Free Essays on Sleep Disorders

Child Sleep Disorders: Is Your Child at Risk? Recent research has proven that children just are not getting the sleep they need these days. Kids today seem to be doing poorer in school and have less attention spans. Most parents are not aware of a common problem effecting thousands of children in this country: sleep disorders. Parents often fail to follow there children’s sleeping patterns which can result in some serious side effects if that child has a sleep disorder. A study done at Tulane University in New Orleans studied about 300 first graders that preformed poorly in school. They found that 18 per cent showed signs of a sleeping problem. The percentage of children with bad grades found to have sleeping problems was six to nine times higher than found in a previous study done over all of the childhood population. (The Toronto Star). Most people believe that sleep disorders only affect adults but in reality 30% of all children have some sort of sleep disorder. (Burcum). Sleep disorders are defined as a group of syndromes characterized by disturbance in the patient’s amount of sleep, quality or timing of sleep, or in behaviors or physiological conditions associated with sleep. To qualify for a diagnosis of sleep disorder, the condition must be a persistent problem, cause the patient significant emotional distress, and interfere with his or her social or occupational functioning. (Frey p265). Some sleep disorders can effect children of all ages. The sleep disorder that children are subject to often depends on their age and development. Sleep disorders change most frequent in the middle-school years. Children often experience more anxiety at this time. (Burcum). The source of the certain sleep disorder cannot normally be pin pointed in every case. Many factors come in to play when dealing with the cause of a sleep disruption. Parental characteristics, personality, psychosocial influences, education, parentin... Free Essays on Sleep Disorders Free Essays on Sleep Disorders Child Sleep Disorders: Is Your Child at Risk? Recent research has proven that children just are not getting the sleep they need these days. Kids today seem to be doing poorer in school and have less attention spans. Most parents are not aware of a common problem effecting thousands of children in this country: sleep disorders. Parents often fail to follow there children’s sleeping patterns which can result in some serious side effects if that child has a sleep disorder. A study done at Tulane University in New Orleans studied about 300 first graders that preformed poorly in school. They found that 18 per cent showed signs of a sleeping problem. The percentage of children with bad grades found to have sleeping problems was six to nine times higher than found in a previous study done over all of the childhood population. (The Toronto Star). Most people believe that sleep disorders only affect adults but in reality 30% of all children have some sort of sleep disorder. (Burcum). Sleep disorders are defined as a group of syndromes characterized by disturbance in the patient’s amount of sleep, quality or timing of sleep, or in behaviors or physiological conditions associated with sleep. To qualify for a diagnosis of sleep disorder, the condition must be a persistent problem, cause the patient significant emotional distress, and interfere with his or her social or occupational functioning. (Frey p265). Some sleep disorders can effect children of all ages. The sleep disorder that children are subject to often depends on their age and development. Sleep disorders change most frequent in the middle-school years. Children often experience more anxiety at this time. (Burcum). The source of the certain sleep disorder cannot normally be pin pointed in every case. Many factors come in to play when dealing with the cause of a sleep disruption. Parental characteristics, personality, psychosocial influences, education, parentin...

Christening Ships, Champagne, and Superstition

Christening Ships, Champagne, and Superstition The ceremony of christening new ships began in the distant past, and we know that Romans, Greeks, and Egyptians all held ceremonies to ask the gods to protect sailors. By the 1800s the christenings of ships began to follow a familiar pattern. A â€Å"christening fluid† would be poured against the bow of the ship, though it was not necessarily wine or Champagne. There are accounts in U.S. Navy records of 19th-century warships being christened with water from significant American rivers. The christening of ships became great public events, with large crowds assembled to witness the ceremony. And it became standard for Champagne, as the most elite of wines, to be used for the christening. The tradition developed that a female would do the honors and be named the sponsor of the ship. Also, maritime superstition held that a ship that wasn’t properly christened would be considered unlucky, and a champagne bottle that didnt break was a particularly bad omen. The Christening of the Maine When the U.S. Navy’s new battle cruiser, the Maine, was christened at the Brooklyn Navy Yard in 1890, enormous crowds turned out. An article in the New York Times on November 18, 1890, the morning of the ship’s launching, described what was to happen. And it stressed the responsibility weighing on 16-year-old Alice Tracy Wilmerding, the granddaughter of the secretary of the Navy: Miss Wilmerding will have the precious quart bottle secured to her wrist by a short bunch of ribbons, which will serve the same purpose as a sword knot. It is of the utmost importance that the bottle be broken on the first throw, for the bluejackets will declare the vessel is unmanageable if she is permitted to get into the water without first being christened. It is consequently a matter of deep interest to the old â€Å"shellbacks† to learn that Miss Wilmerding has performed her task successfully. An Elaborate Public Ceremony The next day’s edition provided surprisingly detailed coverage of the christening ceremony: Fifteen thousand people – on the word of the watchman at the gate – swarmed about the red hull of the giant battle ship, on the decks of all the assembled vessels, in the upper stories and on the roofs of all the adjacent buildings. The raised platform at the point of the Maine’s ram bow was prettily draped with flags and flowers and upon it with Gen. Tracy and Mr. Whitney stood a party of ladies. Prominent among them was the Secretary’s granddaughter, Miss Alice Wilmerding, with her mother. It was upon Miss Wilmerding that all eyes centred. That young lady, clad in a cream white skirt, a warm black jacket, and a big dark hat with light feathers, wore her honors with a very modest dignity, being fully sensible of the importance of her position. She is scarcely sixteen years old. Her hair in a long braid fell gracefully down her back, and she chatted with her more elderly companions with perfect ease, as though entirely ignorant of the fact that 10,000 pairs of eyes were looking toward her. The bottle of wine which her hands were to break over the formidable bow was a pretty thing indeed – quite too pretty, she said, to be offered up on the shrine of so unfeeling a monster. It was a pint bottle, covered with a network of fine cord. Wound around its full length was a ribbon bearing a picture of the Maine in gold, and from its base hung a knot of varicolored silk pennants ending in a gold tassel. Around its neck were two long ribbons bound in gold lace, one white and one blue. At the ends of the white ribbon were the words, â€Å"Alice Tracy Wilmerding, November 18, 1890,† and at the ends of the blue were the words, â€Å"U.S.S. Maine.† The Maine Enters the Water When the ship was released from restraints, the crowd erupted. â€Å"She moves!† burst from the crowd, and a great cheer went up from the lookers-on, whose excitement, no longer pent up, ran wild. Above all the uproar could be heard Miss Wilmerding’s clear voice. â€Å"I christen thee Maine† she said, accompanying her words with a smash of the bottle hard against the steel of the cruiser’s bow – a performance attended by a great splashing of the effervescent wine, which flew all over the coats of Secretary Tracy and his close companion, ex-Secretary Whitney. The USS Maine, of course, holds a unique place in history as it exploded and sank in Havana harbor in 1898, an event which led to the Spanish-American War. Stories later circulated that the ship’s christening had portended bad luck, yet the newspapers reported a successful christening at the time. Queen Victoria Did the Honors in England A few months later, on February 27, 1891, the New York Times published a dispatch from London describing how Queen Victoria had traveled to Portsmouth and christened a warship of the Royal Navy, with some help from electrical machinery. At the conclusion of the religious service the Queen touched a button protruding from a small electric machine which had been placed in front of the place where her Majesty was standing, and the traditional brightly beribboned bottle of champagne, detached by the current from its position over the bows of the Royal Arthur, crashed upon the vessel’s cutwater, the Queen exclaiming, â€Å"I name thee Royal Arthur. The Curse of Camilla In December 2007 news reports were not so sanguine when a Cunard liner named for Queen Victoria was christened. A reporter from USA Today noted: Camilla, the Duchess of Cornwall, the controversial wife of Englands Prince Charles, christened the 2,014-passenger ship earlier this month in an elaborate ceremony in Southampton, England that was marred only by the fact the champagne bottle didnt break - a bad omen in the superstitious seafaring trade. The first cruises of Cunards Queen Victoria were marred by outbreaks of viral illness, an intense vomiting bug, that afflicted passengers. The British press was buzzing with tales of The Curse of Camilla. In the modern world, its easy to scoff at superstitious sailors. But the people stricken aboard the Queen Victoria would probably put some stock into stories about ships and champagne bottles.

The Increased Use of Digital Technology Essay Example | Topics and Well Written Essays - 750 words

The Increased Use of Digital Technology - Essay Example These are few of the examples of a revolution that have taken place and given the modern times a totally new appearance. Portability and on the go access has been the order of the day. Twenty years back the world was entering into a phase where computers were a new trend in the commercial world, only mainframe and giant computers existed that were accessible only to the defence departments and scientists. Those were the days that set the foundation for modern day progress and enabled a progressive present. A few megabytes hard disk was considered an achievement, even the technology proponent Bill Gates was misled by his assumptions and stated that â€Å"640 k of memory would be above the suffice level of needs of common person†(Lee, pg 182, 2006). Globalization is another term that aptly fits in this situation; it has made the entire universe a family and the world is a global village now, people are exploring all those dimensions that were never possible before. Today most of the cafes in towns, airports, subway stations have Wi-Fi and other means of internet available that enables staying in touch with people even when on the go, hence digital emergence has contributed towards constant contact and sources of communications in modern times(Wells, et al., 2001). Use of computers gave rise to the internet which in true sense revolutionized the modern times and enabled achieving all that which were once limited to fantasies and wishes list. This was further followed by the introduction of wireless spectrum that totally eliminated the concept of wired communications. Wireless mode meant more ubiquity and less hassle.

Asylum and Immigration Law Essay Example | Topics and Well Written Essays - 1500 words

Asylum and Immigration Law - Essay Example Some of the reasons mentioned by these legal brains include the need for economic protection. Even in the light of the fact that rules that limit the movement of people from one country to another remain, there also remain the need for people to be trans-bordered once a while without going through the laid down procedure2. One condition that creates this legal exemption is the issue of asylum seeking. This paper discusses the Humanitarian Aims of the 1951 Geneva Convention and how the aims have been upheld by countries over the years – particularly the United Kingdom. Background to the Humanitarian Aims of the 1951 Geneva Convention In the year 2001, the world celebrated 50 years of passing the Status of Refugees through the 1951 Geneva Convention. Legal analysts note the humanitarian needs that accompanied the need for the convention. In the first place, Mason (2009) notes that there was a humanitarian need for the convention because of the increasing rate at which the number of refugees was multiplying the world over. She notes that â€Å"over 30 million â€Å"persons of concern to the UN High Commissioner for Refugees† can still be counted in the world today.3† In the midst of the increasing population of refugees, the fundamental human rights spelt out in the Universal Declaration of Human Rights (UDRH) by the United Nations General Assembly of 1948 covers and protect refugees also4. It is for this reason that in 1951; three years after the Universal Declaration of Human Rights, the Geneva Convention sought it prudent to institutionalize policies that protected the basic rights of refugees. Even more, there was the realization by the Geneva Convention to the effect that causes and factors that put people in the state of being refugees were mostly, inevitable, unpredictable and unintentional and thus the need to be empathetic towards the plight of refugees. In this direction, the FAO Corporate Document Repository (2009) states that †Å"as man-made disasters are one of the main causes that force people from their homes, international refugee law, contribute to protect human rights in emergency situations.5† It was indeed with such humanitarian aims that the leaders who met in Geneva in 1951 thought it prudent put together the Geneva Convention and Protocol relating to the Status of Refugees6. Overview of the UK Social Welfare System in protecting the rights of Asylum-seekers Even though the social welfare system of the United Kingdom was not structured purposely to cater for asylum seekers alone, the system has a lot of place and representation for asylum seekers; especially based on the core principles on which the system functions. Spicker (2001) quotes Asa Briggs (1961)7 who defines the principles on which the social welfare system of the United Kingdom operates as â€Å"a guarantee of minimum standards, including a minimum income; social protection in the event of insecurity; and the provision of servi ces at the best level possible.8† Since refugees fall under all these three wings of principles, it has become eminent on the United Kingdom Social Welfare System to over the years protect the rights of Asylum seekers. Once present, there are laws and legal reforms binding the United Kingdom government to put in place certain basic conditions and

Mix Racial and Cultural Groups Are Growing in the United States Essay Example for Free

Mix Racial and Cultural Groups Are Growing in the United States Essay Mixed Racial and Cultural Groups is increased by a marginal number in the United States. The growth of these multiracial groups started to surface through migration of different ethnics and raised most of their families in the United States even through marriage. These are some of the issues that have been raised by individual people of having an entity separation of mixed race and cultural or to considered them as Americans without a hyphen. Thinking about this issue myself, and thinking of my two children who married to a different ethnic rather than Samoans. These questions come to mind about this issue: How, Why, and what the three words that needs a big explanation about this matter. According to multiracial Americans, Americans whose identity as two or more races identifies with just one group culturally and socially. From statistics that I got from online, stated that about 2. 9% of the population in the year 2010 are self-identified as multiracial. The identity or the classification of the people’s identification is generally according to the culture they were raised in. Social segregation in many areas of the country is forming interracial unions or cultural group. The diversity of social conditions through migrations brought new groups of people to the United States. Through these migrations, mixed races started to rise when interracial marriage were born and started to increase in the United States. The movement of multiracial identity by more than one ethnicity has taken place and strong. Statistics from the year 2010 census in the United States shows that the largest multiracial groups were white and black which is 1. 8 million. The other 1. 7 millions are white and some other race, white and Asian is 1. 6, white and American Indian and Alaskan Native is 1. 4 million. I have learned that the largest growing group in multiracial is white and black which is about 134%. That is more than 1 million people. MIX RACIAL AND CULTURAL GROUP According to Susan Saulny of the New York Times, title Race Remixed, said that â€Å"sea of change is how we think about race, ethnicity and its place in society†. I believe that a challenge to trend towards multiracial from a sociological perspective is a leap that we should take. The understanding of racial and ethnic categories of their boundaries can be a problem to other multiracial groups. I think that ancestry is the biggest influence in identities through a number of generations through migrations. I also believe that each multi mix or racial group should be treated the same regardless of their identity. If they are legally citizens of the United States, they have the right to be treated equally. I believe that they have contributed to the wellbeing and welfare of the United States through their services in employment within the government, military or private companies. Regardless of the race and ethnicity, they should be treated and considered Americans. President Obama is good example of what I mean about treating them the same no matter what color of their skin or where they are from. I know that some of these mix race entities are trying to separate themselves with-in the United States but when they travel to other countries of the world, they considered be call Americans. As a citizen of New Zealand, I am proud to call myself to be an American and I respect the land that my children were born. What can the United States or these multiracial groups gain from wanting to be separated from their identity. Through my search online, I came across Mrs. Karissa Sulliva’s draft and she said that ancestry influences identities. She said that socialization is the crucible of racial and ethnic identity formation. Farley in 2002, construct racial and ethnic classifications which was adopted by the government for each race or reconsidered themselves to either refuse to identify their own race and ethnic category. MIX RACIAL AND CULTURAL GROUP. I believe that mix racial and cultural groups are increasing daily by the number throughout the United States. However, research shows that children with an original multiracial identity grow up to be happier than those of single-race identity. Some of the statistics shows that another addition to the growth of mix race is through adoption of children from countries outside of the United States. According to Fact’s for Families 2010, parents are coping with these pressures in having open communications with the families about their culture and race. Encouragement and support in every multicultural group for families to be familiar with their language, traditions and customs within their families. They have to support and try to establish a good relationship by creating a network for their children, parents, family member, relatives and the community. In conclusion, the separation and classifications between mix racial and multicultural groups is not an easy task or thing to do. Two of my children are married to different ethnic. My oldest daughter is married to an African American and my son is married to a girl who is beautiful and white but has about four or five mix blood in her. I believe in democracy and the United States is nowhere in having a separation of any mix race and cultural group who are living in the United States. God Bless America, God bless the people of the United States. References: Perez, Anthony Daniel, Hirschman, Charles. The Changing Racial and Ethnic. http://www. ncbi. nlm. nih. gov/pmc/articles/PMC2882688/ The American Academy of Child and Adolescent Psychiatry (March-2011). Facts for Families, no. 71 Multiracial Children. http://www. aacap. org/galleries/FactsForFamilies/71_multiracial_children. pdf Dr. Nicole Martinez and Mrs. Karissa Sullivan. May 6, 2013 .docx.

William Lloyd Garrison :: essays research papers

William Lloyd Garrison: Uncompromise During Times of Compromise   Ã‚  Ã‚  Ã‚  Ã‚  William Lloyd Garrison (1805-1879) was an American journalist and adamant abolitionist. Garrison became famous in the 1830s for his uncompromising denunciations of slavery.   Ã‚  Ã‚  Ã‚  Ã‚  Garrison lived a troubled childhood. His family lived in poverty. In addition, his father was a drunkard, and when Garrison was three years old, his father deserted his family and never came back. Thus, with the absence of an encouraging father figure in his life, Garrison would attempt to gain recognition elsewhere.   Ã‚  Ã‚  Ã‚  Ã‚  Effected by the Second Great Awakening, Garrison developed into an extremely thoughtful and religious man. Garrison believed that slavery was a sin and was an injustice. In 1831, he began publishing the Liberator, an influential newspaper that vehemently aroused violent public reaction in both the North and the South. However, the abolitionists of Garrison's time were a minority. The Liberator, published until 1865, never had more than 3,000 subscribers, and it never made a profit. Thus, it is fair to say that Garrison's goal was not to become affluent through this publication.   Ã‚  Ã‚  Ã‚  Ã‚  Garrison used his religious, abolitionist views to elevate himself into renown. He wanted people to hear his views. In response to his abolitionist causes, Garrison proclaimed, 'I am in earnest—and I will not equivocate—I will not excuse—I will not retreat a single inch—and I will be heard.';   Ã‚  Ã‚  Ã‚  Ã‚  Garrison enlightened Americans with his altruistic sensibilities, but his motives were not altruistic. He wanted people to side with him, but he did not offer any medicine to ease the wounds of racial tension. His armies of allies grew, but this was gradual. Nevertheless, with no real suggestions on how the slavery issue could be resolved, he accepted the Civil War as necessary.

Global Equity Markets: The Case of Royal Dutch and Shell Essay

In early January 1996, Ms. Joanne Partridge, Director of Research at High Street Global Advisors (â€Å"High Street†), a Boston-based global investment management organization, was studying the price behavior of the shares of Royal Dutch Petroleum and Shell Transport and Trading. It seemed that Royal Dutch and Shell should trade in fixed proportions since they represented equivalent classes of shares of the same holding company. However, the ratio of share prices had been anything but constant. For example, Shell traded at a premium to Royal Dutch during 1990 and 1991, while Royal Dutch traded at a premium to Shell subsequent to 1991. Presently, the premium of Royal Dutch over Shell was at an all-time high of almost 12%. Joanne Partridge was trying to understand the opportunities presented by the Royal Dutch/Shell pricing discrepancy. Several of High Street’s U.S. domestic equity and global equity portfolios currently held significant positions in Royal Dutch. These positions could potentially be sold and replaced with equivalent-sized positions in Shell. In addition, the firm had recently landed several new accounts, and would soon be investing the funds. It would have to decide whether these new accounts should own Royal Dutch or Shell. Finally, High Street managed a hedge fund, High Street Partners, which could attempt to arbitrage the price discrepancy by taking a long position in Shell and an offsetting short position in Royal Dutch. High Street Global Advisors High Street Global Advisors managed approximately $40 billion of tax-exempt assets for pension funds, foundations and endowments, and about $15 billion in mutual funds held by individual investors. Most of these assets were in equity portfolios, whose investment mandates ranged from purely U.S.  domestic to non-U.S. to fully global. High Street viewed the world as consisting of one global economy. Accordingly, it emphasized appraising investment opportunities in a global context. At the core of the firm’s equity investment capability was a team of analysts who followed global industries such as chemicals, pharmaceuticals, autos, and oil, and who recommended their best stock selections within these industries to the ________________________________________________________________________________________________________________ Professors Kenneth A. Froot and Andre F. Perold prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Much of the data in the case is drawn from Kenneth A. Froot and Emil Dabora, â€Å"How are Stock Prices Affected by the Location of Trade?,† Harvard University, May 1996. Copyright  © 1996 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. This document is authorized for use only in Speculation, Crisis & Behavioral Finance (Huberman) EMBA FA14 by Gur Huberman at Columbia Business School from July 2014 to January 2015.  various equity portfolio managers. Partridge played a key role in giving  direction to these analysts and in managing the flow of ideas between them and the portfolio managers. Portfolio management at High Street was generally governed by a value-investing philosophy according to which securities were purchased if their prices were attractive relative to underlying company fundamentals. In the case of Royal Dutch, the oil analyst was recommending the company on the basis of its lower price-to-book and price-earnings ratios than the major U.S. oil firms and because the company was contemplating certain refinery shutdowns and other operating restructurings that would improve its competitiveness. Royal Dutch Petroleum and Shell Transport and Trading Royal Dutch Petroleum and Shell Transport and Trading were not independent companies. The two were linked to one another by corporate charter, which mandated that cash flows to the equity holders of each company should be distributed in a 60/40 ratio. (See Exhibit 1 for balance sheets and income statements of the combined Group companies.) The companies stated that, â€Å"the RoyalDutch/Shell Group of companies has grown out of a 1907 alliance between Royal Dutch and Shell Transport by which the two companies agreed to merge their interests on a 60/40 basis while remaining separate and distinct entities.† The organizational structure of the Group companies is depicted in Exhibit 2. All subsidiary companies’ shares were held by the Group Holding Companies, which in turn were owned by the two parent companies, Royal Dutch Petroleum and Shell Transport & Trading, in the ratio of 60/40. Royal Dutch and Shell were independently incorporated in the Netherlands and England, respectively. The companies’ alliance meant that all inflows from and outflows to shareholders were split 60/40.1 Combining this 60/40 split with the number of shares of Royal Dutch and Shell outstanding, meant that one share of Royal Dutch was entitled to the same cash flows as 9.2744 shares of Shell.2 The Group had attempted to make information widely available concerning parent company linkages. In addition to being explained at the beginning of each Annual Report, the corporate connections were detailed in 20F  submissions to the U.S. SEC. The linkages were also the subject of a dedicated analyst/investor guide. While the Group actively attempted to split the cashflows according to the 60/40 ratio, there were a number of factors that caused dividend payments to deviate away from that ratio. These issues are discussed in the Appendix below. Analysts at High Street believed these factors to be relatively minor. Royal Dutch and Shell were listed on nine exchanges in Europe and the United States. Most of Royal Dutch’s trading activity took place in the United States and the Netherlands markets, whereas Shell’s trading occurred predominantly in the U.K. market. In New York, however, Shell shares did trade as American Depository Receipts (ADRs), with one ADR being equivalent to six shares of Shell Transport and Trading. Thus, 1.5457 (9.2744/6) Shell ADRs were equivalent to one share of Royal Dutch. Geographical ownership information for Royal Dutch and Shell are shown in Exhibit 3. Exhibit 4 contains information on the trading volume of Royal Dutch and Shell in New York, 1†³Royal Dutch and Shell Transport shall share in the aggregate net assets and in the net aggregate dividends and interest received from Group companies in the proportion of 60/40. It is further arranged that the burden of all taxes in the nature of or corresponding to an income tax leveeable in respect of such dividends and interest shall fall in the same proportion.† Royal Dutch 20-F, 1993, pp. 1-2. Specifically, the company distributed corporate tax shields (generated by Shell’s dividends under UK tax law) on a 60/40 basis to the shareholders of both companies (see the Appendix below). 2As of January 1996, there were 536,074,088 shares of Royal Dutch and 3,314,503,242 shares of Shell outstanding.  London, and Amsterdam since 1991. Royal Dutch had long been included in the S&P 500 and the most popular Amsterdam stock index, the CBS Herbeleggings. Similarly, Shell had long been included in the major index of U.K. stocks, the Financial Times Allshare Index (FTSE).3 Although Royal Dutch was a foreign-owned corporation, it was considered a U.S. stock by many institutional investors by virtue of its inclusion in common U.S. stock indexes. Major inst itutional holdings of Royal Dutch and Shell are listed in Exhibits 5 and 6. It appeared that arbitrage across markets disciplined the price of Royal Dutch, so that it was essentially equal around the world. That is, at a given time, it would cost an equivalent amount to buy a share of Royal Dutch in Amsterdam as it would in New York. The same was true of Shell prices in London and New York, although for Shell the geographic disparities were generally somewhat larger. (See Exhibit 7 for historical geographic price disparities of Royal Dutch and Shell and Exhibit 8 for current pricing differentials.) However, the price of Royal Dutch fluctuated considerably when compared with the price of Shell. For example, on January 3, 1996, shares of Royal Dutch and Shell closed in Europe at fl227.8004 (Amsterdam) and ?8.6300 (London), respectively. At prevailing exchange rates, these prices were close to those that prevailed on the same day at the close of the New York markets.5 (See Exhibit 9.) However, in both Europe and the United States, Royal Dutch was considerably more expensive than Shell (see Exhibits 8 and 9). Partridge was curious about the nature of the pricing differential. She wondered whether the strong performance of the S&P 500 compared to international stocks in 1995 might explain part of the current premium on Royal Dutch shares.6 In particular, Partridge wondered whether Royal Dutch would appear more highly correlated with the United States and Netherlands markets than Shell, and, similarly, whether Shell would appear more highly correlated with the U.K. market than Royal Dutch. If so, then an increase in, say, U.S. stocks would, all else equal, result in an increase in the price of Royal Dutch relative to that of Shell. To investigate this, Partridge had an analyst compare the betas of Royal  Dutch and Shell. The analyst regressed the difference between the returns on Royal Dutch and Shell on both market index and currency returns. (The betas of the Royal Dutch / Shell return differential are reported in Exhibit 10.) For example, a beta of 0.2 against the S&P 500 would indicate that a 1% increase in U.S. stocks (holding other countries’ stock prices and currencies constant) would be associated with a 20 basis point increase in the price of Royal Dutch relative to that of Shell. Partridge also knew that dividend withholding taxes might alter investor perceptions of relative stock value. This should not have been very important for private investors in the United Kingdom, Netherlands, and United States, all of whom faced symmetric withholding taxes on the dividends of Royal Dutch and Shell. However, pension funds sometimes faced tax asymmetries with respect to the two stocks. For example, U.K. pension funds were exempt from withholding taxes on Shell, but not on Royal Dutch, and conversely, Netherlands pension funds were exempt from withholding taxes on Royal Dutch, but not on Shell. Partridge wondered whether tax issues could explain the behavior of the relative price of Royal Dutch versus Shell. Exhibit 11 shows the dividend and withholding taxes faced by different investor groups. Analysis of the Investment Opportunities Before suggesting any trades based on the price differential between Royal Dutch and Shell, Partridge wanted to better understand the costs that might be involved. To do so, she enlisted the help of High Street’s trading desk and also a prominent Wall Street firm through which High Street funneled much of its volume in international stocks, and which High Street also used for customized derivatives transactions. Partridge began by thinking through the economics of selling Royal Dutch and purchasing Shell. This would be relevant for the portfolios in which Royal Dutch was presently being held, and which had a mandate for owning â€Å"foreign† as well as â€Å"domestic† shares. Some of High Street’s clients had given it strict â€Å"U.S.-only† mandates which permitted it to hold Royal Dutch but not Shell. On the New York Stock Exchange, both Royal Dutch and Shell ADRs were typically quoted at a 25? bid-offer spread in small-sized quantities (one thousand to five thousand shares). The spread usually would be wider for large sized trades. In addition, for trades in listed stocks, High Street paid its brokers a one-way commission of 5? per share. In Amsterdam, Royal Dutch was typically quoted at a spread of fl0.3 for small trades, and, in London, Shell was typically quoted at a spread of ?0.03 for small trades. In both Amsterdam and in London, High Street would pay one -way commissions on top of these spreads of 30 basis points. The United Kingdom also imposed Stamp Tax, a 50 basis point transfer tax on purchases of U.K. stocks, including Shell.7 Trades in Royal Dutch in Amsterdam and in Shell in London would also require the conversion from guilders and pounds to dollars. These currencies tended to trade at bid-ask spreads of six basis points. If High Street’s hedge fund were to attempt to arbitrage the price discrepancy, one alternative would entail selling short shares of Royal Dutch and purchasing shares of Shell. In a short sale, the hedge fund would borrow shares of Royal Dutch, sell the shares, and later repurchase them and return them to the lender. The hedge fund would have to reimburse the lender for any dividends paid on Royal Dutch shares during this interim period. In addition, the hedge fund would have to pay a fee for borrowing the shares. This tended to run about 40 basis points per annum. This fee usually took  the form of an interest rate give-up on the proceeds of the short sale. The proceeds of a short sale would usually be held as cash collateral to protect the lender against borrower default. The cash would be invested in short-term instruments earning LIBOR or slightly less, and all but 40 basis points of this interest income would be rebated to the hedge fund. The hedge fund also would have to finance its long position in Shell. Presently, it was able to borrow at a rate of LIBOR + 75 basis points (on a fully collateralized basis). The hedge fund often took significantly leveraged positions, especially in situations where the risk was deemed minimal.8 There were other alternatives available to the hedge fund involving the use of derivatives. One set of strategies involved the use of exchange-traded put and call options. There were fairly active options markets for Royal Dutch in the United States and Shell in the United Kingdom. These were short-term options, however, with maturities of six months or less. The options were usually slightly cheaper to trade than the underlying shares, although with rollovers they would become more expensive. A potentially attractive feature of options-related strategies was that they permitted the hedge fund to easily tailor its risks in an asymmetric fashion. 7 No Stamp Tax was levied on purchases of Shell ADRs, however. 8 On its hedge fund, High Street received a management fee of 1% per annum on net assets plus 20% of profits earned in excess of LIBOR. A second derivatives-related strategy involved the use of a privately-negotiated total return swap. The simplest total return swaps involved two counterparties agreeing to exchange the total return on one  instrument for the total return on another, plus or minus a fee, where the total return on an instrument is its price appreciation or loss during the holding period, plus interest or dividend income paid on the instrument during the holding period. Swaps could be customized in almost any way, for example, to allow the exchange of total returns on differing underlying amounts (â€Å"notional amounts†), or to include option-like features. Swaps also could be written for just about any maturity. The fee charged by the issuer of the swap typically depended on the ease of trading in the underlying instruments, the use of options and other features which might be embedded in the swap, and the credit-worthiness of the counterparty.