Texas State House Bill 11 - 1979 Words

Executive Summary Texas State House Bill 11, effective on September 1, 2015, requires the Hidalgo County Sheriff’s Office and the McAllen Police Department to jointly establish and operate the Texas Transnational Intelligence Center (TTIC). The TTIC will serve as a central repository of real-time information about criminal activity in counties along the Texas border with Mexico, and counties in which a federal checkpoint is located. The Texas Department of Public Safety (DPS) is required to assist in the establishment and operation of the center. Each law enforcement agency in a county along the border, in a county that contains a federal checkpoint, the Texas Alcoholic Beverage Commission (TABC) and the Texas Park and Wildlife Department (TPWD) are required to submit information regarding criminal activity within their jurisdiction to the TTIC. The creation of the TTIC will permit law enforcement agencies along the border area with Mexico identify patterns that could reveal large, organized criminal organizations and operations. The TTIC is necessary because some, but not all, agencies furnish information to the existing Joint Operations Intelligence Centers (JOICs) due to way the JOICs are structured. Thus, the TTIC will provide law enforcement agencies, the Texas legislature, and the public, a more complete picture of criminal activity in the border region. The bill requires each Texas law enforcement agency to implement, by September 2019, an incident-based reportingShow MoreRelatedHistory And Timeline Of Texas877 Words   |  4 PagesNumerous bills have been proposed throughout the history and timeline of Texas. Though many bills have been introduced, only a few from the batch will proceed to the House and Senate committees for further speculation and debate. Bills do not instantly become laws over night. It could take weeks, months or perhaps years for a bill to become a law. There are processes and even sub-processes when reviewing a bill and determining whether or not it shall be passed. Public policymaking includes five importantRead MoreThe Problem Of Human Trafficking739 Words   |  3 PagesImagine being taken from the comfort of your house and family. Then envision that you are forced to either inject or ingest as drugs to give sexual pleasure to one person while the other reaps financial benefits. You are experiencing such atrocity at the same moment in which your loved ones are mourn your loss. Eventually, you are unrecognizable and affected by traumatizing experiences. The effects that you frequently feel are numb and now you are suffer from post-traumatic stress disorder. ThisRead MoreEssay on Texas Policy Report1242 Words   |  5 Pagesï » ¿ Immigration Reform Impacts at the State and Federal Levels GOVT 2306-21405 Fall 2013 Word Count: 1082 Texas has a reputation throughout history of differing views from the federal government in laws and politics pertaining to social, fiscal, and educational issues. On the whole, Texas operates as a largely conservative state. Because of this, policy-making is often right wing. With the institution of a Democratic, liberal president, the State’s dissent from the Federal governmentRead MoreThe Debate Over The State Of Texas Essay1369 Words   |  6 PagesTexas has always been a very conservative state that focuses on protecting the freedoms given by the constitution to the people. However, there are some freedoms that have certainly been challenged as time passes by. This is where the limited government of Texas usually has conflicts with the constantly growing federal government, especially during the last decades when some big problems and controversies erupted, particularly on the issues of mass shootings and gun control. When it comes to gunRead MoreIllegal Immigration And The United States1640 Words   |  7 PagesIntroduction to American Government and Politics 11-11-14 Illegal Immigrants Coming to the United States Illegal immigration and border patrol are becoming two of America’s top problems. The border separates Mexico from the United States, in particular Arizona and Texas. The fence is becoming a bigger issue for illegal immigrants to cross which, in turn, is making it an issue for border security. 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The Texas Constitution, written in 1876, is the second longest state constitution in the nation (Texas GOVT 2306- Week 3 Texas Constitution). The first section of the wordy Constitution is the preamble, followed by sixteen articles divided into subsections. The

Narrative Descriptive Narrative Speech - 1072 Words

I could feel the anger burning inside.This was stressing me out. I could not get it. I had been working on my front walkover for days now. I already had my back walkover. But the front was giving me a rough time. I just had to keep trying though. Maybe if I kept trying I would get it. But as of now I am not sure I will ever get it. I kept working on it, and I kept falling to. Trying to get my front walkover was like when I was trying to get my backflip a few months ago. At first I could not get it and I struggled but I got it in a few days. Except with my front walkover I can not get it. In all the time I have been practicing I have not landed it once. I got ready to try it once more. I put my hands up, and stepped with my foot. I got†¦show more content†¦This was because I could not get my front walkover and she knew it. She also knew that I needed help, but I did not want help. I began to realize that I needed her help. A few minutes later the time came. â€Å" Can you help me?† I asked quietly, â€Å"Why?† She replied, â€Å"because I can land my front walkover,† I said angrily. â€Å"Sure,† she replied. This had made me feel a lot happier. Because now I might have a shot at landing it. Hailey began giving me tips on what I could do better. She also told me what I was doing wrong. She had told me lots. She was like a old person with lots of knowledge. I really liked the fact that she was helping me though so I did not care what she seemed like. She said that I need to straighten my legs and arms so I can have balance. I did both of these things and I got closer to landing it. At this point I was feeling much happier than earlier. I was regaining hope. I also felt more confident in myself now that I had help. I felt like I would soon succeed at it. I was getting a lot better. With Haileys help I am to the point where I can almost land it. I was feeling awesome. Especially now that I knew I had a shot at landing it. â€Å"Step slower. You are stepping to fast that is why you are landing on your knees,† she said kindly. â€Å"Okay,† I replied out of breath. I got in my position and got ready to start. This time when I started I had straight arms, straight legs, and straight body. I put my leg out getting ready to start. At this point IShow MoreRelatedExpository Writing : Writing, Expository, Persuasive, Descriptive, And Narrative757 Words   |  4 Pages Just like anything else, writing has different expressions. Writing is a form of communication; the person is writing to inform, persuade, describe, or tell a story. There are four main types of writing styles, expository, persuasive, descriptive, and narrative. We then choose what we want to read according to our interest in each category. Let’s look at expository writing. Expository writing is usually developed around one topic and is used to describe or inform you about a particular subjectRead MoreThe Narrative Style Of Angela Merkel, Chancellor Of Germany1036 Words   |  5 PagesNarrative intelligent leaders are significant to organizations, as they lead by storytelling, they are simultaneously influencing others through trust and communication. The purpose of this communication analysis is to highlight and describe how the narrative leader style of Angela Merkel, Chancellor of Germany, ultimately inspires her followers. First, it will provide insight by outlining her narrative approach based on her speeches, presentations, and podcasts in addition to, the literature availableRead MoreThe Heroine in A White Heron Essay530 Words   |  3 Pagesstory of the battles within a little girl in her formative years in life. The story has a deeper meaning though, expressed in the involvement of much symbolic representation. The author, Sarah Orne Jewett, paints a vivid and descriptive image of the young heroine and her surroundings in the story. I will try to primarily focus on the symbolism and representation in the story. I will also mention the subtle references the artist made to the biggest struggle in a youngRead MoreAnalysis Of Sandra Cisneros Twelve And Ray Bradbury s The Veldt1230 Words   |  5 Pagesrealistic characters by using descriptive writing with the use of literary devices, utilizing dialogue that reflects their young ages and developing the characters by encountering various types of narrations. The authors use realistic characters to provide a better reflection about the coming of age as a theme. Writers utilize descriptive writing to create a clear depiction of people, objects or events by emphasizing important events in a plot. Along with descriptive writing, literary devices areRead MoreThemes from Genesis 1-111238 Words   |  5 Pagesgenres. There are prose narratives, Ancient poetry and songs, legal writings (Law) and Prophetic revelations. Prose narratives: In spite of the designation, Torah, the Pentateuch is basically a prose narrative; a third-person descriptive account of early Israelite history interspersed with prayers, speeches and other types of direct discourse. Narrative examples are found in Genesis (cf. Abraham s intercessory prayer for Sodom Ââ€"Genesis 18:22-33), Exodus (cf. Yahweh s speech to Moses Ââ€"Exodus 3:7-12)Read MoreThe Sick Rose vs. London: a Poetic Comparison1225 Words   |  5 Pageswoe† in the passersby’s faces to blood running down the palace walls, and finally the harlots cursing in the street in order to give the reader a clear mental picture of what he is trying to get across. Similarly in Sick Rose Blake uses highly descriptive phrases, as the â€Å"invisible worm â€Å" and â€Å"howling storm† . Through this imagery both poems are able to convey an evil force that threatens to destroy life in some form. In London it is the internal corruption of the mon archy and church at the timeRead MoreEssay about Rhetoric Analysis of the Jungle809 Words   |  4 Pagesquestions. Sinclair masterfully demonstrates these in a speech featured in his novel, The Jungle. Periodicity, also referred to as periodic sentences, is defined as long and frequently involved sentence in which the sense is not completely known until the last word. This is usually an exclamation or climactic sentence. Sinclair used this to gain the attention of the audience by drawing them in to a big finish. The person giving the speech in Sinclair’s novel states, â€Å"Months pass, years maybe-andRead MoreGeorge Orwell s The Perils Of Indifference : Lessons Learned From A Violent Century954 Words   |  4 Pagesfrom a Violent Century† (Wiesel 289) both examine the effect of human actions. Wiesel’s speech is the more persuasive due to the emotional element as well his plainly stated view upon indifference, whereas Orwell’s narrative leaves the reader questioning his action. Elie Wiesel born in 1928 is a Jewish holocaust survivor, who later in life won the noble peace prize and published over 40 different books. The speech The Perils of Indifference: Lessons Learned from a Violent Century was given at the whiteRead MoreTypes Of Non Fictional Writing920 Words   |  4 Pagesthe greatest songs and greatest movies are non-fiction. Non-fiction has paved the way we look at everything, because it is real and accounts actual history. There are four main types of non-fictional writing: narrative, expository, persuasive, and descriptive. The first type is Narrative Writing. This type of non-fiction tells a true story about a person, event or place. Sometimes this kind of non-fiction can be written in the first person, but it always involves some research on the writer’s partRead MoreAnalyzing Graham Greene‚Äà ´s ‚Äà ºThe End of the Party‚Äà ¹1098 Words   |  5 Pagesrelate to the twins’ own senses, and symbolism to deliver a revelation of things to come for the two. There is also a central theme of the anxiety of being in the dark that encompasses the younger brother throughout the tale. The scenes are very descriptive in establishing the setting, providing personal dialogue between characters, and developing the personalities of the two boys over the course of the story. From the opening, the author is very graphic on how he sets the scene where the older brother

Cases On Liabilities Undisclosed Principal â€Myassignmenthelp.Com

Question: Discuss About The Cases On Liabilities Undisclosed Principal? Answer: Introducation The common law which rules over the relationship which is present between an agent and a principal is the agency law. As per this law, the principal is accountable and has the responsibility towards the third party for work which is done by the agent. This is due to the fact that the agent is the one who represents the principal when they communicate with the third party (Benett, 2014). So, a deal which is made with the agent is considered as one made by the third part with principal. The raison d'tre for holding the principal accounting is the requirement of protecting the third party due to the fact that third party is unaware of the level of authority which is granted to the agent or about the presence or absence or the kind of relationship which is present between a principal and an agent (Hynes, 2014). In Australia, there are two authorities under the common law of agency, and these are actual authority and ostensible/ apparent authority. Under the actual authority given to the agent, the agent is given either the express authority or the implied authority. In the express authority, the agent is told expressly what has to be done and what their authority is. In the implied authority, the authority is given in an implied manner, which is usually incidental to the express authority which has been granted to the agent (Cohen, 2017). The other form of authority which is given to the agents, and probably which attracts a lot of controversy is the ostensible authority. Under the ostensible authority, the conduct of the principal is such that the third party forms a notion that the agent has been given the particular authority to go forward with the task at hand. In short, the apparent authority is apparent through the conduct of the principal. The key point in this authority is that the agent is never given an express authority to do so and only the same is perceived to be present (Allen Kraakman, 2016). The leading case quoted for the purposes of making a case of ostensible authority can be found in the English case of Watteau v Fenwick [1893] 1 QB 346 (Deodhar, 2013). In this case, Watteau was the supplier of the cigars to a beer house and this place was operated by Humble. The sign of the business bore his name and even the license was in Humbles name. Watteau supplied the cigars to Humble and he was not aware of the involvement of Fenwick. Fenwick had never given the authority to Humble to act on his behalf. When the plaintiff was not paid the outstanding amount of 25 pounds, he brought a legal action against the defendant. The court gave the decision in this case in favour of the plaintiff and stated that Humble had the general authority to act on behalf of the defendant due to the display of name on board and on the license. Hence, the plaintiff was compensated for his outstanding payment pursuant to an order of the court by the defendant (H2O, 2013). To establish the presence of authority, the case of Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB 4 is amongst the well established cases. The post of director in this case was held by the company and a legal battle had been initiated with this cases plaintiff for the non payment of the architectural fee. The director of the company around whom the case was cantered had never been appointed at the post of managing director of the company but he always portrayed that he was indeed the managing director of the company. Furthermore, the directors of the company also held out the particular director as being the managing director of the company and nothing was done on part of the directors of the company to undo this portrayal. This knowledge of the directors led to the court holding the company accountable for paying the unpaid debts in terms of the architect fee and so, the plaintiff was paid the outstanding sum (Baidu, 2011). This case presented with it four different conditions which are required to be present for undertaking the acts by the agents based on apparent authority. Out of these four, only three are applicable on the Australian companies. In the first condition, the holding out condition is covered. Based on this condition, the representation has to be made through words or through the conduct of the principal, in front of a third party, in which the agent undertakes the words on behalf of the principal and where it is clearly shown that the agent had the requisite authority for entering into the contract in question or the transaction which was undertaken. Under this case, the second relevant condition was that this particular representation had to go from the company who was the holder of the actual authority for undertaking the transaction or for acting on behalf of the company. The last condition in is that the third party has to rely upon representation which was made by the agent when th e transaction in question was being undertaken (Krawitz, 2002). In line with the ruling of this case was the one given under Devren Pty Ltd v Old Coach Developments Pty Ltd and Ors[2015] QSC 53, in which Claires authority had been put under question. But the court had held that Claire had the required apparent authority even when he was not the director of the company and as a result of this, the company was liable for the acts which were done by Claire (Cooper Grace Ward, 2015). Application The facts which are given under the case study point towards Kevin being an agent, who was undertaking transactions on behalf of Mudkey. The reason for holding Mudkey as the agent was that he was appointed by the company as one, after they became aware about the business opportunity. Kevin would also be considered as having the required authority to contract on behalf of Mudkey as he has apparent and actual implied authority. The case of Watteau v Fenwick proves helpful in establishing the presence of actual implied authority. As was present in this case, Kevins name had been displayed prominently on the website of the company as he was holding the post of development manager and it was also shown that a leading role was being played by Kevin in the development of the business of Kevin. This implied that Kevin had the required authority for going forward with the business management and for placing the business service order. Hence, on the basis of the quoted case law, the implied au thority was present with Kevin; and as a result of this, the company has to take responsibility towards Anthony and would be liable for making the requisite payment. It is crucial that the three specific points which were raised in the case of Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd, are applied here as these were particularly in the context of the Australian companies. Kevin was clearly being depicted as the agent of the company due to the prominent display of his name and the company holding out him as their agent. There was a representation which flowed from the website of the company to the third party. And the last condition s also fulfilled as reliance was made by Anthony on the presence of authority to act on behalf of the company with Kevin. This would mean that on the basis of apparent authority, Kevin has the relevant authority which would bind Mudkey for the undertaken actions by Kevin. The failure of business cannot be cited as an excuse for the absence of authority. The applicability of Devren Pty Ltd v Old Coach Developments Pty Ltd and Ors would further strengthen the case presented here and Mudkey would have t o go forward with making the payment. As Mudkey had done so, under the threat of legal action, they did the right thing and avoided a legal case from being made against them. To conclude, in this case, Kevin was the holder of both actual implied authority and apparent authority which would require Mudkey to be responsible for the transaction which took place between Anthony and Kevin. The scope of authority is something which is changed on the basis of the manner in which the agency is created, particularly the type of the authority which is given to the agents, as have been previously highlighted. Through this essay, an attempt has been made to show the manner in which this change occurs. The previous segment of this discussion highlighted that there are actual and ostensible authority as the two bifurcations of the agency law authority. In the actual authority, the mutual agreement between the principal and the agent gives rise to the authority and the existence of this authority is based on the particular facts of the case. The general rule is that the principal would be made liable for the acts of the agents only when these are done on the basis of the authority given to the agents and on the basis of the scope of this authority. When the agent crosses the boundary of the authority, given to them, the legal responsibility of the principal is ended, towards the third party. And when such a thing takes place, the agent is made personally liable for the acts done by them towards such a third party as the implied warranty of authority is breached by them (Cox Hazen, 2016). In TB Bright v Kerr [1939] SCR 63, the ratio stated that where the principal is to be made accountable for the actions undertaken by the agent till such period of time, where they act on the basis of the scope of authority given to them (Lexum, 2017). Hence, the express authority, where is crossed by the agent, would make the agent personally liable instead of the principal being made accountable for the agents work. When it comes to the case of implied authority, the work is undertaken by the agent, which is incidental or is necessary for the express authority to be properly executed. Hence, in implied authority, such task is done by the agent which is incidental to the express authority, for holding the principal liable (Fullan, 2014). Though, the game changes when the question of ostensible authority comes into play. This is because under ostensible authority, the principal is made legally responsible even when the agent has not been given the authority to work on their behalf. The reason for this is that under ostensible authority, the agent seems to have the authority which is needed for acting upon a particular transaction through the words or conduct of the principal and where the prudent individuals would form a view that the agent had the required authority for going forward with this task. Since the third party is made to believe that the requisite authority is present with the agent, even when the reality is different, there is a clear need to hold the principal liable (Owen, 2014). And an example of this could be inferred from the previous segment of this document. So, in case of ostensible authority, the principal would be liable even in absence of authority as a result of the doctrine of holding out, through which the principal is stopped from denying the presence of authority particularly due to the reliance of the third party on the representation made (Kelly, 2013). This can again be established through Hely-Hutchinson v Brayhead Ltd [1967] 1 QB 549 case. Here also, the company was made legally liable for the actions which were undertaken by Richard as a result of the presence of requisite authority (Austlii, 2017). To conclude the discussion which had been undertaken through discussion, it becomes very clear that the scope of the authority is changed with the manner of agency creation. For instance, in express authority, the principal would not be liable for going beyond the express authority provided by them. And in case of ostensible authority, the principal is legally responsible even beyond the authority given to the agent. References Allen, W. T., Kraakman, R. (2016).Commentaries and cases on the law of business organization. The Netherlands: Wolters Kluwer law business. Austlii. (2017). HELY-HUTCHINSON v. BRAYHEAD LTD. Retrieved from: https://www.austlii.edu.au/au/journals/SydLRev/1969/8.pdf Baidu. (2011). Freeman Lockyer v. Buckhurst Park Properties. Retrieved from: https://wenku.baidu.com/view/4f0019ec5ef7ba0d4a733b93 Bennett, H. (2014). Principles of the Law of Agency. Portland: Hart Publishing. Cohen, G. M. (2017). Business Law and Economics of Agency and Partnership.The Oxford Handbook of Law and Economics: Volume 2: Private and Commercial Law, 399. Cooper Grace Ward. (2015). Companies and perils of ostensible authority: the danger of paying money to a third party and not to the creditor. Retrieved from: https://www.cgw.com.au/publication/companies-and-perils-of-ostensible-authority-the-danger-of-paying-money-to-a-third-party-and-not-to-the-creditor/ Cox, J., Hazen, T. (2016).Business organizations law. St Paul, MN: West Academic. Deodhar, R.P. (2013). Common Law Cases on Liabilities of Undisclosed Principal. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2195467 Fullan, M. (2014).The principal: Three keys to maximizing impact. West Sussex: John Wiley Sons. H2O. (2013). Watteau v. Fenwick. Retrieved from: https://h2o.law.harvard.edu/cases/2442 Hynes, J. D. (2014).Agency, partnership, and the LLC: the law of unincorporated business enterprises: selected statutes and form agreements. New Providence, NJ: LexisNexis. Kelly, C. (2013). Reconciling the Irreconcilable: Ostensible Authority after Kelly v Fraser.King's Inns Student L. Rev.,3, 1. Krawitz, A. (2002). Protecting Outsiders to Corporate Contracts in Australia. Murdoch University Electronic Journal of Law, 9(3). Lexum. (2017). T.G. Bright Co. Ltd. v. Kerr. Retrieved from: https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/3580/index.do Owen, D. (2014).Products Liability Law, 3d (Hornbook Series). St Paul, MN: West Academic.

Love Essay Research Paper When we think free essay sample

Love Essay, Research Paper When we think about the definition of love, it s non easy to believe of one specific definition, or even one sort. Since love, to every individual, is felt otherwise and is defined as so many different things such as a feeling, a individual, or a manner of life, it is hard to embrace a true reading of what it means. In ancient Grecian doctrine, philosophic pillars such as Plato and Socrates frequently divided love into two separate classs: earthly and heavenly. If one experienced earthly love, one was overcome by lecherousness and feelings of sexual desire instead than rational desire. If love was shared spiritually and intellectually between two work forces, with godly aspirations, it was heavenly love. In today s society, we tend to split love into three classs because the love we feel for different people is different. The three classs are: love for parents and household members, love between friends and love between adult male and adult female. We will write a custom essay sample on Love Essay Research Paper When we think or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The first type of love, love for parents and relations, is manifested through fraternity and inherent aptitude. Parents, kids, and other relations have been stating each other # 8220 ; I love you # 8221 ; for rather some clip. The phrase is frequently put to utilize at vacations or other household assemblages. Most frequently it is the kids and grownups who say # 8220 ; I love you. # 8221 ; The kids say it because it s what they ve been stating since they could speak and it s what their parents say to them many times throughout the twenty-four hours. The grandparents say it because they know the true deepness behind the words. # 8220 ; I love you # 8221 ; can be said when there are non plenty words to depict feelings. I love you can be said when there are excessively many words to depict feelings. # 8220 ; I love you # 8221 ; can be said as a manner of stating # 8220 ; Thank you. # 8221 ; And # 8220 ; I love you # 8221 ; can raise the liquors of a sad bosom. Even though non everyone in a household tells each other they love one another, The 2nd type of love, love between friends, is shown through company. The love friends portion for each other is different than that of household members. Friends come and go, but merely the true 1s stay. Friends support each other through midst and thin. They tell each other things they wouldn t dream of stating a household member and swear them to maintain it a secret. Even though friends may non hold on everything, they are willing to listen to each other s sentiments. Friends aren t expected to give up everything for each other, but, as the relationship required, friends will be at that place for each other to state # 8220 ; it ll be all right, # 8221 ; or # 8220 ; I m happy for you. # 8221 ; The last, most common emotion associated with love is that which is shared between a adult male and adult female. This is the most prevailing signifier of love. The difference of this type of love from the other two is that the relation ship may affect sexual Communion. Love between work forces and adult females involves the connection of the two on an rational degree every bit good. It can be seen in about any successful matrimony that the understanding a hubby and married woman have for each other can be quite exceeding and unlike any other relationship. When two people come to cognize each other so good through the brotherhood that love brings, it is as if they become one, in that they have pure apprehension for each other s demands and feelings. It is at this point when they can truly experience love. True love is that which brings positive result for both persons, and is non dependent on, but grows from the physical facet of the relationship. If a twosome can turn and larn together and go better persons from a brotherhood, they will see love to its fullest.

Postmans Review essays

Postman's Review essays Amusing Ourselves to Death, by Neil Postman informs us on the evolution of communication. Neils views are expressed clearly in the text through his opinions and views. I believe that you distinguish his standpoints strong passionate that he writes on his ideas. Along with his passion I sense his attitude, by coming forth in the beginning of the paperback and saying, ..as plainly as I can, this book is an inquiry into and a lamentation about the most significant American culture fact of the second half of the twentieth century: the decline of the Age of Typography and the ascendancy of the Age of Television(p.8). I deem that this statement shows his straight views, how he says things the way that he really believes, and this is the case through the book. He takes us through the evolution of communication by talking of its birth in the New England Region of the United States and its growth from there. He discusses the meaning of epistemology and how it pertains to his written text, and his broad thoughts. From the epistemology, he moves on to the written word and how it developed in many diverse directions. At the birth of our nation there were no; emails, telephones, or printed material floating around. With these conveniences not in our reach the only tool for communication was found in between our chins and noses: our mouths. Using our mouths as the only implement for communication made things difficult. With this it took a long time for people to be informed on what was going on in the country. People heard everything by what was passed on from the person next to them. So, when there was breaking news about in the country how reliable and accurate do you think that it was? How different do you think that news was from when it started eventually until it ended? For instance with the tragedy on September 11, how long do you think that it would have taken for us Kansans to hear of this? How ...

Analysis of Optimal Conditional Heteroskedasticity Model

Analysis of Optimal Conditional Heteroskedasticity Model Abstract: Recently cryptocurrency markets have seen an immense growth. Bitcoin is one of the most popular cryptocurrencies accounting for the highest share of all cryptocurrency markets, even though it still remains rather unclear whether it resembles more to a currency, a commodity or an asset. Previous research has shown that Bitcoin is often used for investment purposes, a fact that suggests the importance of analysing its volatility. In this article, we examine the optimal conditional heteroskedasticity model, not only in terms of goodness-of-fit, but also in terms of forecasting performance, an area which has been underexplored in the case of Bitcoin. According to the results, the optimal conditional heteroskedasticity model that can fit the series is not the same as the one that can forecast it better. As modelling GARCH effects in Bitcoin market effectively is crucial for appropriate portfolio management, our results can help investors and other decision makers make more informed decisions. Keywords: Bitcoin, Cryptocurrencies, GARCH, Volatility, Forecasting JEL classification: C22, C5, G1 1. Introduction Over the last few years, the analysis of Bitcoin has drawn a lot of both public and academic attention. Bitcoin is the first implementation of a concept called â€Å"cryptocurrency†, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority, but the first Bitcoin specification was published in 2009 in a cryptography mailing list by Satoshi Nakamoto ( Bitcoin.org 2017 ). The market of cryptocurrencies has grown remarkably with Bitcoin being considered the most famous cryptocurrency, with an estimated market capitalisation of $ 19.6 billion (coinmarketcap.com accessed on 8th March 2017), which currently accounts for around 84.4% of the total estimated cryptocurrency cap italisation. An overview of Bitcoin can be found in, e.g., Becker et al. (2013), Dwyer (2015), Frisby (2014), Bà ¶hme et al. (2015) and Selgin (2015). Hence, Bitcoin is only briefly introduced here. It has been previously argued that Bitcoin shares some elements of currencies. However, recent fluctuations in Bitcoin prices (see Figure 1) have resulted in unpredictable volatility undermining the role Bitcoin plays as a unit of account (Cheah and Fry 2015), while users have adopted Bitcoin not only as a currency but also for investment purposes. In fact, new users tend to trade Bitcoin on a speculative investment intention basis and have low intention to rely on the underlying network as means for paying goods or services (Glaser et al. 2014). The Bitcoin market is thus highly speculative at present, and therefore Bitcoin may be mostly used as an asset rather than a currency (Baek and Elbeck 2015; Dyhrberg 2016a). Moreover, recent studies have examined the hedging capabilitie s of the Bitcoin (see, e.g., Dyhrberg (2016a, b), justifying the view of it as an asset, as well as the role of different exchanges in the price discovery process of Bitcoin (Brandvold et al. 2015), while it has also been previously shown that cryptocurrency markets share some stylised empirical facts with other markets, e.g., a vulnerability to speculative bubbles (Cheah and Fry 2015). Consequently, Bitcoin has a place in the financial markets and in portfolio management (Dyhrberg 2016a). Bitcoin has posed great challenges and opportunities for policy makers, economists, entrepreneurs, and consumers since its introduction (Dyhrberg 2016b), while Bitcoin price volatility seems to be a major concern for most of the general public at this time (Bouoiyour and Selmi 2016). As a result, studying Bitcoin price volatility is of high importance. Following the extensive literature on modelling financial asset prices using the family of Generalised Autoregressive Conditional Heteroskeda sticity (GARCH) models, recently there has also been an increased interest in modelling Bitcoin price volatility using similar methods. Previous studies have used different types of GARCH models when examining the Bitcoin price volatility.For example, the simple GARCH model has been employed by Glaser et al. (2014), Gronwald (2014) and Dyhrberg (2016a). On the other hand, other studies have considered extensions to the GARCH model in order to study asymmetries in Bitcoin price volatility. For instance, the Exponential GARCH (EGARCH) model has been used by Dyhrberg (2016a) and Bouoiyour and Selmi (2015, 2016), the Threshold GARCH (TGARCH) ( GJR-GARCH ) model has been employed by Dyhrberg (2016b), Bouoiyour and Selmi (2015, 2016) and Bouri et al. (2017), while the Asymmetric Power ARCH (APARCH) and Component with Multiple Threshold-GARCH (CMT-GARCH) models have been used by Bouoiyour and Selmi (2015, 2016). Nevertheless, it is rather unclear which conditional heteroskedasticity mo del should be used when studying the Bitcoin price volatility. Previous studies of the Bitcoin price volatility have focused mainly on the use of a single conditional heteroskedasticity model, without comparing different GARCH-type models , though , with the only exceptions being the studies of Bouoiyour and Selmi (2015, 2016), which have split [PK1] the sample into different sub-periods, though , and the study of Katsiampa (2017/forthcomng?), which has not considered the risk-return relationships, though [PK2] . In addition, little attention has been paid to forecasting the volatility of the Bitcoin prices. To the best of the author’s knowledge only the study of Bouoiyour and Selmi (2016) has examined the forecasting performance of the CMT-GARCH and APARCH models, but no study has compared the predictive ability of different GARCH models with regards to Bitcoin. Consequently, we aim to contribute to the literature by investigating which conditional heteroskedasticity mode l can describe and forecast the Bitcoin prices better. The remainder of the article is organised as follows: The next section presents the models employed in this study. The data and methodology used in the study are discussed in the third section, while the fourth section details our empirical results. Finally, the conclusions drawn and the implications are presented in section five. 2. Models In this section, the models used in this research are introduced. The models consist of an Autoregressive model for the conditional mean and a first-order GARCH-type or a GARCH-in-Mean-type model for the conditional variance [1] , as follows , , , where is the Bitcoin price return on day , is the error term, is a white noise process, is the conditional standard deviation, and hence is the conditional variance. When is equal to zero, the resulting model is the autoregressive model with a GARCH-type specification for the conditional variance, while when is different from zero a GARCH-in-Mean-type specification for the conditional variance is obtained. Adding the standard deviation to the mean equation measures the risk and helps with the identification and measurement of any risk-return relationship. The conventional GARCH(1,1) model is represented by , with , and . The GARCH model (Bollerslev 1986) is undoubtedly one of the most popular models for describing the conditional variance of financial returns. Nevertheless, since its introduction, there have been proposed many extensions of the GARCH model and there have been a lot of advances in modelling the conditional variance. Hence in this study, we also consider five extensions to the linear GARCH model, namely the EGARCH model of Nelson (1991), the TGARCH model introduced by Glosten et al. (1993), the APARCH model proposed by Ding et al. (1993), the Component GARCH (CGARCH) model of Engle and Lee (1999) and the Asymmetric CGARCH (ACGARCH) model. All these models constitute example s of extensions of the simple GARCH model and have attempted to describe the conditional variance more accurately. Moreover, compared with the simple GARCH model, the EGARCH, TGARCH and APARCH models allow for different volatility responses to opposite signs of the previous shocks. More specifically, the EGARCH model is defined as , and considers the asymmetric volatility responses to negative news, that is , and positive news, , as given by the sign of , if is different from zero. The TGARCH model is given by , where is the indicator function, with if and 0 otherwise, suggesting that positive shocks and negative shocks have again different effects on the volatility, if is different from 0. On the other hand, the APARCH model is defined as , where , , , and . This model imposes a Box-Cox power transformation of the conditional standard deviation process and the asymmetric absolute residuals (Ding et al. 1993). Furthermore, in contrast with the G ARCH model, the conditional variance of which shows mean reversion to , which is a constant for all time, the CGARCH model allows for both a long-run component of conditional variance, , which is time varying and slowly mean-reverting, and a short-run component, , and is defined as . Christoffersen et al. (2008) demonstrated that by including both a short-run and a long-run component allows the CGARCH model to outperform the GARCH model. Finally, the Asymmetric Component GARCH (ACGARCH) model combines the CGARCH model with the TGARCH model, introducing asymmetric effects in the transitory equation, and takes the following form , where is a dummy variable which indicates negative shocks, while positive values of suggest the presence of transitory leverage effects in the conditional variance. 3. Data and methodology The data consists of daily closing prices for the Bitcoin Coindesk Index from 19 th July 2010 to 10 th January 2017. The estimation sample cover s the period between 19 th July 2017 and 31 st December 2017 leading to a total number of 2357 observations, while the remaining ten observations are used in the forecasting sample. The Bitcoin CoinDesk Index is listed in USD and the data are publicly available online at http://www.coindesk.com/price. The data are converted to natural logarithms, and then the returns are defined as , where is the logarithmic Bitcoin price index change and is the daily Bitcoin price index on day . Figures 1 and 2 illustrate the Bitcoin prices and price returns, respectively, in the estimation period. We start the empirical analysis by producing descriptive statistics for the Bitcoin price returns, while the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit-root tests are also performed to examine the stationarity of the returns. As will be seen in the next section, the results show that the series is stationary. In order to choose the best model in terms of fitting to d ata, three information criteria, namely Akaike (AIC), Bayesian (BIC) and Hannan-Quinn (HQ), are employed. For given data sets, all of these information criteria consider both how good the fitting of the model is and how many parameters there are in the model, rewarding a better fitting and penalising an increased number of parameters. The preferred model is the one with the respective minimum criterion value. However, since model selection is often not only based on a model’s goodness-of-fit to data, but also on forecasting performance, it is important to also check the models’ predictive ability, as a better fitting model does not always lead to better forecasts. Hence, the best model specification in terms of forecasting is selected according to the Root Mean Squared Forecasting Error (RMSE), Mean Absolute Forecasting Error (MAE) and Mean Absolute Percentage Forecasting Error (MAPE), all of which are used as measures of forecasting performance. Although the RMSE is one of the most commonly used measures of predictive ability, the additional measures have been used in order to verify the results. [2] The models’ forecasting performance is evaluated based on out-of-sample forecasts, and model selection is examined in terms of both multi-step-ahead and multiple 1-step-ahead forecasting. The preferred model is the one with the lowest values of the measures of predictive ability. Fig. 1 . Daily closing prices of the Coindesk Bitcoin Index (US Dollars). Fig. 2 . Daily Bitcoin price returns. 4. Results Table 1 reports the descriptive statistics for the daily returns of the Bitcoin price index. The daily average closing return is positive and equal to 0.5805% with a standard deviation of 0.0606. Moreover, the returns are positively skewed, indicating that it is more likely to observe large positive returns, and leptokurtic as a result of significant excess kurtosis. The Jarque-Bera (JB) test confirms the departure from normality, while the results of the ARCH(5) test for conditional heteroskedasticity show evidence of ARCH effects in the returns of the Bitcoin price index. Therefore the Autoregressive model for the conditional mean needs to be combined with an Autoregressive Conditional Heteroskedasticity process to model the conditional variance. It can be noticed that the ARCH effects can also be observed from Figure 2 where large (small) price changes tend to be followed by large (small) price changes over time. Furthermore, the results from both the Augmented Dickey-Fuller and Phillips-Perron unit root tests indicate that stationarity is ensured. Table 1. Descriptive statistics and unit roots tests. Panel A: Descriptive statistics Observations 2357 Mean 0.005805 Median 0.000741 Maximum 0.528947 Minimum -0.388309 Std. Dev. 0.060607 Skewness 0.873024 Kurtosis 15.64823 JB 16010.55*** ARCH(5) 56.56059*** Panel B: Unit root test statistics ADF -46.90888*** PP -47.56848*** Note: *** indicates the rejection of the null hypotheses at the 1% level. Next, the estimation results of the GARCH-type models are discussed. The conditional mean equation includes a constant and an autoregressive term, while the conditional variance is modelled by various competing GARCH models. The model parameters are estimated by using the maximum likelihood approach under the Gaussian distribution. Table 2 presents the estimation results of each model. These include the model parameter estimates, the log-likelihood values and the three information criteria values. In addition, the ARCH(5) test to check whether the conditional heteroskedasticity is eliminated and the Ljung-Box test for autocorrelation with 10 lags applied to squared residuals, as well as the Jarque-Bera (JB) test of norm ality of the residuals have been used as diagnostic tests, the results of which are also reported in Table 2. According to the results, both the AIC and HQ information criteria select the AR(1)-ACGARCH(1,1) model as the preferred model in terms of fitting to data, followed by the AR(1)-CGARCH(1,1)-M and AR(1)-CGARCH(1,1) models, suggesting the important role of having both long-run and short-run components of conditional variance. The log-likelihood is also maximised under the AR(1)-ACGARCH(1,1) model. On the other hand, the preferred model according to the BIC is the AR(1)-CGARCH(1,1), followed by the AR(1)-ACGARCH(1,1) model. The latter result could be explained, though, by the fact that the BIC penalises more a higher number of model parameters, and hence the selection of the AR(1)-ACGARCH(1,1) model seems appropriate. It can also be noticed that for the AR(1)-ACGARCH(1,1) model all the parameter estimates are statistically significant. Moreover, the results of the ARCH(5) an d tests applied to the squared residuals of the AR(1)-ACGARCH(1,1) model indicate that the selected AR(1)-ACGARCH(1,1) model with Gaussian distribution is correctly specified because the hypotheses of no remaining ARCH effects and no autocorrelation cannot be rejected. Furthermore, despite the fact that the residuals still depart from normality, the value of the Jarque-Bera statistic associated with the residuals of the AR(1)-ACGARCH(1,1) model is much lower than the corresponding value for the raw returns. Consequently, the AR-ACGARCH model seems to be useful to describe the volatility of the returns of the Bitcoin price index. This result seems to be consistent with the study of Bouoiyour and Selmi (2016) [PK3] who found that the best model for the period from December 2010 to December 2014 is the CMT-GARCH model, which also includes both transitory and permanent components as well as thresholds related to positive and negative shocks. With regards to the out-of-sample for ecasting performance, the five- and ten-day-ahead forecasts as well as the five and ten 1-day-ahead forecasts of the twelve competing GARCH-type models were generated. We then compared the models’ forecasting performance based on the three mean loss functions (RMSE, MAE and MAPE). Table 3 reports the obtained results, while the bold numbers indicate the best model in terms of forecast accuracy. An interesting finding is that overall the information criteria for model selection in terms of goodness-of-fit do not agree with the measures of predictive ability. Even though the minimum RMSE values of the 10-step-ahead and ten 1-step-ahead forecasts were both given for the AR-CGARCH model, a result which is consistent with the Bayesian Information Criterion, the results of the other two measures of predictive ability (MAE and MAPE) showed that there are other models that perform better than the AR-ACGARCH and AR-CGARCH models when it comes to forecasting. More specifically, the minimum RMSE values of the 5-step-ahead and five 1-step-ahead forecasts were both given for the AR-EGARCH-M model. On the other hand, the lowest MAE and MAPE values of the 5- and 10-step-ahead forecasting as well as those of the five 1-step-ahead forecasting were all given for the AR-EGARCH model. The lowest MAE value of the ten 1-step-ahead forecasting was also given for the AR-EGARCH model, while the lowest MAPE value of the ten 1-step-ahead forecasting was given for the AR-APARCH-M model. In summary, according to our estimation results the AR-ACGARCH model is preferred to the other competing models in terms of volatility estimates for the returns. However, the preferred model in terms of forecasting is overall the AR-EGARCH. This result is crucial for portfolio management and decision making in general by individuals who use Bitcoin for speculative purposes. Finally, it should be noted that the model parameters were estimated under the Student- t and GED distributions as well, but as there was no improvement in either the goodness-of-fit or forecasting performance, the results are not reported here. [3] This is in contrast with the results of the study of Bouri et al. (2017) who found that the TGARCH(1,1) model under the GED density is the best fit. 5. Conclusions Over the last few years cryptocurrency markets have grown to a great extent, with Bitcoin having attracted a lot of attention from both the public and researchers. This article aimed to offer a discussion into Bitcoin price volatility by selecting an optimal GARCH-type model in terms of both goodness-of-fit to data and forecasting performance chosen among several extensions. It was found that even though the best model in terms of goodness-of-fit is the AR-ACGARCH, a result which is consistent with previous studies [PK4] , with regards to forecasting performance the best model seems to be overall the AR-EGARCH. Consequently, if the objective is to find the best model in terms of pr edictive ability, model selection based on information criteria only might not be adequate. As Bitcoin can combine some of the advantages of both commodities and currencies in the financial markets (Dyhrberg 2016a), it can be a useful tool for portfolio analysis and risk management. Hence, individuals in portfolio and risk management need to get a more detailed view of the Bitcoin price volatility. Our results may thus have important implications mainly for investors but also for other decision makers, such as policymakers, as they can enable them to make more informed decisions.

What do you see as the advantages and disadvantages of being a native Essay

What do you see as the advantages and disadvantages of being a native speaker and a non - native speaker of English - Essay Example Through the global influence of native English speakers in cinema, airlines, broadcasting, science, and the Internet in recent decades, English is now the most widely learned second language in the world. Many students worldwide are required to learn at least some English, and a working knowledge of English is required in many fields and occupations1. According to Ethnologue (2000) English is spoken in 105 countries, it is the dominant or official language in more than 60 of the world’s 185 nation-states recognized by the United Nations. It has 55,000,000 first language speakers in the United Kingdom, 210,000,000 in the USA, 17,100,000 in Canada, 15,682,000 in Australia, 3,500,000 in South Africa, 3,213,000 in New Zealand. Native English usage concerns to the greatest extent the countries mentioned in the order: USA >>> UK > Canada > Australia > South Africa > New Zealand > Ireland > and other 98 countries. Although the available counts are very divergent, all of them agree on a greater number of non-native than native speakers of English in the world. Another factor which adds to the variability of English is hundreds of dialects (Katarzyna Dziubalska-Kołaczyk, 2005). Today, many countries have taken up English as their second language. As a result many young people and adults are involved in the study of English. Indeed this interest has lead to the popularity of this language to such an extent as it is considered to be an international language. Whereas today there are more native than non native speakers of English, in the coming decades the more and more non native speakers will take up English as an international language. In other words more bilingual speakers of English will use this language for several purposes particularly for cross cultural communications within there own borders. The use of English as an international language has been brought about by the continuing spread of English. This spread has resulted in a variety of