The Main Themes Of Li Po’s Poetry Analysis Essay Example

The also referred as Li Bai, Li Bo, one of the most famous classical poets, lived and worked during the Tang Dynasty. He was born in 701 and lived 61 years. The period of Tang dynasty had become one of the best period of Chinese history. During this time science, art and culture made a great progress. During Tang dynasty many talented artists and poets created their masterpieces and Li Po was definitely one of them.

His poetical talent helped him to create many wonderful poems on many different topics. He wrote about nature, depicting wonderful landscapes of his motherland, he wrote about people and their characters; he wrote about inner transformations and secret knowledge. His poems have special rhythmic structure. Alliteration and assonance also help to express his thoughts in the poetic language. His philosophical and religious imaginary creates an exceptionable combination of art, culture and religion and in this way appeal not only to the appreciators of art, but also to spiritual people. His literary prophesy, which has survived till nowadays, consists of 1.100 poems.Along with Du Fu, Li Po was one of the most popular poets of Tang dynasty.

His poems were known by both, noblemen and ordinary people. Even present days his name is associated with classical Chinese poetry. Children learn his poems at school and adult people enjoy wonderful imaginary and deep topics of his poetry. People call him “the god dismissed from the Heaven” for “God-poet” for his poetical genious. Li Po was born in Gang Xiao Sheng region in the territory of China. His family moved to Sichuan when he was five years old. This travel made a great impression on a small boy and he decided to continue traveling when he grew up and turned 25. His education started when he was twelve.

He attended different schools, including religious ones. Taoism had had the greatest influence on his outlook and mentality.  After a number of tests, made by the Governor Su Tin, Li Po achieved the highest marks for his perfect knowledge. He wanted to become an official but later changed his mind and refused to take civil service examination. He gave up an idea to work as an official and started traveling.He wanted to get a better understanding of the world around him, people and nature. He described his impressions of his travels in the journals. Being an interesting and outstanding personality, Li Po met many different people and information about him was widespread around the country.

In 762 Li Po got a position of the Registrar of the Left Commandant’s office but till the time the order had arrived to his place Li Po was already dead. The information about his death is controversial. There is a legend that he died being drunk because of his attempts to hug the moon in the river. The credibility of this legend is doubtful because he left a farewell poem, where he speaks about the suicide.

Despite his sudden death, his immortal poems live during the long period of time and people do not stop to enjoy his poetry. The universal character of his poems makes them enjoyable for different people of different social classes and occupations.  In his poems Li Po passes more than just interesting facts. He managed to pass an atmosphere and feelings which unite a poet and his readers like a bridge.

In this way he fulfilled the main destination of the poet – to create images and pass them to other people. His way of life and even his death reflected the eternal search for inner truth, wisdom and right understanding, which made the main goal of his life. He knew about the transitional nature of all things on the earth and did not care much about them. As he wrote in one of his poems:The birds have vanished from the sky,and now the last clouds slip away.

We sit alone, the mountain and I,until only the mountain remains (Li Po).The composition of Li Po’s poems is very diverse. He uses different literary forms in his poems. Li Po makes an experiment not only with the imaginary he uses in his poems. He is famous for the experiments with form. He uses many Classical art forms and investigates his own ones. Sometimes it seems that conventional art does not give enough space for his genius to express all his thoughts and ideas and he has to invent new methods. He used different forms but jueju was his favorite one.

Jueju is a five of seven-character quatrains.His poetry not only reflects the beauty of nature around him. Li Po possessed a unique ability to grasp the moments of the eternity and put them into worlds. It is difficult to deal with such notions as beauty, calmness and self-realization, but Li Po possessed a unique talent not only putting these notions into words, but also passing this experience to other people through his poems. In his poem called Self-abandonment he writes about loosing the sense of self and joining the nature.I sat drinking and did not notice the dusk,Till falling petals filled the folds of my dress.Drunken I rose and walked to the moonlit stream;The birds were gone, and men also few.These four short lines combine a joy of life, enjoying every moment and sharing it with everybody around.

Chinese poetry has a rich tradition of describing feelings and complicated ideas through the descriptions of nature and Li Po is a master of this method. In this short poem we can see how the person reflects the processes which occur in the nature around him and vice versa – how nature reflects the state of a man. In this poem men and nature become one whole.In his another poem called “On Visiting Taoist Recluse of Tai-Tien-Shan and Not Finding Him” Li Po speaks about his journey to Taoist recluse.

The author again uses nature and scenery in order to pass his feelings. He describes dogs barking, the noise of water, fountains in great detail, so that the readers could feel the place described. The poem creates a picture in the mind of the reader and Li Po passes his feelings through this picture, which unites the author and his readers like a bridge. The readers can feel the fresh spring air when reading the poem:No sound of the mid-daybell enters this fastnesswhere blue mist risesfrom bamboo groves;down from a high peakhangs a waterfall (Li Po).

The images described in the poem create an allusion of awakening and rebirth connected with spring. The poem has also a deeper message connected with Taoism. After reading the title of the poem the readers can make the guess that the author is disappointed not fining the Taoist Recluse. While reading the poem the readers do not feel that the author is disappointed. Here a kind of contradiction appears. On the one hand, the readers know that the author did not find the recluse, but on the other hand, he does not sound disappointed. In This way only people who are aware of Taoist concepts and Taoist teaching can get the deeper message of the poem. In reality there is no need to seek Tao.

Every person can feel Tao any time he addresses his inner self. The poem describes this inner state of union with Tao. In this way readers can understand that there is no need to search for Taoist Recluse and the author is happy to share this knowledge.The theme of love and friendship makes and important part of his poems. In 744 he met Du Fu. Despite they met only twice, their friendship lasted till Li Po’s death. Despite the poetry of Li Po and Tu Fu is very different they supplement each other in a very interesting manner. “Tu Fu as a man is contrasted with Li Po in almost every conceivable way” (Preminger, Brogan, 113).

Li Po is known as a spiritual poet. Tu Fu centered on the depictions of everyday life. His poems remind chronicles. His poems are often autobiographical and describe important historical events. Despite the poets use different means and methods, they are both equally talented. It is naturally that since the first meeting they recognized each other’s talents and started a long-time friendship.The poems they wrote for each other make an important input in the understanding of the literary, political and religious credos of both poets.  Li Po became involved in the revolt against the Emperor.

After the failure of the rebel Li Po was exiled to Yeland but soon he was forgiven.Many of his poems praise light-heatedness and joy of life. He often speaks about drinking wine as a means to achieve the state of joy. In one of his most known poems called Drinking Alone by Midnight he reflects this kind of attitude:A cup of wine, under the flowering trees;I drink alone, for no friend is near. Raising my cup I beckon the bright moon,For he, with my shadow, will make three men.This poem reflects not only his love of wine. Being one of the most famous poems by Li Po, Drinking alone at Moonlight is full of bright images and spontaneous pictures which change each other harmonically. In this few lines Li Po manages to pass to the readers a unique combination of joy and sorrow he feels at the same time.

His feeling of loneliness is combined with the feeling of union with the entire world around him. In his real life Li Po managed to combine two unique experiences – he combined a spiritual search with experiencing the joys of life. The bliss he gets from the spiritual experience he combines with the joys of material world.  Drinking alone perfectly reflects this combination. The fantastic images often appear in his poems. This kind of poems is united under the name yue fu poems.The poetry of Tang period is influenced by three major religions widespread during that time. These religions are Confucianism, Taoism and Buddhism.

Li Po, who turned to Confucianism at the beginning of his writing career finally returned to Taoism, which had made on him a great impression since childhood. In contrast to Du Fu, who followed the philosophy of Confucianism, Li Po followed his own way and turned to Taoism as a source of inspiration and insight. The very poetry of Li Po becomes a manifestation of Taoism. Li Po turns to insights, makes an attempt to catch the eternity in one single moment, and turns to brilliant improvisations.

Rich imagination and fantastic images of Li Po’s poems reflect Taoist ideas.  Taoism is based on the   principles of non-action and emptiness taken from Tao Te Ching. God is not expressed by any concrete figure in Taoism but any creatures which possess God’s nature stand in the side of righteousness. Daoism usually refer to the inner life of the person and self perfection. It was rather skeptical about virtues, such as morality, proclaimed by Confucius and did not give it so much value. All these principles are reflected in Li Po’s poetry.Taoism is realized by different means in his poetry. First of all Li Po explores the concepts of Taoism in his poems.

He uses this combination of religion and philosophy as a philosophical basement of his literary work. There are many legends, which describe how easily Li Po composed his poems. He composed his poems very quickly and without any corrections.In contrast to Du Fu Li Po tried to avoid the references to historical data in his poems. His poems are universal and go beyond time. Li Po did not think about social recognition. During his journeys he gladly and openly communicated with different people from different social classes and with different incomes. He met a lot of celebrities and shared nice communication with them.

When he met needy people, he gladly shared his money with them. After some time of traveling Li Po settled in central southern China. After meeting Xu Yushi, an ex-prime minister of China, he fell in love and married his daughter. For certain period of time they live in Anlu in Hubei region.  In 730 Li Po performed a journey along the Yellow River but finally came back home. Ten years later he moves to Shangdong.  In 742 he made close friends with one Taoism priest. Once he got a chance to meet Emperor Xuanzong and talk to him.

The emperor personally prepared a meal for him and gave him a position in the Hanlin Academy. This academy made poetry for the emperor.  When the emperor asked Li Po to come to the palace Li Po was often drunk but he made beautiful love poems, which fascinated everybody. Li Po did not get the prominent position in the Academy because of the conflict with Gao Lishi. After this he left the academy and returned to traveling around the country till the rest of his life. He paid little attention to his popularity. Rich use of imagination and spontaneous use of language made Li Po a unique poet.Li Po paid little attention to moral norms and dogmas.

He did not follow Confucian ideology, popular among many people during Tang dynasty. That is the reason the followers of Confucianism often attacked him and his works. Nevertheless, Li Po paid little attention to this attacks, same as to the goods words of his admires. He was interested only in passing his knowledge and his experience to those who cared about it. Li Po partially followed the philosophy of Lao Tzi but did not turn to him as his religions or spiritual teacher.Li Po possessed exceptional knowledge and he was equally familiar with literature and alchemy. He created a unique combination in his poems and dedicated them to the topics, which had not been very popular before. He made an accent on the inner life.

Li Po possessed a good knowledge of Tsan Tung Chi, an ancient alchemic text. This work was the oldest treatise of alchemy which survived. It was based on the concepts from the Book of Changes and Confucian writings. Later, this text has become one of the basic texts of Neo-Confucianism. Li Po became the first writer, who turned to this text and cited it in his poems. Li Po’s poem called On Making the Great Elixir contains the ideas from Tsan Tung Chi. This poems speaks about the dual nature of the Universe, describes the law of united opposites and the kind of alchemy, which appears between them. Two opposites Li Po presents as the moon and the sun.

He uses figurative language “The Virgin rides in the River Coach (i.e. the mercury lies on the lead); the gold plays the part of the yoke-bar” (Li Po). In general, the moon becomes an extremely important symbol in Li Po’s poetry. The moon becomes for him a symbol of light, which shines in the dark and gives shimmering light in the dark sky, during the time when it is needed most of all. For Li Po the moon became the symbol of true knowledge, which shines and give the hope for true seeker of inner wisdom. The legend of his death connected with the moon probably partially derives from this affection with moon, peculiar to Li Po’s poetry. Later he introduces a number of other alchemical terms, such as Red Bird and White Tiger, which mean fire and metal accordingly.

Great elixir he describes like a thing “that is inseprable from Tao itself” (Li Po). The person who possess this knowledge is able to do anything he wishes:he can caress the sun; Paradise itself is but an ell awayIn the Kingdom of Death his name has dropped from the rollsThe Southern Pole-Star lists him in its Book of Lives. (Li Po).In the next part of the poem Li Po speaks about himself. He believes that he also possesses some kind of secrete knowledge and can be placed to the category of magicians. He states that his genius would enable him to make a brilliant career in public sphere but he voluntary rejects this opportunity. He addresses his friend Liu Kuan-ti, to whom the poem is dedicated, to give up public career and join him in his journey for the inner wisdom. Li Po speaks about the journey in the Taoist meaning.

He uses term which describes the type of the journey perfumed by the early followers of Taoism. This journey assumes inner quest for the spiritual knowledge. With the final lines of the poem the entire meaning of the verse becomes evident. Li Po describes all merits of the alchemy and advantages this secret knowledge can bring t people and then asks his friend to join him in this search. He presents himself as an example of person who succeeded in this journey. He positions himself as a magician and an alchemist in this poem and declares that this position is higher than any kind of political power and financial success. As he himself states: “When a man of high character is entrusted with the government of a district his first concern is to put all practical affairs out of his head. Whether he spends his time absorbing magic drugs or seeking for Immortals nothing in the place where he rules can ever go amiss” (Li Po).

He states that people who possess this type of knowledge can reach any kind of political power if they need it. “Holy Man, do not worry! Your fire needs no tending. But it seems indeed that you are more than a mere alchemist; for the elixir can only cause those that swallow it to grow wings. On what strange art did your miracle of the two wild geese depend?” (Li Po).  Despite there are many references to Taoism in Li Po’s poems, this poem explains the main terms of Taoism in the way the great poem understood them himself.  This poem also reflects the conflict between the ideas of Confucianism and Taoism. Confucianism, centred on the idea of virtue and social class, is contrasted to Taoism, which centres on the inner knowledge and spirituals quest. The great influence of Confucianism, which existed earlier, prevented the widespread of Taoism with its accent on inner life and rejection of social norms.

As soon as the influence of Confucianism decreased, it gave an opportunity to Taoism and other religions to develop in China. Li Po reflects these ideas and these confrontations between two major ideologies of China. He calls to reject material possession and the importance of social class and turn to inner life as the only source of joy and liberation.The spiritual themes of Li Po’s poetry are often supplemented by the motifs of human relations, such as love, friendship, hatred and betray.

In one of his most known poems called The River-Merchant’s Wife Li Po investigates the theme of love and marriage. It is necessary to take into account some peculiarities of gender relations in China in order to understand the meaning of this poem in the right way. Early marriages were usual during the time described and a young girl, who speaks about her feeling in this poem, is only fourteen. From the context we can also understand that her husband is older, since she addresses him as “my lord”.

The poem gives an account of family life in the way it was presented in Li Po’s times. The women possessed a subservient function and had to obey her husband in everything. Despite this attitude the woman can not imagine her life without her husband. The last lines of the poem prove this:If you are coming down through the narrows of the river Kiang,Please let me know beforehand,And I will come out to meet youAs far as Cho-fo-Sa (Li Po).

The feeling of separation, which experiences the River-Merchant’s wife, is the man theme of the poem. The readers can feel warmth and deep attachment in her line, even when she speaks about the negative experience of her family life. This poem, like many other woks by Li Po, reflects his perfect ability to pass the feelings of other people. He does a wonderful job representing the feelings of a young girl who is separated from her beloved person. Li Po’s poems combine the depictions of nature and people. For him people can not be separated from the world around them and nature makes the major part of this world. In his poems the readers can see an organic union of cosmos and everything that exists as its part. The conflicts in his poem show how human feelings and emotions are reflected by the world around.

Li Po uses allusion and uses beautiful images and scenery not only to impress his readers, but also to reach some levels beyond their rational understanding. He aims to reach not only rational interaction between his audience but also to reach people’s deepest feelings and emotions. “These images provide the texts with a texture and complexity that is rarely found in any other work. And at the same time they continue to intrigue an impressive number of people who are captivated by the nature of his unwonted, unparalleled bliss” (Marchewka 2).

Internal struggle also marks his poetry. Intensive quest for inner freedom reflected in his lifestyle is also reflected in his poetry. Great inner freedom which made him to seek for physical freedom, as well is reflected in all his works. Li Po makes unique combination of spirituality and irony in his poems. He passes this mood to his readers and persuades them that easy attitude to life and spirituality can be comparable. That is one of the reasons of immortality of his artwork. His new experience expressed in his work discovered a new way of spiritual art and gave new experience to many people who appreciate his poems.

Works Cited

  1.  Bai, Li.  The Selected Poems of Li Po, Anvil Press Poetry, 1998.Po, Li, Fu, Tu. Bright Moon, Perching Birds: Poems (Wesleyan Poetry in Translation) Cryer, J., Seaton, J. P. (transl). Wesleyan, 1987Hinton, D. Bai, Li.
  2. The Selected Poems of Li Po, New Directions Publishing Corporation, 1996.Marchewka, Gerald . Straight from the Heavens: Li Bai’s Poetry in Retrospecthttp://EzineArticles.com/?expert=Gerald_MarchewkaHarbaugh, Rick Chinese Characters, A Genealogy and Dictionary, Zhongwen, 1998.
  3. Preminger, Alex, Brogan F.V.F. Chinese Poetry.
  4. The New Princeton Encyclopedia of Poetry and Poetics, Princeton: Princeton University Press, 1993.Porter, Bill ‘Red Pine’ Poems of the Masters: China’s Classic Anthology of T’ang and Sung Dynasty Verse, Copper Canyon Press, 2003.Pound  Ezra (transl)   Version. On the River Merchant’s Wife: A Letter.
  5. Modern American Poetry. http://www.english.uiuc.edu/maps/poets/m_r/pound/letter.htm.

Comparative Analysis Of Stocks And Bonds

Abstract : This research  concentrates on the comparison of  bonds which are called liabilities and stocks which are also called equity using analysis of variance (ANOVA) tool. This tool is cam be effectively used to measure and examine if there is a significant relationship between stocks and bonds. This paper handpicked 20 companies under iTraxx Europe Sector informational data.

The descriptive method of research  was used for it employs randomize published data for this paper.The researcher proposed here that the common and traditional useful credit model such as default discrimination and relative value analysis. We were deeply in the study of the connection of bonds and stocks in credit risk to determine the defaulting and un-defaulting company. The researcher studied the debt and equity through commutative distribution analysis, distribution of default probability, multiple regression and analysis of variance (ANOVA).

I found out that the total stocks have a complete impact to the credit risk arena. And there is no need for the investors or companies to determine what model or approach will help them to identify the level of credit risk.I have to advise the investors to get he financial statement of the creditor to identify the credit risk. This is because we found out that if the total stocks are greater than the total bonds there is no credit risk.

The objective of this paper is to determine the significant relationship between bonds  and stocks from the selected 20 companies under itraxx Europe informational data I arranged this paper as follows: Section 1. Introduction, Section 2. Full Model and Reduced form approach, Section 3. Related Literature, Section 4.

Parallel Framework, Section 5. Data and Empirical Methodology, Section 6. Results, Section 7. Conclusion , and Section 8.

Appendices I. IntroductionThe aim of this paper is to determine the significant relationship between bonds and stocks in the selected twenty companies under iTraxx Europe sector. We believed that basic knowledge in accounting is the tool in determining the differences of the two variables. Consequently, the building interest in calculating the comparison of stocks and bonds was by no means then limited to the highly industrialized countries like the United States, Europe, Thailand, Australia to name a few.

  On the other hand, it is now mushrooming all over the world at a rate that surprises even the third world countries.  People have developed great enthusiasm in these tools to protect their interest in the form of investments.iTraxx is the brand name for the family of Credit Default Swap Index products covering regions of Europe, Japan and non- Japan Asia. They form a large sector of the overall credit derivative market.

Their indices are constructed on a set of rules with the overriding criterion being that of liquidity of the underlying Credit Default Swaps, (CDS). The I Traxx suite of indices are owned, managed, compiled and published by International Index Company (IIC), who also licensed market makers.Credit Risk is why businesses are always on the look-out, like the recent bankruptcies of several airlines, Delphi car parts, and the talk of whether GM or Ford will follow at risk, commercial banks, and institutions holding portfolios of corporate bonds.II.

Related LiteratureThe following ideas that were explicit in this part are the related topics concerning on bonds (long term Liabilities) and Stocks.Empirical research has often shown that the degree of mean reversion is not enough to generate a fall in the investment insurance costs. And, the article Why business fail: and strategies for a successful turnaround (Gardner,2006) clarifies that  a turnaround expert can make a difference  as he or she continues helping companies in different industries big and small and from start to finish. The finish portion includes when to invest in bonds, stocks and other money market placements.

And, this expert is a big help for many neophyte investors do not know when to get out of the stock market. Getting out of the market is best when the historical trend of the company investee shows that there is a continuing loss for the past year or years of operations. The expert can translate into layman’s language the voluminous stock market data so that the plain man will know whether the company he or she is interested to invest in is a failure or simply stagnate.Historically, many bankers and other financing companies end up transporting their troubled loans to the troubled loans department.

This department is primarily focused on collecting of non -performing assets and investments like bonds and other credit instruments. This special forces department  is mandated to exhaust all efforts  to cure the bank’s loan credit risks. One remedy that the special forces department gives is to enter into a credit risk rehabilitation program with the loan clients. Consequently, many of the distressed loan client will enter into the unavoidable end of company life stage called liquidation.

The distressed company  at this final stage sells all its assets to pay for the debts owing the creditor banks and other interested parties. The assets of the company includes inventories of items for sale in the merchandising business, office supplies inventory and others. And the assets of the company include the office equipments like calculators, computers, adding machines and the like. Other assets include furniture and fixtures, buildings, delivery equipment, land as well as other assets.

And, the article Credit Risk Watch (Espersen, 2002) stated that the chances are slim for a person to glance over the Wall Street Journal and not be touched by stories of some stock market companies that under crisis and under liquidation proceedings for bankruptcy. One major reason for this debacle is related to the mishandling of credit risks. For, many borrowers are considered credit risks for they are not able to pay their loan obligations on time. Currently, many debtor companies have been included in the credit risks category.

Frankly speaking, the number of obligation defaulters are currently at an all time high.Barbara Davison, the president of Investment Training and Consulting Institute Inc., in Auburn Kan., has even outsourced derivative audits with their internal auditing team for the past few years now.

She, an author and authority on credit risks stated upon interview that  credit risk, which is also known as credit default risk  is caused the  possibility that the long term bonds issuer or borrower to default on the payment of the periodic installments. She announced that her internal audit staff  focus on the probability of increasing the percentage of borrowers willing to pay the maturing obligations. Further, she stated that derivative audit is centered on contract audits and  accounts receivable audits as well. In addition, derivative audits concentrate on the scope of counterparty  transactions.

  She discussed that  “Derivatives are financial arrangements between parties whose payment or value is derived from the performance of some agreed upon, underlying benchmark. They can be issued on such underlying instruments as currencies, commodities, government or corporate debt, home mortgages, stocks, interest rates, weather, or any combination. Derivatives can mitigate risk by transferring “unwanted” risk to the market. However, using derivatives to hedge areas such as interest rate or price risk comes with its own concerns.

Derivative risk can be classified in five major risk classifications: market, legal, operational, management, and counterparty risk. Over-the-counter derivative transactions are exposed to counterparty risks due to their deal terms”.Based on the above expert opinion of Davison, derivatives can lessen their losses by transferring some of its headaches to the stock market in a volatile buy and sell situation. Thus, she recommended that  aggregation risk and continuous underwriting should be the best way to get out of a  cash –tight situation.

In fact, the debacle that happened to Enron is a very good example of credit risk.  For, Enron connived with its external auditor, Arthur Andersen to present financial statements that fraudulently presented financial statements. For, the balance sheet showed that the company had large amounts of assets which over overstated to the detriment of the stakeholders of Enron. The discovery of this fraudulent practice caused the closure of Enron and the deletion of Arthur Andersen from the list of the big five auditing firms.

To counteract credit risk,  many underwriting and other insurance companies  analyze the debtor company’s credit risk. After the credit risk study is done, the credit committee gives a nod to companies that have the capacity to their obligations when the periodic need to pay the installments fall due.The article My firm, Business Resources Services has developed a process that is called “Profit Mastery”(2007).  The current trend in the credit risk market is concentrated on the credit derivatives.

However, this new credit risk scenario has still to be tested.And, another article entitled Fitch Incorporated into iTraxx Credit Default Swap Indices (2005) Credit Default Swap Indices shows that International Index Company has already changed its policies and procedures in relation to the IItraxx Europe and Crossover Credit Default Swap Indices. For, the object is to infuse and reflect changes in the credit market environment.  Further, the current rules include the implementation of the Fitch Ratings and the Moody’s investors service and the Standard and Poor’s (S& P) interpretations in determining the eligibility issues.

Also, the report stated that “ iTraxx CDS indices are managed and administered by IIC and were launched in 2004 in conjunction with the leading global investment banks. They comprise the most liquid names in the European and Asian markets, and have become established as the leading CDS indices.  ‘We are very pleased with IIC’s decision to add Fitch’s ratings to the portfolio rules of construction for both the iTraxx Europe and iTraxx Crossover indices,’ said Kimberly Slawek, Group Managing Director, Fitch Ratings. ‘This is further testament to the acceptance of Fitch’s ratings by the largest capital market participants spanning across all sectors and geographies.

‘”. Evidently, Fitch Ratings is one of the recognized global rating agencies in the field of credit risk marketing. Fitch started on the organic growth and excellent strategy for analyzing, interpreting and projecting the credit risk probabilities of companies generally listed in the stock markets. Fitch Ratings has grown immensely because of its reputation in giving very valid and very relevant research findings or a few companies.

The company has grown in leaps and bounds across most of the fixed income markets.  Fitch Ratings is strategically located in New York and London. It has offices and also has formed business partnerships with over fifty locations and covering entities in over seventy nine countries. Its website is www.

fitchratings.com.And, the  book The Politics of International Credit: Private Finance and Foreign Policy in Germany and Japan (Spindler, 1984: p 37 -50) in its government and bank research that Germany’s global banking and  official government policies are  focused on  achieving their own goals and objectives resulting in complementary credit risk management behavior. For the Laissez Fair market economy is used to strengthen the creditor’s interest income generating activities.

  Thus, there is  a strongly mutual relationship between the credit granting companies and their money borrowing business community partners. Thus, the German banks and the German government have different ways to helping the financial market there. The government is responsible for making laws that will stir the business of borrowing and lending faster and better for both the borrowers and the lenders themselves. Furthermore, the government’s interest in helping the creditor banks make a profitable business out of lending money is evidenced by its maintenance of a safe and economically viable business environment.

The government takes care of the political and  financial health of the credit management industry.   Currently, the German banks’ global lending and deposit transactions have little transactions.According to the book  Experts in Uncertainty: Opinion and Subjective Probability in Science (Cooke, 1991, p 61 -68) stated that  it is the responsibility of creditors to be focus on the management of credit risks as well as increasing the uncertainty of the future in the creditors’ favor.  Naturally, banks hire experts in the business, credit risk and banking sectors.

Often, the financial analysts differ in their future credit risk projections  because the bottom line here is credit risk. Obviously, the experts themselves are uncertain whether the other experts are very comfortable with their credit investigation.Thus, we often here the comment “expert A provides a better representation of the uncertainty in this case than expert B.” These credit risk uncertainties are often identified as  ‘fuzzy truths’ or as ‘members in a fuzzy st’.

In the ordinary street language, fuzzy means that these companies have high probability of defaulting on their payments when the time to unpocket their payables arrive. Or, we can call these loans as bad or good loans.  Here, uncertainly is often translated to default probability.  Often times, logical thinking in the credit risk industry is not as easy as the textbooks seem to say.

For, credit risk companies resort to statistical tools like the iTraxx, the full method and the reduced method to be their guiding north star.Admittedly, many people like us would daringly make elementary logical mistakes  if we do not use statistical tools as our maps as we wiggle in and out of each credit risk situation.  Other people term this probabilistic thinking, Definitely, logical thinking should be premised on statistical reliance. Admittedly, our logic teachers often reiterate that the usefulness of probabilistic ergos or predictions should be based on performing mathematical computations.

  Thus, designers of artificial intelligence such as the computers always permeate logic and statistical tools like ANOVA, Chi Square, Pearson Test, Mean, Average and others as the basis for generating a conclusion to their research.According to the book The Risk Management Process: Business Strategy and Tactics (Culp, 2001, p.60-75), there is a kind of irrelevance  between corporate financing and management decision making risks. For, the corporate financing industry have often entered in hedging transactions where one financial instrument will take care of  the unprofitable investment in another financial instrument.

For this hedging theory is used by some companies in order to avert any credit losses from the volatile credit risk industry.  The article further stated that “the company was assumed to behave like a risk-averse investor maximizing expected utility and minimizing variance, and departures from variance-minimizing hedge ratios were defined as speculation”. However, this can unsatisfactorily backfire in some instances. For, some companies treat credit risk as a simple engagement  in the collection of  scarce accounts receivables.

For  the credit risk system encompasses the creditor and shareholder as well as the manager and shareholder relationship.;The term stocks  is the amount fixed in the articles of incorporation to be subscribed and paid in or secured to be paid by the stockholders of the corporation, either in money or property or services. At the organization of the  corporation or afterwards when the stockholders can invest their money in stocks in the stock market in London and the United States. The amount fixed in the minutes of the meeting are called authorized capital stocks.

   The capital stock is often divided into common share and preferred shares of stocks.  The advantage of the owner of a share of stock is that he or she can get  a certain share of the total earnings of the company. Also, the person having stocks can participate in the election of officers and in the approval and disapproval of the future actions or inactions (plans) of the board of directors and other key officers running the company. Furthermore, the stockholders also have the priority to invest in new stock issues of the companies in proportion to the shares of stocks he owns.

For example, if he owns 1,000 shares of stocks which is equivalent to ten percent of the total stockholders’ equity, then he is authorized to invest in ten percent of new shares of  the company.  And, the stockholders are authorized to be given first priority in the distribution of assets in case the company will file for bankruptcy and the company breaks up into many pieces(Larson, 1995; p459 -480).;Whereas, a company can resort to borrowing large amounts of cash whenever it needs large amounts of cash. The company may borrow large amounts of cash from the general public such as the stock market.

  This is what is called bonds. For, a bond is a formal  unconditional promise, made under seal, to pay a specified  sum of money at a determinable future date, and to make periodic interest payments to the bond creditors  at a stated rate until the principal sum is paid.  A bond is evidenced a certificate and a contractual legal agreement between the issuer and the investor called the bond indenture(Larson, 1995; p376-418).;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;IV.

Parallel Framework;;;;;;;Figure 1. This paradigm was used to determine if there is a significant difference between Bonds  and Stocks of twenty companies which is a credit risk using iTraxx Europe Sector Informational Data.;;;;;;;;;;;;V. Data and methodologyV.

i. DataI used randomization processes in publishing statistical abstract from the informational data of iTraxx Europe sector . bonds, and stocks is set as the informational data. I also used US dollar denomination for the computation this is based on prevailing price.

From 125 companies under iTraxx Europe we choose 20 companies for this paper. Of companies 6 of them are not on the run so we decided to replace them. I then laid down the constraint to twenty (20) companies for the analysis of the informational data. I got the informational data from the website www.

indexco.com .The bonds and stocks of the twenty selected companies under iTraxx Europe informational data was gathered through website,V. ii .

MethodologyI investigate the significant relationship between debt (total liabilities) and total equity of the selected 20 companies under iTraxx Europe informational data. I also use commutative distribution function, distribution frequency of probability and analysis of variance (ANOVA) .;VI. RESULTSThis section presents the analysis of the data on the study to find out if there is significant relationship between bond, and stocks of companies using iTraxx Europe Sector informational data.

The commutative distribution function was used to single out the defaulter from the non defaulter companies based on their bonds and stocks. Tables 1 to 2 will show the significant effect of the bonds and stocks in the stock market.From table 1 , we found out that out of 20 companies there is only 3 companies which has good bonds and this gives as hint that this company has no credit risk. These companies are Company 1, 2, and 3.

Company 1 has the highest probability value which yields a score of 0.45 or 45 percent. This was followed by company 2, which has a value of 0.32.

Company 3 has a probability of 0.19 and lastly we also found out that one company has slight probability of no credit risk this company is company 12. Company 12 which has 0.04.

This implies that greater part of the companies under this selection has extreme credit risk factor. This builds a signification influence in the stock market but some of the investor is not sensitive enough to the flaws of  such market.From table 2 , we found out that out of 20 companies there is only 5 companies which has a good stocks and this gives as hint that this company can pay their debt. These companies are Company 1, 2, 3, 9 and 12.

Company 2 has the highest probability value which yields a score of 0.45 or 45 percent. This was followed by company 1, which has a value of 0.31.

Company 12 has a probability of 0.18, Company 3 has probability of 0.01 and Company 9 has probability of 0.06 or 6 percent.

Company 3 and 9 has low probability of no credit risk.This implies that there is slight difference in such the bonds and stocks in determining the level of credit risk factor.From Diagram 3, we found out that there is only one company who has a related liability but large stocks. This means that this company afraid to take the credit risk or they might be some financial reason around him or we can say that this failed to balance the financial statement of his company.

It is notable that two companies balance their financial statement (company 11 and 18). Their bonds and stocks are more or less equal. We also found out that there are two companies who has slightly balance in terms of bond and stocks. These companies are company 15 and 16.

The majority of the companies have large bonds and small amounts of stocks. This implies that this companies have large level of credit risk.The Analysis of Variance was used to determine the relationship between bonds and stocks of the twenty selected companies under iTraxx Europe data. The result of the “Analysis of Variance” (ANOVA) shows that I have to accept Ho because the computed value of F statistics is less than its tabular value.

This means that the bonds and stocks has no bearing on each other. This research recommend the expansion of the study like adding some financial statements indicator or factors like short term liabilities, bonds, capital surplus, and total assets. We used 0.05 as our degree of freedom.

Summary of findings of the study, to measure the relationship of the bond and stocks I used analysis of variance to between group sum of squares (SSbet  ) is equal to 2895769616791827.000, within group sum of squares (SSwit  ) is equal to 1172055783111243.000 and has total sum squares of 4067825399903070.000.

The between groups  degree of freedom of 1, and within groups of degree of freedom 18 and has a total degree of freedom of 19. The between groups mean sum square of 2895769616791827.000, and within groups mean sum square of  65114210172846.800 The computed F value of 44.

7216 and the tabular value of F statistics is 248;vii. conclusion:In this paper, we empirically examined the success of the comparison between bonds and stocks to measure credit risk. .This paper examined the two factors or indicators that probably affect the financial statement and flaws of the stock market exchange.

The factors that are under this study are bonds and stocks.I discovered out that there is no significant relationship between bonds and stocks. This means that the higher the stocks the lesser the credit risk. The financial statement of the different companies was more effective in its ability to explain the credit risk.

The large exposure of financial statement (negative or positive) to a branch out pool of credit risk is now much easier to gain and the liquidity of the iTraxx market has catch the attention of  new participants such as hedge funds and capital structure arbitrageurs.I suggest that the company or investor ought to look forward to the number of stockholders and the amount of stocks to identify the credit risk.;;;;;;;;;;;;VIII. Appendicesdiagram 1Table 1:Table 1.

Commutative Distribution Function of  Bondsof 20 selected companies from iTraxxCompanyP ( x )F ( x )10.450.4520.320.

7830.190.9640.000.

9650.000.9660.000.

9670.000.9680.000.

9690.000.96100.000.

96110.000.96120.041.

00130.001.00140.001.

00150.001.00160.001.

00170.001.00180.001.

00190.001.00200.001.

00Total1.00;;diagram 2Table 2Table 2. Commutative Distribution Function of stocksof 20 selected companies from iTraxxCompanyP ( x )F ( x )10.310.

3120.450.7530.010.

7640.000.7650.000.

7660.000.7670.000.

7680.000.7690.060.

82100.000.82110.000.

82120.181.00130.001.

00140.001.00150.001.

00160.001.00170.001.

00180.001.00190.001.

00200.001.00Total1.00diagram 3:table 3:Table 3.

Case Summary of 20 Selected CompaniesCompanyBondsStocks11272065480.00370740242908714959.00540319573520813483.00127821241748.

00172562359.0027098689321.001774474471.602914.

98111237.005094097372093.0070155371050.0010401110566.

001225412102320609.00213360481316715.0043891463772.00270161531513.

004602316535.771277.1517114248.0027644187556.

0070001919917.0042382082695.0046740Total2811903328121012268.1;Regression;Variables Entered/Removed(b);ModelVariables EnteredVariables RemovedMethod1Liabilities(a).

Entera  All requested variables entered.b  Dependent Variable: Equity;Model Summary;ModelRR SquareAdjusted R SquareStd. Error of the Estimate1.844(a).

712.6968069337.65391a  Predictors: (Constant), Liabilities;ANOVA(b);ModelSum of SquaresdfMean SquareFSig.1Regression2895769616791827.

00012895769616791827.00044.472.000(a)Residual1172055783111243.

0001865114210172846.800Total4067825399903070.00019a  Predictors: (Constant), Liabilitiesb  Dependent Variable: Equity;Coefficients(a);ModelUnstandardized CoefficientsStandardized CoefficientstSig.BStd.

ErrorBeta1(Constant)1094487.0161951419.436.561.

582Liabilities.035.005.8446.

669.000a  Dependent Variable: Equity;;;;;;;;The computation proper for the analysis of varianceSSbet  = 2895769616791827.000SStot  = 4067825399903070.000SSwit  = 1172055783111243.

000dfbet  = c – 1 = 2 -1 = 1dfwit  = N – C = 20 – 2 = 18dftot  = N – 1 = 20 – 1 = 19mSSbet  =  SSbet   =  2895769616791827.000 = 2895769616791827.000dfbet                       1;mSSwit  =  SSwit   =  1172055783111243.000  = 65114210172846.

800dfwit                       18;fc  = mSSbet  =  2895769616791827.000 = 44.7216mSSwit         65114210172846.800;f0.

05(1,18)  = 248;;;;;;;;;;;;;;;;BIBLIOGRAPHY;Aczel,Amir D., Complete Business Statistics, 3rd Ed., Irwin/ McGraw-HillCompanies.,USA.

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Liberal Democracy Requires Liberal-democratic Culture

Liberal democracy requires liberal-democratic culture. Does this statement tell us anything or is it empty words?In the essay I will ponder on the concept of liberal democracy and more specifically focus on the relationships between liberal democracy and culture. In order to discuss the possibility of existence of liberal-democratic culture in a liberal-democratic state, I will briefly overview the term of liberal democracy, then I will examine the meaning of liberal-democratic culture, and also I will observe relationships between society and culture in the modern democratic world.

At the end of the essay I will draw a conclusion on the following: does liberal-democratic culture really exist in contemporary democratic countries? The main purpose of the paper is to prove that although the statement “Liberal democracy requires liberal-democratic culture” seems to be logically true, it contains some inconsistencies that make it impossible in real life.The concept of liberal democracy contains two parts: liberal, which implies limiting power of the state over civil society; and democratic, with its higher goal of generating structures, which would secure popular mandate. It is logic to assume that liberal-democratic governance implies some cultural values and ideas that must be developed and transferred from one generation to another by some liberal-democratic culture. Joseph H.

Carens (2000) in Justice as Evenhandedness asserts that “principles and institutions are not enough to sustain liberal democratic regimes. For liberal democracies to work properly and to endure over time, certain norms, attitudes, and dispositions must be widely shared among the population. Thus liberal democracies require a liberal democratic political culture.”So certain culture is necessary for to implant liberal values and to set the minds of people for understanding liberal realities.

This function can be successfully performed by mass media and education. For example, in America, many subjects of civic education have been included into school curricular. Also, the increasing number of schools have been adopting the approach of teaching democratically, in other words, an approach in which the power of students is extended and the role of a teacher is limited. Mark Mattern in Teaching Democratic Theory … Democratically (1996) maintains that democratization of the classroom is necessary to enable the development of democratic dispositions and skills.

He argues that “If students engage routinely in educational practices that teach passivity, difference to elites, acceptance of unaccountable authority, and power and comfort with undemocratic hierarchy, they internalize these traits and accept them as normal.” (p.1)However, in the case of teaching liberal-democratic culture at school, a question poses: can the introduction of liberal-democratic culture through compulsory education be viewed as a mere deprivation of a student’s liberty to choose? And to which extend the education should be dependant on the politics? In the case if any point of such dependence is revealed, can it be seen as a contradiction to liberals’ “freedom of private life from an interference of politics”?In the liberal democracy decision is made by majority. On the other hand, minorities always remain beyond the scope of community attention.

The liberal culture is therefore a mass culture. The freedom of an individual is respected, but individual himself is viewed too simply – as an isolated unit, monad. The collection of such monads is viewed as society by liberals. Liberals do not reckon many other social relationships, which turn an individual into identity.

This mistake causes multiple local and international conflicts.Under the liberal regime, mass culture is more valued than a culture of small groups. Specifically it concerns the phenomena of Americanization and Westernization. Global massive cultures are dominating over local ones.

It has been already a world-known issue that American culture impedes on that of Australia. The national identity of Australian aboriginals has been abandoned for the sake of American lifestyle, pop-culture, etc. In Australia the soap-operas or movies produced by Hollywood are more popular and widely-known than the production of the national film industry. As a result, poverty, lack of chances, illiteracy of national minorities have been less discussed by Australian society than the problems of American teenagers or the news broadcasted by American media.

In its turn, the power of marjory has created the problem of underrepresented minority. In New Zealand, Australia, North America, the administrative offices of the European Union regulatory organizations, universities, government bureaucracies, schools, trade unions, legal systems, professional associations, businesses, and churches are required to “solve the problem of underrepresentation” of women and cultural minorities. Moreover, many of these institutions are pressed to “explain why there are inequalities between white males and minorities and women in pay rates and educational achievement, and, for that matter, in almost every other aspect of life, including access to medical care, rates of incarceration, number of books published, number of computer hours logged, amount of exercise undertaken, and so on.” (Fonte, 1995).

These efforts made to solve the problem are considered to be the evidence of arising cultural democracy, which is supposed to come after the liberal one. (Fonte, 1995). Some political scientists suggest that liberal democracy can not longer fit the aspirations of people. The liberal majority-rule doctrine is becoming obsolete, because, according to Alvin Toffler, minorities are “often ignored or even victimized by a huge middle class,” and the majority rule “does not extend social justice; it may very well restrict it.

” (Toffler in Fonte, 1995).Also according to the postulates of liberal democracy, the point of view of masses or ordinary people must be taken in to consideration during the process of decision-making. Traditionally, the authority of political liberalism is grounded on the responsibilities and rights of individual citizens. The individual citizens under the liberal-democratic law are viewed as equal.

Therefore, the moral and legal authority is formed by a self-governing of free people. However, these principles and values remain empty words and are contradicted by the real state of things: the existence of the phenomena of social stratification and the ruling of elite. In real life the interests of small groups are being pursued when it comes to important matters in politics or economics (for example, the causes that unleashed war in Iraq; monopoly of global companies)Moreover, liberal democracy aims at the equality of individual citizenship, individual rights and freedom of expression, and security of private sphere from political interference. In the center of liberal democracy should be a respect for one’s national, ethnic, religious, cultural identity.

But can the liberal-democratic norms be successful in a society which is getting more and more culturally diverse? For instance, the three hundred speech codes used on the campuses in North America were aimed by liberal democrats to promote the freedom of expression. Instead they created a “hostile environment” in multicultural society, spread racism and sexism, weakened the power of the groups that had been oppressed before.On the whole, the arguments presented in the essay prove that liberal democratic culture fails to fulfill the ideas proclaimed by liberal-democratic doctrine. Does liberal democracy require liberal democratic culture? Yes, it does.

But the culture used in real life by liberal-democratic regimes is far from being liberal-democratic. It was found out that in many cases the culture that exists in many democratic societies is contradictory to the values set by liberal democrats. Moreover, liberal-democratic regime is no longer effective in the modern society, and its ideals, norms and values based on the works of the philosophers of Enlightenment need reconsideration bearing in mind the needs and the development of the modern society.Bibliography:Barry, B.

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