Friday, May 22, 2020

Roman Plebeian Tribune Definition

The Plebeian Tribune—or tribuni plebis—is also known as the tribune of the people or the tribune of the plebs. The plebeian tribune had no military function  but was strictly a powerful political office. The Tribune had the power to help the people, a function called ius auxilii. The body of the plebeian was sacrosanct. The Latin term for this power is sacrosancta potestas. He also had the power of the veto. The number of plebeian tribunes varied. It is believed there were originally only 2, for a short time, after which there were 5. By 457 B.C., there were 10. The Plebeians Secede The office of plebeian tribune was created in 494 B.C., after the First Secession of the Plebeians. In addition to the two new plebeian tribunes, the plebeians were allowed two plebeian aediles. The election of Plebeian Tribune, from 471, after the passage of the lex Publilia Voleronis, was by a council of plebeians presided over by a plebeian tribune. When the plebeians seceded in 494, the patricians granted them the right of having tribunes with greater power than the patrician tribal heads. These tribunes of the plebs (plebeian tribunes) were powerful figures in Romes Republican government, with the right of veto and more. A patrician, Claudius Pulcher had himself adopted by a plebeian branch of his family so he could run for the office of plebeian tribune under the plebeian name of Clodius. Source A Companion to Latin Studies, by J.E. Sandys

Friday, May 8, 2020

The Roman Empire Essay - 503 Words

The Roman Empire The Roman Empire was a strong hold over the Mediterranean for many years. Being the goal of most all world leaders, the Romans wanted land along with their power. They set their eyes on the valuable lands around them and the Mediterranean world as well as parts of Northern Europe and Asia. The Roman civilization and culture was much influenced by the Phonetians and Greeks. Later, the Romans were in control of these lands and their people. Three of their prize provinces held at much value to them were Thrace, Macedonia, Greece. These three lands were all located in the same area, providing a throughway to Rome for trade routes from China and the Middle east. Thrace, being on the south western coast of the Black Sea†¦show more content†¦Many scholars and philosophers had began to discover the longtime mysteries of the world. The Greeks had a system of writing and were very well educated. They were eventually taken over by King Philip V of Macedonia. He made and alliance with G reece and gave them military aid in order for control of their government and people. King Philip dreamed to make Macedonia a world power and intended on starting in the Mediterranean. Rome had also set these same goals for their future and there was nothing stopping them. One of Philip’s allies, Hanibel, went against him and fought him for Macedonia. The Macedonians allied with the Carthagenians and the Romans with the Aetolian League. By 168 B.C. Rome had Macedonia in their command. After this, the Archaen League in Greece sought freedom after the long rule of Macedonia. They tried to fight against the mighty army of the Romans, but this only resulted int he destruction of the city, Corinth. In 146 B.C. the Romans had abolished all leagues in Greece, and most trade was stopped in the big port cities. Rome would be over this land for sixty years to come. Meanwhile, the Romans realized the value of such things like gold. They soon found out that deposits of gold and other min erals were in the uncultivated land of Thrace. The people of Thrace were for the most part, barbaric, warlike, and unorganized. The Romans did not have as many troubles obtaining this land, considering the peopleShow MoreRelatedThe Roman And Roman Empire1068 Words   |  5 PagesThe Roman Empire, which was centered in the city of Rome, was the most extensive western civilization of ancient times. With its major advancements and prosperity it is hard to believe that the Roman Empire suddenly collapsed and fell into a time known as the Dark Ages. After a period of struggles for the Roman Empire, the empire gradually fell. Rome was the most successful civilization of its time. Its strategic location in the center of the Italian Peninsula and the fertile plains that supportedRead MoreThe Roman Of Roman Empire Essay1234 Words   |  5 Pages The Roman scutum was a large body shield used in battles, sieges, and gladiator fights. The scutum was used from the early Roman Republic until the third century CE and helped to define many of the Roman battle tactics that made them so successful. The curved, semi-cylindrical design provided full-body protection and was especially used in the testudo formation during sieges. The Roman Scutum is a perfect example of the military genius of the Roman Legion. The Roman Empire was created from theRead MoreThe Roman Empire1469 Words   |  6 Pagesthe Roman Empire. The Roman way of life and â€Å"Pax Romana† set up a standard of what defined civilization great. However, what was it that made the Roman life great? Was it the rules, the system of government, the virtues of the people? I believe what made the Romans so mighty was a blessing from God due to the outpouring revival of their hearts. However, to fully understand how their hearts were revived for Christ and how God had His hand on them we must take a look at the past of the Romans AfterRead MoreRoman Empire871 Words   |  4 PagesThe Roman Empire is known as one of the greatest empires of all time, blossoming politically, economically, and culturally. Rome was quickly expanding, reaching as far as North Africa. When Octavian came into power, the Pax Romana, or â€Å"Roman Peace,† began. However, this long peace may have triggered the beginning of the end of the Roman Empire. Because Rome was not distracted by conquering foreign lands, its citizens relaxed and lived in luxury. There did not seem to be any goals they did notRead MoreThe Roman Empire And The Romans1815 Words   |  8 PagesIn Roman history, it is often true that history was written by the victors, and given the large expansion of the Roman Empire, the Romans likely wrote over the accounts of the civilizations they took over, adapting the new provinces into their way of life and assimilating Roman culture into new facets of outlying territories way of life. The Roman Empire and Aug ustus had the ambition to expand north, going east of the Rhine where they had never gone, to take over new territory and the tribes thatRead MoreThe Roman Empire1551 Words   |  7 PagesStep 1: Plan What kind of technology in the Roman Empire affect its growth the most? I will be investigating from the start of the Roman Empire in 753 BCE to when the Western Roman Empire fell in 476 CE. This investigation will have a broad scope while investigating and include things from the Roman Legion to aqueducts and concrete. This investigation will not include technology that was not widely used to better the Roman Empire. The research question will answer my question by conducting researchRead MoreThe Roman Empire Essay1697 Words   |  7 Pages The Roman Empire, arguably one of the greatest civilizations to have ever ruled here on earth. The story is that it was founded by two brothers, Romulus and Remus, sons of Mars, the God of war, and raised by a she-wolf. After killing his brother for crossing his wall, Romulus went on to become the first king of Rome, which was named for him. Later when the men of Rome wanted noble women to be the mothers of their children, they conceived of a plan that included deceiving the Sabin’s and kidnappingRead MoreThe Roman Empire912 Words   |  4 PagesPaper B To many people, the mention of the Roman Empire invokes thoughts of gladiators, debauchery, and the abuse of power. To others, it brings visualizations of classic statues, beautiful temples, and mythological gods. The Roman Empire was all of that and more. The saying, â€Å"Rome wasn’t built in a day† is true and its fall and decline happened gradually as well. Ancient Rome has inspired volumes of historical works, theatrical plays, and even movies in more recent times. More specifically,Read MoreThe Roman Empire Essay1216 Words   |  5 Pagesvictory. Romulus’s story influenced many Romans but, what really happened was Romans were under Etruscan rule for many years as slaves until the Romans rebelled and overthrew their masters. Romans were discouraged by Greece thinking Rome would be easily swept away. Rome was attacked by many barbaric tribes including fighting a war with the Etruscans but triumphed again and again. Rome started with nothing and worked it s way to the top, as nothing could break the Roman spirit, and their drive to dominateRead MoreThe Roman Empire903 Words   |  4 PagesOne of the greatest empires in history is the Roman Empire, but ironically what makes it one of the greatest is also what lead it to start falling apart. In other words, many different factors lead Rome to its success and prosperity, but these factors also are the ones that initialize the ruin of the republic. Different authors such as Polybius, Cicero, Sallust and Plutarch describe several of these factors that lead the Roman Empire to its glory and failure. Polybius relates Rome’s success to its

Wednesday, May 6, 2020

Ltcm (Long Term Capital Management) Free Essays

Workshop 2, week 3 Syndicate 1 1. The collapse of Trio Capital demonstrated the way in which hedge funds and funds of hedge funds can be overly complex, unclear and lacking in transparency, particularly for retail investors. a. We will write a custom essay sample on Ltcm (Long Term Capital Management) or any similar topic only for you Order Now Briefly summarise what has happened in the case of Trio Capital last year in 2012 in Australia The collapse of Trio Capital is the biggest superannuation fraud in Australian history. Trio Capital was the trustee of a numbers of super funds governed by the APRA (Ryan, S. , 2011). It also had a number of managed investment schemes, like ARP Growth Fund and Astarra Strategic Fund. An American lawyer, Jack Flader, controlled the hedge funds in the Caribbean in behalf of the company with the $180 million from Trio Capital’s schemes (Ryan, S. , 2011). When those funds collapsed, Australian investors funds disappeared. The company had very poor corporate governance, and at least one of the directors had fraudulent conduct and has gone to jail (Ryan, S. , 2011). Liquidators have record $300 million assets, but more than $ 200million are still missing (Ryan, S. 2011). More than 6000 investors lost money and some of them lost their entire retirement savings (Ryan, S. , 2011). And 5000 of those investors share $55 million taxpayer-funded levy to compensate the loss (Ryan, S. , 2011). However more than 600 investors will not get any compensation because the hedged funds they invested were self- managed and not governed by the APRA (Ryan, S. , 2011). 2. Discuss th e regulations that were in place with regard to hedge funds in Australia and what the changes that are in place are. Firstly, Lacking of universal definition of â€Å"hedge funds† has been a problem. Hedge funds have five unique characteristics defined by the regulations. According to Class Order [CO 12/749] Relief from the shorter PDS regime, a responsible entity using expression of â€Å"hedge funds† must exhibit two or more characteristics from the following list: (i) Use of investment strategies intended to generate returns with low correlation to equity and bond indices and/or complex investment structures (ASIC, 2012) (ii) Use of everage to increase returns (ASIC, 2012); (iii) Use of derivatives for speculative purposes (ASIC, 2012); (iv) Use of short selling (ASIC, 2012); or (v) Performance fees (in contrast to fees based on funds under management (FUM)) (ASIC, 2012). However, after the scale collapse of Trio Capital and other funds, hedge funds mangers might try to avoid labelled as hedge funds due to poor reputation. Secondly, improving disclosure promote more efficient capital market, help disclosure relevant information, reduce the possibility of omitting important information, concentrated on the information need of the investors, and be flexible to adapt investors’ information needs changes (ASIC, 2012). Under Corporations Act. 3 Pt 7. 9 requires the Product Disclosure Statement need to be prepared to the offer of interests, and ongoing disclosure obligation and requirements on advertising and publicity for the offer of interests(ASIC, 2012) . In detail, PDS must: (a) Be worded and presented in a clear, concise and effective manner (s1013C(3)) (ASIC, 2012); (b) Make specific disclosures (s1013D), including among other things about the significant risks associated with holding the product (ASIC, 2012); and (c) Include all other information that might reasonably be expected to have a material influence on the decision of a reasonable person (when investing as a retail client) about whether or not to invest in the product (s1013E) (ASIC, 2012). In addition, Ch 5C has further requirements on hedge funds, including the registration need to be label as a managed investment scheme operated by a responsible entity which holds an Australian financial services (AFS) licence, and to have a scheme constitution and compliance plan (ASIC, 2012). 3. Describe the roles of investment banks and merchant banks, with an emphasis on the nature of their off -balance-sheet business, in particular mergers and acquisitions. The merge and acquisition services income of the investment banks and merchant banks are large. In 2003 the total amount of advisory fees that charged exceeded $596 million in USA, suggesting that investment banks earned a significant amount of income for providing MA advice (Walter, Yawson Yeung, 2007). The advisory services offered by investment banks usually related to various aspects of the acquisition and sale of company and assets such as business valuation, negotiation, pricing and structuring of transactions, and procedure and implementation (Water, et al. , 2007). One of the most important analyses is called dilution analysis, which requires updated skills about M A accounting. Investment banks also provide â€Å"fairness opinions† which usually involved documents attesting to the fairness of a transaction (Water, et al. , 2007). In some cases, firms interested in M A advice will contact an investment bank directly to process a transaction in mind. However, in the majority cases, investment banks will pitch ideas to potential clients. After a general introduction of investment banks services in merger and acquisition, the specific roles will be provided below: First, investment bank plays an advisory role for both buyers and sellers. When investment bank takes the role of an advisor to potential sellers, this is named as a sell-side engagement (Water, et al. , 2007). On another hand, when investment banks act as an advisor to the acquirers, this is called a buy-side assignment (Water, et al. , 2007). Other services include advising clients on hostile takeovers, joint ventures, h, buyouts and takeover defense. Secondly, investment bank also plays a due diligence role. Due diligence means gathering, analyzing and interpreting the target company’s financial information, compared with its historical and projected financial results, assessing potential synergies and evaluating operations to identify opportunities and challenges (Water, et al. , 2007). Due diligence is used to investigate the risk and give client a true financial picture of the acquiring company. Clear the benefits and challenges of the transaction. Off balance sheet business means the business involved an asset or debt or financing activity is not record on the company’s balance sheet (Wikipedia, 2013). For example, financial institutions have business like asset management or brokage service to their clients. The assets (often securities) usually belong to the clients directly or in trust, the company has no direct claim to these assets or has no direct obligation to these liabilities (Wikipedia, 2013). The company usually has responsible for some fiduciary duties to the client. Financial institutions may report off –balance sheet items in their accounting statements or may also refer to â€Å"assets under management† on off balance sheet items. Under current accounting rules, the accounting distinction between on and off-balance sheet items are quiet detailed and depend on the degree of management (Wikipedia, 2013). In this case, investment banks help buyers and sellers to process the transaction in merge and acquisition. The assets and liabilities involved in merge and acquisition is directly controlled by the buyers and sellers rather than the investment banks. Hence these assets or liabilities should be recorded on the off-balance sheet of the investment banks. Syndicate 2 1. Describe the key factors, strategies that led to and the lessons learned from the demise of Long Term capital Management. Provide a brief summary of what happened and what were the strategies used by the fund. ( ,reference reading , reading ) Summary of what happened: Long-Term Capital Management was a hedge fund management company that involves absolute-return trading strategies accompany with high leverage nature. The firm’s key hedge fund which called Long-Term Capital Portfolio initially succussed with after fees yearly returns over 40% in its first years. However due to the influences from Russia financial crisis and its high leverage, in 1998 it lost $4. 6 billion in less than four months. There were a wide range of companies and individuals affected by LTCM’s loss. In order to prevent chain reaction, Federal Reserve’s financial intervention and other companies taken over required and the company closed down in early 2000. The strategies: Initially, the company use complex mathematical model to analyse fined income bond to demonstrate arbitrary trade (usually pick up American, Japan and European government bond) Government bond is a term contract, which means in the future, at a fixed time, they will receive a fixed amount money. When the bond firstly issued, the difference of price has been minimised. Hence, according to economic theory, any price gasp will be fulfilled by arbitrary. The price difference between 30 years government bond and 29 times 9 month bind should be very small. And both of them will be mature about 30years later. However these two bonds will have slightly difference due to liquidity difference. So through a serious of financial techniques, buy 29 year 9 month bond and sell 30 years bond before the 30 years bond just issued, the profit becomes possible (Edwards, F. R. , 1999). But using the price difference and arbitrary was not sustainable. Hence the LTCM must use high leverage to generate more returns. In 1998, the company only had 47. 2 billion by them self, but financed funds about 1245 to 1290 billion, which means the leverage ratio exceed 25 (Edwards, F. R. , 1999). And the majority of the funds are invested in derivatives which is extremely risky (Edwards, 1999). Lessons: Limited leverage should be required for companies to reduce solvency risk. Arbitrary will not sustainable for the long period. The company lack of sustainable strategy. Disclosure of information is quiet important. This will reduce the investors gambling act and let them realise the true risk. 2. Refer to the case of LTCM. Imitation is said to be the sincerest form of flattery. What problems does this create in financial markets? Does this cause financial market crises or is it only a problem when a crisis occurs? Problems: Leverage ratio exceeds to 25, which is too high. Arbitrary is not sustainable, hence the long term investment strategy is absent. The funds amount is large; hence it is difficult to recover the loss. This will increase the possibility of the financial crisis to happen. Because LTCM is extremely high risk company, even though all the company’s partners are graduated from world’s leading universities like MIT Harvard, and they have complex mathematic model, but its high leverage financing structure and business activity nature (e. g. edge, derivative) determined LTCM is an extremely high risk company. Those high-educated partners use other person’s money to take risk without nominating the true risk. If the principal knows the risk, they might not invest in this company. As one company failure will cause others loss money. If the same investment strategies apply to all the companies in this industry, then the failure will expand to the whole industry, and have various chain reactions. Hence it is not only a problem when financial crisis occur, it actually will becomes the perpetrator to cause the financial crisis. . Explain the structure, roles and operation of managed funds and identify factors that have influenced their rapid growth. Structure: the variety of assets is wider same as the management styles range. Some portfolios are conservative and some are aggressive. Different structure is aim to achieve different portfolio goals, timeframe and risk tolerance (ASX, 2013). Roles: A management fund is a tool for investors to accumulate wealth. Managed funds can invest in a portfolio rather than a single security. The portfolio assets include wide range of financial products like domestic shared, international shares, fixed income securities, unlisted private companies and specialist sectors (ASX, 2013). Thereby the diversification of the portfolio reducing the risk of single security falls. Also managed funds can provide professionally managed portfolio to meet the need of customers who do not have time or the skill to manage (ANZ, 2013). Also managed funds can be bought and sold freely on ASX like share, hence the liquidity risk is low, and if you need money you can immediate trade at current price (ASX, 2013). What is more, it could help start at small, which means investor can invest a small amount of money and reach the same diversification as the large amount money (ANZ, 2013). Operation: Managed funds invest client’s money on the behalf of clients. They generally put same appetite clients’ money together to the selected portfolio (ANZ, 2013). The portfolio assets include wide range of financial products like domestic shared, international shares, fixed income securities, unlisted private companies and specialist sectors (ANZ, 2013). Factors influence their rapid growth: There are four factors influence its rapid growth. Firstly, entry, exit and ongoing management fees reduce the return (ANZ, 2013). Secondly, diversification can limit portfolio risk but it may also dilute profits (ANZ, 2013). Thirdly, there might be more tax payment compared with funds managed by client themselves, or more adjustments made by the portfolio manager, more tax applies (ANZ, 2013). Fourthly, the owner lost control of the money (ANZ, 2013). Losing control of your money – others may be involved in making decisions regarding where your money is invested. Reference List: ANZ. (2013, March 15th). Managed Funds. Retrieved from: http://www. anz. com/personal/ways-bank/work-life-financial/personal-finance/managed-funds/ ASIC (2012, September). Hedge funds: Improving disclosure. Retrieved from:http://www. asic. gov. au/asic/pdflib. nsf/LookupByFileName/RIS-hedge-funds-published-18-September-2012. pdf/$file/RIS-hedge-funds-published-18-September-2012. pdf ASX. (2013) Managed Funds. Retrieved from http://www. asx. com. au/products/managed-funds. htm Edwards, F. R. (1999) Hedge Funds and the Collapse of Long Term Capital Management, Journal of Economics How to cite Ltcm (Long Term Capital Management), Essay examples