Tissue Conditioners Soft Lining Materials Health And Social Care Essay

Tissue Conditioners Soft Lining Materials Health And Social Care Essay As a briefing history of the denture lining materials, we can find that in 1942, Matthews introduced plasticized polyvinylchloride as one of the first soft lining materials used with acrylic resin dentures (Sultana, 1991) then Lammie Storer published a summary of observations on different soft denture materials and classified the processed resilient materials as follows. (1) natural rubber, (2) polyvinylchloride, (3) polyvinylacetae, (4) methyl methacrylate copolymer, (5) silicone (Lammie Storer, 1958). Furthermore, they stated that this material became hard due to loss of plasticizer after several months, and became stained and cracked in the mouth. However, we tend to examine the composition and uses of both tissue conditioners and soft lining materials in prosthetic dentistry. Basically, Tissue conditioners composed of polyethylmethacrylate and mixture of aromatic ester and ethyl alcohol and they are found in three components system: polymer (powder), monomer (liquid) and dibutyl phthalate as plasticizer flow control (liquid) when mixed together a gel is formed (Braden M 1970). The major uses of these tissue conditioners materials are: tissue treatment, temporary obturator, baseplate stabilization, to diagnose the outcome of resilient liners, liners in surgical splints, trial denture base and as a functional impression material (Nallaswamy D. 2003). Tissue treatment: the advantage of using a tissue conditioner is to prepare the selected oral structure to withstand all the stress from the prosthesis and to preserves the residual ridge. It is also used to heal irritated hyperemic tissues before denture fabrication. Temporary obturator: tissue conditioners can be added as a temporary obturator over the existing complete or partial denture and this can be done directly in the month or indirectly after an impression of surgical area has been made. Stabilization of baseplate and surgical splints or stents: when undercuts are present on an edentulous cast, an acrylic temporary denture base cannot be used as it may get locked into the undercut and break the cast during removal. In this case tissue conditioner may be used to stabilize the record base and prevent breakage of the cast. Adjunct to an impression or as a final impression material: when it is difficult to determine the extent of the denture base due to movable oral structure, tissue conditioner can be used to record the extensions of the denture in a dynamic form that will later help in preparing an impression tray for the final impression. To diagnose the outcome of resilient liners: patient with well-constructed denture sometimes develop chronic soreness and find it difficult to wear it comfortably. Tissue conditioners can be used to determine if this problem will be resolved with the use of a resilient liner. (Nallaswamy D, 2003). Commercially, there are a wide range of tissue conditioner products, for example, GC tissue conditioner and Visco-gel and more but here we will compare between these two only: Firstly, GC- tissue conditioner is composed of Polyethylmethacrylate (powder), methacrylate monomer (liquid) and dibutyl sebacate (plasticizer). Manufacturer claims that using of dibutyl sebacate as plasticizer instead of the conventional dibutyl phthalate has a merit of not being harmful to the human endocrine system. However, it is suitable for conditioning and relieving tissue (for example when there are areas of inflammation or pressure points on the inflamed alveolar ridge), but also for temporary soft relining of partial and complete dentures as well as functional impressions to fabricate new dentures or restore existing ones, for immediate dentures and as an interim solution for direct loading situations in implantology. It is manufactured by GC EUROPE, Belgium (www.gceurope.com). On the other hand, Visco-gel tissue conditioner is composed of Polyethyl methacrylate (powder), Phthalyl butyl glycolate, Ethanol (liquid). It is can be used prior to denture replacement, extension or rebasing, tissue conditioner where the denture-bearing tissues have become disturbed by either denture trauma or infection, temporary lining immediately after extraction or oral surgery, temporary soft liner when normal dentures are not tolerated, particularly for patients with impairment of general health and as functional impression material in post-operative cases or when ill-fitting dentures require replacement or rebasing. Visco-gel is manufactured by DENTSPLY DeTrey GmbH, Germany (www.dentsply.com). Regardless the trade, the following steps should be considered while applying a tissue conditioner, first, tissue part of the denture base, which crosses an undercut, should be reduced then the tissue surface of the denture, which covers the crest of the ridge, should be reduced by 1 mm to allow sufficient room for placement of the tissue conditioner (Nallaswamy D, 2003). Soft lining material is the second part of this review and here it is wise to understand the difference between the tissue conditioner and the soft lining material. The International Organization for Standardization (ISO) has issued two international standards related to liner materials: (ISO 10139-1:1991): first, lining materials for removable dentures-Part 1: short-term materials and soft lining materials for removable dentures (ISO, 1991) and the second, lining materials for removable dentures-Part 2: materials for long-term use (ISO, 1999). A short-term liner is one that is used intraorally for up to 30 days. A long-term liner is one that maintains softness and elasticity for more than 30 days (Garcia Jones, 2004). Practically, the ISO is differentiating between the temporary and the permanent soft ling material but theoretically, we can find that tissue conditioners can be used for more than 30 days depends on the loss of the plasticizer. Moreover, tissue conditioner and soft l ining have been used for the same purpose clinically. So then, what is the difference? Viscosity is that difference so whenever the material is with low viscosity and flow easily you can use it as a tissue conditioner while material with high viscosity is indicated to be used as a soft liner. There are two groups of soft lining material the first is the acrylic resin-based liner which consists of powder and liquid components. The powder has poly (ethyl or methyl) methacrylate, and sometimes copolymers, while the liquid contains methyl methacrylate monomer and plasticizers that are added to lower the glass transition temperature. The distribution of the large plasticizer molecules minimizes entanglement of polymer chains, which allows individual chains to slide by one another, keeping the liner from fully hardening. The liquids used do not contain acrylic monomers (Craig Gibbons, 1961; Anusavice, 2003). The second type of these soft lining materials is the silicone denture liners wh ich are basically polymers of dimethylsiloxane. Poly(dimethylsiloxane) is a viscous liquid, which can be cross-linked to give rubber a good elastic property. The cross-linking agent is usually an alkyl-silane (silicate) and the reaction is catalysed by an organo-metal salt such as tinoctoate or benzoyl peroxide (McCabe, 1976). Silicones are not dependent on leachable plasticizers and remain elastic for longer periods of time (Anusavice, 2003; Munksgaard, 2004). These liners cannot bind to the acrylic denture base; however, the use of an adhesive can overcome this limitation, which was shown to be a method of failure (Dogan et al., 2006). These liner materials may be selected for the treatment of the following conditions: poor stability of denture, inadequate retention of denture, reduction of vertical dimension, degradation of the denture base, improper extension of borders into the muccobuccal fold regions, mucosal irritations, atrophic ridges, bony undercuts, denture opposing natu ral teeth, reduced thickness and viscoelasticity of the mucosa, pain from gingival irritation, maxillofacial defects, traumatic or pathologic tissue loss and for reline of an existing denture (Zarb et al., 1989; Christensen, 1995; Hayakawa et al., 2000; Hill Rubel, 2011). As a conclusion then, these viscoelastic materials either tissue conditioners or soft lining materials are contributing to solve a list of dental problems that might exist in the removable prosthesis or could be used in a range of dental procedures which are related to fully or partially edentulous patients. Furthermore, these materials need a continuous care and maintenance especially, the tissue conditioner which tends to harden and roughen due to the loss of the plasticizer. However, we should not forget the primary purpose of these materials which is they are used as temporary materials during transitional situations.

Non financial factors before decision to discontinue course

Non financial factors before decision to discontinue course As the course used to be popular, there must be certain amount of students have joined for this course. Thus, if Mawar College wants to discontinue this course, they must place their first priority to these students. As what they expected, students will have tons of questions and of course they will feel frustrated and angry. They could even come out with the petition with the hopes that the college could continue running this course before they graduate. Even if the college has decided to discontinue this course, they also have to consider on where they should place these students as they only halfway studying for this course. They have to understand that all these students will absolutely feel unhappy and discontent if the college place them in another course that is not as famous as the course they are studying now. This issue could possibly bother the students and could affect their emotions making them hardly to concentrate well on their studies. (Olejnik and Holschuh 2007) These grievance students will also raise this issue to their parents and again, their parents will call or even pay a visit to Mawar College to identify the reasons and details that halt the course from continuing. However, the college has to remember that not every of these parents are understanding and willing to listen the explanation by management. As being customers, most of them only concern on how much they have already paid and where their children will be placed to. Even some of these parents might argue and quarrel with the college management. When these parents concerns are not being addressed, they might carry out some conducts which could possibly spoil the reputation of the college. For example, these disgruntled parents will start spreading their dissatisfaction about the college because of its failure to meet and satisfy their suspense. (The Associated Press 2010) Recapping above, the image and reputation of Mawar College will be affected and people will start losing confident to the college. Other students might reluctantly register to any courses that run by this college as they worry the same incident might be happening again. Even their parents may discourage them from studying under this college and request them to further their studies in another more reliable college. This has clearly showed that their good impression to the established Mawar College has dashed out and people will hardly believe this college anymore. The Mawar College rankings among other colleges can come to a deep fall and they might face difficulties to gain back their credibility and again be competitive advantage among its competitors. (The Indian Express Limited 2010) Besides of affecting the reputation of the college, the reputation of the well-known University will also be affected. People around the world will start doubting whether the University is having any problems that lead to the discontinuing of the course. University will definitely feel displeasure and will not allow any accusation that will influence its goodwill. This would certainly be a hard job for the college to run any courses under this University in the future since they have break their promises. The University could possibly sue the college if the college breaches the contracts. Hence, the college has to bear the risk of facing legal suits from the University if they have decided to end the course. The college might lose huge amount of money for the purpose to compensate the University because of their doings and this would be a loss to Mawar College. (The Times of India 2010) As the college has already employed a large group of full-time lecturer for this course, thus every of this lecturer will be affected too if the college discontinue the course. They could be appointed in teaching another course and subjects or even discharged by the colleges that will definitely reduce their level of income. Their motivation and enthusiasm in teaching will also decrease due to their dissatisfaction to the college. This could also affect the rest of the college employees and their level of production will start decreasing once they have lost faith to Mawar College. (Race 1999) Other than above, there are still many factors that the college has to realize and take into account before making their decision. As the course used to be famous, I can assume that certain scholarships and loans have been given to some students to further up their studies on this course. Therefore, it would be a tough and complicated task that these students have to gone through for the cancellation of loans or transferring their scholarships if this course has to be stopped. Certain welfare organizations such as Genting Malaysia and Hong Leong Group that provide free scholarships to Mawar College on this course will also feel discontent because it will burden up their works when the students have more enquiries regards on their transferring or cancellation of scholarships. (Sunway University College nd) People that do not understand the reason of why they discontinue the course might also claim that the only intention for the college is to make profits and ignore the future of the students. Thus, all these will trouble the college and they hardly to survive in the market as people and other Universities have lost their reliability to this college. The college might face problems when they have to search and look for other Universities and running their courses because these Universities also dread the same case will be happening again and affects their reputations. Mawar College will also face difficulties in employing high qualification lecturers due to their spoilt image and have no choice but to employ new lecturers without much teaching experiences. As they are new, most of them still could not master the lectures and issues such as the failing of students in exam could possibly occur because they do not know the correct ways of teaching the students. When the students are unable to show their achievements, again the reputation of the college will be affected. (BNET nd) All these clearly show that there are different non financial factors that the college has to consider and it is pertinent to make a correct decision in order to prevent any unforeseen circumstances from happening that could lead them into a deep fall and hardly for them to bounce back in the education industry. Part C Investment appraisal methods are act as a tool for planning an investment and decide whether or not to accept the projects. (Gotze et al 2008) There are a few different investment appraisal methods can be used, including discounted cash flow (DCF), payback, (Smith 2007) and Accounting Rate of Return (ARR) whereby DCF includes the methods of Net Present Value (NPV) and Internal Rate of Return (IRR). The NPV under DCF has been recognized as the sound of all the investment appraisal methods due to its consideration on the time value of money. This time value of money refers to the amount of money that the business need to be compensated for forgoing the use of the money for a period of time if it has to be invested in a project. (Evans et al 2003) NPV is a method of including all the cash inflows and outflows that will be earned and used in a project at a chosen acceptable rate of return and taking the net total. (Evans et al 2003) Even though there are many advantages in using NPV, but payback method and ARR are still widely used and adopted by many businesses due to the limitations brought by NPV and benefits of payback and ARR methods. (Fabozzi and Peterson 2003) The weaknesses that business normally face when using this NPV approach is they hardly to make accurate long-term forecast of cash flows they can receive in the future. No company can predict the future cash flows as factors such as future sales, costs of labor, interest rate, and government policies can affect the estimated cash flows. Overestimation or underestimation can sometimes bring uncountable loss to the business. (Siddiqui and Siddiqui 2005) Further, in reality it is difficult for business to determine the discount rate, which is cost of finance or cost of capital. It is not an easy job to calculate various costs of finance such as share capital and loans. (Coombs et al 2005) They also have to take the bank interest rate, risk and future inflation into account when deciding the cost of capital because the money value of RM1 in the future will be lesser than its today value. (Bowhill 2008) Moreover, NPV method will assume that the discount rate will remain the same throughout the project running periods. But in fact, these discount rates are easily swayed from year to year. Business has to prognosis the future discount rate which sometimes might be a big differences compared to their forecast with the real situation. (Groppelli and Nikbakht 2006) Besides that, NPV also not suitable to be used in the situation when comparing projects with different lives times. (Siddiqui and Siddiqui 2005) They also have a weakness whereby they never take the size or capital invested into account but only look at the higher yield of NPV. (Moyer et al 2009) This can be shown by the example where a project with size RM1 million that yield NPV RM1500 will be recommended compare to other project with capital RM 1000 with a NPV of RM800. (Coombs 2005) Calculation of NPV which is expressed in money form is not favorable by most of the companies compared to percentage form. (Fabozzi and Peterson 2003) Payback method also has been called as payout method (Belkaoui 2001) and it refers to the number of years a project or investment will take to pay back the initial cash outlay. This is only done when the cumulative cash inflows equally same with the cash outflows. (Bowhill 2008) Payback method is still widely used because it offers information regard to the risk of the investment. Risk analysis can be made depends on the payback period of the investment. (Moyer et al 2009) Risks will be dwindled by using this payback method because it focuses on earlier cash flows and not the later cash flows which are hardly to predict especially in this fast pace world. (Walker 2009) The business will face less risk with the shorter payback period and vice versa. (Moyer et al 2009) Furthermore, payback method will clearly show the liquidity of the investment because it measure the net cash earned by the investment in shorter term. (Bowhill 2008) For company that always concern the liquidity of their businesses will definitely adopt this helpful method so they could know whether their businesses are in strong or weak liquidity to perform or carry out any plans or activities. (Moyer et al 2009) This simple to use and easy to understand method (Walker 2009) can be applied especially to small projects where only a simple decision is needed without consider other cash flow implications. (Bowhill 2008) There is no complicated calculation needed and thus many companies find it is the best way to check whether the money invested can be generated back in reasonable period of time. (Groppelli and Nikbakht 2006) Last but not least, ARR is the average annual profits divided by the initial investment and it also known as Return on Investment (ROI) that used for performance appraisal. (Walker 2009) The investment will only be accepted and applied if the ARR was the same or higher than the target rate set by the company. (Bowhill 2008) This percentage form of ARR is easy to compute and understand especially to business people because it sounds familiar as return on capital employed that mostly applied by companies. (Coombs 2005) ARR is always been used due to its consideration on all the returns and whole life of the investment into account. ARR is the only one that is based on the accounting profits and focus on accounting income rather than cash flows. (Belkaoui 2001) The amount and value calculated by ARR also relevant and used for financial statement presentation such as balance sheet. (Shim and Siegel 2004)

Essay on the Importance of Perspective in Gullivers Travels

The Importance of Perspective Revealed in Gulliver's Travels       According to Gulliver, "Undoubtably philosophers are right when they tell us that nothing is great or small than by comparison." This quotation sums the knowledge a person would gather after making a vast study of different societies. The nature of humanity is being discussed, rather than physical size.    The Lilliputians are narrow-minded people who become angry over trivial matters, while the Brobdingnagians are a deeper people, in contrast. From an outsider's view, one nation would not be so great if another were not so poor. Actions which seem natural today may appear barbaric to the generations of the future just as the actions of the past generations abhor the students of today. Only by comparison to something better does a system of power or a way of life seem small or evil. This is the purpose of satire. When studying history, students may find the customs of the past primitive. However, the people of that time most likely did not believe that they were. Perspective is vital in any comparison. A person from a highly technological society cannot easily understand the lifestyle of a civilization n... ...person who sees it. When an aspect of life is held to something better, the frailties can be seen, and a change for the better may result.    Works Cited Davis, Herbert. Gulliver's Travels. Great Britain: Oxford. (1965). Gulliver's Travels. Ed. Paul Turner. World's Classics. Oxford: Oxford University, 1998. Greenacre, Phyllis. M.D. Swift and Carroll. New York: Int. Universities. (1977). The Writings of Jonathan Swift; Authoritative Texts, Backgrounds, Criticism. edited by Robert A. Greenberg and William Bowman Piper. Norton Critical Editions. New York: Norton, 1973.

Pips Personality Change in Great Expectations :: Great Expectations Essays

Pip's Personality Change in Great Expectations Most people would assume that through age and maturation, a boy with a wonderful heart and personality would further develop into a kind hearted, considerate gentleman. In Great Expectations, Charles Dickens provides his readers with an example of a boy who regresses in certain aspects of his personality rather than progressing as one would expect. Pip, a person who had loved and revered his uncle Joe as a child, while maturing, finds that his perspective on life has shifted. This boy, beginning life with a caring, generous heart, regresses becoming a superficial, ungrateful man who is ashamed of what he had once been. Pip and Biddy had become the best of friends and felt very strongly towards each other. However, once Pip had been introduced to Estella, he was overcome by her beauty, and would never again be able to look at Biddy, without feeling critical towards her. Slowly, after coming into contact with Estella, Pip was becoming superficial, as he was only interested in a girl's appearance. Thinking of Biddy, Pip thought to himself, "She was not beautiful--She was common and could not be like Estella..." (p 600) Estella's beauty had made Pip blind as to what was really important in a person. No matter how coldly Pip was treated by Estella, he went on loving her only because of her astounding beauty. As Pip progressed in life, he became increasingly ungrateful to the people that had raised and cared for him as a child. His disrespect was most strongly shown towards Joe. Having not seen Joe for a number of years, Pip shows that he would rather have continued his now prosperous life without having anything to do with Joe, when he thinks, "Let me confess with what feeling I looked forward to Joe's coming... Not with pleasure though I was bound to him by so many ties; no, with considerable disturbance and some mortification." (p 630) Despite Joe's kindness and caring, Pip remained unappreciative and ungrateful, for now Pip was wealthy and did not care to have contact with a poor man. Pip's most unfavorable quality was the fact that he was ashamed of his past and his family. By now, the only thing Pip was interested in was

Art Comparison Essay example -- essays research papers

Compare and Contrast Works of Art Bright colors jumping at you asking for attention, images so real viewers can not tell the difference. These are the thoughts that came to my head as I gazed at two works of art by two Mexican artists at MoLAA museum of art . I visited two museums, Bowers Museum of cultural Art in the heart of Southern California and the Museum of Latin American Art in Long Beach for my report unfortunately I only liked the works in MoLAA and will talk about it through out my paper. I will talk about two Mexican artists Rafael Cauduro and David Alfaro Siqueros that caught my eye, and made me want to learn more of them and their approach to art. Siqueiros caught my eye and interest because according to his biography â€Å"no individual associated with the arts with the possible exception of Andrà © Malraux, had been involved in direct political action more than David Alfaro Siqueiros† (Siqueiros Biography online). Personally that to me said a lot and that got me intrigued, and made me want to know more about him and his work. Cauduro on the other hand got me intrigued through his illusionistic approach to art and interpretation of his view of things. Eve thought they seem like different approach to art they are both similar in different ways. My first artist is Rafael Cauduro. Rafael Cauduro was born in capital city of Mexico and now resides in the city of Cuernavaca (state of Morelos) 1950. Rafael started out making superior studies of architecture and industrial design in the Latin American University in Mexico City. According to his biography Cauduro is a self taught painter who steps outside of traditional artist’s standard. Cauduro’s paintings contain a â€Å"trompe de l’oeil† (Fool the eye) quality as indicated in by how in his paintings walls, fences, and objects are so real that people can almost touch them. To the visual realism of Cauduros work, according to critic Ruiz Soto, adds what he termed â€Å"critical illusion† which combines an extreme technical proficiency with fantasy-filled concepts(www.rafael cauduro.com). Rafael Cauduro painting technique is of a surrealism in which the reality of dreams, or subconscious mind are as more real than the surface reality of everyday life (Sayre p.51). Cauduro paints in a Surrealistic way usually portraying the forces of dreams and subconscious that he has been famous for. This artistic movement originat... ...eiros and Cauduro works are politically motivated, but like people, depict them in their own way. Siqueiros because of his military background and more no nonsense look at life is more straight forward as compared to Cauduro, but have similar objectives. Cauduro a more recent unknown artist is more contemporary in the sense that explorers the mind of viewers and makes them think and come with their own conclusion of his views. I liked both of these artist and enjoyed learning more about them and how similar they were, yet so different in terms of style. Art is a language of its own and with out he proper understanding, people are like expression goes â€Å"left on the outside looking in†. In other words, people without the proper understanding of art, technique and form as well as other elements can’t appreciate a work of art as much as when you understand why an artist painted in the way they did and what they are trying to get across to his audience. Despite artists attempts to try and make their works as viewer friendly as possible, without the understanding and knowledge gained from an art class as this one people will never fully understand the a work of art as it is meant to be.

Corporate Strategies to Hedge Commodity Price Risks Applying

Table of contents List of abbreviationsIII List of figuresIII List of tablesIII 1Introduction1 1. 1Problem and objective1 1. 2Structure of this paper1 2Background Information2 2. 1Definitions of fundamental terms2 2. 2Commodity price risk in different firms2 3Explanation of derivatives3 3. 1Options3 3. 2Futures4 3. 3Forwards6 3. 4Swaps6 4Hedging strategies with derivatives7 4. 1Hedging with options7 4. 2Hedging with futures7 4. 3Hedging with forwards8 4. 4Hedging with swaps8 5Pros and cons of hedging strategies with derivatives8 5. 1Pros and cons of options9 5. Pros and cons of futures9 5. 3Pros and cons of forwards10 5. 4Pros and cons of swaps10 6Practical example of corporate commodity price risk hedging10 6. 1Introduction on firm's practical hedging strategy10 6. 2Analysis on this strategy11 7Summary12 Appendix13 Appendix 1: Amounts outstanding of over-the-counter (OTC) derivatives by risk category and instrument——in billions of US dollar13 Appendix 2: Derivatives fi nancial instruments traded on organized exchanges by instrument and location——in billions of US dollar14 Bibliography15 Internet Source16 List of abbreviations CHClearing HouseIMInitial Margin MBMargin Balance MM NMaintenance Margin No OTCOver The Count VM YVariation Margin Yes List of figures Figure 1: Structure of this paper2 Figure 2: P of each option position4 Figure 3: Flow chart of marking-to-market process5 Figure 4: P of each future position6 Figure 5: Hedging model on fuel oil of Air China11 List of tables Table 1: Summary for 4 option positions4 Table 2: Summary for future positions6 Table 3: Summary for 4 derivatives9 1Introduction 1. 1Problem and objective The risk of commodity price is a ferocious topic in corporate operation.Corporate profit is equal to total revenue minus total cost. For firms, because of the high volatility on commodity price, their inputs and outputs relating to commodity are unpredictable. As a consequence corporate profit will be imm ensely volatile, which will possibly lead the firm to go bankruptcy if no any preventive actions are taken. For example, producers of commodities probably need to assume unexpected losses, when the price of outputs goes down or the price of necessary raw materials goes up. The situations are similar to wholesale buyers, retailers, exporters and even governments.Volatility of commodities price has great impacts on corporate daily operation. The objective of this term paper is to introduce derivative hedging strategies for corporate managers to reduce or even eliminate future unpredictability, mainly from the perspectives of the role commodity price risks play, what the typical derivative instruments are, where and how to apply these different derivatives in terms of hedging principles thereof, and both advantages and disadvantages when applying each derivative in real business transactions. 1. Structure of this paper Firstly, this term paper highlights problems existing in real world . Secondly, it introduces advanced derivatives theory that can be applied to solve these problems. Thirdly, specific details on the theory will be presented, including explanation, application, as well as pros and cons of each derivative instrument. Then, an example is analyzed to show how companies apply derivatives to hedge commodity risks practically. Last is a summary of this term paper. Following figure shows the body of this paper. 2Background Information 2. Definitions of fundamental terms In financial markets derivative is a contract or security whose value is derived from the value of other more basic underlying variables . One of its most important functions is hedging. In corporate operation, hedging is to secure the companies against potential loss caused by variable risks that arise in international market, such as the commodity price risks. In this paper, commodity means any tangible goods or raw materials that may be sold or traded in the markets, such as energy, gold , or agricultural products. 2. Commodity price risk in different firms Volatility of commodities price influences firms’ daily operation significantly. Producers of commodities, such as farms, oil producers, mining companies, face price risk on output. Wholesalers and retailers, face price risk during the time period from buying from suppliers and selling to customers. Exporters, face the same price risk as well as currency exchange risk. And governments face price and yield risks generating from tax revenues that depend on firms’ operational conditions. 3Explanation of derivativesDerivatives are traded in exchange-traded markets and over-the-counter markets. (See recent derivatives transaction status in appendix 1 and appendix 2. ) Notably, exchange-traded derivatives are default risk free and liquid. However over-the-counter traded derivatives are the opposite. 3. 1Options An option is the contract that gives the buyer the right but not obligation to buy (call option ) or sell (put option) an underlying asset at a predetermined price (exercise price) for certain quantity during a fixed period of time (maturity).The buyer of the option pays a particular amount of money (option premium) to the seller to buy a right whereby he can decide whether or not to exercise this option, simultaneously the seller has the obligation to perform if the buyer exercises the option. European options only can be exercised on expiration day, and American options can be exercised at any time before maturity. The buyer of the call option is named long call, while the seller of the call option is named short call. Similarly, the buyer of the put option is named long put, while the seller of the put option is named short put.In commodity market, underlying of commodity option is a commodity, such as oil, wheat, or gold. Commodity options are both exchanges-traded and OTC traded. Following figure shows P of each option. Following table is the summary for these 4 option po sitions. Table 1: Summary for 4 option positions Market price expectationMaximum profitMaximum lossBreakeven point Long callupunlimitedoption premiumexercise price + option premium Short calldown or stableoption premiumunlimitedexercise price + option premium Long putdownexercise price – option premiumoption premiumexercise price – option premium Short putup or stableoption remiumexercise price – option premiumexercise price – option premium Source: author’s own. 3. 2Futures A future is a contract between two parties to buy or sell a specified amount of asset at a specified time period in the future for a certain price. Normally there are two types of futures, commodity futures whose underlying are commodities and financial futures whose underlying are financial assets. They are highly standardized, regulated, and traded in exchange markets with highly liquid and default risk free property. Because of the marking-to-market process, at maturity the settling price is the spot price at expiration date with profit gaining or loss paying from a margin account, which indirectly makes the effective bargain price equal to the predetermined price in the future contract. Notably, to ensure high liquidity of futures, marking-to-market process plays a significant role. The following figure shows the marking-to-market process. Generally there are two alternative ways at maturity to settle futures, either by cash or by actual delivery of underlying, which is clearly defined by futures exchange.Following figure and table show the details of a future. Table 2: Summary for future positions ?Maximum profitMaximum lossBreakeven point Long positionunlimitedexercise pricespot price + cost of carry Short positionexercise priceunlimitedspot price + cost of carry Source: author’s own. 3. 3Forwards A forward contract is a customized and over-the-counter agreement to buy or sell an asset at a specified time in the future for a specified price, where a long position has the obligation to buy and a short position has the obligation to sell. Compared with futures, no marking-to-market process are required.Counterparties can negotiate with each about the parameters of the contract. As a result, a firm who wants to make forward contract needs to find the counterparty by itself. 3. 4Swaps A swap is a customized and over-the-counter agreement to exchange a series of specified assets periodically in the future. Normally the counterparties of a swap contract are a large institution such as a bank and a company. Basically, we can view a swap as a complicated forward. Except currency swaps, counterparties just need to pay the differences between the cash flow they should exchange. Because swaps are bespoken as a result they are less liquid.There are commodity swaps, interest rate swaps and currency swaps. Interest rate swaps is an agreement of two counterparties to change fixed interest and floating interest on predefined nominal pr incipal in the future periodically. Commodity swaps normally vary tremendously among different markets. In a currency swap, counterparties change same value of different currencies in inception and termination, where the exchange rate of the tow currencies depends on the negotiation of counterparties. 4Hedging strategies with derivatives This chapter will focus on the principles of hedging strategies on commodities. . 1Hedging with options If a trader wants to procure a commodity with high volatile price, he can buy a commodity call option to hedge the price risk of going up. Similarly, if a company wants to sell a commodity product, it can buy a long put to hedge the price risk of going down. In practice, because investors want to bet more precisely on the future price of the underlying, and hedgers with long positions want to save option premiums, a few combinations of options come out, such as a long call and a short put with identical parameters except the different strike price . 4. 2Hedging with futuresWhen the objective of a commodity trader wants to neutralize the price risk as far as possible, usually he will choose to take a position on a future on commodity. A hedger who already owns a commodity asset or doesn‘t own right now but will at some future time expecting to sell it in the future without assuming any price risk, he can apple future hedging strategy to enter into a short position to become a short. Likewise, a hedger who has to buy a certain commodity asset in the future and wants to lock in spot price immediately, he can apply a future to enter into a long position to become a long. . 3Hedging with forwards The principles of hedging strategy with forwards are similar with futures'. Whether to use futures or forwards depends on different requirements. Generally, financial assets investors who need high liquidity prefer to choose futures, while commodity investors such as producers who need high customization prefer to choose forwards. 4 . 4Hedging with swaps When investors want to hedge risks of interest rates, currencies, or commodities, they can use swaps. In gold swaps, counterparties change fixed lease rate with variable lease rate.In swaps on base metals, counterparties change fixed metal price with average price of near dated metal future. In oil swaps, counterparties change fixed West Taxes Intermediate (WTI is a benchmark in oil price) price with average price of near dated WTI future. 5Pros and cons of hedging strategies with derivatives The following integrated summary of these derivatives depending on pervious analysis makes systematic comparisons. (The options here are exchanged-traded European options) Table 3: Summary for 4 derivatives SUMMERY OF DERIVATIVES FOR GENERAL TYPES OptionsFuturesForwardsSwapsTypes of contractstandardizedstandardizedcustomizedcustomized Settlementscash and deliverymost cash and few deliverydeliverydepends on individuals Trading marketExchange tradedExchange tradedOTCOTC Liqu idityhighhighlowlow Marketing-to-marginnorequirednono Time of settlementmaturitydailymaturityperiodically Initial investmentoption premiuminitial margin nodepends Default risk assumed byClearing houseclearinghouseBoth partiesBoth parties ProsDefault risk free & liquiditycustomization & no initial investment Consinitial investment & inflexibledefault risk for both party & illiquidity Source: author’s own. . 1Pros and cons of options The pros of options are obvious. Firstly, they have no risk to assume more loss than premium but have possibility to get unlimited potential profit. Secondly exchanged-traded options are highly liquid and OTC traded options are flexible. However, the cons of options are also explicit, such as the difficulty to decide when to enter into a long position.Because buying an option needs to pay option premium, if the spot price cannot go above (for a long call) or go below (for a long put) the breakeven point the hedger will suffer a loss, and depends on statistics the possibility of a long position to lose is about 66%. 5. 2Pros and cons of futures It definitely makes sense for most companies whose majors are in businesses but not professional in forecasting the price of commodities price volatility, which can make them pay more attention on their core competences instead of fearing about volatile price.Nonetheless, taking neutralized strategies make hedgers give up the possibility of both profit and loss. Moreover, instead of hedging risks by companies, shareholders can hedge themselves according to their preferences. Additionally, if other competitors of the same industry don’t apply hedging strategies, in fact, it is the hedging company itself that assumes risks, because competitive pressures are the same for other all competitors but different for the hedging company its own. 5. 3Pros and cons of forwards Basic pros and cons have been listed in the table in front of this chapter.Generally, compared to futures, the most explicit pro is that forwards are highly customized and therefore the con is that they are hardly liquid. 5. 4Pros and cons of swaps Basic pros and cons have been listed in the table in front of this chapter. Gernally, compared to futures and forwards the most precise pros is that both counterparties could reap benefits from a swap, such as in a currency swap where a firm with a low rate may get a cheaper loan as other firms with high rates, and the counterparty may get a payment as compensation.However the corresponding cons is that counterparty may need to pay commision to intermediary, because it is difficult to find an appropriate counterparty by itself. 6Practical example of corporate commodity price risk hedging 6. 1Introduction on firm's practical hedging strategy Air China is an airline company, whose cost of fuel oil occupies 44. 75% of total revenue in 2008. To hedge the fuel oil price risk, Air China bought a call option with strike K1, meanwhile sold a put option with st rike K2, where K1

Philippine Revolution and Jose Rizal Essay

Paciano without a doubt was a great hero. He was just kinda outshined by his younger brother, jose. I’d say our national hero’s patriotism was highly influenced by him, he was an idol kuya in the eyes of Jose Rizal. Father Jose Burgos was a close friend of Paciano (whose death, together w/ Zamora and Gomez’s, according to rizal himself, had â€Å"opened his eyes† re the sad plight of our country back then), so we can clearly visualize the imprint of Paciano on Rizal’s nationalism. He (paciano) was the one who financed Rizal’s education in europe. We wouldnt have the great Jose Rizal if it hadnt been for the unsung heroism of Paciano.   Paciano joined and actively supported Propaganda Movement for social reforms, and supported the Movement’s newspaper, Diariong Tagalog. An avid supporter of the movement, he did tasks such as collecting funds to finance the said organization, and solicited money for the nationalist paper. As a Katipunero, he influenced people in Laguna with the revolutionary ideals. Despite the tortures he had in the hands of the Spaniards, he refused to implicate his younger brother who was kept in tight security in Fort Santiago. In January 1897, after his younger brother’s execution, Paciano joined General Emilio Aguinaldo inCavite. He was appointed brigadier general of the revolutionary forces, and was elected Secretary of Finance in the Departmental Government of Central Luzon.[1] During the Philippine-American War (1899–1913), he commanded the Filipino forces in Laguna. U.S. troops captured him in Laguna on 1900.[1] He was released soon after, and he settled in the town of Los Banos, Laguna. Not many Filipinos are aware that Paciano Rizal, the older and only brother of Josà © Rizal, was an active and passionate member of the Katipunan. As a katipunero, Paciano was no less heroic than his very famous brother. So little is known of Paciano. Yet, he is one of the unsung heroes of the Katipunan. Paciano was Rizal’s model for Pilosopong Tasio, one of the important and very interesting characters in his novel Noli me tangere. In his letter to Blumentritt dated 23 June 1888, Rizal wrote †I don’t know why I forgot to introduce you to my brother. You who wish to know good men will find in him the most noble of the Filipinos. My friend Taviel de Andrade said that he was the only man in the Philippines – the young Philosopher Tasio. When I think of him, though an Indio, more generous and noble than all the present-day Spaniards put together.† As the the elder son, Paciano helped the family in managing their farm and was like a. Not only did he help finance Rizal’s education in Europe, he did his best to save money to have his brother’s two novels printed, collected financial contributions for the Propaganda Movement, and solicited subscription for the Diariong Tagalog, a nationalist newspaper. He also supported the Katipunan by propagating its ideals in Laguna. When Josà © was jailed in Fort Santiago in 1896, Paciano was also arrested and tortured to force him to give testimony that would prove his brother guilty of sedition. After Rizal’s execution at Bagumbayan, Paciano went to Imus, Cavite to offer his services to Emilio Aguinaldo. He become the military commander of the revolutionary forces in Laguna and continued. He continued fighting as a katipunero in the Filipino-American War. In an interview for an article featured in the Philippine Centennial in the Francisco Rizal Lopez, one of Paciano’s grandsons, told of his grandfather’s days a a revolucionario. Lopez said that Paciano nearly died of the torture. â€Å"His whole body was swollen and bloody because of the torture he received. The authorities brought him to my grandmother Narcissa because they thought he was going to die. After a week, he recovered. But he was actually at death’s door.† â€Å"My aunt told us a story about my Lolo Paciano whe n he was a revolucionario. She told us that everyday, my Lolo and the other revolucionarios would count the money they had collected. One day, my aunt was so tired and her hands were malansa so she asked my grandfather, ‘Puede po bang makakuha ng cinco centimo diyan para makabili ng sabon dahil malagkit po at malansa ang kamay namin?’ (Could we get five cents to buy soap because our hands are sticky and putrid?) My Lolo got very angry and he said, ‘Huag ninyong galawin ang perang ‘yan!’ (Don’t ever touch that money. That’s for the revolution!)† Sometime in 1900, Paciano was captured by the Americans and ordered to swear allegiance to the American flag. According to his grandson, Paciano said, â€Å"I cannot swear to any other flag because my allegiance belongs to the Filipino flag. But I can assure you, since we have lost and I have surrendered, I am going to leave you in peace.† After the revolution, it was almost impossible for the Rizals to live in Calamba. They have been stripped of everything they owned and they felt persecuted, so they chose to live in Los Baà ±os, the town next to Calamba. Paciano Rizal’s home stands near the Los Baà ±os municipal hall, beside the fire station. There he lived the rest of his life until he died of tuberculosis on April 30, 1930. Francisco Lopez described Paciano’s physical appearance and character, â€Å"My Lolo was a very humble, a very simple man. He never talked to us about his sacrifices in the Revolution. We did not even know up to the time of his death that he was a general in Aguinaldo’s army.† Paciano was a very thrifty man but not with his nephews to whom he always gave money to buy â€Å"tsampoy†. Of the two known pictures of Paciano, one was taken by one of Mr. Lopez’s uncle and the other was a picture of him as lay in his coffin. Paciano had a daughter, Emiliana who is Francisco Lopez’ mother, but he was never married because he could not marry under the Dominican priest. Emiliana, married her first cousin, Antonio Lopez. He was Narcissa Rizal’s son. Paciano lived a peaceful life during the American occupation. and kept his promise that he would leave the Americans in peace. He must have intensely disliked the Americans from an anecdote that Lopez told: † There was a certain Governor-General Leonard Wood and my grandfather did not like him. He had a dog and he named the dog Wood. So every time he felt like cursing the Americans, he would curse the dog† Paciano Rizal was buried in Cementerio del Norte in Manila but his bones were transferred to his home in Los Baà ±os in 1985. were he was given complete military honors. Paciano Rizal, Josà ©Ã¢â‚¬â„¢s kuya, or older brother by a decade and protà ©gà © of Fr. Burgos, had witnessed the garroting of the three curates and been, along with his generation, radicalized by it. His retelling to the sensitive eleven-year-old in Calamba in turn left an indelible impression on the young man, about to leave for Intramuros to study at the Ateneo. Later on Rizal said of the martyrdom, â€Å"Without 1872 there would be now neither Plaridel nor Jaena nor Sancianco, nor the valiant and generous Filipino expatriates in Europe. Without 1872, Rizal would have been a Jesuit and instead of writing the Noli Me Tangere would have instead written something entirely different.† Rizal dedicated his second novel El Filibusterismo (really a continuation of the Noli) to the memory of the three martyrs. Last year saw the commemoration cum celebration of the younger Rizal’s 150th birth anniversary, but not much has been said (at least, not much that I am aware of) about Paciano’s invaluable role in shaping the path his younger brother took, always there to lend a hand, a quiet, rock-solid presence Pepe could rely on. Paciano arranged, along with an uncle, for Pepe to embark for Europe in 1882, whose heady Enlightenment zeitgeist further sharpened Rizal’s critique of Spanish colonial rule. For at least five years Paciano sent him a monthly stipend, and once the Propaganda Movement had gotten off the ground helped raise funds for it. In 1896 he was imprisoned and tortured, to force him to implicate Josà © in the revolution that had begun that August but the stouthearted Paciano would not break. He was released and once Josà © was executed, Paciano volunteered for Aguinaldo’s army, and was made a general, his field of operations being Central Luzon. The revolution against the Spanish metamorphosing into the 1899 war against the U.S., General Rizal continued to fight, but was captured in 1900. Thereafter, despite offers of a government position as well as entreaties from prominent Laguna politicians to run for public office, Paciano, already married, chose the quiet life of a gentleman farmer, and died in 1930 at his home in Los Baà ±os, not far from Calamba, at the age of 79. Paciano’s love for and devotion to his younger brother meant a life behind the scenes, dramatic certainly in many instances but rarely in the limelight, never in the scene-stealing manner of Josà ©. Kuya Paciano’s life made the latter’s transformation into the icon every Filipino knows possible. He would have distanced himself from the label but in my book Paciano Mercado Rizal y Alonso is every bit the hero. Paciano Rizal, whose contribution to the Philippine revolution has been overshadowed by the greatness of his younger brother, Jose Rizal. When Jose Rizal decided to leave the Philippines for advance studies, Paciano, without the knowledge of their parents, asked Antonio Rivera, an uncle, to help in facilitating the travel of Jose Rizal abroad. Paciano himself engaged in the propaganda movement. When Marcelo H. del Pilar founded the Diariong Tagalog, a nationalist vernacular paper, in 1882, Paciano eagerly assisted those behind the paper. He helped the paper by soliciting subscription in his province (Laguna) and in the neighbouring towns of Batangas. During this time Paciano kept Jose Rizal informed about events happening in the country. Aside from attending to the needs of the Rizal family, Paciano regualarly corresponded with Jose in Europe regarding such local problems as land troubles, crop failure, increased land rentals, the decrease in the price of sugar and even the worsening agrarian disputes in Calamba. Paciano’s land dispute with the friars resulted in his exile to Mindoro for one year in 1890. During Jose Rizal’s away abroad, Paciano met and fell in love with Severina Decena, a beautiful lass from Los BaÅ„os, Laguna. They had two children–a boy, who died during infancy, and a girl they named Emiliana. When Jose Rizal was arrested in 1896 Paciano was also arrested and detained. This was to insure the incrimination of Jose Rizal. The older Rizal was tortured and asked to sign a statement linking his younger brother to the Katipunan and to the Philippine Revolution, which had broken out in August of that year. After three days of fruitless interrogation Paciano was released. Before the end of 1896 the Philippine Revolution spread like wildfire to the province south of Manila. Laguna joined the fight for liberty. The emergence of Paciano Rizal as a revolutionary leader was something that could not but draw attention. The Spanish forces gained momentum in the pursuit of the revolutionists, for which reason General Paciano followed General Aguinaldo to Bulacan. The general and his men transferred their camp to Biyak-na-Bato. In December of 1897 the famous truce of Biyak-na-Bato was signed, ending the 1896 Philippine Revolution. In pursuance to the provisions of the agreement, General Aguinaldo and several ranking officers of the revolution surrendered their arms and exiled themselves to Hong Kong. The revolutionary leader left in the country were instructed to comply with the other provisions of the treaty, like the surrender of arms and ammunitions. In this connection General Aquinaldo’s generals were sent to various provinces to arrange for the surrender of the remaining revolutionists who were now scattered. General Artemio Ricarte was sent to Cavite, Gen. Jose Natrividad to Bulacan, Nueva Ecija and Pampanga, General Miguel Malvar to Batangas, and Gen. Paciano Rizal to Laguna. Complying with orders, General Paciano Rizal, on 14-15 January 1898, surrendered the following to Spain’s General Ricardo Monet for the province of Laguna: 1 Mauser, 3 Remingtons, 46 muskets, 42 blunderbuss, 3 lantakas, 21 saber and 26 bolos. The truce failed, however, resulting in General Aguinaldo’s return to the Philippines. The United States and Spain declared war on each other. Flipinos who had returned to their place under the Spanish government and those who had settled down in their farms activated their fight against the Spanish government and became part of the forces of General Aquinaldo. Among the revolutionary generals who responded was General Paciano Rizal. He again led the fighting in Laguna as the military commander of the area.   Battles were fought openly in Spanish-held towns. In the fastness of Laguna, General Paciano Rizal actively led the onslaught against the Spanish troops.On 31 August, two weeks after the surrender of Manila to the Americans, the Spanish civil official of Laguna Province and a group of Spanish soldiers surrendered to General Paciano Rizal in Santa Cruz, the provincial capital.   On 12 June 1898, the revolutionary leaders proclainmed to the whole world the birth of the Philippine Republic, the first republic in Asia.   The following year the Filipino- American War broke out. Well-trained and well-armed American soldiers prevailed over the ill-quipped Filipino revolutionists. The fight was one-sided.   The loss of many battles was attributed to the revolutionists’ life of hunger and sickness. General Paciano Rizal was affli cted with malaria and he had become weak, he was captured in Laguna by the Americans. The year was 1900. After the war Paciano led a passive private life and retired to his farm in Los BaÅ„os, Laguna. He passed away on 13 April 1930, at the age of 79.   Pedro Patero’s account of his negotiations peace between Spain and the Filipinos revolutionaries, â€Å"El Pacto de Biak na Bato† , Paciano relates: â€Å"What do you want? That we make peace with Spain? That we be the bearer and acceptor of peace, when they have shot my brother, Pepe, banished my parents and relatives, falsely accused us to the last of my family, confiscating our lands and hurling a thousand horrors on our faces? Ah, Don Pedro, dig a deep well. Fill it from the top to bottom with all the bolos and lances that you wish. Then, command me to throw myself into it and I Paciano Rizal, will do just that, but do not ask me for peace because that, Don Pedro, is impossible- absurd!† Paciano exploits reveal getting the Spaniards to surrender in Calamba, by using firecrackers to show the Filipinos were heavily armed. After 3 days the Spaniards surrendered. In his letter to the PIR seen at the National Library Paciano requested for the status of the Americans if they were allies or enemies. Their suspicious actuation in the area proved right, August 13, 1898, Filipinos was tricked by the Americans, they fought another battle. 1900, weakened by malaria, Paciano was captured by the Americans and is said to have refused to swear allegiance to the flag of the USA. While Apolinario Mabini the paralytic was exiled to Guam because he refused allegiance to America. May unanswered questions left, but nothing is definite as of now, except that Paciano Rizal proves like other heroes of the Revolution of 1896 and 1898, should be rescued from obscurity and given the rightful place in our history Characteristics Of A Hero Courage For a hero, courage is as important as a shell is to a tortoise. Without courage, a hero is just as vulnerable as any other man walking down the street. Courage here stands to signify that firmness of the spirit and ‘mettle’ of the soul to stare at danger and trouble right in the eye. Courage here stands to signify the valor it takes to overcome adversities and adversaries. It’s like a soldier rushing into battle knowing well that death awaits him. In all reality, this is what courage is all about! Sacrifice A hero does not become a hero by simply beating up a thousand goons and riding into the sunset victoriously with his lady love. If this was all it took to become a hero, every other Romeo beating up rivals and stealing away his love in the still of the night can be branded a hero. It really is more than that! Sacrifice is what helps a mere mortal make that journey from a mediocre life to one filled with greatness. Sacrifice, by definition, can be described as the giving up of something highly valued for a purpose of greater importance. Thus, in order to achieve greatness and the status of a hero, it is extremely essential for an individual to sacrifice. Determination A hero cannot be considered one, if he possesses a will as bendable as a tube of rubber. A hero truly becomes just that when he exercises his will or determination to come out on top at any cost. Determination can be best described as a hero’s resolve or firmness of purpose to achieve what his heart desires most. It’s all about staying focused and not resting until the task on hand is executed. In life it may not be easy to achieve any given thing, but it is with determination that a man can ultimately achieve what he desires most and turn himself into a champion. Conviction Conviction here does not refer to a person’s skill at convincing another, but it rather refers to a person’s firm belief in any particular thing. It can refer to an unshakeable way of looking at life and all its variables. In a way, the convictions that a man holds can go a long way in determining if he has what it takes to become a hero. In fact, no man can truly become a hero, if he does not possess conviction that is impenetrable as well as unbending. Dedication Do you think that a person can make a man out of himself without being dedicated to any particular thing in life? Obviously not! This is because in life in order to enjoy a permanent taste of success it is extremely important to exercise dedication. If you desire to master an instrument, you have got to be dedicated to master it and shouldn’t really rest until you do. True dedication shouldn’t be forced; it in fact is the direct result of true desire. It is this dedication that can help distinguish a man as a hero.