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  INTERNATIONAL PARITY RELATIONSHIPS AND FORECASTING FOREIGN EXCHANGE RATES 1

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  1. Give a full definition of arbitrage.

  2. Discuss the implications of the interest rate parity for the exchange rate determination.

  3. Explain the conditions under which the forward exchange rate will be an unbiased predictor of the future spot exchange rate.

  4. Explain the purchasing power parity, both the absolute and relative versions. What causes   the deviations from the purchasing power parity?

  5. Discuss the implications of the deviations from the purchasing power parity for countries’ competitive positions in the world market.

  6. Explain and derive the international Fisher effect.

  7. Researchers found that it is very difficult to forecast the future exchange rates more accurately than the forward exchange rate or the current spot exchange rate. How would you interpret this finding

  8. Explain the random walk model for exchange rate forecasting. Can it be consistent with the technical analysis?

  *9. Derive and explain the monetary approach to exchange rate determination.

  10. Explain the following three concepts of purchasing power parity (PPP):

  1. The law of one price. b. Absolute PPP.
  2. Relative PPP.

  11.  Evaluate the usefulness of relative PPP in predicting movements in foreign exchange rates on:

  1. Short-term basis (for example, three months)

  1. b. Long-term basis (for example, six years)
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  International Finance: SOLUTIONS TO Chapter 11(b) PROBLEMS

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  3. Gizmo, U.S.A. is investigating medium‑term financing of $10 million in order to build an addition to its factory in Toledo, Ohio. Gizmo’s bank has suggested the following alternatives:

  Type of loan	Rate
  3-year U.S. dollar loan 3-year Euro loan 3-year Swiss franc loan	14 8 4

  1. What information does Gizmo require to decide among the three alternatives?

  1. Suppose the factory will be built in Geneva, Switzerland, rather than Toledo. How does this affect your answer in part a?

  5. In September 1992, Dow Chemical reacted to the currency chaos in Europe by switching to Euro pricing for all its products in Europe. The purpose, said a Dow executive, was to shift currency risk from Dow to its European customers. Moreover, said the Dow executive, the policy was fairer: By setting the same DM price throughout Europe, Dow’s new policy would nullify any advantage that a Dow customer in one company might have over competitors in another country based on currency swings.

  1. What is Dow really trying to accomplish with its new pricing policy?

  1. What is the likelihood that this new policy will reduce Dow’s currency risk?

  1. How are Dow’s customers likely to respond to this new policy?

  8. Cost Plus Imports is a West Coast chain specializing in low‑cost imported goods, principally from Japan. It has to put out its semiannual catalogue with prices that are good for six months. Advise Cost Plus Imports on how it can protect itself against currency risk.

  11. Lyle Shipping, a British company, has chartered out ships at fixed‑U.S.‑dollar freight rates. How can Lyle use financing to hedge against its exposure? How will your recommendation affect Lyle’s translation exposure? Lyle uses the current rate method to translate foreign currency assets and liabilities. However, the charters are off‑balance‑sheet items.

  13. In 1985, Japan Airlines (JAL) bought $3 billion of foreign exchange contracts at ¥180/$1 over 11 years to hedge its purchases of U.S. aircraft. By 1994, with the yen at about ¥100/$1, JAL had incurred more than $1 billion in cumulative foreign exchange losses on that deal.

  1. What was the economic rationale behind JAL’s hedges?

  1. Did JAL’s forward contracts constitute an economic hedge? That is, is it likely that JAL’s losses on its forward contracts were offset by currency gains on its operations?

  16. In 1990, a Japanese investor paid $100 million for an office building in downtown Los Angeles. At the time, the exchange rate was ¥145/$1. When the investor went to sell the building five years later, in early 1995, the exchange rate was ¥85/$1 and the building’s value had collapsed to $50 million.

  1. What exchange risk did the Japanese investor face at the time of his purchase?

  1. How could the investor have hedged his risk?
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  International Finance: SOLUTIONS TO Chapter 11(a) PROBLEMS

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  5. On January 1, the U.S. dollar: Japanese yen exchange rate is $1 = ¥250. During the year, U.S. inflation is 4% and Japanese inflation is 2%. On December 31, the exchange rate is $1 = ¥235. What are the likely competitive effects of this exchange rate change on Caterpillar Tractor, the American earth‑moving manufacturer, whose toughest competitor is Japan’s Komatsu?

  7. In 1990, General Electric acquired Tungsram Ltd., a Hungarian light bulb manufacturer. Hungary’s inflation rate was 28% in 1990 and 35% in 1991, while the forint (Hungary’s currency) was devalued 5% and 15%, respectively, during those years. Corresponding inflation for the U.S. was 6.1% in 1990 and 3.1% in 1991.

  1. What has happened to the competitiveness of GE’s Hungarian operations during 1990 and 1991? Explain.

  1. In early 1992, GE announced that it would cut back its capital investment in Tungsram. What might have been the purpose of GE’s publicly announced cutback?

  11. Assess the likely consequences of a declining dollar on Fluor Corporation, the international construction‑ engineering contractor based in Irvine, California. Most of Fluor’s value‑added involves project design and management; most of its costs are for U.S. labor in design, engineering, and construction‑management services.

  14. The Edmonton Oilers (Canada) of the National Hockey League are two‑time defending Stanley Cup champions. (The Stanley Cup playoff is hockey’s equivalent of football’s Super Bowl or baseball’s World Series.) As is true of all NHL teams, most of the Oilers’ players are Canadian. How are the Oilers affected by changes in the Canadian dollar/U.S. dollar exchange rate?

  15. South Korean companies such as Goldstar, Samsung, and Daewoo have captured more than 10% of the U.S. color TV market with their small, low‑priced TV sets. They are also becoming more significant exporters of videocassette recorders and small microwave ovens. What currency risk do these firms face?

  18. Black & Decker Manufacturing Co. of Towson, Maryland, has roughly 45% of its assets and 40% of its sales overseas. How does a soaring dollar affect its profitability, both at home and abroad?

  19. The shipbuilding industry is facing a worldwide capacity surplus. Although Japan currently controls about 50% of the world market, it is facing severe competition from the South Koreans. Japanese shipyards are extraordinarily productive, but at current price levels were just about breaking even with an exchange rate of ¥240 = $1. What are the likely effects on Japanese shipbuilders of a yen appreciation to ¥180 = $1? The South Korean won has maintained its dollar value.
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  International Finance: SOLUTIONS TO CHAPTER 4 PROBLEMS

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  1. From base price levels of 100 in 1987, West German and U.S. price levels in 1988 stood at 102 and 106, respectively. If the 1987 $/DM exchange rate was $0.54, what should the exchange rate be in 1988? In fact, the exchange rate in 1988 was DM 1 = $0.56. What might account for the discrepancy? (Price levels were measured using the consumer price index.)

  3. In early 1996, the short-term interest rate in France was 3.7%, and forecast French inflation was 1.8%. At the same time, the short-term German interest rate was 2.6% and forecast German inflation was 1.6%.

  1. Based on these figures, what were the real interest rates in France and Germany?

  1. To what would you attribute any discrepancy in real rates between France and Germany?

  4. In July, the one‑year interest rate is 12% on British pounds and 9% on U.S. dollars.

  1. If the current exchange rate is $1.63:1, what is the expected future exchange rate in one year?

  b.Suppose a change in expectations regarding future U.S. inflation causes the expected future spot rate to decline to $1.52:£1. What should happen to the U.S. interest rate?

  5. If expected inflation is 100% and the real required return is 5%, what will the nominal interest rate be according to the Fisher effect?

  6. Suppose that in Japan the interest rate is 8% and inflation is expected to be 3%. Meanwhile, the expected inflation rate in France is 12%, and the English interest rate is 14%. To the nearest whole number, what is the best estimate of the one‑year forward exchange premium (discount) at which the pound will be selling relative to the French franc?

  9. The inflation rate in Great Britain is expected to be 4% per year, and the inflation rate in Switzerland is expected to be 6% per year. If the current spot rate is £1 = SF 12.50, what is the expected spot rate in two years?

  10. If the $:¥ spot rate is $1 = ¥218 and interest rates in Tokyo and New York are 6% and 12%, respectively, what is the expected $:¥ exchange rate one year hence?

  12. Suppose that on January 1, the cost of borrowing French francs for the year is 18%. During the year, U.S. inflation is 5%, and French inflation is 9%. At the same time, the exchange rate changes from FF 1 = $0.15 on January 1 to FF 1 = $0.10 on December 31. What was the real U.S. dollar cost of borrowing francs for the year?

  14. Assume the interest rate is 16% on pounds sterling and 7% on the Euro. At the same time, inflation is running at an annual rate of 3% in Germany and 9% in England.

  1. If the Euro is selling at a one-year forward premium of 10% against the pound, is there an arbitrage opportunity? Explain.

  1. What is the real interest rate in Germany? in England?

  2. Suppose that during the year the exchange rate changes from Euro2.7/£1 to Euro2.65/£1. What are the real costs to a German company of borrowing pounds? Contrast this cost to its real cost of borrowing Euro

  1. What are the real costs to a British firm of borrowing Euro? Contrast this cost to its real cost of borrowing pounds.

  15. Suppose today’s exchange rate is $0.62/Euro. The 6-month interest rates on dollars and Euro are 6% and 3%, respectively. The 6-month forward rate is $0.6185. A foreign exchange advisory service has predicted that the Euro will appreciate to $0.64 within six months.

  1. How would you use forward contracts to profit in the above situation?

  1. How would you use money market instruments (borrowing and lending) to profit?

  1. Which alternatives (forward contracts or money market instruments) would you prefer? Why?
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  Paranormal and Pseudoscience Research Essay Assignment: A Social Fantasy

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  Paranormal and Pseudoscience Research Essay Assignment

  Write a research essay that explains a paranormal claim using critical thinking and skepticism. IMPORTANT: Your essay MUST focus on the ordinary, down-to-earth, scientific explanation for the claim, NOT the extraordinary, supernatural, paranormal explanation.

  This is an explanatory essay. Regardless of your personal opinion, you should be able to write an essay that accurately represents the ordinary, down-to-earth, scientific explanation for the extraordinary, supernatural, paranormal claim.

  Your essay should do the following:

  1. Present the specific paranormal claim and the best evidence offered by the supporters of the claim.
  2. Present the ordinary, down-to-earth, scientific explanation of the paranormal claim and the best evidence offered by skeptics of the claim.
  3. Discuss how belief in paranormal claims might adversely affect both the individual and the society at large. How might thinking skeptically and demanding extraordinary evidence for extraordinary claims favorably affect both the individual and the society at large? Why is it important for a person to develop solid critical thinking skills and employ skepticism when evaluating any claim, whether made by a paranormal enthusiast, website or blogger, As-Seen-On-TV advertising campaign, politician, or spiritual leader?

  Your essay must focus on the ordinary, down-to-earth, scientific explanation of one of the following paranormal or pseudoscientific claims:

  • UFOs are spacecraft piloted by extraterrestrial aliens.
  • Extraterrestrial aliens routinely abduct human beings, often at night from their bedrooms, in order to perform invasive medical procedures designed to create alien/human hybrid beings.
  • “Ancient alien” extraterrestrials built the Egyptian and other pyramids (or any other claim about “ancient aliens”).
  • “Ghost hunters” are able to detect and communicate with the disembodied spirits of the dead using a variety of tools and methods, including EMF detectors, EVP records, photography and video, dowsing rods, and psychics.
  • Humanity is frequently provided with “signs from heaven” in the form of images of Jesus, Mary, or other sacred icons that appear in unexpected places, such as tree bark, water stains on a windowpane, or a grilled cheese sandwich.
  • The Ouija board can be used as tool to communicate with the dead.
  • Near death experiences (NDE) prove there is an afterlife and humans have a “soul” that survives death.
  • Faith healers can cure disease.
  • Exorcism rids people of demonic possession.
  • Satanic cults sacrifice children and babies in worship to the devil (a form of Satanic Ritual Abuse).
  • Big Foot, the Loch Ness monster, and/or the Chupacabra exist as flesh and blood creatures as yet discovered by science.
  • Nostradamus predicted major world events in the quatrains he wrote in the 16^th century, including the 9/11 attacks.
  • The Bush administration knew in advance about the attacks on the World Trade Center and the Pentagon on September 11, 2001 and allowed them to happen or even planned and executed the attacks.
  • Alternative medicine is just as safe and effective at healing diseases as conventional medicine.
  • Vaccines cause autism.
  • Life on earth did not evolve, but was created by an intelligent designer.

  To help your essay be as relevant as possible for your reader, use specific, current examples, such as:

  • The 2009 movie The Fourth Kind uses fakeumentary techniques to try to convince the audience a large number of people have been abducted from Nome, Alaska, by extraterrestrial aliens.
  • The Animal Planet’s Mermaids: The Body Found uses fakeumentary techniques to try to convince the audience mermaids really exist and “the government” of the US is conspiring to keep their existence secret.
  • The Discovery Channel’s Megalodon: The Monster Shark uses fakeumentary techniques to try to convince the audience a giant shark called megalodon did not go extinct over two million years ago, but still terrorizes the oceans, capsizing boats and attacking people.
  • The History Channel series Ancient Aliens claims extraterrestrials have been visiting the Earth and influencing human culture and evolution for millennia, for example, by building pyramids and “jumpstarting” human evolution.

  Requirements:

  1. Your essay must include a thesis statement. Underline your thesis statement.
  2. Your essay must incorporate at least four reliable and appropriate sources. Your sources must include one of your textbooks and at least one source from the course website. (All of your sources may come from the course website and textbooks.) You are encouraged to find sources through the college library, including the library’s website. You may use sources found on the Internet, so long as those sources are reliable and appropriate. You must cite your sources using MLA style, including in-text citations and works cited page.
  3. Your essay must explain how Occam’s Razor assists the ordinary, down-to-earth, scientific explanation for the claim.
  4. You essay must explain how at least one logical fallacy applies to the paranormal or pseudoscientific explanation for the claim. (For examples, see your text or yourlogicalfallacyis.com)
  5. Your essay must integrate quotations using signal phrases.
  6. Your essay must offer an adequate number of logical reasons and appropriate examples (minimum three of each) in support of your thesis (explanation).
  7. Length: 4-6 pages (1000-1500 words), plus works cited page.

  5 pages

  MLA 4 References
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  Nike Is Racist

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  Purpose: The goal of this assignment is to practice your ability to analyze—to break down and examine—the rhetorical techniques of two advertisements and present your analysis in a clear, specific closed-form essay.
  Assignment: Choose two advertisements (print or video) that attempt to sell the same product to two different audiences and write a thesis-driven essay that both describes the ads in detail and analyzes the rhetorical strategies they’re using to sell their products to their audiences. For example, you might choose a car ad aimed at men and one aimed at women; a food ad aimed at teens and one aimed at parents; a clothing ad from The Miami Herald and one from Cosmopolitan. You might also consider ads that target audiences who speak different languages or belong to different cultures or races. Remember that your analysis should be organized around a thesis that makes a clear, specific claim about these ads. Perhaps you will explore why one ad relies on ethos while another relies mainly on pathos to sell similar products to different audiences. Or perhaps you can make a claim about what you think these ads say about the audiences or cultures they’re trying to persuade. Make sure you have chosen ads you feel are complex, with many of the rhetorical elements we’ve discussed in class and in the readings, such as appeals to logos (logic), ethos (credibility), and pathos (emotions/values). What is each ad trying to get its audience to think and feel? Why?
  Audience: Your audience should be your classmates and your professor, but you should assume that your readers have not seen the ads you’re analyzing. With that in mind, your ad descriptions must be clear and vivid so that your readers can really understand the ads and the claims you’re making about them. Don’t be afraid to make strong, arguable claims about the ads, but remember to support those claims with evidence and logical thought. Don’t just assume that your audience will know what you mean. Explain yourself.
  To help form an arguable, interesting thesis, ask problematic questions about…
  -purpose and audience: Who is the intended audience for each ad? How do you know? What values does each audience hold? What might the context of the ad (where it appears) tell you about the audience?
  -use of type, layout, color, and image: What effects might these elements have on the ad’s audience? What’s the relationship between the images and the text?
  -the appeal to logos, the logic of the ad: Does the ad make sense? Does it have to?
  -the appeal to ethos and the credibility of the advertiser: Does the ad seem professional? Is it relatable? Is there a celebrity endorsement that might add credibility, for example?
  -the appeal to pathos: Does the ad try to evoke certain emotions or reinforce certain values? Why?
  -the effectiveness or ineffectiveness of the ad: Is it persuasive? Why or why not?
  -the advertiser’s cultural perspectives: How does each ad reflect the culture or society that produced it? Does the ad include any popular culture references?
  -the angle of vision: Is there anything conspicuously absent from the ad? Why?
  When evaluating your essay, I will consider the following:
  -Does the essay’s introduction attempt to hook the reader and set up the analysis?
  -Does the essay contain a clear, specific and arguable thesis?
  -Does the thesis address the rhetorical strategies of the ads (intended meanings of images/text and possible effects on the target audience?)
  -Are both ads described clearly and thoroughly?
  -Does the essay supply detailed analysis that logically supports the thesis?
  -Is the essay clearly and logically organized?
  -Does the essay show evidence of thorough proofreading and editing?
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  How Media Changes Our Generation

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  Media Change Our Generation

  For the purposes of the required researched paper, you will need to first decide on a topic of your interest (which could be a topic within your major—for example) and then narrow it down in order to make a claim/an argument about that topic.

  Your topic should be a problem or controversy, or a new idea, solution, or invention. For example, if you are interested in Biology, you could select something that interests you, such as cloning. Once you have selected this general subject area, you might decide to research, for instance, the cloning process and argue about the current controversy and its legal ramifications for researchers.

  As your Working Bibliography progresses, you will discover new and inviting narrow topics that will draw your curiosity and interest. This is what you should be looking for! Your initial idea may change, but it will be a starting place for you.

  Your actual paper will be 5-6 pages of content in length, abide by MLA format/ guidelines, and have a minimum of four (4) secondary sources. However, at the beginning of your research process, you will seek a much broader area at first so that you will 1) be able to find a compelling limited topic, and 2) know what is available to you in the recent and find established research material in Chaffey’s Online Library databases.

  5 pages

  MLA 3 References
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  STRATEGY, LOGISTICS AND MARKETING

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  Contents of the Paper
  Introduction
  What is Strategy?
  Why Is It Important?
  The use of Models to devise strategy
  Process behind strategic planning model;
  Complete External Analysis:
  STEP Analysis
  Micro Environment Analysis:
  Strategic Choice:
  Strategic Implementation:
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  Business Plan: Fast Food Organic Restaurant

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  The paper is a business plan for a Fast Food Organic Restaurant.

  Paper Contents:
  PART 1
  1.0 BUSINESS DESCRIPTION
  1.1 Description and details of business concept
  1.2 Unique selling point
  1.3 Mission Statement
  1.4 Company goals
  1.5 Company location
  1.6 The Company’s Legal Structure
  1.7 Report on the company resources
  2.0 ENVIRONMENTAL ANALYSIS
  2.1 SWOT Analysis
  2.2 Analysis of the External Environment
  2.3 Market Targets and Segments
  2.4 Market Segmentation
  2.5 Research of Specific Target Markets
  2.6 Competitors Analysis
  2.7 Potential Risks
  3.0 MARKETING STRATEGIES
  3.1 The product positioning
  3.2 The pricing strategy
  3.3 The location and distribution strategy
  3.4 The promotional strategy
  3.5 Marketing plan and marketing mix
  1.1 Description and Details of Business Concept
  1.2 Unique Selling Point
  1.3 Mission statement
  1.4 Company goals
  1.5 Company location
  1.6 The Company’s Legal Structure
  1.7 Report on the Company Resources
  2.0 ENVIRONMENTAL ANALYSIS
  2.1 SWOT Analysis
  2.2 Analysis of the External Environment
  2.3 Market Targets and Segments
  2.4 Market Segmentation
  2.5 Research of Specific Target Markets
  2.6 Competitors Analysis
  2.7 Potential Risks
  3.0 MARKETING STRATEGIES
  3.1 The Product Positioning
  3.2 The Pricing Strategy
  3.3 The Location and Distribution Strategy
  3.4 The Promotional Strategy
  3.5 Marketing Plan and Marketing Mix
  2.0 ORGANIZATIONAL STRUCTURE AND HR PLAN
  4.1 Investors & Management Team Summary
  4.2 Organizational Chart and Job Descriptions
  4.3 Employee Compensation Plan
  5.0 FINANCIAL PLAN FOR 2 YEARS
  5.1 Start-up Costs
  5.2 Required Investment
  5.3 Other Sources of Funding
  5.4 Break-even Analysis
  5.5 Profit & Loss Statements
  5.6 Balance Sheets
  5.7 Statement of Cash Flow
  6.0 CONCLUSIONS

  30 pages

  APA 25 References

  Integrated marketing communications plan for Nike – Air Jordan XX3®