Compare And Contrast Aquinas Virtuous Man And Passions

Throughout the many arguments regarding the relationship between the virtuous man and passions discussed by St. Thomas Aquinas, one argument, in particular, stands out for its agreement with the philosophical view of the Stoics. While Aquinas is a prominent Catholic philosopher and theologian known for his argumentative style of defending and teaching Catholic doctrine as well as providing insightful and compelling outlooks regarding ethical matters, the Stoics are known for their staunch and what can be perceived as restrictive views on emotions, passions, and matters of the same nature. Despite their different views, the Stoics and Aquinas are in agreement that the â€Å"virtuous man† lacks antecedent passions . In order to understand why†¦show more content†¦Aquinas identifies the virtuous man as â€Å"the one who really lives out his ‘function’ and acts in accord with reason, but even desires in accord with reason.† Both the Stoics and Aquinas would agree that the virtuous man has the virtues; temperance, fortitude, courage, and justice which are all properly ordered with his reason. When reason is removed or blurred the virtuosity of the person is called into question. Virtue cannot be fulfilled without reason, and vice versa, however the one factor that can alter or affect reason, is passion. The Stoics characterized passion as â€Å"any emotions in disaccord with or exceed reason† and Aquinas defined passions as â€Å"any movement from the sense appetite.† Aquinas believes that if all passions belong to the sense appetite, then passions can be moderated and perfected by reason. These two varying definitions of passion show the rigidity of the Stoic view by portraying the virtuous man as the passionless man, which by default means the virtuous man lacks antecedent passions. Aquinas would disagree that the virtuous lacks passion but, he would state that passions can perhaps negatively affect the judgeme nt of reason. Nonetheless both he and the Stoics agreed that the virtuous man lacks what are called antecedent passions. Antecedent passions according to Aquinas, obscure the judgement of reason, on which the goodness of the moral act depends, they diminish the goodness of the act. In other words antecedent passions

Louis XIV, The Sun God - 1530 Words

All That Glitters is Not Gold Louis XIV, also known an The Sun God, was the King of France from 1643 until his death in 1715. 1His reign as ruler lasted for more than 72 years and even today it is considered as the longest reign of any monarch in European history. During his tenure as ruler, King Louie XIV established France as the most powerful country in Europe, as he maintained a very strong economy and played a significant role in influencing the politics of other European countries. Besides its usage in worldwide diplomacy, he also helped establish the French language in becoming the most widely used language in many subjects such as science and literature. The Sun God was known to be a very popular arts enthusiast and under his patronage, he commissioned and funded many artists whose works went on to become very famous and influential. One example includes his commissioning of the legendary Palace of Versailles located in Paris. Due to the contributions made by Louis XIV, peop le in the 17th century viewed France as the same way people all around the world today view the United States, a major superpower. After his death, Louis XIV was succeeded by his great-grandson Louis XV, who was just 5 years old at the time. 2Louis XV, also known as Louis the Well Beloved, was ruler of France from 1715 to 1774 and like his great-grandfather, he also made great advancements in the field of art as he introduced the Rococo style to Europe. This new elegant and decorative styleShow MoreRelatedKing Louis Xiv And The Sun King925 Words   |  4 Pages King Louis XIV of France was known as â€Å"Louis the Great† or the â€Å"Sun King† because he ruled with such strength and power. King Louis XIV, also known as the Sun King, was a helpful leader in France. King Louis XIV had the longest reign in European history, reigning from 1643 to 1715. King Louis XIV was an effective ruler politically, religiously, socially, and artistically. Louis XIV ruled with an iron fist, which many would come to criticize him for this, but it is one of his strong pointsRead MoreKing Louis Xiv : An Absolute Ruler1373 Words   |  6 PagesKing Louis XIV was born on September 5, 1638 in a place called Saint-Germaine-en-Laye, France (Louis XIV Biography). Louis XIV became King of France in 1643 and he began to reform France and make changes to France. Louis XIV ideology was the ideology of an absolute monarch. Louis XIV believed that all kings ruled by divine right. He believed that God gave him the authority to rule France. He believ ed he was the French state and that he should be in complete control. Cardinal Richelieu was a man whoRead MoreBiography Of George Balanchine s The Ballet 1000 Words   |  4 Pagesdoesn’t apply to everyone. King Louis XIV of France wasn’t a gardener, but the beautiful flower. He started practicing ballet from a young age. The ballet was rising in the late 17th century and it had an important role both in social and political sections. Also named as the Sun king, Louis XIV had the longest reign of absolutism. To strengthen his absolute monarchy, Louis XIV used ballet as one of his political tools. Louis XIV was born as a son of Louis XIII and Anne of Austria.Read MoreKing Louis Xiv Of France1222 Words   |  5 Pagessovereign state and people. King Louis XIV of France and Tsar Peter the Great of Russia were both absolute monarchs. These two monarchs satisfied the four characteristics of absolutism: divine right of kings, meaning they were chosen by God; skilled bureaucracy, where decisions are made by the state; control of the economy, absolute monarchs had control of money and trading; and lastly a professional army, the absolutist must have a permanent standing army. King Louis XIV of France was born on SeptemberRead MoreCourt Dances And Opera Ballet1169 Words   |  5 PagesChloe Pangonis Barres and Ballet 11/7/15 Court Dances and Opera Ballet King Louis XIV, the Sun King Commonly referred to as the â€Å"Sun King† after his memorable performance as Apollo, King Louis XIV heavily influenced 17th century court dancing over his 72-year reign (the longest of any other known European sovereign). Not only did Louis XIV transform the French monarchy and establish France into the dominant European power, but he created a glittering court at Versailles and ushered in a goldenRead MoreVersailles: The Royal Palace in Paris Essay606 Words   |  3 Pagesapartments to accommodate 600 guest invited to a celebration party and not much else happened in this campaign. The second building campaign was mainly about creating a place for the royal family to stay at. Louis XIV the king had his own room and his queen also had her own room. Louis’ XIV brother and sister-in-law had their own room as well. A hunting lodge for the royal family was also created for them to stay at as well. The second campaign was also being at the same time as the treaty of Aix-l a-ChapelleRead MoreLouis Xiv the Sun King Absolute Rule866 Words   |  4 PagesLouis XIV the Sun King’s Absolute Rule Louis XIV is one of the most famous examples of an absolute ruler. Louis had a complete control over his country. Louis’s father had died leaving France in a civil war. Louis XIV obtained power after his father died and through hatred over the nobility that threatened his life and his mothers, though Cardinal Mazarin ruled until Louis XIV took power after Mazarin’s death. He vowed he would never be so weak that he could not have power. Louis XIV wasRead More Louis XIV, France’s Sun King Essay1233 Words   |  5 PagesLouis XIV, France’s Sun King Louis XIV, France’s Sun King, had the longest reign in European history (1643-1715). During this time he brought absolute monarchy to its height, established a glittering court at Versailles, and fought most of the other European countries in four wars. Although his reign had some negative aspects; on balance, Louis’ reign was primarily a benefit to France. In 1643 Louis XIII died. Louis XIII’s wife and Louis XIV’s mother, Anne of Austria, aided by her ministerRead MoreLouis Xiv s Influence On The World War II1821 Words   |  8 PagesKarl Johnson A Block, History Lisa Feirtag The Sun God Louis XIV is known for his powerful approach to rule. For example, within foreign policy, pressing the invasion of the Spanish Netherlands in 1667, boldly deeming it his wife s rightful inheritance. The conflict was named, The War of Devolution, and lasted a year. France lost, although Louis XIV did not give up, and engaged in the great Franco-Dutch War from 1672 to 1678. During the war, France managed to acquire more land and the victory promotedRead MoreEssay on The Most Effective Absolute Rulers1217 Words   |  5 Pagesreigns all-powerfully by the will of God. The intention of absolute monarchs is to utilize his or her power in an effective, better-organized way, despite its weaknesses or negative consequences; and from my perspective, I would have to say that the three most effective rulers ever are King Louis XIV, Frederick the Great, and Peter the Great. In my opinion, Europes most exemplary and effective absolute monarch was King Louis XIV of France. Louis XIV was the Sun King who ruled from 1661 to 1715.

Curriculum Provides An Emerging Leader Education Essay Free Essays

string(69) " obtain 24 credits in order to graduate with the Distinguished Plan\." In this class, you will develop the cognition and accomplishments of an instructional leader who besides efficaciously manages course of study and direction. The class assignments will steer you as you increase your leading abilities in the countries of course of study direction, application of province jurisprudence and local policy as they relate to curriculum and direction, and campus betterment planning. In this hebdomad ‘s assignment, you will sum up needed course of study constituents and high school graduation demands, depict the constituents of the TEA acquisition system and do suggestions for betterment, and roll up informations to get down decision-making on a learner-centered staff development session. We will write a custom essay sample on Curriculum Provides An Emerging Leader Education Essay or any similar topic only for you Order Now This hebdomad, you should: identify and sum up the constituents of a state-required course of study. analyze the constituents of the TEA acquisition system and do suggestions for betterments. analyze state-generated informations and a Campus Improvement Plan for the intent of decision-making. Rubric Use the following rubric to steer your work. Accomplished Proficient Unacceptable Part 1: Summary of Curriculum Requirements Clearly summarizes the demands of the Texas-mandated course of study with seven paragraphs – one for each constituent. ( 3 points ) Summarizes the demands of the Texas-mandated course of study. Not all seven constituents addressed. ( 2 points ) Does non sum up the demands of the Texas-mandated course of study. ( 0 points ) Part 2: TEA Learning System Components Efficaciously summarizes the province and local commissariats of the TEA acquisition system. ( 3 points ) Summarizes the province and local commissariats of the TEA acquisition system. ( 2 points ) Does non sum up the province and local commissariats of the TEA acquisition system. ( 0 points ) Part 3: Gathering Datas for Decision Making Brands an in-depth analysis of AEIS informations and a CIP to choose a content country and aim for a learner-centered staff development session. ( 3 points ) Analyzes AEIS informations and a CIP to choose a content area/ aim for a learner-centered staff development. ( 2 points ) Does non analyse AEIS informations and a CIP to choose a learner-centered staff development subject. ( 0 points ) Mechanicss Few to no mistakes in grammar, spelling or punctuation. ( 1 point ) Responses lack lucidity and deepness and/or multiple mistakes in grammar, spelling or punctuation. ( 0 points ) Week 1 Assignment: Course of study and the TEA Learning System Part 1: Summary of Curriculum Requirements Knowledge of the province ‘s needed course of study provides an emerging leader with a foundation for determination devising. In this portion of the assignment, you will analyze what Texas jurisprudence says about course of study. Directions: From your Web reference box, entree the TEA Web site hypertext transfer protocol: //www.tea.state.tx.us/rules/tac/chapter074/index.html. Read and analyze the undermentioned subdivisions of the Texas Administrative Code, Title 19, Part II: 74.1 Essential Knowledge and Skills 74.2 Description of a Required Elementary Curriculum 74.3 Description of a Required Secondary Curriculum 74.4 English Language Proficiency Standards 74.62 Minimum High School Program 74.63 Recommended High School Program 74.64 Distinguished Achievement High School Program-Advanced High School Program ( Note: Requirements changed as of the 2007-2008 school twelvemonth, and A §74.63 and A §74.64 reflect the new 4 ten 4 demands. ) Compose a two-page sum-up of the seven constituents. Include at least one paragraph on each subdivision. Type your paper in the expandible box below. Summary of Curriculum Requirements Students are required to have the basic or indispensable cognition and accomplishments course of study which consist chiefly of the nucleus course of study. The bulk of the nucleus course of study consists of the rudimentss in English, Math, Science and Social Studies. Students are besides entitled to an enrichment course of study that consists of wellness and physical instruction, foreign linguistic communications, all right humanistic disciplines and categories of that nature. Elementary course of study consists of taking the same nucleus categories as mentioned before in the old paragraph. The timeframe for this goes from kindergarten to the fifth class. Secondary course of study consists of a much wider range of categories get downing with grade 6 and reasoning with the pupils ‘s graduation at the decision of their 12th grade twelvemonth. Get downing their 9th class twelvemonth, pupils must be given the chance to take four old ages English, four old ages of math and scientific discipline every bit good as World Geography, World History and US History. Government and Economics must be offered as good. Along with these nucleus categories, pupils must be given the chance to gain recognition in categories runing from wellness and engineering to any given foreign linguistic communication category. English Language Proficiency Standards require ESL pupils to be mainstreamed into categories to supply them with the least restrictive acquisition environment. The course of study is chiefly concerned with supplying pupils with the societal consciousness every bit good as the academic consciousness to be successful as an ESL pupil. The end is to supply adequate academic support to enable pupils to be successful non merely in an academic environment but besides in societal scenes every bit good. Under the Minimum High School demands, pupils must go through four old ages of English with one of the four old ages being a Research based English category. You must hold two old ages of scientific discipline and 2 and a half credits of Social Studies. A pupil must hold 5 and a half credits of electives along with 3 credits in Math. The remainder of a pupil ‘s credits are chiefly made up of half credits in engineering, wellness and economic sciences categories that must number 22 credits in order to graduate. In the Recommended Plan, pupils are required to gain 24 credits in order to graduate. The nucleus classs consist of 4 English credits every bit good as 3 credits in Science and Math. The biggest difference between this program and the minimal program is the fact that in the recommended program, pupils are merely required to obtain 3 and a half credits in elected classs. A high school pupil must besides obtain 24 credits in order to graduate with the Distinguished Plan. You read "Curriculum Provides An Emerging Leader Education Essay" in category "Essay examples" The demands are really similar to the old demand programs mentioned antecedently in this transition. Three Math and Science credits, four English credits, three and a half Social Studies credits and 3 Foreign Language credits make up the bulk of the nucleus demands. As with the Recommended Plan, the needed figure of elected credits goes down to 2 and a half alternatively of than 3 and a half. Part 2: TEA Learning System Components In this subdivision of the assignment, you will depict the minimal province commissariats of the six constituents of the TEA acquisition system, desirable local commissariats for each constituent, and your preliminary thoughts for betterment. Directions: Review the constituents of the TEA acquisition system in the Week 1 talk and the information you gathered in Part 1 of the assignment. As you review, think about desirable local commissariats for each constituent. See strengths and failings in local commissariats. Access the Texas Education Code at hypertext transfer protocol: //tlo2.tlc.state.tx.us/statutes/ed.toc.htm and/or the Texas Administrative Code, Title 19, ( TAC ) : Part II Texas Education Agency at hypertext transfer protocol: //www.tea.state.tx.us/rules/tac/index.html. Peruse these sites for more information about the TEA acquisition system constituents. Collaborate online with two co-workers to finish the tabular array on the TEA acquisition system by depicting the minimal province commissariats, desirable local commissariats for each of the six constituents, and your preliminary suggestions for betterment. Your suggestions may alter after finishing the class. TEA Learning System Components Collaborator # 1: Collaborator # 2: Component Minimal State Provision Desirable Local Provision Preliminary Suggestion for Improvement Learning Goals Students need to be able to read, compose, job solve, and use high order believing accomplishments in all needed topics The pedagogues within a territory have a manus in finding what will be taught if they are chosen to be on the province panel. Current pedagogues should hold more of a pick in determing what should be taught. There is experiencing that the people who make a bulk of the determinations are disconnected from the schoolroom. The major suggestion for betterment is to allow instructors and decision makers at the local degree have more input in the scholar ends. Course of study Documents The school territory is responsible for educating all of the pupils through the alliance of course of study. The course of study must consist of the ( 4 ) nucleus topics and enrichment course of study. The province of Texas has a system in topographic point where each territory can follow its instrucrional stuffs. Each school territory will hold the flexibleness to find the procedure for choosing new instructional stuffs. The stuffs that are chosen have to be approved by the province with the exclusion of the enrichment topics. The cost will be shared by the province and the territory Some of the enrichment classs should be added to the foundation classs. In attempt to be a leader in the planetary economic system, the pupils in America need to be good rounded ; some of the enrichment classs can supply that if they are made compulsory. Instructional Program The stuff that is taught must be portion of the needed course of study. The pupils will be presented the stuff in a assortment of different scenes. The province will let the instructor to learn the stuffs in a method that is suited. The province can put criterions when covering with lab clip. The territory will do certain what is being taught is aligned with the province required course of study. The stuffs adopted by the territory will run into curriculum demands. Teachers will follow range and sequence to do certain the aims are covered for each TEK. Teachers that teach a category that requires lab use will plan lessons that allow for clip to finish assignments. The province should plan a system that allows for instructors to learn capable affair and non concentrate on province mandated trial. Staff Development Program Staff Development should use the scholar centered rule. This system relates to scholars and the acquisition procedure. The factors within the system are cognitive, metacognitive, motivational and affectional, and developmental/social/ single differences. This will use to everyone who is invested in the educational community. Districts will carry on staff development seminars that are relevant to the demands of the territory. The territory can seek the services of regional support staff or pedagogues within the territory to carry on the seminars. When staff development is conducted, develop a system where more than one seminar is conducted at the same locale. Each seminar is scheduled during clip slots which will let pedagogues to go to more than one seminar during the twenty-four hours. The pedagogue can besides take which seminar they want to go to. This will keep high involvement degree and conformity by pedagogues in each seminar. Measurement System The measuring tool is called the Academic Excellence Indicator System. This system uses the consequences from the TAKS trial, other province mandated trial, the advancement of ELL, dropout rate, completion rate and college preparedness. This study is available in the autumn of each twelvemonth. The study is divided into different classs to supply indepth information on the school staff, fundss, plans and pupils. This study focuses on answerability. The territory can utilize the AEIS systems as a measuring tool to find how the territory is executing. The territory can utilize the informations to see which bomber groups need to be targeted for betterment. The territory can besides utilize it as a rewarding system for instructors who made drastic betterments with their pupils. The system needs to be adaptable to the territories. Some territories may non hold the available resources to fix pupils for the twenty-first century. The system needs to hold a graduated table that accounts for the lacks, at the same clip keeping teacher accountable for their pupils larning. Administrative Procedures The chief focal point of this strand is the Campus Improvement Plan, which is revised annually. The end of this program is student betterment for all subgroups. The program needs to be aligned with the territory and province guidelines. The principal must besides be involved by doing certain the right classs are being offered. Each school in a territory will hold a Campus Improvement Plan that addresses the demands of their school. The principal will work with the site based commission to discourse thoughts to better the school. More instruction for pupils and staff on the new demand for high school graduation. Students need to be cognizant of the recognition demands under the Recommended and Distinguished Achievement Programs. How can understanding the constituents of the TEA acquisition system aid you in your work as an instructional leader? By understanding the constituents of the TEA acquisition system an instructional leader will hold the ability to relay the scholar ends to any individual who has an investing in the educational system. An instructional leader will be able to help in doing certain that the campus, territory, and province ends are aligned. As an instructional leader I can help in the acceptance of school instructional stuffs. I can do certain that the stuffs that are chosen are supported by the instructors and the stuffs will outdo function the pupils. I can help forces at the territory degree to do certain the course of study meets province guidelines. I can function as a liason between instructors and disposal to take relevant staff development chances. I can educate other instructor on the AEIS system and how the information aids the campus in finding what resources will outdo function our pupils. Why is of import that an instructional leader better the constituents of the TEA acquisition system? It ‘s of import that the instructional leader efforts to better the TEA acquisition system because the educational landscape is continually altering. With the usage of engineering in instruction, the system will necessitate to hold a engineering constituent. The constituents need to reflect the demand for developing twenty-first century scholars. Besides as an instructional leader, you want to try to run into the demands of the pupils, irrespective of academic background. Part 3: Gathering Datas for Decision Making A critical accomplishment for an instructional leader is the ability to do experimental determinations. You will pattern this accomplishment as you begin work on a learner-centered staff development session. You will choose a school-ideally 1 in which you work, reexamine its AEIS information and Campus Improvement Plan ( CIP ) , and choose a content area/objective for betterment. You are non required to show the staff development during this class, but you must hold a chief O.K. your docket and set up a clip with the principal for presentation of the session. Directions: Access the 2006-07 AEIS Campus Reports at: hypertext transfer protocol: //www.tea.state.tx.us/perfreport/aeis/2007/campus.srch.html. Complete the signifier to choose a school and entree a campus study. Review the Academic Excellence Indicator System ( AEIS ) information, reply inquiries about the informations, and place four content countries that need betterment. Review the selected school ‘s Campus Improvement Plan ( CIP ) . Answer inquiries about the informations, and turn up two aims for each of the four content countries identified in the AEIS informations. Based on the information, take one content-area and an aim within that content country as the focal point of a learner-centered staff development session. Experimental Reflection and Decision Making Is there anything in the AEIS or CIP informations that you do non understand? If so, what would you wish clarified? The one portion of the AEIS study that I did n’t understand was the â€Å" Acct Status † label. Under that section of the study there was a class labeled â€Å" Acct System † , â€Å" Non-Acct. System † , â€Å" Mobile † , and â€Å" Non-Acct Trial † . I merely assumed that Katrina and Rita were hurricane evacuees. I would wish to derive more information on that section of the AEIS study. I besides need elucidation on how they calculated the per centum for all trial. The Numberss did n’t fit the sums for the campus. What about the information surprises you? What about the informations concerns you? The Numberss that surprises and concerns me are the entire per centum for pupils who met criterions. I thought the pupils would ‘ve performed better because of the resources that the school offers. Even though pupil public presentation showed a little addition, it is still ( 20 ) per centum points below province norm. How does the information tantrum with your feelings about how the pupils at this school are making? The information is surprising because of all of the plans and chances this school territory offers. I thought the pupils would hold performed better. The school has many different resources that pupils can take advantage of to assist with TAKS aims. The school offers many after school plans, engineering related tools, and remedial resources. I think the school has so many good things that the pupils look to go involved in other activities and bury about the importance of acquiring aid with TAKS aims. Does it look to differ from what you have personally experienced? Did the pupils do every bit good as you and the school expected? The pupils typically performed good on trial that were given at the beginning of the testing agenda. As the yearss passed, pupils used more clip to take trial because they were fatigued and some pupils decided to hotfoot through the trial. Overall the pupils did make good. On the footing of the information you examined, in which countries of the course of study are pupils executing good? In the country of 9th Reading, pupils are executing at the mean province degree. Tenth grade Social Studies are executing ( 2 ) per centum points below province degree. Eleventh grade Language humanistic disciplines, pupils are executing above province degree. Eleventh grade Social Studies, pupils are executing ( 2 ) per centum points below province degree. On the footing of the information you examined, in which country ( s ) of the course of study are pupils executing ill? Why do you believe pupils are executing ill in those countries? In the country of 9th Math, pupils are executing ( 6 ) per centum points below province degree even though the pupil public presentation addition from the old twelvemonth. Tenth grade Language Arts, pupils are executing ( 6 ) per centum points below province degree. The pupils besides dropped in public presentation from the old twelvemonth. Tenth grade Math and Science showed the largest lessening in public presentation compared to province degrees. The pupil ‘s per centums were lower than the old twelvemonth. Eleventh grade Math, pupils per centums increased but tonss were still over ( 10 ) per centum points below province degree. Eleventh grade Science showed an addition in public presentation but pupils were still below province degree. Complete the following tabular array to clear up content countries and aims that need betterment. Campus: Bowie District: Arlington Principal: Wilmoth AEIS-Identified Content Area Class: AEIS Data Evidence CIP-Identified Aims Content Area # 1 English/ Language Humanistic disciplines 10th Dropped 3 % # 1 Cultivate a civilization to do profound larning through purposeful engagement cardinal. # 2 Evaluate and supply auxiliary stuffs for the direction of limited English speech production pupils in all content countries Content Area # 2 Science 10th Dropped 5 % # 1 Instructional staff is provided with ongoing staff development and collaborative preparation in Profound Learning Experiences Design and Problem Based Learning Experiences. # 2 Offer chances for redress in TAKS command Content Area # 3 Mathematicss 10th Dropped 1 % # 1 Instructional staff is provided with ongoing staff development and collaborative preparation in Profound Learning Experiences Design and Problem Based Learning Experiences. # 2 Evaluate and supply auxiliary stuffs for the direction of limited English speech production pupils in all content countries Content Area # 4 Mathematicss 11th 14 % below province norm # 1 Offer chances for redress in TAKS command # 2 Evaluate and supply auxiliary stuffs for the direction of limited English speech production pupils in all content countries Choose a content area/objective for your learner-centered staff development. To make this, reply the undermentioned inquiry: Based on the information, which content-area should be the principal ‘s highest precedence? Explain why you think so. I think Mathematicss should be the topic that deserves the most attending. It seems that as the pupils progress to the following class the per centum spread compared to the stae is going larger. The 9th class pupils showed a 5 % negative difference, 10th class pupils showed a 19 % negative difference, and 11th class showed a 14 % difference How can a leader use the AEIS to originate the development of an instructional focal point for a campus? An educational leader can utilize the AEIS informations to aim countries that need betterment. By analysing the information leaders can find which groups will necessitate particular attending. Leaderships can carry on staff development and attend workshops to turn to the shortages. The information can assist instructors concentrate on certain aims that were misunderstood. The information can besides assist different capable countries reference lacks in the stuff that is taught. How to cite Curriculum Provides An Emerging Leader Education Essay, Essay examples

International Bond Markets free essay sample

CHAPTER 12 INTERNATIONAL BOND MARKETS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. Describe the differences between foreign bonds and Eurobonds. Also discuss why Eurobonds make up the lion’s share of the international bond market. Answer: The two segments of the international bond market are: foreign bonds and Eurobonds. A foreign bond issue is one offered by a foreign borrower to investors in a national capital market and denominated in that nation’s currency. assignment help blog A Eurobond issue is one denominated in a particular currency, but sold to investors in national capital markets other than the country which issues the denominating currency. Eurobonds make up over 80 percent of the international bond market. The two major reasons for this stem from the fact that the U. S. dollar is the currency most frequently sought in international bond financing. First, Eurodollar bonds can be brought to market more quickly than Yankee bonds because they are not offered to U. We will write a custom essay sample on International Bond Markets or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page S. investors and thus do not have to meet the strict SEC registration requirements. Second, Eurobonds are typically bearer bonds that provide anonymity to the owner and thus allow a means for evading taxes on the interest received. Because of this feature, investors are generally willing to accept a lower yield on Eurodollar bonds in comparison to registered Yankee bonds of comparable terms, where ownership is recorded. For borrowers the lower yield means a lower cost of debt service. 2. Briefly define each of the major types of international bond market instruments, noting their distinguishing characteristics. Answer: The major types of international bond instruments and their distinguishing characteristics are as follows: Straight fixed-rate bond issues have a designated maturity date at which the principal of the bond issue is promised to be repaid. During the life of the bond, fixed coupon payments that are some percentage rate of the face value are paid as interest to the bondholders. This is the major international bond type. Straight fixed-rate Eurobonds are typically bearer bonds and pay coupon interest annually. Floating-rate notes (FRNs) are typically medium-term bonds with their coupon payments indexed to some reference rate. Common reference rates are either three-month or six-month U. S. dollar LIBOR. Coupon payments on FRNs are usually quarterly or semi-annual, and in a accord with the reference rate. A convertible bond issue allows the investor to exchange the bond for a pre-determined number of equity shares of the issuer. The floor value of a convertible bond is its straight fixed-rate bond value. Convertibles usually sell at a premium above the larger of their straight debt value and their conversion value. Additionally, investors are usually willing to accept a lower coupon rate of interest than the comparable straight fixed coupon bond rate because they find the call feature attractive. Bonds with equity warrants can be viewed as a straight fixed-rate bond with the addition of a call option (or warrant) feature. The warrant entitles the bondholder to purchase a certain number of equity shares in the issuer at a pre-stated price over a pre-determined period of time. Zero coupon bonds are sold at a discount from face value and do not pay any coupon interest over their life. At maturity the investor receives the full face value. Another form of zero coupon bonds are stripped bonds. A stripped bond is a zero coupon bond that results from stripping the coupons and principal from a coupon bond. The result is a series of zero coupon bonds represented by the individual coupon and principal payments. A dual-currency bond is a straight fixed-rate bond which is issued in one currency and pays coupon interest in that same currency. At maturity, the principal is repaid in a second currency. Coupon interest is frequently at a higher rate than comparable straight fixed-rate bonds. The amount of the dollar principal repayment at maturity is set at inception; frequently, the amount allows for some appreciation in the exchange rate of the stronger currency. From the investor’s perspective, a dual currency bond includes a long-term forward contract. Composite currency bonds are denominated in a currency basket, such as SDRs or ECUs, instead of a single currency. They are frequently called currency cocktail bonds. They are typically straight fixed-rate bonds. The currency composite is a portfolio of currencies: when some currencies are depreciating others may be appreciating, thus yielding lower variability overall. . Why do most international bonds have high Moody’s or Standard Poor’s credit ratings? Answer: Moody’s Investors Service and Standard Poor’s provide credit ratings on most international bond issues. It has been noted that a disproportionate share of international bonds have high credit ratings. The evidence suggests that a logical reason for this is that the Eurobond market is only accessible to firms that have good credit ratings to begin with. 4. What factors does Standard Poor’s analyze in determining the credit rating it assigns to a sovereign government? Answer: In rating a sovereign government, SP’s analysis centers around an examination of: political risk, income and economic structure, economic growth prospects, fiscal flexibility, general government debt burden, offshore and contingent liabilities, monetary flexibility, external liquidity, public-sector external debt burden, and private-sector debt burden. The rating assigned to a sovereign is particularly important because it usually represents the ceiling for ratings SP will assign to an obligation of an entity domiciled within that country. 5. Discuss the process of bringing a new international bond issue to market. Answer: A borrower desiring to raise funds by issuing Eurobonds to the investing public will contact an investment banker and ask it to serve as lead manager of an underwriting syndicate that will bring the bonds to market. The lead manager will usually invite other banks to form a managing group to help negotiate terms with the borrower, ascertain market conditions, and manage the issuance. The managing group, along with other banks, will serve as underwriters for the issue, i. e. , they will commit their own capital to buy the issue from the borrower at a discount from the issue price. Most of the underwriters, along with other banks, will be part of a selling group that sells the bonds to the investing public. The various members of the underwriting syndicate receive a portion of the spread (usually in the range of 2 to 2. 5 percent of the issue size), depending upon the number and type of functions they perform. The lead manager receives the full spread, and a bank serving as only a member of the selling group receives a smaller portion. 6. You are an investment banker advising a Eurobank about a new international bond offering it is considering. The proceeds are to be used to fund Eurodollar loans to bank clients. What type of bond instrument would you recommend that the bank consider issuing? Why? Answer: Since the Eurobank desires to use the bond proceeds to finance Eurodollar loans, which are floating-rate loans, the investment banker should recommend that the bank issue FRNs, which are a variable rate instrument. Thus there will a correspondence between the interest rate the bank pays for funds and the interest rate it receives from its loans. For example, if the bank frequently makes term loans indexed to 3-month LIBOR, it might want to issue FRNs, also, indexed to 3-month LIBOR. 7. What should a borrower consider before issuing dual-currency bonds? What should an investor consider before investing in dual-currency bonds? Answer: A dual currency bond is a straight fixed-rate bond which is issued in one currency and pays coupon interest in that same currency. At maturity, the principal is repaid in a second currency. Coupon interest is frequently at a higher rate than comparable straight fixed-rate bonds. The amount of the dollar principal repayment at maturity is set at inception; frequently, the amount allows for some appreciation in the exchange rate of the stronger currency. From the investor’s perspective, a dual currency bond includes a long-term forward contract. If the second currency appreciates over the life of the bond, the principal repayment will be worth more than a return of principal in the issuing currency. However, if the payoff currency depreciates, the investor will suffer an exchange rate loss. Dual currency bonds are attractive to MNCs seeking financing in order to establish or expand operations in the country issuing the payoff currency. During the early years, the coupon payments can be made by the parent firm in the issuing currency. At maturity, the MNC anticipates the principal to be repaid from profits earned by the subsidiary. The MNC may suffer an exchange rate loss if the subsidiary is unable to repay the principal and the payoff currency has appreciated relative to the issuing currency. Consequently, both the borrower and the investor are exposed to exchange rate uncertainty from a dual currency bond. PROBLEMS: 1. Your firm has just issued five-year floating-rate notes indexed to six-month U. S. dollar LIBOR plus 1/4%. What is the amount of the first coupon payment your firm will pay per U. S. $1,000 of face value, if six-month LIBOR is currently 7. 2%? Solution: 0. 5 x (. 072 + . 0025) x $1,000 = $37. 25. 2. The discussion of zero-coupon bonds in the text gave an example of two zero-coupon bonds issued by Commerzbank. The DM300,000,000 issue due in 1995 sold at 50 percent of face value, and the DM300,000,000 due in 2000 sold at 33 1/3 percent of face value; both were issued in 1985. Calculate the implied yield to maturity of each of these two zero-coupon bond issues. Solution: The bonds due in 1995 sold at 50% percent of face value. Since they were issued in 1985, they had a ten year maturity. Assuming a DM1,000 par value, their yield-to-maturity is: (DM1,000/DM500)1/10 1 = . 07177 or 7. 177% per annum. The bonds due in year 2000 sold at 33 1/3%. They have a 15 year maturity. Their yield-to-maturity is: (DM1,000/DM333. 33)1/15 1 =. 07599 or 7. 599% per annum. 3. Consider 8. 5 percent Swiss franc/U. S. dollar dual-currency bonds that pay $666. 67 at maturity per SF1,000 of par value. What is the implicit SF/$ exchange rate at maturity? Will the investor be better or worse off at maturity if the actual SF/$ exchange rate is SF1. 5/$1. 00? Solution: Implicitly, the dual currency bonds call for the exchange of SF1,000 of face value for $666. 67. Therefore, the implicit exchange rate built into the dual currency bond issue is SF1,000/$666. 67, or SF1. 50/$1. 00. If the exchange rate at maturity is SF1. 35/$1. 00, SF1,000 would buy $740. 74 = SF1,000/SF1. 35. Thus, the dual currency bond investor is worse off with $ 666. 67 because the dollar is at a depreciated level in comparison to the implicit exchange rate of SF1. 50/$1. 00. MINI CASE: SARA LEE CORPORATION’S EUROBONDS Sara Lee Corp. s serving up a brand name and a shorter maturity than other recent corporate borrowers to entice buyers to its first-ever dollar Eurobonds. The U. S. maker of consumer products, from Sara Lee cheesecake to Hanes pantyhose and Hillshire Farm meats, is selling $100 million in bonds with a 6 percent coupon. These are three-year bonds; other corporate bond sellers including Coca-Cola Co. , Unilever NV, and Wal-Mart Stores, Inc. , have concentrated on its five-year maturities. â€Å"It is a well-known name and it is bringing paper to a part of the maturity curve where there is not much there,† said Noel Dunn of Goldman Sachs International. Goldman Sachs expects to find most buyers in the Swiss retail market, where â€Å"high-quality American corporate paper is their favorite buy,† Dunn said. These are the first bonds out of a $500 million Eurobond program that Sara Lee announced in August 1995, and the proceeds will be used for general corporate purposes, said Jeffery Smith, a spokesman for the company. The bond is fairly priced, according to Bloomberg Fair Value analysis, which compared a bond with similar issues available in the market. The bond offers investors a yield of 5. 881 percent annually or 5. 797 percent semiannually. That is 22 basis points more than they can get on the benchmark five-year U. S. Treasury note. BFV analysis calculates that the bond is worth $100,145 on a $100,000 bond, compared with the re-offer price of $100,320. Anything within a $500 range on a $100,000 bond more or less than its BFV price is deemed fairly priced. Sara Lee is rated â€Å"AA-† by Standard Poor’s Corp. and â€Å"A1,† one notch lower, by Moody’s Investors Service. In July 1994, Sara Lee’s Netherlands division sold 200 million Dutch guilders ($127 million) of three-year bonds at 35 basis points over comparable Netherlands government bonds. In January, its Australian division sold 51 million British pounds ($78 million) of bonds maturing in 2004, to yield 9. 43 percent. What thoughts do you have about Sara Lee’s debt-financing strategy? Suggested Solution to Sara Lee Corp. ’s Eurobonds Sara Lee is the ideal candidate to issue Eurobonds. The company has worldwide name recognition, and it has an excellent credit rating that allows it to place new bond issues easily. By issuing dollar denominated Eurobonds to Swiss investors, Sara Lee can bring new issues to market much more quickly than if it sold domestic dollar denominated bonds. Moreover, the Eurodollar bonds likely sell at a lower yield than comparable domestic bonds. Additionally, it appears as if Sara Lee is raising funds in a variety of foreign currencies. Sara Lee most likely has large cash inflows in these same currencies that can be used to meet the debt service obligations on these bond issues. Thus Sara Lee is finding a use for some of its foreign currency receipts and does not have to be concerned with the exchange rate uncertainty of these part of its foreign cash inflows.