assignment代写：Development of face recognition technology

下面为大家整理一篇优秀的assignment代写范文- Development of face recognition technology，供大家参考学习，这篇论文讨论了人脸识别技术发展。从技术发展趋势来看，目前，越来越多研究机构开始对人脸识别技术进行更深入的研究，以寻求更好、更新的人脸识别技术。其中，远距离人脸识别技术与3D人脸识别技术是研究的主要方向之一。随着高科技信息技术的快速发展，未来人脸识别技术将逐渐向市场化、产品化的方向发展。可以预见，随着人脸识别技术应用范围的扩大，具有针对性的人脸识别产品将越来越多。

With the rapid development of science and technology, especially in the fields of computer and network, the automatic recognition technology of biometrics has been widely researched and developed. In today's information explosion of the society, the security and concealment becomes more and more important, how to effectively and easily authenticate and identify, more and more become a very prominent problem.

Traditional authentication methods such as identity cards, the password card, password card and so on all exist many problems, and along with each kind of crack technology unceasing progress, also faces the more and more serious challenge, the face recognition technology as the human vision Most outstanding ability, because of its harmless and to the user most intuitive natural way, Therefore, it has become the most promising way in the field of biometrics automatic identification technology.

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According to the prospective Industry research Institute, "face Recognition industry market forward-looking and investment strategic Planning Analysis Report" data show that 2009, the global biometric market size of 34. 2.2 billion dollars, of which, face recognition accounted for more than 11. 4%, the market size is about 3. 9 billion dollars; by 2016, the global biometrics market was 127. About 1.3 billion dollars, of which the face recognition scale is about 26. 5.3 billion dollars, accounting for about 20%.

Face recognition has non-contact, friendly, direct, rapid, extensive and so on, in security, education, payment, national defense, finance and other areas of great potential, the future period of time is expected to face recognition market size will maintain growth of about 20%, by 2022, the global face recognition market will reach 75. 9.5 billion dollars.

According to the trend of technology development, more and more research institutes have begun to study the face recognition technology in order to find a better and newer face recognition technology. Among them, the long distance face recognition technology and 3D face recognition technology is one of the main research directions, although there are some difficulties in the application of these technologies, the application of long distance face recognition technology and 3D face recognition technology will be the direction of development in the future.

From the market trend, with the rapid development of High-tech information technology, the future face recognition technology will be gradually to market-oriented, product development direction. In addition, face recognition technology has more and more product types, such as face recognition based on skin color, face recognition technology based on point position, face recognition technology based on geometrical features, etc. It can be foreseen that with the extension of the application of face recognition technology, there will be more and more targeted face recognition products.

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英国essay写作方法技巧

虽然essay是英国大学最常见的作业，但很多留学生都认为essay比较难写，或者很难拿到高分。事实上essay并不难，只要大家把它的四个部分写好，适当使用一些方法技巧，就没什么问题了，下面就给大家总结一下。

标题

如果没有目录可以放在第一页的开头，用“标题字体”加重显示，靠左对齐。如果有目录，标题独立一页显示，用二号字体加重居中显示。

目录

如果内容较多的话，可以考虑用目录，便于别人查看你的essay，目录页包括:introduction ,main body, conclusion, references的对应页数。可以用word自动生成目录的功能。内容不多的话，就没有必要写了。

Introduction

介绍部分包括文章的介绍和要解决的问题，文章的介绍简单的写出这篇文章的目的，及介绍下文章的结构，文字不要过多，一般占文章10%的字体，一般只有一段。介绍部分一定要认真，在组织介绍的同时也给你机会去组织你的论点，如果介绍部分的结构没有组织好，很难继续下面的写作。Introduction应加重左对齐，介绍内容另起一行，靠左对齐写。

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Main body

内容部分可以分成好多部分，然后每部分有一个小标题，但逻辑要清楚。每部分的标题，应用加重字体，靠左排列。内容另起一行靠左对齐书写。 conclusion结论是对文章的总结，像introduction一样，必不可少，需要用简单、总结的语句写。多以in conclusion开头。

Reference

参考文献是指文章中所参考或引用的出处，多以哈佛文献格式，按照作者姓名、年份、书名、出版地、出版社。每个reference之间要隔一行。如果reference要写两行，第二行需要缩进五个字符。书名要用斜体，且除虚词外的单词首字母要大写。reference的顺序应该以作者姓名的首字母排序。

注意事项

essay字体都用times new roman字体，除大标题外的字体用小四，行距以1.5倍为准。

以上就是给大家总结出的几个简单易学的通用essay写作技巧方法，希望可以帮助到各位在英国留学的同学们。

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Paper代写-UBS: Mobilizing private wealth for public good

下面为大家整理一篇优秀的paper代写范文- UBS: Mobilizing private wealth for public good，供大家参考学习，这篇论文讨论了瑞士联合银行集团。瑞银集团总部位于瑞士，拥有155年金融服务业的悠久历史。它以财富管理、私人银行、投资银行等方面的经验和专业而闻名，与新成立的银行相比，其名气和声望为其创造了难以复制的优势，而合并和收购也为瑞银的扩张做出了很大的贡献。

Abstract

Sustainable development has been a topic of general interest since 1978 when firstly introduced by official organizations. A concept of sustainable development goals (SDGs) was published by UN in 2015 that would be integrated into the follow-up to the Millennium Development Goals (MDGs) (Griggs, et al., 2013). Also, in January 2017, UBS focuses on private capital function that is closely related to SDGs via its White Paper. The essay explores more about UBS and its efforts, proving that barriers of implementation do exist. After identifying the issues through relevant literature and constructive feedback from supervisors and UBS, two recommendations are made to assist to mobilize private wealth for public good.

Part I

1.0 SWOT Analysis of UBS

Strengths

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Headquartered in Switzerland, UBS has a long history of 155 years in servicing financial industry. It is well-known for the experience and professionalism in wealth management, private banking, and investment banking, etc. The fame and reputation create hard-to-duplicate strengths compared to newly established banks. Merger and acquisitions make contributions to UBS’s expansion. For example, the merger with Union Bank of Switzerland and the Swiss Bank Corporation (SBC) in 1998 and acquisition of Paine Webber, Phillips & Drew, S.G. Warburg in 1990s-2000s (United Bank of Switzerland, 2017).

Wide international coverage and network form ability of better resource allocation and application for UBS as well. According to its official site and annual report 2016, UBS had hundreds of offices in 52 countries over five continents – Europe, North America, Asia Pacific, Middle East & Africa, and Latin America & Caribbean – with around 60,785 employees until last year. The workforce, composed of 35% Swiss, 34% America, 18% EMEA, and 13% Asia, provides services to clients all over the world. As a result, UBS could conduct diversified and customized businesses on the basis of local environment.

Combined with its strategy to “make substantial progress focusing activities on a set of highly synergistic, less capital and balance sheet-intensive businesses dedicated to serving clients and well-positioned to maximize value for shareholders”, UBS created unique global presence and capabilities in financial services through expertise, resources, as well as involvement. Moreover, the strategy helped UBS enjoy a competitive position in assisting customers growing wealth.

Weaknesses

With depth participation and large scale all over the world, potential problems follow. The corporation faces various business and legal environments, cultures, as well as user demand, etc. At the same time, complicated organization structure reduces management efficiency. Regulatory loopholes may exist. On Sep 15, 2011, a director of Global Synthetic Equities Trading team of UBS in London named Kweku Adoboli led to about 2.3-trillion- dollar loss by fraud and unauthorized trading (BBC News, 2011). UBS surely has problems in its internal control. Such case affects negatively on its professional image.

Opportunities

In its White Paper for the World Economic Forum Annual Meeting 2017, UBS puts forward concerns about global imbalance like uneven growth, wealth inequality, and environmental degradation, which negatively influence the inheritance of private wealth between generations. Therefore, UBS endeavours to invest private capital in related projects or activities to sort out the intergenerational issues and mobilizing private wealth for public goods. This action is in line with interest of majorities and international trend. If properly implemented, UBS could probably earn sustainable gains and more importantly, promote equality and social development.

Better yet, outsiders generally have positive attitude towards UBS. Numerous awards are achieved, such as Best Global Bank or Operational Risk 2016 Bank of the year award (United Bank of Switzerland), because of its success in connecting with customers, commitment to employees and the communities, and its ability to control risks. Moreover, credit rating agencies – Standard & Poor's, Fitch, and Moody's – also rate UBS at a high level. Recognition and identification are propitious to realize the targets or goals.

Threatens

UBS faces some issues in its efforts in chasing sustainable development goals (SDGs). Regulatory loopholes referred above are one example. Real negative interest rate in Europe is bad sign to some extent. European Central Bank (ECB) had relied on negative interest rate to stimulate the downward economy since 2014. This action increased investment risk, not being conducive to UBS’s plan to invest in public good. Additionally, some nations do not have favourable investment environment or refuse to cooperate with firms abroad, thanks to political or economic reasons, etc. Thus, considering possible non-transparency, insufficient disclosure and information, bad legal and political, investments may fail, causing loss on both profitability and fame.

Part II

2.0 Outline of Research Project

2.1 Summary of Problems

After financial crisis in 2008, economic growth is much lower than that of last ten years (Inklaar, et al., 2013). Meanwhile, economic expanding patterns are too extensive so that most consumption of resources is inefficient. Situation in emerging countries is more severe due to unimpeded flow of information, lack of transparency and standards, excessive desire and interest in industrialization, and weak resistance to adverse environment, etc. Thus, natural disposition of capital to pursue profits makes wealth inequality more likely to appear. Most developing countries and some developed countries are developing and progressing at expense of next generation. Public good may not get what it needs.

UBS, as one of the first signatories of the UN Global Compact, attempts to help solve the problems by investing to support SDGs and achieve its goals related to public good. However, the measures are described as a fail by UBS since most initiatives of relevant parties ignore private wealth. On UBS’s perspective, lack of transparency, limited company disclosure, absence of information, lack of standardization or consistency, and insufficient incentivisation form are the main factors blocking in mobilizing or stimulating private wealth for public good (United Bank of Switzerland, 2017).

2.2 Theoretical framework

Based on Resource Advantage Theory by Hunt & Derozier, a company could establish superior performance or sustainability on firm/industry level or system level. Company in the theory should recognize its internal and external advantages at first. Internal advantages include resources and capabilities, while external ones are related to location and marketplace position. By differentiating itself from other participants, the firm might perform better in qualitative and quantitative aspect, in this way acquiring superiority in long term.

Diagram 1. (John Hirst, 2017)

This theory will be applied to UBS on the recommendations part. Internal and external advantages will be examined so identify possible and potential superiority. Then, the superiority will be further discussed to make final advices, which assist in mobilizing private wealth for public good.

3.0 Literature review

Modern concept of sustainable development was firstly introduced in Brundtland Report by World Commission on Environment and Development (WCED) or Brundtland Commission in 1987. It focused on meeting human needs by securing global equity for current and future generations through the redistribution of resources towards poorer nations and environmental conservation (Visser & Brundtland, 2009). Around ten years later, researchers began to study the impact of private capital on sustainable development. Centry & Esty raised an idea that private capital flows could help in sustainable development when opportunities were properly recognized and act upon and that public sectors worked closely in partnership with private ones, especially for developing countries (Gentry & Esty, 1997). Jun & Brewer emphasized that coordination of host countries, such as advantageous policies to allow free capital flow were key factors to promote sustainability in terms of private investment (Jun & Brewer, 1997).

Among various sources of private capital, foreign direct investment (FDI) was the main and best documented way, accompanied by portfolio investment and commercial bank loans (French, 1998). Kharas & McArthur proposed five categories where large private external investment could take place – infrastructure and decarbonisation, agriculture and food systems, extractive industries, social sector investments like health services and education, as well as real economy; at the same time, sustaining or supportive regulatory and public investments should be in the place (Kharas & McArthur, 2014).

The U.S. was one of the early countries putting the idea into practice. It removed regulatory barriers to unlock additional private impact investment, increase the effectiveness of government programs, provide incentives for new private impact investment. It also is expected to encourage and support 36 innovative and impact-oriented organizations in order to grasp investment opportunities (US National Advisory Board, 2016). The measures agree with UBS’ perspective on current problems in fact.

In 2016, UBS led an internal competition called UBS Grand Challenge， involving over 1,200 employees to develop innovative financial solutions to address difficulties or challenges from carrying out SDGs. UBS also invested with commitment to SDGs. For example, Oncology Impact Fund aims to develop new and innovative treatments for cancer. Other investment areas consist of infrastructure, waste management and recycling, renewables and clean-technology, energy reduction, and economic development, etc. Announcement to invest large amount of client assets over the next five years to support the SDGs displayed its resolves as well.

Moreover, White Paper referred above that advised capital to be invested in human capital instead of wealth, introduced two main avenues – giving and investing, and proposed several suggestions illustrated its care for future progress of SDGs. Recommendations discussed on transparency improvement, connection establishment, new platform solution and so forth. In all, these movements and proposals were consistent with frontal research results and exhibited an attitude to create a beneficial environment for private investment in SDGs.

4.0 Feedback from UBS

4.1 Earlier findings

Before I visit UBS, my group did some research about UBS. Based on analysis of UBS’s background, White Paper, annual review and report, five recommendations were showed to the insiders:

1) Be more specific: pick 6 goals among 17 as main emphasis

2) Be a better partner: work together with government or public sector

3) Be committed: adopt a set of guidance, mind-sets, and platform

4) Be responsible: implement impact assessment and build climate conductive to SDGs

5) Be transparent and accountable: focus on financial data and quantify environmental nuisance

4.2 Further insights

However, when I finish this International Study Tour, I gained much more than before. For example, the recommendations were not practical enough for people who worked in a real world. Main feedback from UBS indicated that we paid too much attention to the theory of SDGs. The theory was just a tool to assist in settling disputes, so focal point should be on how to take advantages of relevant theory to address challenges that UBS encountered.

It is obvious that these recommendations were too broad according to what was required. Staff of UBS worked for clients all over the world, so they understood the significance of partnership or standardization. Additionally, they demanded certain detailed plan to mobilize private wealth for SDGs and followed them. Therefore, in future research and analysis, apart from referring literatures and public documentations to gain a common and representative conclusion about these issues, we should focus more on urgent challenges in real world and become detail-oriented or professional.

5.0 Recommendations

Through relevant constructive feedback from supervisors, we are suggested to make more specific and practical recommendations with cautious. After talking with one of group leaders, we know that next generation strategy is a very effective method to address problems. Thus, next generation or intergenerational approach, instead of recapitulative thoughts derived from SDGs theory, will be discussed to find better means of applying private wealth to public goods. This strategy can complement and reinforce common principle but differentiate responsibilities and respective capabilities by ensuring that the legitimate right of the poorest to develop should not be sacrificed in the name of future generations (Mary Robinson, 2013). To be specific, two methods could be applied.

Firstly, UBS may use its existing influence in the financial industry worldwide. As referred above, the corporation is famous for the expertise and capabilities in wealth management and private banking. The reputation and business network could help expand investment in more environmentally-friendly projects or products that alleviate contradiction between contemporary and next generation. White paper and Oncology Impact Fund were past attempts. Educational funds and infrastructure projects could also be good choices. Mainly because it is a fact that the emerging countries are poor in education and infrastructure generally. Governments would like to improve business environment, such as information flow, disclosure, and transparency in exchange of foreign investment. Barriers are likely to be lowered. For private investors, the characteristics of profit driving were fulfilled too. Education or infrastructure projects (Canning & Bennathan, 2000) often return sustained wealth growth in relatively long-term. Similar investment term attracts prudent investors, especially the young generation of billionaires – one demographic group of UBS’s clients. They are keen on benefiting society as part of “next generation”. When both sides are motivated, the investment on public goods could then be continuous.

Additionally, effective identification and follow-up of opportunities are vital in the process. For example, China is now conducting Public-Private Partnership (PPP) projects to amplify private involvement (Yuan, et al., 2010). If UBS branch grasps and updates the information in time, the opportunity to cooperate is greater than where no message is transferred. UBS’s network equips itself with capabilities to achieve quick handle of such opportunities. Timely reflection enhances its competitive power and service quality vice versa.

Secondly, UBS may consider investing in public good with return of human capital but not wealth. Current investments are mainly based on cash flows or fundamental assets, even public products or services. “Money” is visible and predictable contrast to human capital. But from another viewpoint, human capital is better in line with SDGs, because it is the primary power of economic growth and next generation development. The meaning behind investing in public good is to gain sustainable development somehow. Education quality, gender inequality issues, and even economic growth will benefit from enhanced investment regarding human capital.

To be specific, it has been very clear that the implementation and relevant advantages are extremely obvious. For instance, in Singapore, UBS could support abroad study with service terms. The government has cooperation with several countries in such projects. Students who receive free education will service the nation for about 5 years. As a result, indirect return is paid back to local organizations or enterprises. Based on such experience, UBS could further develop similar events or projects to better meet its goals related to public good. Services term is better linked to investors because return is required at the end. In this way, problems in investing public good are solved because investors or wealth managers are in charge. These educated students will finally benefit their home countries by improving equality, technology, economic efficiency, etc. Just as Tisdell concluded, increases in human resource capital and education had positive impact on technological progress and awareness of environmentally-friendly alternatives (Tisdell, 2001). Thus, the situation where poorer countries develop at expense of next generation will possibly be meliorated.

The recommendations attempt to provide some conception to facilitate private capital investment on public good under various challenges. Hence, the rights of generation could be better protected. Further studies might be needed to offer more specific practices.

6.0 Conclusion

To achieve SDGs, UBS makes efforts to invest in public good; however, obstacles like lack of transparency, lack of standardization, limited information, and insufficient incentivisation make it extremely difficult. Ever worse, the situation may not alter in short period, so UBS must find ways to adapt to current circumstances and collaborate with participants.

In conclusion, two ideas about next generation strategy are advised. The first is to expand investment in socially or environmentally-friendly projects through its capabilities and network; the other is to invest in public good with return of human capital. Both advices aim to help comparatively less developed countries with investment chances in public construction and development. Although UBS has talked about relevant suggestions in its White Paper, more professional research and comprehensive analysis are expected to ensure UBS could make final reasonable determinations, which contribute to mobilizing private for public good.

Part III

7.0 Reflective statement

In my perspective, master is not a simple degree, but an opportunity to develop as a person. Five aspects of attributes and competencies are expected to be enhanced during the study:

1) Professionalism: Mastering knowledge and skills needed in working environment, combining theories with practices, forming independent thinking and judgement;

2) Responsibility: Maintaining and improving conscientiousness - completing own job and focusing on quality;

3) Independent and critical thinking: Relying on facts and evidences, staying calm and independent;

4) Efficiency: Adapting to self-study mode; staying focused; collaborating with partners on complex issues;

5) Effective communication: developing effective communication skills –in both writing and presenting

This tour offered a chance to examine myself. On one hand, I did a relatively good job in responsibility and independent thinking. During the process, I always finished my part of assignment or work in good quality and in a timely manner. All thoughts and idea were based on extensive research and independent thinking. On the other hand, gaps existed in professionalism, critical thinking, efficiency, and communication between expectation and the fact. Due to lack of knowledge on real financial market and working experience, our early recommendations were considered too theoretical. Settlements, instead of questions, are required in workplace. My failures to ask for suggestions before the presentation exposed the poor communication skills to some extent. The results were not critical and efficient therefore.

Recognizing my strengths and weaknesses, objectives could be set to improve myself:

Learn more professional and career related knowledge

Involve in internship during master study

Build connections with alumni association and social groups to acquire information

Learn to collect adequate supporting materials before research and conduct research in a practical way

Strength communication with participants in activities by taking relevant trainings

Study to design and control procedure to develop leadership and improve efficiency

After setting these objectives, I involved more with social groups and started to control procedure for my schedules and works. The result was positive. I indeed acquired more information and became more efficient in daily work. Furthermore, detailed plan will be drafted in near future. Effects may not be checked at current time. However, I am sure that it will works to some degree if I follow the items. Further revise is possible as well to improve new found attributes or competencies.

Reference

[1] BBC News, 2011. UBS trader Kweku Adoboli charged with fraud. [联机]

Available at: http://www.bbc.com/news/business-14950873

[2] Canning, D. & Bennathan, E., 2000. The Social Rate of Return on Infrastructure Investments, s.l.: The World Bank.

[3] French, H. F., 1998. Investing in the future : harnessing private capital flows for environmentally sustainable development., Washington, DC: Worldwatch Institute.

[4] Gentry, B. S. & Esty, D. C., 1997. Private Capital Flows: New and Additional Resources for Sustainable Development, New Haven, Connecticut, U.S.: Yale F&ES Bulletin.

[5] Griggs, D. et al., 2013. Policy: Sustainable development goals for people and planet. Nature, 21 3, Volume 7441, pp. 305-307.

[6] Hirst, J., 2017. Topics Lecture Slides from International Study Tour Module, Durham: Durham University.

[7] Inklaar, R., Fernández de Guevara, J. & Maudos, J., 2013. The Impact of the Financial Crisis on Financial Integration, Growth and Investment. National Institute Economic Review, 3 5, Volume 1, pp. R29-R35.

[8] Jun, K. W. & Brewer, T. L., 1997. The role of foreign private capital flows in sustainable development., Santiago, Chile: Fourth Expert Group Meeting on Financial Issues of Agenda 21,epartment for Policy Coordination and Sustainable Development of the United Nations (DPCSD), Economic Commission for Latin America and the Caribbean (ECLAC), Interamerican Development Bank (IDB).

[9] Kharas, H. & McArthur, J., 2014. Mobilizing Private Investment for post-2015 Sustainable Development, Washington, D.C.: The Brookings Institution.

[10] Mary Robinson Foundation – Climate Justice, 2013. Climate Justice: An Intergenerational Approach, Dublin: Mary Robinson Foundation – Climate Justice.

[11] Tisdell, C., 2001. Sustainable development, gender inequality and human resource capital. International Journal of Agricultural Resources Governance and Ecology, vol 2, pp. 178-192.

[12] United Bank of Switzerland, 2017. Mobilizing private wealth for public good, s.l.: World Economic Forum.

[13] United Bank of Switzerland, Leading financial markets magazine Euromoney has named UBS «Best Global Bank».

Available at: https://www.ubs.com/global/en/about_ubs/about_us/awards/group.html

[14] Visser, W. & Brundtland, G., 2009. Our Common Future (‘The Brundtland Report’): World Commission on Environment and Development. Top Sustainability Books, pp. 52-55.

[15] Yuan, J. F., Skibniewski, M. J., Li, Q. & Shan, J., 2010. The driving factors of china's public‐private partnership projects in Metropolitian transportation systems: Public sector's viewpoint. Journal of Civil Engineering & Management, Volume 1, pp. 5-18.

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Paper代写：Analysis on The House of Mirth

下面为大家整理一篇优秀的paper代写范文- Analysis on The House of Mirth，供大家参考学习，这篇论文讨论了小说《欢乐之家》。《欢乐之家》是伊迪丝·华顿写的一部小说，20世纪初的纽约是一个由男人支配一切的时代，软弱的女人要想拥有财富和地位只能依靠她的男人，小说里的莉莉·巴特清楚的知道这一点，所以未经慎重思考便嫁给了一名富有的商人。虽然她再也不必挖空心思去维护自己的金钱和地位了，但她也因此失去了同样宝贵的爱情。

Introduction

The House of Mirth, a novel written by Edith Wharton, surrounds a beautiful and well-born but impoverished female called Lily Bart who belongs to the high society of the New York City around the turn of the 20th century. In this novel, Lily’s downfall from privilege to a tragically lonely existence on the margins of the society is minutely portrayed throughout the development of the plot, through which Wharton aims to critique the grasping, irresponsible and morally corrupt upper class of the New York City at that time. However, opinions toward what accounts for Lily’s downfall vary from person to person. Therefore this analytical research essay would like to analyze Lily’s downfall from the below three aspects: the cultural and social context, her own obsession with money as well as the prevalence of speculation at that time. It is hoped that you all can understand better toward Lily’s downfall in the due time.

Analysis on The House of Mirth

Firstly, the cultural and social context in which Lily lives has really played a significant role in her downfall (Houghton Mifflin Harcourt. 2016). To put it more specifically, the society Lily lives is one in which women as well as their activities are highly limited. The choices Lily has access to are few as a woman and she has nonexistent opportunities to see beyond her world because of her being a female in a rarified subculture. Also, she has no chance to experience other ways of life and of thinking. As a result, Lily won’t be allowed to borrow money from married man, gamble, hang out alone with Selden or any other man, have a place of her own, get a job, smoke, etc. if she would like to keep her reputation intact. But instead, Lily has actually done a series of issues that are not allowed for women to do under that specific cultural and social context in the society. The detailed places mentioned are mainly the New York City and the fashionable and luxurious New York country homes of couples like the Trenors, which can well indicate the materialistic society at that time (Houghton Mifflin Harcourt. 2016). Wharton states it in this way that “But Monte Carlo is, of all places, the ones where the human bond is least close, and odd sights are the least arresting” (196), which can well indicate humans’ indifferent attitude toward one another. There is no doubt that the indifferent relationships among people can undoubtedly help explain the downfall of Lily to a certain degree.

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The same as the article published on Houghton Mifflin Harcourt, Debbie Lelekis also depicts the influence of cultural and social context on Lily’s downfall. From the perspective of Debbie Lelekis, The House of Mirth was composed during the America’s Gilded Age between 1876 and 1901 when the problem of polarization was quite obvious (Debbie Lelekis. 2004). That is to say, the rich became much richer and the poor became much poorer during that period. So a fair knowledge can be obtained that the New York City then was peopled with millionaires in mansions for one part and immigrant families in tenements for another. Consequently, her downfall can be deemed as the failures of her cultural and social context in this sense and she is a victim in that cultural and social context (Debbie Lelekis. 2004). But what is different is that Debbie Lelekis pays more attention to the implications on the manners and people’s social behavior when explaining the downfall of Lily. When Lily is observed alone with George Dorset one night at a train station, they are directly supposed to have an affair by others, resulting in Lily’s being threatened with expulsion from society (Debbie Lelekis. 2004). It is not hard to imagine that such an affair does affect Lily a lot and it has resulted in her final downfall to some degree.

Moreover, Lily’s being too preoccupied with money can be another factor for her downfall (Gemma Kappala-Ramsamy. 2010). Detailed speaking, it is due to her emphasis on money that has prevented her from marrying the man she has crushes on because he is not rich enough. In the article of Gemma Kappala-Ramsamy, it is mentioned that Lily’s dependence on and her being accustomed to high society is her Achilles heel (Gemma Kappala-Ramsamy. 2010). Lily desires for a life of ease and luxury and she holds that she is entitled to such a life on her own without acknowledging the fact that she can not afford it after the death of her parents and the loss of her father’s possessions. Lily is raised and educated to marry well both economically and socially. Under such condition, she has no choice but to make the decision that she must marry someone wealthy so as to guarantee a palatable future and she always looks for such a man without comprising all the time. Suppose that Lily can set her desire aside and just marry to the man she loves regardless of his financial situation, then she may be able to live a happy life as other girls. What is unexpected is that Lily does not come to the terms with reality but instead she even scorns others who have alternative lifestyles. Wharton has stated that “Younger and plainer girls had been married off by dozens, and she was nine-and-twenty, and still Miss Bart” (37), which implies that other girls at her age tend to have all married. What’s worse, her getting nine-and-twenty suggests that her youthful blush is near the end and her marital prospects will be greatly restricted. So her Lily having no choice but to work in a milliner while she was dismissed afterwards was actually an outcome of her own choice. In the novel, Wharton has expressed it that “But once out of the house, she could not decide where to go; for she had avoided Gerty since her dismissal from the milliner’s, and she was not sure of a welcome anywhere else” (292), indicating her completely tarnished reputation in the end. It seems that her being smothered by the upper reaches of the society is inevitable and she is the agent of her own destruction (Gemma Kappala-Ramsamy. 2010).

Last but not the least comes that the prevalence of speculation at that time is another important element to consider when Lily’s downfall is concerned (Debbie Lelekis. 2004). As a matter of fact, the word “speculation” is with an ironic meaning in the writing of Wharton. In the first beginning of the novel, it is narrated that “it was characteristic of her that she always roused speculation, that her simplest acts seemed the result of far-reaching intentions” (1), from which we can understand why Selden, like the other men, would speculate about the value of Lily and why they would consider an investment on Lily. Taking the supreme importance of money into consideration, it is apparent that the repeated occurrence of the word “speculation” can well indicate the ironic sense of the word “speculation”. The aforementioned repeated occurrence of the word “speculation” includes “as he reached this point in his speculations the sun came out” (3), “she was roused from these speculations by a familiar touch on her arm” (89) and “Lily, who had a vague sense of her being somehow connected with her lucky speculations” (111), which can be indicative of the prevalence of speculation. And it is right due to the existence of speculation that makes Lily owe a large amount of money to Gus Trenor, which can be seen from the sentences that “’Every penny.’ She paused, and then continued abruptly, with her eyes on his face: ‘I think Gus Trenor spoke to you once about having made some money for me in stocks’” (282). It is out of her owing that a large amount of money caused by speculation that moves her forward toward her final downfall. After successfully identifying the deep influence of speculation, Debbie Lelekis even proposes that it is a culture of speculation in which money determines value and morality is limited to appearances (Debbie Lelekis. 2004). And it is right such a culture of speculation that calls for scathing critique.

Conclusion

To sum up, a reasonable conclusion can be drawn that Lily’s downfall can be understood from the cultural and social context, her own obsession with money as well as the prevalence of speculation at that time. Lily’s original grace, her gradual descending and toward her final death is really a tragedy and it is a result of both the external and internal factors. There is no doubt that there are many other factors as can be used to analyze Lily’s downfall as have not been mentioned in the above, which calls for further efforts in approaching days.

Works Cited

Debbie Lelekis. 2004. Lily’s Dilemma: Opposing Principles in The House of Mirth. University of South Florida. Graduate Theses and Dissertations.

Gemma Kappala-Ramsamy. 19 December, 2010. The House of Mirth by Edith Wharton-review. Online available from: https://www.theguardian.com/books/2010/dec/19/house-of-mirth-edith-wharton-review.

Houghton Mifflin Harcourt. 2016. Critical Essays The Critics: The House of Mirth as Gilded Age House of Cards. Online available from: https://www.cliffsnotes.com/literature/h/the-house-of-mirth/critical-essays/the-critics-the-house-of-mirth-as-gilded-age-house-of-cards.

Annotated Bibliography

Debbie Lelekis. 2004. Lily’s Dilemma: Opposing Principles in The House of Mirth. University of South Florida. Graduate Theses and Dissertations.

In this source, Lily is described as a victim and she is both the victim of cultural and social background as well as the prevalence of speculation at the turn of 20th century. In order to better illustrate Lily’s being a victim, the author has elaborated on the detailed conditions of the Gilded Age when the problem of polarization is obvious. Also, the implications of the social manners have been involved at the same time. This source is important in that it has put forward two significant factors for Lily’s downfall: cultural and social background and the prevalence of speculation.

Gemma Kappala-Ramsamy. 19 December, 2010. The House of Mirth by Edith Wharton-review. Online available from: https://www.theguardian.com/books/2010/dec/19/house-of-mirth-edith-wharton-review.

This source mainly deals with the internal factor for Lily’s downfall that it is Lily’s personal obsession with money and her desiring for a life of ease and luxury that resulted in her destruction. The truth is that she does not have the ability to afford that a life and she can not find one that is able to support her. The value of this source lies in that it can make up for the internal factor for Lily’s downfall.

Houghton Mifflin Harcourt. 2016. Critical Essays The Critics: The House of Mirth as Gilded Age House of Cards. Online available from: https://www.cliffsnotes.com/literature/h/the-house-of-mirth/critical-essays/the-critics-the-house-of-mirth-as-gilded-age-house-of-cards.

As for this source, it emphasizes the limitations toward females and their activities in the social and cultural context of the society in which Lily lives in. While illustrating, the few chances for women to live their life and their having no opportunity to see through their own world have been especially stated. The significance of this source lies in that it can provide a full analysis of Lily’s inability in various aspects due to the limits from the social and cultural context she lives in.

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Essay代写：Corporate Bond Analysis

下面为大家整理一篇优秀的essay代写范文- Corporate Bond Analysis，供大家参考学习，这篇论文讨论了麦当劳公司。麦当劳公司是全球快餐业巨头。2012年，麦当劳已经成为全球第二大私营雇主。麦当劳的一个特点是，它的餐厅不仅由公司经营，而且由特许经营公司经营。事实上，该公司80%的食品连锁店都是由特许经营的，而只有20%的连锁店是由该公司开设的。作为一家快餐连锁店，麦当劳的基本产品是汉堡包、三明治、烤肉和各种软饮料。在餐饮业，麦当劳可以被认为是餐饮集团的领导者。

1. Introduction

McDonald’s is the world’s largest fast food chain company. The company was founded in 1940s as a small barbecue restaurant and then in 1955 the McDonald brothers and Ray Kroc opened the first McDonald’s restaurant in the U.S. McDonald’s now owns nearly 37,000 restaurants and other outlets in 120 countries. It offered food services to more than 68 million customers all over the world. By year 2012, according a research made by BBC, McDonald’s has become the second largest private employer in the world while the first one is Walmart. One special characteristics of McDonald’s is that its restaurant is not only operated by the corporation itself but also by franchises. As a matter of fact, 80% of its food chain shops are operated by franchises while only about 20% of it is opened by the company. As a fast food chain restaurant, the basic product of McDonald’s are hamburgers, sandwiches, fires and different kinds of soft drinks. The products the corporation offers can be both “eat-in” and “take-out”. As the company has outlets in many different countries, McDonald’s also serve special international food set. For example, it sells beer in some European countries, and prawn burgers in Singapore and Japan. In the restaurant industry, McDonald’s can be regarded as the leader follows by Yum Brands. In the meantime, Starbucks is also one of its strong competitor, whose market capital by the end of 2015 was $80.11 billion while the market capital of McDonald’s at the same time was $84.38 billion.

2. Analysis

The development of McDonald’s slowed down since 2012. In October 2012, the monthly sales fell, which hadn’t happened for nine years. The fallen kept till 2014 when the seasonal sales fell first time since 1997. However, according to the fundamental data, the company has recovered from the fallen. The operating margin of McDonald’s keeps around 30% in the last five years. And the number in March 2017 is 32.77%, shows an increasing tendency this year. The tendency of net margin and return on investment capital of McDonald’s, on the other hand, shows a V size as figure 1 below. For all the Profitability Ratio, McDonald’s did a good job at least in three years. According to this tendency, the company will operate profitably in the future.

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Figure 1 Tendency of the Margins (McDonald’s)

As an international company, the U.S. isn’t the only market for McDonald’s. It operates 36,899 stores in more than 120 countries with about 375,000 employees. Thereis even a word of McDonald’s was named as "McDonaldization" because of its international business. McDonald’s grasp in the segment of the different culture is very accurate. That is also one of the key point of its success. The corporation would consider factors including geographical, human psychological and purchasing behaviors when searching for a new market. For instance, it opened a vegetarian-only restaurants in India in 2013.As introduced in part one, 80% of its business is operated by franchises. In one of its important international market, mainland China and Hong Kong, 80% of the franchise right were sold for $2,080 billion to CITIC Limited and CITIC Capital in January 2017. The expansion of international market is significant for McDonald’s.

The credit level of McDonald’s is Baa1 according to Moody’s rating, and BBB+ based on Standard & Poor's rating. The credit rating decreased these years because of the high debt level of McDonald’s. The first adjustment was since May 2014 when the corporation announced to "return $18-$20 billion to shareholders through a combination of dividends and share repurchases that the company will partially fund with additional debt." This, as a result, would accelerate its 3-year shareholder return target. The policy actually raise the debt of the company, and many bond holders concerned about that. Therefore Moody adjusted the credit rating from A1 to A3. Because high debt to total assert rate would limit the flexibility of the capital. For the similar reason, Standard & Poor downgraded McDonald’s credit rate from A to A-. In November 2015, Moody again downgrade McD’s credit rate from A3 to Baa1. The cause was that McDonald’s promised to its investors in a meeting that the company will return $30 billion cash to its stockholders in three years till the end of 2016. In the meantime, it will issue new bond to finance for $10 billion of the $30 billion. The policy indicated that McDonald’s wanted to keep its positive financial policy to its shareholders. However, it will also increase its debt a lot. Based on the analysis of Moody’s, the $10 billion new bond means $7 to $9 billion new debt. Hence the total debt to EBITDA will be around 3.5 times while the actual leverage is about 2.7 times. Except the flexibility of capital influenced by debt, if the recovery strategy plan and business model r-structure plan won’t work as well as its expectation, the credit rate might become lower in the future. At the same time, Standard& Poor's rating turned from A- to BBB+ too. By March 2017, the total debt to EBITDA of the company is still increasing, as figure 2 shows below. Compared to its competitors, McD’stotaldebt/EBITDA (2.88) is much higher than Starbucks (0.79) and DRI (0.48) in March 2017.

Figure 2 Total debt/EBITDA

However, as the net income margin began to increase recently, the company is still strong enough as a bond choice with high YTM.

The enterprise value went up as the increasing of the debt. According to the cash flow chat of McDonald’s, it hold a lot of cash. The company used the cash to repurchase its shares as well as pay dividends. McDonald's has increased shareholder dividends for 25 consecutive years. Also can be seen in the balance sheet, the corporation adjust its capital structure in 2014. From 2014, the long-term debt increased a lot, while the short-term debts decreased to near zero. The long-term debt, including new issuing bonds, help McDonald’s financing. And it also leads to the increasing of cash the company hold. Figure 3 indicates the historical stock price changing of McDonald’s.

Figure 3 History stock price of McDonald’s

The price trend last year shows a falling slope. This can explain that McDonald’s is suffering a hard time of the pressure of the market. The increasing trend in 2015, however, is a reflection of repurchasing stock as mentioned above. As the stock price is one of the reflection of the company’s operation, the YTM of McD’s bond. On the other hand, when the cost of long-term debt financing is higher than the dividend paid by the company, the company might meet a challenge. The increasing tendency of the stock price since October 2016 is also a positive signal for its bonds. The RoA ratio shows the similar tendency as it decreased from 2012 to 2014, but began to increase in 2015.

Bond portfolio

The first bond I choose is a 5-year bond of McD, a bond has a higher coupon than the average level. In the meantime, the bond has a shorter duration which is good for the portfolio. It is an investment grade bond. According to the analysis in part one, it weighted 2% of the whole asset allocation, but it is still important in the bond portfolio.

For treasury part, which account 10% of the whole allocation and 26% of the bond portfolio, I choose ITE, the one established by SPDR in 2007, because the fund seeks to provide investment results that correspond generally to the price and yield performance of an index that tracks the 1-10 year sector of the United States Treasury market. Its YTM is 1.32%, which is higher than other similar funds in the market such as SHY. Although the duration is a little bit longer than SHY.

For HY bonds, JNK is taken into the consideration. With YTM larger than 5.8%, JNK has the highest YTM among those bonds in the portfolio. The coupon is also much higher than investment grade bond and others. As many of the HY bonds all have lower grades, JNK is considered as average risk and high return. From the historical data of total return in 4 years, JNK worked well compared to the benchmark. Hence all the 18% of HY bonds is JNK.

In the municipal bonds part, I choose two funds. The first one is TFI, which is also established by SPDR. Both the coupon and the YTM of TFI is higher than investment grade bond. On the other hand, because TFI has a longer duration, I check the 5-year alpha, which is 3.61. When alpha is larger than 0, the fund is worth to invest. The other bond used here is PZA , PowerShares National AMT-Free Municipal Bond Portfolio. PZA is better than TFI in coupon and YTM; and it worked well in 2014 to 2016, as the total returns are all higher than benchmark. But when refers to 5-year data, PZA’s total return is smaller than TFI. Its alpha is less than 0 which means it works worse than the market in 5-year-period. Based on the discussion, TFI and PZA is complementary. Therefore, 1% of TFI and 7% of PZA is used in the portfolio.

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