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The Queen and the Feminist Two Characters’ Search for Female Freedom - Literature Essay Samples

Freedom is an interesting concept, especially in the context of relationships and marriages. No one wants to feel as though they are being controlled or restricted by another, but in most cases with time, marriages begin to have a constraining effect. Additionally, there are certain societal expectations in place when it comes to the actions of people feeling unhappy with their marriages. Those expectations, however, are historically different for men and for women. Society as a whole tends to be more accepting and understanding of the man in his mid-life crisis—it’s almost a rite of passage at this point for a husband to be feeling unfulfilled in his marriage and as a result, enter into affairs with younger women. However, this standard has not stretched to the female side of things. Even now, there seems to be much less of an acceptance for a woman to desire and go after that sort of freedom and fulfillment that the men do if she’s not experiencing contentment within her marriage. Though times are changing and the feminist and gender equality movements are growing, there is still widespread disbelief that women have the power to be free and independent without needing a man in their lives. The idea of the free-spirited, fulfillment-seeking female is embodied in two specific female characters—the first is Catherine, from Francois Truffaut’s film Jules and Jim, and the second is Isadora, the narrator and main character from Erica Jong’s novel Fear of Flying. Despite the fact that these two represent women seeking freedom and fulfillment, their respective characters differ enormously, and therefore address the idea of freedom, independence, and fulfillment of life in dissimilar ways. However, even though the two represent freedom differently, they both experience and exude relatable emotions, desires, and concerns that countless women have over the course of their lives. It’s no secret that Catherine and Isadora, despite the overall differences in their personalities, do share some similar characteristics and also share many similarities within their respective lives. First of all, both feel entirely unfulfilled when it comes to their marriages. Isadora’s unhappiness is definitely more specifically marriage-related, while Catherine experiences more of a lack of fulfillment in the broader sense of her life, however, it is clear that her marriage with Jules does not make her happy. This lack of fulfillment for both Isadora and Catherine sparks a sort of love triangle within each of their lives, which in itself provides additional parallels between the two characters. For both of them, one of the men involved in their triangles is their husband—both Bennett (for Isadora) and Jules (for Catherine) are more on the passive, diminutive quiet side, and they each represent safety, dependability, comfort, and stability within the womenâ₠¬â„¢s lives. However, bringing the women’s lovers’ into the equation, we can see that both Adrian and Jim embody the passion, intensity, energy, and possibility that the husbands can’t seem to provide. Additionally, both Adrian and Jim seemed to be attracted to each of the women for similar reasons—they are drawn to the unpredictability and thirst for freedom that both Isadora and Catherine exhibit. Both women also seem to have a sort of underlying madness, hysteria, and instability existing below the surface, but instead of scaring the men away, it seems to intrigue them—at least for a certain amount of time. Lastly, another important similarity between these women is their divergence from the societal structures and expectations for behavior that had historically been set in place for them to follow. Women are supposed to have husbands, whom they are unswervingly supportive of and loyal to. It is the men who are supposed to have the freedom, who are allowed to be restless and independent. However, with their respective characters, both Isadora and Catherine defy traditional expectations for women. They both took on the sort of reckless freedoms that men traditionally enjoyed and the women denied. For Isadora, the boundary breaking was more about sexuality than anything else. For a long time, society more or less denied the fact that women even had sex drives, and Fear of Flying, to a point, encourages women to go out and explore their sexuality. The openness and freedom with which Isadora explored and recounted her numerous sexual exploits presented her character as a feminist and presen ted a new dimension within female sexuality. With Catherine, it was less about the sex, and more about the fact that she was in control, rather than the men. Jules was completely submissive when it came to her—so infatuated and loyal, he even allowed Jim to live under his roof and engage in an affair with his wife, as he believed that would cure her unhappiness. The way Catherine tested and used her men was the complete opposite of what their society dictated: it was the men that were to be in control, and the women who were meant to patiently and loyally stand by and wait for a man to choose them. At one point, she even dresses like a man, walking through the streets of Paris with Jules and Jim, trying to fool passersby. Though the film is named for the two men, it’s clear that Catherine is the driving force; a â€Å"Queen† who gracefully takes on a powerful and independent role that, at the time, was seen as only appropriate for men. With these similarities, however, there also exists a host of differences between Isadora and Catherine. Though they share that same lack of fulfillment within their marriages, their respective searches as to how to achieve that fulfillment are entirely different. Catherine seems to desire more from life in general, while Isadora’s is more concentrated on love and sex. She does not share the same curiosity and passion for the world around her that Catherine has—for Isadora, the unfulfilled passion manifests itself only when she has a sexual opportunity, and she doesn’t seem to appreciate the worldly freedom that she gained by running away with Adrian, even as she is traversing with him through Europe. Both of the women exerted their right to freedom in some way, but Catherine wasn’t necessarily looking for anything in particular—she just wanted to prove her freedom and exercise her desire to act with unpredictability. On the other hand, Isadora exer ted her freedom in an effort to find what she wanted in terms of a man. Fear of Flying focused so much on the various men that she had encountered, emphasizing Isadora’s belief that the answer to her unfulfilled life lay in the hands of a man. She even admits that â€Å"all my fantasies included marriage,† (76) which is a confession that Catherine most certainly never would have had. For Catherine, freedom represents a youthful, carefree innocence unrestricted by any sort of responsibilities or expectations to tie you down. Though we never really see her without a man in Jules and Jim, we get the feeling that the men, to her, are somewhat disposable. The fact that she is able to flit back and forth between her admirers, all of whom simultaneously adore her but cannot understand her is the thing that empowers here as a free, unpredictable spirit. Isadora briefly displays the sort of unpredictability that Catherine lives by, but she exerts her freedom merely to explore h er opportunities with another man that is not her husband. Catherine’s acts of freedom are independent—her leap into the Seine, for example—while Isadora’s acts of freedom are inherently dependent, given the fact that they are all sexually-driven exploits with various men. These two women both explore their own ideas of freedom while breaking societal boundaries, but they do so with opposite intentions. These intentions are define the differing meanings each woman has for freedom and independence, however that difference does not preclude them both from embodying extremely relatable characteristics, emotions, and desires. The ways in which women can relate to Catherine and Isadora are numerous. The reality of our society today is that 50% of marriages end in divorce, and we can assume that many more marriages, though still legally intact, are wrought with feelings of dissatisfaction and unhappiness. Women in these unfulfilling marriages will undoubtedly find a connection with both Isadora and Catherine. Though marriage is supposed to be every little girl’s dream, the reality of it often disappoints. Both Jules and Jim and Fear of Flying address this issue, presenting characters that are uncomfortable within the constricting expectations and structure that marriage presents. Women who feel tied down by children or other responsibilities that come along with marriage and age in general will identify with Catherine—she represents a thirst for living life to its fullest, a dissatisfaction with sitting still, and for being entirely liberated from rules or responsibility. On the other hand, wo men who are unsatisfied sexually or feel like they’re in a loveless marriage will see themselves in Isadora, who lets her sexual curiosity take over and lead her to a man outside of her husband. Isadora represents the sexually curious part of every woman, the existence of which is often ignored or denied, but is always there to ask the question—what if there’s something better out there? Both Catherine and Isadora represent parts of women that very often lurk below the surface, the existence of which society has historically forced us to disregard. However, these feelings of dissatisfaction with life, love, and sex will inevitably emerge with the passing of time. There is no such thing as happily ever after, or a perfect marriage, free of obstacles. These two characters show us an example of what happens when one does act upon underlying feelings of unhappiness and dissatisfaction, but it’s difficult to draw a coherent conclusion from their respective stories. Fear of Flying ends ambiguously—though Isadora does end up making her way back to Bennett, we don’t know whether she would have gone back to him had Adrian not left her. One might be inclined to gather that acting upon the ‘what if?’ question and trying to find sexual fulfillment and love outside your marriage will only inevitably leave you wanting to return to your husband. Ho wever, the end of Fear of Flying also raises the question about whether Bennett will even take Isadora back, or whether Isadora could have even come to the conclusion that she wanted Bennett in the end had she not gone off with Adrian. Or is Isadora even sure she’s going to be entirely happy with Bennett? Did she just come back to him out of deference? The questions go on. In Catherine’s case, her ending is obviously more tragic, but the underlying meaning of her fate is just as convoluted as Isadora’s. In some fashion, her death marks her final, permanent act of liberation. She was so dissatisfied by life; constantly looking for more, maybe she realized she was never going to be happy with what she had. On the other hand, the act could have just as easily been out of spite—one last effort to exert her power over the men in her life. She simultaneously takes away Jules’ beloved wife and best friend, while showing Jim her authority to call the shots —the Queen proving to her subjects once and for all who is in charge. The questions and confusion that the conclusions of both Jules and Jim and Fear of Flying bring up all center around Catherine and Isadora’s outward search for fulfillment. Neither seems to culminate in an outright happy ending, just like all the marriages and relationships that appear in both of the stories. The last, and possibly most significant similarity that Isadora and Catherine share is their lack of an inward search for fulfillment. In their unhappiness, they both assumed that they would find it elsewhere—outside the country, outside of their marriage, outside of the lives they are living. They both neglected the possibility that maybe they could find happiness and satisfaction within themselves. Though it carries the slight weight of a clichà ©, perhaps the message that the characters of Isadora and Catherine send to all the women who have identified with them is to search for fulfillment within themselves. After so deeply analyzing the two characters, it see ms like the perfection of independence and freedom for each of them would have been if they had found their happiness within themselves. Works Cited Jong, Erica. Fear of Flying: A Novel. New York: Holt, Rinehart and Winston, 1973. Print. Jules and Jim. Dir. Franà §ois Truffaut. 1961. DVD.

Similarities Between Hinduism And Buddhism - 975 Words

Hinduism and Buddhism have a connected history as both of these religions use similar teachings and terminologies to maintain order among their respective followers and societies. Ideally a society’s religious teachings should contribute to its political, social, economic and cultural discussions. However, correlating this way of thinking to a political theology may prove to be difficult because most people have more important matters to be concerned about than adhering to morale. Various people find that maintaining social standards, discrimination others who are less fortunate, asserting dominance, becoming too passive, and getting caught up in a revolution takes priority over the fact that most of these issues could be avoided if someone who works in politics were take action and deal with said problem properly. While not totally rejecting the teachings, religions like Hinduism have incorporated the main ideas of karma and samsara and warped it into creating a rigid caste system where people of higher class rarely associate with people of lower class in order to maintain reincarnation patterns. It is a political theology based on the Laws of Manu, otherwise known as dharma; a law that states that an individual’s duty is determined by his or her position in the caste. The main domestic consequence of this system is that for some people who live in such a place they are immediately discriminated against due to their class, one such case is the attitude towards the Dalits,Show MoreRelatedSimilarities Between Hinduism And Buddhism948 Words   |  4 PagesBoth Hinduism and Buddhism came from the region called India. Hinduism was the dominant one in the subcontinent, while Buddhism had to flee to other regions to spread its belief to the people. The creation of Hinduism will eventually giv e birth to Buddhism later on. Even though both â€Å"religions† came from the same region, they have some similarities and differences between them. Hinduism from the start was a combination of different beliefs or ceremonies from the Indus Valley Civilization. All ofRead MoreSimilarities Between Hinduism And Buddhism995 Words   |  4 PagesCompare and Contrast Essay Hinduism and Buddhism There are more than seven billion people living across the world and about 19 major religions with about 270 subgroups. In many states and countries, there are two or more religions that are being practiced by its residents. Hinduism and Buddhism are two of the 19 major religions, that are widely practiced. Hinduism and Buddhism both have common origins, and share similar beliefs. Both Hinduism and Buddhism are religions that focus on the way to liveRead MoreSimilarities Between Hinduism And Buddhism856 Words   |  4 PagesLearning about both Hinduism and Buddhism, particularly about the art and architecture of both cultures made me realize they are not that different as I thought first. Both cultures are beautiful and rich, and if someone takes a deeper look can see that they are depending on each other. Many people forget that Buddha was born into a Hindu society, and his views and beliefs which led to a brand new culture are based on Hinduism. Of course I am not saying the two are the same because that wouldn’tRead MoreSimilarities Between Hinduism And Buddhism863 Words   |  4 PagesPHIL 2120 Paper #1 Xinyang Wang Comparison of Permanence between Hinduism and Buddhism Hinduism and Buddhism have common origins in the Ganges culture of northern India around 500 BCE. We have to admit that they share a lot of similarities, but also involve tons of differences. For example, as Hinduism claims that Atman is Brahman, Buddhism reject the existence of Atman. Hindus think that the way to becoming enlightened is to union with God, but Buddhists pursue a throughout understanding of theRead MoreSimilarities Between Hinduism And Buddhism1351 Words   |  6 Pagesreligions, Hinduism and Buddhism, that came out of India thousands of years ago. Though these two religions are old, they are still practiced today by millions of followers within the continent of Asia and the West. First, I would like to introduce the religion of Hinduism. The term Hinduism was derived a river of South Asia, the Indus. This term was used by the ancient Persians to classify the people of that region of the North-West territory of the subcontinent. Indian religion, Hinduism, was theRead MoreSimilarities Between Buddhism And Hinduism1404 Words   |  6 Pages Buddhism and Hinduism are closely related when comparing the two. Buddhism was created based on the ideologies of Hinduism. There differences on their views with the idea of self and transmigration. They compare with one another with the problems of having senses, desires and anger. Hinduism believes in everything being unified together as one ultimate reality, which is Brahman. Brahman is the truth of all. Atman is considered as the true and pure self. Atman and Brahman are identical with oneRead MoreSimilarities Between Hinduism And Buddhism843 Words   |  4 Pagesthat the religion itself is fairly young. Take Hinduism and Buddhism, for example, which might be considered very similar in the fact that Buddhism was born from Hinduism. Although in Western context, Hinduism is referred to as a religion. Hindu traditionalists on the other-hand call it â€Å"Sanatana Dharma† and consider it a culture or a â€Å"way of life†. 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Hinduism also believes that everyone is a part of an impersonal world and therefore, ones soul reincarnates into another body of any being, based on the deeds of the present life. One has to work for salvation oneself and therefore, cannot blame others for the same. The salvation depends on the good deeds of a person. In Hinduism also, one attains salvationRead MoreThe Similarities and Differences between Buddhism, Jainism and Hinduism1194 Words   |  5 Pagesteachings: Hinduism, Jainism and Buddhism. These three sects in religious thinking have many similarities as all recognize the life-cycle and the need of liberation, they worship one central deity that used to be a human who gained enlightenment and they all recognize the existence of the eternal soul and after-death re-incarnation. However, they also share a lot of differences that mark the underlying principles of practicing them. I will identify the scope of differences and similarities in these

Religious and Architectural Sites of Florence Essay

Religious and Architectural Sites of Florence According to the United Nations Educational, Scientific and Cultural Organization, Italy is home to some 60 percent of the world?s most famous works of art.? Of these, one-half are found in Florence (19).? Florence gained most of this collection during the fifteenth century, when the Florentines decided to move back from Gothic fashion to the more Romanesque style of art and architecture.? This return to the Classic style is known as the Renaissance, and Florence was its birthplace.? Renaissance artists prospered greatly on account of the financial support they received from wealthy citizens (such as the Medici family) and the church, which purchased numerous works of art (6).?†¦show more content†¦It is built on top of Florence?s former cathedral, the Santa Reparata.? In 1293, the Florentine Republic decided to build a larger cathedral in place of the Santa Reparata,? ?so that the industry and power of man are unable to invent or ever attempt again anything that is larger o r more beautiful? (16).? The Santa Reparata remained in place and active until 1375, once the Santa Maria was ready take its place (16).? Official construction was begun by sculptor Arnolfo di Cambio in 1296.? The cathedral was started it in the Gothic style (3), but in 1366 the City of Florence decided that all architecture should follow the Roman style (3); hence it?s mixed styles seen in the bell-tower and dome (15). Although parts of the cathedral were not completed until as late as the 19th century, construction overall was completed by 1436, when Pope Eugene IV dedicated the building on March 25th (Florentine New Year), 140 years after Arnolfo laid the first stone (16). Brunelleschi?s Dome: A most famous aspect of the Santa Maria is its dome.? At 300 feet high, and 136 feet in diameter, the dome makes Santa Maria the largest church in the catholic world.? This was actually the first appearance of a dome since Gothic styles began, thereby marking the beginning of Renaissance Architecture (6).? The dome was designed and constructed by the ?Genius of Renaissance? Filippo Brunelleschi from 1420-1436 (16).? Brunelleschi wasShow MoreRelatedEtruscan And Roman Art History Essay910 Words   |  4 Pagesoccurrence in the history of art of the time. And local art was subsumed into Roman art. As a result, the Etruscan artistic legacy is comparatively small. Collections can be seen at the National Etruscan Museum and the National Archaeological Museum of Florence, as well as the Getty Museum Los Angeles, founded by the art collector J Paul Getty (1892-1976). The Etruscans inhabited the region of Italy bounded to the north by the valley of the Arno, to the east and south by the Tiber, and on the west by theRead MoreThe World And A Grand Symbol Of Papal Authority Essay1771 Words   |  8 Pagesgreatest of all churches of Christendom†. Believed to be the site of Saint Peter’s tomb, one of the twelve apostles of Jesus and considered to be the first pope, the ground in which the basilica stands is one of the holiest places in the world. Evidence state that the tomb of Saint Peter is located directly beneath the altar of the Basilica. Due to being such a holy place, the Basilica contains many tombs of popes and famous religious sculptures, such as the Pieta of Michelangelo. Admired for itsRead MoreThe Luxor Temple And Saint Peter s Basilica1822 Words   |  8 Pages I believe the Luxor Temple and Saint Peter’s Basilica are good pieces for comparison. The details and the architectural features between both of these great Arts show ingenuity, symmetry, geometry and balance from two very diverse time periods. The aspects of their values, religious beliefs, culture, and mythology play key roles in the beliefs of both timepieces of Art. The architectural medium is not only impressive, but it is captivating to the eye as well. One can only marvel at the unique wondersRead MoreStudy of Dosso Dossis Jupiter, Mercury and Virtue Essay1658 Words   |  7 Pagesintricate details, as often seen in Northern paintings. Despite the fact that the trio appears in the same plane, Dosso still managed to imply a vibrant three-dimensional space on canvas: as a perspective grid is difficult to apply without a complex architectural setting, Dosso used extensive chiar oscuro and foreshortening to make the figures more convincing. The effect is particularly striking on Virtue’s shortened right arm, which alludes to the space beyond the principal plane. Above all, the mostRead MoreAncient Architecture : Luxor Temple And Saint Peter s Basilica1963 Words   |  8 Pages I believe the Luxor Temple and Saint Peter’s Basilica are good pieces for comparison. The details and the architectural features between both of these great Arts show ingenuity, symmetry, geometry and balance from two very diverse time periods. The aspects of their values, religious beliefs, culture, and mythology play key roles in the beliefs of both timepieces of Art. The architectural medium is not only impressive, but it is captivating to the eye as well. One can only marvel at the unique wondersRead MoreComparison Of Masaccio And Raphael s The Holy Trinity ( Fig )1174 Words   |  5 Pagesperspective in their paintings to create a sense of depth and realism. ‘The Holy Trinity’ (fig. 1) was a fresco painting created in 1428. 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Of the baroque qualities below, which is most clearly illustrated in Berninis Ecstasy of St. Teresa, centerpiece of the Cornaro Chapel? a. fascination with modern science and mathematics b. interest in religious emotion and human psychology c. neoclassical preference for order and balance dRead MoreThe Holy Trinity: Masaccio Essay2263 Words   |  10 Pagesthe Brancacci chapel in Florence. Found inside the Dominican church of Santa Maria Novella is â€Å"The Holy Trinity.† As innovative as this painting is to the development of art, there are more intriguing aspects to study than just what techniques he used to create this master piece. Today we consider and brand Masaccio as a master, but this was not always the case. Very little information is known about Masaccio before his famous work turn up inside the churches in Florence. Historians know howeverRead MoreEssay about Mannerism in Florence and Rome2819 Words   |  12 PagesMannerism in Florence and Rome - considered to be more self- consciously artificial - derived from aspects of Raphael and Michelangelo - cold formalism was considered to be inner vision Rosso - (1494-1540), Italian painter, whose early works helped define Italian mannerism - later was a founder of French mannerism - was born Giovanni Battista di Jacopo di Guasparre in Florence - early work had odd perspectives, violent colors, and harsh lighting - 1523 Rosso moved to Rome, whereRead MoreThe legacy of the renaissance1566 Words   |  7 PagesVicenza. One of his most famous is Villa Capra, also known as the Rotunda, which was modeled after the Roman Pantheon. Palladio also designed the Basilica in Vicenza, and in the 1560s he began work on religious buildings in Venice. Palladio died in the year 1580 but left behind a legacy of architectural works and design plans in a book he published called (The Four Books of Architecture) were widely translated, and Palladios ideas spread across Europe and into the New World. American statesman Thomas

CONSTANT EVOLUTION Essay Example For Students

CONSTANT EVOLUTION Essay CONSTANT EVOLUTIONIntroductionSince the beginning of the nation America has always been known as themelting pot of the world. We open our arms and embrace diversity as well asimmigration. Throughout time however there has been one race that has been madeto feel that they do not belong at times or that they re not entitled to thesame freedoms as others. The African Americans have had a rough time in the US. They were brought here forcibly as slaves and even after gaining their freedomspent years in the shadows of their white peers due to the oppressive natureand attitude of the white population. In recent years that has begun to changeand as African Americans continue to take their rightful and equal places inAmerican society we find that the constant evolution of the culture has allowedand encouraged them to develop religious and philosophical freedoms that theyhad not been able to enjoy before. THE GIVEN AND FOUGHT FOR FREEDOMSThe American Diaspora has affected the African Americans in many ways. We are a people of freedom and always have been, however, the African Americanhas not always had the same privileges. The Diaspora has allowed the AfricanAmerican through a process of evolvement to re-ignite and remember many of itsthe cultural division that had fallen by the wayside in years past. Completefreedom is something we all strive for, but it is something the AfricanAmerican has had to fight for every step of the way in America. Today AfricanAmericans have the same freedoms that the whiles have and they are rightfullycoming out of the shadows and speaking their mind religiously, philosophicallyand economically. RELIGIOUS FREEDOMThe African American based churches in this country have always beeninvolved in music and joy. The freedom to express their religious views as wellas celebrate the holidays has been coming since the freedom movement began andtoday the ability to celebrate, dress and worship the way of the homeland hasbeen accepted and embraced. PHILOSOPHICAL FREEDOMP hilosophy is really little more than freedom of speech. It is aprivilege we have enjoyed in this nation for a long time. The African Americanshave been able to form their own philosophy for many years but only in recentdecades such as the emergence of Martin Luther King and Malcolm X. Thephilosophical ability to speak completely freely is one freedom that AfricanAmericans have in this nation(Malcolm X, 1999). Complete freedom of course also involves economic abilities. The AfricanAmerican buying power in this country has steadily increased since theabolishment of slavery. Complete freedom in this nation involves not only theability to speak freely, to develop religious and philosophical views but alsoto be able to earn and contribute economically to the nation(Malcolm X, 1999). All of these things are being worked on and becoming more of a realitywith each passing year and once they have reached completely equal status withwhite bread America then the African Americans will have the deserved completefreedom. WORKSCITEDMalcolm,X. The Autobiography of Malcolm X. (African American Images 1989)King, Martin Luther. A Call to Conscience : The Landmark Speechesof Dr. Martin Luther King Jr. UNABRIDGED. Time Warner 1999)

What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government free essay sample

Outline of the Chapter †¢ Bond pricing and sensitivity of bond pricing to interest rate changes †¢ Duration analysis – What is duration? – What determines duration? †¢ Convexity †¢ Passive bond management – Immunization †¢ Active bond management 16-2 Interest Rate Risk †¢ There is an inverse relationship between interest rates (yields) and price of the bonds. †¢ The changes in interest rates cause capital gains or losses. †¢ This makes fixed-income investments risky. 16-3 Interest Rate Risk (Continued) 16-4 Interest Rate Risk (Continued) What factors affect the sensitivity of the bonds to interest rate fluctuations? †¢ Malkiel’s (1962) bond-pricing relationships – Bond prices and yields are inversely related. – An increase in a bond’s YTM results in a smaller price change than a decrease in yield of equal magnitude. – Prices of long-term bonds tend to be more sensitive to interest rat e changes than prices of short-term bonds. 16-5 Interest Rate Risk (Continued) – The sensitivity of bond prices to changes in yields increases at a decreasing rate as maturity increases. We will write a custom essay sample on What Solutions Are Possible to the Free Rider Problem, Both Inside and Outside of Government or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page – Interest rate risk is inversely related to the bond’s coupon rate. Homer and Liebowitz’s (1972) bond-pricing relationship – The sensitivity of a bond’s price to change in its yield is inversely related to the YTM at which the bond currently is selling. 16-6 Interest Rate Risk (Continued) †¢ Why and how different bond characteristics affect interest rate sensitivity? 16-7 Interest Rate Risk (Continued) †¢ Duration – Macaulay’s duration: the weighted average of the times to each coupon or principal payment made by the bond. †¢ Weight applied to each payment is the present value of the payment divided by the bond price. wt D CFt /(1 y ) t , Bondprice T T wt t 1 1 t * wt t 1 16-8 Interest Rate Risk (Continued) †¢ Example: 16-9 Interest Rate Risk (Continued) – Duration is shorter than maturity for all bonds except zero coupon bonds. – Duration is equal to maturity for zero coupon bonds. †¢ Why duration is important? – Simple summary statistic of the effective average maturity of the portfolio. – Tool for immunizing portfolios from interest rate risk. – Measure of the interest rate sensitivity of a portfolio. 16-10 Interest Rate Risk (Continued) – The long-term bonds are more sensitive to interest rate movements than are short-term bonds. – By using duration we can quantify this relation. P P D (1 y ) 1 y 16-11 Interest Rate Risk (Continued) – Modified Duration: †¢ Measure of the bond’s exposure to changes in interest rates. †¢ The percentage change in bond prices is just the product of modified duration and the change in the bond’s yield to maturity. †¢ Note that the equations are only approximately valid for large changes in the bond’s yield. D* P P (1 D /(1 D* y) y) y y 16-12 Interest Rate Risk (Continued) †¢ What determines Duration? – The duration of a zero-coupon bond equals its time to maturity. – Holding maturity constant, a bond’s duration is higher when the coupon rate is lower. Holding the coupon rate constant, a bond’s duration generally increases with its time to maturity. †¢ For zero-coupon bonds the maturity=the duration †¢ For coupon bonds duration increases by less than a year with a year’s increase in maturity. 16-13 Interest Rate Risk (Continued) – Ho lding other factors constant, the duration of a coupon bond is higher when the bond’s yield to maturity is lower. †¢ At lower yields the more distant payments made by the bond have relatively greater present values and account for a greater share of the bond’s total value. The duration of a level perpetuity is equal to: (1+y) / y †¢ The PV-weighted CFs early on in the life of the perpetuity dominate the computation of duration. 16-14 Interest Rate Risk (Continued) 16-15 Convexity †¢ By employing the duration concept we can analyse the impact of interest rate changes on bond prices. – The percentage change in the value of a bond approximately equals the product of modified duration times the change in the bond’s yield. – However if this formula were exactly correct then the graph of the percentage change in bond prices as a function of the change in ts yield would be a straight line, with a slope D*. 16-16 Convexity (Continued) †¢ The duration rule is a good approximation for small changes in bond yields. †¢ The duration approximation always understates the value of the bond. †¢ It underestimates the increase in price when yields fall. †¢ It overestimates the decline in prices when yields rise. †¢Due to the curvature of the true price-yield relationshipconvexity 16-17 Convexity (Continued) †¢ Convexity is the rate of change of the slope of the price-yield curve, expressed as a fraction of the bond price. Higher convexity refers to higher curvature in the price-yield relationship. – The convexity of noncallable bonds are usually positive. – The slope of the cuve that shows the price-yield relation increases at higher yields. Convexity 1 P (1 y ) 2 n t 1 CFt (t 2 t ) (1 y )t 16-18 Convexity (Continued) †¢ We can improve the duration approximation for bond price changes by taking into account for convexity. †¢ The new equation becomes: P P D y 1 [Convexity ( y ) 2 ] 2 †¢ The convexity becomes more important when potential interest rate changes are larger. 16-19 Convexity (Continued) †¢ Why convexity is important? †¢ In the figure bond A is more convex than bond B. †¢The price increases are more in A when interest rates fall. †¢The price decreases are less in A when interest rates rise. 16-20 †¢ Callable Bonds Convexity (Continued) – When interest rates are high the curve is convex. The price-yield curve lies above the tangency line estimated by the duration approximation. – When interest rates are low the curve is negative convex (concave). The priceyield curve lies beolw the tangency line. 16-21 Convexity (Continued) In the region of negative convexity the price-yield curve exhibits an unattractive asymmetry. †¢ Increase in interest rates causes a larger price decline than the price gain due to the decrease in interest rates. †¢ Bondholders are compensated with lower prices and higher yields. – Effective Duration Effectiveduration P/P r 16-22 Convexity (Continued) †¢ Macaulayâ₠¬â„¢s Duration – The weighted average of the time until receipt of each bond payment. †¢ Modified Duration – Macaulay’s duration divided by (1+y). – Percentage change in bond price per change in yield. †¢ Effective Duration Percentage change in bond price per change in market interest rates. 16-23 Convexity (Continued) †¢ Mortgage-Backed securities – In a sense similar to callable bonds-subject to negative convexity. – If mortgage rates decrease then homeowners may decide to take a new loan at lower rate and pay the principal for the first mortgage. – Thus there is a ceiling for the bond price written on these mortgage loans as in callable bonds. 16-24 Passive Bond Management †¢ Passive managers take bond prices as fairly set and try to control only the risk of their fixed-income portfolio. Indexing Strategy – Attempts to replicate the performance of a given bond index. – A bond-index portfolio will h ave the same risk-reward profile as the bond market index to which it is tied. †¢ Immunization Strategy – Designed to shield the overall financial status of the institution from exposure to interest rate fluctuations. – Try to establish a zero-risk profile, in which interest rate movements have no impact on the value of the firm. 16-25 Passive Bond Management (Continued) †¢ Bond-Index Funds – Form a portfolio that mirrors the composition of an index that measures the broad market. The major bond indexes in USA are Lehman Aggregate Bond Index, Salomon Smith Barney Broad Investment Grade (BIG) Index, and Merill Lynch U. S. Broad Market Index. – They are market-value weighted indexes of total return. They include government, corporate, mortgage backed, and Yankee bonds with maturity over a year. 16-26 Passive Bond Management (Continued) – They are not easy to replicate however: †¢ There are more than 5000 securities. †¢ Rebalancing problems †¢ Immunization – Banks and pension funds in general try to protect their portfolios from interest rate risk altogether. Banks try to protect the current net worth (net market value) of the firm against interest rate fluctuations. – Pension funds try to protect the future value of their portfolios since they have an obligation to make payments after several years. 16-27 Passive Bond Management (Continued) – Interest rate exposure of the assets and the liabilites should match so the value of assets will follow the value of liabilities whether rates rise or fall. – Duration-matched assets and liabilities let the asset potfolio meet firm’s obligations despite interest rate movements. 16-28 Passive Bond Management (Continued) – What if interest rates change and the duration of the assets and liabilites do not match? †¢ If interest rates increase the fund (asset) the firm has will suffer a capital loss which can affect its ability to meet the firm’s obligations (liabilities). †¢ But the reinvestment rate for the coupon payments will increase so the reinvested coupons will grow at a faster rate. †¢ There will be two offsetting types of interest rate risk: price risk and reinvestment rate risk. – If the durations match, the price risk and reinvestment risk will cancel out each other. 6-29 Passive Bond Management (Continued) †¢ The solid red curve shows the accumulated value of bonds if interest rates remain at 8%. †¢ If interest rates increase at time=t* then the initial impact is capital loss but this loss is offset later by the faster growth rate of reinvested funds. †¢ At the duration time two effects cancel out each ot her. 16-30 Passive Bond Management (Continued) †¢ Graph of the PV of the bond and the zero-coupon obligation as a function of interest rate. †¢ For small changes in interest rates the changes in assets and liabilities are same. For greater changes the curves diverge. †¢ Why? †¢ Convexity †¢The asset and liability are not duration-matched across different interest rates. 16-31 Passive Bond Management (Continued) †¢ Rebalancing immunized portfolios: – As the duration of the assets and liabilities may change because of interest rate fluctuations the portfolio managers have to rebalance their portfolios to match the durations. – Also duration changes with the passage of time. †¢ As time passes the duration of the assets and liabilities will change at different rates. 16-32 Passive Bond Management (Continued) Cash Flow Matching – Buying a zero coupon bond that provides a payment in an amount exactly sufficient to cover the projected cash outlay. †¢ Dedication Strategy – Cash flow matching on a multiperiod basis. – The manager selects either zero-coupon or coupon bonds that provide total cash flows in each period that matches the series of obligations. – Advantage: It is once-and-for-all approach and eliminates the interest rate risk. 16-33 Passive Bond Management (Continued) †¢ Problems of Immunization – In the general duration formula the weights are computed by discounting CFs with the same YTM. If YTM differs than for each CF a present value has to be calculated by using appropriate rate. – Immunization only makes sense for nominal liabilities. †¢ If your future obligation depends on the future inflation you can not immunize it by buying an asset with fixed-income (not indexed). 16-34 Active Bond Management †¢ Finding mispriced securities, especially underpriced ones †¢ Forecasting interest rates – If the decline in interest rates are anticipated the managers will increase the duration of their asset portfolios. – Homer and Liebowitz (1972) characterize portfolio rebalancing activities. 16-35 Active Bond Management (Continued) †¢ Substitution swap – It is an exchange of one bond for another with equal coupon, maturity, quality, call features, sinking fund provisions, and so on. – Motivated by a belief that the market has temporarily mispriced two bonds. †¢ Intermarket spread swap – It is an exchange of bonds when an investor believes that the yield spread between two sectors of the bond market is temporarily out of line. 16-36 Active Bond Management (Continued) †¢ Rate anticipated swap – The investors swap shorter duration bonds with the longer duration ones since they believe that interest rates will decrease. Pure yield pickup swap – The investors swap longer-term bonds with the shorter-term bond when yield curve is upward sloping. 16-37 Active Bond Management (Continued) †¢ Horizon Analysis – Form of interest rate forecasting – The analyst selects a particular holding period and predicts the yield cur ve at end of period – Given a bond’s time to maturity at the end of the holding period its yield can be read from the predicted yield curve and the end-of-period price can be calculated. – The total return over the period is computed as adding the capital gain and coupon income for the holding period. 16-38 Active Bond Management (Continued) †¢ Contingent Immunization – Mixed passive and active strategy. – You have to calculate the funds required to lock in via immunization. – This value is trigger point. – If and when the actual portfolio value dips to the trigger point, active management will cease. 16-39 Active Bond Management (Continued) †¢ Panel A: the portfolio falls in value and hits the trigger at time t* then the immunization strategy pursued and portfolio rises to planned terminal value. †¢ Panel B: the portfolio never reaches the trigger point and is worth more than the planned terminal value. 16-40

Free Essays on The Black Death

The Black Death was the most known incidence of the bubonic plague that killed at least 25 million people throughout Europe during the 14th century. The bubonic plague first appeared in Asia then moved at an alarmingly fast speed along the trade routes towards Europe carried by fleas that infested on rats (Hollister 1974). The disease was extremely swift where as explained by Boccaccio (1351) victims often â€Å"ate lunch with their friends and dinner with their ancestors in paradise†. The impact that the pestilence had on Europe was extreme and the psychological effects must never be underestimated. Immediate responses differ widely between people with some choosing to flee from their cities and family towards the countryside, others giving way to religious frenzy and debauchery, while some remained faithfully at their posts hoping for divine protection (Hollister 1974). No matter what people did nothing halted the disease and no one emerged from the ordeal unaffected. Psychologically, the plague altered the way people of the 14th and 15th centuries viewed the world. Nobody wept for the dead, since each person was awaiting their own death, and so many died that everyone thought that the world was coming to an end. One of the firsts and most obvious consequences from the enormous amount of life lost was human behaviour and psychology (Holmes 1988). When the plague first attacked, the commonplaces of everyday life just stopped, peasants stopped ploughing, merchants closed their shops, and even churchmen stopped offering last rites (Gottfried 1983). Boccaccio’s ‘The Decameron’ not only details the horrid physical effects the plague had on people but also the social, the plague forced people to run from one another, â€Å"brother abandoned brother†¦wife abandoned husband, and even worse, almost unbelievable- fathers and mothers neglected to tend and care for their children, as if they were not their own†. This is support ed by Di... Free Essays on The Black Death Free Essays on The Black Death The Black Death was the most known incidence of the bubonic plague that killed at least 25 million people throughout Europe during the 14th century. The bubonic plague first appeared in Asia then moved at an alarmingly fast speed along the trade routes towards Europe carried by fleas that infested on rats (Hollister 1974). The disease was extremely swift where as explained by Boccaccio (1351) victims often â€Å"ate lunch with their friends and dinner with their ancestors in paradise†. The impact that the pestilence had on Europe was extreme and the psychological effects must never be underestimated. Immediate responses differ widely between people with some choosing to flee from their cities and family towards the countryside, others giving way to religious frenzy and debauchery, while some remained faithfully at their posts hoping for divine protection (Hollister 1974). No matter what people did nothing halted the disease and no one emerged from the ordeal unaffected. Psychologically, the plague altered the way people of the 14th and 15th centuries viewed the world. Nobody wept for the dead, since each person was awaiting their own death, and so many died that everyone thought that the world was coming to an end. One of the firsts and most obvious consequences from the enormous amount of life lost was human behaviour and psychology (Holmes 1988). When the plague first attacked, the commonplaces of everyday life just stopped, peasants stopped ploughing, merchants closed their shops, and even churchmen stopped offering last rites (Gottfried 1983). Boccaccio’s ‘The Decameron’ not only details the horrid physical effects the plague had on people but also the social, the plague forced people to run from one another, â€Å"brother abandoned brother†¦wife abandoned husband, and even worse, almost unbelievable- fathers and mothers neglected to tend and care for their children, as if they were not their own†. This is support ed by Di...