Tourism and Basic Needs Essay Example for Free

Tourism and Basic Needs Essay Poorer countries should consider developing their tourist industry as they are predominantly agricultural, have sharply limited development prospects in the near future and tend to be heavily dependent on official development assistance as almost everything requires money. Tourism is an attractive tool that could solvooe these problems as the developing countries could invest in this industry to reap massive amount of profits which could speed up the development of the country’s economy and allow the basic needs of people to be met. Tourism is considered to be the most tactical approach for economic development, specifically in the poorer countries. When viewed as an export industry of the 3Gs, ‘ Get them in, Get their money and Get them out’, tourism has the greatest tendency to assist developing countries to move away from a dependency on agriculture and also, diversifying its sources of revenue. According to the World Economic Forum (WEF)’s study on tourism and travel, tourism industry creates most jobs in developing countries and their foreign earnings leapt from less than US$50 billion in 1990 to more than US$260 billion in 2007. With such vast amount of revenue, this could jumpstart the local economy and provides quick capital injection. Furthermore, in the case of having inefficient or corrupted government, the tourism industry can also provide one source of direct earning to the poor people. Therefore, poorer countries should place the development of their tourist industry as their main priority because it would address the problem of insufficient funds and to better caters the basic needs of their own people. Basic needs of people often include food, clothing and medicine. Others are clean water and sanitation, adequate levels of nutrition, access to primary health care and basic education. To achieve all these, the government has to invest in the tourist industry such that it would play as a substantial role in job creation. In addition, good planning is also required of the local government. Good planning will allow poorer countries to benefit from high-value added tourism such as eco-tourism, medical tourism, educational tourism, adventure tourism and creative tourism which is a form of cultural tourism. Private tour guides are also an excellent way to get insight of the country and help the locals to earn an income. A recent trend is dark tourism which is a small niche market driven by varied motivations such as mourning, remembrance or macabre curiosity. The main draw of this is mostly due to their historical value rather than their associations with death and suffering. An example will be Cambodia which combines cultural and dark tourism in places like Angkor Wat and Tuol Sleng War musemum. Thus, with such planning and vast diversity of tourism, the locals will definitely benefit from them and would be self-sufficient in meeting their own basic needs. However, the environmental impact of the tourism industry on the locals must be considered. Where there is no benefit to offset the negative impact, developing the tourism industry may be just a raw deal. Hotels, discos, greater air, land, noise pollution and urban congestion would upset the tranquility of the area. Tourism can also lead to the creation of unsightly human structures that do not fit in the local architecture and would lead to the disturbance of the wildlife habitat which accompanies with the loss of biodiversity of plants and animals. Some tourism destinations may become victims of shifting taste. In this context, the excessive building and environment destruction are often associated to the traditional â€Å"sun and beach† tourism which may contribute to a destination’s saturation and its subsequent decline. Such example would be Spain’s Costa Brava. To counter to this problem, the local government of the poorer country needs to practice careful urban planning and introduce new laws and enforcement. Instead of the creation of infrastructure that do not fit into the local community, the government could consider building something that has the local colours as it may have a greater effect in attracting tourists to visit them. By doing so, it would reduce the chances of the traditional â€Å"sun and beach† tourism. In addition, the implementation of laws and enforcement would tackle the local greenery issues as this could reduce the impact on wildlife and plants. Therefore, only with these accompanying solutions, the problem can be reduced to the minimum and would prevent huge financial loss. In all, poorer countries should develop their tourist industry as it would provide them with an alternative source of financial income. This would also assist in the economic development as it brings in the much needed foreign currency which would benefit the locals as their basic needs could then be met.

The Pursuit Of Happiness in A Raisin in the Sun Essay -- A Raisin in th

Throughout Lorraine Hansberry’s A Raisin in the Sun, we see the positive and negative effects of chasing the American Dream. Hansberry expresses her different views on the American Dream through the characters and she portrays the daily struggles of a 1950 black family throughout A Raisin in the Sun. In this play, she is able to effectively show the big impact that even small decisions can make on a family. Hansberry shows the many different attachments that come with the fulfillment of this American Dream. Throughout A Raisin in the Sun, each family member has their own pursuit of happiness, which is accompanied by their American Dream. In the play, Mama has her own American Dream that she chases after, which heavily affects the family’s state of being. Mama has to go through many struggles and much frustration while in pursuit of her American Dream (Bloom 17). Mama says, â€Å"Yes, death done come in this house here†¦.Done come walking in my house. On the lips of my children. You what supposed to be my beginning again. You what supposed to be my harvest† (Hansberry 134). She begins to see the harsh effects of what her American dream has done to her children. Mama goes through trials and tribulations to provide a good lifestyle for her children, but neither of them seem satisfied, they both want to accomplish their dreams and aspirations so badly that it blinds them to the reality of what is really important in life. Mama having to carry such a heavy load on her shoulder by trying to hold the family together deprives her of the happiness she once obtained. Mama seems to be the commanding presence and head of the household. She has moral strength and dignity and this is why she is considered the stronghol... ...as the support of the family as oppose to Walter. Each family member has a dream to improve the family situation; however, all of those dreams are depending on one insurance check which begins to cause trouble and tensions within the family (Bloom 18). However, all these dreams are counting on one insurance check to be funded. Throughout a Raisin in the Sun, Each family member has their own pursuit of happiness, which is accompanied by their American Dream. Mama wants to have a better quality of life for her family. Beneatha aspires to be a successful Doctor and an Independent woman. Walter wants to invest in a liquor store and live in luxury. In A Rasin in the Sun, we see that each character goes through their own struggles and frustrations to accomplish their American Dream, but in the end, they all find their happiness within in each other unified as a family.

% Mgo Determination

Vu Ngo % MgO Determination September 10, 2012 Procedure: Reference to lab manual Data: Mass of Na2EDTA†¢2H2O, g| . 9289| Standardization of EDTA Solution | Trial 1| Trial 2| Final buret reading, EDTA (mL)| 18. 5| 36. 7| Initial buret reading, EDTA(mL)| 0. 5| 18. 5| Determination of % MgO of Unknown Unknown Number | 4J| | Sample 1| Sample 2| Sample 3| Mass of sample (g)| 0. 2135| 0. 2132| 0. 2139| Final buret reading, EDTA (mL)| 73. 5| 74. 2| 74. 2| Initial buret reading, EDTA(mL)| 0. 5| 0| 0| Measurement of water blank Final buret reading, EDTA(mL)| 14. 5| Initial buret reading, EDTA(mL)| 14. 2| Sample Calculation:Given: Molar mass of Na2EDTA*2H2O, g/mol| 372. 25| Expected M of EDTA solution, mol/L (M)| 0. 01| Concentration of Zn2+, (M)| 0. 0125| 10mL*1L1000mL= 0. 01L C1V1=C2V2 .0125M. 010L)=C2(. 018L) C2=. 0125M*. 0100L. 0180L=. 00694M .00694M+. 0687M2=. 00691M C2=. 00691M. 073=5. 04*10-4mol %MgO=5. 04*10-4mol40. 05. 2135g*100=9. 51% Results: Standardization of EDTA Solution | Trial 1| Trial 2| Volume used, EDTA(mL)| 18. 0| 18. 2| Molarity of EDTA solution, (M)| 0. 00694| 0. 00687| Average Molarity of EDTA solution, (M)| 0. 00691| Determination of % MgO of Unknown | Sample 1| Sample 2| Sample 3| Volume used, EDTA (mL)| 73. | 74. 2| 74. 2| Mole of Mg2+in sample| 5. 04E-04| 5. 12E-04| 5. 12E-04| % of MgO in sample, %| 9. 52| 9. 69| 9. 66| Average % of MgO in sample, %| 9. 62| Error Analysis: The measurement of the sample in gram, have +/- . 0001g error. The measurement using the the buret have a +/- . 1mL error. These types of measurement error are based on the sensitivity of the instrument, during the measurement. These errors could cause the result to deviate from the actual answer. During the experiment, using titration to find the end point. Because of the end point was unknown, a single drop could determine its end point.There might be an extra drop that caused the data to vary as both parts of the experiment have determined. The first trial of both th e experiment, the number is different, because of the unsure number of drops. Using the result from the first trial, the result of the second trial was more accurate. As proven from the experiment of determination of percent of MgO of the unknown. The sample 2 and sample 3 testing results in similarity that differ from the sample one. The sample used 73. 0 ml of the EDTA solution, while both samples 2 and 3 used 74. 2 ml of EDTA solution.This will cause a tip in the result toward a lower number used to find the end point. This error is not a major factor since it is only of my 1. 2 ml of the actual result. The percent of all three result of MgO is different under 1 percent different. Thus, a very reasonable result in all three of the experiment. Discussion: This experiment is to help us understand the reaction between an anion and the metal cation. It demonstrated the Lewis base understanding of ethylenediaminetetraacetic acid (EDTA). The goal was achieved through titration of the s ample in multiple trials in order to find its endpoint.The end point was found when the pink coloration, due to EBT was added, turn into a blue/ violet color. This signified its endpoint of the sample. The result is good quality, because of the deviation from the first trial and last trial that was done on the same sample. The result is off by . 2ml in the standardization of EDTA solution. In the second part of the determination of % MgO of the unknown; the first, second, and third sample the percentage displaces is well under 1% difference. The result is worth 99% confident that the result is good quality, because of the consistency of the data.

Key Determinants Liquidity In Malaysian Corporate Bond Market Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3081 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Corporate bond liquidity seems to be at the center of debate in large developed countries by many scholars, practitioners and authorities as they recognized the importance and the need of liquid bond market and its role in enhancing the markets resilience during the time of financial stress. Due to that, bond market growth often being as an underlying point by those scholars, practitioners and authorities to ensure countries can promise a liquid bond market and help them to become resilient from the financial attack significantly. Even after several initiatives given to boost up the growth of bond market but the lack of bond market liquidity still remains as major obstacle in few countries (Chabchitrchaidol and Panyanukull, 2005). Don’t waste time! Our writers will create an original "Key Determinants Liquidity In Malaysian Corporate Bond Market Finance Essay" essay for you Create order Looking at a small developing country like Malaysia, the growth of the Malaysian bond can be traced back in 1970s, when the government started issuing bonds to meet the massive funding needed to boost up the countrys development. It is a crystal clear of how in 1980s, a corporate sector was heavily reliant on finance from banks as main source of funding. However, a great financial crisis in 1997 has given a major lesson not to really relying with only one source. Thus, it has led to an aggressive intention given to Malaysian bond market when corporate sector is now giving an aggressive initiative in increasing the Malaysian bond issuance as another source of funding. In a mean time, initiatives from the authorities also help the continuation of grow for Malaysian bond market. The initiative can be deeply felt when Securities Commission was established in March 1993 that act as a single regulatory body to promote the development of capital market. Prior to the establishment of S ecurities Commission, a set of guidelines for private debt securities also introduced. Other authorities introduced are known as the Rating Agency Malaysia Berhad (RAM) and Malaysian Rating Corporation Berhad (MARC) in 1990 and 1995 respectively that mainly aim at providing independent opinions for potential risk of debt issuers. In addition, the establishment of Bond Dealers Association in 1996 to promote bond market has shown another initiative taken to enhance the development of Malaysian bond market. In 1997, the introduction of Bond Information and Dissemination System (BIDS) that replaced to Electronic Trading Platform (ETP) has mainly functions to facilitate efficient trading and promote transparency of information related to domestic debt securities. Those establishments are fundamentally aimed at helping the development and liquidity of Malaysian bond market. Reviewing back at those establishments and initiatives, there is no surprise to see a tremendous growth of bon d market in Malaysia but a lack of market liquidity (Shimizu, 2008) still continuously being at top of the topic interest. Therefore, for that reason, there are purposes of aggressively highlighting this issue to promote sufficient liquidity in bond market and help one country to be resilient from financial attack. Briefly, corporate bond liquidity often measured by volume of trading, trade frequency and turnover ratio (Chabchitrchaidol and Panyanukull 2005, Bao 2009 and Mahanti et. al 2008). Samples of few other studies indicate that corporate bond liquidity had mainly connected with the spread of bid-ask. As emphasized by Chan et al, 2007, they have measured liquidity using volume of corporate bond traded and bid ask spread and briefly, they suggested that the higher the volume of trading and the spread of bid ask, the liquid the bond will be. Therefore for the purpose of this study, it intends to look on the determinants that might possibly affect the liquidity of bond market as it will draw upon the result of this analysis to find ways to improve liquidity and in mean time open up gate for government to set up actions and recommendation to ensure that the liquidity market can be achieved. STATEMENT OF PROBLEM Though, massive initiatives generated by the Malaysian government with several rules regulated, studies of corporate bond liquidity often centered in US market and other developed countries only (Chan et al, 2007). This phenomenon is seen as rare to be extensionally studied in small developing countries like Malaysia. Therefore, this study seeks to fill the gap of previous unexploited data and limitation and yet it aims to transfer our focus to thoroughly understand and examine the pattern of corporate bond liquidity in Malaysia and mean while investigate key determinants that might be possibly affect the liquidity of our corporate bond issuance. In a mean time, despite intensive initiatives given by government in promoting an infinite development of bond market, low liquidity in Malaysian bond market still be a serious problem and must be improved (Shimizu, 2008). He added that under the active easing of regulation, bond market have been growing continuously but surprised to se e that the liquidity level is low. His argument has supported by the facts as shown below. Chart 1: Trading volume for Malaysian corporate bond. Source: (Asian Bond Online, 2010) If zoom in at one of the said measurements of corporate bond liquidity which is trading volume, it is clear (chart 1) where trading volume for corporate bond has shown a steady declining pattern since last June 2004 until December 2009. Closely zoom at the graph will show us that Malaysian corporate bond reached USD14.93 billion of trading volume in June 2004 but later it has experienced a steady drop to USD3.26 billion of trading volume in March 2009. Only a few months later it has recorded slight increase in trading by USD 4.33 billion in last December (Asian Bond Online, 2010). As Chabchitrchaidol and Panyanukull, 2005 and Chan et al, 2007 suggested that trading volume of corporate bond issuing plays a positive correlation in determining the liquidity of corporate bond; obviously based on the st atistic given, it could safely write down here that our corporate bond market is getting illiquid. Perhaps, there may be some arguments and factors could be placed in to describe this situation of less volume of trading corporate bond traded in Malaysian bond market which this can be thoroughly studied. Chart 2: Bid Ask spread for Malaysian corporate bond. Source: (Asian Bond Online, 2010) As explained at the previous, bid Ask spread is said as another measure used to estimate the liquidity of corporate bond and it is suggested that if the spread of bid ask is getting larger, it shows that the liquidity is going to be higher (Chabchitrchaidol and Panyanukull, 2005). Based on the chart (chart 2), it is a crystal clear that the liquidity of corporate bond is getting illiquid starting from 2004 to 2009. A study by Chabchitrchaidol and Panyanukull, 2005, indicates that lack of liquidity has made investors reluctant to trade bonds actively, with a large number of market players pre fers holding government bonds to maturity instead of buying and selling it out actively. Therefore, this could be another point to develop a study to see factors that could possibly affect the liquidity of Malaysian corporate bond issuance. Despite proposing current trend of trading volume and bid ask spread of Malaysian corporate bond, many several important points could be noted down to explain why Malaysian bond market is important to be studied. There are several interesting points could be highlighted as described by Chan et al, 2007. First, though Malaysian bond market is said as small but it diverse with the capitalization of the ringgit corporate bond market was only $60 billion at end of 2006. Chan et al, 2007 added that often one bond market will be more liquid with the help of its sophisticated infrastructure and how fast is the growth and development on that market. In terms of the heterogeneity of instruments and sophisticated instruments, Malaysia seems to be at top compare with other small developing countries and some of the develop countries. This makes Malaysia as a significant test case to examine whether those play significant roles in determining the liquidity of Malaysian bond market by studying its key determinants. Next, two corporate bond market exists in Malaysia; Islamic and conventional instrument. Liquidity tends to concentrate in certain instruments and therefore such market fragmentation can have a detrimental impact on liquidity. At the same time, the growth of the Islamic bond market has the potential to increase the diversity of the investor base and thereby boost trading activity (Chan et al, 2007) and it is unclear which development will dominate. Due to that, it is relevant to understand the liquidity of corporate bond market specifically aim at Malaysia bond market. Therefore, this study is interested in to find out as to whether the shopisticated instruments and massive initiatives generated by Malaysian gover nment determine the liquidity of corporate bond and mean time investigate several key determinants that could possibly affect the liquidity of corporate bond in Malaysia. 1.2 OBJECTIVE OF THE STUDY 1.2.1 To examine factors that could possibly affect the liquidity of corporate bond in Malaysia 1.2.2 To determine the key determinants of corporate bond liquidity in Malaysia. 1.2.3 To explore the reasons of limited use of corporate bond in Malaysia. RESEARCH QUESTIONS This research is conducted with the aim to answer the research questions as follows: 1.3.1 What are the factors affect the liquidity of corporate bond in Malaysia? 1.3.2 What are the key determinants of corporate bond liquidity in Malaysia? 1.3.3 What are the reasons of the limited used of corporate bond in Malaysia? SCOPE OF STUDY This study attempts to analyze factors that determine the liquidity in corporate bond in Malaysia. This study intends to use the last five years period which starts from 2005 to 2009 to figure out factors which could possibly affect the liquidity of corporate bond in Malaysia for the said period. Basically, this study will center its focus only for these recent years as it is seen as could possibly help to understand better if macroeconomic event says global mortgage crisis in 2008 plays its impact in disturbing the liquidity of corporate bond specifically at Malaysian market. Four variables will be employed to conduct to study namely corporate bond liquidity, issuance size, risk and stock market performance. SIGNIFICANCE OF THE STUDY By carrying out this study, it is hoped that the researcher could come to understand what factors could possibly affect the liquidity of corporate bond in Malaysia and how it affect the liquidity of this corporate bond. This paper also hopes to thoroughly study the trend of corporate bond liquidity in these recent five years. These anticipated findings could help the relevant bodies specifically to corporations and authorities to further understand the key determinants that could give an impact to the corporate bond liquidity as it important to be revealed for the purpose of setting up initiatives to ensure that the development and liquidity of corporate bond in Malaysia is always in line. The paper also considers what policy actions the government and central bank can take to ensure that these key determinants are achieved, providing recommendations for the authorities role in creating an environment which best facilitates a liquid in bond market. It is seem to be significan t to corporations as they are the main players that can generate liquidity in bond market with their active trade. At the same time, from that understanding they could take appropriate measures in encouraging more trading in debt securities as it has proved as another source of funding which helps many countries to be resilience during the time of financial stress. (Corporations) The other minor benefits could potentially exist is from the literatures and secondary data gathered by this study could also help the related parties specifically future researchers as source of information and reference relating to the issue studied. CHAPTER TWO: REVIEW OF LITERATURE Since last couple of decades, corporate bond is seen as an alternative source of financing and even in Malaysia; corporate bond financing has become as important as bank lending (Shimizu, 2008). Fundamentally, corporate bond can be interchangeably known as private debt securities (PDB) and initially are issued by private and public corporations that mainly aim at raising funds for multiple types of purposes (Mahanti et.al, 2008). Even in Malaysia, corporations have turned their attention towards the bond market as a viable alternative to bank borrowings and the equity market for the reason of business expansion and financial stability for the country significantly. This is where corporate bond market registered an annual growth of 8% since year 2000 and has reached the size of RM 209.7 billion as at early July 2007 (Bond Hub, 2010). As discussed earlier, despite experiencing tremendous efforts that has been put in by government to ensure infinite growth in bond market, bond mark et liquidity still being at the center of focus. This has been proved by a great deal of literature on why bond market liquidity is important and on the various determinants of liquidity (Mahanti et.al, 2008 and Shimizu, 2008). Basically, bond liquidity is said as subjective according to how we measure the liquidity level of it (Houweling et. al, 2005). The definition of liquidity is depending on what measure every different people use on it as added by them. One common measure that often will be used to indicate the level of bond liquidity is bid ask spread. This is shown when Chabchitrchaidol and Panyanukull, 2005 have used bid ask spread to identifies and analyzes the key of liquidity in the Thai bond market. As what have been quoted by Edward et.al, 2007 as cited by Bao et. Al, 2009.. .. A simple measure of corporate bond liquidity is the effective bid-ask spread and the bid ask spread is seen as direct and an important indicator of bond liquidity.. Despite using the bi d ask spread, trading volume also has widely used by researchers. According to Chan et al, 2007, trading volume is suggested as closely related to depth of the market. In addition, as what concluded by Committee on the Global Financial System as excerpted by Chan et al, 2007.. ..Liquidity has at least three dimensions; tightness, depth and resiliency. Tightness refers to trading cost, specifically how far transaction prices diverge from the mid market price. While depth refers to the volume of trades and resiliency refers to the speed.. As suggested by Chako Mahanti 2005, trading volume and bid ask spread are known as conventional measure of liquidity and have been widely used by many practitioners. They then suggested a new measure of bond liquidity which does not use transactional information; instead it uses information about the ownership of securities to measure the accessibility of security by a security dealer. This is called as latent liquidity. In other review, it is said that bond market liquidity may be reduced due to the lack of new bonds issued or in other words a lack of trading volume (Nielsan et. al, 2009). This is why some countries have required minimums for issuing bond because there are corporations which prefer to generate income through sources outside the bond market due to this lack as concluded by them. After several reviews has been made, variety of factors identified as determinants of bond liquidity. In a paper completed by Mahanti et.al 2008, they have investigated bond liquidity by connecting it with credit rating, issue size, age, original maturity value at issue date and optionally such callability, putability or convertibility. As a result, they found that all have a strong impact on bond liquidity. Similarly, Chan et al, 2007 suggested that liquidity is commonly perceived to be positively correlated with the size of bond. The rational is that the supply potentially available for trading is greater for larger issues. In addition, a negative correlation is reported between liquidity and the riskiness of bond. This risk is known as a liquidity risk which can be proxied by using maturity and the credit quality of a bond can be captured using agencies of credit rating (Chan et. al, 2007). They do suggested market condition as one of the determinants that plays a role in determining bond liquidity. As again quoted by Chan et. al, 2007, they suggested that macroeconomic or financial conditions might lead to reduce their risk exposure, hence resulting in a deterioration in market liquidity. In their paper, they have taken stock index as determinant using daily indices. In addition to the above point, as what have been quoted by Bario (2000) as cited Chabchitrchaidol and Panyanukull, 2005.. ..Macroeconomic factors may also play a role in determining market liquidity. However, points out that the factors determining liquidity or the degree significant can differ substantially during of market stres s.. CHAPTER THREE: RESEARCH METHODLOGY Research Design The study is relying on the secondary data and will be conducted by utilizing models and theories which adopted from previous studies. First, to examine the level of corporate bond liquidity, a standard approach will be employed. This model which is known as basic least square equation is adopted from a study done by Chabchitrchaidol and Panyanukull, 2005. Briefly, this model indicates that the liquidity is measured by utilizing daily bid ask spread, trading volume and yield volatility for corporate bond. An equation is shown as below: (Adopted from Panyanukul and Chabchitrchaidol, 2005) Once desired data are completely gathered and computed, it will then be analyzed using the Statistical Package for Social Science (SPSS) program. SPSS were chosen since it contains the tool for performing statistical analyses and provide comprehensive method for describing and tabulating on data for hypothesis testing and for multiple regression and correlation. Theoretical Framework Issuance size Risk Corporate Bond Liquidity Kuala Lumpur Composite Index Independent Variables Dependent Variable Variable Proxy Corporate bond liquidity Trading volume, Bid ask spread Yield Volatility (Adapted from Chan et al, 2007, Chabchitrchaidol and Panyanukull, 2005 by Bao et. A, 2009) Issuance size Size of bond issued (Adapted from Mahanti et.al 2008 and Chan et. al, 2007) Risk Credit rating (Adapted from Chan et. al, 2007) Kuala Lumpur composite index FKLI (Adapted from Chan et. al, 2007) 3.3 Data Collection Method Secondary Data This study will be much relying on the internal and external secondary data. As most of the data needed are published in the data based, it is hoped that it can help the researcher to run the analysis to answer those research questions. Initially, the internal data will be gathered from several medium identified namely Electronic Trading Platforms (ETP) which formerly known as Bond Information and dissemination System (BIDS), Bursa Malaysia, Asian Bond Online and other related data based. The data will be employed is a weekly observation data on bid ask spread , trading volume , FBM KLCI, size of bond issued and other related data. Briefly, the data based provides researcher with some desired data related to bond trading. Once data collection process is done and computation is done by employing previous applied measure, it will be analyzed using regression to see the significant correlation that could potentially exist between variables as described earlier. An external secondary data will be retrieved from articles, journal, reports, newspaper and other possible sources.