008 World Development Indicators. The other two variables are collected from the International Country Risk Guide, with reflecting the level of stability of government and adhesion to the rule of law. The higher value implies the better environment for investors. Those variables contribute to the base model as this form: FDIit = ÃŽ ±0 + ÃŽ ±1Total events in the prior # yearsit + ÃŽ ±2GDP per capitait + ÃŽ ±3GDP growthit + ÃŽ ±4Tradeit + ÃŽ ±5Investmentit + ÃŽ ±6Inflation + ÃŽ ±7Gov. stabilityit + ÃŽ ±8Rule of lawit + ÃŽ ³i + ÃŽ ³t + ÃŽ µit This research also employs ÃŽ ³i as country fixed effects over time and ÃŽ ³t as year fixed effects for all countries. C. Results and Their Implications The below table indicates the linkage between foreign direct investment and natural disasters by applying the base model. It can be seen from Table 4 that all four natural hazard variables have significantly negative effects on FDI in each of models. Moreover, there is a decline trend in coefficients of disaster variables when measuring in Total events in the prior 1 year to Total events in the prior 25 years, which suggests that relatively recent risks have more significant influence than long term risks on investors’ decisions. The next two variables, which are GDP per capita and GDP growth, are positive as expected and significant. However, although both Trade and Investment variables have positive effects on FDI, only Trade is significant. The Inflation variable is negative and significant in all four models. Only Gov. stability variable has unexpected side and both Gov. stability and Rule of law are not significant in all models. The authors also employ the empirical tests to find out different effects of five particular types of disasters. The result is presented in Table 5. The outcome demonstrates that all other non-disaster variables have the same reaction and all damage variables are negative in side. However, Windstorms is significant in all three cases, Volcanoes is significant in two cases while Landslides, Earthquake and Floods are significant in only one case. Hence, there is evidence to support the view that each type of hazards has its effects on FDI, the clearest evidence is found on Windstorms. Regardless the inaccurate in estimation of dollar value of damages, the research generates the final test by using the base model with â€Å"dollar value of damages† in place of â€Å"counts of disasters†. The result is displayed in Table 6. Similarly with the above case, all non-disaster variables have the same result as the base model case. Though disaster variables are negative and significant in all case, they do not decline from recent to older events. A draw conclusion may be policy makers equally focus on relative recent and longer-term risks or maybe there is error in data. D. Conclusion To sum up briefly, there are four important conclusions. First and foremost, natural disasters have significant and negative effect on foreign direct  investment. Second, there are some evidences to support the view that decisions of foreign investors are deeper affected by relative recent events in comparing to longer-term events. Third, different types of natural hazards are considered to have different impacts on foreign direct investment, the most severe impact is found on windstorms. Finally, regardless the intricacy and inaccuracy in monetary measuring the value of damages, the model which focuses on dollar value of damages also addresses the same result with the base model: natural disasters discourage foreign direct investment.

Role Of Options Futures Example For Free - Free Essay Example

Sample details Pages: 6 Words: 1904 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Basel Committee that was formed in 1974 laid the regulatory framework for Financial Risk Management. (McNeil, A.J., Frey, R., Embrechts, P. 2005). Don’t waste time! Our writers will create an original "Role Of Options Futures Example For Free" essay for you Create order Basel II (2001) defines Financial Risk Management to be formed of 4 steps: identification of risks into market, credit, operational and other risks, assessment of risks using data and risk model, monitoring and reporting of risk assessments on a timely basis and controlling these identified risks by senior management.(Alexander, C. 2005). It determines the probability of a negative event taking place and its effects on the entity. Once identified risk can be treated in following manners: Eliminated altogether by simple business practices. These are the risks that are detrimental to the business entity. Transferred to other participants. Actively managed at firm level. Market Risk constitutes of commodity risk, interest risk and currency risks. Commodity price risk includes the potential change in the price of a commodity. The rising or falling commodity prices affect the producers, traders and the end-users of the various commodities. Moreover if they are traded in foreig n currency, there arises the risk of currency exchange rate. These are normally hedged by offering forward or future contracts at fixed rates. This is especially important for commodities like oil, natural gas, gold, electricity etc whose prices are highly volatile in nature. However the hedging doesnt always ensure profits. (Berk, J and Demarzo, P. 2010). Interest Risk relates to change in interest rates of bonds, stocks or loans. A rising rate of interest would effectively reduce the price of a bond. Increased interest rates result in increasing the borrowing costs of the firm and thereby reduce its profitability. It is hedged by swaps or by investing in short term securities. Currency risks arise from the exceedingly volatile exchange rates between the currencies of different countries. For e.g. Airbus, an aircraft manufacturing company based in France requires oil for its production. Oil being traded in US dollars and the company doing trading in Euros, has a foreign excha nge risk. It would be therefore beneficial for Airbus to enter a forward contract with its oil suppliers. Options are another way of hedging against currency risks. They facilitate the holder to exchange currency at a fixed pre-determined exchange rate. If the option rate is higher than the exchange rate, the company will not exercise the option. However if the rate increases the company would benefit by exercising the option. (Berk, J and Demarzo, P. 2010). The above risks basically depend on the time value of assets. Moreover with the increased level of multinational functioning of business entities and the highly volatile nature of markets, risk management has now become a mandatory part of running the business. It therefore becomes important to analyze the various methods of assessing risks, measuring them and the preventive measures implemented against them. Also the hedging techniques stated above do not always ensure profits. The research would thereby include a detail stu dy of the effectiveness of the methods implemented. It would also study the hazards of the failures of the implemented methods. Market risks are measured by Value at Risk (VaR) model. This model is used extensively to measure market risks. It aggregates the portfolio market risks in a single number. However authors McNeil, Frey and Embrechts (2005) have debated over the model stating that it doesnt take into account the costs of liquidation. It takes into account historical data and a series of assumptions. Therefore its ability to measure future risks is highly disputable. The research would thereby include the study of VaR and other relative models used to measure market risks. Literature Review: Forward contracts, Futures and Options are called the Financial Derivatives and are used largely to reduce market risks. Walsh David (1995) explains that if two securities have same payoffs in future, they must have same price today. Thus the value of a derivative moves in the same way as that of underlying asset. This is called arbitrage. Hedging of risks is nothing but the holder of an asset has two positions in opposite directions. One is of the derivative and other of the under-lying asset respectively. As such if the value if the asset decreases then value of the derivative will also decrease. But the change in value is off-set by the opposite positions to each other. Thus risk is reduced. This is called hedging. Long Hedge refers when an investor anticipates increase in market price and therefore buys future contracts. Short Hedge is when an investor already has a futures contract and expects the value of asset to fall and therefore sells it beforehand. (Dubofsky, D and Miller, T. Jr. 2003). Long Hedge Short Hedge Fig.1 Hedging (Dubofsky, D and Miller, T. Jr. 2003). Forward Contracts- These involve buying or selling specific asset at a specific price at a specified time. They are Over the Counter (OTC) Derivatives. These are used for locking-in the price and require no cash transfer in the beginning, thereby involve credit risks. They are typically used to hedge the exchange rate risks. (Claessens, S. 1993). Futures- These are more standardized than the Forward contracts. They are traded at Foreign Exchanges. The standardized contract specifying the asset, price and delivery time is either bought or sold through broker. The delivery price depends on market and determined by the exchange. Initial margin amount is required and profit-loss calculations are done daily. Hence involve margin calls. Credit risk involved is minimum but these cannot be tailored to individual demands. (Claessens, S. 1993). These exist typically for commodities, interest rate risks, currencies etc. (Walsh, D., 1995). Fig.2: Hedging through Futures. (Walsh, D. 1995). Options- The holder can buy from or sell to, the asset at a strike rate at a future maturity date. However the holder of the option has no moral obligation to do so. The cost of buying the option involves a premium which is to be paid up front. The option that enables the holder to buy an asset is called Call option while in Put option the holder is able to sell the asset. (Claessens, S. 1993). These can be bought Over the Counter (OTC) at a bank or can be exchange traded options. Walsh David (1995) further explains that options have a non-linear relation with payoff. Its payoff increases with the price of the asset if it is in-the-money and has a constant payoff which is the option premium if it is out-of-the-money. While futures and forward contracts have a linear relation with the payoffs in both, profit as well as loss. Therefore options might be preferred over futu res and forwards for hedging. The research would include the detailed characteristics, similarities and differences in futures, forward contracts and options, along with the concept of delta hedging in which perfect hedging is created by use of options. Data and Methodology: The Research would be Qualitative in nature, based on the primary data available though online journals and books. The popularity of the derivatives and their exponential growth has favoured the availability of many articles on this topic and would thereby form the basis of research. It might include interviews of professionals having extensive research or expertise in this area. REFERENCES Alexander, C. (2005). The Present and Future of Financial Risk Management, Journal of Financial Econometrics, 3 (1), pp. 3-25. JSTOR (Online). Available at https://jfec.oxfordjournals.org/ (accessed: 8 March, 2011). Berk, J. and Demarzo, P. (2010) Corporate Finance. 2ndedition. Global edition: Pearson. Claessens, S (1993) World Bank Technical Paper no 235.Washington DC: The World Bank. Dubofsky, D and Miller, T. Jr. (2003) Derivatives: Valuation and Risk Management. Oxford: Oxford University Press. McNeil, A.J., Frey, R., Embrechts, P. (2005) Quantitative Risk Management. Princeton and Oxford: Princeton University Press. Walsh, David.ÂÂ   (1995). Risk management using derivative securities.ÂÂ  Managerial Finance,ÂÂ  21(1),ÂÂ  pp. 43. 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