Security Issues Associated With Mobile Commerce Information Technology Essay

Security Issues Associated With Mobile Commerce Information Technology Essay The report investigates the current state of the Mobile-commerce based on its security and examines the predicted future developments of the system. A brief background of the M-commerce and its applications is initially outlined. The discussion will then focus on the security issues and solutions based on the five security objectives (standards): Confidentiality, Authentication, Authorisation, Integrity and Non-repudiation. The applications of these security standards will then be applied on two M-commerce applications, both involving mobile transaction: Mobile-Payment and Mobile-Banking. It is concluded that further technological development in M-commerce system will be required, in order to improve the quality of service and ensure the user that such a system is safe to use. Nestor Mfuamba Introduction The term M-commerce (mobile-commerce) derives from E-commerce (e-commerce) which denotes business transactions over the internet. The transactions could be buying and selling goods/services by accessing the internet. Both M-commerce and E-commerce are part of two districts business markets: B2B (Business to Business) and B2C (Business to Consumer), the two distinct from dealing with business for the first and dealing end consumer for the last. From these business concepts, we can see that a B2B market, is more like E-commerce, where a business / user, accessing the internet for business transactions from an unstated devices. The technology used for this system could either be wireline (home PC, end user devices) or wireless (via mobile phones, PDAs, end user devices). In fact the term M-commerce, is all about a wireless E-commerce that is where a mobile device is used to access the internet for business transactions either in B2B or B2C markets. With the ubiquitous availability of mobile phones (other end user devices), M-commerce services have a promising future, especially in the B2C market. Future development applications include buying over the phone, purchase and redemption of tickets and reward schemes, travel and weather information, and writing contracts on the move. However, the success of M-commerce today, very much depends on the security of the underlying technologies. For example, credit card charges for transactions on the internet are 15%, versus 1% for POS (Point-of-Sales) credit card transactions. The chargeback rates grow to 30% digital product are sold. For M-commerce to take off, fraud rates have to be reduced to an acceptable level. As much security can be regarded as an enabling factor for the success of M-commerce applications. In this report, I discuss the security issues associated with M-commerce and their solutions based on two existing M-commerce applications, namely: Mobile Payment Systems: business transactions on the internet require the payments of either goods or services. M-payment systems have different requirements and characteristics than E-payment systems (electronic-payment). Mobile-Banking Systems: types of execution of financial services in the course of which within an electronic procedure the consumer uses mobile communication techniques in conjunction with mobile devices for banking transactions. M-commerce Definition The term m-commerce can be defined in many ways. From own experience and research, m-commerce is just an electronic commerce system that is accessed from mobile phones. Both e-commerce and m-commerce are B2C (Business to Consumer) systems. According to the OECD (Organisation for Economic Co-operation Development), e-commerce follows two criteria that are: Automation of transaction Spatial separation of transactions and delivery By definition m-commerce is a business commerce system using mobile device for business transactions performed over a mobile telecommunication network, possibly involving the transfer of money. Based on research done by Kalkota Ravi and Robinson Maria, they have actually divided m-commerce into five descriptive phases: Messaging m-commerce (SMS)-based m-commerce) Info connectivity m-commerce (web based m-commerce) Transactions m-commerce (strategy for organisations in order to evolve revenue generating mcommerce) Transformation m-commerce (m-commerce is interconnected and implemented into business processes within and between organisations) Infusion -m-commerce (and m-commerce is a normal way to do business this means a culture change from one, in which technology is occasionally handed over to the other one where technology is an accepted part) Technology and Applications The technology of M-commerce is built on several key technologies. They distinguish by their common uses. Mobile phones have developed gradually, making significant changes to their standards, starting from the first generation (analogue phones) to the third generation (3G): first-generation or analogue phones good for voice calls second-generation phones use digital technology and are typical of the average phone in use today 2.5G digital phones support the transmission of data using general packet radio service (GPRS) third generation (3G) digital phones support voice and data transmission at greatly increased speeds 3G supports services that were not possible with earlier technologies: video calls can be made and received from other 3G users video and other types of media can be downloaded to play on your phone 3G phones often have cameras, so you can take and transmit digital pictures location-based services can be accessed in order to see a map of where you are, or find out the nearest garage, restaurant, bank, etc M-commerce developments are focused very strongly on the use of 3G phone technology. Wireless application protocol (WAP) enables mobile devices to browse the internet because the web browsers built into these devices support hypertext markup language (HTML) and extensible markup language (XML) the key languages used for internet content. WAP-enabled devices run microbrowsers. These are applications that suit the: small screen and small memory size of handheld devices low bandwidths that are a feature of wireless networks for handheld devices Another important m-commerce technology is short message service (SMS), also known as texting. This popular service allows short text messages of up to 160 characters to be sent from and to mobile devices at a low cost. This has a wide application in m-commerce technology. Improvements to the service, such as T9 predictive text to help you type faster, have helped to improve the service, and a number of enhancements such as enhanced messaging (EMS) led to multimedia messaging service (MMS) messaging. With an MMS-enabled phone, you can: take digital photographs and store photographs on the internet send and receive full color pictures add a text message to your picture send and receive voice clips purchase pictures and sounds from the internet have enhanced polyphonic ringtones Mobile Application Types Communications: E-mail Clients IM Clients Mobile Web and Internet Browsers News/Information Clients On-Device Portals (Java Portals) Social Network Clients Games: Puzzle/Strategy (e.g., Tetris, Sudoku, Mah-jong, Chess, Board Games) Cards/Casino (e.g., Solitaire, Blackjack, Roulette, Poker) Action/Adventure (e.g., Doom, Pirates of the Caribbean, Role-Playing Games) Sports (e.g., Football, Soccer, Tennis, Basketball, Racing, Boxing, Skiing) Leisure Sports (e.g., Bowling, Pool, Darts, Fishing, Air Hockey) Multimedia: Graphics/Image Viewers Presentation Viewers Video Players Audio Players Streaming Players (Audio/Video) Productivity: Calendars Calculators Diary Notepad/Memo/Word Processors Spreadsheets Directory Services (e.g., yellow pages) Banking/Finance Travel: City Guides Currency Converters Translators GPS/Maps Itineraries/Schedules Weather Mobile System Architecture The figure bellow shows the architecture of an m-commerce system: from the design, we can clearly see that a user/client access the web via an xml server connected to a database. Figure1. Proposed M-commerce system architecture Mobile devices The applications of M-commerce can be implemented on different kinds of end user devices other than only mobile phones: Mobile phones PDA (Personal Digital Assistant) Smart phone the smart phone combines mobile phone and PDA technology into one device Laptop Earpiece device such as Bluetooth (as part of a Personal Area Network) The choice of devices in M-commerce is mainly based on the device features, and network technology used for transmission, the last allows the bandwidth capacity to vary and influence the kind of services the end user is able to receive. In mobile phones, the technology differs from other end user devices by their ability to have internal smart cards that determine their memory capacities. Nowadays, three solutions exist: Single SIM widely used around the world and confidential user information is stored one smart card. Dual Chip, means two smart cards in one mobile phone, as one used for user authentication to the network operator as the other, is used for value-added services such as m-payment or digital signature. Dual Slot, this type of mobile phones, has a SIM card and card slot for fully-sized external smart card. This solutions consists on using different cards one after the other. e.g. POS and ATM terminals. M-commerce vs. E-commerce This part of the report doesnt compare the two business systems. However, present advantages and disadvantages of M-commerce system over and E-commerce system. As defined in part 1.1., M-commerce is subset of the E-commerce but using end user devices as transaction platforms. The following list summarises, the advantages: Accessibility accessibility is related to ubiquity and means that the end user is accessible anywhere at any time. Accessibility is probably the major advantage by comparison with E-commerce applications involving a wired end user device. Ubiquity the end user device is mobile, that is, the user can access M-commerce applications in real time at any place. Security depending on the specific end user device, the device offers a certain level of inherent security. For example, the SIM card commonly employed in mobile phones is a smart card that stores confidential user information, such as the users secret authentication key. As such, the mobile phone can be regarded as a smart card reader with smart card. Localisation a network operator can localise registered users by using a positioning systems, such as GPS, or via GSM or UMTS network technology, and offer location- dependent services. Those services include local information services about hotels, restaurants, and amenities, travel information, emergency calls, and mobile office facilities. Personalisation mobile devices are usually not shared between users. This makes it possible to adjust a mobile device to the users needs and wishes (starting with the mobile phone housing and ringtones). On the other hand, a mobile operator can offer personalised services to its users, depending on specified user characteristics (e.g. a user may prefer Italian food) and the users location (see above). Convenience the size and weight of mobile devices and their ubiquity and accessibility makes them an ideal tool for performing personal tasks. Along with these advantages, we also have disadvantages, the following list summarises, the facts: Mobile devices offer limited capabilities between mobile devices these capabilities vary so much that end user services will need to be customised accordingly. The heterogeneity of devices, operating systems, and network technologies is a challenge for a uniform end user platform. For this reason, standardisation bodies consisting of telecommunication companies, device manufacturers, and value-added service providers integrate their work (see Section 4.5). For example, many current mobile devices implement an IP stack to provide standard network connectivity. At the application level, the Java 2 Micro Edition (J2ME) offers a standardized application platform for heterogeneous devices. Mobile devices are more prone to theft and destruction. According to a government report, more than 700000 mobile phones are stolen in the UK each year [12]. Since mobile phones are highly personalised and contain confidential user information, they need to be protected according to the highest security standards. The communication over the air interface between mobile device and network introduces additional security threats (e.g. eavesdropping, winds etc †¦). Security Concept and Challenges The concept of security in M-commerce is the most important aspect of a business that a mobile-system should respond to. There is no need to implement, such system without securing its environment, especially where transactions involve monetary value. Different views from participants in an M-commerce scenario, percept, security and privacy as major factors for markets breakthrough of the according system. Moving from participants point of views, I have defined five security objectives / standards that a system should respond to: Confidentiality: ensure privacy, the content of the transaction cannot be viewed by unauthorised persons and enables encryption. Authentication: ensure that the content of the transaction originates from the presumed sender/partner. Integrity: ensure that the content of transaction is not modified during the delivery and cannot be altered at any time. The technique used is called digital signatures. Authorisation: ensure that anyone involved in the transaction must be recognize and verified in order to authorize/allow the transaction to take place. It is more like digital certificates. Non-repudiation: no-one should be able to claim that any transaction on his/her behalf was made without their knowledge. The concept of digital signatures is applied. This standards dont just apply to end user devices, but to the whole systems involving device users, network (e.g. WAP, WEP), financial and administrative institutions (e.g. banks, governments etc.). I have identified, few security challenges related to the system: The mobile device confidential user data on the mobile device as well as the device itself should be protected from unauthorised use. The security mechanisms employed here include user authentication (e.g. PIN or password authentication), secure storage of confidential data (e.g. SIM card in mobile phones) and security of the operating system. The radio interface access to a telecommunication network requires the protection of transmitted data in terms of confidentiality, integrity, and authenticity. In particular, the users personal data should be protected from eavesdropping. Different security mechanisms for different mobile network technologies (i.e. in 2G, 3G, and other systems) were explained in part 2.2 The network operator infrastructure security mechanisms for the end user often terminate in the access network. This raises questions regarding the security of the users data within and beyond the access network. Moreover, the user receives certain services for which he/she has to pay. This often involves the network operator and he/she will want to be assured about correct charging and billing. The kind of M-commerce application m-commerce applications, especially those involving payment, need to be secured to assure customers, merchants, and network operators. For example, in a payment scenario both sides will want to authenticate each other before committing to a payment. Also, the customer will want assurance about the delivery of goods or services. In addition to the authenticity, confidentiality and integrity of sent payment information, non-repudiation is important. Threats scenarios In this part, I am going to present major threats to security based on the M-commerce security standards and address ideal scenarios, observed during each methods. The following list shows the threats: Money thefts: as long as, m-commerce involves transaction, driven by monetary values. The system will always attract hackers, crackers and anyone with the knowledge of exploiting and abusing the system. They often set fake websites, in order to extract customers personal data, credit card details etc. Threats to the system: mobile devices are not spared from those deceptive methods of stealing information. Viruses, Trojans, Worms are often planted by individuals for reasons known best to them alone, in order to compromise the credibility of all m-commerce system. Threats observed during authentication: Observation: An adversary can download the client on a laptop/desktop and use its insecurities for malicious purposes. An adversary can obtain the user credentials stored on the mobile phone by transferring the contents to pc/laptop from the phone or memory card. An adversary can register with valid details of a valid bank account holder and access his/her account details or make transactions. An adversary can access user credentials directly from the phones folders or from phones memory card. An adversary can obtain the new PIN for transacting using the weak forgot password feature or an adversary can change the password/PIN of a valid user without authentication/authorization. An adversary can use the auto-complete feature to access a valid users account. An adversary can guess weak passwords/PIN to retrieve customer information. Ideal scenario: An adversary can download the client on laptop/desktop and use its insecurities for malicious purposes. An adversary can use the auto-complete feature to access a valid users account. The customer has to first register with the bank. Customer details like full name, postal address, e-mail address, bank account details and mobile phone number should be provided. The bank would inform the vendor to push the mobile client application to the mobile number provided by the customer. This can be done through a system which communicates between the server at vendor end and bank end. The vendor enters the mobile number of the customer and the client application is pushed to it. This ensures that the client is not downloaded to a pc or laptop and misused. In case the push is not possible, the customer has to be informed and the client application installed by the vendor. The application has to ensure that during installation a few checks are done Transfer the banks and vendors public key for encryption purposes. There can be two keys generated for the vendor; one for storage and one for data transmission. The client files/folders are installed on the phone and not in the memory card. The files and folders should be restricted from being transferred to a memory card or pc/laptop. The access to these files should only be through the executable and not directly. The installer should be removed after installation. Application should not allow auto-complete feature. Threats observed during transactions Observation: Based on the services provided to the customer the following threats can be observed: An adversary can sniff the contents of transaction and obtain confidential information. An adversary can bypass authentication controls. An adversary can make bogus shopping or purchase transactions for another valid customer. An adversary can view the account details of another user. An adversary can modify the from account and amount field during a fund transfer process. An adversary can predict the session id and perform transactions as a valid user. An adversary can access a valid account using an active session which has not been terminated after a long time of inactivity. An adversary can login using his credentials and view/modify the details of another valid customer. Illegal/Invalid transactions can be performed without continuous authentication process for each transaction. Ideal scenario An adversary can sniff the contents of transaction and obtain confidential information. All transactions should be through a secured connection. Data transmitted between the client application and the vendor server should be through HTTPS or another secured channel and also encrypted through the vendors transport public key. The data flowing back from vendor sever to the client should be through HTTPS or a secured channel. The data flowing between the vendor server and bank server should be through HTTPS. Also the customer details, which are not required by the vendor, should be encrypted using the banks public key. The return should be through HTTPS. Any data flowing between bank/vendor to other third parties or merchants like for mobile shopping should be through a secured payment gateway. An adversary can bypass authentication controls, Illegal/Invalid transactions can be performed without continuous authentication process for each transaction and view the account details of another user. Each transaction or operation should be authenticated either using a single layer or a dual layer. The vendor side application should authenticate the customer using the PIN for non-critical operations. Validation checks should be in place to ensure that this authentication control is not bypassed. For critical transactions, there can be dual authentication mechanism, one using the PIN at the vendor and other using the Internet banking ID at the bank side. Validation checks should be in place to ensure that this authentication control is not bypassed. An adversary can make bogus shopping or purchase transactions for another valid customer. An adversary can modify the from account and amount field during a fund transfer process. For example, in a fund transfer operation the bank should ask for the Internet banking credentials from the customer for authentication and verification. Also checks need to be in place to ensure that the from account field cannot be modified or the amount field is not negative. An adversary can predict the session id and perform transactions as a valid user. For example, an adversary can access a valid account using an active session which has not been terminated after a long time of inactivity and login using his credentials and view/modify the details of another valid customer.In mobile shopping operation, the payment should be through a secured payment gateway. Ideally, the vendor should not store the details of the shopping done by the customer. In case the vendor performs the payment for the customer for his/her purchases, then only the details need to be stored at the vendor. Then the customer authorizes the bank to transfer the amount to the vendors account for making the payment to the merchant for his/her item. Having a good session management mechanism ensures that attackers dont use a valid session id for login purposes. Also the application should ensure that users are not able to change the data and view another customers details. Other possible threats: An adversary can upload malicious files to the server/application. Ideally, a mobile banking scenario would not require a customer to upload files to the server. Hence the same can be disabled for customers. An adversary can obtain the confidential customer data and source code from the server. All customer data and application source code at the vendor server should be protected not only from the outside attackers, but from internal users/developers also. Malicious activities are undetected. Audit trails and logging need to be maintained for the application which mentions the customer name, bank details and transaction performed with time and date for future reference. An adversary can obtain the details of the server or error messages provide information for the adversary to perform specific attacks. The application should ensure no messages are provided to the outside world which would reveal information about the system. An adversary can obtain the vendor private key from the server to perform man-in-the-middle attacks. The private keys should be stored securely and access should only be given to the application to use the keys during any kind of operations. Security Technology This part of my report focuses on the network technologies, which are relevant to a secure M-commerce system. The security itself focuses on three aspects, studied in the IST SHAMAN project: M-commerce network security, Transport layer security and Service security. The IST SHAMAN has studied the security architecture of current and potential future mobile systems. Here, they are discussed: M-commerce Network Security GSM (General System for Mobile Communication): established in the early 1990s, the GSM is the first generation mobile phones and major device for M-commerce. The devices presented strong limitations with respect to their capabilities other than telephony. In term of data service, the dial-in data sessions over circuit switched connections were possible but relatively slow, at 9, 6 Kbits/s and required a separate device such a computer, which reduced its mobility. As the GSM core network extended, a number of data services where established such as: The Short Message Service (SMS) The Wireless Application Protocol (WAP) allowing internet access The High Speed Circuit Switched Data (HSCSD) providing higher data rates The General Packet Radio Service (GPRS) extends GSM with packet oriented services The figure, below shows an architecture of GSM, including GPRS, IN (Intelligent Network) and SMS. Figure 2: GSM Architecture What is the scenario in this architecture and what does the GSM provides as security features? The mobile station communicates over the wireless interface with a base transceiver station (BTS) which is part of a base station subsystem (BSS). The base station controller (BSC) is connected with a MSC (Mobile Switching Centre) and a SGSN (Serving GPRS Support Node). The latter two are the central switching components for circuit and packet switched data. When a customer subscribes, the GSM home network assigns the mobile station a unique identifier, the international mobile subscriber identity (IMSI), and an authentication key Ki. The IMSI and the secret authentication key Ki of the mobile station (MS) are stored in the SIM (subscriber identity module), which is assumed to be tamper proof. On the network side, the IMSI, Ki and other information are stored in the HLR (Home Location Register) and AuC (Authentication Centre). GSM provides the following security features for the link between the mobile station and the network: †¢ IMSI confidentiality †¢ IMSI authentication †¢ User data confidentiality on physical connections †¢ Connectionless user data confidentiality †¢ Signaling information element confidentiality In general, the security architecture of GSM, presents basic security mechanisms for M-commerce systems. The authentication towards the network, from a mobile customer is based on a secret ki that will derive to a symmetric key, used to encrypt the link between the mobile station and the BTS. The secret key ki is never sent over the network. From there, we can say that GSM presents two weaknesses, Authentication and Encryption as it is optional. UMTS (Universal Mobile Telecommunication System): the security architecture of UMTS is designed to fix the security weaknesses of GMS. In UMTS, authentication is mutual, and encryption is mandatory unless the mobile station and the network agree on an unciphered connection. In addition, integrity protection is always mandatory and protects against replay or modification of signaling messages. UMTS introduces new cipher algorithms and longer encryption keys. Thus, UMTS doesnt seem to have any security weaknesses. The architecture of this technology is depicted below: Figure 3  : UTRAN system WLAN (Wireless Local Area Network): The IEEE standard 802.11 specifies families of WLANs which operate in the unlicensed 2.4 GHz and 5 GHz band. The standards specify the physical layer (PHY) and the medium access control layer (MAC). When operated in the infrastructure mode, the mobile station attaches to an AP which provides connectivity to fixed net IP networks (e.g. the internet) or to other mobile stations. While, in the default mode, WLAN is not secured, this means: there is a possibility of an eavesdrop attack. In order to provide a measure of security, the IEEE and IETF, have defined the WEP (Wireless Equivalent Privacy) and the VPN (Virtual Privacy Network). WEP was designed to provide: Authentication to protect the association to an AP Integrity protection on MAC frames Confidentiality on MAC frames In comparison to other network technologies, the WEP is insecure. Based on its secret key, that serves as input for the RC4 stream cipher, the authentication and integrity protection is completely insecure and encryption at least partly insecure. There is a possibility for an attacker to intercept a single successful authentication transaction between a mobile station and the AP and be able to authenticate without knowing the secret keys. Furthermore, since a CRC checksum is used for integrity protection, an attacker can modify the data and adapt the checksum accordingly. For example, if the position of commercially sensitive information (e.g. an amount) within a datagram is known, the corresponding bits can be ex-ored with any value. With a large number of intercepted frames, the WEP keys can even be recovered, breaking the encryption. Furthermore, since the WEP keys are network keys, preserving their secrecy is difficult for private networks and impossible for public WLAN hotspots. In recent work of the IEEE Task group on security (TgI), the new security standard IEEE 802.1X has been adopted. 802.1X is a framework for authentication and key management which employs the Extensible Authentication Protocol for a variety of authentication mechanisms, e.g. certificate based TLS. But the weaknesses of WEP cannot be remedied by the new authentication and key management schemes in 802.1X. The IEEE is currently working towards a new standard (WEP2), and a number of proposals are in circulation. VPN: the technology is employ to particular IPsec, in order to establish network layer security. The IPsec protocol (or more specifically the ESP Tunnel protocol) is an internet s

Investment Analysis-Derivatives: Options and Warrants Essay

This report will encompass brief explanation of common derivatives namely, options and warrants. What are Options? A contract which enables the investor to buy or sell a particular financial instrument is known as an option ( Rao, 2003, p. 676). The underlying financial product in equity option is stocks. These contracts have expiry dates; hence an investor can exercise option before its expiration. The options can be exercised at a specific price which is known as striking price or exercise price (Rao, 2003, p. 676). Essentially options are of two types, call option and put option. Call option:   It is an option which allows the option holder to buy or call a specific number of shares at a specific price, within an already specified time period (Rao, 2003, p. 677). For instance, 3 months ago, an investor purchased a 6-months call-option on 500 shares of Hewlett Packard at the strike price of $40 per share. If the current market price of the stock is $50, the investor has a choice to exercise the option and purchase 500 shares at $40 instead of $50. This implies that an investor would want to buy a call option if he expects the market price to rise above the exercise price (Rao, 2003, p. 677) Put option: It is an option which allows the option holder to sell or put a specific number of shares at a specific price, within an already specified time period (Rao, 2003, p. 678). This is exactly vice versa to call option; therefore an investor would purchase a put option if he expects the market price of the stock to get lower than the exercise price. Risk and Returns associated with options A lot of investors employ options as tools to mitigate their risk in investment, in other words, they insure their investment in stock against any fall in market price (Rao, 2003, p. 679). For e.g. an investor holding a put option has saved himself from even a 100 percent decline in the market price of shares of ABC Company, and he can still sell the stocks at the specified strike price. This practice is also known as hedging, as the name suggests; the investors hedge their risk in the respective investment. However, despite its ability to hedge risks, it should never be neglected that like any other investment it has no guarantee of 100 percent return or security. An investor can risk investing huge sum in the shape of premium price of an option. For e.g. if an investors buys a call option and the price of the stock falls below the exercise price, he gets exposed to potential losses. But it is evident that the losses will be relatively lower than what actual stock holders will bear. Hence it can be verifiably be said that options are great instruments for mitigating risk, provided that an investor is able to predict the future stock price movement with much precision and exercise options at the right time in order to make profit. What are warrants? A warrant is a security issued by a company which grants the warrant holder, a right to purchase a specific number of common shares at a specified price, before the warrant expires (Mathur, 2000, p. 436). Investors exercise their warrants when they buy shares directly (trading between the broker and the investor), or trade over the counter. Warrant holders have no claim on dividends and no voting rights. Warrants also are issued with bonds and preferred stocks.   Moreover, warrants with bonds can be traded separately in the market as well (Mathur, 2000, p. 437). Characteristics of Warrants There are three main characteristics of warrants which are as follows, 1.  Ã‚  Ã‚  Ã‚  Ã‚   Expiration date: Investors can exercise their option of converting the warrants into shares any time before the warrant expires (Mathur, 2000, p. 437). Generally the life of a warrant is 5-10 years. Hence, during this time, the warrant holder can easily exercise the warrant as per the need and opportunity. 2.  Ã‚  Ã‚  Ã‚  Ã‚   Premium price: The price that warrant holders agree to pay for buying shares in future, is known as exercise or premium price Mathur, 2000, p. 437). This price is generally 10% to 30% above the prevailing market price of the shares. For e.g. if the market price of Microsoft Corporation is $80, then the warrant issued can be set at $96 (20% above the market price). Therefore, if the stock price rises, the warrant holder can either exercise the warrant to buy shares or sell the warrant in market. However, if the current market price of the stock becomes equal to or less than the exercise price, the value of the warrant becomes zero (Mathur, 2000, p. 438). 3.  Ã‚  Ã‚  Ã‚  Ã‚   Exposure to investor: Warrants are always issued by with provisions which clearly specify the number of shares that can be bought with a single warrant (Mathur, 2000, p. 438).

The Bad Secret of Opinion Essay Samples Pdf

The Bad Secret of Opinion Essay Samples Pdf For instance, the pharmacist who studies practical subjects and theoretical subjects are going to have more advantages to locate a job in laboratories or health care factories aside from the pharmacist who taught the theoretical subjects only. These tips need to be performed so the on-line business develops. This essay will initially discuss which elements lead to job satisfaction and it is going to then tackle the question of how likely it is that every person can be content with their job. To provide you with a remedy on how best to compose an impressive college essay, here are some ideas you may wish to consider. Opinion Essay Samples Pdf - the Story If you are feeling confident about your essay-writing abilities, you can surely branch out into longer and more complicated essays. What's a persuasive essay. IELTS opinion essays are extremely typical in the exam. It is very important to be aware an argumentative essay and an expos itory essay could possibly be similar, but they vary greatly with regard to the quantity of pre-writing and research involved. Writing an essay is a vital role in academe life. Essay writing help is an internet academic writing company which specializes in producing premium quality essays. Essays term papers dissertations and a whole lot more. Need to compose an essay or an overall paper. The Meaning of Opinion Essay Samples Pdf Essay writing help is totally attentive to the prevailing harsh financial conditions occasioned by the current worldwide financial meltdown. Finally, you can't hide from the simple fact which you have to compose that paper, so face your fears and begin writing. In some instances you may find it challenging to compose as a result of inadequate abilities and. Both examples handle the exact same theme sick parent but utilize various approaches. How to Choose Opinion Essay Samples Pdf Writing a college essay can arrive in various forms and styles based on your taste. Writing a scholarship essay may not be a very simple job for many students. Students have to compose essays bas ed on the teacher's instructions or their preferred style in writing. They are becoming more and more reliant on computers. The War Against Opinion Essay Samples Pdf The purpose is to persuade in different words convince the reader of the stance which you're taking on a specific subject. If you've watched TV shows about lawyers, you may have heard of a legal opinion. In casual usage, an opinion usually means a person's perception, desire, and belief. Commonly, it is not conclusive, and reflects a person's perception. The aim of giving this kind of opinion is to demonstrate the rationale supporting the court's decision (O.S. Kerr). You've got to explore BOTH of them and also provide your opinion. Choose one which you get a strong opinion about. It is possible to also add opposing or supporting opinions of experts or your peers, but you need to try to remember that any opinion ought to be clearly stated. Finally, your conclusion is merely a summary. To prove your viewpoint, it's necessary for you to build a superior argument that will explain how you have arrived at a particular conclusion. For that, it's necessary for you to create a good argument. A comprehensive argument As mentioned before, an argument does not need to be formal. As is true with his motets, a lot of the songs were written for particular occasions, and several are datable, thus supplying useful biographical info. Since you may see, there are lots of kinds of opinions, and numerous uses for them. Make certain you know the appropriate uses for the most typical types of punctuation. A Secret Weapon for Opinion Essay Samples Pdf Your paragraphs do not connect one another's meaning together with the whole thought of your essay may be incomprehensible. Before you commence writing your essay, you need to always spend 1-2 minutes on producing suggestions for your answer. When you have organized all your facts i n your outline, all you need to do is join them together with bridging language. Deciding upon the proper opinion essay rubric is the very first and the critical step towards composing a fine bit of writing. Given an essay is a lengthy bit of writing condensing into a 5 page structure is a powerful way to allow it to be comprehensive. It is a tough process in essay writing when you don't have a structure to follow. Since you can see from the image below, this part of the graphic organizer forms the principal portion of the essay three paragraphs! Take a look at our essay correction support.

Language And Communication In The Yellow Wallpaper

Charlotte Perkins Gilman is a woman who writes about personal experience, and in her short, â€Å"The Yellow Wallpaper,† we learn exactly who our author is based on the language and communication that appears throughout the story. â€Å"The Yellow Wallpaper† is a captivating tale, largely because the language and communication between characters translates to a feeling of near madness for the reader. The man, the dominant character in the story, has much to say about his wife’s mental condition and practically refuses to permit her feelings. Gilman explains how this story wasn’t made to drive people insane, but rather to save people from insanity. She realizes she has the power to create a powerful effect within literature and that is the thing that†¦show more content†¦Throughout the beginning of the story, the wife continually references the things â€Å"John says† (844-5). That indicates to me that she is timid and perhaps frightened of him. â€Å"John says this,† and â€Å"John says that,† shows me that our narrator doesn’t feel permitted to have a thought that is her own. The story’s unilateral male, as well as unilateral female conversations are friendly and comfortable. However, male to female conversation in the writing is dominant, aggressive, assertive and sometimes dangerous. Female to male exchanges appear delicate, soft and understanding, always agreeing with the male perspective. I would consider women in this time period to be viewed as a pet or toy to the male, dominant figure in her life. The use of the words in this short is very important, and gives you the information to interpret the story. For instance, on page 845 it says, â€Å"It was a nursery first, then a playroom and gymnasium. I should judge; for the windows are barred for little children.† This discloses that our woman has post-partum depression. At the very least, she feels as if she is trapped or in an asylum within her own home. Perhaps this feeling of entrapment lends itself to driving her mad. It is no surprise that the woman feels trapped behind the pattern of the yellow wallpaper. Her days and nights are filled with constant repetition of the same nothingness. She is left with little toShow MoreRelatedThe Yellow Wallpaper Communication Essay1217 Words   |  5 PagesCommunication within â€Å"The Yellow Wallpaper† Charlotte Perkins Gilman is a woman who writes about personal experience, and in her short â€Å"The Yellow Wallpaper† we learn exactly who our author is based off of the language and communication she shows us throughout the short. The Yellow Wallpaper is very captivating short, mainly because the language and communication between characters drives you crazy. 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