Thursday, August 7: Study day

Today, I turned in my last paper. We have our final tomorrow, so I have been studying the past couple of nights. After my final tomorrow, I will be getting ready to travel to the Netherlands for the weekend. There are six of us going (3 from MTSU and the rest from other schools). I won't be taking my laptop with me, so I will have to update everything either when I get back Sunday or when I get to the states. I'll be packing up to leave and saying goodbye to my friends this weekend.

This experience has been amazing. I have made so many new friends and seen so many amazing things I have only dreamed about seeing. I'm sorry to have to leave here, but I look forward to being back in the U.S.

Wedneday, August 6: LAST DAY OF CLASS

Today, we learned about capital budgeting with respect to the global market. When evaluating capital budgeting domestically, one can simply calculate the Net Present Value of long-term investments with fixed assets to evaluate on whether or not to undertake the investment. However, there are other factors for Multinational Corporations to account for when making international investments such as: exchange rates, tax differences, and overall riskiness. The Adjusted Present Value Model more effectively includes these factors into the calculation. The project will be accepted if it is greater-than or equal-to zero (0). However, if the investment is less than zero (0), then the project should not be undertaken.

At the end of class, we reviewed for the final. It should be a fun one, so I will be studying for the remainder of the week.

Tuesday, August 5: Westminster Abbey

Today, we decided to go see the "changing of the guard." However, we did not make it in time due to traffic and rain. After we saw the tail-end of the changing, we decided not to make it a wasted day, so we FINALLY got to see Westminster Abbey. It was an amazing experience. I spent about four (4) hours there, and experienced everything that it offered to a Protestant tourist.

Photography was not allowed in the cathedral, so I did not get to take any pictures. However, I was able to participate in my first Anglican service. I was allowed to worship and take communion as members do. I light a candle in respect for the Heintzman family and prayed for their family to be comforted during their time of trouble. The service lasted about 30 minutes and was very interesting. As I left, the residing pastor blessed that "the Peace of God be with me," and I learned that I was supposed to tell him "and with you" (a nice nun told me that).

It was an amazing experience. I felt blessed to be able to worship in a place with such a prestigious history as Westminster Abbey.




Westminster Abbey



Westminster Abbey

Monday, August 4: Lecture 7 / Sick day 2 / London @ Night

Today, we learned about economic exposure and it's important to multinational corporations. Changes in exchange rates effect asset values and operation cash flows. We learned how to calculate the foreign exchange "beta" (which shows the sensitivity of the dollar to the spot rate). Finally, we learned that MNC's ultimate goal is to hedge exchange rate exposure primarily by using currency options.

Following class, I rested for the rest of the day. I hate to say that it is unlikely that I will be able to visit Warwick Castle and Oxford while I am here.


After sleeping most of the day away, I decided that I was going to get out and see downtown London at night. I visited Westminster, the London Eye, the Tower of London and Tower Bridge. They looked great.


Westminster


Side shot overlooking the Thames River


Big Ben


London Eye


Tower of London


Tower Bridge

Sunday, August 3: Sick Day

Well, good news! I think I have a stomache virus. I have been laying in bed all day trying to not move very much. One week left in Europe and I can't leave my dorm. Oh, lucky me! Ha.

Saturday, August 2: Study Day!

Today was an uneventful day. I have stayed in and finished both of my essays for my class. In between writing the essays, I took time to take a walk down through West Hampstead. That is one thing that I am going to miss a lot about this place. In Tennessee, it is too humid to walk around very much without getting sticky and becoming a sweaty mess. Well, two essays down, now I just have my final on Friday, August 8.

Friday, August 1: Bath Spa / City of Bath

Today, Jessica and I decided to take a day trip since everybody else is in Paris for the weekend. It took us about an hour to get there on the Brit-Rail. We visited Bath Spa first. Here, there is a natural hot spring that dates back to prehistoric times. The Romans built a building around these springs and used them in a variety of different ways. They used it as a religious place to worship pagan gods they believed to dwell there. They also believed the springs had the powers to heal, so there were seats in the springs in certain places.


After we were done visiting Bath Spa, we decided to walk around the City of Bath. Of course, we had to walk to one of the highest spots in the city so that we could get a good view of the entire city. Once we were completely out of energy, we ate at a nice little restaurant called... "ha!ha!". We had a great time, but it has wore me out. Off to bed!


Bath Spa



Utley and I



Avon River



City view



Abbey Cathedral

Thursday, July 31: Parliament

Today, our class took a field trip to parliament. We had a guided tour that was very informative. We got to sit in both the House of Lords (red seats) and the House of Commons (green seats). We were taken down the path that the Queen takes each year for the state address. Again, we were unable to take pictures once we were inside, so my pictures are mostly of the first room called "Westminster." This is the room where Nelson Mandela spoke to both houses.


It is very interesting how much history this place had. We learned that a monarch has not been allowed into the House of Commons since King George I. There was a noticeable difference in the entrances to each house. When entering the House of Lords, it was covered in gold and elegant designs. When entering the House of Commons, there was only a hint of gold and very basic sculpturing.


After the tour, we tried to go to Westminster Abbey, but it was closed. We could only get pictures from the outside. We will go back soon.


Big Ben



Westminster



Me and Dr. Michello




Westminster Abbey

Wednesday, July 30: Lecture 6 / Tower of London / Spamalot

Today we learned about swaps. We mainly focused on learning how to properly evaluate interest rate swaps to ensure that there is a profit after the fees are taken out by the swap bank. We learned that interest rate swaps (fixed-for-floating) are used to better match cash inflows and outflows, and to obtain a cost savings via the quality of spread differential. A currency swap (fixed-for-fixed) is used to obtain financing in the swapped denomination at a cost savings, and to hedge long-term foreign exchange rate risk.


After class, Reed, Marissa, and I decided to go to the Tower of London. We got to see the all of the royal insignia. We couldn't take any pictures inside most of the places, but we got some good ones where we could. We didn't get a tour by the "meat-eaters" because I got confused about what their real name was (blonde moment).


After the Tower, we came back and got dressed up to go to a play. The play was "Spamalot." I have not laughed as hard as I did during that play. It is a spin-off of the Monty Python and the Holy Grail. I took a picture during one of the scenes where the "Lady of the Lake," came to show Lancelot how to be a man. I got in trouble for taking it, so I didn't take any more pictures. The only downside to the theatre was that there was no A/C!! Good times, can't wait to see it back in the states.



Tower of London





Entrance to the jewels





Henry VIII's armor






Me, Marissa, and Reed outside of the Tower in front of the Tower Bridge


Spamalot