Choosing between Eurobonds and Foreign Bonds

Eurobond Eurobond is a bond issued in a denomination which is different than the currency of the country in which it is actually issued. Mostly, these bonds are issued internationally by syndicates and are then classified on the basis of their currency denomination.Advertising We will write a custom essay sample on Choosing between Eurobonds and Foreign Bonds specifically for you for only $16.05 $11/page Learn More An example of Eurobond can be, for instance, a bond which is denominated in Great Britain Pounds, which is issued in the United States but by a Canadian company. In this scenario, the Canadian company is at liberty to issue these bonds from any other country (Eiteman, Stonehill, Moffett, 2010; Baker Martin, 2011; Arnold Kumar, 2008). Foreign Bond Foreign bond is a bond issued by a business entity in the financial market of a country which is other than its parent country. For such foreign bonds, the denomination is in the local currency of the country where these bonds are issued and they are regulated by local regulations. The major reason for issuing foreign which bonds is to obtain finance from a foreign financial market. Those foreign business enterprises which have a significant portion of their operations in foreign countries usually issue foreign bonds regularly in such foreign countries (Eiteman, Stonehill, Moffett, 2010; Baker Martin, 2011; Arnold Kumar, 2008). Choosing between Eurobonds and Foreign Bonds Eurobonds constitute more than 80 % of the overall bond market in the world. The primary reason behind this fact is that a majority of bonds in the global bond market are denominated by United States dollar and US dollar is the most prevalent currency all over the world. Same is the case with Eurobonds as a majority of them are denominated in the US dollar. Eurobonds, in comparison with foreign bonds, can be introduced in the financial market more swiftly as they do not require compliance with the regulat ions and other requirements of Securities and Exchange Commission. Moreover, Eurobonds can be transacted by a bearer, thereby resulting in an opportunity to avoid taxation on the income earned by the bearer. It is due to this reason that investors are always ready for lower returns on these bonds in comparison to earning high amounts on other bonds, which require registration and compliance with other regulations. Having considered these advantages associated with Eurobonds, it is desirable that Eurobonds are used when seeking debt financing in international markets (Eiteman, Stonehill, Moffett, 2010; Arnold Kumar, 2008; Baker Martin, 2011).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The post made by MNO regarding different types of bonds is comprehrensive in a way that it provides examples of Eurobond, Foreign Bond and Yankee Bond. I agree to the information provided in this post. In response, it would be interesting to note that all foreign bonds are regulated by the respective country’s regulations therefore for companies to raise finance in the international market is not an easy option. They must have a strong legal and finance team to ensure that they fulfill the requirements of those requirements. However, it has been noted that companies which have high levels of exchange income tend to raise funds by issuing foreign bonds. Foreign bond markets are becoming extensively internationalized and high compeition in international bond markets have put great pressure on domestic markets and their participants. One of the factors that play an important role in attracting bond issuers is the cost associated with the issuance of bonds. In Europe, this cost has declined much faster as compared to the US making European markets attractive (Black Munro, 2010). Also, an interesting point has been raised about risks involved in raising funds via foreign bonds by XYZ. Some of these risks are related to the issuance of bonds by inexperienced non-financial companies, exposure to exchange rate deviations, and covered interest parity (CIP) (Black Munro, 2010). Reference Arnold, G., Kumar, M. (2008). Corporate Financial Management. New Delhi: Pearson Education India. Baker, H. K., Martin, G. S. (2011). Capital Structure and Corporate Financing Decisions. New York: Kolb Series in Finance. Eiteman, D., Stonehill, A., Moffett, M. (2010). Multinational Business Finance. Upper Saddle River: Prentice Hall.Advertising We will write a custom essay sample on Choosing between Eurobonds and Foreign Bonds specifically for you for only $16.05 $11/page Learn More Black, S., Munro, A. (2010, July 6). Why issue bonds offshore? Retrieved from Bank for International Settlements: https://www.bis.org/publ/bppdf/bispap52e.pdf This essay on Choosing between Eurobonds and Foreign Bonds was written and submitted by user Harlow Kirk to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Shadows of Auschwitz

Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit... Free Essays on Shadows Of Auschwitz Free Essays on Shadows Of Auschwitz Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit... Free Essays on Shadows of Auschwitz Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit...

Basic Senior Year Financial Questions Assignment - 1

Basic Senior Year Financial Questions - Assignment Example Net present value recognizes time value of money and such appreciates that a shilling now is more valuable than a shilling tomorrow and the two can only be compared if they are at their present value. This is another modern method of discounting cash flow because the technique uses the principle of NPV. It is defined as the rate which the present value of cash outflows of an investment equates the initial capital invested. IRR will accept a venture if its IRR is higher than or equal to the minimum required rate of return which is usually the cost of finance also known as the cut off rate or hurdle rate, and in this case IRR will be the highest rate of interest a firm would be ready to pay to finance a project using borrowed funds and without being financially worse off by paying back the loan (the principal and accrued interest) out of the cash flows generated by that project. Thus, IRR is the break-even rate of borrowing from commercial banks. This method gauges the viability of a venture by taking the inflows and outflows over time to ascertain how soon a venture can payback and for this reason PBP (or payout period or payoff) is that period of time or duration it will take an investment venture to generate sufficient cash inflows to payback the cost of such investment. This is a popular approach among the traditional financial managers because it helps them ascertain the time it will take to recoup in form of cash from operations the original cost of the venture. This method is usually an important preliminary screening stage of the viability of the venture and it may yield clues to profitability although in principle it will measure how fast a venture may payback rather than how much a venture will generate in profits and yet the main objectives of an investment is not to recoup the original cost but also to earn a profit for the owners or

Recent developments in the treatment of asthma Essay

Recent developments in the treatment of asthma - Essay Example Asthma is known to have caused by various factors. These include allergens, irritants, and other factors. The signs and symptoms of asthma are unpredictable and vary from one person to another. The four levels of asthma identified depending on the symptoms are: mild intermittent asthma, mild persistent asthma, moderate persistent asthma, and severe persistent asthma. Asthma is diagnosed by spirometry, allergy testing, peak flow meter, chest x – rays and electrocardiogram, and tests to determine how airways would react to exercise, presence of gastroesophageal reflux disease, and presence of sinus disease. Patients must work together with their health care providers in order to achieve the goal of asthma control. The two types of medicine used to control asthma: Quick relief medicines and Long term control medicines. Asthma is a poorly understood, highly complex disease whose main cause remains unknown (Steinke et al, 2001). The pathogenesis and susceptibility of asthma involves interplay between genetic and environmental factors that are complex in nature (Laprise, et al, 2004). Butz et al. (2000) noted that asthma is the most common long – term childhood disease. Laprise, et al (2004) and Kips (2001) stated that the interaction of cytokines regulates inflammation of the airways and process of remodeling that are present in milder form of asthma. These govern the appearance of asthma as well as the severity of symptoms of airway responsiveness (Laprise, 2004). Asthma is a chronic respiratory disease affecting the airways. In asthma, the airways become swollen making them sensitive and react to various allergens and lung irritants. As a result, the airways react by becoming narrower making the air flowing to the lung tissues decreased. Consequently, symptoms such as wheezing, coughing, tightening of the chest, and breathing difficulty especially at night and early morning are manifested (Jeffery, et al., 2006; Courtney, et

Option Pricing Theory Essay Example | Topics and Well Written Essays - 2000 words

Option Pricing Theory - Essay Example An option provides the buyer the right to buy or sale the quantity of goods he or she wants at a fixed price known as the strike price. Since the process of buying an option is optional, the holder can choose not to buy or sale the assets. There are two options these are; right to buy and right to sale. Options can come in several varieties like; a put option, gives the seller an underlying price to sale an option (Bostock, 2004). A call option gives its holder the right to buy an option on its set price; these options depend on when the option is offered. Therefore, the paper aims at giving a theoretical analysis of option pricing theory. 2.2 Research questions The paper focuses on two main research questions; to determine the effects of option pricing theory and to explore ways of improving option pricing theory. 2.3 Significance of the research The research targets businessmen who take part in buying and selling of options using the option pricing theories. The research findings w ill provide them with the basis of calculating option prices. The study mainly delimits itself to the two option pricing theories (Black-Scholes model and binomial pricing option models). ... Broadie and Detemple (2000) in their research provided a suggestion that binomial models are modified by replacing the binomial prices with the tree diagram analysis using the the Black-Scholes values, or by making it easy to payoff stocks at maturity, and the other option prices as usual. The major disadvantages of this model is that the option price converges; a result of changes that may take place in the prices. In order to obtain solutions that are exact, the Standard Richardson extrapolation may be applied . Burn (2003) states that, although the option pricing models were used. their patterns of convergent and rate of convergence for calculating the option ratios are not well described. Hull method and extended model can be used to come up with monotonic convergence using as the formula for coming up with deltas and gammas and deltas in this model.He adds that the models can be improved by introducing a more advanced formula, to improve the computation of the hedge ratios while calculation option pricing. The Central Limit Theorem, states that, the actual distribution of prices under the Black-Scholes model converges to its continuous-time limit. For instance, the price distribution of the model converges to a lognormal distribution. Similarly, binomial option prices calculated also converge to the Black-Scholes price. . N-Cumulative Standard normal distribution function r- rate of return (risk free) T-time (up to expiry in years) S-current stock price o- volatility of stock q- strike price Broadie and Detemple (2000) in their evaluation suggested for a binomial model called Binomial Black and Scholes model to price options. This model is identical to the Cox, Ross and Rubinsten (CRR) model apart from

Theories of Job Satisfaction and Organisational Commitment

Theories of Job Satisfaction and Organisational Commitment Job satisfaction Job satisfaction can be described as a pleasurable or positive emotional state resulting from the individual’s job or job experiences (Locke, 1976). Job satisfaction is a topic of wide interest to both people who work in organisations and people who study them. It is a most frequently studied variable in organisational behaviour research, and also a central variable in both research and theory of organisational phenomena ranging from job design to supervision (Spector, 1997). Traditionally, job satisfaction focuses on the feelings that an individual has about their job. However, what makes a job satisfying or dissatisfying does not depend only on the nature of the job, but also on the expectations that individuals have of what their job should provide (Lu, While Barriball, 2004). Organisational Commitment Organisational commitment has been defined as the degree to which employees believe in and accept organisational goals and desire to remain with the organisation (Mathis Jackson, 2000). Similarly, Wright and Noe (1996) defined organisational commitment as â€Å"the degree or extent to which employees strongly identify with the organisation and feel attached to it.† Although there are a variety of different definitions for organisational commitment, they all share the view that organisational commitment is a psychological state that characterises an employee’s relationship with their organisation and has implications for that employee continuing membership in the organisation (Meyer Allen, 1997). However, what differs among these definitions is the nature of the psychological state being described (Mowday, Steers Porter, 1979; Wiener, 1982). In order to acknowledge the different psychological states,Meyer and Allen (1991)developed a three-component model of organisati onal commitment. The first component is affective commitment, which refers to an employee’s â€Å"emotional attachment to, identification with, and involvement in an organisation† (Meyer Allen, 1991). The second component is continuance commitment, which involves the employee’s perceptions of the costs associated with leaving an organisation. The last component is normative commitment, which refers to an employee’s feelings of obligation to stay in the organisation. Organisational Citizenship Behaviours Organisational citizenship behaviours (OCBs) are voluntary employee behaviours that are not formally rewarded by the organisation, but contribute to either the success of the whole organisation or to the well-being of other employees (Borman Motowidlo, 1993). Examples of OCBs include: helping colleagues with their work, helping new members of staff, talking positively about the organisation to outsiders, and voluntarily going to functions that help the organisation’s image (Lee Allen, 2002). Research on OCB’s have shown that they are important as they improve both individual level (Rotundo Sackett, 2002) and organisational-level performance outcomes (Podsakoff, Whiting, Podsakoff, Blume, 2009). It has been suggested that there are five different categories of OCBs including altruism, courtesy conscientiousness, civic virtue, and sportsmanship (Organ, 1988). Furthermore, OCBs have been divided into two different types. Williams and Anderson (1991) divided up the dime nsions based on who the behaviours were directed towards. If the behaviour was directed towards other individuals in the workplace, there were classified as Organisational citizenship behaviour–individuals (OCBI), while behaviours directed at the organisation as a whole were classified as organisational citizenship behaviour-organisational (OCBO). For example, categories of OCBs such as altruism and courtesy are actions aimed at other employees and would therefore be classified as OCBIs.Whereas, conscientiousness, civic virtue, and sportsmanship are behaviours intended for the benefit of the organisation and would therefore be considered as OCBOs. Core Self-Evaluation sub-traits and their relation to organisational citizenship behaviour, job satisfaction and organisational commitment. There are a lack of studies linking the core self-evaluations factor to organisational citizenship behaviours. However, three of the core traits: self-esteem, locus of control, and emotional stability, are the most widely studied personality traits in personality and applied psychology (Judge Bono, 2001). In total, self-esteem, locus of control, and emotional stability have been the subject of more than 50,000 studies (Judge et al, 2002). Self-esteem is used to describe an individual’s overall self-evaluation of their competencies (Rosenberg, 1965). Simply put, self-esteem is a personal evaluation which reflects what people think of themselves as individuals. For example, Korman (1970) states that self-esteem reflects the degree to which the individual â€Å"sees themselves as a competent, need-satisfying individual†. Therefore, an individual with high self-esteem has a â€Å"sense of personal adequacy and a sense of having achieved need satisfaction in the past† (Korman, 1966). As well as the reflecting component of self-esteem, Pelham and Swann (1989) explain that self-esteem also consists of an affective (liking/disliking) component. For example, individuals with high self-esteem like who and what they are; agreeing with statements such as â€Å"I am a person of worth, on an equal plane with others† and â€Å"I am satisfied with myself† (Rosenberg, 1965). Overall, it is the self-e valuation and descriptive conceptualisation that individuals make and maintain about themselves. Locus of control refers to an individuals’ perception of the main causes of events in life. It can be divided into two categories: internal locus of control and external locus of control. Individuals with an internal locus of control believe that they have control over the events and consequences associated with their lives, such as control over their own destinies. Therefore, they believe that the majority of their life experiences are determined by their own skills, abilities, and efforts. Whereas those with an external locus of control believe that life events are the result of circumstances outside their control. They believe that their destinies are controlled by external forces such as luck, chance, fate, or powerful others (Paulhus, 1983; Rotter, 1966). Emotional stability or neuroticism is perhaps the most enduring personality concept in psychology, as it is one of the dimensions of the widely studied five-factor model of personality. There are thousands of studies on the topic and the entire field of psychoanalysis and clinical psychology might be traced to the study of neurotic symptoms (Freud, 1910). Emotional stability represents individual differences in the tendency to experience distress (McCrae John, 1992). Typical behaviours associated with this factor include being anxious, depressed, angry, embarrassed, emotional, worried, and insecure (Barrick Mount, 1991). Generalised self-efficacy is described as an individual’s estimate of their fundamental ability to cope, perform, and be successful. This can be seen as the ability to persist and a persons ability to succeed with a task. As an example, self-efficacy directly relates to how long someone will stick to a workout regime or a diet. High and low self-efficacy determine whether or not someone will choose to take on a challenging task or write it off as impossible. Relation of Self-Esteem, Locus of Control, Neuroticism, and Generalised Self-Efficacy to Job Satisfaction. Judge et al. (1997) hypothesised that core self-evaluations would be related to job satisfaction through both direct and indirect means. Indeed, Judge et al (1998) found that the four traits, treated as a single latent construct, were significantly related to job satisfaction. This study also found that self-esteem, generalised self-efficacy, locus of control, and neuroticism were each independently significantly correlated with job satisfaction. Therefore, suggesting both direct and indirect links with job satisfaction. Despite the vast amount of research on dispositions and job satisfaction, Judge and Bono (2001) found there were no meta-analysis of the relationship between any of the four traits and job satisfaction. The relationships of these traits to job satisfaction had been discussed in reviews of the literature with respect to self-esteem (Tharenou, 1979), locus of control (Spector, 1982), and emotional stability (Furnham Zacherl, 1986), however the size and extent of these relationships, and the variability in these relationships across studies, had not been established. Therefore, Judge and Bono (2001) conducted a meta-analysis of 169 correlations. The found that the correlations of the core traits with job satisfaction ranged from 0.24 for emotional stability to 0.45 for generalised self-efficacy. All of these correlations generalised across studies (more than 90% of the individual correlations were greater than zero). Other research has also supported these finding, for example, studies have suggested that LOC is a significant predictor of job satisfaction (Judge, Erez, Bono, Thoresen, 2003), whereby individuals with an internal LOC reported higher levels of job satisfaction (Martin, Thomas, Charles, Epitro McNamara, 2005). Furthermore, several studies have shown that direct measures of neuroticism are negatively related to job satisfaction (Furnham Zacherl, 1986; Smith, Organ, Near, 1983; Tokar Subich, 1997), indicating that individuals with high neuroticism have lower job satisfaction. Moreover, there are theoretical reasons to expect a positive relationship between the four sub-traits and job satisfaction. In the case of self-esteem, Locke, McClear and Knight (1996) posited that, A person with a high self-esteem will view a challenging job as a deserved opportunity which he can master and benefit from, whereas a person with low self-esteem is more likely to view it as an undeserved opportunity or a chance to fail. Research has in fact supported this, suggesting that individuals with high self-esteem maintain optimism in the face of failure, which makes future success and future satisfaction more likely (Dodgson Wood, 1998). Another theoretical mechanism linking these traits to job satisfaction is suggested by Kormans (1970) self-consistency theory. Kormans theory predicts that individuals with high self-esteem choose occupations consistent with their interests, which would lead to greater levels of job satisfaction. More generally, Kormans theory predicts that hi gh self-esteem individuals will engage in a broad array of behaviours and cognitions that reinforce their self-concept. Similarly, Spector (1982) suggested that individuals with an internal locus of control should be more job satisfied because they are less likely to stay in a dissatisfying job and are more likely to be successful in organisations. With respect to neuroticism, McCrae and Costa (1991) noted that neuroticism is related to lower well-being because individuals who score high on neuroticism are predisposed to experience negative affects. Negative affect, in turn, is negatively related to job satisfaction (Brief, 1998; Spector, 1997). Finally, Judge et al. (1997) argued that generalised self-efficacy should affect job satisfaction through its association with practical success on the job. Because individuals with high self-efficacy deal more effectively with difficulties and persist in the face of failure (Gist Mitchell, 1992), they are more likely to attain valued outco mes and thus derive satisfaction from their jobs. Relation of Self-Esteem, Locus of Control, Neuroticism, and Generalised Self-Efficacy to Organisational Commitment. The four sub-traits have also been studied independently with regards to their relationship with organisational commitment. In terms of self-esteem, a review of the literature by Pierce Gardner (2004) identified several studies which report a significant and positive relationship between self-esteem and organisational commitment (Gardner Pierce, 1998, 2001; Lee, 2003; Phillips Hall, 2001; Ragins Cornwell, 2000; Riordan, Weatherly, Vandenberg Self, 2001; Tang Ibrahim, 1998; Tang, Kim O’Donald, 2000; Tang, Singer Roberts, 2000; Van Dyne Pierce, 2004). Correlations range between .12 and .64. These findings suggest that employees with high levels of self-esteem are more committed to their organisations than those individuals with low self-esteem. There are also some studies relating an individual’s locus of control to organisational commitment. Coleman, Irving, and Cooper (1999) conducted a study on the relationship between locus of control and organisational commitment. The results revealed that internal locus of control was related to affective commitment, while external locus of control was associated with continuance commitment. Furthermore, a study by Igbeneghu Popool (2011) provides empirical evidence to show that locus of control has a significant inverse relationship with organisational commitment. These findings are similar to research done two decades ago in which organisational commitment was found to be positively related to internal locus of control (Luthans, Baack, Taylor, 1987). Neuroticism has been found to be significantly related to organisational commitment (Erdheim, Wang Zickar, 2006). Cui (2010) found that neuroticism was significantly related to the continuance commitment part of organisational commitment. It has been shown that neurotic individuals tend to experience more negative life events than other individuals (Magnus, Diener, Fujita, Pavot, 1993). These findings directly relate to continuance commitment, which may develop out of an employee’s fear of the costs associated with leaving their current position (Meyer Allen, 1997). This is to the extent that when negative events occur in a highly neurotic individual’s job, the individual may feel more apprehensive about facing a new work environment that could provide even harsher experiences. Therefore, they are more likely to have high levels of continuance commitment. Once again, research found that self-efficacy was a significant predictor of organisational commitment (Bogler Somech, 2004). Saleem, Saba Adnan (2012) explored self-efficacy as a predictor of organisational commitment among bank employees. Correlational and multiple regression analyses indicated that self-efficacy was significantly positively correlated organisational commitment. Wu and Short (1996), who studied the relationship between teacher empowerment and teacher job commitment and job satisfaction, found that among the six subscales that compose the teacher empowerment scale (SPES), professional growth, self-efficacy and status were significant predictors of organisational commitment. Relation of Self-Esteem, Locus of Control, Neuroticism, and Generalised Self-Efficacy to Organisational Citizenship Behaviour. The four sub-traits have also been studied separately in relation to organisational citizenship behaviour. Again, Pierce Gardner’s (2003) review found various studies showing that self-esteem was related to organisational citizenship behaviour. For example, Tang, Davis, Dolinski, Ibrahim, Sutarso Wagner (2002) examined self-esteem and organisational citizenship behaviours with samples in the United States, Taiwan, Poland, and Egypt. In both their US and non-US samples they found significant and positive relationship between self-esteem and organisational citizenship behaviour. Van Dyne and Pierce (2004) who used both supervisor and peer ratings of citizenship behaviour, reported significant relationships between self-esteem and organisational citizenship behaviours. Self-esteem has been found to have significant relationships with both dimensions of organisational citizenship behaviours: altruism and compliance (Tang Ibrahim, 1998). Chattopadhyay (1999) observed a positive and significant relationship between self-esteem and altruism. Chattopadhyay and George (2001) also observed a positive relationship between self-esteem and altruism in their study of employees in a computer manufacturer. Furthermore, studies such as Lee (2003) looked at the five dimensions of citizenship behaviour (i.e., altruism, conscientiousness, courtesy, sportsmanship, and civic virtue) and found significant relationships between self-esteem and acts of good organisational citizenship. Tang, Singer, Roberts (2000) investigated the effect that public (other serving) and private (self-serving) motives on altruistic and conscientiousness acts of organisational citizenship, and found a positive relationship between public motives and self-esteem, and a negative relationship for private motives. They also report a positive relationship between self-esteem and both dimensions (altruism and conscientiousness) of citizenship behaviour. Overall, across this set of studies self-esteem correlated with organisational citizenship behaviour in the range between .23 for compliance and .83 for altruism, indicating that self-esteem has a more significant relationship with the altruistic dimension of OCBs. Two studies have found empirical support for the relationship between locus of control and citizenship performance. Motowidlo and Van Scotter (1994) reported a significant correlation (r = .26) between internal locus of control and organisational citizenship performance. More recently, Funderberg and Levy (1997) found a .33 correlation between locus of control and self-reports on the altruism dimension of OCB, but a negative correlation of .34 with peer ratings on the same OCB dimension. Facteau, Allen, Facteau, Bordas Tears, (2000) found low negative correlations between locus of control and citizenship performance. Neuroticism (emotional instability) has a negative relationship with citizenship behaviour. Those who score high in neuroticism tend to be more preoccupied with their own anxieties and presumably do not have the emotional stamina to concern themselves with others problems or general system requirements unrelated to their own immediate needs (Smith, Organ Near, 1983). Bogler Somech (2004) found that self-efficacy was a significant predictor of OCB. Their results showed that self-efficacy, significantly predicted organisational commitment. The importance of self-efficacy as a predictor of all three outcomes can be understood if we relate to the original concept of self-efficacy developed by Bandura (1977). According to Bandura, self-efficacy is based on two dimensions that he labelled ‘‘outcome expectancy’’ and ‘‘efficacy expectancy’’. ‘‘Outcome expectancy’’ implies that an individual estimates that a given behaviour will result in certain outcomes. ‘‘Efficacy expectations’’ refer to behaviours toward the expected outcomes. Not surprisingly, where teachers report higher levels of self-efficacy, they exhibit more organisational behaviours. Teachers who have high expectations of themselves to perform effectively and successfully in school will car ry out extra functions beyond the formal ones and will feel more committed to their school and to the teaching profession.

Infectious Mononucleosis (Mono) :: essays research papers

Infectious mononucleosis is caused by the Epstein-Barr virus (EBV). It is a double stranded DNA virus indistinguishable from other members of the herpes virus group. It get its’ name from the mononuclear (single nucleus) cells. It is also known as the â€Å"kissing disease†, because the most frequent mode of transmission is intimate salivary contact. It can also be transmitted from shared drinking and eating utensils, toothbrushes, etc. Mono is not likely to spread by aerosol (ex. sneezing) or fomites (ex. doorknobs). About half the population is not exposed to this virus until late adolescence. The peak incidence for girls is 14-16 and boys 16-18. After initial contact with the virus, there is an incubation period of 4-6 weeks and then the symptoms start appearing. Symptoms include fever, sore throat and lymph adenopathy (swollen and tender lymph nodes). Mono may be called glandular fever as well because of the swelling in the lymph nodes. Fevers can get as high as 102 degrees Fahrenheit and may remain high for 3-4 weeks. Other symptoms include enlargement of the spleen and liver, fatigue, loss of appetite, periorbital edema (swelling of the tissue around the eyes), petechiae (tiny bruising like spots on the roof of mouth), and a fine rash. The white blood cell and liver enzyme counts are elevated, and anemia can occur with low platelet counts. Diagnosis is made based on the clinical picture and the hematological features. A sample of the patients’ blood is mixed with sheep’s blood and if the patient has mono, the sheep’s blood cells will stick together. Antibodies to sheep or horse red blood cells are positive in 90% of cases. Mono is not a fatal disease, but there is no specific antiviral therapy. Doctors will most likely prescribe much rest. Acetaminophen and ibuprofen are sometimes used to relieve aches and manage the fevers, but the use of aspirin is not recommended due to the link to Reye’s syndrome. Corticosteroids are used to reduce the amount of tonsillar swelling and intravenous rehydration is necessary. Patients are cautioned to avoid contact sports for 6 weeks after recovery to avoid the risk of spleen rupture. Most cases of mono resolve without complication, but some rarely occur. Complications are tonsillar enlargement, which can cause respiratory obstruction; rupture of spleen; encephalitis, an infection of the brain tissue; Galen-Barer syndrome, a progressive and sequential worsening syndrome of weakness and paralysis; hemolytic anemia, the red blood cells are destroyed; uvetis, an eye involvement; myocarditis, an inflammation of heart muscle; pneumonia; hephritis, a kidney infection; and Reye’s syndrome; a severe neurological syndrome.