Valuation Methods of Collateralized mortgage obligations Dissertation

Valuation Methods of Collateralized mortgage obligations - Dissertation Example ted For Research Study 55 Data Analysis 57 Data Analysis Technique 57 Appropriateness of data analysis technique 59 Description on Questionnaire Formulation 61 Findings of the Research (CMO Valuation Model) 62 Reliability on the Data 62 Chapter Summary 63 Chapter Four: Methods 64 Introduction 64 Research Method 64 Research Design 66 Population and Sample 67 Sampling and Sampling Technique 67 Research Instrument 68 Primary Data Collection 69 Secondary Data Collection 70 Ethical Issues 71 Chapter Five: Findings 72 Introduction 72 Overview of the Study 72 Findings 72 Research Question One 73 Degree of relationship between the yield of FNMA-supported tranches and return on the US treasury bonds 73 Effect of Projected and Market Consensus on Subprime MSRs 76 Research Question Two 77 Relationship between the yields of FNMA-supported tranches and the assumption of the prepayment speed 77 Factors influencing the term structure of interest rate 79 Review on Subprime Meltdown 80 Research Quest ion Three 80 Fundamentals of CMO valuation identified through secondary data collection 81 Research Question 4 91 Quantitative representation of the MSR Price Impact 91 Component MSR Price Impact: 91 Total MSR Price Impact: 91 Impact on Sample Residual Interest is More Significant: 92 Fixed-rate mortgage valuation methodologies 93 Benchmark method 93 Rapid approximation method 96 Rational valuation approach 97 References 98 Dedication Acknowledgments Abstract Chapter One: Introduction This proposed quantitative descriptive research study discusses the various valuation methodologies of prepayment speeds with Collateralized Mortgage Obligations (CMO) tranches and analyzing how the prevalent valuation methods are useful in current complex economic scenarios. The objective of this study is primarily to examine the applicability of various methods of valuation for pricing the CMOs so as to determine their validity in the present economic conditions. Chapter 1 provides a broad overview o f the various facets with respect to the valuation of the prepayment speeds within CMO tranches. Collateralized Mortgage Obligations are derivative debt instruments that can be aptly defined as the claim that arises out of cash flows from large pools of home mortgages. The structure of CMO is such that once the principal and interest received from the mortgage holders it is distributed to tranches. The principal amount, the coupon rate, the prepayment risk and the maturity date differ among the tranches (Economy Watch, n. d.). CMOs are derivative debt instruments providing both retail and institutional investors the possibility of higher yields with a Standard & Poors AA

A Short History Of Singapore History Essay

A Short History Of Singapore History Essay Numerous evidences had been uncovered, and reports and archaeological findings especially, certainly suggest that Singapore was largely strategic between the period of Temasek, in 14th century, and late 17th century. However, to conclude that Singapore was hence always strategic would probably be too much of an overstatement. This essay will discuss Singapores strategic significance, with the support of these evidences, during the different time periods. During the 14th century, trade was already ongoing between the West, South Asia and East Asia. The Melaka Straits was crucial for traders to sail to and fro the Indian Ocean to the South China Sea. Sailing in the past depended on wind direction, thus ships had to stop in Southeast Asia (SEA) to wait for a change in wind direction to bring them towards either China or India  [1]  . Singapore was hence a strategic port because she was located in SEA and along Melaka Straits, making it a convenient stopover hence the central of international trade  [2]  . Bits of celadon (from China), Chinese coins  [3]  , fragments of stoneware (mainly from Guangdong and South Fujian) and earthernware (from Sumatra, Java and Borneo)  [4]  and under-glazed blue and white stem cup (more expensive of porcelains from Jingdezhen during Yuan Dynasty)  [5]  recovered support the above claim as they suggest extensive trade links Temasek had with China and SEA, and that its inhabitants, espe cially the wealthier ones inhabiting Fort Canning, were able to afford the more exquisite products of Jingdezhen  [6]  . Temasek then, was able to attract maritime trade by providing unique products that rival ports were unable to supply. Recorded by Wang Da Yuan in Daoyi zhilue  [7]  , Temasek supplied indigenous products like hornbills casques of excellent quality. Found only between north of Malay Peninsula and South of Borneo, traders can only lay their hands on it at Temasek or Palembang  [8]  . Though Lakawood was in abundance, Temasek was one of the five ports that offer those of middle-quality  [9]  . Celadon, white wares and stonewares uncovered at Riau Archipelago, dating back to the period of Temasek, had patterns and craft similar to those imported from Temasek  [10]  . Furthermore, the origin of glassbeads of Riau Archipelago and Temasek should be identical given similar compositions  [11]  . Hence, Temasek probably served as a collection centre and an entry to export for Riau Archipelago  [12]  . In this case, evidences do suggest that Singapore was prospering and had an influence on regional economy and was thus strategic. During the 15th to 17th centuries, though Singapore declined slightly when Temasek was relocated to Melaka, fragments of under-glazed blue porcelains found at Kallang River  [13]  , and Portuguese maps which indicate the presence of a shahbandars office  [14]  , as elaborated in (b), suggest that she retained some of its strategic significance as a port by maintaining some trade with China. As mentioned, being one of the strategically situated along the Melaka Straits, the power that was able to erect a strategic dominance around the waters around Singapore would be advantaged in terms of security and economically. The Dutch had wanted to destroy Luso (Portuguese-Spanish) monopolies in SEA when they first started attacking Portuguese trading ships around Singapore waters and declared war with the Portuguese when they raided Santa Catarina and auctioned off its products  [15]  . This saw the naval battles between the Dutch and Johor Sultanate, and Portuguese and Acehnese in the early 17th century and gave rise to the considerations of fortifying Singapore by both powers  [16]  . Jacques De Coutre proposed to build forts at the east coast of Singapore and Muar River estuary and station a naval fleet at Sentosa to protect Portuguese trading ships from the Dutch  [17]  . Dutch had the same places in mind for their fortification plans  [18]  . Till this point , the Dutch and Portuguese reports do suggest that Singapore was strategic. However, the plans never realised, which made us rethink if Singapore was really that strategic after all. Singapores strategic significance took a turn in the 18th century. There was not much evidence to prove this period of time, but by referencing to my contextual knowledge, we know that the Dutch shifted their focus from the Melaka Straits to the Sunda Straits, Portuguese diverted their trade to Japan having difficulties trading in the Melaka Straits and Johor Sultanate relocated their capital to the Lingga Archipelago, shifting the maritime silk road southwards  [19]  . Singapore lost its value with the declination of Melaka Straits and was abandoned. She no longer held any strategic significance to participants of the maritime trade. Perhaps it is precisely that not much evidence was found that dates back to this period of time that it suggests that trading activities in Singapore was kept to its minimum. Moreover, no coins or porcelains were uncovered that dates beyond the Song and Yuan Dynasty, and the Ming Dynasty respectively  [20]  , further supporting my contextual kno wledge. It is evident that Singapores strategic significance changes with time, depending on human-related factors such as politics and economics, and hence is relative. The evidences may seem to imply that Singapore was always strategic, but when viewed from another angle, they can also suggest otherwise as stated in the previous paragraph. Therefore to say that they suggest that Singapore is always strategic may be a little too extreme. b. In light of this evidence, should Singapores history from 1511 to 1819 be written as (1) little more than a sleepy fishing village? (2) a declining but still thriving emporium astride hotly contested strategic waters (3) part of the Johor Sultanate?  Ã‚  Please explain your preference. From the 15th century to 17th century, Singapore was a (3) part of the Johor Sultanate, but she was (2) a declining yet thriving emporium astride hotly contested strategic waters between the 16th and 17th century. It was only during the early 18th century that trade in Singapore started dipping, and she was perceived by the British as a sleepy fishing village when they stepped ashore in 1819. Hence, (1) little more than a sleepy fishing village suitably describes Singapores history between this period as it is a broader title and thus encompasses both (2) and (3), and the reduction of importance of Singapores port resulting from the declination of the Melaka Straits during the 18th century accounts for Singapore being a sleepy fishing village. When Singapore was (3), trade was still ongoing though insignificant compared to its Temasek period. Excavations on the north bank of Singapore River, where a settlement was once present, and Kallang River revealed fragments of ceramics and under-glazed blue porcelains with designs dating back to the rule of Ming Emperor Wanli (1573 to 1620)  [21]  . Similar findings in Johor Lama and Johor Shoal imply that the findings in Singapore belonged to the Johor River trade controlled by the Johor Sultans  [22]  . Some may suggest that these pieces might have been disposed into the Kallang River when ships stopover for supplies because they broke during the voyage, and not because of trade present in Singapore  [23]  . This may be true, however, according to two Portuguese maps, a shahbandar of the Johor Sultans office was featured on the southern coast of Singapore  [24]  , proving the above conjecture wrong and showing that trade at the Kallang River was flourishing to the extent it needed a shahbandar to run it. This also indicates that Singapore then, was continuing some degree of trade with China, showing that she was (1). As mentioned, trade was also falling, compared to its Temasek period, as during this time, Melaka was the main port for international trade  [25]  . Singapore then, supported Melaka by providing goods from herself for Melaka to export. An example being blackwood, which was brought from Singapore to Melaka, and then bought in bulk by Chinese traders  [26]  . (2) may now seem to be plausible at this point in the essay since Singapore was a declining yet thriving emporium, and evidence show that its waters are hotly contested for between the Dutch and Johor Sultanate, and the Portuguese and Acehnese, and Singapore was seen by both as strategic to build a fort to achieve their individual aims as mentioned in (a). However, one may wish to note that Singapores waters may not be that strategic after all. In 1613, Aceh successfully attacked Batu Sawar as she was upset about the signing of the peace treaty between Johor Sultanate and Portuguese, uncovering the vulnerable position of Singapore waters, rendering it no longer strategic  [27]  . Moreover, when Melaka Straits lost its importance to Sunda Straits in the late 17th century, Singapore was neglected and declined over the 18th century  [28]  . Its waters were no longer contested and the issue on it being strategic or not became irrelevant. A village of Orang Lauts and Malays, not being much of a deal, were all that were left in Singapore. Melaka Straits was filled with pirates and Singapore, lying on the Straits, was hence seen as a sleepy fishing village by the British when they landed in the 19th century  [29]  . (2) does not take into account these happenings, thus it is flawed in describing Singapores history. In conclusion, (1) best describes Singapore history as it accommodates the period when Singapore was (3), when trade was active though declining, the period when it was considered strategic and its waters contested by the Dutch and Portuguese, up to the period when British founded Singapore as a sleepy fishing village due to the decline of Melaka Straits. (2) was unsuitable as mentioned above, and (3) seems to be an understatement as Singapore was more than just part of the Johor Sultanate.

Education Starts At Home Essay -- essays research papers

Some parents think that once their children are at school, they can relax and let the education system take control. But this is not the case at all. As research shows, parents have an even greater influence on their children’s academic results than the school does. Most of a child’s ability to communicate, to relate to teachers and peers and their attitude to learning, is formed from home. Parents can help give their children a head start, by beginning their education at home. Many parents don’t realise how they can help their children at home. Things as simple as baking a cake with their children can help them with their education. Measuring out ingredients for a cake is a simple form of maths. Another example of helping young children with their maths is simply planning a birthday party. They have to decide how many people to invite, how many invitations they will need, how much the stamps will cost, how many prizes, lolly bags, cups, plates, and balloons need to be bought, and so on. Children often find that real life experiences help them to do their maths more easily. Another way that parents can help their children with their maths, is to give them pocket money. It does not have to be a large amount, and they may have to do chores to earn it. This not only teaches them about the value of money, but they may need to use basic maths to work out how long they will have to save to buy the special toy that they want. This means that children are developing their money se...

The European Middle Ages – Change over Time

The economy of the Middle Ages The economy has long been a major force in the development of societies for centuries. It often changes and fluctuates, consequentially resulting in the success or failure of civilizations. The economy of medieval Europe originated as that of a feudal systemdue to the dangerous and chaotic conditions of the continent at the time. By the end of the Middle Ages, the feudal system no longer being used due to its newfound inefficiency with the new situations emerging.Towns and trade began to get more popular, but society was still agriculturally based and comparatively less developed than the societies of Asia. The early Middle Ages are characterized by the Church and the feudal and manorial systems; systems in which every European’s life were centered around. In this arrangement there were kings, lords, vassals, knights, peasants and serfs. The hierarchy was that of a property owning basis. It was a land exchange for protection. During early medieva l times, Europe was in a state of chaos.Muslim, Magyar, and Viking invaders devastated the continent and surrounded it from all sides. With no true government in place, people were susceptible to invasions, and then came the feudal system. When kings gave men plots of land, those men would have to provide protection for the king and the land given through knights. The system was actually extremely complex because a lord was a vassal and he could also be a knight. In addition to that, a vassal could be a vassal to multiple people and they often fought over land.After the knights were peasants, people who worked the land of their lord. Some peasants were serfs, who were legally bound to the land they were born on, but they were not slaves. The wealth of every lord came from the work of his peasants. The manorial system branched out of the feudal system and was the more economic side of feudalism. The manor was the estate of the lord and there was an agreement between the lord and the peasants who worked the land. In exchange for housing, some farmland, and protection from bandits, the peasants would maintain the estate.A manor was like a small community in the way that is was self-sufficient and had all the necessities for someone living in that time. The manor normally consisted of the lord’s house, a church, workshops, fields, pastures, and a small village for the peasants. The serfs and peasants were also able to produce most of the goods needed for everyday life. The downside of living on the manor, for peasants at least was the taxes. There were taxes on the grain from the lord’s mill, a marriage tax, and a tithe, a church tax, to the village priest.Both of these systems were rigid and social mobility was essentially nonexistent. There was much change in medieval society; some of the causes for these changes even started some domino effects. For example, there was a huge population increase around the 1000s because more efficient farming. Peas ants began to rely on horses more than oxen, resulting in a faster plow. The three-field system was also being used, allowing more land to be farmed and more diversity in the medieval diet. Not only was the population increasing, but people were also living longer.Additionally, the worry of being robbed by bandits or invaded by foreigners was gone, so people could now be more independent and could travel without as much fear. Through these factors, there is a growth of towns and the decline of the feudal and manorial systems begins. The expanding towns mainly consisted of peasants and runaway serfs and weren’t as reliant on farming as they were before. This led to other professions reemerging. Local manufacturing was part of town life and the managing of the training of apprentices, the quality of products, and the prices for the goods were all controlled by a guild.Guilds had a monopoly for their trade in their town. Although guilds and towns did help, what truly had a subst antial effect on society were wars and diseases. The Crusades, the Bubonic Plague, and the Hundred Years’ War caused a variety of events and eventually led to the end of the Middle Ages. Although it was technically a failed expedition, the Crusades, a series of wars for the reconquering of the holy land fed by religious zeal, had quite a good effect on Europe’s future. After the Crusades, Christians’ relationship with Muslims was severed, but trade routes to Asia opened up everywhere.The trade between the two regions led to new technologies being introduced to Europeans. Furthermore, the power of nobles decreased and the feudal system began to slowly decline over the next 200 years. An example of a flourishing city is Venice that expanded and grew rich. Despite the slightly less unpromising time after the Crusades, the Black Death devastated Europe and made it digress some. The bubonic Plague originated in Asia and had already rampaged through Asia and Africa. E ntering Europe in 1347 through a fleet of Genoese merchant ships that arrived in Sicily, the plague spread all throughout Europe quickly.Over one-third of Europe’s population died because of the plague and medieval society was shattered. The population drop led to a scarce amount of workers and increased prices. Farms were abandoned and peasants living in manors demanded higher wages. The nobles refusing to the peasant demands resulted in many revolts. The plague would come in waves, so recovering and surviving more than once was difficult. While the plague struck Europe, England and France were in a war that would come to be known as the Hundred Years’ War. During the war, England used cheaper foot soldiers that used longbows to decimate the French.Knights were being defeated by lowly foot soldiers that were most likely peasants at home, making many people question the functionality of the feudal system. Ultimately the basis of the economy was moving towards trade and the success of towns and cities, ending the system that used to hold medieval society together. Like most past and modern societies, Europe remained dependent on agriculture, the class system was still similar to that of its predecessor, and when compared to other places of the time, Europe isn’t as active in trade and gaining land.A change in economic factors didn’t deviate from the need to feed the growing population. An agricultural based economy was necessary for the survival of Europeans, so that towns could grow and trade could expand. Moreover, the class system still had the king and religious leader on top because of the new sense of nationality and the fact that Europe was primarily Catholic. The class one was born into continued to define the lives of many and social mobility was still nonexistent.Whereas Europe’s trade was beginning to flourish, the trade in Asia and Africa were far beyond that. Just like in the 800s, Europe remained fairly isolated when paralleled to other civilizations. This is partly due to the strong religious intolerance. Namely, the Spanish Reconquista and Inquisition are examples of prejudice against non-Christians, implying a sense of superiority among Christians. The continent was also recently hit with a catastrophic plague, killing one-third of the population, making trade less of a priority.In the 650 years that were the Middle Ages, the economy of the time changed drastically. Europe went from having a strict hierarchy of property owning aristocrats to the growth of merchant-led towns. Nobles lost immense power and the population wavered at the mercy of new agricultural techniques and deadly plagues. Trade became an important component of the European economy, but it still remained very agricultural and not as adept in trade as its peers. The economical change would lead the continent to become on of the principal contributors to history today.

Ockham technologies case - Free Essay Example

Sample details Pages: 3 Words: 919 Downloads: 10 Date added: 2017/06/26 Category Technology Essay Type Narrative essay Did you like this example? The case ends as James Triandiflou, the founder of Ockham Technologies, describes the companys early growth in launching an enormous deal with IBM and triumph over financing their business operations because it received financing offers from successful investors and venture capital firms. However, Ockham continues to face operational problems from assembling its human recourses to establishing outsourcing relationships for its on-going success. Rationale for problem selection: James Triandiflous faced problems with assembling his executive team. Though Ockham Technologies assembled its founding team, numerous problems arose: (1) there was â€Å"friction† between co-founders Triandiflou and Meisenheimer as they shared different prospective on companys control issue leading one to make decisions without the involvement of the other (p 12). (2) Building the companys board of directors was also a challenge. Triandiflou had issues with having two members from one venture firm because he wanted to keep his board small. If Ockham does not bring together the right people, it may risk falling apart and thus jeopardizing the growth of the company. Ockhams founding team was inexperienced. Triandiflou was aware that he needed broad range of skills. On the other hand, his team was lacking experience in the industry. The case mentions, that he was looking to find â€Å"the best athletes by hiring the â€Å"best people.† (p. 4). When it came down to developing their actual product, his team did not have the knowledge, so they relied on outsourcing their software development to Ron Hardin from Flex Solutions. They were extremely lucky to land the $100K IBM deal considering their software prototype presentation with IBM was not well prepared (pp. 6-7). Judging on their PowerPoint slides from Exhibit 5, not much thought was put into their presentations (p. 18). One point to note is that working with a big company like IBM can also pose high risks. If Ockham fails to perform according to IBMs expectation, rumors will spread, and customers would lose confidence. Therefore, Ockham may never win another deal again. Trouble deciding to outsource their system development work. Ockhams dilemma was deciding either to outsource their product development or operating in-house. First of all, the team was not satisfied with the quality and progress of their progress with Flex Solutions (pg. 6). Their insecurities led Ockham to reconsider their equity deal with Flex Solutions, which they had previously discussed. Ockham decided to pay cash for their work instead of having a stake in Ockham Technologies (p. 7). Secondly, Triandiflou lacked operational skills for a software startup if he decides to hire its own developers. Ockhams realized that the deadline to deliver the product was tight. If Ockham does not decide quickly, it can risk losing their biggest customer. Action Plan: Don’t waste time! Our writers will create an original "Ockham technologies case" essay for you Create order Enhance communication and establish boundaries to reduce employee conflicts. Conflicts in the workplace arise as a result of numerous factors. In the case, tension between the co-founders was due to values and goal differences in the company (p. 12). Jim Triandiflou and Mike Meisenheimer need to establish healthy boundaries and open communication in company involvement for smoother operations of their business. â€Å"Divide and conquer† as mentioned in the cast, is an effective strategy. When resources are limited (such as this case), it is essential to ensure duties are segregated. This way, restrictions are created, and no one person would have complete control over a process, and all would be partially involved. This might help alleviate some control issues that currently exist with the company. Ockham Technologies should obtain financing from Noro-Moseley. While comparing the alternative financiers, Noro-Moseley is best suited for Ockham for two reasons: (i) they are the biggest and well-known venture capital firm in Atlanta, and (ii) two of its general partners have direct work experience in sale force management and information technology. Although Triandiflou will be giving up some control by having two board members from one venture firm (2 out of 5 or 40% as opposed to 2 out of 3 or 67% control), Ockham will benefit from having experienced members who can provide valuable resources and expertise to the company. Seeking advice from an inexperienced board member such as Bobby Crews would be less valuable to Ockhams operations and growth. Ockham Technologies should outsource their product development to NIIT, company based in India. The companys criteria in outsourcing are: (i) meet aggressive deadlines (ii) reuse 80% if the product for future customers (iii) meet specifications and quality standards and (iv) forge a productive relationship and (v) keep the costs low (pp. 8-9). The company most suited is NIIT because the company specializes in software development. Ockham would be equally price sensitive between NIIT and Thoughtmill because of equal fixed cost. However, NIITs formalized development process and strong credentials seems to be the best fit to satisfy Ockhams quality constraints. Outsourcing to Hotshot Coders seems sketchy because the lack of information provided in the cast. Their physical location is not mentioned in the case, and their fixed costs seem overly optimistic. Ockham will need to conduct further research if they decide to use Hotshot Coders. Ockham should evaluate is employee performance and operational processes on a regular basis. As the company enters the growth phase, the skills required for success evolves. A few examples of these additional skills would be hiring an accounting firm to manage their performance financially, or an advertising agency to market their product. Ockham Technologies can also use various pricing structures to broaden its product line. In either case, the overall objective for executives must be able to manage their company in a way to create value that gives a positive return to their investors, and grow their businesses.

Relationship Between the Necklace and the Story of an Hour...

ENGISH 1121 The Story of an Hour and The Necklace share many similarities and also many differences; both explore the feeling that both wives harbor towards their husbands and the lack of communication that both wives share. In this essay I will discuss the similarities and differences that the two short stories share with regards to communication. In Guy de Maupassants The Necklace is the story of Mathilde Loisel, who resents her station in life. Mathilde Loisel is shown to be a vain and ungrateful person who believes that she was born to have a better life. She feels that she has married beneath her, in spite of the fact that her husband is a hard working and dependable man. Mathilde is unable to recognize and appreciate the†¦show more content†¦Chopins use of language effectively conveys the intensity of the emotions that overcome Louise. Repetition of the word free reveals the exaltation Louise experiences in being released from possession by her husbands will. The dict ion aptly portrays the significance, emotionally and physically, of Louises transformation. Tumultuously, Louises bosom, the seat of passion, rose and fell as the monstrous joy possessed her. As the elixir of life courses through her once weak heart, Louises pulses beat fast. When Louises fancy runs riot along those days ahead of her, the reader feels the excitement Louise feels. Through the image of Louise as a winged goddess of Victory, her inner strength from triumph over repression becomes palpable. That strength is reaffirmed in Chopins use of words that connote potency. Louise has a clear and exalted perception of herself. In both these stories, the authors portray two very different yet alike women who have trouble accepting their fate and are trying to reject the life of women of their class. Mathilde Loisel and Louise Mallard are very alike because they dream of something they do not have, then their dreams come true, but destiny plays a fatal role in both stories, and ladi es lose everything they had. In both stories, ladies have caring husbands, whom they do not appreciate .Unfortunately, the endings ofShow MoreRelated The Necklace1898 Words   |  8 Pageshas consistently reflected the interests and activities of a people. Therefore, some themes have been dominant in World Literature from ancient times to the present. One such theme greed and generosity, which is explored in the French short story â€Å"The Necklace† by Guy de Maupassant. On August 5, 1850, Maupassant was born near Normandy, France, where he lived for the majority of his childhood. He was the first son of Laure Le Poittevin and Gustave de Maupassant, who were both from prestigious bourgeoisRead MoreNineteenth Century Gender Roles Exposed in The Necklace and The Story of an Hour2020 Words   |  9 Pagesrepresentation of The Necklace and The story of an hour represents gender roles as defined by the nineteenth century society guidelines . The The Story of an Hour was set in the late nineteenth century in the home of Louise Mallard.(Kate Chopin).It was written on April 19, 1894,by Kate Chopin. The theme Many also focus on women revolt against conformity, often against gender conformity or against social norms that limit omens possibilities in life. (Emmert, Scott ) The story was first titledRead MoreAnalysis Of Amy Tan s The Joy Luck Club1637 Words   |  7 PagesRelationships define a connection between two beings, whether it be through blood, friendship, or romance. In most cases, the first group that people experience is with their families. 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It is important for anthropologist to carry out case studies, visit study sites and get first-hand information on what exactly emerges in the study setting because it opens a different perspective. The case study I have chosen is based on the interactions that exist between the tourists and locals around the Statue of Liberty. It is important to investigate how theRead MoreLa Siest A Known Component Of The Spanish Culture1750 Words   |  7 PagesLa Siesta is a commo nly known component of the Spanish culture. In seeking to strike a balance between work and pleasure, for long Spaniards have practiced the traditional siesta. Professionals along with students often return to their respective homes around noon for a couple of hours to rest and enjoy family time coupled with a heavy lunch. Most businesses will always shut down for a few hours during this time. 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The Impact of Technology on the US Economy The...

In the last decade, the United States has established itself to be one of the most influential sources of technological development. As a result, United States technological development has made a significant contribution to its robust economy. Since the technological development continues to rapidly grow to the present date, specifically the nanotechnology sector, the United States is pursuing to develop and expand its appropriate institutional mechanisms and policies to better manage the technological development. Currently, there are debates to whether the free market mechanism or government intervention and promotion (industrial policy) works to effectively manage technological development. John F. Sargent, specialist in science and†¦show more content†¦Additionally, advocates of state intervention and promotion (industrial policy) believe that technological development, particularly the nanotechnology sector, requires a substantial amount of government funding and manag ement because of its complexity and challenges. John F. Sargent, specialist in science and technology policy, strongly argues that active federal government role is or almost imperative to allow for commercialization of nanotechnology and further expansion of technological development (Sargent 22). The reason for this is because advocates of state intervention believe that the private sector is insufficient in funding technological development in which, therefore, may cause a stagnant growth and inefficiency. As a matter of fact, without government intervention, advocates believe that the United States nanotechnology development and research would not have preserved its dominance and high position in the technology business and competition in the first place. Ideally, advocates claim that the influence of industrial policy and appropriate institutional mechanism has allowed the technological benefits to spread worldwide. Over the last decade, the state has enacted some pertinent pol icies that transformed the way technological development, specifically the nanotechnology sector, can benefit our nation. To start with, the nanotechnology sector would have not advanced too rapidly withoutShow MoreRelatedThe Impact of Nanotechnology in Our Lives1523 Words   |  7 PagesThe Impact of Nanotechnology in Our LivesNanotechnology is science and engineering at the scale of atoms and molecules. It is the manipulation and use of materials and devices so tiny that nothing can be built any smaller. 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