Is One Experience Enough Essay Example | Topics and Well Written Essays - 1000 words

Is One Experience Enough - Essay Example The American population is a mixture of different people from all over the world, the country thus enjoys a rich cultural background, thus capable of accommodating any other new citizen as the essay below posits. The U. S is among the countries with one of the most liberal structures in the world. The county has a vigilant civil group that monitors and criticizes the activities of the government with the view of creating a constitutional environment. This way, the pressure groups ensure that the country maintains a high level of constitutionalism and the government respects and safeguards the interests and rights of every citizen. The American constitution protects the rights of every citizen from whichever background. The country is among the first countries to protect the rights and privileges of the gays and lesbians. The controversial move to embrace the sexually misconstrued group sought to offer a liberal society in which everyone enjoys a degree of freedom regardless of their sexual orientations. Several nations globally do not recognize the group, in fact some countries both in the developed and developing economies still shuns the rare sexual connotations thus compelling the homosexuals to live in fear and secrecy. With the view of respecting and protecting human integrity, the American government through its vigilant citizenship and dynamic constitutionalism sought to incorporate the rights and privileges of every citizen including the homosexuals. Currently, the country is a safe haven for thousands of homosexuals from different countries through out of such countries due to the unnatural nature of their sexual orientation. The American society does not consider the sexuality among other personal issues of an individual; people in the society interact on personal levels without the investigation of private issues. This way, the American

Security Policy ATM

Security Policy ATM The purpose of this document is to define a security policy for Bank H. This policy covers. This comprehensive policy is intended to cover all aspects of information security relating to Bank H ATM machines including: installation, maintenance, and operation ATM machines and network, employee responsibilities, ramifications for customers, and the security of ATM transactions. This document is divided into three sections, each covering a key facet of information security: Organizational Policy Issue-Specific Policy System Specific Policy Organizational Policy Information security is a prime concern at Bank H. much of our information is critical in nature and must be protected not only for our own sake, but for our customers and to comply with government regulations. This makes it the responsibility of every employee of Bank H to comply with the policies established in these policies. Program Responsibility The Chief Information Security Officer has the prime responsibility for establishing and enforcing the procedures necessary for the protection of information. This person reports directly to the Chief Executive Officer and Board of Directors. A security oversight committee will also be formed consisting of the Chief Information Officer, Chief Financial Office, Chief Information Security Officer and other representatives as seen fit. This committee will meet at least quarterly to review security procedures and recommend appropriate updates. The Chief Information Security Office will be responsible for the establishment, implementation, and enforcement of information security policies on a day to day basis. Enforcement All employees of Bank H are required to adhere to the policies contained in this document. Any infringements of this policy will result in disciplinary action up to an including termination and legal action. Each employee will be required to review and sign a document indicating that he or she has reviewed and understood these policies upon hire and as part of the annual employee review process. Any employee who suspects a breach of these policies is required to immediately report the breach to his or her direct supervisor. If that is not possible, then the employee may contact the office of the Chief Information Security Officer directly. Failure to report breaches may result in disciplinary action as specified under these policies. Government Regulations The mandate for a comprehensive information security policy comes from many sources. Of foremost importance is Bank Hs concern for it employees, customers, and information assets. Additionally, due diligence is required by many overseeing government agencies. Title 12, chapter II of the Code of Federal Regulations from the Federal Reserve Board defines security policies that must be followed by banks to ensure compliance with the Bank Secrecy Act and the Bank Security Act (Regulation H: Membership of State Banking Institutions in the Federal Reserve System). Part 326 of the Federal Deposit Insurance Corporation also details minimum security requirements for banks including: Designation of a security officer Implementation of a security program Annual reporting requirements (Part 326—Minimum Security Devices and Procedures and Bank Secrecy Act) Therefore, a main goal of this document is to establish and define a security program that meets the requirements of these and other regulatory agencies. Issue-Specific Policy The key issues that arise when considering our overall information security plan involve protecting our customers, employees, and assets. Three additional issues that must be considered are risk management, disaster recovery, and training, which all work together to support our overall goals for establishing these policies. Protecting Our Customers Whereas ATM machines provide a valuable service to our customers, it is incumbent upon Bank H to take all reasonable steps to insure the security and safety of their assets, personal information, and physical security while they are conducting transactions at a Bank H ATM machine. Regulations in the USA Patriot Act place specific requirements on banks regarding the information that customers must provide in order to open and account (Office of Thrift Supervision Staff Summary of USA Patriot Act.). Furthermore, the Sarbanes-Oxley Act of 2002 places certain legal requirements on Bank H regarding the protection of sensitive information customer information (Public Law 107-204 107th Congress). Procedures below will detail necessary practices for protecting our customers including: ATM location and physical environment Authentication and verification of identity Protection of private customer information Protecting Our Employees In a real sense, establishing good security policies will protect our employees and help to insulate them from the daily risks of dealing high volumes of money and sensitive information. By clearly outlining security policies and procedures, all employees will have clear guidelines to follow to protect themselves and the assets they come into contact with. Clearly defined control procedures protect both our assets and our employees from accidental or intentional loss. A clearly defined security policy also establishes a legal standard of informed consent which is a judicial requirement that has been established by legal precedent. This document will establish procedures specific to our employees and their interactions with ATMs including: Contact with sensitive information Contact with money and other cash instruments Access to ATM equipment Protecting Our Assets Information, like money, is a valuable asset that must be protected from theft, destruction, and unauthorized access. ATMs represent a unique exposure to risk since they are often installed in locations that are outside the physical perimeter of the banks facilities. Extra precautions must be taken to protect external ATMs and ATMS located at other facilities since they will often be unattended. This policy will establish procedures to protect ATMs including: ATM Locations Environmental guidelines Minimum hardware security issues Data transmission, storage and encryption Risk Management Risk management is one of the first lines of defense in the effort to protect our customers, employees, and assets. Although the details of risk management fall outside the scope of this document, basic risk protection guidelines will be established by the Security Oversight Commission and a senior representative from risk management will be on that committee. In general, it is important that all reasonable steps will be taken to insure the company and customer assets including: FDIC insurance covering customer deposits Applicable insurance to protect ATM equipment Applicable liability coverage Disaster Recovery The ability to recover from natural and man-made disasters is an essential component of any security program. It is not the intent of the policy to create a comprehensive disaster recovery plan for the company. However, issues related to disaster recovery will be covered as applicable to ATMs including: Recovery of information and assets from equipment involved in an accident or disaster that renders the equipment inaccessible or damages or destroys the equipment Planning to mitigate the loss caused by such events Restoration of service, where applicable Training and Awareness All employees are required to attend security awareness training sessions to be coordinated and conducted by the Chief Information Security Officer a minimum of once a year. These sessions will be designed to educate employees of their responsibilities. Topics will include: Education on new and existing policies and procedures Practical training on tools and technology Awareness training on risks and mitigation System Specific Policy Special consideration must be used in protecting the systems that support our ATMs and data networks. As technology changes, so will the challenges and tools available for the security of these systems. Therefore, these policies should be reviewed on a quarterly basis and updated as necessary. ATM Machines ATMs form the core systems covered by these policies. Since many ATMs are outside the physical protection of our facilities, special care must be taken to protect them. Policies must be implemented to deal with these unique systems including: Money control procedures Technology to monitor ATMs against tampering and abuse Best-practices for installation and maintenance of ATMs Networks Data networks are necessary components of an ATM system and in some cases the most vulnerable. Therefore, all due care must be taken to insure the integrity, reliability, and security of our networks. Policies must be established regarding: Network installation and maintenance Network monitoring Network protocols and standards The use of encryption Section 2 Security Systems As the field of information security has matured, several recognized standards have evolved. Following these standards help to insure the development of comprehensive and effective security policies. A key concept in information protection is the concept of security systems. Security systems are domains of protection that establish the best practices. Our policies will be developed to cover each of these domains as appropriate. Confidentiality Confidentiality protects information from disclosure or exposure to unauthorized agents. Confidential information must be clearly indentified and reasonable steps must be taken to maintain its confidentiality. The following policies relate to confidentiality in the context of Bank H ATM security: Information will be classification so that confidential information can be identified and protected. Measures will be taken to protect confidential information in both physical and electronic form. The confidentiality of customer information is of prime importance. The confidentiality of personal employee information will also be protected. Integrity Integrity insures that information is kept in its original state and does not become corrupted at any point in the system. Systems must be implemented to protect assets from both intentional and unintentional corruption. The following policies relate to integrity in the context of Bank H ATM security: Error-checking data protocols will be used to insure the integrity of information in electronic form. Proper control procedures will be used in the handling and transport of information in physical media. Backup and archival policies will be constructed so that information may be re-created in the event of loss. All hardware and software will be maintained to insure the highest level of integrity when working with our data. Availability In order to be useful, assets must be available to those authorized to access. Some security risks are designed to block access to information and other assets. Policies that support availability include: Systems connected to external networks will have software and hardware to protect them against denial of service attacks. Disaster recovery plans will be developed and tested to insure the quick recovery of operations in the event of a disaster. ATMs will be located in areas that are accessible and convenient while appropriate measures are taken to secure them. Access control One of the first lines of defense is to limit access to an asset to authorized personnel only. This starts with locking the door and may include other devices and techniques to control access. Examples of access control include: Locked areas will be used as appropriate and policies will be developed to manage keys and access codes. The use of automated access cards or key-code locks will be used as appropriate to limit access to authorized personnel. The use of usernames, passwords, and other methods will be used to limit computer system access. Keys, codes, and other information relating to access to ATMs will be closely managed. Non-repudiation Accountability is the final key to a good security system. A clear and authentic trail of ownership and access to information and other assets must be established and maintained at all times. Examples of policies designed to enforce non-repudiation are: Fingerprints will be used to irrefutabley identify parties, as appropriate, when dealing with information in physical media. Digital certificates and digital signatures will be used to add irrefutable identification to electronic information as appropriate. Section 3 Standards The following standards have been established as minimum set of requrements that must be met in order to insure our security and protection of our assets. Compliance with these standards in mandatory at all levels. Any exceptions must be cleared in writing by the Chief Information Security Officer with the agreement of the Security Oversight Committee. Employees Before hire, all employees will sign a release document authorizing the company to perform or contract with a third party to perform a background investigation. Employees will be required to present a verified set of fingerprints which will be sent to appropriate law enforcement agencies for a criminal background check. Potential candidates who do not pass such background checks or fail to submit to them will not be considered for employment. All employees, upon hire, will be required to review and sign the following documents: A non-disclosure agreement stating that they will not disclose company information to third parties. An information confidentiality policy describing the banks information classification system and the handling of information at each level. A privacy statement informing the employee that their personal information will be held as company confidential and will not be released to third parties except as required by law. An accepted use of company resourced policy which clearly explains that all company equipment and resources, including information and service, are wholly owned by Bank H. Employees may not use any company equipment or resources for personal use. Upon hire, each employee will be issued a photo id card. This card must be displayed at all times while on company premises. When an employee leaves the company for any reason, the following procedures are to be followed: Whether the termination was for voluntary or involuntary reasons, employees will not be allowed to stay on the premises. The standard 2 week notice will be foregone and the employee will be expected to depart the premises on the same day. Any compensation due will be determined by human resource policy. Before leaving the premises, employees will conduct an exit interview. During this time the employee will reveal or return any access instruments that are outstanding in their file. Access to all computer systems or any other system that was granted to the employee will be immediately removed. Customers A valid government ID and social security card must be presented by all bank customers before an account of any kind can be opened. Copies of these documents will be made and kept on file in a secure manner. Potential customers must be cleared using industry appropriate services to insure that they are free and clear form obligations to other financial institutions before they will be allowed to establish and account. Each customer will be issued a secret Personal Identification Number (PIN) at the time they open an account. The PIN must be created using a system either randomly generates a PIN that is only known to the customer or allows the customer to enter the PIN without the revealing it to the bank employees. PINs will be immediately encrypted. At not time will a PIN be stored or transmitted in an unencrypted form. ATM cards will clearly show the full name of the customer, their card number, and a clear expiration date. ATM cards and any corresponding PIN shall not be mailed or otherwise transmitted within the same document or package. Upon closing their account, customers will return any ATM Cards in their possession. All ATM cards will be immediately disabled. Customers will be required to read and sign a document that explains their obligations for ensuring the security of their ATM cards and transactions. At a minimum, customers must agree to: Take reasonable steps to ensure that the ATM card issued to them is kept secure Notify the bank as soon as they believe that an ATM card has been lost or stolen Not let anyone else user their ATM card Not reveal their PIN to anyone else Notify the bank if their PIN has become compromised. Non customers wishing to conduct business with the bank will be required to show a valid government issued ID and must leave a fingerprint on file, preferably on the document being transacted. Employee and customer areas will be clearly marked. Customer will not be allowed in employee areas. Physical Security All company facilities shall be secured, at a minimum by doors with manual locks. Doors shall remain locked during non-business hours and at any time the facility is not occupied. A log must be kept of keys, the number of copies that have been made, and who the keys have been distributed to. Records must also be kept of keys that are reported as lost and who was reported to be in possession of the key at the time it was lost. A log must be kept of electronic codes and door access cards including who such instruments have been distributed to. Records must also be kept of access cards that are reported as lost and who was reported to be in possession of the key at the time it was lost. Employees must notify security as soon as they believe that a key, access card, or lock access code has been compromised. All bank facilities that hold money and similar must be secured by an alarm system. Employees should have the ability to trigger such alarms without detection. All ATMs must be secured with alarm systems that are triggered by unauthorized tampering. All alarm systems must be tied directly to local authorities or a registered alarm service that monitors the alarm status at all times. Monetary Access Appropriate control procedures and accounting procedures must be adhered to when dealing with money. Any area in which money is handled, held, or transported must be under constant video surveillance. Any monetary transactions exceeding $1000 must be verified and witness by a second employee. Any monetary transactions exceeding $10000 must be continuously observed by an employee who is at a higher level than the employee completing the transaction. The transport of money outside the bank facility must be handled by an authorized armored transport service and escorted by qualified armed personnel. Information Classification All information, whether in physical or electronic form, shall be assigned an appropriate level of classification based on its sensitivity and criticality. Data shall be assigned a minimum of three levels of classification. Public this information is neither sensitive nor critical to the company, nor is there any legal requirement to protect it. Confidential this is information that is sensitive in nature and should not be reveled to the general public. This classification is further subdivided into two categories: Company Confidential this information is sensitive information related to bank. Customer Confidential this is private information that belongs to a customer and must be protected by law. Critical information that is not necessarily (but may be) confidential, but is nevertheless critical to the successful functioning of the bank. ATM Equipment ATMs that require external access must still be secured in such a way that any access panels are not visible and cannot be easily accessed. All ATM machines must be under constant video surveillance. All networks shall be protected by a hardware-based firewall and other hardware and software deemed appropriate. The banks internal network shall not be exposed to public networks such as the Internet. All data transmitted via a network must be encrypted to prevent exposure to unauthorized tapping. Data protocols must be in place to validate that data is both transmitted and received in its original form. Data that does not pass validation should be rejected and logged. Network security software must be installed that constantly monitors the network for patterns and signs of attempted or actual unauthorized access. Activity that represents a threat must trigger an alarm to appropriate agencies and personnel. The daily stocking and removal of cash to and from an ATM shall be done in adherence to policies in section regarding the handling of cash detailed above. Each ATM shall use a PIN encryption device that encrypts and stores the information in a secure manner. Hardware must be implemented monitor, analyze, and authenticate any external source attempting to connect to the ATM. Unauthorized attempts must be logged and reported immediately to the monitoring agency. ATMs shall be connected to a monitoring system that automatically tracks the status of the ATM. The ATM should be configured with software that can log and securely transmit information about usage for external profiling to detect potential attacks. All ATMs must be under continual video surveillance as detailed in section 2.3 above. At no time will the customers PIN, account number, or other confidential information be displayed on the screen or any receipt. Networks All networks shall be protected by a hardware-based firewall and other hardware and software deemed appropriate. All data transmitted via a network must be encrypted to prevent exposure to unauthorized tapping. Section 4 Practices, Procedures and Guidelines This section defines the practices and procedures for the day to day operations of the company. These represent a set of guidelines which allow managers to perform their duties with due diligence, while also offering flexibility and adaptability for various environments and situations. Any questions about interpretation should be addressed the office of the Chief Information Security Officer. Employees Employees may, as appropriate, be issued certain instruments or information that allows them to access restricted areas or information. Upon receipt of any such instrument, the employee will sign a document verifying their receipt and agreeing to release the instrument back to the company when their job no longer requires it or upon termination. Instruments of this nature include, but are not limited to: ID Cards Access cards Access codes including usernames, passwords, Pins, and codes to electronic locks. Keys Customers Customers should read and sign a privacy notice informing them that their personal and financial information will be protected and not revealed to any third party except where required by law. Customers should be given a pamphlet that explains how to safely and securely use their ATM card online and at ATM machines. Physical Security The same procedures detailed in section 3.3 should be implemented for padlocks or other portable locking devices and keys to them. Doors that required access by more than 5 people should be considered for electronic access. Security officers should be present at all facilities that hold money and similar instruments during business hours. After hours, arrangements for surveillance and patrol should be implemented as appropriate. Prominent security cameras should be located both inside and outside all facilities that hold money or related instruments. These cameras should be linked to a system that records their images at all times. Computer Access In general, computers used for bank business should not be connected to the Internet. Computers that require connection to the Internet should not also be connected to the Banks internal network. Software that monitors and controls Internet activity should be used on computers connected to the Internet. The following guidelines should be used for password security: Passwords should be changed at a minimum of every 30 days. Passwords should not be reused. Passwords should contain a minimum of one number and one character and must be at least eight characters in length. Monetary Access Appropriate control procedures and accounting procedures must be adhered to when dealing with money. Any area in which money is handled, held, or transported must be under constant video surveillance. Any monetary transactions exceeding $1000 must be verified and witness by a second employee. Any monetary transactions exceeding $10000 must be continuously observed by an employee who is at a higher level than the employee completing the transaction. The transport of money outside the bank facility must be handled by an authorized armored transport service and escorted by qualified armed personnel. Information Classification Additional levels of information classification may be assigned as appropriate. All information that is considered confidential should be clearly labeled as such. Electronic confidential information should be stored in an encrypted form at all times. Physical media that is confidential should be secured in a locked location at all times. Information that is critical should be backed up an archived on a regular basis. ATM Equipment ATMs should be located inside of an existing bank facility when possible. ATMs should be installed in a well-lit area with open access. Keys and other devices that allow access to ATMs must be kept under tight security and are subject to regulations specified under section ATMs should be installed by authorized vendors who have been screened and are bonded. Records of all persons involved in the installation will be kept and archived. All vendors should supply documentation showing that the persons performing the installation have successfully passed a background check including a criminal background investigation. A schedule of preventive maintenance should be created to insure the correct functioning of all ATMs. Maintenance shall be performed only by qualified individuals. Records of maintenance should be kept including the date of the maintenance, what was done, and who performed the maintenance. These records shall be considered company confidential. Systems should be in place to prevent the tampering of ATMs or tampering with their information. ATMs should incorporate and audible alarm that is triggered by any sign of trouble. The ATMs internal software should be capable of sending alarms to the appropriate agency when the ATM is in need of service. ATMs should be secured to an immoveable foundation. The internal safe that contains the money should be manufactured, tested and rated for strength and resistance to attacks. Internal components should be protected in such a way that a single individual cannot gain access. This insures that at least two people are present with separate access codes and/or keys in order to gain access to the ATM. Mirrors should be installed to allow customers to see their surroundings while they are transacting at an ATM, but not allow others to see what they are doing. The keypad and screen of the ATM should be located in such a way that the customers body naturally blocks the keypad when it is being used. ATM usage should be monitored and analyzed to insure that each ATM is appropriately stocked with cash to meet customer demands. Networks The banks internal network should not be exposed to public networks such as the Internet. Data protocols should be in place to validate that data is both transmitted and received in its original form. Data that does not pass validation should be rejected and logged. Network security software should be installed that constantly monitors the network for patterns and signs of attempted or actual unauthorized access. Activity that represents a threat must trigger an alarm to appropriate agencies and personnel. Bibliography The following resources were used as reference material for the preparation of this document. Office of Thrift Supervision Staff Summary of USA Patriot Act. Department of Treasury. 20

Cuba: Then and Now Essay -- Comparison Contrast Government Politics P

Cuba: Then and Now In the Treaty of Paris of 1898, Spain relinquished all sovereignty over Cuba. For a time, the policy of the United States toward Cuba was somewhat ambivalent. The Teller Amendment at the beginning of the Spanish-American War had pledged the restoration of Cuba to the Cubans. However, at the same time the United States was determined that it would not be placed after the war with Spain in a worse position in regard to its vital interests in Cuba than it had been when Cuba was a Spanish possession. The two men most closely associated with the U.S. relationship and administration of Cuba were Elihu Root, Secretary of War, and Leonard Wood, Governor General of Cuba. At his Washington desk, Root spent considerable time keeping a sharp eye on the Cuban constitutional convention and directing the overall campaign.1 On the scene in Havana was Doctor Leonard Wood who had gone there as commander of the Rough Riders in 1898. His first major administrative task in Cuba after the war was in Santiago province where the death rate was two hundred a day, and the filth was terrible. After burning the dead bodies in town, he curtailed the inflation and cleaned up the refuse. In addition, Wood saw that jails were inspected and that schools were secularized. Because of his accomplishments in Santiago, he was appointed Governor General of Cuba on December 12, 1899. He kept the post until the formation of the Cuban Republic in 1902. Wood did well as governor of the â€Å"Pearl of the Antilles.† On September 7, the Chicago Record-Herald reported that Cuba was on the high road to more prosperous times than it had ever experienced. There was no distress among the population of 1,572,797 other than what might be found under... ...is point from 1901-34 aroused increasing bitterness, as Root’s interpretation was not followed. On May 29, 1934, it was abrogated by the United Sates. 11 Lyman Abbott, Reminiscences (Boston and New York: 1915), 438. 12 Congressional Record, 58 Cong., 2 sess., 3379; 180 U.S. 109 (1900). 13 New York Times, September 10, 1901, 5, c. 4. 14 Philip C. Jessup, Elihu Root (New York: 1938), I, 324. 15 Edmond Wood, â€Å"Can Cubans Govern Cuba?† The Forum, XXXII (September, 1901), 66-74. 16 Congressional Record, 56 Cong., 2 sess., 3344-45, 3348, 3375. 17 See above, 33-34. 18 New York Times, September 8, 1901, 3, c. 5. 19 Literary Digest: A Weekly Compendium of the Contemporaneous Thought of the World, XXIII (September 7, 1901), 274. 20 Nation: A Weekly Journal Devoted to Politics, Literature, Science and Art, (September 5, 1901), 180, c. 1.

Describe the various stages of the typical lifecycle of an individual in the UK today and identify the most relevant financial products that should be considered at each stage Essay

Describe the various stages of the typical lifecycle of an individual in the UK today and identify the most relevant financial products that should be considered at each stage To date, the interpretation of the concept of â€Å"life cycle of the individual† has a lot of variations. In this case, the main of them wearing in one degree or another echo of the financial and economic issues, is: – The sequence of qualitatively different stages of development of the organism. – Model income and consumption over the life. With regard to the first definition, then there also exists a certain gradation, which is the existence of several theories regarding the quantitative and qualitative characteristics of the stages of the life cycle. The most famous theory of division of the life cycle of an individual on the steps of the theory are researchers such as Alpheus Hyatt, Sullivan, Thomas S. Dalton, Randy B. Evans, and also such theory as of E. Erikson and Joel Martin. The most expedient and convenient to the financial context of the question is the theory of the division of the life cycle of an individual to a number of stages by Alpheus Hyatt. This theory is the basis for the division of the life cycle of an individual to 3 stages: formation, productive phase and effective step. Phase formation covers the time period from the moment of birth of the individual up to 25 – 32 years. This period is due to the formation of life basis, so on the first stage of the life cycle is the formation of the moral aspects of the personality, the initial accumulation of experience and the formation of an information foundation that actually affects the formation of a set of financial products most commonly consumed by the population of the United Kingdom in the future. Productive stage is the second stage in the life cycle of an individual, including an individual residing in the United Kingdom. This stage lasts from the end of the formation phase of up to 54 – 62 years. This cycle is considered to be working during it productively apply the knowledge and experience gained and accumulated during the formation phase. These years were marked by a high capacity for work and the desire to implement ideas and achieve their goals. Finally, the third stage of the life cycle – score is final. It extends from the end of the productive phase until the end of life. It was during this cycle; individuals are satisfied with the achievements and receive a reward for all his works and deeds, not only morally, but also in material terms. As for the second definition of the life cycle of the individual, in this case it should be noted that in the context of the problem, the latter is more rational in terms of financial and economic sense, and as the former requires more detailed consideration, but at the same time, the latter is specifies the elements of a continuation and development stages of the first definition, namely, its financial and economic sense. In this regard, it is worth noting that in the present world context of the above issue, it is a rational assumption that, as a rule, children who actually represent the first stage in the life cycle, live at the expense of their parents, if we talk about the first part of the first phase life cycle, namely up to 18 years, speaking about the citizens of the United Kingdom. In addition, the first stage of the life cycle, as well as generally achieved the highest level of consumption, which is due to a period of the early years of adulthood, and forcing a number of items to purchase household goods and parenting. Such financial and economic characteristics of the first period of the life cycle, flows smoothly into the second, but in the first case applies the highest consumption level in the second half stage , what concerns the productive phase of the life cycle, in this case, the highest consumption level in the first half of the spread phase. This model leads to a model of savings, which are usually small in the early years of adulthood, high in the period after the children have grown and become negative during retirement. Thus, the youth begins with low incomes (1th stage of the life cycle), which is gradually increased until it reaches middle age (the 2nd stage of the life cycle), and then the characteristic of income is the sharp decline stage (third stage of life cycle), due to retirement. Usually, the third stage of the life cycle as well due to the receipt of earned income and more (to the end of life), but usually in smaller amounts. Consequently, the assets of households tend to grow until retirement and a reduction thereafter. â€Å"Start† and whether the â€Å"finish† if in fact the assets at zero depends on how society relates to the question of inheritance: the majority of people, particularly those who living in the UK leave positive assets at the time of his death, if only because they do not know when it will happen. Also worth noting, and take into account when considering the life cycle of a typical person in the UK today, the fact that the life-cycle model of savings assumes that the distribution of assets will be uneven between households, even if their incomes and social positions within the same life cycle. Along with all the above, it should be noted that all life cycle stages listed above are typical for any individual residing in the territory of more and less economically developed countries in general, and for individuals residing in the territory particularly the United Kingdom. Considering the financial products as part of normal everyday life of individuals living in the United Kingdom in each of these stages of the life cycle, it should be noted that financial products are integral part of daily life. With regard to the factors described through the use of financial products throughout the life cycle of the individual resided in the UK to date, it should be noted that the most common financial products today are shares, loans, particularly mortgages, deposits, options, futures, swaps, those insurance some aspect of life and objects, as well as commodity contracts and interest rates. All of the above financial products individuals residing in the United Kingdom is used throughout the life cycle. At the same time, depending on the stage of the life cycle of an individual uses certain financial products, inherent to its needs relevant to this stage. At the first stage of the life cycle, so from birth to 25 – 32 years, United Kingdom for individuals most relevant is the use of such financial products, such as long-term and Short-term loans, particularly mortgages, compulsory insurance, in particular, Medical insurance, pension insurance and liability insurance, in addition, quite common in the above-mentioned period of the life cycle of an individual is the UK property insurance. At the second stage of the life cycle, so from 25 – 32 years and 54 – 62 years of the United Kingdom most individual relevance use financial products such as stocks, options, futures and swaps , as well as commodity contracts and interest rates. At the same time, so it should be noted that at this stage of life do not lose relevance and financial products such as compulsory insurance and property insurance, as well urgent to use life and health insurance. Thus, considering all of the above it should be noted that the second phase of the life cycle of an individual residing in the UK, today used the widest range of financial products than during other stages. The reason for this state of affairs is the fact that it was during the second stage of the life cycle, as a rule, most individuals who living in the UK reach a peak of career, have a family, get a certain amount of real estate and other property, as well as characterized by the highest level of wages for all life cycle. In the third stage of the life cycle, the most relevant financial products used by individuals of the United Kingdom are the deposits, most types of insurance, especially with regard to life insurance, as well as the most reliable stocks and other securities. As seen from the above, in the third stage of the life cycle most individuals are trying to best protect their use of financial products, reducing the risks to minimum that is logical, given that the reporting stage of the life cycle lasts from 54 – 62 years until his death. Analyzing the life cycle of an individual United Kingdom, as well it should be noted that the only financial product that is gaining relevance for UK citizens at the stage of formation, and does not lose so for productive and efficient life-cycle stages is insurance. In this case, depending on the stage of the life cycle are added only certain types of insurance and insurance objects. This situation is related not only to the existence of the United Kingdom of compulsory insurance, which in itself suggests the beginning of the use of insurance to meet individual age and continues until death, but also the factor that the whole life cycle of the individual accompanies a number of risks of varying complexity and specifically, these risks relate to most other financial products used by individuals throughout life. Of course, the actual separation of the above financial products for individuals residing in the United Kingdom is far from ambiguous, since it depends not only on the age group that falls under one or another individual, but also on other factors, for example such as the scope of activities, family status, presence of children, average salary, and others. For example, the likelihood that students will benefit from the mortgage insurance or property is extremely small, but if the stage of formation (in the second half of the stage) the individual is enrolled in higher educational institution (for example in postgraduate) has a wife and / or children, the probability of acquiring such individual mortgage and other long-term loans, as well as property insurance, increases dramatically. Along with this, there is an example of a large homeowner or just an entrepreneur and working diner, which are on the second stage of the life cycle. Range of financial products an individual representing the first and second class will be significantly different. For the first and most urgent is to use various tools to expand their existing business, by finding additional sources of joining the capital, one of which is the acquisition of commodity contracts, options, futures and swaps, as all of these financial products can not only increase the capital of the individual, but and to do this in the shortest possible period of time in comparison with other financial products. For an ordinary worker, all financial products relevant to a wealthy individual would not be as relevant for a given individual will acquire greater relevance compulsory insurance and the use of shares and promissory notes. However, at this graduation, presented earlier are the most widespread and the most relevant classification of financial products such individuals regarding the use of the United Kingdom. Reference List 1. Alpheus, H. (1902) Cycle in the life of the individual (Ontogeny) and in the evolution of its own group (Phylogeny).

Technology and Art Essay - 1275 Words

Technology and Art Many centuries ago, art was rendered inaccessible by the masses and was reserved for the few high society members who had the means of access to appreciate history in the making. Through the use of technology, art has been made hugely accessible by the ability to trade media forms, mainly through the Internet and other technological means. Much like the printing press was for literature with Gutenberg in 1445, technology has heightened art and moreover, the expression of it. Technology has enhanced art through the main use of graphics, both computer and animation, the communication of it, and musically it has enhanced the quality and distribution. It has launched us into the twenty-first century full†¦show more content†¦It has proved to be a very effective pipeline that has literally opened up new worlds for people in an internet cafà © in New York to see new art work that was produced in China. Technology, mostly the Internet in terms of communication, has broadened the world or more likely, shortened it to the point of just an internet address away from being literally almost anywhere in the world. Computer graphics have come a long way since the days of â€Å"Pong† and â€Å"Tetris† and has now been developed and advanced to an art form with the specific examples of Japanese Anime and Disney animation now becoming mainstreams. The computer rendering also has come a long way as evident in the new blockbuster movies â€Å" Blade II† and â€Å"The Matrix†, and the soon to be released â€Å"Spider-Man† where it seems as though the human actors are meshed with animation tidbits and the characters can be made to be seen as literally flying or partaking in acts of seemingly superhuman feats. The movies’ stories don’t differ much from the old superheroic movies like â€Å"Superman†. However new graphical effects and breath taking computer graphics invite audiences toShow MoreRelatedTechnology : Art And Technology1041 Words   |  5 PagesArt and Technology Is technology an art? the answer is, ‘yes! if any technology contains a skill, imagination, causes emotion, demonstrates the beauty, which is an art. On determining about the art, what comes to a mind? maybe, Picasso, Rodin, Dali.?. Okay, now consider about the Technology, and probably one will give up imagining smartphones or a computer. Art and Technology are combined form of skills and innovative ideas. Art can be defined as the expression of artists in the form of sculptureRead MoreTechnology And Its Impact On Art1388 Words   |  6 Pagestoday’s society, technology and art go hand in hand. Art has been around for a long time but technology such as computers are still very new. These two mediums have comingled and now evolve and effect the other. 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Multicultural Marketing - Free Essay Example

Sample details Pages: 10 Words: 3011 Downloads: 1 Date added: 2018/12/18 Category Marketing Essay Type Research paper Level High school Tags: Organization Essay Did you like this example? Abstract This research proposal aims at investigating, examining, and evaluating strategies of multicultural sales employees in the Auckland residential housing market. Also, there is an identification of differences in the multicultural sales employees, to assist the organization to identify specific issues that would improve overall market efficiency. The introduction explains the multicultural sale employees. Don’t waste time! Our writers will create an original "Multicultural Marketing" essay for you Create order The literature review gives main points of the strategic multicultural sales employees. Methods, results, and discussions, supplement the literature review information to complete the research proposal. This research helps all concerned parties in an organization, to understand the position of multicultural sales employees in the Auckland residential housing market. Introduction Multicultural marketing involves marketing to one or more target group of a specific ethnicity. Multicultural marketing is improved by the different cultures in the ethnic groups. Some advantages that accrue due to communication and persuading the audience are traditions, celebrations, language, and religion. Consumers from different cultural background have mixed motives, perceptions, and beliefs that Multicultural marketing allows. International marketing would work with the national marketing to understand the Multicultural marketing of the region. There are some ways of having Multicultural sales employees in an organization (Arnett, 2014). First, as the top authority of a company, one should work with the human resource staffers. This helps to diversify the organizations workforce. Second, a high administration should get buy-in from the sales force members. In this way, hiring a professional to perform counseling on diversity, suits. Other methods are exploring the communitys c oncentration of minorities, work a fully cognizant recruiter, having a mentioning system in place, get to know the relationship among sales staffers, and maintain a level of the playing field. In the research, there would be examining, investigating, and evaluating strategies of Multicultural sales employees in the Auckland residential housing marketing. Bar foot Thompsons is the company that is to be referred to as the point of reference. The main aim is to identify the sales employees difference and help the organization note major issues that will improve the market efficiency. Barfoot Thompsons are found IN New Zealand, and it is the largest privately owned Real Estate Company. The company practices Multicultural marketing that helps it and in other ways affects it negatively (Arnett, 2014). Dwelling on the negatives to improve the status of the organization is the main aim of the proposal. There are communication challenges that are as a result of Multicultural marketing in Barfoot Thompsons Company in Auckland. Such problems to be addressed are direct versus indirect communication, accents and fluency trouble, hierarchy and authorities having different values, an d different norms for decision making. There are two variables in the Multicultural marketing. Employees perception and business performance are the variables that would change the situation at the Multicultural marketing. Thesis: despite Multicultural marketing having advantages to a company, it has demerits that would drag a business behind, not unless these cons are considered and appropriate measures applied to them. My research revolves around the Multicultural marketing of the sales employees in Barfoot Thompsons Company. It will locate the issues that make the company not to perform, that originate from the Multicultural matters, and address them accordingly (Arnett, 2014). The fundamental concept here is Multicultural marketing, which merely means having different cultures in the business places. Therefore, Multicultural marketing is the matter of concern that needs to be examined, investigated, and evaluated. Literature review This research deals with the current issues that affect Multicultural marketing in Barfoot Thompsons Company. Multicultural involves different cultures in working in the same place. Such perceptions have various ways of handling problems in real life situation. Once they are together, there needs to be a general guidance that would direct them to work together to reduce the difference gap. Overlooking the unity in such a scenario would widen the gap and hence support sharp division amongst the employees of a Company (Arnett, 2014). Therefore, eliminating the differences by having major combining factors is suitable because both the employees and the workers would benefit. There are four main issues of concern in the Multicultural marketing of sales employees in Barfoot Thompsons Company. These demerits are direct versus indirect communication, trouble with fluency and accents, different perceptions towards hierarchy and authority, and various norms for decision making. These chall enges concentrate on the transmission of the Company. Communication is a crucial concept in organizations without which, agencies will perform terribly (Basham et al., 2015). Indirect versus indirect connection, there is comparability between the Western and non-western cultures. The Western civilization is termed direct because it is obvious. The other religions express themselves in different ways. Hence, communication between the non-western and Western is a problem. The challenge comes in the verbal communication; thus the other parties result in communicating with signs. The trouble with accents and fluency is the other challenge that sales employees working in Barfoot Thompsons Company face. People who do not use English would meet the challenge of low self-esteem. They think that they are not recognized and noticed in the running of the business. Hence, this results in part of the employees not contributing to the success of the company. This situation causes interpersonal conflict and frustrates the affected people. Different attitude (Basham et al., 2015)es towards hierarchy and authority are the third issue. Some cultures have employees treated differently according to their ranks. The workforce ends up being disconnected, making some employees feel left out and not recognized. The final part of the challenges in the communication sector in the Barfoot Thompsons Company is the norms that conflict with decision making. Different cultures have their specific ways of reaching an argument and make final decisions. This entails the time it takes to make a decision and steps followed in making the decisions. This comes in as a challenge when people of different cultures are brought together (Basham et al., 2015). If there were directions of what to do, profound differences would be created in the meantime. All these four challenges in the communication sector of the Company are real and can be tackled. Communication means everything to an organization. Proper communication channels laid in any group of the relevant parties to follow enable a good performance from the body, thus portraying a right image to the external environment. Poor communication methods in an organization should hence be discarded. A culture of awareness is built in the prosperous agencies to inspire employees have unity despite their cultural differences (Basham et al., 2015). The result of a good relationship amongst the employees and between the employees and the employer has positive effects. Collaborations, new ideas, and different perspectives are some of the positive outcomes of having best communication channels. Methods In this research, there are various ways that I used to examine, investigate, and evaluate the strategies of Multicultural sales employees in the Auckland residential housing market. The methods helped me solve the crude problems that encounter them as workers of different cultural background (Demangeot et al., 2015). These plans were using of questionnaires, having face to face conversation with some of the employees, using previous researchers conducted to solve the problem, and getting some information from bodies that are concerned with employees welfare. Questionnaires were a great deal. I produced some copies that could be answered by relevant people and went to distribute them. In the inquiries were questions like: What are the most significant challenges that employees face? What invigorates the situation? How do you curb the challenges? What are the results of having control of the situation? All questions from various Companies were well answered. I thought it appropriate for Barfoot Thompsons Company to follow the same to have an improvement in their communication sector. Face to face communication was helpful too. Going to various companies and asking them direct questions of what they encounter was appropriate. It also gave them the courage to speak out from the bottom of their heart thus psychologically solving the internal fight due to the issue (Erford, 2017). This strategy was perfect because everyone could explain to me what they are going through and possible solutions or what they went through and how they solved the problems. I took notes on the most sensitive and general parts, which I thought they could be helpful to the employees at Barfoot Thompsons Company. I realized the answers and situations from various organizations were common and knew they could have positive impacts on the problems. There were researches done before over the same issue on different organizations. Such documented activities were of great importance to my research too. According to what was recorded for the past periods, employees who face the same cultural-based problems came up with different routes of handling the situation (Feldman, 2016). Some could talk to one another to have the problem solved. Those who had high differences involved mediators in presiding over solving the problems. Also, top authorities paid for seminars for the employees to appreciate the differences they have regarding cultural diversity. These tips were constructive and applicable according to my rational thinking and empirical approach to human normalcy. I included them in summary in my research to help solve the current and relative problems. Barfoot Thompsons Company found it necessary to have the same applied to its employees too. Some bodies cater for the welfare of employees. These agencies are conversant with predicaments employees go through and give solutions to such problems. Hence I found it according to approach such institutions to have an idea of how they view cultural differences amongst employees. The management explained to me the same issues I encountered while having a direct conversation with the employees (Haubl, 2015). Also, the authority in the institutions gave me appropriate and most effective ways of controlling the differences amongst the employees in any organizations. I added on what I had what I found to be a new development in handling the issue of employees cultural diversity. The team that caters to the employees welfare was concerned and gave me all detailed information of what I asked for. Results Despite the drawbacks that face a company which is comprised of employees with different cultural values, there are various ways of dealing with the situation. Some of the central actions to be taken are keeping an open mind, having at least some knowledge of peoples culture, practicing active listening, and watching personal non-verbal communication (Jafari Visconti, 2015). Keeping an open mind refers to being ready to learn, grow, and strengthen ones belief. It also builds up the culture of being honest. Being open-minded facilitates honesty because one admits that they do not know all things around. Being open-minded encourages one to need to know more than what they already know. There are benefits of being open-minded that helps in the proper running of an organization (Koppelman, 2016). The pros from practicing open-mindedness are letting go of control, experiencing changes, makes one being vulnerable, people would make mistakes and learn from them, strengthening oneself, bein g honest, and gaining confidence. When all these are practiced, it means being open-minded would help employees curb their differences. Also, having some knowledge of peoples culture is vital for reducing the gap created by a difference in employees culture. Unity is the last resort amongst the employees once they understand what the other culture requires (Miley et al., 2016). This is brought up by being open-minded: ready to learn. Some advantages of knowing other peoples culture are, dismantling the dominance by some religion, employees becoming more efficient, the new level of awareness develops, work becomes more efficient, and opportunities are recognized in every encounter. Contrary to the diversification situation, knowing peoples culture helps bring the people working together close to one another and erase the doubts. Dominating the environment by one culture becomes obsolete under this application. Appreciating the presence of different cultures makes the other parties feel involved hence working together without majority and minority. Employees become efficient at their workplaces because there is increased interaction and people are ready to work by the rules of the organization (Nardo et al., 2017). Also, there would be a development of new levels of awareness. The different cultures would express their grievances and such an exchange when absorbed inclusively, the work flow is maintained at a flat rate. Therefore, the smoothness of the workflow makes the work more efficient. Such a free working zone enables the employees to realize new opportunities since all concentration is converged at work. Practicing active listening is another way of reducing the diversity amongst workers. If people would avoid ignorance and appreciate what the other parties tell them, this leads to a healthy working environment among the employees (Pertersan et al., 2015). Listening improves the employees ability to understand one another well and look for appropriate solutions to problems affecting their work, rather than being separated. Finally, watching ones non-verbal communication is vital in the presence of Multicultural marketing. Non-verbal communication comes in different ways among the different cultures. Despite the fact, there are general non-verbal communications that are accepted globally. In a situation where the employees cannot communicate well verbally, they are advised to use appropriate non-verbal communications, like using signs to convey messages. Therefore, using the worldwide non-verbal communication is suitable because it would make it simple for the people working together understand one another (Seo, 2015). Such an act would reduce disagreements, save time, and lead to improved production of quality goods and services. Hence, improving the communication levels at workplaces entailing cultural diversity lessen the difference gap and ends up having quality results. Discussions Employees have the same issues to address when it comes to cultural diversity. When they are working together, and as norm find that they differ in their perception about approaching the same thing, they end up organizing themselves on how to encounter the problem. Such a move is crucial to the workers as it helps them have unity and get the way forward. It saves time and keeps organizations on the track of the strategic plan they had since the beginning. Also, loopholes that occur within communication channels are sealed, and activities carried on swiftly. I realized that cultural diversity ha more harm than good when practiced among employees working in the same organization (Basham et al., 2015). Parallel cultural practices when curbed would lead to employees sorting out issues that are of concern to them hence improving the organizations performance level. The problems were sorted out after enough research was done. Communication is the main problem that employees would suffer from in their endeavors to perform in their respective organizations. Questions that related to the communication channels were, direct versus indirect communication, trouble with accents and fluency, different attitudes towards hierarchy and authority, and various norms for decision making (Basham et al., 2015). The variables which were employees perception and business performance were affected too. Employees thoughts could be positive if directed well and negative if the relevant parties did not bother. Also, when the employees worked together, the business would perform better, compared to when they are divided. Hence, unity amongst the employees was found to be a vital issue. Such togetherness erased negative thoughts and encouraged the employees to work well. Conclusion In conclusion, examining, investigating, and evaluating strategies of multicultural sales employees in the Auckland residential housing market as possible. Though there were cons realized due to the different cultural practices by the employees working together, steps to curb such developments were arrived at in excellent condition (Basham et al., 2015). Problems that led to employees differences were direct versus indirect communications, trouble with accents and fluency, different attitudes towards hierarchy and authority, and different norms for decision making. Though the issues were chronic, I found possible solutions through using questionnaires, face-to-face approach, using previous researchers conducted, and getting information from bodies that cater for the welfare of the employees. Variables affected were found to be employees views on working for organizations and how the business performed. Multicultural marketing acknowledges the difference in how employees think, intrinsic motives and beliefs among the consumers who have various cultures, and makes use of norms in the literature from different cultures to have organizations benefit more. Cultural differences need to be pinned out for a multicultural marketing to succeed (Basham et al., 2015). International marketing has to work with national marketing to reduce the cultural diversity amongst the employees. Global marketing assesses national marketing through social media, education, Gross Domestic Product, and product category data. Both secondary and primary data assist in determining the cultural value. Primary data need face to face communication in handling the issue. Secondary data are approaches like going to the institutions that cater for the employees welfare. Individual data are combined at the national level and linked to the country level or pre-existing country-level measures. Hence, cultural diversity i s solved, and employees work accordingly. References Arnett, J. J. (2014). Adolescence and emerging adulthood. Boston, MA: Pearson. Basham, K., Byers, D. S., Heller, N. R., Hertz, M., Kumaria, S., Mattei, L., Shilkret, C. J. (2016). Inside out and outside in: Psychodynamic clinical theory and psychopathology in contemporary multicultural contexts. Rowman Littlefield. Demangeot, C., Broderick, A. J., Craig, C. S. (2015). Multicultural marketplaces: new territory for international marketing and consumer research. International Marketing Review, 32(2), 118-140. Erford, B. T. (2017). Orientation to the counseling profession: Advocacy, ethics, and essential professional foundations. Pearson. Feldman, R. S. (2016). Life span development: A topical approach. Pearson. Hubl, G. (2015). Consumers perceptions of uni-and bi-national products: the interaction of country of origin and brand name. In Proceedings of the 1996 Multicultural Marketing Conference (pp. 61-61). Springer, Cham. Jafari, A., Visconti, L. M. (2015). New directions in researching ethnicity in marketing and consumer behaviour: A well-being agenda. Marketing Theory, 15(2), 265-270. Koppelman, K. L. (2016).? Understanding human differences: Multicultural education for a diverse America. Pearson. Miley, K. K., OMelia, M. W., DuBois, B. L. (2016). Generalist social work practice: An empowering approach. Pearson. Nardon, L., Steers, R. M., Sanchez-Runde, C. J. (2017). Developing Multicultural Competence. Challenge. Petersen, J. A., Kushwaha, T., Kumar, V. (2015). Marketing communication strategies and consumer financial decision making: The role of national culture. Journal of Marketing, 79(1), 44-63. Seo, Y., Gao, H. (2015). Towards a value-based perspective of consumer multicultural orientation. European Management Journal, 33(1), 30-36.

Journal of Accounting and Economics - 13482 Words

Journal of Accounting and Economics 35 (2003) 347–376 Management of the loss reserve accrual and the distribution of earnings in the property-casualty insurance industry$ William H. Beaver, Maureen F. McNichols, Karen K. Nelson* Department of Accounting, Graduate School of Business, Stanford University, Stanford, CA 94305, USA Received 2 March 2002; received in revised form 14 January 2003; accepted 27 January 2003 Abstract We document that property-casualty insurers with small positive earnings understate loss reserves relative to insurers with small negative earnings. Furthermore, loss reserves are managed across the entire distribution of earnings, with the most income-increasing reserve accruals reported by small proï ¬ t ï ¬ rms,†¦show more content†¦We also provide evidence on management’s exercise of discretion over the entire earnings distribution rather than only in the area immediately around zero. The magnitude and frequency of earnings management is of signiï ¬ cant interest to standard setters and regulators, but existing research provides little relevant evidence (Healy and Wahlen, 1999; Dechow and Skinner, 2000). Our analysis indicates that earnings management occurs across the entire distribution of reported earnings, with earnings management by small proï ¬ t ï ¬ rms accounting for only a fraction of total earnings management activity. Speciï ¬ cally , we ï ¬ nd that the least proï ¬ table ï ¬ rms understate reserves relative to the most proï ¬ table ï ¬ rms. This evidence is consistent with PC ï ¬ rms managing loss reserves to smooth earnings rather than to take an earnings ‘‘bath.’’ Our second research objective is to examine the effect of ownership form and ï ¬ nancial condition on management of the loss reserve accrual and the distribution of earnings. Because the extent of owner–manager and owner–policyholder conï ¬â€šicts varies across public, private, and mutual insurers (Mayers and Smith, 1988, 1994), incentives to manage earnings are also likely to vary.1 For public and mutual insurers, we ï ¬ nd that small proï ¬ t ï ¬ rms signiï ¬ cantly understate loss reserves relative Concurrent research by Beatty et al. (2002) examines whether there is a discontinuity in the distribution of earnings changes for public and private banks. 1 W.H.Show MoreRelatedThe Timeliness Of Corporate Reporting : A Comparative Study Of South Asia1031 Words   |  5 PagesA comparative study of South Asia. Advances in International Accounting, 16, pp.17-43. [2] Ajinkya, B. and Gift, M. (1985). Dispersion of Financial Analysts Earnings Forecasts and the (Option Model) Implied Standard Deviations of Stock Returns. The Journal of Finance, 40(5), p.1353. [3] Alford, A. and Berger, P. (1999). A Simultaneous Equations Analysis of Forecast Accuracy, Analyst Following, and Trading Volume. Journal of Accounting, Auditing and Finance, 14(3), pp.219–240. 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