Awareness on the Effects of Malnutrition

The primary purpose of making the children conscious about nutrition is to provide conditions for and to promote the continuous growth of the individual in all areas of living, with a view of achieving and maintaining the democratic way of life. There must be a relationship between food and the health of the individual, which tends to influence the health of the society in which he lives in. It has been said that nutrition is a science concerned with the movements of atoms in man to the movements of man in society. Because of the tremendous population explosion the supply of food for all people of the world is indeed becoming more critical every year. As a nutrition educator, we have that moral obligation to help the nutrition of every individual; for improved nutrition is one factor involved in paving the way towards peace among men. The nutritional status of our communities is a reflection of our individual nutritional health. Perhaps the most significant factor affecting the nutritional status of communities is economics. Having sufficient funds to purchase adequate food supplies is a necessity. Malnutrition is one of the major problems that our country is facing. This problem can’t be set aside. This won’t choose any victim. It may affect adults but mostly, it affects the youth. Through this thesis, the writer may acquire knowledge about the problem, its effects to mankind and some of the factors that will lead to such a problem. Being a practitioner to be, I cannot afford to see mankind suffering from malnutrition because of lack of knowledge about proper nutrition and the lack of resources especially the youth. Because for me, I consider the children as the hope of our country. How can there be hope if they are destroyed by ignorance about proper nutrition resulting to malnutrition? Therefore, I choose this topic for my research because I want to know the condition of those children; on how conscious they are regarding proper nutrition on their selves to possibly eliminate malnutrition. I want to share my little knowledge about proper nutrition to the children and how to improve their health status by educating them through discussions. Because hrough this, I can be aware of the health status of the children in the area. This research will also serve as an awakening bomb to the government and health officials and that should not be rejected. In our country, Malnutrition is a major problem. But according to the latest National Nutrition Surveys, there has been a general improvement between 2003-2008 in the country’s overall nutrition situation, affecting various population groups, as evidenced specifically by reductions in underweight and stunting among 0-5 and 6-10 years old children. Most of the Filipinos nowadays are3 aware of their health but only a few are applying proper nutrition on the daily living. Theoretical Background of the Study Malnutrition is a state that adversely affects growth and development of body functions as a result of either an inadequate or overabundant supply of kilocalories or nutrients to the body tissue. According to Walter Falcon, head of the Food Research Institute of Stanford University(1984:577), â€Å" It might focus more attention on Africa where the most serious hunger exists rather than on southeast Asia. But if only 100 million individuals are clinically malnourished; there probably another 200 million to 400 million that go hungry part of the time. If they’re not in the hospital, they’re not doing too well† According to Mary Alice Caliendo(1984:526)† Malnutrition and nutritional deprivation are basically problems of poverty of unequal and inequitable income distribution not only among individuals but among countries. Malnutrition won’t disappear by simply producing more food or by raising the overall economic levels of poor nations. According to Eleanor R. Williams(1984:513) â€Å"Human brains do not live by bread alone† Malnutrition causes children to become listless and pathetic. According to Thomas Polemar, an agricultural economist(1984:515) â€Å"The number of people estimated to be suffering from malnutrition ranges from 400 million to two thirds of the world population†. In his view, food production in developing countries tends to be understand because taxation is often based on production and because so much backyard production is locally consumed and never counted. On the other hand, other authorities insist that much hunger especially in remote rural areas is inadequately reported. Larry Minear of the Interreligious Task Force on United States Policy told an interviewer recently that, â€Å"Malnutrition is understated because there a lot of people who don’t show up in the planning nets either because the census are bad or because they are not in the market economy and their inability to purchase food isn’t measured. If enough food is to be produced to feed the world, a number of resources such as land, water, energy, fertilizer and technology must be available and widely used. According to Margaret Newman,(www. googlesearch. com), â€Å"the theory of health as expanding consciousness was stimulated by concern for those for whom health as the absence of disease or disability is not possible†. The theory has progressed to include the health of all persons regardless of their health status. The theory asserts that every person in every situation, no matter show disordered and hopeless it may seem, is part of the universal process of expanding consciousness. A process of becoming more oneself, finds greater meaning in life, and of reaching new dimensions of connectedness with other people and world. The theory of health as expanding consciousness stems from Roger’s theory of unitary human beings. Rogers’ assumptions regarding patterning of persons in interaction with the environment are basic to the view that consciousness is a manifestation of an evolving pattern of person to environment interaction. Consciousness is defined as the informational capacity of the system(in this case, the human being); that is, the ability of the system to interact with the environment. Consciousness includes not only the cognitive and affective awarenessnormannly associated with consciousness, but also the interconnectedness of the entire living system, which includes physiochemical maintenance and growth processes as well as the immune system. This patter of information, which is the consciousness of the system, ios part of a larger undivided pattern of an expanding universe. , Rogers’ insistence that health and illness are simply manifestations of the rhythmic fluctuations of the life process is the foundation for viewing health and illness as a unitary process moving through variations in order – disorder. ’ According to Joyce Fitzpatrick,(www. googlesearch. com) â€Å"The primary purpose of nursing is the promotions and maintenance of an optimal level of wellness†. the professional nurse participates in a multi-disciplinary approach to health in assessing, planning, implementing, and evaluating programs in regards to how they affect optimum wellness. When assessing health care needs the professional nurse incorporates the physical, psychological, emotional, social, environmental and spiritual aspects of the profession into her daily routine. Person-the tem integrates the concepts of both self and others and recognizes individuals as having unique biological, psychological, emotional, social, cultural and spiritual attitudes. They thrive on honor and dignity, self-evaluation and growth and development. Throughout a person’s life, many factors develop within a social setting and interact with a multitude of environments that can significantly influence that person’s health bad wellness. Health – is a dynamic state of being that results from the interaction of person and the environment. Optimum health is the actualization of both innate and obtained human potential gleaned from rewarding relationships with other, goal directed behaviors and expertise. Wellness-Illness- is rooted in the promotion of wellness practices, the attentive treatment of those who are acutely or chronically ill or dying, and restorative care or people during convalescence. Metaparadigm – derived from and related to the basic metaparadigm concepts of person, environment, health and nursing. while much of the research in nursing has been focused on assisting individuals in their life transitions, whether through phases of growth and development, or experiences with health and illness, the conceptualizations of the nursing profession as focused on transitions has not been adequately researched.

Investment Management

24/02/2013 1 25721 INVESTMENT MANAGEMENT Lecturers: Sean Anthonisz Nadima El-Hassan Jianxin Wang Brandon Zhu Subject Coordinator: Jianxin Wang Objectives 2 ? ? ? ? Why do you take this subject? What do you expect to learn? How much did you pay for this subject? Is this a good investment? Investment Decisions 3 ? ? How much should I invest in risky assets? How much should I invest in different risky assets? ? ? How many risky assets should I hold? When not to diversify? ? How to determine mispricing? Fair value today? Expected return next year? ? How well do asset pricing models work? ? ? 1 24/02/2013Investment Decisions 4 ? Passive versus active investing ? ? Is market efficient? Why not? What does it take to beat the market? How to hedge and how much to hedge? Derivative pricing Trading cost, liquidity, private information ? How should I manage risk? ? ? ? How should I trade? ? ? Sources of my performance? What Do We Learn in This Subject? 5 ? ? ? ? A theoretical framework for portf olio construction. A theoretical framework for the pricing of equities and bonds. Some practical applications of asset pricing models and portfolio analysis. Issues relating to market efficiency and investor behaviour.Course Structure 6 Funds Management Information Portfolio Theory Risk and Return Markets and Investing CAPM Factor Models & APT Options Fixed Income Equities Futures 2 24/02/2013 Investment Electives 7 ? ? ? ? ? ? 25705 Financial Modelling and Forecasting 25728 Bond Portfolio Management 25729 Applied Portfolio Management 24731 International Finance 25762 Synthetic Financial Products A whole range of subjects for Quant Fin majors: technical analysis, numerical analysis, fin econometrics, stat methods, derivative pricing, interest rate modelling. Prerequisite 8 ? ? 25742 Financial Management Basic math and statisticsBasic calculus and optimization Probability and distributions ? Mean, variance, standard deviation, covariance ? Linear regression by ordinary least square ( OLS) ? ? ? Read the online Quantitative Review ? A very brief review next week What Is Expected – in class 9 ? Lectures are primarily aimed at Identifying and explaining key concepts and issues Highlighting the links to practice ? Completing selected problems from text ? ? ? Questions are encouraged and rewarded. ? Discussion is better than lecture Mutual respect and encouragement; Potential problems: repeated late arrivals, chatting during lecture, academic honesty Code of behavior ? ? 3 24/02/2013 What Is Expected – outside class 10 ? Address some details within the course reading materials. ? Group study is more effective ? ? Workload is about 7-8 hours per week on average (albeit uneven), including course readings, practices, and assignments. Multiple learning channels: ? ? Multiple levels of learning: ? Web-based learning support Lecture material, textbook, and Excel sheets Approach to Learning 11 ? ? ? Read relevant chapters prior to lectures Attempt to identify and understand the key messages: Concepts? Issues? Connections?Ask questions during lecture. ? You paid $$$ for the opportunity ? ? Think & reflect; don’t just summarize & memorize. Practice using back-of-chapter questions. Approach to Learning — I listen and I forget; I see and I remember; I do and I understand. —Xun Zi Just Do It! —Nike 12 4 24/02/2013 Textbook and Readings 13 ? Bodie, Kane, Marcus, Investments, 9th Ed, McGraw-Hill/Irwin, 2011. ? You take full responsibility if using an earlier edition. ? ? ? ? Harvard Business School case study 9202-024 â€Å"Strategic Capital Management†. R.A. Haugen, Modern Investment Theory, 5th Ed, Pearson Higher Education, 2001. J. H. Cochrane, 2006, Investments Notes. Other fun books on financial markets. Assessments 14 ? Weekly online quizzes: 10 marks ? ? ? ? ? 15 MC questions in 1 hour Unlimited tries with the best mark kept Monday morning to next Wednesday midnight Once closed, quizzes cannot be re opened Best 10 marks for the semester Group-based case report Online group registration Report due 5pm Friday March 29 Late submissions carry point deduction ? Case study in lecture 6: 10 marks ? ? ? ? Assessments 15 ?Mid-session exam: 40 marks ? ? ? ? Cover lectures 1 – 6, including the case study Multiple-choice (20 marks) Short-answer questions (20 marks) No formula sheet Cover lectures 7 – 13, excluding lecture 8 Multiple-choice (20 marks) Short-answer questions (20 marks) A short list of formulas will be identified and provided during the final exam. ? Final exam: 40 marks ? ? ? ? 5 24/02/2013 Online Group Registration 16 ? ? ? ? ? ? Log in the online course website Click on â€Å"Groups† in the left panel Group names contain â€Å"1m†, â€Å"2m†, â€Å"3m†, â€Å"4m†, indicating max members = 1, 2, 3, 4, respectively.The first member is the group leader. Registration closes after 5pm on March 10. Changing group only in the most extreme circumstances. What’s Required? 17 ? ? ? Materials covered in the chapters listed in the lecture program, except certain subsections are explicitly excluded. The midsession and the final exams will focus on materials covered during lectures, with at most 3-4 multiple-choice questions in each exam on materials not covered in lectures. Materials not covered in lectures will be heavily featured in the online quizzes. Administrative Issues 8 ? Name sign: â€Å"Open† for the business of learning ? Take it out at the start of every lecture It’s good to make the lecturer know your name ? Come to consultation hours ? ? ? Other times by appointment Email for straightforward questions Complex questions are best answered through interactive discussion ? Emails will be answered before or during the next consultation hours ? 6 24/02/2013 Learning Support – Postgraduate ? ? ? ? ? Need help with your postgraduate studies at UTS Business School? Are you new to un iversity / postgraduate education?Not sure to how develop your academic skills in writing, reading, critical thinking etc.? Not sure how to complete assignments or achieve your best? Ask for help from the Learning Support Coordinator ? ? ? ? ? ? Make appointments for confidential individual help Lots of ‘online study resources’ to recommend / hardcopy study resources to share Attend the Study Skills Workshops all semester / or download them / Help by email / phone support / Email: [email  protected] edu. au www:http://www. business. uts. edu. au/teaching/student/resources/studen t-learning. tml Join us on facebook UTSBlearningsupport ? Asset Classes 20 ? ? ? ? ? ? The money market The bond market The equity market The real estate market Currency markets Derivative markets ? Financial and commodities ? Others? Trading Platforms 21 ? Organized exchanges Dealership markets Auction markets ? Electronic trading ? ? ? ? OTC – NASDAQ Alternative trading systems (ATS) ? ECNs, dark pools, internal crossings. ? Algorithm/high frequency trading 7 24/02/2013 High Frequency Trading 22 ? Menkveld (2011): a HFTer on Chi-X Dutch stocks from Jan 2007 to June 2008 Trades 1400 times per stock per day ?Gross profit per trade â‚ ¬0. 88 ? ? ? ? ? â‚ ¬1. 55 profit on the spread net of fees â‚ ¬0. 45 profit on positions < 5 seconds â‚ ¬1. 13 loss on positions >= 5 seconds Max capital committed ? â‚ ¬2 million per stock ? Implied annualized Sharpe ratio = 9. 35! ? ? Sharpe ratio for S&P500 over the period = -0. 16 ? Chi-X is in Australia. Costs of Trading 23 ? Commission: fee paid to broker for making the transaction ? Exchange members/subscribers? ? Spread: Bid and ask prices Spread: ask – bid ? P89, #14 ? Market versus limit orders ? ? ? Price impact of large tradesStock Margin Trading 24 ? ? ? ? Borrow (from brokers) to purchase shares Initial margin Maintenance margin – minimum level the equity margin can be Margin call ? Call for more equity funds ? Margin arrangements differ for stocks and derivatives 8 24/02/2013 Margin Trading – Initial Conditions 25 ? ? ? ? ? X Corp: P = $70 Initial Margin = 50% Maintenance Margin = 40% 1000 Shares Purchased Initial Position: Stock $70,000 Borrowed Equity $35,000 $35,000 Maintenance Margin 26 ? ? Stock price falls to $60 per share New Position ? $60,000=$35,000(Borrowed) + 25,000(Equity) ? Margin = $25,000/$60,000 = 41. 67% How far can the price fall before a margin call? ? ? (1000P – $35,000) / 1000P = 40% P = $58. 33 ? P88, #9 Short Sale 27 ? ? Purpose: Profit from a price fall Mechanics Borrow stock through a dealer/broker Sell it and deposit proceeds and margin in an account ? Any dividend is passed back to the lender ? Closing out the position ? ? ? ? Buy back the stock and return it to the lender Profits can be deposited into your own account ? Naked versus covered short sale 9 24/02/2013 Short Sale – Initial Conditions 28Z Corp Initial Margin Maintenance Margin Initial Price Sale Proceeds Margin Account Balance 100 Shares 50% 30% $100 $10,000 $ 5,000 $15,000 Short Sale – Maintenance Margin 29 ? Stock Price Rises to $110 Stock owed Net equity ? Margin % (4000/11000) ? ? $11,000 $ 4,000 36% ? ? How much can the stock price rise before a margin call? ($15,000 – 100P) / (100P) = 30% P = $115. 38 P89, #12 Summary 30 ? Course introduction and requirements ? Think, reflect, and participate ? ? Financial markets and assets Trading of financial assets Trading platforms Transaction costs ? Margin trading and short selling ? ? 10 Investment Management UNIVERSITY OF TEXAS AT DALLAS SCHOOL OF MANAGEMENT FIN6310: INVESTMENT MANAGEMENT SOLUTIONS TO PROBLEM SET #1 PROF. ARZU OZOGUZ SPRING 2013 1. Calculate the value of the following two bonds. Assume that coupon payments are made semi-annually and that par value is $1,000 for both bonds. Coupon rate Time to maturity Yield-to-maturity Bond A 5% 5 yrs 7. 2% Bond B 5% 25 yrs 7. 2% Recalculate the bonds’ values if the yield to maturity changes to 9. 4%. Which bond is more sensitive to the changes in the yield? Will this always be the case? When the yield-to-maturity is 7. %, the bond prices are, respectively, 1 1 1. 036 0. 036 1 1. 036 0. 036 1 1. 047 0. 047 1 1. 047 0. 047 25 1000 1. 036 1000 1. 036 908. 98 1 25 746. 58 When the yield-to-maturity is 9. 4%, the bond prices are, respectively, 1 25 1000 1. 036 1000 1. 047 827. 62 1 25 579. 01 Price of bond A decreases by 8. 95%, while price of bond B drops by 22. 45%. The longer term bond is more sensitive to a given change in the dis count rate. This will always be the case. Mathematically, there are more terms in the equation for the longer-term bond that are influenced by the discount rate.Practically speaking, your money is tied up longer with a longer term bond and so you will experience greater capital losses and gains when interest rates change. 2. A bond with a coupon rate of 4. 7% is priced to yield 6. 30%. Coupon is paid is semi-annually; the par value is $1,000. The bond has 5 years remaining until maturity. Assuming that market rates stay the same over the next five years, calculate the value of the bond at the beginning of each year and the amount of change in the bond’s value from year to year. Describe the behavior of the bond’s value over time.At t = 0, at issue the price will be 1 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 1 1. 0315 0. 0315 23. 5 1000 1. 0315 932. 28 At the end of year 1, the price becomes 1 23. 5 1000 1. 0315 1000 1. 0315 1000 1. 0315 1 000 1. 0315 944. 20 1 23. 5 956. 88 1 23. 5 970. 37 1 23. 5 1000 984. 73 The price change from year to year is ? ? ? ? ? 11. 92 12. 68 13. 49 14. 36 15. 27 The bond is selling at a discount today; its price will rise to move toward par value at maturity. The change in price increases as it gets closer to maturity. 3.Suppose that you purchased a 20-year bond that pays an annual coupon of $40 and is selling at par. Calculate the one –year holding period return for each of these three cases. a. The yield-to-maturity is 5. 5% one year from now. If the yield-to-maturity is 5. 5% one year from now, the bond will be selling for 1 1 1000 1. 055 40 825. 89 1. 055 0. 055 Hence, the holding-period-return (HPR) is: 825. 89 40 1000 13. 41% 1000 b. The yield-to-maturity is the same one year from today as it is today. In this case, the bond price will remain at par and therefore the holding period return equals to coupon rate 4% c.The yield-to-maturity is 2. 5% one year from now. 1 1000 1. 025 40 1224. 68 1. 025 0. 025 Hence, the holding-period-return (HPR) is: 1224. 68 40 1000 26. 47% 1000 1 4. Plot the yield curve implied by the data in the following table. Time to maturity 3 months 6 months 1 year 2 years 5 years 10 years 15 years 20 years Yield-tomaturity 2. 40% 2. 60% 3. 00% 4. 30% 4. 80% 5. 70% 6. 40% 5. 20% Based on the Expectations Hypothesis, what does the yield curve tell us about short-term rates 5 years from now? What does it tell us about short rates 15 years from now and 20 years from now?Since the yield curve is upward sloping through the fifth year, investors expect that short term rates will be higher during that period than they are today. That is, they expect the 3-month rate to be higher than 2. 4% when five years have passed. They also expect short term rates to be higher than current rates in 15 years. This is reflected in the slope of the yield curve which is positive through year 15. However, the expectation is that after 15 years, short term r ates will begin to fall again. The downward slope in the yield curve is a sign of that expectation.That is, the 3-month rate that prevails 20 years from now is expected to be lower than the 3-month rate that prevails 15 years from now. 5. The current yield curve for default free zero-coupon bonds is as follows: Maturity (years) 1 2 3 Yield-tomaturity 10% 11% 12% a. What are the implied one year forward rates? The one-year forward rate for time 2 solves the following equation: 1. 11 1. 10 1 12. 009%. Similarly, the one-year forward rate for time 3 solves That is, the equation: 1. 12 That is, 14. 0271% 1. 11 1 b. Assume that the expectations hypothesis of the term structure is correct.If market expectations are accurate, what will the yields to maturity on one year and two year zero coupon bonds be next year? We have already computed the forecast for the one year rate next year. We must now compute the expectation for the 2-years to maturity. This must equate the strategy that consist s of investing for 3 years at the current 3-year spot rate with the strategy of investing at the one-year spot rate and then rolling over the profits into a two-year bond one year from now: 1. 10 1 1. 12 13. 0136%. Hence, the forecast for the one-year yield is This implies that 12. 09%, and forecast for the two-year yield is 13. 0136%. c. If you purchase a two year zero coupon bond now, what is the expected total rate of return over the next year? What if you purchase a three year zero coupon bond? You can assume that the par value is $100. We need to compute the forecasted price of the two-year zero-coupon bond at the end of the first year. Notice that by that time this has become a one-year bond. Hence its price is 1000 1. 12009 892. 79 Today the price of this bond is simply 892. 79 811. 62 does not pay any coupons, its return is given by: 1 1 10% . 11. 62. Since this bond Similarly, if you purchase a three-year zero coupon bond today, the forecasted price a year later is 1000 1. 130136 Today, this bond’s price is simply expected holding period return is 78. 295 71. 178 1 78. 295 . 71. 178. Therefore, the 10% 6. Consider the following three bonds. You are investigating how the bonds would react to changes in interest rates. Bond A Face value Years to maturity Coupon rate Yield-to-maturity $1,000 3 5. 5% 4. 80% Zero-coupon bond $1,000 2. 85 0 4. 80% Bond B $1,000 3 8. 75% 4. 80% Assume that coupons are paid once a year. . Find the duration of each bond. Bond A Time 1 2 3 Price ZCB Time 2. 85 Price Bond B Time 1 2 3 Price Cash Flow 87. 5 87. 5 1087. 5 Present value 83. 49 79. 67 944. 81 1107. 97 Weight 0. 075 0. 072 0. 853 Cash Flow 1000 Present value 874. 92 874. 92 Weight 1. 000 Cash Flow 55 55 1055 Present value 52. 48 50. 08 916. 58 1019. 13 Weight 0. 051 0. 049 0. 899 Hence, the durations are: 0. 051 0. 075 1 1 0. 049 0. 072 2 2 0. 899 0. 853 3 3 2. 85 2. 78 2. 85 b. Calculate the modified duration of each bond. The modified durations are ? ? 2. 85 2. 72 1. 048 2. 78 2. 5 1. 048 c. Calculate the estimated percentage change in price of each bond due to a 0. 50% change in yield to maturity. The percentage change in the price of each bond due to a change in the yield? ? ? to-maturity is ? ? ? 2. 72 2. 65 0. 5% 1. 36% 1. 33% 0. 5% d. What can you conclude about the reactions of the bonds? Specifically, compare the percentage price changes of the bonds with similar durations and the bonds with similar maturities. Bonds with equal durations are more alike than bonds with equal maturities in their reactions to changes in yields. 7.Suppose that your insurance company has issued a Guaranteed Investment Contract (GIC) that matures in three years and promises to pay an interest rate of 23. 36%. The amount invested in GIC today is $150,000. You have decided to immunize your position by purchasing a bond that has a par value of $150,000, a coupon rate of 23. 36%, and four years to maturity. The bond is selling currently at par value. a. W hat is the future value of your company’s obligation? The future value of the obligation is $150,000 1. 2336 $281,588. 13 b. Assume that the interest rate stays at 23. 36%.At the date at which each payment is received, compute the accumulated value of reinvested coupons and the proceeds from the bond sale. How close will you come to your meeting your obligation? The bond pays a coupon of $150,000 23. 36% $35,040. If the market rates remain unchanged, at the end of year three it will be possible to sell the bond still at par. With this information, we can construct the following table: Year 1 2 3 3 Total future value Cash flow 35,040 35,040 35,040 150,000 Accumulated value 53,322. 78 43,225. 34 35,040 150,000 281,588. 13 That is, you will be able to repay your obligation in full.

Boeing Bond Analysis

Boeing Bond Analysis Presented to Dr. —– Prepared by Filipe Ferro October 9, 2012 Table of Contents Boeing Company3 Bond Issue3 Unsystematic Risk4 Principal Repayment4 Debt to Invested Capital4 Debt to Equity4 Current & Quick Ratios5 Interest Repayment5 Times Interest Earned5 Credit Position6 Competitor Analysis6 General Dynamics6 Northrop Grumman7 Systematic Risk7 Market Responsiveness7 Duration8 Modified Duration9 Accuracy of Rating9 Interest Rate Expectations9 Summary10 Appendix11 Descriptive Statistics11 Regression Analysis11 Duration & Modified Duration12References13 Boeing Company Boeing is a manufacturer of aircrafts and national defense equipment making it a member of the Aerospace & Defense industry. It was founded in Seattle, Washington on July 15, 1916. It is headquartered in Chicago, Illinois, USA. Commercial aircraft include the 737, 747, 777, and very recently, the 787. Military products consist of high-dexterity and stealthy aircraft such as a the A-10 Th underbolt II and highly-efficient and powerful satellites such as the Boeing 601. 1 Its biggest competitors are Northrop Grumman, General Dynamics, and Airbus.According to Morningstar, Boeing employed 171,700 people and revenue reached $69 billion in 2012. 2 Bond Issue The bond I have chosen to analyze is a debenture with a maturity date of August 15, 2021. Morningstar shows this bond issue consists of 400 million $1,000 par value bonds with 398 of them outstanding. The bond is a semi-annual fixed coupon bond with an annual rate of 8. 75%. The accrual start date was August 15, 1991. The original life of the bond was 30 years and the remaining life as of October 2012 is a little over 8 years and 10 months.This bond issue is non-callable, non-putable, non-convertible, and it is not subject to Rule 144A. These bonds are currently selling at 135. 20% of par value as of September 29, 2012, making their price $1,352. Standard & Poor’s NetAdvantage rates this issue as an A. Its curr ent yield ratio is 6. 47. I have always been enthusiastic about airplanes. My first experiences in flight were in Boeing aircrafts. I also chose this bond issue because of Boeing’s large size, reputation, and financial security.Selecting a debenture is risky and requires strong financial security since the only security backing it is the issuing company’s credit rating. With a current yield of 6. 47 resulting from the relatively high coupon rate of 8. 75%, this is a great bond for a fixed income (coupon pays $87. 50 annually). Unsystematic Risk Principal Repayment Debt to Invested Capital In recent years, Boeing’s debt to capital ratios have been 42% for 2007, 112. 9% for 2008, 85. 2% for 2009, 80. 6% for 2010, and 74. 0% for the end of 2011. Boeing’s total debt to invested capital ratio is 65. 3% (as of June 2012)3. Standard & Poor’s calculates this as (total debt)/(total equity + total debt), 2,466,000+8,735,0005,892,000+11,201,000. This means th at debt makes up about 65% of all invested capital. Boeing still has 35% of capital that is not tied to debt. This is good compared to the last few years. This ratio is on a downward trend. Debt to Equity Boeing’s total debt to equity ratio is 1. 51 (as of June 2012) 3, meaning that for every $1 in equity there is $1. 51 of debt. This is calculated as 8,735,0005,804,000 on the balance sheet.According to Standard & Poor’s Industry Survey, Boeing’s debt to equity ratio at the end of 2011 was 2. 85. The Aerospace & Defense industry average from 1981 to 2011 was 0. 90. 4 The industry survey states that Boeing’s high debt to equity ratio is due to its â€Å"financial arms† since it has a large financing department. It is also probably due to its new model plane, the 787 Dreamliner, which requires a relatively expensive manufacturing processes – unibody parts made up of composite carbon fiber materials – and advanced electronics and sensors . These higher costs require raising more capital than the average model plane.While debt has priority over equity in being repaid, debentures are at the bottom of the list, which is why this high ratio may be a concern for holders of Boeing’s bond issues. If bankruptcy occurs, debentures will be the last of debt holders to get paid. Although it is not exactly good to have this somewhat high ratio, knowing that Boeing has a brand new and appealing aircraft reassures that positive future cash flows will cover this financial leverage. S&P’s NetAdvantage highlights the potential sales to emerging airlines from China and airlines with old worn out planes in the U. S. and Europe.S&P’s industry survey states â€Å"China, India, the Middle East, Eastern Europe, and Latin America, will drive growth in global air travel and demand for new aircraft. †4 The market for aircraft purchases looks like it will grow in the coming years, thus Boeing will have greater oppor tunities for sales. Current & Quick Ratios The current assets to current liabilities ratio was 1. 22 for the 4th quarter of 2011, which means every $1 in current liabilities is covered by $1. 22 in current assets. Boeing has enough current assets to pay off all its current liabilities if it needed to do so. The current ratio has been 0. for 2007, 0. 8 for 2008, 1. 1 for 2009, and 1. 1 for 2010. The current ratio has been on an upward trend since 2008 which would imply added financial security in forecasts. But the current ratio assumes that a company’s current assets are highly liquid. This might not be the case with Boeing, whose inventory is made up of large and expensive aircraft and is not as highly traded as smaller inventory such as food in a grocery store. The quick-ratio would be more accurate for Boeing, which is 0. 39. Boeing – using only its instantly liquid assets – would not be able to pay off all of its short-term liabilities if it was required to. Interest Repayment Times Interest Earned As of December 31, 2011, Boeing had a net income of $4 billion and an interest expense of $498 million. Its times interest earned for the year of 2011 was 4,011+498498=9. 05. From 2006 to 2010, times interest earned has been 4. 72, 21. 7, 6. 12, 4. 94, and 7. 42 respectively. From these figures, it seems that Boeing’s TIE ratio has been on an upward trend since the 2009 ratio of 4. 94. The most recent ratio of 9. 05 suggests that Boeing is capable of paying its interest expense since its profit is over 9 times greater than its interest expense. Credit PositionAccording to Mergent Online, Boeing has never had a bankruptcy proceeding of any type (chapter 11 restructuring, etc), which implies that it has never defaulted on any of its debts. Mergent also states Boeing â€Å"had $4,600,000,000 available under credit line agreements†5. Considering Boeing already has $12,371,000,000 in long-term debt, $4,600,000,000 is still considerab le amount. Boeing is still within reasonably comfortable limits within its credit line usage. In addition, Standard & Poor’s Bond Guides shows that it has rated this issue of Boeing’s bonds in the A range for the last 4 years.Overall, Boeing seems to have good character. Many of Boeing’s bond issues have been rated as A+ over the last 4 years. Competitor Analysis General Dynamics General Dynamics currently has 2 outstanding bond issues, both rated A by Standard & Poor’s. Its debt to invested capital ratio in the 4th quarter of 2011 was 22. 6% compared to 74% for Boeing6. General Dynamics’ assets are tied to a much lower amount of debt than Boeing. The current ratio for General Dynamics is 1. 4 as of 2011 while Boeing’s was 1. 2. In addition to its low debt to capital ratio, its debt to equity ratio is also low at 3,930,00013,232,000=0. 0. Boeing’s debt to equity ratio is a little higher at 1. 51. With a higher debt to equity ratio, Bo eing’s leverage is slightly larger. Boeing’s bond issue may have a little more risk of being subordinated by other bonds. A low debt to equity ratio reflects a financial healthy company because it means that it needs a relatively small amount of financial leverage. Times interest earned for the year of 2011 was 2,252+155155=15. 53. Again, this makes General Dynamics’ bonds less risky. In contrast, Boeing has more liquidity in its stock at an average trading volume of 4,344,230.General Dynamics’ average trading volume is only 1,642,0007 which means General Dynamics’ ratios are subject to more volatility. With a higher trading volume and a new, cutting edge plane, this may offset Boeing’s higher risk compared to General Dynamics. Northrop Grumman The current ratio as of the 4th quarter of 2011 for Northrop Grumman was 1. 4. Its debt to equity ratio was 3,948,00010,715,000=0. 37. Times interest earned was 2,086+221221=10. 44. 8 Like General Dyn amics, Northrop Grumman’s ratios also suggest lower unsystematic risk compared to Boeing.Although the bonds may also be more volatile because just like General Dynamics, Northrop Grumman has a much lower average trading volume (at 1,533,070) than Boeing does. Systematic Risk Market Responsiveness Date| YTM-Boeing| YTM-Avg. A Rated Market| Mar-08| 5. 28%| 6. 24%| Jun-08| 6. 09%| 6. 43%| Sep-08| 6. 01%| 6. 55%| Dec-08| 7. 16%| 6. 70%| Mar-09| 6. 50%| 6. 66%| Jun-09| 5. 92%| 6. 39%| Sep-09| 4. 96%| 5. 56%| Dec-09| 4. 69%| 5. 77%| Mar-10| 5. 13%| 5. 80%| Jun-10| 4. 69%| 5. 44%| Sep-10| 3. 67%| 5. 01%| Dec-10| 3. 89%| 5. 52%| Mar-11| 4. 56%| 5. 52%| Jun-11| 3. 93%| 5. 26%| Sep-11| 3. 66%| 4. 54%| Dec-11| 3. 0%| 4. 40%| Mar-12| 3. 32%| 4. 51%| Jun-12| 2. 63%| 4. 14%| Sep-12| 2. 56%| –. –| Below is a list of Boeing’s yields to maturity and the AA-rated bond market yields to maturity according to the S&P Bond Guide: Yield to maturity has been on a downward trend since December 2008 for both Boeing and the rest of the AA-rated bond market. It seems like the YTMs for Boeing and the rest of the market move together. The null hypothesis for this situation would be that the market movement has no correlation to Boeing’s movement in YTMs; therefore the slope would be 0 for a linear regression of the scatter plot below.The alternative hypothesis is that the market does have some influence. The null hypothesis can be tested with some calculations. The test statistic is calculated by taking the value of the beta 0. 96 and dividing it by the standard error of 0. 11132, we get 8. 62. Using the test statistic and a level of significance of 10%, the corresponding P-Value is 0. 0000000007. Anything to the left of the 10% level of significance is a rejection of the null hypothesis. The P-Value is well below the level of significance of 10% and therefore the null hypothesis should be rejected.This means that the population coefficient of determinati on is not equal to 0 according to our sample of 18 periods. The sample yields a coefficient of determination of 0. 91. Boeing’s movement in YTM can be explained by a movement in market YTM 91% of the time. Boeing’s YTMs have a strong positive correlation with the market’s YTMs and makes its bond issues just slightly less volatile to movements in the market. Duration This bond issue has a par value of $1,000 and a coupon payment of 8. 75% semi-annually. The coupon payment is $87. 50 and the latest rate for the AA bond class, according to the Wall Street Journal, is 1. 3%9 as of October 2, 2012. The present value of this bond is $1,569. 44. The weighted present value of this bond is $11,157. 82. The current duration for this bond issue is 7. 11 years. It will take a little over 7 years for this bond to cover the initial investment. Modified Duration The modified current duration is calculated as the current duration divided by 1 + (bond class interest rate). In th is case it is 7. 111+0. 0183=6. 98. This means that for every 1% increase in market interest rates, this bond issue will go down 6. 98% in value. Accuracy of RatingStandard & Poor’s definition for an A rating is defined as a â€Å"strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances. With a beta of 0. 63 and a current duration of 6. 98%, it seems like the rating of A is accurate according to the â€Å"somewhat susceptible to adverse economic conditions† part of the definition. For the â€Å"strong capacity to meet financial commitments†, I also feel like this fits Boeing since it has a times interest earned ratio of 9. 05 and a current ratio of 1. 22. Interest Rate ExpectationsAccording to the Federal Reserve Board press release of September 13, 2012, the announced quantitative easing program will keep bond prices high and interest rates low, at least for the short-term (next year). Also, the economy has expanded somewhat in recent months, but still at a lower than expected rate10. This suggests that interest rates will remain mostly unchanged since there is not a lot of spending. The Washington Post’s front-page article on October 2, 2012, stated that Americans â€Å"do not want to take any risks with their money – even as the government is encouraging risk-taking†11.According to the Fisher Effect, when expected inflation rises, interest rates will rise12. With low inflation expectations, we can expect a continuation of low interest rates. Instead of trending they will be â€Å"ranging†. As of October 2, 2012, a 10-year Treasury bond had a yield of 1. 64% while AA-Rated bonds had a yield of 1. 83%. The spread is 0. 19. The present value of a single bond from this issue is $1,569. 44. With interest rates rising only 10 basis points by the end of this year and with a modified duration of 6. 98, the present value will drop by 0. 698%. $1,569. 44(1 – 0. 00698) = $1,558. 9. The estimated yield to maturity for Boeing one year from now with a 20 basis point increase is YTM-BA = -3. 2949 + 1. 4426(4. 34) + 0. 001 = 2. 97% for Boeing, up from 2. 63%. 4. 34% is 20 basis points above the last market YTM data point of 4. 14%. This small rise in interest rates means Boeing’s bond issue is going to drop slightly in price. Summary I would definitely buy this bond despite some of its shortcomings. Boeing may be heavily leveraged at the moment, but it still has other ratios that show its financial health, such as market capitalization, the debt to equity ratio of 1. 1 and the current ratio of 1. 22. Additionally, Boeing’s new model airplane, the 787 Dreamliner, is a positive prospect for future financial health. According to Mergent’s records, Boeing has never defaulted on its loans before and with 96 years of history I wouldn’t expect a default any time soon. Appendix Descriptive Statistics YTM-BA%|   | YTM-A%|   | |   |   |   | Mean| 4. 755| Mean| 5. 58| Standard Error| 0. 291509762| Standard Error| 0. 193077925| Median| 4. 69| Median| 5. 54| Mode| 4. 69| Mode| 5. 52| Standard Deviation| 1. 236771176| Standard Deviation| 0. 19160259| Sample Variance| 1. 529602941| Sample Variance| 0. 671023529| Kurtosis| -0. 700358347| Kurtosis| -1. 043305373| Skewness| 0. 246024371| Skewness| -0. 261513425| Range| 4. 53| Range| 2. 56| Minimum| 2. 63| Minimum| 4. 14| Maximum| 7. 16| Maximum| 6. 7| Sum| 85. 59| Sum| 100. 44| Count| 18| Count| 18| Regression Analysis Duration & Modified Duration References 1Boeing. (1995). A-10 Thunderbolt II. Retrieved 2012 05-October from http://www. boeing. com/defense-space/support/maintenance/a10/index. html 2Morningstar. (2012, September 28). Boeing Co BA. (N.Dihora, Editor) Retrieved September 29, 2012, from Morningstar: http://www. morningstar. com 3Standard&Poor's. (2012, October 02). Boeing. Retrieved October 02, 2012, from Standard ;Poor's NetAdvantage: http://www. netadvantage. standardandpoors. com 4Tortoriello, R. (2012 26-July). Industry Surveys: Aerospace & Defense. Retrieved 2012 05-October from Standard&Poor's: http://www. netadvantage. standardandpoors. com. proxymu. wrlc. org/NASApp/NetAdvantage/showIndustrySurveyPDF. do? loadIndSurFromMenu=pdf 5Mergent Online. (2011, December 31). Boeing Co. (The) (NYS:BA): Long Term Debt.Retrieved October 1, 2012, from Mergent Online : www. new. mergentonline. com. proxymu. wrlc. org/companydetail. php? pagetype=longtermdebt;compnumber=1048 6Standard;Poor's. (2011, 12 31). Genl Dynamics. Retrieved 10 02, 2012, from NetAdvantage: http://www. netadvantage. standardandpoors. com. proxymu. wrlc. org/NASApp/NetAdvantage/cp/companyFinancials. do 7Yahoo! (2012, October 03). General Dynamics (GD). Retrieved October 03, 2012, from Yahoo! Finance: http://www. finance. yahoo. com/q? s=GD 8Yahoo! (2012, October 03). Northrop Grumman Corportation (NOC). Retrieved October 03, 2 012, from

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Red Bulls Market Essay Example for Free

Red Bulls Market Essay A Bulls Market the marketing of Red Bull energy drink Red Bull, Austrias biggest export since Arnold Schwarzenegger, has methodically created and dominated the energy drink category much in the way players of the board game Risk would defeat their opponents. Dietrich Mateschitz, the owner of Red Bull International, created the highly caffeinated beverage in 1987. Five years later, the drink spread into neighboring countries like Hungary and Slovenia, followed by Germany and Switzerland. In 1997, Red Bull prepared to storm the U. S. market. Today, the slinky 8-3-OZ can has completed its invasion into nearly every cold box in the United States. (Ohio, Tennessee and the Dakotas are among the few states without it. ) In less than three years, Red Bull singlehandedly established and then lifted the booming energy drink category from a base of $12 million in (wholesale) dollar sales to $42 million in 1998 and $75 million in 1999, per Beverage Marketing Corp. Others soon followed, building energy drinks to a $130 million business. Now Coke (KMX) and Anheuser-Busch (180) are jumping in. Last year, Red Bulls market share stood at 65%, while the company reportedly pulled in a cool $1 billion in worldwide sales. Just how Red Bull managed to accomplish so much, so quickly has become the stuff of mythology Some have written off the product by calling it a flash in the pan or derisively note that its handlers got lucky. A closer investigation of the companys strategy however, reveals that luck had little to do with Red Bulls success. The companys consistent battle plan has been to open up a market by securing unusual distribution. When Red Bull initially set up camp in Santa Monica, Calif. , it piggybacked on established distributors. Typically distributors will deliver a number of brands; a Pepsi house will handle Pepsi, Diet Pepsi and Mountain Dew, and may even pick up a non-competing rival like Dr Pepper. Sales reps even greased the wheels by paying for their accounts promotional, advertising and sampling costs for three months. But as the drink caught on, the company began taking a more narrow approach. Now, a Red Bull sales rep will contact a small distributor and insist that he or she sell only Red Bull. Otherwise, Red Bull will set up a warehouse and hire kids to load up the vans and deliver product. These start-up distributors can focus their entire energies on getting Red Bull fully stocked in stores with prominent shelf placement. They generally break even within three months and are profitable within six. They buy direct from Red Bull. Theres enough margin and volume to make it work, said one Northeastern distributor. I wish theyd give it to me, but they have the kids with the vans doing it. Im looking forward to getting Snapples Venom [a new energy drink launching June 15] so I can compete with them. Next, the sales team visits key on-premise accounts: hot clubs and trendy bars. When owners begin buying a few cases, they receive a Red Bull branded cooler and other POP items. Thats when we start doing business officially, said Markus Pichler, evp-strategic planning, Red Bull North America. We go to on-premise accounts [vs. retailers] first, because the product gets a lot of visi bility and attention. It goes faster to deal with individual accounts, not big chains and their authorization process. Plus, on-premise provides fertile ground for new drink trends. In clubs, people are open to new things, said Pichler. The most important thing about [Red Bull] is, its working. If you had a tough week and want to dance, the product works. Perhaps a bit too well. Fueling Red Bulls growth is a mystique created by outlandish rumors about its contents: it is liquid Viagra; its secret ingredient is bulls testicles; someone overdosed from the drink because it has drugs in it. (The company shoots down these and other myths in an FAQ section on RedBull. com. Pichler wouldnt talk about Red Bulls natural fit with the speed crowd that frequents raves, taking designer drugs to stay awake for days at a time. Nor does the company endorse the mixing of Red Bull with vodka, Jagermeister or tequila-a ubiquitous bar call whose roots can be traced to Europe. From a sales perspective, Pichler acknowledged, [the mixability] is a nice side effect. Theres more to the guerrilla strategy than building buzz at clubs. Sales teams will open off-premise accounts at convenience stores near colleges, gyms, health-food stores and supermarkets. The company has divided the U. S. into eight decentralized sales units, each of which is handled on a city-by-city basis. One regional office in New York, for example, services Maryland, New Jersey Pennsylvania and Virginia. The Boston office handles the New England states and upstate New York. Each unit is responsible for creating distribution, making sales calls and developing targeted marketing plans. The mission: to find out where the target demo (men and women age 16-29) hangs out and what interests them. Its their job to get the message out to the right clubs and at the right events. While Red Bull relies heavily on bars and night clubs for its sampling events, alternative sports have also proven to be a successful product-trial arena. The company underwrites a number of extreme sports competitions and sponsors about three dozen alterna-athletes. Events include the Red Bull Huckfest, a ski and snowboard freestyle competition held in January in Snowbird, Utah; and the Red Bull Flugtag (German for flying day),premiering in the U. S. this fall. At the latter event, amateur pilots will create exotic flying machines and attempt to soar off the Santa Monica pier. The brand also employs teams of consumer educators, who roam the streets and dangle free samples. With California as its stronghold, Red Bull made its way into Oregon, Settle, Texas and ski resorts in Colorado. It next moved into the Midwest, targeting urban markets like Chicago and its environs. Soon it showed up on the East Coast in Miami and New York. (The Big Apple had a head start: Europe leaked the beverage into the city) Newer markets include the Carolinas, Virginia and Washington, D. C. In the antithesis of any majors marketing plan, Red Bull buys traditional advertising last. Only when a market is deemed mature does the company begin a media push. The idea is to reinforce, not introduce, the brand. Media is not a tool that we use to establish the market, said vp-marketing David Rohdy. It is a critical part. Its just later in the development. Current ads, titled Red Bull gives you wings, focus around an animated bull character. The initial spot is set in the Renaissance era, where an artist is telling the man who commissioned his painting that he has created the perfect piece of art: Red Bull. Itll give you wings, he said. Indeed, in another ad, an energized bull is shown leaping over a city. The ads have begun airing during late-night TV in New York, and radio programs including The Howard Stern Show. A Santa Monica-based shop, Lunch, handles ads and POP materials for the entire U. S. Red Bull typically creates two new TV spots a year and runs them in mature markets. The brand spent $100 million in the U. S. last year, according to the company Measured media spending was only $18. 9 million last year, up from $9 million in 1999, per Competitive Media Reporting. Red Bulls runaway popularity had given it easy entree into mass merchandisers. It is currently the No. 1 product in Store24, where it is now a bigger seller than beer, milk, water and soda. 7-Eleven is experiencing similar results. We have seen double-digit growth [in the non-carbonated segment]. Red Bull tops the list big time, said Jim Jackson, category manager for non-carbonated beverages at 7-Eleven, Dallas. [Their success is due to] their single-product focus, major advertising dollars and distribution. They create demand before they even get it to retail. The picture may yet change, as Red Bull is now facing more than a dozen imitators, most notably Cokes KMX and A-Bs 180. Knockoffs they may be, but distributors say they have been moving extremely well. Weve done a lot of the dirty work for them, Rohdy said. Pichler was a bit more engaging. Were a fan of competition. Its a positive for us, he said. It validates the energy drink category. Red Bull has already experienced the c opycat phenomenon overseas. The company doesnt appear to be concerned, however, having hit the $1 billion worldwide sales mark. Besides, observers have said the also-rans dont have a prayer. Red Bull seems to have a cooler in every bar in every city. The sales force, thats all they do, said one new age beverage executive. The big guys will not put that much energy into it and will lose interest when they dont make any headway. After conquering the U. S. , the Red Bull army plans to move on. It is currently making headway in Brazil and South Africa, though South America and Africa as a whole remain largely untapped. If history repeats itself, it wont be long before everyone on the planet gets their wings.

Role Of Women In The Indian Armed Forces History Essay

Role Of Women In The Indian Armed Forces History Essay In recorded human history women soldiers have been part of each and every campaign, performing variety of tasks such as ammunition carriers, picking up a weapon of a fallen soldier, washing, mending and cooking. World war II, Vietnam war and technological revolutions affected intake of male recruits in Europe, Asian armies and USA that led to induction of women soldiers to fill the vacancies. The USA has the highest representation of nearly 14 percent women soldiers today, many of whom participated in the Gulf wars. Other European armies also have a healthy number of women soldiers in the armed forces. China has also integrated women into the military over the last 50 years. The pioneers of the integration of the women in South Asia, both in officers and ranks was the Sri Lankan armed forces in year 1984 , followed by India in officers rank in 1991 and Nepal in 2003. Indias decision to induct women officers was based on populist consideration than military necessities. Pakistan, Bang ladesh and Bhutan employ women basically in medical role.  [1]   The recent SC ruling and HC judgement to allow permanent commission  [2]  to women has made all the three services to think as to the future role of women in Indian Armed Forces. The induction of women in Indian Army started with the Grant of Short Service Commission (SSC) for 5 years in the year 1991. Then the time limit for them to serve in the army as been increased over the years and is presently at 14 years. Presently women officers are getting commissioned into the services ie ASC, AOC, EME and combat support arms of Engrs, Signals and AAD, in addition to the Medical Corps. In accordance with the ruling of the apex court the Indian Army has agreed to grant permanent commission to women officers in JAG branch, Army Education Corps and Medical Corps of the Army. However, a number of litigation has been filed for grant of permanent commission into fighting arms like infantry and comb support arm such as Engineers, Artillery, AAD etc. However, before any decision is taken we ne ed to carry out a holistic vew of the integration of women into the Army with two important guiding factors. 3. The debate to integrate women into in more non-traditional roles in the military have been raging since ages. Both for or against this topic have iron clad reasons.  [3]  On one hand some people believe that the increased power of military technology and Revolution in Military Affairs (RMA) have led to the realisation that actual confrontation between major powers to be avoided, however any future conflicts would be under the umbrella of technology. This would involve a tech savy force and hence larger employment for women. Also the role of women in our society has changed over time. Also women have served in armed forces since ancient times and the chorus for their integration have only grown louder. In Indian history also numerous examples of women soldiers and officers exists. Rani of Jhansi Brigade of Indian National Army (INA) was formed on 9 Sep 1943 in Singapore under Capt Lakshmi Swaminathan Sehgal who was a doctor by profession. This force operated in the jungles of M alay and was very effective. Also the Nursing Corps of the Indian Army was raised in march 1889 and by 1939-40 their strength grew to 6000 trained nurses. These nurses had served British and Indian troops in India, Aden, Mesopotamia and Egypt during World War I and during World War II they served exceptionally well in different theatres of war in Middle East, Europe, Africa and the Far East. History is replete with stories of women in battle.  [4]  Not only in the western world, but also in the eastern, several examples of the battle are there where women have actively participated. Indian sub-continent also has an age long of history of battles participated by women. Although military profession is considered as the male-dominated occupation, women have also played such a diverse role that possibility of their involvement in any military duties can not be neglected. 4. Society has traditionally viewed women as out of place both in organisations responsible for the implementation of military force and in applying lethal force as individuals. The use of lethal force is so strongly associated with the ideas of masculinity that the ability to use it is one of the defining traits of mankind. War is traditionally viewed as a masculine enterprise in this man dominated society. Military service has long been a masculine rite of passage. Men have traditionally sought to idealistically fight for peace, home and family. They want to protect women and not to compete with them. The soldiers world has traditionally been a masculine haven. Their accession into a predominantly gender segregated institution like military has been protected by both law and cultural tradition in most of the countries. 5. The human achievements in the field of science and technology has changed not only the human lifestyle but has also helped to change the world order. Military activities including the organisations, roles, responsibilities and threats have also been changed with the changes that have taken place in various other sectors of life. There are lots of roles that can be played equally or even more efficiently by women in the armed forces in comparison with the men.  [5]  This study will try to find out the most suitable roles for the women in the armed forces and suggest whether the women could be employed as combatants in the armed forces or not. 6. With the induction of women the Services are now coming in line with the main stream, where social change in favour of the female gender began with the freedom movement. Yet, at the same time, it cannot be ignored that since the Armed Forces are extremely high-profiled, a dramatic change like this would indeed filter down to the common masses of India. There could not be a more positive experiment than this, for it has not only professional advantages for many women but also sociological benefits for them and the nation as a whole. Of course like anything new it would have teething problems. However, a mature democracy like India and its people know that given time any experiment can be molded to the advantage of everyone. Statement of Problem 7. To study and analyse the role of women in Infantry and effect on morale and op effectiveness of frontline units. Justification of the Study 8. The role of women in the armed forces for a long time, was limited to the medical profession i.e. doctors and nurses. In 1992, the doors were thrown open for women entry as regular officers in aviation, logistics, law, engineering and executive cadres. Thousands of spirited young women applied against advertisements and it was a turning point in the history of time. These women chose a new field where they had to painstakingly pave a path for the others to follow. The initial adjustment problems werent as much for the women as it was for the men. Wrapped in their tradition of chivalry and respect to women, most gentlemen officers could not treat their female counterparts at par with themselves.  [6]  Their subordinates too, were men who came from conservative families where they saw women playing only traditional roles. The emergence of these women into totally male dominated bastions did initially create embarrassing moments for both. Men hushed their talks and behaved courte ously, while women had to do with makeshift arrangements to suit their needs within units. Over the years and having come a long way now, men have realized that these women in uniform are their efficient and able co-workers. The time is not far when we may use the term sisters-in-arms as equivalent to brothers-in-arms. 9. Currently, women in the non-medical cadre, serve as Short Service Commissioned (SSC) officers. Under this type of commission, they can serve in the armed forces for a period ranging from 5-14 years. On release they can pursue a career in the civil sector. Now women have start clamouring for opening up of the permanent commission in the armed forces and also to be part of Infantry units to ensure equality of opportunity. Employment of women in combat has become a hot issue at present. Two different schools of thought do exist amongst the scholars. The first claim that women are equally capable of men to perform the job and its the matter of equality also, whereas the supporters of latter idea claim that it is the exploitation of women to employ in combat because they are not physically and psychologically fit to perform the job. This debate needs to be carried out in detail. 10. There are numerous examples of women taking part in battles in the past. Indeed, throughout human history, most societies have kept women from fighting with the frontline troops. Those women who fought were often forced by circumstances or were given a chance only when men were in short supply. In essence, most societies have restricted women from serving in the military as they have restricted them from other male-dominated occupations.  [7]   11. This study is prompted by a soldier scholars long abiding interest in the subject triggered off by great interaction with some ardent feminists of the National Cadet Corps during his college years. The aim of this study is to analyse the issues involved in the Indian context on the induction of women as personal below officers rank in the Army, blanking out the interference of noise and dust raised by over enthusiastic social scientists, ivory tower scholars and militant feminists, to bring out the core issues involved. Scope 12. In this study a brief historical perspective of women in combat roles will be discussed followed by roles performed by the women in the armed forces. Womens involvement in insurgency and the requirement and employment of women in combat will be the major aspect of the study. Methods of Data Collection 13. The research methodology adopted for this study is by descriptive and analytical method. The sources of this study are the books, periodicals and newspapers available in the Defence Services Staff College library. Similarly the other sources include internet web pages, previous studies in the similar field and some informal interaction with the student officers from various countries attending the 68th staff course. The Bibliography of sources is appended at the end of text. Organisation of the Study 14. The study is presented in nine chapters as under:- Introduction Historical Perspective Issues involved in inducting women in the frontlines units in armed forces. Expanded role prospects. Experiences of women in combat. Summary and recommendations. Conclusion. CHAPTER II HISTORICAL PERSPECTIVE As the ladies clad in their saries marched past to the sound of the bugle and the beatings of the drum, there could be traced not a touch of all the frailties that are so commonly attributed to them. No faltering, no hesitancy, no softness associated in popular minds with the womanhood of Bengal but chivalry written on every face and manifest in every movement. Colonel Latika Ghosh. 15. Mythology is replete with instances of warrior women who were revered, worshipped like the `Shakti, consort of Shiva the Destroyer, mother of all warriors, and who manifested herself as Durga the warrior goddess, to fight and destroy evil. The Greek Goddess Athena, the Roman Diana, the Nordic Valkyries and the Amazons are cases in point. 16. The ancient Greeks, for example, Amazons so dedicated to warfare that each one of hem cut off one of their breast to improve her ability to shoot and throw spears. The Americans can point to colonist Margaret Corbin who, during the British attack on Fort Washington in the Revolutionary War, operated a cannon until she was seriously wounded. In the history of women in battle there is a combination of myth and exaggeration, sprinkled with a few true heroic accounts of unique women. Through out history, most societies have banned women from military service. As was the case in Soviet Union during World War II. .  [8]   17. Instances of warrior women are scattered all over history. The Celtic Queen Boadicea, Joan of Arc of France and nearer home Razia Sultan, Rani Lakshmi Bai of Jhansi, Kittur Chinnamma Rani Durgawati of Gondwana, Chand bibi of Ahmednagar are good examples of women fighters. Our freedon movement is replete with examples of courageous women leaving the Chaar Diwari of their household to secure freedom from the British Sarojini Naidu, Kamala Devi Chattopadhya, Aruna Asaf Ali, Sucheta Kriplani, revolutionaries like Durga Bhabhi, Bina Das, Shanti Gosh and Suniti Chaudhary2 and in the Indian National Army, Colonel Latika Ghosh and Captain Lakshmi Sah ­gal Kshatriya are just a few of the prominent names. 18. But despite all the above, the number of women warriors is minuscule. This highlights the fact that due to whatever physiological or sociological reasons, society at large evolved a role for the women in professions of nurture and culture rather than soldiering. We hear of women, as great mothers, wives and sisters who have nurtured famous warriors more than as famous generals or leaders of men in battle. This becomes obvious when one notices that no force of soldiery ever travelled far without its detachment of wives, concubines and hangers on, who cheerfully shouldered the burdens of washing, mending, cooking and generally pandering to the creature comforts, which have been the indispensable requirement of contended troops. 19. Nations world over have in recent times taken the momentous decision to admit women into the regular cadres of the armed forces. This raises the query of why women are being brought into the realms of soldiery. One does not have to look deep to fathom the reasons for this development. The increasing presence of women in the Armed Forces can be traced to the beginning of this century in European history, wherein, the World Wars created an acute shortage of manpower, forcing nations to call upon their women to supplement their forces. Women were inducted in large numbers into the softer military specialities like ordinance factory workers, rear area services, logistic support, nurses, doctors, staff car driver, et al; relieving the able bodied men to feed the cannons. 20. In Britain women gained recognition in Womens Auxiliary Service as early as 1916 upto the midst of World War I. The erstwhile Soviet Union, Yugoslavia and Vietnam have permitted uninhibited participation of women in combat. Amongst the western countries, Canada, Australia, and Denmark are the most liberal in induction of women in their Armed Forces even for combat roles. In Netherlands all posts are optional for women. The Dutch have had to impose demanding physical standards for some mens only jobs.  [9]   21. Canada opened its Armed Forces to women at the behest of Royal commission on status of women in 1970. A five-year programme called SWINTER (Service Women In Non Traditional Environment and Roles), launched to assess their suitability in combat roles demolished many myths and inhibitions which led to Canadas Human rights Tribunal to demand full integration for women and abolish 10% quota of vacancies reserved for them. 22. In Soviet Russia, where all kinds of feminine labour prevailed, out of sheer imbalance in sex ratio, a bulk of women were allowed to join the Army. A welcome side effect of this enforced equality was improved physical strength of Russian women and their robust character. In China the anti-female practices abetted by Confucius, Liu Shao Chi and Lin Piao were denounced as archaic and to ensure equality to women the Chinese leadership promoted their wide participation in womens militia, who provided armed support to political leadership against any possible counter revolution from old vested interests.  [10]   23. In more recent times the Israelis pressed by sheer paucity of numbers have enforced a virtual draft on unmarried women to occupy posts from where men could be released to move to front positions. In France the intake of women is divided into combat and non-combat roles in the three services and the Gendarmerie on long-term contract. Turkey, which is predominantly Islamic, has women in her regular Armed Forces. In Sep 90 King Fahd of Saudi Arabia approved a role for women in the Saudi Armed Forces.This has been followed by United Arab Emirates.10 In Iraq too, during the Iran-Iraq war, President Saddam Hussain, in an effort to strengthen more loyal Baathist Militias, enlisted some quarter million women into their womens wings. Arming them much against the wishes of religious factions, he proudly hailed this force as the most liberated in the muslim world. Domestic Scene At the time of constitution making, the equality of women (Article 14), discrimination against them (Article 15) and equal opportunity for employment (Article 16) were thoroughly dealt with in accordance with the obtaining social ambience. It was considered prudent to insert Articles 16(3) and 33 in order to exempt our Armed Forces from the provisions of the Fundamental Rights with regard to employment of women. The contemporaneous leadership of that era accepted norms of equality. The fact that the post Independence Indian thinking was so over optimistic about the future of non-use of army itself that any idea of womens participation in it must have looked ludicrous to many a statesmen. That position still continues and the constitutional provision remains binding. The Army Act and the Air Force Act of 1950, the Navy act of 1957, stipulate that women are ineligible for enrolment and any deviation to this proviso could only be made through a special notification. A government sancti on is thus mandatory for all cases of entry of women to our Armed Forces. Existing employment of women in the army Medical Corps (AMC) and the Army Dental corps (ADC) has been regularised. This legal barrier is not difficult to overcome but no organisation, group or a forum has so far felt any compulsion to challenge it. Absence of public opinion to modify the regulation that has over a period of time become irrelevant is only helping those who opine that we (Indians) are not ready to allow women in our Armed Forces. The constitutional allowance to keep women from joining military service has been conveniently used by our service headquarters to ward off whatever pressure there is from the hopefuls amongst female population. Thu this urge of the latter is not a recent phenomenon.  [11]   In the modern day of electronic warfare, its more about overcoming stress in warfare than physical combat. It has been proven scientifically that women handle stress better and are also mentally tougher. This is not to undermine a womans physical capability. Women have done extremely well in physical training as well. In the first few batches at the armed forces training academies women displayed more endurance and some even outran their male counterparts in cross-country runs and long distance marches.  [12]  They carry on this tradition and keep setting new records. As commissioned officers at the age of 22-23 years, they may often have subordinates older than their parents. Hence, from day one, it is a challenge and leadership qualities are under test. The color of their crisp uniforms and the stars/stripes they adorn differentiate them from each other. Despite the good quality of life, they may sometimes undergo hardships due to the nature of work. An officer may have to work in tough terrains or difficult circumstances. Most women however, who undergo training as cadets in various military academies, cope up with various difficult situations, easily. Being a transferable job, transfers and movements are seen as unique travel opportunities to travel to remotest locations in the country. Every unit is a mini-India with people and cultures as diverse. As most lady officers are married to gentlemen officers in the armed forces, as per government policies, they are transferred together. Women officers can also avail of maternity leave; furlough and annual leave in succession, to cater to pre and post-natal care. On retirement too, they enjoy medical facilities and coveted club memberships. They can afford to maintain the same quality of life due to the various benefits they can avail of. Their experience and qualities imbibed while in service make them much in demand in the private sector. Although the path these women have chosen is tough, they have proved that they have the spirit, the courage and the will to carry on. Presently, women do not serve in combat arms nor do they fly fighter aircrafts, but it wont be long before these forbidden avenues are thrown open to them.  [13]   CHAPTER III ISSUES INVOLVED IN INDUCTING WOMEN IN THE FRONTLINES UNITS IN ARMED FORCES 26. The Indian experiment of permitting women in the regular cadres of the three services is very recent. There is hardly any previous study on the subject of women in the Indian Army as commissioned officer in general and a permanent commissioned officer in particular, rising to the ranks of a General. Naturally, therefore any discussion on the subject has to draw upon a great deal, from the available material based on the concepts and experiences of the Western Armies. Most of the issues are not culture specific but rather gender based, hence if not all, a majority of issues concerning women in uniform are likely to apply across the board to Indian women in military services as well. There are two points that must be analysed before we can properly address the question of whether or not women should be granted permanent commission in the officer cadre. Firstly, the nature of the army as an institution and secondly, the nature of working environment itself according to career profile. If the army was just a job, and if justice and equal opportunity was all that was at stake, there would be no opposition to opening up all opportunities to every one. After all, women have demonstrated their competence in all areas of society, from medicine and the law to business and the academies.  [14]  They have benefited from capitalism and technology. The lifting of legal barriers against women in the civilian workplace has merely ratified the technological advances that have rendered physical strength less important than intellect, an area in which women are equal to men. Thus today a woman, who is willing to bear the equal burden that men have traditionally borne, can ach ieve whatever goals she desires.  [15]   The Nature Of Army The Army necessarily differs from civil society. A liber ­al democracy like ours faces a paradox when it comes to relationship between the military situations as such and society at large. The military is not governed in accordance with prin ­ciples of justice and liberalism that characterize the very society it defends. Behaviour that is acceptable, indeed even protected in civil society is prohibited in the military. The military restricts the freedom of movement of its member. It restricts speech, prohibits certain relationships between members, such as fraternization. Why? Because if the military fails, the society it protects may not survive. Experience has taught us that certain behaviour is destructive of good order, discipline and morale, without which a military organisation will certainly fail. The goal of military policy is military effectiveness. Hence two sets of values are on a collision course. Military and Civil. Equality and opportunity are noble ideals but they have no place in the battlefield where it is a question of living and dying. This was succinctly summed up by American Marine Corps General Robert Barrow in a Senate hearing, It is not about womens rights, equal opportun ­ity, and career assignments for enhancement purposes for selec ­tion to higher work. It is about combat effectiveness, combat readiness, and so we are talking National Security. Nature Of Working Environment Since the services have only seen the presence of men (except on the medical side), gentlemen officers have an attitude problem which prevents them from accepting ladies among them as co officers and this is bound to aggravate if these ladies were competing with gentlemen officers for promotions as well. However the fact that the gentlemen officers have the choice of a permanent commission gives them a professional security. Although they perceive the lady officers as a short-term threat now, it will aggravate once this threat becomes a long-term threat. Further, the socio cultural pattern of patriarchal domination prevents the gentlemen officers from accepting lady officers as social equals. Traits that are chauvinistically associated by men for women in society are piled upon the lady officers as well. Whereas for those lady officers to whom a career in the services is what they want to do in life; the sense of job insecurity is like a Damocles Sword hanging over their heads. Many dont know exactly what they will do after having served in a career which is high commitment and high risk one and gives them prestige, status and perks that would no longer be there once they leave the service.  [16]   Further during the service years of a gentlemen officer in the army, be it supporting arm or combat arm, he is on a whirlwind tour of the country to include the inhospitable high altitude terrain of the North, the dry sultry sand dunes of the deserts in the West, the rain and leech infested jungles of the Northeast and long tenures of deployment on the International Border or the Line of Control without even the basic necessities of life. Under such conditions when the lady officers are also expected to stand by the side of their male counterparts notwithstanding the occupational hazards draws out certain physical and physiological issues involved with their behaviour. The issues thrown up are:- Physical and physiological issues. Unit Cohesion and Military Effectiveness. Sociological issues. Administrative issues. Physical Issues Women if granted commission in Infantry may be called upon to serve in combat zone sometime or the other, in her career. The most common reason for opposing women in combat is that they largely lack the physical strength to perform effectively in a combat environ ­ment. Studies conducted in the United States have observed that on average men are 40 percent stronger than women. Contrary to what some seem to believe, technology has not overcome the importance of physical strength in the Army. Brawn will count for more than `computer smarts any day. It is felt that when women cannot meet the requirements or rigours of a job; men must take up the slack.  [17]   Body Composition / Muscular Strength / Cardio-Respiratory Capacity. The West point and General Accounting Office (GAO) studies reveal that body composition (both physical and anatomic) favors men. Specifically women experience more difficulty in lifting heavy loads, road marching, carrying loads, running and throwing than men do. Women generally require more time to perform these tasks. Additionally they must perform at higher percentage of their physical abilities, leading to earlier fatigue. The reasons are that they have less muscle mass, more fat, which accumulates on buttocks, arms and thighs which lowers the center of gravity offering more resistance when running. They have less bone mass, wider pelvic structure and lower aerobic capacity than men.  [18]   Injury. Research findings have indicated a high risk for injuries during Army basic combat training. During training, 51% of women and 27% of men were injured which was related to a lower level of fitness when compared to men and resulted in an average time loss of 13 days training. During this study, women participated in an integrated conditioning programme and completed extensive road marches wearing combat boots. Incidence of injury was related to greater body weight and body fat and limited leg strength.  [19]   Physiological Issues Pregnancy is a major female health issue, which contributes to major attrition among women in the Army. During pregnancy, womens duties are often severely curtailed. This curtailment typically includes: no field duty, limited physical training, limited standing at attention. Many women experience severe premenstrual syndromes. This problem can be potentially dysfunctional for units with many lady officers. This is especially true if there is an involuntary tendency for women living in close quarters to synchronize their menstrual cycles.  [20]   However in an interview during the Gulf War some women soldiers who got pregnant told no one and stuck it out because they did not want to let their team down. Other women soldiers had their babies and six months later rejoined their units. Women in Army advocates argue that the average woman is pregnant for a very small portion of her productive life. There are many women who never become pregnant. They argue that data are inconclusive about pain and discomfort of menstruation. Rather women are more conscious of their health problems than men which explains a higher incidence of routine medical visits by women than men.  [21]   Legal Issues The Constitutions in most developed countries including India provide for equality in l