The purpose of Johns Gospel Essay Example for Free

The purpose of Johns Gospel Essay To tell the truths about Jesus rather than recount the facts of his life. Critically examine and evaluate this claim concerning the purpose of the author of the Fourth Gospel. There are several alternative views about the purpose of Johns Gospel. I plan to examine the view that it was written to tell truths about Jesus, and discuss its likelihood within the context of some of the other theories. In order to assess this view of the gospels purpose, it is necessary to discuss for whom John was writing, as his purpose will hinge upon his audience. If he was writing so his audience could see and have faith in Jesus then he may well have been writing for unbelievers. Karl Bornhauer has proposed that the gospel was written as a straightforward missionary tract for unbelieving Jews. Only Jews, he claims, would have understood the document, because it is preoccupied with Jewish matters and omits any reference to the institution of the Christian rites of Baptism and the Lords Supper. In its final edition, the gospel was written in Greek, possibly because this is what Hellenistic Jews spoke. On these grounds, the gospel was written to convince Jews of the Christian claim that Jesus is the Messiah. Robinson agrees with this view but Smalley thinks that by the time this gospel was written, the Christian mission to Israel was largely over. The Jews featured in the gospel are Jesus enemies, not potential Christians while some believe in him (12:11) the majority are responsible for his death. Johns attitude to them would therefore have been polemical not missionary. This seems like a relevant view, also, because it is doubtful that John would have succeeding in converting these Jews by casting them into the role of Jesus enemies; he would merely have alienated them. Therefore I do not believe Johns Gospel was written to convert unbelieving Jews. Another theory, from Raymond Brown, is that John was addressing Diaspora Jewish-Christians; Greek speaking Jews already converted to Christianity, or those torn between their faith in Jesus and their loyalty to Judaism. They were mistrusted and seen as subversive to the law, and attempts were made to exclude them from the synagogue. The polemic against Jews would not apply to them, and the authors emphasis on Jesus as the Messiah and as the fulfilment of all the Jewish feasts and institutions would be a strength to their faith if they were allowed to remain in the synagogue, and an encouragement to them if they were forced to withdraw. There are three references to being put out of the synagogue in Johns Gospel, and two instances of those who overcame their fear of the Jews, and even at risk of expulsion from the synagogue, publicly acknowledged Jesus (the blind man, and Joseph of Arimathea). Jesus is also portrayed positively, attending festivals. Brown concludes that John is inviting Jewish-Christians in the synagogues of the Diaspora to follow the example of such people. However, despite the fact there is internal evidence to support this, it is unlikely these were the sole intended recipients. Smalley suggests that the gospel could also have been written for Christians, to challenge their faith, to encourage their belief and to help them grow into the Christian way of life. There is nothing exclusive about the gospel; its perspective is infinitely wide, and it may well have been intended for all Christians everywhere. It is, however, also possible that John was writing for a particular group around him, because his gospel was originally anchored in a real life situation which helped to shape its tradition, and caused its publication. Smalley thinks the Johannine church was made up of many disparate groups of people suffering under the Romans persecution. These groups included Judaisers, ex-heretics, ex Gnostics, those from Gentile and Jewish backgrounds and ex-pagans, but all were followers of the beloved disciple, and the purpose of writing a gospel for all of these people would be to reconcile them, and thus show the universality of Christianity. C H Dodd and C K Barrett are the two scholars most associated with the belief that John is a work of evangelism. The gospel itself states that it contains an evangelical purpose: so that you may believe Jesus is the Christ (20:31). Thus its main purpose would be to persuade people to grow in faith, (which is a different thing from belief). A discussion between Jesus and Thomas (20:26-28) seems to emphasise this Thomas sees because he believes. Jesus is saying that without actually seeing him on earth, faith is a spiritual perception. Thomas needs to see reality. This theme is running through the gospel, the light and dark imagery symbolising seeing faith, and demonstrating that Jesus is the light of the world and the source of eternal life. So, Smalley concludes that the gospel was written so that its readers could find out truths about Jesus and believe he is the life-giving Messiah (v 31). Dodd thinks the gospel is written in two parts, chapters 2 11 being the signs, and 12 20 b eing the passion. Thus Jesus is shown being glorified. It has been suggested that the gospel is a polemic or an apology, and according to Bultmann, one against the Baptist sect. Its main purpose would be to demonstrate the inferiority of John the Baptist to Jesus. John the Baptist is described only as a man sent from God (1:6) and his role is heavily played down in comparison with the synoptics Jesus, not John, is the light (1:8), the Baptist is neither the Christ nor the Elijah, but merely a crying voice (1:19-23), Jesus existed before John, and is greater (1:30), Jesus performed many signs, but John never worked a miracle (10:41). Only in this gospel does Jesus not get baptised. Therefore, the suggestion has been raised that Johns gospel was written to refute the claim of a Baptist group. Bultmann argues that the author of the gospel was a former Gnostic who had been part of a Baptist sect before becoming a Christian Gnosticism flourished in the 2nd Century and his disciples were given to Jesus. Smalley is very critical of this view, saying the only other evidence we have of a Baptist sect is in Acts 19, and this is debatable. Although it is possible there was a Baptist sect in the 3rd Century, this wasnt unusual judging by the other sects in existence e.g. Manichaeism and there is little evidence to suggest such a group created any real problem for the early Christian church. Furthermore, I do not think the author could have been meaning to downgrade John the Baptist, because he isnt mentioned very much the gospel is about Jesus. Another possibility is that the gospel is a polemic against heresy, in particular, against Gnosticism. Gnostic influences, or pre-Gnostic ideas, were brought to bear on the Christian gospel once it was carried from a Palestinian to a Graeco-Roman environment. We also know from Gnostic redeemer myths, in which deliverance from the lower world of matter is effected by a non-earthly, ideal, saviour figure and appropriated by knowledge, that such ideas when taken over by Christians involve a denial of the physical reality of Jesus in his life and death. Edwin Hoskyns argued the gospel was anti-Gnostic, as did E Scott, who thought John was basically a reinstatement of the Christian good news in Hellenistic terms. But he also found evidence that the author of John wrote to counteract heretical, Gnostic teachings he insists on the reality of Christs life, denies the Gnostic hierarchy of intermediate spiritual agencies, opposes the Gnostic idea that divine sonship is possible apart from t he Christ, avoids Gnostic watchwords, and so on. Barrett thinks John was writing whilst Gnosticism was developing; and essentially was trying to nip it in the bud before it really became successful (although Bultmann disagrees and thinks it was already established by c.100 AD). Gnostics, in general, think Jesus message is for an elite, and only some will get to Heaven. The author of John was clearly conscious of Gnosticism, and apparently not completely or directly critical of it he uses Gnostic imagery such as light and dark, heaven and earth, is sensitive to the importance of knowledge, and accepts a dualist framework for his theology of salvation. Bultmann believes that the author of John is actually a former Gnostic who is editing the sign source (which is the heart of the ministry), and that John uses a separate source from the synoptics, in which the signs do not feature. Bultmann thinks Gnosticism used the sign source too, but attached the redeemer myth to it. John is therefore editing out Gnostic influences, reclaiming the text this means that Gnosticism and John are similar, but the conclusion is different. So through using Gnostic ideas, John is actually showing that Christianity is universal. However, this to me does not hold much weight as an argument because the author has been so ambiguous he swings between supporting the Gnostic way of thought and opposing it. Had the author been writing a polemic, he would surely have left no doubt about his point. It has also been questioned whether John might have been trying to interpret or complement the synoptics, or perhaps going beyond them completely to write an ultimate gospel. Evidence for this is that it was part of Jewish tradition to write a commentary on something previous: Windisch and Lightfoot think it is an assumption to say that the author of Johns gospel used the synoptics as a source, (although John was written late, C 100 AD) and he might have used a non-synoptic sign source. Windisch thinks John was written, to supersede the synoptics, by a single author who must have known the gospel of Mark and other synoptic material. Windisch claimed John was autonomous and sufficient so might have been replacing them completely. Lightfoot developed this idea, but said that the synoptic gospels would have had too strong a position in church for Johns gospel to achieve this, and was only interpreting them, to draw out the significance of the original events. This was suggested long before by Clement of Alexandria, when he wrote of a spiritual gospel. I think the idea of interpretation is probably more likely than that of replacement, as John does not seem to be meant to be independent, but probably complements the synoptics. The title asks whether the purpose of Johns gospel was historicity or not. For a large part of history, it was not thought to be accurate in the modern historians sense, especially as St Clement of Alexandria referred to it as a spiritual gospel. Some events in John appear to occur in a different order to the synoptics, e.g. the last supper, which occurs at Passover in the synoptics but is first thing in John. But according to Lightfoot, the author was well aware of the historical truth lying at the heart of the Christian tradition, and even if he can sit lightly to subordinate aspects of his main historical subject, he may give us better guidance than the synoptics. Smalley has tried to answer the question by examining Acts: Martin Dibelius believes Acts is not historical at all, F F Bruce says it is a summary of history but a sanitised version. But why would an author write one factual gospel and one inaccurate gospel? Paul is the main character in Acts, and Pauls inaccurate writings seem to contradict. Galatians also mentions a missing journey to Arabia which Acts leaves out though according to Catchpole, this could have been because it wasnt successful. But Smalley points out that in Acts, the council of Jerusalem is mentioned, which isnt in Paul. This means Acts and Luke are probably not historical, so John could still be. Despite this, Schmeitzer has said that the only thing the gospel shows is that Jesus existed, not anything about him. I do not think this can be true judging by the apparent structure of the gospel. Smalley divided it up into four parts (the prologue, the ministry, the passion, and the epilogue). Guilding identified a two-year cycle within the narrative, although he thought it was a liturgy. However this does suggest history was important, or why would the author put the gospel into a historical context? The gospel has a clear time period, and mentions historical figures. Smalley identified that the author must have thought about structure as well, and said that the main purpose was to show who Jesus is (thus agreeing with the titles claim). Jesus performed miracles which C H Dodd called sign sources, and Smalley thinks that these, along with the discourses and the I am sayings, are meant to show the reader who Jesus actually is, and what his purpose is. None of these three things have a historical purpose, although John might be historically accurate, containing historical and geographical tracts. I could accept this view, as it allows for the miracles to be only literary devices, designed to show the role of Jesus. The gospel is certainly centred about Jesus, who seems to be acting as a pastor he cares about his people (as in Pauls letters). Smalley questions whether or not Johns Gospel contains the same kind of Kerygma as the rest of the New Testament writings. C H Dodd identified the Kerygma in early speeches of Peter in six different parts throughout Acts: 2:16-21, in which the Old Testament prophecy is fulfilled, 2:22-32 and 3:15, where it is stated that Jesus is from the Davidic line, 2:33-36 and 4:11, stating that Jesus is the lord, 2:33 and 2:38, in which the Holy Spirit is given, 3:20 and 10:42, where it proclaims that Jesus will return, and 2:38-40 and 3:19 which says man should repent their sins. In John, the Old Testament prophecy is fulfilled in John 1:1 and 1:14. 1:14 and 7:14 state that Jesus is from the Davidic line, 17:20-22 and 15:1-6 that Jesus is the lord, 20:21 that the Holy Spirit has been given, 6:39, 6:44, 14:3 that Jesus will return, and 20:31 that man should repent. C H Dodd thinks this Kerygma is in John, Peter and Paul. Smalley accepts it is there in John and Paul but thinks it is less developed. He also believes there is a significant difference between its presence in John and in Paul, because Jesus is supposed to be the second Adam in Paul, but John has a greater emphasis on surpassing Moses. He argues that the fourth gospel is much closer to the synoptics than to Paul, that Paul never saw the historical Jesus, only the risen Jesus, and is therefore incomplete. I would agree with Smalleys reasoning because in the Kerygma and in Paul there is little reference to Jesus historical life, so the purpose of the gospels might have been to put teachings of Jesus into a historical setting. In conclusion, it is impossible to be sure of the purpose of Johns Gospel, but it seems likely that the author wanted to communicate truths about Jesus, his role on earth, his divinity, etc. Smalleys views seem well supported by evidence, and I would agree that the gospel couldnt have been a purely historical account although it may well have a true frame of events. Surely spreading the good news about Jesus would be more important than relating everything he said and exactly as it happened. Robinson, who thought the gospel was written before the synoptics, said that historicity might have been a purpose, but not the main one. Most of those who think the synoptics came first will disagree and think Johns history is inaccurate, but as Brown as said, the accuracy is irrelevant, as the narrative frame is probably only there to strengthen teachings about Jesus.

Sherlock Holmes :: Sherlock Holmes Essays Detective

Sherlock Holmes †¦ . I propose to devote my declining years to the composition of a textbook which shal focus the whole art of detection into one volume. Sherlock Holmes: The Adventure of the Abbey Grange Sherlock Holmes is sometimes compared to a bloodhound. He smels out clues, folows them, and catches criminals. He is very good at this, and although he sometimes fails (as in The Yelow Face) his success rate is very high. Now there is an art in doing this, which Sherlock Holmes cals the art of detection, and he is an expert in this art. In fact he was planning on writing a textbook on the subject when he retired. But as far as we know he never got around to it. Sherlock Holmes is not the only one who folows clues, scientists do as wel, , and probably al of us. For it is by folowing clues that we find out things on our own, doing so without being told by those in the know. Sherlock Holmes catches criminals, and then they confess, not the other way 'round. Scientists find things out by themselves, not by asking God. Now finding out things on our own is not easy, but in ways big or smal most of us would have had this kind of experience whether we are aware of it or not. This is to say in practice we al know something about this art which here, folowing Sherlock Holmes, we are caling the art of detection. Indeed when reading Sherlock Holmes or other detectives few of us would hesitate to put in our two cents worth: we are competent to criticise their techniques since we too know something about this art. Most people think of the art of detection as a form of reasoning. It is not deductive reasoning, obviously, but something similar. Sometimes they point out the diference by saying deductive reasoning is reasoning forwards whereas in the art of detection we are reasoning backwards. They are both forms of reasoning; it is just that they move in opposite directions. What evidence is there to support the view that the art of detection is a form of reasoning? It would seem there is a great deal. Watson cals Sherlock Holmes the world's greatest reasoning machine. Would he do this if the art of detection were not a form of reasoning? Look at al the dificult cases Sherlock Holmes has solved.

American Pageant. Essay

Over time, there have been many different modifications to facilitate transportation and the economy. The transcontinental railroad is one factor that introduced the American indusrty. This immense industry turned into an even greater business and touched from coast to coast. Because of the railroads, urbanization and industrialization grew although the corruptions with scandals came as well. The nation was in a time of spurring even higher from starting in 1865. Before the railroads, the population was more scattered around farming areas. As the railroads grew, urbanization also expanded and began gathering around the railroads.Because the government gave a significant amount of land grants, the railroad companies, which were able to choose alternative mile-square sections, had much land that they did not use to build their railroads. President Grover Cleveland gave the unclaimed portions for land settlement in 1887. Although this was seen as the â€Å"giveaway† of land, the government ended up benefiting with long-term preferential rates for postal service and military traffic; the railroad corporations could also sell the land at an average of three dollars an acre.With new railroads in placed, people moved beside them and brought in business for the railroads and towns which gave the railroads another source of profit. Immigration also started uprising, with the Chinese and Irish working on the railroads. As the railroads traveled across the country, it gave the nation a way to get products or people across the country. Food and materials traveled to all from farms to towns and cities. People found it easier to move across the country; urbanization grew throughout the whole country rather than being scattered among the farms.The railroads were built because of industrialization and expanded it even further. As the railroad network snaked around the country, the economic growth did as well. The locomotives touched coast to coast offering what each sid e of the country had for the other. The west had many wealthy resources and the east had many workers. Raw materials traveled back and forth as so did the finished goods afterwards, such as steel for the generation of more railroads. The United States soon became the largest integrated national market in the world.As the railroads grew there was more demand for raw supplies from different parts of the country. The steel and wood for the railroads impacted greatly the forestry and mining industry while the coal industry also grew to power the trains; new factories and industries were built and powered to load more onto the new railroads. Millionaires greatly benefited from this, such as Cornelius Vanderbilt who was one of the most profitable amongst the new aristocracy. As the railroads expanded, so did industrialization, which made the United States economy one of the best that it has had over history.Although the effects of the railroads were mostly positive, there was the negative aspect of corruption and scandals came as well. Congress commissioned the Union Pacific Railroad, which the company received huge sums of money and land to build tracks. What the government did not know was that the corporation had frauds which were known as the Credit Mobilier; insiders from the construction company had reaped twenty-three million dollars in profits. Jay Gould was many of those who also executed many robberies. For nearly thirty years he gained money from the stocks of Erie, the Kansas Pacific, and the Texas and Pacific.One of the many different ways these million-dollar-thieves manipulated was â€Å"stock watering†. Originally coming from the definition of bloating up a cow to sell for more, the stock promoters were doing this but with the economy and stocks. The railroad stock promoters inflated their claims about a given line’s assets and profitability and sold stocks and bonds much higher than the railroad’s actual value. Railroad managers where therefore forced to charge much higher and compete against each other in order to pay the exaggerated financial obligations. In the midst of all the scandal, the Vanderbilt’s were involved as well.As many railroaders, they had to fight and bribe for rights. As long as there were railroads, and with their many positive effects, there was also corruption, competition, and scandal. The building of the transcontinental railroads changed the American economy immensely. It has changed the nation as a whole and spurred with a new way of supply and demand traveling all over the country. The new web of steel brought up urbanization, industrialization and corruption with scandals as well. The transcontinental railroads brought the country together with a new form of economy.

Essay on Global War on Terror Should Torture Ever Be...

â€Å"[The] barbarous custom of whipping men suspected of having important secrets to reveal must be abolished. It has always been recognized that this method of interrogation, by putting men to the torture, is useless. The wretches say whatever comes into their heads and whatever they think one wants to believe. Consequently, the Commander-in-Chief forbids the use of a method which is contrary to reason and humanity† said Napoleon Bonaparte in 1798. Back in the 18th century, the French chieftain realized how illogical is to use pain in order to obtain information. However, researching historical information, the use of torture is not unknown to the human kind. First it was the Greeks; who used to torture the criminals because they believed†¦show more content†¦Still, the harsh interrogation techniques were not used so frequently during this period; even though there are exceptions. To have some legal power, The Geneva Convention was established in the mid-20th century, defining the roots of â€Å"international law relating humanitarian issues†. In summary, with all the protocols, the Geneva Convention provides shelter against unhuman treatment (Ramos, DePuis, Galvin, Zolfaghari, and Cardeno 5 - 20). Now, considering the fact that torture is a part our history, could it possibly be a mitigating circumstance? Perhaps yes, however it can be argued that humanity as a whole should change its customs in order to evolve more efficiently. Therefore, it should liberate itself from using controversial interrogation methods, which were questionable through the history. Moreover, the reason why enhanced methods being utilized during cr oss-examination is such a sensitive topic is due to the Global War on Terror (Ramos, DePuis, Galvin, Zolfaghari, and Cardeno 20). It is somewhat problematical to come to simple conclusion, whether a physical or a psychological torment should be used in order to obtain information, when human lives are at stake. While considering this, the most difficult obstacle for the interrogators is the fact, that there still can be an uncertainty about the information the suspectShow MoreRelatedUnited Law Of Public International Law1414 Words   |  6 Pagesincompatibility to Parliament that the offending domestic law should be altered in order to conform with international law. A significant example of this is the Belmarsh Case also known as A v Secretary of State for the Home Office [2004] UKHL 56 the case concerned the detention of nine men under the Anti-Terrorism, Crime and Security Act 2001 which at s.23 permitted the indefinite detention of foreign nationals suspected of involvement with terror organisations. The Act was in direct conflict with twoRead MoreHls 410 Essay2780 Words   |  12 Pagesarticle. 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Examining the correlations in credit risk through data - Free Essay Example

Sample details Pages: 13 Words: 3850 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Abstract: We examine the correlation in credit risk using credit default swap (CDS) data. We find that the observable risk factors at the firm, industry, and market levels and the macroeconomic variables cannot fully explain the correlation in CDS spread changes, leaving at least 30 percent of the correlation unaccounted for. This finding suggests that contagion is not only statistically but also economically significant in causing correlation in credit risk. Don’t waste time! Our writers will create an original "Examining the correlations in credit risk through data" essay for you Create order Thus, it is important to incorporate an unobservable risk factor into credit risk models in future research. We also find, consistent with some theoretical predictions, that the correlation is countercyclical and is higher among firms with low credit ratings than among firms with high credit ratings. I. Introduction: Correlation in credit risk is a well-known phenomenon. Understanding the causes of correlated credit losses is crucial for many purposes, such as managing a portfolio, setting capital requirements for banks, and pricing structured credit products that are heavily exposed to correlations in credit risk; for example, collateralized debt obligations (CDO). This issue has become particularly important because of the rapid growth of structured credit products in the financial markets in recent years. But despite much research on the subject, we do not understand many aspects of correlation in credit risk; this paper attempts to move the literature forward. First, we explore the economic importance of contagion in credit risk correlation. This is an open empirical question. Many credit models are based on the doubly stochastic assumption that, conditional on observable risk factors, defaults are independent of each other. This assumption is widely accepted and implemented in banking to determine capital requirements.Evidence exists that contagion has a notable impact on the correlation in credit risk of firms subject to significant credit events. On the basis of these findings, some researchers have tried to include contagion in credit models. However, the economic importance of contagion in a firms credit risk correlation is not clear from the literature. If the role of contagion is statistically significant but not economically significant, modeling contagion may not be of first-order importance. But even though some researchers and practitioners reject the doubly stochastic assumption, they find that the proportion of correlation in credit risk that cannot be explained by observable risk factors is small (1 to 5 percent), which suggests that unobservable risk factors may be of minor importance in credit risk models. In this paper, we attempt to clarify this issue. We also explore the credit risk correlation pattern over time and across firms with varying credit quality. The academic literature cannot agree on these patterns either. These questions are important because credit risk has been and still is the biggest risk facing banks. And with securitization and the new products that have been developed in the financial market, credit risk has been spread out beyond the banking sector to various market segments. Ambiguity regarding these issues poses serious challenges for investors, practitioners, and regulators. In this paper, we approach credit risk in two ways. First, unlike earlier studies, we use data from the credit default swap (CDS) market. Most researchers examine the correlation in a firms credit risk using either estimated default intensity based on actual default observations or implied default probability derived from the Merton (1974) model. The former approach may not be reliable, because some default events are strategic decisions and, therefore, may not correspond to economic default.1 Also, some financially distressed companies may be able to negotiate debt restructuring to avoid default or may be acquired with bankruptcy looming on the horizon, and these informal resolutions of financial distress are difficult to identify.2, 3 The problem of reliable numbers is a serious challenge-default is a low-frequency event, and any misclassification may have a major impact on the precision of parameter estimates. Thus, the estimated default intensity might be contaminated, and this w eakness could be behind some rather surprising findings in the literature. On the other hand, default probability estimated from the Merton model could be confounded by the oversimplified assumptions behind the model. In contrast, the CDS market enables the direct measurement of credit risk by many market participants. CDS is insurance against a default by a particular company or sovereign entity (known as the reference entity). The buyer of the CDS contract makes periodic payments to the seller for the right to sell a bond issued by the reference entity for its face value if the issuer defaults. So the price of CDS contracts (or the CDS spread) is a direct measure of the credit risk of the reference entity. Because CDS spreads can be based on a wide array of credit risk models, it is also a comprehensive measure of credit risk. The second way we approach credit risk in this paper is by investigating the observable factors and their contributions to the correlation in risk. Although previous studies have incorporated some macroeconomic factors into modeling credit risk, the impact of these variables is not consistent across studies, and some results are counterintuitive. We study the impact on credit risk of various macroeconomic variables as well as firm- and market-level variables, and we model the industry effect on the credit risk of individual firms. Although many researchers have suggested that the industry effect partially accounts for the correlation in credit risk, the literature has yet to provide conclusive evidence. On the basis of monthly changes in CDS spreads from January 2001 through December 2006, we find that changes in CDS spreads are positively correlated, with an average correlation of 21 percent. Observable variables at the firm level can reduce the correlation by 8 percent, resulting in a correlation of 13 percent among the regression residuals. Market-level and macroeconomic variables are significantly associated with changes in CDS spreads, with the expected signs of the regression coefficients. These variables, together with firm-level variables, can reduce the correlation by two-thirds to 7 percent. We also confirm the existence of the industry effect and find that firms in less cyclical industries have lower correlations in credit risk. Although industry variables are significantly related to CDS spread changes in the right directions, the industry effect can be responsible for less than 1 percent of the correlation in CDS spread changes after we control for firm-level, market-le vel, and macroeconomic variables. When all observable variables are combined, they can account for about 14 percent of the correlations, leaving 7 percent unaccounted for. The main observable variables that contribute to the correlations are firm-level variables and credit spreads, which can be affected by both contagion and systematic risks. Excluding these variables, the mean correlation among the residuals is 12 percent. These findings suggest that contagion could contribute from 33 percent to 57 percent of the correlation in credit risks. We also investigate the potential nonlinearity in the relationship between credit risk and observable variables, and find that accounting for nonlinearity does not qualitatively change our findings. Thus, the evidence suggests that contagion does play an economically important role in the credit risk correlation. In addition, we find that the correlation in credit risk is countercyclical; that is, it is higher during economic downturns and lower during booms. Also, it is higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with some theoretical predictions but not with the findings based on measures from the Merton model. We believe that the results derived from CDS spreads are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure does not forecast default probability well. Since the study period was short, it included one full business cycle; thus, the results have general implications. The study period did not include the recent market turmoil; however, if contagion is a major phenomenon during severe economic downturns, failing to include the recent period of turmoil is biased only against the finding that contagion plays an important role. The evidence, therefore, suggests that modeling the unobservable risk factors should be of first-order importance for future research in credit modeling. This paper is organized as follows. In section II, there is a review of the current literature. In section III, description of the sample is given. Discussion of observable risk factors and their contributions to the correlation in credit risk is given in section IV. Section V presents results on the correlation in credit risk over time and by rating groups. In the last section, a brief conclusion is given. II. Literature Review Modelling Correlation in Credit Risk The two branches of credit risk measurement are (1) the structural approach and (2) the reduced-form approach. Structural models originate from the Merton (1974) model and assume that a company will default if the value of its assets is below a certain level; for example, the amount of its outstanding debt. The key to structural modelling is to capture the stochastic asset diffusion process, and default correlation between two companies is introduced by assuming that the stochastic processes followed by the assets of the two companies are correlated. Correlation in the stochastic asset diffusion processes of two firms can be caused by both observable risk factors and unobservable risk factors, such as contagion. The advantage of structural models is the flexibility in modeling correlation in credit risk; the disadvantage is the difficulty in implementing them empirically. The general theoretical predictions from this school are that credit risk correlation is higher for firms with a low credit rating than for those with a high credit rating, and that the correlation increases during economic downturns The reduced-form models assume that a firms default time is driven by a default intensity that varies according to changes in macroeconomic conditions In other words, when the default intensity for company A is high, the default intensity for company B tends to be high as well, which induces a default correlation between the two companies. The reduced-form models usually assume that observable risk factors are the main drivers of firm credit risk and that, after controlling for observable factors and default intensity, defaults should be independent. This is the doubly stochastic assumption. Because of its mathematical tractability, most researchers and practitioners gravitate toward this approach; thus, the doubly stochastic assumption is behind many commonly used reduced-form models to predict default, such as the duration models and the survival time copula models. The doubly stochastic assumption is also the key assumption behind the proprietary models. For instance, Moodys KMV Risk Advisor considers systematic factors using a three-level approach: (1) a composite market risk factor, (2) an industry and country risk factor, and (3) regional factors and sector indicators. The factor loading for an individual firm for each of the factors is estimated using asset variances obtained from the option theoretical model, and the factor loadings are then used to calculate co-variances for each pair of firms. In Credit Metrics, the credit transition matrix is conditioned on a credit cycle index, which shifts down when economic conditions deteriorate. The credit cycle index is obtained by regressing default rates for speculative grade bonds on the credit spread, 10-year Treasury yield, inflation rate, and growth in gross domestic product (GDP). In contrast, Credit Risk Plus incorporates cyclical factors by allowing the mean default rate to vary over the business cycle. Credit Risk Plus models find that correlation in credit risk is higher among firms with low credit ratings. In summary, the doubly stochastic assumption plays a critical role in the vast majority of credit models used in research and practice. The findings say that variations in the observable factors cannot fully explain the correlation in credit risk and that the doubly stochastic assumption is violated; however, the proportion of the correlation that cannot be explained by observable factors is rather small. The conclusion may be contaminated in two ways. First, the evidence could result from the misspecification associated with the model to predict default intensity. A different model could lead to two possibilities: (1) observable factors may be sufficient to account for the correlated default risk, or (2) the proportion not explained by observable factors could be much larger. It is not clear from the literature how the correlation in credit risk varies over business cycles and across firms with different credit quality, as studies on these subjects have yielded conflicting results. This lack of clarity poses a major challenge for investors, portfolio managers, bankers, and bank regulators. Macroeconomic Impact in Credit Risk Modelling Some studies incorporate macroeconomic conditions into credit risk models; however, researchers have used different macroeconomic variables, and some variables that are important in one paper are found to be unimportant in another. Also, some empirical results are quite counterintuitive. Some researchers find intuitive relations between credit risk and macroeconomic variables. For example, Collin-Dufresne, Goldstein, and Martin (2001) examine determinants of changes in credit spreads using changes in 10-year Treasury rates, changes in the slope of the yield curve, changes in market volatility, and monthly SP 500 returns. They find that all these variables are significantly related to changes in credit spreads, with the direction implied by structural models. Carling and colleagues (2007) investigate how macroeconomic conditions affect business defaults using a corporate portfolio from a leading Swiss retail bank. They find that the output gap, the yield curve, and consumers expectations of future economic development can help explain a firms default risk. In summary, the impact of macroeconomic variables is not consistently documented in the literature, and some results are counterintuitive. These findings add to the puzzle of whether observable risk factors can explain the correlation in credit risk. We believe that the inconsistent and sometimes counterintuitive findings may be contaminated by the noise in the default data, as default events are rare and can contain misclassifications that lead to estimation errors. CDS data are more suitable for this purpose. III. Data Description and Sample Statistics The Sample The primary data in this study are the monthly CDS data from January 2001 through December 2006. We use the five-year CDS, as this instrument is the most liquid in the CDS market. We use monthly data to match the monthly macroeconomic variables because price movements in monthly data are less contaminated than daily or weekly data by temporary imbalances between supply and demand. The CDS spread measures total credit risk, which includes both default probability (DP) and losses given default (LGD). It is widely documented that DP and LGD are positively correlated thus, the CDS spread is a comprehensive measure of total credit risk. The sample includes 523 firms (25,113 firm-month observations)-376 investment-grade firms and 147 speculative-grade firms, based on the average rating for each firm during the sample period. Our sample period (2001-2006) includes one full business cycle consisting of varying economic conditions: an economic downturn in the early period, a recovery in 2003, and a normal period afterward. Variables at the Firm, Industry, and Market Levels We use three firm-level variables to explain the changes in CDS spreads: monthly stock returns, monthly stock volatility change, and firm leverage change.According to the structural model, a firms default risk is higher when either volatility or leverage is high. Also, stock returns indicate the markets assessment of a firms future performance. Lower returns imply a dimmer outlook, which should correlate with a higher credit risk, so stock returns should be negatively associated with changes in CDS spreads. We use the following market-level variables: changes in implied market volatility (VIX), changes in market leverage, and changes in market returns (measured by NYSE-AMEX-NASDAQ value-weighted returns). An increase in either market volatility or market leverage, or a decrease in market returns, suggests a worsening economic outlook, which should be associated with an increase in credit risk. We define industry variables similarly-changes in industry volatility, changes in industry leverage, and changes in industry aggregate returns-and the same logic should hold at the industry level if there is an industry effect. Macroeconomic Variables We use real GDP growth rate and changes in capacity utilization rate to describe the business cycle. If credit risks are higher during an economic recession, we would see changes in CDS spreads negatively related to both real GDP growth rate and changes in capacity utilization rate. We also include inflation among our list of macroeconomic variables. Since previous studies have shown a negative relationship between real activity and inflation, we expected a positive relationship between inflation and credit risk. We use the following interest rate variables: changes in three-month T-bill rates, changes in term spreads (difference between the yields of 10-year T-bonds and three-month T-bills), and changes in credit spreads between BBB and AAA bonds and between AAA bonds and 10-year T-bonds. The relationship between the three-month T-bill rate and credit risk should be negative for two reasons. First, the Feds monetary policy is pro-cyclical. Second, a higher interest rate can increase the risk-neutral drift of the process of firm value, thus reducing credit risks Collin-Dufresne and colleagues (2001) and Duffee (1998) both documented a negative relationship between interest rate and credit risk. Credit risk should also be negatively related to the term spread (Estrella and Hardouvelis 1991, Estrella and Mishkin 1996, and Fama and French 1989) and positively related to both measures of credit spread (Chen 1991, Fama and French 1989, Friedman and Kuttner 1992, and Stock and Watson 1989). Data Description Table 1 provides summary statistics of the sample. For all firms, the mean CDS spread is 126.27 basis points (bps). The median and standard deviation suggest that the distribution of CDS spreads is quite skewed and volatile. The mean change in CDS spreads is small (-0.07 percent), but the range is wide (-17.78 to 23.43 percent). Both the high and low in CDS spread changes are found among the speculative-grade firms; these firms also have higher mean changes in CDS spreads. As expected, all three measures (CDS spreads, equity volatility, and firm leverage) are lower among investment-grade firms and higher among speculative-grade firms. Panel B of table 1 shows that the average CDS spread was highest in 2002; it declined sharply in 2003 and 2004, then leveled off.11 The average monthly return on the NYSE-AMEX-NASDAQ index was 0.47 percent during the sample period, and the average annualized volatility was 19.08 percent. Over the entire sample period, the mean market leverage was 0.23. The average return across the industry portfolios was 0.57 percent, and the mean annualized industry volatility was 25.27 percent. Table 1. Descriptive Statistics Table 1 shows the summary statistics of the variables used in the study. Panel A presents the descriptive statistics for the firm-level variables: five-year CDS spreads (in basis points), CDS spread percentage changes, equity returns, equity volatility, and leverage. The monthly equity volatility is computed as the annualized standard deviation based on daily returns. The firm leverage is computed as the ratio of book debt value to the sum of market capitalization and book debt value. The data are from January 2001 through December 2006. Investment-grade refers to firms with ratings at BAA or above; speculative-grade refers to firms with ratings below BAA. Panel B presents the descriptive statistics of CDS spreads by year. Panel C presents the summary statistics of the market and industry variables. VIX is the implied volatility of the SP 500 index options obtained from the Chicago Board Options Exchange. The market return is the NYSE-AMEX-NASDAQ value-weighted index returns. Other m arket (industry) variables are the value-weighted average from all firms in the market (industry). We use the Fama-French 12-industry classification. Panel A. Firm Characteristics Variables Mean Median Minimum Maximum All firms CDS (bps) 126.27 63.10 8.65 1,632.36 CDS change (%) -0.07 -0.46 -17.78 23.43 Equity return (%) 1.23 1.13 -4.26 4.86 Equity volatility 0.31 0.28 0.13 0.78 Leverage 0.32 0.29 0.00 0.94 Investment-grade CDS (bps) 60.22 47.10 8.65 444.89 CDS change (%) -0.42 -0.60 -5.06 7.93 Equity return (%) 1.18 1.13 -0.80 4.39 Equity volatility 0.27 0.25 0.16 0.64 Leverage 0.28 0.24 0.00 0.94 Speculative-grade CDS (bps) 295.23 223.24 53.81 1,632.36 CDS change (%) 8.26 5.78 -17.78 23.43 Equity return (%) 1.34 1.34 -4.26 4.86 Equity volatility 0.41 0.39 0.13 0.78 Leverage 0.44 0.43 0.06 0.92 Table 1. Descriptive Statistics (contd.) Panel B. Summary Statistics of CDS Spreads (bps) Year Mean Median Minimum Maximum 2001 151.67 83.33 17.83 3,249.57 2002 212.29 99.70 15.22 3,232.04 2003 150.72 69.62 9.84 2,508.39 2004 109.33 49.27 8.72 1,843.10 2005 107.17 44.90 5.21 2,181.16 2006 94.39 41.40 3.98 2,396.08 Panel C. Market- and Industry-Level Variables Variables Mean Median Minimum Maximum Market aggregate return (%) 0.47 1.11 -10.01 8.41 VIX (%) 19.08 16.69 10.91 39.69 Market leverage 0.23 0.23 0.19 0.27 Industry return (%) 0.57 1.57 -12.64 10.23 Industry volatility (%) 25.27 20.21 11.91 80.57 Industry leverage 0.23 0.17 0.07 0.48 IV. Observable Risk Factors and Correlation in Credit Risk Because most of our analyses involve panel data, our estimates are based on robust standard errors. We estimated these errors by assuming independence across firms, but we accounted for possible autocorrelation within the same firm. We use the contemporaneous variables on the right-hand-side variables . Market and Macroeconomic Effect Table 2 shows the effect of firm-level variables on changes in CDS spreads. We calculate the pairwise correlations (of the raw CDS spread changes or residuals from the regressions) and report the means in the last row of the table. The first column of table 2 shows that, without controlling for any observable covariates, the average correlation in changes in CDS spreads in the entire sample is 21 percent. The correlation ranges from a minimum of -30 percent to a maximum of 72 percent, and the interquartile spans a range of 30 percent. Table 2. Effect of Firm Characteristics on the Correlation in Changes in CDS Spreads Independent Variables Model 1 Model 2 Model 3 Model 4 Model 5 Equity returns -0.567*** -0.473*** [0.023] [0.025] Change in firm leverage 1.662*** 0.318*** [0.114] [0.084] Chance in equity volatility 0.199*** 0.148*** [0.015] [0.012] Constant 0.003*** -0.002*** -0.003*** 0.003*** [0.001] [0.001] [0.001] [0.001] Observations 25,113 25,113 25,113 25,113 25,113 R2 9% 5% 3% 11% Correlation/residual correlation 0.21 0.17 0.14 0.16 0.13 Industry Effect Table 5 shows the average pairwise correlation in CDS spread changes among firms in each of the 11 Fama-French industries.12 The table shows much variation in correlation in credit risk among firms in the same industry. Over the study period, the energy sector has the highest correlation among all industries, whereas the health care sector has the lowest correlation. Only four of the 11 industries have a higher average correlation than the overall average of 21 percent. The ranking of correlation by industry changed over the six-year study period. The financial industry had the highest correlation in 2001 and 2002, suggesting that an economic downturn affects financial firms more than others. The energy industry had the highest correlation from 2004 to 2006, likely driven by volatile price movements in oil. The health care, medical equipment, and drug industries had the lowest correlations in three of the six years, and consumer nondurable goods had the lowest correlation in two years. These findings suggest that less cyclical industries have lower correlations in credit risk. Table 5. Correlation in CDS Spread Changes Across Industries Year Ind1 Ind2 Ind3 Ind4 Ind5 Ind6 Ind7 Ind8 Ind9 Ind10 Ind11 2001 0.12 0.44 0.44 0.63 0.24 0.36 0.51 0.28 0.41 0.65 2002 0.13 0.43 0.26 0.26 0.14 0.41 0.43 0.38 0.24 0.17 0.45 2003 0.20 0.33 0.15 0.24 0.05 0.13 0.25 0.36 0.17 0.03 0.29 2004 0.24 0.26 0.21 0.35 0.17 0.21 0.26 0.32 0.23 0.14 0.30 2005 0.22 0.28 0.23 0.55 0.18 0.22 0.22 0.35 0.20 0.23 0.31 2006 0.06 0.07 0.09 0.33 0.17 0.11 0.12 0.26 0.22 0.06 0.13 2001-2006 0.16 0.28 0.18 0.35 0.18 0.17 0.16 0.29 0.19 0.11 0.22 V. Conclusions In this paper, we examine the correlation in credit risk using CDS data. We find that observable variables at the firm, industry, and market levels, as well as macroeconomic variables, cannot fully explain the correlation in credit risk, leaving at least one-third of the correlation in credit risk unaccounted for during the study period (2001-2006). These findings suggest that contagion may be a common phenomenon in an economy and that the doubly stochastic assumption may not hold in general. Because of the large proportion of correlation that cannot be explained by observable risk factors, future research in credit modeling should focus on incorporating unobservable risk factors into models. We also find that credit risk correlation is higher during economic downturns and higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with the theoretical predictions but inconsistent with some empirical findings based on the Merton default probability measure. We contend that our results are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure cannot accurately forecast default probabilities.

Essay about Revenge and Downfall - 723 Words

Yasmin Nunez nbsp;nbsp;nbsp;nbsp;nbsp;In Shakespeare’s Hamlet, it is the desire for revenge that lies behind the motives of young Hamlet. His moral struggle towards revenge becomes an obsession leading to a change in character. His actions strongly imply that madness has overcome him. However, there are hints present in the text that implies his madness was feigned in order to achieve his revenge. nbsp;nbsp;nbsp;nbsp;nbsp;Immediately following the appearance of old King Hamlet’s ghost, Hamlet warns Horatio that he may act mad, which foreshadows a change in Hamlet’s character. The reader is prepared that any abnormal acts may be a result from Hamlet’s acting. As the play continues, more questions are raised that involve his†¦show more content†¦His constant reminder of the evil in King Claudius and his vow to seek revenge also added to his burden. His struggles against these emotions weakened him, and ultimately led him to actual madness. As it become more evident that Hamlet’s acting could have become a reality, his desire for revenge becomes stronger. He becomes more focus on achieving his revenge, but does not rush for the opportunity. When Hamlet approached King Claudius praying in act 3 scene 3, he does not react immediately. He thinks about his actions and decides not to harm the King. This thought out decision would lead one to believe that Hamlet is not crazy due to his ability to rationalize, but Hamlet’s decision not to kill the King was because he did not want to kill him after he had confessed his sins to God. Thus, the fact that Hamlet thinks to the extent of whether or not the King’s soul will go to heaven or hell shows that his intentions were rooted from his madness. Before Hamlet’s madness became an issue, he would often try to rationalize his actions. When Hamlet first saw the ghost of his father, he questioned the intentions of the ghost and the validity of the ghost’s story of murder. 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Importance of Arts Essay Paper Example For Students

Importance of Arts Essay Paper Children first learn to respond aesthetically to their environment through touch, taste, sound and smell, and their natural curiosity suggests a need for sensory experience. Visual arts education helps to develop sensory awareness. Each child possesses a range of intelligences and he/she needs a variety of learning experiences in order to develop them fully. Visual arts activities enable children to make sense of and to express their world in visual, tangible form. The development of the child cannot be complete without exposing her/him to art and music especially, which are the basic forms of aesthetic appreciation. Learning through the arts Fosters integration of a students sensory, cognitive, emotional, and motor capacities. For example, hands-on materials and activities can challenge students to move from the concrete to the abstract, and students can develop ideas. Is enjoyable, fulfilling and also intellectually rigorous disciplines, Stimulates and develops the imagination and critical thinking, and refines cognitive and creative skills. Develops fine motor skills of children. Repeating stories, poems, and songs strengthens memory. Help to level the learning field across socio-economic boundaries. Strengthens problem-solving and critical-thinking skills, increasing academic achievement. Provides a natural source Of learning. Child development specialists note that play is the business of young children; play is the way children promote and enhance their development. The arts are a most natural vehicle for play. Develops a sense of craftsmanship, quality task performance, and goal-setting skills needed to succeed in the classroom. Teaches children life skills such as developing an informed perception; articulating a vision; learning to solve problems and make decisions; building elf-confidence and self-discipline; developing the ability to imagine what might be; and accepting responsibility to complete tasks trot start to finish. Nurtures important values, including team-building skills; respecting alternative viewpoints; and appreciating and being aware of different cultures and traditions. Provide a natural vehicle through which students can explore and express themselves and discover and interpret the world around them. Reduces childrens negative attitudes toward school and develop confidence and enjoyment as motivation. Dance helps build motor control, body relationships, and a sense of direction. Drawing, sculpting, and other visual arts develop spatial acuity. Group activities, such as learning dance steps or singing songs, build social skills. As children describe people and things in their world using pictures, body moments, and mime, they enhance their descriptive, nonverbal, cognitive capabilities. Expand and deepen the attention span and powers of concentration of pupils, their ability to listen, observe closely, interpret what they see and enables them to become more self-aware and self-confident. Enhances intellectual and emotional development tot children. Encourages innovative and yeoman ways of thinking, spontaneity, intuition and improvisation. Develop students ability to think creatively and critically. Nourish and stimulate the imagination of students and help them gain insights into the overloud around them and to represent their understandings in various ways. Encourages them to take risks, to solve problems in creative ways, and to draw on their resourcefulness to build on new ideas. Provides opportunities for differentiation of instruction and learning environments. Identify common values, both aesthetic and human, in various works Of art, and increase their understanding of others. Encourage students to be responsible and critically literate members of society and citizens of the world. Learn to approach issues, create and present ideas, thoughts, feelings and points view in new ways. Use of current and emerging technologies (e. G. , video, multimedia) is integrated in the four disciplines as means of recording enhancing, communicating, and reinterpreting ideas. Deepen their awareness and appreciation of the nature of the arts and understand what artists, musicians, actors, and dancers do as individuals and as a community Help to reflect record, celebrate, and pass on to future generations the arsenal and collective stories, values, innovations, and traditions that make us unique. Meet John Doe: Fighting for Social Integrity EssayAssessment Areas for assessment would include: the childs ability to choose and use materials, tools and media for a particular task or project, effectively and with originality the childs expressive use of visual media in compositions and in developing form the quality of the childs responses to art works, and his/her ability to make connections between his/her own work and the work of others the childs approach to and level of involvement with a task the childs contribution to group activity, Reflection pupils were able to use scissors and glue properly without spilling. They cut UT shapes fairly well. Newspapers were put on the tables to facilitate cleaning. However, for a composition, pupils need lots of practice and exposure. It was an enjoyable experience both for the teacher and the pupils. I knew the lesson would be assessed, so I thought more about my teaching and prepared more. My presentation attracted the students and f ired their imagination. They paid attention and gave active response. I felt good. Believe that preparation is the key to a successful lesson. Conclusion Creative Education forms part of the primary curriculum but it has been totally selected, particularly after Standard Ill, because Of the COPE examination. A regular and adequate supply Of materials and tools is essential for building on staff interest and enthusiasm. It is also important to plan for ancillary resources, such as cleaning materials, drying facilities and display and storage space. The knowledge and skills developed in the study of the arts can therefore be applied in many other endeavors. Appendix (Quotes on importance of Arts) The arts can play a crucial role in improving students abilities to learn, because they draw on a range of intelligences and learning styles, not just the linguistic ND logical-mathematical intelligences upon which most schools are based. (Eloquent Evidence: Arts at the Core Of Learning, Presidents Committee on the Arts and Humanities, talking about Howard Gardeners Theory of Multiple Intelligences, 1995) The Physical and Sensory Impact Of Arts Education A student making music experiences the simultaneous engagement of senses, muscles, and intellect. Brain scans taken during ironical performances show that virtually the entire cerebral cortex is active while musicians are playing. (Learning and the Arts: Crossing Boundaries, 2000, p. 14) Dramatic play, hymning games, and songs are some of the language-rich activities that build pre-reading skills. (Young Children and the Arts: Making Creative Connection, 1 BIB, p. ) Preschoolers who were given music keyboard lessons improved their spatial-temporal reasoning Used for understanding relationships between objects such as calculating a proportion or playing chess, (Education Leadership, November, 1998, p. 38) Creative activity is also a source tot joy and wonder, while it bids its students to touch, taste, hear, and see the world, Children are powerfully affected by storytelling, music, dance, and the visual arts.