Ways To Develop An Optimal Trading Strategy Finance Essay - Free Essay Example

The main objective of the dissertation is to develop an optimal trading strategy also considering the execution cost of each trading step, using stochastic dynamic programming. More explicitly, the following problem is proposed and solved: Given a fixed block of shares to be executed within a fixed finite number of periods, and given price dynamics that capture price impact, i.e., the execution price of an individual trade as a function of the share traded and other state variables, find the optimal sequence of trades (as a function of the state variables) that will minimize the expected cost of executing within periods. There has been a tremendous interest and consequent growth in terms of equity trading, partly due to the advent of a large number of mutual and pension funds. In these situations, the impact of trading costs has been assuming increasing importance. Trading costs or execution costs are costs that are associated with the execution of investment strategie s which include commissions, bid/ask spreads, opportunity costs of waiting, and price impact from trading. There has been studies where although the performance certain funds have been showed to perform very well compared to market, but actual performance was significantly different (Perold (1988)). The difference arose due to the inclusion of the execution costs. This shortfall is surprisingly large and underscores the importance of execution-cost control, particularly for institutional investors whose trades often comprise a large fraction of the average daily volume of many stocks. So the problem of developing an optimal trading strategy, considering the execution costs also comes in to perspective. There are various methods to do this. Here dynamic programming is used to derive an optimal trading strategy considering the execution costs. The use of dynamic programming though not new in financial economics, is novel here by the fact that the trading steps is takes time and the present steps affects the price and thus the costs in the future. Dynamic Programming Dynamic programming is a method for solving complex problems by breaking them down into simpler sub problems. It is applicable to problems exhibiting the properties of overlapping sub problems which are only slightly smaller and optimal substructure. When applicable, the method takes far less time than the usual methods. The key idea behind dynamic programming is quite simple. In general, to solve a given problem, we need to solve different parts of the problem (sub problems), then combine the solutions of the sub problems to reach an overall solution. Often, many of these sub problems are really the same. The dynamic programming approach seeks to solve each sub problem only once, thus reducing the number of computations. This is especially useful when the number of repeating sub problems is exponentially large. Top-down dynamic programming simply means storing the results of certain c alculations, which are later used again since the completed calculation is a sub-problem of a larger calculation. Bottom-up dynamic programming involves formulating a complex calculation as a recursive series of simpler calculations. History The term dynamic programming was originally used in the 1940s by Richard Bellman to describe the process of solving problems where one needs to find the best decisions one after another. By 1953, he refined this to the modern meaning, referring specifically to nesting smaller decision problems inside larger decisions, and the field was thereafter recognized by the IEEE as a systems analysis and engineering topic. Bellmans contribution is remembered in the name of the Bellman equation, a central result of dynamic programming which restates an optimization problem in recursive form. The word dynamic was chosen by Bellman to capture the time-varying aspect of the problems, and also because it sounded impressive. The word programming referr ed to the use of the method to find an optimal program, in the sense of a military schedule for training or logistics. This usage is the same as that in the phrases linear programming and mathematical programming, a synonym for optimization. Overview Dynamic programming is both a mathematical optimization method and a computer programming method. In both contexts it refers to simplifying a complicated problem by breaking it down into simpler subproblems in a recursive manner. While some decision problems cannot be taken apart this way, decisions that span several points in time do often break apart recursively; Bellman called this the Principle of Optimality. Likewise, in computer science, a problem which can be broken down recursively is said to have optimal substructure. If subproblems can be nested recursively inside larger problems, so that dynamic programming methods are applicable, then there is a relation between the value of the larger problem and the values of the subproblems.[5] In the optimization literature this relationship is called the Bellman equation. Dynamic programming in mathematical optimization In terms of mathematical optimization, dynamic programming usually refers to simplifying a decision by breaking it down into a sequence of decision steps over time. This is done by defining a sequence of value functions V1 , V2 , Vn , with an argument y representing the state of the system at times i from 1 to n. The definition of Vn(y) is the value obtained in state y at the last time n. The values Vi at earlier times i=n-1,n-2,,2,1 can be found by working backwards, using a recursive relationship called the Bellman equation. For i=2,n, Vi -1 at any state y is calculated from Vi by maximizing a simple function (usually the sum) of the gain from decision i-1 and the function Vi at the new state of the system if this decision is made. Since Vi has already been calculated for the needed states, the above operation yields Vi -1 for tho se states. Finally, V1 at the initial state of the system is the value of the optimal solution. The optimal values of the decision variables can be recovered, one by one, by tracking back the calculations already performed. Bellman`s Principle of Optimality The principle that an optimal sequence of decisions in a multistage decision process problem has the property that whatever the initial state and decisions are, the remaining decisions must constitute an optimal policy with regard to the state resulting from the first decisions. Literature review The tremendous growth in equity trading over the past 20 years, fuelled largely by the burgeoning assets of institutional investors such as mutual and pension funds has created a renewed interest in the measurement and management of trading costs. Such costs often called execution costs because they are associated with the execution of investment strategies include commissions, bid/ask spreads, opportunity costs of waiting, a nd price impact from trading (see Loeb, 1983 and Wagner, 1993 for further discussion), and they can have a substantial impact on investment performance. For example, Perold (1988) observes that a hypothetical or paper portfolio constructed according to the Value Line rankings outperforms the market by almost 20% per year during the period from 1965 to 1986, whereas the actual portfolio the Value Line Fund outperformed the market by only 2.5% per year, the difference arising from execution costs. This implementation shortfall is surprisingly large and underscores the importance of execution-cost control, particularly for institutional investors whose trades often comprise a large fraction of the average daily volume of many stocks. There has also been considerable interest from the regulatory perspective in defining best execution, especially in the wake of recent concerns about NASDAQ trading practices, the impact of tick size on trading costs, and the economic consequences of ma rket fragmentation. Indeed, Macey and O`Hara (1996) observe that . . . while the obligation to give customers the benefits of best-execution of orders is one of the most well-established principles of securities law, and despite the fact that the concept of best execution is continually referred to in cases, treatises, law review articles, exchange rules, and administrative proceedings, no clear definition of best execution exists. Bertsimas and Lo (1998) tries to provide one clear definition of best execution, based on the minimization of the expected cost of execution using stochastic dynamic programming. While dynamic optimization is certainly not new to financial economics, the use of dynamic programming in defining best execution is novel. In particular, this approach explicitly recognizes the fact that trading takes time, and that the very act of trading affects not only current prices but also price dynamics which, in turn, affects future trading costs. Therefore, defining and controlling execution costs are fundamentally dynamic problems, not static ones, a fact recognized implicitly by Perold (1988) and most professional portfolio managers, and developed explicitly here. Indeed, recent studies by Chan and Lakonishok (1995) and Keim and Madhavan (1995a,b,c) show that because the typical institutional investors trades are so large, they are almost always broken up into smaller trades executed over the course of several days. Chan and Lakonishok call such sequences packages, and using a sample of 1.2 million transactions of 37 large investment management firms during the period from July 1986 to December 1988, they show that only 20% of the market value of these packages is completed within a day and that over 53% are spread over four trading days or more. For this reason, best execution cannot be defined as a single number or in the context of a single trade, it is a strategy that unfolds over the course of several days and which ought to adapt to changing market conditions. Dynamic optimization provides a compelling economic rationale for trading in packages: properly parcelled packages minimize the expected costs of execution over a fixed time horizon. In particular, we propose and solve the following problem in this paper: given a fixed block SM of shares to be executed within a fixed finite number of periods, and given price dynamics that capture price impact, i.e., the execution price of an individual trade as a function of the shares traded and other state variables, find the optimal sequence of trades (as a function of the state variables) that will minimize the expected cost of executing within periods. Using stochastic dynamic programming, we obtain explicit closed-form expressions for these optimal trading strategies, which we call best-execution strategies, for various specifications of price dynamics. We show that best execution strategies can sometimes be expressed as a linear combination of a naive (and n ot uncommon) strategy breaking up shares evenly into a package of trades each of size and a correction factor that adjusts each trade size up or down according to additional information, e.g., stock-specific private information, opportunity costs, changing market conditions, etc. In the absence of such information, we derive conditions under which the naÃÆ'ƒÂ ¯ve strategy is optimal: an arithmetic random walk for prices with linear price. We also show by construction that apart from these rather restrictive and empirically implausible conditions, the naive strategy is not optimal in general. We also obtain the expected cost of best execution-the optimal-value function which is given recursively by the Bellman equation as a by-product of the optimization process, which may serve as a useful benchmark for pricing principal-bid and negotiated-block transactions. The typical broker/dealer engaging in such transactions will not willingly hold large positions for long, and will seek to trade out of these positions as quickly and as cost-effectively as possible, i.e., he will seek best-execution strategies for his holdings. Of course, risk aversion, adverse selection, and inventory and opportunity costs may change the objective function to be minimized, in which case our benchmark may only be a lower bound on the fair market price of a block transaction. Nevertheless, even in these cases the problem of best execution is still a dynamic optimization problem and our approach is still applicable (although closed form expressions for best-execution strategies may not be available). Moreover, one can show that the basic approach described in the coming sections can be extended in several important ways: (1) Specifying more general price-impact functions and deriving numerical solutions (Section 4) (2) Trading a portfolio of stocks simultaneously (3) Imposing constraints such as no-sales or, in the portfolio case, a maximum amount of money invested. These results comprise a systematic and quantitative approach to defining and controlling execution costs, measuring the liquidity of large-block transactions, and rationalizing within an economic paradigm the kind of informal trading practices that characterize many institutional equity investors. The model Consider an investor seeking to acquire a large block of S shares of some stock over a fixed time interval [0, 1]. Since it is well-known that the short term demand curves for even the most actively traded equities are not perfectly elastic, a market order at date 0 for the entire block is clearly not an optimal trading strategy.5 A more effective strategy would be to break into smaller purchases distributed throughout the interval [0, 1], but how should such purchases be parcelled out? The answer depends, of course, on the degree to which a purchase affects the market price, i.e., the price impact and the dynamics of future market prices. Given a particular price-im pact function and a specification for the price dynamics, e.g., a random walk, a dynamic optimal trading strategy that minimizes the expected total cost of acquiring SM in [0, 1] may be obtained by stochastic dynamic programming. Defining best execution To illustrate this approach, suppose that at time 0 the investor begins his program to acquire shares, and this program must be completed by time. With little loss in generality, let time be measured in discrete intervals of unit length. Since the length of a period is arbitrary, it can be set to accommodate even the finest trading-decision interval that is of practical relevance. For example, if the decision to acquire is made at the start of the day and the acquisition must be completed by the day`s end, setting 13 yields 30 minute intervals from the 9:30 am market open to the 4:00 pm market close. If the acquisition is part of an end-of-quarter portfolio rebalancing, the trading horizon may be extended to three or four days, in which case increases proportionally. Although all of our results are qualitatively independent of both the time horizon and the number of trading periods (with the exception of numerical examples, of course), for concreteness the length of each period should be regarded as some fraction of a single day and related parameters should be calibrated accordingly. Denote by St be the number of shares acquired in period t at price Pt, where t=1, 2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ T. Then the investor`s objective of minimizing execution costs may be expressed as: subject to the constraint: One may also wish to impose a no-sales constraint, i.e., St ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¥ 0 (after all, it is difficult to justify selling stocks as part of a buy-program), but for expositional convenience these constraints may be ignored for now. To complete the statement of the problem, we must specify the law of motion for Pt. This includes two distinct components: the dynamics of Pt in the absence of our trade (the trades of others may be causing prices to fluctuate), and the impact that our trade of St shares has on the execution price Pt. For simplicity, suppose that the former component is given by an arithmetic random walk, and the latter component is simply a linear function of trade size so that a purchase of St shares may be executed at the prevailing price Pt-1 plus an impact premium of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸St, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸0. Then the law of motion for Pt may be expressed as: where et is assumed to be a zero-mean independently and identically distributed (IID) random shock, i.e., white noise. One can observe that the two components, price impact and price dynamics can be separated. A nonlinear price impact function can easily be incorporated into the random walk specification, and non-random-walk dynamics can be combined with a linear price impact function. However, these two components interact in important ways. For example, the above equat ion implies that price impact has a permanent effect on the price level because of the random-walk specification of the price dynamics. It is this interaction between price impact and price dynamics that makes execution-cost control a dynamic optimization problem. This interaction also explains the difficulties in developing a clear economic definition of best execution: such a definition requires the specification of price dynamics a well as price impact, and these vary from one stock to another, and may well vary over time. Despite the fact that the equation has some implausible empirical implications independent price increments, positive probability of negative prices, percentage price impact that decreases with price, permanent price impact, etc. It provides a concrete illustration of the more general and considerably more complex analysis. In later sections one can see that the equation is precisely the dynamics necessary to render the naive strategy of dividing into trades each of size , the optimal one. The investor`s problem is now well-posed: find the sequence of trades {St} that minimizes the expected execution costs , subject to the constraint , and given a linear price-impact function incorporated into the law of motion for Pt. This is a classical optimal control problem which can be solved by stochastic dynamic programming, and we define the best-execution strategy as its solution. The Bellman equation The basic ingredients for any dynamic programming problem are the state of the environment at time t, the control variable, the randomness, the cost function, and the law of motion. In our context, the state at time t=1.2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ T consists of the price Pt-1 realized at the previous period, and Wt , the number of shares that remain to be purchased. The state variables summarize all the information the investor requires in each period t to make his decision regarding the control. The control variable at time t is the number of shares St purchased. The randomness is characterized by the random variable et. an additional state equation which measures the remaining number of shares to be traded is given as: where the boundary condition WT+1=0 is equivalent to the constraint that must be executed by period T. The dynamic programming algorithm is based on the observation that a solution or optimal control {S*1 , S*2, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦, S*T} must also be optimal for the remaining program at every intermediate date t. That is, for every t, for every t, 0tT. The sequence {S*t , S*t+1, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦, S*T} must still be optimal for the remaining program . This important property is summarized by the Bellman equation, which relates the optimal value of the objective function in period t to its optimal value in period t+1: By starting at the end (time T) and applying the Bellman equation and the law of motion for Pt, and Wt recursively, the optimal control can be derived as functions of the state variables that characterize the information that the investor must have to make his decision in each period. In particular, the optimal-value function VT(.), as a function of the two state variables PT-1 and WT, is given by Since this is the last period and WT+1 must be set to 0, there is no choice but to execute the entire remaining order WT, hence the optimal trade size S*T is simply WT. Substituting the law of motion into PTWT yields VT as a function of PT-1 and WT. In the next-to-last period T-1, the Bellman equation is less trivial: This may be cast as an explicit function of ST-1 which can be minimized by taking its derivative with respect to ST-1 and solving for its zero. This yields Continuing in this fashion, the optimal trades S*T-k and the optimal-value function VT-k(PT-k-1,WT-k) may be obtained recursively as: until we reach the beginning of the program and find: The best execution strategy Substituting the in itial conditional W1= , then yields the optimal trade size S*1 as an explicit function of , and the expected best-execution cost V1 as an explicit function of , P0, and the price-impact parameter ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸: By forward substitution we find that S*1 =S*2 =2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ =S*T = The best-execution strategy is simply to divide the total order into T equal waves and trade them at regular intervals. This remarkably simple trading strategy comes from the fact that the price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸St does not depend on either the prevailing price Pt-1 or the size of the unexecuted order Wt, hence the price-impact function is the same in each period and independent from one period to the next. But since each period`s execution cost PtSt is a convex (quadratic) function of St, the sum of these single-period execution costs will be minimized at the point where the marginal execution costs are equated across all periods. There is no advantage to shifting trades to one period or another they all offer the same trade-offs to the objective function hence the trade sizes should be set equal across all periods. Note that in this case the optimal controls MS*t N are all non-negative hence the non-negativity constraints could have been imposed trivially. The optimal-value function at time 1, V1 (P0, W1), gives the expected cost of the best-execution strategy and we see that this cost is the sum of two terms: the no-impact cost P0 and the cumulative price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸2(1+(1/T))/2. Observe that while the impact term is a decreasing function of T having more time to acquire can never increase the expected cost à  the cumulative price impact does not vanish as T increases without bound. This seems counterintuitive since one might expect price impact to become negligible if there is no time limit on completing the purchase. However, observe that the law of motion for Pt implies that the price impact ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸St of an individual trade has a permanent effect on Pt, hence even infinitesimally small trades will have an impact on next period`s price, and the limiting sum of all these infinitesimal trades multiplied by infinitesimally increased prices is finite and non-zero: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸2/2. These results underscore the importance of the law of motion`s specification in determining the total expected cost of executing SM. Of course, equation of Pt empirically implausible for a number of reasons. However, it serves a useful purpose in demonstrating the basic approach to best execution, as well as in rationalizing the rather common practice of parcelling a large trade into smaller pieces of equal size and submitting them at regular intervals over some fixed time span. This naive strategy is indeed optimal if the price-impact function and price dynamics of In the next section we present a closed-form solution for the best-execution strategy under a more complex price-impact function, one which d epends both on the trade size and a serially-correlated state variable that proxies for information such as proprietary research or market conditions. With information, the best-execution strategy differs in important ways from the naive strategy S*t =. In particular, the best-execution strategy becomes a nontrivial function of the information variable and can sometimes exhibit counterintuitive trading patterns. Linear price impact with information Suppose that the price-impact function is linear in St as in Eq. (2.3), but now let Xt denote a serially-correlated state variable which also affects the execution price Pt linearly, hence where et and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ·t are independent white noise processes with mean 0 and variances ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2e and ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ · , respectively. The presence of Xt in the law of motion for Pt captures the potential impact of changing market conditions or of private information about the security. For exampl e, Xt might be the return on the BSE index, a common component in the prices of most equities. Broad market movements affect all securities to some degree, and c measures the sensitivity of this particular security to such market movements. Alternatively, Xt might represent some private information about the security, and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³ the importance of that information for Pt. In particular, Xt may denote the output of an alpha model which incorporates stock-specific analysis to yield an excess return not yet impounded into market prices. In either case, the impact of Xt on the execution price, and the time series properties of Xt have important implications for the best-execution strategy. Having specified the linear price-impact function with information, the best-execution strategy and optimal-value function can be obtained by dynamic programming as before, and is given by For k=0,1,2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦T-1 where And Since it is assumed ÃÆ'Ã… ½Ãƒâ €šÃ‚ ¸0, ak is positive, and ck and dk are negative for all k0. The sign of bk can vary, but is positive for all k0 if h, c, and o are all positive. In contrast to the case of a linear price-impact function with no information, the best-execution strategy varies over time as a linear function of the remaining shares WT-k and the information variable XT-k. In particular, the first term of the equation is simply the naive strategy of dividing the remaining shares WT-k at time T-k evenly over the remaining k+1 periods. The second term of the equation is an adjustment that arises from the presence of serially correlated information XT-k. Observe that this term vanishes if ÃÆ' Ãƒâ€šÃ‚ =0. When ÃÆ' Ãƒâ€šÃ‚ 0 this implies that XT-k is unpredictable, and while XT-k still has an impact on the current execution price, observing XT-k tells us nothing about expected future execution prices hence it can no longer affect the best-execution strategy. If ÃÆ' Ãƒâ€šÃ‚ 0 and it is assumed, without loss of generality, that ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³0, then ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´x,k in the equation is also positive, implying that positive realizations of XT-k increases the number of shares purchased at T-k, ceteris paribus. This may seem counterintuitive at first because a positive XT-k necessarily increases the execution price PT-k by ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³XT-k, so why trade more? The answer may be found in the fact that XT-k is positively serially correlated, hence XT-k0 implies that future realizations are likely to be positive which, in turn, implies additional expected increases in future execution prices. Therefore, although a positive XT-k makes it more costly to purchase shares in period T-k, this additional cost is more than offset by the sequence of expected future price increases that arise from positively serially-correlated information. Alternatively, if ÃÆ' Ãƒâ€šÃ‚ 0 so that XT-k exhibits reversals, the equation shows that a positive realization of XT-k decreases the number of shares purchased, ceteris paribus: it is more expensive to trade in period T-k and XT-k is likely to reverse next period making it less expensive to trade then, hence it is optimal to trade less now. The impact of an increase in XT-k on expected best-execution costs may be measured explicitly by the derivative of the optimal-value function VT-k with respect to XT-k: Suppose ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³ and ÃÆ' Ãƒâ€šÃ‚  are positive so that bk is positive. Since ck is always negative, the impact of an increase in XT-k on the expected best-execution cost depends on whether bkWT outweighs 2ckXT-k. For empirically plausible parameter values, the first term will generally dominate the second, hence increases in XT-k will typically increase the expected best-execution cost, a sensible implication given that an increase in XT-k increases current and all future expected prices. It is also not surprising that VT-k is an increasing function of WT-k for empirically p lausible parameter values the larger is the unexecuted portion of the initial block, the higher the expected best-execution cost. In the next section, a numerical example is provided to illustrate the behaviour of the best-execution strategy under several simulated scenarios. A numerical example Tables 1 provides illustrative numerical examples of the best-execution strategies under the linear price-impact function with information for three simulated realizations of the information variable Xt and pricing shocks et. The goal is to minimize the expected execution costs of a 100,000-share purchase over T=20 periods for a stock currently trading at P=$50, given the following parameter values: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸=5X10-5 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³=5.0 ÃÆ' Ãƒâ€šÃ‚ =0.50 ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ=(0.125)2 ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2ÃÆ'Ã… ½Ãƒâ€šÃ‚ ·=0.001 To develop some intuition for these parameters, observe that the no-impact cost of acquiring is 100,000XP0= $5M, and the expected full-impact cost is 100,000XE[P0 +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ³X1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ1] = 100,000X$55 = $5.5 million since E[Xt]=0, hence ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ is calibrated to yield an impact of $500,000 on a 100,000-share block purchase. It also follows that Hence the standard deviation of the information component is approximately 18 cents (per period). Finally, the standard deviation of et is calibrated to be 12.5 cents or one tick (per period)

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Rewriting History in Henry IV The master of historiography is, perhaps, Shakespeare as evidenced by his History Plays. Whereas most writers merely borrow from history to fuel their creative fires, Shakespeare goes so far as to rewrite history. The First Part of Henry the Fourth follows history fairly closely, and Shakespeare draws this history primarily from Raphael Holinsheds Chronicle of England, Scotland, and Ireland and from Samuel Daniels verse epic The Civil Wars (Abrams 823). The play opens shortly after Henry Bolingbroke has usurped the throne from Richard II, becoming the fourth King Henry, and changing the royal lineage from the House of Plantagenet to the House of Lancaster. In the opening†¦show more content†¦For the most part, Shakespeare did indeed fabricate Falstaff, Poins, and the whole Tavern Group, yet historical evidence does support some sort of provincial getaway. McFarlane records that in 1412 the younger Henry remained dissatisfied [with his father] and shortly afterwards withdrew once more into the provinces, where he was soon again at his old tricks (110). Shakespeare originally named the character of Falstaff after the Protestant martyr John Oldcastle. Shakespeare eventually bowed to the objections of Oldcastles descendants, renaming the character (Abrams 823). At the Battle of Shrewsbury, Shakespeare describes how Hal kills Hotspur, eulogizes him (5.4.78-102), and then concedes the victory of the kill to Falstaff (5.4.138-50). History records that Hal himself suffered an arrow-shot to the face (Rowse 44) and that no one knows for certain who killed Hotspur (Jacob 52-3). History further records that, as for the eulogy, it was the king who shed tears over Hotspurs slain figure, not the young prince (Rowse 45). Despite Hotspur being three years older than Hals father (Hotspur died at age thirty-nine) (Rowse 44), Shakespeare paints the portrait of Hotspur and Hal as contemporaries, following poet Daniels lead (Drabble 475). Rowse does note, however, that Shakespeare did capture the essence in Hotspur of something not grown-up about this fighting man, whoShow MoreRelatedA Study on Metafictive Devices in the French Lieutenant’s Woman5819 Words   |  24 Pages.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦......13 3.3 The Critique of Victorian Sexuality†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦15 IV. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.....................16 References †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....................18 I. Introduction Fowles’ The French Lieutenant’s Woman is typically a time-honored historiographic metafiction in contemporary British literature. The term â€Å"metafiction† was coined by Willim H. Gass in a 1970 essay entitled â€Å"Philosophy and the Form of Fiction†. It is a type of fiction that self-consciouslyRead MoreLogical Reasoning189930 Words   |  760 Pagesreturned their publishing rights to the original author, Bradley Dowden. The current version has been significantly revised. If you would like to suggest changes to the text, the author would appreciate your writing to him at dowden@csus.edu. iv Praise Comments on the earlier 1993 edition, published by Wadsworth Publishing Company, which is owned by Cengage Learning: There is a great deal of coherence. The chapters build on one another. The organization is sound and the author doesRead MoreProject Managment Case Studies214937 Words   |  860 Pagescooperation. Both company and department goals can be achieved. It puts an end to the can t see the forest for the trees syndrome. Harold Grimes, plant manager I think that formal project management will give us more work than longterm benefits. History indicates that we hire more outside people for new positions than we promote from within. Who will be hired into these new project management jobs? We are experiencing a lot of backlash from people who are required to teach new people the ropes. InRead MoreFundamentals of Hrm263904 Words   |  1056 PagesIntegrative Perspective on Employee Benefits 305 Flexible Spending Accounts 305 Modular Plans 306 Core-Plus Options Plans 306 Summary 307 Demonstrating Comprehension: Questions for Review 308 Key Terms 308 Employee Assistance Programs 332 A Brief History of EAPs 332 EAPs Today 333 Wellness Programs/Disease Management 333 ETHICAL ISSUES: Smokers and the Obese Need Not Apply 334 xiv Contents WORKPLACE ISSUES: The Union Drive 351 Objective and Scope of Collective Bargaining 351 Collective-Bargaining

International Business Negotiation Free Sample

Question: Discuss about theInternational Business Negotiation. Answer: Introduction Negotiation is an important aspect of everyones life. A negotiation with a customer about the product, a negotiation with the boss about a hike in salary, international negotiation between two countries, or simply a negotiation with friends to hangout. All these are examples of negotiation. It is a process which is reserve for the skilled diplomat, top salesperson, or ardent advocate. They are practicing negotiation on the daily basis. It is an inherent quality seen in the all the negotiators. It is due to their continuous practice, which brings the deal in their favor. Negotiation is a routine affair. Although it happens daily, it is not an easy task to achieve. Every business desires to make huge profits in long run. It depends on the negotiation skills of the entrepreneur. (Lewicki et al. 2011) It is a process of making combined decisions in a different atmosphere. One can achieve their goals through negotiation. It is an art of deciding, where two or more parties discuss with one another the effort to determine their opposite interest (Mehnert, 2008). The purpose of negotiation is to share the limited resources, to create something new or to resolve the dispute. Effective negotiation strategies are important to manage difficult situation. In simpler terms if the problem is not solved than the motive is not achieved. By negotiation, common interest is fulfilled. If done, in a significant manner, it creates long-term relationship between parties. It is a basic method to achieve what one want through communication. Negotiation is carried in respect of the corresponding interest of the parties. The term bargaining is sometimes confused with negotiation. The term bargaining is used to describe the temporary situation of win and loss. It is mostly used to describe the distinctiv e way of dealing at the flea market or the other market. Negotiation is not merely give and take; it is a comprehensive process which requires lots of skills. It is develop through continuous practice and dedication (Reardon, 2014). The successful negotiator has imbibed the skill of negotiation due to continuous practicing the techniques. The most effective method of negotiation is by making the other party engage in talks. These processes involve an active participation of the parties to understand the reason behind the deal. It is important to be flexible and disciplined while negotiating. Language and culture is not a barrier in negotiation by the skilled person. They depend on the listening and understanding skills of the negotiator to identify the goals and to assess their BATNA. One needs to create a report depending on the available information (Silva, 2016).To achieve success in a negotiation, one should remember to set the bargaining range, before making an offer. It should be started at a right place to achieve the successful result. Secondly, one should not disclose any significant information about the subject matter. Thirdly, information about the other side is an added advantage to win the interest (Negotiation, 2007). Kinds of Negotiation Integrative Negotiation Integrative negotiation is one, where the parties assist to get benefit by combining their interest in harmony .In integrative negotiation; one should be good at both creating worth and claim. It is a twofold negotiation theory where one has to create as much value as possible and to claim the value. It is mostly referred as win-win situation; every party gets what they want. Thus, the ability to claim or win does not minimize others ability (Luecke, 2003). Multiphase Transactions Multiphase transactions are advantageous to those who want to encourage cooperative behavior. In its early phase, the parties are allowed to build trust on each other. It helps in providing required skills. Earlier familiarity helps in seeking future smooth advancement. Multiparty negotiation involves more than two parties. It helps in gathering information at an early stage .The major challenge is to hold together individual interest. It is important to understand the goals, interests, and relationships of the other parties (Wheeler,2013).). CaseStudy Case Study 1 Negotiation is a process reserve majorly for the skilled people. The Microsoft- Nokia deal in 2013, was the most shocking negotiation deal. The business negotiations were undertaken by the negotiator at Microsoft and Nokia to overcome the challenges. Rather than engaging in the reconciliation of difference in identity, they negotiated for maintain their own identity. The negotiator played a significant role in addressing the individual interest and successfully implementing the individual identity of the company (Lutz, 2016). It is majorly practiced in daily life whether it involve a minute issue or major global issue. A sales deal can only be converted if carried through proper negotiation skill. A salesperson focuses majorly on the negotiation skills. It is an essential part of the sales journey towards a mutually beneficial outcome. The reason why almost everything is negotiable is because if one party have certain skills which the other party dont have. The goal of a professional salesperson is a responsibility towards relation building. A professional salesperson delivers the set of best negotiable skills which the other person doesnt have. This differ them from the other negotiators. They have an inherent capability to negotiate. They understand how to convert a deal in their favors. Top sales executive has a quality to decide a deal in their favors. They know how to make the best opportunity out of the available resources (Barmak, 2007). A majority of the company are successful due to their professional negotiator. Firstly the company has to establish a wide negotiations area to apply the knowledge gained by the sales personnel through past experiences, by evaluating the performances beyond the parameter of costing and pricing. Companys behavior towards the deal makes it fruitful in the favor of the company. Where the companies have reengineered different process, negotiation remains the single domain which separates an industry from rest of the other co mpanies. Every negotiation deal is unique in itself. The deal majorly depends on the individual interest of the negotiator. It is due to continuous years of practice, a company achieves individual goals. Its their personal set of skills which distinguish them from rest others. Continuous years of practice help the negotiator to achieve the desired results (Kuttnig, 2009). Case Study2 The civil war in Syria has become one of the notorious issues in the past decade. In September 2013, US Secretary and Russian corresponding person announced a deal to prevent US interference in Syria. Diplomatic negotiation leads to the success of Russia over the USA. The word diplomat represents images of international power and strategy (International Negotiation.2016).A diplomat has to deal in a positive manner for resolving the international dispute. His role is to resolve the international disputes about social, political, economic, etc. International negotiation focuses on resolving complex issues. While transnational issues the global challenges they pose are increasingly important, it is their skill of the international negotiable on which the majority of deal focuses. Diplomats have a set of skills which distinguishes them from the rest of the world. While discussing the serious issue with each other, it is noticed that one with a good set of negotiation can come up with a b etter remedy rather than others. The major interest of both countries needs to be taken care while negotiating Starkey, et al. 2010). Researchers have confirmed that, culture negotiation style and success are related to each other .cultural tendencies are responsible for majority of cross-cultural negotiation (International Negotiation, 2016). Learning to negotiate is a part of advocacy process. The traditional approach to negotiation is through the best possible way. For an advocate, it is very important to be a good negotiator which is inherited due to several year of practice. An advocate has a set of skills which distinguishes him from the rest of the world. Negotiation is a practice done to carry out the better result. For an experienced advocate it is an easy task to convert a deal in his favor. It differentiates him from rest of the world. Only one side can win while the other loses during the negotiation process. Negotiation Style Negotiation style can be either aggressive or co-operative depending on the individual quality. Each individual has to adopt the different set of skills in different kind of negotiation. It focuses on building long term relationship. One needs to express the goals essential before negotiating. A goal determines the outcome, an individual want. An outcome below the bottom line is unacceptable .A negotiation completely depends on the individual interest. It has to be kept in mind before making any type of negotiation. The needs and necessity need to be given importance while doing the negotiation (Gosselin, 2007). Every individual has a different set of negotiating skills. In case of cross-cultural negotiation, every country has a different cultural pattern. For example: every country has different culture of negotiation. A negotiator from US and Japan create more value than the other. Negotiating doesnt depend on the place of birth of an individual; it rather depends on the individual skills of bargaining. The ability to interpret the information is of much importance while negotiating deals on cross borders. Individual convincing skills are very much important while negotiating on the international field. In case of international negotiation it is the duty of the negotiator to carry the negotiation in his/her favor (How to Overcome Cultural Barriers to Communication in International Negotiations, 2016). Instead of getting into deep arguments it is very important to find a middle way while deciding on the international negotiation. Negotiation ethics across the borders shows a unique challeng e for negotiating with the counterpart with the different background. Language is not a barrier while deciding over the international agreement. The different ethical perspectives are necessary to understand while communicating the negotiation on the international ground. Globalization is a concept which understands the political and international economy. The major question is how the world works in the global platform. The concept of globalization has changed people perception while making any international deal. The world is now a small place. Apple, apologized in April, 2013 for the warranty issues and promised o rectify them. In country like China an apology is an effective way of negotiation. Their study showed that apology can resolve the conflict much faster than the financial compensation (Apples Apology in China, 2016) International Negotiation An important example of the negotiation is in between Microsoft and AOL. They were the active competitors. Microsoft has the sight to change the negotiation in their advantage. The deal was in between two of the giants. Microsoft lost an amount of shares but has made a gain on a long run. It is only due to its negotiation skill the organization makes a difference the deal is an important while making an important negotiating deal. It focuses on an equal win-win situation for both the companies. It is completely on the individual set of skills which makes negotiation an important task in making a deal in their favors. A deal can only be converted well, if negotiated by the skilled person. The majority of deals are carried by the senior staff, which has a lot of negotiation experience. It is necessary to have a good amount of experience in the field of negotiation, to make a favorable deal (Microsoft Finessed Netscape in the Browser War, 2016). In case of international negotiation of Mitsubishi and Chrysler for a joint venture in Japan some time back. There were multiple parties whose interest was under conflict. Government and trade policies are an important aspect while dealing with the negotiation. It has to satisfy multiple interests while making any such international collaboration. Government policy plays an important role while negotiating on the international ground. Mitsubishi Chrysler collaboration has become a case which could affect the future dealing with the country. Cross Cultural Negotiation It is the personalized set of skills which encourages negotiation behavior. Everyone practice it in daily life, while buying the goods from vendor or from flea market. Negotiation is practiced in our daily life. Negotiation focus on the core interest of the parties. One who has perfect skill and knowledge has maximum chance to win. A negotiation requires eminent skills which makes a person different from others. While discussing the major cultural negotiation, there is a need to have an exemplary skill. Every individual has different set of skills. While making an international deal, it is necessary to understand the cross cultural interest. The skilled diplomat and salesperson and advocate excel in negotiating. For others it may be a time consuming and difficult process but for skilled person, it is an easy task. It is due to year of practice and hard work which make them different. Negotiation is a continuous process which focuses on building relationship. Cross cultural negotiatio n are important of dealing international business. All the majority of deals can only be cracked with the help of skilled negotiators (Hofstede, 2002). Negotiations are necessary to be carried out on the cross cultural borders with the set of personalized skills. The reason behind the success of majority of internal and external negotiation is due to their personalized skills (Edwards and Rees,2011). Conclusion One can only achieve in negotiation if he or she has personalized skills in negotiation. A negotiator has those skills which make him different from the other people. It is due to their years of practice and continuous hard work. The essay explains the qualities and case studies which involve personalized quality of negotiation. It is an art achieved through years of practice. It is an age old practice which focuses on individual capacity to conquer. The major terms of negotiation are decided by the partys. One that has an experience in negotiating can bring a significant change. This art can only be achieved through continuous hard work. In term of cross-cultural and international negotiation the personalized skills of negotiator to settle the deals play a significant role. Hence Negotiation is a process majorly for the skilled entrepreneurs. They are the one who creates a difference in the society. The majority of negotiations are carried out with the help of personalized experienc e in this field. References: Apples Apology in China.2016. Available on: https://www.pon.harvard.edu/daily/international-negotiation-daily/top-negotiation-case-studies-in-international-negotiations-from-business-and-global-politics/ .( Accessed on: 14/09/16) Barmak, A.2007. The Accidental Salesperson: The Handbook for Selling Like a Professional in Everyday Life. The Accidental Salesperson Edwards, T. Rees, C., 2011. International Human Resource Management: Globalization, National Systems, and Multinational Companies, Gosselin, T.2007. Practical Negotiating: Tools, Tactics Techniques. John Wiley Sons Hofstede, G. Usenier, J.C., 2002. Cultural Aspects of International Business Negotiations. In International Business Negotiations. pp. 97136. How to Overcome Cultural Barriers to Communication in International Negotiations .2016. (Online).Available at: https://www.pon.harvard.edu/daily/international-negotiation-daily/cultural-notes/ (Accessed on 14/09/16) International Negotiation .2016. (Online). (Available from: https://www.pon.harvard.edu/category/daily/international-negotiation-daily/ Accessed on : 15/09/16) Kuttnig, C., (2009). Negotiation as Corporate Skill. GRIN Verlag Lewicki, R., Saunders, D. and Barry, B. (2011) Essentials of Negotiation. London, McGraw Hill. Chapter One. Luecke ,R.2003.Negotiation.US: Harvard Business Press Lutz, K.2016.Top Negotiation Case Studies in International Negotiations from Business and Global Politics. (Online). (Available at: https://www.pon.harvard.edu/daily/international-negotiation-daily/top-negotiation-case-studies-in-international-negotiations-from-business-and-global-politics/ / (Accessed on: 14 September 2016) Mehnert, M.2008. Negotiation: Definition and Types, Manager's Issues in Negotiation, Cultural Differences and the Negotiation Process. GRIN Verlag Microsoft Finessed Netscape in the Browser War.2016. Available on: https://www.negotiations.com/case/browser-war/ .(Accessed on 14 September 2016) Negotiation.2007.Available on: https://www.cimaglobal.com/Documents/ImportedDocuments/cid_tg_negotiation_mar07.pdf.pdf (Accessed on 14 September 2016) Reardon, K. (2014). The Skilled Negotiator: Mastering the Language of Engagement. USA:John Wiley Sons Siedel, G. (2014). Negotiating for Success: Essential Strategies and Skills. Van Rye Publishing, LLC Silva,B. 2016.Negotiation: How to Successfully Negotiate Anything! Technique, Motivation, Sales, Business and Money. CreateSpace Independent Publishing Platform Starkey, B., Boyer, M. and Wilkenfeld, J.(2010). International Negotiation in a Complex World: New millennium books in international studies. Rowman Littlefield Wheeler,M.(2013). The Art of Negotiation: How to Improvise Agreement in a Chaotic World. Simon and Schuster

High School Essay Samples - How to Use These Essays to Get a Good GPA

High School Essay Samples - How to Use These Essays to Get a Good GPAIf you have not started your high school essay, then it is about time you did. Of course, we know that these things are going to be more than a simple study guide. In fact, you will be given a challenge when it comes to taking this test and really hoping to stand out from the others who have tried and failed.Unfortunately, the internet offers you with many high school entrance essay samples, but only a few of them are going to fit your unique needs. After all, your needs may differ from the other applicants that got into the same high school. The following are high school essay samples that you can use to get a feel for what to expect.For the most part, if you do not already have one, you should prepare for your high school entrance essay samples by working on some research. Go over the facts with them and see if they really agree with your research or not. This could be an excellent way to help you decide how to wr ite your essay. It will give you the chance to discuss different viewpoints as well as help you understand why they can be wrong or right.When it comes to high school essay samples, what you write is important. You need to have a personal point of view, and you need to use the main idea and structure of your essay to support this. However, you also need to make sure that your writing will be professional. You need to be able to use the correct grammar, spellings, punctuation, and style.These essays are meant to help your chances of getting into your desired school. Therefore, you want to make sure that you do not go over the rules in the letter of acceptance. You also want to make sure that you use proper grammar and spelling to make it clear to the reviewers that you are not going to mess up your work. Also, it is important that you stick to the exact topic of your essay.You can find many high school entrance essay samples on the internet. You can usually get a free sample, or you can get something that will be paid for. Either way, the important thing is that you get the idea of what they look like. You can download a word processing program to print your essay out for use in your final draft.What is great about using high school entrance essay samples is that you can customize it to make it fit the way you want it to be. There are many programs online that can do this for you. Then, you just need to use a high quality pen and paper, and sit down and type up your essay.If you really do not know where to begin with your high school entrance essay samples, you should find a great resource. It will help you write the perfect essay and help you build the best essay possible.

Immigration Argumentative Essay Topics

Immigration Argumentative Essay TopicsImmigration argumentative essay topics vary depending on the subject of the essay. When writing an immigration essay, you should choose immigration argumentative essay topics that are related to your field of expertise. The topic of your immigration essay should be an area of interest that you are particularly passionate about. If you are passionate about a particular issue or topic, write an immigration essay that will most benefit from writing a debate.Topic choice for a debate is very important. You must decide which areas of expertise you want to highlight in your essay. There are many topics that you can use for immigration argumentative essay topics:Immigration benefits: Immigration debate topics can discuss any aspect of immigration and its benefits. You can discuss the benefits of immigration in business, management, government, technology, the workforce, education, healthcare, the economy, or many other areas.Immigration in your state: T his can be the easiest of all immigration argumentative essay topics to write. You can just look up the state on the Internet and find out what immigration laws are in your state. You can then write an immigration essay that discusses those laws and how they benefit you personally.Immigration policy issues: Immigration policy is often a topic of debate in the United States. You can use your immigration argumentative essay topics to showcase your own point of view on immigration. For example, you can write an immigration essay topic about an unpopular piece of immigration legislation.Immigration story: Writing an immigration story is a great way to showcase your own personal experience. You can use this strategy to help you gain insight into your own place in the immigration debate.Immigration argumentative essay topics are a wonderful way to showcase your expertise and voice. As long as you choose topics that are relevant to your area of expertise, you should be able to write an imm igration essay that is sure to make a huge impact.

Confidential Facts About Research Paper Proposal Only the Pros Know About

Confidential Facts About Research Paper Proposal Only the Pros Know About Whatever They Told You About Research Paper Proposal Is Dead Wrong...And Here's Why When you have question, or a number of questions, you would like to answer state them here. If you're struggling finding good sources for your research paper when making your proposal, it is a great indication you should select another topic. The proposal would require a specific to merely collect some truths and concrete info to support a principal thesis or insurance claim they want to make. As an example, state in case you have previously conducted research on the identical topic and would like to further your findings or dig into another part of the exact same topic. Along with describing the issue, you also ought to demonstrate that you've a comprehension of the present literature on your topic. Read everything you may see in your field of interest. When you discover your topic it is simple to find out tons and lot s of stud. You also ought to explain what type of research you will conduct, what study hypothesis that you have, and the way you will prove it. After reading the thesis, there ought to be no doubt precisely what the research will be about. Each student must choose one reading that we've done so far or will read later on, and no 2 students may pick the exact work. Most students just assume that writing is as simple as anything else they would like to do, which is where they go wrong. It is very important to convince your reader of the prospective effect of your proposed research. Normally, a research proposal should contain all the vital elements involved with the research procedure and include sufficient information for those readers to assess the proposed study. Furthermore, you must clarify the range of your study to supply a crystal clear focus. Thus it is by far the most important single element in the proposal. A systematic approach will definitely assist you to think of a brilliant research paper. There are a number of things that you must include in a research proposal in order to provide your supervisor an excellent comprehension of the approach that you would like to take in your research. Yes, that research sometimes takes a little effort, but putting in that effort makes your proposal considerably more likely to be successful. The students will be provided a rubric with the precise demands of the undertaking and what the use of the project is. You won't possibly be in a position to complete such an undertaking. A superb research project may run the chance of rejection only because the proposal is poorly written. The function of the proposal is to be certain that The proposal isn't a fixed blueprint. The simplest way to comprehend the proposal may be to observe the example below. It should include an action plan, earlier research analysis and proposer theoretical positioning in the area of research. An excellent thesis proposal hinges on a superb idea. Research proposal is the sort of document that's utilized to propose the research undertaking. A research proposal consists of six crucial pieces. It should contain a clear and concise description of the problem or question. A research proposal is designed to convince others that you are in possession of a worthwhile research project and you have the competence and the work-plan to complete it. Facts, Fiction and Research Paper Proposal Nobody will argue that It's quite challenging to compose an academic paper if there's no structure for it. The example paper may be used to assist you in finding topics that interest you. Utilizing the example paper can demonstrate the appropriate means to format. By studying various outline samples, you're guaranteed to come up with the ideal research paper outline in virtually no time. Outlining the sections right at the start of writing research paper can help you to keep up a suitable structure for the whole write up. The thesis statement ought to be complete, and the remainder of the paper ought to be in line with it. If you take a close look at research paper outline examples, you will observe there are several strategies to present the principal body.