Black Women in the Slave Trade

Black Women in the Slave Trade Throughout the slave trade, black women often were represented and observed through the sexually repressed European perspective that viewed them as immoral and promiscuous. Many viewed black females lack of modesty as a sign of their impaired moral nature and increased sex drive. The view of the African female as a manipulating temptress thus emerged and it was believed that she used it to her advantage to achieve favours and obtain prestige. It wasnt just the men that sexually abused the enslaved women. According to Shepherd, some white working class women who owned enslaved Africans females rented them out as prostitutes. The children born to these enslaved women were then brought up by the slave owner until they were weaned and then were sold off (Gettysburg, Nd). Planters, slave owners and slave masters had absolute right and power sexually over the female slaves. They used them for prostitution for income. The plantation owners used the slave women for breeding. The production for children for sale was finically good for the slave system. Elizabeth Fenwick found no important reason for differentiation morally between urban slave owners who deployed slave women as prostitutes and the plantation owners who used them for breeding purposes (Milwood and Min, 2014). Barracoons and the encouragement of slave women to have children were of great benefit financially for slave owners and planters. In sententious expression, prostitution of slave women was an extension of the slave trade business. Seeing the purpose of slavery was economical. To conclude, that prostitution was prevalent throughout the slave trade system. According to Edward long of the late eighteenth century, Jamaican enslaved women were predisposed with the propensity to activate sexual with profiency and without moral reflections (cited in Milwood and Min, 2014). In the book sex work and sex workers by Dank and Refinetti (1999) suggest that since the 1970s, the Caribbean such as Barbados it has become famous country for female tourist (Dank and Refinetti, 1999, p. 96). Males search the island for single female tourists (Dank and Refinetti,1999, p. 96). This is called sex tourism. To explain what it is, when rich women tourists come to the Caribbean and pay a beach boy for sex. His appearance is based on the females notion of a hyper sexual black male, hair often dreadlocked, to suggest an untamed primitive nature (Kempadoo, 1999, p.46). you know why some of the girls like the knot-up hair? When some girls send photos and stuff up to England, you dont see any clean cut men. They send a picture of a Rasta so when a girl come down here they think a Rasta is a real Caribbean man, so that is why they go for the Rasta. But some of them does get fool them does get an imposter (cited in Kempadoo, 1999, p. 46). The reason why these boys are having sexual relations with female white tourist is the desire of money. However, the women do not see themselves as prostitutes so they define it has holiday romance. Davidson and Taylor (1999) states that among women surveyed, many of them see they are helping these boys out financially by giving them money and other treats (Kempadoo, 1999, p.48). This can relate back to the Atlantic slave trade where black women were used for sex by the white slave owners (Kempadoo, 1999). The historical link to the beach boys and white female tourists relates not only colour hierarchy but also gender. In the slavery 200 ago, when white men had the power to do anything to a black female. Elridge Cleaver in his book Soul on Ice. Cleaver explains that the sexual attraction between the black man and the white woman the Primeval Urge (Miller, 1997, p.26). Franz Fanon argues that by getting with a white woman the black man proves to himself his importance and it allows him to make up for his inferior feelings caused by slavery (Albo, Nd, no pagination). This singularity is also connects with conventional concepts of the hypersexual Caribbean male Cynthia Enloe (feminist) expresses of the relation to the Caribbean sex tourism as the new plantations, she states that it mirrors the old system of the slave trade many years ago; where white males were dominating black women slaves (Albo, Nd, no pagination). Black individuals have been victims of social stigmas which continues to shape society today. Where they have been damaged during slavery trade such as sexual slavery is evidence of the lack of freedom and the consent to prostitution (Butler, 2015, p. 130). Similarly, pornographic videos and mainstream magazines have also promoted the sexual stereotyping of Black men as sex machines with a particularly ravenous desire for sex with White women (cited in Butler, 2015, p. 130). These sexual stereotypes fuel todays demand for sexual tourism with women of colour (cited in Butler. 2015, p. 130).

Jogging and Walking for your Health :: essays research papers

Have you ever stopped to think how much you actually walk every day? We take dozens of little walking trips just to do errands and daily chores. Walking and Jogging is a way of life to some people more than others, it can improve fitness and trim your body. It can also be an enjoyable experience if you have the proper equipment and the proper strategy. Take brisk 30 to 40 minute walks at least three days a week. Aerobic walking increases the efficiency of your heart and lungs, lowers blood pressure and resting heart rate, relieves stress, raises metabolism, improves muscle tone, and improves the health of the bones. If your pace is too slow, however, you will not get the aerobic benefits. If you are out of shape, overweight, or older, begin your exercise program with walking, not jogging. Keep your pace slow at first, and then gradually increase the speed of walking. You need to exercise gently and then rest, exercise gently and rest, over and over. Gradually you will get fitter and your resting heart rate will decrease. Then your body will be ready to begin jogging, not before. If your goal is to lose fat, exercise for long periods of brisk walking. Duration and frequency are very important. If you walk at a fast pace over long distances, you need to wear good shoes with a reasonable amount of cushioning. This is especially important for overweight walkers. Walking ought to be comfortable. If your knees and hip joints are constantly uncomfortable at a brisk walking pace, you may do better with hiking, bicycling, or even jogging. Sudden demands on your muscles, like running up stairs, pedaling a bike, or lifting a heavy weight, may cause the muscles to burn. The burn indicates a build-up of lactic acid in those muscles. Slow walking is the best way to get rid of lactic acid. The more aerobically trained you are, the less you will feel the burn. This means you can exercise longer and harder before getting the burn. Always warm up for 5 to 10 minutes. Walk slowly and stretch before you start a faster workout.

Is fundamental analysis redundant Essay

Introduction Shortly after the stock market crash in 1929, as the first batch of financial experts in the Great Wall, Benjamin Graham and David Dodd firstly mentioned the concept in a book called security analysis: Based on public information that intelligent investors are able to analyse securities and determine whether the current price of stocks and bonds is over or below their intrinsic value. The Critical thinking and strong logic make this theory become the foundation of nearly all investments theories in Wall Street. Warren Buffett, John Neff, Peter Lynch and other famous investors become the  best practitioners in fundamental analysis. This essay will firstly introduce the related theories of fundamental analysis. Secondly, the essay will explain free cash flow model to equity valuation and the qualitative and quantitative factors of fundamental analysis. Thirdly, choosing a particular company analyses the relationships between the leading financial ratios and its stock price. Finally, indicating why financial ratios and free cash flow model cannot explain Berkshire Hathaway cooperation’s stock price changed during global financial crisis. Theory Aasuumption & Metholody Theory Fundamental analysis which is based on analyzing the intrinsic value of securities, focuses on factors affecting the stock price and its trend and lets investors determine what type of securities they choose to buy and when to buy. (Lee and Swaminathan 1999, 8 )The basic assumption of fundamental analysis is that value investors believe that the market price is determined by its intrinsic value and the stock price can reflect its intrinsic value in the long term. Cash flow model Fundamental analysts use cash flow model, dividend model to roughly estimate a company’s intrinsic value. They assume that the stock price of the intrinsic value is its present value of the stream of expected cash flows and the selected reference values are based on generating the cash flow data. For example, using free cash flow model to measure intrinsic value, investors firstly assume the observed company can increase at constant rate and then choose the reference value based on a constant growth rate (g)to estimate free cash flow the next 10 years. Secondly, they calculate the present value of the 10-year cash flow based on the constantly discounted rate (k). Secondly, they estimate the terminal value P10=free cash flow*(1+g)/(k-g) and calculate its present value. Thirdly, they get the present value of the company and calculate pre- share value: equity value/numbers of shares. Rational investors can make well-informed investment decisions according to the relationship betw een market price and intrinsic value. Qualitative factors On the company level, fundamental analysis focused on two factors: qualitative and quantitative. Qualitative and quantitative analyses have a dialectical relationship. Both analyses should join together to analysis and inspect on a particular company. Although qualitative analysis is used for physical areas, with the usage to tackle non-financial information, it can be widely useful in business and finance fields.(kesh and Raja 2005, 167) The qualitative analysis of the company level is concerned with products and services, competitive advantage, management efficiency, corporate culture. Advanced products can get increasing cash inflows and improve company value (Carter and Demissew 2008, 63) because booming demand for products and services can lead to a high reinvestment rate of the company, this creates additional wealth.( Madden 2007, 125) Competitive advantage can includes producing capacity and the efficiency of a company’s design and cost controlling better than the industry’s competitors. Generating a competitive advantage for a company will creates stakeholder value. (Vilanova, Lozano and Arenas 2009, 63) The improvement of management efficiency can lower operating costs and company culture can enhance corporate image, leading to improvement of company value. Quantitative factors The quantitative factors in fundamental analysis are based on a deep understanding of financial reports which is the process of identifying opportunities and threats from the company, so investors must be concerned with the balance sheet, cash flow statement and income statement analysis. Financial statements consist of all important historical information about the company’s operation management during a specific time period (quarterly, annually). All these information provide an overview of a company’s business activities and can help managers assess the company’s wellbeing. (Dayanandan 2010, 116) Financial statement Different users are interested in different areas of the financial statements. For example, investors and equity holders are concerned with  expected earnings and dividends of the observed companies. Company’s executives usually focus on the company’s capacity. Therefore, based on historical reports, different users can get valuable information about what they concentrate on. Financial statement analysis includes selected data from financial statements to predict the company’s financial health.( Hagos and Pal 2010, 441) Applying these data from financial reports, such as profitability ratio, liquidity ratio, management efficiency ratio, debt ratio, market performance ratio analyses year by year to determine whether to buy or sell observed companies. Based on analyzing financial statements, financial analysts are able to use profitability ratio, including gross margin, ROE to indicate how efficiently revenue is generated. The liquidity ratio such as current ratio, net working capital can be used to prove the firm’s ability to generate sufficient liquidity when needed and to meet short term obligations. For example, current ratio is an indicator as a rate of current assets to current liabilities. It measures the liquidity status of a company. With a higher current ratio over time, this company will be able to meet its current obligations and experience less financial risk.( Zaki, Bah and Rao 2011, 315) Table1 Sourced by Berkshire Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2003 0.105 0.588 1.32 12.7 1.34 $84280 2004 0.085 0.394 1.20 18.8 1.6 $87900 2005 0.093 0.412 1.16 15.5 1.45 $88620 2006 0.102 0.397 1.27 12.5 1.27 $109990 Table 1 above shows the some figures provided by Berkshire corporation’s annual report from 2003 to 2006. During this period, the stock price has a significant increase from $67600 in Jan 2rd, 2003 to $109990 in Dec 1st, 2006. And from 2003 to 2006, Berkshire Hathaway Inc’s net worth is $13.6billion, $8.3billion, $5.6billion and 16.9billion respectively. Graph1: Berkshire Hathaway(BRK) Inc’s stock price between 2003 and 2006 Sourced by yahoo finance The increase of Net worth can indicate the stock price’s change during this period. The gain in net worth during 2003 was $13.6billion, which increased the per-share book value of its stock by 21% from $41727 to $50498. Because of good quarterly reports and an annual report, the stock price reflected the company’s performance, rising from $67600 to $89490. However, between 2004 and 2005, the gain in net worth increased $8.3billion and $5.6billion. Although in 2004 Berkshire’s book-value gain of 10.5% fell short of the index’s 10.9% return, the net worth fell from $13.6billion to $8.3billion, leading to fluctuation of the stock price during 2004. In 2005, the net worth fell to $5.6 billion because hurricane caused loss worth of $34billion. And in the stock market, the price fluctuated and even slightly increased. However, the price reflected the company’s performance. As a multi-business company, its main business-insurance company called GEICO improved its management efficiency at nearly 32% and warranty numbers increased by 26%. On the other hand, insurance float of BRK’s insurance company increased from 46 billion to 49 billion. Due to the capital cost rate of mostly 0% and improving competitiveness, its stock price rose sharply. Financial ratios (price to book ratio and earnings per share ratio) measure share price compared to earnings, book value per share and indicate whether the market overvalues, undervalues and appropriately values the firm’ shares. Managers use to assess investors’ perceptions of future prospects. Some investors invest in stock market based on analyzing financial statements. Table2 Table2 shows mainly the relationship between the book value and stock price. Financial analysts are willing to use book value to measure the stock price. From the table 2 above, the book value of the Berkshire Hathaway increases from $14426 in 1995to $70281 in 2006 and the company’s stock movements, rising from $31900 in 1995 to $110050 in 2006. In addition to particular years, these two charts reflect clearly whether a short term or a long term, the trend of the book value and stock price is roughly the same. In the long term, the growth rate of the net worth is a useful indicator to justify intrinsic value. From 1995 to 2006, the net worth of Berkshire Hathaway’s  net worth increased from $5.3billion to $16.9billion, more than 3.18 times growth during the period. Stock price had increased 3.44 times with book value 4.87 times. Although 1n 1999, the net worth fell to 0.358billion, in the long term, this company still had a significant increase in its stock market per formance. Analysts also can apply activity ratios such as total asset turnover ratio and average payment ratio period to measure management effectiveness in managing its assets and to determine whether the investment in particular asset categories is too high or too low and also find out the efficiency or speed in converting accounts to sales or cash. (Dayanandan 2010, 114)Debt ratios such as debt to equity ratio and debt ratio can indicate financial leverage and the apparent financial risk assumed by the firm’s equity holders. Application Dow Jones Graph2 Dow Jones industrial index Sourced by yahoo finance Graph2 shows the change of Dow Jones industrial index before, during and after global financial crisis. The global financial crisis started in 2007 because the burst of housing bubble caused credit crisis especially in the debt markets.( McCarthy, Solomonand Mihalekl 2012, 1277 ) the stock market highly violated between 2007 and 2009. For example, in United States, the stock market increased to the peak in October 2007 with the Dow Jones Industrial Average about 14,000. After that duration, the Dow Jones dropped sharply from 12,000 in August 2008 to 6,600 in March 2009. After 2009, there is significant increase until now, rising to 14,929. Company- Berkshire Hatchaways Berkshire’s core business for insurance business includes the property casualty reinsurance and special class insurance company. For the past 25 years, this company has increasingly strong capital and little debt, for shareholders to create the value of more than 25% growth on average every  year. Table 3 shows analysis ratios and stock price from 2006 to 2012. Table3 Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2006 0.102 0.40 1.27 12.5 1.27 $109990 2007 0.109 0.43 1.24 13.8 1.51 $141600 2008 0.046 0.40 1.41 38.16 1.71 $96600 2009 0.059 0.38 1.19 18.1 1.11 $99200 2010 0.08 0.37 1.29 14.9 1.24 $120450 2011 0.06 0.37 1.32 19 1.18 $114755 2012 0.077 0.38 1.23 14 1.1 $133000 Sourced by Berkshire Graph3 Berkshire’s stock price between 2006 and 2012 Sourced by yahoo finance The gain in net worth during 2006 was $13.6billion, which increased the per-share book value of its stock by 18.4% to $109990. In 2007, the net worth is 12.3billion, which increased the per-share book value of its stock by 11% to $141600. However, in 2008, the stock price fell to $96600, and then there is an increasing trend from 2009 to 2012. Total assets turnover ratio Total assets turnover ratio measures the management efficiency of the firm in managing its total assets to generate sales. A high ratio suggests greater efficiency. Figures shown in table3, the total assets turnover ratio during global crisis had slight change between 0.37 and 0.40. However, the stock price changed sharply, so the stock price can not reflect the stability of this ratio. ROE indicates the rate of return realized by a firm’s shareholders on their investments and uses as an indicator for the company’s operation. Return on equity (ROE) Return on equity (ROE) is the best indicator to learn how much money a company is making for its investors and measurement of the company’s operations. (Dayanandan 2010, 117) However, ROE is also sensitive to leverage. Assuming that proceeds from debt financing can be invested at a return greater than the borrowing rate, ROE will increase with greater amounts of leverage. From 2007 to 2008, the debt to equity ratio increased by 13.7%, from 1.24 to 1.41. However, ROE rate fell sharply from 10.9% to 4.6%. Although ROE overreact to debt change, Berkshire’s fundamental did not change in 2008. Most of Berkshire’s business is affected by the economic significant downward in 2009. However, its manufacturing services and retail generated a lot of cash flow and continued to consolidate their market competitive advantage. Berkshire’s two most important businesses: business insurance and utilities also had a good growth rate. These businesses produced a large amount of business profits in 2008. P/E ratio P/E ratio is a common approach used by security analysts. In practice, investors usually use expected P/E ratio for the following year and analyse whether the stock price is overvalued or undervalued on the basis. P/E ratio indicates that a stock of its P/E rate over 30 is more likely to be overpriced. The P/E ratio in 2007 and 2008 is 13.8 and 38 respectively and the stock price during the period time of 2007 and 2008 is $141600 and $96600. The change of stock price is overreact to the pre-share earnings. P/B ratio P/B ratio gives some idea of whether an investor is paying too much for what would be left if the company went bankrupt immediately. From 2006 to 2009, P/B ratio increased or decreased had no direct correspondence with the stock price. However, to most companies, the book value is always lower than the stock price. Because most companies have intangible assets such as brand name, specialized skillsï ¼Å'product pricing power. These factors can not reflect in the balance sheet, but the long term trend of the market value is similar with book value. It seems that when P/B ratio increases, the gap between book value and stock price increases. On the other hand, the gap shows investors are willing to hold the stock due to its intangible assets. Cash flow model All these financial ratios cannot explain what happened in 2008 and using cash flow model to estimate the stock price also cannot explain this situation. Because investors assume the company can increase at constant rate. Although they use long-term GDP growth rate to reduce the risk of assessing value, this growth rate cannot explain and predict what happened during the investing period. They also use CAPM to measure discounted rate given by the risk-free interest rate plus a risk premium. The formula is ki=Rf+(Rm-Rf)ÃŽ ²i. However, ÃŽ ²sometimes cannot estimate risk between the market and stock. For example, a company’s market value increases from 10billion t0 20billion is less than market value of the company from 10billion to 3billion. If the company still operate well, from the market side, the risk of buying a company of the market value of 20billion is less than buying the same company of its market value of 3billion. Conclusion Therefore, during global financial crisis, fundamental analysis was useless. It is clear that during some periods the stock price is overvalued or undervalued significantly from its intrinsic value, leading to highly volatility of market price. Any market volatility is considered as irrational performances, so these market valuations caused by behavioral finance which do not have impacts on the company’s assets valuations and  operations. (Adams, Armitage and FitzGerald 2012, 157). In the long term, the trend of the stock price is similar to the trend of its intrinsic value. On the other hand, in the short term, market price is influenced and fluctuated by political, economic, psychological factors, so market price is always undervalued or overvalued, but it is fluctuating around the intrinsic value. Some research show that sometimes earnings information cannot react to the stock market simultaneously and all the public financial information pose a gradual influence on the stock market for a while. During global financial crisis, the stock price sharply fluctuated because of financial behavior. Debt crisis caused by housing loan had a significant impact on people’s confidence. Trader’s low confidence let them make decisions irrationally. Reference list 1. Lee, C.M.C. and Swaminathan, B. 1999. â€Å"Valuing the Dow: A bottom-up approach.† Financial Analysts Journal 55 (5): 4-23. 2. Kesh, Someswar. and Raja, M. K. 2005. â€Å"Development of a qualitative reasoning model for financial forecasting.† Information Management & Computer Security 13 (2): 167-179. 3. Carter, T. and Demissew, D.E. 2008. â€Å"Value innovation management and discounted cash flow.† Management Decision 46(1): 58-76. 4. Madden, B.J. 2007. â€Å"Guidepost to Wealth Creation: Value-Relevant Track Records.† Journal of Applied Finance 17 (2): 119-130. 5. Vilanova, M., Lozano, J.M. and Arenas, D. 2009. â€Å"Exploring the Nature of the Relationship Between CSR and Competitiveness.†Journal of Business Ethics 87: 57-69. 6. Dayanandan, R. 2010. â€Å"Working Capital Management for Sustainable Cooperatives.† Global Business and Management Research 2(1): 102-124. 7. Hagos, T.M. and Pal, G. 2010. â€Å"The means of analysis and evaluation for corporate performances. â€Å"Annales Universitatis Apulensis : Series Oeconomica 12 (1): 438-449. 8. Zaki, E., Bah, R. and Rao, A. 2011. â€Å"Assessing probabilities of financial distress of banks in UAE.† International Journal of Managerial Finance 7 (3): 304-320. 9. McCarthy, Mary., Solomon, P., and Mihalek, Paul. 2012. â€Å"Financial Crisis During 2007 And 2008: Efficient Markets Or Human Behavior?† Journal of Applied Business Research 28 (6): 1275-1281. 10. Adams, A., Armitage, S. and FitzGerald, A. 2012. â€Å"An analysis of stock market volatility.† Annals of Actuarial Science 6ï ¼Ë†1ï ¼â€°Ã¯ ¼Å¡153-170.

The Impact of Chinas Modern Foreign Policies on Economic...

The Impact of Chinas Modern Foreign Policies on Economic Growth Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year (econ-gen 1). Starting in 1979, the Chinese have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world. Just a few areas Chinas government is addressing are agricultural technology, the medical market, and infrastructures, like telecommunications, transportation and the construction industry. Chinese reform measures even anticipated the rush of foreign investment by opening†¦show more content†¦Chinas Central Ministry of Posts and Communication said that in order to complete this major task China will enlist the aid of major overseas suppliers and create manufacturing plants within the nation. ATT, Motorola, Northern Telecom, Alcatel, Erricsson, NEC, and Siemens are just a handful of the multinational companies which hold a considerable share of the Chinese telecom market, once again proving that China is becoming a party to global interdependence. The Chinese pharmaceutical market, much like Chinese industrial markets, is experiencing rapid growth due to reforms in Chinas economic strategy. The nations government has decided to lower import tariffs and remove the necessity of an import license to bring pharmaceuticals into the country. Also, patented foreign drugs, such as Tylenol, are now being protected from counterfeiting by administrative action. The result of these provisions are overseas contractual investments totaling $1.5 billion in the past five years, and income from the medical industrys exports reaching 2.6 times the amount five years ago, according to Zheng Xiaoyu, director of the State Pharmaceutical Administration (scitech/med 1). 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