Why Are The Financial Intermediaries Regulated Finance Essay - Free Essay Example

Globalization, demutualization, deregulation and the ever increasing growth and obscurity of abstruse derivative markets all stand centre stage in a debt driven financial saga which almost brought the worlds most advanced financial services industries to their knees. Politicians attempts to vilify those within the financial markets often obscures the truth that political power, especially in emerging economies, can often be held to blame for crises within financial sectors. Both lax governmental intervention and failings within the United Kingdoms regulatory framework have meant both a failure to recognize and appropriately respond to the systemic shocks within the financial services industry. Until the perpetual nature of a laissez-faire approach is ratified the elliptical nature of a boom, bust and bail out cycle is destined to reoccur. The objective of this paper is to emphasize the importance of the regulation of intermediary institutions. The rationale and reasons why in practice they are regulated and in what way regulation satisfies its demand, whilst also taking into consideration the impact of regulation on the performance of intermediaries. Past events have shown that financial service industries are prone to periods of instability resulting in extensive economic costs, leading many to the assumption that a more efficient and effective regulatory regime may be required. The importance of regulation through studying past events is clearly evident. Empirical studies such as (Benink Llewellyn, 1995), have explored the rationale behind banking crises, namely those within Scandinavian countries during the 1990s reaching the conclusion that even in relatively matur e economies the risks of poor supervision, lax regulation and asymmetries of information are detrimental to a strong and stable economy. Comparisons can also be seen in the development of banking crises across Asia. The theories raised in (Drage, Mann, Michael, England, 1998) through the study of destabilizing effects on capital flows, show that the banking crises across Asia have shown similar comparisons between financial instability and the risks of poor supervision. Institutions are affected by a multitude of varying forces making the nature of large institutional failures idiosyncratic. While each failure and banking crises has its own unique characteristics, studies, such as (Westernhagen, et al., 2004) suggest a similar correlation between cases of failure within the European Union and financial liberalization. Reinforcing the argument that the risks from poor or under regulated financial markets and lax supervision are largely detrimental to financial stability. The way in which intermediaries are regulated within the economy has changed dramatically in order to adapt to an evolving environment. Through liberalization, deregulation, globalization and advancements in technology the landscape of intermediation has evolved. With the development of institutions that operate within a global market offering a range of universal products, the once traditional distinctions between types of financial institutions have become blurred. The erosion of traditional distinctions  [1]  , geographical borders and distinct product markets has further complicated the issues facing effective regulation. In terms of the importance of an intermediaries stability, it runs parallel to its growth; which is due in part to an evident relationship between the development of efficient financial intermediaries operating within a global market and long term economic growth, as concluded in (Levine, 2004) and the macroeconomic risks associated with instability and systemic sh ock. In essence, the economic cost of instability grows in line with the growth of financial institutions due to their corresponding growing importance in economic prosperity  [2]  . As an economy matures, an intermediarys role, in terms of credit, diminishes as a direct result  [3]  . A negative correlation exists between this diminishing credit role and an increased standing within capital markets  [4]  . This relationship has resulted in an increased consolidation of the banking industries within mature economies, driving forward the formation of universal banking conglomerates with fewer banks offering a wider range of products  [5]  as a result, benefiting from economies of scale and scope. With the globalization of trade, intermediaries have had to adapt to increased international demands for capital  [6]  , resulting in the formation of multinational banking institutions with a greater exposure to equity markets  [7]  . Raising issues as to how to a nd who should be responsible for the supervision of institutions acting across boarders and through offshore financial centers. Within the United Kingdoms regulatory structure, there are four distinct areas of regulation and supervision that exist. Those four areas being, prudential regulation  [8]  , systemic regulation  [9]  , consumer protection  [10]  and lastly competition  [11]  . The United Kingdom adopts a unified agency model in which both prudential and consumer protection regulation is the responsibility of a single agency, the Financial Services Authority. Both prudential regulation and consumer protection regulations are considered to be statutory objectives of the FSA. Systemic regulation however, although considered to be a statutory objective of the FSA, remains the responsibility of the central bank, The Bank of England. Lastly, although competition is not a statutory objective of the FSA, it is required to take into consideration the implications of its regulatory and supervisory framework on competition within the financial services industry at all times. Regulatory structures across the globe vary greatly in design whether that is in legal structure, application or enforcement. The development of a financial regulatory system is endogenous in nature, developing from within the targeted industry resulting in a market orientated system characterized by the principals of said market. The development of a regulatory system is consequently greatly affected by the particular factors affecting the system, meaning the regulatory treatment of one countries banking institutions may differ greatly to anothers. Although banking regulations may vary between nations, the overall objectives of a regulatory system remain the same. For the purposes of this paper and to clearly distinguish between the economic rationale behind regulation and the reasons in practice why regulation is actually imposed, a distinction will be made betwee n the raison dà ªtre, the objectives and the reasons why in practice regulation takes place. Although a variety of demands are placed on regulatory schemes the core objectives of regulation remain the same and can be summarized into three core principals. They are, to ensure sustained systemic stability whilst allowing for unhindered growth, to protect the consumer and to maintain the safety and stability of the financial institutions within the regulated market. The economic rationale for the regulation and supervision of intermediary institutions lies in its ability to overcome market imperfections and failures. In order to ensure this does not hinder growth, regulation should be limited to this purpose. The concept of protecting the ultimate consumer from possible costs associated with market imperfections and failures is one of the fundamental reasonings behind the regulation of intermediary institutions. In the absence of an efficient regulatory scheme it is these market imper fections, notably those that arise from externalities and asymmetries of information, that reduce consumer welfare and result in Pareto  [12]  inferior economic consequences. In contrast, and as discussed in the study (Davies, 1993) when markets achieve a Pareto optimal outcome there bares no justification for restrictive public intervention. With the erosion of geographical restrictions on intermediaries and an increase in interbank exposure, the importance of systemic stability has been amplified. Systemic regulation is found to be justified when the social costs of an intermediarys failure out ways that of the private costs. Intermediaries are said to hold crucial positions within the economy due to the governments use of banking institutions to affect monetary policy, the fact that they manage the payment system and the crucial role they play in satisfying demand for finance that without the nature of intermediation, may not be able to be satisfied elsewhere. As discussed , the financial services industry is prone to periods of instability, which is compounded by an increased susceptibility to financial frailty, systemic risk, and panic, the latter acting as a contagion within the financial services industry. The spread of fear that an institution is unable to honor its contracts can create a domino affect, leading to a run on a banking institutions assets, as with Northern Rock in 2007 when it became the first British bank in 150 years to experience a bank run. Intermediaries are susceptible to runs due to the unique nature of their balance sheets. Intermediaries carry out the function of maturity transformation, transforming liquid short-term deposits into long term illiquid loans with tentative values. In the event of a bank run, an institution is forced to dispose of illiquid assets to ensure solvency in meeting the demands of depositor withdrawals. This raises some significant issues with regards to asymmetric information. Firstly, illiquid a ssets are valued higher on a going-concern basis than that of liquidation, this is due in part to the fact that the market valuation of the assets could decrease due to the failure of a single institution and that in the case of disposal a potential buyer may impose a premium associated with risk which acts to further diminish the value of the asset. Secondly, the value of an institutions loans are in part affected by the inside knowledge attained by the institution over the life of the asset, such as the relationship between the customer and institution whilst managing the account which value cannot be transferred to a secondary market with absolute creditability. (Benston G. J., 1998) examines the rationale behind systemic banking regulations and argues that the failure of an intermediary may not necessarily pose a substantial cost, this is due to the homogenous nature of banking products and ease in which business may be transferred to other institutions. However, as raised in the studies (Llewellyn, 1999) (Slovin, Sushka, Polonchek, 1993) and (Davies, 1993) even with temporary disruptions to the payment system and cash flows can have detrimental wealth effects for borrowers. Due to the nature of the contagion, a single banks insolvency has the potential to cause depositors to withdraw deposits from other institutions causing solvent institutions to become insolvent. The potential externality of one institutional failure is its potential ability to affect overall systemic stability, whether that be due to a shift in the perception of depositors or interbank exposure. Studies such as (Summer, 2003) treat systemic risk as the simultaneous failure of heterogeneous banking institutions, showing particular detail to mutual credit exposures  [13]  . The study concludes that for regulation to be efficient in tackling systemic risk a regulator must be able to quantify the aggregate exposure of the intermediary sector and in turn determine whether or not the risk the sector bears is acceptable in order to ensure systemic stability. If done so, regulation can be critical in mitigating the risk of systemic instability and provide stability to the payments system within the financial services industry. Empirical studies such as (Benston, Eisenbeis, Horvitz, Kane, Kaufman, 1986) have shown little in the way of conclusive evidence that a run on a solvent institution can cause insolvency, however although the risk may be low of a single failure causing systemic instability, the fact remains if it were to occur the macroeconomic repercussions would be vast and as such the case for systemic regulation is significant. The use of fixed-amount creditor protection schemes and the central bank as a lender of last resort, compliance regulation and systemic regulation respectively, can in part alleviate the pressures of systemic shock. (Benston G. J., 1998) argues that the rationale for a run on an intermediary is unjustified in the case of depos it insurance. However, the potential risk of a run differs dependant on whether the insurance cover is 100% of the deposit or less. If the coverage is total, then potential risks of moral hazard emerge in which banks may be induced into riskier levels of activity whilst operating with lower capital reserves, whilst consumers may seek out institutions operating with higher risk for the potential of greater returns in the knowledge that in the event it becomes insolvent they will be fully compensated. This risk is compounded with the affect of competition as discussed in (Davies, 1993) in which competition is found to erode the value of a banking institutions charter and cause institutions to take part in more risky behavior. In the presence of insurance, risk can be said to be subsidized in that, depositors are less likely to demand an appropriate risk premium on their return. In the case of partial insurance, as is the case in the United Kingdom in which deposit insurance is limited to 50,000GBP, see (Financial Services Authority , 2008), rationale to withdraw deposits to reduce loss still exists. Studies such as (Llewellyn, 1999) have found a similar correlation between institutions and consumers taking part in higher risk activities and the central banks role as lender of last resort in which they conclude risk-taking may be subsidized as the appropriate risk-premium is not reflected in deposit interest rates as depositors believe banks will always be rescued. (Llewellyn, 1999). In discussing the concern that banks may be induced into riskier levels of activity with lower capital reserves, a case for the use of prudential regulation such as minimum capital requirement legislation also arises, which within the European Commission is based upon the Basle approach  [14]  . The use of minimum capital requirement relies on the premise that by holding sufficient capital intermediaries internalize any adverse effects of high risk investing and thus choose to invest more prudently. Whilst combating moral hazard in this way is possible, studies such as (Hellmann, Murdock, Stiglitz, 2000) suggest a risk of Pareto inefficient outcomes resulting from intermediaries being forced to hold inefficiently high reserves. Detractors of the use of both investment insurance schemes such as the ICS and the central bank as lender of last resort, believe that the current insurance schemes against loss provide no disincentives to take part in riskier lending activities and that the lack of disincentives means that a financial firms behavior is likely to be adversely affected by their ability to pass on the cost of risk to others, as discussed in greater detail in the studies of (Kane, 1989) (Cole, McKenzie, White, 1995). It is these moral hazard points outlined above and the severity of the possible social and private costs associated with intermediary failures that provide a valid case for the regulation and supervision of financial intermediaries , yet it is important to note that for a regulatory scheme to be efficient, it would need to be constructed as to diminish the extent in which compensation schemes can be exploited. Another economic rationale for the use of regulation is directly related to its ability to overcome market imperfections and failures. If imperfections and failures were present, yet, there was an absence of regulation then the consumer would bare the associated costs. In contrary, in a perfectly competitive market absent of the aforementioned externalities there would be no justification for regulation. The penultimate goal of regulating in concern to market imperfections and failures is to correct any that may be welfare reducing. The main issues affecting the consumer relate to or are closely associated to asymmetries of information. For instance, problems associated with asymmetries of information  [15]  can have effect on agency costs, which are susceptible to manipulation in order to exploit the customers lack off understanding of critical information. This results in the inability of the consumer to be able to accurately ascertain the true cost of the transaction at the point of purchase. Another example would be, inexact definitions of financial products and associated contracts and a possible further lack of understanding of new complex financial instruments such as derivatives and there associated risks. The rationale for consumer protection regulation centres around the fact that consumers may be less equipped to asses the financial stability the institutions they are investing in and in turn would bare the consequences of the possibilities of moral hazard issues arising due to a principle-agent  [16]  issues and other market failures. In a perfectly competitive market, with a complete lack of the aforementioned externalities, the above considerations would impose considerable cost to the consumer. Studies; such as (Davies, 1993) suggest that the level of c ompetition has a direct effect on market failures in that in the presence of competition, information asymmetry can lead to market collapse (Davies, 1993). It is important to note at this point regulation and competition are not in conflict. In fact, effective competition is beneficial in terms of consumer protection and efficient regulation has the ability to reinforce competition by reducing market imperfections that act as barriers to competition. As discussed in greater detail in (Benston G. J., 1998), the associated costs of regulation for the consumer and the potential benefit accrued to the institution is that it often decreases competition however this is in examples of foreign financial services industries and does not generally apply to the United Kingdoms financial sector. There are circumstances in which asymmetric information can adversely affect demand, the best-known example of this phenomenon being (Akerlof, 1970). This paper, on asymmetric information, provides a n analysis of the second hand car market in which the existence of low quality vehicles and the inability to distinguish between high and low quality products drives down the average market valuation and as a results forces the higher quality products out of the market resulting in an excess in supply rather than a the desirable market equilibrium where demand is equal to supply. This situation also means that a consumer may be less likely to purchase a second hand car due to the risk of obtaining a low quality product or a lemon. In terms of the financial services industry, in a situation where a consumer is aware of low quality products in the market, financial firms, even with high quality products, may be tarnished by general perception. Compliance regulation, which is focused on the control of a financial institutions business conduct with respect to protecting the consumer, is in a unique position to tackle this issue by providing industry standards for financial products, in essence driving the lemons out of the market. Documented cases in which stricter compliance regulation would have benefited the consumer include the likes of the largely publicized miss selling of personal pension plans between the period of 1988 1994, see (Financial Ombudsman Service, 2003). A lesser-known issue arising from asymmetric information is that of the gridlock problem. This issue refers to a situation in which a group of intermediaries are aware of how to act in the best interests of there customers even in the absence of regulation, yet rather than do so they opt to take part hazardous lending activities for there own short term advantage. Two issues arise from this, the possibility of moral hazard and the likelihood of adverse selection. The former discussed in detail in (Goodman, 1990) which concludes that competitive conditions may cause gridlock behavior by encouraging intermediaries to mirror the behavior of others and as a result incurring excessive risk in th e process. Again this type of market failure can be associated with the scandal of miss sold pension plans between 1988-1994 in which the competitive environment provided additional pressure in which many institutions were induced to mirror one and another taking part in riskier activities for there own short term gain rather than for the customers best interests. Re-enforcing the argument for compliance regulation of intermediary institutions within the United Kingdom. The demand generated by the consumers, if satisfied within reason  [17]  , has the potential for welfare gains and as a result has the potential to overcome these market imperfections and avoid considerable costs from intermediary and market failures. Consumers may place demands on intermediaries that may only be satisfied by regulation. The rationale for this could include issues arising from past bad experience of dealing with financial firms, a requirement for a sufficient level of assurance in dealing with institutions, to be able to benefit from economies of scale in terms of monitoring costs and lower transaction costs (saving costs in being able to accurately determine the price of a contract with a firm based on its behavior and financial position) and a simple preference to be proactive rather than reactive in preventing institutions from acting in a hazardous behavior rather than claiming once they have acted in such a manner. Regulation may also benefit consumers suffering from matters associated with asymmetric information, for instance the consumer may not having enough information or be unable to efficiently utilize the information that they may have. A risk adverse customer may even be willing to pay above and beyond the cost of the contract for the benefits of regulation to mitigate the likelihood of loss on his or her transaction. However as identified in (Llewellyn, 1999) the major limitation of this rationale is that the consumer may have an illusion that regulation is a free good in which case demand is distorted (Llewellyn, 1999). The effect of regulation on the performance and behavior of intermediaries is an ambiguous subject mainly due to the lack of empirical evidence. One of the most common areas of discussion is the use of prudential regulation such as the capital requirements raising issues regarding the opportunity cost of capital, the cost of holding capital in reserve rather than investing which can have a negative effect on performance. As concluded in the study (Altunbas, Carbo, Gardener, Molyneux, 2007) inefficient banking institutions within the European Union tend to hold more capital. As per the critical study of the Basel II regulatory framework, (Manthos, Molyneux, Fotios, 2009), it is suggested that market discipline solely impacts productivity growth and that overall restrictions on the activities of intermediaries actually have a positive effect on productivity and growth. Consumers are not the sole benefactors of a n efficient regulatory regime. This is evident through various areas of regulation. Prudential regulation for instance has the potential to reduce individual firms risks. In terms of consumer protection regulation, introducing industry standards enhances consumer confidence, which helps to remove lemon products from the market. This increases both the efficiency and the reputation of the market, which counters that which suppresses demand for products. As for the gridlock issue, regulation gives individual intermediaries an assurance that all firms are acting in the same, and more importantly, appropriate way. As discussed, the rational for the regulation of intermediary institutions lies in the associated welfare benefits, however that regulation comes at a cost. There is an inherent tendency to over regulate and although there is an unmistakable demand for regulation whether that be economic or on behalf of the consumer, the cost must not out way the benefit of regulating in or der for regulation to have warrant. As (Llewellyn, 1999) concludes, an adverse relationship exists in between the effectiveness of regulation and the efficiency. In essence, that although pursuing legitimate objectives of regulation are in the interests of the overall economy, pursuing them too far may exceed the benefits accrued and whilst external regulation of the financial services industry is evidently important, it does not mitigate the requirement for internal delegated monitoring carried out by intermediaries. Financial intermediaries organizational structures are ideally suited to be able to transform supervisory costs by way of delegating monitoring and in turn minimize the cost of financial distress and monitoring costs. Through diversification, an intermediary is able to delegate monitoring by transforming monitored debt into unmonitored. In essence the importance of deposit contract monitoring is diminished where as the monitoring of loan contracts becomes essential. As discussed in (Diamond, 1996) and (Diamond, Financial Intermediation and Delegated Monitoring, 1984) if an intermediary is competitive and fully diversified then they are in a unique position to provide low cost delegated monitoring increasing their risk tolerance to each individual loan whilst still providing risk for incentive purposes yet at a lower cost. Due to the costs of institutional failure, banks derive a benefit from monitoring risk, which is derived from avoiding inefficient liquidation in favor of a concession from the borrower. In cases of which they are unable to reduce risk via monitoring, they should look to hedge risk appropriately by means such as futures markets or interest swaps. In summary and by way of conclusion, this paper attempts to highlight a motive for the regulation of intermediary institutions. That motive being to remedy market failures that in the absence of an efficient regulatory scheme would result in considerable cost to the consumer. In o rder to ensure this does not hinder growth, regulation should be limited to this purpose. Efficient regulation has the potential to accrue welfare benefits for all stakeholders and with an intermediaries role in affecting monetary policy, the management of the payment system and the role they play in satisfying demand for finance, regulation for systemic purposes is in the interests of the overall economy. This is compounded further by discussing the evolving landscape of the financial services industry, that with an ever-increasing consolidation of the banking sector provides sufficient rationale for the use of a unified agency model. However strong the case may be for regulation it is important note that it does not mitigate the requirement for internal delegated monitoring carried out by intermediaries and that external regulation of intermediaries is not a replacement, yet rather a complimentary service, to the internal supervision and responsibilities of financial intermediarie s. Appendix Figure 1: International demand supply for capital Sources: IMF, World Economic Outlook database as of September 24, 2010. (McKenzie Maslakovic, 2009) Figure 2.1: Diminishing Banking Share of the World Financial System Sources: International Financial Statistics, International Monetary Fund; Size of World Bond Market Capitalization, Merrill Lynch and Emerging Stock Market Fact book, Standard Poor. (Barth, Gan, Nolle, Global Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009) Figure 2.2: Affects of a maturing domestic economy on intermediaries credit roles. Sources: International Financial Statistics, International Monetary Fund; Size of World Bond Market Capitalization, Merrill Lynch and Emerging Stock Market Fact book, Standard Poor. (Barth, Gan, Nolle, Global Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009) Table 1: International Examples of Financial Conglomeration. Table 1 co ntinued: Source: World Bank Regulation and Supervision (2003); and Global Survey 2003, Institute of International Bankers. (Barth, Gan, Nolle, Global Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009) Key: Unrestricted A bank may own 100 percent of the equity in any nonfinancial firm. Permitted A bank may own 100 percent of the equity in a nonfinancial firm, but ownership is limited based on a banks equity capital. Restricted A bank can only acquire less than 100 percent of the equity in a nonfinancial firm. Prohibited A Bank may not acquire any equity investment in a nonfinancial firm. Figure 3.1: Changing Structure of Banking Institutions Market Capitalization Sources: International Financial Statistics, International Monetary Fund; Size of World Bond Market Capitalization, Merrill Lynch and Emerging Stock Market Factbook, Standards Poors. (Barth, Gan, Nolle, Global Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009) Figure 3.2: The Changing Structure of Global Financial Assets Sources: Bank for International Settlements; International Monetary Fund, International Financial Statistics database; The World Bank, World Dev elopment Indicators database. (Stephanou, 2009) Notes: Data is shown for year-end. Debt securities are the outstanding stock of securities issues domestically and internationally. Equity securities are stock market capitalizations. Financial depth is the sum of bank deposits and all types of securities as a percentage of GFP Figure 4: Contribution of Financial Services to GDP Sources: International Financial Services London Research Report in association with The City of London UK Trade and Investment, www.IFSL.org.uk, IFSL Research: Economic Contribution of UK Financial Services December 2009. (International Monetary Fund, 2010) Figure 5: Ownership of Banks by Region. Sources: World Bank Survey of bank regulation and supervision. Fitch Ratings. Note: The figure shows the un-weighted averages for each region. (Stephanou, 2009). Table 2: Key International Standards of a Sound Financial System Sources: Financial Stability Forum (2001) (Barth, Gan, Nolle, Glob al Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009) Box 1: Core Principles of an Effective Banking Supervisory Framework Source: Cesare Calari and Stefan Ingves, Implementation of the Basel Core Principles for Effective Banking Supervision, Experiences, Influences, and Perspectives, International Monetary Fun and World Bank, (September 2002), 13. (Barth, Gan, Nolle, Global Banking Regulation Supervision: What Are the Issues and What Are the Practices?, 2009)

Tips to Help You Write an Amazing Immigrant College Essay

Tips to Help You Write an Amazing Immigrant College EssayIt is difficult to foresee the future, yet on the off chance that you need to compose an astounding outsider school article, it isn't difficult to do. One of the most troublesome parts about composing an astounding paper for school is that you must have a strong postulation. What are your proposition and what does it say?Immigration has been at the bleeding edge of the news and has gotten one of the most famous themes for journalists to talk about and expound on. Movement laws are being looked into by Congress and Americans are getting progressively taught regarding the matter. In spite of the fact that the government directs movement law, state and neighborhood governments assume a significant job in migration law too. This makes it much progressively imperative to inquire about the subject before you compose your essay.When composing a worker school paper, the subject of movement must be deliberately looked into. In the event that you don't have the foggiest idea what your subject will be, you can't compose a stunning paper. You should know precisely what you need to expound on and afterward discover instances of individuals who compose movement articles that are amazing.Here are a few hints to assist you with composing a settler school paper. Discover an individual or spot that is referenced in your postulation region and discover instances of the point that they compose about.The first tip is to look into movement law. It is imperative to discover an individual or spot that you can associate with and clarify the theme in your article. When you discover an individual or spot that accommodates your point, figure out how to identify with that individual or spot to your theory topic.One tip to use with this tip is to ensure that you are quite certain with your proposal and not sum up. You would prefer not to seem to be a teacher in the article. In the event that you pick the correct individual, they will welcome you raising their topic.The second tip is to discover instances of outsiders who have composed migration law and figure out how to relate them to your proposition subject. It might take you some time to discover somebody who you can identify with. Keep in mind, these individuals are searching for indistinguishable things from you. At the point when you discover an individual or spot to interface with in your proposal, utilize their model in your essay.These tips can assist you with composing an astounding worker school paper. On the off chance that you might want more data on the most proficient method to compose an astonishing foreigner school exposition, it would be ideal if you don't hesitate to get in touch with me. It would be ideal if you visit my site beneath.

Topics to Write an Education Paper

<h1>Topics to Write an Education Paper</h1><p>What is the best kind of theme to compose training paper or conversation paper? Here are some amazing subjects to help you out:</p><p></p><p>What you will be discussing will influence how much individuals focus on what you need to state. You can compose an incredible subject for yourself on the off chance that you set aside the effort to examine the point before you even start composing. Furthermore, what is the most ideal approach to consider something?</p><p></p><p>Listen to it! It doesn't make a difference whether you can communicate in the language or not. On the off chance that you comprehend and value the message, individuals will tune in to what you need to state. I am certain that you would prefer not to spend your vocation talking in a completely unknown dialect, right?</p><p></p><p>The theme you decide to compose instruction paper on ought to be the topic that intrigues you. Likewise, choose a classification or point that is probably going to show others your class or association. For instance, on the off chance that you show Spanish, at that point consider picking a subject, for example, Spanish sentence structure. Or on the other hand you may find that you appreciate Spanish.</p><p></p><p>If you don't have a clue about the point, you ought to find support from somebody who knows the theme. There are sites that can assist you with the subject you need. Or then again you can just gander at a rundown of themes or articles to perceive what individuals have decided for their own needs.</p><p></p><p>If you are an educator, you will discover fascinating subjects for your examination paper. A few subjects that you may discover intriguing incorporate the historical backdrop of the Spanish language, Esperanto, a case of a world legacy site, or a movement guide.</p><p> ;</p><p>The most ideal approach to figure out how to compose instruction paper or conversation paper is to plunk down and make sense of the point you need to expound on. At that point, pick a subject that you are generally acquainted with. Also, recall, look into is the best teacher.</p>

Sample Rogerian Essay

<h1>Sample Rogerian Essay</h1><p>The test Rogerian paper comprises of passages from the novel, the content from the earliest starting point and end of the book and sentences from the life of Roger. It is a case of how to compose an exploration paper. A Rogerian article is written so that perusers may think that its simple to peruse and understand.</p><p></p><p>The Rogerian exposition is the initial move towards an examination paper. This is an example Rogerian exposition which you can allude to use in your next composing task. It is to be submitted in the last year school educational plan for the Bachelor of Science in Biology or Master of Science in Environmental Sciences. The Rogerian exposition is intended to assist understudies with understanding ideas of condition change and ecological instruction in logical research.</p><p></p><p>A Rogerian article is an example of an examination paper that has been composed by a senior understudy of the school and has been perused by an expert manager. The Rogerian exposition was introduced at the school's Essay Contest that occurred in September. You can see the article in the school's authentic site where the writer is being credited.</p><p></p><p>Sample Rogerian exposition presents the fundamental data that is required in the writer's composing paper. Toward the start of the example Rogerian article, the writer presents themselves, takes note of their experience and discloses their choice to compose the paper. The writer additionally depicts their motivation behind why they are composing this exploration paper.</p><p></p><p>Rogerian article covers the most essential ideas and occasions in the life of Roger. The writer alludes to Roger's involvement with the formation of a sci-fi book about an outsider world that individuals in Earth can visit.</p><p></p><p>The writer really expounds on the earth and its cooperations with people and what they can gain from contemplating nature and the occasions that occur in it. The principal section starts by disclosing what has happened to make the outsider world, the occasions that occur in it and the encompassing events.</p><p></p><p>A Rogerian article may fill in as a manual for understudies who need to compose their own exploration papers. They may discover the data in the exposition straightforward. They might have the option to decipher the data they have figured out how to see better what they should accomplish for their next research paper.</p>

College Board Essay - How to Write an Essay

<h1>College Board Essay - How to Write an Essay</h1><p>Why does the SAT practice test from College Board appear to show up frequently in the inboxes of hopeful secondary school seniors? Believe it or not, it's most likely on the grounds that huge numbers of them aren't being trustworthy enough about the points they take. This isn't to imply that that these understudies are awful individuals, however it is to state that they're not taking SAT practice tests correctly.</p><p></p><p>The ideas on which the test is based are with the end goal that numerous understudies who have next to zero past involvement with all in the subject will score ineffectively. The test is on the whole measure based, and the most troublesome idea to pass is that of decomposition.</p><p></p><p>What is disintegration, you inquire? Essentially, you can consider disintegration a capacity to isolate into littler, increasingly minute parts, each with its own particular qualities and characteristics. It is this capacity that is so hard to ace, that can be viewed as a definitive trial of a person's scholarly aptitude.</p><p></p><p>That is the reason the SAT practice test, which basically poses inquiries about your capacity to handle such an unpredictable idea, is so fundamental to the improvement of an extremely keen understudy. A few understudies, even with their standard verbal capacity, may battle to address this kind of inquiry, while others are profoundly savvy and improve. Hence, the test is, in enormous section, a gauge of an understudy's capacity to ingest, sort out, investigate, or potentially comprehend ideas.</p><p></p><p>That is the reason the SAT practice test from College Board is so vital. In addition to the fact that it helps measure a person's understanding aptitudes, yet in addition as a methods for fortifying and refining these abilities. Hence, on the off chance t hat you can figure out how to recognize where your shortcomings falsehood, and afterward chip away at them through training, you can become unquestionably bound to prevail at the test than by accident.</p><p></p><p>One of the most famous parts of the SAT practice test from College Board is the article segment. Much like the recently referenced article and paper subjects, the exposition area must be replied with one of two methodologies. It is possible that you can make it an activity to sharpen your discussing abilities, or you can peruse the accompanying data and figure out how to compose an exposition effectively.</p><p></p><p>The College Board concedes that the paper is no simple accomplishment. The article is a performing multiple tasks work out, expecting you to plan for a book audit, think fundamentally, research, or examination, and form a reasonable contention. It is this last advance can be the most troublesome and takes the m ost time and effort.</p><p></p><p>And, remember, that you will be approached to present different articles won't get an opportunity to ponder your reasoning procedure, so you should have the option to think obviously and compose a persuading exposition. That is the reason the paper is such an extraordinary method to improve your general score. It's likewise why you should take the SAT practice test from College Board genuinely, with the goal that you can take advantage of your essay.</p>

Mediation Process Is An Alternative Informal Process Of A...

At any time many leaders do not handle any situations that occur in the workplace or situations that occur between workers. This is where the successful option of mediation can become helpful to not only the members who are in the disagreement but as well as the boss or as I will refer to them; the leader. For those who do not know exactly what mediation entails it is an alternative informal process of a lawsuit. A Mediation process involves a third party who assists the opposing parties to reach an agreement. Usually this agreement will originate from enhanced sharing knowledge of the situation. This is the reason mediations usually become successful since both opinions, issues, etc. are all out in the open. This is where members begin to realize there was never an actual situation; it just never got resolved because it was never confronted or discussed. The use of this technique should definitely be learned by leaders in order to improve their leadership skills. What is important a bout mediation is that members can discuss issues in the charge, deliver opinions only to soon find out it was a simple miscommunication. There are sufficient amount of studies that support the success rate for mediation. Along with the success rate research has shown leaders who can mediate or learn too become successful and make their work environment a positive one. It is apparent that a mediator and leader are to different positions/roles some can take. Although they are different theyShow MoreRelatedAlternate Disbure Resolution757 Words   |  3 PagesAlternate dispute resolution (ADR) comprises a variety of approaches to early intervention and dispute resolution (Alternate Dispute, n.d.). Many of these approaches include the usage of trial, negotiation, mediation and arbitration. Based on the case provided, Awang Budimans lawyers claim that UBD players acted deliberately during their warm up to disrupt the team formation, as Awang Budiman being one of the better strikers of t he team. However, the UBD players deny the claims, stated that thereRead MoreAnalysis Alternative Dispute Resolution1946 Words   |  8 PagesDiscuss the processes available in alternative dispute resolution and explain its advantages and disadvantages. Alternative Dispute Resolution (ADR) involves dispute resolution processes and techniques that fall outside of the government judicial process. There has been moves against ADR in the past by entities of many political parties and their associates, despite this, ADR has gained inclusive acceptance among both the broad community and the legal profession in past years. In fact, many courtsRead MoreInternal Memo for Client1808 Words   |  8 Pagescivil cases involve the lawsuit brought by the City against Mr. Jones for fraud against a municipality. In addition, the adjacent property owner the citizen of Switzerland is sewing for damages to his property. The criminal charges in this case involve the charges fraud and trespassing. All of these issues in this situation can be resolved in The United States district court. Process Civil Court and Criminal Court Steps need to be taken by the plaintiffs when a lawsuit is filed. In a civil courtRead MoreThird Party Intervention Strategies Of A Workers Compensation Case From Cook County, Illinois1903 Words   |  8 Pageswho sustains an on the job injury, cannot file a lawsuit against his employer, regardless of whether some action or negligent conduct of his employer clearly caused or contributed to the worker’s accident. Therefore the sole solution for the worker, are their benefits provided by the Illinois Workers’ Compensation Act. However, the injured worker could have the right to receive substantial additional monetary damages in the form of a Third Party lawsuit if the facts of the accident establish that aRead MoreWhat Are The Legal Implications Of The Sermon Recordings?775 Words   |  4 Pagesviolation of a copyright but all occur in the course of litigation or during some form of ADR. Besides litigation, copyright infringement cases may be settled through the use of a cease and desist letter or both parties agreeing to some form of alternative dispute resolution. Issue #3: The legal implications of not enforcing Lakewood’s rights under the copyright is that the statute of limitations is only three years on this type of legal action. This means that any delay in sending a cease and desistRead MoreEssay on Alternative Dispute Resolution1882 Words   |  8 PagesAlternative Dispute Resolution Recently there have been many moves to encourage the use of ADR, this eases the burden on the judicial system and helps both sides in theory come to a reasonable settlement without the costs of a court case. The term ADR can be described as Ã…Â ¸ Dispute resolution procedures utilized outside of court In order to ensure Ã…Â ¸ Cost effective litigation And to Ã…Â ¸ Help prevent litigation reaching the courts Litigation itselfRead MoreAlternative Dispute Resolution. 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A Civil Action complements the material learned in class, and it helps to create an overall cohesiveness between the topics learned in class that we taught disjointedly but in great detail.Read MoreCivil Justice And The Scottish Criminal Justice System1821 Words   |  8 Pagesto ordinary causes as their proceedings are recorded. Small claims are for causes relating to debt and consumer concerns where the value is up to  £3,000 and no more. These issues are suggested to be minor and the small claims procedure is usually informal. The sheriff makes no notes appeals can be made extremely difficult and the pursuer does not have to be represented legally. Additionally, if someone wants a decision reversed a request can be made to a higher court- this is called an appeal. AppealsRead MoreSexual Harassment And The Workplace Essay2278 Words   |  10 Pagesof prohibited sex discrimination. In 1975, two women filed suit, stating they were forced to resign because their supervisor made repeated sexual advances toward them. The court ruled it would be â€Å"ludicrous† to permit the women to proceed with a lawsuit because of their supervisor’s amorous advances and dismissed the complaint (Boland, 2005). Finally in 1980 the Supreme Court ruled that sexual harassment was a violation of the Civil Rights Act of 1964. The law doesn’t prohibit simple teasing, offhand

What Does an APA Journal Article Review Do?

<h1>What Does an APA Journal Article Review Do?</h1><p>If you are scanning for successful approaches to make articles that you can submit to different article indexes, at that point one of the best techniques to do so is through an article survey. In the event that you have never known about an article survey, it's fundamentally when a writer looks at a particular article and checks whether it has merit or not. Be that as it may, this strategy is all the more frequently utilized by new writers to test their composing aptitudes so as to find on the off chance that they are really equipped for composing something worthwhile.</p><p></p><p>When you first begin as a writer, composing articles is continually going to be probably the hardest thing that you can do. It is hard in light of the fact that your article is commonly composed at the impulse of what the editorial manager needs to find in an article. The more articles that you compose, the har der it will get the chance to sharpen your abilities and enhance things that you may not be excessively acquainted with yet.</p><p></p><p>Writing great requires a ton of training and tolerance. In this manner, it is significant that you get the chance to look at different articles from various destinations so as to see if or not the composing is acceptable. So as to do this, you have to discover a site that is set up with a framework where you can look at other scholars' articles and check whether they composed whatever you are keen on. For example, in the event that you happen to be searching for acceptable sonnets and want to find out about the verse type, you can go to rds.com where you can discover sonnets for a wide range of subjects.</p><p></p><p>This is actually how different sites utilize this strategy to get rid of what they consider to be trash articles. By utilizing the capability of the article audit, authors who wish to fi gure out how to compose all the more adequately and who wish to clean their composing aptitudes will have the option to assemble important experience. After you read a couple of articles, you will at that point have the option to distinguish the zones that you want to enhance. In the wake of recognizing these territories, you will have the option to choose what zones to maintain your concentration and what regions you need to place in your own writing.</p><p></p><p>Once you have figured out what zones you need to concentrate on, you will have the option to present a composing test or two out of a push to persuade the editors of specific articles that you can really compose something of significant worth. The main thing that you have to do is kick back and trust that your articles will get distributed and for you to get took note. At the point when your articles are distributed, at that point the best thing that you can do is to submit them to article indexes so as to guarantee that the articles get took note. On the off chance that they get saw and get read, you will make certain to be seen and will in the long run be a paid writer.</p><p></p><p>Without appropriate input, the author will think that its hard to enhance their composition. Without appropriate input, the essayist will in the long run get disheartened and will quit attempting to enhance their composing aptitudes. Without appropriate input, the essayist will keep on putting off attempting to enhance their composing abilities and will never figure out how to make articles that are worth reading.</p><p></p><p>To genuinely accomplish the ideal diary article, the author needs to build up the correct outlook. Without this outlook, it is highly unlikely that the author can arrive at the ideal degree of expertise recorded as a hard copy. In this way, you should build up the correct attitude so as to improve results.</p>

Writing an Argumentative Essay

Writing an Argumentative EssayWriting an argumentative essay is not a difficult task. In fact, it can be very rewarding if you have been thinking about how to write an argumentative essay.In college, there are two choices for writing an essay. The first is to write a research paper. On the other hand, if you want to earn a degree, you will probably have to write an argumentative essay. An argumentative essay is one that makes the reader think about a given subject.It's also important to realize that there are more essay subjects than just politics and social issues. A lot of universities will require you to write a research paper that is focused on an academic topic. In other words, you may be required to write an essay that focuses on a certain topic.Therefore, the first thing you need to do when you are writing an argumentative essay is to decide what subject you want to cover. That way, you can focus your efforts in making a convincing argument.Of course, if you have decided that you want to focus on a particular topic, you can still choose to write an essay about that topic. You just have to choose a topic that you are interested in.So, what should you do next? In order to make sure that you have successfully decided on a topic, you should begin thinking about how you want to cover the subject. What kind of points do you want to make?Once you know what the topic is going to be, it's time to plan how you are going to cover it. What format should you use? How should you word your arguments?When you've come up with a topic, you should make a final decision about what format you're going to use. Most people choose either a thesis statement and conclusion. If you are writing an argumentative essay, make sure that you write this part first.

Morality and Spirituality in The Book Bhagavad Gita Essay

In the book Bhagavad Gita, Krishna teaches Arjuna how to reach the highest stage of spirituality, and ultimately the divine God. Krishna gives Arjuna a clear road map to follow so he can reach this goal. Yoga is the main tool to obtain spirituality and it takes a lot of hard work and true determination to do so. The main part of reaching spirituality is to depart this world and sense objects, and build strong morals. Upon giving up worldly desire, one cannot but seek the Devine and by seeking God, one will become spiritual. In the book The Last Days of Socrates, Plato describes Socrates reaction to the court’s decision of condemning him to death and how he spent his last few days awaiting death. Throughout the entire court and while†¦show more content†¦Although some of the lessons in The Bhagavad Gita are different from what Socrates believed in, they ultimately preach the same principles. The principles that Socrates held dear and described in The Last Days of Socra tes can be used to reach the spirituality described by Krishna in The Bhagavad Gita. Socrates learned through the oracle of Apollo that he is the wisest man, and so he started to cross-examine other scholars to find a wiser man than him and prove the oracle wrong, but he fails every time. He explains his actions as â€Å"in obedience to the divine command† (Plato 46). Socrates claims that all the actions he did were to obey the mission God had appointed to him. Socrates believed in his mission and duty in life, and was brought to death because of that. In the Gita, Krishna tells Arjuna to love him, worship him, and obey the God so he can reach the ultimate joy. â€Å"Know what your duty is / and do it without hesitation† (Bhagavad Gita 51). There is an obvious connection between what Krishna was preaching and what Socrates was doing. Socrates was completing his duties. In The Bhagavad Gita, Krishna emphasizes on doing actions and being detached of the fruits of actions and tells Arjuna that: â€Å"the wise man lets go of all / results, whether good or bad, / and is focused on the action alone† (Bhagavad Gita 55). Socrates followed this principle and did his duty without caring about the resultsShow MoreRelatedA Comparsion of the Bhagavad Gita vs The Gospels Essay1160 Words   |  5 Pagesstand up next to the Gospels is the Bhagavad-Gita (or just the Gita). These two texts can depict similarities and differences between the two cultures presented: Christianity and Hinduism. Keeping an open mind when reading cultural texts is what makes the texts more interesting and informs the reader more clearly. The analysis between one western text and one non-western text can really widen the perspective of one person. Due to the fact that Krishna from the Gita seems to be very similar in many aspectsRead MoreThe Radical Enlightenment Hated Everything T hat Was Religion1876 Words   |  8 Pagesscrutiny. The philosophers during the Enlightenment each had their reasons for their hostile view of religion. The distaste for religion began when Reimarus wrote â€Å"†, which was published for the first time in 1972 and had 1400 pages of content. His book labeled the second coming of Christ a farce, he believed that the disciples stole the body of Christ and fabricated the resurrection. Reimarus accused the disciples of using the idea of Christ coming back as a way to maintain a sense of power. He wentRead MoreSwami Vivekananda14669 Words   |  59 Pagesso dearly) freedom struggle movement. His writings inspired a whole generation of freedom fighters in Bengal in particular and India at large. Most prominent were Subhas Chandra Bose, Aurobindo and countless others. Works of Swami Vivekananda His books (compiled from lectures given around the world) on the four are very influential and still seen as fundamental texts for anyone interested in the Hindu practice of Yoga. His letters are of great literary and spiritual value. He was also a very good

Designing and Manufacturing Hawkesbury Cabinet Pty Ltd

Question: Discuss about the Designing and Manufacturing for Hawkesbury Cabinet Pty Ltd. Answer: Introduction Hawkesbury Cabinet Pty Ltd was founded in Mulgrave, Sydney in 2008. It started with designing and manufacturing the custom-built kitchen cabinetry to serve the needs of growing Chinese community in Hawkesbury. Hawkesbury Cabinet provides very high quality cabinets having top quality raw material by utilizing the skills of its skilled craftsmen. As the company evolved over a period of time, its reputation increases and company began to receive more and more orders. Gradually, Hawkesbury also got the attention of Builders who generally requires large number of standard kitchen cabinets. Hawkesbury signed contracts for making standard kitchen cabinets also. The problem started when the Hawkesbury started receiving large number of orders from builders line of kitchens as the factory layout is not designed for manufacturing large number of standard kitchen cabinets. Also, the client builders are more stringent about their requirements, which put extra pressure on the Hawkesbury cabinet. T he margin was also less in manufacturing the standard kitchen cabinets. Overall, the huge flow of orders has made the entire factory to work at its capacity and it becomes increasingly difficult for Hawkesbury cabinet to manage the incoming orders, which result in increase in raw material, work in process and finished goods inventory (Tjahjono et al., 2013). Increase in inventory is putting pressure on the balance sheet of the company and also giving rise to numerous other issues. All this can also effect the reputation of the Hawkesbury along with the quality of finished goods delivered to the customers provided these issues are not resolved on time. It is very important for the company to introspect and understand its set of problems before taking any actions in a hurry. Such phases are part of all the organizations when they are increasing their sales (Lambert Schwieterman, 2012). The objective of this essay is to discuss about the current production systems and processes used b y the organizations and how their existing systems were challenged when organization started receive large orders from builders for making Standard kitchen cabinet and the impact of all these issues on the financials of the company. Analysis The organization was started at a small scale with an aim to supply customized kitchen cabinets. Customized products require process layouts and the factory is setup in a process layout manner having shapers and routes in one section, saws and cutting tables in another section and lathes machines and other less used machines in another section. This layout is well designed for managing customized orders however it will not work efficiently for standard products. However, now the organization is receiving large number of orders for standard kitchen cabinets, which is not supported efficiently by existing layout. Also Currently, Hawkesbury is not scheduling the various orders intelligently leading to increase in raw material, work in process and finished goods inventory. They are using the profit margins as the only criteria, which is impacting the lead-time of the standard cabinets. For instance, Consider that standard order is about to complete but Hawkesbury receives one urgent order for manufacturing of customized kitchen cabinetry. As per their scheduling algorithm, the preference will be given to customized kitchen cabinetry because of higher profit margins. The problem with this approach is that work in process inventory will continue to rise and the organization has to bear the holding costs and other associated costs of the increasing inventory (Brigham, Ecker, Pesch, Schmidt, Weglarz, 2013). Already, Hawkesbury has rented one warehouse to keep the increase inventories. There is no proper mechanism/software to promise the delivery dates to the customers Delivery dates should be aligned with the scheduling algorithm (Dresner et al., 2012). If the organization is keep scheduling random jobs based on profit margins, the delivery of the standard cabinets will be delayed. There can be a risk to the credibility and reputation of the company. All the kitchen cabinets are processed on same set of machines by same skilled craftsmen so as to ensure the quality of cabinets. The margins in the standard items are less because they do not require to be processed by the skills craftsmen, as they are standard ones. If the Hawkesbury are using its skilled labor for processing standard kitchen cabinets, then it is not utilizing the full potential of its skilled craftsmen. Standard cabinets can be processed fully by less skilled labor also. Thus, the effect of orders from builders has led to under utilization of the staff which may cause the turnover among the employees (Mitchell Zatrick, 2015). There are also no formal roles and responsibilities and founding members of the organization takes managerial position and also comfortable in their new roles. But as the organizations is growing at a next level, there will be more and more responsibilities will come and voluntarily addressing the additional responsibility is not advisable (Munoz-Bullon, BUeno Vos-Saz, 2015). The effect of the move to manufacture the standard kitchen cabinets can have the negative impact on the financials of the organizations provided these issues remain unsolved, the probability of which is very less. There will be pressure on balance sheet as more money is invested in inventory and is not converted into sales while getting spent into buying additional raw material. This all will cause shortage of working capital (Brigham Ehrhardt, 2013). The situation will further be worsened before it improves. However, once all these issues will be resolved, balance sheet will improve a lot. Overall, the move to manufacture standard kitchen will be a very good decision in a long term. This will help the organization to increase its revenue by increasing its market share and targeting both standard and custom kitchen cabinets. Conclusion This essay discussed about the existing systems and processes of Hawkesbury and the key issues arises when they started receiving huge orders for standard kitchen cabinets. Those issues have affected the balance sheet of the company. Every organization faces these issues when they are growing aggressively; there is nothing uncommon about it. Successful startup, which is now established brands, also faced these issues once (Wasserman, 2012). And once Hawkesbury overcomes these issues, it will be seeing a huge growth. This essay does not focused on solving the issues but it focused deeply on the issues and how one issue is leading to another issue. It is important that the organization should take a balanced approach while dealing with both types of cabinets. The company should use the operations management principle in way that the optimization between both the designs could be achieved. The increased demand of standard cabinets should definitely be an integral part of the strategy. H owever, it should not mean that the company use compromise the customized cabinet segments. References BÅ‚aÃ…Â ¼ewicz, J., Ecker, K. H., Pesch, E., Schmidt, G., Weglarz, J. (2013).Scheduling computer and manufacturing processes. Springer Science Business Media. Brigham, E. F., Ehrhardt, M. C. (2013).Financial management: Theory practice. Cengage Learning. Mitchell, M., Zatzick, C. D. (2015). Skill underutilization and collective turnover in a professional service firm.Journal of Management Development,34(7), 787-802. Muoz-Bullon, F., Sanchez-Bueno, M. J., Vos-Saz, A. (2015). Startup team contributions and new firm creation: the role of founding team experience.Entrepreneurship Regional Development,27(1-2), 80-105. Lambert, D. M., Schwieterman, M. A. (2012). Supplier relationship management as a macro business process.Supply Chain Management: An International Journal,17(3), 337-352. Moreira, M., Enterprises, C. C., Tjahjono, B., Cranfield, S., Juliao, J. (2013). Applying Performance Measures to Support Informed Decision Making At An Operational Level.Advances in Manufacturing Technology XXVII, 563. Wan, X., Evers, P. T., Dresner, M. E. (2012). Too much of a good thing: The impact of product variety on operations and sales performance.Journal of Operations Management,30(4), 316-324. Wasserman, N. (2012).The founder's dilemmas: Anticipating and avoiding the pitfalls that can sink a startup. Princeton University Press.