Study on the Determinants of Financial Derivatives

Study on the Determinants of Financial Derivatives Introduction Our research article is Determinants of Financial Derivatives. Before moving towards the definition of main purpose and significance of our research article, we want to give a brief introduction of the core keywords of our research article which are Financial Derivatives. 1.1. Introduction A derivative is a financial instrument (or more simply, an agreement between two people/two parties) that has a value determined by the future price of something else. Derivatives can be thought of as bets on the price of something. Suppose you bet with your friend on the price of a bushel of corn. If the price in one year is less than $3 your friend pays you $1. If the price is more than $3 you pay your friend $1. Thus, the underlying in the agreement is the price of corn and the value of the agreement to you depends on that underlying.[1] So derivatives are the collective name used for a broad class of financial instruments that derive their value from other financial instruments (known as the underlying), events or conditions. Essentially, a derivative is a contract between two parties where the value of the contract is linked to the price of another financial instrument or by a specified event or condition. Derivatives are usually broadly categorized by the: Relationship between the underlying and the derivative (e.g. forward, option, swap) Type of underlying (e.g. equity derivatives, foreign exchange derivatives, interest rate derivatives, commodity derivatives or credit derivatives) Market in which they trade (e.g., exchange traded or over-the-counter) Pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded optionality) Another arbitrary distinction is between: Vanilla derivatives (simple and more common) and Exotic derivatives (more complicated and specialized) There is no definitive rule for distinguishing one from the other, so the distinction is mostly a matter of custom. Derivatives are used by investors to Provide leverage or gearing, such that a small movement in the underlying value can cause a large difference in the value of the derivative Speculate and to make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or out of a specified range, reaches a certain level) Hedge or mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out Obtain exposure to underlying where it is not possible to trade in the underlying (e.g. weather derivatives) Create optionability where the value of the derivative is linked to a specific condition or event (e.g. the underlying reaching a specific price level) Uses Hedging Hedging is a technique that attempts to reduce risk. In this respect, derivatives can be considered a form of insurance. Derivatives allow risk about the price of the underlying asset to be transferred from one party to another. For example, a wheat farmer and a miller could sign a futures contract to exchange a specified amount of cash for a specified amount of wheat in the future. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. However, there is still the risk that no wheat will be available because of events unspecified by the contract, like the weather, or that one party will renege on the contract. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counter-party risk. From another perspective, the farmer and the miller both reduce a risk and acquire a risk when they sign the futures contract: The farmer reduces the risk that the price of wheat will fall below the price specified in the contract and acquires the risk that the price of wheat will rise above the price specified in the contract (thereby losing additional income that he could have earned). The miller, on the other hand, acquires the risk that the price of wheat will fall below the price specified in the contract (thereby paying more in the future than he otherwise would) and reduces the risk that the price of wheat will rise above the price specified in the contract. In this sense, one party is the insurer (risk taker) for one type of risk, and the counter-party is the insurer (risk taker) for another type of risk. Hedging also occurs when an individual or institution buys an asset (like a commodity, a bond that has coupon payments, a stock that pays dividends, and so on) and sells it using a futures contract. The individual or institution has access to the asset for a specified amount of time, and then can sell it in the future at a specified price according to the futures contract. Of course, this allows the individual or institution the benefit of holding the asset while reducing the risk that the future selling price will deviate unexpectedly from the markets current assessment of the future value of the asset. Derivatives traded at the Chicago Board of Trade. Derivatives serve a legitimate business purpose. For example, a corporation borrows a large sum of money at a specific interest rate.[2] The rate of interest on the loan resets every six months. The corporation is concerned that the rate of interest may be much higher in six months. The corporation could buy a forward rate agreement (FRA). A forward rate agreement is a contract to pay a fixed rate of interest six months after purchases on a notional sum of money.[3] If the interest rate after six months is above the contract rate the seller pays the difference to the corporation, or FRA buyer. If the rate is lower the corporation would pay the difference to the seller. The purchase of the FRA would serve to reduce the uncertainty concerning the rate increase and stabilize earnings. Speculation and arbitrage Derivatives can be used to acquire risk, rather than to insure or hedge against risk. Thus, some individuals and institutions will enter into a derivative contract to speculate on the value of the underlying asset, betting that the party seeking insurance will be wrong about the future value of the underlying asset. Speculators will want to be able to buy an asset in the future at a low price according to a derivative contract when the future market price is high, or to sell an asset in the future at a high price according to a derivative contract when the future market price is low. Individuals and institutions may also look for arbitrage opportunities, as when the current buying price of an asset falls below the price specified in a futures contract to sell the asset. Speculative trading in derivatives gained a great deal of notoriety in 1995 when Nick Leeson, a trader at Barings Bank, made poor and unauthorized investments in futures contracts. Through a combination of poor judgment, lack of oversight by the banks management and by regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion loss that bankrupted the centuries-old institution. Types of derivatives OTC and Exchange-traded Broadly speaking there are two distinct groups of derivative contracts, which are distinguished by the way they are traded in the market: Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivative market is the largest market for derivatives, and is largely unregulated with respect to disclosure of information between the parties, since the OTC market is made up of banks and other highly sophisticated parties, such as hedge funds. Reporting of OTC amounts are difficult because trades can occur in private, without activity being visible on any exchange. According to the Bank for International Settlements, the total outstanding notional amount is $684 trillion (as of June 2008).[5] Of this total notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are oth er. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counter-party risk, like an ordinary contract, since each counter-party relies on the other to perform. Exchange-traded derivative contracts (ETD) are those derivatives instruments that are traded via specialized derivatives exchanges or other exchanges. A derivatives exchange is a market where individuals trade standardized contracts that have been defined by the exchange. A derivatives exchange acts as an intermediary to all related transactions, and takes Initial margin from both sides of the trade to act as a guarantee. The worlds largest derivatives exchanges (by number of transactions) are the Korea Exchange (which lists KOSPI Index Futures Options), Eurex (which lists a wide range of European products such as interest rate index products), and CME Group (made up of the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade and the 2008 acquisition of the New York Mercantile Exchange). According to BIS, the Scombined turnover in the worlds derivatives exchanges totaled USD 344 trillion during Q4 2005. Some types of derivative instruments also may trade on traditional exchanges. For instance, hybrid instruments such as convertible bonds and/or convertible preferred may be listed on stock or bond exchanges. Also, warrants (or rights) may be listed on equity exchanges. Performance Rights, Cash xPRTs and various other instruments that essentially consist of a complex set of options bundled into a simple package are routinely listed on equity exchanges. Like other derivatives, these publicly traded derivatives provide investors access to risk/reward and volatility characteristics that, while related to an underlying commodity, nonetheless are distinctive. Common derivative contract types There are three major classes of derivatives: Futures/Forwards are contracts to buy or sell an asset on or before a future date at a price specified today? A futures contract differs from a forward contract in that the futures contract is a standardized contract written by a clearing house that operates an exchange where the contract can be bought and sold, while a forward contract is a non-standardized contract written by the parties themselves. Options are contracts that give the owner the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an asset. The price at which the sale takes place is known as the strike price, and is specified at the time the parties enter into the option. The option contract also specifies a maturity date. In the case of a European option, the owner has the right to require the sale to take place on (but not before) the maturity date; in the case of an American option, the owner can require the sale to take place at any time up to the maturity date. If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction. Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies/exchange rates, bonds/interest rates, commodities, stocks or other assets. More complex derivatives can be created by combining the elements of these basic types. For example, the holder of a swaption has the right, but not the obligation, to enter into a swap on or before a specified future date. 1.2. PROBLEM STATEMENT: The problem statement on which we are doing research is as follows: What are the Determinants that define the activities towards Financial Derivatives? 1.3. OBJECTIVE OF THE STUDY: The main objective of our research is that which one of this independent variable like Risk, Yield Spread etc affects the financial derivatives the most or which one of the following indicates the most involvement in financial derivative. 1.4. Limitations:- There are few limitations which are as under. The data which we are considering is only from Islamabad stock exchange. Out of numerous variables we have selected only four. 1.5. Plan:- Rest of the thesis is organized as fallows. In chapter II we have produced a literature review. In chapter III Data is collected and statistical tools are applied. In chapter IV the results are interpreted. In chapter V conclusions and recommendations are given. Chapter II Literature Review Credit derivatives and risk aversion in this article author discuss the valuation of credit derivatives in extreme regimes such as when the time-to-maturity is short, or when payoff is contingent upon a large number of defaults, as with senior trenches of collateralized debt obligations. In these cases, risk aversion may play an important role, especially when there is little liquidity, and utility-indifference valuation may apply. Specifically, we analyze how short-term yield spreads from default able bonds in a structural model may be raised due to investor risk aversion. Using derivatives to manage risk this Refers to some well-publicized failures with derivatives, and seeks explanations for these problems; points to the role of the US treasury department as a profit centre, and presents a three-phase risk management framework for the successful use of derivatives risk identification/determination of the desired risk profile, implementation (to include factors such as the role of the board in the co-ordination of resources), evaluation/feedback. Shows how three celebrated cases of derivatives fiasco failed in respect of various aspects of this framework (these being Gibson Greetings, Procter Gamble and Metallgesellschaft AG). Petersen and Thiagarajan (2000) Estimates and compares the risk exposure of two firms operating in the gold mining industry. Suggests that the difference between the two firms lies in the risks that they choose to manage and the tools that they use. It presents an extensive analysis of the building blocks underlying the effects of risk management including operating cash flows, taxable income, investment opportunities and equity risk exposure. Shows how one uses adjustments to the quality of ore extracted as a partial hedge against gold price fluctuations, whilst the other uses derivatives to reduce the fluctuations in its revenues and therefore operating cash flows. Comments on the incentives for risk reduction and their effect on the management of gold price risk, noting that compensation strategies can lead to differing managerial objectives. Argues that the use of alternative forms of risk management is a conscious choice by firms and that the use of derivatives should be seen ag ainst the alternative tools available. Alister and Mansfield (1980) states that Derivatives have been an expanding and controversial feature of the financial markets since the late 1980s. They are used by a wide range of manufacturers and investors to manage risk. This paper analyses the role and potential of financial derivatives investment property portfolio management. The limitations and problems of direct investment in commercial property are briefly discussed and the main principles and types of derivatives are analysed and explained. The potential of financial derivatives to mitigate many of the problems associated with direct property investment is examined. The management of foreign currency risk: derivatives use and the natural hedge of geographic diversification Summer 1999 Notes the lack of evidence of large companies use of foreign exchange derivatives (FXDs), related to the geographical diversification natural hedge, an alternative method of avoiding risk. Builds a model of company behavior, sampling 309 US companies by industry, including FXD, foreign sales, a sales-based Herfindahl index, and market value. Finds a significant and positive relationship between the use of FXDs and the level of foreign exchange exposure; and a negative relationship between geographic dispersion and FXD. Shows that there are economies of scale in FXD use, and that the findings are robust to industry membership and geographic diversification. Emory presents evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994-1996 data for a sample of Fortune5 00 firms, I estimate a set of simultaneous equations that captures managers incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives, I find a significant negative association between derivatives notional amounts and proxies for the magnitude of discretionary accruals. Gay and Nam analyzed the underinvestment problem as a determinant of corporate hedging policy. We find evidence of a positive relation between a firms derivatives use and its growth opportunities, as proxied by several alternative measures. For firms with enhanced investment opportunities, derivatives use is greater when they also have relatively low cash stocks. Firms whose investment expenditures are positively correlated with internal cash flows tend to have smaller derivatives positions, which suggest potential natural hedges. Our findings support the argument that firms derivatives use may partly be driven by the need to avoid potential underinvestment problems. Patil (2008) states that the Reserve Bank of Indias Working Group on Rupee Derivatives has, interalia, recommended introduction of exchange traded derivatives to supplement OTC derivatives. But before we introduce exchange traded interest rates futures it is necessary to be fully aware of the ground realities. The basic issue is the healthy development of the market and abolition of the regulations that artificially protect the interests of a set of intermediaries whose role and functions have got significantly reduced with massive induction of IT applications into the capital and financial markets. Regulatory reforms should facilitate continuous reduction in transaction costs and up gradation of transactional efficiency across different segments of the market. A regulatory regime that ends up protecting the role of certain players merely because they played a useful role in the past in the development of some segments of the markets would be doing a disservice Hentschel and Kothari makes Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical academic studies of corporate derivatives use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives. We find that many firms manage their exposures with large derivatives positions. Nonetheless, compared to firms that do not use financial derivatives, firms that use derivatives display few, if any, measurable differences in risk that are associated with the use of derivatives. Brinson, Randolph Hood and Beebower (1986), states that in order to delineate investment responsibility and measure performance contribution, pension plan sponsors and investment managers need a clear and relevant method of attributing returns to those activities that compose the investment management process- investment policy, market timing and security selection. The authors provide a simple framework based on a passive, benchmark portfolio representing the plans long-term asset classes, weighted by their long-term allocations. Returns on this investment policy portfolio are compared with the actual returns resulting from the combination of investment policy plus market timing (over or underweighting asset classes relative to the plan benchmark) and security selection (active selection within an asset class). Data from 91 large U.S. pension plans over the 1974-83 period indicate that investment policy dominates investment strategy (market timing and security selection), explaining on average 93.6 per cent of the variation in total plan return. The actual mean average total return on the portfolio over the period was 9.01 per cent, versus 10.11 per cent for the benchmark portfolio. Active management cost the average plan 1.10 per cent per year, although its effects on individual plans varied greatly, adding as much as 3.69 per cent per year. Although investment strategy can result in significant returns, these are dwarfed by the return contribution from investment policy-the selection of asset classes and their normal weights. Markides (1995) concluded that there is increasing evidence (especially in the business press) that over the past decade, many U.S. corporations have restructured. For example, Lewis (1990: 43) estimates that nearly half of large U.S. corporations have restructured in the 1980s. Similarly, a special report on corporate restructuring published in the Wall Street Journal (1985: 1) found that out of the 850 of North Americas largest corporations, 398 (47%) of them restructured. A major problem with many of these studies on restructuring is that they do not define exactly what is meant by restructuring. Corporate actions such as share repurchasing, refocusing, alliances, consolidations and leveraged recapitalizations can all fall under the general term restructuring; therefore, a researcher needs to look at these forms of restructuring separately if any generalizations are to be made. In this study, we focus on one specific type of restructuring, namely corporate refocusing. By this we m ean the voluntary or involuntary reduction in the diversification of U.S. firms-usually, but not necessarily, achieved through major divestitures-what Bhagat, Shleifer, and Vishny (1990) call the return to corporate specialization. We focus on this type of restructuring because according to the existing evidence it is by far the most common and most beneficial form of restructuring undertaken by firms (e.g., Lewis, 1990; Wall Street Journal, 1985). According to existing evidence, a significant proportion of major diversified firms in the U.S. have reduced their diversification in the 1980s by refocusing on their core businesses (for statistical evidence, see Lichtenberg, 1990; Mark- ides, 1990; Porter, 1987; Williams, Paez and Sanders, 1988). For example, Markides (1993) reported that at least 20 percent and as many as 50 percent of the Fortune 500 firms refocused in the period 1981-87. He also found that refocusing is a 1980s phenomenon: using the Rumelt (1974) strategic categories of diversification, he reported that whereas only 1 percent of the Fortune 500 firms were refocusing in the 1960s, more than 20 percent were doing so in the 1980s. Other studies have shown that these refocusing firms are characteriz ed by high diversification and poor profitability relative to their industry counter- parts, and that refocusing is associated ex-ante with improved stockmarket value (e.g., Comment and Jarrell, 1991; Markides, 1992a,b; Montgom- ery and Wilson, 1986). Yet, as Shleifer and Vishny (1991: 54) argue, there is very little ex- post evidence that refocusing is associated with profitability improvements. Doukas and Lang In this study they present evidence that geographic diversification increases shareholder value and improves long-term performance when firms engage in core-related foreign direct (greenfield) investments. Non-core-related foreign investments are found to be associated with both short-term and long-term losses. Our results suggest that the synergy gains stemming from the internalization of markets are rooted in the core business of the firm. Geographic diversification outside the core business of the firm bears strongly against the prediction of the internalization hypothesis. The analysis also shows that, regardless of the industrial structure of the firm (that is, number of segments), foreign direct investments outside the core business of the firm are associated with a loss in shareholder value, whereas core-related (focused) foreign direct investments are found to be value increasing. Unrelated international diversification, however, is less harmful for diversifie d (multi- segment) than specialized (single-segment) firms. The larger gains to diversified firms suggest that operational and internal capital market efficiency gains are considerably greater in multi-segment than single-segment firms when both expand their core business overseas. James and Finkelshtain (1965) said the effects of multivariate risk are examined in a model of portfolio choice. The conditions under which portfolio choices are separable from consumption decisions are derived. Unless the appropriate restrictions hold on investors preferences or on the probability distribution of risks, the optimal portfolio is affected by other risks. This requires generalizing the usual measures of risk aversion. With one risky asset, matrix measures of risk aversion are used to generalize the results of Arrow (1965) and Pratt (1964) concerning the effects of risk aversion and wealth on the optimal portfolio. With two risky assets, the choices made by two investors coincide if and only if their generalized risk-aversion measures are identical. Rosss notion of stronger risk aversion is then used to characterize the effect of risk aversion on the level of investment in the riskier asset. Browne (2000) tells us that Active portfolio management is concerned with objectives related to the out performance of the return of a target benchmark portfolio. In this paper, we consider a dynamic active portfolio management problem where the objective is related to the tradeoff between the achievement of performance goals and the risk of a shortfall. Specifically, we consider an objective that relates the probability of achieving a given performance objective to the time it takes to achieve the objective. This allows a new direct quantitative analysis of the risk/return tradeoff, with risk defined directly in terms of probability of shortfall relative to the bench- mark, and return defined in terms of the expected time to reach investment goals relative to the benchmark. The resulting optimal policy is a state-dependent policy that provides new insights. As a special case, our analysis includes the case where the investor wants to minimize the expected time until a given performa nce goal is reached subject to a constraint on the shortfall probability. On the basis of this literature review we have developed the following Theoretical framework. 2.2. THEORATICAL FRAMEWORK: The importance of: Risk_ Response Index Yield Spread_ Response Index Liquidity_ Response Index Geographical Diversification_ Response Index Financial Derivatives (Swap, Option, Future and Forward Contracts) For 2.3 Hypothesis: H0:  µ H1:  µ à ¢Ã¢â‚¬ °Ã‚ ¥ 3.5 If the mean respondent is 3.5 or above it means the factor is important because at the rating scale 1 is for strongly disagree and 5 is for strongly agree. Chapter III Data and Methodology 3.1. NATURE OF STUDY: This study was descriptive in nature and will describe the Risk, Yield spread, Liquidity, Geographical diversification in the term of determinants of Financial Derivatives. The study setting for this study is non-contrived in nature i.e. it was conducted in the normal work place and routine working conditions. 3.2. PRIMARY DATA COLLECTION: Data for this study was collected from the participants of the Islamabad Stock Exchange. These people were working or participating in the stock exchange where the people had knowledge about risk, yield spread, liquidity and geographical diversification. That is why; it was easier for us to conduct our research in Islamabad Stock Exchange to conclude our results that which one of the following factors like risk, yield spread, liquidity, and geographical diversification shows the maximum involvement in the determining of financial derivatives. 3.3. RESPONDENTS OF RESEARCH: Data were collected from 100 participants. Participants were asked to fill the questionnaire which was helpful to lead us towards the result and conclusion of our research. All participants were asked to write down on the questionnaire their gender and age. 3.4. RESEARCH INSTRUMENT: Questionnaire is an efficient data collection mechanism where we know exactly what is required and measures the variables of interest. Questionnaires were made with enough number of questions covering all the related areas. This helped us to conclude our result by measuring the affect of determinants on financial derivatives. Questionnaires were personally handed over to the participants by us. All surveys were completed during working hours. Respondents were guaranteed that their data would remain confidential. Respondents were instructed to indicate their opinions about the questions to rate on a Likert Scale. This scale was designed to examine how strongly respondents agree or disagree with statements on a 5-points scale with the following anchors; 3.5. DATA INTERPRETATION: Statistical tools were used for the interpretation of data. These tools included t-test, correlation and descriptive statistics to find the involvement of independent variables in determining the financial derivatives. In other words, statistical tool of correlation were applied to interpret the relationship between the indexes of independent variables and t-test was used to determine the involvement of independent variable in determining the financial derivatives. The total data was divided into two halves: Participants Below median age (39 and below) Participants above median age (above 39) We have applied sample mean test at  µ=3.5. Chapter IV Findings R1: Risky nature of instrument is not a matter of concern for me. R2: Since high risk means high return therefore I will shift to the risky securities. R3: Would you shift from one stock to another to reduce risk at the cost of return? R4: It is feasible to add a percentage of low risk securities to a portfolio. L1: Is a highly liquid security attractive to an investor L2: The stocks in which you trade are relatively liquid which attracts you towards them. L3: Liquidity reflects the performance of a firm therefore for diversification it is important Y1: Yield spread helps the investor to determine which security would be the better investment. Y2: Change in demand supply of the securities effect the yield spread change therefore I shift towards low yield spread. Y3: The market is forecasting a greater risk of default which implies a slowing economy (narrowing of spreads between bonds of different risk ratings) G1: Geographical diversification increases the potential return on your investment / portfolio. G2: Geographical diversification allows combining a diversification across domestic and foreign securities. In case of G1, H0 is accepted it implies people do not conside

Macbeths Power Essay -- essays research papers

Throughout reading the play, Macbeth changes a lot from being a man of loyalty and honesty, to a man of whom is power hungry and greedy. This shows how the more power you receive the more power you want; which in many cases, such as this one leads to destruction. Many of the choices that Macbeth made were influenced by the power that he had, and this power began to take over him. This then lead to greed and destruction of not only others, but himself as well.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning of the play, Macbeth is not in a position of authority yet still receives praise. Although Macbeth is not in a place of power, he is truly content with his life. Macbeth is looked up to and admired for begin so brave and courageous. In the beginning of the play Macbeth comes off as a genuine man who is admired by many people. This is demonstrated by a member of Macbeth’s battalion who refers to Macbeth as â€Å"the great Macbeth.† This man is covered in blood and hurt, yet he still speaks of how noble Macbeth is. This really shows how respected and faithful the citizens are to Macbeth. â€Å"For brave Macbeth he is the one to whom oh so many praise.† (1.2.18), said by the man. Hearing this news of Macbeth is very pleasing to the king, he now sees how noble and commendable Macbeth is, he then decided to give Macbeth the power of being Thane of Cawdor; by doing so he did not know what this decision was going to lead to in the fu ture. The king gave him this power because he saw how fine...

Plato :: essays research papers

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Maruti 800 Car

There are many cars on the market that are exciting with respect to power(Accord), interior design(Octavia, Benz), overall execution(again Accord) & the vitality in the segment they play in (New City) [pic][pic][pic][pic] but no other car is as close to what ALTO is in the entry level segment. Santro & Indica do have a strong hold on the upper level where Alto plays (Alto 1. 1) but with respect to the range that Alto has from mid 2 to low 4 lac it is the only choice. August 05 Alto is being launched with better styling (clear head-tail lamps), changed nose and a few more vibrant colors to make matters interesting. The seat fabric have received an upgrade. Although Swift continues to take limelight, guess Alto is serving Maruti and entry level buyers just fine. I wish they again launch it with the 1. 1 liter engine. Given that Alto has longer wheelbase and (more) modern chassis than Zen it would kill Zen’s sales if launched with 1. 1 liter engine. June 04: For the first time ever a model (Alto) outscored 800 on the sales chart. This is due to Maruti positioning Alto as entry level car & in order to phase out 800 & also they slashed entry level price by 25,000 (without AC) at 2,34,000. Recently I had a test ride of a used Alto 1. without power steering. The car was in a good condition. I really liked the power of 1. 1 engine. With 4 passengers it was pulling very well. The transmission was typical Maruti/Suzuki, a little rough but spot-on. As I am used to Palio’s butter smooth gears I found the gears in Alto a little crude but accurate & easy to locate specially from 2nd to 3rd, it is easy to find it. Although I have heard a few complaints from some owners about Grinding noises from transmission. So better watch-out for that. The AC was good enough but left me for wanting as it was VERY hot. Also with AC on the acceleration suffered a bit. Can’t blame as I had 4 full grown adults with me! 🙂 Overall I was very satisfied but when finally we sat for negotiations the Doctor was asking a little too much than I thought a used Alto should cost. This led to me test drive of the new Alto (800), at 2,60 it was very close to the used 1. 1! The test drive without AC was very good but with AC full blown the acceleration did suffer significantly. So I tried shutting off AC when I was speeding & then started it when cruising, it worked just fine. I thought I can manage with this power by effectively shutting off AC when I needed to Pass & on inclines (valleys etc). The interior was a bit lacking compared to Palio & also Santro but at this price point it did meet my expectations. It is only a matter of getting used to. I didn’t like the shifter coming out of teh floor as opposed to much better treatment in Palio/Santro. Here in Alto it seem to come out of the floor! 🙂 But not a point that would affect my decision. The interior room is satisfactory if not significant. 4 Adults can fit in for trips of say 3/4 hrs with some halts. The seats themselves are good & I found a very comfortable seating position except some room for my legs as I am 6’ 1’ with the legs of same length as of my 6’ 3’ friend! ) The fuel economy I was told as phenomenal with at least 14 in city & 17-18 on the highways! That was MUCh better than 10/14 of my Palio. As this car is for my father I thought he would get a little better than what I can extract! Driving style you know! 🙂 I was a bit concerned about the tire size & t hought for a longer trips bigger tires would be preferable but it would affect the fuel economy I guess. You can’t have all!! The styling is conservative but tasteful for the common man who thinks that car is an extension of their personality. The fashion seekers should shop elsewhere. Both front & rear styling is interesting enough but at the same time toned down to take out the last drop of boldness.. The car looks much better with body colored bumpers than the ugly black ones! They look like an accessory externally attached than the integral part of the car! Only black car looks ok with those bumpers. Anyways, who buys a black color car in a counry of hot summer! 🙂 (There are quite a few mind you! ) I am almost set on Alto 800. I compared it with all the competition & it bits the competition when you factor in the price & daily running costs (fuel/maintenance) & have decided to go for Alto 800 Lxi. I think it is worth to pay for the extra features for some price. At the same time I didn’t think it was a good idea to spend more than 4 lac for 1. 1 as I thought the level of interior materials & overall comfort would be more justified in Santro/Indica/Palio for a little more cash. Fuel economy is again where Alto 1. 1 would do better than most though. The color availability is again ok for this price range. I would love to see more colors coming out soon to keep interest in the product. I would recommend Alto to anyone planning to buy a entry level car. It is a must to have a loot at this car before buying any other car you like. This is the perfect as far as the segment it plays in goes. MARUTI UDYOG LIMITED – Managing competition successfully Maruti Udyog Limited (MUL) was established in Feb 1981 through an Act of Parliament, to meet the growing demand of a personal mode of transport caused by the lack of an efficient public transport system. It was established with the objectives of – modernizing the Indian automobile industry, producing fuel efficient vehicles to conserve scarce resources and producing indigenous utility cars for the growing needs of the Indian population. A license and a Joint Venture agreement were signed with the Suzuki Motor Company of Japan in Oct 1983, by which Suzuki acquired 26% of the equity and agreed to provide the latest technology as well as Japanese management practices. Suzuki was preferred for the joint venture because of its track record in manufacturing and selling small cars all over the world. There was an option in the agreement to raise Suzuki’s equity to 40%, which it exercised in 1987. Five years later, in 1992, Suzuki further increased its equity to 50% turning Maruti into a non-government ganization managed on the lines of Japanese management practices. Maruti created history by going into production in a record 13 months. Maruti is the highest volume car manufacturer in Asia, outside Japan and Korea, having produced over 5 million vehicles by May 2005. Maruti is one of the most successful automobile joint ventures, and has made profits every year since inception till 2000-01. In 2000-01, although Maruti generated operating profits on an income of Rs 92. 5 billion, high depreciation on new model launches resulted in a book loss. COMPANY HISTORY AND BACKGROUND The Evolution Maruti’s history of evolution can be examined in four phases: two phases during pre-liberalization period (1983-86, 1986-1992) and two phases during post-liberalization period (1992-97, 1997-2002), followed by the full privatization of Maruti in June 2003 with the launch of an initial public offering (IPO). The first phase†¦ Hindustan Construction Co. Ltd. Hincon House, LBS Marg, Vikhroli (W) Mumbai – 400083 email: [email  protected] com Tel: +91 22 25775959 Fax: +91 22 25775732 Hindustan Construction Co. Ltd. 706-707, 7th Floor Surya Kiran, 19, KG Marg New Delhi – 110001 Tel: +91 11 23358717, 23358727 Fax: +91 11 23358837

Discrimination in The Workplace

For years people have been treated differently based upon their class, race, and gender. This has cause discrimination to take place and destroy people lives mentally in the work environment. Discrimination is unequal treatment of any group of people. This could apply to race, ethnic group, gender, and age (Discrimination, 2011). It has impact one’s social class in the workplace, keeping certain races from establishing deceased paying jobs, and only providing genders with limited job positions. In this paper the writer will be discussing the act of discrimination in the workplace. Social Class The social class was defined by the political power and social status of one’s heritage. Which there are three types of class structures lower, middle, and upper (The Social Organization of Work, pg. 76). The lower class has no job security due to not having any funds saved or assets (The Social Organization of Work, pg. 76). Lower-classman is bound to work at poorly paid jobs such as McDonalds and Burger King. Jobs like these offer no benefits for example health care and pay tuition. If these individuals are laid off or injured the welfare of their families could be in danger (The Social Organization of Work, pg 76). The lower class has a small percentage of offering their children an advantage to a secure job. The lower class is less likely to vote due to the lack of power they posses (The Social Organization of, pg 76). Discrimination in the Workplace Discrimination in the Workplace According to Equal Employment Opportunity Commission, Discrimination charges were up slightly from last year from 99,922 to 99,947. In terms of the volume of charges by protected class, the highest percentages were: †¢Retaliation – 37. 4% †¢Race – 35. 4% †¢Sex/Gender – 28. 4% †¢ADA/Disability – 25. 8% Nine out of ten times when you go into a business meeting, the person you are encountering for the first time has already formed an impression of you based on your communication with them up to that point.Your religion, race, height, nationality and even your gender are factors that most people make quick judgments about. Unfortunately, many of these judgments are bias and assumptions. According to Oxford dictionary, discrimination is the treatment or consideration of, or making a distinction in favor of or against, a person or thing based on the class, or category to which that person or thing belongs rathe r on the individual merit. My reasons for this message are to point out the effects of racial discrimination and how it can be prevented.Discrimination against people with different physical appearance, mental illness, or a different personal preference such as homosexuality is a position where people should never find themselves in. Discrimination affects people from all over the world. People of all ethnicities and from all different walks of life are influenced in some way by workplace discrimination. † One of the most common elements discriminated against is a person’s ethnicity, or their race. This is called Racial Discrimination. We’ve all heard the statistics about first impressions.When you meet someone for the first time, according to research at University of Pennsylvania 7% of their impression of you is based on what you say, 38% on how you say it, and a massive 55% on their appearance and manner. No wonder we worry about choosing our clothes for that all important meeting or job interview. What are the reasons in society that causes prejudice and discrimination? Consequently problems with discrimination are from parental discrimination, traditional labeling, and unfair generalizations. No one is born racist, sexist, or homophobic. Some parents aise their children with negative beliefs about others. This is one of the reasons why it is so hard to get rid of discrimination in our workplace. A parent who is an extremist will more than likely have negative effects on how a child will treat others. In addition traditional labeling is another cause of discrimination. Discriminatory labels have been passed down from generation to generation. For example many children engage in activities such as breaking windows, stealing fruit from other people’s trees, climbing into other people’s yards, or playing hooky from school.In rich neighborhoods, these acts may be viewed by parents, teachers, and police as innocent aspects of t he process of growing up. In poor areas, on the other hand, these same activities might be seen as tendencies towards juvenile delinquency. This sort of labeling can easily lead to workplace bias. Lastly, unfair generalizations are another cause of discrimination. After a single person of a race or sex does something injustice, people tend to group the entire race or sex with that single person’s flawed actions. This tends to happen to minorities quite often in the workplace and also in the social life.All these things that I have listed play a significant role in molding and shaping a person character. Now I’m going to talk about the effects of racial discrimination. Discrimination at work can lead to decreased job performance and lower productivity. Workplace discrimination can impact the level of employee spirits. It goes without saying that if you witness discriminatory acts or are a victim of discrimination, the experience can be crushing. Employees who are expose d to discrimination can begin to surfer the effects of disrespect even if they are not the main target of discrimination.In addition, researchers find evidence that discrimination has a negative impact on one's mental health. Results from the study â€Å"Does Perceived Discrimination Affect Health, Longitudinal Relationships Between Work Discrimination and Women's Physical and Emotional Health† reveal that women were being tested and their level of stress increased after experiencing job discrimination. In another study testing African American women, perceived racial discrimination at work led to higher levels of depression and decreased levels of psychological well-being.These studies suggest that mental stress is caused by work discrimination. Another effect of racial discrimination is that it damages the business reputation. The U. S. Equal Employment Opportunity Commission website contains information about discrimination lawsuits, settlements and awards. Newspapers publ ish stories of high-profile cases and jury trials awarding damages to plaintiffs in discrimination lawsuits. Rumors and truths spread throughout the business community, and potential applicants spread the word about businesses purported to engage in discriminatory employment practices.Allegations of discrimination can even affect the relationship between a company and its suppliers and vendors. All of this takes its toll on an organization's business reputation, its ability to recruit talent and, ultimately, its profitability. The saying â€Å"all publicity is good publicity† doesn't apply when the publicity is about discrimination. On the contrary there are solutions to these problems. These steps will help guide our heart and our morals. There are many ways but I selected two main guides to help us. One way to start the change is by renewing of your minds.We have to change our views by disciplining ourselves. Systematic judgments require more controlled processing and tend to occur when forming impressions of others that can affect our happiness or welfare. Learn to interact with people more on a personal level. Another way to stop discrimination is to report it. Any individual who is the victim of racial discrimination should not allow it to continue. You can report discrimination by documenting the incidents. Next you should report to a supervisor and show him the documentations. Lastly complain to EECO.File a report immediately then wait for EEOC to get back to you so afterwards you can get permission to take legal action if the discrimination is clear. Exercise commitment and patience in your journey to remove stereotyping from the mind and heart. In conclusion, with this in mind learning to dig deep from other people will bring humility. We can remove the snap judgments we make about people because someday we might under authority or be in the position of authority. Because discriminatory behavior can hardly be seen I challenge you to be cautious about what is said or done in the workplace.We can avoid being the attacker or the victim in this situation. These indications I listed are only of the few of our automatic notions about others. We should have an equal shot to an opportunity that is presented to us. ? Bibliography The Beginners Guide To Body Language. † Photograph. http://sapientology. com/body-language/how-to-read-body-language/. Matthew Michael. 2010. Web. 7 Nov 2011. . Haworth, Abigail. â€Å"Forced to Be Fat . † Marie Claire. 21072011: 1-3. Web. 7 Nov. 2011. . (Haworth 1-3) Anderson, M. L. and Taylor, H. F. (2009). Sociology: The Essentials.Belmont, CA: Thomson Wadsworth. Giddens, A. (1991). Introduction to Sociology. New York: W. W. Norton & Company. VerBruggen, Robert. â€Å"Appearance Discrimination’: The New Racism?. † National Review Online. 06292010: 1-4. Web. 7 Nov. 2011. . (VerBruggen 1-4) America Obsession with beauty. † Photograph. The Fashion Spot. Randle Lee. Jelosof t Enterprises, 2008. Web. 8 Nov 2011. . â€Å"Oxford Dictionaries. † Oxford Dictionaries. Oxford University, 01082011. Web. 8 Nov 2011. . Pincus, Debbie . â€Å"Control Freak vs. Pushover Parenting: Why Neither Works . Empowering Parents. n. page. Print. . U. S Equal Employment Opportunity Commision . Privacy Policy. Facts About Race/Color Discrimination. 2012. Web. . Daeragon , Beth . â€Å"NH Employment Law Blog. † NH Employment Law Blog. . (2012): . Web. 19 Nov. 2012. . Pavalko, Eliza, Krysia Mossakowski, and Vanessa Hamilton. â€Å"Does Perceived Discrimination Affect Health? Longitudinal Relationships Between Work Discrimination and Women’s Physical and Emotional Health. † 2001. Maduff and Maduff. (2008) Discrimination. Maduff and Maduff: A Civil Rights Law Firm. 2008 Discrimination in The Workplace For years people have been treated differently based upon their class, race, and gender. This has cause discrimination to take place and destroy people lives mentally in the work environment. Discrimination is unequal treatment of any group of people. This could apply to race, ethnic group, gender, and age (Discrimination, 2011). It has impact one’s social class in the workplace, keeping certain races from establishing deceased paying jobs, and only providing genders with limited job positions. In this paper the writer will be discussing the act of discrimination in the workplace. Social Class The social class was defined by the political power and social status of one’s heritage. Which there are three types of class structures lower, middle, and upper (The Social Organization of Work, pg. 76). The lower class has no job security due to not having any funds saved or assets (The Social Organization of Work, pg. 76). Lower-classman is bound to work at poorly paid jobs such as McDonalds and Burger King. Jobs like these offer no benefits for example health care and pay tuition. If these individuals are laid off or injured the welfare of their families could be in danger (The Social Organization of Work, pg 76). The lower class has a small percentage of offering their children an advantage to a secure job. The lower class is less likely to vote due to the lack of power they posses (The Social Organization of, pg 76). Discrimination in the Workplace Discrimination in the Workplace According to Equal Employment Opportunity Commission, Discrimination charges were up slightly from last year from 99,922 to 99,947. In terms of the volume of charges by protected class, the highest percentages were: †¢Retaliation – 37. 4% †¢Race – 35. 4% †¢Sex/Gender – 28. 4% †¢ADA/Disability – 25. 8% Nine out of ten times when you go into a business meeting, the person you are encountering for the first time has already formed an impression of you based on your communication with them up to that point.Your religion, race, height, nationality and even your gender are factors that most people make quick judgments about. Unfortunately, many of these judgments are bias and assumptions. According to Oxford dictionary, discrimination is the treatment or consideration of, or making a distinction in favor of or against, a person or thing based on the class, or category to which that person or thing belongs rathe r on the individual merit. My reasons for this message are to point out the effects of racial discrimination and how it can be prevented.Discrimination against people with different physical appearance, mental illness, or a different personal preference such as homosexuality is a position where people should never find themselves in. Discrimination affects people from all over the world. People of all ethnicities and from all different walks of life are influenced in some way by workplace discrimination. † One of the most common elements discriminated against is a person’s ethnicity, or their race. This is called Racial Discrimination. We’ve all heard the statistics about first impressions.When you meet someone for the first time, according to research at University of Pennsylvania 7% of their impression of you is based on what you say, 38% on how you say it, and a massive 55% on their appearance and manner. No wonder we worry about choosing our clothes for that all important meeting or job interview. What are the reasons in society that causes prejudice and discrimination? Consequently problems with discrimination are from parental discrimination, traditional labeling, and unfair generalizations. No one is born racist, sexist, or homophobic. Some parents aise their children with negative beliefs about others. This is one of the reasons why it is so hard to get rid of discrimination in our workplace. A parent who is an extremist will more than likely have negative effects on how a child will treat others. In addition traditional labeling is another cause of discrimination. Discriminatory labels have been passed down from generation to generation. For example many children engage in activities such as breaking windows, stealing fruit from other people’s trees, climbing into other people’s yards, or playing hooky from school.In rich neighborhoods, these acts may be viewed by parents, teachers, and police as innocent aspects of t he process of growing up. In poor areas, on the other hand, these same activities might be seen as tendencies towards juvenile delinquency. This sort of labeling can easily lead to workplace bias. Lastly, unfair generalizations are another cause of discrimination. After a single person of a race or sex does something injustice, people tend to group the entire race or sex with that single person’s flawed actions. This tends to happen to minorities quite often in the workplace and also in the social life.All these things that I have listed play a significant role in molding and shaping a person character. Now I’m going to talk about the effects of racial discrimination. Discrimination at work can lead to decreased job performance and lower productivity. Workplace discrimination can impact the level of employee spirits. It goes without saying that if you witness discriminatory acts or are a victim of discrimination, the experience can be crushing. Employees who are expose d to discrimination can begin to surfer the effects of disrespect even if they are not the main target of discrimination.In addition, researchers find evidence that discrimination has a negative impact on one's mental health. Results from the study â€Å"Does Perceived Discrimination Affect Health, Longitudinal Relationships Between Work Discrimination and Women's Physical and Emotional Health† reveal that women were being tested and their level of stress increased after experiencing job discrimination. In another study testing African American women, perceived racial discrimination at work led to higher levels of depression and decreased levels of psychological well-being.These studies suggest that mental stress is caused by work discrimination. Another effect of racial discrimination is that it damages the business reputation. The U. S. Equal Employment Opportunity Commission website contains information about discrimination lawsuits, settlements and awards. Newspapers publ ish stories of high-profile cases and jury trials awarding damages to plaintiffs in discrimination lawsuits. Rumors and truths spread throughout the business community, and potential applicants spread the word about businesses purported to engage in discriminatory employment practices.Allegations of discrimination can even affect the relationship between a company and its suppliers and vendors. All of this takes its toll on an organization's business reputation, its ability to recruit talent and, ultimately, its profitability. The saying â€Å"all publicity is good publicity† doesn't apply when the publicity is about discrimination. On the contrary there are solutions to these problems. These steps will help guide our heart and our morals. There are many ways but I selected two main guides to help us. One way to start the change is by renewing of your minds.We have to change our views by disciplining ourselves. Systematic judgments require more controlled processing and tend to occur when forming impressions of others that can affect our happiness or welfare. Learn to interact with people more on a personal level. Another way to stop discrimination is to report it. Any individual who is the victim of racial discrimination should not allow it to continue. You can report discrimination by documenting the incidents. Next you should report to a supervisor and show him the documentations. Lastly complain to EECO.File a report immediately then wait for EEOC to get back to you so afterwards you can get permission to take legal action if the discrimination is clear. Exercise commitment and patience in your journey to remove stereotyping from the mind and heart. In conclusion, with this in mind learning to dig deep from other people will bring humility. We can remove the snap judgments we make about people because someday we might under authority or be in the position of authority. Because discriminatory behavior can hardly be seen I challenge you to be cautious about what is said or done in the workplace.We can avoid being the attacker or the victim in this situation. These indications I listed are only of the few of our automatic notions about others. We should have an equal shot to an opportunity that is presented to us. ? Bibliography The Beginners Guide To Body Language. † Photograph. http://sapientology. com/body-language/how-to-read-body-language/. Matthew Michael. 2010. Web. 7 Nov 2011. . Haworth, Abigail. â€Å"Forced to Be Fat . † Marie Claire. 21072011: 1-3. Web. 7 Nov. 2011. . (Haworth 1-3) Anderson, M. L. and Taylor, H. F. (2009). Sociology: The Essentials.Belmont, CA: Thomson Wadsworth. Giddens, A. (1991). Introduction to Sociology. New York: W. W. Norton & Company. VerBruggen, Robert. â€Å"Appearance Discrimination’: The New Racism?. † National Review Online. 06292010: 1-4. Web. 7 Nov. 2011. . (VerBruggen 1-4) America Obsession with beauty. † Photograph. The Fashion Spot. Randle Lee. Jelosof t Enterprises, 2008. Web. 8 Nov 2011. . â€Å"Oxford Dictionaries. † Oxford Dictionaries. Oxford University, 01082011. Web. 8 Nov 2011. . Pincus, Debbie . â€Å"Control Freak vs. Pushover Parenting: Why Neither Works . Empowering Parents. n. page. Print. . U. S Equal Employment Opportunity Commision . Privacy Policy. Facts About Race/Color Discrimination. 2012. Web. . Daeragon , Beth . â€Å"NH Employment Law Blog. † NH Employment Law Blog. . (2012): . Web. 19 Nov. 2012. . Pavalko, Eliza, Krysia Mossakowski, and Vanessa Hamilton. â€Å"Does Perceived Discrimination Affect Health? Longitudinal Relationships Between Work Discrimination and Women’s Physical and Emotional Health. † 2001. Maduff and Maduff. (2008) Discrimination. Maduff and Maduff: A Civil Rights Law Firm. 2008

How does Jane Austen ensure that Lizzy and Darcy are the most attractive couple in the novel? Essay

We are introduced to the character of Lizzy early on, and in such away that we are immediately given a positive impression of her. We first hear of her in a conversation between Mr and Mrs Bennet when discussing the arrival of Mr Bingley. â€Å"I must throw in a good word for my little Lizzy† Mr Bennet says, â€Å"Lizzy has something more of quickness than her sisters† This is the first impression that we have of Lizzy. To introduce her character in this way means that even before meeting her, we are already thinking of her character and already have an image of her in our minds. We see that Mr Bennet points out Lizzy’s ‘quickness’, showing that she is clever and not absent minded and dull. By hearing his praise of her, we can not dislike her unless we see something that we disapprove, which never occurs, as such. In order for Darcy and Elizabeth to be attractive as a couple, they also need to be attractive as individuals. Their attractiveness, not just of looks but of personality, are hinted to us throughout the novel. Lizzy is strong-willed, witty, bright and intelligent. â€Å"Really, ma’am, I think it would be very hard upon younger sisters, that they should not have their share of society and amusement, because the elderly may not have the means or inclination to marry early. The last born has a good a right to the pleasures of youth as the first.† This is from the conversation between Lizzy and Lady Catherine about Lydia’s marriage, which shows how Lizzy is happy to speak her mind and show her point of view. To the reader this is admirable, perhaps especially at the time when in society she would have kept it to herself due to her age, position and feminism. We see also, that various people, like her father, have much more respect for her due to it. This leads to influence us to see her in the same way. Darcy originally appears to us in a different manner. While the first impression we get of Lizzy is positive, the impression we get of Darcy is soon considerably negative. However, Jane Austen does not immediately influence us to dislike him. â€Å"his friend Mr Darcy soon drew the attention of the room by his fine, tall person, handsome features, noble mien, and the report which was in general circulation within five minutes after his entrance, of his having ten thousand a-year.† The quote is taken from when Darcy first enters the story at the Meryton ball. He is talked of with much approval and very much admired. However, this view is soon altered when we witness his conversation with Bingley at the dance. Bingley is attempting to persuade Darcy to participate and to dance with Lizzy. â€Å"She is tolerable, but not handsome enough to tempt me; and I am in no humour at present to give consequence to young ladies who are slighted by other men.† This insults Lizzy, being in her earshot, and yet she can laugh at how ridiculous his manner was. His rudeness also influences the reader of how we perceive him. With additional incidents similar, we are for a long time under the impression that Darcy is a very proud and rude man and so it takes a long time to change our views. However, with the image of the very first description of Darcy, there is something slightly attractive in his character to grow on. It is interesting to note that although Darcy is handsome and very rich, we do not base his attractiveness individually on this. There are also other attractive features of Darcy that develop later on in the novel. This is interesting as it is opposite to an incident in the book concerning Wickham. â€Å"She could have added, â€Å"A young man, too, like you, whose very countenance may vouch for your being amiable†.† Here Lizzy has mistaken the good looks of Wickham for goodness. While Wickham is attractive in the face, his personality is not so. We are not only drawn to Darcy for his looks, however, but also look for something more attractive than physical attraction and wealth. â€Å"He is the best landlord, and the best master,† she said, â€Å"that ever lived; not like the wild young men nowadays, who think nothing but themselves. There is not one of his tenants or servants but what will give him a good name.† This report of Darcy from his housekeeper demonstrates the character we see developing. By such information, it is suggested that what we originally presumed of him to be proud and rude, may actually, in some ways, be misunderstandings of his character, as we learn that he is merely the strong, silent type. The improvement of Darcy’s character, as well as the less obvious improvement of Elizabeth’s, is one of the attractive features of their partnership. The way that they work on their relationship is attractive because they do not just settle with an easy option but admit mistakes and amend problems. They both realise faults in themselves due to each other. Darcy’s pride and Lizzy’s prejudice. Darcy’s pride we have already seen at the ball. This is shown to us in an obvious manner and even stated and talked about. It is often Lizzy who complains about it and is the reason that she despises Darcy so much and for so long. This also demonstrates her prejudice. Although it is noticeable in many occasions, her prejudice is less public. However, she still learns from her mistakes. These two aspects of their characters do not mix and so is not until they can overcome them, that they realise how right they are for each other. The development of their partnership in this way is attractive, rising it above other couples in the novel. We can look at the marriage of Bingley and Jane, for instance, for comparison. Jane and Bingley’s marriage is the only other in the book that we are happy for, however, the marriage of Lizzy and Darcy still improves on it. While the former is very simple and ‘pretty’, the latter is a lot deeper, with the way it was developed forming interesting layers of characters. Other couples are a lot more obviously unsuited. Mr and Mrs Bennet are one such example. When their marriage took place, Mrs Bennet married up in society, while Mr Bennet married down. Mrs Bennet was attractive but vacuous and she didn’t improve in intelligence. We can presume that Mr Bennet regretted the marriage. We see an inclination of this when he is advising Lizzy on her marriage to Darcy. â€Å"My child, let me not have the grief of seeing you unable to respect your partner in life. You know not what you are about.† We can suggest from this that Mr Bennet is reflecting on himself, and the mistake that he carried out in marrying Mrs Bennet, as he appears to be talking from experience. We see many examples where he is not happy with his marriage and not happy with Mrs Bennet. â€Å"My dear, do not give way to such gloomy thoughts. Let us hope for better things. Let us flatter ourselves that I may be the survivor† This is Mr Bennet’s reply to a conversation with Mrs Bennet about what would happen to their property when he died. We see how he has no respect for her as he is continually mocking her in this cruel way throughout the book. The amount of sarcasm and irony he uses suggests that he is merely taking it all as a joke, as if were he to take it seriously, he would not be able to handle it. We see also in the novel how, to get away from it, he spends a lot of his time by himself in his library where Mrs Bennet and the rest of the family can not disturb him. Lizzy and Darcy’s marriage however, already proves to be more successful. As a couple, they are good for each other. They can succeed in the development of each others character. They are both intelligent people, unlike Mrs Bennet, who can carry out intellectual conversations and discussions. We can see this in an earlier conversation. â€Å"To yield readily – easily – persuasion of a friend is no merit with you.† â€Å"To yield without conviction is no compliment to the understanding of either.† â€Å"You appear to me, Mr Darcy, to allow nothing for the influence of friendship and affection† This is one such example of Darcy and Lizzy exchanging and debating opinions. We can also compare this to the marriage of Charlotte Lucas and Mr Collins. â€Å"When Mr Collins could be forgotten, there was a great air of comfort throughout, and by Charlotte’s evident enjoyment of it, Elizabeth supposed he must often be forgotten.† This was taken from Lizzy’s visit to Hunsford to visit Mr and Mrs Collins. It shows how happier Charlotte is when her husband isn’t there, and that this is often the case. Lizzy and Darcy however, enjoy each other’s company immensely and do not tire of it. We see that the Collins’ marriage is a marriage of convenience. It is stable, they have money and their own space from each other, but there is no love. They would never sit and enjoy a conversation but would much rather be separate from each other, similarly to Mr and Mrs Bennet, but right from the start of their marriage. Darcy and Lizzy as a couple are attractive because they are so meant to be. Jane Austen has written us a Romantic novel where the well matched always end up living happily ever after. They are not bad like Lydia and Wickham and so we feel a great love for them and believe that they deserve to be happy together. By being able to compare them to many other couples in the book we see even more clearly how they, as a couple, are the most attractive.