Aqr Delta Strategy Essay

DANIEL BERGSTRESSER LAUREN COHEN RANDOLPH COHEN CHRISTOPHER MALLOY AQR’s DELTA Strategy In the summer of 2011, the principals at AQR Capital Management met in their Greenwich, CT, office to decide how best to market their new DELTA strategy. After launching in the late summer of 2008, the DELTA strategy had compiled an excellent track record, but David Kabiller, a Founding Principal and the Head of Client Strategies at AQR, was frustrated that the fund had not grown faster in light of its exceptional performance. In Kabiller’s experience, the combination of a solid track record plus an innovative product usually led to explosive growth in assets under management (AUM), but that had not been the case so far with DELTA. The DELTA strategy was a product that offered investors exposure to a basket of nine major hedge fund strategies. The DELTA strategy was innovative in two ways. First, in terms of its structure, AQR implemented the underlying strategies using a well-defined investment process, with the goal of delivering exposure to a well-diversified portfolio of hedge fund strategies. Second, in terms of its fees, the new DELTA strategy charged relatively lower fees: 1 percent management fees plus 10 percent of performance over a cash hurdle (or, alternatively, a management fee of 2 percent only). This fee structure was low relative to the industry, where 2 percent management fees plus 20 percent of performance, often with no hurdle, was standard. These features, while distinct relative to other related â€Å"hedge fund replication† products, had yet to fully resonate with investors, and Kabiller needed to decide on a more effective marketing approach given the large number of competitors entering this space. AQR AQR was established in 1998 and headquartered in Greenwich, CT. The founding Principals of the firm included Clifford Asness, David Kabiller, Robert Krail, and John Liew, who had all worked together at Goldman Sachs Asset Management before leaving to start AQR. Asness, Krail, and Liew had all met in the Finance PhD program at the University of Chicago, where Asness’ dissertation had focused on momentum investing. AQR’s over 200 employees managed $24.0 Billion in assets. A large amount of these assets were invested in hedge fund strategies. Professors Daniel Bergstresser (HBS), Lauren Cohen (HBS), Randolph Cohen (MIT), and Christopher Malloy (HBS) prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright  © 2011, 2012 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-5457685, write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. 212-038 AQR’s DELTA Strategy Hedge funds Voor- en nadelen Hedge Fund: While open-end mutual funds had to register with the SEC, calculate and publish daily net asset values (NAVs), and provide investors with daily liquidity, hedge funds were not automatically regulated by the SEC and enjoyed as much flexibility as they could negotiate with their clients with respect to liquidity. In exchange for this light-touch regulation, hedge funds were restricted in their marketing: only high net worth and institutional investors could directly invest in these funds. Nevertheless, academic work had by the late 1990s established that hedge funds offered a risk exposure that was less correlated with broad market indexes than most mutual funds, and potentially offered high risk-adjusted returns. The performance of the hedge fund industry during the 2001-2002 recession was  particularly good; Exhibit 1 shows that while stock market indices (S&P and NASDAQ) fell dramatically during this period, broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry) rose. In response to the perception that hedge funds truly offered outperformance, institutional money flowed into hedge funds during the late 1990s and 2000s, and the size of the industry grew rapidly. Exhibit 2 charts the growth in the number of funds and total AUM (assets under management) in the hedge fund industry since 1997. With this growth in assets and managers, questions began to surface about the role of hedge funds in a portfolio and whether there were other ways to capture those returns without being exposed to some of the negatives of hedge fund investing. Alternatives to hedge funds Although many investors were attracted to the possibility of obtaining high returns and/or low covariance with other investments in their portfolio, many still found hedge funds themselves to be unappealing. Among the reasons for their distaste were: a) illiquidity, b) minimum investment requirements, c) high fees, d) the difficulty of selecting the right hedge fund manager, e) the inability to gain access to high quality funds, and f) the lack of established benchmarks in the industry. Most hedge funds only allowed redemptions on certain dates – often at the end of each quarter. Additionally many funds had an initial lockup – that is, investors could not redeem from the fund for a set period after investing; the period was often one year though some funds had no lockup and others had locked up investors for as long as five years. Most funds also had a minimum investment size of at least $1 million. In addition, many investors found the fees charged by hedge funds, which often amounted to 2% of assets under management (some funds even charged the full cost of their operations to their funds, amounting to more than 2% management fees) plus an additional 20% of profits generated by the fund, to be excessive and hoped to obtain similar benefits at a lower cost. Some investors also found the idea of selecting a portfolio from the many thousands of available hedge funds to be an intimidating task, especially given the lack of transparency (both as to investment process and holdings) that was common among hedge fund managers. And of course even if  an investor could identify a set of funds that made up an attractive portfolio, the managers of those funds might not accept an investment at that time or from that investor. Finally, in contrast to the mutual fund industry, there was a lack of established benchmarks fo r hedge funds, making it difficult to assess skill versus luck and idiosyncratic versus systematic returns. While hedge fund indices existed, these were just peer groups, not true benchmarks, and were biased by a number of things, including style drift and survivorship bias. In response to these criticisms, alternative products were soon introduced into the marketplace. 2 AQR’s DELTA Strategy 212-038 Funds of Hedge Funds (FOFs) One popular alternative to direct hedge fund investing was the funds of hedge funds (FOFs) structure. FOFs aimed to take investors’ money and allocate it among a select group of hedge funds – sometimes among a small number (even in the single digits in some cases), and sometimes among hundreds of funds. onerous= burdensome/ heavy This approach solved a number of the issues facing hedge fund investors, especially those with modest capital. FOFs had less onerous liquidity rules than individual hedge funds, and FOFs were less likely to encounter liquidity problems than individual funds since they could obtain liquidity from a number of underlying funds. Still, FOFs were ultimately subject to the underlying liquidity (both with respect to liquidity terms and underlying holdings) of the funds they were investing in. In addition, a single minimum investment bought a portfolio of many funds, and an experienced and hopefully expert financial professional, or team of such professionals, selected the funds, and chose allocations among them that (presumably) produced a well-optimized portfolio. Finally, FOF managers  claimed that their experience and connections provided access to hard-to-enter funds. Thus FOFs presented an appealing package, and indeed close to half of all money invested in hedge funds came through F OFs. However, many investors were put off by FOF fees, which historically included an additional layer of fees often as high as half the level of hedge fund fees themselves (thus making total fees paid about 1.5 times higher than for direct investing). Multi-strategy Funds Another approach to obtaining an alternative-investment portfolio while avoiding some of the challenges of one-strategy-at-a-time creation was to invest in multi-strategy hedge funds. Such offerings were often made by large hedge fund firms that offered a variety of individual strategies. Investors might have the option to invest in a multi-strategy fund that allocated assets across the different silos within the firm. One major advantage of multi-strategy funds over FOFs was fees: multi-strategy funds typically did not charge an additional fee layer over and above the hedge fund fee (as FOFs did). Further, multi-strategy funds only charged performance fees when the total investment was in the money; whereas, in the case of FOFs and direct single strategy investments, an investor could be subject to performance fees even if the net, aggregate performance wasn’t positive. A second potential advantage of multi-strategy funds was in portfolio construction. Not only was the allocation among strategies performed by professionals, those professionals likely had a high level of insight and visibility into the opportunities available to the individual silo managers. Multi-strategy funds generally offered as good or better liquidity than individual-strategy funds, and of course there was no trouble gaining â€Å"access† to the underlying managers. Multi-strategy funds appeared to offer strong diversification, although in the famous case of the hedge fund Amaranth, investors thought they were investing in a diversified portfolio of strategies. However, extreme losses in one of the portfolio’s silos led to the loss of approximately 75% of total portfolio value. Consequently many investors felt they were not truly diversified if they had a large allocation to a multi-strategy fund, but this could be potentially mitigated through the right amount of transparency into the positions and  risks of the portfolio, or, of course, through diversification among several different multi-strategy funds, thereby minimizing single firm risk. silos= opslagplaatsen 3 212-038 AQR’s DELTA Strategy One potential concern with multi-strategy funds from the investor’s point of view was the question of portfolio manager quality. Although it was possible that a single firm could gather under one roof the very best managers in a variety of specialties, some investors found this implausible. Hedge fund replication Starting in 2006, a number of investment management firms also introduced â€Å"hedge fund replication† products. These strategies, implemented using liquid instruments, purported to give investors a ‘top-down’ exposure to the broad risk exposures of the hedge fund industry. These products could be viewed as an effort to provide ‘hedge fund beta,’ or the systematic part of hedge fund performance. The rationale for these products originated from studies of hedge fund returns that highlighted the idea that the line between ‘alpha’ and ‘beta,’ was potentially fluid. The alternative systematic exposures of hedge funds could be viewed as a kind of â€Å"exotic beta.† If hedge fund returns could be approximated with dynamically traded portfolios of liquid assets, then investors attracted to hedge fund returns, but potentially looking for a liquid or low-fee alternative to actual hedge funds could invest in a ‘hedge fun d replication’ product that attempted to mimic hedge fund returns using liquid assets. These top-down approaches aimed to use statistical methods to create a portfolio of liquid assets that had similar performance to hedge funds as a class. One top-down approach was to use linear regressions, or optimizations, to build a portfolio that had high correlations to historical hedge fund returns. An example of this  approach consisted of three steps. First one would obtain a long-run time series of returns on a diversified portfolio of hedge funds (e.g., the HFRI monthly hedge fund indices were commonly used). Then one would obtain returns on a large number of liquid investments-these could be indexes of stocks (e.g., S&P 500, MSCI EAFE, MSCI Emerging, Russell 2000, etc.), bonds (e.g., US 10-year government bonds), currencies (e.g., EUR-USD Spot Exchange Rate), etc. () Finally, one would use a standard statistical optimizer, or linear regression, to find the portfolio of liquid investments (either long or short and at weights implied by the statistical analysis) that most closely replicated the statistical characteristics of the hedge fund portfolio. Exhibit 3 presents the monthly returns from a set of indices that were commonly used for hedge fund replication purposes. 1 Specifically, the goal was to create a portfolio that historically moved as close to one for one with the hedge fund portfolio, so that it had high correlation with the hedge fund portfolio, and yet also matched other â€Å"statistical moments,† such as volatility, skewness, and kurtosis. Historically, and ideally on a forward-looking basis as well, this portfolio would fulfill a role in the diversified portfolio similar to the role that hedge funds would play. Exhibit 4 plots the recent return performance of a few commonly used hedge fund indices (e.g., DJCS_Hedge, HFRI_FW, and HFRX_Global), which represent composite indices of individual hedge funds and were designed to track the overall return performance of the industry; as well as a fund-ofhedge funds (FOF) index (HFRI_FOF) designed to track the overall return performance of funds of hedge funds. Exhibit 5 presents the return performance of four popular hedge fund replication index products, produced by Merrill Lynch, G oldman Sachs, JP Morgan, and Credit Suisse. Exhibit 6 presents the return performance of the overall hedge fund indices alongside the performance of these hedge fund replication products. 1 This is an excerpt of the data. The full data series is in the Spreadsheet Supplement to the case. 4 AQR’s DELTA Strategy 212-038 AQR’s approach For years, the principals at AQR had been working on understanding the underlying nature of hedge fund returns and exploring the possibility of being able to capture them in a transparent, liquid and cost effective way. Thus, they were initially intrigued by the introduction of these hedge fund replication products, but very soon came to the conclusion that an entirely different approach to delivering exposure to the systematic risk factors of the hedge fund industry was needed. Whereas AQR’s competitors focused on the ‘top-down’ products described above, AQR focused on creating a ‘bottom-up’ approach that sought to deliver significant risk-adjusted returns instead of simply replicating an index by: capturing classical, liquid hedge fund strategies that were uncorrelated with traditional markets, implementing them at low cost, and then bundling these strategies into a wellconstructed single portfolio focusing on portfolio construction, risk management and trading. Origins of AQR’s approach The idea of direct, simplified implementation of core hedge fund strategies was hinted at by the pioneering work into merger arbitrage of Mark Mitchell and Todd Pulvino. Mitchell and Pulvino were both former academics (at Harvard Business School and the Kellogg School of Management, respectively) who subsequently teamed up with AQR in 2001. A simple merger arbitrage strategy, for example, worked as follows: after the announcement by Firm A of a desire to acquire Firm B, the merger arbitrageur made a purchase of the target Firm B shares while shorting the acquirer Firm A’s shares (if the acquisition was to be made in cash, the arbitrageur merely purchased Firm B shares without shorting Firm A). Typically upon the announcement of the merger, the price of the target shares would not rise all the way to the price that would be appropriate if the merger were sure to be completed. When Mitchell and Pulvino studied the merger arbitrage industry, they found that merger arbitrage strategies did deliver substantial risk-adjusted returns. Specifically, the expected returns of putting merger arbitrage  investments into place was high, and while the risk was higher than one might naturally have expected — because mergers tended to break up exactly at times of market stress, and therefore the merger arbitrage strategy had more beta, or market exposure, than might be presumed — nevertheless they found that even accounting for this risk, the performance of a naà ¯ve merger arbitrage strategy that invested in every deal was substantial. Mitchell and Pulvino also looked at the performance of actual merger arbitrage funds. A merger arbitrage fund would be expected to add alpha by correctly identifying which mergers were more or less likely to achieve completion than the market anticipated. So, for example, if the market pricing of a deal was such that the expected return would be zero if the merger was 90% likely to be completed, the merger arbitrageur’s job was to try to figure out whether in fact the merger was substantially more than 90% likely to go through, substantially less than 90%, or about 90%, and then invest only in those deals that were substantially more than 90% likely to go through. What Mitchell and Pulvino found was that merger arbitrage funds made money, but that they did not show an ability to forecast which mergers would close over and above the market’s ability. That is, the outperformance that merger arbitrageurs were generating was no greater than the outperformance that would be generated by a simple strategy that bought every target and shorted every bidder, particularly net of fees. 5 212-038 AQR’s DELTA Strategy This opened the door to a potential strategy for the replication of merger arbitrage: simply participate in every merger arbitrage deal that met a set of basic screens (e.g., size and liquidity). The benefit to investors would be a potentially more diversified portfolio of merger deals than would be obtained from a fund manager who only selected a subset of the deals, and also potentially far lower fees, because there was no need to pay an analyst  to determine which mergers were more or less likely to succeed. With this as a template, one could easily imagine a whole roster of potential hedge fund strategies that could be captured in a systematic way (e.g., long value stocks and short growth stocks, convertible arbitrage, carry trades, trend following trades and trades exploiting other wellknown empirical asset pricing anomalies). Since the early work into merger arbitrage, AQR had spent years researching these other classical hedge fund strategies that could be captured from the bottomup. Bottom-Up versus Top-Down AQR preferred their bottom-up approach for a variety of reasons. First, they felt that many hedge fund strategies earned returns for bearing a liquidity risk premium, which you could not earn by trading solely in liquid instruments as in the hedge fund replication methods. For example, in order to capture the returns from a convertible bond that traded at a discount to fair value because of a liquidity risk premium, you needed to own the convertible bond, not simply liquid assets that were correlated with the convertible bond. Second, since top-down methods aimed to maximize correlations with recent past hedge fund performance, these approaches were necessarily backwardlooking and based on what hedge funds were doing in the past. By contrast, if you ran the actual strategies, one could respond to market opportunities immediately. Finally and perhaps most importantly, AQR felt that the hedge fund indices upon which most top-down replication strategies were based had a variety of biases (e.g., survivorship bias), had too much exposure to traditional markets (i.e., equity and credit beta) and also tended to reflect the weights of the most popular strategies. Since these popular strategies were crowded with many trades, the expected returns on these strategies going forward were potentially lower. In short, while they shared the noble goals of top-down replication products (i.e., attempting to provide liquid, transparent exposure to hedge fund strategies at a lower fee), AQR felt that the approach had fundamental flaws or, as Cliff Asness put it in a speech in October 2007 on hedge fund replication, â€Å"Not Everything That Can Be Done Should Be Done.† AQR’s DELTA Strategy In late 2007, AQR decided to focus their years of research on capturing the classical hedge fund strategies in a systematic way from the bottom up by â€Å"creating our own product that would seek to deliver these strategies in a risk-balanced and efficiently implemented way.† AQR viewed their â€Å"DELTA† product as superior to the newly-introduced replication products that were being marketed as offering ‘hedge fund beta.’ In fact, AQR staff bristled at comparisons between the existing hedge fund replication products and their DELTA product. To ensure that AQR was taking a broad approach and to avoid being insular, they formed an external advisory committee made up of some very seasoned hedge fund investors to help guide the development of the product. The DELTA name was an acronym that reflected the product’s characteristics: ‘Dynamic, Economically Intuitive, Liquid, Transparent and Alternative.’ The portfolio was designed to be uncor related with the overall stock market, and would be diversified across nine broad strategy classes: a Fixed Income Relative Value strategy, a Managed Futures strategy, a Global Macro strategy, insular = bekrompen 6 AQR’s DELTA Strategy 212-038 an Emerging Markets strategy, a Long/Short equity strategy, a Dedicated Short Bias strategy, an Equity Market Neutral strategy, a Convertible Arbitrage strategy, and an Event Driven strategy. Performance AQR decided to go ahead with the creation of the DELTA strategy in the late summer of 2008. By October 1, 2008, the portfolio was fully invested and had begun to compile a track record. At the time, the staff at AQR had worried that this might be â€Å"the worst possible time to be launching a product designed to capture classical hedge fund strategies.† Nonetheless, the DELTA  portfolio performed well in the fourth quarter of 2008 immediately after its launch, an impressive feat given the turbulence in the market. Exhibit 7 charts the monthly performance of the DELTA strategy since inception. Exhibit 8 shows the raw monthly returns of the DELTA strategy, compared to the raw monthly returns of stock market indices (S&P and NASDAQ) and broad hedge fund indices (e.g., DJCS_Hedge and HFRI_FW, which were designed to track the overall performance of the hedge fund industry). Exhibit 8 also presents the â€Å"beta† of the DELTA strategy with respect to these various market and hedge fund indices, while Exhibit 9 graphs the cumulative return performance of the DELTA strategy relative to these indices. Marketing DELTA Although DELTA was off to a great start, Kabiller felt like it was underperforming its potential. By the summer of 2011, despite its excellent performance, growth in DELTA’s AUM had been modest. After giving it a lot of thought, Kabiller identified three primary challenges AQR faced in convincing investors to allocate capital to DELTA. First, many of his institutional clients had grown very comfortable selecting a set of hedge funds and paying them both management and performance fees. Exhibit 10 presents the recent annual returns of some of the largest U.S. hedge funds, many of whom had delivered stellar returns over time. Kabiller was convinced that one of DELTA’s major assets was its ability to deliver hedge fund returns with a significantly lower fee structure. But many of his institutional clients had difficulty assessing just how large an advantage this provided DELTA. For instance, if a client selected the two percent management fee with no performance fee struct ure, how much higher could they expect their after-fee returns to be? Given that performance fees were typically only paid on returns in excess of a cash hurdle, was a twenty percent performance fee really that costly to fund investors? Related considerations applied to investors that invested primarily through Funds of Hedge Funds. These investment vehicles typically added a layer of fees on top of the after-fee performance of their hedge fund investments – typically a one percent management fee and a ten percent performance fee. Due to DELTA’s multi-strategy investment approach, its after-fee performance should perhaps be benchmarked against those of fund-of-funds alternatives. Conveying to such investors the fee advantage of DELTA in simple terms – for instance, how much better their competitors’ pre-fee returns needed to be than those of DELTA to offset the fee differential – would go a long way in convincing them that DELTA was the superior approach. A second challenge in marketing DELTA was the emergence of the so-called hedge fund replication strategies. These strategies were almost the polar opposite of the fund-of-funds – they had modest fees and, because they replicated hedge fund returns using highly liquid indices, they faced little in the way of liquidity risk. Institutional investors interested in low-fee exposure to hedge fund returns found these products attractive, and Kabiller found it challenging to convey the advantages of the DELTA approach. His inclination was to focus on two key limitations of hedge fund replication. First, he felt they relied heavily on the historical relationship between hedge fund returns and major stock and bond market indices. To the extent that the relationship was not stable, 7 212-038 AQR’s DELTA Strategy or to the extent that a large fraction of hedge fund movements could not be captured by an appropriate combination of these indices, the replication approach would be limited in its ability to truly deliver in real time the actual returns being earned by the average hedge fund investor. Second, even if the strategy could replicate a large fraction of the monthly fluctuations in performance of the average hedge fund, Kabiller felt it was likely that a â€Å"top-down† approach would be limited in replicating the actual edge, or â€Å"alpha,† of the average hedge fund. Even if much of the risks to which hedge funds were exposed could be found in broad stock and bond market indices, it was unlikely that any of the informational or liquidity edges they possessed would appear in the returns of these indices. A final challenge Kabiller faced in the marketing of DELTA was its track record. Although it had outpaced the broad HFRI index since its inception in the fall of 2008, th e track record was still a fairly limited one. Moreover, since the central appeal of the product was its ability to match average hedge fund returns  with modest fees, the outperformance ironically posed something of a challenge for DELTA. Kabiller felt it would be critical to understand its source before determining whether it was an aberration or whether they possessed a sustainable edge relative to the index of hedge funds. As Kabiller looked out beyond his infinity pool and into the calm waters of the Long Island Sound, he worried that without a proper grasp of these issues, many rough sales meetings lay ahead for him and his DELTA team. 8 AQR’s DELTA Strategy 212-038 Exhibit 1 Cumulative Return Performance of Hedge Fund Indices versus Stock Market Indices, since 1996. Cumulative Return Performance of Hedge Fund Indices Versus Stock Market Indices 500 450 400 350 300 250 200 150 100 50 0 199601 199609 199705 199801 199809 199905 200001 200009 200105 200201 200209 200305 200401 200409 200505 200601 200609 200705 200801 200809 200905 201001 201009 201105 NASDAQ S&P_Index DJCS_Hedge HFRI_FW Source: Bloomberg. 9 212-038 AQR’s DELTA Strategy Exhibit 2 Total Number of Hedge Funds and Total AUM (Assets Under Management) for the Hedge Fund Industry, since 1997. Growth in Hedge Fund Industry (1997-2010) 12,000 $2,500.00 10,000 Number of Hedge Funds 8,000 $1,500.00 6,000 $1,000.00 4,000 $500.00 Hedge Fund AUM (in Billions $) $2,000.00 Number of Hedge Funds Hedge Fund AUM 2,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $- Source: Created by casewriters using data from Hedge Fund Research, www.hedgefundresearch.com, accessed August 2011. 10 212-038 -11- Exhibit 3 Excerpt of Monthly Returns on Indices Commonly Used for Hedge Fund Replication (1996-2011). The full data series is contained in the Spreadsheet Supplement to the case MSCI EM 7.6% -0.6% 1.1% 5.2% 0.1% 0.9% -6.2% 2.6% 1.4% -1.4% 1.7% 1.0% †¦ -2.1% -1.4% 4.3% 0.8% -1.6% -1.9% -0.9% -7.3% -7.4% 9.1% -3.8% 0.0% 7.4% 3.9% 7.0% 6.2% -2.5% 0.5% 15.0% -0.5% 0.5% 10.9% -0.2% 1.0% 4.5% -8.7% -4.3% -8.8% -11.4% -5.4% -7.0% -1.3% -1.2% -3.5% -2.0% -2.5% -3.7% -1.1% -1.7% -2.0% 0.4% 0.1% 0.2% 0.4% -0.1% 0.0% 0.0% 0.0% 0.1% -2.8% 2.0% 2.4% 2.6% 0.0% 3.0% -0.1% 0.5% 1.6% 2.4% -0.3% 5.4% 2.4% 3.4% 0.2% -0.1% -0.4% 0.0% 0.0% 1.6% 2.7% -0.7% 3.3% 5.7% 2.8% -2.0% 1.3% 2.0% 0.8% 4.0% -0.7% †¦ 4.0% 2.4% †¦ 7.6% -2.0% †¦ 0.8% 0.0% †¦ 2.8% -2.1% †¦ 4.6% -1.2% 3.7% -1.7% 5.6% 2.8% 0.9% 1.2% 2.2% 2.9% 0.9% 4.1% 0.4% 0.0% †¦ -0.7% -0.2% 1.1% 1.7% -0.9% -0.8% 0.6% -1.2% 1.4% 0.0% 1.0% 0.3% 0.0% 1.0% -4.9% 0.9% -4.2% -8.8% 5.7% 0.4% -4.4% 2.1% 0.8% 0.4% 0.4% 1.5% 0.0% -0.5% -0.3% -1.0% -1.4% 3.5% -1.2% 5.3% 3.9% 1.5% 2.6% 0.0% 0.2% -1.7% -0.6% 4.5% -1.4% -1.0% 2.8% 3.0% 1.8% 0.9% 1.0% -0.5% -0.2% -3.6% -1.1% -3.7% -0.3% 3.7% -0.2% 3.4% 0.9% 0.4% 5.1% MSCI EAFE RUSSELL 2000 S&P 500 US TREAS 2YR US TREAS 10YR CURRENCY HFRI HFRI FOF HFRI FW 1/31/1996 1.1% 2.7% 2.9% 2/29/1996 3/29/1996 2.8% 1.9% -0.6% 1.0% 1.2% 1.5% 4/30/1996 5/31/1996 5.3% 3.7% 3.1% 1.5% 4.0% 3.1% 6/28/1996 7/31/1996 8/30/1996 -0.7% -2.9% 2.6% 0.4% -1.9% 1.5% 0.2% -2.1% 2.3% 9/30/1996 10/31/1996 2.2% 1.6% 1.2% 1.6% 2.1% 1.0% 11/29/1996 12/31/1996 †¦ 1.7% 0.8% 2.3% 0.7% †¦ 2.1% 1.3% †¦ 1/31/2011 2/28/2011 0.4% 1.3% 0.1% 0.8% 0.4% 1.2% 3/31/2011 4/29/2011 0.5% 1.3% -0.1% 1.2% 0.1% 1.5% 5/31/2011 6/30/2011 7/29/2011 -1.3% -1.3% -0.3% -1.1% -1.3% 0.4% -1.2% -1.2% 0.2% 8/31/2011 9/30/2011 -4.9% -6.0% -2.6% -2.8% -3.2% -3.9% 10/31/2011 11/30/2011 12/30/2011 4.9% -2.0% -0.9% 1.1% -1.0% -0.4% 2.7% -1.3% -0.4% 1/31/2012 3.8% 1.9% 2.6% Source: Thomson Reuters Datastream. 212-038 AQR’s DELTA Strategy Exhibit 4 Cumulative Return Performance of Overall Hedge Fund Indices, since June 2007. Recent Performance of Hedge Fund Indices 120 110 100 DJCS_Hedge 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 HFRI_FW HFRX_Global HFRI_FOF Source: Bloomberg. 12 AQR’s DELTA Strategy 212-038 Exhibit 5 Cumulative Return Performance of Hedge Fund Replication Indices, since June 2007. Recent Performance of Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 ML GS JPM CS Source: Bloomberg. 13 212-038 AQR’s DELTA Strategy Exhibit 6 Comparison of Cumulative Return Performance of Overall Hedge Fund Indices versus Hedge Fund Replication Indices, since June 2007. Comparison of Recent Performance of Hedge Fund Indices Versus Hedge Fund Replication Products 130 120 110 100 90 80 70 60 200706 200708 200710 200712 200802 200804 200806 200808 200810 200812 200902 200904 200906 200908 200910 200912 201002 201004 201006 201008 201010 201012 201102 201104 201106 DJCS_Hedge HFRI_FW HFRX_Global HFRI_FOF ML GS JPM CS Source: Bloomberg. 14 AQR’s DELTA Strategy 212-038 Exhibit 7 Monthly Return Performance of AQR DELTA strategy, Since Inception. AQR DELTA Return Performance 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00% Source: Company documents. 15 212-038 AQR’s DELTA Strategy Exhibit 8 Monthly Return Performance (and Beta) of AQR DELTA strategy compared to Market Indices (S&P, NASDAQ) and Hedge Fund Indices (DJCS_Hedge, HFRI_FW), since October 2008. Date 200810 200811 200812 200901 200902 200903 200904 200905 200906 200907 200908 200909 200910 200911 200912 201001 201002 201003 201004 201005 201006 201007 201008 201009 201010 201011 201012 201101 201102 201103 201104 201105 Average DELTA 1.22% 1.72% 4.05% 2.79% -0.10% 2.32% 3.09% -0.35% 1.78% 1.93% 4.48% 2.70% -0.31% 0.96% 0.55% -0.66% -0.27% 2.23% 2.18% -3.37% 1.39% 1.62% 2.02% 3.33% 2.47% 1.03% 1.93% -0.41% -0.45% 0.92% 2.31% -0.84% 1.32% NASDAQ -17.73% -10.77% 2.70% -6.38% -6.68% 10.94% 12.35% 3.32% 3.42% 7.82% 1.54% 5.64% -3.64% 4.86% 5.81% -5.37% 4.23% 7.14% 2.64% -8.29% -6.55% 6.90% -6.24% 12.04% 5.86% -0.37% 6.19% 1.78% 3.04% -0.04% 3.32% -1.33% 1.19% 0.09 0.25 0.28 S&P_Index -16.94% -7.48% 0.78% -8.57% -10.99% 8.54% 9.39% 5.31% 0.02% 7.41% 3.36% 3.57% -1.98% 5.74% 1.78% -3.70% 2.85% 5.88% 1.48% -8.20% -5.39% 6.88% -4.74% 8.76% 3.69% -0.23% 6.53% 2.26% 3.20% -0.10% 2.85% -1.35% 0.64% 0.09 0.28 0.32 DJCS_Hedge -6.30% -4.15% -0.03% 1.09% -0.88% 0.65% 1.68% 4.06% 0.43% 2.54% 1.53% 3.04% 0.13% 2.11% 0.88% 0.17% 0.68% 2.22% 1.24% -2.76% -0.84% 1.59% 0.23% 3.43% 1.92% -0.18% 2.90% 0.69% 1.38% 0.12% 1.80% -0.96% 0.64% 0.25 HFRI_FW -6.84% -2.67% 0.15% -0.09% -1.21% 1.66% 3.60% 5.15% 0.25% 2.50% 1.30% 2.79% -0.20% 1.52% 1.28% -0.76% 0.66% 2.49% 1.19% -2.89% -0.95% 1.61% -0.13% 3.48% 2.14% 0.19% 2.95% 0.41% 1.23% 0.06% 1.45% -1.18% 0.66% 0.25 DELTA’s Beta with: DJCS_Hedge’s Beta with: HFRI_FW’s Beta with: Source: Company documents. 16 AQR’s DELTA Strategy 212-038 Exhibit 9 Cumulative Return Performance of AQR DELTA Strategy versus Market Indices (S&P and NASDAQ) and Hedge Fund Indices (DJCS_Hedge and HFRI_FW), since October 2008 Cumulative Return Performance of DELTA versus Market and Hedge Fund Indices 180 160 140 120 100 80 60 40 20 0 DELTA NASDAQ S&P_Index DJCS_Hedge HFRI_FW Source: Bloomberg and company documents. 17 212-038 -18- Exhibit 10 Annual Returns of Largest Hedge Funds (%) Fund Name Winton Futures USD Cls B Millennium International Ltd Transtrend DTP – Enhanced Risk (USD) The Genesis Emerging Mkts Invt Com A Aspect Diversified Programme Aurora Offshore Fund Ltd. Permal Macro Holdings Ltd USD A Canyon Value Realization Cayman Ltd A Permal Fixed Income Holdings NV USD A Absolute Alpha Fund PCC Diversified Caxton Global Investments Ltd GAM U.S. Institutional Trading K4D-10V Portfolio K4D-15V Portfolio Orbis Optimal (US$) Fund GAM Trading II USD Open Double Black Diamond Ltd (Carlson) GoldenTree High Yield Master Fund Ltd Bay Resource Partners Offshore Fund Ltd GAM U.S. Institutional Diversity Firm Name Winton Capital Management Millennium Intl. Management Transtrend BV Genesis Investment Management Aspect Capital Aurora Investment Management Permal Asset Management Canyon Capital Advisors Permal Asset Management Financial Risk Management Caxton Associates GAM Sterling Management Graham Capital Management Graham Capital Management Orbis Investment Management GAM Sterling Management Carlson Capital Goldentree Asset Management GMT Capital Corp GAM Sterling Management Size ($Bil) 9.89 8.84 8.38 6.70 5.71 5.56 5.35 5.21 4.51 4.47 4.40 3.57 3.54 3.54 3.43 3.09 2.98 2.65 2.45 2.43 2001 7.11 15.26 26.36 4.62 15.79 9.82 14.66 12.69 11.50 9.33 31.41 16.34 6.45 39.31 29.01 14.78 11.94 18.30 29.32 9.56 2002 18.34 9.61 26.26 -1.77 19.19 1.31 8.03 5.21 10.47 6.36 26.44 10.69 18.76 43.71 12.15 10.55 2.12 6.24 0.03 4.95 2003 27.75 10.89 8.48 61.98 20.59 13.58 12.56 21.87 17.59 8.07 8.09 14.74 8.46 21.60 10.84 14.49 7.62 31.42 23.24 14.60 2004 22.63 14.68 12.82 31.53 -7.72 8.15 4.86 13.56 9.37 4.06 9.97 3.55 5.56 -0.43 2.25 3.84 4.70 9.89 27.97 6.14 2005 9.73 11.31 5.99 37.86 12.01 9.47 10.65 8.35 7.69 7.00 8.03 4.98 -7.52 -16.97 8.60 4.80 5.08 13.35 30.95 10.48 2006 17.83 16.43 12.04 30.22 12.84 10.95 9.48 14.08 10.48 8.94 13.17 8.68 5.02 6.64 4.95 7.44 21.12 13.21 21.65 16.74 2007 17.97 10.99 22.38 31.68 8.18 13.14 8.90 7.52 8.42 16.33 1.06 9.48 11.62 16.57 6.98 7.93 15.96 4.60 19.84 7.76 2008 20.99 -3.04 29.38 -49.30 25.42 -21.69 -5.16 -28.36 -18.40 -23.02 12.96 7.57 21.82 35.67 -2.49 5.78 -12.40 -38.60 -20.88 -13.96 2009 -4.63 16.28 -11.27 90.44 -11.24 21.26 9.83 55.20 27.32 10.51 5.83 8.32 1.41 3.11 9.92 6.55 28.34 69.94 56.60 6.78 2010 14.46 13.22 14.89 25.06 15.36 7.31 6.38 13.46 10.40 5.36 11.42 7.80 2.46 4.58 -3.93 5.97 9.30 23.61 15.90 -1.14 2011 6.29 8.39 -8.65 -15.29 4.51 -6.01 -3.27 -4.66 -5.28 -2.06 -2.40 -2.32 -4.11 -2.67 -4.19 -2.79 Source: Morningstar Hedge Fund Database, accessed January 2012.

Computer Use in Legal Work Essay

Computers have been dominating the workplace these days. In this modern world, companies have become ultimately dependent on computers when it comes to continuous or automatic tasks where humans are no match with when it comes to process time. It completely eliminates the factor of â€Å"human error† and the inherent disadvantages of humans versus computers, such as the need to sleep or rest, the need for variety, etc. Modern technology has enabled data to be sorted, collected and analyzed quickly and perhaps more cost-effectively when compared to hiring a number of people to work on them to collect and analyze the data and then paying them an appropriate level of wages and benefits. Artificial intelligence allows data extraction, sorting and analysis to be tailored to the need of the client, wherein concepts that are identified using deduction processes can be added to their features. These developments are leading to law firms where the majority of staff will be limited to t hose operating the machines alone – not to people doing the gathering, sorting and analyzing of the data. Computer logic has become very much intelligent and has become, at times, more than at par with how humans think. Computers are replacing workers at an alarming pace in many corporations – with the notable exception of tasks needing high levels of creativity. Automation has become both good and bad for the economy. Automation progresses as technology progresses. Applications on computers are replacing the humans who used to do their jobs as computers do those jobs faster – often doing double the work that would be done in 8 hours by a single human being. Economics will be greatly impacted by the changes in technology. Although it may not directly create unemployment since people tend to get more and more creative in finding something to do for work, the advancements in technology will continue to grow. E-discover, an application being used in the legal world, uses both linguistic and sociological logic in order to filter information when users search for information. Ap art from language, the social aspects implied in the searches will be included in the results. Information-sifting has become so sophisticated that applications are already able to identify and deduce human interactions pertaining to events, telephone calls, emails, messages, etc. They are also capable of decoding data used to cloak information being conveyed through these venues. Cataphora, a software that analyzes data, is capable of â€Å"†¦showing who leaked information, who’s influential in the organization or when a sensitive document like an S.E.C. filing is being edited an unusual number of times, or an unusual number of ways, by an unusual type or number of people.† It is also programmed to identify human emotions implied within an e-mail or a call. Detection of shifts in human emotions can mean an alert implying illegal activities. Clearwell, a program from a company in Silicon Valley, analyzes documents by searching for concepts, which simplifies material review in litigation. In an example given by the company, an analysis task that would normall y take an entire work week could be cut down to 3 days using the software. Although computers may seem to have advantages in certain types of analysis tasks, the â€Å"human factor† involved in identifying relevant information still remains in the hands of the person operating the computer. Taking for example the case of Enron, wherein over five million messages had to be processed for the prosecution, Andrew McCallum decided to purchase a copy of the database for $10,000 for the University of Massachusetts and made it available for research, which made a huge impact within the legal community. Although technology has its own limitations as when data need to be audited by a person, it still makes a huge impact in terms of how fast the work is delivered. In terms of accuracy, humans commit errors – hence the term â€Å"human error†. This is what Mr. Herr found when he back-tracked and did analysis on previous jobs to check the difference in results between humans and computers. The 40% difference in accuracy he found in favor of computers leads us to think about companies, corporations and the legal profession as a whole, and the savings from expenses it will have when software as such is used PIL In Indian law, public-interest litigation is litigation for the protection of the public interest. PIL may be introduced in a court of law by the court itself (sumoto), rather than the aggrieved party or another third party. For the exercise of the court’s jurisdiction, it is unnecessary for the victim of the violation of his or her rights to personally approach the court. In PIL, the right to file suit is given to a member of the public by the courts through judicial activism. The member of the public may be a non-governmental organization (NGO), an institution or an individual. The Supreme Court of India, rejecting the criticism of judicial activism, has stated that the judiciary has stepped in to give direction due to executive inaction; laws enacted by Parliament and the state legislatures for the poor since independence have not been properly implemented. Public Interest Litigation Public Interest Litigation as exists today PIL today offers such a paradigm which locates the content of informal justice without the formal legal system. Non Anglo-Saxon jurisdiction directs courts to transcend the traditional judicial function of adjudication and provide remedies for social wrongs. PIL had already molded the state in to the instrument of socio-economic change. Social justice is the byproduct of this transcends from the formal legal system. Evolution of Public Interest Litigation The Indian PIL is the improved version of PIL of U.S.A. According to â€Å"Ford Foundation† of U.S.A., â€Å"Public interest law is the name that has recently been given to efforts that provide legal representation to previously unrepresented groups and interests. Such efforts have been undertaken in the recognition that ordinary marketplace for legal services fails to provide such services to significant segments of the population and to significant interests. Such groups and interests include the proper environmentalists, consumers, racial and ethnic minorities and others†. The emergency period (1975-1977) witnessed colonial nature of the Indian legal system. During emergency state repression and governmental lawlessness was widespread. Thousands of innocent people including political opponents were sent to jails and there was complete deprivation of civil and political rights. The post emergency period provided an occasion for the judges of the Supreme Court to openl y disregard the impediments of Anglo-Saxon procedure in providing access to justice to the poor. Notably two justices of the Supreme Court, Justice V. R. Krishna Iyer and P. N. Bhagwati recognised the possibility of providing access to justice to the poor and the exploited people by relaxing the rules of standing. In the post-emergency period when the political situations had changed, investigative journalism also began to expose gory scenes of governmental lawlessness, repression, custodial violence, drawing attention of lawyers, judges, and social activists. PIL emerged as a result of an informal nexus of pro-active judges, media persons and social activists. This trend shows starke difference between the traditional justice delivery system and the modern informal justice system where the judiciary is performing administrative judicial role. PIL is necessary rejection of laissez faire notions of traditional jurisprudence. The first reported case of PIL in 1979 focused on the inhuman conditions of prisons and under trial prisoners. In Hussainara Khatoon v. State of Bihar, AIR 1979 SC 1360, the PIL was filed by an advocate on the basis of the news item published in the Indian Express, highlighting the plight of thousands of undertrial prisoners languishing in various jails in Bihar. These proceeding led to the release of more than 40, 000 undertrial prisoners. Right to speedy justice emerged as a basic fundamental right which had been denied to these prisoners. The same set pattern was adopted in subsequent cases. In 1981 the case of Anil Yadav v. State of Bihar, AIR 1982 SC 1008, exposed the brutalities of the Police. News paper report revealed that about 33 suspected criminals were blinded by the police in Bihar by putting the acid into their eyes. Through interim orders S. C. directed the State government to bring the blinded men to Delhi for medical treatment. It also ordered speedy prosecution of the guilty policemen. The court also read right to free legal aid as a fundamental right of every accused. Anil Yadav signalled the growth of social activism and investigative litigation. In (Citizen for Democracy v. State of Assam, (1995) 3SCC 743), the S. C. declared that the handcuffs and other fetters shall not be forced upon a prisoner while lodged in jail or while in transport or transit from one jail to another or to the court or back. Concept of PIL According to the jurisprudence of Article 32 of the Constitution of India, â€Å"The right to move the Supreme Court by appropriate proceedings for the enforcement of the rights conferred by this part is guaranteed†. Ordinarily, only the aggrieved party has the right to seek redress under Article 32. In 1981 Justice P. N. Bhagwati in .S. P. Gupta v. Union of India, 1981 (Supp) SCC 87, articulated the concept of PIL as follows, â€Å"Where a legal wrong or a legal injury is caused to a person or to a determinate class of persons by reason of violation of any constitutional or legal right or any burden is imposed in contravention of any constitutional or legal provision or without authority of law or any such legal wrong or legal injury or illegal burden is threatened and such person or determinate class of persons by reasons of poverty, helplessness or disability or socially or economically disadvantaged position unable to approach the court for relief, any member of public can maintain an application for an appropriate direction, order or writ in the High Court under Article 226 and in case any breach of fundamental rights of such persons or determinate class of persons, in this court under Article 32 seeking judicial redress for the legal wrong or legal injury caused to such pe rson or determinate class of persons.† The rule of locus standi have been relaxed and a person acting bonafide and having sufficient interest in the proceeding of Public Interest Litigation will alone have a locus standi and can approach the court to wipe out violation of fundamental rights and genuine infraction of statutory provisions, but not for personal gain or private profit or political motive or any oblique consideration (Ashok Kumar Pandey v. State of W. B., (2004) 3 SCC 349). Supreme Court in Indian Banks’ Association, Bombay and ors v. M/s Devkala Consultancy Service and Ors., J. T. 2004 (4) SC 587, held that â€Å"In an appropriate case, where the petitioner might have moved a court in her private interest and for redressal of the personal grievance, the court in furtherance of Public Interest may treat it a necessity to enquire into the state of affairs of the subject of litigation in the interest of justice. Thus a private interest case can also be treated as public interest case†. In Guruvayur Devaswom Managing Commit. And Anr. Vs. C.K. Rajan and Ors, J.T. 2003 (7) S.C. 312, S.C. held, â€Å"The Courts exercising their power of judicial review found to its dismay that the poorest of the poor, depraved, the illiterate, the urban and rural unorganized labour sector, women, children, handicapped by ‘ignorance, indigence and illiteracy’ and other down trodden have either no access to justice or had been denied justice. A new branch of proceedings known as ‘Social Interest Litigation’ or ‘Public Interest Litigation’ was evolved with a view to render complete justice to the aforementioned classes of persona. It expanded its wings in course of time. The Courts in pro bono publico granted relief to the inmates of the prisons, provided legal aid, directed speedy trial, maintenance of human dignity and covered several other areas. Representative actions, pro bono publico and test litigations were entertained in keeping with the current accent on justice to the common man and a necessary disincentive to those who wish to by pass the, real issues on the merits by suspect reliance on peripheral procedural shortcomings†¦ Pro bono publico constituted a significant state in the present day judicial system. They, however, provided the dockets with much greater responsibility for rendering the concept of justice available to the disadvantaged sections of the society. Public interest litigation has come to stay and its necessity cannot be overemphasized. The courts evolved a jurisprudence of compassion. Procedural propriety was to move over giving place to substantive concerns of the deprivation of rights. The rule of locus standi was diluted. The Court in place of disinterested and dispassionate adjudicator became active participant in the dispensation of justice†. Aspects of PIL (a) Remedial in Nature Remedial nature of PIL departs from traditional locus standi rules. It indirectly incorporated the principles enshrined in the part IV of the Constitution of India into part III of the Constitution. By riding the aspirations of part IV into part III of the Constitution had changeth the procedural nature of the Indian law into dynamic welfare one. Bandhu Mukti Morcha v. Union of India, Unnikrishnan v. State of A.P., etc were the obvious examples of this change in nature of judiciary. (b) Representative Standing Representative standing can be seen as a creative expansion of the well-accepted standing exception which allows a third party to file a habeas corpus petition on the ground that the injured party cannot approach the court himself. And in this regard the Indian concept of PIL is much broader in relation to the American. PIL is a modified form of class action. (c) Citizen standing The doctrine of citizen standing thus marks a significant expansion of the court’s rule, from protector of individual rights to guardian of the rule of law wherever threatened by official lawlessness. (d) Non-adversarial Litigation In the words of S. C. in People’s Union for Democratic Rights v. Union of India, AIR 1982 S.C. 1473, â€Å"We wish to point out with all the emphasis at our command that public interest litigation†¦is a totally different kind of litigation from the ordinary traditional litigation which is essentially of an adversary character where there is a dispute between two litigating parties, one making claim or seeking relief against the other and that other opposing such claim or resisting such relief†. Non-adversarial litigation has two aspects. 1. Collaborative litigation; and 2. Investigative Litigation Collaborative Litigation: In collaborative litigation the effort is from all the sides. The claimant, the court and the Government or the public official, all are in collaboration here to see that basic human rights become meaningful for the large masses of the people. PIL helps executive to discharge its constitutional obligations. Court assumes three different functions other than that from traditional determination and issuance of a decree. (i). Ombudsman- The court receives citizen complaints and brings the most important ones to the attention of responsible government officials. (ii) Forum – The court provides a forum or place to discuss the public issues at length and providing emergency relief through interim orders. (iii) Mediator – The court comes up with possible compromises. Investigative Litigation: It is investigative litigation because it works on the reports of the Registrar, District Magistrate, comments of experts, newspapers etc. (e) Crucial Aspects The flexibility introduced in the adherence to procedural laws. In Rural Litigation and Entitlement Kendra v. State of U.P.,(1985) 2 SCC 431, court rejected the defense of Res Judicta. Court refused to withdraw the PIL and ordered compensation too. In R.C. Narain v. State of Bihar, court legislated the rules for the welfare of the persons living in the mental asylum. To curtail custodial violence, Supreme Court in Sheela Barse v. State of Maharashtra, issued certain guidelines. Supreme Court has broadened the meaning of Right to live with human dignity available under the Article 21 of the Constitution of India to a greatest extent possible. (f) Relaxation of strict rule of Locus Standi The strict rule of locus standi has been relaxed by way of (a) Representative standing, and (b) Citizen standing. In D.C.Wadhwa v. State of Bihar, AIR 1987 SC 579, S.C. held that a petitioner, a professor of political science who had done substantial research and deeply interested in ensuring proper implementation of the constitutional provisions, challenged the practice followed by the state of Bihar in repromulgating a number of ordinances without getting the approval of the legislature. The court held that the petitioner as a member of public has ‘sufficient interest’ to maintain a petition under Article 32. The rule of locus standi have been relaxed and a person acting bonafide and having sufficient interest in the proceeding of Public Interest Litigation will alone have a locus standi and can approach the court to wipe out violation of fundamental rights and genuine infraction of statutory provisions, but not for personal gain or private profit or political motive or any oblique consideration†¦court has to strike balance between two conflicting interests: (i) nobody should be allowed to indulge in wild and reckless allegations besmirching the character of others; and (ii) avoidance of public mischief and to avoid mischievous petitions seeking to assail, for oblique motives, justifiable executive and the legislature (Ashok Kumar Pandey v. State of W. B., (2004) 3 SCC 349). It is depressing to note that on account of trumpery proceedings initiated before the courts, innumerable days are wasted, which time otherwise could have been spent for the disposal of cases of genuine litigants. Though the Supreme Court spares no efforts in fostering and developing the laudable concept of PIL and extending its ling arm of sympathy to the poor, ignorant, the oppressed and the needy whose fundamental rights are infringed and violated and whose grievances go unnoticed, unrepresented and unheard (Ashok Kumar Pandey v. State of W. B., (2004) 3 SCC 349) . (g) Epistolary Jurisdiction The judicial activism gets its highest bonus when its orders wipe some tears from some eyes. This jurisdiction is somehow different from collective action. Number of PIL cells was open all over India for providing the footing or at least platform to the needy class of the society. Features of PIL Through the mechanism of PIL, the courts seek to protect human rights in the following ways: 1) By creating a new regime of human rights by expanding the meaning of fundamental right to equality, life and personal liberty. In this process, the right to speedy trial, free legal aid, dignity, means and livelihood, education, housing, medical care, clean environment, right against torture, sexual harassment, solitary confinement, bondage and servitude, exploitation and so on emerge as human rights. These new reconceptualised rights provide legal resources to activate the courts for their enforcement through PIL. 2) By democratization of access to justice. This is done by relaxing the traditional rule of locus standi. Any public spirited citizen or social action group can approach the court on behalf of the oppressed classes. Courts attention can be drawn even by writing a letter or sending a telegram. This has been called epistolary jurisdiction. 3) By fashioning new kinds of relief’s under the court’s writ jurisdiction. For example, the court can award interim compensation to the victims of governmental lawlessness. This stands in sharp contrast to the Anglo-Saxon model of adjudication where interim relief is limited to preserving the status quo pending final decision. The grant of compensation in PIL matters does not preclude the aggrieved person from bringing a civil suit for damages. In PIL cases the court can fashion any relief to the victims. 4) By judicial monitoring of State institutions such as jails, women’s protective homes, juvenile homes, mental asylums, and the like. Through judicial invigilation, the court seeks gradual improvement in their management and administration. This has been characterized as creeping jurisdiction in which the court takes over the administration of these institutions for protecting human rights. 5) By devising new techniques of fact-finding. In most of the cases the court has appointed its own socio-legal commissions of inquiry or has deputed its own official for investigation. Sometimes it has taken the help of National Human Rights Commission or Central Bureau of Investigation (CBI) or experts to inquire into human rights violations. This may be called investigative litigation. PIL as an Instrument of Social Change PIL is working as an important instrument of social change. It is working for the welfare of every section of society. It’s the sword of every one used only for taking the justice. The innovation of this legitimate instrument proved beneficial for the developing country like India. PIL has been used as a strategy to combat the atrocities prevailing in society. It’s an institutional initiative towards the welfare of the needy class of the society. In Bandhu Mukti Morcha v. Union of India, S.C. ordered for the release of bonded labourers. In Murli S. Dogra v. Union of India, court banned smoking in public places. In a landmark judgement of Delhi Domestic Working Women’s Forum v. Union of India, (1995) 1 SCC 14, Supreme Court issued guidelines for rehabilitation and compensation for the rape on working women. In Vishaka v. State of Rajasthan Supreme court has laid down exhaustive guidelines for preventing sexual harassment of working women in place of their work. Conclusion It would be appropriate to conclude by quoting Cunningham, â€Å"Indian PIL might rather be a Phoenix: a whole new creative arising out of the ashes of the old order.† PIL represents the first attempt by a developing common law country to break away from legal imperialism perpetuated for centuries. It contests the assumption that the most western the law, the better it must work for economic and social development such law produced in developing states, including India, was the development of under develop men. The shift from legal centralism to legal pluralism was prompted by the disillusionment with formal legal system. In India, however instead of seeking to evolve justice- dispensing mechanism ousted the formal legal system itself through PIL. The change as we have seen, are both substantial and structural. It has radically altered the traditional judicial role so as to enable the court to bring justice within the reach of the common man. Further, it is humbly submitted that PIL is still is in experimental stage. Many deficiencies in handling the kind of litigation are likely to come on the front. But these deficiencies can be removed by innovating better techniques. In essence, the PIL develops a new jurisprudence of the accountability of the state for constitutional and legal violations adversely affecting the interests of the weaker elements in the community. We may end with the hope once expressed by Justice Krishna Iyer, â€Å"The judicial activism gets its highest bonus when its orders wipe some tears from some eyes†. 1.Public Interest Litigation Judiciary, being the sentinel of constitutional statutory rights of citizens has a special role to play in the constitutional scheme. It can review legislation and administrative actions or decisions on the anvil of constitutional law. For the enforcement of fundamental rights one has to move the Supreme Court or the High Courts directly by invoking Writ Jurisdiction of these courts. But the high cost and complicated procedure involved in litigation, however, makes equal access to jurisdiction in mere slogan in respect of millions of destitute and underprivileged masses stricken by poverty, illiteracy and ignorance. The Supreme Court of India, pioneered the Public Interest Litigation (PIL) thereby throwing upon the portals of courts to the common man. Till 1960s and seventies, the concept of litigation in India was still in its rudimentary form and was seen as a private pursuit for the vindication of private vested interests. Litigation in those days consisted mainly of some action initiated and continued by certain individuals, usually, addressing their own grievances/problems. Thus, the initiation and continuance of litigation was the prerogative of the injured person or the aggrieved party. Even this was greatly limited by the resources available with those individuals. There was very little organized efforts or attempts to take up wider issues that affected classes of consumers or the general public at large. However, all these scenario changed during Eighties with the Supreme Court of India led the concept of public interest litigation (PIL). The Supreme Court of India gave all individuals in the country and the newly formed consumer groups or social action groups, an easier access to the law and introduced in their work a broad public interest perspective. Public Interest Litigation has been defined in the Black’s Law Dictionary (6th Edition) as under:- â€Å"Public Interest – Something in which the public, the community at large, has some pecuniary interest, or some interest by which their legal rights or liabilities are affected. It does not mean anything so narrow as mere curiosity, or as the interests of the particular localities, which may be affected by the matters in question. Subjects of Public Interest Litigation. Public Interest Litigation is meant for enforcement of fundamental and other legal rights of the people who are poor, weak, ignorant of legal redressal system or otherwise in a disadvantageous position, due to their social or economic background. Such litigation can be initiated only for redressal of a public injury, enforcement of a public duty or vindicating interest of public nature. It is necessary that the petition is not filed for personal gain or private motive or for other extraneous consideration and is filed bona fide in public interest. The following are the subjects which may be litigated under the head of Public Interest Litigation: (I) The matters of public interest: Generally they include (i) bonded labour matters (ii) matters of neglected children (iii) exploitation of casual labourers and non-payment of wages to them (except in individual cases) (iv) matters of harassment or torture of persons belonging to Scheduled Castes, Scheduled Tribes and Economically Backward Classes, either by co-villagers or by police (v) matters relating to environmental pollution, disturbance of ecological balance, drugs, food adulteration, maintenance of heritage and culture, antiques, forests and wild life, (vi) petitions from riot victims and (vii) other matters of public importance. (II) The matters of private nature: They include (i) threat to or harassment of the petitioner by private persons, (ii) seeking enquiry by an agency other than local police, (iii) seeking police protection, (iv) land lordtenant dispute (v) service matters, (vi) admission to medical or engineering colleges, (vii) early hearing of matters pending in High Court and subordinate courts and are not considered matters of public interest. (III) Letter Petitions: Petitions received by post even though not in public interest can be treated as writ petitions if so directed by the Hon’ble Judge nominated for this purpose. Individual petitions complaining harassment or torture or death in jail or by police, complaints of atrocities on women such as harassment for dowry, bride burning, rape, murder and kidnapping, complaints relating to family pensions and complaints of refusal by police to register the case can be registered as writ petitions, if so approved by the concerned Hon’ble Judge. If deemed expedient, a report from the concerned authority is called before placing the matter before the Hon’ble Judge for directions. If so directed by the Hon’ble Judge, the letter is registered as a writ petition and is thereafter listed before the Court for hearing. Procedure for Filing Public Interest Litigation. (a) Filing Public Interest Litigation petition is filed in the same manner, as a writ petition is filed. If a PIL is filed in a High Court, then two (2) copies of the petition have to be filed (for Supreme Court, then (4)+(1)(i.e.5) sets) Also, an advance copy of the petition has to be served on the each respondent, i.e. opposite party, and this proof of service has to be affixed on the petition. (b) The Procedure A Court fee of Rs. 50 , per respondent (i.e. for each number of party, court fees of Rs 50) have to be affixed on the petition. Proceedings, in the PIL commence and carry on in the same manner, as other cases. However, in between the proceedings if the Judge feels that he may appoint the commissioner, to inspect allegations like pollution being caused, trees being cut, sewer problems, etc. After filing of replies, by opposite party, or rejoinder by the petitioner, final hearing takes place, and the judge gives his final decision. Against whom Public Interest Litigation can be filed A Public Interest Litigation can be filed against a State/ Central Govt., Municipal Authorities, and not any private party. The definition of State is the same as given under Article 12 of the Constitution and this includes the Governmental and Parliament of India and the Government and the Legislature of each of the States and all local or other authorities within the territory of India or under the control of the Government of India. According to Art.12, the term â€Å"State† includes the Government and Parliament of India and the Government and the Legislatures of each of the States and all local or other authorities within the territory of India or under the control of the Government of India. Thus the authorities and instrumentalities specified under Art.12 are – †¢ The Government and Parliament of India †¢ The Government and Legislature of each of the States †¢ All local authorities †¢ Other authorities within the territory of India or under the Government of India. In Electricity Board, Rajasthan v. Mohan Lal, the Supreme Court held that â€Å"other authorities would include all authorities created by the Constitution of India or Statute on whom powers are conferred by law†. However, â€Å"Private party† can be included in the PIL as â€Å"Respondent†, after making concerned state authority, a party. For example- if there is a Private factory in Delhi, which is causing pollution, then people living nearly, or any other person can file a PIL against the Government of Delhi, Pollution Control Board, and against the private factory. However, a PIL cannot be filed against the Private party alone. Aspects of Public Interest Litigation (a) Remedial in Nature: Remedial nature of PIL departs from traditional locus standi rules. It indirectly incorporated the principles enshrined in the part IV of the Constitution of India into part III of the Constitution. By riding the aspirations of part IV into part III of the Constitution had changeth the procedural nature of the Indian law into dynamic welfare one. Bandhu Mukti Morcha v. Union of India, Unnikrishnan v. State of A.P., etc were the obvious examples of this change in nature of judiciary. (b) Representative Standing: Representative standing can be seen as a creative expansion of the well-accepted standing exception which allows a third party to file a habeas corpus petition on the ground that the injured party cannot approach the court himself. And in this regard the Indian concept of PIL is much broader in relation to the American. PIL is a modified form of class action. (c) Citizen standing: The doctrine of citizen standing thus marks a significant expansion of th e court’s rule, from protector of individual rights to guardian of the rule of law wherever threatened by official lawlessness. (d) Non-adversarial Litigation: In the words of Supreme Court in People’s Union for Democratic Rights v. Union of India, â€Å"We wish to point out with all the emphasis at our command that public interest litigation†¦is a totally different kind of litigation from the ordinary traditional litigation which is essentially of an adversary character where there is a dispute between two litigating parties, one making claim or seeking relief against the other and that other opposing such claim or resisting such relief†. Non-adversarial litigation has two aspects: 1. Collaborative litigation: In collaborative litigation the effort is from all the sides. The claimant, the court and the Government or the public official, all are in collaboration here to see that basic human rights become meaningful for the large masses of the people. PIL helps executive to discharge its constitutional obligations. Court assumes three different functions other than that from traditional dete rmination and issuance of a decree. (i). Ombudsman- The court receives citizen complaints and brings the most important ones to the attention of responsible government officials. (ii) Forum – The court provides a forum or place to discuss the public issues at length and providing emergency relief through interim orders. (iii) Mediator – The court comes up with possible compromises. 2. Investigative Litigation: It is investigative litigation because it works on the reports of the Registrar, District Magistrate, comments of experts, newspapers etc. (e) Crucial Aspects: The flexibility introduced in the adherence to procedural laws. In Rural Litigation and Entitlement Kendra v. State of U.P., Supreme Court rejected the defense of Res Judicta. Court refused to withdraw the PIL and ordered compensation too. To curtail custodial violence, Supreme Court in Sheela Barse v. State of Maharashtra, issued certain guidelines. Supreme Court has broadened the meaning of Right to live with human dignity available under the Article 21 of the Constitution of India to a greatest extent possible. (f) Relaxation of strict rule of Locus Standi: The strict rule of locus standi has been relaxed by way of (a) Representative standing, and (b) Citizen standing. In D.C.Wadhwa v. State of Bihar, Supreme Court held that a petitioner, a professor of political science who had done substantial research and deeply interested in ensuring proper implementation of the constitutional provisions, challenged the practice followed by the state of Bihar in repromulgating a number of ordinances without getting the approval of the legislature. The court held that the petitioner as a member of public has ‘sufficient interest’ to maintain a petition under Article 32. The rule of locus standi have been relaxed and a person acting bonafide and having sufficient interest in the proceeding of Public Interest Litigation will alone have a locus standi and can approach the court to wipe out violation of fundamental rights and genuine infraction of statutory provisions, but not for personal gain or private profit or political motive or any oblique consideration†¦court has to strike balance between two conflicting interests: (i) nobody should be allowed to indulge in wild and reckless allegations besmirching the character of others; and (ii) avoidance of public mischief and to avoid mischievous petitions seeking to assail, for oblique motives, justifiable executive and the legislature. It is depressing to note that on account of trumpery proceedings initiated before the courts, innumerable days are wasted, which time otherwise could have been spent for the disposal of cases of genuine litigants. Though the Supreme Court spares no efforts in fostering and developing the laudable concept of PIL and extending its ling arm of sympathy to the poor, ignorant, the oppressed and the needy whose fundamental rights are infringed and violated and whose grievances go unnoticed, unrepresented and unheard. (g) Epistolary Jurisdiction: The judicial activism gets its highest bonus when its orders wipe some tears from some eyes. This jurisdiction is somehow different from collective action. Number of PIL cells was open all over India for providing the footing or at least platform to the needy class of the society. Factors that have contributed to growth of PIL. Among, the numerous factors that have contributed to the growth of PIL in this country, the following deserve special mention: †¢ The character of the Indian Constitution. Unlike Britain, India has a written constitution which through Part III (Fundamental Rights) and Part IV (Directive Principles of State Policy) provides a framework for regulating relations between the state and its citizens and between citizens inter-se. †¢ India has some of the most progressive social legislation to be found anywhere in the world whether it be relating to bonded labor, minimum wages, land ceiling, environmental protection, etc. This has made it easier for the courts to haul up the executive when it is not performing its duties in ensuring the rights of the poor as per the law of the land. †¢ The liberal interpretation of locus standi where any person can apply to the court on behalf of those who are economically or physically unable to come before it has helped. Judges themselves have in some cases initiated suo moto action based on newspaper articles or letters received. †¢ Although social and economic rights given in the Indian Constitution under Part IV are not legally enforceable, courts have creatively read these into fundamental rights thereby making them judicially enforceable. For instance the â€Å"right to life† in Article 21 has been expanded to include right to free legal aid, right to live with dignity, right to education, right to work, freedom from torture, bar fetters and hand cuffing in prisons, etc. †¢ Sensitive judges have constantly innovated on the side of the poor. for instance, in the Bandhua Mukti Morcha case in 1983, the Supreme Court put the burden of proof on the respondent stating it would treat every case of forced labor as a case of bonded labor unless proven otherwise by the employer. Similarly in the Asiad Workers judgment case, Justice P.N. Bhagwati held that anyone getting less than the minimum wage can approach the Supreme Court directly without going through the labor commissioner and lower courts †¢ In PIL cases where the petitioner is not in a position to provide all the necessary evidence, either because it is voluminous or because the parties are weak socially or economically, courts have appointed commissions to collect information on facts and present it before the bench. Mechanism for protection of Human Rights through PIL Features of PIL through the mechanism of PIL, the courts seek to protect human rights in the following ways: 1) By creating a new regime of human rights by expanding the meaning of fundamental right to equality, life and personal liberty. In this process, the right to speedy trial, free legal aid, dignity, means and livelihood, education, housing, medical care, clean environment, right against torture, sexual harassment, solitary confinement, bondage and servitude, exploitation and so on emerge as human rights. These new re-conceptualised rights provide legal resources to activate the courts for their enforcement through PIL. 2) By democratization of access to justice. This is done by relaxing the traditional rule of locus standi. Any public spirited citizen or social action group can approach the court on behalf of the oppressed classes. Courts attention can be drawn even by writing a letter or sending a telegram. This has been called epistolary jurisdiction. 3) By fashioning new kinds of relief’s under the court’s writ jurisdiction. For example, the court can award interim compensation to the victims of governmental lawlessness. This stands in sharp contrast to the Anglo-Saxon model of adjudication where interim relief is limited to preserving the status quo pending final decision. The grant of compensation in PIL matters does not preclude the aggrieved person from bringing a civil suit for damages. In PIL cases the court can fashion any relief to the victims. 4) By judicial monitoring of State institutions such as jails, women’s protective homes, juvenile homes, mental asylums, and the like. Through judicial invigilation, the court seeks gradual improvement in their management and administration. This has been characterized as creeping jurisdiction in which the court takes over the administration of these institutions for protecting human rights. 5) By devising new techniques of fact-finding. In most of the cases the court has appointed its own socio-legal commissions of inquiry or has deputed its own official for investigation. Sometimes it has taken the help of National Human Rights Commission or Central Bureau of Investigation (CBI) or experts to inquire into human rights violations. This may be called investigative litigation. Conclusion Public Interest Litigation is working as an important instrument of social change. It is working for the welfare of every section of society. It’s the sword of every one used only for taking the justice. The innovation of this legitimate instrument proved beneficial for the developing country like India. PIL has been used as a strategy to combat the atrocities prevailing in society. It’s an institutional initiative towards the welfare of the needy class of the society. In Bandhua Mukti Morcha v. Union of India, Supreme Court ordered for the release of bonded labourers. In Murli S. Dogra v. Union of India, the Supreme Court banned smoking in public places. In a landmark judgment of Delhi Domestic Working Women’s Forum v. Union of India, Supreme Court issued guidelines for rehabilitation and compensation for the rape on working women. In Vishaka v. State of Rajasthan, Supreme court has laid down exhaustive guidelines for preventing sexual harassment of working wome n in place of their work It would be appropriate to conclude by quoting Cunningham, â€Å"Indian PIL might rather be a Phoenix: a whole new creative arising out of the ashes of the old order.† PIL represents the first attempt by a developing common law country to break away from legal imperialism perpetuated for centuries. It contests the assumption that the most western the law, the better it must work for economic and social development such law produced in developing states, including India, was the development of under developed men. The shift from legal centralism to legal pluralism was prompted by the disillusionment with formal legal system. In India, however instead of seeking to evolve justice- dispensing mechanism ousted the formal legal system itself through PIL. The change as we have seen, are both substantial and structural. It has radically altered the traditional judicial role so as to enable the court to bring justice within the reach of the common man. Further, it is humbly submitted that PIL is still is in experimental stage. Many deficiencies in handling the kind of litigation are likely to come on the front. But these deficiencies can be removed by innovating better techniques. In essence, the PIL develops a new jurisprudence of the accountability of the state for constitutional and legal violations adversely affecting the interests of the weaker elements in the community. We may end with the hope once expressed by Justice Krishna Iyer, â€Å"The judicial activism gets its highest bonus when its orders wipe some tears from some eyes†

Characteristics of Affective Communication Essay

Communication is the process exchange information of ideas, thoughts, opinions and feeling between two or more persons. It involves listening, questioning, explaining, clarifying and convincing. Effective communication entails a two way process it involves sending the right message and ensuring it is correctly received and understood by the other person. For effective communication to be complete one, has to get feedback as this ensures the status of conveying the message. For effective communication, it is essential to understand the people one is communicating. (Barnlund, 2008) Discussion Characteristics of effective communication include. I. Completeness For effective communication, one has to ensure that he/she does send incomplete message. Message sent should always be supported by facts and observation. The message should be well planned and organized to enhance understandability. The receiver should not make any assumptions about the message. (Roy, 2010) II. Clarity  Message to be delivered must be clear in the mind of the sender. The receiver and the sender should have the message clear in their minds. To enhance clarity of the message one should use easy words so that listeners can get it easily. In verbal communication, one should work a little bit in one’s accent and pronunciation. (Roy, 2010) III. Empathy Empathy among listeners is essential for effective verbal communication. When addressing, the speaker should understand his or her audience needs and emotions. This will enhance the speaker to understand from their perspective thus making communication more effective to him and the audience. (Roy, 2010) IV. Properly dressed Dressing properly gives makes one gain confidence from the audience and respect. One should be neat, clean, have decent hair style and avoid casual and unethical look. (Roy, 2010) Conclusion Communication acts as a bridge because excellent communication connects to lives through allowing exchange of information. Good communication brings people together by creating a link between people. On the other hand, poor communication leads to separating of people as it creates conflict among people.

An understanding of promotion is essential for effective marketing Essay

An understanding of promotion is essential for effective marketing. Discuss - Essay Example In order to keep the customers, there is need to entice them through incentives such as promotions, the reason why this essay seeks to critically analyse the link between effective marketing as well as promotion. As a point of departure, it is imperative to begin by explaining the two major concepts in this discussion which are; marketing and promotion. According to Cant et al (2000), â€Å"marketing is the process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products, and services to create exchanges that satisfy individual and organisational goals.† The ultimate goal of marketing activities will be to facilitate mutually satisfying exchanges between the parties involved. The aim of the business will be to make profits while at the same time striving to satisfy the needs of the customers. If the marketer does a good job of understanding the needs of the consumers, develop products that develop value to the customer and prices, distributes and promotes them effectively, these products will sell very easily. In this regard, the function of marketing is to identify the customers’ needs then try to satisfy them profitably. E ffective marketing may not be very easy to attain without implementing certain strategies such as promotion that are meant to appeal to more customers. On the other hand, promotion is an element of the marketing mix. Lancaster & Reynolds (1999) suggest that promotion has a wider implication than the term implies. In the context of the four Ps, promotion includes advertising, sales promotional activities such as consumer competitions or a free quantity for the regular price, public relations and selling. This is called the promotional mix or more correctly nowadays, the communication mix (Lancaster & Reynolds 1999). Marketing has some direction over the customers but this control is

Introduction to sustainable development Research Paper

Introduction to sustainable development - Research Paper Example Generally, sustainable development is a situation where people use the necessary resources to obtain the immediate required needs but does not tolerate any factor that might interfere with the future of the others (Purvis and Alan 82). In short, sustainable development goal is to assist people worldwide attain satisfaction of their basic needs; improve their quality of lives without having to compromise the quality of the upcoming generations. This paper will seek to write a research paper on introduction to sustainable development. It is understandable, in present day; that it will be impossible achieve the â€Å"intergenerational† equity if activities undertaken by some people in some world parts continue to jeopardize the well-being of others living in different parts (Rogers, Jalal, and Boyd 41). Preferably, people should probably refer to â€Å"sustainable† development as balanced and equitable state of affairs (Ukaga and Chris 20). This is because, according to econometrics, for development to continue being sustainable indefinitely, it should be in a position to balance the interests of the many different groups of people, who are among and within similar generations, and attain so at the same time in three crucial interrelated areas. These areas include social, environmental, and economical (Jennifer 84). Therefore, sustainable development is all about equity. Equity in this case refers to comprehensiveness of goals and objectives as well as equality of opportunities of well-being (Dresner 78). Under these three categories, there are so many objectives that sustainable development should put into consideration. For instance, there is objective for full employment, security, equity, stability, efficiency, healthy human environment, conservation of both non-renewable and natural resources among others (United Nations 24). Obviously, it

Evaluation and Application of Thesis Case Study

Evaluation and Application of Thesis - Case Study Example Apart from product differentiation and cost-reduction methods, organizations have to invest in product mobilization to ensure that their products are effectively distributed and are accessible in the market. The design of supply chains has become a complex issue due to the difficulty that many organizations are currently experiencing in attempting to predict the demand of their goods. Competition has further been fuelled by new market entrants and the existence of alternative products in the market that have greatly affected the customer preferences and tastes. Consequently, the ability of an organization to establish an effective product pipeline will have a direct impact on the viability of a business system in terms of revenue and profit generation. Managers have to choose from a number of various pipeline strategies to apply in their business environment, which is the main challenge they have to face today. While selecting a product supply mechanism, the main aim of managers is u sually to expand their coverage in the market and to improve the accessibility of their goods. Hewlett-Packard (HP) is one of the organizations that have been faced with market forces that are threatening to push it out of computer sales business. With the proliferation of computer technology, many companies have flooded the market to capitalize on the high demand that over time has maintained an upward trend. One way that this company would maintain its over one billion customers that it currently controls over the globe, the company has to define a modest pipeline strategy. The most appropriate pipeline strategy for this company would be optimization of material and product flows in the market. This demands that the company determine a digital content management initiative to ensure that they keep it simple and efficient to provide information to their esteemed customers concerning their products. To satisfy the demands of their customers, this company requires adopting lean or gr een production strategy that has become a feature of successful manufacturing companies. Multinational Corporations have resorted to lean production as part of modeling their product flow paths within the diversified market environment. As Hsu, Tan Kaman and Koeng (2009) point out, the success of a firm passes through the control of its supply chain and that this strategy has become a core element in international markets. The supply chain management improves the flow of materials and information from the source to the delivery points; thereby satisfying the demanding needs of the customers. In essence, employing lean strategy will have a significant benefit on the manufacturer as well as the customers in the market. A unique benefit of the lean design is its ability to improve product flow through time and cost based strategies as part of improving the operational effectiveness. In lean strategy, the manufacturing company aims at reducing cost by reducing the amount by product asso ciated with manufacturing of a particular good. In addition, the company optimizes its production cost by reducing any business operations that have no associated contribution to the business revenues. By minimizing the cost of production, a company that employs a lean strategy will be able to reduce its prices per unit products and hence attract more customers in their organization. The link between lean design and supply chain is that it is much easier to push

Economic Crisis in the Iranian Revolution Essay

Economic Crisis in the Iranian Revolution - Essay Example This essay approves that the use of military government force was also another way the Shah Regime performed dismally in their reign. The public made retaliations from increased government attacks. They targeted government security forces and fought the army in all circumstances. In an effort to try and correct their mistakes, the Shah’s government released political prisoners. The left organization political prisoners such as Tudeh, Fedayeen and Mojahehedin guerrillas were released after oppression by reigning government. Their release at the moment when people wanted revolution gave them popularity and used this advantage to organize attacks on government buildings such as offices and financial institutions. These groups also took advantage to separate the armed forces within the Shah government by urging them to arm the protestors. The main aim of these oppressed political prisoners was to destabilize the country within the shortest period of time. Moreover, they frequently attacked the army. This report makes a conclusion that from the analysis of strategic measures put in place by Khomeini such as the use of Islamic laws in governance, Shah’s regime was overthrown. Additionally, massive strikes, protests and military government contributed greatly to the economic crisis that occurred during the Iranian revolution. Therefore, Shah’s political failure as a result of miscalculated political moves and governance method gave the opposition an opportunity to bring revolution in Iran.

Reverse White Flight Research Paper Example | Topics and Well Written Essays - 1500 words

Reverse White Flight - Research Paper Example However, an inquiry into the changing demographics proved essential in establishing the real statistics. Methodology In order to identify relevant data for the research on the reversing demographics, indulgence in the review of several primary sources concerning the topic was essential. The primary sources included data from the statistics bureau, scholarly articles and journals that investigate the causes of increasing numbers of minority groups in the suburbs. Interpretation and comparison of such information provides reliable information concerning the changing demographics. Literature Review A close analysis of the statistics from the census bureau produces intriguing implications on the changing ratios of different cities and suburbs. In the past, whites occupied the suburbs while the minority groups lived n the cities. In addition, different authors have tried to explain the causes of the white flight from some neighborhoods to others. However, the reverse flight of whites back to the cities and that of minorities to the suburbs has received little attention. Changes in Neighborhood According to Hyra (2008), the invasion-succession theory described previously by Park and Burgess applies to changes in neighborhoods. An existing population in a location tends to leave when there is a great influx of an incoming population. The theory is in use in giving valid explanations to the changing racial populations. Other studies have tried to identify the point at which the shift begins. In the United States, researchers have established that the tipping point comes when the different races cannot coexis

Business Morals and Social Responsibilities Essay

Business Morals and Social Responsibilities - Essay Example Business organizations through the code of ethics benefit in enhancing their reputation and winning the trust of its clients. For instance, Nike’s code of ethics has assisted the organization to regains its reputation that was ruined by activities carried out by its contractors in Asia. However, like in the case of Nike, the code of ethics may influence the profits of business organizations. For instance, Nike developed its code of ethics following criticism over the unethical activities carried out by their contractors in Asia. The contractors unethically used labor from the poor communities in Asia to, cheaply, produce products for Nike. Nike’s high profits came from utilizing these activities that were orchestrated by their contractors in Asian countries (The Blake project 2008). Since the creation of the code of ethics, Nike’s profit reduced since they have to observe and adhere to the contents of that code of ethics. Society’s expectation for corporat e social responsibility may only change for the better. Corporate social responsibility affects the business’ profitability in a great manner. For instance, Nike’s major corporate social responsibility is to produce quality footwear for its customers. Compromising the quality of its products will lead to great losses and tarnishing the image of the company (Kidd 2008). It also has a social responsibility to produce its products without harming the eco-system. It is evident how business organizations work towards achieving their corporate social responsibilities. For instance, Nike has developed Nike environmental design tool to produce products with higher sustainability standards (Nikebiz).

Prostitution Coursework Example | Topics and Well Written Essays - 500 words

Prostitution - Coursework Example This was during the Korean war, when a tremendously high rate of sexually transmitted diseases began to affect the active soldier duty roster. Back home, prostitution is considered illegal in all U.S. states except Nevada. The reason being that Nevada has a historical connection to prostitution dating all the way back to the 18th century. According to Karah Lucas Nevada limits prostitution to legally registered brothels and towns with populations of less than 400,000 thus leaving Clark and Washoe counties out of the program (Legal Prostitution Has A Special Presence in Nevada, p. 1). The legalized prostitution program of Nevada has had a positive effect on the trade which our government should actually take notice of. Since the trade is overseen by the state, there are actually rules and regulations that insure the protection of the women in the trade, the men who partake of the benefits of the trade, and the state to whom the brothels pay business taxes to. According to Paul Armetano (The Case For Legalized Prostitution, p.1) , sexually transmitted diseases are actually controlled from spreading because of the weekly mandated testing for the prostitutes. For some strange reason, the brothels also take pride in having healthy women on their staff because it shows the quality of their â€Å"business†. Even though there are actual benefits to be had from the legalization of prostitution, such as the control of sexually transmitted diseases, protection of the sex worker, standardization of the work practice, and more importantly, additional income for the city or state, there are still those conservatives who fail to see these reasons. They choose to remain in their out-dated and out-moded world where prostitution is something that destroys lives due to the degradation and objectification of women. For those in the military service,

Death and Athlete Essay Example for Free

Death and Athlete Essay Title: The title can suggest two different things because dying young can be interpreted differently figuratively and literally. Literally, it would mean that the athlete was dying. Figuratively, it would mean that the athletes career was coming to an end earlier than expected perhaps because he was sick or injured. Paraphrase: The speaker is specifically addressing the athlete dying young but is addressing everyone in general. When you won the town race, everyone congratulated and cheered for you. However, today we bring you home after you finished your long race. Youre smart for leaving the world before glory left you. Though victory and subsequent glory comes early, it withers away faster than a rose. Now since you are dead, you cannot see or hear anything. At least your fame and glory stays with you as you died. Many peoples renown and fame left them before they left. So leave the world before fames echo fades. Then your fame will last forever and you will be well known for your achievement. Connotation: Form This poem is kind of like an eulogy because it praises the athlete who died/is dying young. In stanza 3, the speaker seems to be praising the athlete by stating, Smart lad, to slip betimes away From fields where glory does not stay. Hes basically saying, Yay. Good job on dying young. Diction The diction is relatively easy to read and seems very conventional. This makes it seem as if the poem was not specifically for the athlete or athletes but for everyone. Imagery The imagery makes the poem seem more elegiac. Stanza 3: And early though the laurel grows It withers quicker than the rose. Stanza 7: Will flock to gaze the strengthless dead Point of View The POV seems to be that of a fellow resident of the town the athlete dying young resided in. We chaired you through†¦ we bring you home Details There are a lot of details on life/death and glory/fame. Allusions There is an allusion to the time of the Greeks. It was customary in ancient Greece to crown champion athletes with wreaths with leaves from laurel trees. Stanza 3: And early though the laurel grows. Stanza 7: And round that early-laurelled head Symbolism In stanza 2, the road all runners come symbolizes life and how it eventually leads to death. In stanza 3. the laurel symbolizes glory and fame while the rose symbolizes how beauty/victory/life is ephemeral. Figurative Language In stanza 2, there is a metaphor dealing with the stiller town. Basically, there is a comparison of a cemetery/graveyard to a town. Also, in stanza 4, the shady night is a comparison of night to death. Attitude: Well, at first, I thought the tone was depressing because it was mournful of an athlete who died young. However, the speakers tone seems to be more reverential than mournful because the praises the speaker gives to the athlete makes it seem as if dying young is better. The speaker states that since he died young, his fame/glory is fresh and everlasting and that this is better than runners whom renown outran [them]. Shifts: There is shift from the first stanza to the second stanza and then from the second to the third. From then on the stanzas are mostly positive. The first stanza is quite celebratory. Everyone is celebrating the athlete who won the race. Then in the second stanza, the mood shifts from cheerful to mournful because the athlete now died. After the second stanzas, all the stanzas are more optimistic. It makes early death seems better than long life. Title: My original opinions of the title are quite similar to my current ones. Basically the poem is about a champion athlete who died early. Due to his early death, his fame lingers on because his accomplishments in life will still be remembered. The athlete in the poem literally dies but so does his career as well. However, one thing that doesnt die or decay is the athletes accomplishments. Theme(s): The main theme in this poem is between life/death and glory. Life doesn’t last forever and neither does youth nor fame. Since fame/glory is ephemeral like beauty, if you live for too long after your accomplishments, your fame/glory is bound to wither away before you do. However, if you die with achievements, your renown will be fresh and remembered. Yet the consequence to this is that you have to face bitter death.