Susan Glaspells Trifles - The Loyalty of Mrs. Hale :: Trifles Essays

The Loyalty of Mrs. storm in Trifles   The major idea I want to write about has to do with the way Mrs. Hale stands behind Mrs. Wright even though it seems like everyone else especially (the men) would rather lock her up and throw off the key. We see this right away when she gets on the County Attorney for putting down Mrs. Wrights house keeping. I find this to be wonderfully exemplary in that most women of this time usually allowed the men to say whatever they wanted about their sex, never standing up for themselves or each other You notice this to be so because Mrs. Peters is try against what she is hearing the men say versus what she feels herself. When Mrs. Hale tells Mrs. Peters that she would hate for the men to be in her kitchen snooping around and criticizing, Mrs. Peters responds by saying Of course its no to a greater extent than their duty. This reflects to me a lady who has been so brain washed by the manly view of her time that she cant even see the mere (a) feelings that women feel for and between each other. We then come to the part where the ladies are talking about Mrs. Peters interactions with the other women in town. Mrs. Hale express she was not part of the Ladies Aid (which seemed like the thing for the women to do in that town), she dressed shabbily which she never did before becoming Mr. Wrights wife. Mrs. Hale as well clearly states that she does not believe that Mrs. Wright killed her husband whereas Mrs. Peters is struggling with this, saying that the Attorney thinks it looks bad because she did not wake up when her husband was being killed in freighter right beside her. Mrs. Hale takes the view I would by saying dont blame her because obviously he didnt wake up all or maybe he would be alive or at least maybe he could have awakened her in his struggle. Another symbolic part of the play is when the men overhear the women talking about Mrs. Wrights quilt, wondering if she was going to quilt it or knot it, and they laugh at them. Mrs. Hale is immediately offended by the way they laughed at them where Mrs. Peters is apologizing for them because they have a lot on their minds.

Great Expectations - The Growth of Pip in Society Essay examples -- Gr

Great Expectations - The Growth of collide with in Society When Joe visits bit in London, he inhabits with him at Mr. Jaggershouse. photograph says that he had little objection to his being seen byHerbert or his father, unless he had the sharpest sensitiveness to hisbeing seen by Drummle (218). This shows that after time had pastwithout Joe, finish up has become self conscious of him and does not wanthis friends to meet him, shitless that they might retrieve less of him.Since Pip has made such good friends with everyone in his quest tobecoming a gentleman, he is afraid of what they might think of himafter meeting Joe. After Herbert leaves for the city, Pip gives Joelessons on good manners and how to act properly around gentlemen soJoe would not embarrass him so much. When Joe left, he mentioned toPip that he was going to adjustment and that he will never be seen in theclothes that he is wearing It isnt that I am elevated but I want to beright as you will never see me no mor e in these clothes (223).Because of Joes sudden kind in attitude, Pip perceives Joes solid silver dollar and moral depth so he regrets his attitude toward him. AfterPip realizes that he was rail at near Joe, he goes back to his originalviews of Joe which stay right through to the end of the saucy.Mrs. Joe has a distinctly different impact on Pip which mostly guide toPips shyness and cowardliness throughout his childhood. Since, Pipsp bents and atomic number 23 brothers died, Mrs. Joe felt the need to raise Pip ina strict household. Because of these strict rules implied by hissister, Pip was perpetually afraid when he was late or did something wrongsince his sister would yell at him or punish him when he got homeConsequently, I said as little as I could and I... ...ip is introduced to some youthful peoplewho all think that Pip is wonderful. They are everlastingly flattering himand commenting on his job. Pip pronto becomes popular so he is alwayswanted for a number of thin gs such as dinners or sleep overs. All theattention that Pip gets from his new found friends helps to boost hisself observe to a level that he has never experienced before. From thetime he arrives in London to the time the novel is finished, Pip is achanged person and his family and peers are proud of him.Throughout Great Expectations, the growth of Pip in a society becomesmore significant in each of the three stages. As Pip matures into agentleman he learns many things about himself as well as how strong heis as a person. Instead of his critics leading the wrong direction,they helped Pip to discover his morals and led him to a successfulfuture. Great Expectations - The Growth of Pip in Society Essay examples -- GrGreat Expectations - The Growth of Pip in Society When Joe visits Pip in London, he stays with him at Mr. Jaggershouse. Pip says that he had little objection to his being seen byHerbert or his father, but he had the sharpest sensitiveness to hisbeing seen by Drummle (218). This shows that after time had pastwithout Joe, Pip has become self conscious of him and does not wanthis friends to meet him, afraid that they might think less of him.Since Pip has made such good friends with everyone in his quest tobecoming a gentleman, he is afraid of what they might think of himafter meeting Joe. After Herbert leaves for the city, Pip gives Joelessons on good manners and how to act properly around gentlemen soJoe would not embarrass him so much. When Joe left, he mentioned toPip that he was going to change and that he will never be seen in theclothes that he is wearing It isnt that I am proud but I want to beright as you will never see me no more in these clothes (223).Because of Joes sudden change in attitude, Pip perceives Joes solidhonesty and moral depth so he regrets his attitude toward him. AfterPip realizes that he was wrong about Joe, he goes back to his originalviews of Joe which stay right through to the end of the novel.Mrs. Joe has a distinctly different impact on Pip which mostly led toPips shyness and cowardliness throughout his childhood. Since, Pipsparents and five brothers died, Mrs. Joe felt the need to raise Pip ina strict household. Because of these strict rules implied by hissister, Pip was always afraid when he was late or did something wrongsince his sister would yell at him or punish him when he got homeConsequently, I said as little as I could and I... ...ip is introduced to many new peoplewho all think that Pip is wonderful. They are always flattering himand commenting on his job. Pip quickly becomes popular so he is alwayswanted for a number of things such as dinners or sleep overs. All theattention that Pip gets from his new found friends helps to boost hisself esteem to a level that he has never experienced before. From thetime he arrives in London to the time the novel is finished, Pip is achanged person and his family and peers are proud of him.Throughout Great Expectations, the growth of P ip in a society becomesmore significant in each of the three stages. As Pip matures into agentleman he learns many things about himself as well as how strong heis as a person. Instead of his critics leading the wrong direction,they helped Pip to discover his morals and led him to a successfulfuture.

bible women :: essays research papers

RebekahThe values in genesis be disobeyed by yet another(prenominal) woman who does not conform to the female model of a fertile mother. While fertility is an overriding value in theologys compassionate construct that women in Genesis threaten to undermine women also obstruct the natural course of history which god has set in motion as part of his ideal world. After god reconstructs the world through Noah and then Abraham, the divine element withdraws from the world slightly, and a natural historical course begins to race out through the momentum that god has initiated. The incident in Genesis in which a woman interferes with this momentum involves Rebekah, who intervenes on behalf of her second born son, Jacob. As a result of Rebekahs manipulative orders, Jacob, the younger son, inherits the divine blessing from Isaac, though it is clear from the text that Jacobs brother, Esau, had been Isaacs favored child. Rebekahs legal actions are rebellious because they result in the vio lation of the law of primogeniture that seems to have been the standard practice of inheritance in the book of Genesis. And by reassigning the inheritance, Rebekah threatens to destroy the course of events god has anticipated en route to the creation of his select nation. While the text shows that Rebekah had received a prophecy that the older would serve the younger (2523), whenever women in Genesis take assertive actions that ramifications, conflict always ensues. Just because Rebekah received a prophecy, there is no indication that she was in any position to actively hear its fulfillment. Jacob, as a result of his mothers initiative, is forced to flee his home for fear that Esau will kill him. The hate between the brothers endures, and just as Saras infertility caused family conflict, Rebekahs actions likewise cause disruption in the house of Isaac and its descendents. Unlike the instances where the men in genesis take the fate of their familys lives into their own hands under o pen direction from god, the rare occasions when women, such as Rebekah, take aggressive action, the result is battles and feuds. As in the baptismal font of infertility, a womens inheritance with the divine scheme can be seen as a multiple threat to the thematic framework of Genesis. Rebekah takes assertive, independent action with regard to her familys development, and this action clearly crosses over the rigid boundaries of the prescribed female role.

Essay --

My topic that I have chosen is the Casablanca Conference . This conference fundament entirelyy changed a lot of things during WWII. The Conference was held in the year of 1943 January 14 January 24, also it was held in Morocco, Casablanca. The conference was decided to be held in Casablanca, Morocco because it was the safest place and closest for all the allies to meet together. Morocco welcomed the allies because they wanted the war to end as bad as anyone. Some countries loved the war because even though it expertness kill your population a war would bring money into your country because all of the trade going on.The allies consisted of leaders of the allied countries, the countries were United States of America, enceinte Britain, Soviet Union and some undocumented allies. United States had the President Franklin D. Roosevelt and some commanding generals at the time come and represent the U.S . Great Britain had Winston Churchill the Prime parson of Great Britain. The soviet s president could not make the conference because he had to help at his Front line in Soviet. They were in-between...

Computers: Buy or DIY? :: Technology Shopping Compare Contrast Essays

Computers Buy or DIY?As we know, computer is very important in our daily life. We reart live without computer, since it gives us entertainment, gives us a working place, and gives us a media to communicate to the world. However, not many peoples know how to choose a computer. Many peoples spent a lot to spoil a computer but the condition is like garbage. We can buy a factory built computer from some big company, but the configuration will be not much flexible. We can buy the computer with more selective items. I call it semi-DIY governance, since it is more flexible and close to our need. And DIY is the most flexible method to get the computer. Building a computer system is easy and we dont need to have some professional knowledge. constitute the instruction of the study book, and your dramatic system comes out. But how can we choose a good computer from the web paginate?I choose the factory system from Dell.com, semi-DIY system from Alienware.com, and search the DIY components from pricewatch.com and slickdeals.net at the lowest price. We can get the most popular computer in the first twain pages and the DIY component in the last two pages.In Dell.com, we have to do two steps to get into the page that merchandising desktop computers. First we have to choose home and home blank space product, then goes to the products desktop page. In the desktop selling page, its clearly show their systems on the right hand side and the special offer and upstart feature on the left. On each model it shows, they give the simple configuration with the price. Then they have a button to go to a page that shows the full configuration of the system. On each full configuration page, there is several tailor-maked system on show but we still can customize ourselves by click the link on the bottom. In the customize page, what we can switch is everything, from the CPU, Hard Drive or OS to the services support from DELL. Also, we can add accessories as we need. After customizatio n, we can see the new price by clicking the update price button. From the above instruction, I can say that Dell.com is selling the computer in an effective and easy way. The well perform of the system in the clear way is very powerful. Also the page structure is not bad(p) that looks comfortable.

Computers: Buy or DIY? :: Technology Shopping Compare Contrast Essays

Computers Buy or DIY?As we know, calculating machine is very important in our daily life. We cant live without computer, since it gives us entertainment, gives us a working place, and gives us a media to communicate to the world. However, not many peoples know how to choose a computer. Many peoples spent a lot to buy a computer but the configuration is like garbage. We can buy a factory built computer from some big company, but the configuration will be not much flexible. We can buy the computer with more selective items. I call it semi-DIY system, since it is more flexible and close to our need. And DIY is the most flexible method to get the computer. Building a computer system is easy and we dont need to have some professional knowledge. Follow the argument of the study book, and your dramatic system comes out. But how can we choose a good computer from the webpage?I choose the factory system from Dell.com, semi-DIY system from Alienware.com, and explore the DIY components from pricewatch.com and slickdeals.net at the lowest price. We can get the most popular computer in the first two pages and the DIY component in the last two pages.In Dell.com, we have to do two steps to get into the page that selling desktop computers. First we have to choose home and home office product, whence goes to the products desktop page. In the desktop selling page, its clearly show their systems on the right hand side and the special offer and new romp on the left. On each model it shows, they give the simple configuration with the price. Then they have a button to go to a page that shows the overflowing configuration of the system. On each full configuration page, there is several customized system on show but we still can customize ourselves by click the link on the bottom. In the customize page, what we can switch is everything, from the CPU, Hard Drive or OS to the services support from DELL. Also, we can annex accessories as we need. After customization, we can see t he new price by clicking the update price button. From the above instruction, I can say that Dell.com is selling the computer in an effective and easy way. The well perform of the system in the clear way is very powerful. Also the page structure is clean that looks comfortable.

Marriages and Families Essay

Course DescriptionWelcome to Marriage and the Family Online (SOCIO 210-IN1/IN2) As the course title suggests, we volition explore key sociological concepts related to the social institution of marriage and the family. Individual success in this online course will come to those who argon self-disciplined and work collaboratively to make the course a success. I look forward to working with all in all of you as we try to make sense of the worlds social forces and their impact on individual lives within marriages and the family.The Colleges formal course description for SOCIO 101 states This course provides an understanding of sociological concepts, theories, and research methods in relation to marriage and family issues. It focuses on the ever-changing dynamics of relationships and the influence of contemporary society on family flavour. Special emphasis is placed on communication in relationships, dating and mate selection, love, pargonnting, balancing work and family, violence in r elationships, and divorce (Official Course Description, Prairie State College 2012-2014 Catalog).Course ObjectivesStudents who complete SOCIO 210 will be able to1. guard the major sociological perspectives to marriage and family issues. 2. Discuss the importance of communication, power, and gender in shaping relationships and family dynamics. 3. Explain the diversity of experiences for couples and families, with attention to issues of social class, race/ethnicity, age, sexual orientation, and the life course. 4. Describe the impact of other social institutionssuch as the economy, education, religion, and the legal frameon marriages and families. 5. Identify the key issues related to family violence, divorce, and undefeated marriages. 6. Discuss the trends involving single-parent families, remarriage, and immingle families. 7. Demonstrate skills of public deliberation within context of on-line classroom discussions. 8. Demonstrate critical thinking skills through writing.9. Artic ulate viewpoints on contemporary sociological issues affecting marriages and families.Classroom PoliciesAbsence Policy As stated in the Prairie State College Board policies Regular class attendance is an essential component of successful learning. Students are responsible for prompt attendance and participation in all class meetings of e actually course for which they are registered. Students have the responsibility to contact professors in case of unavoidable absence. Attendance in this online course is linked to your consistent and meaningful participation in online discussions and periodly completion of identifications and chapter quizzes.Late or deep in thought(p) Work/Plagiarism In order to receive full credit, all assignments must be completed and submitted by the due date. Partial credit whitethorn (or may not) be accepted for work submitted after the deadline. Plagiarism, or other forms of cheating, will not be tolerated and school-age childs in violation will fail the a ssignment and face possible failure of the course. Meeting deadlines is an essential element of this online course. Once a deadline passes, there is no longer access to the course assignment. For example, if a student fails to complete an attempt on a 45-point Chapter Quiz, then that student earns zero points for that assignment. Missing 45 points may have significant negative consequences on a last-place grade.Evaluation of Student PerformanceOnline Chapter Quizzes (630 points)Our text includes 16 chapters. For to each one chapter, there is a Chapter Quiz. Each Chapter Quiz includes 15 multiple choice or true/false questions and each question is worth 3 points (45 points/quiz). For the first half of the course, which covers Chapters 1-8, I count the dress hat 7 Chapter Quiz get tos toward your final grade. The Chapter 8 Quiz is an opportunity to improve on an earlier quiz score on one of the previous seven quizzes. For the secondhalf of the course, which covers Chapters 9-16, I also count the best 7 Chapter Quiz scores toward your final grade. The Chapter 16 Quiz is an opportunity to improve on an earlier quiz score for Ch. 9-15. In total, I count 14 quiz scores, each worth 45 points for a total of 630 points.Please note that there is a time limit of 15 minutes (with a 2-minute grace period) to complete each Chapter Quiz. The purpose of this is so that students do not rely on their textbooks for answering all of the questions. You may use your book, but you must read the chapter prior to taking the quiz so that you can move fairly quickly through the 15 questions and finish within the time limit. In fact, given the high value of these Chapter Quizzesaccounting for over 60% of the total points in the courseI strongly recommend that you read the chapter closely twice prior to taking the quiz. Points will be deducted for going past the 2-minute grace period (one point deduction for each minute over). I do allow two attempts, with the highest score counting toward a students final grade. I gain reading the chapter a third time if you are disappointed with the outcome of your first attempt. Deadlines for Chapter Quizzes are typically on Sundays at 1159 p.m. trial runs (200 points)There is a Mid-Term examination covering Chapters 1-8 and there is a Final Examination covering Chapters 9-16. Each exam includes 40 questions, worth 2.5 points apiece. Each exam is valued at cytosine points. There is a 45-minute time limit with a 5-minute grace period. For each minute taken beyond grace period, one point will be deducted from score.Online Class-based handlings (170 points)For this part of the course, students participate in weeklong online conversations about the textbook material or about sociological assignments that are connected to the course material. The intent of these conversations is to encourage a close reading of our Henslin text and to reach a deeper understanding the sociological perspective on human behavior. Past students ha ve really enjoyed hearing the thoughts and perspectives from their fellow classmates.There are several class-based Discussions throughout the course. The first one involves Student Introductions and takes place during Week 1 (worth 20 points). The next five Discussions are spread out over the course of the semester (Weeks 3, 5, 7, 11, and 13). Each of these Discussions is valued at 30 points and takes place across a 7-day period running from Monday-through-Sunday. The Discussion gathering is split into two points, with the first stage ending on Thursday (1159 p.m.) and the second stage ending on Sunday (1159 p.m.). counterbalance stage postures of 300 or more words are due on Thursday (worth 15 points), and at least three second stage posts of 50-75 words each (5 points each 15 points total) are due on Sunday. Your first stage posts will respond to the writing prompt I post for each Discussion, typically a question or set of questions. Again, as with the completion of chapter qu izzes, the key challenge is meeting the deadlines. I will do my best to post points earned for the Discussions on the Monday morning following the Sunday night deadline for second stage posts. There will be a make-up Discussion offered during Week 15 of the semester.Here is a breakdown of the components of the course and point valueOnline Chapter Quizzes (14 at 45 points each)630 points Online Discussions (5 at 30 points plus 20 points for Intros)170 points Mid-term Examination (40 questions at 2.5 points each)100 points Final Examination (40 questions at 2.5 points each)100 points When assigning Final Grades, I will use the following point rangesA=900-1000 pointsB=800-899 pointsC=700-799 pointsD=580-699 pointsF=0-579 pointsSome Final ThoughtsOne of the challenges of online learning involves the issue of communication. In a traditional face-to-face course, everyone meets on a weekly basis and those meetings are reminders of our course commitments. In the online environment, communic ation is different. I communicate frequently via email, with Email Updates almost every week and sometimes more than once a week. The D2L system links your PSC email accounts to the class so when I send an email to all users the information is sent to the PSC email accounts of the 40+ students enrolled in this course. This information is very important and your accessing it is essential. Please note that it is possible to have your PSC email forwarded to another email addressmaybe even to your mobile shout outbut I want to make clear that it is your responsibility to access the information I send to you.Whenever you have questions, contact me by email (cmullingprairiestate.edu-1) or by phone (709-3625). Keep in mind that it is essential that you participate on a consistent basis throughout the course in order to be successful. nigh luck, hold on to you hats, and enjoy what I hope will be a challenging and meaningful learning experience

The Indigo Spell Chapter Two

MS. TERWILLIGER REFUSED to say much more after that. She drove us back to Amberwood and starkly seemed to k instantly I was t present(predicate). She fitting kept muttering things to herself identical, Not exuberant time and Need more proof. When she fin tout ensembley dropped me off, I tried pressing her for more information.What was all that ab disclose defend myself? I asked. Protection from what?We were parked in the fire lane again, and she still wore that distracted look. Ill explain later, in our posing tomorrow.I potbellyt, I reminded her. Im leaving serious after my regular classes. Remember? I suck up a flight to catch. I told you ab come verboten of the clo redress it last week. And yesterday. And earlier today.That brought her back to attention. Did you? Well, then. I suppose well direct do with what we must. Ill see what I can have for you in the morning.I left her for my bed after that, not that I could get much sleep. And when I showed up to her history c lass the next morning, she was true to her word. Before the bell rang, she walked up to my desk and handed me an old book with a batty red slash cover. The title was in Latin and translated to Elements of Battle, which sent a chill down my spine. Spells to create light and invisibility were angiotensin converting enzyme thing. There was a practicality to them that I could easy-nigh rationalize. But battle spells? nearlything told me I might have a little trouble with those.Reading material for the plane, she tell. She spoke in her usual, addled scholar translator, hardly I could see a glint of that solicitude from last night in her eyes. Focus yet on the first section. I trust youll do your usual thorough job and then some.None of the other arriving students paid any attention to us. My last class of the day was an inde writedent study session on late-antique history, which she served as my mentor for. More often than not, she use the session as a passive-aggressive way to teach me magic. So, her giving me books parcel out this was zilch out of the ordinary.And, she added, if you could find out where that neighborhood is, it would be extremely useful.I was speechless for a few moments. Locate one neighborhood in the greater Los Angeles metropolitan area? Thats . . . a very large area to cover, I said at last, choosing my speech communication carefully with witnesses around.She nodded and pushed her glasses up her nose. I know. Most throng probably couldnt do it. And on that semi-complimentary note, she returned to her desk at the front of the schoolroom.What neighborhood? asked a new voice.Eddie Castile had proficient arrived and slid into a neighboring desk. Eddie was a dhampir possessing a mix of gracious and vampire DNA that had been passed down from days when the two races mixed. For all intents and purposes, though, he was indistinguishable from an ordinary human. With his sandy-colored hair and brown eyes, he also bore exuberant re semblance to me to support our cover story that we were twins. In reality, Eddie was here at Amberwood as a bodyguard for Jill. Dissidents among her own attractive, the Moroi, were hunting her, and veritable(a) though wed seen no sign of them since coming to Palm Springs, Eddie was always vigilant and ready to pounce.I slipped the red leather book into my messenger bag. Dont ask. Another of her wacky assignments. None of my friends ransom Adrian knew roughly my involvement with Ms. Terwilligers magic use. Well, and Jill by default. All Moroi possessed some sort of ele mental magic. Adrians was a rare and powerful one called spirit, which could work miracles of healing. Hed used that magic to bring Jill back from the dead when assassins had killed her. Doing so had made Jill shadow-kissed that is, it created a psychic bond between them, one that allowed Jill to feel his emotions and sometimes see through with(predicate) his eyes. As a result, Jill knew more about what went on between Adrian and me than I liked.I took my car keys out of my bag and reluctantly handed them over to Eddie. He was the tho one I trusted to drive my car, and I always let him borrow it when I left town, in case he necessitate to course errands for our group. Here you go. I better get it back in one piece. Do not let Angeline near the drivers seat.He grinned. Do I look suicidal? I probably wont even use it. Are you true you dont lack me to drive you to the airport later?Youd miss class, I said. The only reason I was able to cut school early was because of the unusual nature of my independent study.I wouldnt mind, believe me. Ive got a science test. He grimaced and bring down his voice. I hated physics the first time, you know.I couldnt help a smile. Both Eddie and I were eighteen and had graduated high school, me through homeschooling and him through an elite Moroi and dhampir academy. We couldnt pose as students without firing through the motions of class, how incessan tly. trance I didnt mind the extra work, Eddie wasnt as taken with a love of learning as I was.No thanks, I told him. A cab will be fine.The bell rang, and Eddie straightened up in his desk. As Ms. Terwilliger called the class to order, he whispered to me, Jills really bummed she cant go.I know, I murmured back. But we all know why she cant.Yeah, he agreed. What I dont know is why shes mad at you.I turned toward the front of the classroom and stayedly ignored him. Jill was the only one who knew about Adrians declaration of love, thanks to that bond. It was another one of those things I wished hadnt been shared, but Adrian couldnt help it. Although Jill knew vampire-human romances were wrong, she couldnt forgive me for hurting Adrian so badly. To make things worse, she was probably personally experiencing some of his pain.Even if our other friends didnt know what had occurred, it was obvious that something wasnt right with Jill and me. Eddie had picked up on it right away and imme diately interrogated me. Id given him a vague excuse about Jill not liking some rules Id instated for her here at school. Eddie hadnt bought that, but Jill had been fair as close-mouthed on the matter, leaving him uninformed and frustrated.The school day zipped by, and in advance tenacious, I was in a taxi and on my way to the airport. Id packed light and only had one small traveling bag and my messenger bag, both of which could be carried on. For what seemed like the hundredth time, I took out a small silver and white gift bag and examined its contents. Inside was an valuable crystal sun catcher, the kind meant to be hung on a porch or in a window. It depicted two doves in flight, facing each other. wrap up it back in its tissue paper, I returned it to its gift bag and then my own bag. I hoped it would be an acceptable gift for the upcoming event.I was going to a vampire wedding.Id never been to one before. Probably no Alchemist had. Although we worked with the Moroi to prot ect their existence, the Alchemists made it clear they deprivationed no involvement that went beyond business contact. after recent events, however, both groups had decided it would be good to improve our professional relations. Since this wedding was a big deal, a few other Alchemists and I had been invited.I knew the couple, and in theory, I was excited to see them married. It was the rest of the event that made me nervous a huge social gathering of Moroi and dhampirs. Even with other Alchemists there, wed be hopelessly outnumbered. Being in Palm Springs with Eddie, Jill, and the others had gone a long way in improving my feelings toward their kind. I got along with that little group well and now considered them friends. But even as liberal as I was in such matters, I still possessed a lot of the anxiety other Alchemists had inside the vampiric world. Maybe Moroi and dhampirs werent creatures of evil, like Id once believed, but they certainly werent human.I kind of wished my Palm Springs friends were coming with me, but that had been out of the question. The whole point of Jill and the rest of us being in Palm Springs was to hide her away and keep her safe from those act to kill her. Both Moroi and Strigoi tended to avoid sunny, desert regions. If she abruptly showed up at a major Moroi function, it would defeat the whole purpose. Eddie and Angeline, another dhampir protecting her at Amberwood, had to stay behind as well. Only Adrian and I had been invited to the wedding, and we were appreciatively on separate flights. If anyone had noticed that he and I were traveling together, it could attract attention back in Palm Springs, which could then expose Jill. Adrians flight wasnt even leaving from Palm Springs. He was flying out by way of Los Angeles, two hours west, just to make sure we werent linked together.I had to connect through a different flight in Los Angeles, which reminded me of Ms. Terwilligers task. Find one neighborhood in all of Los Angeless greater metropolitan area. Sure, no problem. The only thing I had going for me was that the Victorian houses were so distinct. If I could find some historical society, there was a good chance they could direct me toward areas matching that description. It would narrow my lookup considerably.I reached my gate at LAX an hour before the scheduled flight. Id just gotten cozy with Ms. Terwilligers book when an overhead announcement declared, Paging passenger Melrose. interest come see a customer service agent.I felt a sinking feeling in the pit of my stomach. Gathering up my things, I approached the desk and was greeted by a cheery airline representative.Im sad to tell you this flight has been overbooked, she said. From her peppy voice and big smile, she didnt seem sad at all.Whats that mean for me, but? I asked, my dread growing. I have a confirmed seat. I dealt with bureaucracy and red tape all the time, but overbooking flights was something Id never understood. How did that even r un a risk? It wasnt like the number of seats was a surprise to them.It means that youre no longer on the flight, she explained. You and a couple other volunteers gave up your seats to take that family. Otherwise, they wouldve had to be split up.Volunteers? I repeated, following her gesture. Off to the side of the seating area, a family with seven children smiled back at me. The children were tiny and adorable, with big eyes and the kind of cuteness you saw in musicals about orphans finding new homes. Outraged, I turned back toward the agent. How can you do that? I checked in way ahead of time I have a wedding to get to. I cant miss it.The woman produced a boarding pass. Weve more than made up for it. Weve booked you on another flight, to Philadelphia one thats leaving sooner. And youve even been upgraded to first class for your inconvenience.Thats something, I said. I was still annoyed at this, simply out of principle. I liked order and procedure. Altering those threw off my worl d. I looked down at the boarding pass and then did a double take. Its leaving nowShe nodded. Like I said, sooner. Id hurry up if I were you.Then, on cue, I heard a last-call announcement for my new flight, saying all passengers need to be on board now, as they were about to shut the cabin doors. I wasnt the swearing type, but I almost was then especially when I saw that my new gate was on the opposite side of the terminal. Without another word, I grabbed my things and sprinted toward the gate as quickly as I could, making a mental note to write a letter of complaint to the airline. Through some miracle, I made it just before my new flight was closed to passengers, though the agent working that gate sternly told me that next time, I should plan ahead and allow more time.I ignored her and headed into the airplane, where I was greeted by a much nicer flight attendant especially when she saw my first class ticket. Youre right here, Miss Melrose, she said, pointing to the third row of the cabin. Were so glad you could join us.She helped me point my suitcase in the overhead bin, which proved to be pretty difficult since other, earlier passengers had taken up most of the space. It required some creative companionship of spatial relations, and when we finally managed it, I practically passed out into my seat, exhausted from this unexpected flurry of excitement. So much for a relaxing trip. I had just enough time to fasten my seat belt before the plane began backing up. Feeling a little steadier, I plucked the safety card from its carrier bag so that I could follow along with the attendants presentation. No matter how many times I flew, I always thought it was important to be up to speed on procedures. I was watching the attendant fasten an oxygen mask when a familiar and intoxicating scent washed over me. In all of the chaos of making this flight, I hadnt even bothered to pay attention to my seatmate.Adrian.I stared in disbelief. He was watching me with amusement and had no suspect been waiting to see how long it would take me to notice him. I didnt even bother asking what he was doing here. Id known he was flying out of LAX, and through some wacky twist of happenstance, Id been bumped to his flight.This is impossible, I exclaimed. The scientist in me was too amazed to fully realize the un halcyon nature of the situation I now implant myself in. Its one thing for me to get moved to a new flight. But to end up next to you? Do you know what the odds of that are? Its incredible.Some might call it fate, he said. Or maybe there just arent that many flights to Philadelphia. He raised a glass of clear liquid to me in a toast. Since Id never seen Adrian drink water, I had to assume it was vodka. Nice to see you, by the way.Um, you too.The engines roared to life around us, momentarily sparing me from conversation. Reality began sinking in. I was trapped on a five-hour flight with Adrian Ivashkov. cinque hours. Five hours sitting only a few inches from him, smelling his overpriced cologne and looking into those acquaintanceable eyes. What was I going to do? Nothing, of course. There was nowhere to go, nowhere to escape since even first-class passengers werent allowed parachutes. My heart began to race as I frantically groped for something to say. He was watching me in silence, still with that small smirk, waiting for me to lead the conversation.So, I said at last, staring at my hands. Hows, uh, your car?I left it out on the street. Figured itll be fine there while Im gone.I jerked my head up, jaw dropping. You did what? Theyll tow it if its left there overnightAdrian was laughing before I even finished. So thats what it takes to get a passionate reaction, huh? He shook his head. Dont worry, Sage. I was just kidding. Its tucked away safely in my buildings position lot.I felt my cheeks burn. I hated that Id fallen into his joke and was even a little embarrassed that Id just flipped out over a car. Admittedly, it wasnt just any car. It was a beautiful, classic Mustang that Adrian had recently purchased. In fact, hed bought it to impress me, pretending he couldnt drive manual transmission in order to spend more time with me while I taught him. I thought the car was amazing, but it still astonished me that he would have gone to that much trouble for us to be together.We reached our cruising altitude, and the flight attendant returned to get Adrian another drink. Anything for you, miss? she asked.Diet Coke, I said automatically.Adrian tsked once she was gone. You couldve gotten that for free back in coach.I turn over my eyes. Do I have to spend the next five hours being harassed? If so, Ill go back in coach and let some well-situated person upgrade to my seat.Adrian held up his hands in a placating gesture. No, no. Carry on. Ill entertain myself.Entertaining himself turned out to be doing a crossword puzzle puzzle in one of the in-flight magazines. I took out Ms. Terwilligers book and tried to read, bu t it was hard to focus with him beside me. I kept sneaking glances out of the turning point of my eye, partly to see if he was looking at me and partly just to study his features. He was the same Adrian as ever, annoyingly good looking with his dishevelled brown hair and sculpted face. I vowed I wouldnt speak to him, but when I noticed he hadnt written anything in a while and was tapping his pen loudly on the tray, I couldnt help myself.What is it? I asked.Seven-letter word for cotton gin pioneer.Whitney, I replied.He leaned over and wrote in the letters. Dominates the Mohs scale. Also seven letters.Diamond.Five words later, I realized what was happening. Hey, I told him. I am not doing this.He looked up at me with angelic eyes. Doing what?You know what. Youre luring me in. You know I cant wear Me? he suggested.I pointed at the magazine. Random trivia. I angled my body away from him and made a big show of opening my book. I have work to do.I felt Adrian look over my shoulder, an d I tried to ignore how aware of his proximity I was. Looks like Jackies still got you working hard in her class. Adrian had met Ms. Terwilliger recently and had somehow charmed his way into a first-name basis.This ones more like an extracurricular activity, I explained.Really? I thought you were pretty against doing any more with this stuff than you had to.I shut the book in frustration. I am But then she said I bit off the words, reminding myself that I shouldnt engage with Adrian any more than I had to. It was just too easy to slip back into old, friendly behaviors with him. It felt right when, obviously, it was wrong.Then what? he prompted, voice gentle.I looked up at him and saw no smugness or mockery. I didnt even see any of the burning hurt that had plagued me these last few weeks. He actually looked concerned, which momentarily distracted me from Ms. Terwilligers task. Seeing him this way contrasted drastically with what had followed in the wake of our kiss. Id been so ner vous at the thought of sitting with him on this flight, and yet, here he was, ready to support me. why the change?I hesitated, unsure what to do. Since last night, Id been turning her words and the vision over and over in my head, trying to figure out what they meant. Adrian was the only person who knew about my involvement with her and magic (aside from Jill), and until this moment, I hadnt realized how badly I was dying to discuss this with someone. So, I cracked and told him the whole story of my desert adventure.When I finished, I was surprised to see how dark his expression had become. Its one thing for her to try to get you to learn spells here and there. But its a totally different thing for her to drag you into something dangerous.His ardent concern surprised me a little but maybe it shouldnt have. From the way she talked, though, it wasnt like it was her doing. She seemed pretty upset about . . . well, whatever all this means.Adrian pointed at the book. And thatll help som ehow?I guess. I ran my fingers over the cover and embossed Latin words. It has security department and attack spells things that are a bit more hard core than what Ive ever done. I dont like it, and these arent even the really advanced ones. She told me to skip those.You dont like magic, period, he reminded me. But if these can keep you safe, then maybe you shouldnt ignore them.I hated admitting when he was right. It only encouraged him. Yeah, but I just wish I knew what I was trying to stay safe from no. No. We cant do this.Without even realizing it, Id slipped into the way things used to be, talking to Adrian in that easy, comfortable way we had. In fact, Id even been confiding in him. He looked startled.Do what? I stopped asking you for crossword help, didnt I?I took a wooden-headed breath, bracing myself. Id known this moment was coming, no matter how much I wanted to put it off. I just hadnt expected it to come while on a plane ride.Adrian, we have to talk about what happen ed. Between you and me, I declared.He took a moment to consider my words. Well . . . last I knew, nothing was happening between you and me.I dared a look at him. Exactly. Im sorry for what happened . . . what I said, but it was all true. We have to move past this and go on with our lives in a normal way. Its for the good of our group in Palm Springs.Funny, I have moved past it, he said. Youre the one bringing it up.I blushed again. But its because of you Youve spent the last few weeks all moody and sulking, hardly ever talking to me. And when you do, theres usually some nasty barb in it. While recently having dinner at Clarence Donahues, Id seen one of the most terrifying spiders ever come crawling into the living room. Mustering all my courage, Id caught the creepy little beast and set him free. Adrians comment on my brave act had been, Wow, I didnt know you actually faced down things that scared you. I thought your normal response was to run kicking and screaming from them and pre tend they dont exist.Youre right about the attitude, he said now, nodding along with my words. Once again, he looked remarkably serious. And Im sorry.You . . . are? I could only stare. So . . . youre done with all of that . . . stuff? Done with, uh, feeling that way? I couldnt bring myself to elaborate. Done with being in love with me.Oh, no, he said cheerfully. Not at all.But you just said Im done with the pouting, he said. Done with being moody well, I mean, Im always a little moody. Thats what Adrian Ivashkovs all about. But Im done with the excessive stuff. That didnt get me anywhere with Rose. It wont get me anywhere with you.Nothing will get you anywhere with me, I exclaimed.I dont know about that. He put on an introspective look that was both unexpected and intriguing. Youre not as much of a lost cause as she was. I mean, with her, I had to overcome her deep, epic love with a Russian warlord. You and I just have to overcome hundreds of years worth of deeply ingrained prejud ice and restrict between our two races. Easy.Adrian I felt my temper beginning to flare. This isnt a joke.I know. Its certainly not to me. And thats why Im not going to give you a hard time. He paused dramatically. Ill just love you whether you want me to or not.The attendant came by with hot towels, putting our conversation on hold and allowing his slightly troubling words to hang in the air between us. I was dumbfounded and couldnt muster a response until after she came back to collect the cloths.Whether I want you to or not? What on earth does that mean?Adrian grimaced. Sorry. That came off creepier than I intended. I just mean, I dont care if you say we cant be together. I dont care if you think Im the most evil, unnatural creature walking the earth.For the briefest of moments, his choice of words threw me back in time, to when hed told me I was the most beautiful creature walking the earth. Those words haunted me now, just as they had then. Wed been sitting in a dark, candlel it room, and hed looked at me in a way that no one ever had Stop it, Sydney. Focus.You can think whatever you want, do whatever you want, Adrian continued, unaware of my traitorous thoughts. There was a remarkable calm about him. Im going to just go on loving you, even if its hopeless.I dont know why that shocked me as much as it did. I glanced around to make sure no one was listening. I . . . what? No. You cantHe tilted his head to the side as he regarded me carefully. Why? It doesnt hurt you or anything. I told you I wont bother you if you dont want me to. And if you do, well, Im all about that. So whats it matter if I just love you from afar?I didnt entirely know. Because . . . because you cantWhy not?You . . . you need to move on, I managed. Yes, that was a sound reason. You need to find someone else. You know I dont that I cant. Well, you know. Youre wasting your time with me.He remained firm. Its my time to waste.But its crazy Why would you do that?Because I cant help doing i t, he said with a shrug. And hey, if I keep loving you, maybe youll eventually crack and love me too. Hell, Im pretty sure youre already half in love with me.I am not And everything you just said is ridiculous. Thats terrible logic.Adrian returned to his crossword puzzle. Well, you can think what you want, so long as you remember no matter how ordinary things seem between us Im still here, still in love with you, and care about you more than any other guy, evil or otherwise, ever will.I dont think youre evil.See? Things are already looking promising. He tapped the magazine with his pen again. quixotic Victorian poetess. Eight letters.I didnt answer. I had been rendered speechless. Adrian never mentioned that dangerous topic again for the rest of the flight. Most of the time, he kept to himself, and when he did speak, it was about utterly safe topics, like our dinner and the upcoming wedding. Anyone sitting with us would never have known there was anything weird between us.But I knew.That knowledge ate me up. It was all-consuming. And as the flight progressed, and eventually landed, I could no longer look at Adrian the same way. Each time we made eye contact, I just kept thinking of his words Im still here, still in love with you, and care about you more than any other guy ever will. Part of me felt offended. How dare he? How dare he love me whether I wanted him to or not? I had told him not to He had no right to.And the rest of me? The rest of me was scared.If I keep loving you, maybe youll eventually crack and love me too.It was ludicrous. You couldnt make someone love you just by loving them. It didnt matter how charming he was, how good looking, or how funny. An Alchemist and a Moroi could never be together. It was impossible.Im pretty sure youre already half in love with me.Very impossible.

The Business Activities Study

This case study is related to the business activities of a falsify storehouse which performs a macro investiture strategy. Its enthronement finances succeedr troy Dexter seeks for loot which arise from shifts in the real economy. As he considers an end of the Australian housing grocery boom as liable(predicate), he anticipates that Australias over alone economic growth will slow d accept, whereas the prices for ability will go up. In reaction to those chances he decides to buy exchequer stays and buy ins of energy companies Against this background Case Study 1 is aimed at classifying Troy Dexters two coronation decisions as either place or substantiating investments. Such a classification provides different results depending on the party from whose perspective it is assessed.Thus, it is the purpose of the following section of this work to distinguish between the terms groom and indirect investment based on the corresponding point of regard using practical illustrati ons whenever possible. This is to be done after clarifying key terms associated therewith first. enclosure definition A hedge depot is an wanglenative investment vehicle which excessively uses financial instruments such as derivatives and leverage and in which an aggressive focussing strategy is usually applied (Fung & Hsieh, 2004). As Capocci and Hbner (2004) state, a hedge storages major purpose is to generate active return (called alpha) for its typically wealthy investor base. As hedge funds are less exposed to capital market regulation than other fund types, they are able to generate on bonny higher returns, but associated with higher trains of try as well (Lederman, 2012).Troys decision to purchase energy stocks is related to his expectation of rising crude oil prices. Given his expectation turns out to be correct, the constituent price of oil producing companies will increase. The term energy stock market, however, comprises not only oil producing companies, but all other assortments of energy producing firms, as well as energy infrastructure and energy service providers, too (Henriques & Sadorsky, 2008). As Henriques and Sadorsky (2008) note, a rise in the oil price will not only increase the share price of oil and gas producers, but also the market value of those firms which offer substitutes (e.g. solar and wind energy) will increase. This holds as their products become more competitive in such an environment and their turnover is likely to increase. Stockholders who hand over purchased such stocks directly for their receive stock portfolio before a rise in the oil price has taken place, will profit. Their profits, on the one hand, consist of the 4 chance to al mass those shares at a higher price at the stock market and, on the other hand, of (increased) dividend payments (Bodie, 2013).Treasury bonds purchased in the debt market are usually characterized by less risk than whatever kind of stock market investment (Sharpe et al., 1999 ). Given Troys expectation about the future economic environment of Australia, his decision to purchase such long-term fixed interest debt instruments is reasonable. This holds as they are issued by the Australian government which is very unlikely to default (Chaudhuri Smiles, 2004). On the contrary, as the Australian government has several tools at hand which allows it to make interest payments as promised (e.g. increase taxes), a treasury bond is considered as one of the safest investment forms on hand(predicate) in the market (Hull et al., 2005). Investors who have decided to hold treasury bonds in their stock portfolio (direct security investment) evoke expect a fixed interest on their investment. The historic development of the Australian 10-year treasury bond is illustrated below. Source Reserve shore of Australia, 2017.From this graph it quarter be derived that the long term trend of Australian treasury bonds is downward sloping. Starting from a level of more than 10.0% in 1995, the interest rate went down to about 3.0% in 2013. Interest rates in the short run are stagnating on a relatively low level of about 3.0%. Based on the fact that Troy Dexter has founded the hedge fund in 2009, it can be stated that his decision was right in the short run Interest rates, indeed, went up from 4.0% to 6.0% between January 2009 and January 2010. However, it has to be tell that in the subsequent years his expectation turned out to be incorrect Starting from January 2011, interest rates on the Australian 10-year treasury bond went down to about 3.0% in January 2013. This implies for Troy Dexter as the fund manager that his hedge fund may have generated losses from 2011 onwards as the interest rate of Australian treasury bonds have lacked his expectations.The figure adds value to the topic of this work as it illustrates that the fund managers decision to invest in treasury bonds could not have been a smart decision in the long run Fund investors are indirectly s uffering from this decision as they have decided to provide Troy Dexter with parts of their funds which are now invested in a non-optimal security. 1. Direct vs. indirect securities Northwest Capital steering perspective In order to classify Northwest Capital Managements investments in treasury bonds and energy stocks from the firms perspective, one has to understand the business concept of capital heed firms first.Firms such as Troy Dexters hedge fund business aim at professionally managing hush-hush investors funds. They do so by investing customers cash in a broad range of asset classes, restricted by particular investment tendencys (Fung Hsieh, 2001). However, as Brav et al. (2010) notice, the service such firms provide is not precisely related to the optimum asset allocation, but financial statement analysis as well as the monitoring of existing investments plays an all important(p) role, too. Hedge funds in contrast to more conservative capital management firms inve st a relatively high percentage of its assets in risky asset classes such as the stock market of even emerging market economies (Jansen et al., 1998).The portfolio composition of an exemplary hedge fund is illustrated in the graph below. Source Blair, 2001. The figure supra already reveals that it is the hedge fund manager Troy Dexter who is responsible for the investment decisions of his fund and who chooses between the above asset classes (asset allocation).It is important to understand that the private investor is not involved in the daily investment process of the hedge fund, but hands over any responsibility for the invested amount of money to Troy Dexter. 0.50% 0.50% 31% 19% 15% 14% 7% 6% 3% 2% 2% Strategy composition of a hedge fund footling selling Other Equity long/short Macro Relative value arbitrage Event driven Fixed income Convertible arbitrage disturbed securities/high yield Equity markets neutral Emerging markets 6 Derived from this line of reasoning it can be state d that Troy Dexters intended purchase of treasury bonds and energy stocks can be considered as a direct securities investment from the firms point of view. This holds, because there is no third party involved in Troys securities encyclopaedism process (Bodie, 2013).In contrast, it is likely to be assumed that Troy himself owns a trading platform which he can use to exercise any stock market transactions personally and immediately. Even if Troy does not own such a trading platform, the consultation of a stock broker can still be considered as a direct securities investment from Northwest Capital Managements point of view. This holds because a stock broker can simply be considered as an entity which executes buy and sell orders on behalf of someone else for a particular fee or commission (Pollock et al., 2004). As Pollock et al. (2014) note, brokers are not allowed to alter the order, but execute the transaction only. 2. Direct vs. indirect securities Investor perspective Taking the viewpoint of an investor in Troy Dexters hedge fund, Troys investment decisions can clearly be considered as indirect investments.As stated above, the fund manager decides about the allocation across available asset classes. The investor knows about the financial risks tied to Troys investment decisions from the prospectus and may have expectations about a desired return, but cannot alter Troys daily sell and buy orders. However, this would be a vitally important characteristic of a direct securities investment. As soon as customers have decided to invest in the fund, they have to sign a declaration of try for in which they transfer the responsibility for managing their funds to the portfolio management team (in our case to Troy Dexter) (Philpot Jonson, 2007). Not the investors themselves engage a broker who carries out financial market transactions, but Troy Dexter does that on behalf of them using his financial market knowledge. In this context it is important to note that alt hough restrictions are less strict in a hedge fund fund managers have to stick to the proposed fund objective and are not allowed to invest in anything which is not related to the praised goal of the fund, although it may be a lucrative investment (Philpot Jonson, 2007). This assignment of any kind of right to alter the investment decision related to maximizing investors own monetary wealth underpins the indirect nature of a fund investment from an investors point of view.The incentives for customers of Northwest Capital Management to provide Troy Dexter with the rights to manage their savings on behalf of them (indirect investment) is related to Troy Dexters expertise about financial markets (Capon et al., 1996). Additionally, as Capon et al. (1996) state, the pooling of large amounts of money in the hedge fund provides customers with a lot more market power than they would have when investing on their own. This shows that although private investors cannot actively decide about each investment decision on their own, the indirect securities investment through Troy Dexters Northwest Capital Management is utterly worthwhile for its investor base. It can be summarized that investing in a hedge fund implies no direct securities investment from the private investors perspective. This is compounded by the fact that private investors of a hedge fund do not own any securities themselves (Droms & Walker, 1996).Instead, those securities are entirely controlled by the fund managers who either own a trading platform themselves or contact brokers to carry out deals which are likely to benefit the funds investor base. Shareholders are not able to access the funds existing investments on a daily basis, but have to rely on the fund managers expertise (Droms Walker, 1996). This trust, however, may be the basis for higher returns compared to investing individually on any kind of capital market. 7 Furthermore, the indirect securities investment from the investors point of vi ew implies that each single investor gains or loses proportionally to his or her investment in Troy Dexters hedge fund.This fact stands in sharp contrast to a direct securities investment in which an investor is on his own and has a claim on any gains and losses related to this investment (Bodie, 2013). Instead of having the chance to convert profits right away in a direct securities investment, an indirect investment via a fund prohibits an investor from this right and makes him dependent on the decisions of the fund manager. Recommendations A harsh way of how to classify securities is to divide them into either direct or indirect securities. In this context it is of particular importance to distinguish between either an investment managers or a private investors perspective (Davis, 2004).Conclusion The statements above have shown that the classification of any kind of investment as being either direct or indirect depends on the party from whose perspective such a classification i s made. In the case of a hedge fund one can categorize an investment as an indirect one from the investor perspective and as a direct one from the fund managers perspective. This holds as it is not the investor who makes any kind of investment decision, but the fund manager on his behalf. The investor puts trust in the fund managers capital market expertise when deciding to invest in a fund and at the same time cedes any kind of rights to alter the fund managers perspective on the future development of the capital market. In contrast, the fund manager, on a daily basis, has to directly step in the capital market and has to sell or buy certain types of investments.ReferencesBlair, F. (2001) Managing the equity portfolio South-Western College Publishing. Bodie, Z. (2013) Investments McGraw-Hill. Brav, A. Jiang, W. Kim, H. (2010) Hedge fund activism.A review. In Foundations and Trends in Finance 4(3), p. 185246. Capocci, D. Hbner, G. (2004) Analysis of hedge fund performance. In Jour nal of Empirical Finance 11(1), p. 5589. Capon, N. Fitzsimons, G. J. Prince, R. A. (1996) An individual level analysis of the mutual fund investment decision. In Journal of Financial Services Research 10(1), p. 5982. Chaudhuri, K. Smiles, S. (2004) Stock market and aggregate economic activity. depict from Australia. In Applied Financial economics 14(2), p. 121129. 8 Cristodoulou, A. (2016) The internal rate of return problems and manners of solution. In Prospettive e Proposte Mediterranee-Rivista di Economia, Agricoltura e Ambiente.Online available at http//www.iamb.it/share/img_new_medit_articoli/802_32cristodoulou.pdf. Davis, E. P. (2004) Institutional investors. In MIT press. Droms, W. G. Walker, D. A. (1996) Mutual fund investment performance.In The Quarterly Review of Economics and Finance 36(3), p. 347363. Fung, W. Hsieh, D. A. (2001) The risk in hedge fund strategies. scheme and evidence from trend followers.In Review of Financial Studies 14(2), p. 313341. Fung, W. Hsieh, D. A. (2004) Hedge fund benchmarks. A risk-based approach.In Financial Analysts Journal 60(5), p. 6580. Hasan M. (2013) Capital budgeting Techniques used by small manufacturing companies.In Journal of Service Science and Management. Henriques, I. Sadorsky, P. (2008) Oil prices and the stock prices of alternative energy companies.In Energy Economics 30(3), p. 9981010. Hull, J. C. Preduescu, M. White, A. (2005) Bond prices, default probabilities and risk premiums.In Working paper. Jansen, A. Mathieson, M. D. J. Eichengreen, M. B. J. Kodres, M. L. E. Chadha, M. B. Sharma, M. S. (1998) Hedge funds and financial market dynamics 166. Jung, K. Yong-Cheol, K. Stulz, R. M. (1996) Timing, investment opportunities, managerial discretion, and the security issue decision. In Journal of Financial Economics 42(2), p. 159-186. Layton, A., Robinson, T., & Tucker, I. (2015) Economics for today (5th ed.).Thomson, South Melbourne, Australia. Lederman, S. J. (2012) Hedge fund regulation. Philpot, J. Jonso n, D. T. (2007) Mutual fund performance and fund prospectus clarity.In Journal of Financial Services marketing 11(3), p. 211216. Pollock, T. G. Porac, J. F. Wade, J. B. (2004) Constructing deal networks. Brokers as network architects in the US IPO market and other examples.In Academy of Management Review 29(1), p. 5072. Reserve Bank of Australia (2017). Online available at http//www.rba.gov.au/statistics/historicaldata.html. Rudolph, S. (2008) Net Present Value Rule in comparison to the payback and internal rate of return methods.In Working Paper. Sharpe, W. F. Alexander, G. J. Bailey, J. V. (1999) Investments speeding Saddle River, NJ Prentice-Hall 6. Titman, Sheridan (2015) Financial Management. Principles and Applications. (7th ed.). Frenchs Forest, NSW Pearson.

Marxism as an Alternative theory

The contrasting loving divide of 19th century Europe was one of the principle-instigating promoter that inspired Karl Marx and Frederick Engels to come with Communist Manifesto in 1848. It called upon the geting classes to declare war upon the bourgeoisie. In the opinion of Marx, capitalism with its inherent tendency to favor office accumulation, market system and wage labor system had always worked in promoting the clout and wealth of aristocracy while working to weaken the peasants class and displace them to the levels of subservience and just subsistence (Freedman, 1990, 1).The philosophy was a major intellectual achievement of Marxism as it described the ills and problems affecting the society not in terms of amiss(p) political theory and philosophy but in the terms of stinting forces of capitalist development (Aune, 1994, 17). As Freedman (1990, 2) states, Marx viewed the major conflicts and events of world not as consequences of ethnic, linguistic or ghostlike factors but purely by means of economic perspectives. He argued that capitalism and its resultant class system pass water been the main instrumental factors in creating the mystify structure of human society and behavior.Marxism attempts to correlate the entire progress and evolution of human civilization with Marxs staunch view that economic factors have determined the accounting of humanity. It attempts to understand the origin, functioning and structure of all the social institutions on economic models and assumes that once this knowledge is gained, it can be employed to run the social order that is beneficial for e truly member of society, while eliminating the ills of p everyplacety, inequality and class distinctions (ibid).Marxism also views state (government) as an instrument of the ruling class that whole kit to protect the interests of the economically prosperous segments at the cost of the working population (Freedman, 1990, 2). The premises of this argument lies in the fact that typically every state is influenced firmly by the rich and wealthy section of society and as such its policies are inherently oriented towards safeguarding these affluent sections. The working-lower class is just treated as a tool to further the riches of this affluent section, while providing them with bare facilities that are hardly sufficient to maintain their existence.School and churches are also viewed as extending fortify of the same system that continuously works to maintain, and in fact, promote the social divide. Thus nation and state are essentially nothing but exploiters of working population. As a consequence, terms like patriotism and nationalism hold no meaning to the oppressed working society, which is made to work not the for the emolument of the nation but for the few and selected elite group of people that in their limited numbers represent an entire nation.A careful study of Marxism reveals following ternary major elements that define the structure of t he world of Marx (Heilbroner, 1980, 21).Materialist approach to History The historic analysis of activities of peoples activities that creates conditions of subsequent class emergence and struggle of present times.General view of capitalism Capitalism, and the economic forces that are the root of entire social divideCommitment to socialism It envisions a future where every man is able to create a just world with his own efforts and commitment.Marxism, in its zealous criticism of the capitalist system, pronounced the immanent end through of capitalistic society through t its own contradictions and an eventual sweep over of the world by socialist forces. However capitalism has survived and contrary to Marxs vision, it has become mainstay of classless and developed world, whereas Marxism holds it appeal for the poor and oppressed classes in underdeveloped countries (Freedman, 1990, 2)Mainstream Political theoriesThe mainstream governmental theories have evolved from Machiavellian co ncepts to one that is foc utilize on a social welfare state that is founded around the concepts of participative democracy and social justice (Young, 1998, 479). As listed by Young (ibid) the mainstream political theories, developed consciously over last 25 years, although with inputs spanning over past hundred and fifty years, areSocial justice and welfare rights system Unlike bolshy scheme of handing over the reins of government to workers, the social justice and welfare rights theory attempts to strike a cord of balance among different economic classes with their commitment to social equality and economic justice. One of major themes running through this theory is egalitarian distribution of resources to people who have been deprived of them, it doesnt attempts forced equality among all classes of society.Democratic theory Also labeled as participative democratic theory, it gets emphasis on a concept of democracy that proceeds through age long ideals of democracy that proce ed through active discussion, participation and close qualification by citizen, against the emerging plebiscite and inter-group pluralist concepts of the democratic mode (Pateman, 1970). The theory aims to achieve the goal of social equality through democratic participation that both helps as well as promotes social equality. The thrust of the theory is that a democracy that only offer ups voting rights to people for representatives who rule them remotely lacks the element of a palpable democracy. Instead the democratic set up should be made to incorporate citizens participation at every stage of the governance and decision making process. This in turns demands providing all the citizens with sufficient levels of education and economic and social uplifting whereby they are able to appreciate and exercise their democratic rights.Feminist political theory It is a major emergent trend in the mainstream political theories, and one that brings in the question of female participation, as a separate entity, in the working of democracy. It helps in to integrate the elements of family relations, sexual biases, and gendered related discrimination in the political question.Marxism as an alternative theoryAs noted above, the essential philosophy Marxism lies in defining all the historical and social events in terms of manipulation of resources by capitalist forces that worked in depriving a majority of population from basic means of living. Marxist approach viewed social structure in terms of non-owning workers and non-working owners that was the root cause of every social and political evil. Marx defined all the events in unionise of class struggle and primed(p) supreme faith in human will (Freedman, 1990, 6).Marxism views human beings capable of molding their own destinies, creating their own world, and change the entire structure of a autocratic society to one where every one holds same dignity and right to a provisioned life. However its more than hundred years to Marxs momentous work Das Capital that predicted downfall of bourgeois and capitalist system, an event which completely failed to materialize (Wolfe, 1985, 317). It points out to some considerable short sighting or contrasted reading by Marx of the nature of interaction of social and economic forces.Marx, in predicting the immanent downfall of the existing capitalist system through popular mutation and protests by bourgeoisie, had given a sweeping and generalizing theory that was supposed to take into every possible factor and consequence of historical, social and human events. The theories of Ricardo, Hegel and Smith that Marx used to develop his own general explanation of all events were relatively semi developed and in the transitory phase (Freedman, 1990, 126) and as could provide a very weak base to the daring presumptions and foresights that Marxism professed boldly.The theory failed to take into account the results of peoples will to act outside the boundaries that it im posed. It was, in a sense then, technically incapable to address issues emanating from this scenario, a flaw that later on emerged as a major shortcoming of the entire Marxist model.Marxism always stands in lead contrast to critical theory that was developed by Max Horkheimer in 1937 (Therborn, 1996). It was mean to be a critique of the theory of political economy and provide replacement of materialism embedded in the Marxist approach (ibid). Critical theory rejected the principles of division of labor and believes in social advances through purposeful and coordinated interaction among various classes, as against the Marxist approach of inherent and inevitable class struggle that has shaped up historyHistorical MaterialismIn the Marxist philosophical approach, history is a study in the development and evolution of the capitalist system. In the opinion of Marx the consciousness of a man is the harvest-feast of his social being which defines the well-grounded and political superst ructures (Heilbroner, 1980, 62). The materialism of Marxism differed sharply from idealism contained in the other approaches that saw history as product of different beliefs and approaches. Marx clearly stated that history is the product of labor, efforts and determination of countless men and women who worked to improve their material conditions in a material environment.Primarily what it signifies is that entire history of world is composed of forces of economics and compulsions of existence through limited resources. The thought processes and ideas that have been assumed to shape history, in Marxist ideology, were themselves product of the materialistic conditions (Heilbroner, 1980, 63). Marxism further takes the concept of materialism and intertwines it with class structure to lay the foundation of theory of class struggle that is presented as a direct consequence of material forces in operation.Although the historical materialistic view point of Marxist philosophy had been vali dated in defining some of the major events of history, however its broad generalization of economic activities has brought it under criticism from many theorists. Whereas Marxist ideology attempts to focus not primarily but only on economic factors, it has been perceived that even economic factors themselves are affected by social, political and religious factors (Heilbroner, 1980, 64).Marxism in context of USAAs a political and social theory Marxism has traditionally failed materialize in the USA. This is because the socialist theory of Marxism conflicts with the principles and ideals of democracy. Although it is true that true socialism as envisioned by Marx was never practiced anywhere, but the fact remains that within the scope of political models of Marxism there are ample opportunities for a political system to become authoritarian, culminating in kind of dictatorship that was hallmark of socialist USSR government (Geras, 1994). This is to say, the socialist structure proposed by Marxism is seriously vulnerable to deformation by individuals with such designs.However, within the framework of classical Marxism also democratic ideas have not found much support. Essentially Marxism advocates liberation and rule of workers, which has to occur supreme of any form of government (ibid). Therefore it is indeed successful in outlining the process of social and political change but falters on the final form of governance that opens the doors for ambiguity, deformation and misinterpretation. This severely limits the democratic angle of Marxism.Further, with its sole emphasis on workers right and class struggle between proletariat and the bourgeois, Marxist ideology aims to create a society that lacks economic incentives to evolve and move ahead. In its aim to bring marginalized sections of society in the center, the model threatens to create a impertinent section of marginalized. These inherent ideological differences with free, democratic and progressive ideals t hat USA has cherished since its independence define the incongruity of Marxism in the USAs political, social and economic atmosphere.ReferenceAune JA ,1994, Rhetoric and Marxis, Westview Press, Boulder, COFreedman, R, 1990, The Marxist System Economic, Political, and Social Perspectives.Chatham House Publishers, Chatham, NJ.Heilbroner, RL, 1980, Marxism, for and Against,W. W. Norton. New York. Young, IM, 1998, A New Handbook of Political Science. Edit, Robert E. Goodin editor, Hans-Dieter Klingeman, Oxford University Press. Oxford.Geras, N. 1994. Democracy and the Ends of Marxism. New unexpended Review tidy sum a. Issue 203.PATEMAN, C. 1970. Participation and Democratic Theory. Cambridge Cambridge University PressWolfe, BD,1985, Marxism, One Hundred Years in the Life of a Doctrine. Westview Boulder, CO.Therborn, G, Dialectics of Modernity, 1996, On Critical Theory and the Legacy of Twentieth-Century Marxism, New Left Review. Volume a. Issue 215.

Are Parents Really to Blame for Their Kids’ Behavior?

Vanessa Olson Mrs. Novak September 17, 2012 Final Draft Are P bents Really to Blame for Their Kids Behavior? Watching how children, or still teenagers my age, act, I wonder how or wherefore their names let them get away with their manner. What causes some kids to talk disrespectful to early(a)s or throw temper tantrums for the littlest causes? My p arents would tell me how, when they were my age, no superstar acted out like how children do today that parents do not have the morals or values that the earlier generations have.After all, I personally would never cater my children to act in such(prenominal) ways. I started to research if parents were really to blame for the way their children act, or if kids act in their own ways no bet how their parents raised them. At first I searched through Google to see if I could find words debating whether parents were really to blame for how their children behave. Most of the results came out to be that parents were responsible and tha t children playing out is usually because there is little discipline at home.I was not satisfied with only these results I felt that there are exceptions to how children behave that are not solely in result of how they were raised by their parents. School, location, ethnicity, age, and religious factors all influence how we behave. shaverren are like sponges-they model eitherthing a parent does and combine what they see into their own lives (Erikson 5). Reading this article, I was al near convinced that parents were actually really the main reason for children to act in the ways they do.After all, controvert examples lowlife be unhealthy as a child go forth mimic these and lead them to gravid behavior. I continued to cross-file on what types of factors would influence negative behavior. I found out social skills, stress, discipline, fighting, and child abuse are all major factors that children are exposed to that result in their behavior. Social skills, such as a simple ple ase or thank you, can be positively influential to kids they will model what they witness their parents doing.According to the website More4Kids info, a parents reaction to stress affects the way a child reacts to stress (Erickson 6). If they believe they are the reason for yelling or lashing out, the child will sometimes shut him or herself down. Discipline, such as spanking or physically harming ones child, does not teach that child how to modify their behavior time-outs are alternate forms of punishment that can change their behavior in a calm manner. Verbal and physical fights are extremely hard on kids.Children may develop low self-esteems and may even behave violently toward other children (Erickson 6). Sometimes when children are abused, they shut down and try to understand why they are getting abused. Reading through this article on how all these factors really influence how children act, I started to believe that mouthy children are the result of elusive parenting. calm d own questioning if there were any other reasons for children to act out I continued to look at other articles online. According to Oxford University, poor parenting is not the reason for increased problem behavior in kids.They found out that there is no general decline in parenting. Parents and teenagers are choosing to spend more reference time together than in 25 years ago (Oxford 3). The most recent studies show how parents now a-days are more liable(predicate) to know where they children are compared to what they are doing in the 1980s. I found this information to be particularly surprising because I feel that parents were much stricter in earlier generations then compared to now. The most interesting article I found on who is to blame for childrens behavior is on The New York Times website.Dr. Richard A. Friedman, M. D. , talked about a patient he had that dealt with depression and anxiety due to the fact that her son that had been a generally rude and unkind person his entir e life. I hate to admit it, merely he is unkind and unsympathetic to people, said his patient (Friedman 1). When tested, the results came back saying he was in the intellectually superior range and that there was no try of any learning disability or mental illness. These same parents raised two other children who were socially and intellectually normal.How do parents raise two other well-behaved children while their other one turned out to be so misbehaved? When I read this, I felt that this was the truth. As I began to read the article Accepting That total Parents May Plant Bad Seeds, part of me agrees with Dr. Friedman sometimes good parents do have toxic children. Reading multiple articles reason why parents are to blame for how their children act or how other factors can influence kids, I feel that both are to blame. On one hand, parents are to blame if their kids have no self-control and get away with acting out.But on the other hand, I feel that some kids are just bad kids they choose their own path to follow. For better or for worse, parents have limited power to influence their children. This is why they should not be so fast to sweep up all the blame or credit for everything that their children become (Friedman 3). Vanessa Olson Mrs. Novak Annotated Bibliography 22 September 2012 A Selected Annotated Bibliography on Parents Influence on Kids Behavior Friedman, Richard A, M. D. Accepting That Good Parents May Plant Bad Seeds. 12 July 2010. Web. 13 July 2010. http//www. nytimes. om/2010/07/13/health/13mind. html? _r=0 This article was published in the New York Times and Richard Friedman, M. D. , explains the pick up he had with one of his patients. She claimed to be depressed due to her sons behavior. He talks about how their one son is not a enough person but they managed to raise two other well-adjusted children. I think this article is helpful it explains how parents are not always the reason for how every child behaves. in any case there is information of another set of parents who have been ignored by his son, having no phone calls or e-mails returned.The best part of this article is that it says that not everyone will turn out nice and loving, and that it is not necessarily because of parental behavior or their environment that they grew up in. Erickson, Rose. Parents Effect on Child Behavior. 21 Jan. 2010. Web. 14 Sept. 2012. http//www. livestrong. com/article/75282-parents-effect-child-behavior/ In this article, parents are to blame for how their children act. It states how negative examples from parents have a great effect and can cause children to develop bad behavior. The author gives particular topics in day to day life that influence how one behaves.I think this article is useful because out of all the articles about childrens bad behavior being a result of their parents, this has the best reasons why. I like how she used examples to show how each topic is the cause and that she backs up her statements. Also I like this article because Rose does not use words that exceed the average reading level. Oxford University. Todays Parents Not to Blame for adolescent Problem Behavior. 31 July 2009. Web. 14 Sept. 2012. This website talked about how most people believe that parents are much worse now than they were in earlier generations.It has statistics on how even though most believe it to be the other way around, teenagers and parents are much closer now than in earlier generations. Parents are more likely to know where their kids are and what they are doing. I found this article to be useful because it talks about how there are other factors, such as cell phones, television, and the internet, that can influence ones actions no matter how they were raised. I like this article mainly because it talks about what most articles do not the comparison between earlier generations and this current one.

Normalized Child

Name Shiva Kheiri Date 4/5/2012 Instructor Mrs. Deborah The Normalized Child Normalization is one of the most important goals of Montessori, unless what does normalization spurious? Most importantly, when does this process occur? Dr. Maria Montessori used the term normalization to describe a unique process she observed in babe study. The process of normalization takes place in any Montessori-group at the beginning of the school year that children enter a new unknown environment. However, on that point are many characteristics that describe a normalized child. 1 Generally, normalization considered to be the transformation to a higher level of development, and the first step of education. However, in the process of development there are many different bodily functions that are formed in a child, and these developments depends on brain development. These developments occur mostly when children interact with apiece other, and in a different environment than their home. Maria Monte ssori observed that when children are allowed to be free, and interact with their environment, they blossom.On the other hand, there were children who had no idea what to do, how to speak, and their thoughts were beyond reality. That is where normalization makes the correction. As Maria Montessori said, normalization is the most important single result of our whole work. However, what are the wonderful characteristics of a normalized child? In general, there are eleven characteristics of a normal child following paragraphs are dedicated to these characteristics. A love of Order, we may think children do non pay maintenance to details, but once something is out of order, they will start asking questions about it.Similar article Practical Life EssayFor example, if the teacher asks the children to take a great deal before lunch time, they will question the teacher. So, the child has a desire to keep an order and to have his/her daily routines. Love of Work, describes the activity th at children involve not just because it is fun, but also it provides education. It brings a form of self-expression and corresponding joy. For example, when we see a child chooses an activity, and keeps doing it over and over again with full concentration and never tires that is love of work. Normalized children never see work as punishment. Profound Spontaneous Concentration, fundamentally it is isolation of children rom their environment due to their concentration on an activity. It occurs when a child is fully engaged in his/her work, and it involves his intelligence. We can also call it the attention of life, or a phenomenon of growth which brings us to the next characteristic. Attachments to Reality tie in to bringing out children from their dream land, and encounter them with reality. However, there is always place for imagination but in a limited time and place. In fact, children should be exposed to reality before fantasy. For example, video games can teach so many fantasiz ed stories that children might confuse them with their real life.Therefore, there is always a limit point on fantasizing, and what they do as activity is based on reality not on their belief. Love of Silence and working alone, it definitely does not mean children like to be hermit, but it refers to the first step of independence. In many times children are willing to do their work with no assistance which basically means they want to test their own ability to get the work done alone, and most of the time their work requires concentration in a be quiet environment. For example, we do a game called silence game which requires children to listen to a sound and analyze it on their own.So, they learn to control their concentration, and work in a peaceful environment with respect to others. Elimination of the Possessive Instinct, the attitude of normalized children to their environment is not possessive, but it is intense love. The point of this tittle is to eliminate childrens selfishn ess. well-nigh children believe everything belongs to them, and take advantage of what has been given to them. So, our purpose is to change their possessive instinct to three things to know, to love, and to serve. For example, the same children who tore plants in the class learned to realize it grow.Power of act from Real choice and not from Curiosity Obedience Independence and Initiative Spontaneous Self-Discipline Joy At the end, we can conclude that normalization of children takes place according to the stages of child normalization described by M. Montessori. The level of normalization mainly depends on the years of staying with Montessori classroom. On the other hand, Dr. Montessori believed that if a child is placed in a well prepared environment, he/she would blossom, and show his total social potential. However, it is up to us, as teachers to prepare the environment in a way that children can freely develop their personality

Tim Duncan

Teachers, principles, administrators, superintendents, and any other school dignitarys goal are for the educatees to do their surmount at everything that they can do. How can they do that when they are denied access to a energiseing technique that is not cheating, not wrong or inappropriate? Listening to music while they work. Music makes doing task easier for some people. Leonard Audacious and Stuart J. McKenzie. I am a Junior at Crestview High School and I have been here for 2 years. Ethos) I have had some teachers that let students attend to music while they work and some that eave not. I have always in my opinion found that the teachers that do relate to the students more, which in turn captures the students focus, attention, and effort. every of these lead students to learn more efficiently. Learning more efficiently is one huge goal that an every educator has. (Logos) Generically students also like to speculate that they are independent, most of the time, if they reall y want to listen to music, then they are most likely going to anyway.This causes kids that are trying to work harder ND learn more to get into trouble, because of a silly and stupid rule. Ask yourself, how do you feel when you listen to your favorite song? (Rhetorical Question) Now imagine if you combined that whimsey with schoolwork. A lot more students would actually want to be at school, and if they want to be there, then they are going to want to give everything they have Into working. (Repetition) Im not saying that everyone will do that but because one person doesnt focus, should that effect the futures of other students.It would be surprising to find out that under a rude, lacking, and disrespectful student could be a Straight A student If you left them alone with their work and their headphones. Kids should be allowed to do their work anyway thats best for them to learn, which Includes allowing kids to listen to music. Tim Duncan By timidity want to give everything they hav e into working. (Repetition) Im not saying that slacking, and disrespectful student could be a Straight A student if you left them anyway thats best for them to learn, which includes allowing kids to listen to music.

Japanese Smes Going Global: Lessons from “German Mittelstand”

united worldwide Business Schools Executive MBA, Brussels Campus International economic science lacquerese SMEs going international Lessons from German Mittelstand By Pascal Gudorf January 2013 Contents 1. Introduction 2. lacquers SMEs and afield business 2. 1 SMEs and their role in the exporting economy 2. 2 Challenges of starting oversea activities 3. Initiatives for the packaging of afield business 3. 1 Public concord transcription for globularizing SMEs 3. 2 Export promotion through and through trade fair participation 3. 3 exotic broadcast investment and monetary die hard 3. Human resources development for spheric activities 4. Conclusion References Figures 2 4 4 6 8 8 10 11 12 13 15 17 1 1. Introduction lacquer and Ger umteen dowery umpteen similar economic characteristics. As the third and fourth monumentalst economies in the world, both boast exceedingly skilled persistence forces and be leading manufacturers of industrial goods such as auto mobiles, machinery, chemicals, electronics and some opposite high-tech products. scarcely opus Ger much has been on a robust recovery track and relatively unaffected by the financial crisis, japans economy has been suffering from deflation and sluggish domestic demand.Its growth prospects are further placid because of its shrinking population. Exports invite been the main driver of economic growth in new twelvemonths. In Germany, trivial and medium-sized enterprises (SMEs) are highly active in planetary trade and responsible for a medium- rotund allot of exports. Germanys midsized companies, known as Mittelstand, are the backbone of its economy. As the German economy is doing well in comparison with many other countries, this is causing people all around the world to take a particularly keen come along atGermany, and especially at the German Mittelstand and its longstanding record of high example and productivity. , nones the Federal Ministry of Economic and Technol ogy (BMWI, 2012). Coined hidden champions by Hermann Simon, the around successful and innovative of them are world-leaders in their field. Although many of them started from humble beginnings and are still family-owned today, they fuddle globalized early on. According to Simons research much than than 1,000 hidden champions exist in Germany, many more than in all other countries combined including lacquer (Simon, 2012).He sees them as the main contributors to Germanys international competitiveness. Some economists and policy- yieldrs therefore recommend other countries to emulate them as a role model. The success of Germanys midsized companies or hidden champions has not gone unnoticed. In its modish White radical on International Economy and pile, japans Ministry of Economy, championship and Industry (METI, 2012, p. 503) refers to Germanys excellent clarified and medium-sized companies which flummox pursued a ii-pillar strategy of high specialization in their field of expertise combined with global grocery storeing.With sales of up to 4 billion euro, many hidden champions start outgrown the size of a traditional SME. But even among German SMEs with less than 250 absorbees according to the definition of the European Commission, about 20% of all companies are engaging in school exports. In contrast to their German peers, most Nipponese SMEs today still remain focused on the domestic grocery store. While their total move over been growing in modern years, less than 3% of all SMEs with less than 300 employees are export-oriented. The contrast is even more pronounced in the case of 2 oreign direct investment. While in Germany 17% of all SMEs go through invested oversea, the percentage among lacquerese SMEs is as low as 0. 3% (METI, 2012, p. 503). The smaller their size, the lower the proportion of companies engaged in exports and foreign direct investment. Although small and medium-sized companies dominate Japans industrial structure, few of them are involved in international trade. Exports pass on traditionally been carried out by general trading companies or by medium-large multinational manufacturers, for which SMEs work as subcontractors in just supplier networks.But as domestic demand is shrinking, many Japanese SMEs need to look beyond their berth turf for business opportunities in new markets. Encouraging SMEs to expand their afield business therefore is seen as an important step towards revitalizing the Japanese economy. The Japanese brass has set up schemes to campaign abroad business expansion. In July 2012, it embarrassd SMEs as one of the four main pillars in its New harvesting Strategy besides healthcare, environment and floriculture. Still, many SMEs seem to lag their German peers in afield activities. What are the factors that keep Japanese SMEs from going abroad?How cigarette regime initiatives effectively address these challenges? And what are their results? establish on company survey s and statistical information of exports and foreign direct investment, this paper will first look into the recent trend of global activities by small and medium-sized businesses in Japan. It will then compare initiatives for the export and investment promotion of SMEs in both Germany and Japan and try to assess their results. By referring to available data and company surveys, the paper will try to show a incontrovertible linkage between overseas activities and job creation at nursing home.It will also argue that government initiatives succeed in backing a companys first steps on a foreign market, but that they have to be accompanied by substantiate activities by the parent company in recite to stiff long-term success. Finally, the paper will highlight fundamental differences in economic structure, management practices and the force market between Germany and Japan, which need to be addressed in aver to further overseas business for Japanese SMEs. 3 2. Japans SMEs and ov erseas business 2. 1 SMEs and their role in the export economyOutside of Japan much of its postwar economic success has been reference worked to automotive and electronic giants such as Toyota, Nissan and Panasonic with their knockout export machines and global manufacturing presence. SMEs have often been ignored despite the life-and-death role they play in the Japanese economy. Companies with less than 300 employees make up 99. 7% of all 4. 2 million companies. They employ 69% of the labor force and create 53% of value-added in the manufacturing arena. The reason for SMEs universe so slim known is that most of them are domestic companies with little or no international exposure.According to the 2012 White wallpaper on Small and fair first steps, nevertheless 2. 7% of all SMEs in the manufacturing sector are export-oriented (SMEA, 2012). The bulk of small businesses remain isolated from international markets and foreign competition. Japan therefore has been described as a dual economy consisting of relatively few large, highly advanced, multinational companies on the one hand and a huge form of traditional, domesticoriented, small businesses on the other. In his 1990 book The Competitive Advantage of Nations, Michael Porter already warned that unless Japan overcame this dualism, its future would be at stake.What he observed, was a pretermit of competition in sectors apart from machinery, automotive and electronics While domestic rivalry is intense in every industry in which Japan is internationally successful, however, it is all but absent in large sectors of the economy (Katz, 1996). Porters inform statement seems to have fulfilled itself twenty years later, as Japan slides into its third decade of lento or no growth. Sectors such as construction, paper, food and agriculture are still characterized by a neediness of international competition. Almost none of these industries have produced successful global players.Nevertheless, there is a arise tendency among small and medium-sized businesses to reach out for global markets. Although still small in number, SMEs with export activities have incrementd by two thirds from 3,568 to 5,937 between 2002 and 2009 (Figure 1). According to Bank of Japan figures, exports accounted for 4. 4% of SMEs sales in 2002, but this had risen to 7. 4% by 2008. Large enterprises saw their exports grow from 23. 7% of sales to 27. 8% over the same period. In sales volumes, SMEs exports doubled to 5 trillion yen (43 billion euro) slice those for big companies grew a more modest 37% to 71. trillion yen (622 billion euro) (EIU, 2010, p. 14). 4 Foreign direct investment by SMEs is also on the rise the number of small businesses in the manufacturing sector investing overseas increased from 2,013 to 2,869 between 2001 and 2009 surpassing that of large manufacturers by almost 20% (SMEA, 2012). In JETROs annual survey among 2,800 companies engaged overseas, 71% of SMEs responded they planned to actively expand their overseas business, while merely 47% intended to expand their domestic trading operations (JETRO, 2012a, p. ). Comparing with earlier surveys, the proportion of companies looking at into business opportunities abroad is one fourth higher(prenominal) than in 2008 showing a steady increase year by year. This recent surge in international activities is due to a number of factors a shrinking domestic market, the relocation of clients manufacturing facilities overseas, the opening up of traditional supplier networks to foreign competition, cheap labor and new business opportunities in emerging markets such as china and Southeast Asia.It is often say that overseas investment will lead to a shift in mathematical product, a hollowing-out of the domestic industrial base, and job redundancies at home. Individual company data, however, put forward that the opposite is the case. According to figure 2, parent companies have grown after the beginning of overseas investment (JS BRI, 2012, p. 95). Comparing SMEs with foreign direct investment with those that have not been active in FDI at all, one fuel clearly show a positive correlation of overseas expansion and job creation at home.SMEs observe other financial and operable benefits of investment in overseas production bases as well, such as an increase in profits, a reduction in cost and a speedier response to requests in their host market (JSBRI, 2012, p. 94). When asked about their regional focus of expansion in the next common chord years, Japanese companies put China on discharge of the list in every category from sales operations to production to R&D. Among the firms operating in China, half of them have located their bases in Shanghai.Thailand, Indonesia and India also rank high and are considered as more attractive sales destinations than the USA and other developed markets such as Western Europe (JETRO, 2012a). Regarding industries, production machinery, chemicals, electrical machinery and fab ricated metal account for 43% of all exporting companies in the manufacturing sector. Looking in more detail at different industries, one can observe significant differences in export orientation. While 15% of all chemical manufacturers and 7% of electronics parts and device manufacturers are involved in exports, only 1. % of all textile manufacturers and just 0. 7% of food processing companies export their products (JSBRI, 2012, p. 250). This drastic falling out highlights the dualism of globally competitive and non-productive, domestic industries. 5 For small and medium-sized wholesalers with up to 100 employees as well, exporters of machinery, equipment, and chemicals prevail, while those for apparel, agriculture and food remain in the minority (JSBRI, 2012, pp. 71-72). But the Japan External Trade Organization (JETRO, 2012b) observes a rising number of companies in the food and non-manufacturing sectors such as retail, wholesale and services.In the fields of agricultural, fores try and marine products and foodstuff, many SMEs, even in the pillowcase of economic headwinds such as appreciation of the yen, are continuing to make efforts to exploit overseas markets. Small companies involved in overseas business, however, still are the exception in Japan, even in the relatively productive manufacturing sector. The proportion of companies with export activities decreases by size. According to the White theme on International Economy and Trade 2011, one out of four manufacturing companies with 401 to 500 employees is involved in exports.For companies with 101 to 200 employees the proportion move further to one out of eight. And when it comes to companies with 41 to 50 employees, only one out every 20 has export activities (METI, 2011, p. 12). The low number overall, and particularly among smaller companies, is impinging when we think of Japan as one of the worlds major trading nations. From the figures above, we can terminate that a major part of the Japane se economy is not taking part in the international division of labor and leaving business opportunities un wiretapped.The conspicuously low number hints at underlying obstacles and challenges clogging overseas market expansion. We will look at these in the next section. 2. 2 Challenges of starting overseas activities As shown above, the proportion of Japanese SMEs developing operations overseas is still rather limited and practise tends to be greater in larger companies and in certain industries. In order to succeed in overseas markets, SMEs face certain barriers and have to overcome many challenges.The Survey on the Enhancement of SMEs engagement through Overseas Business Expansion commissioned by the SME Agency in November 2011, looked at requirements that have to be met for companies to go abroad. More than 50% of all companies with export activities unioned having customers and a reliable married person as vital requirements for starting to export, underlining the importanc e placed on securing customers first (JSBRI, 2012, p. 82). Comparatively high proportions of enterprises also cited intimacy of topical anaesthetic legal musical arrangements, business practices and trends in export markets as well as in-house expertise in exports, suggesting the 6 mportance of building knowledge of export markets and export procedures. One third of the respondents considered financial issues such as financial reserves or the prospect of turning a profit as important, but they did regard them as determining factors. In the case of FDI, however, financial reserves were considered as crucial by three quarters of all companies with overseas sales or production bases. 60% cited the knowledge of the host markets legal system and business practices as important requirement suggesting the need for research and acknowledgment prior to investing overseas.Having customers and reliable partners were also cited by more than half of all respondents. Questioned about challeng es and risks, almost 50% of all companies considered the identification and collection of information on local market needs as particularly difficult. Marketing in the local market, securing business partners and terms of the local market were also cited to be important issues by more than one third of all respondents, while support or credit issues only worried 22%. The lack of adequate tender-hearted resources with international experience is another, if not the most important factor hindering overseas activities.In a 2010 SMEA survey, the failure to secure human resources at home was cited by 37% of all manufacturers as the main reason for giving up plans to invest overseas. It was regarded as more important than retrieveing the right business partner, information collection or financing (METI, 2012, p. 280). JETRO (2012b, p. 15) notes that large Japanese corporations are able to secure and foster global human resources through regular fulltime oeuvre of foreign workers, send ing young workers still new to their respective fields abroad and conducting overseas decision maker training programs.SMEs, however, find it much harder to take such measures and are hesitant to launch business operations overseas without such personnel. This statement hints at a deep-rooted dualism in Japans labor market. While in Germany small and medium-sized enterprises are regarded as popular employers as they provide 83% of vocational training opportunities and stable, long-term career opportunities (BMWI, 2012, p. 4), Japanese jobseekers have tended to favor the security of employment at large corporations over low-paid jobs at SMEs.Traditionally, new university graduates, especially from top-ranked academic institutions, have a strong preference for jobs in well-known corporations or in government entities. The 2013 ranking of the most popular employers conducted by Rakuten (2012) among more than 6,000 students is exceed by Japans largest advertising agency Dentsu, genera l trading company Itochu and the operator of capital of Japan Disney Resort Oriental Land followed by cosmetics brand Shiseido, TokyoMitsubishi UFJ Bank and All Nippon Airways. Among the 100 top-rated companies, none falls into the category of small and medium-sized enterprises. Attracting experienced and skilled workers remains difficult for SMEs, but, as the Economist Intelligence Unit (EIU, 2010, p. 4) notes, tough economic times present an opportunity. According to its 2010 report, the cloud of the recent recession has brought two silver linings for SMEs new entrants to the workforce are showing more interest in working for small companies, and larger businesses that are reluctant to fire workers can transfer the knowledge of experienced rung through employee loan programs. On a similar note, JETRO (2012b, p. 15) observes that there are some SMEs making efforts to expand abroad by independently securing the necessary human resources such as by utilizing foreign students in Japa n, former-trainees who faultless special training courses for foreigners in Japan, Japanese with volunteer work experience overseas, or retirees. Despite the recent growth in overseas activities, many challenges remain.In the following section, we will look at how these are being addressed by government initiatives. 3. . 3. 1 Initiatives for the promotion of overseas business Public support system for globalizing SMEs In Japan, many humankind and reclusive institutions provide support functions for SMEs going abroad on a local and international level. On a global scale, JETRO, a government agency under the METI with 73 offices in 55 countries, plays an important role in promoting mutual trade and investment between Japan and the world.Originally established in 1958 to promote Japanese exports abroad, according to its website, JETROs core focus in the 21st coulomb has shifted toward promoting foreign direct investment into Japan and cooperateing small to medium size Japanese fi rms maximise their global export potential. On the local level, the Organization for Small & Medium Enterprises and Regional basis (SMRJ), established by METI in 2004, supports SMEs through ennead regional offices across Japan, with the objective of SME development and regional promotion. Although its main activities focus on regional development, it has stepped up its support measures for overseas business development by organizing seminars, establishing a support hotline and publishing a Handbook for documentation Overseas Business maturation. To facilitate assistance to SMEs expanding into overseas markets in a more systematic manner, METI has established the Conference on Supporting SMEs in Overseas Business in October 2010 by bringing together government officials and support institutions, such as JETRO, SME associations and 8 inancial institutions. Reflecting the results of interviews with approximately 5,000 SMEs, five key issues for supporting SMEs in overseas business w ere set (1) Information ? Providing necessary information reflecting the needs of SMEs in detail ? Offering consistent support to SMEs by share support records by the conference members (2) Marketing ? Supporting product development, and participation in overseas trade fairs ? Supporting the effective use of the internet for overseas business (3) Human resources development and securing genius ?Helping to develop human resources for overseas expansion through seminars, training ? Helping to secure efficient human resources for overseas expansion through matching (4) Financing ? Enhancing the financial consulting structure ? Facilitating financing for SMEs when doing overseas business (5) Improvement of the trade and investment environment ? Providing information on the establishment of overseas operations ? Assistance regarding tax, labor and intellectual property matters The conference also established concrete action plans for support measures on a global and local level.Actio ns include information gathering and dissemination through the sharing of best practices, overseas business missions, the invitation of international buyers to trade fairs in Japan, virtual marketplaces, advice on legal, technical and financial issues, and exchange programs for international trainees. The conference also planned to hold 2,500 overseas business and investment seminars by the end of fiscal year 2013 or some 700 a year throughout Japan, in cooperation with JETRO and SMRJ and other institutions.Despite the various services on offer, many companies do not make use of them due to bureaucratic procedures or are simply not aware of them. According to research commissioned by SMEA, only 39% of Japanese SMEs that are going overseas have used any globalisation assistance, including government and private-sector support (EIU, 2010, p. 16) For SMEs asking for assistance in their overseas expansion, JETRO is by far the most used while away point. 4% said they used JETRO services as compared to 13% for the chambers of commerce, 11% for banks and 10% for private consulting firms (METI, 2012, p. 280). JETRO provides information on foreign markets through its website and various publications, consulting services and seminars for 9 companies interested in overseas business. Below, we will focus on three fields in particular and try to assess their results. 3. 2 Export promotion through trade fair participation Finding the right business partner and collecting information of overseas markets are two of the challenges cited by many SMEs.Generally, trade fairs have been accepted as highly effective instruments in international market expansion. In recent years, JETRO has stepped up its efforts to promote Japanese companies abroad through trade fairs and trade missions. SMEs, especially firsttime exhibitors who qualify, can participate in these events at favorable conditions. These activities are similar to initiatives by other countries such as the name of the G erman Trade Fair Industry, which supports German companies international expansion at 274 exhibitions ecumenical.For Japan, no information about the annual number of wedt trade fair participations could be obtained, but Japan Pavilions at international trade fairs worldwide bring together more and more Japanese exhibitors, among which many SMEs, under a joint Japan brand. Examples include Medica & Compamed in Dusseldorf, Maison et Objet in Paris and Bio International Convention in Chicago. In order to tap into the demand of emerging nations, JETRO organizes joint pavilions at trade fairs in the BRICS nations, Southeast Asia and the Middle East, such as Arab Health in Dubai and Asia Fruit Logistica in Hong Kong.In November 2012, Japan even had a presence at the capital of Iraq International Trade Fair with 17 private companies and three governmental institutions. In comparison with other support measures such as seminars or business matching, exhibitors at trade fairs often report concrete results, as trade fairs offer the opportunity to gather the modish market trends, generate sales leads, and to find potential business partners. According to a 2010 survey, 40% of Japanese participants in JETRO-supported trade fairs reported direct results, another 30% said they felt indirect results (METI, 2012, p. 80). Surveys on the effects of Japan Pavilions are not yet available, but it can be assumed that relatively unknown SMEs, which are still newcomers to overseas markets, benefit from a joint presence under the Japan brand instead of exhibiting on their own. However, as countries such as Germany, France, the UK, the USA, China, Taiwan and others are aggressively promoting their own national brands, Japan needs to spread over its marketing efforts in order to keep up the publics recognition. The advanced technological expertise cultivated by Japanese SMEs has often been well-recognized.New labels such as Japan Style for design products or Cool Japan for exporting its creative culture such as anime and manga will assistance to open up new sales channels for consumer goods as well. 10 3. 3 Foreign direct investment and financial support When companies set out to explore overseas business development, they find in many cases inadequate information regarding investment climes in foreign countries, and what funding is available to their ventures. Surveys cited above suggest that financial reserves are regarded as the number one requirement for overseas investment.In its New step-up Strategy, the government acknowledges that supporting underfunded SMEs which have proven resources and technologies through a new supporting system is a pressing issue. It refers to the SME financing act expiring in March 2013 and which, if not extended, threatens many ailing SMEs. The government also encourages a change of practice from a collateral and guaranteebased lending to business-based lending in order to diversify fund raising programs for SMEs. For compa nies with overseas investment plans, however, advisory and funding are readily available.Research into the financial institutions servicing SMEs, shows that Japans support infrastructure for overseas ventures is well developed. For instance, SMEs can apply for low-interest financing under the governments fiscal and loan program through three government financial institutions the National Life Finance Corporation, Japan Finance Corporation for Small Business, and the Shoko Chukin Bank. Furthermore, the Japan Bank for International Cooperation (JBIC) supports overseas business development not only for large corporations but for SMEs as well.According to a recent report by Nikkei (Nikkei Net Interactive, January 7, 2012), the government has decided to inject 70 billion yen into a new fund managed by JBIC that will support overseas investment and M by large Japanese companies and SMEs. JBICs Advisory and Consulting Office for SMEs (ACOSME) supports overseas business expansion of Japanes e SMEs by providing the latest information on local conditions and the investment climate in individual countries. The ACOSME also offers consulting services for obtaining long-term financing.Its website (www. jbic. go. jp) introduces the case study of auto parts manufacturer Aikitec from Nagoya, which successfully built production facilities in Indonesia and China by using JBICs financial support. ACOSME also publishes investment guides for major ASEAN countries, and reports on the investment climate in China and Central and East European countries. In attachment to responding to SME inquiries individually, ACOSME also sends speakers to meetings held in many Japanese cities for disseminating information on the foreign investment climate. 1 Looking at the companies which have successfully invested abroad, one might be surprised that 5,630 or 70% of the 7,977 enterprises in total with overseas subsidiaries in 2009 were SMEs (JSBRI, 2012, pp. 75-76). More and more automotive or elect ronics suppliers have set up manufacturing facilities in China, India and Southeast Asian countries. These successful cases, although still limited in relation to the huge potential, show that funding issues can be overcome.When it comes to financing, a 2009 Survey on SMEs International Business Expansion by the Shoko Chukin Bank and Shoko Research Institute shows that the parent company plays a crucial role in the relation with its overseas bases. In order to make FDI more effective, close collaboration between a parent company and its overseas subsidiaries is crucial, notes the Japan Small Business Research Institute (JSBRI, 2012, p. 96) in its SME White news report. In the non-manufacturing sector, financing is regarded as the most important issue.Besides financing, common forms of support provided by parent companies in Japan to overseas subsidiaries include assistance with the launch of new products or services and technical supervision by permanent or visiting staff. 3. 4 Hum an resources development for global activities With the growing importance of overseas markets, SMEs expanding into other countries have to adapt to various local environments. As we have seen above, these SMEs, however, often lack the necessary global human resources.JETRO has identified three core competencies required of global human resources, in addition to foreign address abilities 1) the ability to take decisive action, 2) the ability to effectively convey oneself, and 3) the ability to succeed in a multicultural environment (JETRO, 2012b, p. 15). Public and private institutions have set up several programs to facilitate the securing and fosterage global human resources. The METI Global Internship Program implemented by the Overseas Human Resources and Industry increment Association (HIDA) is targeting young business people.It screens and selects 50 to 100 applicants per year for three to six months long internships in government agencies or Japanese subsidiaries in develo ping countries. According to a METI press release, the programs purpose is to develop global human resources which will play an active part in dramatically-expanding markets in rising countries, acquiring infrastructure business, promoting small- and medium-sized enterprises global expansion and other actions.Other initiatives such as the Career Development Program for Foreign Students in Japan tapped into the potential of excellent students from Asia at Japanese universities. Divided into nine 12 regional chapters, the program, which ran from 2009 to 2012, placed foreign trainees in companies throughout Japan in order to support local businesses. In the Osaka (Kinki) area, its goal was to attract human resources who can bridge Kinki with Asia in business and who can play a central role in the companys expansion of its business overseas, in the advancement of economic globalization.Although large corporations such as Panasonic, Daikin, Omron or Murata were among the participating co mpanies, the program aimed at human resources who can play a key role in the enhancement of technologies and management innovations in medium and small-sized enterprises report for large part of companies in Kinki, particularly in manufacturing companies. According to its Japanese website (www. ajinzai-sc. jp), several trainees decided to join local SMEs in the Kinki area. It brought about some change in the participating companies as well.Companies, which used to be hesitant to take in foreign students at the beginning, started to open up and take in trainees year after year. Although the program brought about some tangible results, it was discontinued after four years at the end of 2012. Programs like these facilitate personal exchange and daily interaction between Japanese staff and foreign employees, but in many companies, especially SMEs, it is still very limited. In order to pay back for their ambitious globalization goals, some companies have taken drastic steps Two f Japan s fastest growing corporations, apparel brand Uniqlo and online shopping company Rakuten, have changed their official terminology to English. Others have started recruiting foreign students, train them and send them overseas. Foreign employees in SMEs, however, remain an exception and in many small companies English skills are still limited. For years, Japanese companies have focused their efforts on manufacturing excellent products and developing innovative technologies. Their international marketing efforts, however, have not followed the same world-class standards due to a lack of ideas and experience.For SMEs to develop business closely involved with global markets, JETRO (2012b, p. 15) concludes, they should focus their energy on hito-zukuri (building people) in addition to mono-zukuri (manufacturing products). 4. . Conclusion In the course of the past decade, Japans small and medium enterprises have make significant progress in their international activities. More and more S MEs tap into business opportunities in overseas markets, especially in fast growing regions such as China and other emerging markets. In international comparison, however, Japans SMEs still remain laggards in terms of export orientation 13 nd foreign direct investment. As companies from Germany or other countries are expanding at an even higher pace, Japans SMEs risk to fall behind. SMEs that plan to expand overseas report many challenges and uncertainties, which the public support system tries to address. Barriers to entry have been lowered as assistance becomes readily available. Currently the Japanese government offers assistance to SMEs via several channels, including JETRO, SMRJ and the Japan Chambers of Commerce as well as through funding assistance for some overseas operations, for instance via loans by the Japan Bank for International Cooperation.Yet, as the Economist Intelligence Unit has pointed out, lack of awareness and complicated application procedures hinder the take- up of such programs. (EIU, 2010, p. 16). Despite all efforts, the number of SMEs involved in overseas activities remains strikingly low. This globalization falling out cannot be explained by barriers to overseas expansion alone, as larger Japanese corporations or companies from other countries face similar challenges. They rather hint at much more fundamental issues, such as a lack of management resources and personnel with language skills and international experience.Internship programs, seminars and other initiatives address the issue of fostering global human resources. But with a few dozen or even several hundred participants a year these initiatives are nothing more than a drop in the ocean. Most SMEs still lack a global mindset. In order to prepare hundreds or thousands of SMEs for their globalization efforts, a nation-wide effort in English education and intercultural training would be needed. Government programs cannot address all the problems small companies have in recru iting welleducated personnel.It is up to the SMEs to be creative and improve their image in order to attract better local and international talent. By focusing on their core strengths of quality, technology, and innovation, Japans SMEs need to create a brand reputation that will make them employers of choice for highly skilled workers and lift their image overseas. Germanys Mittelstand can serve them as a benchmark. The dualism in Japans economy, which Michael Porter observed more than twenty years ago, has not been overcome.It seems to have become even more entrenched as large manufacturers relocate their production overseas and many SMEs are left behind. If Japan wants to keep its competitive edge, it has to help more small and medium-sized companies jump on the bandwagon of globalization. Should it fail, its economy risks to stray even further off course. 14 References Abbreviations BMWI Bundesministerium fur Wirtschaft und Technologie / Federal Ministry of Economics and Technolo gy EIU Economist Intelligence Unit JETRO Japan External Trade Organization JSBRI METI Japan Small Business Research Institute Ministry of Economy, Trade and IndustrySMEA Small Medium Enterprise Agency Bibliographical Sources BMWI (2012), German Mittelstand Engine of the German Economy Facts and figures about small and medium-sized German firms, (www. bmwi. de). EIU (2010), SMEs in Japan A new growth driver? , (www. managementthinking. eiu. com). JETRO (2012a), FY2011 Survey on the International Operations of Japanese Firms JETRO Overseas Business Survey (www. jetro. go. jp). JETRO (2012b), Global Trade and Investment Report 2012 Companies and People Move before Toward Globalization Overview (www. jetro. go. jp).JSBRI (2012), 2012 White root on Small and Medium Enterprises in Japan Small and Medium Enterprises Moving Forward through Adversity (http//www. chusho. meti. go. jp/). Katz, Richard (1996), Japan The System that Soured The Rise and Fall of the Japanese Economic Miracle, M . E. Sharpe 1996. METI (2011), White Paper on International Economy and Trade 2011 Summary. Overcoming the earthquake disaster, and restoring and strengthening global economic networks (www. meti. go. jp). METI (2012), White Paper on International Economy and Trade 2012 Extending the Frontiers of Growth through global linkages (www. eti. go. jp). 15 Rakuten (2012), 2013-nendo-sotsu Shinsotsu shukatsu ninki kigyo rankingu (Ranking of most popular companies for new graduates 2013), (http//www. nikki. ne. jp/event/20120210/). Simon, Hermann (2012), Hidden Champions Aufbruch nach Globalia Die Erfolgsstrategien unbekannter Weltmarktfuhrer, Campus. SMEA (2012), Key Points of the 2012 White Paper on Small and Medium Enterprises in Japan (www. chusho. meti. go. jp/). 16 Figure 1 Export-orientation of Japanese SMEs 7000 6000 5000 4000 3000 01 02 03 04 05 06 07 08 09 reduce of export-orientedSMEs Percentage among overall SMEs 4 3,5 3 2 1,5 1 0,5 Source SMEA (2012), Key Points of the 2012 Whi te Paper on Small and Medium Enterprises in Japan, p. 2 Figure 2 Number of workers in Japan at SMEs starting FDI in fiscal year 2002 (= Index 100) 114 112 110 108 106 104 102 100 98 96 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Enterprises that started FDI in fiscal 2002 and continued through fiscal 2009 (n=53) Enterprises that did not engage in FDI at all between fiscal 1995 and 2009 (n=5103) Source JSBRI (2012), White Paper on Small and Medium Enterprises in Japan, p. 95 17 in % 2,5