Unfortunately, moral duties of veterinarians with regard to convenience euthanasia are not clearly defined within the profession even though the American Veterinary Medical Association AVMA has published euthanasia guidelines 8. The most recent version now includes an algorithm to evaluate the morality of the decision. If animals belong to the sphere of moral beings as described by several authors 4 , 9 , 10 and the animal is taken into consideration, what thought processes do veterinarians rely on to make daily decisions regarding convenience euthanasia?
In order to answer this question, a qualitative study on the subject of convenience euthanasia was undertaken. The goal of this study was to describe convenience euthanasia of companion animals as experienced by veterinarians. A qualitative methodology inductive approach was best suited to obtain the most data. Semi-structured interviews of veterinarians were conducted to explore their perspective in depth.
The interviews consisted of open-ended questions followed by a scheduled period of discussion on convenience euthanasia. The interview questions are available from the first author on request. The interview guide was pre-tested and no modification was necessary. This method allowed an exploration of the issues at the heart of the dilemma This study was approved by the research ethical committee of the Faculty of Medicine at the University of Montreal.
All participants signed written consent forms. This research on the perception of the dilemma of convenience euthanasia was limited to veterinarians in Quebec. Companion animal practitioners are confronted with this dilemma and thus were selected for this study.
No distinction was made between general practitioners and specialists. The sample included 1 specialist and 13 general practitioners, and involved a wide range of clinical experience 2 to 32 y , men, women, owners, employees, and rural and urban practices in 5 regions in Quebec. Only veterinarians refusing to practice convenience euthanasia for ethical reasons were classified in the group of veterinarians not practicing convenience euthanasia.
Probabilistic sampling would most likely unintentionally exclude veterinarians who were not practicing convenience euthanasia, due to their low number. This sampling method could therefore create a risk of obtaining incomplete results. A non-probabilistic sampling method was therefore chosen. Veterinarians known to not practice convenience euthanasia were solicited first, followed by veterinarians performing convenience euthanasia.
This purposeful sampling 12 would likely result in a more efficient collection of in-depth information about the dilemma. A snowball method was used to find participants The snowball method was initiated with 4 veterinarians from different backgrounds to ensure diversity and representativeness of the data. Initially, no limit on the number of participants was established.
Data analysis was done throughout the period of data collection. This procedure allowed the researchers to evaluate, on an on-going basis, if saturation of information had been reached and to decide if additional interviews were needed. Fourteen to minute interviews were completed. This sample size matched information in the literature about the average number of interviews usually required in non-probabilistic studies to reach saturation of information Interviews were initiated on May 18, and concluded on November 18, First, manual coding of the text verbatim was done to establish a preliminary list of codes 15 , The coding list was continuously adjusted during the entire data collection period.
Next, 2 methods were performed to ensure internal validity and accuracy of the coding technique The first consisted of counter-coding by an independent research assistant. The second was inverse coding. Use of inverse coding ensures that all interview excerpts represented by a code are appropriately categorized.
These 2 methods of verification showed that the coding results were accurate. A thematic analysis of the interviews was done to draw an initial portrait of the current situation. Thematic analysis was achieved by grouping codes to represent the main ideas expressed Veterinarians were asked to discuss their perception of animals in their personal life. Ten veterinarians gave enough information about this topic to be assessed.
Responses were classified in 5 categories which were not mutually exclusive: i being different from humans, ii companion, iii family member, iv living being, and v equal to humans. Some veterinarians believed that animals were different from humans illustrated by all the previously listed categories except the category equal to humans. These veterinarians were not able to qualify this difference or to establish a comparison plan. They mostly thought that animals and humans belonged in separate categories and therefore were impossible to compare:.
I think that we do enjoy their presence, probably as they enjoy ours. But we must be careful. This does not mean that they owe us something. Yes, we feed them and take care of them, but they would be able to do it without us. They are not subordinate to us; it is different. None of the veterinarians agreed when confronted with a classification that puts the animal at a lower level than humans. Some veterinarians clearly defined their animal as their equal.
They justified their position by the absence of valid arguments to allow a distinction to be made between humans and animals. This point of view is illustrated by the following comment:. If we take life, then I think that we are all equal. We consider ourselves superior as humans, but I am not sure that we deserve it. We may be superior in terms of cognitive capabilities, but with regards to life and welfare, I am not sure.
Thirteen veterinarians gave sufficient information about the topic. As an illustration, here is the response of one veterinarian:. For some people the animal can be a companion, we see this really often, but for others, the animal would always be seen as a utility animal. If we look only at companion animals, an example would be the garage dog and he is a utility animal not really a companion. When we talk to those owners, they are telling us that the dog is only a garage dog kept outside and that they would not invest a lot of money for his healthcare.
As said before, for them the dog is only a utility animal. For most of the clients seen in clinic, animals are more than that; they are a companion for different reasons. They are a companion because the owner is lonely, because they want their children to have a friend, because the dog is always there to play with them.
The responses were divided into 6 categories which were not mutually exclusive: i member of the family equivalent to a human member, ii companion, iii social crutch, iv tangible personal property, v subordinate, and vi utility. Data analysis showed that within their professional context, veterinarians perceived animals in 2 distinct ways. Veterinarians were asked to describe their perception of the relationship of the owner, animal, and veterinarian in the context of convenience euthanasia.
Since not all convenience euthanasia situations were identical, a veterinarian could express diametrically opposite opinions on the topic:. Thirteen veterinarians gave enough information about this topic to be assessed. The veterinarians were not questioned on a specific situation.
They chose their own context to define their vision. I stay polite and diplomatic with clients, but I studied to be able to treat animals, not to deal with human psychology. And it will stay like that. Of those, some systematically refused to proceed with convenience euthanasia. These veterinarians always decided to proceed with convenience euthanasia.
In fact, depending on the situation described, prioritization of the interests fluctuated with the circumstances. Some veterinarians provided information on the correlation between the various motivations to adopt a companion animal and the type of perceived owner-animal bond. Some motivations were more likely to result in a request for convenience euthanasia. The owners did not reflect sufficiently on the implications involved prior to the adoption of the animal, which seemed to prevent strong bonding between the owner and animal.
Examples included situations such as adopting the animal because it is pretty, on the spur of the moment, or due to pressure from children. These situations failed to create the active involvement necessary from the owner concerning his obligation toward the animal.
Some veterinarians believed that the legal social status of a companion animal in society was at the core of the convenience euthanasia dilemma. The overabundance of companion animals in Quebec is illustrated by the high occupancy rate of animal shelters. Some veterinarians referred to this situation in order to explain the origin of the dilemma.
This overabundance of companion animals made them easily replaceable objects. Veterinarians expressed themselves on the overabundance effect and the loss in value within society:. The first type loves animals, they care for them. The second is an animal consumer. We are a consumption society and this is the problem. People are consumers of animals as if they were simple objects. I think it is within society and it will not change soon, it is too deeply rooted within us.
It is too large. Convenience euthanasia is normal because animals are seen as objects. Veterinarians also felt that consumers had higher expectations of their animals and the overabundance of available animals was amplifying the problem. Owner expectations were becoming more and more superficial and unrealistic. These owners became easily frustrated because they had an illusionary vision of what their animal should be and do.
They then rejected their animal easily knowing that it would be simple to find another one that perhaps met their expectations. It is the same thing with animals. He was pretty and young, but now he is older and bigger and we are less attached to him. We need to take care of him and it was initially okay but now he has become annoying. It is the same thing with the different breeds. I think that if we do not have consideration about living beings, it is easier to discard them. I think it is the circle of influence of our times.
Did we have something to do with it? Yes, we did! Some veterinarians saw convenience euthanasia as a humane way to help the situation of animal overabundance created in part by the consumption habits of society. I did an average of three daily. At the end of the week 1 was asking myself why was I doing this job? I can understand if you have to move, that it can be difficult to find a place accepting companion animals, you cannot be picky about the choice of apartment.
But the client does not know that it is your fifth case of the day. They think it is always easy for you, that you just have to administer the injection, put the animal in a bag and bring him to the freezer. Yes, we try to create a barrier and detach ourselves from the situation because it is not our animal. But, the dog is there, he is watching you, he wags his tail, he looks nice and you do not want to do it. However, it is difficult for veterinarians to precisely and uniformly define this concept of responsibility.
Veterinarians commented spontaneously about this topic without direct questioning. A few veterinarians discussed their own involvement in the dilemma. Some veterinarians refused to believe that they share responsibility in the dilemma of convenience euthanasia. They even doubted the existence of the dilemma in their professional activities. Central banks, in the aftermath of the financial crisis, crushed policy rates to zero or lower and carpet-bombed the world with cash 2.
But the modern day rentier read bond-holder has side-stepped extinction, and indeed prospered, as central banks purchased trillions of dollars' worth of bonds, yields collapsed and prices shot higher. The question for bond-holders today is not so much how to count the dead, but whether to stick or twist? There are still opportunities for those who can adopt a flexible approach across countries and sectors. There have been casualties nonetheless. Bond vigilantes, those investors who protest monetary policies considered inflationary by aggressive selling were, if not immolated, then at least sent into deep hibernation.
Richer developed market economies are generally the more indebted ones and historically this was the profitable terrain over which the vigilantes waged war on spendthrift governments. Those days may come again but, so far, many governments and central banks have persuaded market participants that they have the willingness and ability to maintain yields at very low levels, killing the asset market volatility that some investors thrive on.
The nuclear winter for bond vigilantes does not presage the demise of active bond managers though, and there are still opportunities for those who can adopt a flexible approach across countries and sectors. So, while it is true we expect very low returns from developed market bond yields, in our global bond strategies we still emphasize relative value opportunities across countries. For example, it is clearly getting harder to find value in traditional 'core' global-bond markets such as Europe, the US and Japan.
But these countries' share of global GDP is shrinking and a truer perspective on global bond markets today must embrace countries like China, Brazil and Mexico. In many cases these countries are experiencing weak growth and low inflation pressures which can lead to further outperformance for their bond markets versus core countries. You can read his latest thoughts here. And you can see more about our flexible bond strategies here.
When you buy shares, you buy right to earn a dividend of a company. Meaning that you only get dividends when the company decided to pay you. In other words, owners of shares are equity holders, whilst owners of bonds are debt holders. Ans — Well yields are basically interest on traded bonds. Since we understand that bonds are tradable, supposing the value was 9k at the time you sell the bond.
It then means whomever buys it will earn N on the N9k he paid out. So he gains an extra. They often say the yield of a bond moves in opposite direction to the value. Just as above, as the value dropped to N9k the yield increased to 6. Ans — Nah not true. Remember, there is an opportunity cost you may incur if you do not sell. Imagine you had a business that will probably get you twice that amount if you sell.
So instead of holding on just so it gets to 10k or higher, you sell and use the money for something more tangible. Also remember that you would have collected some interest as well. And then you can simply just hold on till maturity, it all depends on your opportunity cost. The primary market is where you buy bonds that have just been offered by the seller like the Government just like buying a public offer. The secondary market is where you buy tradable bonds that is, bonds from the bonds market just like buying shares in the stock market.
PDMM are operators licensed to buy and sell bonds. You get the application form from them, fill it, include your cheque in full for the amount you wish to invest. You can invest as much as you can, from N10k to N1b depending on your capabilities financially. But the minimum is N10k and multiple of N1k thereafter. The bonds purchased are confirmed through issuance of depository or issuance of certificates. Ans — Interest on Government Bonds are paid Semi annually.
For example in June and December or in January and July. Payment is through issuance of cheques or warrants, similar to the dividend warrants you get for shares. Also note that interest rates can be fixed or floating. Floating means they may pay you an amount that is linked to a are that moves with the market. Meaning the rate is benchmarked o. The Nibor is a rate that banks use to lend money to each other and it always changes in response to market conditions and is thus the floating rate.
So what do you think? Is it clearer to you now or did I just confuse you more? Do not hesitate to ask if you require more information. I will appreciate if u can explain them also. Am I going to get 60k on 1m for 10 years? Thank you for your insightful article. I want to know how the borrower comes up with the interest rate.
Does the current inflation rate plays a vital role in pegging the interest rate and will you advise one to invest in bond with an interest rate lower than the prevailing inflation rate in a volatile economy like Nigeria?
Thanks for the valuable insight…so, if i want to buy a bond I can visit any of the banks mentioned above right? Please keep up the fine work of helping others become financial literates. Your email address will not be published.
Save my name, email, and website in this browser for the next time I comment. Home Financial Literacy. August 14, Comments Anonymous says:. December 5, at pm. Legend says:. December 6, at am. May 10, at pm. Once an investor decides on a bond, a brokerage firm can place the order for him or her. If new offerings are available, investors can buy a bond when it is issued.
Most bond purchases, however, are placed in the secondary market. In that instance, the investor is buying the bond from another investor. The confirmation details the purchase. Trade confirmations should be kept on file.
Most investors typically hold their securities at the brokerage firm. That allows people to easily access and sell the bonds, or turn them in at maturity. Investors also receive a statement from the firm. The brokerage statement will detail all of the securities holdings at the firm.
If an investor decides to sell the bond before maturity, the brokerage firm will quote a sale price. That price is based on demand in the secondary market. When an investor places a sell order, the brokerage firm will deliver securities to the buyer. The investor also receives a trade confirmation for a bond sale. Part 3.
Evaluate the issuer of the bond. The most important characteristic of any bond is its issuer. This is because, as an investor, you are counting on the issuer to return your money as promised. Issuers, which may be corporations or governments, vary in reliability. The primary categories of bond issuers are as follows: The United States Treasury. These are considered to the golden standard for reliability credit-risk free. This means that they will likely have low yields, but will also reliably return your money, even in economic downturns.
Interest earned on these bonds is also exempt from state income tax. These bonds are issued by other government agencies such as Fannie Mae and Ginnie Mae. Yields on these bonds will be higher than Treasury bonds due to slight risk, but the risk here is considered minimal.
These are generally more expensive and somewhat riskier than other types of government-issued bonds. These bonds are offered by municipal governments and offer a variety of tax advantages, depending on your location and tax bracket. Their risk is slightly higher than that of a federal government bond. Foreign Governments. Foreign government bonds can carry either minimal or very high risk and thus low or high yields , depending on the nation offering them.
Their performance is also susceptible to currency exchange rate fluctuations. Like foreign governments, the yields and risks associated with corporate bonds can vary widely between issuers. The company's ability to repay the bond will depend on the company's ability to properly convert the investors' money into additional revenue. Determine a bond's quality. Bonds are given a rating or grade that indicates their credit quality.
This measures a bond issuer's ability to repay the invested capital and interest on time. Ratings may be found by searching for the bond online. Though different rating agencies use different combinations of uppercase and lowercase letters to represent these ratings, they use the same combinations of letters for example, "AAA" is the same as "aaa". As a general guide, anything over "BBB" is considered to be investment grade.
That is, the ratings agencies consider it to be safe enough to invest in. An additional rating, "D", is sometimes used for bonds in default. Determine a bond's interest-rate sensitivity. The value of a bond is susceptible to change due to fluctuations in the market interest rate usually a government interest rate.
Put simply, fluctuations in the interest rate change the value of a bond by making it more or less attractive to investors against other investment options. A higher duration represents a greater susceptibility to interest rate fluctuations.
Evaluate bonds as diversification opportunities. By investing in different types of bonds, you can lower your overall investment risk. Diversification may include investing in bonds from different issuers, bonds with different maturity dates, and bonds from different geographical areas.
Technically, this style of investing eliminates what is known as non-systemic risk, or risk due to fluctuations in markets and industries. Invest in bonds of varying quality. By balancing risky investments in lower-rated bonds with investments in higher-rated bonds, you mitigate some of the risk associated with lower-rated bonds.
Additionally, the large spread in lower-rated bonds may help buffer some of the effects of interest rates on the value of your bond portfolio. Short-term bonds may be performing better than long-term bonds at any given time, or vice versa. By holding money in both types, you are able to more frequently benefit from price fluctuations. Whether this is within your own country, maybe diversifying between regions or states, or between nations, you can limit a large amount of risk by purchasing bonds from different areas.
For example, by purchasing foreign bonds, an American investor might be temporarily insulated from the price effects of a United States interest rate hike. Part 4. Consider using a mutual fund or an exchange-traded fund ETF. Mutual funds and ETF's are pools of funds gathered from many investors. The funds can be invested in many types of securities, including bonds.
Mutual funds and ETF's are considered investment securities. Bond funds are a blended portfolio of bonds. There are dozens of bond maturity dates in the portfolio. Get some advice. When an investor sets up a brokerage account, he or she should ask his or her advisor for some bond mutual fund recommendations. If the investor is not working with an advisor, then he or she must do his or her own research to determine the appropriate bond fund s to use.
Funds are sold by prospectus. The prospectus is a document that discloses everything an investor should know about the fund. All fund investors must receive a copy of the prospectus. If an investor is investing for 20 years, for example, the investor may want to buy a bond fund with year maturities. That will allow them to earn a higher interest rate than a five- or ten-year maturity bond portfolio. Analyze the credit ratings on the bonds. If safety is an important goal for the investor, her or she might buy a highly rated bond fund and accept a lower interest rate.
If he or she is willing to take some risk, an investor can earn more interest on a portfolio with a lower credit rating. Review the cost of the fund. Funds sold by full-service brokerage firms will have a sales charge. The sales charge compensates the investment advisor. These are typically sold by full-service brokerage firms. Funds also have an annual expense ratio. The expense ratio is charged to cover the costs of operating the fund each year.
The charge is based on a percentage of assets. Investors can ask a financial professional for help on this issue. Place an order for the fund. Once an investor sets up a brokerage account and transfer funds, placing a mutual fund or EFT order is very similar to buying individual bonds. Bond mutual funds are priced each day, based on the current value of the fund, whereas an ETF's price varies throughout the market day. These fund shares are similar to buying shares of common stock.
When an investor buys a mutual fund, he or she pays the ask price on the business day that they place your order. Nearly all investors hold their mutual fund shares at the brokerage company or mutual fund company. Investors can sell mutual fund or EFT shares on any business day. A brokerage firm or your mutual fund can directly place a sell order. The investor will receive the bid price for each share that he or she sells.
Just as with individual bonds, the investor receives a trade confirmation for all fund buy and sell orders. Include your email address to get a message when this question is answered. By using this service, some information may be shared with YouTube. You Might Also Like How to. How to. More References About This Article. Co-authored by:. Co-authors: Updated: May 6, Categories: Featured Articles Financial Bonds.
Article Summary X If you want to invest in bonds, set up a brokerage account through an established brokerage firm. Thanks to all authors for creating a page that has been read , times. This article helped me know a little. More reader stories Hide reader stories. Did this article help you? Cookies make wikiHow better.
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Look, this is a long and pretty boring article and contains a fair amount of I came back from Europe and the negative bond pool was only $ trillion. The study showed that veterinarians interviewed assessed convenience euthanasia based mainly on their subjective evaluation of the owner-animal bond. Thus if the Fed is successful then bonds offer no protection at all. The. 'euthanasia of the rentier' will ensue. *This article appeared in Mind Matters on.