Public key infrastructure Essay Example for Free

Public key infrastructure Essay Public key infrastructure is arrangements used to bind public keys with identities of respective user by means of certificate of authority. There should be unique user identity for each certificate of authority. Establishment of binding is through registration and issuance process which is carried out under human supervision or software at a certificate of authority depending on assurance level. Registration authority assures this binding where each user identity, their binding, the public key and validity conditions are made in a manner that it can not be forged in the public key certificates that are issued by the certificate of authority. Why Public Key Infrastructure Is Important Public key infrastructure enables users of unsecured public networks for example, internet to privately and securely exchange data and money by use of private and public cryptographic key pair obtained and shared through a trusted authority. It also provides for digital certificate that is used to identify an organization or individual and directory services used to store or revoke the certificates. (Warwick, 1998 pp50-55). Public key infrastructure enables computer users with no prior contact to use information in public key in their public key certificates to be able to encrypt messages to each other. It has a client software, smart cards, server software, assurances, legal contracts and operational procedures. Public key infrastructure enable parties in any dialogue establish message integrity and confidentiality without the need for exchanging any secret information in advance and do not need any prior contact. Public key infrastructure supports digital signatures that enhance security of transaction, services that are essential such as certificate revocation and validation, key backup and recovery. Updating key pairs simultaneously helps to minimize work load of administration for public key infrastructure. It also supports cross certification which creates truly federated identity through enabling integration among circles of trust. The other importance is that, it enables users to have large communication; partners and consumers transact and communicate in a dynamic way. It is reliable and cost effective where it does not involve use of huge amount of money. Public key infrastructure system is closely tied to enterprise directory scheme when public key of employees are stored together with his personal details for example, phone, e-mail, department and location. This saves time in retrieving the data that is needed because once the name of employee is known; all the necessary information concerning him or her is easily available in the same place. (Baum, 1998 pp 56-59). How It Relates To Information Technology (It) Security Communication security establishment operate and manage public key infrastructure bridge. It signs and manages common certification authorities that certify public key infrastructure. As information technology security, establishment of communication security helps in developing technical documentation and operational standards with respect to risk and vulnerability analysis, analysis of system and networks security and product evaluation in consultation with policy management departments and authority as they relate to public key infrastructure and applications that are related. Information technology security give advice and assist policy management departments and authority on standards of operation and technical documentation. When managers follow the advice given to them, their departments will be able to perform well and to the expectations of organization as a whole. They will assist the employee in performing their duties so that at the end they are able to do quality work that brings the desired results. (Steven, 1998 pp 23-26). Strategic security services are provided and technical advice to support implementation, design and operation of public key infrastructure and critical related elements of infrastructure. They develop and provide training which is specialized with respect to vulnerability of networks, conduct related research and development and appropriate mitigation strategies. Information technology maintains and advice architecture of overall system of public key infrastructure. It operates and manages merging technology test bed for supporting interoperability test between secure emerging technology applications and key public infrastructure. Business requires making partners, customers and suppliers more efficient, demands ways of securely opening up networks and applications. They look for different ways of carrying out business in order to enjoy the benefit of business communication and commerce provided by online channel opportunities which includes consumer web applications and business partner extranets. Authentication solutions have been costly and cumbersome in the past. There has been limited proliferation of these solutions. With VeriSign, customers are able to move to an easier and ubiquitous universal authentication solution relying on VeriSigns services of security to offer high breed security for internet and network resources. Managed public key infrastructure fast track is used for enterprises to secure small scale applications. Enterprises are able to control issuing of digital certificates to internal and external users while processing tasks of outsourcing data like generation of digital certificate, renewal, validation and revocation. (Steven, 1998 pp27-30). REFERENCES Warwick F. and Baum M. (1998): public key infrastructure interoperation: Science and Technology Spring, pp50-59. Steven S. (1998): Incorporation by reference and public key infrastructure: VeriSign, pp23-30.

Where Do You Get Love :: essays research papers

Where Do You Get Love   Ã‚  Ã‚  Ã‚  Ã‚  As individuals, we seek a fantastical encounter with â€Å"true love.† Through the plays A Midsummer Nights Dream, As You Like It, and Twelfth Night, Shakespeare’s characters find â€Å"true love† through various tests in which one of the lover’s identity is masked, either physically or subconsciously. While these three plays share different plots, they all portray Shakespeare’s stance that romance exists in human love, and that if the love is pure, it will prevail over the most eccentric circumstances.   Ã‚  Ã‚  Ã‚  Ã‚  A Midsummer Night’s Dream employs several mythical qualities, such as fairy’s and love potions. The love between Hermia and Lysander is put to an immediate test when Hermia’s father, Egeus says, â€Å"Scornful Lysander, true, he hath my love, And what is mine my love shall render him. And she is mine, and all my right of her I do estate unto Demetrius† (I, I, line 95-98). This causes the young lovers to venture into the forest, so their love can exist without interference. Falling under this spell causes Lysander to ignore, and treat Hermia poorly. Despite the actions of Lysander, Hermia stays true to her feelings of love for Lysander. These examples of faith, conveyed by Hermia, are central to Shakespeare’s position that true love is more powerful than any authoritarian figure or â€Å"love potion.†   Ã‚  Ã‚  Ã‚  Ã‚  As You Like It portrays another example of Shakespeare’s vision of â€Å"true love.† The way in which Rosalind and Orlando meet and fall in love is conventional -- Rosalind falls in love with Orlando through his manly labors and good looks at his wrestling match with Charles. â€Å"Sir, you have wrestled well, and overthrown more than your enemies† (I, ii, 234-235). However, a new dimension is added to the play by Rosalind's disguise as Ganymede and her suggestion that Orlando pretend to court her. Rosalind charms the reader with the depth of her true love forOrlando. Shakespeare portrays Rosalind’s love both seriously and comically, through the quickness of her wit and her sense of humor when dealing with Orlando. As You Like It conveys Shakespeare’s belief that â€Å"true love† does exist in human love through a bizarre tale of unconditional love.   Ã‚  Ã‚  Ã‚  Ã‚  Twelfth Night portrays Shakespeare’s notion that â€Å"true love† will overcome all adversity. Shakespeare masks the identity of Viola, but contrary to the character of Rosalind, Viola finds herself caught between being in love, and being the love of Olivia. The concealing of the identity of Viola challenges her to honor her â€Å"true love’s† love for Olivia, a loyalty she even agrees to die for.

Dot.Com Bubble

R&D, Advertising and the Market Value of Internet Firms By: Damir Tokic Outline: 1. Introduction 2. Article Summary 3. Discussion 4. Conclusion Introduction During the Dot-com â€Å"bubble†, internet firms were highly valued compared to â€Å"old economy† firms. Internet firms’ stock prices were unrealistically high. Most of those firms were operating under loses and no tangible assets to warrant those prices. Analysts justified those prices and recommended buy ratings but later a crash followed. Article SummaryThis article explains the relationship between intangible assets (advertising and R&D) expenditures and internet firms’ market value during 1996-2000. The author presents two opinions in regard to internet stock’s valuation. The first theory is based on DCF methodology and asserts that due to poor earnings and low earnings visibility, internet stocks were irrationally overvalued in 1999. Secondly, based on the option pricing theory, it can be justified that the prices were warranted due to growth of those firms and volatility as primary value drivers.The article details five literature reviews on valuation – (1) Investment opportunity approach to valuation and more especially growth firms, (2) The life cycle theory, (3) The effects of intangible assets (R&D and advertisement) to market value, and (4) Valuation of internet firms using real options. Based on the life cycle theory, as the firm grows and matures, managers have a tendency to pursue growth rather than stockholders’ welfare. Those with comparative advantage over the competition tend to invest more in the growth stage to expand their operations.Under this theory, the value of the firm is divided into: (1) option value of growth opportunity, (2) present value of cash flows from asset-in-place. This model is based on the idea that the firm’s life cycle determines its expected returns. Expected return attributable to each component of value la rgely depends on the growth stage of the firm. Like in â€Å"old economy† firms, mature firms have all of their value in the present value of cash flows from the asset-in-place component while growth firms, their value is concentrated in the growth component.The author argues that intangible assets (i. e. advertising and R&D) greatly add value and since their benefits are mainly realized in the future, they should be capitalized rather than expensed. They positively impact the value of the market as they give some signals of future profitability. Therefore, increase in these assets has consistent effects on profits. The author points out that the market reacts more favorably to high-tech firms when R&D expenditures are announced than to low-tech firms.This is based on the hypothesis High-tech firms have promising growth opportunities whereby investments in R&D positively affect the market value. On the other hand, Investments in low-tech firms negatively affect the value due to no or negative growth opportunities. The author also points out that the efficient market does not capture advertising and R&D in the firm’s stock price because these investments are expensed rather than capitalized and therefore reduce the profits making the financial statements to be misstated.It may be possible that R&D intensive firms may be underpriced because investors focus on accounting information failing to see the future benefits of the R&D investments. On the other hand, especially for those firms with negative earnings, overconfidence investors will overestimate the future benefits from R&D investments thus causing overvaluation. Maintaining R&D and advertising intensity provides the positive signal that management are overconfident in future prospects and the market tend to overlook those signals making it possible to realize abnormal returns.The author also explains the real option valuation model which he blames on the high valuation of internet stocks duri ng the bubble period derived from the Black and Scholes option pricing theory. This theory suggests that it is possible to undertake initially unattractive projects which the traditional DCF model will reject. It may pay off to undertake R&D investments in a project with negative value if the early investments provide sufficient information about the future benefits of a project. The value of an internet firm is largely dependent on (1) firm’s ability to adapt to enormous ncertainty, (2) competitive landscape paced with technology innovations,(3) changing market conditions and (4) costs of searching for a profitable business model. Valuations can be extremely high if the initial growth rates are high and if there is enough volatility in this growth over time, The author’s argument is that high valuation of internet stocks is attributed to the investment opportunities approach. This approach suggests that the presence of growth opportunities to invest new capital result s to projects with a promising rate of rate return higher than normal.The investment opportunities approach states that value of a growth firm is equal to the PV of cash flows from assets in place and the present value of â€Å"growth† opportunity (Vj = V1 + V2). It suggests that investors should pay a premium for earnings of a growth firms relative to mature firms due to the presence of profitability multiplier in growth firms. The author proposes a modified investment opportunities approach which incorporates advertising and R&D into the equation when valuing growth firms; V = E/k m + RD+A/k (m-1).This is because total investments of growth firms is a combination of retained earnings and investments in intangible assets (advertising and R&D), thereby directly adding value to the firm. Discussion Valuation is the key to the survival of a firm. Bad valuation can lead to overvaluation or undervaluation. In the case the dot-com â€Å"bubble† it is apparent that those fir ms were overvalued partly because of the valuation models used and the market reaction. I think there was high excitement of the new economy which led to high speculations.Investors were very overconfident that those firms will make profits in the future due to growth opportunities readily available. A combination of increasing stock prices, market overconfidence, individual speculation in stocks, and widely available venture capital created an environment in which many investors were willing to overlook traditional metrics such as P/E ratio in favor of overconfidence in technological advancements. The author explains how intangible assets like R&D and advertising of growth firms have positive effect on market value due to future profitability.It therefore means that growth firms will invest more in R&D and advertising in order to maximize the growth opportunities. The life cycle theory suggests that at a maturity, increasing R&D and advertising have diminishing utility and managers have a tendency to pursue growth during the growth stage rather than stockholders welfare. During the bubble, it is clear that firms were chasing growth with high intensity in R&D and the market reacted positively to it. Financial analysts based their valuations solely on the growth and expectations of future earnings.This is why behavioral finance plays a role in trying to explain efficient market. In an efficient market, stock prices fully incorporate the value of intangible investments and therefore there should be no association between R&D intensity and future stock returns. But as the author suggests, firms with a high proportion of intangible assets are highly volatile because their future success is tied to the success of R&D projects. Another problem is that R&D and advertising are expensed under US GAAP significantly reducing the profits and misstating the accounting book value.If these expenses were capitalized, probably those growth firms would have seen some profits an d may be that is why investors did not care about their losses. Louis, chan & Theodore (2001) also advocate that companies with high R&D and advertising earn large excess returns and R&D intensity is positively associated with volatility. I tend to believe that in some cases, investors overestimate the benefits from R&D investments, especially for firms with negative profitability, which causes the overvaluation.The markets underreact to managers’ overconfidence to keep heavy investments in R&D at the expense of current profitability. In my opinion, I don’t think investors should overreact positively to heavy investments in R&D. In an efficient market, this intangible asset will fully be incorporated in stock prices. The author mentions that financial analysts justified the high valuations of internet stocks using the models derived from Blank and Scholes option pricing theory. During the â€Å"bubble† real option value was integrated in valuation of those firms .I agree with the author that real option itself has value if a firm undertakes initially negative NPV just to position itself in a growing industry. This real options is what made analysts overconfidence that the negative profitability or negative NPV will turn positive in the advanced stage of development. But there is a high uncertainty when using this model which translates to high value. As the author suggests, if the initial growth rates are sufficiently high and there is high volatility in this growth over time, valuations can be unrealistically high.Analysts believed that there were many options at the disposal of those firms and the negative profitability did not shake their high valuations Investment opportunities approach to valuation of internet stocks is seen as the cause of the â€Å"bubble† too. Under this approach analysts believed that the internet firms have many opportunities to invest new capital in projects promising rate of return higher than normal. The refore, in addition to present value of cash flows from assets in place, those firms also had another value from growth opportunities. The present value from growth opportunities is what gave those firms high values.The investment opportunities approach was even modified by the authors to include R&D and advertising which even made those values extremely high. Conclusion I believe that in a well-functioning system, with the incentives of intermediaries fully aligned in accordance with their fiduciary responsibility, public markets will correctly value companies such that investors earn a normal required rate of return. Financial analysts should incorporate the value of earnings in their valuation targets that were previously based solely on the growth and expectation of future earnings.This will help reduce the value of firms that lack profitability and prevent another bubble. References Chan, L. K. C, Lakonishok, J. , & Sougiannis, T. , (2001). The Stock Market Valuation of Researc h and Development Expenditures. The Journal of Finance. 56(6), 2431-2456. doi 10. 1111/0022-1082. 00411. Palepu, K. G. , Healy, P. M. , (2008). Business Analysis & Valuation. Mason, Oh: South-Western Cengage Learning. Tokic, D. , (2004). R&D Advertising and the Market Value of Internet Firms: Part 1. Journal of Internet Commerce. 3(2), 21-79

Essay about Analysis of Features Used in Advertisement

Analysis of Features Used in Advertisement Advertising has one basic aim, which is to persuade people to buy goods or services. However, tactics are employed by advertisers to convince customers that they need or want the goods or services offer. Often, advertising can create a need, for example, in the case of â€Å"must have† latest fashions or designer labels. This is done by manipulating certain features of an advert such as pictures, slogans, headlines, etc, to emphasise the things advertisers think are most likely to convince you to buy the product when you se the advert. I am going to look at some of the techniques used by advertisers to achieve their aims. According to Microsoft’s†¦show more content†¦Patent medicines were treatments for specific ailments made exclusively by a certain company, often containing a ‘special’ ingredient. For example, Fuller’s Earth Cream was a treatment for especially dry skin, containing an ingredient found in clay type soil. These firms made large profits of about 80-90% and could therefore afford to spend large sums of money on advertising. Radio and television advertising took the form to another new level and the increasing availability of the Internet is opening up more avenues for the industry. Indeed, many Internet â€Å"freebies† are funded from advertising revenues. Advertising is a crucial part of business so larger companies who can afford them employ advertising agencies. A large advertising agency nowadays consists of advertising and marketing specialists, designers, writers, artists, economists, psychologists, researchers, media analysts, product-testers, librarians and bookkeepers †¦ a reliable team! One very important factor in advertising is the â€Å"target group† – the people an advertisement is aimed at. For example, is the product targeted especially to women, as in the case of a perfume, or does it appeal to a certain age group? 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Integrated Marketing Communication tools†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg 5-6 6. Identified problems and alternative solutions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...Pg 7 7. Conclusions and findings†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ PgRead MoreIs Nike A Liar Like Tiger?1732 Words   |  7 PagesIs Nike a Liar like Tiger? The Analysis of a Nike Advertisement Advertisement companies as well as businesses have come up with more enticing ways to promote their companies and products. There are many different tactics used by advertisement creators in order to lure customers into buying their merchandise. 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