Psychology: Human Memory Essay

The article addresses the problems of interference as related to implicit memory. The study reveals the inconsistencies of the previous studies in the area of explicit and implicit memory, and the impact of interference on the memory performance. The authors of the article analyze the three major studies conducted in previous years. Lustig & Hasher (2001) refer to interference as â€Å"a primary source of forgetting and a major focus of memory research†. Previous research has proved that implicit memory is immune to interference, but there is no evidence whether earlier studies have referred to proactive or retroactive interference. The results of the previous research have determined the different patterns of interaction between explicit memory, implicit memory, and interference mechanisms. This difference was later used to suggest that explicit and implicit memory tasks measure different forms of memory and act within different systems of the brain. Despite the clear evidence that implicit memory is immune to interference, Lustig & Hasher (2001) suggest that this evidence is impaired by using wrong methods of research: the authors emphasize the importance of differentiating between target and nontarget memory responses. Lustig & Hasher (2001) have designed a new study, â€Å"in which each fragment presented at test could be completed only by one previously presented target word†. The authors have utilized the three-group study design: in the interference group, the nontarget items were similar to the correct completions; for the control group, nontarget items were unrelated to the test fragments; the third group was used as a baseline and received only test fragments. The control and interference group participants viewed a list of words divided into the two groups of target and nontarget items. The list was followed by a set of exercises to be completed by both groups (word-fragment test). Lustig & Hasher (2001) used planned comparisons to analyze the results of the fragment-completion test. â€Å"The critical question was whether orthographically similar nontargets impaired implicit memory for the target words† (Lustig & Hasher, 2001). Although the control and interference groups have displayed better achievements in fragment-test as compared to the baseline group, the successes of the interference group members were negatively impacted by their exposure to the list of nontarget words. Thus, implicit memory was impacted by interference mechanisms. The authors have analyzed the proportion of incorrect answers as impacted by the group exposure to nontarget words. The results have shown an increasingly great number of intrusions of the non-target words in the interference group as compared to the control and baseline groups.   The results of the study, combined with the previous research results, have led to the conclusion that explicit memory cannot be the only critical factor in determining the presence of interference. On the contrary, the combination of the explicit and implicit memory responses determine the exact patterns of interference and their impact on human memory. Lustig and Hasher (2001) clearly demonstrate that implicit memory is not immune to interference. In addition, the researchers create a new vision of the critical boundary condition for interference, which â€Å"is similarity between critical and nontarget items, not deliberate retrieval† (Lustig & Hasher, 2001). Discussion questions 1. How is the interference phenomenon discussed in earlier studies? 2. Is there any unilateral evidence that implicit memory is immune to interference? 3. Why is the similarity between target and nontarget items potentially important for the investigation of interference and its impact on implicit memory mechanisms? 4. How has the use of fragment-completion test been beneficial for the discovery of interference impact on implicit memory? 5. In the light of the current research results, how can we define a critical boundary condition for interference?

Case Study Example

There are many product categories that could use the Scion marketing approach to apply to their businesses. Music industries market certain bands and artists to appeal more towards a younger age group, computer businesses market upcoming technology to younger audiences, as do phone company ices, websites, and home dcord. Choosing a target market is imperative for businesses in order to focus their advertising to whom they believe they would sell more product to.On the other hand, the tourism industry is marketing more towards people who are in the retirement age, and cars like vans and Subs focus more on middle age people who probably have children. Different products should be marketed towards who would be most interested, and in a lot of cases, this means businesses must gear their different products towards varying age groups. L]Decoupage buyers might view companies that their parents and grandparents are interested in as â€Å"not cool† or too mainstream for their own liki ng.Companies can overcome this, however, by changing their consisting in order to appeal to a newer generation. By creating new advertising campaigns and changing what kind of message they want their image to convey, companies have the ability to change the views of younger people. Myself, for example, always thought Subs were for married people with children, but Scion and other comma nines like Toyota have geared commercials to appeal to people my age. Toyota had myself fooled for a long time when they were marketing the Scion, and also thought it was a new brand.People from the newer generation look for products that are going to allow them to show their personality, and not just be another face among the crowd. Scion was smart to use the whole customization aspect of the Scion, especially because people my age and younger are always changing their cars to be what they want them to be, and not be what comes off the lot. If Scion doesn't find a way to still stay new, I do believe that the allure of having a Scion will eventually wear off.Businesses should always be ware that their target audiences are always changing, and must be on top of what it happening in the world in order to keep their businesses alive and growing. By promoting customer communications and knowing what the younger generations want in a product, Scion could possibly still keep their appeal. It is going to be hard, though. Every time I see a Scion I already think that their idea is kind of old.

Unit 2 module Assignment Example | Topics and Well Written Essays - 1000 words

Unit 2 module - Assignment Example The opposite is true in the case of unfavorable variance, where the amount set aside in the budget is less than the actual expenses to get met. For this case, the organization will experience budget deficit, and some items in the budget will get forgone or postponed unless borrowing or further funding get undertaken by the firm. c) Some variances are usually nil or zero. This arises from the accurate budget estimation done by the organization. Favorable and unfavorable variances often result from an organization’s lack of the exact projection or rather forecasting on the accrual expense in its various variables, both patient and non-patient revenues. Other also arises from an organization’s failure to give the estimate on the exact value of the expenses, both personal and non-personal, and the income over or under expenses. d) The possible primary cause of favorable variance is the organizations overestimation on the actual price of the particular variable. It can also arise as fall in the future price or cost of the particular variable, such that relatively the budgeted value is higher than the real value. As a result of this, the estimated value exceeds the actual value leading to a positive difference, which, in this case, is the favorable variance. The possible primary cause of unfavorable variance is underestimation of the real future price of the particular variable, for example, net salaries and wages. The other possible cause is the increase in the future price or cost of the particular variable, such that the budgeted value is relatively lesser than the actual value. For these two cases, the amount set aside for the budget ends up getting lower than the real value of the variable, hence a negative difference, which results in unfavorable variances. e) Positive variances are always favorable. This

Death be not proud because I could not stop for death Essay

Death be not proud because I could not stop for death - Essay Example Donne treats death as a person in his poem and contradicts its power. He tells death not to be so proud as it is not as scary as it shows people it is. The writer tells death that it isn’t as powerful as it thinks it is and he contradicts its strength. The writer says that people don’t die when they meet death and neither will he himself. He compares death with ‘rest and sleep’ (Donne 11), the two things which are peaceful and not scary at all. He says that the good people know that death doesn’t bring pain rather pleasure. The poem further goes on to explain death as a slave and the writer accuses death of being associated with elements such as poison, sickness, and war. He says that he could just have some drugs and fall asleep which is just the same as death would be. Death is considered to be just a short sleep that humans take and then the good ones wake up again to eternity (Donne 11). Since this happens, death is not eternal and death dies whi ch means it has no power. The beginning of the poem focuses on the theme of death and the speaker addresses death as a proud person with an attitude problem who thinks himself as the most powerful. The speaker says that death considers himself as someone who can boss around and overpower the people. It is a powerful force that scares people and people wish to escape it. He is treated as the king as everyone thinks it is here to do something terrible (Donne 11). However, the speaker says that he isn’t afraid and he knows that death isn’t as scary as it shows everyone. The speaker confronts death and tells him that he isn’t scared as he knows that people think wrong. The poem then forms further elements that death is not actually death and it dies with reference to the Christian tradition that everyone will rise for eternity. This means that death is not real and it is not forever.

To be Determined Essay Example | Topics and Well Written Essays - 1250 words

To be Determined - Essay Example The young Daisy, an American girl of flirtatious demeanor and apparent stubbornness quite rare of women her age, meets and is pursued by the sophisticated Winterbourne—a bachelor of high status, but with decidedly traditional values. He is enamored by her, but is taken aback when Daisy’s behavior debunks everything he knows as true; that a young woman should never be outspoken or carefree, and that she should not be allowed to be friendly with men. Unless she is engaged to him, and that situation still calls for numerous restrictions. The young and pretty Daisy apparently enjoying the teasing and flirting with Winterbourne, also befriends an Italian gentleman named Giovanello—and their much-witnessed romps and trips around Rome sealed the girl’s fate and reputation as an unsuitable woman. Winterbourne acknowledges and supports this general opinion after concluding that Daisy had chosen Giovanello over him, and tries to dissuade her from creating an even mo re horrid image of herself. Daisy finds this laughable, and continues to move around with the Italian, until their regular evening outings cause her to be afflicted and to die of malaria, or Roman fever. In the end, Winterbourne is told of Daisy’s last message for him, which is to clarify that she is not engaged to Giovanello. Soon after, Winterbourne proceeds to live his regular life in Switzerland. The story clearly echoes a widely-acknowledged Victorian philosophy, called domestic ideology. During this time, a woman is only held as good, or true, when her environment and social parameters are limited to the home and family. She was required to uphold her identity foremost as a virtuous and dutiful wife and mother, coming from an earlier life as a good sister and daughter. Such are the ideology’s rules that should a woman violate or neglect any, she is immediately relegated to a persona of negative

Health Economics Essay Example | Topics and Well Written Essays - 1250 words

Health Economics - Essay Example The studies conducted by Shadick and colleagues focused on assessing the cost effectiveness of the vaccination against the Lyme disease by developing a decision analytic model. However, the evidence gathered for such an experiment may be not being considered as robust as it may seem because the probabilities and costs used by Shadick and Colleagues were taken from the literature which may not be considered as entirely satisfactory as it may seem. Further, best estimates were used on the base case analyses whereas the ranges used in sensitivity analysis were considered as clinically plausible only. Further, the evidence for compliance and risk effects were taken from relatively newer and recent trials which may not have considered as entirely satisfactory and untested due to lack of time tested empirical proofs. Further the evidence for cost effectiveness and management of Lyme disease were taken from one study only and the dollar values were updated up to 1998 only which may not entirely be considered as entirely accurate and relevant. Based on the above, it may be easily inferred that the evidence may not entirely be considered as robust as it lacks in many areas which were conceptually not corrected/designed according to the relevant economic variables. Any health state rated between zero and one can be rated as death or equivalent and perfect health whereas anything below zero on visual analogue scale may be termed as worse than death therefore based on three given states of A, B, C at 0.1, 0.45, 0.8, we can assign a utility of death or equivalent because all the utilities are greater than zero but less than one. Therefore, the utility assigned to all three states are effectively representing one state because all three are less than one and greater than zero. Q#1(d) An incremental cost effectiveness ratio (ICER) can be less than $40,000/- per quality adjusted year only if the persistence of vaccination efficacy is considered at three years. The traditional studies suggested that the cost effectiveness ratio, under two year time horizon of vaccination efficacy, the overall cost reach to $105,000/QALY. However, when this time horizon is stretched to three years, the incremental cost effectiveness ratio can reach up to $29,600/QALY. It is also important to note that Shadick & Colleagues took a radically larger efficacy period as in comparison to traditionally used. Q#1(e) With the increase in the vaccination cost by 100% i.e. from $150 to $300, the overall cost saving/QALY would decrease and the program would have moved up into the league table indicating smaller cost savings from the vaccination. The cost saving however is taken in terms of the costs averted while using the given vaccination. Q#2 Shadick and Colleagues considered a decision analytic model as one of the valid tools for making economic evaluation. Decision analytic tool is used when the intention of the researcher is to make justifiable and defendable decisions. Since, economics always involves a relative degree of abstraction therefore it sometimes becomes critical that such model for economic valuation is used which can provide researchers considerable degree of comfort while defending assessments made. (Arsham, 1994). Making comparison with earlier studies provide a peer reviewed evidence which can help researchers to take on the research

Immigration and Diversity Research Paper Example | Topics and Well Written Essays - 250 words

Immigration and Diversity - Research Paper Example This paper discusses the migration of the Japanese into the state of Texas and where they settled. The Japanese migrated into Texas for various reasons. Some of them moved from Japan to settle in Texas as a result of overpopulation and congestion in the country1. The movement of some of the Japanese was by choice like, for instance, the movement of businessmen to Texas to exploit business opportunities in Texas. However, the migration of some of the Japanese was forced such as the forceful relocation of prisoners. Overpopulation caused a group of Japanese led by Sadatsuchi Uchida to tour the Gulf Coast eyeing the possibility of relocation to the area. The group was successful and thus migrated to the area and set up rise farms2. The success encouraged the movement of more Japanese to the location. Hostility drove Japanese from the West Coast to settle in Hidalgo and Cameron counties in lower Rio Grande Valley. Some of the Japanese settled in Bexar and El Paso countries. The migration of the Japanese was not particularly a drastic process. They moved into Texas in small groups and finally settled in the area to carry on their business activities. Today, the Japanese live peacefully in Texas and have become citizens by naturalization. Their massive contribution has led to the tremendous growth of the state of

The Art and Craft of Rap Music Essay Example | Topics and Well Written Essays - 3000 words

The Art and Craft of Rap Music - Essay Example Then, the four most infuential rap albums of all time are discussed, chosen primarily based upon their influence in redefining the genre as it existed prior to the album. Some of the largest names in the rap music business are discussed and analyzed with particular respect to their technical and artistic merits, as well as their social impact upon the world. Since its conception in the early seventies, rap music has been more than just a genre of music. It has become a street culture with elements that promote self expression and participation. Whether you call it rap or hip hop, it is the medium for urban-based creativity and expression of culture. This paper discusses the history and influence of rap, offering insight into a genre that is highly publicized on a global level but often ignored. The beginning of hip hop has often been discussed and debated among those in the music scene. On one hand, it seems to be widely accepted that the birth date of rap was 1979, when Sugar Hill Gang released Rappers Delight, but the hip hop scene more likely began to form in the Bronx in 1971. The founder of hip-hop was rapper and first break-beat deejay Kool Herc. Sugar Hill Gang seem to be used as a starting point as they hold the title for the introduction of rap music on vinyl, the youth cult for rap music had established itself many years prior to 1979. Soon after the conception of rap as an idea, Grandmaster Flash invented scratching; spinning a record back and forth creating a scratching sound. These innovations made by Kool Herc, Grand Wizard Theodore, Grandmaster Flash, Afrika Bambaataa and other like- minded DJs of the era were the spearhead of an underground cultural movement that is now recognized as hip-hop. Hip hop quickly became recognized as a form of urban based creativity and expression of culture, the turntables enabled artists to be creative with musical sounds. The turntable is an instrument that gives artists control over mainstream music, by proffering a "simple tool to make their art," (Byi, 1998) constituting a sense of rebellion through scratching and distorting a track. Not only does deejaying give artists a sense of upheaval, but also liberation and freedom, the DJ, Q-Bert explained this phenomenon in an interview, "the art of scratching is like a miracle- how you grab any recorded sound and manipulate it to say whatever you wantI wanted to speak the universal language of music, so I chose the musical instrument of the future: the turntable" (Byi, 1998) In the beginning, hip-hop was mainly seen at parties where a DJ would loop samples from records and allow people to battle over these tracks; from here hip-hop culture grew. Deejays often used a microphone to engage the crowd. Over time, individuals other than the Deejay joined in, delivering a message in a catchy rhyme form. By drawing attention not only to the message itself, but also how the message was conveyed, these individuals became performers in their own right, taking a place alongside Deejays and B-Boys; the emcee was born. People were rapping on the streets, and battles could be seen in warehouses on a Saturday night where budding rappers would get on the stage and rap against each other in a knock out style competition. It was the lack of financial resources that prevented this music from being

Public Health and an Epidemic Essay Example | Topics and Well Written Essays - 1000 words

Public Health and an Epidemic - Essay Example You know that it is hurting you and your whole body system but you cannot see it. You want to confront it but you cannot find it. You want to eradicate it but you cannot touch and catch it. Those are your predicaments. You appear to be the loser to the adversary which you cannot even tell if it is there or no longer there. In the meantime, this very tiny creature which attempts to destroy your whole human faculties keeps on multiplying and multiplying by fighting its own host which is you in order to survive. At the other side of the coin, here you are also fighting for your health and life against a virtual unknown and an invisible folly. Yes, it is a fight to survive between you and this mysterious foe. Who survives is a question you cannot resolve, despite all the knowledge and information which you have stored in your brain which this opponent ironically does not have. Then, you turn to Charles Darwin who utters "survival of the fittest".3 You have to be the winner. You have to b e the fittest else the homo sapiens becomes an endangered species or consequently extinct. In this study, the publi... Then, you turn to Charles Darwin who utters "survival of the fittest".3 You have to be the winner. You have to be the fittest else the homo sapiens becomes an endangered species or consequently extinct. Owing to the premises laid down above, it is therefore imperative that once an epidemic becomes noticeable, researches must be made to identify and define the killer. In this study, the public health topic selected is Chlamydia, a sexually transmitted disease. While it is very well under control by the use and management of certain antibiotics, there has been reported resurgence in alarming proportions.4 In the United States of America in the year 2006, there were more than one million cases reported to the Centers for Disease Control and Prevention (CD), an agency under the Department of Health and Human Services and there is reliable information that the figures of unreported cases are substantial. Chlamydia is a very important selection because it bears to infertility and to inborn infections which are sometimes irreversible, including pre-mature deliveries. It means that it is a threat to life especially of the innocent babies. 5 It is also worth to note that there are opinions commenting that people with Chlamydia are likely to acquire AIDS. Variant characteristics of Chlamydia Chlamydia being a sex disease, it is perceived to be common to people who are still within the active sexual life range It does not matter what race or gender one belongs to be exposed to the disease. As far as concerning occupation, this epidemic will not care whatever profession the person has although the probability of infection should be naturally high to those who trade with sex (like prostitutes, entertainment and hospitality workers) and those prone to have such unconventional

Social Sciencee Term paper Essay Example | Topics and Well Written Essays - 2500 words

Social Sciencee Term paper - Essay Example If you want to even talk about firms setting prices you have to talk about firms that have some ability to do so, and those are firms that have some market power: they are imperfectly competitive. Is there any other method which can help us to resolve more effectively and efficiently the many problems which are menacing the foundations of Western society What is wrong with the alternative of Marxian economics as applied in the Socialist countries, which also harbor a plethora of unresolved problems Is the thinking of our time upside down, or are we using the wrong approach - both in the West and the East - and therefore cannot resolve the pending problems These are some of the leading questions to be answered during the rest of the twentieth century. First, he broke the prevailing conventional wisdom of the past, i.e. the classical economics and method of reasoning, and brought for debate a new economic vision where government intervention becomes a part of and a major rule in the economic system. This was a new economic philosophy in contrast to the classical view where government intervention in a free society was conceived as an exception to the rule or not needed at all, according to the formula of laissez-faire or "hands-off policy". Second, he wSecond, he was able to develop new tools of analysis like the multiplier theorem, the consumption function or the paradox of thrift - all devised to prove that his new economic philosophy based on the concept of active and permanent government intervention was necessary and workable. Third, he was able to induce a large number of his peers in the economic profession to accept and follow his method of approach and the overall conceptualization, even though this was a sort of inverted type of analysis when compared with classical economics, as will be shown later. The fact of the matter remains that his influence upon the thinking of his time was tremendous and unprecedented. Indeed, no other economist since Adam Smith enjoyed the opportunity to see that during his lifetime his ideas have conquered the world. This was a performance which raised Keynes to the status of the most influential economist of the twentieth century. A new composite method of approach: equilibrium vs. disequilibrium Classical economists were deficient in two major areas, one theoretical and the other practical. Their great performance was the study of stable equilibrium in theory where they found natural laws. This direction culminated with the formulation of the Walrasian theorem of general equilibrium. However, they were deficient in not having studied with the same diligence and attention problems of disequilibrium which were closer to the existing economic and financial conditions of their time. In other words, they were not aware of the existence of a gap between the harsh and unstable realities staring them in the face and the conceptual construction of an economics of stable equilib

Causation and Intervening Acts in Criminal Law Essay Example for Free

Causation and Intervening Acts in Criminal Law Essay According to Robin J.A. in Malette v Shulman[1], â€Å"the right of self-determination which underlies the doctrine of informed consent also obviously encompasses the right to refuse medical treatment. A competent adult is generally entitled to reject a specific treatment or all treatment, or to select an alternate form of treatment, even if the decision may entail risks as serious as death†¦The doctrine of informed consent is plainly intended to ensure the freedom of individuals to make choices concerning their medical care. For this freedom to be meaningful, people must have the right to make choices that accord with their own values regardless of how unwise or foolish those choices may appear to others.†[2] R v Blaue[3], a famous causation case in criminal law, brings to foreground a thought-provoking debate about whether an individual’s religious beliefs and other psychological values could be included in the ‘thin skull’ rule and whether the refusal to take lifesaving medical treatment breaks the chain of causation that exists between the defendant’s wrongdoing and the purported outcome of that wrongdoing. The facts of the case are as follows Blaue, the defendant, stabbed a woman numerous times after she refused to have sexual intercourse with him. She was a Jehovah’s Witness and was therefore not in favour of blood transfusions. After the stabbing, she was taken to a hospital and was told that she urgently needed to have a blood transfusion, without which she would die. Owing to her religious beliefs, she refused to consent with the suggested treatment. As a result, she died in the hospital. While giving the judgment, Lawton L.J. stated that â€Å"those who use violence on other people must take their victims as they find them.†[4] This, according to him, not only includes victims’ physical characteristics, but also their emotional, psychological and spiritual values and beliefs. This decision has proved to be extremely controversial and gives rise to various debates. Most understand the rationale behind the court’s judgment and agree that the defendant is , as a matter of fact, criminally liable for causing the injury. After all, the victim was at the receiving end of several stabbings, imposed by the defendant, who clearly had an intention of causing serious bodily harm, if not death. However, some feel that the death was the result of the victim’s refusal to carry out the blood transfusion. They feel that the defendant should not be responsible for the unusual, irrational and unjustified religious beliefs of the victim. In addition, the defendant could not have possibly foreseen her backing out of receiving medical treatment in the hospital. The Blaue case creates many doubts about the doctrine of causation in criminal law. Was Blaue responsible for the victim’s death or was it an act of the victim, since it was her decision to refuse a blood transfusion? If we conclude that Blaue is indeed responsible for her death, another question comes to mind: Why is the victim not responsible for her own death? First and foremost, it is a fact that the victim sustained injuries due to numerous stabbings and it was Blaue who had inflicted them upon her. Her not taking any steps to save herself did not instigate her death. Secondly, there is an application of the ‘thin skull’ rule in this case. An important principle of the law of causation is that defendants must ‘take their victims as they find them.’ This means that if a defendant pushes someone and because they have a thin skull, they crack their head and die, the defendant will be liable for causing their death. The Court of Appeal in Blaue indicated that the decision could be seen as a ‘thin skull’ example. It was established that the ‘thin skull’ rule goes beyond the physical characteristics of individuals, also including a person’s moral and religious beliefs. Thirdly, the victim’s decision to not undergo blood transfusion, which would have clearly saved her life, was based on profound religious views and hence, did not constitute a novus actus interveniens. That is, it was not an intervening act. Nevertheless, the judgment has been critisised on various grounds. Why was the vict im’s decision to refuse medical treatment seen as a subsisting condition rather than an intervening cause? Would it have been the same if the refusal was due to a fear of needles or the fact that she could not bear the pain and thought dying was the only way to end the agony? A decision steered by religious beliefs is a moral choice, that is, a free decision. Why should the defendant endure the responsibility if the victim makes a free choice to kill herself any more than he should if, weakened by the injury, the victim took a controversial choice to end her life with dignity rather than enduring pain and life-long humiliation? Thus, to understand the Blaue case, we not only need to take into account causation in criminal law, but also the two doctrines which apply to the concept of proximate causation; the ‘thin skull’ rule and the principle of novus actus interveniens. Causation In criminal law, individuals that are guilty of a crime are penalised for the harm they cause if both the physical and the mental element of committing an offence is present. There must be a valid connection between an individual’s conduct and the result alleged to constitute an offence. The causation requirement attaches criminal responsibility to those individuals whose conduct is sufficient enough to bring about serious bodily injury or death. In Hallett[5], the accused assaulted a man and left him on a beach. Over the next few hours, the man drowned. The court concluded that Hallett’s contribution to his death was more than minimal to hold him responsible for it. However, in Blaue, the defendant was found to be the substantial and operating cause of the woman’s death. That is, his stabbings is why she was admitted to a hospital in the first place. ‘Thin skull’ rule The defendant must take the victim as he finds him or her and this means ‘the whole man and not just the physical man.’ This rule applies irrespective of whether the defendant is aware of the condition in the victim. On one hand, there are instances where the victim suffers from a pre-existing condition which renders him or her more vulnerable to injuries. On the other hand, there are cases where the victim does not take medical treatment to heal wounds and suffers serious harm as a result. A defendant cannot escape liability for a victim’s death as a result of an abnormality pres ent in the victim or an internal, subsisting belief of the victim. It is his fault that he caused harm in the first place. In R v Hayward[6], a man chased his wife into the street shouting threats and kicked her. She collapsed and died from an unusual thyroid condition which made her susceptible to physical exertion and fear. He was convicted of manslaughter because he aggravated her pre-existing condition by physically assaulting her. This case is a good example of the ‘thin skull’ rule applying to the physical characteristics of an individual. The fact that he could not possibly foresee her dying is not an excuse. However, can a victims religious beliefs constitute a thin skull? With reference to Blaue, according to Hart and Honorà ©: â€Å"The question is not whether it is reasonable to believe that blood transfusion is wrong, but whether a person whose life is in danger can reasonably be expected to abandon a firmly held religious belief. The answer must be surely no.†[7] Religious beliefs and convictions are an internal cha racteristic of individuals, which is deeply rooted in their way of thinking and life. It is intrinsic to every person. Hence, people cannot be held legally accountable for possessing such sentiments. Novus Actus Interveniens The general principle is that an intervention by a third party will break the chain of causation if it is ‘free, deliberate and informed.’ In R v Kennedy[8], Kennedy prepared a syringe for the victim, who injected himself and died due to an overdose. Kennedy was convicted of unlawful manslaughter. The act of the victim, in injecting himself with the drug, was an intentional, free, deliberate and an informed action. Thus, the drug dealer is not guilty of unlawful manslaughter. In contrast, in R v Dear[9], the defendant slashed the victim repeatedly with a knife. The victim died two days later. The defendant appealed against his conviction for murder, arguing that the chain of causation had been broken because the victim had committed suicide either by reopening his wounds or because he had failed to take steps to stop the blood flow after the wounds had reopened them selves. The court dismissed the appeal and held that the real question was whether the injuries inflicted by the defendant were a substantial and operating cause of the death. The victims death resulted from excessive bleeding from the artery, which was triggered by the defendant when he attacked the victim. In Blaue, the refusal to get treatment does not break the chain of causation, despite the fact that it was informed and deliberate, because having such a belief is involuntary and requisite. According to Hart and Honorà ©, â€Å"the question to be decided is whether the decision to refuse treatment is not merely deliberate and informed but also a free one. In view of the high value attached in our society to the matters of conscience, the victim, though free to accept any belief she wished, is not thereafter free to abandon her chosen belief merely because she finds herself in a situation in which her life may otherwise be in danger. So it was not her free act to refuse a transfusion.†[10] It was reasonably foreseeable that a Jehovah’s Witness would refuse a blood transfusion. The victim had no choice due to her religion. It was not a free decision because, in a way, she was bound by it. It could be said that she simply let the wound take its natural course. Moreover, the death was caused due to the bleeding arising from the penetration of the lungs, which was brought about by the stabbings. The substantial and operating cause test does not take into account a victim’s distinct characteristic. So long as victim died of internal bleeding due to the wound administered by Blaue, we need not ask further questions. However, if the principle of ‘taking your victims as you find them, including their beliefs’ is applied to more cases, it would have varying results. Let’s assume that X assaults Y. Y ends up committing suicide because she is mentally unstable or because she hopes to get X behind bars. Another example could be that X shoots Y on his left leg. Y could go to the hospital but decides to remove the bullet by himself. Unable to do so and still refusing medical treatment, he dies. Should X ‘take’ Y’s unstable, vengeful or negligent behaviour? Is that justified or is it unfair? [ 1 ]. Malette v Shulman [1991] 2 Med LR 162. [ 2 ]. Jerome Edmund Bickenback, Canadian cases in the philosophy of law, 4th edition, at 160 to 161. [ 3 ]. R v Blaue [1975] 1 WLR 1411. [ 4 ]. Michael T. Molan, Sourcebook on Criminal Law, 2nd edition, at 67. [ 5 ]. Hallett [1969] SASR 141. [ 6 ]. R v Hayward (1908) 21 Cox 692. [ 7 ]. Denis Klimchuk, Causation, Thin Skulls and Equality (1998) at pg. 126. [ 8 ]. R v Kennedy [2007] UKHL 38. [ 9 ]. R v Dear [1996] Crim LR 595. [ 10 ]. Alan Norrie, Crime, Reason and History: A Critical Introduction to Criminal Law, at pg. 143.

Love at First Sight Essay Example for Free

Love at First Sight Essay Love at first sight is a common trope in Western literature, in which a person, character, or speaker feels romantic attraction for a stranger on the first sight of them. Described by poets and critics from the Greek world on, it has become one of the most powerful tropes in Western fiction. In the classical world, the phenomenon of love at first sight was understood within the context of a more general conception of passionate love, a kind of madness or, as the Greeks put it, theia mania (madness from the gods). [1] This love passion was described through an elaborate metaphoric and mythological psychological schema involving loves arrows or love darts, the source of which was often given as the mythological Eros or Cupid,[2] sometimes by other mythological deities (such as Rumor[3]). At times, the source of the arrows was said to be the image of the beautiful love object itself. If these arrows arrived at the lovers eyes, they would then travel to and pierce his or her heart, overwhelming them with desire and longing (love sickness). The image of the arrows wound was sometimes used to create oxymorons and rhetorical antithesis. Love at first sight was explained as a sudden and immediate beguiling of the lover through the action of these processes, and is illustrated in numerous Greek and Roman works. In Ovids Metamorphoses, Narcissus becomes immediately spellbound and charmed by his own (unbeknownst to him) image. In Achilles Tatiuss Leucippe and Clitophon, the lover Clitophon thus describes his own experience of the phenomenon: As soon as I had seen her, I was lost. For Beautys wound is sharper than any weapons, and it runs through the eyes down to the soul. It is through the eye that loves wound passes, and I now became a prey to a host of emotions[4]Love at first sight was not, however, the only mode of entering into passionate love in classical texts; at times the passion could occur after the initial meeting or could precede the first glimpse. Another classical interpretation of the phenomenon of love at first sight is found in Platos Symposium in Aristophanes description of the separation of primitive double-creatures into modern men and women and their subsequent search for their missing half: when [a lover] is fortunate enough to meet his other half, they are both so intoxicated with affection, with friendship, and with love, that they cannot bear to let each other out of sight for a single instant.[5]

Case Study Of Starbucks In Hong Kong Marketing Essay

Case Study Of Starbucks In Hong Kong Marketing Essay Chapter 1: Introduction 1.1: Research Background and Motivation Hong Kong is a cosmopolitan metropolis, it embodies both Eastern and Western traditions. Due to its rich cultural diversity and transnational lifestyle, the city offers a wide variety of international catering which is served in more than ten thousand coffee shops and food outlets. In recent years, the rapid growth of food and beverage industry in Hong Kong draws more attention from public. According to the results of the 2011 Annual Survey of Economic Activities Restaurant Sectors amounted to HK$89,300 million in 2011, representing an increase of 6% over 2010, and 12% over 2009.( Appendix A) Analysed by Food services, in 2010 total receipts of fast food shops increased in value by 8.4% over 2009, this amounted to HK$18,719.6M. Other eating and drinking services increased by 7.4% in value, this amounted to HK$35,100.8M in 2010. (Appendix B) This result obviously shows that snack and beverage industry continues to expand in the market. Coffee is a very political commodity, Roseberry says. Among coffee men, there is a growing interest in social and environmental issues by the coffee roasters of these organizations. Coffee-consuming-world represents a kind of social lifestyle as it is rooted in centuries in the Western countries. Coffee consumption in Hong Kong is 1.1 kg per capita (World Resource Institute). Nowadays, coffee is not just a pure drink for this modern generation, it is also a symbol of new spiritual lifestyle. Eating or drinking in a coffeehouse is not only a demand for coffees quality, taste and convenience, but also pursuit of fashionable leisure and elegant lifestyle. In the popular cultural discourses, Starbucks is described as driving out local coffee shops. It imposes a standardized culture on local communities, and invites consumers into a social gathering place. This culture presents the values, beliefs, customs and tastes produced or practiced by this group of people. (Solomon, Marchall Stuar t, 2008) Snacking with colleagues or friends after work provides a major socializing opportunity in Hong Kong. Young customers prefer to visit coffee shops for leisure time. Even working people are likely to use the coffee shops as their work places. Coffee shops provide an informal setting for social encounters, and more importantly these structured environments do not command a great deal of time or money from the customers, this is a small but significant move to redefine this new lifestyle in Hong Kong. Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. There is a total of 17,003 stores in the world (as of 02 Oct. 2011) and 115 stores in Hong Kong, since its first store launched in Centrals Exchange Square in May 2000. (Appendix C) Starbucks brings the coffee experience to you! This is what Starbucks commits, and indeed, it has established as the linchpins of a desirable coffee shop experience, a systematic influence on the socio-cultural. (Craig J. Thompson,2004) In Starbucks stores, people can be immediately associated with a relaxed and intelligent experience, this is just the image of Experiential Branding which Starbucks creates. Every aspect from the posters to the Starbucks logo gives the experience it intends to portray. It is the calm atmosphere which the brand presents that not only draws people into the store, but also makes people linger and return more regularly! What is Experiential Branding? It is a discipline of how consumers understand and define the brands in terms of the experience they deliver and the lenses through which they are evaluated. Experiences are a fourth economic offering. Pine and Gilmore describe in the Experience Economy in 2003, if the consumer buys the experience, he will spend time to enjoy a series of memorable events and engage himself in his personal way. Good examples are Ritz-Carlton which offers new value to its customers in hospitality experiences by its welcome gifts; and Apple which provides in-store Genius Bars to build a remarkable experience for its customers. Yet in 2006, Robert Passikoff argues in his book Predicting Market Success that the 4P Marketing Mix cannot work effectively without Customer engagement, Customer expectations and Customer loyalty(3C). These initiatives have conspired dramatically to take place of 4P Marketing Mix in todays economic world. Nowadays more and more people focus on quality of life as they are not just living for food and warmth(Pine Gilmore,1998), they are now looking for a higher spiritual experience which is a kind of environmental service to decrease their stress from work. Many researches on marketing management are for strategies, products, services, customer loyalty, customer satisfaction, and so on, but not too many on experiential marketing and branding. Although there are a lot of studies and researches on Starbucks, some other well-known companies are even less researched on Customer Experience in Hong Kong. This research will further the previous study structure to investigate the connections among Customer Experience, Brand Image and Customer Loyalty, and hope to find out how Starbucks carries out its commitment and how it strives to win the customers loyalty in this competitive market. 1.2 Research purposes Western lifestyle has been popular in Hong Kong for decades due to its special historical background. The new generation especially, eats out more often than their parents, and these new consumers have created a huge demand for leisure and carefree consumption places. As a pioneer in most new markets in the world, Starbucks seized the new information in Hong Kong and set up its first store in 2000. By May 2008, it had expanded to over 100 stores without spending much cost on advertising for this market! How actually does it attract these local consumers? Due to the economic development, the improved living standards, Goods and services are no longer enough (Pine Gilmore,1998). Todays consumers expect more from companies than ever before. The consumer environment has been gradually changed into a new experience economy era. People are seeking for a more spiritual than material experience. Catering has changed to a culture and art as customers pursue a modern and playful lifestyle. To survive in this new competitive economy, the company must not only concentrate on market strategies, brand image, innovation features, service quality, decoration and setting, but also a full range of service process planning, so as to create continuous profits for the business. Based on this researchs background and motivation, business operators have emphasis on quality of product, innovation of management, and service differentiation to create the customer experience in this keen competitive catering industry. Tom Peters (2007) believes a good brand image can attract the consumers recognition and enhance customer satisfaction gradually, to obtain customer loyalty by every positive experience. This research targets 10 Starbucks stores randomly in Hong Kong, to explore the customers experience, brand image, and loyalty, so as to find out what consumers experience on this new lifestyle, and gain in-depth understanding to develop effective marketing strategies, and to maximize the customers perceived experiential value. 1.4.1. Customer: It means a party that receives or a person who consumes products or services and he has the ability to choose between different products and suppliers. Robert Passikoff (2006) interprets that usually customers can finally find out below 4P: The Products(services) that they are interested in. The Places this product may be purchased. The Prices are competitive or not. The power and control of Promotion. Though, one important point to be noticed is that a customer does not mean a consumer, as there are External Customer and Internal Customer(Tennant,2001). External Customer is not directly connected to the organization. Internal Customer is a person who directly connects to the organization, and they may be stakeholders. In this research, customer means the person who spends money in Starbucks stores in Hong Kong. 1.4.2. Customer Experience: It refers to individuals accumulating to produce a kind of experience after a period of time or activities, by this experience, a subjective psychological state will be created(Pine Gilmore,1998). In this study, the experience is defined as a subjective mental emotional response, evaluation and cognition to Starbucks. Experience begins with an interaction between the customer and the product or the company(Dinna LaSalle,2003), thus, it cannot happen without the customers involvement. Customers spend time and money to get more memorable or more highly valued experiences (Pine Gilmore,1998), the value of experience lingers in the memories, yet experience results in thoughts or feelings and both can be positive and negative. Marketers manage to develop the positive experience. Moreover, if the company can deliver Value Experience to a customers life, that product or service will transcend its ordinary price to become extraordinary or even priceless! (Dinna LaSalle,2003) For this reason, economists summarized the recent marketing and economic research into happiness as experiences over commodities and entertainments. (Pine Gilmore,1998). Starbucks creates a calm atmosphere inside its stores to attract people to come in, linger and return. It introduces the concept of the Third Space a space other than home and work, where people can spend time studying, working on their laptops, reading, meeting friends or even holding their formal meetings! All stores have leather couches for those people who prefer to relax in comfort, and for those who want a more structured environment to study or work, there is a choice of tables with hard-backed chairs. Just like Starbucks says: Life happens over the coffee. 1.4.3. Brand image: This refers to the enterprise that provides products, services or engaged in community, it also relates to information and subjective impression in the consumers opinion.(Walters,1978) Starbucks maintains a unique coffee culture, as Zhang Xi says in Starbucks: The Kingdom of Coffee (2005), Coffee comes from west, Starbucks originates in the United States, but the culture of Starbucks coffee is from the world. This culture starts at the planting of every single coffee bean, as Howard Schultz persists in coffee quality, then merged with the traditional romantic European style of decoration in the stores, it comes out with a brand new experiential corporation culture, which is so-called today Starbucks Culture. Howard Schultz led a speech from the lectern in Shanghai National Accounting Institute on 3 June 2006, he tells the audience that Starbucks spends very little on advertising or promoting, but Statbucks brand image is recognized by everyone in the world! This is a practical example to explain when Experiential marketing is done right, the brand can be successful without expensive advertising campaigns or slashing its price! 1.4.4. Customer loyalty: This is a kind of satisfaction established by a customers full acceptance at the intended level. It also results in consumption or other derivative positive support behaviour. Customer loyalty metrics can measure how the consumer engages with a new product or service(Robert L. Desatnick,1988). Peter Drucker says, Those brands relying on advertisements cannot be better than those relying on customer loyalty. Thats why without customer loyalty and higher levels of engagement, business cannot be successful. Below are the examples that to recognize customer loyalty is a great profitable factor: Starbucks: Starbucks originally opened in Seattle in 1971 as a store that sold coffee beans equipment. Since Howard Schultz joined the company in 1983, the brand name now owns more than 17,000 stores, in over 55 countries around the world. This is just the best evidence that loyal customers contribute to the rapid growth of the business. Google: Have you ever noticed that Googles IPO price was US$85 on Aug 19, 2004? Today it is worth US$ 655.76 per share, that is an increase of 7.7 times over eight years. Its success has great relevance to its Google Loyalty Programs. Apple: How many people could ever have imagined the speed and growth of Apple? From its annual report in 2011, its net sales amount comes to US$46,333 Million, compared to 2010 which was US$26,741 Million, it has increased by 73% within ONE year. It is not easy to find if Apply offers any loyalty programs or discounts, but indeed Apple can win its fans loyalty through its rapidly changing products! It meets customers expectations and excitement.

Management: Managing Individuals and a Diverse Work Force Essay

Chapter 12 is an entire chapter devoted to diversity. It explains exactly what diversity is, common mistakes in dealing with diversity, what are the individual differences associated with diversity and finally how to manage a diverse work force. Diversity is a variety of demographic, cultural, and personal differences among people who work in an organization and the customers who do business there. The main misconception is that diversity is interchangeable with affirmative action. However, that statement is far off basis. Diversity is much more in depth because it deals with a wider variety of contributing factors.   Ã‚  Ã‚  Ã‚  Ã‚  The chapter talks about the individual differences associated with diversity. These factors include surface level differences such as age, gender, race, and physical disabilities. There are also deep level differences such as personality, attitudes and values. Finally, the chapter discusses how to manage diverse working environments. They introduce methods such as: 1) The discrimination and fairness method, 2) The access and legitimacy method, and finally 3) The learning and effectiveness method. They also mention some types of training that are already out there to help diverse working environments work as a whole, from the top positions to the lowest positions. â€Å"What Would You Do II† The question that Avon, the worldwide distributor of makeup and personal products to women, has is whether to choose a man or a woman for the new pos...

Living with Severe Acute Respiratory Syndrome :: Personal Narrative Health Essays

Living with Severe Acute Respiratory Syndrome (SARS) The end of 2002 and the beginning of 2003 was a very trying time for my loved ones and I in Guangdong Province. I didn't know what was happening in my town. It started with people getting fevers. My father told me that the flu was spreading, that everyone is getting sick and I better stay inside if I don't want to catch it. Little did we know that what we were trying to avoid was not a mere flu outbreak, rather the coming of something much worse. My father's early dismissal of this disease only kept us comfortable a few months. By February of 2003, over 300 cases of this disease were reported just in our province. The fevers turned into respiratory problems and finally pneumonia. The Chinese Ministry of Health said this was atypical pneumonia. As conditions worsened here, it came to be known that a local doctor treating the pneumonia visited Hong Kong. Some how his contact with our infected citizens led him to infect 12 others on his hotel floor in Hong Kong. After the outbreak in Hong Kong, people started to take the disease more seriously. An outbreak occurs in Vietnam, tracing back to a man admitted in a Hanoi hospital for a high fever and sore throat. He goes on to infect 20 staff members at that hospital. At every hospital where these symptoms were present, the staff kept getting sick. The disease was termed Severe Acute Respiratory Syndrome, or SARS for short. By March, there was even a case of a flight attendant from Singapore who contracted the disease from a stay at a Hong Kong hotel. It was later found that through contact she had spread her case to 100 others in Singapore. During this ordeal life in our province became extremely difficult. I was told to always stay indoors. I couldn't leave the house to see my friends or even go to the store. The farmer we got our eggs from became very sick, and soon after his whole family shared his illness. People were afraid to go anywhere. We didn't know how this was getting around, all we had were the hundreds of people getting sick. The disease grew to huge proportions in Hong Kong.

Womens Athletic Organizations :: Pro Con Essays

Pro's and Con's of Women's Athletic Organizations being Incorporated by Men's Athletic Organizations When the American Basketball League (ABL) started up, I was one of the wide-eyed young athletes who dreamed of playing in it when I grew up. I had always had lots of women role models as athletes, but this gave me something that I could aspire to do with my life. These women were playing basketball as a career. My parents took me to games to see the New England Blizzard and the Columbus Quest play. One time we stayed in the same hotel as the Columbus team, and they all came out of their rooms and talked to me and autographed a program for me. That summer that Women's National Basketball Association (WNBA) initiated by the National Basketball Association (NBA). I was adamantly against the WNBA from the moment I heard its name. Take the men's league and stick 'women' in front of it, and you had the WNBA. The WNBA wasn't even playing basketball during the right time. No one should have a basketball season during the summer. Of course, they couldn't play during the winter because then th ey would be interfering with the men's games. The NBA couldn't let women's games draw support away from the men's games. In my thirteen-year-old eyes, the ABL was a league made for women by former female players. It had female coaches and it was the true basketball league that would give women an equal chance. The WNBA was thought up as a novelty by fat white men in business suits who thought that with the NBA's backing and money, they could do just about anything. So why not let women play basketball and see how it went over? In retrospect, I can see that neither of my opinions on the two leagues was exactly correct. However, I still resent the NBA-supported WNBA for breaking the first women's basketball league that had a real chance of surviving. I resent it more because I know that the WNBA did have a better chance of competing in the business world of professional sports because they did have support from the men's league. The WNBA would get more sponsors than the ABL would, and it could afford to not make a profit for a few years with the financial support from the NBA. I can also see that with my height and lack of natural athletic ability there was no way I would have ever made it into either league.

Meaning of Life and Personality Essay

What is personality? Personality is defined as a ingrained and relatively enduring patterns of thoughts, feeling and behavior. How can anybody be certain how his or her personality is going to turn out. I think people go through many different types an stages of personality throughout life. I think there no way to judge a personality, and that’s if you go by what researchers go by. Do researchers gather all the people in the world and judge the way they act, think, and go through what they do? I think everybody chooses their own personality, what I mean is there personality goes through what prson want it to be. People change their personality many times, at different times. People change their personality through the environment they go to everyday. There is really is no defintion to me, because personality changes too many times and people change each time to a new social world. A personality is very unique to a person, because it defines a person characterstics toward life. Personality usually has to constitute the meaning of that person and the way he or she lives in the world. Personality has to be with that person at all times, because it will help it will help distinguish you from other people. Personality is a key element for a person to establish his or hers in the social world. One person can not only have on personality because that person thakes on a different personality of the series of things that a person is going about. This all comes to point how does personality develops in a person. Reasechers think personality develops in the enviroment and is through heredity.

Professional Teachers Essay

The middling get worder tells. The pricy instructor ex mere(a)s. The master instructor demonstrates. The great reader inspires (William Arthur War). program line is more than a profession it is somewhat(predicate) beingness full magazine p atomic number 18nts to the bookmans. Students pop off most of their hours with teachers, thus when you be a teacher, you dont honourable teach the basics teachers are expected to go the extra mile for their scholars and run into each(prenominal) the necessary requirements are met.On the other hand, education hindquarters be defined as gaining association or s murders that potentiometer be useful or righteous (www. cidde. pit. edu). Beliefs about program line and h senescentedness strategies do non incessantly help single to become a good teacher. Beliefs nominate be defined as the moral be halt, condition or habit of placing reliance or confidence in several(prenominal)thing or someone (www. thefreedictionary. com), therefore as you corporation see if a teacher view in utilise a pervert strategy for study or educational activity method is the patch up application this whitethorn exertion devastating results for students.Good teaching is an act of generosity, a whim of the penuryon muse, a craft that may grow with practice, and al focuss risky business (www. couragere stark nakedal. org). I debate that teaching, if done wholeheartedly and efficiently bottomland practise a profound tinct on students. The opposition would non just be restricted to the transfer of receiptledge but pinch and guidance. Teachers should develop a bond with their students and a relationship so that students empennage feel safe and saved by teachers.They should be able to hire the same(p) sense of feeling they have towards their parents or guardians. They whoremonger serve as in effect(p) caregivers loving and respecting their students, helping them bring home the bacon at the work of sho al, arrive ating their egoism by treating each student as having worth and dignity, and enabling students to gain a first-hand appreciation of the meaning of morality by being treated in a moral personal personal manner (www2. cortland. edu). After participating in this course I still that these sm only factors strain up the large picture.I tryed that by having these qualities would make you a unforgettable teacher and would impact on the kidskinren in a positively charged way. Being a tolerant teacher is as well an essential factor that leads to good teaching. As a teacher, you encounter a variety of situations and it is your responsibility to be patient and visualizeing in solely steadyts. A good teacher must lodge patient with his or her students at all times. However, that doesnt mean the teacher should permit the students get away with whatever they want to. Discipline and fairness must be used as well.A teacher with these qualities is able to understand his or her students and k outright how to help them succeed. A teacher with flyspeck or no patience can easily give up on a difficult student as a way to avoid the enigma (sithpenguin. hubpages. com). My in line session showed me that some teachers are not patient because of troublesome nipperren and they give up on the students to make their lives easier, but this should not be so. slowdown I also learnt that as teachers we should prove our best with the students to help them become break down people.If their home is not stable, we should help them as much as possible in school and do not ferment them down. We should give them the guidance and comfort they are not getting at home. It is our argumentation to be affectionate with students because teachers are akin the second parents/guardians for students. Different children adapt to distinguishable skill methods, therefore education can be universal and can be accessed via multiple avenues to facilitate all learners. I be lieve that learning should be an savoury and recognize puzzle.When children attempt to do something sort of of criticizing them, I count on they should be gesture when they are right and corrected if they are wrong. When they achieve something, they should be rewarded and motivated to do better. If they do not understand something, teachers should correct them in a positive way and make it an engaging and interactive experience. jibe to Professor Michele Clarke of the School of Geography, learning should be fun an engaging, challenging and rewarding experience both for student and teacher.Of course, making convoluted ideas fun for all participants is a far-off from easy t demand but if you can enable students to use their own liking and creativity in an interactive manner which develops critical thought and deep understanding, the schoolman achievements can be impressive, the task memorable and the benefits for the individual long-lasting (www. nottingham. ac. uk). My Pr acticum course showed me that learning is supposed to be an engaging and rewarding experience for students.It must be this way in order for learning to in timet place, especially in primary schools because they incorporate of small chidden at a call age who works well when learning is fun, rewarding, engaging and need. During our in class concourse discussions I also understood that when learning is rewarding, it actually makes the children want to come to school and be enthusiastic about doing the work. Children learn best in a unde sedate and supportive purlieu where provision is make for find, challenge and choice.Inviting surroundings nurture childrens positive disposition towards learning and a sense of belonging. Creating environments for learning is more than just a simple classroom order of battle (www. education. gov. sk. ca)The indoor(prenominal) environment receives the most forethought from educators, children and other adults, therefore as teachers we shou ld realize an environment where colours, graphs, charts, pictures and arts and crafts are seen in abundance.This way the children would be excited about learning and they would find themselves enjoying their class sessions while, victimization graphs, pictures and charts as references when the teacher is teaching. Apart from the indoor environment, the outdoor environment is important. The indoor environment communicates the values and beliefs that underpin the living and learning that takes place in that space (www. education. gov. sk. ca). breeding should felicitate guide play, exploration and disco very(prenominal) also. Outdoor activities also lead to telling learning.Doing this course, I got a further understanding of how the environment impacts on a childs learning. I understood as a teacher it is my job to ensure that I develop a correct learning environment for my students. During our Practicum Seminar when one of our speakers a teacher from San Fernando Boys RC school c ame and introduced us to her classroom, I was amazed with the environment she provided for her students. Her classroom was the ilk a resource centre with millions of materials to enhance learning in the classroom.My beliefs on teaching changed in that the traditional method of teaching by role does not do the job anymore and guarantees that any teacher using methods of lecture, copy whats on the board and memorization will overlook the students attention and kill the desire of students to learn (www. themommydaddy. com). Teachers must now evaluate themselves and move forward from these old school ways and norms and bring new-fashioned and innovative ways of bringing crossways the lecturers/ lessons across to the class in a more interesting and interacting way.They should develop new and innovative learning strategies for the students. Groups are composed of individuals who may share some of the same getledge and skills, however, practicallytimes, members come from different e ducational backgrounds and have different work and pop the question experiences, which uncovers strengths that one class member may have, while others are lacking. (ehow. com) During my form deuce-ace days at school, my Technology teaching teacher would often divide us into groups of four to five to do projects. These projects would not be just any plain portfolio hand up.Mr Awesome would instruct us to actually brainstorm, think critically and creative and build innovative objects and/or stimulate our own piece of work. By doing this our teacher encouraged us to exchange ideas and spang how creative our peers could be. Group work along with brain storming also taught me to look at a problem from different angles and understand that it could be solved via a good range of solutions by my peers. This would encourage effective learning by students. During the Practicum course, I even further understood the importance of group work among students, because as a student myself, I do not like group work.My teacher went on to apologise that group work also helps students look at how their friends look at problems and how it encourages the child to feel comfortable if he/she does not understand something, so they can ask for help as a group and not individually. Working in a group can help individuals build long-lasting relationships based on leave and loyalty. As group members, people learn about the commonalities they share and differences, which lead them to explore group members they can build relationships with even outside of the group (ehow. com Esquith, R. 2007).As a teacher, you should do your homework also. I well-read this from my lower six teacher who was forever disposed(p) for a class. She would never overtake to class and question the class where in the syllabus she are supposed to teach or she would never come to class and start organizing her lesson for the day, she would everlastingly come prepared and she would ceaselessly make the ex tra time to go the extra mile for the class. For effective teaching to take place teachers should always be organized and their class must always be well excogitatened. Lesson plans is always the best method to be organized.When using lesson plans, teachers do not have to think on their feet, they are clear on the procedure to follow and they build on previous teaching and prepare for culmination lessons (myenglishpages. com). I always admire my teacher for always including activities in her lesson plan preferably than just reading and writing. Including activities in your lesson plan develop strategies to obtain feedback on student learning. A successful lesson plan addresses and integrates these ternary key components Objectives for student learning, teaching/learning activities, strategies to check student understanding(www.crlt. umich. edu) With the Practicum course, ,my views on lesson preparedness did not change , because during class, I would often remember my teacher st ressing on doing a lesson plans accurately and do it for all areas of teaching. She also explained the importance and benefits of lesson planning so I held my beliefs on lesson planning to a spirited standard. Without students teaching is nothing and without teachers learning is nothing. every students have had hundreds of teachers in their lifetimes. A very few of these teachers they remember as being exceptionally good.Good teaching is as much about peevishness as it is about reason. Its about motivating students not only to learn, but teaching them how to learn, and doing so in a manner that is relevant, meaningful and memorable. Its about fondness for your craft, having a passion for it and conveying that passion to everyone, but mostly importantly to your students (www. facultyfocus. com) Demonstrating that you know it. Teaching is reminding others that they know just as well as you. You are all learners, doers and teachers-Richard Bach.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.