Role of Espionage in American History Essay -- American History Spying

Job of Espionage in American History Information is power. It is as straightforward as that. Undercover work is the mystery get-together of data, frequently alluded to as knowledge. Knowledge alludes to the prepared data expected to settle on any choice. This could be utilized for business, military, monetary, or political choices. As a general rule, this term alludes to local or international strategy of a nation. Surveillance is illicit in all nations, yet all nations have some type of secret activities association. The primary secret activities act was recorded 2500 years back. The primary book on surveillance, The Art of War was composed by a Chinese ruler/general Sun Tzu in around 500 BC. There is another kind of secret activities, counter-reconnaissance. This is the assortment of data of any secret activities (Ransom 1). American surveillance is especially significant. It has got us where we are today. Without it, we wouldn’t have passed the Revolutionary War, and our autonomy. From the Revolutionary War to the profoundly specialized universe of today, undercover work in America has consistently assumed a job in molding American history. The Revolutionary War was the war for American freedom. The knowledge gathering capacity of the Americans was not awesome. Foley, the writer of the book Famous American Spies, says that the Americans were exceptionally muddled. They were not extremely mystery either. They held open gatherings in open bars for the network to see. They depended chiefly on the penetration of foe lines and by overhearing people's conversations (Foley 17-18). The most renowned bar was the Green Dragon bar. Foley makes reference to that a portion of the individuals were Sam and John Adams, John Hancock, James Oti... ...stead the CIA power was constrained to simply the U.S. also, its activity was the war on medications and national security (Ameringer 391). America and undercover work, tragically, have gotten equal. Privileged insights are proliferate and paranoid ideas fly in our nation. Secret activities, one way or different, has consistently assumed a significant job in American History. Works Cited Foley, Rae. Acclaimed American Spies. New York: Dodd, Meard, and Company. 1964. Payoff, Howe. â€Å"Espionage.† Encarta. Compact disc ROM. IBM ed.2000. Seattle, WA: Microsoft, 1987-2000 Jeffreys-Jones, Rhodrl. â€Å"CIA.† Encarta. Compact disc ROM. IBM ed.2000. Seattle, WA: Microsoft, 1987-2000 Ameringer, Charles D. U.S. Outside Intelligence: The Secret Side of American History. Lexington: Lexington Books, 1990. Richelson, Jeffrey T. A Century of Spies: Intelligence in the Twentieth Century. New York: Oxford University Press, 1955. Job of Espionage in American History Essay - American History Spying Job of Espionage in American History Information is power. It is as basic as that. Undercover work is the mystery social occasion of data, regularly alluded to as insight. Knowledge alludes to the handled data expected to settle on any choice. This could be utilized for business, military, financial, or political choices. As a general rule, this term alludes to residential or international strategy of a nation. Surveillance is illicit in all nations, yet all nations have some type of undercover work association. The main secret activities act was recorded 2500 years back. The main book on secret activities, The Art of War was composed by a Chinese ruler/general Sun Tzu in around 500 BC. There is another kind of reconnaissance, counter-undercover work. This is the assortment of data of any secret activities (Ransom 1). American undercover work is especially significant. It has got us where we are today. Without it, we wouldn’t have passed the Revolutionary War, and our autonomy. From the Revolutionary War to the exceptionally specialized universe of today, secret activities in America has consistently assumed a job in forming American history. The Revolutionary War was the war for American freedom. The knowledge gathering capacity of the Americans was not generally excellent. Foley, the writer of the book Famous American Spies, says that the Americans were complicated. They were not mystery either. They held open gatherings in open bars for the network to see. They depended basically on the invasion of adversary lines and by listening in on others' conversations (Foley 17-18). The most well known bar was the Green Dragon bar. Foley makes reference to that a portion of the individuals were Sam and John Adams, John Hancock, James Oti... ...stead the CIA power was restricted to simply the U.S. what's more, its activity was the war on medications and national security (Ameringer 391). America and secret activities, shockingly, have gotten equal. Privileged insights are flourish and paranoid notions fly in our nation. Secret activities, one way or different, has consistently assumed a significant job in American History. Works Cited Foley, Rae. Well known American Spies. New York: Dodd, Meard, and Company. 1964. Payment, Howe. â€Å"Espionage.† Encarta. Compact disc ROM. IBM ed.2000. Seattle, WA: Microsoft, 1987-2000 Jeffreys-Jones, Rhodrl. â€Å"CIA.† Encarta. Disc ROM. IBM ed.2000. Seattle, WA: Microsoft, 1987-2000 Ameringer, Charles D. U.S. Remote Intelligence: The Secret Side of American History. Lexington: Lexington Books, 1990. Richelson, Jeffrey T. A Century of Spies: Intelligence in the Twentieth Century. New York: Oxford University Press, 1955.

Night By Elie Weisel Essays (297 words) - , Term Papers

Night By Elie Weisel Life is simpler to take than you'd might suspect; all that is vital is to acknowledge the unthinkable, manage without the fundamental, and bear the insufferable. This statement was said by Kathleen Norris. I imagine that I concur with the statement, and furthermore that the statement was not being mocking. One case of this statement being genuine is in the book Night by Elie Weisel. At the point when the Nazi forces started to assume control over the nation Elie and his family didn't acknowledge the outlandish. They thought they on the off chance that they stayed where they were, that the entire thing would blow over. In any case, they weren't right. His family are sent to a death camp. He and his dad are isolated from his family, and afterward they are compelled to do arrangement of tests in which the is unfeeling in standard society. These tests included, getting shaved, getting drenched with fuel, and remaining exposed to the harsh elements of reality for a considerable length of time with no garments on. They needed to manage the grievous. Another case of the statement was the move Max and Helen. They, similarly as the Weisel family, wouldn't acknowledge the incomprehensible and clear their homes before it was past the point of no return. In this film, be that as it may, Max, Helen, and, Helen's sister were isolated from their folks and sent to a quarry where they needed to work. They needed to buckle down and were beaten, and they needed to hold up under the painful . In the event that these families would've lived by the statement by Kathleen Norris, they could have spared themselves from much anguish and distress. On the off chance that you can acknowledge the unthinkable, you can simply live without agonizing over what will occur. Furthermore, on the off chance that you can shoulder the unbearable, you can get past the extreme occasions, and live for the great. English Essays

Hillary Clinton to Publish Book of Essays About Favorite Quotes Critical Linking, February 2, 2017

Hillary Clinton to Publish Book of Essays About Favorite Quotes Critical Linking, February 2, 2017 This  Critical Linking is sponsored by Caraval by Stephanie Garber. Hillary Rodham Clinton, whose stunning electoral college defeat in the 2016 presidential race has given us our current interesting news cycle, will publish a new book of personal essays she hopes will inspire lots of book-buyers, her publisher Simon Schuster announced this morning â€" or words to that effect. Huzzah! Simon and Schuster, though? Boo. It has been officially announced via Brian Herbert that the upcoming Dune remake will be directed by  Denis Villeneuve. Villeneuve is the Oscar-nominated director of Arrival and Sicario, and  the director of the upcoming Blade Runner sequel. Ohhhh new Dune movie! Now the home of the man who wrote that and the other Pooh stories, A.A. Milne, could be yours. Cotchford Farm,  where  author A.A. Milne wrote the stories of Winnie-the-Pooh, Piglet and the rest  is being sold by British real estate company Savills for $2.38 million. A+ would inhabit. Sign up to Today In Books to receive  daily news and miscellany from the world of books. Thank you for signing up! Keep an eye on your inbox.

Is Marketing Really All That Ethical - 1453 Words

Is Marketing really all that ethical? Marketing has been used as a forefront for promoting the sale of products, and services to customers for centuries. We see examples of marketing every day channeled through mediums such as television, radio, newspapers, product packaging, and massive billboards on the side of the road. As humans, we are naturally wired to fall for the so called ‘next best product’, the ‘intriguingly eye catching packaging’, and the ‘lowest price’. However, what we are not able to see, are the true intentions of the marketer, and whether his/her intentions are ethically sound. To help to maintain a constant appropriate standard of ethical marketing within America and worldwide; the American Marketing Association†¦show more content†¦These ethical values were put in place by the AMA so that no member of the pubic would be at risk of being mistreated in any sort of way. It is however, very ironic that even though marketers are sworn to uphold these ethical standards, â€Å"marketing essentially capitalizes on human weaknesses, uses deceptive and misleading techniques, and cause people to buy more than they can afford.† (Lascu, Kenneth Clow 58) Unfortunately, not every marketer follows the code of ethics mentioned above, which results in innocent people becoming deceived, and major corporations landing themselves into hot water. When it comes to the ideology behind having the â€Å"next best product’, Volkswagens takes the cake. Volkswagen promoted, and advertised its recent 2016 car line up to have an incredible fuel efficiency, and to have decreased its vehicle emissions into the atmosphere to the lowest of any car on the market. However, a scandal broke the news on September the 18th, after the Environmental Protection Agency (EPA) reveled to the press, that several Volkswagen cars had software installed on them which was able to bypass the testing technology used by the EPA. This technology made sure that each cars emissions level was under the limit of 0.07Show MoreRelatedEthical Guidelines For The Marketing Industry1562 Words   |  7 PagesWhen it comes down to ethical guidelines it is pertinent that every industry have them. However, when consumers think of the marketing industry, they tend to think those are the most unethical people participating in those jobs. Marketing too has some ethic al guidelines, but to what extent are they being followed to have consumers thinking otherwise? Marketing is supposed to make honest claims and satisfy the needs and wants of the customers. It is supposed to develop brand loyalty, to in turn increaseRead MoreProduct Quality1288 Words   |  6 PagesAn essay on: â€Å"Marketing and ethics are like oil and water – they just don’t mix. There is no place for ethics in the cut-throat world of marketing†. Discuss The success of a product is always determined by how well it’s marketed. In that case marketing has an important role in every product that we produce. But when ethics is associated with marketing, it can’t go on one direction. It is like oil and water which does not mix together. What is marketing? Marketing is a societal process byRead MoreCompanies Are Impacted By Competition Through The Price Of Their Resources929 Words   |  4 Pagesin America that dealt with ethical business practices, we can see that America is taking a stand against unethical behavior in business. Organizations such as Enron, has single-handedly destroyed our faith in ethical business practices. This also rings true when discussing ethics as it relates to marketing research. As stated in this week’s Hall Lecture, â€Å"as Christians we have a duty to ensure that marketing intelligence gathering is legal and ethical.† Conducting ethical market research requires usRead MorePest1357 Words   |  6 PagesMacro-environment Identify all the issues you can think of that might impact upon Hotel Chocolat and write them down in the relevant boxes. PESTEL Analysis | Political | * They are providing direct funding and management skills in the Osuben Basin region to launch and maintain sustainable projects to improve the lives of cocoa farmers | Economical | * 5% discount on all products for member of the tasting club * Hotel Chocolat guarantee that they will buy all the quality cocoa that farmersRead MoreEthical Aspects of Marketing1455 Words   |  6 PagesEthical Aspects of Marketing Developing a Business Plan August 4, 2009 Ethical Aspects of Marketing Executive Summary This report outlines the social, ethical and legal aspects of marketing. Environmentally Responsible Products Consumers have become more aware of the impact of both production and consumption on the wider environment in recent years. This is acutely apparent in the way products are now packaged. During recent years many companies have assisted in doing their part for the environmentRead MoreMarketing Analysis : Cutting Edge Marketing924 Words   |  4 PagesCutting Edge Marketing The goal of this paper is to show how a consumer makes decisions to purchase products, how they may be vulnerable with their decision making and how ethics of marketing to the vulnerable be considered in allowing advertisement. This will also clearly reflect the issues in marketing the persistence in our society today and that is seen in the data showing social and economic inequality, stereotyping being perpetuated in the media and incident in profiling. Yes, the consumerRead More2.08 body paragraph Essay1613 Words   |  7 Pagesuses logos by saying that the IPhone 4s has 8 megapixels and all new optics which makes it more than the leading competition.         The video uses pathos by saying siri is an amazing assistant that listens to you and understands you when you need her.         The video uses ethos because it explains that it uses the dual core A5 chip which gives the phone twice as much processing power as its previous model.         Yes, because it uses all three techniques to convince the consumer          InternetRead MoreWhat are Marketing Ethics?1545 Words   |  7 PagesDefinition of Marketing Ethics Marketing Ethics are the basic principles and values that govern the business practices of those engaged in promoting products or services to consumers. These are a set of criterion by which moral principles are considered within the marketing profession and execution of an advertising campaign for a business and/or organization. Marketing Ethics in Global Marketing Practice In recent years, owing to the internationalization of markets, businesses and production processesRead MoreMarketing Ethics : The Moral Values That Direct Marketing Choices And Activities1612 Words   |  7 PagesAbstract Marketing ethics are the moral values that direct marketing choices and activities. These ethics try to encourage honesty, fairness and accountability in all marketing advertisements. However, marketing ethics is an especially tough issue because everyone has a different view on what is considered right or wrong. There are certain ways a company can promote their products that come across as unethical. Some of these unethical ways include: using misleading information and deception, usingRead MoreEthics and Innovations in Marketing and Its Relevance with Consumer Behavior1654 Words   |  7 PagesETHICS AND INNOVATIONS IN MARKETING AND ITS RELEVANCE WITH CONSUMER BEHAVIOR Kishor N. Choudhary N.S.B.College, Nanded ABSTRACT: In order to be consumer-oriented, marketing will have to be truthful and ethical. That is why it is very important in marketing, as in any other field; to apply the principles of Ethics It is also important to apply the processes of innovation, to find new ways of marketing effectively. This Paper explains the concept of Ethics in Marketing and overview a number of issues

History Of Pender s Health Promotion Model - 783 Words

Overview of Pender’s Health Promotion Model The Pender’s model of health promotion was developed in 1982 by Dr. Nola Pender a researcher and educator with a background in nursing, psychology and developmental sciences (Alkhalaileh, Khaled, Baker, Bond, 2011). The model’s framework is based in a holistic and multidimensional view of individuals within the constant interactions of their interpersonal and physical environments. The model outlines factors that influence health behaviors by combining the nursing and behavioral sciences. It recognizes behavior as multifactorial phenomenon highly influenced by experiential, cognitive, emotional and social contexts (Alkhalaileh et al., 2011; Pender, 2011). Major constructs of the framework†¦show more content†¦According the Pender’s theoretical propositions, a person needs to believe that behavioral changes have value and will result in beneficial outcomes. Creating a positive view of the behavioral changes increases self-confidence, increasing self-confidence decreases the perception of barriers, and all those together results in an increase commitment and performance of the modification. Finally, the bigger the commitment the higher the likelihood of the behavioral change persisting over time (Pender, 2011). Potential application of the framework to this scenario Pender’s model is an excellent option for this scenario. All the confirmed diagnoses have multiple modifiable lifestyle changes that can be implemented to the care plan for this patient. Empowering the patient to engage in her own care through behavior modifications improves the management of these conditions. The health promotion model provides clinical tools to facilitate the assessment, identify potential difficulties or limitations, and psychosocial context when developing a plan. Since progression and severity of symptoms worsens without medications, the initial step would be to assess her understanding, confidence and emotions regarding medication administration. Pender’s model manual (2011) includes clinical assessment tools to assess her readiness to commit to nutritional and physical activity changes. Among the modifications to consider for this patient areShow MoreRelatedHealth Promotion Of The Elderly1585 Words   |  7 PagesThe World Health Organization defines health as â€Å"a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity† (W.H.O., 2003). To promote health is a global responsibility that begins with oneself. In order to first achieve personal health, one has to be educated on the aspects of health. Clinicians, more specifically, Nurses can use health promotion techniques during interactions with patients and the population. Health promotion as defined byRead MoreHistoric al Development of Nursing Timeline1181 Words   |  5 Pagesa small hospital. During this time Crimea war was ongoing and â€Å"Nightingale was appalled to learn that the mortality rate for British troops was 41 percent† (Roux amp; Halstead, 2009, pg.5). Nightingale went to the war as a nurse, and the rest is history. After the war, the Nightingale school of nursing was established. ‘Emphasis was placed on the proper education of the nurse, rather than on the needs of the hospital (Roux amp; Halstead, 2009, pg.6). Nightingale published Notes on Nursing in 1859Read MoreThe Major Goals Of Health Promotion1654 Words   |  7 Pagesgoals of health promotion are to help people of all ages stay healthy, optimize health in cases of chronic disease or disability, and create healthy environments† (Pender et al., 2015). This health promotion project is designed to identify and reduce the risk factors associated with several illnesses and disease processes. This project wi ll focus on changing lifestyle behaviors and providing up to date education for the patient to make the best informed decision regarding her environment, health behaviorsRead MoreHealth Promotion Model Of Nursing1353 Words   |  6 Pages Health Promotion Model Amy D. Kramer Point Loma Nazarene University â€Æ' Introduction Nursing theory is important to the profession of nursing as it provides guidance to practice and helps to broaden nursing knowledge. 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Pender, Health Promotion Model 1 In-Depth Theorist Presentation, Nola J. Pender Health Promotion Model Jennifer D’Andrea Description of the theory The Health Promotion Model (HPM), designed by Nola J. Pender, describes the multidimensional nature of persons as they interact within their environment to pursue health while increasing their level of well-being. Pender offers a theory that places importanceRead MorePersonal Health Assessment3441 Words   |  14 PagesPersonal Health Assessment and Health Promotion Plan Abstract The purpose of this assignment is to gain a greater understanding of the health promotion concepts through self reflection. I plan to do this by identifying three self-assessment tools; a food journal, exercise log and sleep log, along with providing rationale for the chosen instruments. I will also address the Transtheoretical Model (TM), which stages I have gone through and which stage I am currently in. These tools and stagesRead MoreThe Effects Of Smoke Related Illness On The United States Essay1810 Words   |  8 Pageslegally over the counter throughout many countries including the United States. The Surgeon General’s Warning, â€Å"smoking causes lung cancer, heart disease, emphysema and may complicate pregnancy† was labeled on the packaging of cigarette boxes in the 1980’s. Eventually, launching a national campaign for smoking cessation. Despite the many laws that inhibit the use of tobacco smoke, these products continue to be a legally obtainable subs tance in the US with devastating damage as a result of their use. Read MoreAccess Care Barriers Within The Correctional Setting2968 Words   |  12 PagesNursing November 2, 2014 Access to Care Barriers In the Correctional Setting Fawcett and Garrity (2009) have described nursing research as â€Å"a formal, systematic, and rigorous process of inquiry used to generate and test theories about the health-related experiences of human beings within their environments, and about the actions and processes that nurses use in practice†. In light of this statement, it would appear that further and expanded research in the area of correctional healthcareRead MoreCardiac Artery Disease And Percutaneous Transluminal Coronary Angioplasty2094 Words   |  9 Pageschief complaint, and pertinent medical/surgical history The patient was a 57-year-old married man living on disability insurance. He was admitted to the hospital with a chief complaint of sub sternal pressure-like discomfort, and pain radiating to the back and upper left extremity, which had started four to five hours before intake. The pain had awoken him. He experienced diaphoresis, also known as sweating, and heartburn. The pertinent medical history revealed a diagnosis of coronary artery disease

Prostitution Should Remain Illegal in Australia Free Essays

Prostitution should remain illegal in Australia. By Alex Dimitrijevic Prostitution is a dark and dangerous industry. Allowing prostitution in Australia will only expand the sex industry, have an increase in child prostitution, damage the health of the women and also be against many women’s wills. We will write a custom essay sample on Prostitution Should Remain Illegal in Australia or any similar topic only for you Order Now In order to prevent these negative changes from happening in our community, the Australian Government should keep prostitution illegal and possible create a stricter law to protect the women and children. Legalising prostitution means that venues such as brothels, sex clubs and massage parlours will be available for men and young boys to attend without many restrictions. These places will be advertised and made to seem ‘okay’ because they are approved by the government, when in fact, they are nowhere near okay. They are areas where women are sold and practically rented time after time. These venues are usually located in hidden, dark areas in order to function secretly but if they were to be legalised they could potentially be near your child’s school, in your local shopping centres or even down the road to you. If you want to keep your children and community safe, prostitution should remain banned. In the prostitution industry the most preferred workers are young pure women. This category falls under young girls usually in their early teens. The high demand of women in the industry will only increase the number of young girls forced to work in these dirty circumstances. It is rare to find young teenage girls willing to participate in selling their bodies and being used by men twice or triple their age but the industry needs them! So they will force and persuade these girls. More terrifying, they will be allowed to, simply because prostitution will be legal by the government that vowed to protect them. Women in the sex industry will be open to sexually transmitted infections by men who demand not to use protection. A study in the US shows that 47% of men expected sex without the use of a condom, 73% offered to pay more for sex without a condom and 45% of women admitted to being abused when insisting the use of a condom. This study proves to us that women in the industry risk their health and wellbeing. They get abused for trying to protect themselves and if this activity was to be legalised then the number of patients with sexually transmitted infections would rise and even lead to deaths. These infections would be passed onto the women and back onto the men who were once clean before any intercourse, those men would probably pass it onto his wife or girlfriend, and the cycle would continue. The health of many would be at risk, not just the prostitute’s. Prostitution is not a preferred occupation by many women. These women are not aware of the dangers they enter in order to earn some money. Many that do enter the industry describe it as their last option. A study shows that 67% of interviewed women did not enter prostitution voluntarily but were forced to. They work in an environment where they are treated like slaves and paid to do as they are told without arguing. They are forced to perform on men who may be sick, abusive, drunk, dirty or simply unpleasant and if they were to complain, they would be beaten. This does not sound like a job they would be proud of or looking forward to going. In conclusion, the law against prostitution should remain illegal and possibly stricter to protect the women and young girls forced to work. If this law was to be changed and this dark and dirty act was to be allowed then we would only see negative changes in our community such as the expansion of the sex industry, increase in child prostitution, damages to the prostitutes and the general public’s health and the increase in women being forced to work. The facts and evidence are there for all of us to see and they can only worsen if prostitution is legalised. How to cite Prostitution Should Remain Illegal in Australia, Essay examples

Tiffany Co. Case Analysis free essay sample

Tiffany Company Tiffany has decided to sell direct in Japan as opposed to selling wholesale to Mitsukoshi and Mitsukoshi selling to the public. In this agreement Tiffany will give Mitsukoshi 27% of net retail sales in exchange for providing the boutique facilities, sales staff, collection of receivables, and security for store inventory. This new agreement exposes Tiffany to the fluctuation in the yen-dollar exchange rate. Therefore, they are considering two basic hedging alternatives to reduce exchange-rate risk on their yen cash flows. The first alternative was to sell yen for dollars at a predetermined price in the future using a forward contract. The second alternative was to purchase a yen put option allowing them to exercise their option only if it was more profitable in the future at the future spot rate. Two more alternatives that we think are appropriate are a synthetic forward using options and a synthetic forward using interest rate parity. We will write a custom essay sample on Tiffany Co. Case Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Furthermore, Tiffany needs to understand the hedging alternatives and determine what, if any, strategy is right for them. 1. In what ways is Tiffany exposed to exchange-rate risk subsequent to its new distribution agreement with Mitsikoshi? How serious are these risks? Tiffany is exposed to foreign exchange risk by selling directly to the Japanese market. When they sold wholesale to Mitsukoshi, Mitsukoshi bore all the foreign exchange risk. Under this new agreement Tiffany is now exposed to the volatile fluctuations in the yen-dollar exchange rate. Since Tiffany is making profits in yen they have to convert the yen to dollars to take back to their home country. Since the yen is thought to be overvalued in comparison to the dollar, the future exchange rate can decrease Tiffanys profits. Also, the extreme volatility in the exchange rate creates significant uncertainty in what the future exchange rate and profits will be if left unhedged. The most important foreign exchange risk facing Tiffany is the operating exposure risk. The other types of foreign exchange risk to be taken into consideration in order of importance are transaction and translation risk. Operating exposure is created by changes in the amount of future operating cash flows caused by an exchange rate change. This is the most important source of future exchange risks and is difficult to hedge. Exchange gains or losses are determined by changes in the firms future competitive position and are real. This risk impacts revenues and the costs associated with future sales and should be looked at long term. Therefore, Tiffany is exposed to this risk; if the yen depreciates against the dollar, Tiffanys will receive fewer dollars. Transaction exposure results from existing contracts that are binding future foreign currency-denominated cash flows and creates a risk to the net present value of the contracts. Tiffany is exposed to this risk because they have agreed to reverse $115 million in sales. Only $52. 5 million in inventory was repurchased from Mitsukoshi in July 1993. Mitsukoshi agreed to accept a deferred payment of $25 million to be paid in yen quarterly over the next 4. 5 years. The remaining inventory will be repurchased throughout February 1998. Translation risk is created by changes in income statement items and book value of assets and liabilities caused by changes in the exchange rate. This risk relates to past activities which already appear on the balance sheet and income statement, therefore this type of risk is not serious because it does not affect Tiffanys distribution agreement with Mitsukoshi. 2. Should Tiffany actively manage its yen-dollar exchange rate risk? Why or why not? Tiffany should actively manage its yen-dollar exchange risk. Tiffany knows they will have a substantial amount of yen cash inflows from their new arrangement of selling direct in Japan. If Tiffany does not hedge this currency exchange risk then their earnings will fluctuate. With the yen-dollar exchange rate being so volatile at this time (even having large changes from month to month), it is the best time to hedge in order to help smooth their earnings and reduce risk. The downside is that options prices are more expensive when there is more volatility. Since the yen is thought to be overvalued there is speculation that it will depreciate in the future compared to the dollar. If the yen depreciates and Tiffany converts their yen at the prevailing spot rate then their dollars received will be decreased. 3. If Tiffany were to manage exchange rate risk activity, what should be the objectives of such a program? Specifically, what exposure should be actively managed? How much of these exposures should be covered, and for how long? The objectives of managing exchange rate risk should not be to bet on currency fluctuations or to try to make a profit on exchange rates. Instead the objective should be to reduce risk associated with operating exposure. By hedging, Tiffany can reduce drastic fluctuates in net income due to currency exchange rate changes. Smoothing net income can help with taxes by keeping cash flows smooth instead of having huge profits followed by a loss. The main objective of managing exchange rate risk should be to decrease volatility and reduce risk. Tiffany should actively manage operational exposure and transaction exposure. The longer exposures are covered the more expensive the option is; therefore Tiffany should hedge short term and then roll their position forward. Since Tiffany has to repay for inventory returned by Mitsukoshi on a quarterly basis they can use their cash flows in yen to repay Mitsukoshi and hedge only the remaining amount. Since the repayment is done on a quarterly basis Tiffany should buy a synthetic forward for three months to match their yen liability. This way, as the economy and outlook for sales changes, Tiffany can adjust their hedging strategy on a quarterly basis and hedge that amount minus their inventory repayment to Mitsukoshi. 4. As instruments for risk management, what are the chief differences of foreign exchange options and forward or future contracts? What are the advantages and disadvantages of each? What, if either, of these instruments would be most appropriate for Tiffany to use if it chose to manage exchange rate risk? With foreign exchange options you pay the price up front and at expiration you have the option to exercise. If you buy a call option and at expiration it is in the money you will exercise your option and buy at the strike price. On the other hand, if the call is out of the money you will buy in the market place. This means you are not locked in to buying at a set price, but if favorable you have the option to do so. This is beneficial if you are uncertain you will need to hedge (uncertain cash flow or bid on a contract that you might not get) or if you want to keep the upside potential and do not want to lock into a specific rate. A forward contract is usually cheaper and it locks in the exchange rate to be made at a future date. The downside to a forward contract is that once you enter into it you have to deliver at expiration. This removes downside risk because you are guaranteed that exchange rate, but it also takes away upside potential because you have to deliver at the specified rate. Another alternative would be to create a synthetic forward using options by buying a put and selling a call with the same strike price. This would essentially lock in the future rate at the strike price, the cost of this would be the cost of buying the put minus the money you receive for selling the call (by selling the call you are lowering the cost compared to only buying a put). The last alternative would be to use a synthetic forward using interest rate parity and the given interest rates for the two countries.