The Macbeth Witches Essay - 833 Words

The Macbeth Witches In the first scene in act one we can see that the witches have some kind of psychic ability from when they predict that Macbeth will win the battle. The witches appear to be having some sport of shared vision. We can tell this from the second quotation- â€Å"When the hurlyburly’s done. When the battle’s lost and won.† The witches clearly know that King Duncan’s side will win the battle. They also know when they will meet with Macbeth- â€Å"There to meet with Macbeth.† This addresses the theme of witchcraft and is Shakespeare’s way of letting the audience know that the witches have powers. The scene is set in the dark on the heath- a very open place, and the thunder and lightning in the background ‘top it off’ as such.†¦show more content†¦At the opening of scene three again we hear thunder, not only does this create the spooky atmosphere as before, but it also confirms the witches’ predictions about the weather and makes the audience think that they have some sort of power over the weather. The first witch begins to tell a story of a sailors’ wife towards whom she has taken great umbrage. She tells the others how she will get back at the woman by torturing her husband. She says she will sail in a sieve to him at Aleppo. We then see that the witches can control the weather again when the others say they will help her by sending a wind. The first witch refuses and continues to tell of her wicked ways with the sailor. She possesses a pilot’s thumb which is quite disturbing for the audience and highlights the key theme of witchcraft again. Suddenly we hear a drum and once again can see that the third witch in particular may be psychic. â€Å"A drum, a drum! Macbeth doth come† Then the witches begin to chant a spell. When it is done they say â€Å"Peace the charm’s wound up.† This confirms for us that it was a charm or spell and makes the audience wonder what it has achieved. When Banquo speaks we get the first idea of what the witches look like. â€Å"What are these, so withered, and so wild in their attire, that look not like th’ inhabitants o’ th’ earth, and yet are on’t? This tells us that whatever wayShow MoreRelatedEssay On The Witches In Macbeth1134 Words   |  5 Pagesplay, Macbeth, by, William Shakespeare, the witches have a significant role. They represent that some things are too good too be true and sometimes we shouldn’t try and follow everything that we hear. The witches give Macbeth many prophecies throughout the play. Macbeth listened to the things they said and it resulted in his death and his own downfall. The witches play the role in the play of, developing plot, advancing characters and setting themes. In the beginning of the play, the witches giveRead MoreThe Role Of The Witches In Macbeth1395 Words   |  6 Pages In the novel Macbeth, by William Shakespeare, Macbeth is told his prophecy by the three witches, mysterious, secretive creatures, who we are left to develop our own vision of. Witches are known to represent evil, envy, and are always the villains of the story. In this novel, they are illustrated very similarly. In the beginning of the story, we learn that the witches are somehow associated with the weather, can cast spells, and like to take revenge. Macbeth pays the witches a visit to ask for hisRead MoreRole Of Witches In Macbeth1160 Words   |  5 PagesThe Wicked Witches of Scotland Throughout history, people have often fought over power and used it to dominate others. There are many forms of power such as physical strength, knowledge, wealth, possessions, and fear. These are simple, mundane powers that people can wield. However, in many religions and some superstitions, people believe in beings who possess supernatural powers. In William Shakespeare’s Macbeth there are such beings, more specifically witches, who have many paranormal capabilitiesRead MoreThe Role Of The Witches In Macbeth735 Words   |  3 Pages In the play Macbeth the three witches managed to change the future to what they had predicted. Other types of fantasy also played a role in making the tragic ending. These sorts of witchcraft or in other words magic made the play what it is and conveyed character such as Macbeth to do and think of certain things. The witches played a huge role in the story of Macbeth and made him become who he ends up as. Macbeth was a very honorable knight that served king Duncan till his last breath. He didRead MoreFate : Witches Or Macbeth?1039 Words   |  5 PagesCayde Hamilton Ms. Crowe English IV 11 December 2015 Fate: Witches or Macbeth? Many people in this world would argue that every one has free will, that the choices they make will determine their path in life, but some would argue that everything comes down to fate. People who believe solely on fate believe that their future is already determined, and they can do nothing to change it. According to Oxford Dictionaries, fate is the development of events beyond a person s control, regardedRead MoreMacbeth - the Importance of the Witches1078 Words   |  5 PagesThe witches in Macbeth are very important in the plot and develop certain aspects of the play. They make greater the theatrical experience with images of darkness, thunder and lightning that make Macbeth the tragedy it is. Their actions also add to the play, dancing round the cauldron and chanting ‘Double, doubleÂ…. Their appearance as ‘dark hags adds mystery to the play. The witches also add a sense of evil and of the supernatural. Their chanting, ‘Double, double, toil and trouble: Fire burnRead More Macbeth and the Witches Essay1011 Words   |  5 Pages Macbeth: The Witches’ Responsibility for Macbeth’s Actions The three witches that are introduced at the beginning of the play are responsible for the introduction of the ideas that caused Duncan’s death and Macbeth’s destruction but not for Macbeth’s actions themselves. They recount to Macbeth three prophecies; that Macbeth will be: 1) Thane of Cawdor, 2) Thane of Glamis, and 3) King. Macbeth welcomes the ideas spawned from the witches’ prophecies, which is what triggered the spiral of events inRead MoreWitches Role in Macbeth2482 Words   |  10 Pagesthe powers of witches, and witchcraft became the object of morbid and fevered fascination. Between 1560 and 1605 hundreds of people (mainly women) were convicted as witches and executed. Witches were credited with diabolical powers. They could predict the future, bring on night in daytime, cause fogs and tempests and kill animals. They cursed animals with fatal wasting disease and could raise evil spirits by concocting a horrible brew with nauseating ingredients. I t was believed witches allowed theRead MoreRole of the Witches in Macbeth1040 Words   |  5 PagesMacbeth is a play about morals and how people can be easily influenced. The audience at the time when the play was written were more superstitious than we are. They believed in witches and thought that they were the devils disciples. They were believed to be able to control the weather, blamed many things, such as outbreaks of disease on them. The first people to meet the Witches are Banquo and Macbeth. They find the witches appearance is vile. We can see this as Banquo says that â€Å"(they) look notRead MoreEffect Of The Witches In Macbeth739 Words   |  3 PagesHow do the witches affect the actions of Macbeth? Macduff enters Holding Macbeths Lifeless head. â€Å"Hail King of Scotland!†, Cheer the people. How did it get to this? How did a soft-hearted and honest noble like Macbeth get into this position? The quick and easy answer is that it was the work of the three witches. At the beginning of the play, the three witches gave Macbeth and Banquo prophecies; Macbeth will be king, thane of Cawdor, and be thane of Glamis. They also said that Banquo’s sons will

A New Form Of Convict Leasing - 1260 Words

010, U.S. Bureau of Justice Statistics showed that black males had an imprisonment rate of close to seven times the incarceration rate of white men with the rate of incarceration for black women nearly three times the rate of white women (5). Human â€Å"Rights Watch† noted in a 2009 study; blacks are arrested at a higher rate than whites even though blacks commit drug offenses far less than whites (6). Former Presidents Reagan, the Bushes’ and Bill Clinton government, imposed racial projects and racial profiling cast new forms of racialized social control on black’s communities reminiscent of the days of slavery of the 1700’s and 1865s Jim Crow laws. The only difference in the 20th century is there are no lynch mobs. However, a new form of†¦show more content†¦The Irony is â€Å"drug possession is a crime every drug user commits† and, in the United States, most drug users are white, yet a white drug user is not arbitrarily racially profile d, stopped and frisked at the same rate as blacks and other minorities. Also, white drug users may be given a warning by police to get help for their addiction problem if their perceived recreational drug use is out of control. The U.S. Public Health Service Substance Abuse and Mental Health Services Administration reported in â€Å"1992 that 76% of drug users in the United States were white, 14% were African-American, and 8% were Hispanic (6).† Cocaine users were estimated to be 66% white, 17.6% Black, and 15.9% Hispanic. Which demonstrated patterns of use that don’t approach arrest disparities, as African Americans are less likely to use drugs than whites. There is also no sufficient evidence to conclude that African Americans are more likely to deal drugs, yet blacks more likely to be arrested for drug possession, nor are whites frisked at the same rate as blacks other minorities. Which demonstrates patterns of drug use that don’t approach arrest and incarc eration disparities, as African Americans are less likely to use drugs than whites. (6) There is also no sufficient evidence to conclude that African Americans are more likely to deal drugs, yet blacks are more likely than whites toShow MoreRelatedMass Incarceration : A New Form Of Slavery Essay1555 Words   |  7 PagesMass Incarceration: A New Form of Slavery in the United States Lorena P. Ambriz History 12A Abstract Starting in the 1970s, the rising rate of imprisonment came to be known as Mass Incarceration. 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Many equate the warRead MoreSouth And The Ghetto Of The North918 Words   |  4 Pagesand prison system of today, the United States has operated through different forms of labor from different, dominant social types that range from slaves to lowly skilled workers to criminals. In order to change the capitalist system that creates loopholes that ensure the imprisonment and lack of fundamental rights and resources for African Americans, it is important to analyze and consider the prison and convict leasing systems, prison abolition and blackness as criminality as a whole. Often thereRead MoreThe United States1202 Words   |  5 Pageswitnessing the barbarity of Mandingo fighting (human cock fighting). After the civil war this stereotype waned as the emancipation of the slaves brought a new stereotype into the American psyche. This new generalization of the African American was nothing like how he had been portrayed before. Unlike the gleeful, harmless simpleton of slavery, this new stereotype was ultraviolent, insidious, and had a hunger for white women. This Brute character was reviled by the Southern Whites. After the civil rightsRead MoreConvict Lease System2001 Words   |  9 PagesEmancipation Proclamation and after the amendments, slavery in the United States was still â€Å"legal† and not only that, but it took on a much different form. The institution of slavery changed from having the direct enslavement of blacks, to the United States legal and prison system enslaving blacks. Yet, the enslavement itself was changed as black convicts were no longer slaves to individual masters, but rather they were enslaved to the companies in which they were leased out to. To create this systemRead MoreThe American Penal System : The United States Essay1705 Words   |  7 Pageslengthy sentences and mor e confinements. This trend continued into the 1990s, and prison populations began to double again (O’Connor, 22-24). 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Many assume that Obamas presidency ushers a new era post-racial America. So, I decided to read a few recent articles on the topic. The first was by Time Wise where he reflects on denial and reality in response to the question what is post-racial? (Wise, 2012). Wises article is depressing because

International Business Finance Involvement of Public Companies

Question: Describe about the International Business Finance for the Involvement of Public Companies. Answer: Introduction:- In the last few decades, involvement of public companies in international trading has increased quite significantly. Due to the globalization, the companies can easily offer its quality products and services to the foreign customers. However, though the international trading can provide higher profits to the companies, it involves many high risk factors also. Therefore, it is very important to evaluate any international project through capital budgeting techniques (Bierman Jr. and Smidt 2012). The analysis of the capital budgeting is done in three stages. In the first stage, the decision analysis is done for knowledge building. In the second step, the option pricing is done in order to establish the position. The third step involves the discounted cash flow for the purpose of making investment decision. It helps in the analysis of the return and risk of the project and forms the basis whether undertaking the project is worthy or not. Process of capital budgeting helps in determining the long term financial and economic profitability of the project. The assessment of the risk involve in undertaking the project is depicted by the capital budgeting. The new project is undertaken because it might be the proposal for increasing the production or increasing the sales or reducing the costs. The desirability of the project is judged and this needs to match the objectives of the firm, which is leads to increase in the market value. The capital budgeting process analyzes the risk a ssociated with the international proposal along with the uncertainties relating to the cash inflow and cash outflow. The selection of the project is done by the screening process and then the making of the capital budget is done by the different alternatives of acquiring the funds. There are various factors affecting the process of capital budgeting such as capital structure, funds availability, policy of taxation, accounting methods, working capital, and government policy and earning. The acceptance or rejection of the project is done by the accept and reject decisions. Zircon, an US based company, plans to provide technological support to Argentine firms. It has estimated the expected sales and cost of the project. In addition to the ordinary sales, it also expects to get a contract from Argentinean government, but is not sure about it. The project will continue for one year. Within the one year period, the value of the money will fall surely due to the inflation and other economic factors. Therefore, the company should consider the time value of money and evaluate the present value of the net earnings, generated by the project. The consideration of time value of money is the demonstrative of the fact that the money received now is better than the money received at a later date. If the project is able to generate the money earlier, then the future value of money is poised to increase because the same amount of money can be invested and the interest can be gained over the period of time. The concept of time value of money is an important concept to the investors and it is integral in making the best use of the limited funds available. Time value of money helps in evaluating the total value of money and the international project of Zircon needs to consider the concept of time value of money while undertaking the project. The required rate of return assumed by the company is 18%, which is the discounting rate. Using this rate, the company would able to calculate the present value of the cash inflow by discounting it to the future value. Moreover, as it is an international project, it also involves the currency related risk. Hedging is very popular tools, used in foreign currency trading, to reduce the risk of change in foreign exchange rates in future. The company has also decided to mitigate the risk by hedging (Chung et al. 2014). In such scenario, as the company is not certain about the government contract, it is unable to decide the exact amount for forward hedging. Therefore, the company should also evaluate the various alternatives of forward hedging to select the best financial plan for the project (Gitman and Zutter 2012). Forward Hedging Plan:- Management of risk is contemporary factor in the international project as the project is exposed to many risk factor including the risk of fluctuation of the foreign currency. In the event of the relentless competition, the identification of the potential risk is of utmost importance for any commercial activity. The risk strategy development is the complex process which involves experience and special knowledge. In order to avoid the risk, hedging has been given special consideration by the firms to be competitive and avoid unpredictable loses in the modern business environment. Currency fluctuation is the risk which the international investors are exposed to and the fluctuations leads to uncertainty. The range in the fluctuation of price is getting significantly expanded due to the uncertainties and geopolitical risk in the global market. The firms in an attempt to protect against the risk of violent fluctuation in the price, the practice of hedging is done by using the currency derivatives. Hedging is required for generating the stable and consistent flow of cash and to reduce the risk exposure for the existing cash position. There are two types of hedging, practiced to minimize the foreign exchange risk forward contract and option. The company has decided to follow the forward contract method of hedging. In this method, the company has to make a contract, under which it will be exchange a specified amount of foreign currency at a fixed exchange rate at the future date even if the future exchange rate will be differs from contract rate (Magee 2013). Currency hedging by Zircon is would help it in designing the strategy to mitigate the impact of the risk of foreign exchange or currency on the international investment. The strategy is cost effective and simple. It also allows the investor to participate fully in the equity return of the international markets. The risk in the international investment is basically due to the difference between the dollar is worth and what the foreign currency is worth. The currency bet would help in increasing the total return when the peso would be rising against the dollar. On the other hand, when the foreign currency is falling, the return would be reduced. The investors not having strong direction on the direction of the foreign currency should hedge the portion of the foreign currency to reduce their exposure to the fluctuation of the foreign currency. There are two types of hedging strategy that is there is strategic and tactical hedging. Strategic hedging is mainly for the long term and tactical hedging is mainly for short term allocations. The investor can hedge the foreign currency using different ways. Hedging can be done using the currency swaps. This would involve swap currencies and interest rates with a party in the currency swaps, by exchanging interest payments and not principals in the currency swaps and then calculating the interest payments. The act of hedging with forward contracts involves purchasing of the forward contract and then evaluating the forward contract at the time agreed upon. Forward contract are used to hedge against the currency spikes and drop. Some other hedging options are available to the investors such as buying the foreign currency options, which gives the purchaser to buy or sell the foreign currency contract at the specified date and at the specified price. Buying the spot contracts is the oth er option available to the investor. The company has anticipated the future exchange rate and computed the forward contract rate accordingly. The main problem for the company is to decide the contract amount. It is not certain about the government contract. Therefore, it has to evaluate both the scenarios and determine the amount of forward contract, which can be more profitable for the organization. Forward hedging plan is basically done for the hedging of the foreign currency and is customized as per the amount and the delivery date. The forward is between the two parties who are agreeing to buy and sell the asset at the specified date and specified price. The party would have long position if he agrees to buy the underlying asset that is currency in the future. The party would have short position if he agrees to sell the asset in the future. Here, zircon would have long position if he receives the contract form the Argentinian government. On the other hand, if Zircon receives the contract, it would assume the long position. The agreed price by the Zircon and the government is the delivery price. The buyer of the forward contract has the expectation that the currency would appreciate in the future. On the other hand, the seller expects that the currency would depreciate in the future. Here, Zircon is going to receive the large amount of foreign currency form the Argentina as pa yment for supplying the technology, then it bears the risk of currency depreciation. This would call the company to go short in forward currency contracts. Forward Contract with Maximum Revenue:- The company may make the forward contract with the maximum revenue of ARS$ 5000,000, expected from the project. However, as the government contract is uncertain, the company has to evaluate this alternative under two different approaches. 1) Maximum revenue including government contract:- If the company will receive the government contract, then the net present value of the project will as follows: Particulars Amount Exchange Rate Amount (ARS$) (US$) Initial Investment ($300,000) Total Cash Flow from Revenue $5,000,000 0.12 $600,000 Required Rate of Return 18% Discounting Factor 0.847 Discounted Cash Flow $508,474.58 Net Present Value $208,474.58 2) Maximum revenue excluding Government Contract:- If the company would make the forward contract for the maximum revenue of ARS$ 5000,000, it will fail to fulfill the forward contract obligations and cannot convert the Peso into Dollar at the fixed exchange rate (Magee 2013). In such scenario, it has to purchase Peso, amounted to ARSS 2000,000, at the future spot rate to cover the deficit amount of the contract. The net present value of the project in such scenario is calculated below: Particulars Amount Exchange Rate Amount (ARS$) (US$) Initial Investment ($300,000) Total Cash Outflow for Forward Purchase ($2,000,000) 0.13 ($260,000) Total Cash Inflow from Revenue $3,000,000 0.12 $360,000 Total Cash Inflow from Forward Sales $2,000,000 0.12 $240,000 Net Cash Inflow $3,000,000 $340,000 Required Rate of Return 18% Discounting Factor 0.847 Discounted Cash Flow $288,135.59 Net Present Value ($11,864.41) Forward Contract with Minimum Revenue:- The company may reduce the risk of foreign currency exchange by making the forward contract with the minimum anticipated revenue, which is ARS$ 3000,000. This scenario can also be evaluated under two approaches. 1) Minimum revenue including government contract:- If the company receives the government contract, then the company will convert ARS$ 3000,000 as per the forward contract rate and the balance ARS$ 2000,000 at the future spot rate. The net present value of this situation is shown in the following table: Particulars Amount Exchange Rate Amount (ARS$) (US$) Initial Investment ($300,000) Total Cash Inflow from Revenue $3,000,000 0.12 $360,000 Total Cash Inflow from Forward Sales $2,000,000 0.13 $260,000 Net Cash Inflow $5,000,000 $620,000 Required Rate of Return 18% Discounting Factor 0.847 Discounted Cash Flow $525,423.73 Net Present Value $225,423.73 2) Minimum revenue excluding Government Contract:- If the company does not receive the government contract, then it will convert the ARS$ 3000,000 at the forward contract only. The net present value of the project, in such circumstances, is shown below: Particulars Amount Exchange Rate Amount (ARS$) (US$) Initial Investment ($300,000) Total Cash Flow from Revenue $3,000,000 0.12 $360,000 Required Rate of Return 18% Discounting Factor 0.847 Discounted Cash Flow $305,084.75 Net Present Value $5,084.75 Uncertainty of Revenue:- It can be stated from the above discussions that main hindrance of Zircon for determining the amount for forward contract is the uncertainty of revenue generation. The company is sure about the revenue, to be generated from the Argentinean firms. However, the government contract is not sure. Therefore, it cannot forecast the future cash inflow of the project properly (Christoffersen 2012). The company is exposed to the revenue that is uncertain as the receiving of the contract form the government of Argentina is not certain. The uncertainty of the revenue generation for the contract of the government is attributable to the various factors and it is indirectly related to the political risk, operation risk, legal and financial risk of Argentina. Zircon is however not assured of the government contract. The financial risk that is attributable to the uncertainty in the generation of the revenue arises from the interest rate risk and the inflation risk. The other factor attributing to the uncertainty of the revenue arises from the fluctuating demand of the technology or change in the preference of technology of the consumers in Argentina. The fluctuation in the cost is another factor affecting the revenue generation. The present value of the expected future revenue involves the application of the discount rate and the projection of net revenues. If the company is experiencing the higher risk, then the discount rate is also higher for making the adjustment that there is the likelihood that the present revenue would not be realized. The things related to the uncertainty is related to the currency inconvertibility and devaluations. The company can mitigate the risk using the currency swaps. The market of forward contract in Argentina is influenced by many factors that influence the expectation of the future spot exchange rate. The factors can be recession in the economic activities and increase in the rate of unemployment and the ineffectiveness of the government to cope up with the foreign indebtedness. All these factors contribute to preventing in attaining the stability in the exchange market. In such scenario, if it includes the government contract for estimation purpose, but not receives it in actual, then it can face huge loss. Therefore, to mitigate the risk of such uncertain revenues, Zircon should exclude the government contract for any budgetary estimation (McNeil et al. 2015). Conclusion:- On the basis of the above discussions and calculations, it is clear that though Zircon may generate high amount of earnings from the forward contract with maximum expected revenue, the amount of expected loss for not receiving the government contract in such scenario is also very high. For the forward contract with the minimum revenue, if the company would not receive the government contract, then it will receive nominal earnings from the project, but will not face any losses. The forward contracts would help Zircon in eliminating the currency risk as it helps in determining the foreign cost at the upfront. The cash flow required by the organization from the acceptance of the project is obtained by establishing the contract. Forward contract offers the complete hedging of the foreign currency and the organization can match against the time period of exposure and the exposure of the cash size as well. In the currency market, the volume of the market activities are stronger in relation to any other market. The company would experience impressive potential in the profit by trading in the currency market. This instrument of hedging helps the international companies in protecting against the risk of fall in the value of currency in relation to the other currencies. Zircon should have the forward contract when entering into the market of Argentina as it provides flexibility with respect to the amount to be recovered and helps in eliminating the downside risk exposure. It is also straightforward in organizing and organizing. The unfavorable movements in the future spot rate would be eliminated and there arises the certainty in the future cash flow. Beyond the agreed forward rate, the forward contract also helps in eliminating the adverse movement in the currency. The forward contracts would help Zircon in eliminating the currency risk as it helps in determining the foreign cost at the upfront. The cash flow required by the organization from the acceptance of the project is obtained by establishing the contract. Forward contract offers the complete hedging of the foreign currency and the organization can match against the time period of exposure and the exposure of the cash size as well. In the currency market, the volume of the market activities are stronger in relation to any other market. The company would experience impressive potential in the profit by trading in the currency market. This instrument of hedging helps the international companies in protecting against the risk of fall in the value of currency in relation to the other currencies. Zircon should have the forward contract when entering into the market of Argentina as it provides flexibility with respect to the amount to be recovered and helps in eliminating the downside risk exposure. It is also straightforward in organizing and organizing. The unfavorable movements in the future spot rate would be eliminated and there arises the certainty in the future cash flow. Beyond the agreed forward rate, the forward contract also helps in eliminating the adverse movement in the currency. Hence, it can be concluded that the company should follow the second option and proceed with the project by making a forward contract with minimum anticipated revenue. Then, it can mitigate both the risks, related to currency exchange and uncertainty of revenue. References Bibliography:- Bierman Jr, H. and Smidt, S., 2012.The capital budgeting decision: economic analysis of investment projects. Routledge. Brozik, D. and Zapalska, A., 2014. Foreign currency hedging: A simulation.Developments in Business Simulation and Experiential Learning,31. Christoffersen, P.F., 2012.Elements of financial risk management. Academic Press Chung, K., Park, H. and Shin, H.S., 2014. Mitigating systemic spillovers from currency hedging. InVolatile Capital Flows in Korea(pp. 217-244). Palgrave Macmillan US Disatnik, D., Duchin, R. and Schmidt, B., 2014. Cash flow hedging and liquidity choices.Review of Finance,18(2), pp.715-748. Gitman, L.J. and Zutter, C.J., 2012.Principles of managerial finance. Prentice Hall Grob, H.L., 2013.Capital budgeting with financial plans: an introduction. Springer-Verlag. Hise, R.T. and Strawser, R.H., 2013. Application of Capital Budgeting Techniques to Marketing Operations.Readings in Managerial Economics: Pergamon International Library of Science, Technology, Engineering and Social Studies, p.419. Kashyap, A., 2014. Capital Allocating Decisions: Time Value of Money.Asian Journal of Management,5(1), pp.106-110 Magee, S., 2013. Foreign currency hedging and firm value: A dynamic panel approach. InAdvances in Financial Risk Management(pp. 57-80). Palgrave Macmillan UK Magee, S., 2013. The effect of foreign currency hedging on the probability of financial distress.Accounting Finance,53(4), pp.1107-1127 McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press