The Effect of the Invention of Basketball on American Society

For those who do not consider themselves basketball fans, the sport’s significance may seem irrelevant or of very little. While these people may not think to thank Dr. James Naismith for his invention of the game, we should all thank him for the major contributions he made and paths he paved for this country. Although basketball may be seen as just a sport played for fun and enjoyment, its invention’s impact on Americans was huge, positive, and everlasting. The inventor himself had a very strange and rough road to get to that infamous winter night that the game was created.James Naismith wasn’t born in your ideal view of a basketball setting, but in Canada. Both his mother and father passed away of typhoid fever before he had turned nine years old. James then moved in with his uncle in Springfield, Massachusetts, terribly overwhelmed and distressed. He dropped out of school at the age of fifteen because he saw â€Å"no need in learning more than he already knewà ¢â‚¬  (Hill 9). If Naismith would have actually gone along with this way of thinking, the journey to the invention of basketball could have ended right then and there.In fact, the only reason Naismith ever went to college was that his uncle wanted him to become a minister. He went on to attend Presbyterian College, where the invention was a great case of serendipity. While he was there, there were no sports being played between football and baseball season due to the cold weather. He noticed athletes were bored and as he would later write, he was â€Å"just trying to find a solution to a problem† (Hill 7). This indoor game played with peach baskets soon exploded in popularity and the rest was history.In the mid-1800s a majority, if not all, of American culture was adopted from another country. Baseball was being played, which was derived from the English game of cricket. The sport of lacrosse was learned from the Native Americans. We even cooked like Europeans and dressed li ke them. We, of course, had broken off politically, but we struggled to find difference materialistically. Basketball, however, fostered both pride and identity (Gems). The game was American-made and everyone wanted a part in it. A communal interest was taken and people were proud to call it theirs.The game taught, and still teaches, a great lesson in diversity. Lots of people grew to know the meaning of the word through their experiences with the sport. The term was significant in studying and analyzing other teams’ and players’ basketball approaches, such as the types of plays they ran or just how good they were. More importantly, however, diversity among people was discovered. The sport broadened stereotypes and views of other races. It allowed players to realize that there are no real differences. In the late 1890s, basketball’s very early days, ethnically diverse advocates of the game were very prevalent.Groups like the German Turners, Czech Sokols, and Pol ish Falcons loved the sport and â€Å"acquiesced to the interests of second-generation youths such as basketball† (Gems). Integration saw a huge advancement due to basketball. Teams all across the country were being formed and they would play against each other. Teams in this time were not allowed to be mixed. It was either a white team or an African American team. After a few years, â€Å"in the North, the African American teams proved to be the best† (Gems). This allowed the blacks to feel like, for the first time, they were not completely and utterly below the whites.African Americans found hope and determination through the sport in a time where society was so cruel to them. These players also gave the game something that would change basketball forever. They added a â€Å"style of play that†¦emphasized speed, agility, superior jumping ability and creative ball handling which today are hallmarks of the game that millions of Americans love† (Logan). Due to their capabilities and the racial diversity the sport of basketball quickly saw, African Americans were widely respected and accepted in professional leagues in the North soon after its creation.Also, children learned a lot about racial equality through playing ball in their communities. Although kids in the neighborhood became friends, children of varying races didn’t talk much until they played basketball where â€Å"[children] played basketball together, black and white, without incident† (Kelley). The tension, of course, was not completely gone, but once the games began race was forgotten. Even today the sport brings all kinds of people together in all levels of competition. Women gained a lot as well from this sport. Through playing, women began to feel quality as they reached the same stardom as men who also played.Even early on, â€Å"women’s games were known for having a strong male fan base as well as entire families in attendance† (Milner). I t would have been very rare before this for women to be so supported by men, and the public in the general. Women before Naismith’s time had little to no rights and were very restricted to the things they could do that men also did. Being able to play in professional leagues with men was a very big step for their gaining of equality. Eventually, the WNBA was created, becoming the first professional women’s league of the four major U. S. sports.Many international links were formed through basketball as well. The originally American sport rapidly spread to all parts of the world where the game was loved. Worldwide leagues have since been created, spreading competition, as well as the sport’s popularity. The U. S. however, displayed global dominance in the sport right away. America won the first seven gold medals in Olympic basketball after the sport was added permanently in 1936 (Milner). This case of superiority added even more to America’s sense of pride and identity. Like everything else, basketball is not, by any means, perfect.There are some flaws with the sport that can be seen as very problematic. However, these issues are not in the slightest case unique and would be very hard to eliminate completely. Throughout the basketball world, minors who showcase special talent or potential are often victims of illegal action. Through gambling, recruiting, and scandals, these young athletes are the center of black-market professionalism caused by â€Å"corporate money funneled into amateur sports† (Wetzel introduction). All members involved in these leagues are sucked into the corruption.Teams, coaches, and whole universities are often sucked into the aftermath of a scandal. This puts a bad label on sometimes undeserving participants. The sport, and everything that comes with it, also puts a multitude of pressure on kids. Shoe, companies with high deals to offer, make children feel like they must cooperate in order to have their dreams come true. Teenagers become more focused on the money than the sport they love. These campaigns startle â€Å"college, high school, and even junior high school students with ongoing exploitation† (Wetzel introduction).These campaigns also cause for some major let-downs. Aspiring young players who see these ads and promises of fame and fortune work hard only to have their dreams crushed. Some advocates of this way of viewing the inside of basketball may say that society should be appalled. According to Dan Wetzel, this is â€Å"an important alarm to society that for too long has ignored the dark business behind amateur sports- and what it does to those who play them† (introduction). However, I don’t see this as an overwhelming, shocking issue. Crime like this happens everywhere, and in all sports.There in no way to ensure that this isn’t done. We should focus more on the bright side of this culture Naismith has given us and not pick out the negative s. Those young athletes who do make it symbolize everything that amateur players play for. They look back and admire where they’ve been and how they got to where they are. They are filled with admiration of their hard work, the choices they made, and the chances they took. Aside from personal benefit, the rest of society greatly benefits economically from the sport as a whole. Television ratings and ticket sales let towns and businesses prosper.The amount of events pertaining to the sport is a great device to keep money circulating through cities. Also, the big time stars that certain cities produce often give back to their communities. Charities such as NBA Cares donate to organizations everywhere. This game, this sport, this way of life to some, has so much sentimental value. Basketball teaches so many lifelong lessons that can be applied to anything one does in his or her time. The game â€Å"promotes teamwork, spirit, and helps get children active† (Carlo). These t hree ideas are critical and very behooving in a variety of professions as well as walks of life all across the world.Basketball also teaches people to never give up. Through adversity, you must keep fighting and pushing through to advance and help your team succeed. Quitting never helps, and if one works hard enough, he will reach his peak, much like Naismith learned. Another great thing this game gives us is friendship. Adults everywhere share camaraderie with one another based on friendships from high school or college which all began on a basketball court. In the words of former NBA player and United States congressman, Bill Bradley, â€Å"basketball is the gift that never stops giving. The game is full of great joy and great memory.Its invention needs to be celebrated. † Basketball remains one of the driving forces behind Americans through its enjoyment and the life lessons that it teaches. We owe a large part of our sense of pride and identity to Dr. James Naismith. His invention over a hundred and twenty years ago made a huge impact on life back then, as it does now. Without him and his creation, many things that many people take for granted would not be able to be enjoyed. Many of the paths he indirectly paved for this country, and its citizens, goes unnoticed. However, this invention changed our culture and society forever.

Goldman, Sachs & Co. Nikkei Put Warrants †1989

Course: OFD Instructor: B. Hariprasad Assignment #1: Goldman, Sachs & Co. Nikkei Put Warrants – 1989 Section A Ankit Pandey Himanshu Agarwal Suchit Singh Problem Statement What should be the right pricing strategy for Nikkei Put Warrants (NPWs)? Structure of Nikkei-Linked Euro-Yen Transactions 1. The European bank sold a bond that promised to make annual interest payments in yen at a fixed interest rate. However, through a set of swaps, the issuer transformed its annual fixed-rate yen payments into dollar-denominated LIBOR-bases payments.This is represented by the left side transaction of the above figure. 2. At maturity, the issuer would redeem the bonds from the investor at a price tied to the Nikkei. If the Nikkei fell since the bonds were issued, the issuer would pay less than par to redeem the bonds. Thus, it would be as if the issuer sold bonds with the final principal payments at par but also bought a put option on the Nikkei maturing in the same year as the bond. If th e Nikkei fell, the put would rise in value benefiting the issuer.This reflects the embedded nature of the put option. 3. The issuer had no interest in holding this put. It often resold the embedded put options to financial intermediaries like Goldman Sachs by promising to deliver, at maturity, the difference between the bond’s par value and its Nikkei-linked redemption price. In exchange for promising to make this payment, which equaled the intrinsic value of the embedded put, the bond issuer would be paid an up-front put premium. This is represented by the right side transaction in the above figure. 4.Goldman Sachs then could sell these puts to institutional customers. Not all of these puts were sold to institutional customers. As of December 1989, Goldman Sachs had a significant inventory of European-style puts on Nikkei and it was offsetting the risk on these puts through the futures offered by Singapore, Tokyo and Osaka stock exchanges. 5. The sales force of Goldman Sachs gave an extremely positive feedback on the embedded put options and it was decided that exchange traded put warrants would be a good product offering from company’s point of view.Role of Kingdom of Denmark 1. Goldman Sachs was a private partnership and non-SEC registrant and hence could not issue the warrants publicly without making material public disclosures. Therefore it was necessary for it to work with an issuer registered with the SEC. The issuer would sell the warrants to the public but simultaneously enter into private contract with Goldman Sachs that exactly offset the obligation under the warrant contract. In return, it would receive a fee from Goldman Sachs without effectively having any exposure on Nikkei. . In addition to above argument, the issuer should be highly credit worthy and non US sovereign entity due to adverse reporting implications for a US corporate issuer. 3. Based on the above criteria, Goldman Sachs entered into an agreement with Kingdom of Denma rk, which would get a fee of $1. 3 million from these transactions. Risks exposure for Goldman Sachs 1. Risk of bearing the unsold inventory of NPWs If the investors find prices too high then much of the inventory would remain unsold and GS will have to bear the costs of unsold warrants.Risk Mitigation GS would offset its risk through futures position in the Nikkei offered by the Singapore, Osaka & Tokyo stock exchanges 2. Exchange Rate Risks Considering preference of U. S investors, GS would bear the exchange rate risks for its investors. This implies that GS has to sell NPWs in terms of dollars whereas the same has been purchased by it in terms of yen. Also, in the 1980s, the Nikkei and the yen/dollar exchange rate were moving in opposite direction which further increased its exposure to exchange rate risk. Risk MitigationThis can be mitigated through Quantos, a product offered by its currency and commodity division. A complete hedge would cost GS about $1 per warrant whereas hedg ing 80% of its risk would cost it $0. 50 per warrant only 3. Repute at risk GS would not like to keep the prices very low. At the same time it cannot price them very high as there is a risk that competitors might copy the product and start selling it at lower prices. Also, if NPWs started trading at lower prices in the secondary market this would bring disrepute for the organization and its partners involved.Price Calculation Assumptions †¢ Constant Volatility †¢ Securities are traded continuously †¢ Zero transactions costs †¢   The risk free rate is constant and it is possible to borrow and lend infinitely at this rate Variables for put intrinsic value calculation †¢ S0= Nikkei index = 38586. 16 †¢ Exchange rate ? /$ = 144. 28 †¢ Exercise price = 38587. 68 †¢ Implied Volatility = ? = 13. 6% †¢ q = dividend yield = 0. 49% †¢ Risk-free rate = 5. 85% †¢ T = time to maturity = 3 years Based on the above inputs, the price of Ameri can option is 1852. 9 yens which is $2. 57. When cost of hedging is added, this becomes $3. 57. Fixed Costs Fee for Kingdom of Denmark: $ 1300000 Legal and listing fee: $ 350000 Commissions: $ 3000000 Costs of R&D: $ 1250000 Total: $5900000 Cost per NPW: $0. 621 Total fixed plus variable: $4. 191 Hence, this is the minimum price Goldman Sachs can charge for NPWs. ———————– Swap Counterparty European Bank (Issuer) Put Warrant Purchaser gr? Y  Ã‚ ± y. /0123

Kosovo Independence Essay Example | Topics and Well Written Essays - 1250 words

Kosovo Independence - Essay Example Social order and political progress in most societies emerge from the interplay of the way social institutions are managed and run, as well as its overall relation with social forces. As a result, most societies become victims of social and political conflict when social institutions fail per se to regulate the social behaviors of diverse population and interest groups (Raeder p.1). Kosovo gained independence in 2008 when major international states recognized and ratified its charter for statehood. The culmination of Kosovo independence came about after witnessing one of the worst political conflicts that disintegrated the larger Yugoslavian nation. The post-independence Kosovo has become of great interest to many political analysts who in various capacities evaluates the interplay of social and political forces, together with their ability to motivate conflict in the society. Therefore, it is important to evaluate post-Kosovo independence within the major social and political stages proposed in Edmund Burke theory. Stage 2: Society becomes divided by the change (Independence) Kosovo has various political parties, but the two leading parties are the Democratic Party of Kosovo (PDP) and the Democratic League of Kosovo, with former being the largest and newest, which also reigns in the country, and the latter being the second largest party and the oldest party in the country. These two parties are predominantly composed and supported by the Albanians, with the Serbians, who are the second largest community being represented by the Independent Liberal party. Independence is associated with changes that political leaders and other interest groups envision for the new society. On large scale and even smaller, the independence changes may be the source of discontent and subsequently some people, groups, and civil society may be opposed to the new changes. Edmund Burke observes that society in this stage manifest some level of discontent that eventually results into social, political, and cultural divisions. As a result, the people together with discontent groups may become vocal in speaking against the changes proposed or carried out by the new power and this form of opposition may be in words or violence. Immediately after Kosovo was declared independent in 2008, internal discontent and discomfort between two major ethnics Serbs and Albanians emerged, which led to violent incidents in the Northern Mitrovica in December 2008 (Notholt p.33). Despite this independence, the two communities have always been in conflict, with the Serbs feeling ill-treated by the majority Albanians to an extent that they have always advocated for separation of the assembly among ethnic lines. The violence continued up to the first few weeks of 2009. At the same time, during April 2009, there was ethnic conflict between Serbs and Albanians again this time due to returning Albanians families to their homes in North Mitrovica. The gravity and intensity of these violent protests were eased by the intervention of Kosovar police and KFOR troops after a few days. What surveys have revealed is that in the larger Kosovar state, there is still dissatisfaction among the population about the economic, social and political progress (Eifler and Seifert p.157) and the blame of the population has shifted from UNMIK to the Kosovo government. People see the government as doing little to rectify and make their life better. In post-independence period, Kosovo cannot be described to have succumbed to this stage of independence and conflict as proposed by Edmund Burke. What can be said is that social, economic, and political divisions in the country have to be addressed through restructuring of economic, social, and political aspects that are framed on an inclusive

Managing Interest Rate and Exchange Rate Volatility Assignment

Managing Interest Rate and Exchange Rate Volatility - Assignment Example Buckley (1996) identifies two other types of interest rate risk, which include basis risk and Gap risk. If interest rates are determined on a different basis for assets and liabilities then a firm having loans and debts will face basis risk. A company faces basis risk when the interest rates on its loans and debts are determined using different basis. (Buckley, 1996) Assume for example that Kaufman & Connelly Plc issues a fixed rate bond to fund its financing needs and at the same time gives out a loan to another party at a floating interest rate. Her interest payments will therefore be fixed while interest receipts will be variable and will depend on prevailing rates. She will therefore be facing basis risk since her interest expenses and revenues will be determined on different basis. A company faces gap risk when it has both fixed rate liabilities and assets. When fixed rate liabilities exceed fixed rate assets then there is positive Gap, with a positive gap a rise in short term rates increases margins while declining rates decrease margins. On the contrary if fixed rate liabilities are less than fixed rate assets, then there is negative gap. In this case a rise in short-term rates decreases margins while a decrease increases margins.(Buckley, 1996). Elekdag and Tchakarov (2006). Changes in interest rates have also been the major determinants of business cycles or trade cycles in emerging markets such as Thailand in recent times. (Elekdag and Tchakarov, 2006). The figure above is an indication of how interest rates and business cycles are related in Thailand. High interest rates lead to low output whereas low interest rates lead to high output. Therefore Kaufman & Connelly Plc is likely to face decreases in demand for its products during a period of the high interest rates and increases in demand during lower interest rates. ii. FOREIGN EXCHANGE EXPOSURE Exchange rate exposure can be defined as the degree to which a firm's cash flows, assets, liabilities and value can be affected by exchange rate movements. (Buckley, 1996). According to Buckley (1996), assets, liabilities, profits or expected future cash flows are said to be exposed to foreign exchange risk when a change in exchange rate would result in either a positive or negative change in the home functional currency (home currency) value of the asset, liability, profit, expected cash flow or firm value. The term "exposure" used in the context means that the firm has assets, liabilities, profits or expected future cash flow streams such that the home currency value of assets, liabilities, profits or the present value in home currency terms of expected future cash flows changes as changes in exchange rates occur (Buckley, 1996: pp 133). From the foregoing foreign-currency-denominated assets and liabilities as well as expected foreign-currency-denominated future cash flow streams are clearly exposed to exchange rate risk. (Buckley, 1996; Shapiro, 2003). Buckley (1996) also notes that home-currency-denominated expected future cash flows may also be exposed to foreign exchange risk. For example, a firm based and selling goods in the United States may be competing with European firms and as such its expected future c

Sterotype Paper Assignment Example | Topics and Well Written Essays - 1000 words

Sterotype Paper - Assignment Example In the modern world, man people especially in the developed countries have ended up being obese or overweight as a result of unhealthy eating habits. This stereotype has negative effects on obese or overweight individuals. This can be considered a negative labeling on these individuals. Stereotyped individuals will always perform poorly in their endeavors when they feel they are being stereotyped. Results from past studies have indicated that individuals experiencing stereotyping are more likely to be violent or hostile. Most of them have been proved to experience from lack of restraint and self-respect. It is also important to posit that individuals who are stereotyped find it very difficult to make effective or appropriate pronouncements in their activities. In addition, stereotyped individuals have been proved to have a higher risk of consuming high amounts of insalubrious types of foods. Even after stereotyping has been negated, the thought that a certain individual or group of i ndividuals was stereotypic will still remain engraved in their minds for a very long time. This may have negative effects towards an individual as his/her confidence in front of others may be affected, s/he may be very uncomfortable and may avoid eating in front of other people as they may harbor certain thoughts that other people may view them in a bad way (National Science Foundation, 2010). Secondly, I have always had a stereotype that all Muslims are over-religious. My stereotype has been due to the fact that, Muslims have to pray every now and then, and they have to pray while facing Mecca. They also pray at distinct positions. In comparison, individuals from other religions do not portray such religiosity as they have to go to church only on Sundays. Attending church service during weekdays is limited to a few individuals. This this may appear as a positive stereotype, it may affect the ability of Muslims around me to perform if they become aware of my feelings. Results from s tudies done in the past have shown that positive stereotypes similarly results or leads to bad feelings and sentiments from individuals who are being stereotyped (Trevan, 2013). Muslims in this cases can feel depersonalize, may be agitated, and develop strong feelings of hate towards those who stereotype them. However, not all Muslims would be agitated by any comment or indication that they are over-religious. There are some who may pretend to be over-religious so that they can be identified and be respected for that. Being stereotypic towards such an individual will make him happy and consequently boost his/her feelings. In other words, if a Muslim around me would become aware of my feelings towards him/her, this would definitely affect individual personality. It is important to consider the fact that a positive stereotype of negative feelings towards other people’s religion produces negative effects or sentiments as the individual being stereotyped automatically becomes awa re of the fact that it is just a matter of time before negative stereotypes are implemented towards him/her (Trevan, 2013). Thirdly, I have a stereotype towards women that they take too long to shower and they always smell good. In the modern world, it is difficult to come across a lady smelling of sweat like many men do. Women are very sensitive about their appearance and will go to great lengths towards

The Importance of Transportation in Logistic Between a successful and Term Paper

The Importance of Transportation in Logistic Between a successful and unsuccessful company - Term Paper Example According to the excerpts of the company’s CEO, Phil Knight, the implication of the event created considerable supply issues related to unplanned or uncertain inventory shortages or excess supply. When the company’s inventory did not match with the market demand, it had to offer huge discounts and slash prices of products to clear the additional stock piles. The strategy may not be considered as favorable business decision since getting rid of excess inventory in form of allowing huge discounts to customer puts pressure on company’s profitability and gross margins. On further analysis it was found that the company’s failure to implement successful supply chain planning system can be blamed to â€Å"big bang† or at-one-go deployment approach where the company chose to integrate the supply chain management system with their business strategy in a single phase instead of disciplined step-by-step implementation approach (Stanford University, 2000). The Story of a Successful Logistics Firm – DHL DHL is a German Logistics company that provides international services in express mail. The success is revealed from the fact that the market leader in air and sea mail supply chain and logistics (DHL Express, 2013). Despite of facing numerous challenges every day in carrying out daily operations such as traffics and systematic uncertainties (such as natural calamity, political strikes, etc.), the company is able to optimizing its transport and logistics in metropolitan cities. The company has been able to deliver their un-interrupted services to customers since 1969 which is worth appreciating when one considers traffic congestions, energy consumption, and traffic environment in the economy (Times of Malta, 2011). As the cities around the world starts to modernize from semi-urbanized to urban societies, the challenges of tracking, maintaining and controlling city logistics are becoming more challenging for the company. The company h as traditionally relied on strong distribution network and swift customer service to offer prompt and efficient delivery. With the passage of time the company had to depend on modern software and technologies to handle throughput. As business strategy, the company focuses on latest technology to support supply chain and logistics functions. Over time, the company’s network grew larger and customer base increased significantly in every corner of world. The company’s total network links over 220 territories and counties (DHL, 2013). Comparison between the Successful and Unsuccessful Logistics Firms Difference in Strategic Implementation DHL’s strategic implementation of supply chain management and logistics is completely centered on their customers. The company extensively researches and analyzes issues related to economy, logistics, technology, society and environment. It then assess their impact on their business operations with the objective to determine the be st possible combination of technology and networks that has the potential to reduce delivery time of providing services to customers and also reduce company’s cost of operations. The company follows a systematic analytical approach in implementation of their business strategy. The company foll

Essay Example | Topics and Well Written Essays - 500 words - 207

Essay Example It adopted the military culture and operated under principles reminiscent from the military operation. This culture resulted to decrease of company performance. The principles adopted also resulted to termination of many employees. Shaw (2007) states that, termination of the employee causes low performance of the company because the customers have specific people who should serve them. When a customer finds out that the employees are sucked, they also loose confidence with the company (Sison, 2008). When Frank took over the company changed trend and tried to create or establish a good relationship with employee and customer. In order to attract more customers, it started offering free service of teaching carpentry to children. The company builds up a culture that emphasized on social responsibility. It created different programs that support the customers and environment growth. The company also underestimated the female workers as they were paid low salaries than their male counterparts but after the case was filed in 1997, the issue was resolved. The company provides equal opportunity to all associates, and every body is encouraged to develop and grow professionally (Rezaee, 2008). In respect to the social responsibility principle, Home Depot established programs to minimize their impacts to the environment and also customers effect to the environment. One of the ethical principles is to care and protect the environment and ensure that the company and the customer do not cause harm to the environment. The company has also applied to be certified by the Forest Stewardship in order to access wood at the forest. This is an indication that the company does not want to violate the country’s regulation (Shaw, 2007). Home Depot employees are required to be involved on voluntarily basis in community work and civic activities. Each year the 300 employees are required to take part in the 2 million voluntarily services offered by