Utilizing Qr Code Technology for Emr. - 4005 Words

Utilizing QR Code Technology In Encoding Patient Summary List 2012 Utilizing QR Code Technology In Encoding Patient Summary List Fatima Alsaleh and Samir Elmasri PhD College of Computer and Information Systems, King Saud University, Saudi Arabia Abstract: In situations like emergency, where the immediately gained, summarized and accurate information may radically make the difference between life and death, the need for a solution that fulfills this requirement arises. Number of solutions was previously proposed including emergency card and smart cards, but each has number of cons and pros. With the rapid adoption of smartphones, QR codes (Quick Response) is the ideal substitute for the current circumstances. It can be easily read by†¦show more content†¦Smart Card is the perfect media that can be used as a health card due to its small size, secure, capability of digitizing a huge amount of personal and medical data [4]. Some attempts have been done by researchers to develop a personal portable healthcare record smart cards and a corresponding framework to simplify maintenance and transfer of patient records [9]. Researchers in the U.K. have created MyCare, a smart card with a fold-out USB plug that can hold a patien t’s medical history. MyCare was developed with open source that enables it to run on different computers and operating systems. Data is protected through PINs and encryption, with a higher level of encryption planned for further stages in the development process [5][6]. These smart card projects work better in countries with nationalized health care. In the US For example, competition among hospitals is a barrier to a smart card system [5]. Smart card technology was not widely spread due to lack of standards (Dash, 2001); the communications between a smart card and smart card reader. The cards also need to be updated constantly which would be hard to enforce [10]. For smart cards, user mobility is only possible if every machine that the user access has a smart card reader attached. The machine must support the same standard smart card reader interfaces or use the same proprietary smart card reader [11]. Research Statement Due to the barriers of smart cards usage including, the high cost value, the

Reasons Why Investment Trusts Trade at a Discount Free Essays

Abstract The fact that investment trusts and close-end funds in general trade at a discount has elicited debates among financial scholars and practitioners, often referred to as the closed-end puzzle. Based on this, this paper explores and explains some of the reasons that investment trusts trade at a discount. It also provides an in-depth explanation of characteristics of close-ended funds and conditions that lead to the classification of the share price as either a discount or a premium. We will write a custom essay sample on Reasons Why Investment Trusts Trade at a Discount or any similar topic only for you Order Now Investment trusts trading at a discount are those trading at prices that are below their net asset value. Those trading at a price higher than the net asset value are considered as being sold at a premium. Some of the main reasons that are explored in this paper include miscalculation of the net asset values of the investment trust, taxes on realized capital gains, agency costs, managerial abilities and investor sentiment. Even with the explanations that are provided in this paper, the closed-end fund prize puzzle continues to be debated upon and researched. Introduction The fact that investment trusts often trade at a discount is an aspect that has drawn interests from academics and practitioners in the field of finance. To have a better understanding of these reasons, it is ideal to provide an exhaustive definition of investment trusts. Investment trusts, which are typical to the United Kingdom, are defined by Barnhart and Rosenstein (2010) as types of investment firms that are formed with the primary aim of holding securities for other companies and the obtainment of capital from the public issue of shares trading on the stock market. They are also referred to as closed-end funds because they only offer a fixed quantity of shares that new investors can purchase from already existing shareholders (Hartzell et al., 2006). The prices of shares of investment trusts are determined by the forces of supply and demand in the share market. As a consequence, there are incidents where the price of a share may either be higher or lower than its net asset valu e. Whenever a share trades at a price that is higher than its net asset value, it is considered to be trading at a premium. On the contrary, if a share trades at a value that is lower that its net asset value, it is considered to be trading at a discount (Berk Stanton, 2007). In this regard, this report intends to discuss reasons why they trade at a discount. Reasons for discounting Investment Trusts One main characteristic of investment trusts and closed-end funds in general is the fact that they are permanent capital ventures and thus, the shares’ supply is fixed (Chan et al., 2008). Numerous attempts that have been made by researchers and practitioners to explain the investment trust discounts, and have resulted in conflicting results, commonly referred to as the closed-end fund puzzle. Even though these funds are known to trade at discounts, it is important to note that newly opened investment trusts and closed-end funds in general, usually begin trading at a premium of approximately 10% of their net asset value. After their initial premium trading, they shift towards trading at a discount that is at average rate of 10% within the first 120 days. After which, discounts remain substantial. In case closed-end funds are closed or terminated, there is an increase in their share prices, which in turn eliminates the existent discounts (Cherkes et al., 2009). Explanations for investment trust discounts that have been made by researchers include the risk of liquidity, the past and future performance of shares on the market and the miscalculation of the fund’s net asset value. Investor sentiment is also another reason for discount trading in investment trusts (Yanran Liyan, 2007). This section intends to provide a more in-depth discussion of these reasons. Misestimating the Net Asset Value (NAV) This reason has been pointed out by Halkos and Krintas (2006), who argue that such miscalculations of the NAV can result from a possible accumulation of capital gains illiquid assets that had not been realized. The reason why funds with high capital appreciations that have been unrealized ought to trade at a discounted share price is that potential holders of such funds will assume a potential tax liability. In a research that was carried out by Kousenidis et al. (2011) on the effect of liquidity on closed-end funds, he established that there is a possibility of illiquid assets to be traded at a discount to provide higher expected returns. In support of inaccuracy of NAV measurement as a reason for discounts in closed-end fund trading, Yanran and Liyan(2007)suggested that when closed-end funds own large amounts illiquid assets or restricted stock that are not fairly trading in the market, their NAVs can fail to provide an accurate reflection of their true value. As a consequence of this, the shares might either trade at a lower or higher value than the NAV. Investment trust discounts are also affected by restricted stock holdings. However, given that such holdings are often quite small or at a zero value, they do not hold as valid reasons for investment trusts trading at a discount. For investment trusts, there is usually no assurance that there will always be an available market. Therefore, this lack of an assured redemption of shares makes their valuation to be discounted. In addition to this, investment trusts that hold relatively liquid securities are valued lower than their net asset values (NAVs) at the marketpla ce (Cherkes et al., 2009). Putting appropriate measures in place to avoid miscalculation of the trust net asset value is vital to solve this issue. Agency Costs and Managerial Ability Discounts in closed-end funds could be a reflection of poor performance in the management of the fund or an overcharge of management fees (Bradley et al., 2010). Agency costs may also vary according to the agency issues or conflicts that may occur due to different interests between agents and principals. Managerial abilities have also been listed by researchers as being among the main factors that determine whether investment trusts can trade at a premium or a discount. The theory that investment trusts can trade at a discount if the managers charge a fee was originally proposed by Boudreaux in 1973 (Berk Stanton, 2007). He suggested that if fund managers charge investors a fee but fail to add value to their investments, then the value of the fund is likely to be less than its NAV. In a case where managers add value to the investment trust, the reason why it might trade at a discount is when investors are made to believe that the funds’ managers are not good at investing thei r funds. If investors believe that their money is being managed by people who are good at selecting viable investments, then the fund will trade at a premium. In a research carried out on the ownership of closed-end funds Cherkes et al.(2009) established that investment trusts with larger percentage of insider ownership are likely to trade at higher discounts. This is because investors of funds that are selling at higher discounts stand a chance of receiving windfall gains in case the funds undergo immediate liquidation at their net asset value. He also established that higher expense ratios lead to higher discounts of funds because management fees are considered as being deadweight losses. Thus, discounts are used to represent the capitalization of the management fees value. Management of trusts also affects their future performances in the market, which also determine whether investment trusts are to be traded at a discount or premium. Halkos and Krintas (2006) argue that in cases where investment trusts are managed in a highly professional manner and with a positive track record, investors may have the will to pay a premium for a share of the funds. This is also due to the fact that such trusts are often expected to maintain their superior performances in future. On the other hand, funds that are expected to underperform in the market are expected to be traded at higher discounts, mainly because of the scepticism that potential investors may have for the fund (Berk Stanton, 2007). Estimation of future performance of investment trusts can be done by comparing trends in the NAV, which are estimated on a frequent basis. It can also be done by evaluating the managerial capabilities of the fund. It can be thus argued that investment trusts whose management has a good reputation tend to perform well in the market and therefore, trade at a premium. On the contrary, poorly managed trusts fail to thrive in the market and therefore, are likely to trade at a discount. Taxes Another reason why investment trusts trade at a discount is taxes. According to Jin(2006), full taxes on the realized capital gains of a fund are paid for by the current shareholders, even though the highest percentage of their gains was accumulated before the investors bought the shares. Based on this, it can be argued that funds whose accumulated gains are large ought to trade at a price lower than their NAVs also suggests that investment trusts that have a high appreciation of unrealized capital sell at discounts because holders of such funds assume potential tax liabilities that depend on the holding periods of the investors. Berk and Stanton (2007) posit that discounts in closed-end funds are partially caused by the fact that investors usually lose valuable opportunities to trade tax because of holding shares in closed-end funds. Some of the tax trading approaches include individual portfolio movement. On comparing British and U.S. closed-end funds, Cherkes et al.(2009) establis hed that British funds do not have the freedom of distributing capital gains as the US funds do. In addition, shareholders have no liability in case the invested capital gains tax, except if they decide to put the holdings that they have in the fund up for sale. Yet U.S. and British closed-end funds behave in a quite similar manner. Thus, it can be concluded that discounts in investment trusts and closed-end funds cannot be explained based on country-specific tax factors. Investor Sentiment Many researchers have focused on the aspect of investor sentiment as a reason for discounts in investment trust trading. This hypothesis was proposed Lee, Shleifer and Thaler in 1991 (Yanran Liyan, 2007). According to them, premiums and discounts in closed-end funds are determined by the attitudes of opinions that investors have about them. To explain this hypothesis, two kinds of investors are identified. These are the noise investors and rational investors. Whereas the expectations of rational investors on their asset returns are rational, noise investors’ expectations are influenced by sentiment. They have the tendency of either overestimating or underestimating the expected returns on investment. Therefore, when investment trust shares are traded, noisy and rational investors make their investments based on their respective judgments. Due to the risk associated with assets and the fact that every investor is risk averse, closed-end funds ought to trade at equilibrium pric es that reflect opinions of the noisy and rational investors, which are often discounts. A proposal was made by Halkos and Krintas (2006) that noisy investors tend to concentrate more on the closed-end fund ownership than on the ownership of the underlying assets of the funds. Pessimism by noise traders on the future of fund drives down its price to a value lower than its NAV. This causes rational investors to avoid the buying the fund’s shares because of the risks associated with trading the funds at a discount. Chan et al. (2008) also argue that the sentiment of noise traders is stochastic and, therefore, cannot be accurately predicted by rational traders. Particularly, it is impossible for rational investors to make a perfect forecast whether noise investors will either be pessimistic or optimistic at the time that they intend to sell their assets. Due to the fact that rational traders are careful about the prices with which they will resale their assets, the unpredictable nature of noise traders’ sentiment increases the level of risk on the assets they intend to trade (Kousenidis et al., 2011). The biggest risk associated with noise investors is that they will be pessimistic at the time when rational investors intend to sell their assets, causing a drop in prices. Since there is always a risk of an adverse sentiment shift, the possibility of trading shares at a discount is always existent (Yanran Liyan, 2007). Conclusion This paper has provided an in-depth explanation of some of the reasons why investment trusts usually trade at a discount. Apart from this, other aspects of investment trusts have been explained. One of the main characteristics of investment trusts that has guided the establishment of reasons discussed in this paper is that it is a closed-end fund. This means that supply of shares is fixed, regardless of the market dynamics. Therefore, fluctuations of these funds that result into premiums or discounts are mainly caused by demand factors. The main reasons why investment trusts trade at discounts include the attitudes that investors have on the fund, commonly referred to as investor sentiment, agency costs and managerial abilities, taxes and miscalculation of the net asset value of the fund. However, the factor that is contented upon by most researchers in this field of finance is investor sentiment, which is a behavioural approach of understanding this concept. Some of the other reason s that have been cited in several other researchers include the institutional ownership and performance of the trust in the market. In future research, a more specific research could be carried out by focusing on a specific investment trust in the UK. References Barnhart, S.W. Rosenstein, S., 2010. Exchange?Traded Fund Introductions and Closed?End Fund Discounts and Volume. Financial Review, 45(4), pp.973-94. Berk, J.B. Stanton, R., 2007. Managerial Ability, Compensation, and the Closed?End Fund Discount. The Journal of Finance, 62(2), pp.529-56. Bradley, M., Brav, A., Goldstein, I. Jiang, W., 2010. Activist arbitrage: A study of open-ending attempts of closed-end funds. Journal of Financial Economics, 95(1), pp.1-19. Chan, J.S., Jain, R. Xia, Y., 2008. Market segmentation, liquidity spillover, and closed-end country fund discounts. Journal of Financial Markets, 11(4), pp.377-99. Cherkes, M., Sagi, J. Stanton, R., 2009. A liquidity-based theory of closed-end funds. Review of Financial Studies, 22(1), pp.257-97. Halkos, G.E. Krintas, T.N., 2006. Behavioural and fundamental explanations of discounts on closed end funds: an empirical analysis. Applied Financial Economics, 16(5), pp.395-404. Hartzell, J.C., Sun, L. Titman, S., 2006. The effect of corporate governance on investment: evidence from real estate investment trusts. Real Estate Economics, 34(3), pp.343-76. Jin, L., 2006. Capital gains tax overhang and price pressure. The Journal of Finance, 61(3), pp.1399-431. Kousenidis, D.V., Maditinos, D.I. Sevic, Z., 2011. Premium/Discount Of Closed-End Funds As A Measure Of Investor Sentiment: Evidence From Greece. Journal of Applied Business Research, 27(4), pp.29-52. Yanran, W. Liyan, H., 2007. Imperfect Rationality, Sentiment and Closed end fund Puzzle. Economic Research Journal, 3, pp.117-29. How to cite Reasons Why Investment Trusts Trade at a Discount, Essay examples

Analysis on Exposure Poem free essay sample

It portrays the message of the real enemy of the soldiers being the cold and icy conditions. Moreover, it provides us with a lively description of the persistent cold and awful conditions during one of the worst winters in the first world war. It shows that most of the soldiers were exposed rather than shot by enemies. The poem portrays all the opposing facts to make young men not join the war as it is nothing heroic. Owen uses all his senses to describe the frosty atmosphere and sets a lamenting and descriptive tone. The rhyme scheme is ABBA and the stanzas are continuous, emphasizing the continuous suffering of the British. It is written in first person plural, which makes us feel with the soldiers and put ourselves into their position. Exposure transports the reader into the pitiless trench warfare of the First World. It allows the reader to share the experience of having all vestiges of shelter removed, stripped back to the nakedness and feebleness of the human body against the wintry savagery of a snow storm in the dark, at the point of death. It starts by setting the scene of tired soldiers being ‘knived’ by the wind, too worried to sleep because of the unnatural silence. â€Å"Worried by silence, sentries whisper, curious, nervous, But nothing happens. † The sibilance of the repeated ‘s’ sound creates the effect of whispering, an attempt to not draw the attention of the enemy, who are futilely using flares to see what is going on. The trenches were protected by rolls of barbed wire, the barbs snagging the clothing and skin of any person trying to manoeuvre through it, delaying their passage and increasing the chances of being shot. Then allowing their comrades to witness their dying agony held up twitching on the wire. Owen uses a simile with naturally occurring brambles. The war continues in the distance but the silence and inactivity in the bitter cold makes it all sound unreal, as dawn brings more snow laden clouds into view. â€Å"Sudden successive flights of bullets streak the silence. † Has the battle started again? It is compared as less ‘deathly’ than the snow. Are the men staring so hard that they can no longer actually see and their mind accept what is happening. Is this the approach of death, where exposure to the winter cold is so close that a bullet seems less probable? The next lines are a reflection on the comforts of home, but only seen through the chinks in the shutters. The hopelessness of not being allowed into the warmth by the repeated use of closed; â€Å"Shutters and doors, all closed: on us the doors are closed,† The minds of the dying men are driven back to the battlefield because of the fear that if the enemy isn’t conquered that there will never be fires burning in the hearths of home again. He mentions children enjoying the sunshine, another reason that the war is for a just cause, to give security to the generations to come. The final part of the poem relates how the dead bodies will be found frozen with the mud by those designated to handle and remove bodies. Owen describes the unpleasant reality of fulfilling this last duty for comrades, some acquaintances, in these terrible conditions and the numbness of emotions that it would cause. Nature is used throughout the poem, its effect on the body, the coldness of the wind and snow; the fussing of the blackbird, in contrast to the stillness and the silence of the dawn; the innocence of the mice freely enjoying the warmth and comfort of the empty home, while the soldier is away. The exposure is not only to the cruelty of war, but also experiencing the cruelty of nature. How does ‘Exposure’ by Wilfred Owen tackle the Theme of War? ‘Exposure’ is a war poem written by Wilfred Owen in 1917 which describes how it felt like to be a soldier fighting war in the winter season. Owen focuses on the weather and shows how they are suffering more from the cold than getting wounded and hurt from the enemy which is not typical in war poetry. He has used a lot of figurative language and literary techniques to portray the cold and the soldiers’ feelings. Firstly, Owen applies figurative language like personification to describe the cold in the first stanza, where he says: ‘Our brains ache, in the merciless iced east winds that knife us†¦Ã¢â‚¬â„¢ This line explains how the winds are so cold and strong that it feels like it is cutting the soldiers. It is like the wind is slowly killing them by stabbing them to death. Owen has also said the winds are merciless showing the wind isn’t showing any pity for the soldiers which is quite similar to the enemy’s attitude towards them. The use of personifying the icy winds creates a sense of suffering towards the soldiers. Furthermore this line of the poem has used a lot of ‘i’ sounds like in ‘brains’, ‘merciless’, ‘iced’, ‘winds’ and ‘knife’ and this ‘i’ sound produces a sharp sound which, relating to an earlier point, reinforces the sharpness of the ‘knives’ and how painful the wind was. The assonance applied here has enhanced and has exaggerated the pain for readers to understand. A different way Owen attempts to show the theme of war is in the second part of the poem where many soldiers have died from the cold. Owen writes ‘The burying-party, picks and shovels in their shaking grasp’ which shows that although the soldiers are very tired and cold they still are willing to bury their unfortunate friends who have frozen to death. This line from the poem possibly suggests that the ‘burying party’ are angry and fed up of seeing soldiers dying because of war as Owen has used plosives like ‘burying’, ‘picks’ and