Abstract
This paper describes a project conducted for the purpose of gaining experience in the area of options and futures trading. The TJX Corporation was chosen for study, and values and indexes of its stock during the period from 2/11/2002 to 5/10/2002 were examined and analyzed. Predictions for future trends are made.

From the Paper
"The purpose of this project was to become familiar with options trading. Options offer an excellent opportunity for small funded investors to buy stocks that they normally would not have been able to due to funding, while minimizing their risk at the same time. Options trading reacts much differently in a bear market. For the purposes of this study, all options chosen were in a general uptrend. It may be noted that TJX was in a bull trend during the dates of the study, but immediately after turned into a bear trend. This may effect the accuracy of my future trend predictions, as compared to the actual. All options in this study had an exercise date of June 20, 2002. "

Tags:stocks, SPXDF, hedge, market, profits, index, T-Bill, S & P 500

Abstract
The paper discusses how orange juice is like many other commodities in that you can purchase an option contract that will insulate you from price fluctuations between now and when you actually buy or sell the orange juice.

From the Paper
"Futures contracts for the prices of commodities exist to allow users of raw materials to insure themselves against fluctuations that might hurt them. If you buy a put option you buy the right to sell the commodity at a certain price, thus setting a floor for your selling price and fixing minimum revenue. If the price is higher you lose the amount that you paid for the option but you gain higher revenue for the sale instead. A put option would be most beneficial to..."

Tags:price, option, contracts, comodity, trade, agriculture, put, call

Abstract
This paper reviews the history of risk management techniques and goes on to discuss the risk management techniques of today. The paper then takes a look at the distinction between forward contracts and futures, discussing the various advantages and disadvantages, hedging techniques, trading of futures and options, and risk exposure.

Outline:
Brief History of the Evolution of Futures and Options
Difference between Forward Contracts and Futures and the Limitations of Forward Contracts in Risk Management
Advantages and Disadvantages of Using Futures and Options as Risk Management Tools
Futures as a Hedging Technique in Different Industries - Farmers, Agriculture, etc.
Trading Futures and Options
Differences between Hedgers and Speculators
Different Types of Options -Straddle, Strangles, Exotic, etc.
The Possibility of Buying and Selling Weather Derivatives and How This Help Certain Industries Reduce Their Risk Exposure

From the Paper
"Disadvantages of Options. Just like futures, options involve risk of loss and may not be suitable for use by everyone. A wise analysis of its response in the market performance is a must. Trading futures and options involve basis risk. This kind of risk can only be eliminated by incurring marginal transaction costs such as broker's fees, opportunity costs, hidden costs of illiquidity, and learning costs. However, these costs of trading options are much higher in percentage basis as compared to trading the underlying stocks, which may lead to exhaustion of profits. Since options can be traded in any underlying stocks, it becomes complex and would require maintenance otherwise it may cause difficulty in trading. Due to poor liquidity, there is a risk not to recover an investment in buying or selling options in a stock for speculative gain. A higher amount of premium may be required because of uncertainty in the cash market, thus will render hedging of the option more difficult. It is also very explicit that options are time-sensitive, thus, there is a possibility that it may expire worthless. There is also a tendency that the buyer may lose the entire premium since options are wasting asset if it still remains out-of-money until the expiration date. Like futures, the seller has to face the risk of being assigned exercise in random by the stock exchange."

Tags:rates, bonds, derivatives, risky, premium, swap, investment, premium, index, compound, binary, Mercantile, Exchange, crack, spread, calender, margins, straddles

Abstract
The paper explores whether the most recent oil price rise is just a temporary spike that will eventually correct itself, or whether it indicates a long-term trend. The paper looks at three factors that can help to predict future trends: options and futures trading, supply and demand and oil speculation and the result of inflationary forces. The paper relates that improvements in technology will lead to more efficient use of our oil reserves which will also be a key determining factor in future oil prices.

Outline:
The Financial Markets and Oil
Supply and Demand
Inflationary Adjustments in Oil Prices
Determining the Best Method for Predicting Oil Prices
Conclusion

From the Paper
"Anyone who has filled up their gas tank lately knows that prices have been on the rise for some time. Fluctuations in gasoline at the pump are a reflection of fluctuations in the price of the raw material from which it is made, crude oil (Federal Reserve, 2004). When oil prices peak the public, sparked by the nightly news, tend to overreact. They fantasize about what the world will be like when everyone stays home because they cannot afford gasoline to go places. The picture that some paint is that of economic ruin and despair. However, in reality, the effect of gasoline is not as dramatic as many would believe. The following will examine the real effects of gasoline price fluctuations on the economy."

Tags:speculation, supply, demand, inflation, technology

Abstract
This paper defines derivatives as financial instruments such as options, futures, forwards and swaps that are derived from their underlying currencies. The returns on derivatives are tied to yields of these underlying securities and currencies. This paper details the essential role the derivatives market plays in the global economy in countries such as Asia, Germany and Switzerland, in which these economies reap substantial growth rates due to these financial practices. The writer contends that with the presence of this market the financial condition of business entities are stabilized and secure from the possibility of hedge currency risks. The derivatives market also decreases the amplitude in the fluctuation of spot prices and promotes optimal funds placing. The writer stresses the importance in the implementation and development of the currency derivatives market as a necessary prerequisite for the growth of international trade volume, expansion of foreign investment and for the general development of economy.

Table of Contents:
Abstract
Currency Derivatives Operations in the World Economy
References

From the Paper
"Derivatives market in Ukraine was operating from 1994 to 1998. Unfortunately, its work was far beneath the world standards. From the very beginning the Ukrainian market was developing as an exchange market, despite the fact that the world derivatives development gained the incentive to growth from over-the-counter form of these instruments. Hedgers, a category of market subjects, almost did not participate in the activity of Ukrainian currency exchanges, and the absence of hedgers makes the market non-balanced and not liquid. Moreover, the world financial crisis of 1997 caused the collapse in currency markets. The National Bank of Ukraine made a decision to hold up and later to abolish the functioning of currency derivatives in Ukraine. We would like to underline that despite the crisis in the Russian market, the operations with currency derivatives were not stopped, but continued to develop."

Tags:economy, business, interest, rate, foreign, investment, currency, stocks, funds

Abstract
This paper presents recommendations for potential strategic marketing options, based on an analysis of the financial performance and marketing data for each of the three PDA models that Handheld Corporation manufactures. The paper explains that Handheld Corporation, an electronic applications firm, can better handle the challenges they are facing today with an integrative strategy based on the concepts of open systems theory. The paper concludes that Handheld's future product strategies should be focused on their higher-end segments of the market as their most profitable product lines are getting quickly saturated and their loyal customers need a trade-up strategy in order to stay with Handheld.

Outline:
Introduction
Concerns over the X7 New Product Strategy
Differentiation Must Be Based on More than Price
Summary
References

From the Paper
"After analyzing the financial, market and product data from the Models X5, X6 and X7, the role of the latest product to be introduced, the X7 has been launched as a low-end product entry for the company. From an analysis of the financial and marketing data on the Model X7, it is clear that Handheld believed they could gain disproportionately higher sales with a low-end version of their PDAs. In effect, Handheld was attempting to capitalize on the elasticity curve of the market (Haley, Goldberg, 2008) and price a product on or below that curve, to achieve disproportionately higher sales. As is evidenced by an analysis of their financial and marketing data, the elasticity curve for PDAs in the price class of the X7 is flat and doesn't seem to show any signs of elasticity within the $200 range."

Tags:product, strategy, commoditization

Abstract
The writer of this paper defines a derivative as a contract that specifies the rights and obligations between the issuer of the security and the holder, to receive or deliver future cash flows based on some future event. This paper examines the various uses for derivatives which are standardized much the same as stock futures and traded through a securities exchange or futures exchange. This paper discusses the use of derivative securities as a tool to transfer risk. For example, a business can sell futures contracts on a product to a buyer, even before that particular item hits the shelf. The writer cites the various types of derivative options, such as the swap and the forward contract, which is an agreement between two parties to buy or sell a particular asset. A swap is an agreement in which, generally two, parties agree to exchange future cash flows, arising from financial instruments. This paper details how forward contracts are implemented in the corporate business world, as was the case with Lufthansa, who contracted with Boeing to purchase aircraft in the mid-1980s. This paper delves into the process known as financial engineering, which combines options and other derivatives while at the same time controlling the risk in a given transaction. This paper also discusses how derivatives are used as an option in tax planning.

From the Paper
"A common use of options for tax planing involves the deferrment of a gain from one period to another, thereby delaying the payment of taxes. For example, one company may have an investment in another company's stock that has appreciated. Company A would like to lock in the gain on Company B's stock, but does not wish to recognize the gain in the current year. It can accomplish this by using put options. This strategy would involve buying put options at the current stock price, expiring in the next fiscal year. If the stock price declines, the value of the option would increase, locking in the profit. Another strategy would be to sell a call option at the current market price. This would also lock in the gain, as any decrease in the price of the stock would be offset the increased value of the option. These strategies can also be used to reduce the risk of a drop in the stock price without regard to tax issues."

Tags:accounting, finance, business, options, stocks, investment

Abstract
This paper begins by outlining the transition of US policies towards North Korea and then focuses on John Kingdon's theory on public policy making and the role of various advocacy coalitions in the policy process. The paper then explores the human rights issues in North Korea and the role of Congress in regulating U.S. policy toward North Korea. Next, the paper examines how tensions over North Korea's nuclear program have escalated interest in trade and in the U.S. Defense Department's program to reclaim the remains of servicemen missing from the Korean War. The paper considers Congress' options for future assistance to North Korea and concludes with several think tanks' perceptions on US- Korea relations.

Outline:
Thesis Statement
Transition of US Policies towards North Korea
Agendas, Alternatives and Public Policies
Theories of the Policy Process
Special Interests Group
Role of Congress
Other Forms of U.S.-North Korean Economic Interaction
Policy Options
Think Tanks Perception on US- Korea Relations

From the Paper
"For four decades after the ending of the Korean War in 1953, U.S. strategy toward the Democratic People's Republic of Korea (DPRK, commonly referred to as North Korea) was relatively simple: dissuade an attack on South Korea, an approach that included a freeze on virtually all forms of economic contact between the United States and North Korea. In the 1990s, two developments compelled the United States to rethink its relationship with North Korea: North Korea's progress in its nuclear weapons program and massive, chronic food shortages in North Korea. In response, the United States in 1995 began furnishing the DPRK with foreign assistance, which has totaled over $1 billion. This aid has consisted of energy assistance through the Korean Peninsula Energy Development Organization (KEDO), food aid, and a small amount of medical supplies (Feffer 12)."

Tags:advocacy, coalitions, human, rights, aid, sanctions, nuclear, bomb, negotiations

Abstract
This paper explains that the Black-Scholes method is a very famous method for the valuation of an equity share and other variables related to the value of an equity share in the future months. The author points out that the key characteristics needed for the Black-Scholes formula are the price and price volatility of the underlying stock, coupled with the available rate of return on a risk free stock, under the assumption that trading in the concerned stock, along with the ability for exercise of the option, is continuous and unrestricted. The paper relates that credit derivatives are mechanisms for the credit institutions to separate the credit risk from their loans and treat market risk as a separate category so that their pricing efficiency could be more competitive and the concerned organizations could be more competitive in the market.

From the Paper
"One can even buy securities at low prices on a forward basis. Generally, these are used in a manner similar to bonds which have a benchmark of comparable maturity. Thus, a bank may buy from an investor an option on the credit spread of a BBB-rated corporate bond which has a maturity after 5 years. For this, a premium will have to be paid. At the same time, the bank will have the right to sell the bond to the investor at a certain strike price. This strike price is in terms of a difference with treasury notes, and if the actual spread on the date of maturity of the deal, is more than the strike rate specified, then the option will not be used. If the actual difference is higher, then the bond may be purchased."

Tags:option-pricing, swap-market, stock-options, future, assumption

Abstract
This paper discusses the rise of anti-Americanism in recent years. The author demonstrates that while these anti-Americanism feelings are not entirely new, events in the last two decades, such as the collapse of the World Trade Center, the invasion of Afghanistan and the Abu Ghraib Prison scandal, amongst others, have lead to the rise of anti-American feelings. The reputation of America as a unilateral and power hungry nation has also been reinforced abroad through events such as these. The paper examines the prevailing causes to this rising tide of anti-Americanism and tries to find out if a proper course of correction can be determined.

Ouline:
The Issue - How Should the U.S Deal with rising anti-Americanism
Background
What Policy Options Do We Have
Prognosis for the Future

From the Paper
" The collapse of the World Trade Center, the invasion of Afghanistan, the extended terms of detention at Guaantonimao Bay, the American Lead toppling of the Iraqi regime, and the Abu Grade Prison scandal. Each of these events has left a far-reaching impact on the persona of the United States abroad. The course of action that followed the events of September 11, 2001 was a continuation down the road of American power and unilateralism. The after effects of these actions have left a serious rift in Alliances between some of America's oldest and greatest allies and cast a dark shadow over America's image across the globe."

Tags:foreign relations, unilateralism politics