Contrast Of Dividend Policies Of Indian Companies - Free Essay Example

Sample details Pages: 13 Words: 3996 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The Sub-continent has become the prime target for foreign direct investment. India ranks 6th among the top 10 countries for Foreign direct investment. Although not in the front line, it has become an attractive destination for foreign investment. Don’t waste time! Our writers will create an original "Contrast Of Dividend Policies Of Indian Companies" essay for you Create order Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic policies are tailored to attract substantial capital inflows and to sustain such inflows of capital. Policy initiatives taken over a period of years have resulted in significant capital inflows of foreign investment in all areas of economy including the public sector. This paper analysis the structure of economic reforms during the pre- independence and post independence era in the context of growth of foreign direct investment and the risks posed by the political, economic and social conditions for foreign investors. Essentially, this research seeks to analyze and understand the economics and politics of Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s progressive integration with the global economy. Prior to understanding the economic progress of India, it is vital to first identify the current economic status of India so that it is easy to retrace the process leading to the current status. India presently enjoys the status of an attractive emerging market. However, this status has been the result of numerous economic reforms adopted over the years. India intent to open its markets to foreign investment can be traced back to the economic reforms adopted during two prime periods- pre- independence and post independence. Pre- independence, industrialised economies of India was the supplier of foodstuff and raw materials to the of the world and was the exporter of finished products- the economy lacked the skill and means to convert raw materials to finished products.Post independence with the advent of economic planning and reforms in 1951, the traditional role played changes and there was remarkable economic growth and development. International trade grew with the establishment of the WTO. India is now a part of the global economy. Outside world is now linked with india either through direct involvement in international trade or through direct linkages with export and economic transaction. Consequently economic reforms were introduced initially on a moderate scale and controls on industries were substantially reduced by 1985 industrial policy. This set the trend for more innovative economic reforms and they got a boost with the announcement of the landmark economic reforms in 1991. After nearly five decades of insulation from world markets, state controls and slow growth, India in 1991 embarked on an accelerated process of liberalization. The 1991 reforms ensured that the way for India to progress will be through globalization, privatisation, and liberalisation. In this new regime, the government is now assuming the role of facilitator and catalyst agent instead of the regulator and controller of economic activities. India has a number of advantages which make it an attractive market for foreign capital namely, political stability in democratic polity, steady and sustained economic growth and development, significantly huge domestic market, access to skilled and technical manpower at competitive rates, fairly well developed infrastructure. FDI has attained the status of being of global importance because of its beneficial use as an instrument for global economic integration. 1.2 STOCK MARKET WORKING OF STOCK MARKET REGULATION OF FRAMEWORK WHY DO PEOPLE INVEST MONEY IN SHARES? WHY VOLATILITY IN STOCK MARKET OCCUR? HOW MONEY IS MADE IN STOCK MARKET? ECONOMIC ROLE OF STOCK MARKET Now the market is further divided into PRIMARY MARKET and SECONDARY MARKET. PRIMARY MARKET Deals with the new issues of securities. SECONDARY MARKET Deals with outstanding securities. Also known as à ¢Ã¢â€š ¬Ã…“STOCK MARKETà ¢Ã¢â€š ¬?. 1.3 TRANSLUCENSE OF EQUITY MARKET: MARKET SECURITY BOND/DEBENTHERS STOCK TREND 1) COMMON STOCKS 2) PREFERRED STOCKS SHARE MUTUAL FUNDS. PAR VALUE vs. MARKET VALUE BULLISH vs. BEARISH FUNCTIONS OF STOCK MARKET? Stock exchanges Brokers Registrars Depositories and their participants Securities and Exchange Board of India (SEBI) MARKET INDICES: Stock market indices are the indicators of the stock market. Some of the market indices types are BSE SENSEX, NSE-50 etc. Their usefulness: Board trends of the market can be recognize by indices. The funds are rationally allocated by the investors among stock by using indices. Future market can be predict by analyst using indices. The general economy report can be made on the basis of indices. RISING IN STOCK PRICES? Possible reasons for the increment and decrement of rising prices: Company News. Country News. Foreign Exchange rate . Depends upon the market forces i.e demand and supply of stock. 1.4 Research Aims The primary aim of this research is to develop an elaborate discussion on how Stock market works and to give the main concepts of Stock market and give the technical analysis of Indian stock market and shares. 1.5 Research Objectives The following will be the objectives of the study: 1) To describe the Trends of Stock market of India, 2) To identify the Stock behaviour at various time slots, 3) To examine and analyse strategies adopted to make money in Stock market, 4) To identify the role of market activities on economy, 1.6 Research Questions The following are the research questions of the study: 1). How many Exchanges are there in India? 2). what is an Index How does one execute an order? 3).Why Stock market is so volatile? 4). Computation of Stock Index? 5). Shareholder Protection and Stock Market Development? 1.7 A selective review of the literature There has been considerable research that seeks to identify the determinants of corporate Dividend policy. One branch of this literature has focused on an agency-related rationale for paying dividends. It is based on the idea that monitoring of the firm and its management is helpful in reducing agency conflicts and in convincing the market that the managers are not in a position to abuse their position. Some shareholders may be monitoring manage rs, but the problem of collective action results in too little monitoring taking place. Thus Easterbrook (1984) suggests that one way of solving this problem is by increasing the payout ratio. When the firm increases its dividend payment, assuming it wishes to proceed with planned investment, it is forced to go to the capital market to raise additional finance. This induces monitoring by potential investors of the firm and its management, thus reducing agency problems. Rozeff (1982) develops a model that underpins this theory, called the cost minimisation model. The model combines the transaction costs that may be controlled by limiting the payout ratio, with the agency costs that may be controlled by raising the payout ratio. The central idea on which the model rests is that the optimal payout ratio is at the level where the sum of these two types of costs is minimized. Thus Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is a regression of the firm target payout ratio on five variables that proxy for agency and transaction costs. Transaction costs in the model are represented by three variables that proxy for the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s historic and predicted growth rates and risk. High growth and high risk imply greater dependency on external finance due to investment needs, and in order to honor financial obligations, respectively. This, in turn, means, that the firm raises external finance more frequently, hence bears higher transaction costs that are associated with raising external finance. The model captures agency costs with two proxies. First, the fraction of the firm owned by insiders is a proxy for insider ownership and is expected to be negatively related to the target payout ratio. As insiders hold more of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity, the need to monitor their actions is reduced because the incentive for managers to misuse corpor ate resources falls. Second, the natural logarithm of the number of outside shareholders is a proxy for ownership dispersion. It is expected to be positively related to the target payout ratio because the greater the dispersion, the more severe is the collective action problem of monitoring. Indeed results from an Ordinary Least Squares (OLSQ) cross sectional regression using 1981 data on 1000 US firms, support the theory put forward. Thus the model provides good fit and consequently has attracted the attention of subsequent studies. Llyod, Jahera and Page (1985) is one of the first studies to modify Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model by adding a size variable. An OLSQ cross sectional regression is applied to 1984 data on 957 US firms, and the results provide support for the cost minimisation model and show that firm size is an important explanatory variable. Likewise Schooley and Barney (1994) add a squared measure for insider ownership, arguing that the relationship between dividend and insider ownership may be non-monotonic. Indeed the results from an OLSQ cross sectional regression, using 1980 data on 235 industrial US firms, provide further support for Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s model in general and for the hypothesis put forward in particular. More support and further contribution to the agency theory of dividend debate, is provided by Mohà ¢Ã¢â€š ¬Ã¢â€ž ¢d, Perry and Rimbey (1995). These authors introduce a number of modifications to the cost minimisation model including industry dummies, institutional holdings and a lagged dependent variable to the RHS of the equation to address possible dynamics. The results of a Weighted Least Squares regression, employing panel data on 341 US firms over 18 years from 1972 to 1989 support the view that the dividend process is of a dynamic nature. The estimated coefficient on the institutional ownership variable is positive and significant, which is in line with tax explanations but contradicts the idea about the monitoring function of institutions. Holder, Langrehr and Hexter (1998) extend the cost minimisation model further by considering conflicts between the firm and its non-equity stakeholders and by introducing free cash flow as an additional agency variable. The study utilises panel data on 477 US firms each with 8 years of observations, from 1983 to 1990. The results show a positive relation between the dependent variable and the free cash flow variable, which is consistent with Jensen (1986). Likewise the estimated coefficient on the stakeholder theory variable is shown to be significant and negative as predicted. The estimated coefficients on all the other explanatory variables are also shown to be statistically significant and to bear the hypothesized signs. Hansen, Kumar and Shome (1994) also take a broader view of what constitutes agency costs, and applies a variant of the cost minimisation model to the regulated electric utility industry. The prediction is that the agency rationale for dividend should be particularly applicable in the case of regulated firms because agency costs in these firms extend to conflicts of interests between shareholders and regulators. Results of cross sectional OLSQ regression for a sample of 81 US utilities and for the period ending 1985 support the cost minimisation model and the contribution of regulation to agency conflicts in the firm. Another innovative approach to Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is offered in Rao and White (1994) who apply it to 66 private US firms. Using a limited dependent variable, Maximum Likelihood (ML) technique, the study shows that an agency rationale for dividends applies even to private firms that do not participate in the capital market. The authors note that perhaps by paying dividends, private firms can still induce monitoring by bankers, Accountants and tax authorities. To summarize, the agency theory of dividend in general, and the cost minimization model in particular, appear to offer a good description of how dividend policies are determined. The variables in the original cost minimisation model remain significant with consistently signed estimated coefficients, across the other six models reviewed above. Specifically, the constant is, without exception, positively related to the dividend policy decision, while the agency costs variable, the fraction of insider ownership, is consistently negatively related to the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend policy. The latter is with exception of the study by Schooley and Barney (1994) where the relationship is found to be of a parabolic nature. Similarly, the agency cost variable, ownership dispersion, is consistently positively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, while the transaction cost variable, risk, is consistently negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy regardless of the precise proxy used. The other transaction cost proxies, the growth variables, are also mainly significant and negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, although past growth appears to be a less stable measure than future growth. However, in spite of the apparent goodness of fit of the cost minimisation model to US data, its applicability to the Indian case may be challenged. Indeed, Samuel (1996) hypothesises that agency problems are less severe in India compared with the US. In contrast, it may be argued that some aspects of the Indian economy imply a particular suitability of the agency theory, and of the cost minimisation model, to this economy. Notably, as explained in Haque (1999), many developing countries, including India,established state-centred regimes following their independence. These regimes drew their ideology from socialist and Soviet ideas and were accompanied by highly centralized economic policies, which may increase agency costs in at least three ways as follows. First, such policies may increase managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ agency behavior per se. Indeed Joshi and Little (1997) note that when domestic firms enjoy subsidies or a policy of protectionism, the pressure on managers to become more efficient is relaxed. Second, high state intervention means an extension of agency problems to shareholder-administrator conflicts. Indeed, Hansen, Kumar and Shome (1994) show that the degree of industry regulation enters the dividend policy decision. Third, to the extent that management of the economy is based on social philosophies of protecting the weaker sectors such as employees or poorer customers, this may influence managers to consider the interests of non-equity stakeholders. This all method of stock can also been seen that the ups and down in the stock market is only the gamme of risk but if we discussed and see the main game is played by a mathematician who play the whole game behind the market and people are unaware of these things they are only focusing on there on shares and now be more effective due to the ups and downs in the rate of the stock market. This implies that stakeholder theory should be particularly relevant to the Indian case, and, as shown by Holder, Langrehr and Hexter (1998) this may lead to a downward pressure on dividend levels. However, the relevance of stakeholder theory to the Indian case also implies enlargement of agency problems to conflicts of interests among capital holders and other shareholders, increasing the need for shareholders to monitor management behaviour. It is thus the case that on the one hand stands the prediction by Samuel (1996) that agency costs should be lower in the Indian business environment. This implies that the agency rationale for dividends should be less applicable in the case of India. To contrast this, the agency rationale for dividends is predicted to become particularly applicable to India, due to the extension of agency conflicts on at least three accounts as explained above. An empirical procedure is the natural way to settle these differences and it is to this task that we now turn. 1.8 Overview of the Dissertation Chapter 1 is a general summary and a brief introduction of the study. It mapped out the research aims, research objectives and research questions. It also suggests topics for complementing research, and an overview of the dissertation. Chapter 2 will be the review of the related literature that will put the study in context with the research aims. It will proceed with addressing the research objectives, thereby meeting the research aims. Chapter 3 will present a detailed picture of the methodology. Chapter 4 will expound on the discussions of the study and the final chapter shall present the conclusions and recommendations of the study. 1.9 Conclusion The study develops an elaborate discussion on how to effectively be in the Stock market and a brief discussion on Stock market of India such that results favourable to it will commence using empirical data from secondary documents. Chapter 2 Dividend behaviour of Indian firms after share split 2.1 DIVIDEND BEHAVIOR As we have to discussed in this section about the dividend behaviour so it can be discussed,dividend policy remains a source of prolonged public disagreement despite years of theoretical and practical research, one aspect of dividend policy is the link between dividend policy and stock price risk . Risk can be reduced by paying large dividends (Golin 1986) and is a proxy for the later on earnings (Basken, 1990). Many theoretical mechanisms have been given advice that cause dividend policy and payout rolls to vary directly with common stock volatility. These are the effect of duration, effect of rate of return , pricing effect and information effect. Duration effect complies that high dividend rolls give more near the amount of money being transferred. If dividend policy is stably high dividend stocks will have a shorter time. Gordon john Model can be used to suggest so that high-dividend will be less intensive to Rise and fall irregularly in number or amount in discount rates and thu s ought to show higher price volatility. Now we can also take a look on some agency type reports being played in stock market agency cost argument, as developed by Johnson and Micken (1970), that is payment of dividends people motivates managers to remove sediment cash which is invested below at the cost of capital or waste on it on organizational capabilities (Roeff, 1991 and Eastrbrook 1990). Many authors have pressure the importance of facts content of dividend (Daniel and Thomson, 1989; Bern, Mosey 1989). Diller and Rack (1986) suggested that dividend announces provide the missing cuts of Facts and figures about the firm and allows the market to tell about the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current savings. The main thing in the dividend policies is that if one company suggests the rate of its share too low all the investors which want to purchase the shares are the same as the stake holders are willing to do so and that back in the loop. Investors may have greater trust on that reported earnings reflect economic profits and loss statements when announcements are as a companion or escort by sample dividends. If investors are more certain in their suggestion, they may ere act less to questionable sources of facts and figures and their main theme value may be insulated from irrational development, or behavior. The best discussion be made on this topic can be emphasized as rate and effect of market rate of return effect, as discussed by Godin (1967), is that a firm with low payroll and high dividend interest may tend to be valued more in terms of future investment chances (Daisy, 1965). As a result, its stock price may be more intensive to changing rates of return over rare time intervals. Volatility Index is a major tool of measuring marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectation of volatility over the next term. Volatility is often described as the à ¢Ã¢â€š ¬Ã…“rate and magnitude of changes in pricesà ¢Ã¢â€š ¬? and in stock often suggest to as risk. Volatility Index is a measure, of the amount by which an Index is expected to change over the time, in the next term, (calculated as analyzed volatility, denoted in percentage e.g. 40%) based on the order book of the index options. Fama (1992) and Fames and French (1995).People were speechless, many broke. 2.2 THEORETICAL FRAMEWORK AND MODEL SPECIFICATION 2.2(a) Control variables: Share price ups and downs should be relevant to the basic risks ensured in the product markets. There is a impact of stock marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk on the firms dividend policy. Volatility Index is a good indicator of the investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ behavior on how markets are expected to be changed in the next term. Usually, during periods of market volatility, market moves steeply up or down And the volatility index tends to rise. As volatility subsides, option prices tend to Decline, which in turn causes volatility index to decline. The information of the less listed firms the market in the stocks of small listed firms, more illiquid, and as a complicated subject to greater price in the ups an down of the stock market. Baskin (1985) suggests that firms with a more deplored body of stakeholders may be more disposed off towards using dividend policy as a device for signaling. Function of size and thus a size control was required in the form of latter. A value of 2 indicates there appears to be no distortion. Small values of d indicate relevant and supporting error terms are, on average, close in value to one another, or positively corrected .It is also possible that main and important differences in market hall hull, cost effectiveness, restrictions in varying infrastructure etc. This all lead to differences in dividend policy. These also have impact on ups and downs of the share prices in the stock. 2.2(b) Variable definition Price volatility (PV) The policy of central planning adopted by the government sought to ensure that the government laid down marked goals to be achieved by the economy thereby establishing a regime of checks and balances. The government also encouraged self sufficiency with the intent to encourage the domestic industries and enterprises, thereby reducing the dependence on foreign trade. Although, initially these policies were extremely successful as the economy did have a steady economic growth and development, they werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t sustained. Square root transformation can be used to show the average measures of variance for all available years and can be transformed to a standard deviation. Parkison (1982) describes the method of closing and opening prices how this method is very easy to the traditional method of summation. 2.2(c) Dividend yield Policy (DYP) The variable has been calculated by the summation of all the annual cash which have to paid to common stake holders and then dividing this sum by the average stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s value of the stock in the year. The government approached the World Bank and the IMF for funding. In keeping with their policies there was expectation of devaluation of the rupee. This lead to a lack of confidence in the investors and foreign exchange reserves declined. 2.2(d) Earning volatility Of Stock (EV) In order to develop our sense about this variable, the first step is to get an approximate average of available years of the ratio of last year going earnings (before taxes and interest) to intellectual assets. In order to compare the shocks to US markets over countries and the sample period, it is Necessary to impart shocks of the à ¢Ã¢â€š ¬Ã…“same magnitudeà ¢Ã¢â€š ¬?. Since financial markets are volatile, it Would be misleading to compare shocks of the same nominal magnitude across different Periods of time. Thus, the responses of the Asian markets have been tracked to a one standard Deviation shock in the US variable. 2.2(e) Payout Ratio (POR) When total dividend exceeds total cumulative profit than payout ratio is set to one. From begin the total cumulative self owned company earnings were calculated for all years. The ratio of total dividends to total earnings is payout. The use of this procedure controls the problem of extreme values in individual years attributed to low or possibly negatively effect on the net income. 2.2(f) Size (SZ) The variable was so made by taking the average market value of common stocks. The variable size was also think in a form that gives impact in the order of magnitude in real terms. 2.2(g) Long-term Debt (DA) Sum of all the long-term debt (debt with maturity more than a year) to total assets is taken as a ratio. An average is taken over all available years. 2.2(h) Growth in Assets (ASG) The ratio of the change in total assets in a year was taken by the early growth. Then the ratio was averaged over the years. 2.3 Conclusion In this chapter Present day India enjoys the status of an emerging market. Skilled and managerial labor and technical man-power are such as that they match the best available in the world. Urban middle-high class people has been targeted from the chasing of the market these people did not know about the superior brands and ups and down of the market the status of people very much matter in the stock market. A combination of these factors contributes to India having a distinct and a cutting edge in the globe. India has been termed as the à ¢Ã¢â€š ¬Ã‹Å"stealthà ¢Ã¢â€š ¬Ã¢â€ž ¢ miracle economy of the new millennium. We observe a common pattern of triggered by changes in the market and technological environment. Changes adopts in the form of innovation, avoidance and of regulation.

Edgar Allan Poe s Annabel Lee - 913 Words

Another one of Edgar Allen Poe famous poems was â€Å"Annabel Lee†. â€Å"Annabel Lee† was written in 1849 shortly after the death of Poe’s wife. Annabel Lee tells a story about a narrator s painful memory and also explains his love and devotion to his long lost love, Annabel (Empric 1). The narrator discusses how the two grew up together and the love they had for each other was real and exclusive. The narrator goes on to share his belief that the â€Å"angels above were the cause of Annabel s death, killing her out of jealousy† (1). The narrator also states that his love for Annabel will never die, and as time goes by it will only grow stronger. Through the use of imagery, symbols and theme, every day the narrator is reminiscing the presence of Annabel to the point that he lies at her grave every night, hoping Annabel is there. In this poem Edgar Allan Poe uses visual and tactile imagery to describe the narrator’s everlasting love for Annabel Lee. The use of imagery not only portrays the strength towards the narrator’s love, but also let the reader to experience the love and the pain of Annabel Lee death (Empric 1). For example, the opening stanza â€Å"in a kingdom by the sea† (Poe â€Å"Annabel Lee† 2) the visual imagery presents a castle that sits on a edge by the sea, which displays a feeling of beauty and royal romance which aids to the feeling of the everlasting love present throughout the poem. Also presenting an image of as a fairy tale or fantasy when the narrators states that â€Å"I wasShow MoreRelatedEdgar Allan Poe s Annabel Lee908 Words   |  4 Pagessignify his love. In Edgar Allan Poe’s â€Å"Annabel Lee†, the themes of love and abandonment are explored through literary elements of symbolism, imagery and repetition in order to create a mystical fa iry tale for a long lost lover. Poe sets the background stating both lovers are children-like and their love is untainted innocent affection. 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The inspiration of Annabel Lee by Edgar Allan Poe was inspired by the women that had passed away in his life, but since Poe had writtenRead MoreWhy Should We Care?1748 Words   |  7 PagesWhy Should We Care?: Edgar Allan Poe â€Å"Few creatures of the night have captured [reader’s] imagination[s] like [Edgar Allan Poe]† (â€Å"Vampires†). Poe has fascinated the literary world since he first became known for writing in 1829, when he was just twenty years old (Chronology†). While he is widely known for exploring the macabre, his work is controversial because of its psychologically disturbing nature. Edgar Allan Poe is worth examining as an author because his many contributions to the literaryRead MoreEdgar Allan Poe s `` The Famous American Poet ``1086 Words   |  5 Pages Edgar Allan Poe, the famous American poet, short-story writer, and critic is best known for his bizarre but transformative horror stories, and for creating genres including detective fiction. The life of Edgar Allan Poe was filled with tragedies and was very depressing; because of this, he was inspired to write such dark stories. He wrote time and time again about his love and his loss. His work collectively illustrates the story of his life. Although he did create original storylines in his workRead MoreAnalysis Of Edgar Allan Poe s The Cask Of Amontillado Essay1267 Words   |  6 Pagessignificance of Edgar Allan Poe s style of writing, which commands the use of both death and love most frequently throughout his works, are what really made his literary works become so well known. The nature of death and on questions about the afterlife is usually Poe’s main focus in most of his literary works. A woman who has died at the height of her youth and beauty, leaving a lover b ehind to mourn. Death and Love, these two main themes are discussed throughout Edgar Allan Poe s literary work

Fluke, or, I Know Why the Winged Whale Sings Chapter 14 Free Essays

string(24) " of the crowd and away\." CHAPTER FOURTEEN Down to the Harbor Down to the harbor they went – past the condos, the cane fields, the golf course, the Burger King, the Buddhist cemetery with its great green Buddha blissed out by the sea, past the steak houses, the tourist traps, the old guy riding down Front Street on a girl’s bike with a macaw perched on his head – down to the harbor they went. They waved to the researchers at the fuel dock, nodded to the haglets at the charter booths, shakaed the divemasters and the captains, and schlepped science stuff down the dock to start their day. Tako Man stood in the back of his boat eating a breakfast of rice and octopus as the Maui Whale crew – Clay, Quinn, Kona, and Amy – passed by. We will write a custom essay sample on Fluke, or, I Know Why the Winged Whale Sings Chapter 14 or any similar topic only for you Order Now He was a strong, compact Malaysian with long hair and a stringy soul-patch beard that, along with the bone fishhooks he wore in his ears, gave him the distinct aspect of a pirate. He was one of the black-coral divers who lived in the harbor, and this morning, as always, he wore his wet suit. â€Å"Hey, Tako,† Clay said. The diver glanced up from his bowl. His eyes looked as if someone had poured shots of blood into them. Kona noticed that the small octopus in the diver’s bowl was still moving, and he scampered down the dock feeling a case of the creeps fluttering to life in his spinal cord. â€Å"Nightwalkers, gray ones, on your boat last night. I seen them,† said Tako Man. â€Å"Not the first time.† â€Å"Good to know,† said Clay, patronizing the diver and moving down the dock. You had to keep peace with anyone who lived in the harbor, especially the black-coral divers, who lived far over the edge of what most people would consider normal life. They shot heroin, drank heavily, spent all day doing bounce dives to two hundred feet looking for the gemstone-valuable black coral, then spent their money on weeklong parties that had, more than once, ended with one of them dead on the dock. They lived on their boats and ate rice and whatever they could pull out of the sea. Tako Man had gotten his name because on any given afternoon, after the divers came in for the day, you’d see the grizzled Malaysian carrying a net bag full of tako (octopus) that he had speared on the reef for their supper. â€Å"Hi,† Amy said sheepishly to Tako Man as they passed. He glared at her through his bloody haze, and his head bobbed as he almost nodded out into his breakfast. Amy quickened her pace and ran a Pelican case she was carrying into the back of Quinn’s thigh. â€Å"Jeez, Amy,† Quinn said, having almost lost his footing. â€Å"Do those guys dive in that condition?† Amy whispered, still sticking to Quinn like a shadow. â€Å"Worse than that. Would you back up a little?† â€Å"He’s scary. You’re supposed to protect me, ya mook. How do they keep from getting into trouble?† â€Å"They lose one or two a year. Ironically, it’s usually an overdose that gets them.† â€Å"Tough job.† â€Å"They’re tough guys.† Tako Man shouted, â€Å"Fuck you, whale people! You’ll see. Fucking nightwalker fuckers. Fucking fuck you, haole motherfuckers!† He tossed the remains of his breakfast at them. It landed overboard, and tiny fish broke the water fighting for the scraps. â€Å"Rum,† said Kona. â€Å"Too much hostility in dat buzz. Rum come from da cane, and cane come from slavin’ the people, and dat oppression all distilled in de bottle and come out a man mean as cat shit on a day.† â€Å"Yeah,† said Clay to Quinn. â€Å"Didn’t you know that about rum?† â€Å"Where’s your boat?† asked Quinn. â€Å"My boat?† â€Å"Your boat, Clay,† said Amy. â€Å"No,† said Clay. He stopped and dropped two cases of camera equipment on the dock. The Always Confused, the spiny and powerful twenty-two-foot Grady White center-console fisherman, Clay’s pride and joy, was gone. A life jacket, a water bottle, and various other familiar flotsam bobbed gently in a rainbow slick of gasoline where the boat had once been. Everyone thought someone else should say something, but for a full minute no one did. They just stood there, staring at what should have been Clay’s boat but instead was a big, boatless gob of tropical air. â€Å"Poop,† Amy finally said, saying it for all of them. â€Å"We should check with the harbormaster,† said Nate. â€Å"My boat,† said Clay, who stood over the empty slip as if it were his recently run-over boyhood dog. He would have nuzzled it and stroked its little dead doggy ears if he could have, but instead he fished the oily life jacket out of the water and sat on the dock rocking it. â€Å"He really liked that boat,† Amy said. â€Å"Can I get a duh for the sistah?† exclaimed the dreaded blond kid. â€Å"I paid the insurance,† Nate said as he moved away, headed for the harbormaster. Tako Man had come down the dock from his own boat to stare at the empty water. Somber now. Amy backed up into Kona for protection, but Kona had backed up into the next person behind him, which turned out to be Captain Tarwater, resplendent in his navy whites and newly Kona-scuffed shoes. â€Å"Irie, ice cream man.† â€Å"You’re on my shoes.† â€Å"What happened?† asked Cliff Hyland, coming down the dock behind the captain. â€Å"Clay’s boat’s gone,† said Amy. Cliff moved up and put his hand on Clay’s shoulder. â€Å"Maybe someone just borrowed it.† Clay nodded, acknowledging that Cliff was trying to comfort him, but comfort fell like sandwiches on the recently bombed. By the time Quinn returned from the harbormaster’s office with a Maui cop in tow, there were a half dozen biologists, three black-coral divers, and a couple from Minnesota who were taking pictures of the whole thing, thinking that this would be something they would want to remember if they ever found out what was happening. As the cop approached, the black-coral divers faded to the edges of the crowd and away. You read "Fluke, or, I Know Why the Winged Whale Sings Chapter 14" in category "Essay examples" Jon Thomas Fuller, the scientist/entrepreneur who was accompanied by three of his cute female naturalists, stepped up beside Quinn. â€Å"This is just horrible, Nate. Just horrible. That boat represented a major capital investment for you guys, I’m sure.† â€Å"Yeah, but mainly we liked to think of it as something that floated and moved us around on the water.† Nate actually had a great capacity for sarcasm, but he usually reserved it for those things and people he found truly irritating. Jon Thomas Fuller was truly irritating. â€Å"Going to be tough to replace it.† â€Å"We’ll manage. It was insured.† â€Å"You might want to get something bigger this time. I know there’s a measure of safety working off of these sixty-five-footers we have, but also with the cabin you can set up computers, bow cameras, a lot of things that aren’t really possible on little speedboats. A good-size boat would add a lot of legitimacy to your operation.† â€Å"We sort of decided to go with the legitimacy we get from doing credible research, Jon Thomas.† â€Å"We didn’t make those figures up.† Fuller caught himself raising his voice. The cop interviewing Clay looked over his shoulder, and Fuller lowered his tone. â€Å"That was just professional jealousy on the part of our detractors.† â€Å"Your detractors were the facts. What did you expect when your paper concluded that humpbacks actually enjoyed being struck by Jet Skis?† â€Å"Some do.† Fuller pushed back his pith helmet and ventured a smile of sincerity, which collapsed under its own weight. â€Å"What’s your angle, Jon Thomas?† â€Å"Nate, I can get you a boat like ours, with all the trimmings, and an operating budget, and you’d just have to do one little project for me. One season of work, maximum. And your operation can keep the boat, sell it, do whatever you want.† Unless Fuller was about to ask him to shove him off the dock into the oily water, Quinn pretty much knew he was going to turn down the offer, but he had to ask. Those were really nice boats. â€Å"Make your proposal.† â€Å"I need you to put your name on a study that says that human-dolphin interaction facilities are not harmful to the animals, and do a study that says that building one at La Perouse Bay wouldn’t have a negative impact on the environment. Then I’d need you to stand up at the appropriate meetings and make the case.† â€Å"I’m not your guy, Jon Thomas. First, I’m not a dolphin guy, and you know that.† Nate avoided adding what he wanted to say, which was Second, you are a feckless weasel out to make a buck without any consideration for science or the animals you study. Instead he said, â€Å"There are dozens of people doing studies on captive dolphins. Why don’t you go to them?† â€Å"I have the animal study. You don’t have to do the study. I just want your name on it.† â€Å"Won’t the people who actually did the study have some objection to that?† â€Å"No. They’ll be fine with it. I need your name and your presence, Nate.† â€Å"I don’t think so. I can’t see myself testifying before impact committees and county planning boards.† â€Å"Okay, fair enough. Clay or Amy can do the stand-ups. Just put your name on the paper and do the environmental impact study. I need the credibility of your name.† â€Å"Which I won’t have as soon as I let you use me. I’m sorry, but my name is all I really have to show for twenty-five years of work. I can’t sell it out, even for a really nice boat.† â€Å"Oh, right, the nobility of starvation. Fuck that, Nate, and fuck your high ideals. I’m doing more for these animals by exposing the public to them than you’ll do in a lifetime of graphing out songs and recording behavior. And before you retire to your ivory tower on the ethical high ground, you’d better take a good look at your people. That kid is a common thief, and no one has ever heard of your precious new assistant.† Fuller turned and signaled to his chorus line of whalettes that they were going to their boat. Quinn looked for Amy, saw her on the other side of the cop who was talking to Clay, helping him fill in details. He ran up behind Fuller, grabbed the smaller man’s arm, and spun him around. â€Å"What are you talking about? Amy studied at Woods Hole, with Tyack and Loughten.† â€Å"That right? Well, maybe you’d better give them a call and ask them. Because they’ve never heard of her. Despite what you think, I do my research, Nate. Do you? Now, get back to your one-boat operation, would you.† â€Å"If I find out you had anything to do with this†¦Ã¢â‚¬  Fuller wrenched his arm out of Quinn’s grip and grinned. â€Å"Right, you’ll what? Become more irrelevant? Screw you, Nate.† â€Å"What did you say?† But Fuller ignored him and boarded his million-dollar research vessel, while Quinn skulked back down the dock to his friends. Oily flotsam seemed to be losing its allure, however, and the crowd had dispersed somewhat, leaving only Amy, Clay, the cop, and the couple from Minnesota. â€Å"You. You’re somebody aren’t you?† asked the woman as Nate walked up. â€Å"Honey, this guy is someone. I remember seeing him on the Discovery Channel. Get my picture with him.† â€Å"Who is he?† said  «honey » as his wife took Nate by the arm and posed like he’d just handed her a check. â€Å"I don’t know, one of those ocean guys,† she said through a grin, acting as if she were posing with one of the carved statues that decorated doorways around Lahaina. â€Å"Just take the picture.† â€Å"Are you one of those Cousteau fellas?† â€Å"Oui,† said Nate. â€Å"Now I muss speak with my good fren’ Sylvia Earle,† he continued in his French-by-way-of-British-Columbia-and-Northern-California fake accent as he went over to Amy. â€Å"I need to talk to you.† â€Å"Sylvia Earle! She’s a National Geographic person. Get their picture together, honey.† â€Å"He’s lying, Nathan,† Amy said. â€Å"You can check if you want. It was all on the resume I gave to Clay.† She didn’t appear angry, just hurt, betrayed perhaps. Her eyes were huge and teary, and she was starting to look vaguely like one of those creepy Keane sad-eyed-kid pictures. Quinn felt like he’d just smacked a bag of kittens against a truck bumper. â€Å"I know,† he said. â€Å"I’m sorry. I just†¦ well, Jon Thomas is an asshole. I let him get to me.† â€Å"It’s okay,† Amy sniffed. â€Å"It’s just†¦ just†¦ I’ve worked so hard.† â€Å"I don’t need to check, Amy. You do good work. My fault for doubting you. Let’s get Clay squared away and get to work.† He tentatively put his arm around her and walked her back to where Clay was finishing up his interview with the cop. Clay saw the tear tracks down Amy’s face and immediately took her in his arms and pressed her head to his shoulder. â€Å"I know, honey. I know. It was a great boat, but it was just a boat. We’ll get another one.† â€Å"Where’s Kona?† Nate asked. â€Å"He was around here a second ago,† said Clay. Just then Nate’s cell phone rang. He worked it out of his shirt pocket and answered it. â€Å"Nathan, it’s me,† said the Old Broad. Nate covered the mouthpiece. â€Å"It’s the Old Broad,† Nate said to Clay. â€Å"Amy, you go round up Kona while I finish up with the officer, okay?† Clay said. Amy nodded and was off down the dock. Clay turned back to the officer. The Old Broad went on, â€Å"Nathan, I spoke to that big male again today, and he definitely wants you to take a hot pastrami on rye with you when you go out. He said it’s very important.† â€Å"I’m sure it is, Elizabeth, but I’m not sure we’re even going out today. Something’s happened to Clay’s boat. It’s gone.† â€Å"Oh, my, he must be distraught. I’ll come down and look after him, but you have to get out in the channel today. I just feel it’s very important.† â€Å"I don’t think you’ll need to come down, Elizabeth. Clay will manage.† â€Å"Well, if you say so, but you have to promise me you’ll go out today.† â€Å"I promise.† â€Å"And you’ll take a pastrami on rye for that big male.† â€Å"I’ll try, Elizabeth. I have to go now, Clay needs me for something.† â€Å"With Swiss cheese and hot mustard!† the Old Broad said as Nate disconnected. Clay thanked the policeman, who nodded to Quinn as he walked off. Even the couple from Minnesota had moved on, and only Clay and Quinn were left on the dock. â€Å"Where are the kids?† asked Nate, cringing at the whole idea: he and Clay, the middle-aged couple being responsible and boring while the kids went off to play and have adventures. â€Å"I asked Amy to find Kona. They could be anywhere.† â€Å"Clay, I need to ask you something before they get back.† â€Å"Shoot.† â€Å"Did you check any of Amy’s references before you hired her? I mean, did you call anyone? Woods Hole? Her undergrad school – what was it?† â€Å"Cornell. Nope. She was smart, she was cute, she seemed to know what she was talking about, and she said she’d work for free. The bona fides looked good on paper. Gift horse, Nate.† â€Å"Jon Thomas Fuller said that he checked and that no one at Woods Hole has heard of her.† â€Å"Fuller’s an asshole. Look, I don’t really care if she finished high school. The kid has proven herself. She’s got balls.† â€Å"Still, maybe I should call Tyack. Just in case.† â€Å"If you need to. Call him this afternoon when you get back in.† â€Å"I’m sure Fuller was just yanking my chain. He tried to offer us a boat like his if we backed his dolphin-park project.† â€Å"And you turned him down?† â€Å"Of course.† â€Å"But those are really nice boats. Our armada has been reduced by fifty percent. Our nautical resources have declined by more than one-half. Our boatage is deficient by point five.† â€Å"What’s up?† Amy said. She’d come back down the dock and seemed to have shaken off her earlier melancholy. â€Å"Clay’s being scientific. Fuller offered us a sixty-foot research vessel like his, with operating budget, if we back his dolphin project.† â€Å"Do I have to sleep with him?† â€Å"We haven’t put that on the table,† Clay said, â€Å"but I’ll bet we could get a sonar array if you’re enthusiastic.† â€Å"Hell, Nate, take it,† Amy said. â€Å"It would mean selling out my credibility,† said Quinn, appalled at what total whores his colleagues had become. â€Å"We’d be going over to the dark side.† Amy shrugged. â€Å"Those are really nice boats.† The corner of her mouth twitched as if she was trying not to grin, and Nate realized that she was probably goofing on him. â€Å"Yeah,† said Clay. â€Å"Nice.† Clay was goofing, too. He’d be all right. Nate shook his head, looking as if he were fighting disbelief, but actually he was trying to shake the memory of his dream of driving a big cabin cruiser through the streets of Seattle with Amy displayed as the bikinied figurehead. â€Å"If you’re okay, Clay, we really should get out before the wind comes up.† â€Å"Go,† Clay said. â€Å"I’ll get the police report for the insurance company.† To Amy he said, â€Å"You find Kona?† â€Å"He’s down there with that Tako guy.† â€Å"What’s he doing down there?† â€Å"It looked like he was building a saxophone. I didn’t go close.† Quinn strode down the dock and looked to where Kona was talking with Tako Man. â€Å"No, that’s his bong. It breaks down for easy portage.† â€Å"What’s a bong?† â€Å"Cute, Amy. Help me get the equipment in the boat.† Suddenly Kona started shouting and running down the dock toward them. â€Å"Bwanas! I found the boat!† Clay perked up. â€Å"Where?† â€Å"Right there. Tako Man says it’s right there. He dove down there this morning.† Kona was pointing to a patch of murky jade green water in the center of the harbor. Jade green because of all the waste flushed from the live-aboards, as well as the bait, fish guts, seasickness, and bird poop that went into the water faster than the scavengers could clean it out, and so it caused a perpetual algae bloom. â€Å"My boat,† said Clay, looking forlornly at the empty water. Amy stepped up and put her arm around Clay’s shoulders to resume stage-two comfort. â€Å"He dove in that water?† â€Å"The nightwalkers sank it, Bwana Clay. Tako Man saw them. Skinny blue-gray guys. He called them nightwalkers. I think aliens.† â€Å"Aliens are always gray, aren’t they?† inquired Quinn. â€Å"That’s what I say to him,† said Kona. â€Å"But he say no, not with the lightbulb head. He say they tall and froggy.† â€Å"You’re high,† said Clay. â€Å"Tako Man got dank mystical buds, brah. Was a spiritual duty.† â€Å"He’s not criticizing you, Kona,† Quinn explained. â€Å"We just assume that you’re high. Clay’s just doubting the credibility of your story.† â€Å"You don’t believe I? Give a man a mask, I’ll dive down and get a ting off da boat for proof.† â€Å"Hepatitis, that’s what you’ll bring up,† said Amy. â€Å"I’m going to work,† said Nate. â€Å"My boat,† said Clay. Nate decided that perhaps he should offer a measure of solace. â€Å"Look at the bright side, Clay. At least whales are big.† â€Å"How is that the bright side?† â€Å"We could be studying viruses. You have any idea what it costs to replace a scanning electron microscope?† â€Å"My boat,† said Clay. How to cite Fluke, or, I Know Why the Winged Whale Sings Chapter 14, Essay examples

Secure Integration of IoT and Cloud Computing †MyAssignmenthelp

Question: Discuss about the Secure Integration of IoT and Cloud Computing. Answer: Introduction Cloud computing is the current trend in the technology. The popularity of the cloud computing depends its cost effectiveness. Using the cloud computing, there is no need for the users to use the infrastructures and the physical systems for accessing the data. There are different types of cloud services- IaaS (infrastructure as Service),PaaS (Platform as Services),SaaS(Software as Service).Each of the type of services are used for the different types of purpose. There are various types of cloud deployments such as public cloud, private cloud. The combination of public and private cloud is called hybrid cloud. There are various advantages of using cloud- like reduces the infrastructure cost, it reduces the fault in the system and increase the performance of the system. The resource is made available for all time and can be accessed from any place. The working principal of the cloud computing is different. The working principals of the cloud depend on the service provider and the users of the cloud. The main advantage of cloud computing is that it provides huge storage space of data and the cloud service provider is responsible for the security of the data. Users have to pay an amount to the service provider for the maintenance and the security of the data. Cloud computing is the current trend in the IT industry .It allows the data to be accessed from anywhere and any place. However, there are certain challenges to implement the cloud architecture. The way to identify the challenges in the cloud computing is to identify the working principals of different layers of cloud. The challenges can be defined in the context of both implementation of the cloud architecture and the use of cloud in the various purposes. The paper has tried to focus on describing the architecture of the cloud along with the impact of this technology. It also discusses the existing and future challenges of using the cloud. Cloud computing has become a popular and effective to serve the business purpose. However, there are questions about the security issues of this architecture. The security model has become more complicated for the cloud computing as the complexity of the cloud structure. The security issues in the cloud computing has been seen from the perspective of cloud architecture which covers cloud stakeholders perspective, service delivery models perspective. The specifications of security issues are highlighted from these factors and required solutions are proposed. The solutions provided in the article are realistic and can be implemented to the cloud architecture successfully. It covers all the security issues that can happen in cloud computing. Using cloud architecture complex computing can be done. Generation of big data through the cloud architecture has been observed. Analysis of big data is challenging with respect to computation and time demanding task. In order to indentify the relationship between the cloud and the big data, the basic terms regarding the big data has been discussed. The cloud based technologies used for big data along with sustainability and privacy issues regarding those technologies are also discussed. Big data is becoming popular for analysis the opportunities. In this case, if the complexity of big data can be managed by the cloud architecture, it can become more efficient and cost effective. Due to the absence of physical infrastructure in the cloud computing, and large database stored in the cloud, sometimes the security of the data cannot be maintained properly. The need of proving a better security for the cloud is needed for this reason. In this article the possibilities of implementing different security measures has been discussed along with proposing a new security system for the cloud named SeeCloud has proposed. The main aim of the paper is to invent a secured way to handle the data in cloud in a more secured way. Managing the security issue in the cloud architecture is an important issue. This paper helps to identify the security issues and has tried to implement a security measure. Cloud and IoT are different technologies, which are used frequently in the various fields. However, the merging of these two technologies, which is known as CloudIoT paradigm, is comparatively new in the technological field. The general discussion of the CloudIoT has been done previously but there was no research done on the applications, security issues of using this new technology. The paper has bridged this gap by providing the proper information and the implementation scopes in CloudIoT. Very few number of researches has been conducted on this field. This paper has discussed the future of CloudIoT in a descriptive way. Both cloud computing and Internet of Things (IoT) is the growing technologies. The merging of these two technologies can be beneficial in managing handling data in cost effective and efficient way. The method, which has been proposed, regarding the merging of these two technologies is to deploy Cloud and IoT. In order to conduct this search more properly this paper has compeered two technologies in order to identify the common thing between them. The comparison and the features after the merging of two technologies have a positive impact on the further research on this emerging technology. The paper show that the cloud computing has improved the functioning of IoT. The implementation of the cloud architecture in the business organizations has done a rapid growth of business. However, many of the organizations and the users have found that using cloud computing is a complex process in terms of handling the technology. This paper has evaluated the necessary things needed to be considered in case of implementing cloud computing in business organization. The factors are considered for both in a positive and negative way. The paper aims to identify the importance of cloud computing for the business organization. In this context it has identified the positive and negative impacts of cloud computing in business organization. The cloud computing has a vast impact on the IT industry. However there are many barriers in the implementations of cloud computing. Those technical barriers should be removed. The paper identifies the technical constrains and complexities of implementing the cloud computing in different organization. In this case the main focus is on SME( Small and Medium Enterprise). It also includes the identification of stakeholders of cloud computing and possible security issues. The paper has contributed the importance of implementation of cloud computing in SME .It has also contributed in the research of the possible risks that can happen during the implementation. Software- defined services using cloud has numerous advantages by decoupling the data plan and control plan. It has been seen that software-defined services has prone to Denial of Service attack. The identification of the attacks has been done by discussing the way of various attacks on the software defined services using cloud computing. The features of software defined services which can be used to prevent these types of attacks are also identified. The paper has discussed the cloud based software defined services and its advantages. It has also discussed certain threats on this type of system. Recommendations are made to prevent these kinds of problems. Cloud computing has gained the popularity for its technical advancement. There are various components of cloud computing. The use of these components can be modified in order to get a customized service through cloud computing. The paper discusses the various components of the cloud architecture. It also discusses the risks and the issues related to the cloud computing. The analysis of the types of risks that can happen in the cloud architecture can be determined through a value creation model. The paper contributes its findings towards the understanding of the cloud architecture . It also analyze the risks and through value creation model. The paper also defines the standards of IT auditing. Conclusion It can be concluded after analysis of these above articles that cloud computing is an important technology and it has certain impacts on Information Technology industry as well as the business industry. There are certain advantages that can become beneficial for the cloud users like large storage and accessibility. However, there are certain kinds of security risks like denial of service attack can violate the security of the cloud computing architecture. Certain steps and models can be used to prevent these kinds of security attacks. Moreover the other technologies like IoT can be merged with the cloud computing technology in order to create more innovative way of handling the IT and business situations. One of these kinds of technology is CloudIoT can be researched for the future development of the technological field. The cloud computing can be used for the advancement of certain software based services. However, the security of the data belonging to the cloud storage depends on t he certain factors. It depends on the maintenance of cloud provider as well as the technology deployed for the cloud. The security issues are needed to be resolved using different tools and techniques. Overall impact of the cloud computing on the business and IT industry is very positive and futuristic. References: Ali, M., Khan, S.U. and Vasilakos, A.V., 2015. Security in cloud computing: Opportunities and challenges.Information sciences,305, pp.357-383. Almorsy, M., Grundy, J. and Mller, I., 2016. An analysis of the cloud computing security problem.arXiv preprint arXiv:1609.01107. Hashem, I.A.T., Yaqoob, I., Anuar, N.B., Mokhtar, S., Gani, A. and Khan, S.U., 2015. The rise of big data on cloud computing: Review and open research issues.Information Systems,47, pp.98-115. Wei, L., Zhu, H., Cao, Z., Dong, X., Jia, W., Chen, Y. and Vasilakos, A.V., 2014. Security and privacy for storage and computation in cloud computing.Information Sciences,258, pp.371-386. Botta, A., De Donato, W., Persico, V. and Pescap, A., 2014, August. On the integration of cloud computing and internet of things. InFuture internet of things and cloud (FiCloud), 2014 international conference on(pp. 23-30). IEEE. Stergiou, C., Psannis, K.E., Kim, B.G. and Gupta, B., 2018. Secure integration of IoT and cloud computing.Future Generation Computer Systems,78, pp.964-975. Avram, M.G., 2014. Advantages and challenges of adopting cloud computing from an enterprise perspective.Procedia Technology,12, pp.529-534. Ghaffari, K., Delgosha, M.S. and Abdolvand, N., 2014. Towards cloud computing: a SWOT analysis on its adoption in SMEs.arXiv preprint arXiv:1405.1932. Yan, Q. and Yu, F.R., 2015. Distributed denial of service attacks in software-defined networking with cloud computing.IEEE Communications Magazine,53(4), pp.52-59. Chou, D.C., 2015. Cloud computing: A value creation model.Computer Standards Interfaces,38, pp.72-77.