Calculating Cargo Load

Calculating Cargo Load MV STC Bulk Carrier is a geared handy max bulk carrier with five holds and a DWT of 49500T (summer). SHIPS GENERAL PARTICULARS NAME: STC BULK CARRIER TYPE: BULK CARRIER DWT SUMMER:49500 T DISPALCEMENT SUMMER:57923TONNES DISPLACEMENT WINTER:56423TONNES NUMBER OF HOLDS:5 (ALL CAN CARRY HEAVY ORE ) CRANES:430 TONNES HEAVY WEATHER HOLD:NO 3 BALLAST PUMP CAPACITY:2x2000T/Hr CONSUMPTION: FO-32TONNES PER DAY DO-2TONNES PER DAY IN PORT FW-4TONNES PER DAY IN PORT AND AT SEA SEA SPEED:14 KNOTS The ship has received the voyage orders as follows: Discharge bulk sugar SF 1.224 m3/tonnes at Jubail using 3 vacuum discharge at a rate of 250t/hr per vacuum discharge Load maximum cargo of sulphur SF 0.87 m3/tonnes with 4 shore feeders at Sharjah.Maximum draft at Sharjha berth is 15 metres Vessel will receive the required bunkers for the voyage at Sharjah after cargo operation. DISTANCE FOR THE VOYAGES Distance Dar Es Salam to Jubail is 3744 Nm Distance Jubail to Sharjah is 373 Nm Distance Sharjah to Summer Load Line is 3210 Nm Distance Sharjah to Melbourne is 6490 Nm The vessel is presently in tropical zone and will be entering the summer zoneÂÂ   on its way to Melbourne , so cargo should ne loadedÂÂ   keeping in mind that the vessel should be at here summer marks an arrival at summer load line i.e zone allowance should be added to get the correct value of cargo to be loaded . This assignment covers a detail calculation on how to get the total amount of cargo to load when vessel will be entering from one zone to other and different loadicator conditions . ANSWER: Gather information relating to the cargo from the IMSBC, company procedure, flag state requirements. Check if the cargo is in group A, B, C Sulphur is in Group B and Group C. The IMSBC states that the group B cargo of sulphur cannot be carried in bulk so we will be carrying group C sulphur cargo. GENERAL PROCEDURES FOR PREPARATION OF HOLDS Tool box meeting to be carried out (MCA, 2016) Risk assessment to be carried out (MCA, 2016) Communication to be checked between the hold ,bridge and cargo control room (MCA, 2016) The cargo hold to be properly ventilated , gasses to be checked and a permit of work to be issued (MCA, 2016) (IMO, 2016) Dunnages to be removed if any. Bilges to be cleaned and dry (PI, 2002) Strum boxes, bilge covers, sounding pipes and thermometer pipes should be cleaned and not be defected Bilge suction of each hold to be tried out and bilges in good order (IMO, 2016) Bilges to be covered with burlap. The ventilation should be tried out Any damage in the cargo hold to be repaired (MCA, 2016) Hatch covers and entrance to the holds to be tried out for water tightness (PI, 2002) Hatch track ways to be cleaned (PI, 2002) All lighting arrangement in holds to be checked and any damaged or not workingÂÂ   ones to be replaced (MCA, 2016) Fire detection extinguishing system should be checked (STC, 2017) A thorough hold inspection to be carried out (PI, 2002) Crew should wear helmets, gloves, boiler suits, dust masks and gum boots at all time during cleaning process ,safety harness to be used when working aloft in the holds (MCA, 2016) DB tanks to be pressed to check if any leaks in the holds. Discharging of hold washing water should be carried out in accordance with MARPOL Annex V regulation 4.1.3 6.1.2 (IMO, 2011) Test entries to be logged down (STC, 2017) Any special requirements by the terminal, owners or flag state for hold preparation should be carried out. ADDITIONAL PREPARATION FOR SULPHUR CARGO Fresh water washing of holds to be carried out. (PI, 2002) (IMO, 2016) Fire line to be rinsed using fresh water from fresh water tanks using a GS pump. Once the line is flushed make sure that the anchor wash and all fire hydrants are shut (PI, 2002) Holds and bilges to be completely dry before loading (IMO, 2016) Electric equipments in holds nearby spaces should be intrinsically safe or if not then they should be isolated (IMO, 2016) Ventilators Spark arrestors to be inspected repaired if required (IMO, 2016) Bilge pumping arrangement shall be inspected for satisfactory operation lime washing should be done on tank top and lower sections of cargo spaces (IMO, 2016) Upper part of the hold shall have a sound coating of paint, if any paint has been pilled off then that area shall be painted (IMO, 2016) Any loos corrosion shall be removed (IMO, 2016) Machinery and equipments to be covered to protect it from small sulphur dust particles (IMO, 2016) ANSWER HAZARDS OF RAW SUGAR AND SULPHUR RAW SUGAR Sugar dissolve when comes in contact with water, this may result in formation of air pockets in the body of the cargo as the ship moves (IMO, 2016) (PI, SEPT 2006) It has a tendency of self heating/spontaneous combustion. It should be loaded well clear of places having source of ignition or heat Sugar has the tendency to absorb order (BMTSURVEYS, NOVEMBER 2013) Raw sugar gets contaminated (BMTSURVEYS, NOVEMBER 2013) Shrinkage or shortage of cargo due to loss of water vapour (BMTSURVEYS, NOVEMBER 2013) InsectÂÂ   may be formed in sugar which can lead to diseases (BMTSURVEYS, NOVEMBER 2013) Sugar ifÂÂ   melted may form sticky syrup like form (PI, SEPT 2006) Raw sugar has a distinct molasses smell that will spoil other cargoes (Thomas, n.d.) Raw sugar has a higher moisture than refined (Thomas, n.d.) SULPHUR Flammable and may have dust explosion during loading and unloading If catches fire emits harmful gases It reacts with sea water and produces corrosive acids and suffocating gases Sometime of granule sulphur behaves like grain which may result in shifting of cargo Dry sulphur does not react with bare steel, but wet sulphur (sulphur containing free water) is potentially highly corrosive (PI, 2002) When sulphur is loaded, any retained free water filters to the bottom of the holds during the voyage From there it is pumped out via the bilges (PI, 2002) Person may get a burning sensation in eyesÂÂ   when loading sulphur PRECAUTIONS WHEN LOADING AND DISCHARGING RAW SUGAR IN BULK Should be loaded away from the source of heat. NO SMOKING near the area of loading sugar (PI, SEPT 2006) The ships hold should be cleaned well before loading and should be free from any odour Proper PPE to be worn by crew at all the time Dust clouds should not be formed during loading Temperature and moisture contains of sugar to be monitored during loading and carriage and if required ventilation should be carried out to avoid caking Fermentation may result in formation of CO2 gas. Holds must be ventilated before entry and atmosphere to be checked (BMTSURVEYS, NOVEMBER 2013) Loading operation should not be carried out in case of rain Care must be taken to make sure that hot sugar is not loaded into a bulk carrier intended to sail through cold waters to its discharging port, as change in temperature establish within a cargo can result in moisture transfer, and this in turn can cause caking of the cargo (Thomas, n.d.) PRECAUTIONS WHEN LOADING AND DISCHARGING SULPHUR IN BULK Smoking and hot work shall not be permitted in cargo spaces and nearby area All spaces and storerooms adjacent to the cargo area should be properly ventilated and proper precautions should be taken when entering in cargo hold and atmosphere should be monitored A fine spray ofÂÂ   fresh water is used to keep the dust down The loader should be positioned properly to avoid formation of dust clouds Loading operation should not be carried out in case of heavy rain Proper trimming of cargo to be done Surface ventilation must be carried out as required duringÂÂ   the voyage Face mask and eye protection should be worn at all times Lime washing of the tank top to be carried out cargo holds and bilges do be completely dry to prevent corrosion The upper part of the hold should be painted and pilled of paint should be repainted to avoid corrosion (IMO, 2016) Protect the machinery and equipments from small dust particles of sulphur (IMO, 2016) If sulphur catches fire, it should be smothered with more sulphur or with a very fine spray of fresh water not salt water (Thomas, n.d.) There is danger of dust explosion with powdered sulphur during loading and whilst cleaning the holds of sulphur (Thomas, n.d.) The shipper is required to provided the information regarding the cargo to be loaded as per SOLAS 1974 Chapter VI Reg 2 and the IMSBC Code section 4.2. Shipper may deliver this declaration by fax or other electronic device. In any electronic device where the signature of the declaring party cannot be transmitted full name of the declarant in capital letters must be provided on the form (STC, 2017) Cargo information shall be confirmed in written and by suitable shipping document before loading (IMO, 2016) Document should contain following information. The BCSN (IMO, 2016) The group of cargo (IMO, 2016) IMO class of the cargo (IMO, 2016) The UN number if applicable (IMO, 2016) The total quantity of cargo to load (IMO, 2016) The stowage factor (IMO, 2016) If trimming required and the procedures for trimming (IMO, 2016) Angle of repose (IMO, 2016) If the cargo has a likelihood of shifting (IMO, 2016) Moisture content certificate (IMO, 2016) Transportable moisture limit value (IMO, 2016) If the cargo may form a wet base (IMO, 2016) Toxic or flammable gases emittedÂÂ   by the cargo (IMO, 2016) Flammability ,toxicity, corrosiveness of the cargo (IMO, 2016) Self heating properties of the cargo if any (IMO, 2016) Gases emitted if in contact with water if applicable (IMO, 2016) If the cargo has any radioactive properties (IMO, 2016) And other information required by the national authorities (IMO, 2016) Whether the cargo is harmful to the marine environment (IMO, 2016) Shipper details (STC, 2017) Transport document number (STC, 2017) Means of transport (STC, 2017) Place of loading (STC, 2017) Port of discharging (STC, 2017) Additional certificate like weathering certificate ,exemption certificate if applicable (STC, 2017) Human health criteria data (STC, 2017) To obtain the information require by the section 4 of IMSBC code the shipper need to get the cargo properly sampled and tested (IMO, 2016) When water is found cargo holds loaded with bulk cargo there are a many reasons and each should be taken into account (PI, 2017) (Thomas, n.d.) The water may be given out by the cargo or there is a leak in hatch covers. It may have entered through any access hatch or an open sounding pipe. Water may have sipped in through a crack in the deck or the hatch coming or through a damaged ventilator (PI, 2017) (Thomas, n.d.) Ship staffs should have an accurate idea of the capacity of the hold bilge wells i.e. the greatest value are the sounding of the bilge when full and the approximate tonnage of water contained by the bilge when full (PI, 2017) (Thomas, n.d.) Aboard a ship which is well maintained the possible cause for an increased hold bilge sounding is that water has drained from the cargo into the bilge. When water is drain from the cargo there are two key requirements. The water must be pumped out of the bilge and not allowed to flood the hold, and the tonnage of water removed must be logged. It is advisable to keep a record of the tonnage of water discharged from the hold bilges, as recommended by the UN Draught Survey Code24 and in some trades it is a charter party requirement (PI, 2017) (Thomas, n.d.) When soundings are found to be rising for no reason a problem must be suspected and the hold must be investigated for a leak. The accessibility to the hold will depend upon the quantity of cargo, speed of flooding, shifting cargo and dangerous gases. If the hold can be safely entered, taking all precaution for enclosed space entry it may be possible to find an explanation for the flooding. If the hold cannot be entered, a careful exterior inspection of the compartment in search for any fitting which is improperly closed or damaged. If the sounding is found to increase whenever the vessel ships water on deck, a leak at deck level should be suspected. If the flooding continues at the same rate, or an increasing rate, at all times it suggests that the damage is below water level (PI, 2017) (Thomas, n.d.) FOLLOWING ACTIONS TO BE CARRIED OUT Firstly find out the amount of water in the hold and the root cause of water ingress Carry out a risk assessment of the situation Check the sounding of the bilges ballast tanks ,fuel oil tanks, void spaces etc No cargo operation to be carried out in hold No1 until total assessment of situation carried out Stability of the ship to be checked If entry in hold is to be done then ventilate the holds and work permit to be issued Inform the terminal about the damage Calculate the total amount of cargo damaged Make a log book entry of all the events Make sure all man holds nut bolts full tight and gasket in good condition Check comings, booby hatch entrance and deck plaiting for leakage Make sure all the bilge valves are properly shut Do not allow anyone to take pictures of the hold without permission If cargo damage is found, contact PI correspondents and ask them to arrangement of a survey. Following information to be given to correspondents:- name of the vessel, date of the incident ,place of the incident , cargo particulars, quantity of damaged cargo, amount of the damage, location of cargo, bill of lading no, loading port, loaded quantity ,cause of the damage, contact details of the agent ETA/ETD of the vessel (PICLUBJAPAN, n.d.) Try to control further damage by taking all possible measures for lessening of damage unless such would involve a risk to the vessels safety (PICLUBJAPAN, n.d.) Take photos of the damaged cargo and the suspected causes (PICLUBJAPAN, n.d.) Log book entries like, sea conditions, weather and wind force (PICLUBJAPAN, n.d.) Sea protest should be filed at next calling port, if the damage was caused by bad weather (PICLUBJAPAN, n.d.) Make sure all time delays have been logged FOLLOWING PERSONS TO BE INFORMED Owners Charters and sub charters Manager Local agents Vessels insurance club e.g. PI DPA Technical superintendent of the ship Terminal Class of the vessel OTHER REFRENCES (Swedishclub, 2013) (PI, 2017) (WEST OF ENGLAND , n.d.)Q10 PROCEDURE FOR MAINTAINING THE CARGO LIFTING PLAN Regular maintenance should be carried out in order to keep the equipment in good order (MCA, 2006) (MCA, 2016) Inspection of the equipments should be carried out by a competent person. It should be carried out as required by the Regulations but in any event at least once annually (MCA, 2006) (MCA, 2016) Check for defects like cracks, corrosion and wear and tear that could affect SWL (MCA, 2006) (MCA, 2016) If in doubt about the equipment has , exceeding the Safe Working Load (SWL), or subjected to treatment likely to cause damage, it should be removed of service till a competent person carries out an examination (MCA, 2016) (MCA, 2006) Regular greasing of equipments to be carried out (MCA, 2006) The condition of all ropes and chains should be checked regularly and damaged once to be replaced .Shackles, links and rings should be renewed if damaged (MCA, 2006) Examine the structure for any damages (MCA, 2016) There should not be any trapped water inside the Gantries (MCA, 2016) Limit switch, stop botton, controls and brakes to be checked on regular basis (MCA, 2016) Makers specific parts to be used if any parts are to be replaced. Once any maintenance is done the equipment should be examined by a competent person before using it (MCA, 2016) Cranes: The annual inspections and periodical thorough examination shall be carried out. Inspection and maintenance should be carried out as per the Planned Maintenance schedule (PIUK, n.d.) The following things shall be inspected for signs of deformation, corrosion, cracks, etc Crane Jibs Winch and the foundation of the winch. Goose neck, blocks, shackles, hooks, spider bands etc Marking on the gear should be checked and clearly visible locking arrangements of all shackles and blocks to be inspected lubrication of all the parts should be carried out as per the lubrication plan in plan maintenance system All wires shall be inspected for any damages Hydraulic systems to be inspected for proper functioning Blocks: Annual inspection of blocks to be carried out. Responsible Ships officer should carry out periodic inspection of the blocks on a periodical basis. Carry out the inspection and maintenance as per the PMS (PIUK, n.d.) Following checks to be carried out Check for free movement of sheave heads and swivel Check grooves on sheave for wear and tear Check if any distortion or damage on side plate. Check for any play in the axel pin Check that the thread of the pin is in good order . Check split pin and Grease nipples and markings should not be painted . Lubrication to be carried out as per the lubrication chart Slings:(PIUK, n.d.) Slings should be annually inspected Responsible Officer should inspect it before use Periodic inspection should be carried out a per PMS During these inspections the following shall be checked:- Check if any broken strands, kinks and corrosion. Check rings, thimbles, for damages, deformity and corrosion. Slings should not be used if any signs of damage Lubrication as per the manufacturers Check the tags on sling and compare it with the certificate. A sling without a tag should not Wires: Wire ropes should be inspected regularly and replaced if stands broken, kinked, worn, or corroded. They should be lubricated and renewed as per the PMS Reference (MCA, 2016) (MCA, 2006) (STC, 2017) (PIUK, n.d.)

Jane Eyre Essay: Following the Moral Compass in Jane Eyre

Following the Moral Compass in Jane Eyre Jane Eyre is the perfect novel about maturing: a child who is treated cruelly holds herself together and learns to steer her life forward with a driving conscience that keeps her life within personally felt moral bounds. I found Jane as a child to be quite adult-like: she battles it out conversationally with Mrs. Reed on an adult level right from the beginning of the book. The hardship in her childhood makes her extreme need for moral correctness believable. For instance, knowing her righteous stubborness as a child, we can believe that she would later leave Rochester altogether rather than living a life of love and luxury simply by overlooking a legal technicality concerning his previous marriage to a mad woman. Her childhood and her adult life are harmonious which gives the reader the sense of a complete and believable character. Actually, well into this book I was afraid it was going to be another one of those English countryside, woman-gets-married novels. I was reminded of a friend's comment a few years back to "avoid the Brontes like the plague." But of course there is a little more than courting going on here. For example, if you compare Jane with one of Jane Austen's young women coming into society, you have a bit more adventure, roughness, and connection to nature. I don't think a Jane Austen character would wander around the forest, sleeping without cover in the wilds of the night to prove a moral point. Jane Eyre can get dirt under her fingernails--that's the difference. You also get more emotion in Jane Eyre, you feel with her, deep hate (for Mrs. Reed), religious conviction (with ... ...somewhat cryptic language. He simply had his mind elsewhere, which is probably why he ended up in India. In fact, I am glad the book ended with the focus on the character of St. John instead of with Jane or Rochester, as it hints to us that the importance of the book is not about finding the right person, falling in love, and living happily ever after. The theme of this book is about following your conscience. In this regard, Jane and St. John both did the same thing in this story: They both had strong, driving consciences; they both were tempted but pursued their course; and they both found a satisfying life in the end. This book is not about developing a relationship with a romantic partner, but about developing a relationship and learning to follow and live in tune with your own moral conscience.

Price Discovery in Illiquid Market

| A synopsis on| Price Discovery in Illiquid markets: Do Financial Asset Prices Rise Faster Than They Fall? | | Submitted by:Dinesh MaharjanMBAe-Trimester VIG-one| 4/13/2013| Richard C.. Green, Dan Li and Norman schurhoff. Price discovery in illiquid market: Do financial asset prices rises faster than they fall. The journal of Finance. VOL LXV, No. 5, OCTOBER 2010| Submitted To: Kiran Thapa Portfolio Management and Security Analysis (Course instructor) Ace Institute of Management I. IntroductionIn OTC bond markets many investors face high costs of trade, and these costs appear to be related to the lack of price transparency. This journal studies the consequences this has for efficient price discovery. In the municipal bond market, unlike the markets for most consumer goods, dealers trade with retail customers as both buyers and sellers and as in consumer markets, in municipal bond market prices appear to â€Å"rise faster than they fall. This asymmetric price adjustment, referred to as â€Å"rockets and feather†, is generally understood by economists to be inconsistent with perfect completion between sellers.Sellers appear to exploit local market power due to the search cost of information that customers face and opportunistically delay the recognition of price movements in dealing with customers The report reflects the asymmetric price adjustment in a major OTC financial market using a comprehensive sample of all trades in municipal bonds over a 5- year period. The report focuses on how the dealers take advantage through manipulation of bond price. On average dealers are â€Å"buying wholesale† and â€Å"selling retail†, the asymmetric movement in prices benefits dealers.II. Objectives of Study * The main purpose of this paper is to study the price discovery in municipal bond. * To analyze How and why the price of the municipal bond rise faster than they fall (rockets and feathers) i. e. asymmetric price adjustment * Study the cross-secti on behavior of bond price with regard to macroeconomic news, treasury yield and how dealers exploit the opportunity of price asymmetry. * To study behavior of intermediaries with respect to price movement, bid-ask spread III. Literature ReviewGreen, Hollifield, and Schurhoff (2007b) show that that newly issued bonds exhibit some peculiar behaviors and high levels of price dispersion. As shown in Green, Hollifield, and Schurhoff (2007a), dealer purchase from and sales to customers are roughly in same value. There are a large number of bounds outstanding, but most individual bonds trade infrequently; intraday price variation can be large compared to movements in fundamentals (Green, Hollifield, and Schurhoff). Hence this paper employs only panel data methods and focus on transactions data aggregated at a daily frequency.Studies on the treasury market generally find that price react almost instantaneously to surprises in scheduled macroeconomic announcements, that the announcements tri gger abnormally high volume, and that there is little autocorrelation in returns after the first minute (Ederington and Lee ( 1993, 1995), Fleming and Remolona (1999), and Balduzzi, Elton, and Green (2001), Piazzesi (2005) studies the price reaction to the FOMC meeting statements and finds that the price response to surprises in these announcements is more sluggish, perhaps because of the qualitative nature of the announcements and their unexpected timing.Harris and Piwowar (2006) and Green, Hollifield and Schurhoff (2007a), investigate the cross-section determinants of dealer trading profits, but whether markups differ when prices are rising versus falling. If prices rise faster than they fall, as in markets for retail goods, then the markup should increase during market rallies by more than if it falls when prices are decreasing. Search costs have been used to explain price dispersion in OTC markets and hidden costs in financial services.Carlin (2009) describes how opacity in fina ncial markets can be interpreted as intermediaries imposing gratuitous search costs on consumers, and how this sustains monopoly profits in equilibrium. Green (2007) uses search costs to explain price dispersion and shows that even when intermediaries must compete for issuers’ business, the resulting monopoly rents can be sustained. IV. Data and Methodology The study of price discovery in the municipal bond market is conducted using data provided by Municipal securities Rulemaking Board (MSRB), a self-regulatory industry group.These data include all trades made by registered broker-dealers in municipal securities from May 1, 2000 to October 19, 2006. There are 1,615 trading days during the period. Trades are reported in 1,559,894 bonds. This paper applies a number of rule-based filters to clean the transactions data, eliminate bonds with missing observations, correct obvious clerical errors, and supply missing data items where possible and excludes a small number of trades on holidays and weekends. Most studies of the rockets and feathers phenomenon are based on data that are of high frequency on the time- series dimension.The municipal market, in contrast, involves a huge cross section but trading in individual bonds is relatively infrequent. Therefore this paper propose statistical models that aggregate all transaction in a bond at the daily level, and construct proxies for effective bid-ask spreads, half spreads, and yield spreads over comparable Treasuries. The study is based on empirical analysis which employed following set of explanatory variables and controls * Bond issue and issuer characteristics: Issue size, coupon, maturity in years, modified duration, indicator for callable, tax exempt and insured bonds. Indicator variables for the U. S. state of issuance and calendar year fixed effects. * Order flow variables: short-term rate, term premium, and default spread. * Controls for the average par size traded on a given day, or for the par size a nd the daily changes in the size of the trades used to measure bid, ask, and midpoint price/yield. To evaluate the impact that news events have on volume the regression analysis is conducted, whether the day saw the good bad or neutral news. Also conducted a cross-section regression of the daily change in the yield (price) against the surprise variable (news).To measure the underlying price movements, Lehman Brother’s Long Term Municipal Price Index is used to proxy for the market price level. Regression on markup on round- trip transaction against the change in the index over the period between the initial purchase and final sale is conducted. V. Analysis: a. Asymmetric price adjustment The asymmetric price adjustment is associated with opportunistic timing by the broker-dealers who intermediate trades in the market. The analysis shows that on the ask side of the market, where dealers are selling, prices rise faster than they fall.On the bid side, where dealers are buying, p rices fall faster than they rise. The profits on retail trades rise in rallies faster than they decrease when prices fall. This evidence suggests that dealers opportunistically delay recognition of movements in fundamentals. b.. The effect of macroeconomic news events on Price (yield) and volume: The regressions show that, while Treasury rates respond quickly to macroeconomic movements, municipal rates do not. Yield spreads also respond dramatically and persistently because the prce adjustment for municipals is so slow. It is found that the municipal yields (price) respond sluggishly to news.Also there is no effect in transactions volume in bond due to news impact. c. Implicit Half- Spreads and Asymmetric Price Adjustments To analysis how effective half- spreads respond to change in the midpoint, proxy for the bond’s value. When the midpoint of the bond rises, the average sales price less the midpoint (ask-side effective spread) is unaffected, but it rises when values fall. T hus, on the ask side, price rise faster than they fall. Similarly, the bid-side effective half-spread rises when prices rise, but is unaffected when price fall. Thus, the prices that dealers pat fall faster than they rise.In short, when underlying values move to dealers’ advantage, dealers quickly adjust prices up or down to maintain a constant profit margin. In contrast, when price movements decrease the cost of bond that dealers are selling, or increase the cost of a bond they are buying , dealers’ transactions prices are sticky. d. Asymmetric Yield spread Dynamics: Next analysis is the movement over time of yield spreads between municipals and Treasuries using a partial adjustment model. When the spread of the Treasury yield over the municipal midpoint yield is high, the municipal’s yield tends to rise and thus the price tends to fall.The reverse occurs when the yield spread is unusually narrow. The analysis shows that yield spreads widen faster than they shr ink. Alternatively stated, municipal price rise faster than they fall. e. Search costs and Asymmetric price dispersion: The analysis shows that within-day dispersion in the prices at which dealers sell to customers is higher when prices are falling than when they are rising. It is also found exact opposite for prices at which dealers buy from customers. Taken together, these findings suggest that dealers are exploiting search frictions on both sides of market.V. Conclusion Investor, financial intermediaries and regulators should concern regarding the consequences of limited transparency in financial markets. It is clear from the analysis that opacity in the municipal bond market affects the dynamic behavior of prices. Price discovery is slow, and price rise faster than they fall. Intermediaries appear to opportunistically time their responses to new information about fundamentals in the prices at which they trade with investors. The dealer markups on inventory positions increase fas ter when prices rise than they decrease when price fall.Implicit bid-ask spreads adjust slowly when they are relatively wide and adjust quickly when they are relatively narrow. Implicit half-spreads respond more quickly to price movements when this benefits dealers. Yield spreads relative to treasuries also adjust with asymmetric speed when they suggest that municipal prices should rise versus fall. In conclusion, these findings suggests that intermediaries benefit from the lack of price transparency and decentralization, and thus from the search costs imposed on investors, in the OTC market.

Discrimination Is An Action Unfair Treatment - 1263 Words

Prejudice and Discrimination As a society today, the majority of people will discriminate towards other people who simply just â€Å" don’t fit in† to their society. Discrimination is an action-unfair treatment directed against someone. Discrimination can be based on many characteristics: age, sex, height, weight, skin color, clothing, speech, income, education, marital status, sexual orientation, disease, disability, religion, and politics. When the basis of discrimination is someone’s perception of race, it is known as racism. Discrimination is often the result of an attitude called prejudice- a prejudging of some sort, usually in a negative way. There is positive prejudice, as when people think that some group is superior than others, but†¦show more content†¦Situations that I have most recently encountered that has involved discrimination and prejudice was: being judgmental towards a perspective resident at work, having a family/friend member discrim inate towards by boyfriend because he is black, and online news article that I scanned by about the company GAP and how they had to apologize about their â€Å"racial† new campaign. Working in real estate always has me on my toes. I try to be very careful on how I word things to others, because people can always twist my words and it can come back on me, and sometimes it makes me look racist when I’m not. In this case it was me who was being judgmental. They always say to not judge a book by its cover, and I did. When perspective residents come in inquiring about an apartment I usually can feel out who is really interested and more than likely willing to place their deposit and who is here just to waste time. Just the other morning I had a father and his two kids come in, both children still had their pajamas on, they looked like they had honestly just rolled out of bed and got into a car and came straight on over. The dad had on sweat pants and a t-shirt with food sta ins all over. They were looking for an apartment to move into immediately. I told them I did have one two bedroom that was available for an immediate move-in but instantly told him how much it was, that he had to pass a credit and criminal background, and that there is a deposit and application