1. specifically addresses existing problems or opportunities and


Applied research is defined as research that specifically addresses existing problems or opportunities and is directly associated with practical problem-solving. Basic research is also connected with problem-solving but aims to solve perplexing questions or obtain new knowledge of an experimental or theoretical nature. An example of applied research would be making adjustments to current processes within a small organization. An example of basic research would be a researcher looking into how stress affects day to day activities (Cooper & Schindler, pg.

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15). 2. The four characteristics of effective codes of ethics are introduced in the text as (1) regulative, (2) protective, (3) behavior specific, and (4) enforceable (Cooper & Schindler, pg. 42). Of the four characteristics, the most critical is enforceable. It is suggested that unless ethical codes and policies are being reinforced on a consistent basis, they would be of limited value in actually regulating unethical conduct.

(Cooper & Schindler, pg. 42)3. An operational definition is described as one that is stated in terms of specific criteria for testing or measurement. It must also refer to empirical standards in the terms of counting, measuring, or somehow gathering information through our senses (Cooper & Schindler, pg. 53). An operational definition for binge drinking is a pattern of (3 or more) excessive drinking of alcohol within a specific (2 hours) amount of time. An example of the bad operational definition would be the consumption of 3 drinks in one sitting. The definition listed is poor because although it has a number of drinks, there is no information on the time or how it can be measured.

4. The process of conducting a critical literature review begins with the reviewing of books, articles, or professional literature that are related to the management dilemma or topic (Cooper & Schindler, pg. 94). According to the text, there are five steps for critical literature review: (1) define the management question or dilemma, (2) consult encyclopedias, dictionaries, handbooks, and textbooks, (3) apply key terms, names, and events, (4) locate and review specific secondary sources, and (5) evaluate the value of each source and its content (Cooper & Schindler, pg. 95). The term critical is typically assigned to things that are mandatory or necessary to any other process, that is also the case here. The reviewing process not only helps to defend or disqualify questions, it also helps to ensure that every step of the process is considered.

The purpose of the review is to provide those who are reading the assignment with sources that support the dilemma. 5. The three types of evidence a researcher seeks when testing a causal hypothesis are, (1) adequate for its purpose, (2) testable, and (3) better than its rivals (Cooper & Schindler, pg.

61). Hypotheses help to guide the direction of the study and providing the framework for organizing results (Cooper & Schindler, pg. 60). Being adequate for its purpose is related to the hypothesis being relatable to the original issue and further explaining facts. Being testable is related to the hypothesis being able to be able to be connected to acceptable techniques and if it is simple. Being better than its rivals refers to the hypothesis explaining more facts and being accepted as one that is informed amongst its rivals(Cooper & Schindler, pg.

61). 6. The three forms of non-probability sampling are, (1) convenience sampling, (2) purposive sampling, and (3) snowball sampling. In the text, convenience sampling is defined as selecting readily available individuals as participants. Purposive sampling is defined as researchers choosing participants arbitrarily for unique characteristics, experiences, attitudes, and or perceptions. There are two types of purposive sampling: judgment and quota.

Snowball sampling allows participants to refer research to those who have similar to or different (from those from the original sample element) characteristics, experiences, and or attitudes. (Cooper & Schindler, pgs. 359-360). Within our project, it began as convenience sampling where we simply posted the survey on different social media sites for responses. As the week progressed, we noticed that we were getting more responses from females than males so we began to use purposive sampling where we choose people based on characteristics. I noticed a lot of consistency based on our own demographic backgrounds so I sent links to family members, friends and associates who I know have different backgrounds than I do. 7.

There are many strengths and limitations that are related to observation as a data collection method. The strengths are that it allows for securing information about people or activities that cannot be derived from experiments or surveys, avoiding participant filtering and forgetting , securing environmental context information, reducing obtrusiveness an optimizing the naturalness of the research setting (Cooper & Schindler, pg. 187).

The limitations associated with the observation as a data collection method are that there can be difficulty of waiting for long periods to capture the relevant marvels, the cost that are associated with hiring an observer and equipment, the reliability of inferences from surface indicators, and the limitation on presenting activities and implications about cognitive processes (Cooper & Schindler, pg. 187).8. Although there are many threats associated with internal validity, the seven that are mentioned in the text are (1) history, (2) maturation, (3) testing, (4) instrumentation, (5) selection, (6) statistical regression, and (7) Experimental mortality. There are events that occur during the course of the study that confuse the relationship being studied (pretest, manipulation, and posttest) within the history portion(Cooper & Schindler, pg. 201). Maturation relates to the design and how it may be weakened because change may also occur within the subject due to a function of the passage of time with no specification to any particular event (Cooper & Schindler, pg.

201). Testing can affect the scores of a second test(Cooper & Schindler, pg. 202). Instrumentation can pose a threat to internal validity due to changes between observations in the measuring instrument or the observer (Cooper & Schindler, pg. 202). Selection is an important threat to internal validity.

It may weaken the design because of the differential selection of subjects for experiential and control groups (Cooper & Schindler, pg. 202). Statistical regression is the factor that operates, most specifically, when groups have been selected by their extreme scores.

Finally, Experiment mortality occurs when the composition of the study group changes during testing. (Cooper & Schindler, pg. 202)9. In the text, nonresponse error is defined as one that develops when an interviewer cannot locate with whom the study requires communication or when those who the survey is intended to focus on, refuse to participate (Cooper & Schindler, pg. 346). Some ways to avoid nonresponse error is to test to make sure that there are no issues accessing or taking the survey, ensure that you target those who the survey is intended to focus on, and try to offer an incentive to have people take the survey. 10.

The four sources of error in measurement are, (1) respondent, (2) situational factors, (3) measurer, and (4) instrument (Cooper & Schindler, pg. 256). The respondent can be a major source of error because of many different personality characteristics. These are employee status, ethnic group membership, social class, and nearness to manufacturing facilities. An, example could be a survey that is about something that is opposite of their current mood or circumstances. An example of a situational factor is anything that places a tension on the interview or measurement. This could be a second individual present with an opinion that may distort or influence responses or other individuals (Cooper & Schindler, pg.

256). The measurer can produce error because of paraphrasing a question or even from inadvertent gestures (Cooper & Schindler, pg. 256). An example of instrument error could be that the defective tool or system omits certain questions or responses. 11.

Shared vocabulary requires that both the interviewer and the participant understand one another(Cooper & Schindler, pg. 330). Some effects of ignoring this could be confused participants and that can lead to misinterpretation of the true goal of survey. Bias wording is defined as distortion of responses in one direction (Cooper & Schindler, pg.

332). In the text word choice is a major source of biased wording in regards to the quality of resulting data. Because of the word structure, participants can be forced into being biased. (Cooper & Schindler, pg. 332).

Adequate alternatives allows rooms to capture all potential answers as closely as possible. Having too few options inhibits that. 12.

The characteristics of a good measuring tool are validity, reliability, and practicality. Validity refers to the extent to which a test measures what is intended to be measured, reliability refers to accuracy and precision of a measurement procedure, and practicality refers to factors like economy, convenience and interpretability(Cooper & Schindler, pg. 257). We will ensure that our survey instrument will display these characteristics by doing research on the tool itself to ensure that there are no issues. We will also test it out to see what needs to be fixed and adjusted before the official survey posts. Taking these steps helps to make sure that our survey meets these three requirements and offers us the information that we need to successfully complete the project. 13. Forced-choice rating scales require the participants to choose an alternative option and this route typically excludes the options “no opinion,” or “neutral” (Cooper & Schindler, pg.

272)Unforced- choice rating scales provide the opportunity to express opinions when the choices available are not substantial (Cooper & Schindler, pg. 272). Some tactics to minimize participant tendencies to avoid extreme judgements or choose extreme positions on a scale are to add more points on the scale or even add more descriptive adjectives to assist in answering the question. 14. The three types of questions can be used when multiple responses to a single question are desired from the respondent are free-response style, dichotomous, and multiple-choice questions (Cooper & Schindler, 2014). Free-response questions are also known as open-ended questions.

They allow the participant explain their response in a space provided (Cooper & Schindler, pg. 308). An example for free response questions typically start with, “in your own words, explain what you think this survey was about.

” Dichotomous style questions encourage opposing responses, which may be subject to alternatives depending on the wording of the question (Cooper & Schindler, pg. 308). An example of dichotomous style questions are is “I plan to relocate in the next year, yes or no”. Multiple choice style questions offer multiple alternatives, but ultimately the participant is forced to choose just one answer. (Cooper & Schindler, pg. 308). An example of a multiple choice style question would be “Pick your favorite restaurant in the Noda area” and it offers five different options.

15. The steps for drafting and refining a survey instrument are: (1) gather data, (2) compile the data, (3) eliminate excess data, and (4) review the data. Pilot testing is done to pinpoint weakness in the design and instrumentation and to also provide a small probability sample (Cooper & Schindler, pg. 85). Pretesting gives the opportunity to try out the instrument which then permits refinement before the final test administered (Cooper & Schindler, pg.

85). Within our pilot study we were able to follow the exact process mentioned above. We tested it out on a small amount of people and asked them directly, what they thought and what they would change. The suggestions allowed us to make a few adjustments to the wording and repetitiveness of some questions. It also gave us an idea of how people would respond to the questions and how we could begin compiling the information obtained.

16.The rationale behind using sampling over census for everyday study is that sampling selects some of the elements in a population and a census is a count of all elements in a population (Cooper & Schindler, pg. 338). Non-probability sampling is an arbitrary and subjective procedure where each population element does not have a known nonzero chance of being included (Cooper & Schindler, pg. 343).

Probability sampling is a controlled, randomized procedure that assures each population element is given a known non-zero chance of selection. They provide estimates of precision. Because of this, researchers typically choose probability sampling. 17. The four rules that guide the coding and categorization of a data set are: (1) appropriateness, (2) exhaustiveness, (3) mutual exclusivity, and (4) single dimension (Cooper & Schindler, pg.

383). Appropriateness is important to researchers because it is the best partitioning of the data for testing hypotheses and showing relationships and the availability of comparison data. Exhaustiveness allows researchers to add the “other” option because all possible answers cannot be anticipated. Mutual exclusivity allows researchers to place potential answers in one and only one cell in a category set. Lastly, single dimension allows researchers to define categories by one concept or construct (Cooper & Schindler, pg. 383). Each of these factors are important to coding and allow researchers to address specific issues that come up when choosing measurement questions.

18. I believe that the statement “Research is worthless if you can’t communicate your results in a way that others can understand them” is true but only to an extent. Research and using different tools to decipher through a problem or scenario is what makes the proposed results credible and valid. Although being able to display those results in a way that can be understood is important it does not take away from the research. Some steps that can aid in making sure that more people can understand is to identify the audience before conducting the research. Asking questions like “is the audience knowledgeable on this subject?”, can help gauge what tools to use. Throughout this program I’ve learned that visuals like graphs, charts, and tables should always be included. 19.

The six-step procedure for testing statistical significance is: (1) state the null hypothesis, (2) choose the statistical test, (3) select the desired level of significance, (4) compute the calculated difference value, (5) obtain the critical test value, and (6) interpret the test (Cooper & Schindler, pg. 438). Stating the null hypothesis is used specifically for statistical testing purposes. Choosing the statistical test allows the researcher(s) to test the hypothesis.

Choosing the level of significance is reflective of how much risk the researchers are willing to accept. Computing the calculated difference value is done after the data is collected. Obtaining the critical test value is done after the t, x2, or other measures have been computed and defines the region of rejection from the region of acceptance of the null hypothesis.

Lastly, interpreting the test is where researchers determine if they should reject the null or fail to reject the null (Cooper & Schindler, pg. 439).

1. le but étant de se prémunir

1. Expérience de comparaison des performances de portefeuillesSelon un sondage réalisé par le Financial Times (Financial Times, 2018), quasiment la moitié des grands investisseurs européens estiment qu’ils perdront en rentabilité s’ils investissent selon des critères responsables. Ces investisseurs considèrent qu’il y a un premium à payer, en d’autres termes c’est un coût supplémentaire. Nous avons choisi de tester si ces craintes étaient fondées par nous-même en construisant deux portefeuilles diversifiés, l’un suivant des critères ISR (sélections d’entreprises responsables), l’autre suivant des critères uniquement de diversification de portefeuille. La plupart des portefeuilles d’actions sont diversifiés, c’est-à-dire qu’ils ne se concentrent pas sur une entreprise ou sur un secteur, le but étant de se prémunir des risques non-systémiques.

Les Échos définisse l’intérêt de la diversification en ces termes : « La diversification d’un portefeuille de titres ou d’actifs permet, soit de réduire le risque pour un niveau de rentabilité donné, soit d’améliorer la rentabilité pour un niveau de risque donné. La diversification maximale d’un portefeuille est obtenue pour le portefeuille de marché, qui regroupe tous les titres à leur prix d’équilibre. » (Les Echos, 2018). Nous avons basé notre diversification sur la « Global Industry Classification Standard » conçue par Morgan Stanley Capital International et Standard ; Poors. Cette classification à destination des marchés financiers se divise en 10 secteurs : énergie, matériaux, produits industriels, consommation discrétionnaire, biens de consommation de base, soins de santé, services financiers, technologie de l’information, services de télécommunications, services publics. Dans un premier temps nous avons donc construit un portefeuille non-ISR en le composant d’entreprises de ces 10 grands secteurs afin qu’il soit considéré comme diversifié. A ce portefeuille nous comparerons la performance d’un second portefeuille, ISR celui-là où nous avons sélectionné des entreprises de différents secteurs en fonction d’une part de critères de diversification et d’autre part de leur engagement ISR, enfin nous comparerons ces deux portefeuilles à la performance du marché, ici le S;P 500.

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Nous avons comparé l’évolution de ces portefeuilles sur 6 mois (01/01/2018 > 29/06/2018), nous voulons montrer qu’un portefeuille non-ISR peut être aussi performant qu’un portefeuille non-ISR et qu’il peut également être diversifié et suivre les évolutions du marché, et surtout que la sélection ISR n’est pas en elle-même vecteur de moindre performance. L’ensemble des portefeuilles ont été constitué sur StockRover, une application web qui permet de composer différents portefeuilles, de les modéliser et des comparer leurs performances sous formes graphiques. Le choix de cette application s’est fait car c’était la seule qui offrait ces services tout en étant abordable, étant donné que Google Finance a arrêté son option de construction et de suivi de portefeuille, Stock Rover était la meilleure option à notre disposition. 1.1 Le portefeuille Non-ISRFig F. Composition du portefeuille Non-ISRLe portefeuille Non-ISR est un portefeuille diversifié en se basant sur les 10 industries de la Global Classification Standard et se compose des entreprises suivantes : Alcoa (produits industriels), Bank of America (Services financiers), Johnson ; Johnson (Santé), Microsoft (Technologie de l’information), PG&E (Services publics), PepsiCo (biens de consommation de base), Stanley Black & Decker (matériaux), AT&T (Services de télécommunication), Target (consommation discrétionnaire), Exxon Mobil (Énergie). Le portefeuille à une valeur totale au 01/01/2018 de 1700$, chaque entreprise à un poids de 10% (170$). ?Figure G.

Performance du portefeuille non-ISRSur 6 mois ce portefeuille a perdu 4,2% de sa valeur, la perte a principalement été lié à a performance de Stanley Black & Deker, qui a communiqué une baisse de 57% de son revenu net au premier trimestre 2018 (Martuscelli, 2018), ainsi qu’à la mauvaise performance d’AT&T, qui est en processus de fusion avec Time Warner et qui doit se conformer aux volontés des autorités de la concurrence américaines, et notamment la cession de certaines de ses activités (Forbes, 2018). ?1.2 Le portefeuille ISRFig H. Composition du portefeuille ISRL’approche pour la composition du portefeuille ISR a été différente, en plus de devoir choisir des entreprises de secteurs différents, nous avons dû exclure de notre liste des entreprises qui ne rentraient pas dans les critères ISR (par exemple Exxon Mobil dans le portefeuille Non-ISR ne peut pas être choisi pour ce portefeuille). Nous avons choisi la stratégie ISR de screening positif c’est-à-dire que nous avons activement cherché des entreprises qui produisent des externalités positives pour la société par leurs produits ou leurs processus. Ci-après la liste des entreprises sélectionnées, leur secteur et les principaux critères ISR qui nous ont fait les choisir : Apple, technologies de l’information, 87% de sa consommation énergétique est issue de sources responsables, principe de protection des données de ses utilisateurs (refus de créer des backdoors sur ses appareils pour que le FBI puisse accéder à ses téléphones) (Mallen Baker’s, 2018). Johnson Controls, produits industriels, classé douzième dans le Corporate Responsibility Magazine. Nestle, bien de consommation de base, classé N°1 au classement d’Oxfam « behind the brand » basé sur des critères de droits du travail, de transparence et de respect de l’environnement.

Xylem, services aux collectivités, Classé 10 entreprises la plus responsable par le classement Barron des 100 entreprises les plus responsables (The Corporate Social Responsibility Newswire, 2018).Nucor, produits industriels, plus grand recycleur d’acier des États-Unis et fabricant d’acier selon un processus électrique (moins polluant et énergivore que le système classique).Weyerhaeuser est une entreprise américaine de l’industrie du papier, elle est notamment en charge de la gestion des forêts et s’efforcent de rendre son activité la plus durable possible, elle a été classée par CR Magazine 37 meilleur « corporate citizens » sur une sélection de 100 entreprises responsables.IBM, technologies de l’information. IBM soutient la diversité au travail, un manager sur quatre est une femme ainsi que la PDG de l’entreprise.

Brookfield Renewable Partners LP, énergie, se spécialise dans la production d’énergies renouvelables, c’est la filiale cotée de Brookfield Asset Management, un gestionnaire d’actifs international qui se spécialise dans la construction, les énergies renouvelables et les infrastructures. JPMorgan Chase, Services financiers. JP Morgan Chase a un programme ambitieux pour aider les populations défavorisées, $125 millions pour revitaliser des quartiers, $150 millions pour aider Detroit à se développer après des années très difficiles, $325 millions dans la formation et 45$ million dans le financement d’associations pour l’accès à la santé. De plus c’est une entreprise qui croit ferment en l’investissement responsable comme vecteur de performance.

Jonhson Controls, industrie. Jonhson Controls a commencé en 1885 comme producteur de thermostat pour être aujourd’hui un des leaders dans la conception d’équipement de gestion de l’énergies et de produits pour rendre les entreprises, les bureaux et les usines plus efficaces et moins énergivores. Selon Kiplinger, 29% des fonds mutualisés responsables possédaient dans leurs portefeuilles des actions Johnson Controls. Costco, consommation discrétionnaire.

Le salaire moyen des employés est de $21 dollars de l’heure, le salaire minimum de l’entreprise est récemment monté à $13 de l’heure. De plus dans un pays comme les États-Unis, Costco fait figure d’exception en fournissant à 88% de ses salariés des assurances maladie (Short, 2018). Le PDG de Costo ne gagne que 48 fois le salaire moyen de son entreprise, comparé à la moyenne du pays qui est de 70 fois, avec des PDG qui peuvent gagner jusqu’à 300 fois le salaire médian (PayScale, 2018)Ainsi sur l’ensemble de ces entreprises nous avons pu identifier des caractéristiques socialement responsables, nous avions moins de choix que pour le portefeuille classique afin d’appliquer le principe de diversification de portefeuille mais nous avons tout de même pu trouver 10 entreprises vertueuses et leader dans leurs secteurs respectifs. Première preuve que l’ISR ne se limite pas seulement aux entreprises les moins performantes. Fig I.

Performance du portefeuille ISRSur 6 mois le portefeuille ISR a perdu 1,1%, cette perte s’explique par la chute de l’action Johnson Controls et Brookfield Renweable, tandis qu’Apple et Costco on permit grâce à leur croissance de limiter les pertes. 1.3 Le portefeuille de marché Fig J. Performance du portefeuille de marché (S;P 500)Le S;P 500 est un indice boursier géré par Standard ; Poors basé sur les 500 plus grandes entreprises cotées américaines pondérées par leurs capitalisations boursières (Standard and Poors, 2018), il couvre environ 80% de la capitalisation boursière totale américaine et se rapproche donc du portefeuille dit « de marché ». Ce portefeuille est composé à 100% de l’indice S&P 500.

Sa mise sous forme de portefeuille est avant tout un outil pratique car cela permet de le comparer facilement sur Stock Rover aux autres portefeuilles. Sur 6 mois, le S&P 500 a progressé de 2,5%, cette progression est selon Bloomberg, exclusivement due à 10 entreprises du secteur des technologies de l’information (voir tableau ci-dessous).Fig K. Les 10 actions qui ont contribué à plus de 100% du rendement annualisé (YTD) du S;P 500 (Daté du 28 juin 2018)?1.4 Comparaison des performancesFig L. Comparaison des performances des trois portefeuillesLe résultat de notre expérience montre que le portefeuille de marché a été le plus performant, vient ensuite le portefeuille ISR et on finit avec le portefeuille classique. Toutefois on voit que ce classement à varier au cours du premier semestre 2018, les trois portefeuilles ont eu quasiment la même performance en janvier et en Avril par exemple.

En moyenne le portefeuille classique a été le moins performant, ce qui est un résultat intéressant étant donné qu’en se basant uniquement sur le qualificatif du portefeuille (ISR ou non), la majorité des investisseurs européens auraient parié que le portefeuille responsable aurait sous-performé par rapport au portefeuille classiqueAu vu de l’étude de la performance du portefeuille de marché ces résultats ne sont pas surprenants, en effet la croissance de ces 6 derniers mois ayant été tiré quasi-exclusivement par des entreprises du secteur ITC, il est normal que nos deux portefeuilles composés de 10 entreprises n’aient pas fait le poids. Le portefeuille le plus performant dans ce cas-là aurait été un portefeuille réunissant des entreprises exclusivement du secteur des ITC. Ainsi un portefeuille ne sera pas plus performant de lui-même car il contient des entreprises de secteurs ou d’industries qui ne rentrent pas dans une démarche ISR.

Exxon Mobil et Pepsi, deux entreprises du portefeuille non-ISR particulièrement peu respectueuses n’ont d’ailleurs pas tiré la performance de ce dernier. La clé de la performance d’un portefeuille se joue donc ailleurs ; d’une part sur la diversification, ici on voit que le portefeuille marché S;P 500 a une meilleure performance car il incluait plus d’entreprises du secteur ITC et a donc profité de la croissance cumulée, tandis que nos deux portefeuilles n’avaient qu’Apple et Microsoft en tant que représentant de ces secteurs. D’autre part la performance est lié à la bonne gouvernance, un investisseur très informé aurait pu prédire qu’AT&T était un placement risqué du fait de la procédure de fusion compliquée avec Warner, une bonne gouvernance aurait aussi évité les actions des producteurs de métaux comme Alcoa et Nucor qui sont au milieu d’une guerre commerciale entre les États-Unis et le reste du monde. Ainsi il était très peu probable que ce secteur connaisse un boom.Il est clair que le caractère responsable d’un portefeuille ne rend pas à lui seul un portefeuille moins performant, cette dernière est encore liée à la qualité de la gouvernance du fond. De plus on peut tout de même trouver des entreprises responsables dans des secteurs qui ne le sont pas par nature comme l’industrie avec l’exemple de Nucor, Costo est également un bon exemple car c’est une des rares entreprises de la grande distribution à avoir une politique de forte rémunération pour tous ses employés au milieu de WallMart et des autres chaines de supermarchés qui ont tendance à se contenter du salaire minimum.

Au final les investisseurs institutionnels européens ne devraient pas trop s’inquiéter de la perte de performance s’il passait au ISR mais plutôt de trouver le bon gestionnaire d’actifs qui proposent des placements bien équilibré avec un risque maitrisé. Dans le sondage présenté par le Financial Times, il n’est pas précisé à ces investisseurs que les ISR protègent d’un risque supplémentaire par rapport aux investissements classiques de par la nature responsable de ces portefeuilles, le risque de controverse. 1.5 Les avantages du portefeuille ISRPrécédemment, nous avons identifié qu’un portefeuille d’actions ISR ne présentait pas de différence systémique de performance avec un portefeuille d’actions filtré en fonction de critères classiques. De plus, nous allons voir que les portefeuilles ISR peuvent protéger de risques supplémentaires par rapport à un portefeuille classique. Pour cela nous utiliseront l’exemple de l’entreprise British Petroleum. Le 16 avril 2010, les actions de British Petroleum s’échangent à 623,4 GBP (Yahoo.

com, 2018), le 20 avril la plateforme Deepwater Horizon explose dans le golfe du Mexique. En plus d’être une catastrophe écologique majeure, cet accident a eu un effet immédiat sur le cours de BP. Le cours est tombé au plus bas le 1er Juin 2010 à 325,5 GBP soit une chute de 91,5%. 8 ans après BP n’a toujours pas réussi à retrouver son cours de 2010 (le 1er juin les actions BP s’échangeaient à 570 GBP). Bien que cette catastrophe n’ait au final couté « que » 44 milliards de dollar (La Presse.ca, 2016), soit 11,7% de son chiffre d’affaire de 2011 (375 milliards de dollar), elle a fait perdre à BP la moitié de sa valeur. Ce genre de catastrophes n’arrivent que rarement, mais les conséquences pour un investisseur peuvent être extrêmes.

Surtout dans ce cas pour un investisseur avec un portefeuille contenant des entreprises du secteur Oil & Gas. Fig M. Changement dans la capitalisation de BP et de l’industrie Oil ; Gas les 5 premiers mois après l’accident DeepWater Horizon (échelle en milliards de dollars) ?BP a entrainé une chute des capitalisations de l’industrie. Cette chute au niveau de l’industrie a été identifié dans l’étude “Total Cost of the 2010 Deepwater Horizon Oil Spill Reflected in US Stock Market” (Garza-Gomez and Lee, 2012), ils ont démontré la corrélation entre les deux cours de bourse, démontrant ainsi que les conséquences de la faute d’une entreprise peut s’étendre à toute une industrie et affecter la rentabilité de nombreux portefeuilles.

Un portefeuille ISR qui exclut l’industrie Oil & Gas pour des raisons éthiques a profité d’une protection supplémentaire dans cette situation, en général en excluant les industries sujettes à ce genre d’accidents, les portefeuilles ISR sont mieux protéger face au risque de controverse.On pourrait étudier le cas d’autres entreprises dans des secteurs différents comme Wolskwagen avec le Dieselgate ou encore le scandale du Mediator des laboratoires Serviers. Le manque de transparence et la recherche du profit à court terme au détriment des autres parties prenantes est une attitude risquée qui peut à tout moment se retourner contre l’entreprise et ses actionnaires. Il est ainsi faux d’affirmer qu’on fait le choix d’investir dans des produits responsables au détriment de la performance, d’une part car ces produits ne sont pas en eux-mêmes moins performants, comme démontré mais également car ils offrent une protection face aux risques présentés par les entreprises peu respectueuses des facteurs sociaux et environnementaux et qui cherchent la rentabilité à court terme au prix de la performance à long terme.

1.1: come to be an vast shortcoming

1.1: Introduction to oil pollutionOil pollution has come to be an vast shortcoming these days causing destruction of the natural home ground of humans and plenteously of animals.it is one of the many forms of pollution that outbreak our earth , ignorance of this problem means that it will constantly extinguish earth’s ecosystem. The element of human industrial acts, it threatens to mess with the oceanic surroundings that yield up quite seventy five % of our planet’s surface.

we want to concentrate in the sorts of pollution, cite major spills as samples of their consequence, describe SAS radiolocation imaging as a serious oil pollution observation system, and say clean-up procedures and prices related to them. we have a affinity to optimism to envision oil pollution as coming back from tankers and major accidents, several industries begrime the globe ocean even once their facilities area unit operational in their customary method. we are going to look in our paper the extent to that every kind of pollution improves to the presence of oil within the ocean .we are going to then see that despite a good type of stratagems that are imagined to focus on pollution, the impact on the surroundings remains objectionable, and natural habitats still die and get hurt. (Rahman, K.

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M.2016)Most of the pollution within the oceans come about for reasons completely independent with unintentional disasters. as a result of that within the event of normal functioning of all oil-related industrial activities, pollution isn’t about to simply outflow.The graph from the National Aeronautics and Space Administration web site clearly shows that enormous spills account for under a little share of annual pollution, injecting a “meagre” thirty seven million gallons of oil within the world ocean in every year.

The biggest lawbreaker is that the pollution by runoff from used engine oil that comes when oil changes, “runoff from land and municipal and industrial wastes” additionally to road runoff, along creating up 363 million gallons p.a. (NASA).

In comparison to the current supply of oil pollution, virtually each different appearance paltry. Plus, huge unrestrained spill that result when massive tanker or different quite accidents altogether area unit solely the fifth most serious source of ocean oil pollution, accounting for five of the oil that yearly ends within ocean( Bautista, H).oil pollution is one of the most dominant form of ocean pollution which cause severe indemnities to facilities , ecosystems, and resources. Since from 1967 , there are about 25 chief oil spills in the world’s oceans, when the Torrey Canyon ran aground off Cornwall on march 8 discharging 38 million gallons of oil.

The most recently arisen disaster in the Gulf of Mexico is a result the Deep water Horizon drilling rig explosion of April 20, 2010, which precipitated a sea floor gusher of almost 60,000 barrels of oil per day. This is the biggest oil spill tragedy in U.S( Rahman, K.

M.2016)1.1.1:Definitionof oil pollutionOil pollution may be defined as “the contamination of environment (water sources like rivers, lakes, water reservoirs etc.) by the outflow or expulsion of oil from the tankers or typically from ships into water.

“Oil pollution has become a big problem facing port supervision oil tankers and effect the marine biodiversity and other aquatic organisms. (J.M. Baker,2001)It is also termed as the release of liquid petroleum hydrocarbon into environment particularly through oil spills within the marine ecosystem, owing to human activity and cause pollution.

this term is frequently given to marine oil spills where oil is released into the ocean or coastal water, but spills may also takes place on the land caused by oil contamination on the land surface .oil pollution may occur when oil in its abundant forms is introduced within the environment and contaminates them. Mostly the oil that pollutes environments is put there by people in one way or the other.

Oil is poisonous to particular organisms and hence is dangerous for them. The problem is most extensive than only the organism cannot survive in oil. Other higher organisms eat them and hence the toxins would be carried through them in the food chain sometimes reoccurrence to human beings that acquaint with that oil in the first place( Nelson-Smith1973).1.2: Causes of oil pollutionThe sad certainty is that most of the reasons of oil pollution are usually man-made. As in the one of the case of oil spills which cause oil pollution. This may be happened by the carelessness or sometimes due to reasonable accidents.

( Gutierrez T, et al.2016) 1.2.1: Mechanical imbalanceIn the case of negligence it include the seepage of tankers that occur because they have not been appropriately sustained or when these spills occur the employees do not suitably monitored the procedure of loading the oil in the tanker. Another reason of the oil pollution is that the crude oil outflows from the drilling rigs and wells, as well as off shore oil platforms. (Berry D,2016)Fig.

1.2.1: Oil pollution due to mechanical imbalance Censol.co.uk1.2.2:Human activitiesSome of the oil pollution within the ocean is owed to deliberate actions of people. Some of the things such as routine maintenance and cleaning of oil carrying vessels introduce oil into oceans.

some of the countries dispense their liquid waste of industries into the ocean there are protocols that how could be safely this is done, but that waste more often than not contain large amounts of oil that people have emptied down their drains. (Teske A, Aitken MD, 2016)Fig.1.

2.2: Oil pollution due to Human activities lowyinstitute.org1.2.

3: Natural seepage of oilIt was also perceived that not all oil pollution is instigated by human activities. Sedimentary rocks at the bottom of the ocean grind down due to natural process and release oil .seepage also occurs from natural oil reservoirs in the oceans.

All this oil being released into the ocean in one way or the other causes pollution. (J.M.

Baker). Fig. 1.2.3: oil pollution through Natural oil seepage. Whoi,edu1.

3:Oil spillsAn oil spill is actually the accidental release of oil within the any water body as from a tanker, offshore drilling oil rig or underwater pipeline , usually presenting a hazard to marine life and environment and hence also lead to form pollution. Oil spills poorly maintained or broken oil or gas pipeline spews its contents onto its surroundings. (Nelson-Smith,1973)Fig.1.3;Oil spills formed by discharging of oil from ship. treehugger.com1.

3.1: Hazards of oil spillsPollution from oil spills will have severe influences on marine and coastal environments. Oil, or hydrocarbons, will have an effect on plants and animals in a number of ways in which toxicant composites from the spilled oil are often eaten by animals directly, in their prey, as they breath or as they clean their fur or feathers, inflicting short and future adverse effects.Fig .1.

3.1:Adverse effects of oil pollution for the aquatic birds. larg.standford.eduIn the last thirty odd years, the problem of oil spills and their effects has taken on a lot of significance.

This can be as a result of once associate degree oil spill happens, it causes a mess of issues for the atmosphere and US. associate degree oil spill happens once liquid rock oil is free into the atmosphere by vehicle, vessel or pipeline. Oil spills often kill marine mammals like whales, dolphins, seals, and ocean otters. Oil coats fur of otters and seals, going away them at risk of physiological state. Even once marine mammals spurt the immediate effects, associate degree oil spill will pollute their food. (Sarbatly R et al.,2016)Fig.1.

3.1: whale killed due to oil pollution of ocean. environmentalpollutioncenters.org1.3.2: Largest oil spillsCrude oil and refined fuel spills from tanker ship accidents have broken susceptible ecosystems in Last Frontier, the Gulf of North American country, the Galapagos Islands, France, the Sundarbans, Ogoniland, and plenty of alternative places. the number of oil spilled throughout accidents has extended from many hundred tons to many hundred thousand tons (e.g.

, Deepwater Horizon Oil Spill, Atlantic Emperor, Amoco Cadiz), however bulk may be a restricted live of injury or impact. Smaller spills have previously proved to possess an excellent influence on ecosystems, like the Exxon port oil spill attributable to the remoteness of the positioning or the issue of an emergency environmental response. Oil spills embarrassed area unit typically way more detrimental than those onto land, since they’ll unfold for many shipping miles in an exceedingly skinny slick which may cowl beaches with a skinny glaze of oil. These will kill seabirds, mammals, shellfish and alternative organisms they coat. Oil spills onto land area unit additional pronto containable if a makeshift earth dam may be quickly demolished round the spill website before most of the oil escapes, and land animals will avoid the oil additional simply. (Krishnaiah D. et al, 2016)Fig.

1.3.2: Oil gulf of North American country ; Gulf coast oil spill. livescience.

com1.3.3:Human impactAn oil spill signifies a right away hearth hazard. The Kuwaiti oil fires created pollution that triggered metastasis distress. The Deep water Horizon explosion killed eleven oil rig staff.the hearth ensuing from the Lac-Mégantic mishap killed and ruined the town’s centre. Spilled oil also can pollute drink water resources.

as an example, in 2013 two totally different oil spills contaminated water provides for 300,000 in Dafla, Malaysia 80,000 individuals in Coca, Ecuador.In 2000, springs were polluted by an oil spill in Clark County, Kentucky. Contamination will have an economic impact on commercial enterprise and marine resource mining industries. as an example, the Deep water Horizon oil spill wedged beach commercial enterprise and fishing on the sea-coast, and therefore the accountable parties were needed to compensate economic victims.

( Borbon, A. et al)Fig .1.3.

3:Deep water Horizon oil spill depleted water by contaminating it bdmariners.org1.3.4: Environmental impactsIn general, spilled oil will have an effect on animals and plants in two ways: dir??t from the oil and from the response or cleanup method. there’s no clear association between the quantity of oil within the aquatic setting and also the doubtless impact on diverseness.

A smaller spill at the incorrect time/wrong season and in an exceedingly sensitive setting might prove rather more harmful than a bigger spill at all over again of the year in another or maybe constant setting. Oil penetrates into the structure of the feather of birds and also the fur of mammals, reducing their insulating ability, and creating them additional prone to temperature variations and far less buoyant within the water. Animals United Nations agency suppose scent to search out their babies or mothers cannot because of the sturdy scent of the oil. This causes a baby to be prohibited and unrestrained, feat the babies to starve and eventually die. Oil will harm a bird’s ability to fly, inhibiting it from hunt or escaping from predators.

As they preen, birds might ingest the oil coating their feathers, irritating the GI tract, sterilization liver operate, and inflicting urinary organ harm. beside their diminished hunt capability, this could chop-chop end in dehydration and metabolic imbalance. Some birds exposed to fossil oil conjointly expertise changes in their secretion balance, together with changes in their luteinizing macromolecule. the bulk of birds plagued by oil spills die from difficulties while not human intervention. Some studies have urged that but hundredth of oil-soaked birds survive, even once cleansing, although the survival rate can even exceed ninety %, as within the case of the Treasure oil spill. (Graus, M.et al,)Fig.1.

3.4:A surf scoter covered in oil as a result of the 2007 San Francisco Bay oil spill response.restoration.noaa.

gov1.4: PREVENTIVE MEASURES TO AVOID OIL SPILLS The companies that possess the ships or the businesses that own the pipelines ought to share the prices for the cleanup of oil spill. The rationale that all of them have to be compelled to share the prices of oil spill is that they’re answerable for the ships or the pipelines. For instance, if the ships or the pipelines have any issues that require to be mounted then those corporations should try this to stop the difficulty of oil spill, as a result of that may cause a heavy impact on living species. Therefore, the businesses have to be compelled to be answerable for all the problems. The procedure of improvement of oil spill takes a protracted time and it’s terribly pricey. There are various things that are necessary to be done to clear-out the oil spill like, booms, barriers, and skimmers. the method should be done by holding the oil to interrupt down by natural means that so as for it to evaporate initial.

Then oxidization, then use dispersant to interrupt up the oil and speed its natural bio degradation .Fig.1.

4: Booms, barriers and skimmers. (i)enwikipedia.org (ii) elastic.com (iii) versatech.com 1.5: Cleanup and recoveryCleanup and recovery from an oil spill is troublesome and be influenced by several factors, together with the sort of oil spilled, the temperature of the water (affecting evaporation and biodegradation), and also the forms of shorelines and beaches concerned. Physical cleanups of oil spills are terribly high-priced. Yet, microorganisms like Fusobacteria species reveal an innovative potential for future oil spill cleanup due to their capability to take over and reduce oil slicks on the ocean surface.

(Sarbatly R. etal.2016)1.5.1: Bioremediation acceleratorsLipotropic, hydrophobic chemical, comprising no bacterium, that with chemicals and physically bonds to each soluble and insoluble hydrocarbons.

The bioremediation accelerator acts as a swarming agent in water and on the surface, floating molecules to the surface of the water, together with soluble like phenols and BTEX, forming gel-like agglomerations. Undetectable levels of hydrocarbons is obtained in made water and convenient water columns. By over spraying shininess with bioremediation accelerator, shininess is eliminated among minutes. whether or not applied onto land or on water, the nutrient-rich emulsion creates a bloom of native, indigenous, pre-existing, hydrocarbon-consuming bacterium. That particular bacterium break down the hydrocarbons into water and greenhouse gas, with EPA tests showing ninety eight of alkanes biodegraded in twenty eight days; and aromatics being biodegraded two hundred times quicker than in nature they additionally generally use the hydrofire boom to scrub the oil up by taking it off from most of the oil and burning it.Fig.

1.5.1: Working of bioremediation accelerator.

revolvy.com1.5.2: Controlled burningIt will effectively cut back the number of oil in water, if done properly.

however it will solely be worn out low wind, and will cause pollution.1.5.3: DispersantsIt is used to dissipate oil slicks. A dispersant is either a non-surface active chemical compound or an active constituent further to a suspension, sometimes a mixture, to enhance the separation of particles and to stop subsidence or clumping. they will immediately disperse giant amounts of sure oil sorts from the ocean surface by transferring it into the water column.

they’re going to cause the slick to interrupt up and kind soluble micelles that are quickly diluted. The oil is then efficiently unfolded throughout a bigger volume of water than the surface from wherever the oil was spread. they’ll additionally delay the formation of persistent oil-in-water emulsions. However, laboratory experiments showed that dispersants inflated noxious organic compound levels in fish by an element of up to one hundred and should kill fish eggs. Spread oil droplets infiltrate into deeper water and may lethally contaminate coral. Analysis indicates that some dispersants are noxious to corals. In 2012 studies found that Corexit dispersant had inflated the toxicity of oil by up to fifty two times.Fig 1.

5.3:A U.S. Air Force Reserve plane sprays Corexit dispersant over the Deepwater Horizon oil spill in the Gulf of Mexico.

(i) Ocean.si.edu (ii) ecetoc.org1.5.4: DredgingThis process is used for oils distributed with detergents and alternative oils denser than water.

1.5.5:SkimmingSkimming needs calm waters in the slightest degree times throughout the method.1.5.6:SolidifyingSolidifiers area unit composed of little, floating, solid pellets, and hydrophobic polymers that each adsorbent absorb. They pack up oil spills by dynamical the physical state of spilled oil from liquid to a solid, semi-solid or a rubber-like material that floats on water.

Solidifiers area unit insoluble in water, so the elimination of the coagulated oil is straightforward and also the oil won’t leach out. Solidifiers are proved to be comparatively non-toxic to aquatic and wild life and are proved to suppress harmful vapors unremarkably related to hydrocarbons like benzol, dissolving agent and resolvent. The time interval for solidifying of oil is controlled by the extent or size of the chemical compound or dry pellets additionally because the consistency and thickness of the oil layer. Some solidifier product manufactures claim the coagulated oil will be melted and used if frozen with solid or disposed of in landfills, recycled as Associate in ssNursingadditive in asphalt or rubber product, or burned as an occasional ash fuel. A solidifier known as C.

I.Agent (manufactured by C.I.Agent Solutions of urban center, Kentucky) is getting used by BP in granular kind, additionally as in Marine and lustre Booms at prince Island and Fort Morgan, Alabama, to help within the Deepwater Horizon oil spill cleanup.1.5.7:Vaccum and centrifugeoil is sucked up beside the water, and so a centrifuge is accustomed separate the oil from the water – permitting a tanker to be stuffed with close to pure oil. Usually, the water is came to the ocean, creating the method a lot of economical, however permitting little amounts of oil to travel back in addition.

This issue has hampered the utilization of centrifuges thanks to a us regulation limiting the number of oil in water came to the ocean.Fig.1.5.7: A US Navy oil spill response team drills with a “Harbour Buster high-speed oil containment system”. en.

wikipedia.com1.5.8: BEACH RAKINGBeach raking is used for coagulated oil that’s left on the beach is picked up by machinery.Fig.

1.5.8: Bags of oily waste from the Exxon Valdez oil spill collected by volenteers response.resotoraration.

noaa.gov1.6:CONCLUSIONIn all, as we live in this world we need to prevent issues, such as oil spill, because they have serious impacts on living species and our environment. By stopping these issues we can have a better place to live in.

1. BLS prescribed multi-step estimation process, which gathers


The graphic includes the Local Area Unemployment Statistics (LAUS) program, which is a federal-statewide cooperative effort in which all states report monthly estimates of total employment and unemployment in the United States. The LAUS county data are estimated using a BLS prescribed multi-step estimation process, which gathers a variety of different information from local areas around the state. The estimates of the state’s employment/unemployment are adjusted so that all areas add to the state-wide total. The data in the graphic reflects on the county where the person lives.http://data.bls.

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gov/map/MapToolServlet?survey=la;map=state;seasonal=s2. The reason why I chose this article is because according to the San Diego County’s data, the unemployment rate was 3.3 percent in October 2018, which is an increase from the 3.2 percent in September 2018.

The California’s Employment Development Department (EDD), shows that some companies may simply be unable to fill jobs because qualified workers don’t want to move to San Diego with its tight housing market and lower wages than might be available elsewhere. The unemployment rate for California was 4.0 percent statewide in 2018, and 3.5 percent for the entire United States.

The total jobs in construction, financial services (particularly insurance carriers), administrative support and health care employment decreased by roughly 2500 jobs. While on the other hand, there was increases in transportation, manufacturing, tourism and government employment, according to EDD data. 3. This article relates to chapter 7 on Unemployment (“The natural rate of unemployment”, pg. 224) When unemployment rates are less than their natural rate, this can be an indication of an economy expanding beyond their capabilities.

The unemployment rate is the second most important indicator of an economy, while GDP is the first. Economists monitor the unemployment rate as an important macroeconomic indicator for an economy. They use the unemployment rate to address the position of the economy corresponding to the business cycle.

1) and self-diagnosing myself the prognosis or

1) When reading online, I enjoy reading movie reviews, gossip blogs and the various articles shared through Facebook friends. Anytime I utilize my phone or iPad to read, it is typically to research something random. The best example of this would be searching my cold symptoms and self-diagnosing myself the prognosis or searching Google search engine, “Why is my cat sneezing?” I search through website after website until I found an answer that satisfies me.

There are multiple types of online reading. Most major newspapers and magazines are published online. There are formal, reliable websites and also individual blogs or electronic books and magazines. There is an article for any topic on the Internet. The biggest difference between online versus offline is accessibility. It is easy to quickly search the definition of a word on your phone or tablet. Whereas finding a dictionary, if you own one, takes time and patience.

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Pricing of products goes right along side with accessibility. Online reading is typically free, unlike physical books or newspapers that have various price ranges. Most people would rather not spend the money on a book when they can find summaries of the text on the Internet for free.

Personally, I prefer offline reading. When reading a physical book, there is no distraction. When I’m reading a book, I don’t have any pop up advertisements or the temptation to switch between applications on my phone. Being able to hold a physical book in my hand is authentic and relaxing.

2) I agree with Nicholas Carr that the Internet changes the way we think. The Internet (Web) is quick and easy to use, the answers are provided within seconds of searching. Anything can be found on the Internet. Carr mentioned that the Internet has affected “our capacity for concentration and contemplation.

” This is especially true. When researching at a library, a student is forced to search for the book, open it, and then research their topic. The students conduct conclusions and assumptions based on their own findings and understanding. The Internet provides an instant answer that is decided for them. Instead of thinking for ourselves, we are content with searching for answers other people have formulated for us. 3) The researcher’s personality inventories do not accurately support the linguistic analysis of lyrics for each decade. My understanding of the article was that they came to the conclusion that today’s generation was narcissistic after providing questionnaires.

They simply drew a conclusion based on solely their interpretation of a song lyric. They did not provide questionnaires for the artist, merely made an assumption about them based on a song they probably did not write themselves. Ironically, the researchers used song examples from Justin Timberlake, Fergie and the Black Eyed Peas to support their idea that today’s generation is selfish and egotistic. However, the aforementioned artists collaborated a song together called “Where is the love?” This song promoted equality worldwide.

Today’s generation is not vain, selfish or egotistic. It is a generation of self-empowerment, love and strength. Unlike older generations, younger generations are more vocal about their views and stand to speak up for others. The research states, “It may be because today’s students are more willing to admit to feelings that were always there.

” 4) The reference to Charlie Sheen is effective. Charlie Sheen is a famously known narcissist and the last person any sane human would want to be compared to. Many people know about him and his recent episodes. Dr. Twinge is showing an extreme example of what egotism and narcissism looks like in today’s generation. This example is used to persuade readers to think today’s generation has become narcissistic and solely focused on personal ego.

Tierney does this by showing a famously controversial example of an egotistic individual; it is used to try to convince the reader that vocalizing self-love, empowerment and strength or narcissism is a bad thing.


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