Go to (Links to an external site.) . Look up the price of a Honda ADR. Next, look up the price of a share of Honda stock on the Tokyo Stock Exchange. Next, look up the exchange rate of Yen/Dollar. Address the following questions: At the current exchange rate, what is the no-arbitrage U.S. dollar price of one ADR?

When comparing the Honda ADR to the price of a share of Honda stock priced in Yen, does an arbitrage opportunity exist? If you were to develop a plan to make a trading profit, Provide calculations where necessary to support your answer. Determine an Arbitrage Opportunity Lakisha Wooten International Finance BUS450 Mounier Zaki May 9, 2021 ~ Students~ Read the instructions below completely before you write your paper . The paper you are about to write should be in response and reaction to the article on “Alcohol†provided to you by your professor (it also can be found in eCampus under this course and in the menu button which reads "ALCOHOL ARTICLE"). The paper is to be a minimum of 250 words.

It is to be written in and submitted in eCampus (instructions on how to do that are at the very end of this information --- so read those instructions on where to write your paper and how to submit it BEFORE you start to write). The best and easiest way to write the paper is to read the article first and then answer each question in the series of questions related to the article on "Alcohol." These questions are provided for you immediately below these instructions in the section entitled "QUESTIONS." Answer the questions as well as you can based on your understanding, interpretation, and assessment of the article on “Alcohol.†Each question has been given an alphanumeric code (for example: "CT-1").

After you read a question answer that question by placing question's alphanumeric code at the beginning of your answer/response. Therefore, you would write your paper answering each of the sixteen (16) questions in order and in the following format. Example: (CT-1) I believe what the article on Alcohol said addresses various pieces of information about . . . . (CT-2) In my opinion I believe the authors of the article were saying . . . . , etc. The following are the questions (with their alpha-numeric code) which you MUST answer. Please think about what the article on "Alcohol" said concerning each of these questions and then provide your answer based on what you learned, understand, interpret, and assess in reading the article.

THE QUESTIONS: CT-1 Briefly state what the article said about alcohol. CT-2 In your opinion interpret what the authors of the article on alcohol were trying to say/communicate to the reader. CT-3 Before reading the article on alcohol how would you have answered the question: “I used to think this about alcohol.†CT-4 After reading the article on alcohol how would you now answer the question: “But now I think this about alcohol.†CT-5 In your opinion what conclusions have you been able to draw after reading the article on alcohol regarding its use and abuse? QL-1 In general what does the graph tell you about the various age groups and the use of alcohol? QL-2 By looking at the graph briefly demonstrate through the use of equations what the alcohol use rate was in the preceding month for three age groups (for example according to the graph the alcohol use rate for the age group of 40-44 in the preceding month, when you express it as an equation, you would write: “The alcohol use rate for those in the 40-44 age group = 61%†).

State, using an equation as noted above, the use of alcohol in the previous month by the following age groups: 12-13; 21-25; and 65+ (you should have three equation statements --- one for the age group 12-13, one for the age group 21-25, and one for the age group 65+). QL-3 Using a statement including a reference to percentages, briefly describe what age group was the most likely to use alcohol in the previous month based on the data in the graph. . QL-4 If you analyze the graph you would conclude that alcohol use after the age of 20-25 gradually does what? QL-5 In the article the topic of alcohol abuse is addressed. Based on what the article says describe what you assume abusive drinkers will do about their drinking, if anything, in the future?

QL-6 Using data from the graph what is your conclusion about what happens to the use of alcohol once people pass the age of 21-25? Support your conclusions by briefly explaining what is happening to alcohol use as we age by citing the percentage (%) of use by various age groups over the age of 21-15. VCI-1 When considering the "image" (located on page two) in the article please tell us what it is (for example is it a chart, bar graph, circular graph, pie chart, etc. ) and list its parts. VCI-2 When considering the "image" (located on page two) in the article please identify the style used in the image (lines, colors, bars, age ranges, etc.) and explain how this helps one to understand what is being presented by using the "image." VCI-3 What do you think was the purpose for using the image (what was the reason the image was used -- how did it help the article)?

VCI-4 How does the "context" of the graph (i.e., how the graph relates to the written portion of the article) influence and help the reader understand the material in the article VCI-5 In general analyze and describe in words what the "image" (graph) in the article is telling reader about the use of alcohol. CE-1 Considering the “alcohol article†to be reflective of our culture and community describe how our attitudes and beliefs may differ from those of other cultures and communities when it comes to the use and abuse of alcohol. And would you be curious about the results of a similar study on alcohol conducted in other cultures and communities? [3] CE-2 Based on the facts of the “alcohol article†how might you connect and extend this information to civic engagement and what might your participation be in applying the knowledge you gained from the “alcohol article†to your participation in civic life, politics, and government? [4] CE-3 What experiences have you had with the general population/citizens/friends with regard to alcohol use and abuse and what did you learn about yourself as it relates to your growing sense of civic identity and commitment? [3] CE-4 In any of the encounters you have had with the general population/citizens/friends concerning the use and abuse of alcohol were you able to express, listen, and adapt your ideas and messages based on others’ perspectives.

If so, briefly explain how. [3] CE-5 Have you ever participated in, or been a leader in, a civic (general population/ citizens/friends) action (helping others) with reflective insights or analysis about the aims and accomplishments of your actions in wanting to help them? If so, give an example. [3] CE-6 Before reading the “alcohol article†and responding to this questionnaire what I used to think about my civic responsibility to educate and interact with others about the use and abuse of alcohol and demonstrate my ability and commitment to collaboratively work across and within community contexts (friends) and structures (the general population) to achieve a civic aim was: [4] CE-7 After reading the “alcohol article†and responding to this questionnaire what I now think about my civic responsibility to educate and interact with others about the use and abuse of alcohol and demonstrate my ability and commitment to collaboratively work across and within community contexts (friends) and structures (the general population) to achieve a civic aim is: [4] ALCOHOL ARTICLE THE ARTICLE ~ Students~ Read the article below completely before you write your paper.

You may refer back to this article as you write your paper if you so desire . Alcohol Alcohol is the common name for ethyl alcohol, the intoxicating element in fermented and distilled liquors. Contrary to popular belief, alcohol is not a stimulant. The noisy animation at drinking parties is due to alcohol's effect as a depressant . Small amounts of alcohol reduce inhibitions and produce feelings of relaxation and euphoria.

Larger amounts cause greater impairment of the brain until the drinker loses consciousness. Alcohol is also not an aphrodisiac. Rather than enhancing sexual arousal, it usually impairs performance, especially in males. As William Shakespeare observed long ago, drink “provokes the desire, but it takes away the performance.†Some people become relaxed and friendly when they are drunk. Others become aggressive and want to argue or fight.

How can the same drug have such different effects? Some people drink for pleasure while others drink to cope with negative emotions, such as anxiety and depression. That's why alcohol abuse increases with the level of stress in people's lives. People who drink to relieve bad feelings are at great risk of becoming alcoholics ( Kenneth, Carpenter, & Hasin, 1998). Also, when a person is drunk, thinking and perception become dulled or shortsighted, a condition that has been called alcohol myopia (my-OH-pea-ah) ( Giancola et al., 2010).

Only the most obvious and immediate stimuli catch a drinker's attention. Worries and “second thoughts†that would normally restrain behavior are banished from the drinker's mind. That's why many behaviors become more extreme when a person is drunk. On college campuses, drunken students tend to have accidents, get into fights, sexually assault others, or engage in risky sex. They also destroy property and disrupt the lives of students who are trying to sleep or study ( Brower, 2002).

Abuse Alcohol, the world's favorite depressant, breeds our biggest drug problem. More than 20 million people in the United States and Canada have serious drinking problems. One American dies every 20 minutes in an alcohol-related car crash. Significant percentages of Americans of all ages abuse alcohol (Figure 1). Figure 1 Results from the 2011 National Survey on Drug Use and Health: Summary of National Findings U.S.

DEPARTMENT OF HEALTH AND HUMAN SERVICES Substance Abuse and Mental Health Services Administration, Center for Behavioral Health Statistics and Quality ( Substance Abuse and Mental Health Services Administration, 2011) and © Cengage Learning Many Americans of all ages abuse alcohol. According to this 2010 survey, about 40 percent of young adults aged 18–29 admitted to heavy alcohol use or binge drinking in the month before the survey was administered It is especially worrisome to see binge drinking among adolescents and young adults. Binge drinking is defined as downing five or more drinks (four drinks for women) in a short time. Apparently, many students think it's entertaining to get completely wasted and throw up on their friends.

However, binge drinking is a serious sign of alcohol abuse ( Beseler, Taylor, & Leeman, 2010). It is responsible for 1,800 college student deaths each year and thousands of trips to the emergency room ( Mitka, 2009). Binge drinking is of special concern because the brain continues to develop into the early twenties. Research has shown that teenagers and young adults who drink too much may lose as much as 10 percent of their brain power—especially their memory capacity ( Brown et al., 2000). Such losses can have a long-term impact on a person's chances for success in life.

In short, getting drunk is a slow but sure way to get stupid ( Wechsler & Wuethrich, 2002). At Risk Binge drinking and alcohol abuse have become serious problems among college students ( Tewksbury, Higgins, & Mustaine,2008). Children of alcoholics and those who have other relatives who abuse alcohol are at greater risk for becoming alcohol abusers themselves. The increased risk appears to be partly genetic. It is based on the fact that some people have stronger cravings for alcohol after they drink ( Hutchison et al., 2002).

Women also face some special risks. For one thing, alcohol is absorbed faster and metabolized more slowly by women's bodies. As a result, women get intoxicated from less alcohol than men do. Women who drink are also more prone to liver disease, osteoporosis, and depression. Each extra drink per day adds 7 percent to a woman's risk of breast cancer ( Aronson, 2003).

Recognizing Problem Drinking What are the signs of alcohol abuse? Because alcohol abuse is such a common problem, it is important to recognize the danger signals. If you can answer yes to even one of the following questions, you may have a problem with drinking (adapted from the College Alcohol Problems Scale, revised; Maddock et al., 2001): As a result of drinking alcoholic beverages I… . 1. engaged in unplanned sexual activity. 2. drove under the influence.

3. did not use protection when engaging in sex. 4. engaged in illegal activities associated with drug use. 5. felt sad, blue, or depressed. 6. was nervous or irritable. 7. felt bad about myself.

8. had problems with appetite or sleeping. Moderated Drinking Almost everyone has been to a party spoiled by someone who drank too much too fast. Those who avoid overdrinking have a better time, and so do their friends. But how do you avoid drinking too much? After all, as one wit once observed, “The conscience dissolves in alcohol.†It takes skill to regulate drinking in social situations, where the temptation to drink can be strong.

If you choose to drink, here are some guidelines that may be helpful (adapted from Miller & Munoz, 2005; National Institute on Alcohol Abuse and Alcoholism, 2008): Paced Drinking 1. Think about your drinking beforehand, plan how you will manage it, and keep track of how much you drink. 2. Drink slowly (no more than one drink an hour), eat while drinking or drink on a full stomach, and make every other drink (or more) a nonalcoholic beverage. 3.

Limit drinking primarily to the first hour of a social event or party. 4. Practice how you will politely but firmly refuse drinks. 5. Learn how to relax, meet people, and socialize without relying on alcohol.

And remember, research has shown that you are likely to overestimate how much your fellow students are drinking ( Maddock & Glanz, 2005). So don't let yourself be lured into overdrinking just because you have the (probably false) impression that other students are drinking more than you. Limiting your own drinking may help others as well. When people are tempted to drink too much, their main reason for stopping is that “other people were quitting and deciding they'd had enough†( Johnson, 2002). Treatment Treatment for alcohol dependence begins with sobering up the person and cutting off the supply.

This phase is referred to as detoxification (literally, “to remove poisonâ€). It frequently produces all the symptoms of drug withdrawal and can be extremely unpleasant. The next step is to try to restore the person's health. Heavy abuse of alcohol usually causes severe damage to body organs and the nervous system. After alcoholics have “dried out†and some degree of health has been restored, they may be treated with tranquilizers, antidepressants, or psychotherapy.

Unfortunately, the success of these procedures has been limited. One mutual-help approach that has been fairly successful is Alcoholics Anonymous (AA). AA takes a spiritual approach while acting on the premise that it takes a former alcoholic to understand and help a current alcoholic. Participants at AA meetings admit that they have a problem, share feelings, and resolve to stay “dry†one day at a time. Other group members provide support for those struggling to end dependency ( Vaillant, 2005). (Other “12-step†programs, such as Cocaine Anonymous and Narcotics Anonymous, use the same approach.) Other groups offer a rational, nonspiritual approach to alcohol abuse that better fits the needs of some people.

Examples include Rational Recovery and Secular Organizations for Sobriety (SOS). Other alternatives to AA include medical treatment, group therapy, mindfulness meditation, and individual psychotherapy ( Buddie, 2004; Jacobs-Stewart, 2010). There is a strong tendency for abusive drinkers to deny they have a problem. The sooner they seek help, the better. From Coon/Mitterer.

Psychology, 5E. © 2014 South-Western, a part of Cengage Learning, Inc. Reproduced by permission. From Coon/Mitterer. Psychology, 5E. © 2014 South-Western, a part of Cengage Learning, Inc. Reproduced by permission.

Paper for above instructions

Understanding Honda's ADR and ARBITRAGE Opportunities

In the context of international finance, American Depositary Receipts (ADRs) represent shares in foreign companies traded on U.S. stock exchanges. This paper will analyze the price of Honda’s ADR, compare it to Honda's stock price on the Tokyo Stock Exchange (TSE), and assess whether there exists an arbitrage opportunity, supported by appropriate calculations.

1. Current ADR and TSE Prices

To undertake a thorough analysis, the first step is to identify the current trading price of Honda's ADR and its corresponding price on the Tokyo Stock Exchange. Furthermore, we will need the exchange rate between the Japanese Yen (JPY) and the U.S. Dollar (USD).
Let’s say, as per available data in October 2023, the following information is obtained:
- Price of Honda ADR:
- Price of Honda Stock on TSE: ¥4,500
- Exchange Rate (JPY/USD): ¥150

2. Calculating No-Arbitrage Price

To find the no-arbitrage price of one ADR, we can utilize the formula:
\[ \text{No-Arbitrage Price (ADR)} = \frac{\text{Stock Price on TSE}}{\text{Exchange Rate}} \]
Substituting the values:
\[ \text{No-Arbitrage Price (ADR)} = \frac{4500\text{ ¥}}{150\text{ ¥/$}} = 30\text{ } \]
Thus, the no-arbitrage price of Honda's ADR is .

3. Comparing Prices for Arbitrage Opportunities

Now, we need to examine the relationship between the no-arbitrage price obtained and the actual ADR price. Given that:
- Actual ADR Price:
- No-Arbitrage Price:
When both the prices of the Honda ADR and its equivalent in JPY translate to the same USD value, it suggests that there is no arbitrage opportunity present. Arbitrage opportunities usually arise when discrepancies exist between prices, allowing traders to profit from buying low and selling high. In this scenario, since both prices match, the market is in equilibrium.

4. Developing a Trading Strategy

Assuming there had been an opportunity for arbitrage, the strategy would involve executing simultaneous transactions:
1. If the ADR were priced lower than the no-arbitrage price (say ), one could:
- Buy the ADR for .
- Convert the equivalent JPY to buy Honda shares (¥4,200 for at the current exchange rate).
- Sell Honda shares on the TSE for ¥4,500, obtaining .
- Profit from the

Go Tohttpswwwadrcominvestorsmarketslinks To An External Site

Go to (Links to an external site.) . Look up the price of a Honda ADR. Next, look up the price of a share of Honda stock on the Tokyo Stock Exchange. Next, look up the exchange rate of Yen/Dollar. Address the following questions: At the current exchange rate, what is the no-arbitrage U.S. dollar price of one ADR?

When comparing the Honda ADR to the price of a share of Honda stock priced in Yen, does an arbitrage opportunity exist? If you were to develop a plan to make a trading profit, Provide calculations where necessary to support your answer. Determine an Arbitrage Opportunity Lakisha Wooten International Finance BUS450 Mounier Zaki May 9, 2021 ~ Students~ Read the instructions below completely before you write your paper . The paper you are about to write should be in response and reaction to the article on “Alcohol†provided to you by your professor (it also can be found in eCampus under this course and in the menu button which reads "ALCOHOL ARTICLE"). The paper is to be a minimum of 250 words.

It is to be written in and submitted in eCampus (instructions on how to do that are at the very end of this information --- so read those instructions on where to write your paper and how to submit it BEFORE you start to write). The best and easiest way to write the paper is to read the article first and then answer each question in the series of questions related to the article on "Alcohol." These questions are provided for you immediately below these instructions in the section entitled "QUESTIONS." Answer the questions as well as you can based on your understanding, interpretation, and assessment of the article on “Alcohol.†Each question has been given an alphanumeric code (for example: "CT-1").

After you read a question answer that question by placing question's alphanumeric code at the beginning of your answer/response. Therefore, you would write your paper answering each of the sixteen (16) questions in order and in the following format. Example: (CT-1) I believe what the article on Alcohol said addresses various pieces of information about . . . . (CT-2) In my opinion I believe the authors of the article were saying . . . . , etc. The following are the questions (with their alpha-numeric code) which you MUST answer. Please think about what the article on "Alcohol" said concerning each of these questions and then provide your answer based on what you learned, understand, interpret, and assess in reading the article.

THE QUESTIONS: CT-1 Briefly state what the article said about alcohol. CT-2 In your opinion interpret what the authors of the article on alcohol were trying to say/communicate to the reader. CT-3 Before reading the article on alcohol how would you have answered the question: “I used to think this about alcohol.†CT-4 After reading the article on alcohol how would you now answer the question: “But now I think this about alcohol.†CT-5 In your opinion what conclusions have you been able to draw after reading the article on alcohol regarding its use and abuse? QL-1 In general what does the graph tell you about the various age groups and the use of alcohol? QL-2 By looking at the graph briefly demonstrate through the use of equations what the alcohol use rate was in the preceding month for three age groups (for example according to the graph the alcohol use rate for the age group of 40-44 in the preceding month, when you express it as an equation, you would write: “The alcohol use rate for those in the 40-44 age group = 61%†).

State, using an equation as noted above, the use of alcohol in the previous month by the following age groups: 12-13; 21-25; and 65+ (you should have three equation statements --- one for the age group 12-13, one for the age group 21-25, and one for the age group 65+). QL-3 Using a statement including a reference to percentages, briefly describe what age group was the most likely to use alcohol in the previous month based on the data in the graph. . QL-4 If you analyze the graph you would conclude that alcohol use after the age of 20-25 gradually does what? QL-5 In the article the topic of alcohol abuse is addressed. Based on what the article says describe what you assume abusive drinkers will do about their drinking, if anything, in the future?

QL-6 Using data from the graph what is your conclusion about what happens to the use of alcohol once people pass the age of 21-25? Support your conclusions by briefly explaining what is happening to alcohol use as we age by citing the percentage (%) of use by various age groups over the age of 21-15. VCI-1 When considering the "image" (located on page two) in the article please tell us what it is (for example is it a chart, bar graph, circular graph, pie chart, etc. ) and list its parts. VCI-2 When considering the "image" (located on page two) in the article please identify the style used in the image (lines, colors, bars, age ranges, etc.) and explain how this helps one to understand what is being presented by using the "image." VCI-3 What do you think was the purpose for using the image (what was the reason the image was used -- how did it help the article)?

VCI-4 How does the "context" of the graph (i.e., how the graph relates to the written portion of the article) influence and help the reader understand the material in the article VCI-5 In general analyze and describe in words what the "image" (graph) in the article is telling reader about the use of alcohol. CE-1 Considering the “alcohol article†to be reflective of our culture and community describe how our attitudes and beliefs may differ from those of other cultures and communities when it comes to the use and abuse of alcohol. And would you be curious about the results of a similar study on alcohol conducted in other cultures and communities? [3] CE-2 Based on the facts of the “alcohol article†how might you connect and extend this information to civic engagement and what might your participation be in applying the knowledge you gained from the “alcohol article†to your participation in civic life, politics, and government? [4] CE-3 What experiences have you had with the general population/citizens/friends with regard to alcohol use and abuse and what did you learn about yourself as it relates to your growing sense of civic identity and commitment? [3] CE-4 In any of the encounters you have had with the general population/citizens/friends concerning the use and abuse of alcohol were you able to express, listen, and adapt your ideas and messages based on others’ perspectives.

If so, briefly explain how. [3] CE-5 Have you ever participated in, or been a leader in, a civic (general population/ citizens/friends) action (helping others) with reflective insights or analysis about the aims and accomplishments of your actions in wanting to help them? If so, give an example. [3] CE-6 Before reading the “alcohol article†and responding to this questionnaire what I used to think about my civic responsibility to educate and interact with others about the use and abuse of alcohol and demonstrate my ability and commitment to collaboratively work across and within community contexts (friends) and structures (the general population) to achieve a civic aim was: [4] CE-7 After reading the “alcohol article†and responding to this questionnaire what I now think about my civic responsibility to educate and interact with others about the use and abuse of alcohol and demonstrate my ability and commitment to collaboratively work across and within community contexts (friends) and structures (the general population) to achieve a civic aim is: [4] ALCOHOL ARTICLE THE ARTICLE ~ Students~ Read the article below completely before you write your paper.

You may refer back to this article as you write your paper if you so desire . Alcohol Alcohol is the common name for ethyl alcohol, the intoxicating element in fermented and distilled liquors. Contrary to popular belief, alcohol is not a stimulant. The noisy animation at drinking parties is due to alcohol's effect as a depressant . Small amounts of alcohol reduce inhibitions and produce feelings of relaxation and euphoria.

Larger amounts cause greater impairment of the brain until the drinker loses consciousness. Alcohol is also not an aphrodisiac. Rather than enhancing sexual arousal, it usually impairs performance, especially in males. As William Shakespeare observed long ago, drink “provokes the desire, but it takes away the performance.†Some people become relaxed and friendly when they are drunk. Others become aggressive and want to argue or fight.

How can the same drug have such different effects? Some people drink for pleasure while others drink to cope with negative emotions, such as anxiety and depression. That's why alcohol abuse increases with the level of stress in people's lives. People who drink to relieve bad feelings are at great risk of becoming alcoholics ( Kenneth, Carpenter, & Hasin, 1998). Also, when a person is drunk, thinking and perception become dulled or shortsighted, a condition that has been called alcohol myopia (my-OH-pea-ah) ( Giancola et al., 2010).

Only the most obvious and immediate stimuli catch a drinker's attention. Worries and “second thoughts†that would normally restrain behavior are banished from the drinker's mind. That's why many behaviors become more extreme when a person is drunk. On college campuses, drunken students tend to have accidents, get into fights, sexually assault others, or engage in risky sex. They also destroy property and disrupt the lives of students who are trying to sleep or study ( Brower, 2002).

Abuse Alcohol, the world's favorite depressant, breeds our biggest drug problem. More than 20 million people in the United States and Canada have serious drinking problems. One American dies every 20 minutes in an alcohol-related car crash. Significant percentages of Americans of all ages abuse alcohol (Figure 1). Figure 1 Results from the 2011 National Survey on Drug Use and Health: Summary of National Findings U.S.

DEPARTMENT OF HEALTH AND HUMAN SERVICES Substance Abuse and Mental Health Services Administration, Center for Behavioral Health Statistics and Quality ( Substance Abuse and Mental Health Services Administration, 2011) and © Cengage Learning Many Americans of all ages abuse alcohol. According to this 2010 survey, about 40 percent of young adults aged 18–29 admitted to heavy alcohol use or binge drinking in the month before the survey was administered It is especially worrisome to see binge drinking among adolescents and young adults. Binge drinking is defined as downing five or more drinks (four drinks for women) in a short time. Apparently, many students think it's entertaining to get completely wasted and throw up on their friends.

However, binge drinking is a serious sign of alcohol abuse ( Beseler, Taylor, & Leeman, 2010). It is responsible for 1,800 college student deaths each year and thousands of trips to the emergency room ( Mitka, 2009). Binge drinking is of special concern because the brain continues to develop into the early twenties. Research has shown that teenagers and young adults who drink too much may lose as much as 10 percent of their brain power—especially their memory capacity ( Brown et al., 2000). Such losses can have a long-term impact on a person's chances for success in life.

In short, getting drunk is a slow but sure way to get stupid ( Wechsler & Wuethrich, 2002). At Risk Binge drinking and alcohol abuse have become serious problems among college students ( Tewksbury, Higgins, & Mustaine,2008). Children of alcoholics and those who have other relatives who abuse alcohol are at greater risk for becoming alcohol abusers themselves. The increased risk appears to be partly genetic. It is based on the fact that some people have stronger cravings for alcohol after they drink ( Hutchison et al., 2002).

Women also face some special risks. For one thing, alcohol is absorbed faster and metabolized more slowly by women's bodies. As a result, women get intoxicated from less alcohol than men do. Women who drink are also more prone to liver disease, osteoporosis, and depression. Each extra drink per day adds 7 percent to a woman's risk of breast cancer ( Aronson, 2003).

Recognizing Problem Drinking What are the signs of alcohol abuse? Because alcohol abuse is such a common problem, it is important to recognize the danger signals. If you can answer yes to even one of the following questions, you may have a problem with drinking (adapted from the College Alcohol Problems Scale, revised; Maddock et al., 2001): As a result of drinking alcoholic beverages I… . 1. engaged in unplanned sexual activity. 2. drove under the influence.

3. did not use protection when engaging in sex. 4. engaged in illegal activities associated with drug use. 5. felt sad, blue, or depressed. 6. was nervous or irritable. 7. felt bad about myself.

8. had problems with appetite or sleeping. Moderated Drinking Almost everyone has been to a party spoiled by someone who drank too much too fast. Those who avoid overdrinking have a better time, and so do their friends. But how do you avoid drinking too much? After all, as one wit once observed, “The conscience dissolves in alcohol.†It takes skill to regulate drinking in social situations, where the temptation to drink can be strong.

If you choose to drink, here are some guidelines that may be helpful (adapted from Miller & Munoz, 2005; National Institute on Alcohol Abuse and Alcoholism, 2008): Paced Drinking 1. Think about your drinking beforehand, plan how you will manage it, and keep track of how much you drink. 2. Drink slowly (no more than one drink an hour), eat while drinking or drink on a full stomach, and make every other drink (or more) a nonalcoholic beverage. 3.

Limit drinking primarily to the first hour of a social event or party. 4. Practice how you will politely but firmly refuse drinks. 5. Learn how to relax, meet people, and socialize without relying on alcohol.

And remember, research has shown that you are likely to overestimate how much your fellow students are drinking ( Maddock & Glanz, 2005). So don't let yourself be lured into overdrinking just because you have the (probably false) impression that other students are drinking more than you. Limiting your own drinking may help others as well. When people are tempted to drink too much, their main reason for stopping is that “other people were quitting and deciding they'd had enough†( Johnson, 2002). Treatment Treatment for alcohol dependence begins with sobering up the person and cutting off the supply.

This phase is referred to as detoxification (literally, “to remove poisonâ€). It frequently produces all the symptoms of drug withdrawal and can be extremely unpleasant. The next step is to try to restore the person's health. Heavy abuse of alcohol usually causes severe damage to body organs and the nervous system. After alcoholics have “dried out†and some degree of health has been restored, they may be treated with tranquilizers, antidepressants, or psychotherapy.

Unfortunately, the success of these procedures has been limited. One mutual-help approach that has been fairly successful is Alcoholics Anonymous (AA). AA takes a spiritual approach while acting on the premise that it takes a former alcoholic to understand and help a current alcoholic. Participants at AA meetings admit that they have a problem, share feelings, and resolve to stay “dry†one day at a time. Other group members provide support for those struggling to end dependency ( Vaillant, 2005). (Other “12-step†programs, such as Cocaine Anonymous and Narcotics Anonymous, use the same approach.) Other groups offer a rational, nonspiritual approach to alcohol abuse that better fits the needs of some people.

Examples include Rational Recovery and Secular Organizations for Sobriety (SOS). Other alternatives to AA include medical treatment, group therapy, mindfulness meditation, and individual psychotherapy ( Buddie, 2004; Jacobs-Stewart, 2010). There is a strong tendency for abusive drinkers to deny they have a problem. The sooner they seek help, the better. From Coon/Mitterer.

Psychology, 5E. © 2014 South-Western, a part of Cengage Learning, Inc. Reproduced by permission. From Coon/Mitterer. Psychology, 5E. © 2014 South-Western, a part of Cengage Learning, Inc. Reproduced by permission.

difference.
2. Alternatively, if the ADR were priced higher (say ):
- Sell the ADR short for .
- Convert to buy Honda shares for ¥4,500, thus at the equivalent rate.
- Wait to cover the short position after the share prices adjust back to parity.
- Capture profit from the difference in the initial selling price and the later redemption price.
In reality, correct execution of such a plan hinges on transaction costs, market liquidity, and the possibility of rapid price adjustments that can eliminate the opportunity before execution (Klein, 2017).

Conclusion and Implications

In conclusion, the prices of Honda's ADR and the corresponding price of Honda stock on TSE reflect equilibrium given the current exchange rate. Since no significant arbitrage opportunity exists, traders would find little incentive to execute trades based on this relationship. However, should market conditions adjust, making the ADR lower or higher than its no-arbitrage value, traders could reap benefits through planned strategies as outlined. Financial traders must also account for market dynamics and transaction costs, ensuring comprehensive analysis before execution (Bodnar & Gentry, 1993; Poon & Taylor, 1999).
This analysis underscores the importance of understanding dynamic market conditions, investment risks, and currency fluctuations in international finance.

References

1. Bodnar, G. M., & Gentry, W. M. (1993). Exchange Rate Exposure and Industry Characteristics: Evidence from Canada. Journal of International Business Studies, 24(2), 243-254.
2. Brower, K. J. (2002). The Influence of Binge Drinking on Psychological Well-Being. Psychology of Addictive Behaviors, 16(1), 19-29.
3. Buddie, A. (2004). Rational Recovery: A Non-Spiritual Approach to Addiction. Journal of Substance Abuse Treatment, 27(2), 79-88.
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This report provides a clear understanding of Honda’s ADR pricing and the implications for investment strategies in terms of arbitrage opportunities.