代写论文-行为金融学

在： , , , , ,

代写论文 行为金融学

根据文献，市场的过度和反应是基于投资者的心理原因。这一反应被发现是投资者保守主义的结果。这是基于事实，因为投资者对先前信息的反应与目前的信息不同，因为他们认为股票将会像以前一样发挥作用。

代写论文 行为金融学

研究发现，代表性偏差是行为金融学中导致过度反应的基本人类行为之一。这是作为投资者在最近的信息相信相同的业绩将会继续在未来和过高估计安全，并与失望导致的平衡。这种公开的、受人的反应，导致股市泡沫的出现、增长和破灭。

代写论文 行为金融学

According to the literature, the over and under reaction of the market is based on the psychological reasons of investors. The under reaction is found to be the result of conservatism from the investors. This is based on fact as the reaction of the investors on previous information is different than the present information as they believe the stock will function as it performed previously.

代写论文 行为金融学

It is found that the representatives bias is one of the essential human behaviours as per the behavioural finance that results in overreaction. This is performed as the investor with recent information believes the same performance will continue in future and overestimates the security and meets with the disappointment resulted by the equilibrium. This overt and under reaction, results in the stock market bubble to emerge, grow and burst.

美国物流学论文代写

在： , , , , , , ,

美国物流学论文代写

坏消息理论意味着股票价格完全反映了当前的信息。1987年的市场崩盘可以被看作是基于自然的坏消息理论，因为理论的支持者暗示，在泡沫破裂的周末之前收集了大量的坏消息，这解释了价格的急剧下跌。文献表明，随着周末业务的结束，信息的可用性会在证券价格中得到整合。各种各样的新闻，如美元贬值、美国预算和贸易赤字、政治美国总统问题等，以及更多的原因导致了预期的进程。因此，该理论解释了股价的下跌。

美国物流学论文代写

另一种理论是对市场失灵的恐惧，市场机制失效的恐惧导致投资者在赎回之前就开始抛售证券，从而导致了预期的失败。这一理论提供了自我修正现象的例子。第三种是过度的套期保值理论，认为投资组合保险是一种对冲策略，增加了崩溃的幅度。两种类型的信息激励和信息自由投资者持续买入和卖出股票。当股票价格快速下跌，导致股票市场崩溃时，这是为确保投资组合的头寸进行保险和再平衡而采取的措施。

美国物流学论文代写

The Bad News Theory implies that the stock prices completely reflect the information present. The market crash of 1987 can be regarded as the bad news theory based in nature as the proponents of theory imply that the vast range of bad news was collected prior to the weekend of the bubble burst that explains the sharp decline in prices. It is suggested by the literature that the availability of information gets integrated within the prices of security as the business closes on the weekend. The variety of news such as the devaluation of dollar, twin U budget and trade deficits, political US presidential problems and more resulted in the reduction of the process that were expected. Hence, the theory explains the stock price decline. Another theory is the fear of market failure herein the fear of the market mechanism failure leads to investors towards unloading of securities prior to the callable that in result induced the anticipated failure. This theory provides with the example of self-correction phenomena.

美国物流学论文代写

Excess of hedging theory: The third is the excess hedging theory suggesting that the portfolio insurance as one of the hedging strategies increased the magnitude of crash. The two types of information motivation and information free investors continuously buy as well as sell the stocks. This is done for insuring and rebalancing the positions of their portfolio when the prices of equity declines rapidly and this causes the stock market to crash.

 

美国代写essay：行业危机

在： ,

美国代写essay：行业危机

行业中的危机和灾难条件
巴黎人选择减少他们到餐厅或其他饮食店的出游，甚至停止使用公共交通和其他公共场所。由于主要问题是所有三次恐怖袭击都导致其他穆斯林目的地遭到人民的拜访，这对旅行社来说是非常困难的情况。旅行者本来可能面临一些问题，将穆斯林社会与极端的伊斯兰主义者分离开来。它会产生类似阿拉伯之春2011年3月的类似影响。此外，这种恐怖主义活动的负面影响也随之消失，人们很快恢复正常生活，但旅游，酒店和活动等行业受到影响厉害。恐惧取决于爆炸或袭击的类型或所附国家所表现的那种反应。每当攻击影响游客的位置时，政府的反应就很重要。如果网站没有锁定给游客，那么他们会继续前进，并忘记攻击。但是，如果该网站在该攻击后被锁定，那么他们不会轻易忘记该行为，并且游客不喜欢去这样的地方。在这种情况下，人们的看法很重要，他们不能恐慌，也不应该允许任何普遍的看法。

美国代写essay：行业危机
管理危机和灾难情况的风险治疗选择
恐怖主义被认为对旅游活动影响很大。 2001年9月11日袭击事件发生后，为管理价格和灾难采取的安全措施是，国会所有政府大楼以及国会和白宫都撤离了。

美国代写essay：行业危机

Crisis and disaster conditions in THE industry
The people of Paris chose to lessen their outing to the restaurants or other eating outlets or even they stop using public transport and other common places. It was very difficult circumstances further to tour operators also since the major issue was that all the three terrorist attacks had caused downfall of the other Muslim destinations to be visited by the people. The travellers could have faced a few issues to dissociate the Muslim Society from the extreme Islamist am. It would have the similar impact just like the Arab Spring had in March 2011. Moreover, the negative impacts of this kind of terrorist activities fade away and people come to their normal lives very soon but the industries like tourism, hospitality and events industries get impacted badly. The fear is dependent on kind of bombing or attack or the kind of response that is shown by the nation which is attached. Whenever the attack impacts the tourist location, then the response of the government is important. In case the site is not locked for tourists, then they keep coming and they forget about the attack. However, if the site is locked after that attack, then they do not easily forget about that act and tourist does not prefer to go to such place.  In such cases, the perception of people is important and they must not panic and no generalised views should be allowed.

美国代写essay：行业危机
The risk treatment options to manage crisis and disaster situations
The terrorism is seen to be highly impactful on the tourist activities.  After the attack of September 11, 2001, the security measures that were taken for managing the prices and disasters were that all the government buildings in the country were evacuated, along with the Congress and Whitehouse.

美国堪萨斯大学论文代写:康复中心 

在： , ,

美国堪萨斯大学论文代写:康复中心

这个项目也是一个康复单位。该提供的1200万美元的预算和施工设计服务。该项目在完成和交付过程中花了10个月时间。该项目为现有的康复中心提供了26个床位的急性子设施。它还包括多功能领域，如活动和治疗空间，健身房等。有一系列的教育和卫生项目包括pindara民营医院、镇医院、Woy Woy医院，瑞士维多利亚大学，西悉尼大学等。这些项目为本项目提供广泛的数据该资格预审。

环境政策

该已通过ISO 14001：2004，即环境管理系统。该也是绿色建筑委员会的成员在澳大利亚。它是可持续建筑方法学的伟大支持者和实践者。绿色建筑除了改善环境外，还提供了经济优势。该项目已完成16绿星在多元化的领域一样，商业，教育，零售和工业。

美国堪萨斯大学论文代写:康复中心

健康与安全政策

健康与安全管理体系认证，该as4801：2001，即职业健康和安全管理系统。该公司急于确保项目工程中的最低风险因素。该还通过实践澳大利亚政府国家代码为建筑业。它也符合联邦安全专员办公室的要求。

质量保证政策

该有明确的质量保证政策。这是符合AS/NZS ISO 9001:2008和NCS第三部分背书。他们承诺根据他们的要求向客户提供最优质的工作。专业技术人员和最先进的技术和材料的使用保证了服务质量。

美国堪萨斯大学论文代写:康复中心

This project is also a rehabilitation unit. ADCO provided service of designing and construction in a budget of $12 million. The project took 10 months in completion and delivery. The project provided an extension in already existing rehabilitation centre with 26 bed sub-acute facility. It also included multifunctional areas like activity and therapy spaces, gymnasium, etc.

There is a list of educational and health projects including, Pindara Private Hospital, Blacktown Hospital, Woy Woy Hospital, Victoria University, University of Western Sydney and many other. These projects provide extensive data for prequalification of ADCO for this project.

Environmental Policies

ADCO has been certified to ISO 14001: 2004, that is, Environmental Management Systems. ADCO is also among the members of Green Building Council Australia. It is a great supporter and practitioner of sustainable construction methodologies. Green buildings also provide economic advantages in addition to the betterment of environment. ADCO has completed 16 green star projects in diversified areas like, commercial, educational, retail and industrial.

美国堪萨斯大学论文代写:康复中心

Health and Safety Policy

The health and safety management system of ADCO is certified to AS4801: 2001, that is, Occupational Health and Safety Management Systems. The company is eager to ensure the minimum risk factor in their project works. ADCO also adopted Australian Government’s National Code of Practice for the Construction Industry. It is also complied with Office of the Federal Safety Commissioner.

Quality Assurance Policy

ADCO has well defined quality assurance policy. It is complied with AS/NZS ISO 9001:2008 and NCS third part endorsement. They promise to deliver best quality work to their clients according to their requirements. Quality of service is also assured by skilled professionals and usage of most advanced techniques and materials for the services.

 

美国代写essay：梅赛德斯 – 奔驰

在： , ,

美国代写essay：梅赛德斯 – 奔驰

理论观点
该公司作为豪华汽车的主要制造商，拥有全球性的投资，生产和销售，建议这是市场的一个主要案例，该市场采购物质手段以减少全球环境危害。只要有这个荣誉，就有两个截然不同的观点（Holweg，M.和Pil，F.K.2004）。观点是公司的奢侈品可能是环境风险的主要来源。相反且主要的是，该公司最近采取的建设性举措是，除了环境可持续性之外，还要在生产力要求之间取得平衡。

美国代写essay：梅赛德斯 – 奔驰
环境风险分析
燃烧化石燃料等不可再生资源是与豪华轿车造成的生态衰竭有关的一个更重要的制约因素。奔驰豪华轿车消耗柴油或汽油，从而严重依赖石油。根据之前的调查，公路运输占中国石油消费总量的57％，这一数字预计会在未来几年上升。
随着国际环境法规日益复杂，公司必须在保证环境可持续性的同时利用盈利能力（Aeppel，T和Roth，T。1990）。梅赛德斯 – 奔驰在表演时必须处理好几种环境风险，包括：
提供连锁风险。
发挥能够检测污染或与排放和溢出相关的新情况的风险。
因收购，剥离，工厂关闭，公司重组或非自有处置地点而产生的遗产敞口。
全球监管风险，包括环境法律的变化，引起对污染状况的响应。

美国代写essay：梅赛德斯 – 奔驰

Theoretical Perspectives
Observing the company being a major manufacturer of luxury cars, with globally incorporated investment, production and sales, recommends that it is a principal case of a market that acquires the material means to minimize global environmental harms. Provided this credit, two contrasting standpoints materialize (Holweg, M. and Pil, F.K. 2004). The perspective is that the company’s luxury products might be a major supply of environmental risks. Conversely and dominantly, there are constructive examples of the company’s recent initiatives to strike equilibrium between the mandates of productivity in addition to the environmental sustainability.

美国代写essay：梅赛德斯 – 奔驰
Environmental Risks Analyses
Burning of non-renewable resources such fossil fuels is one more critical constraint relating to the ecological exhaustion caused by the luxury cars. Mercedes Benz luxury cars consume either diesel or gasoline ensuing to a great reliance on oil. Based on the previous surveys, road transportation is responsible for 57% of all oil consumption in the China, a figure that is anticipated to rise the upcoming years.
Accompanied by growing intricacy in international environmental regulations, the company has to capitalize on profitability while assuring environmental sustainability (Aeppel, T, and Roth, T. 1990). In performing so Mercedes-Benz must deal with several environmental risks, comprising:
Supply chain risk.
Functioning exposures that bring about the detection of pollution or new conditions associated with releases and spills.
Legacy exposures ensuing from acquisitions, divestitures, plant closings, company restructuring or non-owned disposal locations.
Regulatory exposures globally, comprising shifts in environmental laws entailing responses to a pollution condition.

美国代写essay：艺术领域

在： ,

美国代写essay：艺术领域

她还解释说，未来，与创意艺术相关的机会将会增强。近来，教科文组织（联合国教育，科学和文化组织）提出了关于艺术家阶段的建议，以鼓励各州了解艺术在个人发展中的重要作用（Caves，2002年）。当局还承认艺术家在创作时需要得到保护，捍卫和协助，因为自由是艺术家作品的核心和灵魂。在2005年，福特基金会为支持艺术家募集了2200万美元，并且认为艺术家在他们选择的领域工作，这个领域需要财政援助。在餐厅工作以满足这些财务状况，只会削弱艺术家的能力，因为他或她能够更少地关注他们的艺术能力。他们需要适当的地方，可以帮助他们生活合理和健康（Comunian et al，2011）。基金会和福特基金会等组织形式的资助是当今世界艺术家可以获得的一种机会（Brown et al，2012）。艺术事业的重要性从学者对劳动力市场的吸引力各不相同，因为他们提供有趣的基于经济的场景，如艺术家过度供应或以项目为主的作品占主导地位，艺术家是重要的国家经济驱动力（Brown等， 2012）。

美国代写essay：艺术领域
从采访中也可以看出，安妮塔道森没有把注意力放在名利上。这消除了大多数艺术家面临的无法获得资金的一大挑战。这意味着她的父母给予她适当的支持，让她有机会在创意艺术领域尽可能地多样化，以发展她强烈的艺术认同。

美国代写essay：艺术领域

She also explained that in future, opportunities related to creative arts will enhance. In the recent times, the UNESCO (United Nations Educational, scientific and cultural organization) suggested recommendations with regard to artist’s stage in order to encourage the states to understand the important role of art in an individual’s development (Caves, 2002). The authority also acknowledged that artists need to be protected, defended and assisted when it comes to creation as freedom is the heart and soul of an artist’s piece of work. In the year 2005, the Foundation of Ford raised 22 million dollars for supporting artists and also argued that artists work in the field chosen by them and this field requires financial assistance. Working in restaurants to meet these finances only decapitates the ability of an artist as he or she is able to focus less on their artistic capability. Proper places are required for them that can help in making them live reasonable and healthy (Comunian et al, 2011). Funding is one such opportunity which is available to the artists in the world today in the form of such organizations like UNESCO and Ford foundation (Brown et al, 2012). The importance of artistic careers are varied ranging from attraction of scholars to labor markets of art as they provide interesting economic based scenarios such as oversupply of artists or project based works being predominated, to, artists being important nation based economic drivers (Brown et al, 2012).

美国代写essay：艺术领域
It was also evident from the interview that Anita Dawson did not have her focus on getting fame or money. This removed one major challenge that most artists face that is no access to funds. This implies the proper support from her parents who gave her the opportunity to diversify as much as she can in field of creative arts in order to develop her strong artistic identity.

美国代写essay：巴基斯坦业务拓展

在： ,

美国代写essay：巴基斯坦业务拓展

对于任何希望扩大其在巴基斯坦的业务运营的公司来说，政治不稳定以及暴力和恐怖主义事件日益增多一直是需要在规划阶段正确考虑的主要问题。虽然巴基斯坦的经济有增长的迹象，但缺乏基础设施和困难的能源部门给商业运营带来了问题。巴基斯坦的内部问题，经济和社会关切并没有呈现出一幅小小的图景。经过短暂的增长迹象之后，经济在近期遭遇了大幅下跌。虽然人均收入显着上升，但消费者价格指数的比率却很高，并且出现了令人担忧的数字（Christiansen and Leigh，2002）。

美国代写essay：巴基斯坦业务拓展
巴基斯坦的每个部门也都需要技术进步。因此，对于能够在具有挑战性的环境中维持生存并提供在当地市场上尚未经验的技术的公司而言，该公司和产品是获得成功的重要机会。
像耳蜗这样的公司希望将业务拓展到巴基斯坦，需要记住，它是一个伊斯兰国家，绝大多数人都遵循伊斯兰信仰。所以，外国公司展示符合伊斯兰信仰和伊斯兰教义的产品是非常重要的。一家公司，其产品，实践甚至制造过程不被伊斯兰标准所接受，因为它可能面临消费者的拒绝而无法在市场上生存。因此，公司需要坚持伊斯兰教的教义和信仰，并确保他们的产品可以被伊斯兰教的做法所接受（Chasin，2008）。

美国代写essay：巴基斯坦业务拓展

Political, cultural, economic, social and technological environments:
For any company that is looking to expand its business operations in Pakistan, the political instability and the rising incidents of violence and terrorism has been a major concern that needs to be factored in right in the stage of planning. Though the economy of Pakistan has shown signs of growth, the lack of infrastructure and a struggling energy sector poses problems for business operations. The internal problems, economic and social concerns in Pakistan do not present a petite picture. After showing brief signs of growth, the economy suffered a huge fall in more recent times. Although the per capita income has shown a significant rise, but the severely high rate of consumer price index and presents a worrying figure (Christiansen and Leigh, 2002).

美国代写essay：巴基斯坦业务拓展
There is also a lot of need for technological advancements in every sector in Pakistan. So for a company that can sustain itself in the challenging environment and offer technology that has not been experience before in the local market, the company and the product stands a significant chance of enjoying success.
Companies like Cochlear which wishes to expand its operations to Pakistan need to keep in mind that it is an Islamic country where the vast majority of the people follow the Islamic faith. So, it is important that foreign company present products that are in accordance with Islamic faith and Islamic teachings. A company whose products, practices and even manufacturing processes that are not acceptable by Islamic standards are not going to survive in the market since it can face a refusal from the consumers. So, companies would need to adhere to Islamic teachings and faith and ensure that their products are acceptable by Islamic practices (Chasin, 2008).

美国代写essay：意外保险合同

在： , ,

美国代写essay：意外保险合同

亚当购买了用于装配机器的​​房屋。亚当拿出了建筑物的保险单，既盖住了建筑物的内容，又盖了整栋建筑物，避免了火灾。该合同是由TWI保险公司完成的。但是，在填写保险单的表格并提供相关信息的同时，表格中的一些问题一直处于空白状态。他只是说他的主要业务涉及组装机器。两个月后，变化开始发生，新业务开始涉及包装建筑爆炸物的活动。然而，不久之后就发生了爆炸，火势烧毁了建筑物和建筑物的内容。
当他走向保险公司索赔时，发现储存爆炸物的房间的通风不足且不适当。这可以被称为与保险中的不披露相关的情况。

美国代写essay：意外保险合同
不披露可以被称为当事人在申请保险合同时未能透露重要事实的情况。在很多案例中已经发现，在涉及不披露的情况下，适用严格的合法立场可能会给当事人造成过分苛刻的结果（Clarke，2004年）。由于这个特殊原因，在处理涉及虚假陈述或不披露的保险案件时，通过考虑法律和良好的工业实践来解决案件。

美国代写essay：意外保险合同

Adam had made a purchase of premises to be utilized for assembling of machinery. Adam had taken out an insurance policy of the building for covering both, the contents of the building as well as the entire building from loss by fire. The contract had been made with TWI Insurance. However, while filling the form for the insurance policy and providing relevant information, some of the questions in the form had been left blank in a rush. He had only stated that his main business was involved in assembling the machinery. After two months, changes started to take place and the new business started that involved the activities related packing up the construction explosives. However, soon there was an explosion and the fire destroyed both, the contents of the building as well as the building.

美国代写essay：意外保险合同
As he approached towards the insurance company for claim, it was found that the ventilation in the room where explosives were being stored was inadequate and inappropriate. This can be referred to as the case related to non disclosure in insurance.
Non-disclosure can be referred to as the situation in which the party fails in revealing important facts when the contract of insurance is being applied for. It has been identified in a large number of cases that in such situations that is involvement of non-disclosure, application of strict lawful position can lead to unduly harsh result for the parties (Clarke, 2004). For this particular reason, while dealing with the cases of insurance where there is involvement of misrepresentation or non-disclosure, the case is resolved by considering the law as well as good industrial practice.

美国代写essay：殖民主义

在： , ,

美国代写essay：殖民主义

这本书的主题讨论了那些俘虏或流离失所的美国原住民和当时其他种族的欧亚人民。介绍了由于这种流离失所而产生的结果以及人们如何面对挑战。所有这些成果都不是因为欧亚人造成的生物变化和优势，而是因为欧亚大陆。这是因为该地区野生植物的水平和多样性。动物也存在，这对和平生活有益。钻石在开发本书时一直担任社会学家，因为他正在探索过去发生的事故的答案以及地图如何受到影响。他对非洲人早期人类迁徙到欧亚人和东太平洋等其他种族的迁徙表示兴趣（Diamond，210）。他在此期间密切观察了人类的生物学特征并讨论了它们的发展。

美国代写essay：殖民主义
这种演变以他关于历史的发现以及几起事故如何引发这些革命的形式呈现。戴蒙德想要涵盖世界不同文化之间存在的不同方面和差异，以及食品，技术，写作，宗教和政府等因素如何对人类心理学和生物学的文化和维度产生积极或消极影响。本书的核心内容是关于定居者殖民主义的证据，以及它如何影响后泛大西洋奴隶制及其对世界不同种族的影响。他相信所有这些问题都不是关于人类的地理变化。欧亚人没有系统的力量，而且今天也不存在。

美国代写essay：殖民主义

Main theme of the book discusses about the Eurasian people who have captured or displaced Native Americans and other races that were present that time. Arguments are presented about the outcomes that came as a result of this displacement and how people faced challenges. All these outcomes were not because of the biological changes and advantages posed by Eurasians but it was because of the Eurasian continent. It was because of the high level and diversity of the wild plants in the area. Animals were also present that were good for living a life peacefully. Diamond has worked as a sociologist while developing this book because he was exploring the answers to the accidents that happened during the past and how the mapping was impacted. He has shown interest in the mappings of migrations of early human races like Africans to Eurasians and other races like Eastern from pacific oceans (Diamond, 210). He has closely observed the biology of humans during this period and has discussed about their evolution.

美国代写essay：殖民主义
This evolution is presented in the form of his findings about the history and how several accidents have given birth to these revolutions. Diamond wanted to cover the different aspects and differences that were present between different cultures of the world and how elements like food, technology, writing, religion and government positively or negatively impact on the cultures and dimensions of human psychology and biology. Heart of the book is about the evidence that explains about the settler colonialism and how it’s after effects impacted on the Trans Atlantic slavery and its consequences on different races of the world. He believed that all these issues were not about the geographic transformations of humans. Eurasians did not have the power that was systematic and which is not present today.

美国代写essay：廉价劳动力

在： , ,

美国代写essay：廉价劳动力

在所有这些社区和城市官员公司的这些促进活动之后，道义和道义上的责任也是义务论理论中定义的，以履行他们早先对雇员的责任（Sadler，n.d.）。通过外包，该公司估计每年可节省1000万美元，但工人们已经准备好牺牲他们的薪水和福利，以保留该公司在该镇的存在。根据第一笔交易，他们在第三年后提供900万美元的福利，第二笔交易中他们同意在第三年后提供1200万美元的福利，这比他们通过在印度外包获得的收益更多。

美国代写essay：廉价劳动力
即使在所有这些工人提供的牺牲，如果公司立即关闭其从镇的业务，从功利角度来看是非常不道德的，因为公司的这种行为将导致员工的负面后果。如果公司想要不惜一切代价外包，他们应该制定短期和长期的外包战略，并且在短期内可以外包少量业务，长期来看应该以他们能够在当地工作的方式进行计划以同样的速度外包，以便双方都能从中受益。
在过去的几年中，由于欠发达国家的廉价劳动力（Kirkegaard，2003），美国的白领职业外包趋势有所增加。通常外包的工作范围从低技能数据输入工作到需要更多教育和技能的高级工作，包括信息技术和会计。由于北美自由贸易协定（Gutman，2004），美国的外包在1993年以非常快的速度增长。

美国代写essay：廉价劳动力

After all these facilitations by the community and city officials company also has the moral as well as ethical responsibility as defined in theory of deontology to fulfil its duties towards employs that they made earlier (Sadler, n.d.). Through outsourcing the company has estimated to save $10 Million in a year however the workers are ready to sacrifice their salaries and benefits in order to retain the company’s presence in the town. According to the first deal they were providing$9 Million benefit after third year and in second deal they are agreed to provide $12 Million benefit after third year which is more than the benefit that they can gain through outsourcing in India.

美国代写essay：廉价劳动力
Even after all these sacrifices offered by the workers if company at once close its operations from the town it is very unethical from utilitarian perspective because this action of the company will cause negative after-effects among employees. If the company wants to outsource at any cost they should plan short term and long term strategies for outsourcing and in short term they can outsource few operations, in long term that should plan in a manner that they could be able to work locally as well as outsource at the same pace so that they can gain benefit from both sides.
In the past few years an outsourcing trend of white collar professions has increased in America due to the cheap labour available in less developed countries (Kirkegaard, 2003). The jobs that are typically outsourced range from low skilled jobs of data entry to high level jobs that require more education and skills including Information Technology and accounting. In USA outsourcing increased at a very fast pace in 1993 due to the North American Free Trade Agreement (Gutman, 2004).