Thursday, May 21, 2020
Sample details Pages: 9 Words: 2768 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In this research paper, we are going to describe fundamental, technical and empirical analyses. In order to predict high return and to receive a reward for the risk taken, financial investors and traders use different analysis and models. It is very important which position do investors/traders take toward these analyses. DonÃ¢â¬â¢t waste time! Our writers will create an original "Technical Fundamental And Empirical Analyses Finance Essay" essay for you Create order Moreover, by deciding which analyses they will use while investing, it directly and indirectly affects their investments and returns. Every investor investing in financial market in any asset would seek and hope that it will generate income or that the asset will appreciate in the future. In the economic sense, the investment is called the purchase of a good which is not consumed today but will be used in the future to create prosperity, however, in finance, an investment is a financial asset which is bought with the thought that the specific asset will generate income in the future or will gain value in order to be sold at a higher price. However, predicting the future value of an asset is not easy. This is the main reason why investors and many researchers have developed many strategies and models so the predictions of their investments are more accurate. There have been huge discussions which analyses are more accurate in predicting the future value of an asset. For this paper we are going to briefly elaborate Technical, Fundamental and Empirical Analyses. Each of these Analyses has its own weight toward the prediction of the future value. Technical Analysts strongly believe that past performance of an asset in markets are good indications of future performance. Fundamental Analysts do evaluation of a security by examining related economic, financial and different qualitative and quantitative factors. Empirical Analyses, in our case Capital Asset Pricing Model and Fama and French Model, are models which are developed to predict the future value of a security by taking into account the risk and premium. This paper is constructed as follows: Section I describes technical analyses, fundamental analysis are described in the Section II, Section III deals with Empirical Analyses, Section IV is Theory Comparisons and finally in Section V conclusion and recommendations. Literature review Technical Analysis In attempting to explain the technical analysis the best description is found in Investopedia.com (2009) where technical analysis are described as a technique of evaluating securities by analyzing statistics which are generated by market activity, such as earlier period prices and quantity. Technical analysis do not attempt to measure a securitys intrinsic value, but rather use charts and different tools to identify model that can recommend future activity. Moreover, technical analysts strongly believe that the past performance of stocks and markets are a hint of expected performance of a stock or market. W.LO et al (2000) define technical analysis, which are also known as charting as a practice that has been used for many decades; however, the discipline itself has not been given the same level of academic examination and acceptance as fundamental analysis did. Furthermore, numerous academic researchers recommend that even though its terminology and methods used, technical anal ysis may be a very good tool for giving useful information from market prices. Westerhoff, F. (2006) argues that volume gives an important confirmation of price action; increasing volume points out a strong trend, whereas decreasing in volume points out a weakening trend. Fyfe et al (1999) cite different studies which show that opposite to the Efficient Market Hypothesis, the volume traded and price of volatility are large, which both show important autocorrelation. According to Jagric et al (2005) Efficient Market Hypothesis is an investment theory which affirms that it is impossible to beat the market since stock market prices always incorporate and reveal all important information. Furthermore, this means that a stock will always trade at their reasonable value, which makes impossible for any investor to either buy at a lower value, or sell at a higher price. From the word technical analysis, we have also the word technical analysts. According to Yonatan Rom CEO of the Winn ing Edge, technical analysis has three key advantages. The first advantage of technical analysis is that can be modified to any trading medium or time horizon. The second one is that, technical traders can alter their investment horizon to whatever they want because they get daily, weekly, monthly or intraday charts. The very last advantage of technical analysis is that investors can look at any market at a time, instead of a narrow range of investment as other analysts do, which takes too much time. Yet, technical analysis remains an important tool of trade for professional traders. In a survey conducted with traders in the foreign exchange market, Taylor and Allen (1992) found that 90% of respondents reported to use technical analysis. There are many reasons and it is very common for large investments firms to hire technical analysts even though they use fundamental analysis. Finally and very importantly, many researches propose that it is very likely to make excess returns by using technical analysis and technical trading. Fyfe et al (1999b) have been investigating stock index trading by using two tests trading strategies, moving average and trading range break. After this investigation, they have found that these strategies generate significant returns which cannot be explained by any other standard, other than technical analysis. Fundamental Analysis According to Investopedia.com (2009a), fundamental analyses are a method of evaluating a security that demand to measure its intrinsic value by observing related economic, financial and other qualitative and quantitative factors. Fundamental analysis tries to study every factor that can affect the securitys value, counting for macroeconomic factors (overall economy and industry situation). The term fundamental analysis itself is used mostly in the context of stocks; however, it is possible to perform fundamental analysis of any security, from a bond to any other derivative, (Elleuch and Trabelsi, 2009). As long as any analyst looks at the basics of economic fundamentals, he or she is doing fundamental analysis, (Elleuch and Trabelsi, 2009a). When analyzing companys profile, fundamental analysis attempt to look at specific factors such as financial situation and management of the company. Barchlev and Ramu (1993) describe fundamental analyses as analyses which aim is to find out the value of a company by carefully examining key values such as earnings, growth, risk, and competition. Moreover, Moube and Jannach (2003) found out that the theory find out which theory of fundamental analysis are most important indicators and factors for asset managers. Essentially, for every asset manager that was questioned, the very first factors that they look at the financial statement of the company are such as equity, sales, future earnings, debt to equity, equity ratio and all the other financial aspects of a company. From these analyses, fundamental analysts try to predict the companys future performance. Shostak (1997) raises an important point in defending fundamental analysis in contrary to efficient market theory, which states that the market price of any security always fully reflects public available information. According to Abad and Laffarga (2004) fundamental analysis can be understood in two specific ways. The first way is that fundamental analysis is pr edictive, which means examining information from financial statements and produce prediction of market value. On the other hand, the second way is that fundamental analysis is normative, which is again inspecting financial fundamentals of a stock or company, which will enable to calculate the market value under some carefully circumstances and optimal market valuation. In other words, the main goal of fundamental analysis is to have a value where investors can compare it with the current price, with the aim to figure out what position to take with a specific security. Bistrovaa and Lace (2009), state that the majority of institutional portfolio managers use fundamental analysis when making a buy list in order to create a portfolio. On the other hand, the applicability and significance of fundamental analysis when investing in markets is of uncertain value. Furthermore, a very high number of investors have many reasons which make them hesitant whether to use or not fundamental ana lysis because it is a waste of time and money on analyzing companies. Empirical Analyses The word empirical analysis itself explains that these are analyses which are based on empirical results and actually supports the hypothesis. There are numerous empirical models and empirical analysis which deal with securities, however, in this paper we will explain the Capital Asset Pricing Model (CAPM) and Fama and French Model. Capital Asset Pricing Model The Capital Asset Pricing Model (CAPM) gives the prediction of the relationship that an investor should observe between the risk asset and its expected returns, (Bodie et al, 2009). The Capital Asset Pricing Model is no more than an economic model which serves to value stocks, securities, and other assets by doing analysis in the relationship between risk and rates of return, Bruner et al (2008). According to Brigham and Daves (2004), the CAPM is only valid as a model if it is within a special set of theories and it should be based on the following assumptions: All investors focus on a single holding period, and they seek to maximize the expected utility of their terminal wealth by choosing among alternative portfolios on the basis of each portfolios return and standard deviation. All investors can borrow or lend an unlimited amount at a given risk-free rate of interest and there are no restrictions on short sales of an asset. All investors have identical estimates of the expected returns, variances and covariance among all assets meaning that investors have homogeneous expectations. All assets are perfectly divisible and perfectly liquid meaning that they are marketable at the going price. There are not transaction costs. There are no taxes. All investors are price takers. This means that all investors assume that their own buying and selling activity will not affect stock prices. The quantities of all assets are given and fixed Very few of these assumptions are entrenched in the real world. Even though these statements are neither applicable nor met, yet Capital Asset Pricing Model is the most used model when investing and trying to determine the risk and return of an asset or security. The CAPM formula is as follows: Where: Ra is the return on asset Rf is the risk free rate Ba is the beta of the security Rm is the expected market return The formula for CAPM assumes that the rate on return on an individual security should be equal to its cost capital. Sharpe (1970) starts to develop CAPM model and states his idea that individual investment has two kinds of risk: Systematic risk where there are risks in the market that cannot be diversified away such as interest rates, recessions and wars. Unsystematic risk which are also known as specific risk which is associated to individual stocks and can be diversified away because the investor increases the number of stocks in his portfolio. According to researchers, the CAPM model is far away from a perfect model, however, it is very much recommended. Moreover, financial analyst can use the model in combination with fundamental techniques which can be useful in estimating the cost of equity capital (Mullins, 1991). CAPM can be easy understood and implemented by individuals or companys investors. Even though, CAPM comes out as a very precise model, it subsequently can be a subject to potential large errors (Brigham and Daves, 2004a). Fama and French Model: According to Investopedia.com (2009b), Fama and French model is an expansion of Capital Asset Pricing Model (CAPM) where there is value factor added in addition to market risk factor which CAPM predicts. Furthermore, this model considers the fact that value and small cap stock outperform markets on regular basis and by including two additional factors, the model adjust for the outperformance tendency, which is a better tool for evaluating manager performance. In the book of Bodies et al (2009) Fama and French model is described as additional factors which are empirically motivated by the observations, that historical average returns on stock of small firms and on stocks with high ratios of book equity to market equity are higher than predicted by the market line of the CAPM, (Bodies et al 2009a). A very interesting point is that in Fama and French there is a high return as a reward of taking on high risk. The empirical results shows that, the Fama and French three factors model embrace for most of stock exchange markets, because it takes into account time-varying betas, (Bundoo, 2008). Theory Comparison In this paper, we examined three methods of analysis; Technical Analysis, Fundamental Analysis and Empirical Analysis (Capital Asset Pricing Model and Fama and French Model). Firstly, we will start by comparing technical analysis with fundamental analysis and at the end empirical analysis with both of these two analyses. Technical vs fundamental analysis; it is a very old question, which is repeating from time to time by many traders, however, still remains unanswered, (Talati, 2002). According to the author, the merits of fundamental and technical analysis have been disagreed, disputed and a debate for many years, simply to answer which method fits best to the traders. Oberlechner (2001), states that it is the main question in all financial markets how market participants or traders forecast future market development, and participants are often classified into two categories of forecasting approach, fundamental and technical/chartists. In the fundamentals, Im looking at supp ly and demand around the world. Im looking country-by-country and seeing how the (United States) fits into that, what it means for U.S.trade, what it means for prices, says David Bell, president of Bell Fundamental Futures, (Talati, 2002a). On the other side, a strict technician and president of Clarke Capital Managements, states with technical analysis, its all mechanical, (Talati, 2002b). Once we build a model on the computer and we like it, our job is simply to execute it. There is no room for subjectivity. From the above sections where technical analysis and fundamental analysis were described in details and from the above statements, we can state that, technical analysts support their investment, or more accurately, their trades, only on the price and volume movements of securities. Technical analysts use charts and many other tools in order to trade on momentum, and not thinking about fundamental analysis. However, fundamentalist dispute that it is only one way to foreca st the future performance of a company and that is to carefully analyzing its financial statements. Moreover, fundamentalists neglect short term fluctuations because of the long term appreciation. Using fundamental analysis or technical analysis it is a matter of how a trader takes a position toward a security, even though; it is possible to use both methods in combination to forecast future returns. In contrary to both methods, supporters of Efficient Market Hypothesis usually disagree with both fundamental and technical analysts. Efficient Market Hypothesis states that it is impossible to beat the market in favor of returns through either using fundamental or technical analysis. In addition to fundamental and technical analyses, empirical analyses, more specifically CAPM and Fama and French Model are models developed to predict future returns. Capital Asset Pricing Model is an economic model which serves in valuing stocks, securities or any other asset by analyzing the relat ionship between risk and rates of return. The basic idea of CAPM is that when investing, the investor should be compensated in time value of money and risk. If the future expected value does not equal of strike the necessary return, then the investment should not be carry out. Fama and French model is an extension of CAPM, where there is value factor added to market risk factor, and there is a high return taking into account the high risk. Fama and French model has two additional factors than CAPM, and the idea is that by including these additional factors, the model itself change for a better performance, which is though consider to be a better tool for evaluating the performance. Conclusions and recommendations In conclusion, investing in securities is an investment that has on it risk and eventually reward in the future. Technical analysis are less time consuming and try to catch the returns by looking at trends of a security, while fundamental analyses are more time consuming and predicts the returns on a long term period. Capital Asset Pricing Model and Fama and French Model are pretty close to each other which try to predict the future value by equaling the expected returns of a security to the risk of the investment. As the best technique which is recommended by many researchers in order to predict the future value of an asset are the technical analyses in combination with CAPM and Fama and French Model.
Wednesday, May 6, 2020
Ã¢â¬Å"The souk selects her identity or particular social order Ã¢â¬â. Then Ã¢â¬â shuts the entryway Ã¢â¬â. To her divine lion s share Ã¢â¬â. Display no more Ã¢â¬âÃ¢â¬ . These lines present the souk similarly as those subject of the sonnet. Clearly, this souk will be feminine, as shown Eventually Tom s perusing the utilization of the expression Ã¢â¬Å"her. Ã¢â¬ Here, those souk may represent able the self, those individual, alternately those complex substance for constantly. This souk is also subjective; she is a animated liable as opposed a indifferent object, Also depends upon her personal conclusions Also affections. She Ã¢â¬Å"selects,Ã¢â¬ intending that she picks crazy or chooses, Ã¢â¬Å"her identity or culture. Ã¢â¬ this accordance cannot be translated done a number about routes. On oneÃ¢â¬ ¦show more contentÃ¢â¬ ¦ there may be An sense about irrevocability Furthermore emphaticness in this second transport. Those public, described eventually Tom s perusing the Chariots, stop at her low Gate what s more an head a chance to be kneeling/Upon her mat. All around these encounters, those souk is Unmoved. The most recent stanza recognizes that the souk offers itself addition organization:. I ve referred to her - from a plentiful nation/Choose One/Then - close the Valves from claiming her attention/Like Stone-. The Soul, alternately the individual, at last decides herself. The Valves would a anatomical of the heart. She shuts her heart off to others. Like Stone need that could reasonably be expected twofold intending. A stone signifies coldness and immovability. However, it Might additionally make the piece that encloses a tombac. Dickinson s outflow of the narrator s decision should decide herself is vague. Her refusals of the Chariots and the Emperor mean individualistic power, however forlornness appears with make likened for a sort about passing. Person cannot afterward presume that uniqueness may be a subject of commensurate vitality Previously, Dickinson s poems. Her outflow from claiming it will be exhibited through the utilization about various abstract gadgets (e.g. , analogies, metaphors), and the liable might identify with
Week Four Team Paper xxxxxxxxxxxxxx QNT/561 August 1, 2012 xxxxxxxxx Week 4 Team Paper Best Buy is a company that has 40 years of history with a very accomplished sense of success. In 1966 Best Buy was a small electronics store in that originated in St. Paul Minnesota by Richard Schulze and an acquainted business partner. We will write a custom essay sample on Qnt-561 Week 1 or any similar topic only for you Order Now Considering that technology changes so rapidly, Best Buy has had to transform from just being the little electronics store down the way into a competitive, customer-driven, talent-powered company that emphasizes on pleasing the customers as it pertains to the life of technology. In 1993 Best Buy was recognized as the nationÃ¢â¬â¢s second largest electronics retailer and was recognized by Forbes in 2004 as the Ã¢â¬Å"Company of the Year. Ã¢â¬ However, in 2012 Best Buy had a huge layoff which resulted into 50 store closings. The competitors for Best buy include online stores like Amazon, Buy. com, Tiger direct and various others. Purpose Best Buy stores are located throughout the United States and every year additional employees are hired to help staff during the holiday season (known as seasonal staffing and typically runs during holiday season). Higher head count is inefficient and expensive. This poses an organizational dilemma; can sales data be used to identify the appropriate number of temporary employees that need to be hired during the holiday season? Considering the sheer amount of stores that require temporary staffing data will be collected from all its stores and used to identify the staffing needs. Research Design Give the nature of business of Best Buy Quantitative research should be applied. It involves gathering data and then organizes, tabulates, depicts, and describes the data collection (Glass Hopkins, 1984). The dependent variable that will be looked at is staffing levels. A dependent variable is one that Ã¢â¬Å"is measured, predicted, or otherwise monitored and expected to affected by manipulation of an independent variableÃ¢â¬ (Cooper Schindler 2011). Because this data will only be measured once, products sold and staffing levels, a descriptive quantitative design will be utilized. Ã¢â¬Å"For an accurate estimate of the relationship between variables, a descriptive study usually needs a sample of hundreds or even thousands of subjectsÃ¢â¬ (The Association for Educational Communications and Technology). The estimate of the relationship is less likely to be biased if you have a high participation rate in a sample selected randomly from a population. Operational Definitions Operational Definitions Variable Definition Data of Interest #1 The number of products sold during the Holiday Season How will it be measured #1 If the product was sold between November 15 and January 5 Data of Interest #2 Number of temporary employees during the Holiday Season How will it be measured #2 If a temporary employee was active after November 15 and inactive after January 15 Sample Data Collection Designs There are various methods of collecting data such that the information collected can be used to draw inferences about the target population. The sales forecast is the key component for the problem statement and for accuracy it is important to know what consumers prefer over Best Buy. Participation in business surveys is usually voluntary and the quality of the results depends crucially on the willingness of enterprises to co-operate. A promising approach to getting high response rates is to make compliance as painless as possible through good questionnaire design and rotation of respondents. It is also important that the enterprises included in the survey should be convinced that the information they provide will be useful to the enterprises themselves in addition to any use it may have for macro-economic analysis. Conclusion Because the human mind cannot extract the full import of a large mass of raw data, descriptive statistics are very important in reducing the data to manageable form. When in-depth, narrative descriptions of small numbers of cases are involved, the research uses description as a tool to organize data into patterns that emerge during analysis. Those patterns aid the mind in comprehending a qualitative study and its implications. References Cooper, D. R. Schindler, P. S. (2011). Business research methods (11th ed. ). New York, NY: McGraw-Hill/Irwin. The Association for Educational Communications and Technology U. S. Department of Education Retrieved July 29, 2012 http://pr. bby. com/phoenix. zhtml? c=244152p=irol-factsheet Retrieved July 29, 2012 http://www. startribune. com/business/157988175. html? refer=y Business Tendency Survey handbook How to cite Qnt-561 Week 1, Papers
Saturday, April 25, 2020
In my whole life, I have always lived in plenty. While I was in Philippines, a simple occurrence that was seemingly normal made me take a different focus on what I would like to do to have a fulfilling life. I came across street children, who were searching through trash in a dustbin, apparently looking for food.Advertising We will write a custom essay sample on The Major Challenges Faced by Street Children specifically for you for only $16.05 $11/page Learn More Since then, I have always taken keen interest in discovering just how it feels to be a street child, and the challenges that these people go through. This paper looks into the challenges that street children go through, highlights some of the reasons why children go to the streets, and suggests measures that can be taken to reduce the number of street children, or make their lives better. Street children go through a lot of challenges. These challenges are brought about by the fact that they do not have homes, money, family, and all the other prerequisites for the healthy growth of a child. One of the greatest challenges that street children go through is hunger. They do not have food and thus they depend on hand-outs, and garbage. In some areas, street children even get addicted to sniffing gum as they try to reduce the pangs of hunger. Hunger is so great a challenge to street kids that it has numerous repercussions in the lives of these kids. It is the main reason why street children get involved in criminal activities like robbery with violence. It also makes their bodies so weak that they become susceptible to diseases. Another major challenge faced by street children is lack of shelter. They spend their nights in subways even in the coldest of weathers. This can potentially make them fall sick. Spending nights in the open also makes them vulnerable. Thus they can be bitten by snakes, or they can even be attacked by sex-pests, who may be people in the neighborhood or f ellow street children. There are a number of reasons why children may take to the streets to become street urchins. One of the main reasons is the death of the parents of a child who does not have caring relatives. After the death of the parents of such a child, the child may be forced to join other street children in cities in order to learn how to survive. Another reason is child neglect. A number of children become street children after their parents neglect them, and fail to take care of them. This is mostly seen in parents with specific problems like psychological problems, social problems, or even behavioral problems like the abuse of drugs. If a child is neglected by a parent who is able to raise him/her, he/she becomes angry about it, and it is easy for him/her to make poor decisions like running away from home.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More After running away from hom e, the child will indubitably face problems that will either force him/her to return home, or become a street child in order to learn survival tactics. Another reason why children become street children is the early abandonment of children by their mothers after birth. Even after such children are taken care of by good Samaritans, some of them opt to move out of their foster homes and fend for themselves. This may make them become street children. A number of things can be done to reduce the number of street children. One of these measures is the implementation of an awareness program aimed at making the public aware about the mistakes that people do, and which may lead to an increase in the number of street children. Also common, and practicable, is the approach of keeping street children under a rehabilitation program that ensures that their basic needs are met, and that the children are taught extensively about the dangers of the lives they lead, and the need to change their live s. This can also be reinforced by making the street children attend classes in order to reduce their idle time, and make them start appreciating life. The family should play a key role in ensuring the reduction of the number of street children since it is the main reason why children take to the streets to become street urchins. After seeing these kids looking for food in garbage, I realized how oblivious I had been to their plight. It is then that I started appreciating the aforementioned facts about street children. I have also vowed to myself that I will work hard to make a lot of money, which I will be able to use in philanthropic activities aimed at helping the disadvantaged members of the community. It is thus of essence that we live knowing that a significant proportion of humankind lives in unimaginable conditions, and that we have the capacity to help these people. Efforts should thus be made to ensure that the causes of the rise in the number of street children are checked , and that any feasible methods of converting street children to productive members of the society are employed. This essay on The Major Challenges Faced by Street Children was written and submitted by user Dominick Wright to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Wednesday, March 18, 2020
Ken Kesey-The Alienated Hero essays Ken Kesey creates one of Americas most famous alienated heroes in his work One Flew Over the Cuckoos Nest. Keseys alienated hero, Randle Patrick McMurphy, is a wild red-haired American of Irish heritage. McMurphy is a lazy, rowdy fighter. He also gambles constantly and has been prosecuted on the charges of the statutory rape of a 9 year old. A character with many flaws, McMurphy is not the likely character for heroics, but it is his rebellious lack of authority that makes him the perfect hero for Keseys story. Transferred from a work camp to a psychiatric ward, McMurphy is the only patient sane enough to fight the tyrannical, oppressive Nurse Ratched and her staff. To understand McMurphys role as an alienated or anti-hero, the term must be clearly defined. The Living Webster Encyclopedia Dictionary defines a hero as a man distinguished by exceptional courage and nobility and strength. A hero is a character that the reader is intended to fully embrace due to the characters selflessness and moral values. The Wikipedia Encyclopedia defines an anti-hero as a character that has some of the personality flaws and ultimate fortune traditionally assigned to villains but nonetheless also have the heroic qualities or intentions to gain the sympathy of the readers. In other words, the anti-hero or alienated hero is the unlikely hero. These flawed heroes are similar to the heroes seen in comic books. Comic book heroes often have troubled pasts or justify their means by the end. McMurphy certainly has a checkered past, after being discharged from the military, and spending time in prison. His distrust of societys values helps carve out his status as an outsider. An alienated hero often moves from one failure to the next and usually in the end reach the fate of a villain, failure. Jay Gatsby is comparable to McMurphy. Both come from checkered pasts, and fight for som...
Monday, March 2, 2020
Battle of Agincourt - Hundred Years' War Battle of Agincourt: Date Conflict: The Battle of Agincourt was fought October 25, 1415, during the Hundred Years War (1337-1453). Armies Commanders: English King Henry Vapprox. 6,000-8,500 men French Constable of France Charles dAlbretMarshal Boucicautapprox. 24,000-36,000 men Battle of Agincourt - Background: In 1414, King Henry V of England began discussions with his nobles regarding renewing the war with France to assert his claim on the French throne. He held this claim through his grandfather, Edward III who begun the Hundred Years War in 1337. Initially reluctant, they encouraged the king to negotiate with the French. In doing so, Henry was willing to renounce his claim to the French throne in exchange for 1.6 million crowns (the outstanding ransom on French King John II - captured at Poitiers in 1356), as well as French recognition of English dominion over occupied lands in France. These included Touraine, Normandy, Anjou, Flanders, Brittany, and Aquitaine. To seal the deal, Henry was willing to marry the young daughter of the chronically insane King Charles VI, Princess Catherine, if he received a dowry of 2 million crowns.Ã Believing these demands too high, the French countered with a dowry of 600,000 crowns and an offer to cede lands in Aquitaine.Ã Negotiations quickly stalled as the French refused to increase the dowry. With talks deadlocked and feeling personally insulted by French actions, Henry successfully asked for war on April 19, 1415. Assembling an army of around, Henry crossed the Channel with around 10,500 men and landed near Harfleur on August 13/14. Battle of Agincourt - Moving to Battle: Quickly investing Harfleur, Henry hoped to take the city as a base before advancing east to Paris and then south to Bordeaux. Meeting a determined defense, the siege lasted longer than the English had initially hoped and Henrys army was beset by a variety of diseases such as dysentery. When the city finally fell on September 22, the majority of the campaigning season had passed. Assessing his situation, Henry elected to move northeast to his stronghold at Calais where the army could winter in safety. The march was also intended to demonstrate his right to rule Normandy. Leaving a garrison at Harfleur, his forces departed on October 8. Hoping to move quickly, the English army left their artillery and much of the baggage train as well as carried limited provisions. While the English were occupied at Harfleur, the French struggled to raise an army to oppose them. Gathering forces at Rouen, they were not ready by the time the city fell. Pursuing Henry, the French sought to blockade the English along the River Somme. These maneuvers proved somewhat successful as Henry was forced to turn southeast to seek an uncontested crossing. As a result, food became scarce in the English ranks. Finally crossing the river at Bellencourt and Voyenes on October 19, Henry pressed on towards Calais. The English advance was shadowed by the growing French army under the nominal command of Constable Charles dAlbret and Marshal Boucicaut. On October 24, Henrys scouts reported that the French army had moved across their path and was blocking the road to Calais. Though his men were starving and suffering from disease, he halted and formed for battle along a ridge between the woods of Agincourt and Tramecourt. In a strong position, his archers drove stakes into the ground to protect against cavalry attack. Battle of Agincourt - Formations: Though Henry did not desire battle due to being badly outnumbered, he understood that the French would only grow stronger. In deploying, men under the Duke of York formed the English right, while Henry led the center and Lord Camoys commanded the left.Ã Occupying the open ground between the two woods, the English line of men at arms was four ranks deep. The archers assumed positions on the flanks with another group possibly being located in the center. Conversely the French were eager for battle and anticipated victory. Their army formed in three lines with dAlbret and Boucicault leading the first with the Dukes of Orleans and Bourbon. The second line was led by the Dukes of Bar and AlenÃ §on and the Count of Nevers. Battle of Agincourt - The Armies Clash: The night of October 24/25 was marked by heavy rain which turned the newly plowed fields in the area into a muddy quagmire. As the sun rose, the terrain favored the English as the narrow space between the two woods worked to negate the French numerical advantage. Three hours passed and the French, awaiting reinforcements and perhaps having learned from their defeat at CrÃ ©cy, did not attack. Forced to make the first move, Henry took a risk and advanced between the woods to within extreme range for his archers. The French failed to strike with the English were vulnerable (Map). As a result, Henry was able to establish a new defensive position and his archers were able to fortify their lines with stakes. This done, they unleashed a barrage with their longbows. With the English archers filling the sky with arrows, the French cavalry began a disorganized charge against the English position with the first line of men-at-arms following. Cut down by the archers, the cavalry failed to breach the English line and succeeded in doing little more than churning the mud between the two armies. Hemmed in by the woods, they retreated through the first line weakening its formation. Slogging forward through the mud, the French infantry was exhausted by the exertion while also taking losses from the English archers. Reaching the English men-at-arms, they were able to initially push them back. Rallying, the English soon began inflicting heavy losses as the terrain prevented the greater French numbers from telling. The French were also hampered by the press of numbers from the side and behind which limited their ability to attack or defend effectively. As the English archers expended their arrows, they drew swords and other weapons and began attacking the French flanks. As a melee developed, the second French line joined the fray. As the battle raged, dAlbret was killed and sources indicate that Henry played an active role at the front. Having defeated the first two French lines, Henry remained wary as the third line, led by the Counts of Dammartin and Fauconberg, remained a threat. The only French success during the fighting came when Ysembart dAzincourt led a small force in a successful raid on the English baggage train. This, along with the menacing actions of the remaining French troops, led Henry to order the killing of the majority of his prisoners to prevent them from attacking should the battle resume. Though criticized by modern scholars, this action was accepted as necessary at the time. Assessing the massive losses already sustained, the remaining French troops departed the area. Battle of Agincourt - Aftermath: Casualties for the Battle of Agincourt are not known with certainty, though many scholars estimate the French suffered 7,000-10,000 with another 1,500 nobles taken prisoner. English losses are generally accepted to be around 100 and perhaps as high as 500. Though he had won a stunning victory, Henry was unable to press home his advantage due to the weakened state of his army. Reaching Calais on October 29, Henry returned to England the following month where he was greeted as a hero. Though it would take several more years of campaigning to achieve his goals, the devastation wrought upon the French nobility at Agincourt made Henrys later efforts easier. In 1420, he was able to conclude the Treaty of Troyes which recognized him as the regent and heir to the French throne. Selected Sources History of War: Battle of Agincourt
Friday, February 14, 2020
Principles of Detail Design - Essay Example Clements et al differentiate architectural design from detailed design in a uniquely interesting way. He alluded that architecture could be defined as a form of design yet the reverse was not possible. The interpretation is that design is not within the realms of architecture since the end of any masterpiece can be manipulative. There is a close relation between detailed design, architecture and construction. From this, designers aiming for success in detailed design are obligated to have or obtain full understanding of the requirements and architecture of the system. Proficiency in particular design strategies such as object-oriented, programming languages, and methods and processes for software quality control becomes a requirement. Detailed design acts as a bridge between design and code in the same way that architecture provides a link between requirements and design. When it comes to implementation, it can be debated that most problem solving activities occur in the detailed des ign phase. This can be demonstrated in the case where a formal process is followed, and the requirements are met by the detailed design and architecture. In numerous real-world applications, intricate problem solving is deferred by the architectural design activity to the detailed design, predominantly through abstraction. In some instances, specifying requirements is also submitted to detailed design. In view of these reasons, detailed design has to assume the role of gatekeeper to ensure that the specification and design of the system are sufficiently completed even before construction begins. This can be particularly hard for large-scale systems built from scratch devoid of experience with the development of systems that are alike. Tasks such as understanding the requirements and architecture, documenting software design, evaluating detailed designs, monitoring and controlling implementation, and creating detailed designs, become major factors in implementing detailed design acti vity. In contrast to software architecture, where the comprehensive set of conditions are assessed and well understood, detailed design activity calls for designers to focus on the requirements assigned to their explicit components. After understanding the architecture and requirements for allocated components, is when the detailed design of software modules can begin. The components of detailed design include both behavioral and structural designs. This is demonstrated by the focus on interface design (which includes internal interface design and external interface design), graphical user interface design-which could be an extension of the designs started during architecture, and internal component design (both structural and behavioral), and data design. The Open-Closed principle (OCP) is a crucial principle for creating recyclable and adjustable systems that advance gracefully with time. The key idea behind the OCP is that working code should remain untouched and any new addition s should come as extensions of the original work. This does not mean that designs modification cannot occur; it means they should be done by incorporating new code