Research Proposal Optimum Enp For Oil Spill Remediation.

Research Proposal: Optimum ENP for Oil Spill Remediation Literature Review Summary and Knowledge Gap Oil spill contains crude oil, small amount of heavy metal, refined and unrefined petroleum oil(Intertek, 2015). Due to these toxic chemicals, oil spill is an environmental issue and needs great attention because of its adverse effective in aquatic life and ecological balance. Use of nanomaterials in oil spill remediation is a novice approach. Oil and water separation requires technology with unique wettability, super hydrophobic and oleophilic surface property. This can be achieved with surface modification using nanoparticles. These types of modified nanomaterials will be able to absorb oil or toxic organic compounds from the contaminated†¦show more content†¦The nanowire will be coated with a layer of silica gel and TiO2. This modified ENP will have selective adsorption ability, wide range of oil absorption capacity. It will have magnetic property for quick treatment in the contaminated area (In-situ treatment). The research will also involve in large scale in-situ impleme ntation method that show little to no toxic effect due to the synthesized ENP. Workplan ENP Synthesize The research will start with synthesizing the ENP with three functional property. A MnO nanowire will be grown by hydrothermal method. The nanowire will have a Fe3O4 core and MnO shell. A silica gel coating will be on the nanowire followed by a TiO2 coating using sol-gel method. Characterization The characterization of the synthesized ENP will be done using X-ray diffraction, transmission electron microscopy (TEM), and high resolution-TEM respectively(Stefan et al., 2014). The stability test and surface tension will be calculated using DELVO equations. The composition of the sample will be characterized with Energy Dispersion X-ray(EDX). The characterization will also involve testing the magnetic property. The magnetic force will be determined with simple weight balance and digital caliper(Gomes de Souza, Marins, Rodrigues, Pinto, 2010). The weight variation with a neodymium N42 magnet (external Gauss strength and energy density equal to 13.2 kG and 42 MG  · Oe, respectively) will be used for magnetic force measurement using F_m= ∆mg.

Business Essay - 2086 Words

Improving personal communications is very important to today in the fast moving world. The communication process is very important, it is estmated that 80 percent of messages get deport† For better results replace â€Å"You statements† with â€Å"I statements.† Say I’m concerned...That will bring the person off of the defensive approch. Also discuss things as they happen with out waitng. When you wait things can be losted or forgotten. If you work them out early it will be much easier for you and the other person. Select the right ime and place to discuss something. Like and office away from co-workers or customers or busy phones. So that person has your full attention. nbsp;nbsp;nbsp;nbsp;nbsp;Overwhelming other with your self disclosure is†¦show more content†¦The people who have to come up with ideas aren’t going to say much. If they have an idea they will probably won’t say it at all. That also falls into Attitudes. When working in a company you have to find a role. What I mean by a role is you have to find a common ground of what you have to get done and do it. There will be some gender bias in every company or work place, you just need to find something you like and stick to it. Nonverbal Messages play a huge part. Example if you are the boss and someone is trying to give you an idea they came up with and you are not giving them eye contact, a dirty facial expression, and uncomfotable gestures. The person will feel that you could careless. nbsp;nbsp;nbsp;nbsp;nbsp;When in a work enviroment everyone needs some kind of personal space. When provided personal space people work better and easier and more relaxed. When talking to someone send clear messages try to keep out all the filters. So people won’t be misunderstood. Use words carefully, example use words that are simple, clear and cannot be mistaken. Use repetion when possible send the people an e-mail or leave a message, that will get there attention. Develop listening skill, everytime you talk with someone you’re working on listening skills. Apply that to the next person. Active listening you’re seeing and listening to what they have to say. Empathic listening is good to a company becuase it gives a employee someone to talk to too about personal problems. Here’sShow MoreRelatedBusiness Analysis : Business And Business2361 Words   |  10 PagesEach business has products or services they want to sell to consumers, whether this is the man on the street or a multi-nation organisation, the difference in which person they targets will depend on what the product or service the organisation is offering Business to Business Business to business markets is, for example where to company engage in a transaction of a product or service, this could be a waste management company removing waste from a warehouse that produce a vast amount of waste. 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As the business of the company is over the internet, therefore, It needs to determine that how the internet will further the information and efforts for communication of the company and with whom the information will be sharedRead MoreDesigning A Business Strategy For Business946 Words   |  4 Pagesas purchase-order systems, gaining multiple approvals for business buys, authorizing multiple account users and developing long-term relationships and business partnerships. Many B2B companies are moving toward using their platforms as marketplaces for multiple vendors, manufacturers and B2B sales companies. Offering house credit is a good first step for positioning a B2B company at the top of the chain for this forward-thinking business strategy. When companies share financial interests,. it sR ead MoreBusiness-to-business and B2b E-marketplace814 Words   |  4 Pageslong-term relationship with just one supplier. Relationships among businesses in B2B are very important. 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Below, we would look at two kinds of business model (franchise and tradition al business) , their pros and cons, o r theirRead MoreBusiness Activities At The Business Premises1346 Words   |  6 PagesA. Seller has conducted its business activities at the Business Premises under the name of the Business. To the best of Seller’s knowledge and information, no other person or entity has conducted the same or similar Business at the Business premises, and no other person or entity has any interest in or right to use any of the Assets not previously revealed to Purchaser. B. No person, other than third-party trade creditors, has provided Seller with any inventory, equipment, fixtures, or financingRead MoreAre Profits The Only Business Of Business?1523 Words   |  7 PagesAre profits the only Business of Business? What is the corporation’s social responsibility? Many might say the main idea is that a corporation must go further than carrying out their basic function of purely making profits. 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There Is No Such Thing as Rest Slavery in Colonial America

There is No Such Thing as Rest In There is No Such Thing as Rest, former free man Solomon Northrup was captured and sold into slavery for the period of twelve years. Slavery is now acknowledged as one of the most shameful periods of American history. Slaves were utilized mostly in the American south on the large farms and plantations (Butler 2004). These were heavily agricultural communities which depended on farming to survive and to grow economically and politically. The more product that the Southern colonies were able to harvest and export, logically the more the community would progress. More and more slaves were imported to the New World in order to provide the bodies necessary to continue to make a profit. This, unfortunately, did not stop when America became its own nation and slavery continued as a practice in the new country. This is what led to men like Northrup becoming imprisoned in the system, even if they were born free men. Although the Southern colonies and then states used slaves far more often than their northern counterparts, all the people who were in the United States were accomplices to the travesty that was the institution of slavery. People in the north aided slavery when they knowingly purchased products that were grown in land that was worked by slaves. Slavery became the backbone of the economic system in the Southern colonies and then the southern states. Very few people were willing to take a decisive stance against a practice which wasShow MoreRelatedEuropean Exploration And Conquest Of Latin America1277 Words   |  6 PagesEuropean exploration and conquest in Latin America the indigenous people lived off the land working mainly to support themselves. Despite having conflicts of their own, most Latin American tribes would coexist peacefully relative to what was to come. 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Effective Business Communication - 4674 Words

Research Study on Effective Business Communication At American Express Financial Centre TABLE OF TABLE Table 1: Recruitment Methods 13 Table 2: Forms of written communication 15 Table 3: Formal Meetings 15 Table 4: External Communications 16 Table 5: Informal channels of communication 21 TABLE OF CONTENTS ACKNOWLEDGMENT 4 EXECUTIVE SUMMARY 5 INTRODUCTION TO BUSINESS COMMUNICATION 6 LITERATURE REVIEW 6 PROBLEM OF STUDY 7 OBJECTIVE OF STUDY 7 KEY TERMS 8 BRIEF OUTLINE OF CHAPTERS 9 METHODOLGY 10 UNIVERSE OF THE STUDY 10 LOCALE OF THE STUDY 10 SAMPLE SELECTION 10 DATA COLLECTION 10 ORGANISATION OF DATA 11 ANALYSIS OF DATA 11 INTRAPERSONAL AND INTERNAL COMMUNICATION 12 INTRAPERSONAL COMMUNICATION 12†¦show more content†¦Communication is a two-way activity between two or more people and occurs through various modes, some of which are used more commonly in some workplaces than others. Communication requires that all parties understand a common language that is exchanged with each other. Business Communication is communication used to promote a product, service, or organization. The business communication message is conveyed through various channels of communication, including the internet, print, radio, television, outdoor, and word of mouth. Business communication helps to bridge the gap between planning and execution. Efficient communication matters because business organizations are made up of people and also effective communication within organisation or outside the organisation increase the image as well as goodwill of the organisation in the mind of business partner, employees and consumer. Various research studies have been conducted on this subject and each study has consistently ranked communication skills as crucial for managers. Typically, managers spend 75 to 80 percent of their time engaged in some form of written or oral communication. Business wants and need people with good communication skills. Although often termed a soft skill, communication in a business organization provides the critical link between core functions. 1.1 LITERATURE REVIEW Several experts and authors have worked on the dynamics of business communication. Various studies have indicatedShow MoreRelatedEffective Business Communication1195 Words   |  5 PagesBusiness Communication Introduction Communication process involves exchange of information between the sender and the receiver. The sender transmits a message while the receiver decodes the message sent (Innis, 1950). The key elements of myriad communication models are: the sender, the receiver, the message, the channel or the medium through which the message is conveyed, the context, noise/interference, and feedback (Dimbleby Burton, 1998). Communication will be considered effective when theRead MoreEffective Communication in the Business Meetings2164 Words   |  9 PagesEffective Communication in Business Meetings The great management guru Peter Drucker once said, â€Å"Business communication is all about understanding what has not been said.† Especially today business communication is one of important factors to be successful in the changeling business environment because during opened working environment one can meet lots of others for discussing but how to make an effective communication in business meetings? There are some of factors to impact deeply on resultRead MoreCommunication Is The Most Effective Form Of Business Communication949 Words   |  4 Pagesenvironment communication is major factor. There are two forms of communication: oral communication and written communication. Oral Communication is the process of verbally transmitting to give and exchange information to another person (or people). Oral communication can be formal or informal. Formal types of oral communication are business lectures, presentations at business meetings, commencement speeches. Informal types of oral communication are discussions that take place in a business meeting,Read MoreCommunication Is The Most Effective Form Of Business Communication Essay949 Words   |  4 Pagesenvironment communication is major factor. There are two forms of communication: oral communication and written communication. Oral Communication is the process of verbally transmitting to give and exchange information to another person (or people). Oral communication can be formal or informal. Formal types of oral communication are business lectures, presentations at business meetings, commencement speeches. Informal types of oral communication are discussions that take place in a business meeting,Read MoreEffective Business Communication : The Success Of An Organization1155 Words   |  5 PagesEffective business Communication is crucial to the success of an organization. The ability to communicate successfully with your audience shows your knowledge of the matter and your level of professionalism to h andle the issue. Successful communication, ethical communication, collaboration, listening, nonverbal skills, business messages, direct and indirect approaches, business etiquette and establishing creditability, to name a few, are concepts that influence business communication and the abilityRead MoreThe Need for Internal Communication in an Effective Business747 Words   |  3 PagesCommunication is a basic way for people to interact with each other. It is how they make the other parties understand what they try to say, do something toward it and viceverca. Communication can be done directly by talking straight forward to the person, or indirectly which mean trough media from hand writing in a piece of paper, having conversations trough telephone or even face talking using internet connection, some applications and computer system. Nowadays effective communication is one ofRead MoreEmotional Intelligence And Effective Business Communication959 Words   |  4 Pagesminor here at B entley University, when picking classes, Interpersonal Relations seemed like a good use of an elective course. Originally going into the course I had some knowledge of emotional intelligence and effective business communication. Nonetheless, I knew my personal communication skills were on a less adequate level than they should be, and thought a course would help me understand myself and others better. Now that I have spent the semester learning and analyzing these skills, I feel IRead MoreThe Importance of Effective Cross Cultural Communication in International Business (Research Proposal)2551 Words   |  11 Pagesï » ¿Table of Contents List of Abbreviations Abbreviation Meaning CCC Cross Cultural Communication GLOBE Global Leadership and Organisational Behavior Effectiveness Research Program List of Tables Table 1 shows the advancements of Halls theory over time. The table is based on (Hall, 1976) (House, Hanges, Javidan, Dorfman, Gupta, 2004) (Trompenaars Hempden- Turner, 1997).....................................................................................5 Read MoreEffective Communication Across Cultures: Relating Business to a Person from the Indian Community774 Words   |  3 Pagesvery important in becoming a successful business person in whichever sector one is engaged in; be it technology or finance. However, due to global cultural differences, companies may face several challenges when aiming to expand and become more competent in the market. Therefore, one should seek diverse cultural knowledge from a certain environment before engaging ones business in that specific area. The focus of this study will be on how to relate business with a member from the Indian communityRead MoreDiploma Assessment Cover Sheet Letter1448 Words   |  6 PagesImportance of effective communications in business leadership Importance of Effective Communications in Business Table of Contents Executive Summary Introduction Effective Communication in Management Requires Great Speaking Skills Coaching and Keeping the Information Flowing Conflict Resolving Effective Communication in Entrepreneurship Helps in Sorting Logical Point in Sequences Communication Between Business Owner and Consumer Should be Fluid Communication in Business Development

Sylvia Plath s The Bell Jar, And Her Other Works

â€Å"I desire the things which will destroy me in the end† (Goodreads). In Sylvia Plath’s final days, the things she desired, did in fact annihilate her. Sylvia Plath desired perfectionism and the need to feel like she acquired a meaning. As interpreted in the novel, The Bell Jar, and her other works; Sylvia Plath parallels her own traumatic path throughout her life and her downward spiral during the 1950s, explaining her struggle with her mental suffocation and the inexorable depression that contaminated her mind. Sylvia Plath’s emotional turmoil began at a fairly early age; from the time of her father’s death, to her inability to form a meaningful relationship. Sylvia Plath was born the eldest child of Otto and Aurelia Schoeber Plath on October 27, 1932. When Plath was eight-years-old her father, a professor of Entomology and German at Boston University, died. â€Å"...I adored and despised him, and I probably wished many times that he were dead. When he obliged me and died, I imagined that I had killed him† (Steiner 45). Plath’s work was heavily influenced on the passing of her father, the grief that consumed the pages of The Bell Jar and many of Plath’s other works was the pent-up heartache that Plath felt for the loss of her father. Plath felt that her â€Å"...guilty love...may have caused the loss† and was deeply burdened by it (Ramazani 5). She wrote many different kinds of works; including but not all, The Bell Jar, The Colossus and Other Poems, and Ariel. The Bell Jar wasShow MoreRelatedThe Cause Of Sylvia Plath s Depression1447 Words   |  6 PagesThe Causes of Sylvia Plath’s Depression When reading any works by Sylvia Plath, it is easy to focus on the depression of her writing. However, it is important to understand why she wrote most her works about depression. Plath based her works on her own life experiences. Sylvia Plath’s most commonly known book, The Bell Jar, is thought to be an autobiography. Aurelia Plath, Sylvia’s mother, published the book Letters Home, a collection of all the letters Sylvia wrote to her mother. The letters sheRead MoreThe Bell Jar by Sylvia Plath1211 Words   |  5 PagesSylvia Plath Research Paper Title The Bell Jar place[s] [the] turbulent months[of an adolescent’s life] in[to] mature perspective (Hall, 30). In The Bell Jar, Sylvia Plath uses parallelism, stream of consciousness, the motif of renewal and rebirth, symbolism of the boundary-driven entrapped mentally ill, and auto-biographical details to epitomize the mental downfall of protagonist, Esther Greenwood. Plath also explores the idea of how grave these timeless and poignant issues can affect a fragileRead MoreThe Bell Jar : Literary Analysis2261 Words   |  10 Pages2014 The Bell Jar: Literary Analysis With Author Biography Sylvia Plath is a renowned poet and author. She fantasied the world with her powerful writings. Beloved to the world, she truly changed women s status. She wrote distinctively from her own life experiences. This is cleared showed in her book, The Bell Jar. This book offers a theme of rebirth and a theme of feminism. The 27th of October in 1932, Sylvia Plath was born in Boston, Massachusetts. Her father, Otto Plath, was a collegeRead MoreThe Life of Sylvia Plath1006 Words   |  5 PagesThe Life of Sylvia Plath Sylvia Plaths life, like her manic depression, constantly jumped between Heaven and Hell. Her seemingly perfect exterior hid a turbulent and deeply troubled spirit. A closer look at her childhood and personal experiences removes some element of mystery from her writings. One central character to Sylvia Plaths poems is her father, Professor Otto Emile Plath. Otto Plath was diabetic and refused to stay away from foods restricted by his doctor. As a resultRead More Weaknesses of Esther and Plath Exposed in Sylvia Plaths The Bell Jar1174 Words   |  5 PagesWeaknesses of Esther and Plath Exposed in The Bell Jar   Ã‚  Ã‚  Ã‚   The glass of which a bell jar is constructed is thick and suffocating, intending to preserve its ornamental contents but instead traps in it stale air.   The thickness of the bell jar glass prevents the prisoner from clearly seeing through distortion.   Sylvia Plath writes with extreme conviction, as The Bell Jar is essentially her autobiography.   The fitting title symbolizes not only her suffocation and mental illness, but also theRead MoreAnalysis Of The Opening Line Of The Bell Jar By Sylvia Plath2088 Words   |  9 PagesGirl in the Bell Jar It was a queer, sultry summer, the summer they electrocuted the Rosenbergs, and I didn t know what I was doing in New York (1; ch. 1), the opening line of The Bell Jar by Sylvia Plath, effectively sets the tone for both the life of Plath and the remainder of the novel. Plath s depression and cynical outlook on life fueled the creation of many of her poems and novels, and particularly The Bell Jar in its autobiographical fictional genre. In this way, Sylvia Plath is able toRead MoreThe Bell Jar Themes Essay925 Words   |  4 PagesThe themes in The Bell Jar, by Sylvia Plath, are portrayed through Esther’s unique characteristics. Sylvia’s life experiences and personality contribute to these themes: growth through pain, the emptiness of conventional expectations, and the restricted role of women during the 1950’s. Esther must battle through several obstacles in order to move on with her life. She also feels like she does not fit in with society. Women’s ro le in society during this time also contributes to Esther’s qualitiesRead MoreAnalysis Of Sylvia Plath s The Bell Jar 2248 Words   |  9 PagesFrega English 2.1 May 8, 2015 Sylvia Plath and Depression Sylvia Plath was a young and talented writer with the potential to exceed literary expectations. She was able to write a semi-autobiographical book about her struggle with depression and suicide, putting her personal story into the character of Esther Greenwood. The Bell Jar is the story of the hardships of a young woman named Esther who is clinically depressed and who struggles to keep up with the world around her. Esther struggles with succeedingRead MoreSylvia Plath s Life And Life1209 Words   |  5 PagesAmerican poet Sylvia Plath once stated â€Å"eternity bores me, I never wanted it.† This quote, from her poem, â€Å"Years,† expressed that she did not want to live forever. It even suggested a foreshadowing of her suicide in 1963. This quote is also from one of her many poems, which were greatly influenced by her life. To learn how Plath’s life affected her writing, researchers studied main topics on her life and her works, including her early life, caree r, and literary works. To begin with, one of the topicsRead MoreA Variety Of Literature Revolves Around Identity1826 Words   |  8 Pagesfrom Sylvia Plath’s novel â€Å"The Bell Jar† reveals a complex array of desires and ideals based on high expectations, all of which are never met and aid in her depression. Sylvia Plath parallels her struggle with depression and illustrates the pressures that illicit this psychosis in The Bell Jar. It is plainly woven through 1950s society how women often spiraled into depression from both the restrictions and the high expectancy that conforms them. Esther Greenwood is the main character in Sylvia Plath’s

Economic Growth of the Australia and the China

Question: Discuss about theEconomic Growth of the Australia and the China. Answer: Introduction The countries, which has developed have the economic crisis, and the effects of that crisis are delays in some conditions. Different countries experience the different problems and the different solutions for the problems. Thither is a connection between the countries along with the world economy, which is closer and has the effects on the economy. The recovery that has noticed has the restrictions for some of the states as well as the regions. The crisis regarding the economic development of the countries occurs due to the poverty. The economic growth of the Australia as well as the China has the greatest impact on the guild. This essay includes the comparison between the economic growth of the Australia and the chinaware. How that economic growth involves the society both in a positive way as well as in a negative way. The Australians and the China both are the originating countries. There is the comparison of the economic growth pace for the past five years of both the countries. The Australians and the China are the developing countries, which has increased their coordination with each other and has the demand in the economy for the greater articulation in the global economic affairs (Graduate Institute Geneva, 2010). Australia- GDP The gross domestic product or the GDP is the important measurements for the evaluation regarding the carrying out of the economy of the Australia. The GDP figures have published by the Australian Bureau of Statistics, which has grounded on the annual and the quarterly. Below is the table, which shows the adjustment of the price changes to the gross domestic products for the Australia. This table actually reveals about the economic growth rate of the Australia. The appraisal of the GDP of the Australia is as follows: years economic growth GDP (%) 2011 2.7 2012 3.6 2013 2 2014 2.7 2015 2.4 Australian GDP Growth Performance Economic growth slowedand the recessional of the ten years, the Australia has the growth of the 3.4% because of the average per year. Until 2013, there had an improvement of the economic performance of the Australia and had the growth of the GDP with average 2.7% in the year 2013. The gross domestic product of the Australia is growing about the 3.3% in the second quarter of the 2016-15. At that place was the expansion, which is strong in the June 2012 and that brought the annual growth 2.9% for the year 2015-2016 financial years and went forward about the 100 quarters and do not have any experience in the technical recession. The yearly growth rate of the Australia is averaging about the 3.49% until 2016. The GDP annual growth has reached in the first quarter about the 9%.The economy of the Australia has ruled by the service sector about the 65% of the entire GDP. Nevertheless, the success of the economy has based on the mining, which is the 13.5% of the GDP and the agriculture, whic h is the 2% of the GDP because the Australia is the major exporter of the commodities. The other sectors involve the manufacturing, which is close to the 11% and the construction, which is about the 9.5% (Australia GDP, 2016). Structure of the Gross Domestic Product The demand for the raw goods has increased in the Australia, which leads to the strong rise in the prices of the global commodity. This is the reason for the dynamic growth in the Australian economy. The terms of the trade were also high and caused the substantial rise in the power of the purchasing regarding the households. The price of the commodity was also high, and that is the cause of the boom in the mining investment, especially in coals and the iron. The increment of the Australia has mainly driven by the mining investments for the last 10 years. The Australian economy transits the mining boom from the investment phase to the production stage. The production capacity extends for the iron and the coal and this affects the Australias exports to the Asian market in a positive direction. The financial sector and the mining sector along with the related professionals and the services have increased the importance of the increment rate of the Australia in the past 5/ years. As comp ared, the manufacturing output has shows the shares, which is shrinking. So the result includes the mining and the production of the services instead of goods with the financial sector replaced the manufacturing, which is the biggest single industry in the economy (Australia Economy, 2016). For the calculation of the GDP, the Australian Bureau of Statistics uses three methods: the production, the expenditure, and the income approaches. Production Approach The production approaches estimate the value added of all the producers by deducting the value of goods and services produced by the intermediate consumption, after that add taxes on products, and subtract the subsidies on the product. Expenditure Approach This approach determines the expenditure of the final use of the goods and the services, which includes households consumption final expenditure, final consumption government expenditure, capital formation, and the net exports, which is the difference between the exports and the imports. Income Approaches This approach helps to find out the economies income. The income of the economy has estimated by adding the employees compensation, gross operating surplus, gross mixed income, and the taxes and deducting the subsidies on the production and the imports. The volume has determined at the level of the total GDP by denying the current price, which has determined by the implicit price deflator in the expenditure approach. Each of the approaches is finding out the same value of the GDP in the case of the measures compiled with the help of the sources of the various data. The GDP has categorized annually by the American Bureau Statistics by balance them in supply and using tables. By balancing the supply and with the help of the tables, all the three approaches that find out the value of the GDP are same. The estimation of the GDP has acknowledged by the Australian Bureau of Statistics and about the issues regarding the GDP. As per the Australian Bureau of Statistics, the growth that is quarterly has adjusted in terms are very sensitive for the timing of recording the transactions. If the transactions record has delayed by the one- quarter, the movements of the adjustments have deformed for the three consecutive quarters. The quarterly national accounts are depending on the indicators, which has partial estimated in addition. The concept, as well as the scope of the series of the national accounts with the relevant partial indicator, is different from each other. For the improvements of the accuracy, the American Bureau of Statistics revised the figures with the help of the availability of the accurate information. Press releases that information, in which the data has revised (Trading Economics, 2016). The Importance of the Australian GDP For the measurements of the economic performance, the growth of the GDP has considered as the most important indicator. The changes in the rates of the original GDP has known as the economic growth and the best scale for the ups and the downs of the economy. It has specifically used for the analysis of the short term. The growth figures of the GDP and the GDP report of the government are close to the important information, which gives the information that is important and that information shows the description of the state of the Australian economy. Forecasting the GDP of the Australia The GDP growth of the Australia and its forecasting has described in various sources. The Reserve Bank of Australia, the Government, commercial banks, consultancies are watching the Australian economy and updates the GDP growth of the Australia. The twenty various forecasts on the GDP of the Australia has collected by the Focus Economics and give the average that is consensus forecast through the economists surveyed. From the minimum and the maximum projections of the GDP growth of the Australia, it gives the view about the future GDP growth rate of the Australia. The monthly Focus Economics Consensus forecasting for the Australia and the monthly Focus Economics Consensus for the reports of the Asia are involved in the forecasting is of the GDP growth of the Australia. The availability of both the reports is either on the ad-hoc basis or on the annual subscription. Download that report or buy, which is available in the online stores. The Economic Growth of the China The economy of the China has grown at the slowest rate in 2015, which raises the pressure on the Beijing for addressing the fears about the slowdown, which affects the global markets. The growth about the 6.9% of the full year and shortage due to the expectations of the government of about 7% and the growth in the year of 2014 are about the 7.3%. The growth of the GDP has shown by the National Bureau of Statistics about the 6.8% in the month of the December. The expectations of the past quarter were concerned about the health of the second- largest economy in the world, which discloses the various challenges such as weak exports, the level of the high debt, and the slow investment. The industrial output of the China in the month of December was about the 5.9%, which has compared with the earlier and it has found from the forecasting that there is rise of about 6%. The fear of the China economy has came from the surface of the stock market. The growth of the GDP has not collapsed in t he case of the figures of the fourth quarter are low as compared to the expectations. The additional Government actions have included in the Chinese economy, and that leads to the collapse. There was also the quarterly growth about 6.8% in the market instead of 6% (Trading Economics, 2016). The Chinese economy has extended up to the 1.8% on the second quarter, which accelerates the revised growth about the 1.2% and beats the market expectations about the 1.6% extension and that is the strongest growth for the China in the month of the September 2015. The growth rate of the China has averaged in the 2010 until 2015 about the 1.85%, and in the second quarter of the 2011, it has reached at the 2.50% and now the growth rate of the GDP has declined. The National Bureau of Statistics publishes the report of the growth rate of the GDP of the China (Financial Times Ltd, 2016). years growth rate of GDP in % 2011 9.5 2012 7.7 2013 7.7 2014 7.3 2015 6.9 (Chinability, 2016). The growth of the GDP has declined in 2015 up to the 6.9%. The growth is slow and causes the jitters for the world, as the China is the main parts of the global economy. The prices of the commodity were decreases and the cheaper oil hurting the producers of the oil and the surplus, which came from the steel output are decreases and in the danger of the survival for the national steel industries. The exporters of the China, as well as the investors, are worried about the demand, which has fallen in the market. The China has the fear about the global market as well as the capital, which is present in the country at the unrepeatable pace. The investors have the clues about the equity market of the China and the depreciated value of the currency at the beginning of the year, and the policy makers can make the slowdown, which neglects the financial crisis and the instability of the society for the China (Jones Company, 2016). Components of the Growth of the GDP The main sources for the growth of the China are the final consumption, Gross capital formation, and the net exports, which the difference between the total imports and the total exports. The consumption has not grown immediately, and the exports are declines. The main work for the rebalancement of the Chinese economy has based on the policy makers. The Government started the steering of the economy, which has excluded from the investment and the exports, and the growths are depending on the domestic consumption. Nevertheless, it is difficult to prove that the Chinese households are spending more and saving less. It will require the economic restructuring for the full rebalancing. This involves the state-owned enterprises, which has trimmed down for the over capacity sector like the coal mining and the steel processing, in which the profit is minimum. The indicators of the activity of the China are the fixed assets investment, retail sales, and the production of the industry. The fig ures for the growth of the China, which has included in the demand of the commodity (News Ltd, 2016). The Comparison of the China Growth and the Australia Growth The economy of the Australia has the experienced about the repeated growth and the characterized minimum unemployment, which involves the inflation, low public debt, and the financial system that is strong and the stable. From the 2012, the Australia has the experienced about the continuous economic growth for the 20 years and the average is about the 3.5% a year. The demand for the resources, as well as the energy from the Asia and the China, has grown and creates the channel for the investments of the resources, and the exports of the commodity have grown. The rate of the Australian dollar has become high and affects the manufacturing sector, and the largest parts are the service sector of the Australian economy and accountable for the GDP about the 70% and for the jobs about the 75%. The Australia was not that much affected by the financial crisis because of the banking system remains strong, and the inflation was in control. The Australia is the major exporter of the natural reso urces, energy, and the food. Because of this, the Australia attracts the foreign investments at the high level. It also involves the reserves regarding the coal, iron, copper, gold, natural gas, uranium, and the sources of the renewable energy. The various major investments like the US$40 billion for the project of the Gorgon Liquid Natural Gas are the major reason for the expansion of the resources sector. Australia is one of the markets where there is minimum restrictions regarding the imports of the goods as well as the services. The process has increased the production and the growth and creates the economy with high flexible and the dynamic. The Australia plays the vital role in the WTO, APEC, the G20, and the other forum. The China has moved from the system, which has centrally planned for the market orientation that plays the major role in the global. From 2010, the China becomes the biggest exporter of the world. The beginning of the reforms is the phasing out the agriculture and expansion, which involves the price liberalization, fiscal decentralization, autonomy of the state enterprises increases, creating the system of the diversified banking, growth of the stock market, private sector, and the beginning of the foreign trade and the investment. The implementation of the reforms has done by the China in the gradualist fashion. In the previous years, China was renewing the support for the enterprises, which has state owned and it has considered the important, significant economic security and looking for the competitive national champions. The China keeps its currency associated with the US Dollar for years and it has revalued by the 2.1% against the US dollar and move to the system of the exchange rate that involves the various currencies. In the mid of the 2012, the China has become the second- largest economy in the world after the United States. The value of the dollar of the Chinas agricultural and the output of the industry, which exceeds those to the US, the China has the second position after the US in the production of the services as well as the value. Still, it has the per capita income below the average. The government of the China faced many economic problems such as reduction in the high domestic savings rate and the corresponding demand of the domestic; sustenance of the proper growth of the work about the 10 millions migrants and various economic crimes; contains the damages of the environment and the society, which is related to the rapid transformation of the economic. The growth of the economic has progressed in the coastal provinces than the interior, and by 2011, it has more than the 250 million of the migrant workers, and they are dependent on the reloca tion of the urban areas for finding the work. The other consequences are the population control policy of the China, which has one of the rapidly growing countries in all over the world. The China has deteriorated the environment such as the air pollution, soil erosion, and decreases in the water table especially in North, which has the long-term problem. China lost the land due to the erosion and the economic development. The government of the China seeks to the addition of the production of the energy and the other sources of the coal as well as the oil are focus on the nuclear as well as the alternative development of the energy. In the year 2011, China faces the problems of the high inflation, which has resultants from the program of the credit-fueled stimulus. Some of the measures have taken for controlling the inflation, but the growth of the GDP has slow down about the 8% in the year 2012. The economic slowdown of the Europe has the contribution towards the China. It has furt her expected that there would be the growth of the China in the coming years 2013. Debts have become low from the stimulus program especially in the local government. The price of the property has challenged the policy makers currently. The five-year plan of the government has adopted in the year of 2011, which emphasized about the economic reforms and the increase in the domestic consumption for making the economy less dependent on the exports in upcoming futures. Only China has made the progress, which is marginal regarding the goals (Nationmaster, 2016). Conclusion It has concluded that the economic growth of the China is more as compared to the Australia and the affects of that growth are more than the Australia. References Graduate Institute Geneva.(2010).the financial and the economic crisis and developing countries. Retrieved on 29 september 2016 from https://poldev.revues.org/144 Australia GDP.(2016). GDP in Australia. Retrieved on 29 september 2016 from https://www.focus-economics.com/country-indicator/australia/gdp Trading Economics.(2016). Australia GDP annual growth rate. Retrieved on 29 september 2016 from https://www.tradingeconomics.com/australia/gdp-growth-annual News Limited.(2016). What the Chinese economic slowdown means for Australia. Retrieved on 29 september 2016 from https://www.news.com.au/finance/executive-lounge/what-the-chinese-economic-slowdown-means-for-australia/news-story/655a8cf4f052e34032ca34d7564c8aa0 Trading Economics.(2016).China GDP growth rate. Retrieved on 29 september 2016 from https://www.tradingeconomics.com/china/gdp-growth Jones.D and Company.(2016). China economic growth in 2015 is slowest in 25 years. Retrieved on 29 september 2016 from https://www.wsj.com/articles/china-economic-growth-slows-to-6-9-on-year-in-2015-1453169398 Financial Times Ltd.(2016). The Chinese economy at the glance. Retrieved on 29 september 2016 from https://ig.ft.com/sites/numbers/economies/china Chinability.(2016). GDP growth in china. Retrieved on 29 september 2016 from https://www.chinability.com/GDP.htm Australian Economy.(2016). Australia economic outlook. Retrieved on 29 september 2016 from https://www.focus-economics.com/countries/australia Nationmaster.(2016). Australia and China compared:Economic states. Retrieved on 29 september 2016 from https://www.nationmaster.com/country-info/compare/Australia/China/Economy

Risk Management in Insurance Free Samples â€Myassignmenthelp.Com

Question: Discuss about the Risk Management in Insurance Sector. Answer: Introduction Insurance sector has been increasingly immersed in a permanent updating process that fosters the changes required for adapting in both the new economic environments as well as growing level of safety (Titman, Keown and Martin 2015). In this particular case, general insurer had recently expanded after implementing acquisition as well as organic growth. For attainment of proper strategic planning process, Board need proper management of business interruption risks that will make an effective strategic planning process for the insurance companies. This is essential as Board showed concern regarding lack of effective management because of business interruption risks exposing the insurer regarding increased reputational risk (Sadgrove 2016). This present segment will explain the contribution whereby management of business interruption risks can be effective for proper strategic planning process. After reviewing the current strategy, Board decided working upon the inadequate business conti nuity as well as crisis management planning. Insurance companies have been active after utilizing wide-variety of exchange traded activities. Global demographic changes as well as calamities forced several domestic and international insurance companies for focusing products (Prez?Gonzlez and Yun 2013). This aims at improving the asset and liability management in along with financial risk managerial process as well as systems. Therefore, Insurance company risk managers as well as financial professionals focus mainly on insurance sector learning the sector. It is where insurance companies that identifies, measures as well as monitoring and controlling financial risks (Meyer, Normative and Kunreuther 2016). Explaining the contribution that the management of business interruption risks makes for an effective strategic planning process Business Interruption Risk in Insurance termed as form of Insurance Coverage replacing business income lost because of an event. This majorly interrupts the operational aspects of a business like fire or in case natural disaster (McNeil, Frey and Embrechts 2015). Therefore, Business Interruption insurance is not sold under any separate policy but rather added to the property or casualty policy mainly involved in the comprehensive package policy Business Interruption Insurance Premiums is deducted from ordinary business expenses. This policy type pays out cause of business income loss as covered from underlying property or casualty policies (Malhotra 2015). The amount payable based upon the past financial records of the business. This business interruption risk should be minimized by conducting a proper strategic planning process within the insurance company by the insurer. When it comes for effective decision-making activities, it is essential for keeping account of the legal requirements whereby insurance companies believes in satisfying the following factors as listed below: One of the factors that need to be considered in a proper strategic planning process is ensuring commitment of one of the insurance company Senior Managers (Lucey, Agnello and Laney 2015). In other words, having a project sponsor dedicates sufficient influence for ensuring the backing of all the solved activities. The other factor that needs proper attention is developing the scope of the project after identifying the areas of insurance companies for viewing at the physical locations (Lam 2014). Resource allocation is the factor involving human resources gaining help from project development or financial resources for elaborating activities (Kwon 2015). Other factor involves Business Continuity for smooth process for insurance companies (Hull 2012). Proper Strategic Planning Process will enable various insurance companies for reacting and returning to normal disaster-related business interruption (Hopkin 2014). In a particular insurance company, Strategic Planning Process involves various phases such as: Analyzing the risks from the event of unavailability- Proper Strategic Planning Process in an insurance company consider the elements such as people, technology, suppliers as well as building or infrastructure and information (Gold 2012). This risk of unavailability analyzes on the probabilities for assigning each threats. In other words, this enable the company for ascertaining the additional measures for taking reduced consequences for given case. This will act as a decision tool for prioritizing some of the recovery strategies. There are some of the difficulties associated with the current phase for encountering the risk analysis involving having a log of incidents affecting the insurance companies as well as accessing the necessary information at the same time (Goda 2015). Business Impact Assessment- Proper Strategic Planning Process will analyze the effect of not performing in a set of business continuity process after listing as well as sorting critical recovery-post disaster (Glendon, Clarke and McKenna 2016). This particular step considers as an important step as it defines Business Continuity Plan based on the outcome. Performing Tests- Proper Strategic Planning Process means determining way for facing the disaster after exercising the performance (Embrechts and Hofert 2014). This action plan will enable staff members for verifying the solutions for implementing the procedures as developed for meeting the business requirements of the insurance companies. Further, it will identify aspects for reviewing purpose. Tests can even be performed in various stages as dependent on gaining understanding of matured solutions or implementation procedures at the same time (Eilers and Lawrence 2015). Selection and designing the solutions for recovering the activity- Proper Strategic Planning Process will be analyzed for performing the process for minimizing the recovery time (Dorfman and Cather 2012). These solutions can be well defined after defining the unavailability scenarios of elements for performing the process. Study of the dependence process- Proper Strategic Planning Process enables aspect for possible dependency between processes Business Interruption Risk Assessment used for insurance planning as well as prevention. In other words, this risk assessment help in providing information on business interruption as occurred from the event of a catastrophe (Dionne 2013). In contrast to risk, it majorly deals with technical as well as structural aspects focusing widely on economic damage. Focus is on catastrophic events as opposed by business continuity management for identifying as well as quantifying the documents especially in case of emergency and crisis management purposes (Cummins and Santomero 2012). Business Interruption assessment recommended when a particular business organization takes out plans for renewing the business interruption insurance policy. In other words, this assessment is helpful by reviewing the existing insurance cover (Cole, Gin and Vickery 2013). Therefore, Business Interruption assessment is considered invaluable from contracting a new plant or an existing one at the same time. It is important to consider the fact regarding the companies with interruption risk assessment (Cole et al. 2013). This should conduct workshop with the company management for analyzing the worst-case scenarios as well as developing strategies for ensuring business in getting back to normal phase. This will mainly involve cost calculation after proper examination of level of affordability part. Therefore, insurer should render general information for selecting the most appropriate insurance policy or in case renewing the business interruption insurance. This in other way takes into consideration economic analysis at the catastrophe situation. Henceforth, it requires outlining the measures at the given event of catastrophe and making management aware regarding any preventative measures (Born et al. 2014). Analyzing the risks for the Insurer of inadequate business continuity and crisis management planning Unplanned events have a devastating effect by the insurer on the insurance companies. Some of the crisis includes fire, damage to stock as well as Key staff members suffering from illness. This crisis makes it difficult for carrying out normal day-to-day activities (Blaunstein, Trump and Linkov 2014). This can even give rise to losing of important customers as well as going out of business altogether. In order to minimize inadequate business continuity and crisis management planning, it is essential to conduct good planning by taking proper steps at first place (Bennett et al. 2014). This present segment will take into consideration identifying potential risks as well as preparing for emergencies for testing the business for coping up with the disaster Accidents happen so it is important to consider the fact that business profits as well as company reputation is at risk (Baxter et al. 2013). Shareholders on the other hand depend upon the company livelihood gaining reassurance for minimizing major incidents or occurrence of crisis. Most of the insurance companies make forward-looking statements from the Annual report and accounts. This describes the principal risks as well as uncertainties faced by insurance companies. These are some of the statements involving mitigating ways affecting the risks. The present segment indicates good design as well as management of facilities backing up with proper Business Continuity Plan. Insurance can be noticed as a supplementary mitigated risk for line of defense (Akotey and Abor 2013). On the contrary, combining an effective risk management strategy aligning with suitable Business Continuity Planning The core factor of Business Continuity Planning aims at rendering appropriate level of details for anticipated users. It comes under user-friendly as well as familiar format (Meyer, Normative and Kunreuther 2016).. This act as an adequate means for maintaining business as well as company reputation Need to Plan for Possible Crisis It is important for planning continuously in way of protecting the impact of potential crisis like fire, theft to IT system failure and flood. This is restricted for accessing to premises or staff members suffering from illness. Planning plays an important role for insurance companies that lack resources for coping up at the time of crisis. Plan failure can be a disastrous attribute that need proper attention as far as possible. One of the practical way for catering various needs are divided into Business Continuity Planning in given ways. Risk Management in Insurance offers another form of protection. This is another possibility of loss. Sharing risk among small group of community members act as a mutual aid groups (Meyer, Normative and Kunreuther 2016). During worst times, business can never recover and lead towards cease trading. Planning Process should involve attributes such as: Identifying the potential crisis Determination of attributes used for minimizing the risks from these disasters Setting out activities occurred from business continuity plan Testing the plan on regular basis Benefits of using continuity plan will make sure of coping with the crisis and find ways for minimizing the disruption to the business as well as customers. In other words, this will prove to customers, investors as well as insurers whereby business is robust enough for coping with any crisis and remaining edge by the competitors (Titman, Keown and Martin 2015). Crisis affecting business Depending upon the business specific circumstances, there are wide-variety of possible events constituting the crisis. This crisis includes: Natural Disaster- This particular crisis involves flooding caused by burst water pipes especially on heavy rain or wind damage (Meyer, Normative and Kunreuther 2016). Theft or vandalism- This means theft for computer environment likes proving to be devastating effect. Fire- There are few other situations affecting potential by physically destroying the business (Titman, Keown and Martin 2015) Power Cut- This involves loss of power possessing serious consequences (Blaunstein, Trump and Linkov 2014). IT System Failure- This involves computer viruses, hackers attacks affecting employees possessing ability to work in an effective way. Terrorist attack- This considers one of the risks to the employees in the business operations at the time of terrorist strike. Assessing the possible impact of risks affecting the insurer It is essential to analyze the probability as well as consequences of crisis affecting the insurance business. It takes into consideration assessing the likelihood for a particular crisis concerning possible frequency. This aims at determining the possible impact affecting the operational aspects for the insurance companies (Titman, Keown and Martin 2015). On the contrary, this analysis will help in identifying the business functions for day-to-day running of the business activities in insurance sector. This concludes from given certain roles as well as responsibilities in and across the insurance sector in worst disaster scenario (Blaunstein, Trump and Linkov 2014). Likelihood of risk occurs by grading the probability of a particular crisis presented on a numerical scale. This will majorly help in deciding upon the attitude of the business towards risk assessment activities. It is required for deciding on various low-probability crises possessing damage to the business such as terrorist attack (Meyer, Normative and Kunreuther 2016). Rapid Globalization has increased the connection with potential risk factor. In other words, events occurring in one industry or country give rise to rapid transmission to other industries in and across the globe (Blaunstein, Trump and Linkov 2014). A Pragmatic Solution Business Continuity Plan will take into account factors containing employed competent people for understanding the business. This will have empirical knowledge for various potential crises especially from risk assessments (McNeil, Frey and Embrechts 2015). This particular plan will take into account for factors for preparing as well as guiding a comprehensive on timely manner. Business Continuity Planning needs to be maintained as well as kept up-to-date information. Effectiveness of Business Continuity Planning must be verified by exercising at corporate as well as local level (Meyer, Normative and Kunreuther 2016). Therefore, learning from these tests after allowing continual improvement in providing greater reassurance in maintaining the continuity in the most appropriate way Recommendations The management of the company can make use of an approach that can ensure implementation of the assimilated risk management procedure that is in congruence with the strategic planning process (McNeil, Frey and Embrechts 2015). The management of association between the business interruption risk as well as strategic planning risk can help in integration of risk as well as strategy. The management of the corporation can redesign the existent risk management procedure in order to guarantee assimilation with strategic planning procedures. Therefore, the administration of a firm needs to implement a continuous process that can investigate the overall capabilities of the corporate unit and at the same time the level of flexibility of the unit (Blaunstein, Trump and Linkov 2014). In addition to this, the proposed approach for implementation of an assimilated risk management and at the same time strategic planning procedure include creation of a team led by specialists who are experienced and have done these tasks before. Again, the members or else the participants of the selected team need to be chosen by the respective team leaders. The team leader can act as the specialist or in other words expert who can lead the process of integration of the risk management process and the strategic planning procedure. The effective team can in turn help in the process of development of different scenarios that are essentially driven by data, business driven as well as event determined. The management of the corporation can critically analyze the scenario and examine the degree of acceptability of the risks (McNeil, Frey and Embrechts 2015). Thus, it can be said that the management of business units need to monitor diverse scenario and arrange for regular tracking of particular scenario by various specialists in case if the level of the risks are acceptable. However, if the level of risk associated to the scenario is not acceptable, then the management needs to think about the process of mitigation and process of addressing the detected issues (Blaunstein, Trump and Linkov 2014). In addition to this, the proposed approach also needs to incorporate assimilated risk management procedure that also needs to touch different phases of project, programs as well as portfolios (Titman, Keown and Martin 2015). In addition to this, the mitigation projects also needs to be carried out instantly, the procedure of assessment of risk needs to continuous. The continuous risk mitigation procedure comprises of risk monitoring that acts as a fraction of the entire process of reviewing the program and managing incessantly. Furthermore, the process also involves the identification and mitigation of the residual as well as secondary risks (Meyer, Normative and Kunreuther 2016). In addition to this, the management of the corporation needs to ensure proper identification of the residual risk as well as secondary risks that persists even after implementation of diverse mitigation measures. Again, the residual risks can be considered as the risks that stay behind even after execution of different response policies. However, the secondary risks can be regarded as the direct consequences of the implementation of the risk response. Therefore, the administration of particular needs to make it certain that the risks of the firm is appropriately evaluated as well as managed normally as part of the process of risk management (McNeil, Frey and Embrechts 2015). Creation of symbiotic relationship between risk management as well as strategic planning activities boosting ability for executing strategies and managing ris ks The importance of business continuity planning has been grown rapidly from the past few years. Risk Management as well as Strategic Planning act as tow major key business process as implemented at distinct rates (Blaunstein, Trump and Linkov 2014). There are two integral functions involving in continued separation as well as misalignment leading towards overabundance of potential issues. In case firms fails in incorporating strategic planning into given risk management activities. Without possessing strong understanding of associated risks in aligning with growth strategy for a successful plan Executing a series should be well coordinating in case for Business Planning in way of integration activities for realizing full value of optimized business continuity management (Meyer, Normative and Kunreuther 2016). In other words, Business Continuity Management program integration aligning with sharing governance as well as steering committee members. This reveals involving in Business Continuity Management for proper assessment process. This requires assisting in interview preparation. It means participating in shareholder interviews by listening towards interruption risks for bringing improvement in Business Continuity Planning. Therefore, this concept mainly support towards risk assessment analysis (Blaunstein, Trump and Linkov 2014). Developing Business Continuity Management for informed risk resiliency improvements as well as possible recovery strategies for keeping right focus on cost versus risk reduction benefits Enhancing risk scenario analysis involves viewing at the interruption risk affecting insights (Meyer, Normative and Kunreuther 2016). In addition, conducting Business Continuity Management enables proper conducting proper capability examination in case of post incident analysis. In other words, it requires using more impact way after viewing at the interruption risks in worst scenarios. Performing with the post-interruption event analysis will be determining with the effective programs especially for risk identification and managerial actions at the same time. Performing a Business Continuity Management business renders detailed qualification on interruption risks for bringing improvement for program determination of risk tolerance and acceptance in the most appropriate way (Titman, Keown and Martin 2015). Conclusion At the end of the study, it is concluded that business interruption risks give rise to effective strategic planning process. Every organization is exposed to certain risks. It takes into consideration some of the pure risks such as Fire, Explosion as well as chemical release at the same time. It ensures organization for withstanding any risk or failure of systems for continuing operations without any kind of struggle. Risk Management as well as Insurance Planning requires for an organization for reviewing the risk management strategies opting the risk transfer measures such as availing Insurance cover. Most of the time coordination between technical as well as operational departments considering as unbiased study for technical risk management for future analysis purpose Some of the emerging challenges considers as de regulation especially in Insurance Market. In other words, a global market affects the local markets options in case of self-insurance. Risk and capital management actively seek as well as retain risk emphasizing upon risk and capital management. Focus areas of Insurance Management is identifying internal as well as external pure risks. Existing Risk Control Measures Review with defined guidelines as well as documentation at the same time Reference List Akotey, J.O. and Abor, J., 2013. Risk Management in the Ghanaian Insurance Industry, Qualitative Research in Financial Markets. Baxter, R., Bedard, J.C., Hoitash, R. and Yezegel, A., 2013. Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. 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