Interest Rate and Currency Swaps Essay Example

Interest Rate and Currency Swaps Paper CHAPTER 14 INTEREST RATE AND CURRENCY SWAPS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS I. Describe the difference between a swap broker and a swap dealer. Answer: A swap broker arranges a swap between two counterparts for a fee without taking a risk position in the swap. A swap dealer is a market maker of swaps and assumes a risk position in matching opposite sides of a swap and in assuring that each counterparts fulfills its contractual obligation to the other. 2. What is the necessary condition for a fixed-for-floating interest rate swap to be Seibel? Answer: For a fixed-for-floating interest rate swap to be possible it is necessary for a quality spread differential to exist. In general, the default-risk premium of the taxed-rate debt will be larger than the default-risk premium tot the floating- rate debt. 3. Discuss the basic motivations for a counterparts to enter into a currency swap. Answer: One basic reason for a counterparts to enter into a currency swap is to exploit the comparative advantage of the other in obtaining debt financing at a lower interest rate than could be obtained on its own. A second basic reason is o lock in long-term exchange rates in the repayment Of debt service Obligations denominated in a foreign currency. 4. How does the theory of comparative advantage relate to the currency swap market? Answer: Name recognition is extremely important in the international bond market. Without it, even a creditworthy corporation will find itself paying a higher interest rate for foreign denominated funds than a local borrower of equivalent creditworthiness. We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Consequently, two firms of equivalent creditworthiness can each exploit their, respective, name recognition by borrowing in their local capital racket at a favorable rate and then re-lending at the same rate to the other, S, Discuss the risks confronting an interest rate and currency swap dealer. Answer: An interest rate and currency swap dealer confronts many different types of risk. Interest rate risk refers to the risk of interest rates changing unfavorable before the swap dealer can lay off on an opposing counterparts the unplaced side of a swap with another counterparts. Basis risk refers to the floating rates Of two counterparts being pegged to two different indices. In this situation, since the indexes are not perfectly positively correlated, the swap ann. may not always receive enough floating rate funds from one counterparts to pass through to satisfy the other side, while still covering its desired spread, or avoiding a loss. Exchange-rate risk refers to the risk the swap bank faces from fluctuating exchange rates during the time it takes the bank to lay off a swap it undertakes on an opposing counterparts before exchange rates change. Additionally, the dealer confronts credit risk from one counterparts defaulting and its having to fulfill the defaulting partys obligation to the other counterparts. Mismatch risk refers to the difficulty of the dealer finding an exact opposite attach for a swap it has agreed to take. Sovereign risk refers to a country imposing exchange restrictions on a currency involved in a swap making it costly, or impossible, for a counterparts to honor its swap obligations to the dealer. In this event, provisions exist for the early tear-nation of a swap, which means a loss of revenue to the swap bank. 6. Briefly discuss some variants of the basic interest rate and currency swaps diagramed in the chapter, Answer: Instead of the basic fixed-for-floating interest rate swap, there are also zero-coupon-for-floating rate swaps where the fixed rate payer makes only one error-coupon payment at maturity on the notional value. There are also floating- for-floating rate swaps where each side is tied to a different floating rate index or a different frequency Of the same index. Currency swaps need not be fixed- for-fixed: fixed-formatting and floating-for-floating rate currency swaps are frequently arranged. Moreover, both currency and interest rate swaps can be amortizing as well as non-amortizing. 7. If the cost advantage of interest rate swaps would likely be arbitraged away in competitive markets, what other explanations exist to explain the rapid velveteen of the interest rate swap market? Answer: All types of debt instruments are not always available to all borrowers. Interest rate swaps can assist in market completeness. That is, a borrower may use a swap to get out of one type of financing and to obtain a more desirable type tot credit that is more suitable for its asset maturity structure. . Suppose Morgan Guaranty, Ltd. Is quoting swap rates as follows: 7. 75 8. 10 percent annually against six-month dollar LABOR for dollars and II II percent annually against six-month dollar LABOR for British pound sterling. At hat rates will Morgan Guaranty enter into a $/E currency swap? Answer: Morgan Guaranty will pay annual fixed-rate dollar payments of 75 percent against receiving six-month dollar LABOR flat, or it will receive fixed-rate annual dollar payments at 8. 10 percent against paying six-month dollar LABOR flat. Morgan Guaranty will make annual fixed-rate E payments at 1 1. 25 percent against receiving six-month dollar LABOR flat, or it Will receive annual fixed-rate E payments at 11. 65 percent against paying six-month dollar LABOR flat. Thus, Morgan Guaranty Will enter into a currency swap in Which it would pay annual axed-rate dollar payments of 7. 75 percent in return for receiving semi-annual fixed-rate E payments at II . 65 percent, or it Will receive annual fixed-rate dollar payments at 8. 0 percent against paying annual fixed-rate E payments at 11. 25 percent. 9. A U. S. Company needs to raise It plans to raise this money by issuing dollar- denominated bonds and using a currency swap to convert the dollars to euros. The Corcoran expects interest rates in both the United States and the Euro zone to fall. A. Should the swap be structured with interest paid at a fixed or a floating rate? B. Should the swap be structured with interest received at a fixed or a floating rate? SFA Guideline Answer: a. The U. S. Many would pay the interest rate in euros. Because it expects that the interest rate in the Euro zone Will fall in the future, it should choose a swap with a floating rate on the interest paid in euros to let the interest rate on its debt float down. B. The US. Company would receive the interest rate in dollars. Because it expects that the interest rate in the United States will fall in the future, it should choose a swap with a fixed rate on the interest received in dollars to prevent the interest ate it receives from going down, *10. Assume a currency swap in which two counterparts of comparable credit risk each borrow at the best rate available, yet the nominal rate of one counterparts is higher than the other, After the initial principal exchange, is the counterparts that is required to make interest payments at the higher nominal rate at a financial disadvantage to the other in the swap agreement? Explain your thinking. Answer: Superficially, it may appear that the counterparts paying the higher nominal rate is at a disadvantage since it has borrowed at a lower rate. However, f the forward rate is an unbiased predictor of the expected spot rate and if RIP holds, then the currency with the higher nominal rate is expected to depreciate versus the other. In this case, the counterparts making the interest payments at the higher nominal rate is in effect making interest payments at the lower interest rate because the payment currency is depreciating in value versus the borrowing currency. PROBLEMS I. Alpha and Beta Companies can borrow for a five-year term at the following rates: Alpha Beta Moodys credit rating Fixed-rate borrowing cost 12. 0% Floating-rate borrowing cost LABOR LABOR* a. Calculate the quality spread differential (SD). B. Develop an interest rate swap in which both Alpha and Beta have an equal cost savings in their borrowing costs. Assume Alpha desires floating. Rate debt and Beta desires fixed-rate debt. No swap bank is involved in this transaction. Solution: a. The SD (12. 0% 10. 5%) minus (LABOR * LIBIDO- . 5%. B. Alpha needs to issue fixed-rate debt at and Beta needs to issue floating rate-debt at BOOR 1%. Alpha needs to pay LABOR to Beta. Beta needs to pay 10 75% to Alpha. It this is done, Alphas floating-rate all-in-cost is: 4 LABOR 10. 5% = LABOR . 25% savings over issuing floating-rate debt on its own. Betas fixed-rate all-in- cost is: LIBIDO 1% 10. 75% LABOR 11. 75%, a savings over issuing fixed- 2. Do problem 1 over again, this time assuming more realistically that a swap bank is involved as an intermediary. Assume the swap bank is quoting five-year dollar interest rate swaps at 10. 7% 10. 8% against LABOR flat. Alpha will issue fixed-rate debt at 10. 5% and Beta will issue floating rate-debt at LABOR * 1%. Alpha Will receive 10. 7% from the swap bank and pay it LABOR. Beta Will pay 10. % to the swap bank and receive from it LABOR. If this is done, Alphas floating- rate all. In. Cost is: 10. 5% LABOR 10. 7% LABOR . .20%, a . 20% savings over issuing floating-rate debt on own. Betas fixed-rate Allan-cost is: LIBIDO 10. 8% LABOR 1 1. 8%, a . 20% savings over issuing fixed. Rate debt. 3. Company A is a Aerated firm desiring to issue five-year Ferns. It finds that it Gang issue Erne at six-month LABOR . 125 percent or at three-month LABOR * . 125 percent. Given its asset structure, three-month LABOR is the preferred index, Company B is an A-rated firm that also desires to issue verifier Pros. It finds it can issue at six-month LABOR + 1. Percent or at three-month LABOR + . 625 percent. Given its asset structure, six-month LABOR is the preferred index. Assume a notional principal of Determine the SD and set up a floating-for-floating rate swap where the swap bank receives , 125 percent and the two counterparts share the remaining savings equally. Solution: The quality spread differential is [(Six-month Al BOOR + 1. 0 percent) minus (Six-month LABOR . 125 percent) z] _875 percent minus [(Three-month LABOR * . 625 percent) minus (Three-month LABOR -e . 25 percent) . 50 percent, which equals 375 percent. If the swap bank receives . 25 percent, each counterparts is to save . 125 percent. To affect the swap, Company A would issue Ferns indexed to six-month LABOR and Company B would issue Erne indexed three-month LABOR. Company B might make semi-annual payments of six-month LABOR 125 percent to the swap bank, which would pass all of it through to Company A. Company A, in turn, might make quarterly payments of three-month LABOR to the swap bank, which would pass through three-month LABOR . ASS percent to Company B. On an annulled basis, Company B will remit to the swap bank six- month LABOR * . 125 percent and pay three-month LABOR . 25 percent on its Ferns. It will receive three-month LABOR , 125 percent from the swap bank. This arrangement results in an all-in cost of six-month LABOR . 825 percent, which is a rate . 125 percent below the F-Runs indexed to six-month LABOR 4 percent Company B could issue on its own. Company A will remit three-month LABOR to the swap bank and pay six-month LABOR 4 . 1 AS percent on its Ferns. It will receive six-month LABOR + . 125 percent from the swap bank. This arrangement results in an all-in cost of three-month LABOR for Company A, which is _ 125 percent less than the Ferns indexed to three-month LABOR + . 25 percent it could issue on its own. The arrangements with the two counterparts net the swap bank . 1 AS percent per annum, received quarterly. A corporation enters into a five-year interest rate swap with a swap bank in which it agrees to pay the swap bank a fixed rate of 3. 75 percent annually on a notional amount of and receive LABOR. As of the second reset date, determine the price of the swap from the corporations viewpoint assuming that the fixed-rate side Of the swap has increased to 10. 25 percent. Solution: On the reset date, the present value Of the future floating-rate aments the corporation will receive from the swap bank based on the notional value Will be The present value Of a hypothetical bond issue Of ?15,000. 000 with three remaining 9. 75 percent coupon payments at the new fixed. Rate of 10. 25 percent is ?1 This sum represents the present value of the remaining payments the swap bank will receive from the corporation. Thus, the swap bank should be willing to buy and the corporation should be willing to sell the swap for = ?185,696. 5. Karl Ferris, a fixed income manager at Angus Capital Management, expects the current positively sloped U. S. Treasury yield curve to shift parallel upward. Ferris owns two $1 corporate bonds maturing on June 15, 1999, one with a variable rate based on 6-month LIST. Dollar LABOR and one with a fixed rate. Both yield SO basis points over comparable IS_S. Treasury market rates, have very similar credit quality, and pay interest semi-annually. Ferris wished to execute a swap to take advantage of her expectation of a yield curve shift and believes that any difference in credit spread between LABOR and LLC. S. Treasury market rates will remain constant. A. Describe a six-month U. S. Dollar LABOR-based swap that would allow Ferris o take advantage Of her expectation. Discuss, assuming Ferris expectation is correct, the change in the swaps value and how that change would affect the value Of her portfolio. [NO calculations required to answer part a. ] Instead Of the swap described in part a, Ferris would use the following alternative derivative strategy to achieve the same result. . Explain, assuming Ferris expectation is correct, how the following strategy achieves the same result in response to the yield curve shift. [No calculations required to answer part b. ] Settlement Date 1215-97 03-15-98 0615-98 09-15-98 12-15-98 03-15-99 Nominal Arteriolar Futures Contract Value 1000. 000 c. Discuss one reason why these two derivative strategies provide the same result. SFA Guideline Answer a. The Swap Value and its Effect on Ferris Portfolio Because Karl Ferris believes interest rates will rise, she will want to swap her fixed-rate corporate bond interest to receive six-month U. S. Dollar LABOR, She will continue to hold her variables six-month U. S. Dollar LABOR rate bond because its payments will increase as interest rates rise. Because the credit risk between the U. S. Dollar LABOR and the US. Treasury market is expected to main constant, Ferris can use the LIST. Dollar LABOR market to take advantage tot her interest rate expectation without affecting her credit risk exposure. To execute this swap, she would enter into a two-year term, semi-annual settle, nominal principal, pay fixed-receive floating IS. S, dollar LABOR swap. If rates rise, the swaps mark-to-market value will increase because the U. S. Dollar LABOR Ferris receives will be higher than the LABOR rates from which the swap was priced. If Ferris were to enter into the same swap after interest rates rise, she would pay a higher fixed rate to receive LABOR rates. This higher fixed rate valued be calculated as the present value of now higher forward LABOR rates. Because Ferris would be paying a stated fixed rate that is lower than this new higher- present-value fixed rate, she could sell her swap ATA premium. This premium is called the replacement cost value Of the swap. B. Arteriolar Futures Strategy The appropriate futures hedge is to short a combination of Arteriolar futures contracts with different settlement dates to match the coupon payments and principal. This futures hedge accomplishes the same objective as the pay fixed-receive floating swap described in Part a. By discussing how the yield- curve shift affects the value of the futures hedge, the candidate can show an understanding of how Arteriolar futures contracts can be used instead of a pay fixed-receive floating swap. It rates rise, the mark-to-market values of the Arteriolar contracts decrease; their yields must increase to equal the new higher forward and spot LABOR rates. Because Ferris must short or sell the Arteriolar contracts to duplicate the pay fixed-receive variable swap in part a, she gains as the Arteriolar futures contracts decline in value and the futures hedge increases in value. As the contracts expire, or if Ferris sells the remaining contracts prior to maturity, she will recognize a gain that increases her return. With higher interest rates, the value of the fixed-rate bond will decrease. Fifth hedge ratios are appropriate, the value of the portfolio, however, will remain unchanged because of the increased value of the hedge, which offsets the fixed-rate bonds decrease. Why the Derivative Strategies Achieve the Same Result Arbitrage market forces make these bono strategies provide the same result to Ferris. The two strategies are different mechanisms for different market artisans to hedge against increasing rates. Some money managers prefer swaps; others, Arteriolar futures contracts. Each institutional market participant has different preferences and choices in hedging interest rate risk, The key is that market makers moving into and out of these two markets ensure that the markets are similarly priced and provide similar returns. As an example of such an arbitrage, consider what would happen it tankard market LABOR rates were lower than swap market LABOR rates. An arbitrageur would, under such circumstances, sell the futures/bombard contracts and enter into a received fixed-pay variable swap. This arbitrageur could now receive the higher fixed rate of the swap market and pay the lower fixed rate of the futures market. He or she would pocket the differences between the two rates (without risk and without having to make any [net] investment. ) This arbitrage could not last. As more and more market makers sold Arteriolar futures contracts, the selling pressure would cause their prices to fall and yields to rise, Which would cause the present value cost of selling the Arteriolar contracts also to increase. Similarly, as more and more market makers offer to receive fixed rates in the swap market, market Akers would have to lower their fixed rates to attract customers so they could lock in the lower hedge cost in the Arteriolar futures market. Thus, Arteriolar forward contract yields would rise and/or swap market receive-fixed rates would fall until the two rates converge. At this point, the arbitrage opportunity would no longer exist and the swap and forwards/futures markets would be in equilibrium. 6. Rene Company asks Paula Scott, a treasury analyst, to recommend a flexible way to manage the companys financial risks. Two years ago, Rene issued a $25 million (U. S. ), five-year floating rate note (FRR). The PORN pays an annual coupon equal to one-year LABOR plus 75 basis points, The FRR is non-callable and will be repaid at par at maturity. Scott expects interest rates to increase and she recognizes that Rene could protect itself against the increase by using a pay-fixed swap. However, Renees Board of Directors prohibits both short sales of securities and swap transactions. Scott decides to replicate a pay-fixed swap using a combination of capital market instruments. A. Identify the instruments needed by Scott to replicate a pay-fixed swap and scribe the required transactions. B. Explain how the transactions in Part a are equivalent to using a pay-fixed a. The instruments needed by Scott are a fixed-coupon bond and a floating rate note (PORN). The transactions required are to: ; issue a fixed-coupon bond with a maturity of three years and a notional amount of $25 million, and ; buy a $25 million FRR of the same maturity that pays one-year LABOR plus 75 BSP. B. At the outset, Rene will issue the bond and buy the FRR, resulting in a zero net cash flow at initiation. At the end of the third year, Rene will repay the fixed- upon bond and will be repaid the FRR, resulting in a zero net cash flow at maturity, The net cash flow associated with each of the three annual coupon payments will be the difference between the inflow (to Rene) on the FRR and the outflow (to Rene) on the bond. Movements in interest rates during the three-year period will determine whether the net cash flow associated with the coupons is positive or negative to Rene_ Thus, the bond transactions are financially equivalent to a plain vanilla pay-fixed interest rate swap. A company based in the United Kingdom has an Italian subsidiary. The subsidiary generates ?25,000,000 a year, received in equivalent semiannual installments of The British company wishes to convert the Euro cash flows to pounds twice a year. It plans to engage in a currency swap in order to lock in the exchange rate at which it can convert the euros to pounds. The current exchange rate is ?1. 5/E. The fixed rate on a plain vanilla currency swap in pounds is 7. 5 percent per year, and the fixed rate on a plain vanilla currency swap in euros is 6. 5 percent per year. A. Determine the notional principals in euros and pounds tort a swap with semiannual payments that will help achieve the objective. B. Determine the semiannual cash flows from this swap. CPA Guideline Answer a. The semiannual cash flow must be converted into pounds is ?12,500,000. In order to create a swap to convert ?12,500,000, the equivalent notional principals are Euro notional principal ?12, 065/2) Pound notional principal = = IOWA,257 b. The cash flows from the swap will now be ; company makes swap payment = = Company receives Swap payment = = The company has effectively converted Euro cash receipts to pounds. 8. Gaston Bishop is the debt manager for World Telephone, Which needs ?3. 33 billion Euro financing for its operations. Bishop is considering the choice between issuance of debt denominated in: [I Euros or U. S. Lars, accompanied by a combined interest rate and currency swap. A. Explain one risk World would assume by entering into the combined interest rate and currency swap. Bishop believes that issuing the u. S. -dollar debt and entering into the swap can lower Worlds cost of debt by 45 basis points. Immediately after selling the debt issue, World would swap the U. S. Dollar payments for Euro payments throughout the maturity of the debt. She assumes a constant currency exchange rate throughout the tenor of the swap. Exhibit 1 gives details tort the two alternative debt issues.

Nemesis in Greek Mythology

Nemesis in Greek Mythology Definition Nemesis is the goddess of divine retribution who punishes excessive pride, undeserved happiness, and the absence of moderation. Nemesis Rhamnusia was honored with a sanctuary at Rhamnus in Attica from the 5th Century; thus, Nemesis is a cult goddess, but she is also a personification of the Greek noun nemesis distribution of what is due from the verb nemo apportion. She is responsible for the vicissitudes of mortal life and is associated with similar chthonic figures, the Moirai Fates and Erinyes Furies. [Source: The Hyperboreans and Nemesis in Pindars Tenth Pythian. by Christopher G. Brown. Phoenix, Vol. 46, No. 2 (Summer, 1992), pp. 95-107.] Nemesis parents are either Nyx (Night) alone, Erebos and Nyx, or Ocean and Tethys. [See The First Gods.] Sometimes Nemesis is the daughter of Dike. With Dike and Themis, Nemesis helps Zeus in the administration of justice. Bacchylides says the 4 Telkhines, Aktaios, Megalesios, Ormenos, and Lykos, are Nemesis children with Tartaros. She is sometimes considered the mother of Helen or of the Dioscuri, whom she hatched from an egg. Despite this, Nemesis is often treated as a virgin goddess. Sometimes Nemesis is similar to Aphrodite. Providence as a Successor to Nemesis, by Eugene S. McCartney (The Classical Weekly, Vol. 25, No. 6 (Nov. 16, 1931), p. 47) suggests that the Christian concept of Providence is a successor of Nemesis. Go to Other Ancient / Classical History Glossary pages beginning with the letter a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | r | s | t | u | v | wxyz Also Known As: Ikhnaià ª, Adrà ªsteia, Rhamnousia Common Misspellings: Nemisis Examples In the story of Narcissus, the goddess Nemesis is invoked to punish Narcissus for his frankly narcissistic behavior. Nemesis obliges by causing Narcissus to fall hopelessly in love with himself.

Hurdle vs. Hurtle

Hurdle vs. Hurtle Hurdle vs. Hurtle Hurdle vs. Hurtle By Maeve Maddox The following quotation is from a site devoted to business English. The blogger is explaining the expression â€Å"to give a heads-up†: â€Å"This is a heads-up† is a very American way of saying, â€Å"I’m telling you this now because xyz item is hurdling in your direction and you’re going to need to do something or get out of the way.† It’s simultaneously a notice and a warning. The presence of the word hurdling in this explanation is a strong indication that the author of this site may have a shaky grasp of the language he’s explaining. The word he’s reaching for is hurtling. Here are some more examples of the misuse of hurdling on the Web: Asteroid hurdling towards earth Hurdling Toward a Lockout Are we hurdling towards oblivion and cataclysmic destruction? Is wealth inequality in America hurdling our nation toward civil unrest? Truck crashes into car, sends it hurdling towards bus stop. In each example, the word should be hurtling. Although both hurdle and hurtle can be used as either verb or noun, in most general contexts, hurdle is usually a noun and hurtle a verb. hurdle A hurdle is a portable rectangular frame that farmers use to set up temporary enclosures. In sports, a hurdle is a barrier to be jumped over by horses or athletes. Hurdle can be used as a verb to mean either â€Å"to build a hurdle,† or â€Å"to jump over an obstacle.† The noun hurdle is frequently used figuratively: Ex-Im Bank Hits Hurdle in New GOP Leadership Xbox Ones Next Hurdle, Developing True  Exclusives Last hurdle before Palmas title Parliament clears final  hurdle towards  EU pesticide blacklist. In these figurative uses, a hurdle is any obstacle. The financial term â€Å"hurdle rate† refers to the minimum rate of return, when applying a discounted cash flow analysis, that an investor requires before committing to an investment. hurtle As an intransitive verb, hurtle means â€Å"to move along rapidly or wildly†: The out-of-control train hurtled along the tracks. Without warning, the rock came hurtling at the campers. Helplessly, I watched the bicycle hurtle past me into traffic. The transitive use of hurtle is not unknown, but in modern usage the word hurl is used more frequently for the meaning â€Å"to throw with force,† as in â€Å"The athlete hurled the shot put 20 yards.† Novelist Louise Penney, on the other hand, describes an arrowhead â€Å"hurtled from a bow.† If you find yourself writing the word hurdling, stop. Unless the context has something to do with jumping over a hurdle, hurtling is your word. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Spelling Test 1Among vs. AmongstTestimony vs. Testimonial

Identify Books Essay Example | Topics and Well Written Essays - 750 words

Identify Books - Essay Example Baker, B. (2004). Anna's Book. Dutton Title: Anna's Book Author: Barbara Baker Illustrator: Catharine O'Neill Publisher: Dutton Publication Date: 2004 Appropriate Age of Grade Level: Ages 1-3 Possible Lesson Connection: This book is a good way to teach children the value of reading. Summary: Short but satisfying, this small story is about a toddler named Anna who just loves her new book: "Again," she says, as soon as Mommy has finished reading it. But after Mommy has read the whole book three times, she has to finish and do other things. Luckily, Anna has Teddy Bear to read her book to. "Again," says Teddy Bear Browne, A. (1989). Like Books. Knopf. Title: Like Books Author: Anthony Browne Illustrator: Anthony Browne Publisher: Knopf Publication Date:1989 Appropriate Age of Grade Level: Ages 2 and up Possible Lesson Connection: This books can be used in discussions about alphabets and nursery rhymes as well as in developing the creative skills of children through coloring. Summary: A young chimp winsomely embodies his favorite types of books: carrying a basket of books dressed as Little Red (fairy tales), sitting on letters made of books (alphabet books), reading aloud on a wall to a nervous Humpty Dumpty (nursery rhymes) and most memorably, only partially colored in (coloring books.) The pages are framed with appropriate whimsical motifs. Parr, T. (2005). Reading Makes You Feel Good. Little Brown Title: Reading Makes You Feel Good Author: Todd Parr Illustrator: Todd Parr Publisher: Little Brown Publication Date: 2005 Appropriate Age of Grade Level: Ages 1 to 4 Possible Lesson Connection: This book is suitable for discussions regarding the value and importance of reading. Summary: Parr brings his usual exuberantly positive attitude to this paean to... Summary: Parr brings his usual exuberantly positive attitude to this paean to reading. Reading makes you feel good because... you can learn how to make pizza, find your favorite animal at the zoo, or make someone feel better when they're sick (by reading Parr's The Feel Better Book of course.) Best of all, you can do it anywhere: in a bathtub, or a bookmobile, or even underwater, if you're an octopus! Summary: "Hello" and "Good-bye" seem like very ordinary words, but as this book shows, each can be meaningful in many different ways. As the text makes simple comments, small, colorful watercolor and colored pencil illustrations depict some of the many meanings of the words and the many different ways they can be said. Summary: An all-too-human mouse takes readers on hilarious adventures with numbers and letters in these captivating concept books. In Mouse Letters, he doggedly creates the entire alphabet out of sticks, despite misadventures with a collapsing K and a top-heavy T.

D.C Sniper case Coursework Example | Topics and Well Written Essays - 250 words

D.C Sniper case - Coursework Example Two individuals who have 15 years of experience in two totally different subdivisions of one main field can not be expected to have knowledge about each other’s fields in spite of such a vast experience (Turvey, 2008, p. 139). Owing to the inefficiency of life experience in increasing a criminal in wisdom or knowledge, it is important not to hold this factor as a basis for interpretations and drawing conclusions in the criminal profiling. Life experience should not be considered as a valid means of judging a criminal’s wisdom or knowledge. It is more important to give due consideration to the specific field in which the experience has been gained. Criminal profiling of a serial killer can involve life experience as a tool for judging the criminal’s capability to kill and evaluating the techniques he/she has been making use of. To conclude all that has been said above, life experience in general can not be conceived as a scale of a criminal’s wisdom until t he specificities are looked into. References: Turvey, B. E. (2008). Criminal profiling: an introduction to behavioral evidence analysis. 3rd Ed. UK: Elsevier Inc.

Death for John Walker Lindh :: essays research papers fc

Death for John Walker Lindh Death Penalty should be the only choice, no alternatives. John Walker Lindh knows the difference between right and wrong. He also knows the difference between an American Citizen and a traitor. This article describes John Walker as a person with a cold heart. It portrays Walker, as showing no remorse for the people who lost loved one’s due to the tragedy of September 11th, however thousands of others have. The article states he chose to fight alongside the Taliban regime and therefore he should be delt the penalties of being a traitor. â€Å"We may never know why he turned his back on our country and our values, but we cannot ignore that he did,† Attorney General D. Ashcroft said. Why even talk about ignoring what he did. Thousands of people are dead and more are hurt due to the actions of the al Qaeda network. Such loses and pain can not be ignored. He turned his back on the United States and people from all over the world. Terrorism is unacceptable not just to American’s but to all nations who endure the rite of freedom and security. Therefore John Walker should be tried in a court as if he were Osama bin laden him self. John Walker may have not been directly connected to the September 11th, but he did indeed learn from one of his instructors that Osama bin laden had sent people to the United States to carry out several suicide operations. I do not understand how a human being born and raised as an American can later grow up to fight against innocent people and watch as all American lives get turned upside down. He found out from an instructor that Osama bin Laden had plans in-store for the States yet did nothing to even contact his own family nor let anyone know. Maybe this could have been prevented. Or just maybe the next time I go back to my hometown, New York City, as I am driving towards my grandmother’s house instead of seeing just a lonely, empty blue sky; I would be able to see the World Trade Center as it once was months ago.

The story of Being with Henry and Leaving Home

The story of Being with Henry and Leaving Home epitomizes strong sensation towards family relationships. Both stories embark a certain pressure in the family which reveals the character’s attitude. Scrutinizing and comparing the two stories based on the aspect of dialogue, it is imperative to take into consideration the decisive aspects of dialogue which Ellinor, Linda enumerate as â€Å"creating a fuller picture of reality, employing deeper levels of listening and reflection, and creates a culture of cooperation and shared leadership which moves groups from dependency, competition and exclusion†.Parallel to this, aspects of diction as it transcends in the stories of Being with Henry and Leaving Home should also be given emphasis. In lieu of which â€Å"the art of delivering the word as it clearly understood to its fullest complexity, the choice of word and style, and the literary diction which reveals how a passage establishes tone and characterization† is essen tial in comparing the diction of these two stories.Dialogue as it create full picture of reality was illustrated in Martha Brooks’ Being with Henry, the presence of a family in Laker and his mom’s relationship was a good evidence. Taking good care of his unmarried single mother hand in hand with having a brutal step-father is such a reality for Laker. There is no way for him to bear the fruits of being a son, all he needs to do is accept the fact that he has to be strong for his mom and work hard to stay in the relationship regardless of those barriers.On the other hand, David French’s Leaving Home typify a family relationship wherein attitude of the members are clashing with each other – like that of Ben’s relationship with their father and conflict with Billy’s relationship with his girlfriend on how will they be able to compromise with their relationship. Dialogue as it employs deeper levels of listening and reflection is the second aspec t which should be highlighted in both stories.A good point to hoist was the circumstance as Laker’s mom rarely plays the role of being a mother to him and when Laker had a physical fight with his step-father which forces him to leave his home since her mother didn’t stand for him. At this point, he listens to what his heart is saying and set aside the conscientiousness of being a son. Conversely, in Leaving Home, the relationship of Billy and Kathy has come to a reflection that they are just holding on with their relationship because of the thinking that Kathy is pregnant, but at the moment that Kathy had a miscarriage, they both come to a second thought of being together.Dialogue as it creates a culture of cooperation and shared leadership which moves groups from dependency was the third aspect to consider under the discussion of dialogue. As Laker in Being with Henry leaves her mother and stand up for himself, he finds Henry with whom he can turn to and at the same t ime contribute also to the feeling of loneliness that Henry is feeling at that moment.Equally, Ben in the story of Leaving Home decided to be with his brother Billy and sister-in-law to be away with their parents as Jacob and Ben has a long standing enmity rooted in their fundamental differences and he can no longer stand the feeling of living with his father. French, David support this response thru this, â€Å"Jacob is incensed and a heated argument between father and son resulting in Ben being thrown out of the house†.On another note, as we grasp the aspects of diction and adopt in both stories, certainly, Brooks’ Being with Henry portrays the feeling of a wholehearted son; you can feel the sentiment as Laker endures the pain of leaving his mother, and this is also exemplify the tone and characterization of the story. On the other hand, French’s Leaving Home connotes intense emotion as it presents a commotion in the family as they have different perspectives, and as you go through the story you’d be really aware of the situation since the chose of words and style is very appropriate.Practically, the process of releasing and providing relief from the pressures of both families in the stories promotes strong emotions which really captivate its readers. Indeed, the representation of dialogue and diction was presented in French’s and Brooks’ story. The way the story elaborates a certain feeling proves what really a dialogue and diction is all about, thus both are essential on having a comprehensible work.