Good boy

Great kid, Beau. Remain, Anna Quindlen is extremely elucidating in her article. As I read the story I could envision her pooch and furthermore identify with her sentiments. Having had lost a canine of mature age, this story truly hit home. The manner in which she portrays lover's smooth white eyes, the loss of his hearing, and the manner in which his walk seems as though his back legs are prosthetics. With these depictions, the information that Beau's a dark lab, and the way that he smells, all current enough data for me to get a reasonable picture the pooch. The depictions Anna utilizes are no different side effects my pooch, a Chihuahua, had at 17.Anna additionally painted an image in away from of the faculties the canine lost or was losing, yet in addition brought up Beau's uncanny feeling of smell. â€Å"The eyes are gone, however the nose is interminable. † . There were a lot more subtleties in the story, yet I feel like the ones I previously brought up were sufficient fo r me to get a reasonable picture. The manner in which Anna composed her story appeared to me like it was in sequential request. Anna begins her story in right now, reveals insight into the past, and afterward returns to the present once more. As another essayist, I don't know whether that precisely qualifies as ordered, however I hink it is.The point I trust Anna is attempting to make is to live for the afternoon, don't choose not to move on. Anna obviously says â€Å"to measure myself not regarding the past or future however of the present. â€Å". This announcement is one of the explanations that lead me to my decision. The tactile subtleties that stood apart to me was the feeling of smell and the loss of sight. There were two things Anna said about Beau's feeling of smell that stood apart to me. The first was the point at which she discussed the pooches eyes and ears going yet he can at present get energized over the smell of a pork broil. The second was whenAnna discussed the smell of the Oriental carpet and lover. Anna was not distinct about the scent, yet I have firsthand information on that smell, I could smell the smell. The other tangible detail that stood apart for me was the manner in which Anna portrayed Beau's terrible eyes. Anna truly depicted the impacts of going visually impaired well. She discussed Beau's eyes being a smooth white. â€Å"His eyes appear to look strangely inward†. Anna additionally said â€Å"his eyes and ears are no more.

Let Me Say It Right Now. Everything You Thought Was The Limit Of Human

Let me state it at this moment. All that you thought was the restriction of mankind isn't right. The most grounded weapon isn't the atomic bomb. The most grounded material isn't steel. Your mind isn't the quickest PC on the earth. The sky isn't the breaking point. Humankind has not arrived at it maximum capacity. How might I offer these expressions? I am educated. There is an upheaval coming, it might be wicked, yet more than likely it won't be. There will be setbacks, perhaps not human ones. This is certainly not a military insurgency; this is an upset in each part of life as we probably am aware it. It will make the Industrial transformation appear as though a hindrance in our history. This unrest has just started, and ideally when you?re finished with this paper you will be set up for it. On the off chance that you?re not, at that point you can be astonished by it like every other person. Nanotechnology has started to develop and it will everlastingly transform you. The main inqui ry is the secret. Beginning fundamentally, nanotechnology is a foreseen fabricating innovation giving exhaustive, cheap control of the structure of issue. The term has some of the time been utilized to allude to any strategy ready to work at a submicron scale. Nanotechnology will empower the development of giga-opperational PCs littler than a cubic micron; cell fix machines; individual assembling and reusing plants; and substantially more. Nanotechnology has numerous life changing prospects. It tends to be connected to numerous fields of study and, truth be told, is being created in present day research centers by the consolidated endeavors of numerous fields. A considerable lot of the fields have to do with the utilization of tiny thoughts and procedures, for example, microbiology. The three greatest territories of nanotechnology application are that of medication, assembling, and general way of life. To see progressively about how this innovation can impact these territories you have to initially co mprehend the rudiments behind the innovation. The revelation of nanotechnology is very new. The primary little employments of were created in the late 1980s and mid 1990s. The primary advancement try was when IBM (Yes the PC individuals) had the option to draw a compose the letters I, B, and M on a nickel precious stone surface utilizing singular Xenon particles. The three letters were a joined 50 billionths of an inch wide. This basic, and apparently futile examination, at long last gave proof that singular iotas could be controlled by human hands. This prodded an incredible jump into the structure of nanotechnology hypothesis. Eric Drexler started the main extensive investigation of nanotechnology hypothesis in 1986 when he composed his book entitled ?Engines of Creation.? In his book Drexler laid out the fundamental standards behind current nanotechnology hypothesis. Drexler states that life as we probably am aware it currently gives us that nanotechnology is conceivable. The whole premise of nanotechnology is the formation o f what Drexler calls a ?constructing agent.? A constructing agent is a nanoscopically little robot that controls singular iotas through contained synthetic responses to gather the particles into wanted sub-atomic examples. Such a constructing agent could assemble a 100% unadulterated jewel truly out of nowhere. Nature as of now has made it?s own constructing agents. The constructing agents of most natural life are called ribosomes. These little cells, which are just a couple of cubic nanometers enormous, can fabricate proteins out of the amino acids that they assemble from that point environmental factors. These proteins are the reason for all life on Earth, since it is through these proteins that DNA is made. On the off chance that nature can have its constructing agents than normally so can we. The utilization of nanotechnology in medication is called nanomedicine (for evident reasons). Glancing through the nuts and bolts of nanotechnology there are colossal ramifications in medication for Drexler's little constructing agents. Taking a little armed force of constructing agents, likely near hundred thousand, and giving them access to the compose proteins would permit the fast making of transplant organs for explicit patients. No way of the patient dismissing the organ or tissue would happen in light of the fact that the nanorobots could collect the transplants to coordinate the patients careful DNA coding. Maybe the most oversimplified nanorobot would be the fake red platelet which Drexler?s constructing agents would need to fabricate. Such a robot would be made completely out of precious stone and would go about as just a basic weight tank.

Datasets On Rented Properties Samples †MyAssignmenthelp.com

Question: Talk about the Datasets On Rented Properties. Answer: This report takes a gander at two datasets on leased properties taken by understudies in Australia. It utilizes essential and optional information to decide a couple of determinants of lease paid by understudies, regarding the picked suburb, the quantity of rooms as an intermediary for size, sort of property (level or house) and bond sum paid for the property. As we are utilizing an example its convenience is restricted by the testing procedure, and the information gathered. Segment 1 We initially consider an essential dataset, got by a meeting with understudies to know their week by week lease. This dataset is tricky as It is little (just 5 focuses in it) It isn't practically identical to other auxiliary information that gives data on suburb, the quantity of rooms, classification - level or house, and bond sum paid. Different information is an auxiliary information with 500 perceptions. It is wealthy as far as extra data and can be utilized to make gauges grounds shrewd or to decide relationship among factors. It can likewise be utilized for relapse purposes to figure out what influences leases in a noteworthy manner. Such ends can assist understudies with scanning for the correct property dependent on their own prerequisites. A depiction of this set is as per the following: Bond Amount Week after week Rent Abiding Type Number Bedrooms Postcode Suburb $2,700 $675 Level 3 2031 RANDWICK $3,000 $750 Level 2 2031 RANDWICK $1,540 $385 Level 2 2144 Reddish-brown $2,360 $590 House 3 2144 Reddish-brown $2,600 $650 Level 1 2000 SYDEY Area 2 We presently utilize the essential information, to give a depiction with numerical and visual assistance. week after week lease Mean 160 Standard Error 24.2899156 Middle 150 Mode #N/A Standard Deviation 54.31390246 Test Variance 2950 Kurtosis - 1.952887101 Skewness 0.327662152 Range 130 Least 100 Most extreme 230 Total 800 Check 5 It tends to be seen that the most noteworthy lease is $230, while the least is $120 only0 practically 50% of the greatest. The mean lease is $160 while middle is $150. The information is restricted, however somewhat slanted to one side. Segment 3 Next we consider dataset2, and take a gander at the variable - Dwelling Type. The accompanying focuses are clear: Most understudies like to live in pads 474/500 or 94.8% in the example. Parramatta is the most favored area 156/500 = 33.2% remain here The most commanded suburb is Sydney as far as pads, with only 1/167 =0.5% remaining in a house here. Different rural areas have a % of 17.8% , 5.7% and 2.9% remaining in houses. The distinction in level and house residency is seen all the more obviously in a bar graph underneath. SUBURB Level House Terrific Total Reddish-brown 60 13 73 PARRAMATTA 147 9 156 RANDWICK 101 3 104 SYDNEY 166 1 167 Terrific Total 474 26 500 . We move to check the theory that houses are favored by under 10% of understudies. = test extent of understudies in houses = 26/500 = 0.052 Ho: p= 0.1 H1: p 0.1 ( left tail test) Z test esteem = (0.052 0.1)/SE where SE = (0.052 *.948/500)^.5 = 0.01 Test esteem = - 0.042/0.01 = - 4.834. Utilizing a 95% certainty level, the basic z esteem is - 1.645. The p estimation of the test esteem is P (z - 4.834) = 0 as p esteem 0.05, we reason that we can't acknowledge the invalid theory. There is factual proof that extent of Houses is under 0.1. This end demonstrates the information appeared above in obvious from a factual perspective. It isn't simple karma/testing issue that portion of pads is so high. The low portion of houses is efficient, and may have further reasons which we can't find in this task. ? Area 4 Next we proceed onward to homes with 2 rooms just level and houses, independent of the suburb. To look at them we isolate them based on rural areas and utilize normal mean as the correlation metric. The table shows that Auburn has the most reduced normal lease of $404.67, while Sydney is at the other outrageous of $838.04. A visual depiction is appeared for simpler correlation. Column Labels Entirety of Average of WeeklyRent Reddish-brown 404.67 PARRAMATTA 461.31 RANDWICK 618.04 SYDNEY 838.04 Indeed, similar to we tried for factual criticalness of the houses extent, we can check if the distinctions in normal lease are amatter of karma/structure of the example picked or sysematic. For testing this we use ANOVA test. The invalid speculation is Ho: 1 = 2 = 3 =4 ( 1, 2,3 4 allude to rural areas) The elective speculation is H1: 1 2 3 4 Utilizing the ANOVA work in Excel we get the accompanying table. Utilizing the F test we note that p esteem is zero as P( F 456.9) = 0. This infers the distinctions are factually extraordinary. In like manner an understudy must settle on the suburb to pick in the wake of thinking about these mean qualities as significant and genuine enough. Wellspring of Variation SS df MS F Between Groups 7640126.16 3 2546709 456.9565 Inside Groups 1616227.32 290 5573.198 Absolute 9256353.49 293 Segment 5 In conclusion, we consider the connection between two quantitative factors week by week Rent and Bond Amount in a scatterplot. ? We can see that most datapoints lie on the relapse line (red line) of are near. This appears as extremely solid relationship, with for all intents and purposes zero anomalies. The estimation of coefficient of assurance = 0.985. The connection coefficient is 0.992= .958^.5 is amazingly high. So the bond sum can go about as an excellent and solid manual for the estimation of lease. Lower bond sum properties are probably going to have lower rents. Area 6 To finish up we can say that the optional information is more extravagant and progressively valuable. It can at present be approved with utilization of essential information. Anyway we need more subtleties on the essential information, so we can make it increasingly practically identical with auxiliary information. The information can be improved to incorporate more parameters that influence rents size of abiding in square feet, shared or single inhabitance, arrangement of kitchen can be a few models. References Theory Testing . (n.d.). Recovered May 30, 2017, from https://onlinecourses.science.psu.edu/statprogram/hub/138 Hypothess testing . (n.d.). Recovered June 2, 2017, from https://www.statisticshowto.com/likelihood and-insights/speculation testing/ Mean, middle, mode. (n.d.). Recovered May 31, 2017, from https://www.bbc.co.uk/schools/gcsebitesize/maths/insights/measuresofaveragerev6.shtml Proportions of Spread. (n.d.). Recovered Sep 13, 2017, from Statistics. laerd.com: https://statistics.laerd.com/factual aides/proportions of-spread-run quartiles.php Measuresof scattering. (n.d.). Recovered Sep 11, 2017, from Simon.cs.vt.edu: https://simon.cs.vt.edu/SoSci/changed over/Dispersion_I/ Relapse examination. (n.d.). Recovered June 6, 2017, from Home.iitk.ac.in: https://home.iitk.ac.in/~shalab/relapse/Chapter2-Regression-SimpleLinearRegressionAnalysis.pdf Testing methods. (n.d.). Recovered June 18, 2017, from Rgs.org: https://www.rgs.org/OurWork/Schools/Fieldwork+and+local+learning/Fieldwork+techniques/Sampling+techniques.htm The 5 stages in Hypothesis testing. (n.d.). Recovered June 5, 2017, from Learn,bu.edu: https://learn.bu.edu/bbcswebdav/pid-826908-dt-content-free 2073693_1/courses/13sprgmetcj702_ol/week04/metcj702_W04S01T05_fivesteps.html What isa P esteem . (n.d.). Recovered May 29, 2017, from stat.ualberta.ca: https://www.stat.ualberta.ca/~hooper/instructing/misc/Pvalue.pdf

The Pros and Cons of Hedging in Finance - Free Essay Example

This paper compares a number of strategies for managing foreign exchange exposures. Never hedging, hedging every exposure in our strategies is using a forward exchange contract and hedging on alternative occasions using a forward exchange contract. According to the selective hedging, whether to hedge or not is a very important decision which depends on the future spot exchange rate, which is determined by a number of forecasting techniques. The techniques include the random walk, the large premia model and a volatility model. The paper takes the China RMB verses the USD and JPY into consideration. This research shows the United States exporter those using hedging always perform better than China and Japanese exporters who are not or never hedging. We will use Sharpes model and the minimum variance model to compare a variety of strategies. Foreign Exchange transaction exposure exists when firms have financial obligations due to be settled in foreign currencies. For example, a firm may be due to be paid foreign currency (FC) in 3 months for some goods it exported. When the FC is received, they will need to be converted into the firms home currency (HC). If during the 3 month period the value of the HC has appreciated against the FC, the firm will receive less HC for each unit of FC. Depending on the magnitude of the HC appreciation, this can be costly for the firm. In this case, the firm can protect itself against this outcome by managing the exposure utilizing any of a large choice of alternatives. The first purpose of this research is to test the hedging effectiveness of FECs. In accordance with existing literature, we will compare the hedged position and fully unhedged position to examine the performance of FECs. For those companies who have hedged, they will realize a good hedge may be one that reduces risk to some degree with nil or minimal impact on return. Those others may prepare to accept a significant reduction in expected return in exchange for complete certainty. As a result, any research, like this research, the objective of identification of the better decision, must be made apparently that defines at the outset what is best. In this paper, we used two methods. First, from the traditional finance utility maximization framework the risk/return tradeoff is considered. Drawing on the thread of literature with regard to equity portfolios and diversification and hedging, the Sharpe-ra tio model of Howard and DAntonio (1984, 1987) is used. Secondly, taking a narrower view of hedging, assuming that it is only concerned with risk reduction, the minimum-variance model of Ederington (1979) is used. The second purpose of this paper is to expand on the exposure management analysis above, by introducing selective hedging strategies that are implemented as a result of forecasts of the future spot rate. In the case above the hedger was passive. That is, the decision was between the two polar extremes of hedging every exposure with a FEC or remaining unhedged; there was no middle ground. In contrast, a selective hedger makes a judgment on each exposure. The forecasts will determine whether a particular exposure should be hedged with an FEC or remain unhedged. Part II: Literature Review Literature Review A number of streams of literature can be identified in the area of FX exposure management/hedging. Most fundamental is the debate as to whether firms should hedge. This debate has been well covered in the literature and finance texts, such as Smith, Smithson and Wilford (1990). The accepted wisdom is that the firm can add value by hedging due to market imperfections and economies of scale. Another stream of literature uses surveys to investigate whether firms hedge and why, characteristics of firms that hedge, and what methods/instruments are used to hedge. A particular stream of relevance to this paper concerns passive and selective hedging. The finance literature is rich with papers that preach the benefits to investors of international equity and debt investment. Eun and Resnick (1994) extended this work by considering the impact on the investment results when exchange rate risk is hedged with FECs. While the results were mixed for various asset classes, the study did show impro vement of the risk-return outcome when the international investments were hedged. Glen and Jorion (1993) concurred, though when they extended the analysis to include the use of Blacks (1990) universal hedge ratio found hedging added little improvement. Eun and Resnick (1997) next introduced the distinction between passive and selective hedging. They discuss the literature concerning the forward rate being an unbiased predictor of the future spot and the subsequent literature identifying the risk premium in the forward rate that makes them in fact biased estimators. Eun and Resnick identify Messe and Rogoffs (1983) work on the efficiency of the random walk that showed it superior to or at least the equal to any forecasting technique as offering a selective hedge indicator. The implication being that the current spot is the best indicator of the future spot. For an exporter receiving a foreign currency, the random walk would suggest only hedging by locking in the forward rate when it is higher (that is, a more favourable rate for the exporter) than the expected spot. Eaker and Grant (1990) used this strategy and found it produced superior results to always hedging. Up to the work by Eun and Resnick (1997) the evidence was mixed in that most studies found some improvement though the results ranged from large improvements to minimal (and in some cases none) for various portfolios. For example, Glen and Jorion (1993) found that selective strategies offered no improvement over a fully hedged strategy for a portfolio of the world bond or world stock index. Morey and Simpson (2001) have recently extended this work by considering different data and expanding the set of selective hedging strategies. They consider hedging only when the forward premium is historically large and when a relative purchasing power parity model indicates an incorrectly priced bilateral exchange rate. Using ex post efficiency frontiers and return per unit of risk to compare the strategies th ey find that for a 12 month time period the large premia strategy (by the terminology used so far in the current paper this is a selective strategy) gives the best result, superior to the selective strategy based upon the random walk. In addition, they note that in all cases the unhedged strategy performs better than the always hedge strategy. Part III: Hedging Strategies Evaluated and Date Hedging and Foreign Exchange Market Hedging is defined here as risk trading carried out in financial markets. Businesses do not want market-wide risk considerations which they cannot control to interfere with their economic activities. They are, therefore, willing to trade the risks that arise from their daily conduct of business. Whether in industrial, commercial or financial businesses, the financial assets loans, bonds, shares, stocks, derivatives they trade allow them to hedge the risks that accumulate in their balance sheets in the course of business. From the point of view of the corporates and other firms trading in these risks has been also very much at the centre of financial developments. Investors holdings of securities or long positions in shares and stocks, bonds or loans expose them to the sort of risks with which the securities are associated. Part of this risk stems from the unique features of the security, but part is related to more common characteristics shared across securities. Two common macroeconomic risks are those associated with the exchange rate and the interest rate risk in a given economy. These risks can often be traded separately (see below). Pooling securities together in portfolios takes advantages of the idiosyncratic nature of the risks they bear to reduce the overall risk that investors face. For example, including the shares of exporting companies and non-tradable services in an equity portfolio helps to reduce the overall risk of the portfolio to a fall in external demand. From the economys point of view, portfolio pooling spreads risk across investors. Overview of Transaction Exposures for Export A variety of exchange rate risk in the literature differ somewhat. There is broad agreement, however, that the relevant dimensions are: i) certain versus uncertain transactions, ii) long run versus short run and iii) risks concerning the value of cash flows versus risk concerning the valuation of assets. For the purpose of this paper: -Transaction risk refers to the impact of exchange rate changes on the value of committed cash flows (cash flows that lie in the future, but the nominal value of which is known). These are mostly receivables (payables) from export (import) contracts and repatriation of dividends. Usually, the time frame for committed transactions (the time between contracting and payment) is relatively short. However, it can in some cases reach several years, where deliveries are committed a long time in advance (e.g. US dollar-denominated forward sales of planes or building contracts). -Economic risk refers to the impact of exchange rate movements on the pre sent value of uncertain future cash flows. It comprises the impact of exchange rate variation on future revenues and expenses through both variations in price and volume. -Translation risk refers to the impact of exchange rate changes on the valuation of foreign assets (mainly foreign subsidiaries) and liabilities on a multinational companys consolidated balance sheet. Usually, translation risk is measured in net terms, i.e. net foreign assets minus net foreign liabilities. It is clear that importing firms also face exchange rate risk. Transaction risk arises from foreign-currency denominated imports in the same way as from foreign-currency denominated exports. The economic risk to which an importing firm is subject concerns the variation of its costs induced by exchange rate fluctuations. As in practice most multinational firms are at the same time importers and exporters, their exposure to exchange rate risk is limited to net cash flows in a particular currency. Finally, tra nslation risk arises from the holding of foreign assets irrespective of the net direction of trade flows. A gauge of the actual relevance of exchange rate risk for firms can be found in the literature. Muller and Verschoor (2006) use a sample of 817 multinational firms that are exchange-listed and have their headquarters in the euro area to estimate their exposure to exchange rate variations. They follow a widespread empirical approach by estimating the impact of exchange rate variations on the firms stock market returns, controlling for the returns of the entire market. Over the entire period 1988-2002, 22% of firms had significant exposure to the China RMB exchange rate, 14% to the USD and 13% to the JPY. The exposure takes a different sign depending on whether the firm is a net exporter or a net importer. Interestingly, the majority of firms in the sample with an exchange rate exposure are net importers, i.e. euro appreciation increases their share value. The exposure of net e xporters is as follows: 3% of firms have exposures to the Chinese RMB, 6.5% to the USD and 3% to the JPY. The exposure increases over the time horizon under consideration. Only 14% of firms in the sample have significant exchange rate exposure as measured over a one-week period, but 67% of the sample firms have exchange rate exposures when measured over a 54-week horizon. The authors suggest that short-term exposures are more effectively hedged than longer-term exposures. Geographically, the authors note a concentration of firms with significant exposures in China, Japan, the United States and Singapore. Methodology and Data In this paper, I choose 100companies in each country, which are China, United States, and Japan. The data we need is found from DataStream. The following data are the variables Im going to use in the analysis: Foreign Exchange Spot Rate in China, United States and Japan from 2001 to 2009. Foreign Exchange Forward Rate in China, United States and Japan from 2001 to 2009. Return of Stock in 300 sample companies in China, United States and Japan from 2001 to 2009. Variance of Return in this 300 sample companies in China, United States and Japan. The Risk Free Rate in the financial market of China, United States and Japan from 2001 to 2009. The Market Return in the financial market of China, United States and Japan from 2001 to 2009. A variant of the volatility model of McCarthy (2002) is used that recommends hedging when the spot rate displays excessive volatility. Excessive volatility always exists when the short term volatility of mean exchange rates is higher t han the mean exchange rates in long term volatility. We gauge the short term volatility by using the moving mean of the previous 6 months exchange rate versus 12 months for the long term. Equation 1 shows the model and the application for the short run calculation: Equation 1: Two measurements of better are employed. First, the minimum variance model of Ederington (1979) is used. This model, equation 2, compares the variance of the unhedged returns to the variances of the various hedged returns. The basis of the measure is that less volatility, as measured by the variance, is preferred to more volatility. From equation 3 it follows that a positive outcome indicates that the hedge has a lower variance and under this decision rule would be preferred. A negative outcome indicates that the hedge increases the volatility of the returns and therefore the firm would have been better off remaining unhedged. Equation 2: Secondly, the Sharpe-ratio model of Howard and DAntonio (1984, 1987) is used. In its standard form the Sharpe ratio provides a risk adjusted performance measure as shown in equation 3: Equation 3: It can be used as in equation 4 to measure the improvement in performance that hedging offers, (if any), over remaining unhedged. Equation 4: When hedged with a FEC, the real cost of the hedge is an opportunity cost. This is because when the contract is entered, the firm receiving the FC would immediately enter the FEC and hence forgo the opportunity to benefit from a favourable spot rate movement. That is, if the FC appreciates, the firm would have been better off without the hedge. Thus, the true cost of the FEC per HC worth of FC sold forward is represented by equation 5 and from these the mean and variance of each alternative is calculated for input into equation 4. Equation 5: The above rules we used in this paper is the monthly FX data from 2001 to 2009. Specifically, we considered the bilateral foreign exchange rates are the USD and the Chinese RMB, the Japanese yen (JPY) and the Chinese USD. To calculate the volatility model, we need the Foreign Exchange data for every month date in 12 months in the last 9 years. Because of some limitation of data, the Japanese Yen analysis takes the period December 2001 to December 2009 into account. If the consideration of large period has been given to us and the Subprime crisis in 2007 which seriously impacted on each of these economies in our 3 sample countries and the foreign exchange volatile in a large range, we also need to create two sub-periods. The foreign exchange rates we used in analysis are received from DataStream and its the mean exchange rates at the end of day. The RMB / USD rate is in American terms where the Chinese is the unit. The JPY / USD quotes are in Japan terms, thus the USD is the unit . Its important to distinct each other when the results are being translated. If we make an assumption that the analysis takes a Chinese firm exporting and receiving USD into consideration, the Japan exporter had better anticipate the Japanese Yen depreciated, when the Japanese and Chinese exporters would like to see the value of USD climb up. As what I have mentioned in part I, introduction, comparisons would be made between the hedging strategies and the unhedged option in each sample companies in each country. Hence we could conclude which one is better, hedging or remaining unhedged. Because in any scenario it has equal possibility that the actual future spot rate will turn out to be more or less than the locked in forward rate, intuitively we could expected that the alternatives methods should be shown as a better choice. We could always use a FEC, whether I would happen will rely on the accurate forecast on future foreign exchange spot rate. Part IV: Finding and Results I will present the results in two sections: the Sharpe ratio effectiveness and the minimum variance model effectiveness. Table 1 shows the Sharpe ratio effectiveness and table 2 displays the minimum variance model effectiveness. Therere separate sub-tables in 3 bilateral rates each other. As what we discussed above, because of the conventional method in quoting the foreign exchange rate price, a passive answer for the RMB/USD rate gives us an indication when we compare superior outcomes with the unhedged position, while for the other two quotes, a negative number tells us that its an inferior outcome if we compare it to the unhedged position. As mentioned in the previous parts, the unhedged value of a companies and these companies always use an FEC hedge, which will be representative of the extreme values, the remaining hedges could form a combination of these two and hence the value will always volatile within this range. A value of 0 is an indication that the hedge have the sa me outcome with remaining unhedged. Table 1 Minimum Variance model (All by 100) Chinese RMB 6 months: 1 2 3 4 5 6 7 8 9 Full 7.322 2.154 0.205 -0.009 -7.678 0.44 0.366 0.312 0.301 Period1 -4.072 1.378 -6.567 -7.023 -4.012 -5.321 -1.764 -1.685 -1.498 Period2 -6.341 -1.435 3.768 3.805 -6.789 0.012 -0.207 -0.301 -0.207 Chinese RMB 12 months: 1 2 3 4 5 6 7 8 9 Full -39.178 -14.091 -16.031 -15.987 -12.456 -2.943 -0.992 1.907 -1.112 Period1 -20.147 -6.908 -38.709 -8.976 -31.003 -20.965 -20.147 6.666 37.598 Period2 -36.668 -15.413 -10.056 -10.789 -10.123 2.069 1.509 1.509 1.760 USD 6 months: 1 2 3 4 5 6 7 8 9 Full -9.076 -0.701 1.778 3.588 0.668 -3.901 0.106 0.218 0.226 Period1 -3 5.098 -14.087 -10.668 -5.512 -7.418 4.508 -0.166 7.588 -0.203 Period2 -5.034 -1.995 0.106 0.851 1.287 -8.806 1.246 1.457 3.057 USD 12 months: 1 2 3 4 5 6 7 8 9 Full -68.687 -10.607 5.146 7.098 -0.769 -30.407 1.000 4.509 8.267 Period1 -98.098 -15.041 -9.908 -10.168 -4.009 -41.387 -0.186 5.969 -0.206 Period2 -6.032 -2.318 0.287 0.951 0.107 -8.145 -1.256 0.025 -1.287 Japanese Yen 6 months: 1 2 3 4 5 6 7 8 9 Full -5.988 0.315 0.456 0.379 0.654 -3.082 0.000 0.000 0.001 Period1 -12.097 0.987 0.965 0.957 0.998 -3.590 0.000 0.000 0.146 Period2 -2.033 1.809 1.967 1.478 1.889 -4.067 0.000 0.000 0.147 Japanese Yen 12 months 1 2 3 4 5 6 7 8 9 Full -40.345 1.235 1.7 98 1.113 1.356 -25.097 0.000 0.000 0.209 Period1 -55.413 1.376 1.132 1.111 1.985 -25.908 0.000 0.000 0.276 Period2 -20.137 1.965 1.065 1.478 1.259 -24.075 0.000 0.000 0.301 For the Chinese RMB, the results for Minimum Variance model has shown that the data in full period calculation was using FEC formula in both periods of 6 and 12 month, the results can always hedge alternative offers superior outcomes than the unhedged position performed. By calculating the data for period 1, we found that for both period 1 and period 2 are inferior. Be subject to some other alternatives, FEC calculation for the 6 month, and only the 6 combinations proved that its a poorer result for the full period. In period 1, all alternatives that use hedging always performed better than remaining unhedged. Period 2 shows a combination of results. For the 12 month FEC, in the full period, hedging choices significantly were better than remaining unhedged. This pattern is the same for period 1. Period 2 shows less effective results for hedging. By summarizing the results, they remain consistent between the 3 month and 12 month. The majority of outcomes (70%) show no matter they chose full hedging or selective hedging with FECs, it can perform better than remaining unhedged. An interesting result is the strong performance of the random walk model. For both the full period and for period 1, the random walk model provides a large group of outcomes with us research, which the best hedge is indicated. We have discussed the above that the random walk theory tells us that todays spot rate have the best impact on forecast of the future spot rate. We could learn from this study, which if the forward rate is a better rate than the current spot rate, we could use an FEC. If the current spot is more appropriate than the forward rate, we could choose to remain the position unhedged. For the USD, in period 1, it has the most positive results (a superior result to remaining unhedged) for both the 6 and 12 month about FECs. For the 6 month FEC within period 1, some of the volatility and combination 2 are much better than those who still remained unhedged. The one who always perform stronger than others would always choose to do the hedging then the random walk. For the full period and period 2, we dont even spot any improvement from hedging. It is difficult for us to make it stable to conclude that for the Chinese RMB any remaining unhedged choices cannot catch up with the performance of hedging alternatives, but we can realize that the FEC in the 12 month and random walk can provide us with some outstanding outcomes. For the JPY, we cannot totally prove tht hedging could provide better performance. For the 3 month FEC, however, we have figured out a group of positive outcomes and some consistent relationship with the USD in period 1. To summarize the Sharpe measure, for both the USD (always hedge ) and the Japanese Yen (random walk), the results do tell us something that hedging could always provide companies with a better performance. Minimum variance model effectiveness Table 2 displays a relationship with the Sharpe ratio; the minimum variance model for the USD shows a strong outcome in the scenario of hedging, whether it is always with an FEC or selectively. For both periods of the 6 and 12 months, hedging could always produce a superior result to those who is still remaining unhedged. Totally, 72% of the companies who used hedging can perform superior to those are remaining unhedged. Table 2 Sharpe Ratio effectiveness (All by 100) Chinese RMB 6 months 1 2 3 4 5 6 7 8 9 Full -0.588 -20.154 0.205 -18.007 -0.678 1.146 3.909 4.156 5.607 Period1 -45.072 -19.378 -16.532 -17.023 -47.012 -15.321 -3.764 -1.685 -1.498 Period2 16.341 -10.435 -23.768 23.805 16.789 6.012 6.207 6.301 6.207 Chinese RMB 12 months 1 2 3 4 5 6 7 8 9 Full -19.076 -50.701 -41.778 -23.588 -50.668 -3.901 -0.238 5.218 -0.226 Period1 -85.098 -84.087 -34.668 -5.512 -70.418 -24.508 -20.166 -17.588 -50.203 Period2 8.039 -21.995 -30.106 -30.851 -31.287 6.797 6.643 6.382 6.664 USD 6 months 1 2 3 4 5 6 7 8 9 Full -29.076 -0.701 -10.778 -3.678 2.668 -13.901 0.106 -1.218 0.226 Period1 37.021 24.087 10.668 15.512 -17.418 0.513 1.166 -7.588 -0.203 Period2 -50.034 -6.995 -10.106 -11.851 1.287 -18.806 1.246 1.457 3.057 USD 12 months 1 2 3 4 5 6 7 8 9 Full -42.684 -12.603 -15.143 -27.098 -0.769 -30.407 1.000 4.509 8.267 Period1 -89.012 -12.045 -15.348 -10.234 -4.009 -41.387 -0.186 5.969 -0.206 Period2 -26.032 -29.318 1.897 1.097 0.107 -8.145 -1.256 0.025 -1.287 Japanese Yen 6 months 1 2 3 4 5 6 7 8 9 Full -55.988 -0.315 0.563 1.232 1.321 -3.082 0.000 0.000 0.001 Period1 -27.097 -0.987 0.567 1.468 0.998 -3.590 0.000 0.000 0.146 Period2 -32.033 -1.809 1.897 20.786 1.889 -4.067 0.000 0.000 0.147 Japanese Yen 12 months 1 2 3 4 5 6 7 8 9 Full -47.346 10.235 1.798 1.113 1.356 -25.097 0.000 0.000 0.209 Period1 -60.466 21.376 1.132 1.111 1.985 -25.908 0.000 0.000 0.276 Period2 -30.186 17.965 1.065 1.478 1.259 -24.075 0.000 0.000 0.301 Between the USD and JPY, the results from table 2 indicate that theres no doubt that using alternative hedging could always produce a superior outcome to remaining unhedged. In fact, we still can not find any proof that can prove the usage of hedging alternatives would consistently perform better than those are not using hedging, but at the same time, there did exists some better outcomes received from hedging, After all, we cannot draw any conclusion that remaining unhedged is the better choice. Part V: Conclusion I will make this conclusion from the outcomes of the research. The general conclusion that can be drawn from the results is that over the period considered, always those who use hedging always perform better than those dont use for an exporter with an Chinese RMB exposure,at the same time those who is remaining unhedged dont have appearent advantages compared with hedging for both the USD and JPY. The only thing we concerned about is that the Chinese RMB is supportive of those who argue that firms confronting an foreign exchange exposure should always use hedging to act as their shield in predicting exchange rate movements. In accordance with the selective hedging alternatives, the random walk model could always do their work better, it is especially shown in Chinese RMB exposures. I made this conclusions from the findings, we wouldnt generally introduce USD and the JPY to a firm. In a short-term period, this is probably extremely dangerous, because substantial financial damage wou ld be occurred by the volatility of foreign exchange, but the results suggest that for firms that have exposures repeatedly over a long period of time that hedging offers no benefit. It seems that the method of comparing the outcomes, either Sharpe or minimum variance, does not significantly impact on the findings. In terms of further research, it would be of interest to extend the study to consider other currencies though it does become difficult in this region with fixed or at least pegged exchange rates. A case study or some survey work may also be of interest to discover what firms are actually doing, if anything, about this issue. The issue will continue to be an important one, as many of these countries do experience volatile exchange rate movements. At the time of writing the Chinese RMB is reaching a six year high vis a vis the USD.

Globalization Generates Poverty Essay - 1843 Words

What can two dollars buy you? A small coffee at Starbucks, a candy bar, bag of chips, and a soda, a slice of pizza. For nearly three billion people, approximately half of the world’s population, two dollars a day is all the money that the person has to live on. Moreover, of the 2.8 billion children in the world, 1 billion grow up in poverty; 640 million without adequate shelter, 400 millions with no access to safe water, and 270 million with no access to health services (UNICEF 2014). One proposed reason for this harsh reality of high poverty rates is globalization - the growing integration of economies and societies around the world. The claim that globalization generates poverty has been the focus of many debates for the last twenty†¦show more content†¦This point is also endorsed by Stiglitz who stated: One possible consequence of increases in economic globalization might be decreases in the danger of war. The argument in favor of this proposition begins with the point that as economic interconnections between two countries increase, each achieves greater welfare, and therefore each country develops a progressively a greater stake in the continuation and intensification of interconnections with its partner. The second step in the argument is that because war would lead to a breakage of their mutually profitable and beneficial economic contacts, partners have a progressively stronger incentive not to permit any particular political or diplomatic disagreement to escalate to military conflict. In general, then, as economic interdependence between two countries goes up, each nations incentives to manage and resolve disputes short of war also go up, with the result being a lower overall danger of war as the world experiences intensified economic globalization (2000). Grossman and Wong as elaborated on the fact that globalization will lead to new resources which â€Å"allows a country to capitalize on resources that would otherwise not be valuable†¦ [and] as a results countries can grow their economies†¦ in ways that were not possible before† (2014). Grossman, Wong, and many others who advocateShow MoreRelatedGlobalization Generates Poverty1930 Words   |  8 PagesMoreover, of the 2.2 billion children in the world, 1 billion grow up in poverty; 640 million without adequate shelter, 400 millions with no access to safe water, and 270 million with no access to health services (UNICEF 2005). One proposed reason for this harsh reality of high poverty rates is globalization - the growing integration of economies and societies around the world. The claim that globalization generates poverty has been the focus of many debates for the last twenty years, including theRead MoreImpact Of Globalization On The World Economy934 Words   |   4 Pagesâ€Å"Globalization refers to all those processes by which the people of the world are incorporated into a single world society, global society.† Definition by Martin AL brow, 1990, a British Sociologist. Globalization helps to under developed countries by increasing their economic. On the other side, researchers and experts are saying that, globalization helps in increasing gap between poor and rich people in all around the world. The impact of the globalization is so wide and board, it is difficultRead MoreGlobalization and Poverty1498 Words   |  6 PagesGlobalization and Poverty Introduction In this essay, I am going to investigate the globalization and poverty in the world. Meanwhile, its impact on global marketing activities will also be addressed. It is an interesting topic to study, as you will know the reason behind by the following quotes: ‘Over the past 20 years, the number of people living on less than $1 a day has fallen by 200 million, after rising steadily for 200 years’ (James Wolfenson, president of World BankRead MoreGlobalization1301 Words   |  6 PagesGlobalization Globalization: Key Term Choice The key term globalization was chosen for this research paper due to the significant role it plays in the business world. Business professionals need to have a broad understanding of how globalization impacts the economy and creates different interactions among nations. By immersing themselves in how globalization functions, business professionals can make effective and successful investment, marketing, and management decisions. Furthermore, the advancesRead MoreDoes globalization affect negatively on civilizations? The term globalization means the procedure800 Words   |  4 PagesDoes globalization affect negatively on civilizations? The term globalization means the procedure of connections and incorporations among individuals, organizations and legislatures of diverse countries, a methodology determined by global exchange and speculations, and helped by data innovations. In other words, it is a process of interactions between people, on the basis, that they live in one planet, r egardless the limits and spaces separating them. The term globalization was a seldom known articulationRead MoreGlobalization Has A Strong Emotional Charge1497 Words   |  6 PagesGlobalization that offers great chances of achieving genuinely global development is progressing irregularly. Some countries integrate into the global economy faster than others. In those that have been able to integrate, growth is stronger and poverty decreases. As a result of outward-looking policies, the East Asian countries, which were among the poorest in the world forty years ago, have for the most part become dynamic and prosperous. As the standard of living in these countries increased, theyRead MoreImpact Of Globalization On The World1244 Words   |  5 Pageshave access to similar services and products. Let it be fashion, entertainment of even food. Everybody is adopting similar habits. That’s the power of globalization. Globalization is the process by which the world is interconnected through technology and powerful infrastructure for the purpose of communicating and managing resources. Globalization seems to talk about several vibrant phenomena which ensure two major components. 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From article by Vikas Bajaj published in The New York Times, November 25, 2012 To establish our own point of view on the issues of globalization in Dhaka, Bangladesh we are obliged to take a look at few things, for instance definition of globalization, and its both positive and negative impacts on the capital city, Dhaka. Dhaka, formerly known as Dacca, is the capital and major city of Bangladesh with the estimated populationRead MoreEssay Globalizaton1257 Words   |  6 PagesGlobalization is a term that has become very popular in recent times. It is a concept with many differing definitions. Thomas L. Friedman, author of The Lexus and the Olive Tree, describes globalization as a movement that enables individuals, corporations, and countries to reach around the globe farther, faster, deeper and cheaper than ever before. Globalization is the spread of free market capitalism to virtually every country in the world. Countries are encouraged to allow free trade, privatization

Essay about Ray Bradburys Fahrenheit 451 - 1129 Words

Literary Criticism of Fahrenheit 451 Don’t worry, be happy, or at least that’s what everyone in Ray Bradbury’s book Fahrenheit 451 thought. No matter what was going on around them, war, crime, or death, they were always happy†¦ Or were they? Ray Bradbury wrote books about censorship in society forming around being censored totally or partially from books and television. In Fahrenheit 451 the main character, Montag, is a fireman whose job it is to burn books to keep the public from reading then and coming up with their own thoughts and ideas and not the ideas that the government puts in their heads. Wile he is burning books one day he opens one to read it and becomes obsessed with reading books. He turns on his fire chief and burns him, and†¦show more content†¦One way she shows that she is not happy is that she tries to commit suicide one day by over dosing on sleeping pills while Montag is at work. Montag comes home to find her laying on the floor passed out and an empty bottle of sle eping pills beside her. He calls 911 and two men come to his house wearing nonstainable reddish-brown coveralls and two specially made machines. They came to pump her stomach and clean her blood. The two men pumped her stomach and thought nothing of it. Critic Edward Eller says, â€Å"They act as casually as handymen doing a fix-it-up job (2).† As the men’s machines are doing the work one of the men who is talking to Montag and says, â€Å"Hell! We get these cases nine or ten a night (15).† This shows that it is not only Mildred that is unhappy but many other people in the society of Fahrenheit 451. Also she considers the people in her soap operas to be her real family and not her husband. She can not even remember when she and Montag met. She gets depressed when she can not watch her television shows and wants Montag to buy her another wall so she can have all 4 walls for television. nbsp;nbsp;nbsp;nbsp;nbsp; One other person who seems happy to the reader at first but in all actuality is not, is Mrs. Phelps. One day as Mrs. Phelps is talking about children and how she would never have them because it is not worth it Mrs. Bowles says to her that she has had two children by caesarian section. She goes on to say, â€Å"They sometimes look like you,Show MoreRelatedRay Bradburys Fahrenheit 4511020 Words   |  5 Pagesthe penalty for their possession—to watch them combust into ashes. Ray Bradbury’s novel, Fahrenheit 451, illustrates just such a society. Bradbury wrote his science fiction in 1951 depicting a society of modern age with technology abundant in this day and age—even though such technology was unheard of in his day. Electronics such as headphones, wall-sized television sets, and automatic doors were all a significant part of Bradbury’s description of humanity. Human life styles were also predicted; theRead MoreAnalysis of Ray Bradburys Fahrenheit 451525 Words   |  2 Pages Ray Bradbury’s dystopian novel, â€Å"Fahrenheit 451† depicts a future in which all books are outlawed, and the main character, Guy Montag, is a â€Å"fireman†, someone hired to burn books. The novel has won multiple awards and is widely regarded as one of Bradbury’s best works. â€Å"Fahrenheit 451† is largely subjected to interpretation, surrounded by many theories as to why it was written. â€Å"Fahrenheit 451† is strongly themed and can lead the reader to produce a plethora of ideas for it’s meaning , and theRead MoreSummary Of Ray Bradburys Fahrenheit 451912 Words   |  4 PagesBradbury uses a characters to represent the lives of other characters. In Ray Bradbury’s Fahrenheit 451, Clarisse causes Guy Montag to question his wife, Beatty, and his society (Bradbury, 1953). Clarisse McClellan makes Montag realise how unhappy he is in his marriage and that he really does not have a good relationship with Mildred (Bradbury, 1953). Montag soon begins to question being a fireman and working alongside Captain Beatty. Montag gets very tired living fast past and not getting the timeRead MoreAnalysis Of Ray Bradburys Fahrenheit 4511113 Words   |  5 Pagesand Dying, once imagined that, â€Å"The most beautiful people we have known are those who have known defeat, known suffering, known struggle, known loss, and have found their way out of those depths.† The text’s collection focus on Ray Bradbury’s science fiction, Fahrenheit 451 discusses about the growth and struggles of Guy Montag’s beliefs against his society. Montag is a fireman and his job is to restrain people from learning by burning books. He meets special people and realizes the stimulation andRead MoreAnalysis Of Ray Bradburys Fahrenheit 4511038 Words   |  5 Pagesexpressionless faces connected to even more mindless robotic people. A world where one just breathes and eats, but never truly f eels any emotion. Our world is on the way to becoming this, but for Millie and Montag this was a sad, sad, reality in Ray Bradbury’s book Fahrenheit 451. Everything grows with time as did our main character Montag throughout the book. Montag begins as a mindless follower and evolves into a fearless leader. As he grows into this leader his relationship with Mildred goes through multipleRead MoreCensorship in Ray Bradburys Fahrenheit 451777 Words   |  3 PagesFahrenheit 451 accurately portrays Censorship as it has been throughout history. Ray Bradbury was probably influenced by world events during his time, such as the cold war and other diplomatic leaders who have censored their citizens to avoid the truth from getting out. From politicians right now and their attempts to censor the media, to censorship from the history of other foreign countries the actions of the â€Å"Firemen† in Bradbury’s novel Fahrenheit 451 are similar in method and meaning. The actionR ead MoreRay Bradburys Fahrenheit 451 Essay875 Words   |  4 PagesIn Ray Bradbury’s Fahrenheit 451, Bradbury uses the life of Guy Montag, a fireman in a near future dystopia, to make an argument against mindless conformity and blissful ignorance. In Bradbury’s world, the firemen that Montag is a part of create fires to burn books instead of putting out fires. By burning books, the firemen eliminate anything that might be controversial and make people think, thus creating a conforming population that never live a full life. Montag is part of this population forRead MoreRay Bradburys Fahrenheit 451 Character Analysis708 Words   |  3 Pagesworld is like for Guy Montag in Ray Bradburys novel Fahrenheit 451. In the beginning of the novel, Guy Montag is a fireman who believes that there has never been and will never be a need for books and every book should burn. As the story progresses, he interacts with people and experiences events in his life that change his beliefs and views of the world. By the end of the novel, Guy Montag can recite parts of books off the top of his head. In Ray Bradbury’s Fahrenheit 451, Guy Montag learns the truthRead MoreReview of Ray Bradburys Fahrenheit 451 Essay1496 Words   |  6 PagesReview of Ray Bradburys Fahrenheit 451 In Ray Bradburys novel Fahrenheit 451, the author utilizes the luxuries of life in America today, in addition to various occupations Read MoreEssay about Ray Bradburys Fahrenheit 4512103 Words   |  9 Pagesthe point where they cannot entertain their minds with anything meaningful. Above all, the people of this society shun books and remain ignorant about their history and anything beyond their lifestyles. This is the society which Ray Bradbury conjures up in Fahrenheit 451 using science fictional elements to convey the importance of remembering, freedom of speech, and less reliance on machinery. Science fiction was the best medium to help Bradbury express his ideas because it provides the proper balance

Bamboo free essay sample

Bamboo is actually and evergreen plant, and a member of the true grass family  Phocaea. It is the fastest growing woody perennial on the planet, and some of the giant species can grow up to four feet per day! It is found on nearly every continent in the world, and has a wide range of useful applications. Bamboo products are used extensively in the modern world, and its usage has been growing rapidly in recent years. It is an easily renewable resource and its cultivation is beneficial to the environment. A bamboo grove creates 5 times more bio-material than a typical pine forest, making it beneficial to the environment. Bamboo is truly an amazing plant, and provides great benefits for our planet. There is currently over 1,000 known  bamboo species, and 91 genera. The bamboo family is diverse and can grow in a wide range of climates and conditions. Bamboo can be found growing in the cold high altitude mountains of Tibet, and in the warm desert climates of sub-Saharan Africa. Sizes, shapes, colours, and behaviours of bamboo can also vary significantly. The plant can grow as short as a couple of inches, to as tall as 100 plus feet and 8 inches in diameter. Colours of bamboo canes are typically bright green, but can also be jet black, or even striped. The varying of appearances makes them an idea choice for ornamental and landscaping purposes. Bamboo is a staple of the Japanese garden and a symbol of Japanese culture. The cultural significance of Bamboo in Asian culture is profound and has been well documented in the history books. In fact, Bamboo was actually used as the writing medium in ancient Chinese literature. Scribes would write on bamboo slats, which are known in the United States as bamboo scrolls. Much of the history of China has been document this way, and without bamboo much of it may have been lost. Bamboos are woody stemmed members of the grass family, Poeceae, which belong to the family Bambusoideae. All members of the subfamily can be distinguished from the other grasses by foliage leaf blades which are attached to their branch lets by slender leaf stalks or petioles. Other grasses like corn and sugar cane have leaves without petioles. The Culms Like all grasses the bamboos have stems or culms which are segmented by oints called nodes. Bamboo nodes are always solid but between the nodes, the internodes of the culm are usually hollow. A group of culms growing near one another are usually connected together underground by segmented stems called rhizomes to form a single plant. The roots grow from the nodes of the rhizomes. The rhizomes serve as a storehouse of food for the bamboo p lant allowing new culms to grow very rapidly. Each culm grows to its full height in a grand period of growth which usually takes no longer than 2 or 3 months. Thereafter, even though it may live for up to 10 years, the culm does not increase in height or diameter. A plant with small rhizomes can produce only small culms. Under favourable conditions the rhizomes will increase in size and produce larger culms each year until the limit for that particular species is reached. The oldest culms are thus often the smallest and the youngest the largest. Bamboo Culms or Canes The Rhizomes There are two basic types of bamboos, the clampers and the runners. The culms of a clumping species grow close to one another usually no more than a foot apart. While the culms of a runner are often spaced far apart. Up to 10 ft. or more. The spacing of the culms is characteristic of each species and depends on the nature of the rhizomes. McClure first used the terms symposia and monopodia to describe c1umpers and runners. Sympodial refers to the branching habit of clumping rhizomes: each rhizome typically branches into a pair of rhizomes, each of which branches into a pair again. Monopodial refers to the running rhizome which consists of a main axis from which branches arise one at a time. Later (McClure. 1966) the above two terms were abandoned in favour of pachymorph and leptomorph: the first refers to the short. Thick shape of the clumping rhizome while the later describes the long, slender shape of a running rhizome. Both pairs of terms describe some of the features of the two rhizome types but I prefer to use the words clamper and runner. A running bamboo has the capability of spreading rapidly. It can also get nourishment from the ground at some distance from its culms. Under favourable growing conditions the runner planted as an ornamental can become a problem, growing into a lawn. a flower bed or a neighbors yard. The c1umpers are more well behaved as they can only spread slowly from the edge of the clump. In most cases the clump diameter will be no greater than about 10 or 15 ft. after many years. In most genera of bamboos all of the species are either clumpers or runners. Most clumpers are tropical or subtropical plants that are damaged by temperatures below about 15 ° F, while most runners can withstand colder temperatures. There are exceptions the two most hardy species grown in the U. S. Thamnocalamlls spathaceolls  (Fran. ) Soder. and  Sinarundinaria nitida  (Mitf. ) Nakai are clumping bamboos The Branches Almost all bamboos have one or more branches that grow from the culm nodes. In many species the lower nodes of large culms remain branchless. The number of branches , their relative size and their arangement on the culm node is an important characteristic for the identification of the genus and sometimes of the species. Bamboo Branches The Leaves The bamboo leaf complement consists of two parts, the sheath and the blade. The sheath wraps around the stem to which it is attached at the sheath base. The opposite or distal end of the sheath develops into the blade which is often flat and bent away from the sheath and stem. Bamboos have two distinct kinds of leaves. Culm leaves and foliage leaves. Culm leaves are attached at the base of their sheaths directly to culm nodes atthe sheath scar. The culm leaf sheath, which is usually large compared to the blade, serves to protect the new culms as they emerge during the grand period of growth. After the culm grows to its full height the culm leaf dries and often fall soff. On the upper end of the sheath on both sides of the blade are two auricles. The bristle-like hairs which extend from the margins of the auricles are called oral setae. Extending up from the central margin of the sheath is the ligule. The auricles and oral setae may be lacking on some species. Culm leaf blades are larger toward the upper end of the culm. Near the upper tip the leaves are similar to foliage leaves; the blades remain green and persist long after the lower culm leaves have fallen off. The culm leaf sheath is often simply called the culm sheath or the sheath. Foliage leaves grow from branchlets. The blades are generally large compared to the sheaths which wrap tightly around the stems often overlapping the sheath above it. The foliage leaf blade is commonly called simply the leaf. Foliage leaves have ligules and often auricles and oral setae. The foliage leaf blade is always attached to its sheath by a stem or petiole in contrast to the culm leaf blade which is often without a petiole. Foliage leaves drop off after about one year but not until new leaves have grown to replace them so that the bamboos are generally green year round. The leaves that grow from main branches tend to resemble culm leaves while those at the ends of culms and branches are somewhere between the two types. To identify species one should look at culm leaves that grow near the middle of large culms and at foliage leaves that grow from branchlets. Bamboo Leaves The Flowers The flowering of bamboo plants occurs at irregular, often long intervals. Each species has its individual pattern; it may flower continuously. yearly. every few years. or at long intervals up to over 100 years. The flowers may be only a few. cover one or a few culms or cover all culms of the species growing in a wide area. With heavy flowering vegetative growth comes to a virtual standstill that may last from a few months to many years, after which the plant may slowly recover its vegetative growth or it may die. Each flower does not produce a seed and often plants will produce a massive quantity of flowers and little or no fruit. The history of the flowering ofPhylloslachys  is given by Adamson et al. (978) for plants grown at the United States Barbour Lathrop Plant Introduction Garden at Savannah, Georgia (hereafter called the Garden). Eighteen different accessions representing 10 different species flowered between 1951 and 1977. Of these, 8 accessions died, 8 recovered and two were still flowering in 1977. During this time all of the accessions ofP. niduaria  flowered while some accessions of  P. bambusoidesflowered and some did not. Because of the rarity of flowering in most bamboos, one must often rely on the vegetative characteristics to distinguish species. When a plant does flower it often lacks the vegetative parts such as culm leaves which are critical for identification. In some cases most of the foliage leaves fall off of flowering plants Characteristics: Bamboo is an attractive alternative for flooring because of its physical similarities to hardwoods. Bamboo floor manufacturers and sellers promote its strength, durability as well as resistance to insects and moisture while having the added benefit of being eco friendly. The hardness of bamboo ranges from 1180 (carbonized horizontal) to around 1380 (natural) using the  Janka hardness test  versus  red oak  (1290),  white oak  (1360),  rock maple  (1450), andhickory  (1820),Brazilian Cherry / Jatoba (2350), (the higher the number the harder the material). Care and maintenance: Bamboo is an aggressive plant and will require general maintenance task throughout the year. Its behaviors are different than many other garden plants. In this section, we break down the common maintenance tasks you may encounter. Following these guidelines will help you maintain healthy and happy bamboo plants. Watering  Ã¢â‚¬â€œ Ornamental and garden bamboos require a regular watering schedule, and cannot rely completely on rain water. Bamboo likes to dry after watering, so your watering schedule will need to alternate days. It is important to keep a balanced water schedule, as too much or too little water can be harmful to the bamboo. Newly planted specimens should be watered at least twice a week in their ideal weather conditions. In areas with warm temperatures or frequent wind, the bamboo may require water up to 5 times a week. As a grower, you must make a judgment call on watering frequency by examining the leaves and soil. Bamboo leaves will start to curl inwards if they are not receiving enough water. This is a natural mechanism used by the plant to protect itself against drought. By curling the leaves the plant will prevent water from escaping by trapping it in the pockets it creates. If you notice that your bamboo is starting to display this behavior, it should be a red flag that more water is needed. Soil also needs to be monitored on a regular basis, with this being especially true for container bamboos. Bamboo growing in a container is vulnerable to overwatering, and it is common for gardeners to unknowingly waterlog the plant. This can lead to rotting of the rhizomes and roots, and can even kill the entire plant. Fertilizer  Ã¢â‚¬â€œ After your bamboo plant is established, it is recommended to fertilize regularly. An organic fertilizer that is high in nitrogen is the ideal choice. Half rotted horse or cow manure is also an excellent choice, and can often be obtained for free. A standard high nitrogen lawn fertilized works well, and is often the most cost effective choice. Fertilizer should be applied once in the summer when rhizomes are developing, and again in the fall or early spring. Apply a 2 inch layer of your fertilizer mixture or compost around the base of the plant. You can also spread the mixture out to areas you want the plants to grow. Thinning and Pruning  Ã¢â‚¬â€œ Pruning bamboo on a regular basis is usually not necessary and is primarily done for aesthetics. Culms will generally live up to ten years, but can start to dry out and look unattractive later in life. Removing the older culms is an important maintenance task and will promote the health of the newly emerging culms. The older culms will compete for light and nutrients with the younger culms and allowing them to live will lessen the overall beauty of the entire clump or grove. This is done by cutting off the old culm at soil level. We recommend that old or dead culms are removed at least once per year from your garden. In the case of timber bamboos, you can promote large and rapid growth by removing the smaller culms in the grove. Removing small culms will allow for the space and nutrients required to produce giant timber bamboo. Thinning and pruning will do wonders for the health and appearance of the plants. Controlling Spread  Ã¢â‚¬â€œ There are several method used to control the spread of running (leptomorph) bamboos. The most common tactic is to install a HDPE rhizome barrier around the growing area. Check out our article on installing a rhizome barrier for a full breakdown. Depending on the area, installation of a rhizome barrier can be a difficult or impossible task. The most simple and cost effective method of controlling bamboo is to prune the rhizomes on a regular basis. Rhizome pruning is a seasonal task, normally done in late fall through spring. As new rhizomes emerge from the soil, a sharp garden spade can be used to sever the rhizomes as they travel beneath the ground. Start by marking out the desired perimeter to which the bamboo should be confined. Next, plunge the spade as deep as possible into the soil along this perimeter. This will cut the rhizomes in the area and limit their growth for the remainder of the season. This must be done at least once per year in order to work effectively. Winter Protection  Ã¢â‚¬â€œ Bamboo is most vulnerable during the winter months. In cold, windy climates there are necessary steps to take to protect your bamboo. After the initial planting, the goal is to allow the plant enough time to establish a root system and become hardy enough to survive in freezing winds, temperatures, and frost. Freezing winds are a young bamboo plant’s worst enemy. The cold temperatures are not particularly damaging, but the loss of moisture will cause plant to dry out quickly. For a young plant that is not well established, the aftermath of winter can be devastating. Frost can also be troublesome to bamboo. A consistent layer of frost has the potential to cause cell irreversible cell damage to the leaves, branches, and culms. Leaves are the most susceptible to frost, but the culms are also at risk during the winter. It is important to know and understand the cold hardiness of the variety of bamboo you are growing. This will help you prepare the area according to the exact needs of your bamboo. Black Bamboo covered in snow. (Photo: Paul Smith) The first and most important step to protecting your bamboo in the winter is to provide a heavy layer of mulch at the base of the plant. This will give the soil beneath some degree of protection from freezing temperatures and allow the roots and rhizomes to remain healthy. Good mulch can consist of dried leaves, organic compost, or a low growing groundcover plant. The next step is to protect the plant from excessive wind exposure. This can be done by planting some type of cold hardy plant in the vicinity of the bamboo to deflect and absorb the incoming wind. It is also possible to install a screen or panel in front of the plant to provide an equal level of protection. Uses Culinary The shoots (new culms that come out of the ground) of bamboo are edible. They are used in numerous Asian dishes and broths, and are available in supermarkets in various sliced forms, in both fresh and canned versions. The shoots of the giant bamboo (Cathariostachys madagascariensis) contain  cyanide. Despite this, the  golden bamboo lemur  ingests many times the quantity of toxin that would kill a human. The bamboo shoot in its fermented state forms an important ingredient in cuisines across the Himalayas. Pickled bamboo, used as a condiment, may also be made from the  pith  of the young shoots. Pickled bamboo shoots (Nepali: tama) are cooked with black eyed beans as a delicacy food in Nepal The empty hollow in the stalks of larger bamboo is often used to cook food in many Asian cultures. Soups are boiled and rice is cooked in the hollows of fresh stalks of bamboo directly over a flame. Medicine Bamboo is used in  Chinese medicine  for treating infections and healing. It is a low-calorie source of potassium. It is known for its sweet taste and as a good source of nutrients and protein. In  Ayurveda, the Indian system of traditional medicine, the siliceous concretion found in the culms of the bamboo stem is called  banslochan. Construction House made entirely of bamboo In its natural form, bamboo as a construction material is traditionally associated with the cultures of South Asia, East Asia and the South Pacific. In China and India, bamboo was used to hold upsimple suspension bridges, either by making cables of split bamboo or twisting whole culms of sufficiently pliable bamboo together. One such bridge in the area of Qian-Xian is referenced in writings dating back 960 A. D. and may have stood since as far back as the 3rd century B. C. , due largely to continuous maintenance. Bamboo has also long been used as scaffolding; the practice has been banned in China for buildings over six storeys but is still in continuous use for skyscrapers in  Hong Kong. In the Philippines, the  nipa hut  is a fairly typical example of the most basic sort of  housing  where bamboo is used; the walls are split and woven bamboo, and bamboo slats and poles may be used as its support. In  Japanese architecture, bamboo is used primarily as a supplemental and/or decorative element in buildings such as fencing, fountains, grates and gutters, largely due to the ready abundance of quality timber. Bamboo scaffolding  can reach great heights. Various structural shapes may be made by training the bamboo to assume them as it grows. Squared sections of bamboo are created by compressing the growing stalk within a square form. [21]  Arches may similarly be created by forcing the bamboos growth with the desired form, and costs much less than it would to assume the same shape in regular wood timber. More traditional forming methods, such as the application of heat and pressure, may also be used to curve or flatten the cut stalks. [22] Products made from bamboo laminate, including flooring, cabinetry, furniture and even decorations, are currently surging in popularity, transitioning from the boutique market to mainstream providers such as  Home Depot. The bamboo goods industry (which also includes small goods, fabric, etc. ) is expected to be worth $25 billion by the year 2012.. The quality of bamboo laminate varies between manufacturers and the maturity of the plant from which it was harvested (six years being considered the optimum); the sturdiest products fulfill their claims of being up to three times harder than  oak  hardwood, but others may be softer than standard hardwood. Bamboo intended for use in construction should be treated to resist insects and rot. Bamboo pavilion in the Shenzhen Biennale Bamboo has been used as reinforcement for concrete in those areas where it is plentiful, though dispute exists over its effectiveness in the various studies done on the subject. Bamboo does have the necessary strength to fulfill this function, but untreated bamboo will swell from the absorption of water from the concrete, causing it to crack. Several procedures must be followed to overcome this shortcoming. Several institutes, businesses, and universities are working on the bamboo as an ecological construction material. In the United States and France, it is possible to get houses made entirely of bamboo, which are earthquake and cyclone-resistant and internationally certified. In Bali, Indonesia, an international primary school, named the  Green School, is constructed entirely of bamboo, due to its beauty, and advantages as a sustainable resource. There are three  ISO  standards for bamboo as a construction material. In  Maharashtra, the bamboo groves and forests are called VeLuvana; the nameVeLu  for bamboo is most likely from Sanskrit, while  Vana  means forest. Furthermore, bamboo is also used to create flagpoles for  saffron-coloured,  Hindu  religious flags, which can be seen fluttering across India, especially  Bihar  and  Uttar Pradesh, as well as inGuyana  and  Suriname. Bamboo is used for the structural members of the  India pavilion  at  Expo 2010  in  Shanghai. The pavilion is the world’s largest bamboo dome; about 34 m in diameter, with bamboo beams/members overlaid with a ferro-cement slab, water proofing, copper plate, solar PV panels, a small windmill and live plants. A total of 30  km of bamboo was used. The dome is supported on 18-m-long steel piles and a series of steel ring beams. Textiles Because the fibers of bamboo are very short (less than 3mm), they are impossible to transform into yarn in a natural process. The usual process by which textiles labeled as being made of bamboo are produced uses only the rayon, that is being made out of the fibers with heavy employment of chemicals. To accomplish this, the fibers are broken down with chemicals and extruded through mechanical spinnerets; the chemicals include  lye,  carbon disulfide  and strong acids. Retailers have sold both end products as bamboo fabric to cash in on bamboos current ecofriendly cachet; however, the Canadian  Competition Bureau  and the US  Federal Trade Commission,[as of mid-2009, are cracking down on the practice of labeling bamboo rayon as natural bamboo fabric. Under the guidelines of both agencies, these products must be labeled as rayon with the optional qualifier from bamboo. Paper Bamboo fiber has been used to make  paper  in China since early times. A high quality hand-made paper is still produced in small quantities. Coarse bamboo paper is still used to make  spirit money  in many Chinese communities. Bamboo  pulps  are mainly produced in China,  Myanmar,  Thailand  and India and are used in  printing and writing papers. The most common bamboo species used for paper areDendrocalamus asper  and  Bamboo bluemanea. It is also possible to make  dissolving pulp  from bamboo. The average fiber length is similar to  hardwoods, but the properties of bamboo pulp are closer to  softwoods  pulps due to it having a very broad fiber length distribution. With the help of molecular tools, it is now possible to distinguish the superior fiber-yielding species/varieties even at juvenile stages of their growth which can help in unadulterated merchandise roduction. Musical instruments Bamboos natural hollow form makes it an obvious choice for many instruments, particularly wind and percussion. There are numerous types of  bamboo flute  made all over the world, such as the  dizi,  xiao,  shakuhachi,  palendag  and  jinghu. In India, it is a very popular and hi ghly respected musical instrument, available even to the poorest and the choice of many highly venerated maestros of classical music. It is known and revered above all as the divine flute forever associated with  Lord Krishna, who is always portrayed holding a  bansuri  in sculptures and paintings. Four of the instruments used in  Polynesia  for traditional  hula  are made of bamboo:  nose flute, rattle, stamping pipes and the  jaw harp. In Indonesia and the Philippines, bamboo has been used for making various kinds of musical instruments, the modern amplified string instrument, the  Chapman stick, is also constructed using bamboo. The  khene  is a mouth organ of Lao origin whose pipes, which are usually made of bamboo, are connected with a small, hollowed-out hardwood reservoir into which air is blown, creating a sound similar to that of the violin.