Spin, Science and Climate Change

Introduction Proponents of climate change argue scientifically that the cause of global warming is the accumulation of green house gases and water vapor in the atmosphere over a period. On contrary, opponents view global warming as scientific assumption and fraudulent which does not obey the physical laws of nature.Advertising We will write a custom report sample on Spin, Science and Climate Change specifically for you for only $16.05 $11/page Learn More The controversy has lead to conclusion that â€Å"action on climate is justified, not because the science is certain, but precisely because it is not† (The Economist Para. 1). This conclusion questions the validity of the scientific evidence and recommendations used by politicians to achieve their desired ends. Climate Change The United States senators and industrial groups discussed on legislations to regulate carbon-dioxide emissions based on the scientific recommendations from Intergovernmental Panel on Climate Change (IPCC). The implementation of the legislation is still to face some drawbacks such as unwillingness of the politicians as demonstrated during Copenhagen summit, economic recession, and credibility of climatologists (The Economist Para. 2). These drawbacks enhance the doubts and give an upper hand to the skeptics of global warming to reject scientific recommendations. Although the United States government took seriously the problem of climate change at first instance by establishing the Intergovernmental Panel on Climate Change, their recommendations attracted opposing views. While some politicians felt that the problem of climate change have been overstated others felt it was understated. These opposing views have increased doubts on the certainty and reality of the global warming since politicians and journalists seem to be simplifying and exaggerating the problem of climate change. The economic recession and the uncertainties of the scientific report has p rovided basis for unwilling politicians and economists not spent money in combating climate change (The Economist Para. 3-5). The controversy pose a great challenge to the scientists since their results and recommendations are misinterpreted hence it is a daunting task for them to regain their credibility.Advertising Looking for report on ecology? Let's see if we can help you! Get your first paper with 15% OFF Learn More The IPCC report illustrated uncertainties in their predictions by giving a very wide range of temperature increase. Due to the demands for certainty by the politicians and voters, varied scientific results are subjected to many interpretations to suite their interests. For instance, exaggeration of the global warming effects may provide temporary measures to combat it, although it is wrong and dangerous approach of influencing people to support unknowingly (The Economist Para. 6). Exaggeration of the climate change effect and occurrence scare people in favor of certain political views rather than concrete scientific evidence. Skeptics argue that the uncertainties and inconsistencies of the IPCC report exaggerate the gravity of the climate change because the results were very subjective and had many mistakes. Moreover, allegations of the unwillingness to share data by the scientists before Copenhagen climate summit raised more concern and criticism about the certainty of the results and the criteria of determining the extent of climate changes. There is a perception that the Intergovernmental Panel on Climate Change is a political tool used by the government hence it has lost credibility and public confidence (The Economist Para. 7). Loss of credibility on the part of scientists is a deadly blow to the world of science. Conclusion The uncertainties and inconsistencies of the scientific results coupled with the varied political and economic interests led to the manipulation and misinterpretation of scientific recommendations. The m isinterpretation of the scientific results has raised questions over credibility of scientific procedures that seem unreliable in defining strategies of solving climate change. Works Cited The Economist. â€Å"Climate Science: Spin, Science and Climate Change.† The Economist  Newspaper Limited, 18 Mar. 2010. Web. https://www.economist.com/leaders/2010/03/18/spin-science-and-climate-change This report on Spin, Science and Climate Change was written and submitted by user Charlie Ball to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Ethics for Professional As Accountant essays

Ethics for Professional As Accountant essays Ethics for professional as accountant As our society is increasing complex, the ambiguity of situation in business transaction is increased. Thus, it is more and more important for accountant to concern ethics issue and to follow the accounting framework. Not like the color of your eyes, ethics is not inherited from parents. It is acquired by learning after born.  ¡Ã‚ °Ethical reasoning, is not a matter of applying the appropriate algorithm to a situation and mechanically calculating the correct moral result. Ethical reasoning is more subtle, less precise, often more difficult. ¡ (Damian Consider something ethically requires one to value the decision beyond his self-interest alone in reaching the decision. Also ethical judgment is universalized, it should be objective and without any biases or preferences. Besides, ethics is practical for action-guide. We can evaluate the people ¡Ã‚ ¯s behavior by prescriptive guidance. That means we can predict the consequence of people by referring the proper ethics code. The ethics issue has tight connection with the professional as the accountant. Accountants collect and process the financial information to assist the decision making of public. This financial information has a wide range of users, like banks, investors, potential investors, employees, suppliers, creditors, customers, analysts, media and government bodies. Their decision making will be influenced by the financial information generated by accountant. True and fair is the principle of financial report. Thus faith to the figure is the basic as the accountant. Ethical challenges for accountant take several forms and raise diff...

How Does ACT Essay Length Affect Your Score

How Does ACT Essay Length Affect Your Score SAT / ACT Prep Online Guides and Tips There's not a whole lot of information out there on how essay length affects ACT Writing scoring. Are longer essays better? But the essay scoring rubric doesn't say anything about essay length, so maybe it doesn't matter? Fear not - your questions will be answered in this article. feature image credit:48 What's That? How Long? Sit On, It., Lindt Big Egg Hunt Covent Garden 26-3-2013 by Martin Pettitt, used under CC BY 2.0/Cropped and resized from original. Why Does Essay Length Matter? Short answer: essay length is highly correlated with essay score. The more you write, the better you’ll do on the essay. There's a fairly famous 2005 New York Times article by Michael Winerip about the then-director of MIT's undergraduate writing program, Les Perelman. When he compared the lengths and scores of the 54 sample essays the CollegeBoard had released, he found that he could predict essay score based on essay length 90% of the time. Short essays (around 100 words) received a 1 out of 6, while the longest essays (around 400 words) received a 6 out of 6. I searched online to see if anyone had done comparable research on the ACT essay, but did not turn up anything, so I did a quick analysis of the word counts for the sample ACT essays. All the essays were written in response to the same prompt, and all received the same score across the 4 ACT Writing scoring domains (for more on this, read my article on the ACT essay grading rubric). Bonus graph practice for ACT Reading. You're welcome! As you can see in the graph above, the more words you write in your essay, the better you'll do. In fact, essays with a score of 5 or 6 in all domains had nearly twice as many words (and so were twice as long) as the essay scoring a 2 in all domains. On the other hand, it’s important to note that writing a long essay does not automatically lead to a higher score. Looking at the graph above, it might be tempting to think "hey, I guess I can just fill up my paper with an essay about dinosaurs, and as long as I write at least 400 words I'm guaranteed a 4 or higher! Time to write my magnum opus about the new discovery that apatosaurs and brontosaurs are in fact different species." Brontosaurus by philosophygeek, used under CC BY-SA 2.0/Cropped from original. That's right. Brontosaurus is back, babies! Unfortunately for all of you dinosaur fans out there, it's not that simple. While there is a strong correlation between essay length and essay score, the correlation is most likely caused by a third factor: essay content. Longer essays tend to score higher because it indicates the student has done a deeper analysis of the topic and been more thoughtful.Essay graders aren't just going to look at your 4-page essay on comparative dinosaur anatomy and go "That sure looks like the length of a high-scoring essay. 6s all around!" The graph above shows this correlation while also highlighting another interesting trend: a 6-scoring essay can very well be shorter than a 5-scoring essay. The most likely reason for this? The 6-scoring essay on the ACT site uses more advanced vocabulary, which means the writer required fewer words to say the same amount of information. So How Long Should Your Essay Be? There are multiple factors that determine how long your essay ends up being, only some of which will lead to a higher score. Below, I've listed the four key factors that determine essay length. 1. Vocabulary. The more advanced vocabulary you use, the fewer words you'll need to get your point across, which might result in a shorter essay. This difference can be seen on the word count graph above: the 5-scoring essay is longer than the 6-scoring essay. 2. Handwriting size. Students with smaller handwriting may be able to get in more words per pages, which means that their essays end up being fewer pages. This doesn't necessarily mean students with larger handwriting have an advantage, however; in fact, students with larger handwriting tend to run into the issue of filling up all the available pages and failing saying everything they needed or wanted to say. 3. Your writing and thinking speed. If you take longer than 8-10 minutes to plan out your essay, you might end up writing a shorter essay, simply because you don't have as much time to write. That doesn't necessarily mean that you'll do worse on the essay - an organized essay with well-explained examples will score better than a disorganized one without any support - but it does mean that you might end up with less time to write out your ideas. 4. Writing vs. planning time. You'll need to figure out what proportion of planning to writing time works best for you through practice. Over the years, I've realized that I can write fairly quickly, which means that it's okay if I take a little more time to plan out my essay - I'll still be able to write everything I need to. On the other hand, if you find that you're a slow writer, you might not be able to write enough unless you get faster at planning your essay. Assuming you can hand-write about 150 words per page, you should aim for at least two pages to get an ACT writing score of 3 (or above) in the Ideas Analysis, Development Support, and Organization domains. To get a 5 or a 6, you’ll probably need to write at least three pages. What’s Next? How can you write so much in so short an amount of time? Follow along, step by step, as I write a top-scoring ACT essay. Curious as to what â€Å"domain† scores are and how you can score a 2 in one domain and still get a perfect 12 on your essay? Take a look at this article on the ACT essay scoring rubric for analysis and strategies. Took the old ACT and not sure if your essay preparations need to be revamped? Read up on the new enhanced ACT Writing Test! Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes your prep program to your strengths and weaknesses. We also have expert instructors who can grade every one of your practice ACT essays, giving feedback on how to improve your score. Check out our 5-day free trial:

Marketing Plan Essay Example | Topics and Well Written Essays - 1000 words - 4

Marketing Plan - Essay Example The marketing efforts will comprise design contest entries, participating in trade shows and advertising in lifestyle magazines and industry (Pride, 2011). Product Strategy – business will be its own label which it puts on its grooming services. We will also market our partners services. We will provide loving and attending service to all pets being brought into our stores for grooming, training, or medical care. We will also steer away from the "warehouse" perspective and work to make our stores brighter and more attractive (Pride, 2011). Price Strategy: we will aggressively market our prices to be cheaper than independent pet shop tattlers and to compete against other well known boxes retailers and stores. Sales will be competitive, and we will have a supply discount card which provides more savings to the customers. We will also compare our competitors’ prices and ensure that our prices are either lower or the same price with better services. Regular customers may be offered special price tags as well as the customers who have docile and tolerable pets (Pride, 2011). Distribution (Place) Strategy: Stores will be well stocked with fresh - raw materials, and also products that provide animals with specific dietary needs (weight control, skin allergies, sensitive stomachs, urinary health, etc.) as well as natural, grain free products. Safe transport services will be provided in case of door to door pet collection and delivery (Pride, 2011). Promotion Strategy: Internet marketing, radio advertisements, television advertisements, word of mouth, public relations (through animal foster and animal shelters groups). In subsequent years, the business will expand its marketing endeavors to include individual consumers reachable through lifestyle magazine advertisement and through cable televisions, sponsoring pet competitions and shows and

Slavery Following the Civil War Research Paper Example | Topics and Well Written Essays - 7500 words

Slavery Following the Civil War - Research Paper Example tely following the Civil War 13 Rebuilding their Lives 13 Differing Expectations 15 The Reconstruction 16 The Fight for Rights 17 The Plantations 19 Development of an Identity 22 An Identity as a Race 22 There was no doubt that the blacks were distinct culturally from the whites in many ways, and there were two predominant schools of thought concerning how blacks and whites should interact with each other at public locations such as churches. One school of thought was to encourage integration, the mixing of the two cultures. This involved, in concept, blacks and whites attending the same churches, the same schools, and there being no racial distinction within these areas. The second opinion was of segregation and isolation. Segregation consisted of the two races attending the same areas, but within those places the whites sitting in one area and the blacks in another. Isolation by contrast involved distinct communities and locations for blacks and whites. For example, some black Chri stian’s tired of the segregation that was occurring within their church choose to leave and start a congregation entirely for blacks. Churches soon became a place of sanctuary and self reflection, as those that were exclusively for blacks became areas that they had sole control over. Within the church walls debates could rage at length about any number of topics, such as economics, social standing and politics, topics which expression their opinion of on the public stage would have been frowned upon or even dangerous. 22 Identity as an Individual 23 Importance of Family 24 Black Suffrage 25 Laws 25 Was Emancipation Successful? 27 Black Oppression 28 Not Slavery, but Oppression and Servitude 28 Segregation 29 Present Day 30 Conclusion 32 In 1865 nationwide abolishment of slavery was... The paper tells that prior to the American Civil war, slavery was common within the Union; it was an institution and a way of life that had existed since the early European colonists. The use of slaves was especially prevalent in the Southern states, where they had a strong role in the plantation economy. Slavery was one of the driving forces for the American Civil War which ran from 1861to 1865, spearheaded by newly elected President Abraham Lincoln. The four year Civil War was a point of significant change for the United States, resulting in the abolishment of slavery from all of the States by the end of the Reconstruction period. Those who had been slaves prior to the Civil War were freed as a consequence of the outcome and given full control of their own lives. For many this was the first time they had ever had freedom, and most sought to find economic independence as well as the ability to determine their own working and living times. The death of slavery in practice was not as immediate as it appears through examining the changes in law. The Reconstruction period which followed the Civil War showed clearly the reluctance of Democrats, particularly in the South, to accept blacks no longer being slaves and being given equal rights. This was enforced through state law where Democratic majority existed, or through secret societies such as the Ku Klux Clan in the states where the Republicans were prominent. For many freed slaves their manner of life did not change for many years.  

Reform Measures in Healthcare

Reform Measures in Healthcare Within a rapidly expanding global community, evolving economies and social structures challenge local governments to reform and revise historical practices in more supportive and efficient manners. New public sector management aligns explicit standards and objectives with a ‘hands on’ management technique dedicated to generating tangible outputs and improving efficiencies. Global leaders in such progressive policies recognize that convergence between nations as well as internal organisations continues to evolve public policy towards cohesive and translatable objectives. Recognizing the multinational variability inherent in public sector modernisation, the OECD (2003) reminds that oftentimes systemic differences and public transparency offer significant challenges to integrating such convergence methodology. Yet policy evolution challenges governing bodies to recognize the benefits of actively participating within the public sector and defining the nature of organisationa l compartmentalisation as well as establishing a participative role within a much broader multi-national enterprise. Perhaps one of the most researched models of public sector management, the health care sector offers a challenging, yet essential participle to works programmes that are increasingly becoming a staple of humanitarian necessity. Goddard and Mannion (2004) recognized that governance systems evolve around a hybrid of vertical and horizontal methods, each imposing unique performance expectations on the constructs of public programmes. The former, a mode of authoritative control from a central body, enables dissemination of ideologies and performance expectations across a broad range of coordinated operations. More autonomous by nature and open to rapid evolution, under horizontal initiatives, local programmes are responsible for performance initiatives, oftentimes competing and collaborating with their counterparts throughout the process. Both the UK and China have integrated varied representations of such programmes as modes of reforming their health care initiatives. While similarities and natural convergence exist in practice and policy, the historic path towards improved public programmes has undergone dramatically divergent modes of operation. The following sections compare and contrast such evolution, recognizing the opportunities for future reform as health care reform becomes an increasingly volatile political topic. In order to appropriately consider reform measures, government leaders must actively consider the benefits of decentralisation and potential for accountability protocol in spite of divergence. Davies, et al. (2005) challenge that it is important to the reform process to explore the advantages of increased competition prior to policy implementation; from this proactive, analytical standpoint, national leaders can actively direct their performance expectations in a result driven programme. Given the objectives of disggregation, performance contracting must integrate a multi-dimensional structure, one which becomes innate within corporate procedures, policies, and activities, and is regularly audited for compliance (Talbot, et al., 2000). Those nations who establish firm programme objectives prior to implementation will allow a variety of targeted studies, including convergence comparisons, future feasibility protocol, and concise results analysis. Within the UK reform system, the Natio nal Health Service (NHS) has been designed with performance measurement guidelines strictly integrated into its foundation. Specifically, the formation of Foundation Trusts, a type public-private partnership, has enabled regulation through achievement of performance objectives directly related to both economic and social expectations (Goddard and Mannion, 2004). A form of both vertical and horizontal control, such foundations provide for accountability along government sponsored programme lines as well as intra-network through their partnerships with other trusts. Talbot, et al. (2000) recognize that once agency control has been extended outside of the locus of governmental control, regaining oversight and returning operations to an internal government function is both difficult and oftentimes detrimental to the success of the programme. For China, however, this locus of control has presented a much more dire challenge, as redistribution of power to local authorities in the 1990â₠¬â„¢s represented a dramatic decline in health care coverage and a lack of social equity in opportunities. Historic challenges within the public sector reform initiatives are directly linked to a relaxed sphere of governmental control, one which is deeply seeded in a loss of democratic abilities, diverse and incongruous organisational formats, and coordination failures (OECD, 2004). Perhaps one of the most integral but challenging objectives of public sector reform is that of economic benefit and appropriate balances throughout a developing system. Between 1978 and 1990, the Chinese government, realising that medical subsidies were limiting economic growth, reduced government spending from 32% to 15% of GDP revenue (Blumenthal and Hsiao, 2005). Palmer (2006) notes that in the UK, health care expenses currently account for around 7 percent per annum of English GDP and is expected to increase to around 8 percent over the coming five years. In spite of the dedicated capital flow, historic Chinese health care relied on an inefficient system which was eventually devolved to local governments and provincial leaders, dramatically adjusting the available financing within poorer rural areas (Blumenthal and Hsiao, 2005). In fact, recent data from the Chinese Ministry of Health demonstrates that spending per capita throughout urban areas is over 3.5 times that of rural are as, underling the subversive mechanisms of public sector divergence and reform efforts (Chinese Health Statistical Digest, 2005). Under the reformed UK NHS system, such deficiencies are idealistically reduced through a system of weighted capitation and demand-side reform (Department of Health, 2005). The long term objective is to impose efficiency standards on PCT’s in an effort to regulate the dispersion of funding across large geographical areas. In this way, both urban and rural participants receive equitable treatment and humanitarian interests are maintained in spite of social standing. The recent revision to the Chinese health care plan boasts similar principles, placing citizen services before profit and transitioning its national healthcare system to one of non-profit status (Juan, 2008). Unfortunately, a programme which is primarily reliant on tax surplus and participant fee payments will flounder within the overwhelming needs of a rapidly expanding global power. One method that evolving governments have actualized rapid growth and economic stability is through public private partnerships and privatisation. Hsiao (1995) notes that given the radical shift away from governmental funding, market-oriented fee based systems became normative throughout China, thereby reducing the propensity of rural poor to pursue inoculations and more common medical treatments due to an overwhelming cost basis. The modern Chinese system purports a much more inclusive focus, challenging consumers to participate within the reform mechanisms and have a voice in government initiatives (China Daily News, 2008). Yet even under the reform measures within the NHS system, citizen vocalization remains a key point of debate, as a recent survey generated less than favourable results for the progress over the past several years. Ultimately, the challenge to the governing organisations is to allow a participative structure with accountability protocol for local commissioners wh o fail at their expected duties (Department of Health, 2008). Returning oversight to trusts and local authorities and expanding focus away from private finance initiatives and privately managed health care systems will continue to redress the challenges of performance achievement and social participation. Privatisation within the Chinese medical infrastructure has dramatically altered the quality and cost basis of medical services, undermining the needs of a financially burdened population, and evading governmental oversight due to limited performance evaluations and control mechanisms (Liu and Mills, 2002). Similarly, Dummer and Cook (2007) challenge that the Chinese regime moves towards a privatised and market-based economy of health care has led to inequity and inefficiency in the health service system, directly undermining the expected performance results achieved by international counterparts. Considerations within public sector often revolve around government oversight and market partnerships which sustain broad focus objectives and offer progressive reform stability. One evolution of the NHS system which has a occurred as a result of the 2004 and 2006 white papers is the introduction of community health care, and most importantly, a predictive structure which integrates both local preventative care facilities with hospital services (Palmer, 2006). Exemplary of opportunism within private practice, within its historic format, Chinese practitioners have been encouraged to utilize more sophisticated methods of diagnosis and treatment (and by nature, more costly) as government subsidies actively reduce the cost of more fundamental treatments in order to extend medical opportunities to all classes of citizens (Wagstaff and Lindelow, 2008). Lakin (2005) reminds that within developing nations, natural inadequacies within the regime structure oftentimes encourage the integration of agency initiatives and public works management. An evasion tactic, agency integration offers an exodus from bureaucratic inefficiencies, thereby benefiting both social and economic development at a much more rapid and effective pace than government oversight can offer. Under the reform mechanisms set in motion in the NHS system, general practitioners (GP’s) are offered incentives for reducing the number of unnecessary hospital referrals and maintaining an appropriate geographic area for patient distribution (Palmer, 2006). Chinese reform mechanisms challenge practitioners to ensure appropriate distribution of the patient base, limiting hospital visits to those scenarios which require complex solutions not actionable at their local clinic or GP (Juan, 2008). The nature of reform is one which continues to evolve as public interest and more efficient solutions become visible through experience and convergence. The OECD in their 2004 Policy Brief reminds that the impetus for public administration should be one founded on governance and not the narrowed and limiting principles of managerial oversight. This secondary nature defines the nature of policy implementation, and as public programmes are expanded to include private partnerships, governance becomes a fundamental utility which is directly linked to well defined performance categories. In the 1970’s over 90% of rural Chinese workers were covered by the cooperative medical system (CMS), most of who lived within 1.5 km from a township health centre (Dummer and Cook, 2007). Other schemes, the labour insurance scheme (LIS) and the government insurance scheme (GIS) covered the broad scope of other Chinese citizens in varied employ, ensuring that medical coverage was generally free and government subsidised (Dummer and Cook, 2007). Figures show that by 2003, 80% of China’s population (640 million people) lacked health insurance and even those who were represented by agency coverage were increasingly challenged to cover a higher percentage of their own medical expenses (Anson and Sun, 2002). Similar challenges have evolved throughout the reform process of the NHS system, as available resources are inefficiently distributed among the population resulting in increased waiting times and misdirection of care due to resource allocation. Researchers note that within the current NHS reform mechanisms, the vertical alignment of performance creates an inequitable system within which primary care trusts (PCT’s) are challenged to meet efficiency expectations outside of their capacity (Palmer, 2006). Each representing a unique and politically charged challenge within the scheme of socio-economic expansion, the case studies of both the UK and China offer remarkable insight to the volatile and unpredictable world of public health care programmes. Ultimately, the nature of convergence, an informed collaboration across international borders will install comparable programmes within each system of operation; however, the nature of social and political environments ensures that public sector management techniques will remain unique to each governmental agency. Specific opportunities for policy reform do linger within each political structure, challenging conventional techniques and perceptions to evolve to meet public demand. First and foremost, the continued partnership with private enterprise will enable rapid evolution of public programmes for both nations in spite of their stages of development. By nature, the capitalisation of government programmes is dependent on the support of t he public; recognizing this frailty, government partnerships will continue to offer modes of revenue generation without directly affecting a hypersensitive community. Secondly, equity across geographic areas is essential to the principles of supportive health care programmes. The failures within both structures are inherent in the definition of equity itself, in that it can no longer be taken as a literal term. Communities with larger populations must be availed of a larger budget for health care provision; whereas those communities who are more rural and of smaller makeup may receive a more limited budget, the opportunity for expanding such funding given varied annual trends should be readily available. Finally, global insight recognizes that preventative care is a means to life preservation and progressive health care practices which fundamentally improve health by active methodology. Both nations already recognize the substantial cost savings from reducing the number of practitio ner visits through preventative awareness and care; therefore, revised programmes should place this educated perspective at the forefront of policy, actively ensuring that doctors and care providers are able to encourage such opportunities for wellbeing. While fully integrated convergence in a globalised community is an unrealistic ideal, the potential for collaborative development and multi-national partnership remains a worthy accompaniment to foreign policy. As health care programmes evolve and reform worldwide, the nature of humanity is one of wariness and rejection; through new public sector management practices, the potential for rapid assimilation and supportive expansion becomes a readily attuned mode of unprecedented participation. References Anson, O; Sun, S. (2002) â€Å"Gender and Health in Rural China: Evidence from HeBei Province.† Social Science and Medicine, Vol. 55, pp. 1039-1054. Bluementhal, D; Hsiao, W. â€Å"Privatization and its Discontents—The Evolving Chinese Health Care System.† The New England Journal of Medicine, Vol. 353, No. 11, pp. 1165-1170. â€Å"China’s Health Care Reform Focuses on Public Service.† (2008) China Daily, April 15th, Accessed on 8/2/08 From: http://www.chinadaily.com.cn/china/2008-04/15/content_6619372.htm. â€Å"Chinese Health Statistical Digest.† (2005) Chinese Ministry of Health. Davies, Lesley; Wright, Kathryn; Price, Catherine W. (2005) â€Å"Experience of Privatisation, Regulation, and Competition: Lessons for Governments.† Economic and Social Research Council, Centre for Competition Policy, Working Paper 05-5. Dummer, T.J.B; Cook, I.G. (2007) â€Å"Exploring China’s Rural Health Crisis: Processes and Policy Implications.† Health Policy, Vol. 83, pp. 1-16. â€Å"Engagement Analysis: NHS Next Stage Review, What We Heard From the Our NHS, Our Future, Process.† (2008) Department of Health, July, Accessed on 8/02/08 From: http://www.dh.gov.uk/publications. Goddard, Maria; Mannion, Russell. (2004) â€Å"The Role of Horizontal and Vertical Approaches to Performance Measurement and Improvement in the UK Public Sector.† Public Performance and Management Review, Vol. 28, No. 1, September, pp. 75-95. â€Å"Health Reform in England: Update and Next Steps.† (2005) Department of Health, Press Release, 2005/0445, 13th of December. Hsiao, W. (1995) â€Å"The Chinese Health Care System: Lessons for Other Nations.† Social Science and Medicine, Vol. 41, No. 8, pp. 1047-1055. Juan, Shan. (2008) â€Å"Equity Main Aim of Health Care Reform.† China Daily, March 14th, Accessed on 8/02/08 From: http://www.chinadaily.com.cn/china/2008npc/2008-03/14/content_6535754.htm. Laking, Rob. (2005) â€Å"Agencies: Their Benefits and Risks.† OECD Journal on Budgeting, Vol. 4, No. 4. Liu, X; Mills, A. (2002) â€Å"Financing Reforms of Public Health Services in China: Lessons for Other Nations.† Social Science and Medicine, Vol. 54, pp. 1691-1698. Palmer, Keith. (2006) â€Å"NHS Reform: Getting Back on Track.† London: King’s Fund, Accessed on 8/2/08 From: www.kingsfund.org.uk/publications. â€Å"Public Sector Modernisation.† (2003) OECD, Policy Brief, October. â€Å"Public Sector Modernisation: Changing Organisational Structures.† (2004) OECD, Policy Brief, September. â€Å"Public Sector Modernisation: Modernising Public Employment.† (2004) OECD, Policy Brief, July. Talbot, Colin; Pollitt, Christopher; Bathgate, Karen; Caulfield, Janice’ Reilly, Adrian; Smullen, Amanda. (2000) â€Å"The Idea of Agency: Researching the Agencification of the (Public Service) World.† Washington, D.C.: American Political Studies Association Conference, August. Wagstaff, Adam; Lindelow, Magnus. (2008) â€Å"Can Insurance Increase Financial Risk? The Curious Case of Health Insurance in China.† Journal of Health Economics, Vol. 27, pp. 990-1005.

Stock Exchange

What is Stock Exchange? A stock exchange is the market place for the purchase and sale of second hand securities. It provides â€Å"trading† facilities for stock brokers and traders, to trade shares of the listed companies and other financial instruments such as Term Finance Certificates and Derivatives. Stock exchanges also provide facilities for the issue (listing), redemption (delisting) of securities and other capital events including the payment of income and dividends. It is a key institution for smooth functioning and steady growth of the corporate sector and can be seen as a key to the economic life of a nation.Stock exchange is the home of the capital and pivot of the money market, providing proper mobility for capital. The securities of joint-stock companies, government securities and securities issued by semi-government organization are dealt with on a stock exchange. History of Stock Exchange The history of stock exchanges can be traced to 12th century France, when the first brokers (the role of an individual or a firm when it acts as an agent for a customer and charges the customer a commission for its services) are believed to have developed, trading in debt and government securities.Unofficial share markets existed across Europe through the 1600s, where brokers would meet outside or in coffee houses to make trades. The Amsterdam Stock Exchange, created in 1602, became the first official stock exchange when it began trading shares of the Dutch East India Company. These were the first company shares ever issued. By the early 1700s there were fully operational stock exchanges in France and England, and America followed in the later part of the century. Share exchanges became an important way for companies to raise capital for investment, while also offering investors the opportunity to share in company profits.The early days of the stock exchange experienced many scandals and share crashes, as there was little to no regulation and almost anyo ne was allowed to participate in the exchange. Today, stock exchanges operate around the world, and they have become highly regulated institutions. Investors wanting to buy and sell shares must do so through a share broker, who pays to own a seat on the exchange. Companies with shares traded on an exchange are said to be ‘listed' and they must meet specific criteria, which varies across exchanges.Most stock exchanges began as floor exchanges, where traders made deals face-to-face. The largest stock exchange in the world, the New York Stock Exchange, continues to operate this way, but most of the world's exchanges have now become fully electronic. Functions of Stock Market ? Ready Market Stock exchange is a continuous market for the resale of existing securities. It is a centre where buyers and sellers assemble to deal in securities at any time during the business hours. It enables investors to realize quickly their shares and debentures.This facility encourages people to inves t in business enterprise by means of buying industrial securities. It helps new investors to obtain securities at any time at market price. ? Protection to investors Protection of the interest of the investors is another function of stock exchange. This it does by ensuring safety and fair dealing to the average investors through strict enforcement of its rules and regulations. Without the cover of a stock exchange there may be unfair competition between different brokers. The investors may be deceived by clever and dishonest brokers.In a stock exchange any malpractice by a broker carries a severe penalty. ? Profitable use of funds Another major function of the stock exchange is the mobilization of surplus funds of individuals firms and companies for investment in industrial securities. Without the stock exchange, these funds would have remained idle. It directs the surplus funds into the most profitable channel and thereby secures their effective utilization. People invest their sav ings in companies yielding good returns. Stock exchange in Pakistan In Pakistan there are three stock exchanges, ? Karachi stock exchange (KSE) Lahore stock exchange (LSE) ? Islamabad stock exchange (ISE) Karachi Stock Exchange The KSE is the first stock exchange of Pakistan established in September 18, 1947 and incorporated in March 10, 1949. KSE start with 5 companies with a paid-up capital of RS 37 million. The first index was the KSE 100 index. KSE Indices Family ? KSE 100 The KSE100 index is a benchmark by which the stock price performance can be compared to over a period of time. In particular, the KSE 100 is designed to provide investors with a sense of how the Pakistan equity market is performing.Thus, the KSE100 is similar to other indicators that track various sectors of the Pakistan economic activity such as the gross national product, consumer price index, etc. The KSE-100 Index was introduced in November 1991 with base value of 1,000 points. The Index comprises of 100 c ompanies selected on the basis of sector representation and highest market capitalization, which tracks over 85% of the total market capitalization of the companies listed on the Exchange. ? KSE-30 Index The Karachi Stock Exchange has launched the KSE-30 Index with base value of 10,000 points, formally implemented from Friday, September 1, 2006.The main feature of this index that makes it different from other indices is: ? Based on the â€Å"Free Float Methodology† ? It includes only the top 30 most liquid companies listed on the KSE. ? KMI-30 ? Index introduced in September, 2008 ? Tracks the 30 most liquid Shariah-compliant companies listed at KSE weighted by free float adjusted market capitalization. ? Shariah Screening performed by Shariah Supervisory Board of Meezan Bank (chaired by Justice (Retd. ) Mufti Muhammad Taqi Usmani). ? KSE All Share Index ? It consists of all the companies listed on the KSE. ? KSE-GTOiOil & Gas Sector plays vital roles in Pakistan’s eco nomy and therefore KSE has developed a Tradable Oil & Gas Index which tracks at least 80% free-float market capitalization of the Oil & Gas Sector. This index provides Investors and Market Intermediaries with an appropriate benchmark that captures the performance of each segment of the economy. KSE-100 Composition Basis The selection criteria for stock inclusion in the existing KSE-100 Index is based on three main filters, namely Sector rule, Capitalization rule and Default rule. The top sector companies may also qualify for inclusion on the basis of their market capitalization. Sector Rule Largest market capitalization in each Karachi Stock Exchange sectors excluding Open-end Mutual Fund Sector ? The Largest Capitalization Rule The remaining index places are taken up by the largest market capitalization companies in descending order. ? The Default Counter and Non Tradable Rule Company which is on the Defaulters’ Counter and/or its trading is suspended; declare Non-Tradable ( i. e. NT) in preceding 6 months from the date of re-composition shall not be considered in the re-composition of KSE-100 Index . How many stocks are registered and categories? The total number of companies listed in KSE is 572 with a listed capital of RS. 1103072. 80 million ? In KSE companies are listed under following categories according to the nature of their industry. |Sector Wise Categories of Companies | |Oil and Gas |Pharma and Bio Tech | |Chemicals |Media |Forestry |Travel & leisure | |Industrial metals and mining |Fixed line Telecommunication | |General industries |Electricity | |Electronic and electrical Goods |Multiutilities | |Engineering |Commercial Banks | |Industrial Transportation |Non Life Insurance | |Support services |Life insurance | |Automobile and Parts |Real estate investment and services | |Beverages |financial services | |Food Producers |Equity Investment Instruments | |Household Goods |Software and computer services | |Leisure Goods. |Technology Hard ware and Equipment | |Personal Goods | | |Personal Goods | | |Tobacco | |Advance /Decline: If there is increasing trend in the prices of share then we said that the market gains the index or points and vice versa. Points: Points shows the Overall worth of the market. There are many factors that influence the market points and due to these factors market’s point increases or increases. These factors consist of formulae of capital structure and other related things. In Pakistan value of 1 point is approximately equal to 5 crores and it changes due to inflation and other economic factors. When an individual invest an amount equal to 5 Crores then 1 point increases and when he/she pull back his investment then 1 point decreases 1 point = 5 Crores Stock Exchange A stock market or equity market is a public (a loose network of economic transactions, not a physical facility or discrete) entity for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36. 6 trillion at the start of October 2008. The total world derivatives market has been estimated at about $791 trillion face or nominal value,[2] 11 times the size of the entire world economy. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in the United States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples of stock exchanges include the Amsterdam Stock Exchange, London Stock Exchange, Paris Bourse, and the Deutsche Borse (Frankfurt Stock Exchange). In Africa, examples include Nigerian Stock Exchange, JSE Limited, etc. Asian examples include the Singapore Exchange, the Tokyo Stock Exchange, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. In Latin America, there are such exchanges as the BM&F Bovespa and the BMV. A few decades ago, worldwide, buyers and sellers were individual investors, such as wealthy businessmen, usually with long family histories to particular corporations. Over time, markets have become more â€Å"institutionalized†; buyers and sellers are largely institutions (e. g. , pension funds, insurance companies, mutual funds, index funds, exchange-traded funds, hedge funds, investor groups, banks and various other financial institutions). The rise of the institutional investor has brought with it some improvements in market operations. Thus, the government was responsible for â€Å"fixed† (and exorbitant) fees being markedly reduced for the ‘small' investor, but only after the large institutions had managed to break the brokers' solid front on fees. (They then went to ‘negotiated' fees, but only for large institutions. History : Established in 1875, the Bombay Stock Exchange is Asia's first stock exchange. In 12th century France the courratiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the first brokers. A common misbelief is that in late 13th century Bruges commodity traders gathered inside the house of a man called Van der Beurze, and in 1309 they became the â€Å"Brugse Beurse†, institutionalizing what had been, until then, an informal meeting, but actually, the family Van der Beurze had a building in Antwerp where those gatherings occurred; the Van der Beurze had Antwerp, as most of the merchants of that period, as their primary place for trading. The idea quickly spread around Flanders and neighboring counties and â€Å"Beurzen† soon opened in Ghent and Amsterdam. In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in Pisa, Verona, Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city states not ruled by a duke but a council of influential citizens. Italian companies were also the first to issue shares. Companies in England and the Low Countries followed in the 16th century. The Dutch East India Company (founded in 1602) was the first joint-stock company to get a fixed capital stock and as a result, continuous trade in company stock emerged on the Amsterdam Exchange. Soon thereafter, a lively trade in various derivatives, among which options and repos, emerged on the Amsterdam market. Dutch traders also pioneered short selling – a practice which was banned by the Dutch authorities as early as 1610. 7] There are now stock markets in virtually every developed and most developing economies, with the world's biggest market being in the United States, United Kingdom, Japan, India, China, Canada, Germany's (Frankfurt Stock Exchange), France, South Korea and the Netherlands. Importance of stock market : The stock market is one of the most important sources for companies to raise money. This allows businesses to be publicly trade d, or raise additional financial capital for expansion by selling shares of ownership of the company in a public market. The liquidity that an exchange provides affords investors the ability to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as real estate. History has shown that the price of shares and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise is considered to be an up-and-coming economy. In fact, the stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on the control and behavior of the stock market and, in general, on the smooth operation of financial system functions. Financial stability is the raison d'etre of central banks. Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that the counterparty could default on the transaction. The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as employment. In this way the financial system contributes to increased prosperity. Stock market index : The movements of the prices in a market or section of a market are captured in price indices called stock market indices, of which there are many, e. g. , the S&P, the FTSE and the Euronext indices. Such indices are usually market capitalization weighted, with the weights reflecting the contribution of the stock to the index. The constituents of the index are reviewed frequently to include/exclude stocks in order to reflect the changing business environment. Derivative instruments : Financial innovation has brought many new financial instruments whose pay-offs or values depend on the prices of stocks. Some examples are exchange-traded funds (ETFs), stock index and stock options, equity swaps, single-stock futures, and stock index futures. These last two may be traded on futures exchanges (which are distinct from stock exchanges—their history traces back to commodities futures exchanges), or traded over-the-counter. As all of these products are only derived from stocks, they are sometimes considered to be traded in a (hypothetical) derivatives market, rather than the (hypothetical) stock market. Leveraged strategies : Stock that a trader does not actually own may be traded using short selling; margin buying may be used to purchase stock with borrowed funds; or, derivatives may be used to control large blocks of stocks for a much smaller amount of money than would be required by outright purchase or sales. Short selling : In short selling, the trader borrows stock (usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers) then sells it on the market, hoping for the price to fall. The trader eventually buys back the stock, making money if the price fell in the meantime and losing money if it rose. Exiting a short position by buying back the stock is called â€Å"covering a short position. † This strategy may also be used by unscrupulous traders in illiquid or thinly traded markets to artificially lower the price of a stock. Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of naked shorting is illegal in most (but not all) stock markets. Margin buying : In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. In the United States, the margin requirements have been 50 %% for many years (that is, if you want to make a $1000 investment, you need to put up $500, and there is often a maintenance margin below the $500). A margin call is made if the total value of the investor's account cannot support the loss of the trade. (Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales. ) Regulation of margin requirements (by the Federal Reserve) was implemented after the Crash of 1929. Before that, speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially (there is normally a three-day grace period for delivery of the stock), but then selling them (before the three-days are up) and using part of the proceeds to make the original payment (assuming that the value of the stocks has not declined in the In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. In the United States, the margin requirements have been 50 %% for many years (that is, if you want to make a $1000 investment, you need to put up $500, and there is often a maintenance margin below the $500). A margin call is made if the total value of the investor's account cannot support the loss of the trade. (Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales. ) Regulation of margin requirements (by the Federal Reserve) was implemented after the Crash of 1929. Before that, speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially (there is normally a three-day grace period for delivery of the stock), but then selling them (before the three-days are up) and using part of the proceeds to make the original payment (assuming that the value of the stocks has not declined in the In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. In the United States, the margin requirements have been 50 %% for many years (that is, if you want to make a $1000 investment, you need to put up $500, and there is often a maintenance margin below the $500). A margin call is made if the total value of the investor's account cannot support the loss of the trade. (Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales. ) Regulation of margin requirements (by the Federal Reserve) was implemented after the Crash of 1929. Before that, speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially (there is normally a three-day grace period for delivery of the stock), but then selling them (before the three-days are up) and using part of the proceeds to make the original payment (assuming that the value of the stocks has not declined in the New issuance : Global issuance of equity and equity-related instruments totaled $505 billion in 2004, a 29. 8 %% increase over the $389 billion raised in 2003. Initial public offerings (IPOs) by US issuers increased 221 %% with 233 offerings that raised $45 billion, and IPOs in Europe, Middle East and Africa (EMEA) increased by 333 %%, from $ 9 billion to $39 billion. Taxation : According to much national or state legislation, a large array of fiscal obligations are taxed for capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. However, these fiscal obligations may vary from jurisdictions to jurisdictions because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.