Andrew Marvell’s to His Coy Mistress

Marvell's To his Coy Mistress Author(s): Walter A. Sedelow, Jr. Source: Modern Language Notes, Vol. 71, No. 1 (Jan. , 1956), pp. 6-8 Published by: The Johns Hopkins University Press Stable URL: http://www. jstor. org/stable/3043707 . Accessed: 29/12/2010 18:37 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at . http://www. jstor. org/page/info/about/policies/terms. jsp.JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at . http://www. jstor. org/action/showPublisher? publisherCode=jhup. . Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the s creen or printed page of such transmission.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email  protected] org. The Johns Hopkins University Press is collaborating with JSTOR to digitize, preserve and extend access to Modern Language Notes. http://www. jstor. org Marvell's To His Coy Mistress f for tightness on Reflecting the measure of Marvell's celebrity we poetic organization, may find it ironic that the final,climactic lines in his mostwidelyacclaimedlyricremainformostreadersand critics essentiallydisjoined from the poem as a whole, and from their origin as well. AlthoughTillyard chose To his Coy Mistress as his allusionforthe typeof a highlyorganized(† plotted†) lyric,' Marvell's 2 demonstrated and Wallerstein and Tuve 3 have elaborately couplet images,the concluding Christian symbolic usage of traditional appears neverto have been loselyrelatedto the centralsignificance of the poem,nor to its Biblical source. T. S. Eliot, for example,in discussionof the poem never mentionsthe conhis distinguished for cluding lines,much less theircentralsignificance the whole,and 5 nor Macdonald has caughtthe 6 Margoliouth it appearsthat neither source of the images. Bradbrookand Thomas noted7 that â€Å"make but beyond our sun / Stand still† derivesfromJoshua and Jericho, that theirexplicationis this: that the lovers† are not Joshuas,they are gods,† for though they † cannot controlTime, yet . . it is whereby alone thatsuppliesthemotive powerof existence theirenergy Time is created. † Whatthis does not do is showthat † we will make him run† is also Old Testamentand that when seen against the of context its sourcein the Psalms we findnew essential meaningfor the coupletin the poem and forthe poem in the couplet. 8 on The modelforAddison'sOde († The spaciousfirmament high†), Psalm 19 († The heavensdeclarethe gloryof God â€Å") reads in verses 4-6 (King JamesVersion): Their [i. e. , the heavens'] line is gone out through all the earth, 1E.M. W. Tillyard, Poetry Direct and Oblique (London, 1934), p. 198. Ruth C. Wallerstein, Studies in Seventeenth Century Poetic (Madison, 1950). Rosemund Tuve, Elizabethan and Metaphysical Imagery (Chicago, 1947). 4 T. S. Eliot, Selected Essays (New York, 1950), pp. 251-263; also, in Andrew Marvell . . . Tercentenary Tributes, ed. W. H. Bagguley (London, 1922), pp. 63-78. 6 H. M. Margoliouth, ed. , The Poems and Letters of Andrew Marvell, 2 vol. (Oxford, 1927). 6 Hugh Macdonald, ed. , The Poems of Andrew Marvell (London, 1952). 7M.C. Bradbrook and M. G. Lloyd Thomas, Andrew Marvell (Cambridge, Eng. , 1940), p. 44. 8 Margoliouth indicated (p. v) that he would not include unnece ssary annotations, and perhaps the Joshua aspect of the image is obvious, but not so for the rest, for all Bradbrook and Thomas suggest here is Donne's The Sunne Rising, with which the parallel is comparatively loose. 2 Modern LaLnguageNotes And their words to the end of the world. In them hath he set a tabernacle for the sun, Which is as a bridegroom coming out of his chamber, And ejoiceth as a strong man to run a race. His going forth is from the end of the heaven, And his circuit unto the ends of it. Disregardingfor the nonce the apparentlyincidental,but by no between†end of the world† and correspondence means irrelevant, â€Å"by the Indian Ganges' side † (when takenin antipodalconjunction with† by the tide/ Of Humber†), we noticethat in bothpsalm and withthe poemthe image of the sun as runnerappearsin conjunction idea of the onset of the physicalphase of love.This double coincibut not likelyto be accidental, far moreconclusive, denceis, perhaps, i s far and, moreimportant, more significant the additionalmeaning of for the couplet and poem that a recognition the source provides, percept established of the evident, a it for,first, provides confirmation equivalent of intensity lovingin a brieftimethe thatwitha sufficient in experiencecan be achieved of slow-paced loving over a vast eternity(and we may urge that Time, the Sun, a strongman and would have to run long and hard to encompass runner hencea strong of the precise confirmation which see their accomplishment-for of below) ; second, the recognition Marvell's sun as a bridegroom recalls us to the firstidea of the poem,for the bridemagnificently groom† comingout of his chamber. . . who] rejoicethas a strong lover-and man to run a race,† is a splendidformforthe unhurried therebythe meaning of the third paragraph is enhanced by an as withthe first foil and a generalsense of unity contrast immediate is achievedby havingthe verylast line and last idea recall the first of third,the recognition the sun as a lines and firstidea; further, self-confident strong and perhapseven saunteringly â€Å") († bridegroom to â€Å") casual († comingout of his chamber whois to be compelled run for developed the poem'sthird brutality sustainsthe tone of vigorous if paragraph;fourth, the Sun (who createstime,and who by making also createsworld), if the Sun, man's standpoint life possible,from bave to run hard, then he must create a would a powerful runner, vast amount of time and a vast amount of world indeed-† world enough and time† one would think,for after all if he won't be of made to stand still (i. e. , to createan infinity time), this powerful runnerwill be â€Å"made to run† (i. e. , run hard) which is the next best thing (i. e. , to create a vast, if finite,time, and world), and VOL. LXXI, January 1956 7 s all that was asked for anyway: â€Å"world enough and time,† not â€Å"infinityand eternity. † Marvell m ay well have smiled as he thoughthow this runner's † goingforth from end of the heaven, And his circuituntothe / is the worldenough! And ends of it â€Å"-for all the worldmustbe precisely thus the lovers' sense of their iron straitsbecomesthe conditionof liberation:theycan forcethe sun to be his ownundoing. theirperfect Amherst College WALTER A. SEDELOW, JR. Pope, Sheffield, Shakespeare's and JuliusCaesar From 1721 through1724 Pope energetically pursuedtwo editorial tasks:he prepared publication collected for the works JohnSheffield, of Duke of Buckingham,and the plays of Shakespeare.His correspondencereveals that he was preoccupiedby his editorial duties, for in at least two lettersof 1721 and 1722, to Jacob Tonson and JohnCaryll,he pondered botheditions progress in ‘-clearly Sheffield and Shakespearewere at timesassociatedin his thoughts. It is my purposeto showthat,as a result,in his emendations Shakespeare's of Julius Caesar Pope let his judgmentas editorbe influen ced turns by of phraseand alterations Shakespeare'stext made by Sheffield in in his veryfreeadaptation,The Tragedyof Julius Caesar. † Because Sheffield, all otherAugustan† improvers of Shakelike speare,considered himselfunder no obligationto followhis original closely,he did not consistently retain the basic structure Shakeof speare's dialogueand action; often,in fact,he diverged wildlyfrom it.Obviously, onlythoseparts of Sheffield's Caesar mostresembling Shakespearemay be consideredas having affected Pope's decisions as editor,but a comparison them to parallel passages in Pope's of edition of Shakespeare'splay will reveal that Pope took five suggestionsfromthem. Three of these are verbal alterations, one is a † degradation of a passage Pope considered † and the fifth doubtful, transfers speechfromone character another. a to Of thetwelve doublecomparatives superlatives Shakespeare's and in 1 Pope to Tonson, George Sherburn, The Early Career of Alexander Pope (Oxford, 1934), p. 307; Pope to Caryll, Works of Pope, ed. Elwin and Courthope (London, 1871-1889), vI, 280. S Modern Language Notes

Top Choices of British Council Ielts Essay Samples

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Problems With the ACT and SAT Essay - 1384 Words

Throughout high school and college we will go through a vast amount of testing but why? Testing is used to show a person’s amount of knowledge on a particular subject. Usually it’s for one specific subject and not a majority of them, the standardized tests include all testable subjects as in English, math, science, writing, and reading. However, before we can all begin our college careers we have to take one of two tests, the ACT or the SAT. These two tests determine the college you get into, the amount of scholarships you will receive, and even whether or not your will be accepted into any college. These standardized tests are used by schools because they find that it is an easy way to test a student’s ability. However, the†¦show more content†¦With college admissions relying so highly on these tests many bright and capable students are getting left with little options (Sternberg 7). These students are facing this because the ACT and SAT primary focus o n a narrow segment of skills that are needed to become a person that makes significant differences to the world (Sternberg 7). College’s argue that the admission test give them a quick glimpse of what the students potential is because they do not have to time to individually evaluate each potential student. This may be true but we need a better way to distinguish a person’s abilities than just a simple score on a test. Creativity drives today’s world, with new technology arriving daily and science conducting itself further. We need creative and imaginative people in today’s atmosphere to bring the world to the next step forward. â€Å"Standardized college admissions tests assess only analytical skills, as well as the knowledge base on which they act, and completely ignore creative and practical skills (Sternberg 7)†. Without creative people in this world, where do you think we would be? Not very far. 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In healthcare and pharmaceutical industry appropriate software and vendor are crucial. A reliable and valid software and vendor can assist in achieving organization goals. There are several ways in which a company can use utilize technology to improve business efficiency. Organizations in the healthcare can also employ technology to improve efficiency and productivity. Three techniques are discussed in the report. Use of technology in pharmaceuticals is referred to as pharmacy informatics. It involves development and use of information a nd communication technology (ICT) which can improve efficiency and productivity of business. When using technology there are certain security risks and threats as well as data breached. Safety and security of healthcare information has become a major concern of healthcare industry and the governments all over the world. 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Over past few years, this system has increased its scope and is now being used by the healthcare industry. Business Process Management can assist healthcare organizations and companies to manage new needs and requirements in better way, improve quality of service provided to the patients and comply to rules and regulations of governing body. Healthcare industry is process driven, therefore, it can take advantage of information and data, respond effectively to new developments in the industry, decrease errors and improve and provide better services to patients. BPM may also help organizations to comply with regulations of federal and state governments. BPM can assist to structure the flow of information, peoples interaction and system as a whole. Another benefit of using BPM in healthcare industry is meeting the deadlines and earning incentive payments. Develop business requirements Business requirements can be understood as critical activities of an organization which are necessary to perform to achieve objectives of the organization while remaining solution independent. Business requirement document consists of details of business solutions for a project which includes documentation of needs and expectations of customers. Developing business requirement document is important for gaining agreement with stakeholders of organization (Jeston and Nelis, 2014) There are several ways in business processes can be used in healthcare industry. Business requirements of healthcare industry are discussed below. Business requirements of Alphapharm should focus on healthcare professionals, institution like hospitals clinics etc. and retailers. Basic business requirement includes documentation and licenses, branding and target market and software. all businesses require documents and license from government or government regulated body. This ensures that the company will follow guidelines laid down by the government. Documentation generally involves safety certificate issued by local governing body and certificate of registration. second business requirement is branding. Branding should focus on both brand positioning and brand awareness. Organization should clearly define their target market when planning and developing products. Third important requirement is appropriate technology and software. Appropriate technology and software help to increase productivity and business efficiency. Determine the systems requirements Business requirements are important for all organizations. Business requirements should be prepared in such a way that they help achieve organizational objectives. When determining the system requirements, several techniques can be used. Interviewing important stakeholders of the organization can give an insight about how certain requirement can impact organization. These stakeholders can belong to any department. While interviewing stakeholders, there should be a well-developed format and agenda. Another way is conduct focus group interviews. This is an important method for determining business requirements. Brainstorming meetings and discuss are also important for business requirements (Jttner, 2005). Software and vendor selection Software and vendor selection is crucial for any organization. A reliable and valid software and vendor can assist in achieving organization goals. For an organization, it is important to understand the effects and the consequences of software or service on the products. Organizations should understand that vendor plays an important role. While selecting a vendor in pharmaceutical company, four main areas should be focused: compliance, product quality, continuity of supply and customer service. The process of identification and remediation of risks associated with compliance, product quality, continuity of supply and customer service through supplier management lifecycle is referred as supplier qualification. There is an assurance that the product supplied by the vendor will not have any deficiencies. It also ensures that there are healthy relationships between the organization and vendor. The product supplied by the will meet the minimum quality standards. Another benefit is that th ere will be an overall decrease in costs of goods (Stephen Goundrey-Smith, 2017) There are strict guidelines for software and vendors. Vendor must strictly comply with the rules and regulations. Companies that build information and communication technology system for pharmaceutical company must be aware of the policies, rules and regulation laid down by the government. They are categorized as vendors responsibility. Pharmaceutical and healthcare organizations screen vendors based on their past experience and knowledge in areas such as qualification, validation and data safety. These areas play an important role in vendor selection. One main expectation of pharmaceutical companies is that vendor should comply to policies and rules at lowest cost that is possible. Validation is an important component for outsourcing services and software implementation. The system is required to meet certain specifications and intended use. Deviations can lead to impairment of safety and integrity of health, clinical and drug related information. This can result in poor decision making which can have negative impact on safety of consumer and patients. Pharmaceutical and healthcare organisations should collaborate with their vendors to achieve certain common goals. Determine at least three (3) ways which companies or organizations utilize such technologies to improve business efficiency There are several ways in which a company can use utilize technology to improve business efficiency. Organizations in the healthcare can also employ technology to improve efficiency and productivity. Investing on information technology can be beneficial for an organization. It can lead to greater system availability, better decision making, improved health outcomes and increased use by clinicians. As mentioned above, business requirements of Alphapharm focus on healthcare professionals, institution like hospitals clinics etc. and retailers. Technology can be used to achieve goals of the organization and hence improve efficiency and productivity. Use of information technology in pharmaceutical industry is known as pharmacy informatics. This field focuses on biomedical data, information and knowledge. This system focuses on ideal use of information related to drugs for decision making and problem solving. This system is important because it prevents medication errors, promotes personalized care, contributes to overall health of the community, and connects healthcare professionals. In pharmaceutical industry, it improves workflow, decrease manual labor, increases time efficiency and reduces documentation and paperwork One way of improving business efficiency by employing information technology is using a customer management industry. Healthcare industry is oriented towards people, that is, patients and healthcare professionals. Using a customer relationship management (CRM) system can help in improving efficiency. Customer relationship management system involves strategies, practices and technologies which can be used by organizations to analyses customer feedbacks and interactions. The customer interactions can be used to improve overall efficiency of the organization as well as improving customer relationship. Improved customer relationship can help in retention of customers. A CRM system uses different channels (website, live chat, telephone, direct mail, social media and marketing materials) to compile information on customers. By employing this system, Alphapharm can keep track of all the healthcare professionals and patients. This system records all the interaction organization has with the customers. It keeps a track of the products they have purchased, marketing material, feedback provided by customers etc. this system can help to improve customer service. This can also help in improving customer relation. Organization can develop specific products based on the needs, demands and feedbacks of the customers (Khodakarami, and Chan, 2014). Another way in which information technology can be employed in this industry is by barcode medicine identification. Barcode medicine identification is used in collaboration with electronic prescribing system (system which automatically prescribes the supplies and administer usage of medicines in hospitals). This system can help in reducing medicine administration errors. Every medicine and other medical products manufactured by company have a unique identification number or a barcode. This system has also helped in dealing with counterfeiting. This can improve pharmacy workflow to great extent (Business insider, 2017). Third way of employing information technology is by using Clinical Trial Management System (CTMS) software. This Clinical Trial Management System gives an insight about the data which is important for detecting and identifying problems, progress and possibilities. This is customizable software. it stores and manages information related to clinical trials done by biotechnological and pharmaceutical companies. it maintains data from research proposal to report generation. A very basic CTMS system can be used for preparing budget, managing patients, generating reports etc. By customizing this system, it can be used for more specific tasks. A benefit of using this system is that it helps in reducing cost and time required to develop a drug (Lodha, 2016). Evaluate the level of efficiency of the technology implementation Companies in healthcare and pharmaceutical industry have started using information technology for improving their services and business. Some of the methods such as customer relationship management, barcode medicine identification and clinical trial management system are discussed above. Use of technology in pharmaceuticals is referred to as pharmacy informatics. It involves development and use of information and communication technology (ICT) which can improve efficiency and productivity of business. There are several factors that are linked with successful and effective implementation of technology. First factor is technical. It involves system performance, usability, integration and interoperability, adaptability and flexibility, stability and reliability, accessibility and adaptability of hardware and cost effectiveness. Second factor is social. It involves resistance and workarounds, benefits/values and motivations, attitudes and concerns, expectations, engagement and user input in design, integration with existing work practices and training and support. Third factor is organizational. It involves planning, getting the organization ready for change, leadership and management, realistic expectations, teamwork and communication, user ownership and learning and evaluation. Fourth factor is socio-political. It includes policy, industry, professionals, other healthcare organizations, independent bodies, inter developments and wider economic environment. These factors collectively influence the use of information technology and level of effectiveness in the organizations. Several steps can be followed to evaluate the level of effectiveness of technology. Clarifying what the problem for which technology is designed and used. In many situations, technology is used on the basis of assumed benefits. This can lead to difficulties in conceptualizing the short term of long term transformation required by the organization. Second, build a consensus. Before employing a technology or software for business advancement, the management and the administration should have a consensus with respect to strategic vision. They can choose between whether to focus on streamlining and narrowing certain processes in the beginning and then expanding functionality. After the need for technology and software is discussed and established, the organizations should do a thorough and in depth research on different systems and software. This process is crucial and should not be rushed. Organizations in the healthcare industry should choose system which can help to achieve goals. The system should be affordable and cost effective also. It should be applicable in both organizational and clinical settings. Another consideration is proper planning. While formulating certain strategies, flexibility is needed. There should be an open communication channel between organization and users. Another step is developing a proper infrastructure. Inappropriate infrastructure can lead to increase in possibilities that system is not being used in correct way. It can lead to compromise in benefits and increase the risks associated with the system. It can influence attitude of the users. Poor infrastructure can result in negative attitude towards software system. Another step is maintaining the system. Maintenance of software and technology systems is undervalued and usually neglected. The software must be updated periodically. The capabilities of the existing technology or software change over time and it may no longer help organization achieve its goals. In such cases, softwar e system should be either updated or changed (Cresswell, Bates and Sheikh, 2013). Examine potential security risks, data breaches Use of technology and software in healthcare and pharmaceutical company has its own pros and cons. The benefits of using technology and software have already been discussed. When using technology there are certain security risks and threats as well as data breached. Safety and security of healthcare information has become a major concern of healthcare industry and the governments all over the world. With digitalization of data such as formulas of drugs raw material, patients records, etc. there is a threat of health information being stolen. Cyber security has become a priority for all healthcare organizations and companies. Some of the serious threats which are a result of use of technology are discussed below. Today, a lot information related to health and wellness process and programs are available on mobile phones. Healthcare professionals and institutions must be aware of the threats, hacking of health data and security breaches. Another threat to healthcare industry due to technology is insider misuse. Insiders misuse can be understood as situation wherein the employees or managers of the organization steal data or property and commit other crimes. Misuse of information is a common problem. Employees usually steal and sell information for money or to commit tax fraud. Sometimes unintentional actions can result in security risks and data breach. This can result from an underperforming security system or misplacement of data. This can also result when old software and systems are discarded without formatting or deleting data. Another threat is threat to supply chain. Every vendor or supplier has potential for data breach. Every transaction and interaction with vendor in supply chain must be carefully examined for security (Perakslis, 2014). Provide guidelines on how these risks could be mitigated. Some of the security risks of technology are discussed above. There is a need for risk assessment to ensure integrity, confidentiality, availability and privacy of information. Systematic assessment of risks and threats is important and should aim at protecting organization from security threats and data breach. These risks can be mitigated in several ways. They are discussed below. First, network access control (NAC). NAC solutions are a great way of keeping health data as secure as possible. It identifies its users and devices. It has an ability to scan device for threats. This system is useful in situations where large numbers of devices are interconnected. Information security continuous monitoring is a process which supports a companys risk management system. It gives an insight about threat and threat activities. It evaluates security impact of changes to the system, assesses all security control etc. Another way to reduce risk is by auditing all the devices used by employees and staff members. This can reduce the risk and prevent malicious use of information by an insider. Healthcare organizations should be vigilant and careful in their efforts to regulate and monitor data. Audits are an effective way of monitoring who has accessed what kind of information. To deal with insiders misuse, organizations should also have proper security and privacy policies to protect data. In situations where data is lost or there is a security breach due Quality control measures and protocols can ensure negative impact are low or negligible. When designing a system, privacy and security of data and information should be considered. There should be continuous monitoring and adherence or compliance with rules and regulation of governing body. This can avoid data breaches and therefore maintain information security (Thomson, 2013) Conclusion Business process can be understood as system of linked tasks which start with manufacture of product and ends in delivery of product. They are the group of activities that are performed to achieve goals of the organization. There are several ways in business processes can be used in healthcare industry. Business requirements of healthcare industry are discussed in the report. When determining business requirements, several techniques such as interviewing important stakeholders, brainstorming, focus group interviews etc. can be employed. Software and vendor selection is crucial for any organization. While selecting a vendor in pharmaceutical company, four main areas should be focused: compliance, product quality, continuity of supply and customer service. The process of identification and remediation of risks associated with compliance, product quality, continuity of supply and customer service through supplier management lifecycle is referred as supplier qualification. There are several ways in which a company can use utilize technology to improve business efficiency. Use of information technology in pharmaceutical industry is known as pharmacy informatics. One way of improving business efficiency by employing information technology is using a customer management industry. Healthcare industry is oriented towards people, that is, patients and healthcare professionals. Using a customer relationship management (CRM) system can help in improving efficiency. Another way in which information technology can be employed in this industry is by barcode medicine identification. Third way of employing information technology is by using Clinical Trial Management System (CTMS) software. this Clinical Trial Management System gives an insight about the data which is important for detecting and identifying problems, progress and possibilities. Use of technology and software in healthcare and pharmaceutical company has its own pros and cons. References Bisk (2017) 3 Big Ways BPM is Being Used in the Healthcare Industry. [ONLINE]. Available at: https://www.villanovau.com/resources/bpm/bpm-use-healthcare/#.Wb3zBdHhXIV (Accessed: 16 September 2017). Business insider (2017) 3 ways technology can improve your business. [ONLINE]. Available at: https://www.businessinsider.in/3-ways-technology-can-improve-your-business/articleshow/49246960.cms (Accessed: 16 September 2017). Cresswell, K.M., Bates, D.W. and Sheikh, A. (2013) Ten key considerations for the successful implementation and adoption of large-scale health information technology, Journal of the American Medical Informatics Association, 20(e1), pp.e9-e13. Jeston, J. and Nelis, J. (2014) Business process management. UK: Routledge. Jttner, U. (2005) Supply chain risk management: Understanding the business requirements from a practitioner perspective, The International Journal of Logistics Management, 16(1), pp.120-141. Khodakarami, F. and Chan, Y.E. (2014) Exploring the role of customer relationship management (CRM) systems in customer knowledge creation, Information Management, 51(1), pp.27-42. Lodha, A. (2016) Clinical AnalyticsTransforming Clinical Development through Big Data, Imperial Journal of Interdisciplinary Research, 2(10). Perakslis, E.D. (2014) Cybersecurity in health care, The New England journal of medicine, 371(5), p.395. Stephen Goundrey-Smith (2017) Examining the role of new technology in pharmacy: now and in the future. [ONLINE]. Available at: https://www.pharmaceutical-journal.com/examining-the-role-of-new-technology-in-pharmacy-now-and-in-the-future/11134174.article (Accessed: 16 September 2017) Thomson, L.L. (2013) Health Care Data Breaches and Information Security, In American Bar Association, pp. 253-267.

Walt Disney Yen Financing Essay Example For Students

Walt Disney Yen Financing Essay 1. Should Disney hedge its yen royalty cash flow? Why or why not? If so, how much should be hedged and over what time period? Yes, Walt Disney Company should hedge its royalty cash flow to protect against currency fluctuations. The company has revenues in Yen and does not have expenses in Yen. Thus it would be converting the Yen to Dollar and so is exposed to foreign exchange risk. The value of Yen has declined recently and it is difficult to forecast what the value could be in the future. Also currency speculation should be left to speculators and Disney should not play on the exchange rate. It would be wise to reduce the risk due to changes in exchange rate. The royalty receipts form a significant part of the pre tax income of Disney and any adverse movement would impact the financial position of Disney. The maximum amount and the period should be the Yen royalties that accrue to Disney. At the moment the amount is Yen 8 billion. The royalties are expected to grow for all times in the future and so the hedging should be for the maximum maturity available which is 10 years. We will write a custom essay on Walt Disney Yen Financing specifically for you for only $16.38 $13.9/page Order now At the minimum, Disney may Disney may want to take enough money so as to reduce the debt to capitalization ratio back to 20% which now stands at 32%. The expected yen revenue stream of more than ? 8 billion every year would create 2. Assuming a hedge is desirable what hedging techniques available to the treasurer? What are the advantages and disadvantages of each? The various hedging techniques available and the advantages and disadvantages are : 1. Currency Options – In this Disney could buy dollar yen options allowing Disney the right to buy dollars against yen at a predetermine rate or could sell Put options allowing Disney to sell yen for dollars at a predetermined rate. The advantages of options are †¢ It gives the right but not the obligation. If the Option is out of the money it need not be exercised. †¢ Options have an unlimited upside but limited downside so will help Disney benefit from favorable rate movement. †¢ Options can be taken for high amounts using small margin money The disadvantages are †¢ The time period for which options are available is till 2 years only. Beyond 2 years the market is not liquid †¢ Options require payment of upfront premium and so there will be a cash outflow 2. Forward Contracts – In this Disney could take a forward contract through a bank and sell the Yen forward for US Dollars at a rate that is fixed now. The advantages are †¢ Forward contracts can be tailored to the needs and requirements of Disney †¢ Longer term contracts are available and Disney could hedge up to 10 years †¢ The forward contracts can be cancelled and so provide some flexibility in the future years The disadvantages are The rate is locked at the time of contract and so there is so upside benefit †¢ The forward contracts need to be honored at maturity and so Disney has to settle it †¢ As mentioned in the case, the forward contracts would be against the overall exposure to Disney and so would tie up lines of credit †¢ Forward contracts are exposed to default risks of the counterparty 3. Futures – Futu res are standardized contracts which are traded on the exchanges. That is the only difference between forward contracts and futures. Disney could buy or sell contracts on the futures exchange and hedge its exposure. .u4487911d3a3d81041ba6179125c97f84 , .u4487911d3a3d81041ba6179125c97f84 .postImageUrl , .u4487911d3a3d81041ba6179125c97f84 .centered-text-area { min-height: 80px; position: relative; } .u4487911d3a3d81041ba6179125c97f84 , .u4487911d3a3d81041ba6179125c97f84:hover , .u4487911d3a3d81041ba6179125c97f84:visited , .u4487911d3a3d81041ba6179125c97f84:active { border:0!important; } .u4487911d3a3d81041ba6179125c97f84 .clearfix:after { content: ""; display: table; clear: both; } .u4487911d3a3d81041ba6179125c97f84 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4487911d3a3d81041ba6179125c97f84:active , .u4487911d3a3d81041ba6179125c97f84:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4487911d3a3d81041ba6179125c97f84 .centered-text-area { width: 100%; position: relative ; } .u4487911d3a3d81041ba6179125c97f84 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4487911d3a3d81041ba6179125c97f84 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4487911d3a3d81041ba6179125c97f84 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4487911d3a3d81041ba6179125c97f84:hover .ctaButton { background-color: #34495E!important; } .u4487911d3a3d81041ba6179125c97f84 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4487911d3a3d81041ba6179125c97f84 .u4487911d3a3d81041ba6179125c97f84-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4487911d3a3d81041ba6179125c97f84:after { content: ""; display: block; clear: both; } READ: Myth Or Science? EssayThe advantages are : †¢ They are liquid as they are traded on the exchange †¢ Using futures would not tie up the lines of credit with the banks †¢ There is not much default risk as the futures are market to market daily. The disadvantages are †¢ As these are standardized, they cannot be customized to the requirements †¢ Require a margin deposit †¢ The futures contracts are available for shorter periods only 4. Swaps – Disney could swap its exposure in Yen with Dollars so that its inflow is in Dollars and it pays Yen The advantages are †¢ Swaps are off balance sheet financing with only disclosure in notes. Thus the balance sheet looks better †¢ The two parties to Swap could customize the terms to their requirements †¢ Swap enables parties to access capital markets which they may not able to do directly The disadvantages are †¢ High fees to be paid to the intermediaries †¢ It is difficult to get counterparties with a perfect hedge 4. Yen 15 billion 10 year bullet loan The advantages are †¢ The time period would be 10 years †¢ The interest rate would be the Japanese prime rate The disadvantages are †¢ Since it is a bullet loan it does not help in hedging the year on year income †¢ Requires lump sum payment on maturity It is more expensive than the SWAP transaction †¢ Has upfront fees Other hedging methods such as issuing longer maturity Eurodollar note was not feasible because of the Disney’s temporarily high debt ratio. Also, Euroyen bonds are not an option because Disney was not eligible to issue them under Japanese regulations. 3. In light of the various other techniques for hedging currency exposures why the market for currency swap does exists? Who benefits and who looses in such an agreement? Can a swap really create value for a corporation? And if so where does the value come from? What risks does the swap carry for the various parties involved? The market for swap exists since it allows parties to access market which they might not be able to do directly. Also swaps are customizable between parties and so are more flexible. The duration of swaps could be the duration of the exposure. These advantages have led to the creation of the swap market. Swaps also help in broadening the investor base. Companies could raise money in different currencies and then use a swap to get back to their home currency. Swap also helps in lowering the overall cost of borrowing as also enable firms to change their payment stream to either fixed or floating. When the swap is initiated for the first time, it creates value since only if value is created will the parties agree for a swap. The value comes for the differing credit ratings of the firms. In interest rate swaps, two firms come together to swap their interest obligations and each mat find that it is paying a lower rate than before. The risks that the swaps carry is the changes in the market after the swap has taken place. In case of an fixed for floating swap, if the floating rate rise then the firm will have to pay more. Or in the case of currency swap, if the exchange rate movement is adverse, then there could be a loss. There is also a default risk since the agreement is between two parties. The swaps are not liquid and once entered may be difficult to come out of. 4. Evaluate Goldman’s proposal for an ECU bond issue accompanied by an ECU/yen swap. How does its â€Å"all-in† yen cost compare to that of the proposed yen term loan? Is it superior to hedging using outright forwards? (Note: â€Å"all-in† cost generally refers to that discount rate which equates the present discounted value of the future debt service payments with the financing proceeds less front-end fees , expressed as an annual rate). The calculations are in the excel file ( we use the IRR function to calculate the internal rate of return. The cash flow details are from the exhibits) . We get the following costs 1. 10 years ECU Eurobond Issue – YTM is 9. 46% 2. SWAP ECU/Yen – YTM is 6. 89% 3. Yen 10 year Loan – YTM is 7. 61% The ECU/Yen swap is the cheapest, though it does not include fees, bu t it may still be the cheapest. In the outright forwards market we find that the Yen is appreciating. .u57f1008682167b4f2b0f9ad585cb0c74 , .u57f1008682167b4f2b0f9ad585cb0c74 .postImageUrl , .u57f1008682167b4f2b0f9ad585cb0c74 .centered-text-area { min-height: 80px; position: relative; } .u57f1008682167b4f2b0f9ad585cb0c74 , .u57f1008682167b4f2b0f9ad585cb0c74:hover , .u57f1008682167b4f2b0f9ad585cb0c74:visited , .u57f1008682167b4f2b0f9ad585cb0c74:active { border:0!important; } .u57f1008682167b4f2b0f9ad585cb0c74 .clearfix:after { content: ""; display: table; clear: both; } .u57f1008682167b4f2b0f9ad585cb0c74 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u57f1008682167b4f2b0f9ad585cb0c74:active , .u57f1008682167b4f2b0f9ad585cb0c74:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u57f1008682167b4f2b0f9ad585cb0c74 .centered-text-area { width: 100%; position: relative ; } .u57f1008682167b4f2b0f9ad585cb0c74 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u57f1008682167b4f2b0f9ad585cb0c74 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u57f1008682167b4f2b0f9ad585cb0c74 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u57f1008682167b4f2b0f9ad585cb0c74:hover .ctaButton { background-color: #34495E!important; } .u57f1008682167b4f2b0f9ad585cb0c74 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u57f1008682167b4f2b0f9ad585cb0c74 .u57f1008682167b4f2b0f9ad585cb0c74-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u57f1008682167b4f2b0f9ad585cb0c74:after { content: ""; display: block; clear: both; } READ: Ten Year War Cuba EssayThis is obviously a better choice since this would mean that Disney would get more dollars. An exercise has been done, where the Yen payments made by Disney are converted to USD at the forward rates. Using the same discounting rate as the cost of Swap, the PV of the Yen payments in USD comes to $69. 27 million. This is higher than the present value of the amount that Disney gets from IBJ which is $58. 23 million. Also the Swap does not cover the entire exposure of Disney in Yen. Therefore if it is possible than outright forward hedge is better than other alternatives