Copernicus Essay -- essays research papers

Copernicus has been named one of the most influential people this millennia by Time Magazine; in part for his movements in though during the scientific revolution; creating a basis for modern astronomy and challenging the Church (of the 15th century) to lead the way to a reform in thinking. He did so by disproving (mathematically) a theory of the heavens that had existed for almost 14 centuries, established by a man named Charles Ptolemy in 250 AD. Copernicus revolutionized astronomy by creating a solid basis for it to stand on, discovering that "The Earth was not the centre of the cosmos, but rather one celestial body among many, as it became subject to mathematical description." He compiled a manuscript of his theories, including the retrogressive behaviour of the planets, cause by the Earth's daily rotation on its axis and yearly revolution around the sun. Much of Copernicus' influence was rooted in the minds of men for years, perhaps because his theories were not fully understood or appreciated until many years after his death in 1543. Finally, Nicolaus Copernicus had a theory published (anonymously) that went against Catholic Church authority, a very bold step for someone in that era. The Church relented, and allowed the circulation of the manuscript.The Ptolemic System, up until the 1510s was the only way of thinking about the solar system as they knew it. The Church firmly believed the Earth was the centre of the universe, and as far as the community in that era was concerned, the Church's way of thinking was the correct way of thinking. For a great many years, the Ptolemic System had ruled the minds of astronomers; the Earth was the centre of the universe, and that Mercury, Venus, our Moon, Mars, Jupiter, Saturn, and the Sun all revolved around the Earth. As Copernicus recorded the movements of Mars, he noticed a peculiar pattern in its movements. Every night, its position differed slightly, mostly travelling west, then for a few days east again, then continuing west. He called the phenomenon retrograde motion, and it seemed to explain a rotation of the Earth. During his years as a student in universities (1491-1503), he found the first defects in the Ptolemic System, and after much concentration, he developed a manuscript with his theories of the Heaven in 1514, De revoltionibus orbium coelestium, libri (English Translation: On the Re... ...uestioned in Italy, and many new theories were being constructed. The expansion in thinking gave way for astronomers like Johannes Kepler and Galileo Galilei who further revolutionized astronomy as we know it today.Nicolaus Copernicus, born Mikolaj Kopernik, of Thorn, Poland accomplished a great many things, some we take for granted. He created an infinite number of possibilities of directions for astronomy to take. He expanded the minds of humans everywhere, and especially those of the Catholic Church. His manuscript De Revolutionibus created quite a stir, and raised a following among the students he lectured infrequently. "Considered the father of modern astronomy, he completely revolutionized science in the 1500s, giving way to others with radical theories to present them, and be accepted, not rejected." By the time of Copernicus' passing, most of Europe was thirsting for more information. What he contributed to astronomy will not be forgotten, and many new ideas sha ll rise because of his radical thinking, making him truly worthy of being 'The father of Modern Astronomy," and being placed on Time Magazine's list of the 100 most influential people of the millenia.

Chad Presentation

Population- -The Republic of Chad has a population of 11,525,496. -The population density of Chad is 8 per sq km. (23 per sq mi) Politics/Government- -The Republic of Chad is a Presidential Republic. -The President is Idriss Deby and the Prime Minister is Emmanuel Nadingar. -Over all peaceful. -Has many allied countries. -High tensions with Libya, Nigeria, & The Central African Republic. -Eligible for preferential trades benefits under the African Growth and Opportunity Act. Dominate Religions- -51% Islam -35% Christian -7% Animist -7% OtherCulture- -People are called Chadians. -Chad society/culture unstudied and relatively unknown to the outside world. Major Physical Features- -Landlocked country in north central Africa. -85% size of Alaska. -Lake Chad on western border with Niger & Nigeria. -Sahara Desert in the north. -Lowest point: Djourab Depression 160 m. -Highest point: Emi Koussi 3,415 m. Weather/Climate- -North is arid/ desert. -South is tropical. Brief History- -Earliest hu man/prehuman skull discovered by Michel Brunet in 2002 was beryllium dated to 5 million bce. 900ce Several small states began to form in chad by indigenous africans and a minority of arabs. -Kanem empire originated to the northeast of Lake Chad. -1396ce Bulala invaders from the north forced Kanem people towards Lake Chad. -Kanem people intertwined with the Bornu people near lake chad to be called Kanembu people. -Sayfawa dynasty ruled Kanembu (Kanem-Bornu) people. -Sayfawa dynasty ended in 1846, Then the empire itself fell in 1893. -French first entered Chad in 1891 -Decisive colonial battle for Chad fought on April 22, 1900 at Battle of Kousseri. During WWII Chad was the first french colony to rejoin the allies. (August 26,1940) -Under the administration of Felix Eboue, Chad troops moved to engage axis Libya. -Chadian Democratic Union founded November 1947. -August 11, 1960 Chad became an independent country under the rule of Francois Tombalbaye. -1975 Tombalbaye overthrown and rep laced with prime minister Hissene Habre. -Civil war from 1979-82 split Chad into 11 Factions. -Habre regained power after civil war and kept it until 1990. Idriss Deby, Habre’s leading general defected in 1989 and became president in December 1990. Current Events- -Droughts becoming more and more common in Sahara Desert region. -Flooding near Lake Chad has killed 24 people and left about 70,000 homeless. -Wanted Sudan leader is in Chad hiding out from the International Criminal Court for war crimes. -Red Cross worker recently abducted in Chad now free. Education Availability- -Schools in Chad largely based off of the French education system. -Chad scholars becoming largely known in recent years.

Put Call Parity And Prices Of European Put Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3817 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? People who have done financial mathematics before or worked in financial area must be familiar with a terminology called put-call parity. The put-call parity (PCP) describes the relationship between the prices of European put and call options with the same exercise price and time to maturity. It shows that the value of a European call with certain strike price and exercise date can be deduced from the value of a European put with the same strike price and exercise date, and vice versa. Don’t waste time! Our writers will create an original "Put Call Parity And Prices Of European Put Finance Essay" essay for you Create order It is an option pricing concept that requires the value of call and put options to be in equilibrium to prevent arbitrage. The concept of PCP is especially important when trading synthetic positions. When there is a mispricing between an instrument and its synthetic position, an options arbitrage opportunity exists. Arbitrageurs would step in to make profitable, risk-free trades until the departure from put-call parity is eliminated. Knowing how these trades work can give the investor a better feel for how put options, call options and the underlying stock are all interrelated. 1.2 Aims and objectives of the research There are quite a lot studies on the test of the PCP. Tests of the put/call parity theory have yielded mixed results, though most have been supportive of the underlying concept. But in most of these tests, there had been a priori assumption that PCP theory was indeed valid. However, in reality, the extrinsic value of put and  call options are rarely in exact parity in option trading even though  market makers have been charged with the responsibility of maintaining PCP. When the outlook of a stock is bullish, the extrinsic value of call options tend to be higher than put options due to higher  implied volatility and when the outlook of a stock is bearish, the extrinsic value of put options tends to be higher than call options. This dissertation examines the basic validity of the PCP theory with no assumptions concerning its inherent validity and finds that PCP does not exist in the pricing of options contracts. Also, this dissertation is to work out the deviation from the put-call parity, investigates and explains the deviation by using econometric models. At last, the author will answer the question:why does the put-call parity not hold? As mentioned in chapter 2, we know the PCP is an important financial definition. However, since the PCP was developed, large amount of tests had been carried out. Tests of the PCP theory have yielded mixed results, but majority of the tests had a similar result: the put-call parity was invalid. 3.1 The put-call parity was valid As mentioned before, the PCP was developed by Stoll (1969) to establish a relationship between the prices of put and call options. However, later he recognised that in the real financial world, some factors like transactions costs and taxes could affect the results. By assuming the appropriate interest rate was the three-month Treasury rate and adding this rate into his data, Stoll tested two sets of data which were regular companies and new business. The results showed that there were problems with the coefficient of the interest rate term. He again recognised that there were some other factors could affect the interest rate term, so despite those the problems, Stoll then concluded that the PCP theory was reasonably valid. By looking through previous studies, Klemkosky and Resnick (1979) found that these studies consisted with the PCP, they also pointed out that in the relationship some inefficiency found to exist (put call parity and market efficiency). However, the options ma rket in 1979 is different from 10 years ago. They recognised that the structure of the options markets has been changed, therefore some of the previously noted defects needed to be amended. They added a dividend term into the original model. The empirical results showed that about half long hedges tests and short hedges tests were profitable. That means the models tested were consistent with the PCP theory. Later in 1980, Klemkosky and Resnick found that there was perfect foresight characteristic in their previous work, so they corrected their model by adding the time lag in. A number of hedges showed profitability as well. That was again concluded that PCP and market efficiency obtained. There were still other studies which concluded the PCP was valid, however, according to the objects of this dissertation which was trying to find out the invalidation of the PCP theory, we are now focus on the studies which concluded the PCP was invalid. 3.2 The put call parity was invalid 3.2A The put call parity on the European options Loudon (1988) tested the PCP by providing Australian evidence. He collected the data of the prices of identical put and call options together with the underlying share price from the Sydney Stock Exchange Market during the calendar year of 1985. The empirical results showed that observed violations of the theory are existed, which are the boundary violations. He did some analysis of these violations. He tested the effects of some factors: institutional factors, price non-simultaneity, transaction costs, stock price range, time to maturity and in or out of the money category. He found that these observed violations cannot be explained by the presence of non-simultaneous price data. There is no significant relationship was found between the extent of price non-simultaneity and observed violations. However, the existence of transaction costs shows to have the most significant influence on the violations observed. Taylor (1990) found the violation from PCP by providing evidence of t he pricing of options traded on the Australian Options Market (AOM). He collected AOM data for BHP and Woodside from 1982 to 1985. The derivation of put call relationship assumes frictionless markets, which mean transaction costs, differential of borrowing and lending rates and taxes are all assumed not to exist. He tested the PCP theory and found several evidences of violation of the parity conditions. But violations of this type were not that easy to develop after putting possible transaction costs into consideration. Although the existence of these violations cannot be explained by transaction costs, they do provide a rationale for their non-exploitation. According to Guo and Su (2006), the original PCP may not apply to the heavily traded options on dividend-paying securities, because the original put-call parity relations assumed that the underlying security does not pay dividends before the expiration of the options. However, in the real economic world a mass of stocks and a lmost all stock indices pay dividends. Therefore, their tests were based on the reality that the underlying security pays dividends; they improved the put-call parity formula. The tests presented a variation of the relations when the underlying securities pay dividends. The results provided theoretical scopes for the options prices when the underlying stock pays dividend. Also the results spread out application of put-call parity relations to all options on currencies and dividend-paying stocks and stock indices. Brunetti and Torricelli (2003) tested the PCP by focusing on a European market, the Italian Mib30 index option market (MibO), rather than on North American markets. They collected the data from the period 1 September 2002 to 31 December 2002. They tested the PCP in the total absence of frictions in the first step, and then in the second step they added the bid-ask spread into the analysis. Finally the commission costs had been included as well. The result showed that dur ing the analysis period, the Mibo market was efficient. Also the role of frictions in the tests of the PCP has been stood out. Ahn, Byoun and Park (2003) researched arbitrage opportunities of the KOSPI 200 options in Korea, a relatively new market but the fastest growing and the most actively traded index option market in the world. Their tests focus on the PCP conditions, such as: transaction costs. The data they used was composed of KOSPI 200 options from January 1998 to September 1999, but excluding the first several months because of possible unusual activities at the beginning section. They found that overall there were a reasonable quantity of violations of the PCP conditions. The frequency of violation ranges from 25.4% to 49.9% for different time periods. Li (2006) focused on the arbitrage efficiency of the Nikkei 225 index options market in the Osaka Securities Exchange (OSE) with the purpose of providing evidence on the size and frequency of the arbitrage opportuniti es in the PCP framework. He investigated the arbitrage efficiency of the Nikkei 225 options market by using both an ex post and ex ante test. The ex post test showed that there 2.74 percent of the sample violations of the PCP and 22.62 index points arbitrage profit for the OSE firms. The ex ante test showed that both the two numbers are decreased because of time lag. Then Li used the regression analysis to support the ex post and ex ante tests results. To conclude, there was no strong evidence against the efficiency of the Nikkei 225 options market. Kamara and Miller (1995) tested the PCP condition using European options to avoid the early exercise problem. They collected the data from the Standard and Poors 500 stock index traded on the Chicago Board Options Exchange (CBOE). By using daily and intra-daily prices, they found violations of PCP are much less frequent and smaller than those previously studies which using American options. The result showed that the deviations from P CP conditions are related to the liquidity risk in the stock and options markets. Therefore, the frequency and size of deviations increased with the increasing of liquidity risk. They pointed out that the bid prices of call and put options rise related to their PCP-implied bid prices and the ask prices fall related to their PCP-implied ask price. Moreover, the results suggest that the trading strategies underlying PCP are subject to significant liquidity risk. 3.2B Put-Call parity on the American options There are few studies of PCP on the American options. Merton (1973) showed PCP need not hold for the American options because the possibility of early put exercise cannot be completely eliminated when the portfolio is established. Evnine and Rudd (1985) used the SP100 options and Major Markets Index (MMI) to test both European PCP and American PCP. The result showed that there were a significant number of potential profit opportunities. The call overpricing violations for both the SP100 and MMI occurred throughout the period. The options frequently violate the arbitrage boundary and the PCP; also, the options are substantially mispriced relative to theoretical values. Gould and Galai (1974) tested the PCP on securities by adding the transaction costs in. They found that the transactions costs must be assumed to make the model comply with the data. The basic model was supported after including rather large transactions costs. They also found that similar deviations from the ef ficient market hypothesis have shown up in related study by other researchers; however their explanations of these results appeared to be incorrect on theoretical scopes. 3.3 Deviations from the put-call parity Any deviations from the PCP can be used by investors to make riskless profits. Martijn and David (2007) investigated violation from PCP by using different implied volatility or volatility spread between call and put options with the same underlying price, the same strike price and the same expiration date. They found that deviations from PCP contain information about later coming stock prices. There was significant evidence of predictability. By controlling for size, they found that deviations from PCP are more possible to appear when underlying stocks face more information risk. Overall, they suggested that the price of an option could be affected by its demands. Ariful, Meher and Geoffrey (2004) tested the impact of transactions cost on deviations from PCP properties. They used the foreign exchange options which traded on the Philadelphia Exchange (PHLX) from 01 August 2005 to 31 July 2006. By using the intra-daily option, they studied the impact of alternative measures of transaction cost on PCP deviations. Three measures of transaction costs were used: first, a minimum transactions cost that involve only initial bid-ask spreads; second, transaction costs associated with trades closed out prior to expiration; and third, a total transaction costs measure. The results indicated how transactions costs can impact the interpretation of deviations from PCP. 3.4 Summary As mentioned previously, there were many studies on the PCP; most of them had a similar result which indicated that the PCP was not hold in the real financial society. The transaction costs are one of the reasons that had been showed in most of the studies. Also, there are deviations from the PCP. Any deviations from the PCP can be used by investors to make riskless profits. Some studies indicated that transaction costs can impact the interpretation of deviations from the PCP. Chapter 4 Methodology This chapter describes the methodology in the study and the procedures for data collection and data analysis. Methodology includes the following concepts as they relate to a particular discipline or field of inquiry: a collection of theories, concepts or ideas; comparative study of different approaches; and critique of the individual methods. Methodology refers to more than a simple set of methods; rather it refers to the rationale and the philosophical assumptions that underlie a particular study relative to the scientific method. In this dissertation, the author is going to test the put-call parity by using the most recently options data. The author will work out the deviation from the put-call parity. By using the deviation as a dependent variable and put into a simple regression model, the author will find the factors that can affect the deviation. Also, the author will explain the bid and offer price which appear in the data. 4.1 The regression model Regression models are used to predict one variable from one or more other variables. Also, regression models provide the scientist with a powerful tool, allowing predictions about past, present, or future events to be made with information about past or present events. In order to explain the deviation from put-call parity, the author uses a regression model. The model is as the following: In this regression model, diff (the deviation) is the dependent variable, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry), r (risk-free rate), St (the current price of the underlying), and K (strike price) are the explanatory variables. The error term is uÃÆ'Å’Ã ¢Ã¢â€š ¬Ã… ¡. The deviation (diff) is the difference between the two portfolios in the put-call parity. As what has been mentioned in chapter 2, Portfolio A is the call option + an amount of cash equal to K*exp (-r*ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾); Portfolio B is the put option + one share. Let diff = Portfolio B Portfolio A = (p + S t)-(c + K*exp (-r*ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾)). If diff is positive, that means portfolio B is over-priced relative to portfolio A, and vice versa. It is obvious that the put-call parity does not hold in the real economic world, there might be some reasons. By doing a simple regress on the above model, the author will find out which explanatory has significant effect on the dependent variable. In the option data the author collected, there are two different option prices, the bid and offer. So the above model will change to the following two models: 4.2 The option data The author is going to briefly describe the option data that has been used in the test of put-call parity. The European option data that used in the test is called CBOE RUSSELL 2000 INDEX-RUT. The CBOE Russell 2000 (RUT) Index is a leading benchmark for the performance of small-capitalization stocks. The CBOE Russell 2000 Index was created in 1984 by Frank Russell Company and was designed to track the performance of small-cap companies. RUT options make it simple to participate in the small-cap market. (COBE website, 2010) All the European options started at 1 to 30 April 2009, with variety ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry) from 2days to 626days. The American option data that used in the test is called AFLAC INC. AFLAC Incorporated (AFLAC) is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries.  AFLAC sells supplemental health insurance policies to more than 40 million people worldwide. Because 80 pe rcent of the companys sales are made in Japan, it has been asking the federal government to pressure Japan to open its insurance markets to more competition. The company also lobbies on a variety of health care issues, including the battle over escalating prescription drug prices. (Open Secrets, 2010) All the American options started at 1 to 30 April 2009, with variety ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry) from 1days to 661days. The risk-free rate that is used in the model is the LIBOR rate. However, only up to one year LIBOR rate can be found, thus, the author left the options with more than 365days time to expiry out of the data. Then the ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ of all the European options is from 2 to 353, and ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ of all the American options is from 2 to 290. 4.3 Summary In this dissertation, the models are the main tool to investigate the topic. The stata is the main software that used in this dissertation. The most important models are only four, they are: Also, the author described the data that used in the dissertation, which are the most recently data collected from the yahoo finance. The LIBOR rate is also an important variable in doing the tests. The author collected the LIBOR rates from the ECOWIN, and used them into the tests. 5.3 Bid and Offer price The bid is the highest price that a prospective buyer is willing to pay for a specific security. The offer, also called the asking price, is the lowest price acceptable to a prospective seller of the same security. The highest bid and lowest offer are quoted on most major exchanges, and the difference between the two prices is called the bid-ask spread. The bid-offer spread is the amount by which the ask price exceeds the bid. This is essentially the difference in price between the highest price that  a buyer is willing to pay for an asset and the lowest price for which  a seller is willing to sell it. The size of the bid-offer spread in a security is one measure of the liquidity of the market and of the size of the  transaction cost. In the test of the European options, some differences had been showed between these two prices which are unexpected. Look back Figure 5.4, when bid prices are taken into the test, it was found that the deviation from PCP rises monotonically with increase in ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾. However, when offer prices had been used in the test, things changed. The deviation from PCP rises at a decreasing rate in ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾, and there is a peak point that the differences would start decreasing from that point if the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) keeps on increasing. The previous studies had looked at similar difference in unexpected differences found in the test show here. Kalman and Steven (1981) found transaction costs causes bid-offer spreads. Also, Thomas and Francis (1993) examined the cross-sectional distribution of bid-ask spreads in the SP 100 index options market, in which they found cross-sectional differences in bid-ask spreads are directly related to differences in market-making costs. According to Harold (1968), the bid-offer spread is a recognised measure of liquidity costs in exchange traded securities and commodities. Almost all of the transaction cost, such as: brokerage f ees and bid-ask spreads are contained in the two elements of any orthonormal exchange. Under rival conditions the bid-ask spread measures the transaction costs immediately. The liquidity cost is the difference in price paid by an urgent buyer and received by an urgent seller. Because brokerage commissions do not vary with the time taken to complete a transaction, differences in bid-ask spread indicate differences in the liquidity cost. Therefore, after the above discussing, it can be concluded that the unexpected difference between bid and offer prices appeared in the previous tests is because of the transaction costs. The transaction costs can be measured by the bid-offer spreads. 5.4 Summary The author did the tests in order to find out the deviations from the PCP and discuss and explain these deviations. In focusing on the relationship between time to expiry and differences, it is showed that the longer the time to expiry, the larger the deviations, ceteris paribus. Thus, the deviations from put-call parity are more likely to occur in options with underlying stocks that face more information risk because the longer the time to expiry, the more risk need faced. At the end, the author explained the bid and offer prices, which caused the unexpected results during the tests. Chapter 6 Conclusion By looking at what has been previously discussed and all the results, the author can draw following conclusion: The PCP does not hold for both European and American options used in the research. The differences (diff_bid and diff_offer) between the two portfolios, A and B, are positive or negative, never zero. There is always deviation from the PCP. From the above research, when use the deviation from the PCP as a dependent variable in a model, there is evidence that all the explanatory variables in the model have significant effects on the dependent variable. European option: diff_bid = -18.5974** + 20.4371**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ 0.9803**r + 0.0477**St 0.0060**K diff_offer = -22.1961** + 5.7477**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 2.0043**r + 0.0402**St + 0.0085**K American option: diff_bid = -0.4627** + 1.1301**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 0.0643**r + 0.0173**St + 0.0013**K diff_offer = -0.5666** + 0.9446**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 0.1312**r + 0.0020**St + 0.0175** K ** indicates strong significance (p-value 0.01) This dissertation is interested in the effect of the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) The results show there is evidence that time to expiry is positive significance, which the longer the time to expiry, the larger the deviations, ceteris paribus. There is an increasing heteroscedasticity relation between deviations and the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾), which would causes the incorrect of standard errors, t-rations and confidence intervals. Through using an option called robust to correct the standards errors regardless of the form of the heteroscedasticity. Also, the results showed a non-linear relation between deviations and the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) when the squared of time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ²) was added into models. There is evidence that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² is also significant, but the effects are different depends on the option prices. There i s evidence that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² has negative effect on the deviations from the chosen American option whatever the prices are. However, evidence showed that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² has positive effects on the deviations from the chosen European option when the bid prices had been used and the effects are negative when the offer prices have been used. Later, after using a single polynomial regression model to work out the peak point of the difference at a certain time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾), the results showed that, for the European option, when taken bid price, the ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ is a negative number which is impossible; when taken offer price, the peak point is equal to 10.7762 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾=1.2539. For the American option, peak point is 1.2090 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = 1.3955 when its bid price; peak point is 1.1775 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = 1.4115 when its offer price. At last, the author used the previous lite rature to explain the unexpected differences showed in the results. The failure of the PCP relationship has implications to asset pricing models like the Black/Scholes option pricing model. When PCP is a theoretical basis of the pricing model, then the pricing model may need to be revisited to determine whether or not it can be improved.

The Human Soul And Dying - 1205 Words

Note: This series discusses very sensitive yet important subjects. It s purpose is to gain an accurate understanding of what the Scriptures actually say about the soul, death, and the afterlife. It does not cover the numerous traditions that have been passed on and are taught and accepted by many as truth. Its basis is the Scriptures. With this in mind, this study should be read with much prayer, analyzing each Scripture reference for your own understanding and edification. The subject of the human soul and dying comes up in many different conversations and in a variety of situations. For most people, their understaning of the process of dying follows teachings set forth many millennia ago. Basically, it goes something like this: When you die, your soul leaves your body, and goes to either rejoice in Heaven or be tortured in Hell, with perhaps a stop in-between, depending on your religious beliefs. Meanwhile, your physical body returns to dust. Then, somewhere in time, there is a resurrection of each soul to either eternal life or eternal damnation. But if that s true -- your soul goes straight to Heaven or Hell upon death -- why would it need to be resurrected at a later time? Perhaps that concept has always troubled you but you weren t able to assemble the facts according to Scripture. Would you be surprised to learn that the teaching of the soul going to Heaven or Hell at the time of death is not taught anywhere in the Scriptures? Understanding What You Are ReadingShow MoreRelatedThe Death Of Funeral And Funeral1566 Words   |  7 PagesThere is nothing miserable than seeing someone struggling end of life. It will be a sorrowful event where all family members, relatives, friends and neighbors will miss someone they loved, worked and spend most of the time with him or her. 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The idea that the poet was trying to convey to his audience is that the body exists at the expense of the soul, so that adorning or worrying about its beauty can only be accomplished at the souls expense. The poem is an internal monologue, which makes it first person point of view. This helps the audience understand that he is talking to himself and whom he is talking about. This sonnet can also be referred to as mediation between the soul and the bodyRead MorePlato Is One Of The Greatest And Well Known Philosophers1388 Words   |  6 Pagesthe body† and not fear the thought of death (Apology 66d-67a). The following paragraphs will argue that wisdom was very important to Plato and his worldview. Wisdom is the key component of Plato’s world because it helps one see beauty, to seek the soul over the body, to seek justice, and to not fear death. 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Our soul continues to be reborn throughout time, possibly because the soul did not finish w hat they wanted, or needed to in their previous lives, before their body passed away. What the soul did in their initial life and their previous past lives reflects where they will be in their next life, which is known as the â€Å"Law of Karma.† Reincarnation is, â€Å"The eternal cycle of birth, suffering, death, and rebirth,† (â€Å"Reincarnation,† 2014). Where the soul comes back to earthRead MoreThe Five Stages Of Grief951 Words   |  4 PagesDeath is just another state we encounter in the human life. Death is the state of being when the brain and brain stem stop working and the effects become irreversible. Once a person passes, his or her love ones go through many stages of grieving. The famous Kubler-Ross model, commonly referred to as the â€Å"five stages of grief,† is a great representation of the stages. These stages do not occur in any particular order, but it is predicted these stages do occur in most people. The grievers notRead MoreThe Death Of Death And Death1300 Words   |  6 PagesOn the topic of death, a question had been made on whether immortality is preferable to dying. In Plato’s Phaedo, Socrates’ death scene, Socrates has one last philosophical conversation w ith his friends about what happens to the soul when it leaves the body after death. Socrates believes that the soul is immortal, meaning that it will live on even when the body does not. The themes in Phaedo are similar to those in Leo Tolstoy’s â€Å"The Death of Ivan Ilych,† which tells the story of a man named IvanRead MoreDeath Denied863 Words   |  4 PagesChurchill was a funny man, but he has summed up what the majority of the western culture views about death and meeting your maker. The idea of meeting a â€Å"maker† hasn’t always been the most popular of views on death though. Throughout centuries, globally, humans have been changing their views on the idea of death: what it is and where it takes them. As technologies and cultures change, so do the ideas of death along with it. â€Å"Up until around the sixteenth century death was thought to occur when heartbeatRead MorePlatos Belief that the Human Soul is Immortal1297 Words   |  6 Pagesforth by Plato. God maintains His position as the Father and most important; Jesus becomes a divine human - born of the Father and the Holy Spirit; and the Holy Spirit brings knowledge and truths which are set forth by both the Father and Son. â€Å"The true foundation upon which the doctrine rests is God himself†¦ it is God as he acted in history, entering our world as a Jewish carpenter named Jesus, dying and rising again to save. It is God as he acted in history at Pentecost, descending as the Spirit

Advanced Finance - 1219 Words

Assignment 1 1. Financing choice in perfect markets (assume no taxes) ABC is a small company with the following assets: * Existing assets with current book value of $6 mm. These assets will generate cash flows of either $8 mm or $8.8 mm next year, depending on whether the economy is in a recession or a boom. * A new project idea which requires an investment of $2 mm and will generate total cash flows (including any salvage or terminal value) next year of either $4mm (recession) or $8mm (boom). The firm has not yet raised the cash to make this investment, but the market is aware of the investment opportunity. ABC will cease to exist after the cash flows are realized and distributed to investors. Both states of the economy†¦show more content†¦5*100%/20=25% b) If Olin issues $40 mm in debt to repurchase 2 million shares of equity (i.e. they replace $40 mm of equity with $40 mm of debt in their capital structure), and the interest rate on the debt is 10%, what will be the expected EPS next year? (5*10-40*10%)/(10-2)=$5.75 c) What will be the required return on equity (rE) after the change in capital structure from part b? 5.75*8/(200-40)=28.75% d) Calculate the new value per share after the capital structure change. (Hint: use your answers to parts b and c.) 5.75/28.75%=20 e) Calculate the WACC after the capital structure change 28.75%*0.8+10%*0.2=25% 3. Equity Issuance and Dilution Acme Mfg currently is all-equity financed, with 2 mm shares outstanding at a current price of $40/sh. The firm announces they will raise $8 mm by issuing new equity to fund a new project (assume investors expect the NPV of the new project is 0). a) How many shares will the firm have to issue, assuming they issue the new shares at the current price per share? 8/40=0.2 mm shares b) What will be the total equity value and equity price per share after the issuance is completed? Total equity value: 8+40*2=88 Equity price per share: 88/2.2=$40/share c) Is shareholder value diluted by the issuance? Why or why not? No. Because the project has an NPV of 0. It will not dilute the value of shareholder equity. 4. Swedish Match Case Read the â€Å"NewShow MoreRelatedAdvanced Corporate Finance4303 Words   |  18 PagesUniversity of Puget Sound School of Business and Leadership BUS 434 Advanced Corporate Finance Professor Alva Wright Butcher Tues-Thurs 11:00-12:20 McIntyre 107 Spring Semester 2012 Office: McIntyre 111 I Phone: 253-879-3349 FAX: 253-879-3156 Office Hours: T-Th: 1:00-1:50 Wed: 9:30-10:30 And by appointment Note that I am always willing to schedule additional office hours by appointment. I check email frequently, so that is also a goodRead MoreAdvanced Managerial Finance2203 Words   |  9 Pages $1,760,000,000 = 2.86 Reasons of different capital structure Capital structure means the method that an organization used to finance their assets. It is included debt capital and equity capital. Capital structure will only benefit shareholders when the value of the firm increases. There are some reasons that companies will choose different capital structure: a) Growth of company Read MoreCase 2 for Advanced Corporate Finance1474 Words   |  6 Pagesï » ¿ â€Å"Case: Tianjin Plastics† Vrije Universiteit Amsterdam Course Advanced Corporate Finance Students Fatin Azear Jos Kusters Maaike van der Steen Case: Tianjin Plastics This assignment considers the case of Tianjin Plastics. Pat Johnson, project finance analyst for Maple Energy (U.S.-based international power plant developer), has to make a recommendation regarding the financial viability of the Tianjin Plastics power plant project in China. The recommendation would require a final evaluationRead MoreFi516 Advanced Finance Essay1336 Words   |  6 PagesStudy Guide for Final Exam 1. (TCO B) Which of the following statements concerning the MM extension with growth is NOT CORRECT? (a) The tax shields should be discounted at the unlevered cost of equity. (b) The value of a growing tax shield is greater than the value of a constant tax shield. (c) For a given D/S, the levered cost of equity is greater than the levered cost of equity under MMs original (with tax) assumptions. (d) For a given D/S, the WACC is greater than the WACC under MMsRead MoreAdvanced Corporate Finance Essay examples927 Words   |  4 PagesAdvanced Corporate Finance I SS 2012 Problem Set 1 Valuing Cash Flows Problem Set 1 Valuing Cash Flows Exercise 1 (Ex. 11.2 - 11.6 GT): Assume that Marriott’s restaurant division has the following joint distribution with the market return: Market Scenario Bad Good Great .25 .50 .25 Probability Market Return (%) -15 5 25 YR 1. Cash Flow Forecast $40 million $50 million $60 million Assume also that the CAPM holds. 11.2 Compute the expected year 1 restaurant cash ï ¬â€šow for Marriott. 11.3 FindRead MoreAdvanced Managerial Finance Mini Case2153 Words   |  9 PagesPizzaPalace, a regional pizza restaurant chain. The company s EBIT was $50 million last year and is not expected to grow. The firm is currently financed with all equity, and it has 10 million shares outstanding. When you took your corporate finance course, your instructor stated that most firms owners would be financially better off if the firms used some debt. When you suggested this to your new boss, he encouraged you to pursue the idea. As a first step, assume that you obtained fromRead MoreJet Blue Ipo Advanced Corporate Finance1654 Words   |  7 Pagesthe air transportation business, but can only be achieved by financial management competence coupled with investor confidence and avidness in the equities market. References Bruner. (2010). Case Studies in Finance. (6th ed., p. 459-475). Mason, Ohio: Cengage Learning. Ehrhardt. (2010). Financial management theory and practice. (13th ed., p. 787-819). Mason, Ohio: Cengage Learning. Kelly, N. (2009). 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Key Issues in W.E.B. DuBois’ The Souls of Black Folk Free Essays

The Souls of Black Folk, by W.E.B. We will write a custom essay sample on Key Issues in W.E.B. DuBois’ The Souls of Black Folk or any similar topic only for you Order Now DuBois, is a compilation of essays written by DuBois and first published in 1903. In these essays, DuBois covers many of the problems that he sees in the lives of African American people. These multitude of problems can be summed up into one issue, â€Å"the problem of the color-line† (DuBois 1994, 9). DuBois sees this â€Å"color-line† as the root of difficulties for his race reaching back to the days of the Civil War, but he claims to really see it take hold in the era that he published his book, the early twentieth century (DuBois 1994, 9). Through his collection of essays, DuBois allows the reader to see multiple events pertaining to the lives of African Americans through his eyes, and paints the history of black struggles in ways that might not have been clear to someone who had not been so close to them. DuBois chose to begin each of his essays with a â€Å"sorrow song,† a line or two of music that â€Å"welled up from black souls in the dark past† (DuBois 1994, 1). These bits of song give the tone for each of the essays. DuBois speaks of being â€Å"a problem† to the white world around him, but he sees major issues in his time that keep people thinking of him as â€Å"a problem† (DuBois 1994, 2). These issues are those of â€Å"work, culture, and liberty,† (DuBois 1994, 6), things that DuBois does not see coming easily to his people. At the time, they lacked the right to vote, many lacked adequate schooling, and the â€Å"emancipation† granted in the Civil War era had not led to anything resembling true freedom (DuBois 1994, 6). An example of this lack of freedom is illustrated in the chapter, â€Å"Of The Black Belt.† This particular essay gives the reader the view from a traveling buggy in early twentieth century Georgia (DuBois 1994, 53). Due to recession after the war, most of the land has been abandoned by the previously wealthy owners, and is being rented to the African Americans who are willing to work on it (DuBois 1994, 53). These African Americans live in broken down plantations houses, barely fit for inhabitation, but still must pay exorbitant rents to the people who previously lived there (DuBois 1994, 53). On top of the out of control rents, no amount of money that the African Americans pay ensures them of ever owning any home or land (DuBois 1994, 60). The work they had   done on the land over the years quite often ended up sold to a white person, not matter how much the African American had paid on it (DuBois 1994, 61). Most of them are destitute, for all the money they make from growing crops goes into the hands of their landlords (DuBois 1994, 57). For a few older people, these landlords are their former owners. DuBois does not see this as freedom in any way. In fact, in the chapter â€Å"Of the Quest for the Golden Fleece† he is critical of the Emancipation due to the fact that it turned out so many slaves on their own, slaves who had not thought past being freed, and eventually caused them to come back to their former owners in order to have food and a place to live (DuBois 1994, 66). Another issue that DuBois finds relevant to the problem of the â€Å"color line† is the general lack of higher educational options, or â€Å"culture,† for the African American. In â€Å"Of Mr. Booker T. Washington and Others† DuBois gives the credit for a lot of this problem to Booker T. Washington and his plan of â€Å"Negroes (surviving) through submission† (DuBois 1994, 27). Washington’s plan was threefold. In it, African Americans should give up, â€Å"at least for the present: political power, insistence on civil rights, and higher education of Negro youth† (DuBois 1994, 27). Washington believed that these things could be accomplished later, but â€Å"compromise† would further the Negro cause at the time. DuBois was very much opposed to this system, stating that it caused, â€Å"the disfranchisement, the legal creation of a distinct status of civil inferiority, and the steady withdrawal of aid from institutions of higher training for the Negro† (DuBois 1994, 27).   He questioned any plan that would continue holding back his race, saying that Washington was hindering by bringing up the old â€Å"attitude of adjustment and submission† (DuBois 1994, 26). Another problem point for DuBois was the lack of liberty that his people had. For example, in the chapter â€Å"On The Coming of John,† DuBois tells the tale of a young African American man who strived to get past the â€Å"veil†and make something of himself. At first he was a poor student, but he refocused after being kicked out of school and came back with a real desire to learn. This learning, however, made him aware of the many things that he was excluded from. He â€Å"noticed now the oppression that had not seemed oppression before,† was angry when people did not call him â€Å"mister,† and was offended at having to ride in the â€Å"Jim Crow† cars (DuBois 1994, 95). The story continues on with the young man facing racism at every turn. The essay ends with the young man having exerted liberty by saving a young Negro woman from an amorous white man, whom he kills, but the liberty of action came at a price. As we leave the tale, the young man is sitting calmly at the site of the crime, waiting for the lynch mob he hears from far away to come get him (DuBois 1994, 102). The message that the tale conveys is that the lack of liberty to take part in the white world in bound to lead to disenchantment and anger for those held behind the â€Å"veil† (DuBois, 1994, 95). DuBois tackles the topic of African American religion in the chapter, â€Å"Of the Faith of the Fathers.† He explains the roots of Negro religions on the plantations. They were more likely to be pagan and voodoo like, because that is what most of them were taught in their native lands (DuBois 1994, 84). It took the impressions of missionaries and plantation owners to give the religion a â€Å"veneer of Christianity,† and it took several generations for the Negroes to come to a following of authentic Christianity (DuBois 1994, 84). However, DuBois has a problem with how Christianity came to be presented to the slave population. Whereas the â€Å"voodoo† type religions had â€Å"deepened and strengthened† the slaves, Christianity was manipulated by the plantation owners to weaken them (DuBois 1994, 84-85). In DuBois’ opinion, the Negro had been so run down that he was â€Å"losing the joy of this world† and â€Å"(eagerly) seizing upon the offered conceptions of the next† (DuBois 1994, 85). The Negroes became â€Å"fatalistic,† and with that fatalism came the traits of â€Å"shiftlessness† and â€Å"hopelessness† (DuBois 1994, 85). When they became free, many turned their religion into an idea of â€Å"revenge† (DuBois, 1994, 85). The â€Å"Coming of the Lord† was looked for, and people pledged to die before going back to slavery (DuBois 1994, 86). There was also an idea that the slave owners would get their punishment when the Lord came, so the event was highly anticipated. At the time DuBois was writing, religion had split into two sectors for the Negro. Northern blacks held a vengeful ideal, and Southern blacks fell into â€Å"hypocritical compromise† (DuBois 1994, 87). Neither were ideal, and DuBois closed with the hope that there would be an â€Å"awakening† and â€Å"the real Negro heart† would come â€Å"out of the Valley of the Shadow of Death,† and create a new world where the things he desired for his people would not be â€Å"for White People Only† (Dubois 1994, 88). There is much more that could be said about DuBois’ essays, but the main thing that this writer believes that he would want a person to take from his work is the idea that one group of people cannot be subjugated forever. Although some may not want to work for freedom, there are always a few that will want to learn and make a better person out of themselves. Instead of a taste of liberty angering them because they cannot do anything with it, the taste should bring them joy as they are accepted into the new world they have so longed for. DuBois never got to see a world like that, but perhaps one day his descendants, and ours, will. Reference List DuBois, W.E.B. 1994. The souls of black folk. New York: Dover Publications. How to cite Key Issues in W.E.B. DuBois’ The Souls of Black Folk, Essay examples

Internet Content Ought Not To Be Regulated †Myassignmenhelp.Com

Question: Internet Content Why Ought Not To Be Regulated? Answer: Introducation Censorship has been applied across the world with the intention of regulating access to internet content. Various nations and agencies have cited various reasons as to why there is an urgent need to control media content in the modern world. One of the reasons cited as being behind censorship is the need to prevent children from gaining access to harmful internet content such as video games. This is a feature which allows users of the internet to download and play games on their computers and mobile phones. With the introduction of online betting, video games have been modified to allow people to place bets and play the games to win cash. This feature also allows people to watch and play games such as wrestling while at the same time, an individual can play other important games such as scrabble, chase among others. The internet has various video games application which can be downloaded and saved on the smart phones. The video games feature also allows the individual to view the most popular and most downloaded games among internet users. Moreover, the user has access to instructions on how to play the new game, how to earn points as well as how to win and in some games how to management danger especially in the games that entail fighting. The use of this feature by children has raised concerns over the world. Among the reasons cited as being behind the call for censorship on access to internet content is the fact that children waste a lot of time playing the video games instead of doing other constructive chores. The games are addictive and make children to abandon their books for the sake of playing thereby registering poor academic grades. Another reason behind the call for censorship on access to the internet content is the fact that the modern child is increasingly becoming lazy and careless (Gorman, 2007). This is because they spend a lot of time playing the video games leaving no time for engaging into live activities that might enable them develop their skills such as playing soccer as well as participating in doing household chores which might help shape their future life. Similarly, those calling for regulating access to internet content maintain that through the video games feature, children are exposed to v iolent internet content which if allowed to continue will lead to a future generation of violent personalities since they are exposed to the violence in the video games. Furthermore, with the recent introduction of online betting, access to video games exposes children to gambling. Introduction of live online betting has seen online live betting incorporated in the video games played by the children (Weber,2010). This exposes children to online gambling which may end up destroying their future lives as some end up dropping out of school due to exposure to easy betting money. There are ethical issues that surround online gambling among children caused by their exposure to the internet. Before doing an analysis of the ethical issues surrounding online gambling, a definition of gambling is offered. Gambling entails placing money as stake on an event whose outcome is not known with the hope of the event turning out in your favour and allowing one to win money or material goods at the end of the event. Online gambling on the other hand entails gambling via the internet. Some of the games available on the internet for online gambling include, Bingo, Sports betting, Lotteries, Horse racing betting, Casinos among others. Online gambling according to those advocating fo r censorship of internet content to bar children from accessing the feature of video games that exposes them to online gambling destroys the future of the child. Through online gambling, children are exposed to easy money hence encouraging them to drop out of schools. The vice according to those against it is addictive and could encourage children to engage in other evil acts such as theft in order to raise money to use on online gambling (Speta, 2009). However, I hold a contrary opinion to that held by the various nations of the world over control of internet content. I strongly believe that the internet content ought not to be controlled. Control of the internet content will seriously jeopardise the gains made over the years as a result of freedom by all across the world to access the internet and have their stories shared. Today, it is easy to publish information and have it accessed easily throughout the world within a matter of seconds due to the freedom of the internet. Regulating use of internet content raises ethical questions. For instance, accounting to utilitarianism, an action is deemed ethical if it serves the interest of all parties. Regulating the use of internet content with the intention of denying children access to video games as a way to bar them from online gambling is unethical according to this theory (Brickell, 2012). Through online gambling, children who get lucky manage to win money which they use to satisfy their basic needs. Some of the money and material goods gained from gambling is used for good courses. Hence censoring access to the internet content will deny the children a chance to meet their interests. Most governments put up restrictions to the use of the internet contents for its own interest hence end up using its citizens as a means to an end therefore according to the Kantian categorical imperative, regulation of access to internet content is unethical. This ethical theory maintains that people should never be treated as a means to an end but rather as an end in themselves (Shety, et al. 2010). Hence instead of regulating access to internet content, people should be allowed to exercise freedom in the use of the internet contents From the ethical point of view, it is therefore not right to censor access to internet content as means to bar children from accessing video games and stop them from online gambling. Instead, mechanisms should be put in place to promote responsible gambling and playing of other video games. Today, there are adequate software to be used to block access by children to internet contents meant for adults. Moreover, the available software does not only apply to children content (Bowie Jamal, 2006). Today, software are available that can be used to promote safe internet shopping and hence reduce evils such as fraud. For instance, one can use effective anti-virus software tools that are available in an attempt to make activities such as online shopping sessions safe for use by human beings across the world. I therefore strongly hold the opinion that instead of putingt up measures geared towards regulating access to the internet, the society should be educated on the safe as well as unsafe habits on the internet to make them cautious while using the internet than regulating. Barring children from using the internet on the pretext that they will be exposed to harmful content will end up denying children an opportunity to access the positive side of the internet which fortunately is more than the negative sides. Such a move will deny the children a chance to access good lessons that come along due to access and use of the internet (Goldsmith Wu, 2006). Moreover, whereas the government may deem some internet content inappropriate and want to regulate it, the same content may be of significant for use to online writers as well as researchers hence regulating it may deny a chance of using the same information for good courses by the relevant persons (Ballon Van Heesvelde, 2011). It would be argued from the human rights point of view that blocking access to certain sites is an abuse to the right of human beings to have access to information which is provided for under the United Nations Charter on Human Rights. Moreover, some sites which might be viewed by the government to be inappropriate might be a good source of leisure to the hardworking citizens therefore regulating such sites may deny the hardworking citizens a chance to enjoy their leisure time after hard work (Pasquale, 2008). In countries where regulation of access to internet content has been implemented, it has proved to be counterproductive. For instance, in the United States, regulation led to a closure of sites that are deemed essential for study by students thereby denying the students a chance to access crucial information that is essential for their studies. Education and sensitization of the society on safe use of the internet will not only make the internet a free territory but ensure that the users of the internet are protected from accessing harmful content on the internet (Mathiesen, 2013). Arguing in support of the need to sensitize the society on the responsible use of the internet content instead of regulation, Gaylord (1999) points out that providers of internet services should create and promote a culture of responsibility among the users of the internet through the establishment as well as ensuring that a code of conduct is implemented by all in the course of using the internet content. This will ensure that internet users Financial in responsible behaviour and access responsible content. This way, the internet users will not feel as if they are coerced to adhere to a certain way of life. Instead, the users of the internet will be responsible while using the internet and this will end up promoting a culture of responsibility w ithin the society (Van Noort, et al. 2008). In conclusion, in coming up with measures meant to regulate access to internet content that is harmful to children, the governments should embrace measures which while reducing access to harmful content will encourage and promote internet use. Technology has more advantages than disadvantages to humanity hence any measure towards controlling access in the area of technology must be geared towards promoting the use of technology as opposed to regulating its use by human beings (Solomon, 2010) References Areheart, B. A. (2011). Regulating Cyberbullies Through Notice-Based Liability. Ballon, P., Van Heesvelde, E. (2011). ICT platforms and regulatory concerns in Europe. Telecommunications Policy, 35(8), 702-714. Bowie, N. E., Jamal, K. (2006). Privacy rights on the internet: self-regulation or government regulation?. Business Ethics Quarterly, 16(03), 323-342. Brickell, C. (2012). Sexuality, power and the sociology of the internet. Current Sociology, 60(1), 28-44. Goldsmith, J., Wu, T. (2006). Who controls the Internet?: illusions of a borderless world. Oxford University Press. Gorman, G. E. (2007). A tale of information ethics and encyclopaedias; or, is Wikipedia just another Internet scam?. Online Information Review, 31(3), 273-276. Mathiesen, K. (2013). The Internet, children, and privacy: the case against parental monitoring. Ethics and Information Technology, 15(4), 263-274. Moe, H. (2008). Public service media online? regulating public broadcasters' internet ServicesA comparative analysis. Television New Media, 9(3), 220-238. Pasquale, F. A. (2008). Internet nondiscrimination principles: commercial ethics for carriers and search engines. Shetty, N., Schwartz, G., Walrand, J. (2010). Internet QoS and regulations. IEEE/ACM Transactions on Networking (TON), 18(6), 1725-1737. Solomon, J. M. (2010). New Governance, Preemptive Self-Regulation, and the Blurring of Boundaries in Regulatory Theory and Practice. Speta, J. B. (2009). The Shaky Foundations of the Regulated Internet. Van Noort, G., Kerkhof, P., Fennis, B. M. (2008). The persuasiveness of online safety cues: The impact of prevention focus compatibility of Web content on consumers risk perceptions, attitudes, and intentions. Journal of Interactive Marketing, 22(4), 58-72. Weber, R. H. (2010). Shaping internet governance: Regulatory challenges (Vol. 46). Springer Science Business Media.