Finance Essay Example | Topics and Well Written Essays - 1000 words - 7

Finance - Essay Example Most of these tests however have been carried out in the developed countries and have largely ignored the developing countries. This paper seeks to discuss the levels of market efficiency in the Japanese equity markets in order to determine whether they are successful or not. This will be done by evaluating several empirical studies carried out in the same. Market efficiency literature review Kono, Yatrakis & Segal (2011) carried out a study on the Japanese stock market efficiency. The authors sought to compare the performance of a stock portfolio that consisted of exchange-traded funds (ETFs) against the performance of the overall stock market which was represented by the Topix Index. This was carried out using data that was available from the 30 June 2008 to 30 June 2009. In their study, they constructed the exchange traded funds according to the Modern portfolio theory that was developed in 1952 by Harry Markowitz. The study was based on the null hypothesis that â€Å"A portfolio composed of Japanese ETFs and constructed according to the MPT provides a higher return per unit of risk than the Topix Index†. In order to arrive at the optimal portfolio of ETFs, the authors used the statistical data related to the ETFs, the mean variance optimisation model of the MPT and the risk free rates as well as the expected market return. In order to help in determining the optimal portfolio, they also used a software program that was designed for the same purpose. The optimal portfolio that they used comprised of 7 ETFs which complied with the selection criteria for the study in terms of maturity and criteria. The statistical results obtained from the data analysis were used to calculate the return per unit of risk of each of the ETFs (Kono et al., 2007). The results of the study showed that the ETF portfolio that was used in the study performed better in terms of the ratio of performance to risk as compared to the overall equity market. This means that the portfol io of ETFs had a lower negative return per risk unit than the entire Japanese equity market. The study therefore concluded that it is possible for an optimal portfolio of ETFs to perform better than the whole equity market index if the performance of the portfolio and the market is measured using the return per unit of risk which is also referred to as the Sharpe ratio by players in the stock market. The authors suggested that further research in the Japanese stock market should be carried out to test the relationship between the cash flows of the company and their performance in the stock market (Kono et al., 2011). Andersen, Bollerslev & Cai (2000) carried out a study on the â€Å"Intraday and interday volatility in the Japanese†. The study investigated the volatility of performance in the Japanese stock market. The study used a 4 year sample of 5-min Nikkei 225 returns for the period from 1994 to 1997. Testing the intraday volatility resulted in the observation that they b ehaved in a doubly U shaped pattern which was explained to be as a result of the opening and closing of the morning and afternoon trading sessions of the Tokyo Stock Exchange. The authors explain that the observed feature of the doubly U shaped pattern is consistent with other market theories that have advanced the importance of private and asymmetric information when determining the prices of stocks. It was also found that announcements about the macro

Tanglewood casebook Essay Example for Free

Tanglewood casebook Essay 1) Recruitment Guide Position: Store Associate Reports to:Shift Leader Qualifications:High school diploma or equivalent, Some college course work preferred 1 year retail experience preferred including experience in customer service Relevant Labor Market:West Washington Timeline:Week of 1/8Conduct interviews with qualified candidates 1/24Targeted hire date Activities to undertake to source well-qualified candidates: Post job opening on company website and on in store kiosks Request company referrals  Contact local colleges to notify them of available positions and see if they know of any students looking for employment Contact staffing agencies, if necessary, to fill position with temporary associate that may want to permanently work for the company Staff members involved: HR Recruiting Manager Department Managers Potential peers Budget: $3,000-$4,500 2) The store associate position is one that mainly deals with assisting customers, be it to find certain products, deal with issues, or to just make their experience a pleasant one while dealing with the daily operations of the store. The open method to recruiting means that we are casting a wide net to catch any applicants that we can and see what we get. It’s possible that we may get exactly what we are looking for, but it’s possible that it may just be wasted resources. I recommend the targeted method to recruitment, which means that we are going to go for a specific group of people with specific KSAOs. By using the targeted method we will address some of the staffs concerns about hiring new store associates. The first concern was to reduce turnover; by casting a smaller net, but getting more qualified individuals we may eliminate some of the turnover. This will also help with the lag time, which was the second issue, in that there will be less applicants to sift through, thus letting us get to the more qualified candidates more quickly. This will help us target the applicants we want, which were college to middle age individuals with at least a high school diploma, preferably some college course work, with retail and customer service experience. By getting employees that already have customer service experience, they will already know what they are getting themselves into and what the expectation may be. Hopefully this will also help to acquire people who fit into the culture and are looking for a career and not just a job. By using online applications with specific requirements we will better be able to target these applicants. The same goes for staffing agencies, though costly, we will more effectively acquire qualified individuals. Employee referrals may be a good way to keep up employee relations and morale, but it may not lead to the type of individuals we need. The same goes for open applications. 3) In Western Washington, the highest one year retention rate compared to the amount of applicants hired was by job service agency, followed by employee referrals. This seemed to be effective for them, because the most qualified individuals fell into the referral category, however the total cost was significantly higher for employee referrals at this site, though after a year of survival ended up being the most cost effective method of hiring. In Eastern Washington, the referral method came out the most effective as far as retention rates went, followed by the kiosk method. Following the same trend as the Western Washington region, these individuals seemed to be the most qualified. Again similar to the previous region it also was the most expensive as far as total cost went, but the most effective as far as cost per first year of survival. In Northern Oregon, the agency method had an extremely high retention rate after the first year of hire, followed by the kiosk method. In this region the kiosk method was the most expensive followed by hiring agencies. The hiring agency was the most effective after the first year of hire. In Southern Oregon, a similar trend happens compared to Northern Oregon. The agency method has a the highest post one year retention rate, followed by the referral method. And similar to Northern Oregon, it is the second most expensive as far as total cost goes, but the most effective as far as post first year hire cost is concerned. 4) It would be ineffective to follow the same hiring methods for all four regions in that in both Oregon based regions the best recruitment method seems to be agency based and in the Washington regions the referral method is most effective. If the company attempted to force all regions to have the same hiring standards they would incur higher cost, less effective recruitment methods, and would obtain less qualified individuals. 5) It has proven true for the company that cheaper is not always better, therefore getting the cheapest labor will not yield the most effective customer service. It would be beneficial to rate employee performance in accordance to high, middle, and low performers and to discuss with them how they feel they are doing in conjunction with suggestions on yielding better performance. Better performance should come with some type of reward, for example an extra vacation day, a more desirable assignment, or an annual pay increase. It also would be beneficial to employees to have additional training in customer service issues in order to prepare them for what issues they may run into. As far as the bottom line hiring requirements go, at least a year of customer service related experience should be required for employment. As previously stated this will ensure that these new candidates will know what to expect from their job, and what expectations an employer would have of them. (Please refer to question 2 for how managerial concerns will be addressed.) 6)  The targeted method would be aiming at a specific group of candidates. They may say that they are searching for a candidate with some completed college coursework and customer service experience looking to work as a store associate at Tanglewood. It also should state that if the associate seems promising they may be put on the fast track to management if they desire. The realistic method gives a real view of what the job would entail. It may say something like dealing with day to day store issues including customer complaints. It gives an employee a real look as to what they may be doing, but some argue that it may turn away good potential candidates before they actually have the opportunity to experience both the good and the bad. The branded recruitment strategy is searching for a candidate that will fit into your brand. They may say looking for a self starting individual who wants to be part of not just a company, but a family. By doing this employees feel a tie to the company’s brand and want to work for the company and not just the job. Work Cited Heneman III, Herbert G., Judge, Timothy A., and Kammemeyer-Mueller, John D. Staffing Organizations: 7th Edition. Middleton: Mendota House, 2012. Print. Kammemeyer-Mueller, John. Tanglewood Casebook for use with Staffing Organizations: 7th Edition. Middleton: Mendota House, 2012. Print.

Definition of lifespan development or lifespan psychology

Definition of lifespan development or lifespan psychology The definition of lifespan development or lifespan psychology is implicit in the term itself. Lifespan developmental psychology or lifespan psychology deals with the study of individual development from conception into old age (Baltes et al 1980). This definition implies the notion that an individual progresses through various developmental stages or phases throughout his or her lifetime. The theories that present the development of an individual in stages is known as stage theories. In analyzing the stages of an individuals lifespan, many theories have been posited by a number of psychologists who have studied particular aspects of the lifespan. Some of these theorists are Jean Piaget, who posited the cognitive developmental theory. During the 20th century, he was one of the most influential researchers in the area of developmental psychology, and posited that individuals progress through four stages of development in mental and reasoning capacities. There is also a psychosexual theory, posited by Sigmund Freud, the father of psychology. He believed that the individual progresses through five stages of sexual development, each of which has a relating psychological principle. Freud believed that if each stage of sexual development was handled well, the individual would evolve into a mature, well-adapted person. A few other theorists are Erik Erikson, who posited the psychosocial theory of development; Lawrence Kohlberg, who posited the theory of moral development ; and James Fowler who posited the psycho spiritual theory of human development. The study of Lifespan Development is of extreme relevance and importance to the Counselling and Consulting Psychologist. The theorists, through years of research, provide a sound basis for understanding the individuals progression through the lifespan. As can be seen from the preceding paragraph, various theorists pay attention to specific aspects of human development, for example, Erikson primarily studied the psychosocial development of the individual. In this way, they were able to spend much time in observation and preparation, thus making the theory reliable. The theories provide a guide as to the developmental stages and expectation of each stage across the lifespan. Therefore, being aware of each theory and its basic tenets will arm the psychologist and give him a birds eye view into the functioning and capabilities of the client. The theory will assist the psychologist to easier detect what may be the clients presenting problems. As with all theories, the theories of Lifespan Development should not be accepted as laws, but simply as guides to the developmental stages through which an individual may progress. The constant nature-nurture debate is ever present in the study and practice of Lifespan Psychology. The individuals nature, that is, his or her genetic make-up and biological predispositions; as well as nurture, which is the environment in which he or she exists, (and there can be several environments, such as school, home, church) contribute to the individuals development. Because of this, the theories cannot be taken as rigid and inflexible boundaries in the psychologists practice. This paper, will discuss the application of lifespan psychology to two cases that may be faced by a counselling psychologist. I will also include discussions on how my own experiences and development would influence my counselling ability and technique in relation to the two scenarios. The first scenario describes a 16 year old girl whose biological mother migrated to England when she was 5 years old. She is now living with her grandparents. Her father is unknown, and her mother has made contact three times since she migrated. There has been no visitation. The 16 year old is suffering from symptoms of withdrawal, tearfulness, and anxiety. Immediately, attachment issues spring to my mind. Attachment may be defined as the strong affectional tie between infants and their caregivers (Baron, 2001). John Bowlby did much research on attachment in humans (1969, 1973, 1977, 1980). His theory holds that the early experiences of infants attachment become cognitively represented in the form of internal working models of the self and others. These models take in expectations about self-worth, and the extent to which others are reachable and responsive in providing support and protection. These models continue to develop over time. He found that attachment does not emerge suddenly, but rather, develops over four phases. Based on this theory, Schaffer (1996; cited in Santrock, 2008) identified four stages of attachment: Phase 1: Birth to 2 months. At this stage, infants instinctively turn their attachment to humans. Even strangers are likely to elicit crying or smiling from the infant. Phase 2: 2 to 7 months. At this stage, attachment becomes focused on a single figure, which is usually the primary caregiver, and the baby gradually learns to distinguish between familiar and unfamiliar people. Phase 3: 7 to 24 months: Here, specific attachments develop. With increased locomotor skills, babies actively seek contact with regular caregivers. Phase 4: 24 months onward. Children become aware of the feelings of others, as well as others goals and plans, and they begin to take these into account in forming their own actions. In one research known as the Strange Situation done by Ainsworth (1979), based on Bowlbys attachment theory, she identified four types of attachment. Most infants show secure attachment, which means that they freely explore new environments, using the caregiver as a secure base. They may or may not cry when the caregiver leaves the room, and later when she returns, the babies actively seek contact with her, stop crying quickly, and soon return to previous activities. Another group of infants, based on Ainsworths test, displayed insecure/avoidant attachment. These infants do not cry when caregivers leave the room, and react in much the same way to strangers as to their caregivers. They do not usually reestablish connection on her return. If contact is established, the infant usually leans or looks away. A third group of infants displays a pattern described as insecure/ambivalent attachment. These babies usually cling to the caregiver and then resist her by fighting against the closene ss. In the research, these infants often cling anxiously to the caregiver, cry loudly when she leaves, and push away if she tries to comfort them on her return. The final group of babies was described as having insecure/disorganized attachment. These babies were shown to be disorganized and disoriented. They may also appear dazed, confused and fearful. Early attachment to a caregiver is important and relates to a childs social behaviour in later development. In one study conducted by Alan Stroufe and his colleagues (2005; cited in Santrock, 2008), it was found that early secure attachment (occurring between 12 and 18 months) was linked with positive emotional health, high self-esteem, self confidence and socially competent interactions with peers, teachers, and romantic partners through adolescence. According to Santrock (2008), consistently positive parenting over a number of years is likely an important factor in connecting early attachment and the childs functioning later in development. It can be assumed that the young lady in the presented case, whom we shall call Ana, had formed an insecure attachment to her mother in her infant years. Based on the research and the presented information, Ana would more likely be socially competent, had she formed a secure attachment. This is not to rule out other factors which may have been present in her environment. However, it could be argued that her mother was not sensitive to Anas signals as an infant, and so, Ana may have developed this insecure attachment. Further to that insecure attachment, is the fact that she was left with her grandparents at the tender age of five years. Along with all of that trauma, Anas father is unknown to her and the subsequent parent-child contact with her mother was woefully insufficient. It may be that Anas mother was busy trying to manage the stresses that come with single parenthood, including how to create a financially stable environment, in the years following childbirth. The result: Ana is now withdrawn and experiences tearfulness and anxiety which may mark the beginning of a depressive disorder. Based on the information presented in this theory, the therapy session with Ana, , would lead me, the therapist, to ask questions about the relationship she had with her mother, prior to her leaving, and also that which she has with her grandparents. Are the grandparents supportive? I would also like to know how Ana views herself now. What kinds of activities is she involved in? And how does she handle these activities, and even social relationships? These questions would give insight into her feelings of self-worth and self-esteem? As therapist I would ask what changes have occurred in Anas recent life. It may be that a particular situation, such as a romantic relationship, (whether starting or ending) has brought on the feelings of anxiety and the reactions of tearfulness. Obviously, knowledge of Bowlbys theory of attachment would be helpful in managing this particular case. Another theory which may be useful in assessing Anas case is Eriksons psychosocial model. Eriksons theory is a cumulative stage theory. This means that successful completion of each stage is a prerequisite for completing the subsequent stages. Each stage is recognized as a psychological crisis which needs to be solved, with each of these crises having a positive and a negative outcome. A healthy resolution of each crisis, that is, where the outcome is positive, will lead to a mature, healthy, and emotional competent individual. For the purposes of responding to the case, I will focus only on the first and fifth stages. Trust vs. mistrust is the first psychological crisis to be resolved by the individual and focuses on age zero to 1 year old. This first stage centers around the infants basic needs being met by the parents as it depends on them, especially the mother for food, sustenance, and comfort. The infants relative understanding of society comes from the parents and their interaction with the child. If the child is exposed to warmth, regularity, and dependable affection, the infants view of the world will be one of trust. If this does not happen, and the caregivers fail to provide a secure environment, a sense of mistrust will result. Erikson believed the major developmental task in infancy to be learning whether or not other people, especially primary caregivers, regularly satisfy basic needs. If caregivers are consistent sources of food, comfort, and affection, an infant learns trust that others are dependable and reliable. If they are neglectful, or perhaps even abusive, the infant instead learns mistrust that the world is in an undependable, unpredictable, and possibly dangerous place. This early stage in development sets the pace for subsequent victories in development across the lifespan. If Ana had learned trust The fifth stage of Eriksons theory is identity vs. role confusion which spans the adolescence years about 10 to 20 years of age. It is at this stage, according to Erikson, that adolescents are faced with the task of deciding who they are and where they are going in life. These questions become especially important as the adolescence years are reached because adolescents face an overwhelming number of choices. As a therapist, I cannot overlook the fact that there might be situations in therapy that would remind me of some of my own issues, and my own history. As I look at Anas case, I am concerned about what she has faced as a child in being left by her mother, not knowing her father, and now suffering from feelings of anxiety and tearfulness. It would be lovely if every mother could be like mine. I remember my mother saying to me years ago, when a serious issue arose with a child we know, that she had had the opportunity when her children were quite young to go abroad and make a better life. However, as a young, (first child born at 16) unemployed mother, she understood the importance of mother being present and active in the lives of her children, and chose to stay. As I ponder Anas situation I would need to be mindful that not everyone will, or can make the choice that my mother did. Actually, there are many success stories involving a single parent living abroad, while their children live in Jamaica. I do know my strengths, though, and despite the fact that this case would arouse some memories for me, I would be able to maintain clarity of thought and principle. Good professional ethics would have to win out as I would be careful not to let my values overshadow the counselling relationship, so that Anas situation can be dealt with as quickly and efficiently as possible. In the second scenario, a 25 year old male has been referred because of three counts of sexual harassment in the workplace over a 6 month period. He has inappropriately touched three women, two on the breast and one on the bottom. He expresses no remorse and believes the women are overreacting. He is a university graduate and is still living at home with his parents.

External Influences Affect All Firms Essay example -- Papers

External Influences Affect All Firms Many businesses are quite capable of organising themselves internally, however this does not guarantee complete business success. Businesses have many outside pressures to face, which can become quite complicated to manage. These are called external influences. There are many factors that can affect a business, of which the market is just one. Businesses are tremendously influenced by the markets in which they trade. The size of a business does this: whether it is local, national or even international will affect the nature of the product that they supply and also the quantity. Competition is also a factor that can influence the rise or fall of a business. Communications and methods of transportation such as the delivery of products by air have made the competition in the market place more intense. Many businesses in the United Kingdom now face competition from other continents from around the world. A good example of this is the UK grocery market where the competition had become fiercer following the coming of foreign supermarket chains such as Aldi. Also new products, price changes and take-overs of other businesses can be a big influence. Economical influences are a factor too. Interest rates are the priced paid for borrowed money, this can affect businesses because every month the Bank of England's Monetary Policy Committee (MPC) assembles each month and decides on whether to alter the base rate of interest. So if the MPC decide to alter the base rate of interest this could have sufficient implications for businesses. A rise will result in greater overheads for most businesses,... ...he long run as they buy the product. In conclusion to the title of this essay, 'External Influences Affect All Firms, To What Extent Do You Agree With This Statement?' I believe that this statement is very honest. From the evidence I have given in this essay it is clear that there are a lot of factors that influence and affect businesses. Take the climate, may seem small compared to the other factors, but it has a significant affect if it takes the wrong path. Also the obvious factor - the market itself, its size can cause many problems. Basically every business if it's a large company set in the heart of London, or a small corner shop down the road has to take each factor into consideration to maintain their business stays afoot. Although its hard and definitely impossible to grasp to a full one hundred percent.

Black & Decker Power Tools Division

Module| Session| Course/Theme| Case| Who| When| Where| Case Leads/Due Date| T1| 8| Winning Through Marketing Management| Black & Decker – Power Tools Division| Joseph Galli, VP of Sales and MarketingNoran Archibald, CEO| January 1991| Towson, MarylandUnited States| November 28, 2012| What – Situation/Issues/Risks/ Decision| 1. B&D lost its market share of professional-tradesmen tools segment against Makita Electric of Japan 2.Makita held an 80% share in cordless drills, the single largest product category and a 50% professional-tradesmen tools segment share overall compared to 9% share of B&D 3. B&D maintained #1 market position in the Consumer and Professional-Industrial segments; and only 9% market share in Professional-Tradesmen segment| Company Business Model| SWOT| Competitors| PEST (political, economic, social, technological)| * B&D was the world's largest producer of power tools, power tool accessories, electric lawn and garden tools, and residential security har dware. Power tools market was categorized in three segments i. e. * Professional-Industrial Tools – commercial contractors working on large projects where corporation generally buy tools for their employees * Professional-Tradesmen Tools – individual contractors such as carpenters, electricians, plumbers, roofers, framers, etc. bought from Home Depot, Ace Hardware †¦ etc. * Consumer Tools (35% market share) – consumers purchased tools for â€Å"at home† use from mass merchants e. . Wal-mart, Kmart and hardware stores * Nolan became CEO in 1986 with 1st profitable year (~$50 million) after 5 consecutive years of losses, growth continued year after year reaching to an operating of income of ~$500 million in 1990 * 1981 – 1985 company lost money with a $158. 4 million loss in 1985 * B;D $4. 8 billion sales in 1990 (50% revenues from US and 50% from outside world) * Substantial brand equity i. e. 7 in US and #19 in Europe out of 6000 brands * Acqu ired Emhart corporation in 1989 which doubled the revenue and also increased debt to $4. 2 billion i. e. 80% of the total capital| S * Brand awareness (98%) * Efficient distribution channels * Ranked #1 in two of the three segments * Market penetration in all three segments with separate product lines specifically targeted for each segment * Faster (9%) growth rate in weakest segment Some retailers regarded Makita as â€Å"arrogant and dictorial† * Very strong product quality for majority of the items| W * Poor reputation in Prof-Tradesmen segment * Product color scheme (Black ; Charcoal) * Only 9% mkt share in Prof-tradesmen segment * Profitability was near zero| * Makita electric, Milwaukee, Ryobi, Skil, Craftsman, Porter-Cable, Bosch| P * | E * | | O * Improve poor brand quality perception for tradesmen segment * Product color scheme * Reduce SG+A cost, currently at ~25% * | T * Increased competition.The top three manufacturers i. e. Makita, Milwaukee and B;D offer product lines at ~175 SKUs each| | S * Peer pressure, tradesmen laughed at if they use B;D gray things * | T * | Financials| Options ; Evaluation| * | 1. Option 1. Harvest Professional-Tradesmen Channels 2. Option 2. Get Behind Black ; Decker Name with Sub-Branding 3. Option 3. Drop the Black ; Decker Name from the Professional-Tradesmen Segment 4.Option 4. Launch new product line under DeWalt brand in addition to existing B;D product line for Professional-Tradesmen segment. This option is similar to option 3 except under this option a new brand is launched to compete with other suppliers for the targeted market segment. | Recommendation ; Rationale| Action / Implementation| See answer of Q2 below. | See answer of Q3 below. | Key Learnings ; Why is this important| * | Assignment Questions| 1.Why is Makita outselling Black and Decker 8 to 1 in an account that gives them equal shelf space? a. Makita provided a good baseline option in all major categories compared to other suppliers who had s trengths in particular product(s) e. g. Skil provided good circular saws. b. Home Depot strategy of stocking 30K items at prices 30% less compare to traditional hardware stores with superior customer service helped Makita to gain marketplace dominance. Makita offered lower prices i. e. ~5% lower on average compared to B;D products.This also helped Makita to gain good perception from Tradesmen segment buyers as their product quality was reasonably good. 2. What should Joe Galli do? Why? c. I suggest to go with option 4 and use market products under DeWalt’s brand in addition to existing B;D products. This would not hurt existing market share by much and there is great potential of taking away market share from Makita and other suppliers by launching products under a well reputable brand â€Å"DeWalt† in a different color. . Step back and take a big-picture view of the sort of â€Å"change process† that would accompany your recommendations. What would it take to m ake this successful? How about Galli's role — how would you evaluate his ability to be an effective change leader? d. To avoid internal conflict and loosing existing B&D market share, the recommendation is to use DeWalt brand to produce power tools for tradesmen segment in addition to existing B&D products.It would require designing and manufacturing power tools in different color, material and shape to differentiate from existing B&D products with a strong marketing & sales campaign with mass retailers like Home Depot, Lowes, †¦ etc. Dewalt already has a good brand recognition with top quality perception for the target market segment. Additionally, Galli has past experience of transitioning B&D saw blades to â€Å"Piranha by B&D† therefore it is safer to assume that he can lead this change to introduce new product line under DeWalt brand.

The First Europeans To Visit Mexico

The First Europeans To Visit Mexico Free Online Research Papers The first Europeans to visit Mexico were Francisco Fernandez de Cordoba in 1517 and Juan de Greijly in 1518. Hernan Cortes, started the conquest from Cuba in 1519 along with lieutenants such as Pedro de Alvarado managed to conquer the Aztec capital, Tenochtitlan; to capture the Aztec ruler, Montezuma, and to bring down the his empire; and to ward off Spanish rivals. In1528 the first royal court was set up under Nuno de Guzman. After Mexico finally established independence, it went through many different constitutions until 1917. The current Mexican Constitution is commonly referred to as the 1917 Constitution. It is the source and origin for all Mexican law. The hierarchy of sources of law in the civil law Tradition to which Mexico’s legal system belongs are, â€Å"constitution, legislation, regulation, and Custom.† The constitution will override all legislation, legislation will override all regulation, and regulation will override all custom. Spanish legislation continued to be used in many key areas, including civil law. During Mexico’s early beginnings, the constant political upheavals and the ruined economy left by the war of independence demanded along and challenging process of consolidation for the law of the new country to finally emerge, be formulated and systematized, and then to gradually acquire its distinct legal contours. In the late 1820’s isolated efforts at the state level had resulted in the formulation of a couple of civil codes. It was until the 1870’s when the codification process gained recognition and stature at the state level. President Benito Juarez was very much in favor of codifying a civil and penal code. As a result, Justo Sierra O’Reilly-Juarez Minister of Education-formulated one of the most advanced and significant civil works in 1861. The French intervention (1862-1867) interrupted these codification attempts. The defeat of the French army, soon followed by the execution of Maximillian of Hapsburg and his generals in 1867. President Juarez then returned to Mexico and started to restore the republican and federal form of government. President Juarez resumed his codification efforts. Finally on December 8, 1870, the Civil Code for the Federal District and the Territory of Baja California. The U.S. did not use codification until much later than Mexico. Mexico is a so called â€Å"law† country. Mexico’s civil law system derived primarily from Roman law as set forth in the compilation of codes and statutes of the Emperor Justinian, called Corpus Civilis. The system is also influenced by the Spanish and â€Å"Indian† law of Spain’s Colonization of areas that became Mexico. The U.S. is a so called â€Å"common law† country. The U.S. common law system is based on the case law and statutory law of England and the American colonies before the American Revolution. The traditional colonial law system Emphasizes case law, customs and usage rather than legislative enactments. The judicial branch of the Mexican government is divided into federal and state systems. Mexico’s highest court is the Supreme Court of Justice, it consists of twenty-one magistrates and five auxiliary judges all appointed by the president and confirmed by the Senate. This court decides the most important cases in the country. Next in the line of authority and significance are the Circuit Courts who take cases on appeal and amparo cases. The District Courts have jurisdiction over amparo cases in the first instance, and functions as courts of ordinary jurisdiction on matters of federal law, such as commercial law cases. The Supreme Court of Justice is divided into four chambers, each with five justices. These are the Penal Affairs Chambers, Civil Affairs Chamber, Administrative Affairs Chamber and the Labor Affairs Chamber. The Auxiliary Chamber, the fifth chamber, is responsible for the overload of the four regular chambers. Court rulings of both the whole, or plenary, court and the separate chambers are decided on the basis of majority rules. Rulings by the separate chambers may be overturned by the full court. Under the Supreme Court of Justice there are three levels of federal courts: twelve Collegiate Circuit Courts, each with three magistrates; nine Unitary Circuit Courts, each with six magistrates; and sixty-eight District Courts, each with one judge. Federal judges for the lower courts are appointed by the Supreme Court of Justice. The Collegiate Circuit Courts can be compared to the United State’s Courts of Appeals, and this court deals with the protection of individual rights, usually hearing cases where an individual files a writ of amparo, a type of legal protection that can be compared to a form of habeus corpus that protects individual civil liberties and property rights. The Unitary Circuit Courts handles appeal cases also. Spanish civil law is based on strict adherence to legal codes and minimal jurisprudence. The writ of amparo is the most powerful judicial instrument which can be used against acts by any government official, including the president. The Supreme Court of Justice is prohibited by the constitution from applying their rulings beyond any individual case. The Supreme Court of Justice usually shows greater independence in relation to the president than does the legislature often deciding against the executive in amparo cases. But, the Judiciary does not often try to change the will of the president on major issues. The diversification of administrative regulations in the different legal areas is difficult to control due to the quick growth of Administrative law in Mexico. The administrative courts are classified either federal or state. The federal courts include; the Federal Boards of Conciliation and Arbitration which hear labor cases and are of the utmost importance because of Mexico’s Federal Labor Law which controls each employer employee relationship, the Court of Agrarian Justice; the Court of Military Justice; the Court of Jurisdiction over the Electoral Process; and other special courts. State administrative courts include the Administrative Court of Contentions; Justice of the Peace Courts and other courts of little importance. In Mexico there is not as much civil litigation as in the U.S. Mainly, the reason for this is that litigation in Mexico is expensive, there are no awards for punitive damages, all parties must pay their own attorney fees and costs, and the entire process of litigation can be lengthy. If litigation is unavoidable although, there are no punitive damage awards in Mexico, there are awards for â€Å"normal damages† under certain conditions set forth in the Civil Code. The awards here never amount to some of the high figures seen in U.S. rulings. Another characteristic of litigation in Mexico is that there are no jury trials as is the right in most U.S. cases, formal, written declarations are used more often than the oral hearings used in U.S. courts; negotiation and mediation are encouraged. The â€Å"discovery process† is monumentally significant in U.S. litigation, controlled by attorneys this is where much of the time and expense is associated with Mexican litigation. But, in Mexico the judge controls his process. Mexican attorneys have a much more active role in developing a case than do the judges. They assist in the gathering of evidence and selection of witness. If the accused wants the lawyer to be more in control of the case, this could be to his disadvantage. Not including administrative proceedings, most litigation is settled for the above reasons and because in Mexico, judgment is difficult to enforce against a solvent defendant, judgments can be contested in a separate amparo proceeding which can run for several years. In Mexico, one is judged guilty until proven innocent. The death penalty does exist in Mexico, a feature shared with other Latin American countries for historic reasons. In most cases, arrests can only be made on authority of a judicial warrant, unless the suspect is caught in the act of committing a crime. Oftentimes suspects are arrested without a warrant and judges tend to overlook the irregularity. Those arrested are required to be brought before an officer of the court who takes their statements and within 48 hours then informs them of he charges against them. Within seventy hours of the arraignment, the judge must remand the arrested person to prison or release that person. Criminal trials in most cases are tried by a judge without a jury. The judge acting alone basis his/her verdict on any evidence, although at times oral testimony is presented. Defendants have the right to counsel, if they can’t afford it they are appointed a public defender. This quality of counsel is usually poor. Usually the accused and the lawyer may not appear the important stage of sentencing. The defendants right to a public trials is guaranteed, as is the right to confront one’s accusers and to be provided a translator if the defendant is not Spanish. Under their Constitution the court must hand down sentencing within four months of arrest for crimes carrying the maximum sentence of two years or less, and within a year if the crime carries a longer sentence. The Mexican Penal code stipulates a range of sentences for each offense. Sentences tend to be short, usually not longer than seven years. The actual time of incarceration is usually three fifths of a sentence if, good behavior. These sentenced for less than five years may avoid further jail time by passing a bond. The entire process of trial, sentencing and appeals often takes a year or more. A key element in Mexico’s legal system is their Lawyers. Many of them are highly educated and many speak English. These students enter law school after eleven years of formal education. Law school is five years and is broader and more formal and theoretical than law schools in the U.S. After graduation the person will usually clerk for a firm or government Official until an oral exam is presented to become licensed. Mexican lawyers are licensed to practice throughout Mexico, not in individual states as in the U.S. A â€Å"notary public† in Mexico is different in what is referred to as a notary public in the U.S.A Mexican notary public is a lawyer who is also a public official appointed by the by the Mexican state, or by selection after a rigid application process and examination. This type of appointment is considered a delegation of government authority for the certification or official recognition of certain acts and documents. Mexican notaries are allowed to practice law in some states. This position of notary public in Mexico is coveted, and one acquires this position after years of apprenticeship under the guidance of another public. There are many similarities between Mexico and the U.S. contract law. As in other legal systems, the general principle is freedom of contract between individuals and entities is the backbone of contract law in both countries. The common fundamental principles of contract law Include the initial offer and negotiation of the terms, acceptance; formalization of the contract including the establishment of liquidated damages or other provisions and conditions of default; and termination of the contractual obligations. The major differences between U.S. and Mexican law surround the fundamental U.S. concept of consideration for a valid contract requires that one party receive something of value or that the other party suffer a lost, take on a responsibility or give up an opportunity. If such consideration is absent, the contract is invalid, although the U.S. is evolving away from this requirement. In Mexico, the validity of and compliance within a contract depend only on the existence of the agreement between parties. The parties do not need to present â€Å"legal consideration† to bind themselves, their intent to agree is sufficient Mexico, as in the U.S., freedom of contract depends on the legality of the subject of the contract, and accordingly, contracts involving illegal activities are void. Another important difference between U.S. and Mexican contract law is the degree of formality required of contracts. Mexican contractual law imposes many formalities that are not required in the U.S. One example of these formalities is the requirement to appear before a Mexican notary public to center the legality of certain types of contracts, such as contracts to buy or sell real property this certification process is much more formal than the U.S. requirement that a Notary Public acknowledge signatures on a deed. Finally, the difference between the strength of U.S. guarantee agreements and Mexican guaranty agreements in Mexico, such contracts are â€Å"secondary contracts† because they require the prior existence of a principal contract, a special characteristic of Mexican law. An example of this is the mortgage contract which cannot be guaranteed without a prior contract that gives rise to the obligation to be guaranteed or secured by the mortgage. In the United States, guaranteed agreements are more flexible and independent, and can exist without prior principle contract, as in the case of a standard security agreement. Who’s to say what changes can be made to improve the Mexican legal system, seeing as how the U.S. legal system could also use some improvement. 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